SABRA HEALTH CARE REIT, INC., 10-K filed on 2/27/2024
Annual Report
v3.24.0.1
Cover - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2023
Feb. 20, 2024
Jun. 30, 2023
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2023    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-34950    
Entity Registrant Name SABRA HEALTH CARE REIT, INC.    
Entity Incorporation, State or Country Code MD    
Entity Tax Identification Number 27-2560479    
Entity Address, Address Line One 1781 Flight Way    
Entity Address, City or Town Tustin    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 92782    
City Area Code 888    
Local Phone Number 393-8248    
Title of 12(b) Security Common Stock, $0.01 par value    
Trading Symbol SBRA    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 2.7
Entity Common Stock, Shares Outstanding   231,476,751  
Documents Incorporated by Reference
Portions of the Proxy Statement for the registrant’s 2024 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission not later than 120 days after December 31, 2023, are incorporated by reference in Part III herein.
    
Entity Central Index Key 0001492298    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.24.0.1
Audit Information
 12 Months Ended
Dec. 31, 2023
Audit Information [Abstract]  
Auditor Name PricewaterhouseCoopers LLP
Auditor Location Irvine, California
Auditor Firm ID 238
v3.24.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Assets    
Real estate investments, net of accumulated depreciation of $1,021,086 and $913,345 as of December 31, 2023 and 2022, respectively $ 4,617,261 $ 4,959,343
Loans receivable and other investments, net 420,624 411,396
Investment in unconsolidated joint ventures 136,843 134,962
Cash and cash equivalents 41,285 49,308
Restricted cash 5,434 4,624
Lease intangible assets, net 30,897 40,131
Accounts receivable, prepaid expenses and other assets, net 133,806 147,908
Total assets 5,386,150 5,747,672
Liabilities    
Secured debt, net 47,301 49,232
Revolving credit facility 94,429 196,982
Term loans, net 537,120 526,129
Senior unsecured notes, net 1,735,253 1,734,431
Accounts payable and accrued liabilities 136,981 142,259
Lease intangible liabilities, net 32,532 42,244
Total liabilities 2,583,616 2,691,277
Commitments and contingencies (Note 15)
Equity    
Preferred stock, $0.01 par value; 10,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2023 and 2022 0 0
Common stock, $0.01 par value; 500,000,000 shares authorized, 231,266,020 and 231,009,295 shares issued and outstanding as of December 31, 2023 and 2022, respectively 2,313 2,310
Additional paid-in capital 4,494,755 4,486,967
Cumulative distributions in excess of net income (1,718,279) (1,451,945)
Accumulated other comprehensive income 23,745 19,063
Total equity 2,802,534 3,056,395
Total liabilities and equity $ 5,386,150 $ 5,747,672
v3.24.0.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Assets    
Accumulated depreciation $ 1,021,086 $ 913,345
Preferred Stock    
Par value (in dollars per share) $ 0.01 $ 0.01
Shares authorized (in shares) 10,000,000 10,000,000
Shares issued (in shares) 0 0
Shares outstanding (in shares) 0 0
Common Stock    
Par value (in dollars per share) $ 0.01 $ 0.01
Shares authorized (in shares) 500,000,000 500,000,000
Shares issued (in shares) 231,266,020 231,009,295
Shares outstanding (in shares) 231,266,020 231,009,295
v3.24.0.1
CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenues:      
Rental and related revenues (Note 4) $ 376,266 $ 400,586 $ 396,716
Resident fees and services 236,153 186,672 155,512
Interest and other income 35,095 37,553 17,317
Total revenues 647,514 624,811 569,545
Expenses:      
Depreciation and amortization 183,087 187,782 178,991
Interest 112,964 105,471 98,632
General and administrative 47,472 39,574 34,669
Provision for loan losses and other reserves 191 141 3,935
Impairment of real estate 14,332 94,042 9,499
Total expenses 553,291 589,623 466,927
Other (expense) income:      
Loss on extinguishment of debt (1,541) (411) (34,622)
Other income (expense) 2,598 (1,097) 373
Net (loss) gain on sales of real estate (76,625) (12,011) 12,301
Total other expense (75,568) (13,519) (21,948)
Income before loss from unconsolidated joint ventures and income tax expense 18,655 21,669 80,670
Loss from unconsolidated joint ventures (2,897) (98,032) (192,081)
Income tax expense (2,002) (1,242) (1,845)
Net income (loss) $ 13,756 $ (77,605) $ (113,256)
Net income (loss), per:      
Basic common share (in dollars per share) $ 0.06 $ (0.34) $ (0.52)
Diluted common share (in dollars per share) $ 0.06 $ (0.34) $ (0.52)
Weighted-average number of common shares outstanding, basic (in shares) 231,203,391 230,947,895 219,073,027
Weighted-average number of common shares outstanding, diluted (in shares) 232,792,778 230,947,895 219,073,027
Revenue, type, extensible enumeration Health Care, Resident Service [Member] Health Care, Resident Service [Member] Health Care, Resident Service [Member]
Triple-net portfolio      
Expenses:      
Operating expenses $ 17,932 $ 19,623 $ 20,221
Senior housing - managed portfolio      
Expenses:      
Operating expenses $ 177,313 $ 142,990 $ 120,980
v3.24.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ 13,756 $ (77,605) $ (113,256)
Unrealized gain (loss), net of tax:      
Foreign currency translation (loss) gain (205) 3,141 (142)
Unrealized gain (loss) on cash flow hedges [1] 4,887 25,943 30,032
Total other comprehensive income 4,682 29,084 29,890
Comprehensive income (loss) $ 18,438 $ (48,521) $ (83,366)
[1] Amounts are net of income tax benefit of $17,000 and $0.1 million for the years ended December 31, 2022 and 2021, respectively. No such income tax benefit was recognized during the year ended December 31, 2023.
v3.24.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]      
Income tax benefit on unrealized gains (losses) on cash flow hedges $ 0 $ 17 $ 100
v3.24.0.1
CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Cumulative Distributions in Excess of Net Income
Accumulated Other Comprehensive (Loss) Income
Beginning balance (in shares) at Dec. 31, 2020   210,560,815      
Beginning balance at Dec. 31, 2020 $ 3,409,228 $ 2,106 $ 4,163,228 $ (716,195) $ (39,911)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) (113,256)     (113,256)  
Other comprehensive income 29,890       29,890
Amortization of stock-based compensation 10,748   10,748    
Common stock issuance, net (in shares)   19,837,840      
Common stock issuance, net 308,673 $ 198 308,475    
Common dividends (265,753)     (265,753)  
Ending balance (in shares) at Dec. 31, 2021   230,398,655      
Ending balance at Dec. 31, 2021 3,379,530 $ 2,304 4,482,451 (1,095,204) (10,021)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) (77,605)     (77,605)  
Other comprehensive income 29,084       29,084
Amortization of stock-based compensation 9,433   9,433    
Common stock issuance, net (in shares)   610,640      
Common stock issuance, net (4,911) $ 6 (4,917)    
Common dividends (279,136)     (279,136)  
Ending balance (in shares) at Dec. 31, 2022   231,009,295      
Ending balance at Dec. 31, 2022 3,056,395 $ 2,310 4,486,967 (1,451,945) 19,063
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) 13,756     13,756  
Other comprehensive income 4,682       4,682
Amortization of stock-based compensation 10,559   10,559    
Common stock issuance, net (in shares)   256,725      
Common stock issuance, net (2,768) $ 3 (2,771)    
Common dividends (280,090)     (280,090)  
Ending balance (in shares) at Dec. 31, 2023   231,266,020      
Ending balance at Dec. 31, 2023 $ 2,802,534 $ 2,313 $ 4,494,755 $ (1,718,279) $ 23,745
v3.24.0.1
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]      
Common dividends (in dollars per share) $ 1.20 $ 1.20 $ 1.20
v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income (loss) $ 13,756 $ (77,605) $ (113,256)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 183,087 187,782 178,991
Non-cash rental and related revenues (8,699) 2,183 25,823
Non-cash interest income (372) (2,285) (1,988)
Non-cash interest expense 12,265 11,094 8,368
Stock-based compensation expense 7,917 7,453 7,914
Loss on extinguishment of debt 1,541 411 34,622
Provision for loan losses and other reserves 191 141 3,935
Net loss (gain) on sales of real estate 76,625 12,011 (12,301)
Impairment of real estate 14,332 94,042 9,499
Other-than-temporary impairment of unconsolidated joint ventures 0 57,778 164,126
Loss from unconsolidated joint ventures 2,897 40,254 27,955
Distributions of earnings from unconsolidated joint ventures 3,469 0 0
Other non-cash items (3,704) 2,167 0
Changes in operating assets and liabilities:      
Accounts receivable, prepaid expenses and other assets, net (11,078) (6,443) 8,223
Accounts payable and accrued liabilities 8,344 (13,250) 14,479
Net cash provided by operating activities 300,571 315,733 356,390
Cash flows from investing activities:      
Acquisition of real estate (78,530) (92,204) (99,448)
Origination and fundings of loans receivable (11,418) (23,812) (290,000)
Origination and fundings of preferred equity investments (11,023) (8,021) (9,061)
Additions to real estate (84,855) (54,473) (42,651)
Escrow deposits for potential investments 0 (780) 0
Repayments of loans receivable 9,274 5,272 2,949
Repayments of preferred equity investments 5,460 5,376 1,292
Investment in unconsolidated joint ventures (5,235) (142,910) 0
Net proceeds from the sales of real estate 247,622 87,304 100,723
Deposits for potential sale of real estate 0 8,000 0
Net proceeds from sales-type lease 25,490 0 0
Insurance proceeds 5,801 0 0
Distributions in excess of earnings from unconsolidated joint ventures 544 0 0
Net cash provided by (used in) investing activities 103,130 (216,248) (336,196)
Cash flows from financing activities:      
Net (repayments of) borrowings from revolving credit facility (104,338) 204,046 0
Proceeds from term loans 12,188 0 0
Proceeds from issuance of senior unsecured notes 0 0 791,520
Principal payments on senior unsecured notes 0 0 (300,000)
Principal payments on term loans 0 (63,750) (455,000)
Principal payments on secured debt (1,979) (17,516) (12,661)
Payments of deferred financing costs (18,142) (20) (9,317)
Payments related to extinguishment of debt 0 0 (30,196)
Payment of contingent consideration (17,900) (2,500) 0
Issuance of common stock, net (2,682) (4,810) 308,713
Dividends paid on common stock (277,447) (277,157) (262,919)
Net cash (used in) provided by financing activities (410,300) (161,707) 30,140
Net (decrease) increase in cash, cash equivalents and restricted cash (6,599) (62,222) 50,334
Effect of foreign currency translation on cash, cash equivalents and restricted cash (614) 268 29
Cash, cash equivalents and restricted cash, beginning of period 53,932 115,886 65,523
Cash, cash equivalents and restricted cash, end of period 46,719 53,932 115,886
Supplemental disclosure of cash flow information:      
Interest paid 102,409 97,723 85,464
Income taxes paid 1,670 1,657 1,839
Supplemental disclosure of non-cash investing activities:      
Decrease in loans receivable and other investments due to acquisition of real estate $ 4,644 $ 14,311 $ 0
v3.24.0.1
BUSINESS
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BUSINESS BUSINESS
Overview
Sabra Health Care REIT, Inc. (“Sabra” or the “Company”) was incorporated on May 10, 2010 as a wholly owned subsidiary of Sun Healthcare Group, Inc. (“Sun”) and commenced operations on November 15, 2010 following Sabra’s separation from Sun. Sabra elected to be treated as a real estate investment trust (“REIT”) with the filing of its United States (“U.S.”) federal income tax return for the taxable year beginning January 1, 2011. Sabra believes that it has been organized and operated, and it intends to continue to operate, in a manner to qualify as a REIT. Sabra’s primary business consists of acquiring, financing and owning real estate property to be leased to third-party tenants in the healthcare sector. Sabra primarily generates revenues by leasing properties to tenants throughout the U.S. and Canada. Sabra owns substantially all of its assets and properties and conducts its operations through Sabra Health Care Limited Partnership, a Delaware limited partnership (the “Operating Partnership”), of which Sabra is the sole general partner and a wholly owned subsidiary of Sabra is currently the only limited partner, or by subsidiaries of the Operating Partnership. The Company’s investment portfolio is primarily comprised of skilled nursing/transitional care facilities, senior housing communities (“Senior Housing - Leased”), behavioral health facilities and specialty hospitals and other facilities, in each case leased to tenants who are responsible for the operations of these facilities; senior housing communities operated by third-party property managers pursuant to property management agreements (“Senior Housing - Managed”); investments in joint ventures; investments in loans receivable; and preferred equity investments.
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation and Basis of Presentation
The accompanying consolidated financial statements include the accounts of Sabra and its wholly owned subsidiaries as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021. All significant intercompany transactions and balances have been eliminated in consolidation. The consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”).
GAAP requires the Company to identify entities for which control is achieved through voting rights or other means and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIEs”). A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity’s activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. If the Company were determined to be the primary beneficiary of the VIE, the Company would consolidate investments in the VIE. The Company may change its original assessment of a VIE due to events such as modifications of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposal of all or a portion of an interest held by the primary beneficiary.
The Company identifies the primary beneficiary of a VIE as the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. The Company performs this analysis on an ongoing basis. As of December 31, 2023, the Company determined that it was not the primary beneficiary of any VIEs.
As it relates to investments in loans, in addition to the Company’s assessment of VIEs and whether the Company is the primary beneficiary of those VIEs, the Company evaluates the loan terms and other pertinent facts to determine whether the loan investment should be accounted for as a loan or as a real estate joint venture. If an investment has the characteristics of a real estate joint venture, including if the Company participates in the majority of the borrower’s expected residual profit, the Company would account for the investment as an investment in a real estate joint venture and not as a loan investment. Expected residual profit is defined as the amount of profit, whether called interest or another name, such as an equity kicker, above a reasonable amount of interest and fees expected to be earned by a lender. At December 31, 2023 and 2022, none of the Company’s investments in loans were accounted for as real estate joint ventures.
As it relates to investments in joint ventures, the Company assesses any partners’ rights and their impact on the presumption of control of the partnership by any single partner. The Company also applies this guidance to managing member interests in limited liability companies. The Company reassesses its determination of which entity controls the joint venture if: there is a change to the terms or in the exercisability of the rights of any partners or members, the general partner or managing member increases or decreases its ownership interests, or there is an increase or decrease in the number of outstanding ownership interests. As of December 31, 2023, the Company’s determination of which entity controls its investments in joint ventures has not changed as a result of any reassessment.
Use of Estimates
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.
Real Estate Investments and Rental Revenue Recognition
Real Estate Acquisition Valuation
All assets acquired and liabilities assumed in an acquisition of real estate accounted for as a business combination are measured at their acquisition date fair values. For acquisitions of real estate accounted for as an asset acquisition, the fair value of consideration transferred by the Company (including transaction costs) is allocated to all assets acquired and liabilities assumed on a relative fair value basis. The acquisition value of land, building and improvements are included in real estate investments on the accompanying consolidated balance sheets. The acquisition value of above market lease, tenant origination and absorption costs and tenant relationship intangible assets is included in lease intangible assets, net on the accompanying consolidated balance sheets. The acquisition value of below market lease intangible liabilities is included in lease intangible liabilities, net on the accompanying consolidated balance sheets. Acquisition costs associated with real estate acquisitions deemed asset acquisitions are capitalized, and costs associated with real estate acquisitions deemed business combinations are expensed as incurred. Restructuring costs that do not meet the definition of a liability at the acquisition date are expensed in periods subsequent to the acquisition date.
Estimates of the fair values of the tangible assets, identifiable intangibles and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, and the number of years the property will be held for investment. The Company makes its best estimate based on the Company’s evaluation of the specific characteristics of each tenant’s lease. The use of inappropriate assumptions would result in an incorrect valuation of the Company’s acquired tangible assets, identifiable intangibles and assumed liabilities, which would impact the amount of the Company’s net income.
Depreciation and Amortization
Real estate costs related to the acquisition and improvement of properties are capitalized and amortized on a straight-line basis over the lesser of the expected useful life of the asset and the remaining lease term of any property subject to a ground lease. Tenant improvements are capitalized and amortized on a straight-line basis over the lesser of the expected useful life of the asset and the remaining lease term. Depreciation is discontinued when a property is identified as held for sale. Repair and maintenance costs are charged to expense as incurred and significant replacements and betterments are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset to determine its appropriate useful life. Depreciation of real estate assets and amortization of tenant origination and absorption costs and tenant relationship lease intangibles are included in depreciation and amortization on the accompanying consolidated statements of income (loss). Amortization of above and below market lease intangibles is included in rental income on the accompanying consolidated statements of income (loss). The Company anticipates the estimated useful lives of its assets by class to be generally as follows: land improvements, 15 to 20 years; buildings and building improvements, five to 45 years; and furniture and equipment, three to 10 years. Intangibles are generally amortized over the remaining noncancellable lease terms, with tenant relationship intangible amortization periods including extension periods.
Impairment of Real Estate Investments
The Company regularly monitors events and changes in circumstances, including investment operating performance and general market conditions, that could indicate that the carrying amounts of its real estate investments may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate investments may not be recoverable, the Company assesses the recoverability by estimating whether the Company will recover the carrying value of its real estate investments through the undiscounted future cash flows and the eventual disposition of the investment. In some instances, there may be various potential outcomes for an investment and its potential undiscounted future cash flows. In these instances, the
undiscounted future cash flows models used to assess recoverability are based on several assumptions and are probability-weighted based on the Company’s best estimates as of the date of evaluation. These assumptions include, among others, market rent, revenue and expense growth rates, absorption period, stabilized occupancy, holding period, market capitalization rates, and estimated market values based on analysis of letters of intent, purchase and sale agreements and recent sales data for comparable properties. When discounted cash flow is used to determine fair value, a discount rate assumption is also used. The assumptions are generally based on management’s experience in its local real estate markets, and the effects of current market conditions, which are subject to economic and market uncertainties. If, based on this analysis, the Company does not believe that it will be able to recover the carrying value of its real estate investments, the Company would record an impairment loss to the extent that the carrying value exceeds the estimated fair value of its real estate investments. The Company determines estimated fair value based primarily upon (i) estimated sale prices from signed contracts or letters of intent from third-party offers, (ii) discounted cash flow models of the investment over its remaining hold period, (iii) third-party appraisals and (iv) recent sales data for comparable properties.
Revenue Recognition
The Company recognizes rental revenue from tenants, including rental abatements, lease incentives and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related leases when it is probable that substantially all rents over the life of a lease are collectible. Certain of the Company’s leases provide for contingent rents equal to a percentage of the facility’s revenue in excess of specified base amounts or other thresholds. Such revenue is recognized when actual results reported by the tenant, or estimates of tenant results, exceed the applicable base amount or other threshold.
The Company assesses the collectability of rents on a lease-by-lease basis, and in doing so, considers such things as historical bad debts, tenant creditworthiness, current economic trends, facility operating performance, lease structure, credit enhancements (including guarantees), current developments relevant to a tenant’s business specifically and to its business category generally, and changes in tenants’ payment patterns. The Company’s assessment includes an estimation of a tenant’s ability to fulfill all of its rental obligations over the remaining lease term. In addition, with respect to tenants in bankruptcy, management makes estimates of the expected recovery of pre-petition and post-petition claims in assessing the estimated collectability of the related receivable. If at any time the Company cannot determine that it is probable that substantially all rents over the life of a lease are collectible, rental revenue will be recognized only to the extent of payments received, and all receivables associated with the lease will be written off irrespective of amounts expected to be collectible. Any recoveries of these amounts will be recorded in future periods upon receipt of payment. Write-offs of receivables and any recoveries of previously written-off receivables are recorded as adjustments to rental revenue.
Revenue from resident fees and services is recorded monthly as services are provided and includes resident room and care charges, ancillary services charges and other resident charges.
Government Grants
By analogy to International Accounting Standards 20, Accounting for Government Grants and Disclosure of Government Assistance, government assistance provided to the Company in the form of an income grant, which is not related to long-lived assets and is not required to be repaid, is recognized as grant income when there is reasonable assurance that the grant will be received and the Company will comply with any conditions associated with the grant. Additionally, grants are recognized over the periods in which the Company recognizes the qualifying expenses and/or lost income for which the grants are intended to compensate. As of December 31, 2023, 2022 and 2021, the amount of qualifying expenditures exceeded amounts recognized under The Coronavirus Aid Relief and Economic Security Act and other programs, and the Company had complied with all grant conditions. Accordingly, during the years ended December 31, 2023, 2022 and 2021, the Company recognized $0.1 million, $0.1 million and $0.5 million, respectively, of grants in resident fees and services, and during the year ended December 31, 2022, the Company recognized $3.6 million of grants in loss from unconsolidated joint ventures in the accompanying consolidated statements of income (loss).
Casualty Gains and Losses
Income resulting from insurance recoveries of property damage or business interruption losses is recognized when proceeds are received or contingencies related to the insurance recoveries are resolved.
A vacant facility owned by the Company suffered damages as a result of vandalism and theft. The Company received $6.2 million of insurance proceeds and recorded a $3.7 million gain related to the property damage during the year ended December 31, 2023 which is included in other income (expense) on the accompanying consolidated statements of income (loss).
A fire occurred at one of the Company’s Senior Housing - Managed communities. The Company received $1.1 million of insurance proceeds and recorded $0.5 million of business interruption insurance income during the year ended December 31, 2023 which is included in other income (expense) on the accompanying consolidated statements of income (loss). The remaining proceeds were recorded as expense reimbursements in Senior Housing - Managed portfolio operating expenses on the accompanying consolidated statements of income (loss).
Assets Held for Sale, Dispositions and Discontinued Operations
The Company generally considers real estate to be “held for sale” when the following criteria are met: (i) management commits to a plan to sell the property, (ii) the property is available for sale immediately, (iii) the property is actively being marketed for sale at a price that is reasonable in relation to its current fair value, (iv) the sale of the property within one year is considered probable and (v) significant changes to the plan to sell are not expected. Real estate that is held for sale and its related assets are classified as assets held for sale and are included in accounts receivable, prepaid expenses and other assets, net on the accompanying consolidated balance sheets. Secured indebtedness and other liabilities related to real estate held for sale are classified as liabilities related to assets held for sale and are included in accounts payable and accrued liabilities on the accompanying consolidated balance sheets. Real estate classified as held for sale is no longer depreciated and is reported at the lower of its carrying value or its estimated fair value less estimated costs to sell. As of December 31, 2023 and 2022, the Company did not have any assets held for sale.
For sales of real estate where the Company has collected the consideration to which it is entitled in exchange for transferring the real estate, the related assets and liabilities are removed from the balance sheet and the resultant gain or loss is recorded in the period in which the transaction closes. Any post-sale involvement is accounted for as separate performance obligations, and when the separate performance obligations are satisfied, the portion of the sales price allocated to each such obligation is recognized.
Additionally, the Company records the operating results related to real estate that has been disposed of or classified as held for sale as discontinued operations for all periods presented if it represents a strategic shift that has or will have a major effect on the Company’s operations and financial results.
Investment in Unconsolidated Joint Ventures
The Company reports investments in unconsolidated entities over whose operating and financial policies it has the ability to exercise significant influence under the equity method of accounting. Under this method of accounting, the Company’s share of the investee’s earnings or losses is included in the Company’s consolidated statements of income (loss). The initial carrying value of the investment is based on the amount paid to purchase the joint venture interest. Differences between the Company’s cost basis and the basis reflected at the joint venture level are generally amortized over the lives of the related assets and liabilities, and such amortization is included in the Company’s share of earnings of the joint venture. In addition, distributions received from unconsolidated entities are classified based on the nature of the activity or activities that generated the distribution.
The Company regularly monitors events and changes in circumstances, including investment operating performance, changes in anticipated holding period and general market conditions, that could indicate that the carrying amounts of its equity method investments may be impaired. An equity method investment's value is impaired when the fair value of the investment is less than its carrying value and the Company determines the decline in value is other-than-temporary. The fair value is estimated based on discounted cash flows models that include all estimated cash inflows and outflows and any estimated debt premiums or discounts. The discounted cash flows are based on several assumptions, including management fee, absorption period, terminal capitalization rates, revenue and expense per bed, revenue and expense growth percentage, replacement reserve per unit, stabilized occupancy, stabilized operating margin, price per bed and discount rates. The assumptions are generally based on management’s experience in its local real estate markets, and the effects of current market conditions, which are subject to economic and market uncertainties. If the Company believes that there is an other-than-temporary decline in the value of an equity method investment, the Company would record an impairment loss to the extent that the carrying value exceeds the estimated fair value of such equity method investment.
Loans Receivable and Credit Losses
Loans Receivable
The Company’s loans receivable are reflected at amortized cost on the accompanying consolidated balance sheets. The amortized cost of a loan receivable is the outstanding unpaid principal balance, net of unamortized discounts, costs and fees directly associated with the origination of the loan.
Loans acquired in connection with a business combination are recorded at their acquisition date fair value. The Company determines the fair value of loans receivable based on estimates of expected discounted cash flows, collateral, credit risk and other factors. The Company does not establish a valuation allowance at the acquisition date, as the amount of estimated future cash flows reflects its judgment regarding their uncertainty. The Company recognizes the difference between the acquisition date fair value and the total expected cash flows as interest income using the effective interest method over the life of the applicable loan. The Company immediately recognizes in income any unamortized balances if the loan is repaid before its contractual maturity.
Interest income on the Company’s loans receivable is recognized on an accrual basis over the life of the investment using the interest method. Direct loan origination costs are amortized over the term of the loan as an adjustment to interest income. When concerns exist as to the ultimate collection of principal or interest due under a loan, the loan is placed on nonaccrual status, and the Company will not recognize interest income until the cash is received, or the loan returns to accrual status. If the Company determines that the collection of interest according to the contractual terms of the loan or through the receipts of assets in satisfaction of contractual amounts due is probable, the Company will resume the accrual of interest. In instances where borrowers are in default under the terms of their loans, the Company may continue recognizing interest income provided that all amounts owed under the contractual terms of the loan, including accrued and unpaid interest, do not exceed the estimated fair value of the collateral, less costs to sell.
On a quarterly basis, the Company evaluates the collectability of its interest income receivable and establishes a reserve for amounts not expected to be collected. The Company’s evaluation includes reviewing credit quality indicators such as payment status, changes affecting the operations of the facilities securing the loans, and national and regional economic factors. The reserve is a valuation allowance that reflects management’s estimate of losses inherent in the interest income receivable balance as of the balance sheet date. The reserve is adjusted through provision for loan losses and other reserves on the Company’s consolidated statements of income (loss) and is decreased by charge-offs to specific receivables.
Credit Losses
On a quarterly basis, the Company evaluates the collectability of its loan portfolio, including the portion of unfunded loan commitments expected to be funded, and establishes an allowance for credit losses. The allowance for credit losses is calculated using the related amortization schedules, payment histories and loan-to-value ratios. The following rates are applied to determine the aggregate expected losses, which is recorded as the allowance for credit losses: (i) a default rate, (ii) a liquidation cost rate and (iii) a distressed property reduction rate. If no loan-to-value ratio is available, a loss severity rate is applied in place of the liquidation cost rate and the distressed property reduction rate. The default rate is based on average charge-off and delinquency rates from the Federal Reserve, and the other rates are based on industry research and historical performance of a similar portfolio of financial assets. The allowance for credit losses is a valuation allowance that reflects management’s estimate of losses inherent in the loan portfolio as of the balance sheet date. The reserve is adjusted through provision for loan losses and other reserves on the Company’s consolidated statements of income (loss) and is decreased by charge-offs to specific loans.
Preferred Equity Investments and Preferred Return
Preferred equity investments are accounted for at unreturned capital contributions, plus accrued and unpaid preferred returns. The Company recognizes preferred return income on a monthly basis based on the outstanding investment including any previously accrued and unpaid return. As a preferred member of the preferred equity joint ventures in which the Company participates, the Company is not entitled to share in the joint venture’s earnings or losses. Rather, the Company is entitled to receive a preferred return, which is deferred if the cash flow of the joint venture is insufficient to currently pay the accrued preferred return.
The Company regularly monitors events and changes in circumstances that could indicate that the carrying amounts of its preferred equity investments may not be recoverable or realized. On a quarterly basis, the Company evaluates its preferred equity investments for impairment based on a comparison of the fair value of the investment to its carrying value. The fair value is estimated based on discounted cash flows that include all estimated cash inflows and outflows over a specified holding period. If, based on this analysis, the Company does not believe that it will be able to recover the carrying value of its preferred equity investment, the Company would record an impairment loss to the extent that the carrying value exceeds the estimated fair value of its preferred equity investment.
Cash and Cash Equivalents
The Company considers all short-term (with an original maturity of three months or less), highly-liquid investments utilized as part of the Company’s cash-management activities to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value.
The Company’s cash and cash equivalents balance exceeded federally insurable limits as of December 31, 2023. To date, the Company has experienced no loss or lack of access to cash in its operating accounts. The Company has a corporate banking relationship with Bank of America, N.A. in which it deposits the majority of its cash.
Restricted Cash
Restricted cash primarily consists of amounts held by an exchange accommodation titleholder or by secured debt lenders to provide for future real estate tax expenditures, tenant improvements and capital expenditures. Pursuant to the terms of the Company’s leases with certain tenants, the Company has assigned its interests in certain of these restricted cash accounts with secured debt lenders to the tenants, and this amount is included in accounts payable and accrued liabilities on the Company’s consolidated balance sheets. As of December 31, 2023 and 2022, restricted cash totaled $5.4 million and $4.6 million, respectively, and restricted cash obligations totaled $1.4 million and $3.9 million, respectively.
Lessee Accounting
For operating leases greater than 12 months for which the Company is the lessee, such as corporate office leases and ground leases, the Company recognizes a right-of-use (“ROU”) asset and related lease liability on its consolidated balance sheets at inception of the lease. ROU assets represent the Company’s right to use underlying assets for the lease term, and lease liabilities are determined based on the estimated present value of the Company’s minimum lease payments under the agreements. The discount rate used to determine the lease liabilities is based on the estimated incremental borrowing rate on a lease-by-lease basis. Certain of the Company’s lease agreements have options to extend or terminate the contract terms upon meeting certain criteria. The lease term utilized in the calculation of the lease liability includes these options if exercise is considered reasonably certain. As of December 31, 2023 and 2022, the Company had $11.6 million and $8.5 million of ROU assets included in accounts receivable, prepaid expenses and other assets, net, and $12.5 million and $9.2 million of lease liabilities included in accounts payable and accrued liabilities, respectively, on its consolidated balance sheets.
During the years ended December 31, 2023, 2022 and 2021, the Company incurred lease expense of $1.4 million, $1.2 million and $1.2 million, respectively. As of December 31, 2023, the weighted average remaining lease term and discount rate were 17 years and 8%, respectively, and the future minimum lease payments under the operating leases included in the Company’s lease liability were as follows (in thousands):
2024$1,310 
20251,802 
20261,324 
20271,347 
20281,330 
Thereafter18,104 
Undiscounted minimum lease payments included in the lease liability25,217 
Less: imputed interest(12,729)
Present value of lease liability$12,488 
Stock-Based Compensation
Stock-based compensation expense for stock-based awards granted to Sabra’s employees (teammates) and its non-employee directors is recognized in the statements of income (loss) based on the estimated grant date fair value, as adjusted. Compensation expense for awards with graded vesting schedules is generally recognized ratably over the period from the grant date to the date when the award is no longer contingent on the recipient providing additional services. Compensation expense for awards with performance-based vesting conditions is recognized based on the Company’s estimate of the ultimate value of such award after considering the Company’s expectations of future performance. Forfeitures of stock-based awards are recognized as they occur.
Deferred Financing Costs
Deferred financing costs representing fees paid to third parties are amortized over the terms of the respective financing agreements using the interest method. Deferred financing costs related to secured debt, term loans and senior unsecured notes are recorded as a reduction of the related debt liability, and deferred financing costs related to the revolving credit facility are recorded in accounts receivable, prepaid expenses and other assets, net. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financings that do not close are expensed in the period in which it is determined that the financing will not close.
Income Taxes
The Company elected to be treated as a REIT with the filing of its U.S. federal income tax return for the taxable year beginning January 1, 2011. The Company believes that it has been organized and operated, and it intends to continue to operate, in a manner to qualify as a REIT. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company’s annual REIT taxable income to stockholders (which is computed without regard to the dividends-paid deduction or net capital gains and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax on income that it distributes as dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially and adversely affect the Company’s net income and net cash available for distribution to stockholders. However, the Company believes that it is organized and operates in such a manner as to qualify for treatment as a REIT.
As a result of certain investments, the Company now records income tax expense or benefit with respect to certain of its entities that are taxed as taxable REIT subsidiaries under provisions similar to those applicable to regular corporations and not under the REIT provisions.
The Company accounts for deferred income taxes using the asset and liability method and recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the Company’s financial statements or tax returns. Under this method, the Company determines deferred tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Any increase or decrease in the deferred tax liability that results from a change in circumstances, and that causes a change in the Company’s judgment about expected future tax consequences of events, is included in the tax provision when such changes occur. Deferred income taxes also reflect the impact of operating loss and tax credit carryforwards. A valuation allowance is provided if the Company believes it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes a change in the Company’s judgment about the realizability of the related deferred tax asset, is included in the tax provision when such changes occur. 
The Company evaluates its tax positions using a two-step approach: step one (recognition) occurs when the Company concludes that a tax position, based solely on its technical merits, is more likely than not to be sustained upon examination, and step two (measurement) is only addressed if step one has been satisfied (i.e., the position is more likely than not to be sustained). Under step two, the tax benefit is measured as the largest amount of benefit (determined on a cumulative probability basis) that is more likely than not to be realized upon ultimate settlement. The Company will recognize tax penalties relating to unrecognized tax benefits as additional tax expense.
Foreign Currency
Certain of the Company’s subsidiaries’ functional currencies are the local currencies of their respective foreign jurisdictions. The Company translates the results of operations of its foreign subsidiaries into U.S. dollars using average rates of exchange in effect during the period presented, and it translates balance sheet accounts using exchange rates in effect at the end of the period presented. The Company records resulting currency translation adjustments in accumulated other comprehensive loss, a component of stockholders’ equity, on its consolidated balance sheets, and it records foreign currency transaction gains and losses as a component of other (expense) income on its consolidated statements of income (loss).
Derivative Instruments
The Company uses certain types of derivative instruments for the purpose of managing interest rate and currency risk. To qualify for hedge accounting, derivative instruments used for risk management purposes must effectively reduce the risk exposure that they are designed to hedge. In addition, at inception, the Company must make an assessment that the transaction that the Company intends to hedge is probable of occurring, and this assessment must be updated each reporting period.
The Company recognizes all derivative instruments as assets or liabilities on the consolidated balance sheets at their fair value. For derivatives designated and qualified as a hedge, the change in fair value of the effective portion of the derivatives is recognized in accumulated other comprehensive loss. Changes in the fair value of derivative instruments that are not designated in hedging relationships or that do not meet the criteria for hedge accounting would be recognized in earnings. In addition, the Company classifies cash flows from qualifying cash flow hedging relationships in the same category as the cash flows from the hedged items.
The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objectives and strategy for undertaking various hedge transactions. This process includes designating all derivatives that are part of a hedging relationship to specific transactions, as well as recognizing obligations or assets on the consolidated balance sheets. The Company also assesses and documents, both at inception of the hedging relationship and on a quarterly basis thereafter, whether the derivatives are highly effective in offsetting the designated risks associated with the respective hedged items. If it is determined that a derivative ceases to be highly effective as a hedge, or that it is probable the underlying transaction will not occur, the Company would discontinue hedge accounting prospectively and record the appropriate adjustment to earnings based on the then-current fair value of the derivative.
Fair Value Measurements
Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other financial instruments and balances at fair value on a non-recurring basis (e.g., carrying value of impaired loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories:
•Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities;
•Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and
•Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable.
When available, the Company utilizes quoted market prices from an independent third-party source to determine fair value and classifies such items as Level 1 or Level 2. In instances where the market for a financial instrument is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require the Company to make a significant adjustment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third party may rely more on models with inputs based on information available only to that independent third party. When the Company determines the market for a financial instrument owned by the Company to be illiquid or when market transactions for similar instruments do not appear orderly, the Company may use several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) to establish a fair value. If more than one valuation source is used, the Company will assign weights to the various valuation sources. Additionally, when determining the fair value of liabilities in circumstances in which a quoted price in an active market for an identical liability is not available, the Company measures fair value using (i) a valuation technique that uses the quoted price of the identical liability when traded as an asset or quoted prices for similar liabilities or similar liabilities when traded as assets or (ii) another valuation technique that is consistent with the principles of fair value measurement, such as the income approach or the market approach.
Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not be realized in an immediate settlement of the instrument.
The Company considers the following factors to be indicators of an inactive market: (i) there are few recent transactions, (ii) price quotations are not based on current information, (iii) price quotations vary substantially either over time or among market makers (for example, some brokered markets), (iv) indexes that previously were highly correlated with the fair values of the asset or liability are demonstrably uncorrelated with recent indications of fair value for that asset or liability, (v) there is a significant increase in implied liquidity risk premiums, yields, or performance indicators (such as delinquency rates or loss severities) for observed transactions or quoted prices when compared with the Company’s estimate of expected cash flows, considering all available market data about credit and other nonperformance risk for the asset or liability, (vi) there is a wide bid-ask spread or significant increase in the bid-ask spread, (vii) there is a significant decline or absence of a market for new issuances (that is, a primary market) for the asset or liability or similar assets or liabilities, and (viii) little information is released publicly (for example, a principal-to-principal market).
The Company considers the following factors to be indicators of non-orderly transactions: (i) there was not adequate exposure to the market for a period before the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities under current market conditions, (ii) there was a usual and customary marketing period, but the seller marketed the asset or liability to a single market participant, (iii) the seller is in or near
bankruptcy or receivership (that is, distressed), or the seller was required to sell to meet regulatory or legal requirements (that is, forced), and (iv) the transaction price is an outlier when compared with other recent transactions for the same or similar assets or liabilities.
Per Share Data
Basic earnings per common share is computed by dividing net income applicable to common stockholders by the weighted average number of shares of common stock and common equivalents outstanding during the period. Diluted earnings per common share is calculated by including the effect of dilutive securities, such as the impact of forward equity sales agreements using the treasury stock method and common shares issuable from certain performance restricted stock units and unvested restricted stock units. See Note 14, “Earnings Per Common Share.”
Industry Segments
The Company has one reportable segment consisting of investments in healthcare-related real estate properties.
Beds, Units and Other Measures
The number of beds, units and other measures used to describe the Company’s real estate investments included in the Notes to Consolidated Financial Statements are presented on an unaudited basis.
Recently Issued Accounting Standards Update
Issued but Not Yet Adopted
In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides temporary optional guidance that provides transition relief for reference rate reform, including optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or a reference rate that is expected to be discontinued as a result of reference rate reform if certain criteria are met. ASU 2020-04 is effective upon issuance, and the provisions generally can be applied prospectively as of January 1, 2020 through December 31, 2024. During the first quarter of 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. As of July 1, 2023, the Company had converted all of its LIBOR-indexed debt and derivatives to Secured Overnight Financing Rate (“SOFR”)-based indexes (effective with the respective instrument’s next reset date for certain instruments). For all derivatives in hedge accounting relationships, the Company utilized the effective relief in Topic 848 that allows for the continuation of hedge accounting throughout the transition process. Application of these expedients preserves the presentation of derivatives consistent with past presentation. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which refines the scope of Topic 848 and clarifies some of its guidance. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. The Company continues to evaluate the impact of the guidance as it relates to hedging relationships and other transactions that reference the Canadian Dollar Offered Rate (“CDOR”) which is expected to be discontinued in 2024 and may apply other elections as applicable as additional changes in the market occur.
v3.24.0.1
RECENT REAL ESTATE ACQUISITIONS (CONSOLIDATED)
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
RECENT REAL ESTATE ACQUISITIONS (CONSOLIDATED) RECENT REAL ESTATE ACQUISITIONS (CONSOLIDATED)
    During the year ended December 31, 2023, the Company acquired two skilled nursing/transitional care facilities, one Senior Housing - Leased community and one Senior Housing - Managed community. During the year ended December 31, 2022, the Company acquired three Senior Housing - Managed communities and one behavioral health facility. The Senior Housing - Managed community acquired during the year ended December 31, 2023 and two of the Senior Housing - Managed communities acquired during the year ended December 31, 2022 were part of the Company’s proprietary development pipeline and were previously reflected as preferred equity investments which had a book value of $4.6 million and $14.3 million, respectively, at the time of acquisition. The consideration was allocated as follows (in thousands):
Year Ended December 31,
20232022
Land$6,796 $11,767 
Building and improvements79,830 89,646 
Tenant origination and absorption costs intangible assets3,492 5,061 
Tenant relationship intangible assets255 41 
Total consideration$90,373 $106,515 
The tenant origination and absorption costs intangible assets and tenant relationship intangible assets had weighted-average amortization periods as of the respective dates of acquisition of four years and 22 years, respectively, for acquisitions completed during the year ended December 31, 2023. The tenant origination and absorption costs intangible assets and tenant relationship intangible assets had weighted-average amortization periods as of the respective dates of acquisition of two years and 25 years, respectively, for acquisitions completed during the year ended December 31, 2022.
For the year ended December 31, 2023, the Company recognized $10.4 million and $0.7 million of total revenues and net income, respectively, from the facilities acquired during the year ended December 31, 2023. For the year ended December 31, 2022, the Company recognized $11.1 million and $1.6 million of total revenues and net loss, respectively, from the facilities acquired during the year ended December 31, 2022.
During the three months ended June 30, 2023, the Company, in accordance with the terms of the agreements pursuant to which it purchased the facilities, paid $17.9 million in additional consideration related to two Senior Housing - Managed communities that achieved certain performance metrics. This amount is included in real estate investments, net of accumulated depreciation on the accompanying consolidated balance sheets.
v3.24.0.1
INVESTMENT IN REAL ESTATE PROPERTIES
 12 Months Ended
Dec. 31, 2023
Real Estate [Abstract]  
INVESTMENT IN REAL ESTATE PROPERTIES INVESTMENT IN REAL ESTATE PROPERTIES
The Company’s real estate properties held for investment consisted of the following (dollars in thousands):
As of December 31, 2023  
Property TypeNumber of
Properties		Number of
Beds/Units		Total
Real Estate
at Cost		Accumulated
Depreciation		Total
Real Estate
Investments, Net
Skilled Nursing/Transitional Care241 26,769 $3,050,861 $(535,653)$2,515,208 
Senior Housing - Leased43 3,473 573,274 (109,601)463,673 
Senior Housing - Managed61 6,041 1,289,485 (255,803)1,033,682 
Behavioral Health18 1,159 496,737 (71,943)424,794 
Specialty Hospitals and Other15 392 225,443 (47,454)177,989 
378 37,834 5,635,800 (1,020,454)4,615,346 
Corporate Level2,547 (632)1,915 
$5,638,347 $(1,021,086)$4,617,261 
As of December 31, 2022
Property TypeNumber of
Properties		Number of
Beds/Units		Total
Real Estate
at Cost		Accumulated
Depreciation		Total
Real Estate
Investments, Net
Skilled Nursing/Transitional Care264 29,136 $3,385,221 $(492,495)$2,892,726 
Senior Housing - Leased47 3,550 590,694 (97,716)492,978 
Senior Housing - Managed59 5,942 1,205,283 (222,089)983,194 
Behavioral Health17 965 465,143 (58,481)406,662 
Specialty Hospitals and Other15 392 225,443 (42,038)183,405 
402 39,985 5,871,784 (912,819)4,958,965 
Corporate Level904 (526)378 
$5,872,688 $(913,345)$4,959,343 
As of December 31,
20232022
Building and improvements$4,843,258 $5,034,470 
Furniture and equipment238,185 262,644 
Land improvements10,306 7,085 
Land546,598 568,489 
Total real estate at cost5,638,347 5,872,688 
Accumulated depreciation(1,021,086)(913,345)
Total real estate investments, net$4,617,261 $4,959,343 
Operating Leases
As of December 31, 2023, the substantial majority of the Company’s real estate properties (excluding 61 Senior Housing - Managed communities) were leased under triple-net operating leases with expirations ranging from one year to 19 years. As of December 31, 2023, the leases had a weighted-average remaining term of eight years. The leases generally include provisions to extend the lease terms and other negotiated terms and conditions. The Company, through its subsidiaries, retains substantially all of the risks and benefits of ownership of the real estate assets leased to the tenants. The Company may receive additional security under these operating leases in the form of letters of credit and security deposits from the lessee or guarantees from the parent of the lessee. Security deposits received in cash related to tenant leases are included in accounts payable and accrued liabilities on the accompanying consolidated balance sheets and totaled $16.4 million and $13.0 million as of December 31, 2023 and 2022, respectively, and letters of credit deposited with the Company totaled approximately $56 million and $57 million as of December 31, 2023 and 2022, respectively. In addition, the Company’s tenants have deposited with the Company $12.4 million and $13.3 million as of December 31, 2023 and 2022, respectively, for future real estate taxes, insurance expenditures and tenant improvements related to the Company’s properties and their operations, and these amounts are included in accounts payable and accrued liabilities on the accompanying consolidated balance sheets.
Lessor costs that are paid by the lessor and reimbursed by the lessee are included in the measurement of variable lease revenue and the associated expense. As a result, the Company recognized variable lease revenue and the associated expense of $15.3 million, $17.7 million and $18.0 million during the years ended December 31, 2023, 2022 and 2021, respectively.
The Company monitors the creditworthiness of its tenants by evaluating the ability of the tenants to meet their lease obligations to the Company based on the tenants’ financial performance, including, as applicable and appropriate, the evaluation of any parent guarantees (or the guarantees of other related parties) of such lease obligations. The primary basis for the Company’s evaluation of the credit quality of its tenants (and more specifically the tenant’s ability to pay their rent obligations to the Company) is the tenant’s lease coverage ratio as supplemented by the parent’s fixed charge coverage ratio for those entities with a parent guarantee. These coverage ratios include earnings before interest, taxes, depreciation, amortization and rent (“EBITDAR”) to rent and earnings before interest, taxes, depreciation, amortization, rent and management fees (“EBITDARM”) to rent at the lease level and consolidated EBITDAR to total fixed charges at the parent guarantor level when such a guarantee exists. The Company obtains various financial and operational information from the majority of its tenants each month and reviews this information in conjunction with the above-described coverage metrics to identify financial and operational trends, evaluate the impact of the industry’s operational and financial environment (including the impact of government reimbursement), and evaluate the management of the tenant’s operations. These metrics help the Company identify
potential areas of concern relative to its tenants’ credit quality and ultimately the tenant’s ability to generate sufficient liquidity to meet its obligations, including its obligation to continue to pay the rent due to the Company.
In 2021, the Company concluded that its lease with the Avamere Family of Companies (“Avamere”) should no longer be accounted for on an accrual basis and wrote off $25.2 million of straight-line rent receivable balances, and in 2022, Avamere’s lease was amended to, among other things, reduce Avamere’s annual base rent to $30.7 million from $44.1 million, effective February 1, 2022.
In 2022, the Company concluded that its leases with North American Health Care, Inc. (“North American”) should no longer be accounted for on an accrual basis and wrote off $15.6 million of straight-line rent receivable balances related to these leases. The facilities were transitioned to the Ensign Group or Avamere, as applicable, effective February 1, 2023.
For the year ended December 31, 2023, no tenant relationship represented 10% or more of the Company’s total revenues.
As of December 31, 2023, the future minimum rental payments from the Company’s properties held for investment under non-cancelable operating leases were as follows and may materially differ from actual future rental payments received (in thousands):
2024$377,721 
2025372,911 
2026357,434 
2027334,489 
2028310,963 
Thereafter1,289,067 
$3,042,585 
Senior Housing - Managed Communities
The Company’s Senior Housing - Managed communities offer residents certain ancillary services that are not contemplated in the lease with each resident (i.e., housekeeping, laundry, guest meals, etc.). These services are provided and paid for in addition to the standard services included in each resident lease (i.e., room and board, standard meals, etc.). The Company bills residents for ancillary services one month in arrears and recognizes revenue as the services are provided, as the Company has no continuing performance obligation related to those services. Resident fees and services includes ancillary service revenue of $2.0 million, $1.5 million and $1.3 million for the years ended December 31, 2023, 2022 and 2021, respectively.
Capital and Other Expenditures
As of December 31, 2023, the Company’s aggregate commitment for future capital and other expenditures associated with facilities leased under triple-net operating leases was approximately $27 million. These commitments are principally for improvements to its facilities.
Investment in Unconsolidated Joint Ventures
The following is a summary of the Company’s investment in unconsolidated joint ventures (dollars in thousands):
Property Type
Number of
Properties as of
December 31, 2023
Ownership as of
December 31, 2023 (1)
Book Value as of December 31,
20232022
Sienna Joint VentureSenior Housing - Managed12 50 %$119,724 $120,269 
Marlin Spring Joint VentureSenior Housing - Managed4 85 %17,119 14,693 
$136,843 $134,962 
(1)    These investments are not consolidated because the Company does not control, through voting rights or other means, the joint ventures.
The Company formed a joint venture with Marlin Spring (the “Marlin Spring Joint Venture”) that completed the acquisition of one and three senior housing communities that are being managed by third-party operators during 2023 and 2022, respectively. The gross investment, excluding acquisition costs, by the Marlin Spring Joint Venture totaled CAD $30.0 million and CAD $82.5 million during 2023 and 2022, respectively. In addition, the Marlin Spring Joint Venture assumed and financed
an aggregate CAD $23.6 million and CAD $65.0 million of debt during 2023 and 2022, respectively. The Company’s equity investment was CAD $6.1 million and CAD $16.6 million during 2023 and 2022, respectively.
During 2022, the Company formed a joint venture with Sienna Senior Living (the “Sienna Joint Venture”), and the Sienna Joint Venture completed the acquisition of 12 senior housing communities that are being managed by Sienna Senior Living. The gross investment by the Sienna Joint Venture totaled CAD $379.0 million, excluding acquisition costs, and in addition, the Sienna Joint Venture assumed CAD $53.4 million of debt. The Company’s equity investment was CAD $161.8 million.
During the second quarter of 2021, the Company determined that it intended to eventually exit its 49% stake in the real estate platform of TPG (the “Enlivant Joint Venture”) and concluded that the carrying value exceeded the estimated fair value of the investment and deemed the decline to be other-than-temporary. This resulted in the Company recording an impairment charge totaling $164.1 million during the three months ended June 30, 2021 which is included in loss from unconsolidated joint ventures on the accompanying consolidated statements of income (loss).
During the fourth quarter of 2022, due to the confluence of labor shortages, increased labor costs, elevated interest rates and a slower than anticipated recovery in the operating performance of the underlying facilities, the Company concluded that the estimated fair value of its investment in the Enlivant Joint Venture had further declined to zero based on updated future cash flow analyses. This decline was deemed to be other-than-temporary, and the Company recorded an impairment charge totaling $57.8 million during the three months ended December 31, 2022 which is included in loss from unconsolidated joint ventures on the accompanying consolidated statements of income (loss).
Effective January 1, 2023, the Company discontinued applying the equity method of accounting to the Enlivant Joint Venture. Effective May 1, 2023, the Company withdrew and resigned its membership in the Enlivant Joint Venture and accordingly, no longer has an equity interest in the Enlivant Joint Venture as of such date.
Summarized Financial Information
The following tables present summarized financial information for the Company’s investments in unconsolidated joint ventures (in thousands).
As of December 31,
20232022
Total assets$353,779 $754,220 
Total liabilities106,490 894,969 
Member’s equity (deficit)247,289 (140,749)
Year Ended December 31,
202320222021
Total revenues$64,446 $351,073 $274,693 
Operating expenses (1)
47,811 324,462 265,194 
Net loss(9,823)(66,171)(35,276)
Company’s share of net loss$(2,897)$(32,581)$(17,184)
Basis adjustments— 7,673 10,771 
Other-than-temporary impairment— 57,778 164,126 
Loss from unconsolidated joint venture$(2,897)$(98,032)$(192,081)
(1)    During the years ended December 31, 2022 and 2021, TPG caused the Enlivant Joint Venture to fund $25.0 million and $20.0 million, respectively, of payments to Enlivant beyond amounts contractually required under the management agreement. These payments were to support the operations of Enlivant and are reflected as operating expenses. Funding for the support payments did not require capital contributions from Sabra but rather were funded with proceeds received by the Enlivant Joint Venture from TPG for the issuance of senior preferred interests or with cash on hand at the Enlivant Joint Venture.
Certain amounts in the financial information have been reclassified to conform to Sabra’s presentation. For the Enlivant Joint Venture, except for basis adjustments, other-than-temporary impairment and loss from unconsolidated joint venture, the financial information reflects the historical cost basis of the assets which pre-dated the Company’s investment in the Enlivant Joint Venture. In addition, the Company’s share of net loss in the Enlivant Joint Venture excludes certain equity-like compensation expense and the related income tax impact as such expense is not the responsibility of the Company under the terms of the joint venture agreement.
Net Investment in Sales-Type Lease
As of December 31, 2022, the Company had a $25.5 million net investment in one skilled nursing/transitional care facility leased to a tenant under a sales-type lease, as the tenant is obligated to purchase the property at the end of the lease term. During the three months ended March 31, 2023, the tenant purchased the skilled nursing/transitional care facility for net proceeds of $25.5 million as obligated under terms of the lease.
v3.24.0.1
IMPAIRMENT OF REAL ESTATE AND DISPOSITIONS
 12 Months Ended
Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]  
IMPAIRMENT OF REAL ESTATE AND DISPOSITIONS IMPAIRMENT OF REAL ESTATE AND DISPOSITIONS
Impairment of Real Estate
During the years ended December 31, 2023, 2022 and 2021, the Company recognized real estate impairments of $14.3 million, $94.0 million and $9.5 million, respectively, related to three, 10 and three facilities, respectively. These facilities have either been sold or are closed.
To estimate the fair value of the impaired facilities, the Company utilized a market approach which considered binding sale agreements, non-binding offers from unrelated third parties or model-derived valuations with significant unobservable inputs (Level 3 measurements), as applicable.
The Company continues to evaluate additional assets for sale as part of its initiative to recycle capital and further improve its portfolio quality. This could lead to a shorter hold period and could result in the determination that the full amount of the Company’s investment is not recoverable, resulting in an impairment charge which could be material.
Dispositions
The following table summarizes the Company’s dispositions for the periods presented (dollars in millions):
Year Ended December 31,
202320222021
Number of facilities281816
Consideration, net of closing costs$255.6 $87.3 $103.4 
Net carrying value332.2 99.3 92.1 
Net (loss) gain on sale$(76.6)$(12.0)$11.3 
The Company recognized net loss of $80.9 million and $94.8 million during the years ended December 31, 2023 and 2022, respectively, and net income of $21.5 million during the year ended December 31, 2021, which includes impairment of real estate of $7.1 million, $94.0 million and $9.5 million for the years ended December 31, 2023, 2022 and 2021, respectively, and net (loss) gain on sale from these facilities.
The sale of the disposition facilities does not represent a strategic shift that has or will have a major effect on the Company’s operations and financial results, and therefore the results of operations attributable to these facilities have remained in continuing operations.
v3.24.0.1
INTANGIBLE ASSETS AND LIABILITIES
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS AND LIABILITIES INTANGIBLE ASSETS AND LIABILITIES
The following table summarizes the Company’s intangible assets and liabilities as of December 31, 2023 and 2022 (in thousands):
As of December 31,
20232022
Lease Intangible Assets:
Above market leases$7,496 $7,496 
Tenant origination and absorption costs43,071 58,578 
Tenant relationship16,983 20,119 
Gross lease intangible assets67,550 86,193 
Accumulated amortization(36,653)(46,062)
Lease intangible assets, net$30,897 $40,131 
Lease Intangible Liabilities:
Below market leases$68,573 $80,208 
Accumulated amortization(36,041)(37,964)
Lease intangible liabilities, net$32,532 $42,244 
The following is a summary of real estate intangible amortization income (expense) for the years ended December 31, 2023, 2022 and 2021 (in thousands): 
Year Ended December 31,
202320222021
Increase (decrease) to rental income related to above/below market leases, net (1)
$5,821 $6,624 $(13,512)
Depreciation and amortization related to tenant origination and absorption costs and tenant relationship(11,616)(17,591)(8,694)
(1)    Balance for the year ended December 31, 2021 includes $18.6 million of accelerated amortization related to the above market lease intangible associated with the Company’s lease with Avamere. See Note 4, “Investment in Real Estate Properties,” for further discussion.
The remaining unamortized balance for these outstanding intangible assets and liabilities as of December 31, 2023 will be amortized for the years ending December 31 as follows (dollars in thousands):
Lease Intangible
Assets		 Lease Intangible
Liabilities
2024$5,523 $5,690 
20254,612 5,139 
20264,411 4,884 
20273,115 4,442 
20282,662 4,296 
Thereafter10,574 8,081 
$30,897 $32,532 
  
Weighted-average remaining amortization period8.8 years6.5 years
v3.24.0.1
LOANS RECEIVABLE AND OTHER INVESTMENTS
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
LOANS RECEIVABLE AND OTHER INVESTMENTS LOANS RECEIVABLE AND OTHER INVESTMENTS
    As of December 31, 2023 and 2022, the Company’s loans receivable and other investments consisted of the following (dollars in thousands):
As of December 31, 2023
Investment
Quantity
as of
December 31, 2023
Property Type
Principal Balance as of December 31, 2023 (1)
Book Value
as of
December 31, 2023
Book Value
as of
December 31, 2022
Weighted Average Contractual Interest Rate / Rate of ReturnWeighted Average Annualized Effective Interest Rate / Rate of Return
Maturity Date
as of
December 31, 2023
Loans Receivable:
Mortgage2 Behavioral Health$319,000 $319,000 $319,000 7.6 %7.6 %11/01/26 - 01/31/27
Other12 Multiple53,873 50,440 47,936 7.7 %7.4 %10/01/23 - 05/01/29
14 372,873 369,440 366,936 7.7 %7.6 %
Allowance for loan losses— (6,665)(6,611)
$372,873 $362,775 $360,325 
Other Investments:
Preferred Equity5 Skilled Nursing / Senior Housing57,681 57,849 51,071 11.0 %11.0 %N/A
Total19 $430,554 $420,624 $411,396 8.1 %8.1 %
(1)    Principal balance includes amounts funded and accrued but unpaid interest / preferred return and excludes capitalizable fees.
As of December 31, 2023, the Company has committed to provide up to $0.5 million of future funding related to one loan receivable investment.
Additional information regarding the Company’s loans receivable is as follows (dollars in thousands):
Year Ended December 31,
202320222021
Allowance for loan losses:
Balance at the beginning of the year$6,611 $6,344 $2,458 
Provision for loan losses192 267 3,886 
Write-off of uncollectible balances(138)— — 
Balance at the end of the year$6,665 $6,611 $6,344 
As of December 31,
20232022
Deteriorated credit quality:
Number of loans receivable investments1 1 
Principal balance$1,214 $1,214 
Book value— — 
Nonaccrual status:
Number of loans receivable investments3 3 
Book value$— $— 
As of December 31, 2023 and 2022, the Company did not consider any preferred equity investments to be impaired, and no preferred equity investments were on nonaccrual status.
v3.24.0.1
DEBT
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
DEBT DEBT
Secured Indebtedness
The Company’s secured debt consists of the following (dollars in thousands):
Principal Balance as of December 31, (1)
As of December 31, 2023
Weighted Average Interest Rate
Weighted Average Effective Interest Rate (2)
Interest Rate Type
2023
2022
Maturity Date
Fixed Rate$48,143 $50,123 2.85 %3.34 %May 2031 - 
August 2051
(1)    Principal balance does not include deferred financing costs, net of $0.8 million and $0.9 million as of December 31, 2023 and 2022, respectively.
(2)    Weighted average effective interest rate includes private mortgage insurance.
During the year ended December 31, 2022, the Company repaid $15.4 million of debt secured by three facilities.
During the year ended December 31, 2021, the Company sold two facilities and repaid $9.8 million of debt secured by the facilities which resulted in a $0.1 million loss on extinguishment of debt related to write-offs of deferred financing costs.
Senior Unsecured Notes
The Company’s senior unsecured notes consist of the following (dollars in thousands):
Principal Balance as of December 31, (1)
TitleMaturity Date
2023
2022
5.125% senior unsecured notes due 2026
August 15, 2026$500,000 $500,000 
5.88% senior unsecured notes due 2027
May 17, 2027100,000 100,000 
3.90% senior unsecured notes due 2029
October 15, 2029350,000 350,000 
3.20% senior unsecured notes due 2031
December 1, 2031800,000 800,000 
$1,750,000 $1,750,000 
(1)    Principal balance does not include discount, net of $4.3 million and deferred financing costs, net of $10.5 million as of December 31, 2023 and does not include discount, net of $3.5 million and deferred financing costs, net of $12.0 million as of December 31, 2022. In addition, the weighted average effective interest rate as of December 31, 2023 was 4.01%.
4.80% Notes Due 2024. On May 29, 2019, the Operating Partnership and Sabra Capital Corporation, wholly owned subsidiaries of the Company (the “Issuers”), completed an underwritten public offering of $300.0 million aggregate principal amount of 4.80% senior unsecured notes due 2024 (the “2024 Notes”). The net proceeds were $295.3 million after deducting underwriting discounts and other offering expenses.
On October 7, 2021, the Issuers redeemed all $300.0 million aggregate principal amount outstanding of the 2024 Notes at a cash redemption price of 110.045% of the principal amount being redeemed, plus accrued and unpaid interest. The redemption resulted in $32.7 million of redemption related costs and write-offs for the year ended December 31, 2021, consisting of $30.2 million in payments made to noteholders and legal fees for early redemption and $2.5 million of write-offs associated with unamortized discount and deferred financing costs.
5.125% Notes Due 2026. In connection with the Company’s merger with Care Capital Properties (“CCP”), on August 17, 2017, the Operating Partnership assumed $500.0 million aggregate principal amount of 5.125% senior unsecured notes due 2026 (the “2026 Notes”) issued by Care Capital Properties, LP in July 2016. The 2026 Notes accrue interest at a rate of 5.125% per annum payable semiannually on February 15 and August 15 of each year.
The Operating Partnership may, at its option, redeem the 2026 Notes at any time in whole or from time to time in part prior to their stated maturity. The redemption price for 2026 Notes that are redeemed will be equal to (i) 100% of their principal amount, together with accrued and unpaid interest thereon, if any, to (but excluding) the date of redemption, plus, (ii) if redeemed prior to May 15, 2026, a make-whole premium. Assuming the 2026 Notes are not redeemed, the 2026 Notes mature on August 15, 2026.
5.88% Notes Due 2027. In connection with the Company’s merger with CCP, on August 17, 2017, the Operating Partnership assumed $100.0 million aggregate principal amount of unregistered senior unsecured notes due 2027 (the “2027 Notes”) issued by Care Capital Properties, LP in May 2016. The 2027 Notes accrue interest at a rate of 5.88% per annum payable semiannually on May 17 and November 17 of each year.
The Operating Partnership may prepay the 2027 Notes, in whole at any time or in part from time to time, at 100% of the principal amount to be prepaid plus a make-whole premium. Assuming the 2027 Notes are not redeemed, the 2027 Notes mature on May 17, 2027.
3.90% Notes Due 2029. On October 7, 2019, the Issuers completed an underwritten public offering of $350.0 million aggregate principal amount of 3.90% senior unsecured notes due 2029 (the “2029 Notes”). The net proceeds were $340.5 million after deducting underwriting discounts and other offering expenses. A portion of the net proceeds was used to redeem all $200.0 million of 5.375% unsecured senior notes due 2023 (the “2023 Notes”), and the remaining net proceeds were used to repay borrowings outstanding on the Prior Revolving Credit Facility (as defined below). The 2029 Notes accrue interest at a rate of 3.90% per annum payable semiannually on April 15 and October 15 of each year. In 2019, Sabra Capital Corporation’s obligations as a co-issuer under the 2029 Notes were automatically released and discharged upon the redemption of the 2023 Notes.
The 2029 Notes are redeemable at the option of the Operating Partnership, in whole or in part at any time and from time to time, prior to July 15, 2029, at a price equal to 100% of the principal amount, together with any accrued and unpaid interest to, but not including, the redemption date, plus a make-whole premium. The Operating Partnership may also redeem the 2029 Notes on or after July 15, 2029, at a price equal to 100% of the principal amount, together with any accrued and unpaid interest to, but not including, the redemption date. Assuming the 2029 Notes are not redeemed, the 2029 Notes mature on October 15, 2029.
3.20% Notes Due 2031. On September 30, 2021, the Operating Partnership completed an underwritten public offering of $800.0 million aggregate principal amount of 3.20% senior unsecured notes due 2031 (the “2031 Notes”). The net proceeds were $782.2 million after deducting underwriting discounts and other offering expenses. The net proceeds were used to repay $345.0 million of the Company’s U.S. dollar Prior Term Loans (as defined below), redeem all of the 2024 Notes, as discussed above, and to fund a portion of one of the Company’s mortgage loans. The 2031 Notes accrue interest at a rate of 3.20% per annum payable semiannually on June 1 and December 1 of each year, commencing on June 1, 2022.
The 2031 Notes are redeemable at the option of the Operating Partnership, in whole or in part at any time and from time to time, prior to September 1, 2031, at a price equal to 100% of the principal amount, together with any accrued and unpaid interest to the redemption date, plus a “make-whole” premium. The Operating Partnership may also redeem the 2031 Notes on or after September 1, 2031, at a price equal to 100% of the principal amount, together with any accrued and unpaid interest to the redemption date. Assuming the 2031 Notes are not redeemed, the 2031 Notes mature on December 1, 2031.
The obligations under the 2027 Notes are fully and unconditionally guaranteed, jointly and severally, on an unsecured basis, by Sabra and one of its non-operating subsidiaries, subject to release under certain customary circumstances. The obligations under the 2026 Notes, 2029 Notes and 2031 Notes are fully and unconditionally guaranteed, on an unsecured basis, by Sabra; provided, however, that such guarantee is subject to release under certain customary circumstances.
The indenture governing the 2026 Notes contains certain covenants that, among other things, limits the ability of Sabra, the Issuers and their subsidiaries to: (i) consummate a merger, consolidate or sell all or substantially all of our consolidated assets and (ii) incur secured or unsecured indebtedness. In addition, Sabra, the Operating Partnership and their subsidiaries are required to maintain at all times consolidated unencumbered total asset value in an amount not less than 150% of the aggregate outstanding principal amount of the Company’s consolidated unsecured debt.
The agreement governing the 2027 Notes provides for customary events of default, including, but not limited to, the failure to make payments of interest or premium, if any, on, or principal of, the 2027 Notes, the failure to comply with certain covenants and agreements specified in the agreement governing the 2027 Notes for a period of time after notice has been provided, the acceleration of other indebtedness resulting from the failure to pay principal on such other indebtedness prior to its maturity, and certain events of insolvency. In addition, certain change of control events constitute an event of default under the agreement governing the 2027 Notes. If any event of default occurs, the principal of, premium, if any, and accrued interest on all the then-outstanding 2027 Notes may become due and payable immediately.
The indenture governing the 2029 Notes and 2031 Notes contains restrictive covenants that, among other things, restrict the ability of Sabra, the Issuers and their subsidiaries to: (i) incur or guarantee additional indebtedness; (ii) incur or guarantee secured indebtedness; and (iii) merge or consolidate or sell all or substantially all of their assets. The indenture governing the 2029 Notes and 2031 Notes also provides for customary events of default, including, but not limited to, the failure to make payments of interest or premium, if any, on, or principal of, the 2029 Notes and 2031 Notes, the failure to comply with certain covenants and agreements specified in the indenture for a period of time after notice has been provided, the acceleration of other indebtedness resulting from the failure to pay principal on such other indebtedness prior to its maturity, and certain events of insolvency. If any event of default occurs, the principal of, premium, if any, and accrued interest on all the then-outstanding 2029 Notes and 2031 Notes may become due and payable immediately. The indenture governing the 2029 Notes and 2031
Notes requires Sabra, the Issuers and their subsidiaries to maintain Total Unencumbered Assets (as defined in the indentures) of at least 150% of the Company’s unsecured indebtedness.
The Company was in compliance with all applicable financial covenants under the indentures and agreements (the “Senior Notes Indentures”) governing the 2026 Notes, 2027 Notes, 2029 Notes and 2031 Notes (collectively, the “Senior Notes”) outstanding as of December 31, 2023.
Credit Agreement
On September 9, 2019, the Operating Partnership and Sabra Canadian Holdings, LLC (together, the “Borrowers”), Sabra and the other parties thereto entered into a fifth amended and restated unsecured credit agreement (the “Prior Credit Agreement”).
The Prior Credit Agreement included a $1.0 billion revolving credit facility (the “Prior Revolving Credit Facility”), a $436.3 million U.S. dollar term loan and a CAD $125.0 million Canadian dollar term loan (collectively, the “Prior Term Loans”). Further, up to $175.0 million of the Prior Revolving Credit Facility could be used for borrowings in certain foreign currencies. The Prior Credit Agreement also contained an accordion feature that allowed for an increase in the total available borrowings to $2.75 billion, subject to terms and conditions.
During the years ended December 31, 2022 and 2021, the Company recognized $0.4 million and $1.8 million, respectively, of loss on extinguishment of debt related to write-offs of deferred financing costs in connection with the partial pay down of the U.S. dollar Prior Term Loan.
Borrowings under the Prior Revolving Credit Facility bore interest on the outstanding principal amount at a rate equal to a ratings-based applicable interest margin plus, CDOR for Canadian dollar borrowings, or at the Operating Partnership’s option for U.S. dollar borrowings, either (a) LIBOR or (b) a base rate determined as the greater of (i) the federal funds rate plus 0.5%, (ii) the prime rate, and (iii) one-month LIBOR plus 1.0% (the “Prior Base Rate”). The ratings-based applicable interest margin for borrowings varied based on the Debt Ratings, as defined in the Prior Credit Agreement, and ranged from 0.775% to 1.45% per annum for CDOR or LIBOR based borrowings and 0.00% to 0.45% per annum for borrowings at the Prior Base Rate. In addition, the Operating Partnership paid a facility fee ranging between 0.125% and 0.300% per annum based on the aggregate amount of commitments under the Prior Revolving Credit Facility regardless of amounts outstanding thereunder.
The U.S. dollar Prior Term Loan bore interest on the outstanding principal amount at a rate equal to a ratings-based applicable interest margin plus, at the Operating Partnership’s option, either (a) LIBOR or (b) the Prior Base Rate. The ratings-based applicable interest margin for borrowings varied based on the Debt Ratings and ranged from 0.85% to 1.65% per annum for LIBOR based borrowings and 0.00% to 0.65% per annum for borrowings at the Prior Base Rate. The Canadian dollar Prior Term Loan bore interest on the outstanding principal amount at a rate equal to CDOR plus an interest margin ranged from 0.85% to 1.65% depending on the Debt Ratings.
On January 4, 2023, the Borrowers, and the other parties thereto entered into a sixth amended and restated unsecured credit agreement (the “Credit Agreement”). During the year ended December 31, 2023, the Company recorded $18.1 million of deferred financing costs related to the Credit Agreement and recognized $1.5 million of loss on extinguishment of debt related to write-offs of deferred financing costs in connection with amending and restating the Prior Credit Agreement.
The Credit Agreement includes a $1.0 billion revolving credit facility (the “Revolving Credit Facility”), a $430.0 million U.S. dollar term loan and a CAD $150.0 million Canadian dollar term loan (collectively, the “Term Loans”). Further, up to $350.0 million of the Revolving Credit Facility may be used for borrowings in certain foreign currencies. The Credit Agreement also contains an accordion feature that can increase the total available borrowings to $2.75 billion, subject to terms and conditions.
The Revolving Credit Facility has a maturity date of January 4, 2027, and includes two six-month extension options. The Term Loans have a maturity date of January 4, 2028.
As of December 31, 2023, there was $94.4 million (including CAD $44.3 million) outstanding under the Revolving Credit Facility and $905.6 million available for borrowing.
Borrowings under the Revolving Credit Facility bear interest on the outstanding principal amount at a rate equal to a ratings-based applicable interest margin plus, CDOR for Canadian dollar borrowings, or at the Operating Partnership’s option for U.S. dollar borrowings, either (a) Daily Simple SOFR, as defined in the Credit Agreement, or (b) a base rate determined as the greater of (i) the federal funds rate plus 0.5%, (ii) the prime rate, (iii) Term SOFR, as defined in the Credit Agreement, plus 1.0% (the “Base Rate”), and (iv) 1.00%. The ratings-based applicable interest margin for borrowings will vary based on the Debt Ratings, as defined in the Credit Agreement, and will range from 0.775% to 1.450% per annum for Daily Simple SOFR
based borrowings and 0.00% to 0.450% per annum for borrowings at the Base Rate. As of December 31, 2023, the weighted average interest rate on the Revolving Credit Facility was 6.57%. In addition, the Operating Partnership pays a facility fee ranging between 0.125% and 0.300% per annum based on the aggregate amount of commitments under the Revolving Credit Facility regardless of amounts outstanding thereunder.
The U.S. dollar Term Loan bears interest on the outstanding principal amount at a ratings-based applicable interest margin plus, at the Operating Partnership’s option, either (a) Term SOFR or (b) the Base Rate. The ratings-based applicable interest margin for borrowings will vary based on the Debt Ratings and will range from 0.850% to 1.650% per annum for Term SOFR based borrowings and 0.00% to 0.650% per annum for borrowings at the Base Rate. As of December 31, 2023, the interest rate on the U.S. dollar Term Loan was 6.73%. The Canadian dollar Term Loan bears interest on the outstanding principal amount at a rate equal CDOR plus an interest margin that will range from 0.850% to 1.650% depending on the Debt Ratings. As of December 31, 2023, the interest rate on the Canadian dollar Term Loan was 6.71%.
The Company has interest rate swaps and interest rate collars that fix and set a cap and floor, respectively, for the SOFR portion of the interest rate for $430.0 million of SOFR-based borrowings under its U.S. dollar Term Loan at a weighted average rate of 2.69% and interest rate swaps that fix the CDOR portion of the interest rate for CAD $150.0 million of CDOR-based borrowings under its Canadian dollar Term Loan at a rate of 1.63%. As of December 31, 2023, the effective interest rate on the U.S. dollar and Canadian dollar Term Loans was 3.94% and 2.88%, respectively. In addition, the Canadian dollar Term Loan and the CAD $44.3 million outstanding under the Revolving Credit Facility as of December 31, 2023 are designated as net investment hedges. See Note 9, “Derivative and Hedging Instruments,” for further information.
The obligations of the Borrowers under the Credit Agreement are guaranteed by the Company and certain of its subsidiaries.
The Credit Agreement contains customary covenants that include restrictions or limitations on the ability to pay dividends, incur additional indebtedness, engage in non-healthcare related business activities, enter into transactions with affiliates and sell or otherwise transfer certain assets as well as customary events of default. The Credit Agreement also requires Sabra, through the Operating Partnership, to comply with specified financial covenants, which include a maximum total leverage ratio, a maximum secured debt leverage ratio, a minimum fixed charge coverage ratio, a maximum unsecured leverage ratio, a minimum tangible net worth requirement and a minimum unsecured interest coverage ratio. As of December 31, 2023, the Company was in compliance with all applicable financial covenants under the Credit Agreement.
Interest Expense
During the years ended December 31, 2023, 2022 and 2021, the Company incurred interest expense of $113.0 million, $105.5 million and $98.6 million, respectively. Interest expense includes non-cash interest expense of $12.3 million, $11.1 million and $8.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, the Company had $16.5 million and $18.2 million, respectively, of accrued interest included in accounts payable and accrued liabilities on the accompanying consolidated balance sheets.
Maturities
The following is a schedule of maturities for the Company’s outstanding debt as of December 31, 2023 (in thousands):
Secured
Indebtedness
Revolving
Credit Facility (1)
Term LoansSenior NotesTotal
2024$2,033 $— $— $— $2,033 
20252,089 — — — 2,089 
20262,147 — — 500,000 502,147 
20272,206 94,429 — 100,000 196,635 
20282,266 — 543,190 — 545,456 
Thereafter37,402 — — 1,150,000 1,187,402 
Total Debt48,143 94,429 543,190 1,750,000 2,435,762 
Discount, net— — — (4,258)(4,258)
Deferred financing costs, net(842)— (6,070)(10,489)(17,401)
Total Debt, Net$47,301 $94,429 $537,120 $1,735,253 $2,414,103 
(1)    Revolving Credit Facility is subject to two six-month extension options.
v3.24.0.1
DERIVATIVE AND HEDGING INSTRUMENTS
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE AND HEDGING INSTRUMENTS DERIVATIVE AND HEDGING INSTRUMENTS
The Company is exposed to various market risks, including the potential loss arising from adverse changes in interest rates and foreign exchange rates. The Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates and foreign exchange rates. The Company’s derivative financial instruments are used to manage differences in the amount of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings.
Certain of the Company’s foreign operations expose the Company to fluctuations of foreign interest rates and exchange rates. These fluctuations may impact the value in the Company’s functional currency, the U.S. dollar, of the Company’s investment in foreign operations, the cash receipts and payments related to these foreign operations and payments of interest and principal under Canadian dollar denominated debt. The Company enters into derivative financial instruments to protect the value of its foreign investments and fix a portion of the interest payments for certain debt obligations. The Company does not enter into derivatives for speculative purposes.
Cash Flow Hedges
The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps and collars as part of its interest rate risk management strategy. As of December 31, 2023, approximately $6.9 million of gains, which are included in accumulated other comprehensive income, are expected to be reclassified into earnings in the next 12 months.
Net Investment Hedges
The Company is exposed to fluctuations in foreign exchange rates on investments it holds in Canada. The Company uses cross currency interest rate swaps to hedge its exposure to changes in foreign exchange rates on these foreign investments.
The following presents the notional amount of derivative instruments as of the dates indicated (in thousands):  
As of December 31,
20232022
Derivatives designated as cash flow hedges:
Denominated in U.S. Dollars (1)
$753,750 $436,250 
Denominated in Canadian Dollars (2)
$300,000 $125,000 
Derivatives designated as net investment hedges:
Denominated in Canadian Dollars$55,335 $55,991 
Financial instrument designated as net investment hedge:
Denominated in Canadian Dollars$194,300 $329,500 
Derivatives not designated as net investment hedges:
Denominated in Canadian Dollars$965 $309 
(1) Balance as of December 31, 2023 includes two forward starting interest rate swaps with an effective date of August 2024 and an aggregate notional amount of $323.8 million.
(2)    Balance as of December 31, 2023 includes two forward starting interest rate swaps with an effective date of September 2024 and an aggregate notional amount of CAD $150.0 million.
Derivative and Financial Instruments Designated as Hedging Instruments
The following is a summary of the derivative and financial instruments designated as hedging instruments held by the Company at December 31, 2023 and 2022 (dollars in thousands):    
Count as of December 31, 2023
Maturity Dates
Fair Value as of December 31,
TypeDesignation20232022Balance Sheet Location
Assets:
Interest rate swapsCash flow5 $6,002 $11,004 2024 - 2028Accounts receivable, prepaid expenses and other assets, net
Interest rate collarsCash flow2 3,216 6,622 2024Accounts receivable, prepaid expenses and other assets, net
Forward starting interest rate swapsCash flow4 6,736 — 2028Accounts receivable, prepaid expenses and other assets, net
Cross currency interest rate swapsNet investment2 2,964 3,851 2025Accounts receivable, prepaid expenses and other assets, net
$18,918 $21,477 
Liabilities:
CAD borrowings under Revolving Credit FacilityNet investment1 33,429 150,982 2027Revolving credit facility
CAD Term LoanNet investment1 113,190 92,288 2028Term loans, net
$146,619 $243,270 
The following presents the effect of the Company’s derivative and financial instruments designated as hedging instruments on the consolidated statements of income (loss) and the consolidated statements of equity for the years ended December 31, 2023, 2022 and 2021 (in thousands):
Gain (Loss) Recognized in Other Comprehensive Income (Loss)Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss)
Into Income		Income Statement Location
For the year ended December 31,
202320222021202320222021
Cash Flow Hedges:
Interest rate products$13,116 $22,032 $17,408 $8,332 $(4,179)$(12,774)Interest expense
Net Investment Hedges:
Foreign currency products(664)2,233 (272)— — — N/A
CAD borrowings under Revolving Credit Facility(3,456)9,454 — — — — N/A
CAD Term Loan(2,465)6,150 (338)— — — N/A
$6,531 $39,869 $16,798 $8,332 $(4,179)$(12,774)
During the years ended December 31, 2023, 2022 and 2021, no cash flow hedges were determined to be ineffective.
Derivatives Not Designated as Hedging Instruments
As of December 31, 2023, the Company had no material balances related to derivatives not designated as hedging instruments. During the years ended December 31, 2023, 2022 and 2021, the Company recorded $18,000, $0.1 million and $22,000 of other expense, respectively, related to the portion of derivatives not designated as hedging instruments.
Offsetting Derivatives
The Company enters into master netting arrangements, which reduce credit risk by permitting net settlement of transactions with the same counterparty. The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of December 31, 2023 and 2022 (in thousands):
As of December 31, 2023
Gross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Balance SheetNet Amounts of Assets / Liabilities presented in the Balance SheetGross Amounts Not Offset in the Balance Sheet
Financial InstrumentsCash Collateral ReceivedNet Amount
Offsetting Assets:
Derivatives$18,918 $— $18,918 $— $— $18,918 
Offsetting Liabilities:
Derivatives$— $— $— $— $— $— 
As of December 31, 2022
Gross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Balance SheetNet Amounts of Assets / Liabilities presented in the Balance SheetGross Amounts Not Offset in the Balance Sheet
Financial InstrumentsCash Collateral ReceivedNet Amount
Offsetting Assets:
Derivatives$21,477 $— $21,477 $— $— $21,477 
Offsetting Liabilities:
Derivatives$— $— $— $— $— $— 
Credit Risk-related Contingent Features
The Company has agreements with each of its derivative counterparties that contain a provision pursuant to which the Company could be declared in default on the derivative obligation if the Company defaults on any of its indebtedness, including a default where repayment of the indebtedness has not been accelerated by the lender. As of December 31, 2023, the Company had no derivatives in a net liability position related to these agreements.
v3.24.0.1
FAIR VALUE DISCLOSURES
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
FAIR VALUE DISCLOSURES FAIR VALUE DISCLOSURES
Financial Instruments
The fair value for certain financial instruments is derived using a combination of market quotes, pricing models and other valuation techniques that involve significant management judgment. The price transparency of financial instruments is a key determinant of the degree of judgment involved in determining the fair value of the Company’s financial instruments.
Financial instruments for which actively quoted prices or pricing parameters are available and whose markets contain orderly transactions will generally have a higher degree of price transparency than financial instruments whose markets are inactive or consist of non-orderly trades. The Company evaluates several factors when determining if a market is inactive or when market transactions are not orderly. The carrying values of cash and cash equivalents, restricted cash, accounts payable, accrued liabilities and the Credit Agreement are reasonable estimates of fair value because of the short-term maturities of these instruments. Fair values for other financial instruments are derived as follows:
Loans receivable: These instruments are presented on the accompanying consolidated balance sheets at their amortized cost and not at fair value. The fair values of the loans receivable were estimated using an internal valuation model that considered the expected cash flows for the loans receivable, as well as the underlying collateral value and other credit enhancements as applicable. The Company utilized discount rates ranging from 6% to 15% with a weighted average rate of 6% in its fair value calculation. As such, the Company classifies these instruments as Level 3.
Preferred equity investments: These instruments are presented on the accompanying consolidated balance sheets at their cost and not at fair value. The fair values of the preferred equity investments were estimated using an internal valuation model that considered the expected future cash flows for the preferred equity investments, the underlying collateral value and other credit enhancements. The Company utilized discount rates ranging from 10% to 15% with a weighted average rate of 11% in its fair value calculation. As such, the Company classifies these instruments as Level 3.
Derivative instruments: The Company’s derivative instruments are presented at fair value on the accompanying consolidated balance sheets. The Company estimates the fair value of derivative instruments, including its interest rate swaps, interest rate collars and cross currency swaps, using the assistance of a third party using inputs that are observable in the market, which include forward yield curves and other relevant information. Although the Company has determined that the majority of the inputs used to value its derivative financial instruments fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivative financial instruments utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by itself and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivative financial instruments. As a result, the Company has determined that its derivative financial instruments valuations in their entirety are classified in Level 2 of the fair value hierarchy.
Senior Notes: These instruments are presented on the accompanying consolidated balance sheets at their outstanding principal balance, net of unamortized deferred financing costs and premiums/discounts and not at fair value. The fair values of the Senior Notes were determined using third-party market quotes derived from orderly trades. As such, the Company classifies these instruments as Level 2.
Secured indebtedness: These instruments are presented on the accompanying consolidated balance sheets at their outstanding principal balance, net of unamortized deferred financing costs and premiums/discounts and not at fair value. The fair values of the Company’s secured debt were estimated using a discounted cash flow analysis based on management’s estimates of current market interest rates for instruments with similar characteristics, including remaining loan term, loan-to-value ratio, type of collateral and other credit enhancements. The Company utilized a rate of 6% in its fair value calculation. As such, the Company classifies these instruments as Level 3.
The following are the face values, carrying amounts and fair values of the Company’s financial instruments as of December 31, 2023 and 2022 whose carrying amounts do not approximate their fair value (in thousands):
 As of December 31, 2023As of December 31, 2022
 
Face
Value (1)
Carrying
Amount (2)
Fair
Value
Face
Value (1)
Carrying
Amount (2)
Fair
Value
Financial assets:
Loans receivable$372,873 $362,775 $383,141 $370,364 $360,325 $370,188 
Preferred equity investments57,681 57,849 59,526 50,902 51,071 51,995 
Financial liabilities:
Senior Notes1,750,000 1,735,253 1,567,428 1,750,000 1,734,431 1,463,041 
Secured indebtedness48,143 47,301 36,279 50,123 49,232 38,149 
(1)    Face value represents amounts contractually due under the terms of the respective agreements.
(2)    Carrying amount represents the book value of financial instruments, including unamortized premiums/discounts and deferred financing costs.
The Company determined the fair value of financial instruments as of December 31, 2023 whose carrying amounts do not approximate their fair value with valuation methods utilizing the following types of inputs (in thousands):
Fair Value Measurements Using
TotalQuoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable Inputs
(Level 3)
Financial assets:
Loans receivable$383,141 $— $— $383,141 
Preferred equity investments59,526 — — 59,526 
Financial liabilities:
Senior Notes1,567,428 — 1,567,428 — 
Secured indebtedness36,279 — — 36,279 
Disclosure of the fair value of financial instruments is based on pertinent information available to the Company at the applicable dates and requires a significant amount of judgment. Transaction volume for certain of the Company’s financial instruments remains relatively low, which has made the estimation of fair values difficult. Therefore, both the actual results and the Company’s estimate of fair value at a future date could be materially different.
Items Measured at Fair Value on a Recurring Basis
During the year ended December 31, 2023, the Company recorded the following amounts measured at fair value (in thousands):
Fair Value Measurements Using
TotalQuoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable Inputs
(Level 3)
Recurring Basis:
Financial assets:
Interest rate swaps$6,002 $— $6,002 $— 
Interest rate collars3,216 — 3,216 — 
Forward starting interest rate swaps6,736 — 6,736 — 
Cross currency interest rate swaps2,964 — 2,964 — 
v3.24.0.1
EQUITY
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
EQUITY EQUITY
Common Stock
On December 11, 2019, the Company established an at-the-market equity offering program (the “2019 ATM Program”) pursuant to which shares of its common stock having an aggregate gross sales price of up to $400.0 million may be sold from time to time (i) by the Company through a consortium of banks acting as sales agents or directly to the banks acting as principals or (ii) by a consortium of banks acting as forward sellers on behalf of any forward purchasers pursuant to a forward sale agreement. On August 6, 2021, the Company terminated the 2019 ATM Program pursuant to its termination rights.
During the year ended December 31, 2021, the Company sold 2.2 million shares under the 2019 ATM Program at an average price of $17.78 per share, generating gross proceeds of $38.8 million (before $0.6 million of commissions), excluding sales utilizing the forward feature of the 2019 ATM Program, as described below.
Additionally, during the year ended December 31, 2021, the Company utilized the forward feature of the 2019 ATM Program to allow for the sale of up to 6.8 million shares of the Company’s common stock at an initial weighted average price of $17.49 per share, net of commissions. During the year ended December 31, 2021, the Company settled 7.9 million (inclusive of the 6.8 million shares referenced in the immediately preceding sentence, and constituting all of the open forward positions under the 2019 ATM Program) at a weighted average net price of $17.36 per share, after commissions and fees, resulting in net proceeds of $137.0 million.
On August 6, 2021, the Company established a new at-the-market equity offering program (the “Prior ATM Program”) pursuant to which shares of its common stock having an aggregate gross sales price of up to $500.0 million may be sold from time to time (i) by the Company through a consortium of banks acting as sales agents or directly to the banks acting as principals or (ii) by a consortium of banks acting as forward sellers on behalf of any forward purchasers pursuant to a forward sale agreement. On November 9, 2022, the Company terminated the Prior ATM Program.
During the year ended December 31, 2021, the Company utilized the forward feature of the Prior ATM Program to allow for the sale of up to 1.7 million shares of the Company’s common stock at an initial weighted average price of $14.56 per share, net of commissions, and settled all of the open forward positions under the Prior ATM Program by issuing 1.7 million shares at a weighted average net price of $14.23 per share, after commissions and fees, resulting in net proceeds of $24.2 million. No other shares were sold under the Prior ATM Program during the year ended December 31, 2021. No shares were sold under the Prior ATM Program and the Company did not utilize the forward feature of the Prior ATM Program during the period from January 1, 2022 to November 9, 2022.
On October 15, 2021, the Company completed an underwritten public offering of 7.8 million newly issued shares of its common stock pursuant to an effective registration statement. The Company received net proceeds, before expenses, of $112.6 million from the offering at a price of $14.40 per share. These proceeds were used to fund a portion of one of the Company’s mortgage loan investments.
On February 23, 2023, the Company established an at-the-market equity offering program (the “ATM Program”) pursuant to which shares of its common stock having an aggregate gross sales price of up to $500.0 million may be sold from time to time (i) by the Company through a consortium of banks acting as sales agents or directly to the banks acting as
principals or (ii) by a consortium of banks acting as forward sellers on behalf of any forward purchasers pursuant to a forward sale agreement. The use of a forward sale agreement would allow the Company to lock in a share price on the sale of shares at the time the agreement is effective, but defer receiving the proceeds from the sale of the shares until a later date. The Company may also elect to cash settle or net share settle all or a portion of its obligations under any forward sale agreement. The forward sale agreements have a one year term during which time the Company may settle the forward sales by delivery of physical shares of common stock to the forward purchasers or, at the Company’s election, in cash or net shares. The forward sale price that the Company expects to receive upon settlement will be the initial forward price established upon the effective date, subject to adjustments for (i) the forward purchasers’ stock borrowing costs and (ii) certain fixed price reductions during the term of the agreement.
During the year ended December 31, 2023, no shares were sold under the ATM Program and the Company did not utilize the forward feature of the ATM Program. As of December 31, 2023, the Company had $500.0 million available under the ATM Program.
During the years ended December 31, 2023, 2022 and 2021, the Company issued 0.3 million, 0.6 million and 0.2 million shares, respectively, of common stock as a result of restricted stock unit vestings.
Upon any payment of shares to teammates as a result of restricted stock unit vestings, the teammates’ related tax withholding obligation will generally be satisfied by the Company, reducing the number of shares to be delivered by a number of shares necessary to satisfy the related applicable tax withholding obligation. During the years ended December 31, 2023, 2022 and 2021, the Company incurred $1.8 million, $3.3 million and $2.1 million, respectively, in tax withholding obligations on behalf of its teammates that were satisfied through a reduction in the number of shares delivered to those participants.
Accumulated Other Comprehensive Income
The following is a summary of the Company’s accumulated other comprehensive income (in thousands):
As of December 31,
20232022
Foreign currency translation gain$963 $1,168 
Unrealized gain on cash flow hedges22,782 17,895 
Total accumulated other comprehensive income$23,745 $19,063 
v3.24.0.1
STOCK-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
All stock-based awards are subject to the terms of the 2009 Performance Incentive Plan, which was assumed by the Company effective as of November 15, 2010 in connection with the Company’s separation from Sun and was most recently amended and restated in April 2017. The 2009 Performance Incentive Plan provides for the granting of stock-based compensation, including stock options, time-based stock units, funds from operations-based stock units (“FFO Units”), relative total stockholder return-based stock units (“TSR Units”) and performance-based restricted stock units to directors, officers and other teammates in connection with their employment with or services provided to the Company.
Restricted Stock Units and Performance-Based Restricted Stock Units
Under the 2009 Performance Incentive Plan, restricted stock units and performance-based restricted stock units generally have a contractual life or vest over a three- to five-year period. The vesting of certain restricted stock units may accelerate, as defined in the grant, upon retirement, a change in control and other events. When vested (and subject to any applicable deferral or holdback period), each performance-based restricted stock unit is convertible into one share of common stock, subject to any deferrals in issuance pursuant to the grant. The restricted stock units are valued on the grant date based on the market price of the Company’s common stock on that date. Generally, the Company recognizes the fair value of the awards over the applicable vesting period as compensation expense. In addition, since the shares to be issued may vary based on the performance of the Company, the Company must make assumptions regarding the projected performance criteria and the shares that will ultimately be issued. The amount of FFO Units that will ultimately vest is dependent on the amount by which the Company’s funds from operations as adjusted (“FFO”) differs from a target FFO amount for a period specified in each grant and will range from 0% to 200% of the FFO Units initially granted. Similarly, the amount of TSR Units that will ultimately vest is dependent on the amount by which the total shareholder return (“TSR”) of the Company’s common stock differs from a predefined peer group for a period specified in each grant and will range from 0% to 200% of the TSR Units initially granted. Upon any payment of shares as a result of restricted stock unit vestings, the related tax withholding obligation will generally be satisfied by the Company, reducing the number of shares to be delivered by a number of shares necessary to satisfy the related applicable tax
withholding obligation. The value of the shares withheld is dependent on the closing price of the Company’s common stock on the date the relevant transaction occurs.
The following table summarizes additional information concerning restricted stock units at December 31, 2023:
Restricted Stock UnitsWeighted Average Grant Date Fair Value Per Unit
Unvested as of December 31, 20222,147,784 $15.07 
Granted832,308 14.73 
Vested(591,745)15.34 
Dividends reinvested237,195 14.96 
Cancelled/forfeited(156,275)19.51 
Unvested as of December 31, 20232,469,267 $14.61 
As of December 31, 2023, the weighted average remaining vesting period of restricted stock units was 2.7 years. The weighted average fair value per share at the date of grant for restricted stock units for the years ended December 31, 2023, 2022 and 2021 was $14.73, $12.78 and $15.55, respectively. The total fair value of units vested during the years ended December 31, 2023, 2022 and 2021 was $9.1 million, $5.7 million and $15.9 million, respectively.
The fair value of the TSR Units is estimated on the date of grant using a Monte Carlo valuation model that uses the assumptions noted in the table below. The risk-free rate is based on the U.S. Treasury yield curve in effect at the grant date for the expected performance period. Expected volatility is based on historical volatility for the most recent 3-year period ending on the grant date for the Company and the selected peer companies, and is calculated on a daily basis. The following are the key assumptions used in this valuation:
202320222021
Risk free interest rate
3.98% - 4.13%
0.99% - 4.13%
0.17% - 0.99%
Expected stock price volatility
30.17% - 56.11%
53.60% - 56.11%
53.17% - 53.60%
Expected service period
3.0 years
3.0 years
3.0 years
Expected dividend yield (assuming full reinvestment)— %— %— %
During the years ended December 31, 2023, 2022 and 2021, the Company recognized $7.9 million, $7.5 million and $7.9 million, respectively, of stock-based compensation expense included in general and administrative expense in the consolidated statements of income (loss). As of December 31, 2023, there was $25.7 million of total unrecognized stock-based compensation expense related to unvested awards, which is expected to be recognized over a weighted average period of 2.7 years.
Employee Benefit Plan
The Company maintains a 401(k) plan that allows for eligible participants to defer compensation, subject to certain limitations imposed by the Internal Revenue Code of 1986, as amended (the “Code”). The Company provides a discretionary matching contribution of up to 4% of each participant’s eligible compensation. During each of the years ended December 31, 2023, 2022 and 2021, the Company’s matching contributions were $0.3 million.
v3.24.0.1
INCOME TAXES
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The Company elected to be treated as a REIT with the filing of its U.S. federal income tax return for the taxable year beginning January 1, 2011. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute at least 90% of its taxable ordinary income. In addition, the Company is required to meet certain asset and income tests. As a REIT, the Company generally will not be subject to corporate level federal income tax on taxable income that it distributes to its stockholders. The Company also elected to treat certain of its consolidated subsidiaries as taxable REIT subsidiaries, which are subject to federal, state and foreign income taxes. In addition, as a result of our investments in Canada, the Company is subject to income taxes under the laws of Canada.
The following is a summary of the Company’s provision for income taxes and deferred taxes (in thousands):
Year Ended December 31,
202320222021
Provision for federal, state and local income taxes$2,002 $1,234 $2,263 
Provision (benefit) for foreign income taxes— 8 (418)
Income tax expense$2,002 $1,242 $1,845 
As of December 31,
20232022
Deferred tax assets:
Federal$9,553 $6,390 
Valuation allowance on federal(9,553)(6,390)
Foreign12,211 8,455 
Valuation allowance on foreign(12,169)(8,430)
Deferred tax (liabilities):
Foreign(42)(25)
$— $— 
The Company classifies interest and penalties from significant uncertain tax positions as interest expense and operating expenses, respectively, in its consolidated financial statements. During the years ended December 31, 2023, 2022 and 2021, the Company did not incur any such interest or penalties. With certain exceptions, the tax years 2020 and thereafter remain open to examination by the major taxing jurisdictions with which the Company files tax returns.
v3.24.0.1
EARNINGS PER COMMON SHARE
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE EARNINGS PER COMMON SHARE
The following table illustrates the computation of basic and diluted earnings per share (in thousands, except share and per share amounts):
Year Ended December 31,
202320222021
Numerator
Net income (loss)$13,756 $(77,605)$(113,256)
Denominator
Basic weighted average common shares and common equivalents231,203,391 230,947,895 219,073,027 
Dilutive restricted stock units1,589,387 — — 
Diluted weighted average common shares232,792,778 230,947,895 219,073,027 
Net income (loss), per:
Basic common share$0.06 $(0.34)$(0.52)
Diluted common share$0.06 $(0.34)$(0.52)
During the years ended December 31, 2023, 2022 and 2021, approximately 500, 0.9 million and 1.0 million restricted stock units, respectively, and during the year ended December 31, 2021, approximately 25,000 shares related to forward equity sale agreements, were not included in computing diluted earnings per share because they were considered anti-dilutive.
v3.24.0.1
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Environmental
As an owner of real estate, the Company is subject to various environmental laws of federal, state and local governments. The Company is not aware of any environmental liability that could have a material adverse effect on its financial condition or results of operations. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s properties, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to the properties could result in future environmental liabilities. As of December 31, 2023,
the Company does not expect that compliance with existing environmental laws will have a material adverse effect on the Company’s financial condition and results of operations.
Legal Matters
From time to time, the Company and its subsidiaries are party to legal proceedings that arise in the ordinary course of its business. Management is not aware of any legal proceedings where the likelihood of a loss contingency is reasonably possible and the amount or range of reasonably possible losses is material to the Company’s results of operations, financial condition or cash flows.
v3.24.0.1
SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2023
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
The Company evaluates subsequent events up until the date the consolidated financial statements are issued.
Dividend Declaration
On February 1, 2024, the Company’s board of directors declared a quarterly cash dividend of $0.30 per share of common stock. The dividend will be paid on February 29, 2024 to common stockholders of record as of the close of business on February 13, 2024.
v3.24.0.1
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
 12 Months Ended
Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
SCHEDULE III
REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
As of December 31, 2023
(dollars in thousands)
Initial Cost to CompanyCost Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodLife on Which Depreciation in Latest Income Statement is Computed
 DescriptionOwnership Percentage
Encum- brances(1)
Land 
Building and Improve- ments(2)(3)
Total 
Land 
Building and Improve- ments(2)(3)
Total Accumulated Depreciation and AmortizationOriginal Date of Construction/ Renovation 
Date Acquired
Skilled Nursing/Transitional Care Facilities         
Bedford, NH100%$5,006 $1,911 $12,245 $14,156 $— $1,911 $10,546 $12,457 $(5,272)1992/2010, 201911/15/1036
Milford, NH100%— 312 1,679 1,991 — 312 1,168 1,480 (986)1890/200511/15/1020
North Conway, NH100%10,337 417 5,352 5,769 — 417 4,374 4,791 (2,006)1988/200911/15/1043
Wolfeboro, NH100%8,708 454 4,531 4,985 — 454 3,747 4,201 (1,669)1984/1986, 1987, 200911/15/1041
Middletown, DE100%— 1,650 21,730 23,380 — 1,650 21,730 23,380 (7,574)200508/01/1140
Dover, DE100%— 4,940 15,500 20,440 — 4,940 15,500 20,440 (5,676)1996/201608/01/1140
Wilmington, DE100%— 2,460 25,240 27,700 12,436 2,460 37,676 40,136 (9,841)2009/202208/01/1140
Millsboro, DE100%— 1,640 22,620 24,260 — 1,632 22,620 24,252 (8,095)200808/01/1140
Warrington, PA100%— 2,617 11,662 14,279 395 2,617 288 2,905 — 1958/2009/ 201603/30/1240
Duffield, VA100%— 509 5,018 5,527 1,333 509 5,964 6,473 (2,388)1981/201305/10/1240
Arlington, TX100%— 3,783 14,219 18,002 — 3,783 13,702 17,485 (3,956)2003/201211/30/1240
Rockport, TX100%— 1,005 6,628 7,633 — 1,005 6,212 7,217 (1,824)2002/2012, 201811/30/1240
Lincoln, NE100%— 6,368 29,919 36,287 — 6,368 29,919 36,287 (8,351)1962/1996, 201302/14/1440
Fremont, NE100%— 615 16,176 16,791 — 615 16,176 16,791 (4,953)200802/14/1440
Fremont, NE100%— 615 2,943 3,558 — 615 2,943 3,558 (1,069)1970/1979, 1983, 199402/14/1440
Bartlesville, OK100%— 1,332 6,904 8,236 986 1,332 7,890 9,222 (2,190)1989/201910/29/1440
Oklahoma City, OK100%— 2,189 23,567 25,756 2,534 2,189 25,749 27,938 (6,639)1963/1984, 2018, 201910/29/1440
Norman, OK100%— 869 5,236 6,105 785 869 6,021 6,890 (1,847)2001/2013, 201910/29/1440
Minneapolis, MN100%— 2,931 6,943 9,874 1,190 2,931 7,999 10,930 (1,800)1941/2014, 201908/17/1740
Eugene, OR100%— 2,205 28,700 30,905 2,252 2,205 30,952 33,157 (5,883)1988/201608/17/1740
Lebanon, OR100%— 958 14,176 15,134 — 958 14,176 15,134 (2,427)197408/17/1740
Portland, OR100%— 1,791 12,833 14,624 2,761 1,791 15,594 17,385 (3,466)1964/201608/17/1740
Initial Cost to CompanyCost Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodLife on Which Depreciation in Latest Income Statement is Computed
 DescriptionOwnership Percentage
Encum- brances(1)
Land 
Building and Improve- ments(2)(3)
Total 
Land 
Building and Improve- ments(2)(3)
Total Accumulated Depreciation and AmortizationOriginal Date of Construction/ Renovation 
Date Acquired
Tigard, OR100%— 2,011 11,667 13,678 — 2,011 11,667 13,678 (2,064)197508/17/1740
Hillsboro, OR100%— 1,387 14,028 15,415 — 1,387 14,028 15,415 (2,399)197308/17/1740
Junction City, OR100%— 584 7,901 8,485 — 584 7,901 8,485 (1,403)1966/201508/17/1740
Eugene, OR100%— 1,380 14,921 16,301 1,791 1,380 16,712 18,092 (3,421)1966/201608/17/1740
Coos Bay, OR100%— 829 8,518 9,347 — 829 8,518 9,347 (1,569)196808/17/1740
Gladstone, OR100%— 792 5,000 5,792 — 792 5,000 5,792 (907)196108/17/1740
Newport, OR100%— 406 5,001 5,407 — 406 5,001 5,407 (866)1973/201408/17/1740
Oregon City, OR100%— 1,496 12,142 13,638 — 1,496 12,142 13,638 (2,076)197408/17/1740
Tacoma, WA100%— 1,771 11,595 13,366 15 1,771 11,610 13,381 (2,313)201708/17/1740
Shoreline, WA100%— 4,703 14,444 19,147 — 4,703 14,444 19,147 (2,559)1993/201408/17/1740
Bellingham, WA100%— — 15,330 15,330 — — 15,330 15,330 (2,740)1984/201508/17/1740
Sequim, WA100%— 427 4,450 4,877 — 427 4,450 4,877 (954)197408/17/1740
Tacoma, WA100%— 1,705 4,952 6,657 — 1,705 4,952 6,657 (925)196808/17/1740
Tacoma, WA100%— 2,195 1,956 4,151 — 2,195 1,956 4,151 (484)1972/201408/17/1740
Vancouver, WA100%— 1,782 15,116 16,898 — 1,782 15,116 16,898 (2,798)199108/17/1740
Lake Oswego, OR100%— 5,947 13,401 19,348 — 5,947 13,401 19,348 (2,395)2005/201608/17/1740
Medford, OR100%— 2,043 38,485 40,528 2,960 2,043 41,445 43,488 (7,773)1974/201608/17/1740
Seattle, WA100%— 2,508 6,401 8,909 — 2,508 6,401 8,909 (1,158)197008/17/1740
Boise, ID100%— 681 9,348 10,029 627 681 9,975 10,656 (1,774)197908/17/1740
Salem, OR100%— 2,114 15,651 17,765 — 2,114 15,651 17,765 (2,758)198108/17/1740
Medford, OR100%— 1,375 23,808 25,183 — 1,375 23,808 25,183 (4,231)1961/201608/17/1740
Northglenn, CO100%— 1,662 26,014 27,676 3,258 1,662 29,272 30,934 (5,916)1972/201608/17/1740
Brighton, CO100%— 1,933 11,624 13,557 200 1,933 11,824 13,757 (2,166)197108/17/1740
Santa Ana, CA100%— 1,889 11,682 13,571 — 1,889 11,682 13,571 (1,947)200808/17/1740
La Mesa, CA100%— 1,276 8,177 9,453 — 1,276 8,177 9,453 (1,416)201208/17/1740
Westminster, MD100%— 2,128 6,614 8,742 487 2,128 6,978 9,106 (1,618)1973/2010, 201908/17/1740
Initial Cost to CompanyCost Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodLife on Which Depreciation in Latest Income Statement is Computed
 DescriptionOwnership Percentage
Encum- brances(1)
Land 
Building and Improve- ments(2)(3)
Total 
Land 
Building and Improve- ments(2)(3)
Total Accumulated Depreciation and AmortizationOriginal Date of Construction/ Renovation 
Date Acquired
Kansas City, MO100%— 1,985 2,714 4,699 303 1,714 — 1,714 — 198308/17/1740
Parkersburg, WV100%— 697 10,688 11,385 285 697 10,911 11,608 (2,428)1974/1999, 201908/17/1740
Cincinnati, OH100%— 2,686 10,062 12,748 295 2,686 10,357 13,043 (2,058)1989/201508/17/1740
Charlottesville, VA100%— 2,840 8,450 11,290 1,176 2,840 9,523 12,363 (2,334)1964/2009, 201908/17/1740
Annandale, VA100%— 7,241 17,727 24,968 3,218 7,241 20,864 28,105 (4,579)1963/2013, 201908/17/1740
Petersburg, VA100%— 988 8,416 9,404 146 988 8,478 9,466 (1,672)1970/200908/17/1740
Petersburg, VA100%— 1,174 8,858 10,032 151 1,174 8,942 10,116 (1,749)1976/201008/17/1740
Hagerstown, MD100%— 1,393 13,438 14,831 150 1,393 13,477 14,870 (2,501)1971/201008/17/1740
Cumberland, MD100%— 800 16,973 17,773 457 800 17,305 18,105 (3,237)196808/17/1740
Gilroy, CA100%— 662 23,775 24,437 — 662 23,775 24,437 (4,022)1968/202108/17/1740
Mount Pleasant, SC100%— 2,689 3,942 6,631 205 2,689 4,147 6,836 (831)1977/201508/17/1740
Harrogate, TN100%— 1,811 4,963 6,774 — 1,811 4,963 6,774 (1,054)1990/200508/17/1740
Conway, SC100%— 1,408 10,784 12,192 295 1,408 11,079 12,487 (2,075)197508/17/1740
Baytown, TX100%— 426 3,236 3,662 173 426 3,251 3,677 (683)1975/201908/17/1740
Huntsville, TX100%— 302 3,153 3,455 75 302 3,168 3,470 (644)1968/201908/17/1740
Center, TX100%— 231 1,335 1,566 312 231 1,477 1,708 (398)1972/201908/17/1740
Humble, TX100%— 2,114 1,643 3,757 596 2,114 1,953 4,067 (571)1972/201908/17/1740
Houston, TX100%— 1,019 5,734 6,753 318 1,019 5,807 6,826 (1,124)1982/201908/17/1740
Linden, TX100%— 112 256 368 133 112 280 392 (98)1968/201908/17/1740
Sherman, TX100%— 469 6,310 6,779 255 469 6,338 6,807 (1,188)1971/201908/17/1740
Mount Pleasant, TX100%— 250 6,913 7,163 345 250 7,160 7,410 (1,372)1970/201908/17/1740
Waxahachie, TX100%— 416 7,259 7,675 976 416 8,106 8,522 (1,618)1976/201908/17/1740
Gilmer, TX100%— 707 4,552 5,259 93 707 4,562 5,269 (910)1990/201908/17/1740
Sparks, NV100%— 1,986 9,004 10,990 — 1,986 9,004 10,990 (1,714)198808/17/1740
Richmond, IN100%— 259 9,819 10,078 131 259 9,950 10,209 (1,856)1975/200508/17/1740
Petersburg, IN100%— 581 5,367 5,948 23 581 5,390 5,971 (1,054)1970/200908/17/1740
Maryville, MO100%— 114 5,955 6,069 — 150 5,955 6,105 (1,187)197208/17/1740
Initial Cost to CompanyCost Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodLife on Which Depreciation in Latest Income Statement is Computed
 DescriptionOwnership Percentage
Encum- brances(1)
Land 
Building and Improve- ments(2)(3)
Total 
Land 
Building and Improve- ments(2)(3)
Total Accumulated Depreciation and AmortizationOriginal Date of Construction/ Renovation 
Date Acquired
Ashland, MO100%— 765 2,669 3,434 — 229 628 857 — 199308/17/1740
St. Louis, MO100%— 2,071 5,739 7,810 — 375 818 1,193 — 1988/199108/17/1740
Doniphan, MO100%— 657 8,251 8,908 — 657 8,251 8,908 (1,551)199108/17/1740
Dixon, MO100%— 521 3,358 3,879 — 521 3,358 3,879 (684)1989/201108/17/1740
Forsyth, MO100%— 594 8,549 9,143 — 594 8,549 9,143 (1,631)1993/200708/17/1740
Seymour, MO100%— 658 901 1,559 — 658 901 1,559 (240)199008/17/1740
Silex, MO100%— 807 4,990 5,797 — 807 4,990 5,797 (965)199108/17/1740
Columbia, MO100%— 2,322 6,547 8,869 — 2,322 6,547 8,869 (1,287)199408/17/1740
Strafford, MO100%— 1,634 6,518 8,152 — 1,634 6,518 8,152 (1,253)199508/17/1740
Windsor, MO100%— 471 6,819 7,290 — 471 6,819 7,290 (1,188)199608/17/1740
Conroe, TX100%— 1,222 19,099 20,321 — 1,222 19,099 20,321 (3,251)200108/17/1740
Houston, TX100%— 1,334 11,615 12,949 — 1,334 11,615 12,949 (2,060)2003/201308/17/1740
Humble, TX100%— 1,541 12,332 13,873 645 1,541 12,977 14,518 (2,611)2003/201908/17/1740
Missouri City, TX100%— 1,825 9,681 11,506 — 1,825 9,681 11,506 (1,784)200508/17/1740
Houston, TX100%— 2,676 7,396 10,072 — 2,676 7,396 10,072 (1,394)200508/17/1740
Houston, TX100%— 1,732 12,921 14,653 — 1,732 12,921 14,653 (2,274)199908/17/1740
Topeka, KS100%— 176 2,340 2,516 — 176 2,340 2,516 (474)1973/201308/17/1740
Salina, KS100%— 301 4,201 4,502 — 301 4,201 4,502 (814)198108/17/1740
Terre Haute, IN100%— 1,067 7,061 8,128 — 1,067 7,061 8,128 (1,286)1965/198408/17/1740
Gas City, IN100%— 345 8,852 9,197 — 345 8,852 9,197 (1,536)1974/202208/17/1740
Winchester, IN100%— 711 5,554 6,265 — 711 5,554 6,265 (1,016)1986/1998, 202108/17/1740
Columbus, IN100%— 1,290 10,714 12,004 — 1,290 10,714 12,004 (1,868)1988/2004, 202208/17/1740
Portland, IN100%— 315 9,848 10,163 — 315 9,848 10,163 (1,743)1964/202208/17/1740
Clinton, IN100%— 884 9,839 10,723 — 884 9,839 10,723 (1,829)1971/202108/17/1740
Las Vegas, NV100%— 509 18,216 18,725 — 509 18,216 18,725 (3,036)196408/17/1740
Las Vegas, NV100%— 3,169 7,863 11,032 — 3,169 7,863 11,032 (1,477)1972/199708/17/1740
Alameda, CA100%— 3,078 22,328 25,406 — 3,078 22,328 25,406 (3,806)1967/202108/17/1740
Dover, NH100%— 522 5,839 6,361 — 522 5,839 6,361 (1,385)1969/1992, 201708/17/1740
Initial Cost to CompanyCost Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodLife on Which Depreciation in Latest Income Statement is Computed
 DescriptionOwnership Percentage
Encum- brances(1)
Land 
Building and Improve- ments(2)(3)
Total 
Land 
Building and Improve- ments(2)(3)
Total Accumulated Depreciation and AmortizationOriginal Date of Construction/ Renovation Date Acquired
Augusta, ME100%— 135 6,470 6,605 — 135 6,470 6,605 (1,206)196708/17/1740
Bangor, ME100%— 302 1,811 2,113 2,211 302 4,021 4,323 (1,019)1967/1993, 201908/17/1740
Bath, ME100%— 250 1,934 2,184 — 250 1,934 2,184 (402)197408/17/1740
Brewer, ME100%— 177 14,497 14,674 2,520 177 17,017 17,194 (3,371)1974/1990, 201908/17/1740
Kennebunk, ME100%— 198 6,822 7,020 2,005 198 8,827 9,025 (1,634)1977/202208/17/1740
Norway, ME100%— 791 3,680 4,471 — 791 3,680 4,471 (729)197608/17/1740
Yarmouth, ME100%— 134 2,072 2,206 — 134 2,072 2,206 (442)195208/17/1740
Marlborough, MA100%— 942 1,541 2,483 8,727 942 10,268 11,210 (3,468)1973/201808/17/1740
Bangor, ME100%— 229 7,171 7,400 511 229 7,682 7,911 (1,446)1969/1993, 202208/17/1740
Orange, CA100%— 4,163 14,755 18,918 — 4,163 14,755 18,918 (2,640)1987/202008/17/1740
Lancaster, TX100%— 548 5,794 6,342 — 548 5,794 6,342 (1,140)200808/17/1740
Garland, TX100%— 1,118 7,490 8,608 — 1,118 7,490 8,608 (1,403)200808/17/1740
Clarksville, TX100%— 279 4,269 4,548 100 279 4,369 4,648 (970)1989/201908/17/1740
McKinney, TX100%— 1,272 6,047 7,319 — 1,272 6,047 7,319 (1,217)200608/17/1740
Hopkins, MN100%— 807 4,668 5,475 530 807 5,198 6,005 (1,418)1961/2008, 201908/17/1740
Florence, WI100%— 291 3,778 4,069 — 291 3,778 4,069 (795)197008/17/1740
St. Francis, WI100%— 166 1,887 2,053 — 166 1,887 2,053 (412)1960/199708/17/1740
Rochester, MN100%— 645 7,067 7,712 178 645 7,245 7,890 (1,442)1967/2011, 201908/17/1740
Wisconsin Dells, WI100%— 1,640 1,599 3,239 — 1,640 1,599 3,239 (453)1972/200608/17/1740
Sheboygan, WI100%— 1,038 2,839 3,877 — 1,038 2,839 3,877 (681)1967/201208/17/1740
Hendersonville, NC100%— 1,611 3,503 5,114 — 1,611 3,503 5,114 (774)197908/17/1740
Baytown, TX100%— 579 22,317 22,896 103 579 22,419 22,998 (3,865)2000/201308/17/1740
Baytown, TX100%— 589 20,475 21,064 362 589 20,837 21,426 (3,830)200808/17/1740
Initial Cost to CompanyCost Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodLife on Which Depreciation in Latest Income Statement is Computed
 DescriptionOwnership Percentage
Encum- brances(1)
Land 
Building and Improve- ments(2)(3)
Total 
Land 
Building and Improve- ments(2)(3)
Total Accumulated Depreciation and AmortizationOriginal Date of Construction/ Renovation Date Acquired
Houston, TX100%— 1,300 13,353 14,653 31 1,300 13,384 14,684 (2,475)200608/17/1740
Pasadena, TX100%— 1,148 23,579 24,727 47 1,148 23,626 24,774 (4,142)200408/17/1740
Webster, TX100%— 904 10,315 11,219 24 904 10,338 11,242 (1,958)2000/200908/17/1740
Beaumont, TX100%— 945 20,424 21,369 272 945 20,696 21,641 (3,634)200908/17/1740
Orange, TX100%— 711 10,737 11,448 186 711 10,923 11,634 (2,014)200608/17/1740
Huntsville, AL100%— 634 28,071 28,705 19 634 28,089 28,723 (4,713)1968/201208/17/1740
Terre Haute, IN100%— 644 37,451 38,095 59 644 37,511 38,155 (7,069)1996/201308/17/1740
Madison, TN100%— 902 3,850 4,752 23 902 3,873 4,775 (886)1969/201608/17/1740
Savannah, GA100%— 1,235 3,765 5,000 18 1,235 3,783 5,018 (908)1970/201508/17/1740
Bowling Green, KY100%— 280 13,975 14,255 32 280 14,007 14,287 (2,597)1970/201508/17/1740
Calvert City, KY100%— 1,176 7,012 8,188 25 1,176 7,037 8,213 (1,385)1962/201508/17/1740
Winchester, KY100%— 554 13,207 13,761 43 554 13,250 13,804 (2,507)1967/201508/17/1740
Calhoun, KY100%— 613 7,643 8,256 30 613 7,673 8,286 (1,551)1963/201508/17/1740
Bremen, IN100%— 173 7,393 7,566 38 173 7,431 7,604 (1,373)1982/201508/17/1740
Muncie, IN100%— 374 27,429 27,803 38 374 27,467 27,841 (4,710)1980/201308/17/1740
Lebanon, IN100%— 612 11,755 12,367 39 612 11,794 12,406 (2,141)1977/201208/17/1740
Marietta, GA100%— 364 16,116 16,480 20 364 16,137 16,501 (3,004)1969/201508/17/1740
Danville, KY100%— 790 9,356 10,146 32 790 9,388 10,178 (2,048)1962/201508/17/1740
Owensboro, KY100%— 1,048 22,587 23,635 40 1,048 22,627 23,675 (4,031)1963/201108/17/1740
Memphis, TN100%— 1,633 9,371 11,004 21 1,633 9,392 11,025 (1,832)1981/201508/17/1740
Norfolk, VA100%— 705 16,451 17,156 33 705 16,485 17,190 (3,322)1969/201508/17/1740
Harrodsburg, KY100%— 1,049 9,851 10,900 21 1,049 9,872 10,921 (2,050)1975/201608/17/1740
Cookeville, TN100%— 1,034 15,555 16,589 32 1,034 15,586 16,620 (2,841)1979/201608/17/1740
Washington Court House, OH100%— 405 4,839 5,244 20 405 4,859 5,264 (1,049)1984/201508/17/1740
Galion, OH100%— 836 668 1,504 14 836 683 1,519 (237)1967/198508/17/1740
Roanoke Rapids, NC100%— 373 10,308 10,681 25 373 10,334 10,707 (2,070)1967/201508/17/1740
Kinston, NC100%— 954 7,987 8,941 73 954 8,059 9,013 (1,807)1960/201508/17/1740
Chapel Hill, NC100%— 809 2,703 3,512 1,191 809 3,893 4,702 (964)1984/201508/17/1740
Chillicothe, OH100%— 260 8,924 9,184 19 260 8,943 9,203 (1,850)1974/201508/17/1740
Coshocton, OH100%— 374 2,530 2,904 37 374 2,567 2,941 (715)1974/201508/17/1740
Pine Knot, KY100%— 208 7,665 7,873 23 208 7,689 7,897 (1,447)199008/17/1740
Initial Cost to CompanyCost Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodLife on Which Depreciation in Latest Income Statement is Computed
 DescriptionOwnership Percentage
Encum- brances(1)
Land 
Building and Improve- ments(2)(3)
Total 
Land 
Building and Improve- ments(2)(3)
Total Accumulated Depreciation and AmortizationOriginal Date of Construction/ Renovation Date Acquired
Bardstown, KY100%— 634 4,094 4,728 16 634 4,110 4,744 (903)1968/201008/17/1740
Glasgow, KY100%— 83 2,057 2,140 28 83 2,086 2,169 (552)196808/17/1740
Carrollton, KY100%— 124 1,693 1,817 21 124 1,714 1,838 (476)1978/201608/17/1740
Horse Cave, KY100%— 208 7,070 7,278 38 208 7,108 7,316 (1,460)199308/17/1740
Lawrenceburg, KY100%— 635 9,861 10,496 17 635 9,879 10,514 (1,887)197308/17/1740
Annville, KY100%— 479 6,078 6,557 17 479 6,095 6,574 (1,140)198908/17/1740
Louisville, KY100%— 3,528 4,653 8,181 24 3,528 4,677 8,205 (1,095)1982/201208/17/1740
Louisville, KY100%— 2,207 20,733 22,940 29 2,207 20,761 22,968 (3,667)1991/201008/17/1740
Tompkinsville, KY100%— 333 9,556 9,889 26 333 9,582 9,915 (1,809)196908/17/1740
Radcliff, KY100%— 1,815 7,470 9,285 34 1,815 7,504 9,319 (1,793)198608/17/1740
Hartford, KY100%— 312 8,189 8,501 21 312 8,210 8,522 (1,583)196708/17/1740
Louisville, KY100%— 427 6,003 6,430 21 427 6,023 6,450 (1,237)1975/200508/17/1740
Louisville, KY100%— 1,134 9,166 10,300 28 1,134 9,194 10,328 (1,938)1979/201308/17/1740
Lexington, KY100%— 2,558 4,311 6,869 51 2,558 4,361 6,919 (998)198908/17/1740
Columbia, KY100%— 114 11,141 11,255 28 114 11,169 11,283 (2,063)196508/17/1740
Monticello, AR100%— 206 3,179 3,385 — 206 3,179 3,385 (704)199508/17/1740
Benton, AR100%— 1,336 7,386 8,722 — 1,336 7,386 8,722 (1,493)199208/17/1740
Wynne, AR100%— 227 4,007 4,234 — 227 4,007 4,234 (818)199008/17/1740
Morrilton, AR100%— 412 2,642 3,054 3,038 467 5,680 6,147 (936)1996/202208/17/1740
Bryant, AR100%— 819 8,938 9,757 — 819 8,938 9,757 (1,609)1989/201508/17/1740
Savannah, GA100%— 2,194 11,711 13,905 — 2,194 11,711 13,905 (2,080)197208/17/1740
Initial Cost to CompanyCost Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodLife on Which Depreciation in Latest Income Statement is Computed
 DescriptionOwnership Percentage
Encum- brances(1)
Land 
Building and Improve- ments(2)(3)
Total 
Land 
Building and Improve- ments(2)(3)
Total Accumulated Depreciation and AmortizationOriginal Date of Construction/ Renovation Date Acquired
Durham, NC100%— 470 9,633 10,103 — 470 9,633 10,103 (1,695)1968/200608/17/1740
Raleigh, NC100%— 1,155 11,749 12,904 — 1,155 11,749 12,904 (2,117)197108/17/1740
Raleigh, NC100%— 926 17,649 18,575 — 926 17,649 18,575 (3,125)1967/200708/17/1740
Wilmington, NC100%— 611 5,051 5,662 — 611 5,051 5,662 (1,015)1966/201308/17/1740
Winston-Salem, NC100%— 879 3,283 4,162 — 879 3,283 4,162 (753)196508/17/1740
Lincolnton, NC100%— — 9,967 9,967 — — 9,967 9,967 (1,803)197608/17/1740
Monroe, NC100%— 166 5,906 6,072 — 166 5,906 6,072 (1,189)1963/200508/17/1740
Zebulon, NC100%— 594 8,559 9,153 — 594 8,559 9,153 (1,486)1973/201008/17/1740
Rocky Mount, NC100%— — 18,314 18,314 — — 18,314 18,314 (3,123)197508/17/1740
DeSoto, TX100%— 942 6,033 6,975 320 942 6,353 7,295 (1,236)198708/17/1740
Trinity, TX100%— 363 3,852 4,215 — 363 3,852 4,215 (822)1985/201908/17/1740
Kirbyville, TX100%— 208 5,809 6,017 — 208 5,809 6,017 (1,186)198708/17/1740
Marshall, TX100%— 732 4,288 5,020 — 732 4,288 5,020 (901)200808/17/1740
Warren, MI100%— 2,052 25,539 27,591 — 2,052 25,539 27,591 (5,009)1961/200108/17/1740
Hamburg, NY100%— 1,026 54,086 55,112 — 1,026 54,086 55,112 (9,273)1983/201408/17/1740
East Patchogue, NY100%— 2,181 30,373 32,554 — 2,181 30,373 32,554 (5,478)1988/201108/17/1740
Williamsville, NY100%— 1,122 46,413 47,535 — 1,122 46,413 47,535 (7,814)1992/200708/17/1740
Cheektowaga, NY100%— 1,164 29,905 31,069 — 1,164 29,905 31,069 (5,335)1979/200608/17/1740
North Tonawanda, NY100%— 830 29,488 30,318 — 830 29,488 30,318 (5,259)1982/200708/17/1740
West Seneca, NY100%— 1,325 26,839 28,164 — 1,325 26,839 28,164 (4,698)1974/200808/17/1740
Beverly, MA100%— 2,410 13,588 15,998 — 2,410 13,588 15,998 (3,199)1965/201508/17/1740
Initial Cost to CompanyCost Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodLife on Which Depreciation in Latest Income Statement is Computed
 DescriptionOwnership Percentage
Encum- brances(1)
Land 
Building and Improve- ments(2)(3)
Total 
Land 
Building and Improve- ments(2)(3)
Total Accumulated Depreciation and AmortizationOriginal Date of Construction/ Renovation Date Acquired
Lancaster, MA100%— 343 7,733 8,076 — 343 7,733 8,076 (1,407)1970/200508/17/1740
New London, CT100%— 505 2,248 2,753 48 505 2,296 2,801 (712)1967/201608/17/1740
Enfield, CT100%— 437 16,461 16,898 231 437 16,693 17,130 (3,085)1968/201508/17/1740
Quincy, MA100%— 894 904 1,798 129 894 1,033 1,927 (335)1965/200308/17/1740
Fishkill, NY100%— 964 30,107 31,071 421 964 30,518 31,482 (5,495)199508/17/1740
Highland, NY100%— 4,371 11,473 15,844 260 4,371 11,733 16,104 (2,252)199808/17/1740
Beacon, NY100%— — 25,400 25,400 267 — 25,666 25,666 (4,802)200208/17/1740
Springfield, MA100%— 817 11,357 12,174 386 817 11,743 12,560 (2,094)198708/17/1740
Andover, MA100%— 2,123 5,383 7,506 18 2,123 5,401 7,524 (1,131)199208/17/1740
Reading, MA100%— 1,534 5,221 6,755 540 1,534 5,760 7,294 (1,216)198808/17/1740
Sudbury, MA100%— 2,017 3,458 5,475 421 2,017 3,879 5,896 (922)1997/202108/17/1740
Lowell, MA100%— 1,335 9,019 10,354 489 1,335 9,508 10,843 (1,847)1966/200708/17/1740
Worcester, MA100%— 945 8,770 9,715 50 945 8,820 9,765 (1,693)1970/198808/17/1740
W. Springfield, MA100%— 2,022 7,345 9,367 — 2,022 7,345 9,367 (1,556)1960/198508/17/1740
East Longmeadow, MA100%— 2,968 8,957 11,925 790 2,968 9,748 12,716 (2,055)1985/200508/17/1740
Long Beach, CA100%— 2,939 11,782 14,721 — 2,939 11,690 14,629 (2,246)1968/201109/19/1740
Anaheim, CA100%— 2,044 14,167 16,211 — 2,044 14,167 16,211 (2,643)1968/201109/19/1740
Fairfield, CA100%— 586 23,582 24,168 — 586 23,582 24,168 (4,095)1966/200609/19/1740
Baldwin Park, CA100%— 2,270 17,063 19,333 — 2,270 17,063 19,333 (3,126)1970/201509/19/1740
Grand Terrace, CA100%— 432 9,382 9,814 — 432 9,382 9,814 (1,732)1945/201709/19/1740
Pacifica, CA100%— 1,510 27,397 28,907 — 1,510 27,397 28,907 (4,692)197509/19/1740
Burien, WA100%— 823 17,431 18,254 — 826 17,431 18,257 (3,145)1965/201409/19/1740
Seattle, WA100%— 4,802 7,927 12,729 — 4,802 7,927 12,729 (1,604)1963/201609/19/1740
Huntington Bch, CA100%— 2,312 9,885 12,197 — 2,312 9,885 12,197 (1,817)1965/201009/19/1740
Initial Cost to CompanyCost Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodLife on Which Depreciation in Latest Income Statement is Computed
 DescriptionOwnership Percentage
Encum- brances(1)
Land 
Building and Improve- ments(2)(3)
Total 
Land 
Building and Improve- ments(2)(3)
Total Accumulated Depreciation and AmortizationOriginal Date of Construction/ Renovation Date Acquired
Chatsworth, CA100%— 7,841 16,916 24,757 — 7,841 16,916 24,757 (3,239)197609/19/1740
Woodland, CA100%— 504 7,369 7,873 — 504 7,369 7,873 (1,425)1975/201009/19/1740
Danville, CA100%— 1,491 17,157 18,648 — 1,491 17,157 18,648 (3,074)196509/19/1740
Van Nuys, CA100%— 2,456 16,462 18,918 — 2,456 16,462 18,918 (2,841)1958/201509/19/1740
Lomita, CA100%— 2,743 14,734 17,477 — 2,743 14,734 17,477 (2,763)196909/19/1740
Sacramento, CA100%— 2,846 17,962 20,808 — 2,846 17,962 20,808 (3,178)197209/19/1740
Issaquah, WA100%— 10,125 7,771 17,896 — 10,125 7,771 17,896 (1,653)1975/201209/19/1740
Long Beach, CA100%— 3,157 22,067 25,224 — 3,157 22,067 25,224 (4,001)1966/201409/19/1740
Long Beach, CA100%— 2,857 5,878 8,735 — 2,857 5,878 8,735 (1,150)1952/201309/19/1740
Lodi, CA100%— 812 21,059 21,871 — 812 21,059 21,871 (3,553)196509/19/1740
Riverside, CA100%— 1,717 13,806 15,523 — 1,717 13,806 15,523 (2,725)196609/19/1740
Woodland, CA100%— 278 16,729 17,007 — 278 16,729 17,007 (2,990)1930/200709/19/1740
Bee Cave, TX100%— 2,107 10,413 12,520 — 2,107 10,413 12,520 (2,147)201412/15/1740
El Monte, CA100%— 2,058 19,671 21,729 — 2,058 19,671 21,729 (3,401)196501/10/1840
Shoreline, WA100%— 8,861 11,478 20,339 103 8,861 11,580 20,441 (2,368)1964/201201/19/1840
Elizabethtown, KY100%— 729 — 729 19,329 729 19,329 20,058 (479)202105/27/2140
Crown Point, IN100%— 1,522 14,951 16,473 — 1,522 14,951 16,473 (78)201511/01/2340
Dyer, IN100%— 1,859 19,547 21,406 — 1,859 19,547 21,406 (100)201511/01/2340
24,051 328,000 2,663,453 2,991,453 91,777 325,583 2,725,278 3,050,861 (535,653)  
Senior Housing - Leased        
Exeter, NH100%1,880 571 7,183 7,754 — 571 5,912 6,483 (2,771)198711/15/1043
Nashua, NH100%4,457 — 5,654 5,654 — — 4,566 4,566 (1,949)198911/15/1040
Keene, NH100%3,237 304 3,992 4,296 — 304 3,263 3,567 (1,650)199511/15/1046
Dover, NH100%2,335 801 10,036 10,837 — 801 8,584 9,385 (4,002)1987/2009, 201911/15/1042
Green Bay, WI100%— 256 2,262 2,518 1,032 256 1,976 2,232 (767)2004/201111/22/1140
Rockport, TX100%— 789 607 1,396 — 789 475 1,264 (183)1996/201811/30/1240
Cadillac, MI100%— 217 3,000 3,217 — 217 2,920 3,137 (910)2001/2006, 202312/14/1240
Initial Cost to CompanyCost Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodLife on Which Depreciation in Latest Income Statement is Computed
 DescriptionOwnership Percentage
Encum- brances(1)
Land 
Building and Improve- ments(2)(3)
Total 
Land 
Building and Improve- ments(2)(3)
Total Accumulated Depreciation and AmortizationOriginal Date of Construction/ Renovation Date Acquired
Greenville, MI100%— 684 5,832 6,516 249 684 5,841 6,525 (1,876)1999/2001, 2012, 2013, 201812/14/1240
Manistee, MI100%— 952 2,578 3,530 2,547 952 5,076 6,028 (1,970)2002/201712/14/1240
Mason, MI100%— 198 4,131 4,329 — 198 4,032 4,230 (1,323)2009/201212/14/1240
Alpena, MI100%— 546 13,139 13,685 — 546 13,000 13,546 (3,763)2006/2008, 201012/14/1240
Fremont, NE100%— 504 17,670 18,174 — 504 17,670 18,174 (5,020)1989/200202/14/1440
Norfolk, NE100%— 217 9,906 10,123 4,680 217 14,586 14,803 (4,284)1989/1991, 1994, 2018, 201902/14/1440
Fort Wayne, IN100%12,183 2,300 21,115 23,415 2,747 2,300 23,846 26,146 (7,799)2011/2016, 201804/30/1440
Brandon, FL100%— 1,283 8,424 9,707 483 1,283 8,722 10,005 (2,532)1999/201610/01/1440
Lecanto, FL100%— 1,031 5,577 6,608 615 1,023 6,053 7,076 (2,026)1997/201610/01/1440
Zephyrhills, FL100%— 1,688 9,098 10,786 360 1,688 9,343 11,031 (2,924)2008/201610/01/1440
Sun City West, AZ100%— 930 9,170 10,100 248 930 9,418 10,348 (2,188)201207/01/1640
Fredericksburg, VA100%— 1,379 21,209 22,588 — 1,379 21,209 22,588 (4,644)201607/14/1640
Round Rock, TX100%— 679 13,642 14,321 — 679 13,642 14,321 (3,035)201608/01/1640
Santa Fe, NM100%— 1,866 19,441 21,307 — 2,157 21,736 23,893 (4,587)200609/23/1640
Santa Fe, NM100%— 670 7,743 8,413 430 670 8,571 9,241 (810)202009/23/1640
Franklin, NH100%— 292 6,889 7,181 211 292 7,110 7,402 (1,700)198811/30/1640
Henderson, NV100%— 1,430 21,850 23,280 — 1,430 21,862 23,292 (4,411)201612/01/1640
Brenham, TX100%— 476 11,912 12,388 — 476 11,922 12,398 (2,753)199112/02/1640
Cedar Park, TX100%— 1,035 13,127 14,162 — 1,035 13,127 14,162 (2,546)201706/01/1740
Keizer, OR100%— 1,220 31,783 33,003 — 1,220 31,783 33,003 (5,435)1970/202108/17/1740
Lawrence, KS100%— 584 4,431 5,015 — 584 4,431 5,015 (849)1995/201408/17/1740
Salina, KS100%— 584 3,020 3,604 — 584 3,020 3,604 (575)1989/201408/17/1740
Topeka, KS100%— 313 5,492 5,805 — 313 5,492 5,805 (967)1986/201408/17/1740
Lafayette, CO100%— 1,085 19,243 20,328 9 1,883 19,205 21,088 (3,382)201612/15/1740
Winnebago, IL100%— 263 3,743 4,006 — 263 3,743 4,006 (707)200701/31/1840
Pewaukee, WI100%— 1,019 3,606 4,625 — 1,019 3,606 4,625 (635)201004/16/1840
Pewaukee, WI100%— 661 5,680 6,341 — 661 5,680 6,341 (923)201504/16/1840
Sarasota, FL100%— 1,440 22,541 23,981 — 1,440 22,541 23,981 (3,495)201805/18/1840
Knoxville, TN100%— 1,603 9,219 10,822 — 1,603 9,219 10,822 (1,651)201708/31/1840
Initial Cost to CompanyCost Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodLife on Which Depreciation in Latest Income Statement is Computed
 DescriptionOwnership Percentage
Encum- brances(1)
Land 
Building and Improve- ments(2)(3)
Total 
Land 
Building and Improve- ments(2)(3)
Total Accumulated Depreciation and AmortizationOriginal Date of Construction/ Renovation Date Acquired
Shavano Park, TX100%— 2,131 11,541 13,672 — 2,131 11,541 13,672 (1,890)201508/31/1840
Beavercreek, OH100%— 1,622 24,215 25,837 7,561 1,622 31,773 33,395 (5,805)201611/01/1840
McCordsville, IN100%— 1,587 31,315 32,902 — 1,587 31,315 32,902 (3,487)201701/07/2040
Louisville, KY100%— 1,841 21,827 23,668 — 1,841 21,827 23,668 (2,359)201501/31/2040
Sellersburg, IN100%— 1,060 28,702 29,762 5,504 1,060 34,206 35,266 (3,336)201504/01/2040
Jasper, IN100%— 657 25,226 25,883 — 657 25,226 25,883 (1,614)201910/01/2140
Norman, OK100%— 557 2,663 3,220 1,135 557 3,798 4,355 (68)199902/01/2340
24,092 39,325 509,434 548,759 27,811 40,406 532,868 573,274 (109,601)
Senior Housing - Managed
Frankenmuth, MI100%— 5,027 20,929 25,956 637 5,027 21,170 26,197 (6,342)1982/200809/21/1240
Gaylord, MI100%— 2,024 5,467 7,491 141 2,024 5,583 7,607 (2,060)200212/14/1240
East Tawas, MI100%— 258 3,713 3,971 399 258 3,984 4,242 (1,551)200512/14/1240
Marshfield, WI100%— 574 8,733 9,307 220 574 8,803 9,377 (2,623)201012/18/1240
Woodstock, VA100%— 597 5,465 6,062 117 597 5,448 6,045 (1,538)1996/201506/28/1340
Allen, TX100%— 2,190 45,767 47,957 948 2,190 50,510 52,700 (12,723)2004/201009/25/1440
Gainesville, FL100%— 2,139 44,789 46,928 1,562 2,139 49,736 51,875 (13,797)1986/2013, 2015, 201909/25/1440
McKinney, TX100%— 2,760 44,397 47,157 1,497 2,760 49,615 52,375 (12,854)2006/2010, 201909/25/1440
Raleigh, NC100%— 2,344 37,506 39,850 1,749 2,344 43,072 45,416 (10,650)2002/2014, 202209/25/1440
San Luis Obispo, CA100%— 4,992 30,909 35,901 1,117 4,992 35,062 40,054 (9,094)1987/2006, 2015, 202109/25/1440
Winston-Salem, NC100%— 2,995 24,428 27,423 676 2,995 26,841 29,836 (7,132)200109/25/1440
Longview, TX100%— 805 26,498 27,303 824 805 27,972 28,777 (7,930)1985/201009/25/1440
Kansas City, MO100%— 1,325 20,510 21,835 923 1,325 25,844 27,169 (6,657)198309/25/1440
Yuma, AZ100%— 530 21,775 22,305 484 530 22,678 23,208 (6,226)1996/201409/25/1440
Nashville, TN100%— 1,996 19,368 21,364 1,227 1,996 21,607 23,603 (6,530)1986/200009/25/1440
Branford, CT100%— 2,403 18,821 21,224 732 2,403 22,939 25,342 (5,668)198709/25/1440
Richmond, VA100%— 1,080 19,545 20,625 1,602 1,080 23,606 24,686 (6,296)1989/2007, 202209/25/1440
Auburn, AL100%— 3,209 17,326 20,535 516 3,209 18,482 21,691 (5,259)200109/25/1440
Menomonee Falls, WI100%— 1,477 18,778 20,255 426 1,477 20,272 21,749 (5,690) 2005/2006, 2007/2011, 201909/25/1440
Glenville, NY100%— 978 18,257 19,235 571 978 19,711 20,689 (5,564)2001/201409/25/1440
Eustis, FL100%— 1,152 17,523 18,675 606 1,152 18,811 19,963 (5,669)1984/1988, 201309/25/1440
Initial Cost to CompanyCost Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodLife on Which Depreciation in Latest Income Statement is Computed
 DescriptionOwnership Percentage
Encum- brances(1)
Land 
Building and Improve- ments(2)(3)
Total 
Land 
Building and Improve- ments(2)(3)
Total Accumulated Depreciation and AmortizationOriginal Date of Construction/ Renovation Date Acquired
Phoenix, AZ100%— 2,567 12,029 14,596 983 2,567 13,881 16,448 (4,425)198609/25/1440
Jonesboro, AR100%— 1,782 11,244 13,026 373 1,782 12,326 14,108 (3,705)199909/25/1440
Ogden, UT100%— 794 10,873 11,667 798 794 12,673 13,467 (3,764)1985/201609/25/1440
Olympia, WA100%— 2,477 23,767 26,244 923 2,477 27,924 30,401 (7,326)1986/201610/07/1440
Windsor, ON100%— 1,360 16,855 18,215 526 1,378 18,359 19,737 (4,576)199806/11/1540
London, ON100%— 960 19,056 20,016 368 972 20,408 21,380 (4,954)1998/2015, 201906/11/1540
Kelowna, BC100%— 2,321 8,308 10,629 626 2,352 9,846 12,198 (2,639)1990/2019, 202006/11/1540
Waterloo, ON100%— 1,823 22,135 23,958 380 1,848 23,213 25,061 (5,546)2005/201506/11/1540
Sarnia, ON100%— 1,187 20,346 21,533 740 1,203 22,905 24,108 (5,273)2000/201906/11/1540
Kamloops, BC100%— 679 8,024 8,703 250 687 9,040 9,727 (2,332)1992/201406/11/1540
Vernon, BC100%— 843 10,724 11,567 236 273 11,643 11,916 (2,829)1990/2008, 202106/11/1540
Penticton, BC100%— 763 6,771 7,534 239 773 7,940 8,713 (2,058)1990/1991, 2014, 201906/11/1540
Calgary, AB100%— 3,908 20,996 24,904 1,077 3,963 22,749 26,712 (5,259)201309/17/1540
Lake Stevens, WA100%— 1,559 9,059 10,618 96 1,559 9,168 10,727 (2,349)1998/201209/17/1540
Eugene, OR100%— 1,428 16,138 17,566 143 1,428 16,303 17,731 (3,690)1996/1997, 2011, 201909/17/1540
Tualatin, OR100%— 527 14,659 15,186 138 527 14,852 15,379 (3,364)1995/1997, 201909/17/1540
Salem, OR100%— 1,074 19,421 20,495 451 1,074 19,884 20,958 (4,774)1989/1995, 201809/17/1540
Ramsey, MN100%— 1,182 13,280 14,462 208 1,182 13,783 14,965 (2,627)201510/06/1740
Marshfield, WI100%— 500 4,134 4,634 89 500 4,263 4,763 (923)201410/06/1740
Dover, DE100%— 2,797 23,054 25,851 456 2,797 23,422 26,219 (4,245)199901/02/1840
Charleston, WV100%— 419 4,239 4,658 1,008 419 5,066 5,485 (1,302)196901/02/1840
Williamsport, PA100%— 296 9,191 9,487 907 296 9,973 10,269 (2,001)1990/200901/02/1840
Reading, PA100%— 684 12,950 13,634 276 684 13,201 13,885 (2,475)200401/02/1840
Scott Depot, WV100%— 230 6,271 6,501 713 230 6,767 6,997 (1,444)199601/02/1840
Clarks Summit, PA100%— 406 9,471 9,877 1,271 406 10,524 10,930 (2,264)199701/02/1840
Wyncote, PA100%— 1,781 4,911 6,692 814 1,781 5,517 7,298 (1,345)190901/02/1840
Douglassville, PA100%— 611 19,083 19,694 356 611 19,367 19,978 (3,418)200801/02/1840
Milford, DE100%— 1,199 18,786 19,985 589 1,199 19,231 20,430 (3,476)199901/02/1840
Oak Hill, WV100%— 609 2,636 3,245 1,157 609 3,703 4,312 (1,053)2001/201401/02/1840
Lewisburg, WV100%— 355 5,055 5,410 677 355 5,449 5,804 (1,227)199501/02/1840
Strasburg, VA100%— 666 5,551 6,217 22 666 5,573 6,239 (931)200104/30/1840
Richardson, TX100%— 2,282 10,556 12,838 1,288 2,282 11,934 14,216 (1,673)1999/202011/01/1940
Poway, CA100%— 3,693 14,467 18,160 1,072 3,693 15,688 19,381 (1,915)1987/2011, 202111/22/1940
Initial Cost to CompanyCost Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodLife on Which Depreciation in Latest Income Statement is Computed
 DescriptionOwnership Percentage
Encum- brances(1)
Land 
Building and Improve- ments(2)(3)
Total 
Land 
Building and Improve- ments(2)(3)
Total Accumulated Depreciation and AmortizationOriginal Date of Construction/ Renovation Date Acquired
New Braunfels, TX100%— 1,312 23,108 24,420 360 1,312 23,664 24,976 (2,871)201501/15/2040
Augusta, GA100%— 419 24,958 25,377 94 459 28,548 29,007 (2,343)201803/05/2140
Anchorage, AK100%— 1,965 29,533 31,498 150 1,965 29,683 31,648 (2,304)201905/01/2140
Loveland, OH100%— 3,691 21,168 24,859 41 3,691 21,269 24,960 (1,220)201702/01/2240
Indianapolis, IN100%— 4,950 32,631 37,581 43 6,299 41,563 47,862 (1,674)201708/01/2240
Saginaw, MI100%— 1,651 29,283 30,934 1,440 1,651 31,289 32,940 (1,247)2013/202308/01/2240
Madeira, OH100%— 2,858 42,670 45,528 3 2,858 42,691 45,549 (1,109)201902/01/2340
— 101,463 1,087,895 1,189,358 38,355 102,457 1,187,028 1,289,485 (255,803)
Behavioral Health
Aurora, CO100%— 2,874 12,829 15,703 1,950 2,874 14,563 17,437 (3,931)2009/2018, 202109/20/1240
Colorado Springs, CO100%— 430 13,703 14,133 1,033 430 14,736 15,166 (4,445)1985/2017, 201803/05/1440
Colorado Springs, CO100%— 1,210 9,490 10,700 2,058 1,210 11,548 12,758 (2,326)2013/201911/16/1540
Bluffton, IN100%— 254 5,105 5,359 1,486 254 6,591 6,845 (1,364)1970/2015, 202108/17/1740
Elizabethtown, KY100%— 239 4,853 5,092 699 239 5,552 5,791 (971)196908/17/1740
Morrilton, AR100%— 508 — 508 3,169 508 3,169 3,677 (98)1988/2019, 202308/17/1740
Glendale, AZ100%— 1,501 67,046 68,547 — 1,501 67,046 68,547 (11,140)1996/201308/17/1740
Tempe, AZ100%— 3,137 50,073 53,210 — 3,137 50,073 53,210 (8,505)2001/201608/17/1740
Covina, CA100%— 23,472 71,542 95,014 — 23,472 71,542 95,014 (12,348)1974/201108/17/1740
Ventura, CA100%— 8,089 43,645 51,734 — 8,089 43,645 51,734 (8,190)1984/201808/17/1740
San Diego, CA100%— 8,403 55,015 63,418 7,599 8,403 62,614 71,017 (11,947)1988/201708/17/1740
New London, CT100%— 356 152 508 3,665 356 3,817 4,173 (746)1967/2016, 202108/17/1740
Carmel, IN100%— 963 4,347 5,310 — 963 4,347 5,310 (680)1996/201907/24/1940
Louisville, KY100%— 1,078 8,305 9,383 — 1,078 8,305 9,383 (1,153)2002/201808/21/1940
Monroeville, PA100%— 2,034 1,758 3,792 18,545 2,034 20,303 22,337 (2,869)1987/202012/18/1940
Gulf Breeze, FL100%— 498 1,480 1,978 3,733 498 5,213 5,711 (139)2001/202103/15/2140
Greenville, SC100%— 1,197 9,496 10,693 21,507 1,197 31,012 32,209 (574)1994/202212/16/2140
Raytown, MO100%— 1,475 6,564 8,039 8,379 1,475 14,943 16,418 (517)1978/202210/27/2240
— 57,718 365,403 423,121 73,823 57,718 439,019 496,737 (71,943)
Initial Cost to CompanyCost Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodLife on Which Depreciation in Latest Income Statement is Computed
 DescriptionOwnership Percentage
Encum- brances(1)
Land 
Building and Improve- ments(2)(3)
Total 
Land 
Building and Improve- ments(2)(3)
Total Accumulated Depreciation and AmortizationOriginal Date of Construction/ Renovation Date Acquired
Specialty Hospitals and Other
Sunnyvale, TX100%— 4,020 57,620 61,640 — 4,020 57,620 61,640 (22,152)200905/03/1140
Arlington, TX100%— — 44,217 44,217 — — 44,217 44,217 (7,195)2009/201608/17/1740
Conroe, TX100%— 2,935 25,003 27,938 — 2,935 25,003 27,938 (4,600)199208/17/1740
Houston, TX100%— 3,001 14,581 17,582 — 3,001 14,581 17,582 (2,416)1999/200908/17/1740
Spring, TX100%— 1,319 15,153 16,472 — 1,319 15,153 16,472 (2,516)1995/199808/17/1740
Orange, CA100%— 2,060 5,538 7,598 145 2,060 5,683 7,743 (986)200008/17/1740
Maxwell, TX100%— 902 2,384 3,286 1 902 2,384 3,286 (458)199308/17/1740
Maxwell, TX100%— 901 1,198 2,099 — 901 1,198 2,099 (278)1994/200908/17/1740
Maxwell, TX100%— 456 2,632 3,088 — 456 2,632 3,088 (477)199208/17/1740
San Marcos, TX100%— 51 359 410 62 51 359 410 (67)186908/17/1740
Seguin, TX100%— 539 2,627 3,166 — 539 2,627 3,166 (605)198908/17/1740
Seguin, TX100%— 228 3,407 3,635 79 228 3,486 3,714 (669)1985/199108/17/1740
Kingsbury, TX100%— 104 2,788 2,892 27 104 2,814 2,918 (495)1990/201208/17/1740
Seguin, TX100%— 52 805 857 — 52 805 857 (154)197008/17/1740
Florence, KY100%— 3,866 26,447 30,313 — 3,866 26,447 30,313 (4,386)200008/17/1740
— 20,434 204,759 225,193 314 20,434 205,009 225,443 (47,454)
  48,143 546,940 4,830,944 5,377,884 232,080 546,598 5,089,202 5,635,800 (1,020,454)  
  — — 136 136 2,411 — 2,547 2,547 (632)  
  $48,143 $546,940 $4,831,080 $5,378,020 $234,491 $546,598 $5,091,749 $5,638,347 $(1,021,086)  
(1)    Encumbrances do not include deferred financing costs, net of $0.8 million as of December 31, 2023.
(2)    Building and building improvements include land improvements and furniture and equipment.
(3)    The aggregate cost of real estate for federal income tax purposes was $4.7 billion.
SCHEDULE III
REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(dollars in thousands)


Year Ended December 31,
202320222021
Real estate:
Balance at the beginning of the year$5,872,688 $5,994,208 $5,966,695 
Acquisitions86,626 101,413 96,157 
Improvements86,073 65,111 47,319 
Impairment(18,853)(160,550)(11,063)
Sale of real estate(379,272)(110,901)(102,575)
Foreign currency translation3,394 (10,247)524 
Other (1)
(12,309)(6,346)(2,849)
Balance at the end of the year$5,638,347 $5,872,688 $5,994,208 
  
Accumulated depreciation:
Balance at the beginning of the year$(913,345)$(831,324)$(681,657)
Depreciation expense(171,278)(170,159)(170,264)
Impairment4,432 66,603 1,666 
Sale of real estate49,585 13,217 16,097 
Foreign currency translation(747)1,972 (15)
Other (1)
10,267 6,346 2,849 
Balance at the end of the year$(1,021,086)$(913,345)$(831,324)
(1)    Primarily represents real estate and accumulated depreciation related to fully-depreciated assets and reductions to net real estate due to casualty events.
v3.24.0.1
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
 12 Months Ended
Dec. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
SCHEDULE IV
MORTGAGE LOANS ON REAL ESTATE
As of December 31, 2023
(dollars in thousands)

DescriptionContractual Interest RateMaturity DatePeriodic Payment TermsPrior LiensPrincipal Balance
Book Value (1)
Principal Amount of Loans Subject to Delinquent Principal or Interest
Mortgages:
River Vista10.0 %2027
(2)
$— $19,000 $19,000 N/A
Recovery Centers of America7.5 2026
(2)
— 300,000 300,000 N/A
$— $319,000 $319,000 
(1)    The aggregate cost for federal income tax purposes was $321.2 million as of December 31, 2023.
(2)    Interest is due monthly, and principal is due at the maturity date.



Changes in mortgage loans are summarized as follows:
Year Ended December 31,
202320222021
Balance at the beginning of the year$319,000 $312,343 $22,343 
Additions during period:
Draws— 10,000 — 
New mortgage loans— — 290,000 
Deductions during period:
Paydowns/repayments— (3,343)— 
Balance at the end of the year$319,000 $319,000 $312,343 
v3.24.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure      
Net income (loss) $ 13,756 $ (77,605) $ (113,256)
v3.24.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of Sabra and its wholly owned subsidiaries as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021. All significant intercompany transactions and balances have been eliminated in consolidation. The consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”).
Variable Interest Entities
GAAP requires the Company to identify entities for which control is achieved through voting rights or other means and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIEs”). A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity’s activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. If the Company were determined to be the primary beneficiary of the VIE, the Company would consolidate investments in the VIE. The Company may change its original assessment of a VIE due to events such as modifications of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposal of all or a portion of an interest held by the primary beneficiary.
The Company identifies the primary beneficiary of a VIE as the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. The Company performs this analysis on an ongoing basis. As of December 31, 2023, the Company determined that it was not the primary beneficiary of any VIEs.
As it relates to investments in loans, in addition to the Company’s assessment of VIEs and whether the Company is the primary beneficiary of those VIEs, the Company evaluates the loan terms and other pertinent facts to determine whether the loan investment should be accounted for as a loan or as a real estate joint venture. If an investment has the characteristics of a real estate joint venture, including if the Company participates in the majority of the borrower’s expected residual profit, the Company would account for the investment as an investment in a real estate joint venture and not as a loan investment. Expected residual profit is defined as the amount of profit, whether called interest or another name, such as an equity kicker, above a reasonable amount of interest and fees expected to be earned by a lender. At December 31, 2023 and 2022, none of the Company’s investments in loans were accounted for as real estate joint ventures.
As it relates to investments in joint ventures, the Company assesses any partners’ rights and their impact on the presumption of control of the partnership by any single partner. The Company also applies this guidance to managing member interests in limited liability companies. The Company reassesses its determination of which entity controls the joint venture if: there is a change to the terms or in the exercisability of the rights of any partners or members, the general partner or managing member increases or decreases its ownership interests, or there is an increase or decrease in the number of outstanding ownership interests. As of December 31, 2023, the Company’s determination of which entity controls its investments in joint ventures has not changed as a result of any reassessment.
Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.
Real Estate Investments
Real Estate Acquisition Valuation
All assets acquired and liabilities assumed in an acquisition of real estate accounted for as a business combination are measured at their acquisition date fair values. For acquisitions of real estate accounted for as an asset acquisition, the fair value of consideration transferred by the Company (including transaction costs) is allocated to all assets acquired and liabilities assumed on a relative fair value basis. The acquisition value of land, building and improvements are included in real estate investments on the accompanying consolidated balance sheets. The acquisition value of above market lease, tenant origination and absorption costs and tenant relationship intangible assets is included in lease intangible assets, net on the accompanying consolidated balance sheets. The acquisition value of below market lease intangible liabilities is included in lease intangible liabilities, net on the accompanying consolidated balance sheets. Acquisition costs associated with real estate acquisitions deemed asset acquisitions are capitalized, and costs associated with real estate acquisitions deemed business combinations are expensed as incurred. Restructuring costs that do not meet the definition of a liability at the acquisition date are expensed in periods subsequent to the acquisition date.
Estimates of the fair values of the tangible assets, identifiable intangibles and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, and the number of years the property will be held for investment. The Company makes its best estimate based on the Company’s evaluation of the specific characteristics of each tenant’s lease. The use of inappropriate assumptions would result in an incorrect valuation of the Company’s acquired tangible assets, identifiable intangibles and assumed liabilities, which would impact the amount of the Company’s net income.
Depreciation and Amortization
Real estate costs related to the acquisition and improvement of properties are capitalized and amortized on a straight-line basis over the lesser of the expected useful life of the asset and the remaining lease term of any property subject to a ground lease. Tenant improvements are capitalized and amortized on a straight-line basis over the lesser of the expected useful life of the asset and the remaining lease term. Depreciation is discontinued when a property is identified as held for sale. Repair and maintenance costs are charged to expense as incurred and significant replacements and betterments are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset to determine its appropriate useful life. Depreciation of real estate assets and amortization of tenant origination and absorption costs and tenant relationship lease intangibles are included in depreciation and amortization on the accompanying consolidated statements of income (loss). Amortization of above and below market lease intangibles is included in rental income on the accompanying consolidated statements of income (loss). The Company anticipates the estimated useful lives of its assets by class to be generally as follows: land improvements, 15 to 20 years; buildings and building improvements, five to 45 years; and furniture and equipment, three to 10 years. Intangibles are generally amortized over the remaining noncancellable lease terms, with tenant relationship intangible amortization periods including extension periods.
Impairment of Real Estate Investments
The Company regularly monitors events and changes in circumstances, including investment operating performance and general market conditions, that could indicate that the carrying amounts of its real estate investments may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate investments may not be recoverable, the Company assesses the recoverability by estimating whether the Company will recover the carrying value of its real estate investments through the undiscounted future cash flows and the eventual disposition of the investment. In some instances, there may be various potential outcomes for an investment and its potential undiscounted future cash flows. In these instances, the
undiscounted future cash flows models used to assess recoverability are based on several assumptions and are probability-weighted based on the Company’s best estimates as of the date of evaluation. These assumptions include, among others, market rent, revenue and expense growth rates, absorption period, stabilized occupancy, holding period, market capitalization rates, and estimated market values based on analysis of letters of intent, purchase and sale agreements and recent sales data for comparable properties. When discounted cash flow is used to determine fair value, a discount rate assumption is also used. The assumptions are generally based on management’s experience in its local real estate markets, and the effects of current market conditions, which are subject to economic and market uncertainties. If, based on this analysis, the Company does not believe that it will be able to recover the carrying value of its real estate investments, the Company would record an impairment loss to the extent that the carrying value exceeds the estimated fair value of its real estate investments. The Company determines estimated fair value based primarily upon (i) estimated sale prices from signed contracts or letters of intent from third-party offers, (ii) discounted cash flow models of the investment over its remaining hold period, (iii) third-party appraisals and (iv) recent sales data for comparable properties.
Real Estate Investments, Inventory
Real Estate Acquisition Valuation
All assets acquired and liabilities assumed in an acquisition of real estate accounted for as a business combination are measured at their acquisition date fair values. For acquisitions of real estate accounted for as an asset acquisition, the fair value of consideration transferred by the Company (including transaction costs) is allocated to all assets acquired and liabilities assumed on a relative fair value basis. The acquisition value of land, building and improvements are included in real estate investments on the accompanying consolidated balance sheets. The acquisition value of above market lease, tenant origination and absorption costs and tenant relationship intangible assets is included in lease intangible assets, net on the accompanying consolidated balance sheets. The acquisition value of below market lease intangible liabilities is included in lease intangible liabilities, net on the accompanying consolidated balance sheets. Acquisition costs associated with real estate acquisitions deemed asset acquisitions are capitalized, and costs associated with real estate acquisitions deemed business combinations are expensed as incurred. Restructuring costs that do not meet the definition of a liability at the acquisition date are expensed in periods subsequent to the acquisition date.
Estimates of the fair values of the tangible assets, identifiable intangibles and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, and the number of years the property will be held for investment. The Company makes its best estimate based on the Company’s evaluation of the specific characteristics of each tenant’s lease. The use of inappropriate assumptions would result in an incorrect valuation of the Company’s acquired tangible assets, identifiable intangibles and assumed liabilities, which would impact the amount of the Company’s net income.
Depreciation and Amortization
Real estate costs related to the acquisition and improvement of properties are capitalized and amortized on a straight-line basis over the lesser of the expected useful life of the asset and the remaining lease term of any property subject to a ground lease. Tenant improvements are capitalized and amortized on a straight-line basis over the lesser of the expected useful life of the asset and the remaining lease term. Depreciation is discontinued when a property is identified as held for sale. Repair and maintenance costs are charged to expense as incurred and significant replacements and betterments are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset to determine its appropriate useful life. Depreciation of real estate assets and amortization of tenant origination and absorption costs and tenant relationship lease intangibles are included in depreciation and amortization on the accompanying consolidated statements of income (loss). Amortization of above and below market lease intangibles is included in rental income on the accompanying consolidated statements of income (loss). The Company anticipates the estimated useful lives of its assets by class to be generally as follows: land improvements, 15 to 20 years; buildings and building improvements, five to 45 years; and furniture and equipment, three to 10 years. Intangibles are generally amortized over the remaining noncancellable lease terms, with tenant relationship intangible amortization periods including extension periods.
Impairment of Real Estate Investments
The Company regularly monitors events and changes in circumstances, including investment operating performance and general market conditions, that could indicate that the carrying amounts of its real estate investments may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate investments may not be recoverable, the Company assesses the recoverability by estimating whether the Company will recover the carrying value of its real estate investments through the undiscounted future cash flows and the eventual disposition of the investment. In some instances, there may be various potential outcomes for an investment and its potential undiscounted future cash flows. In these instances, the
undiscounted future cash flows models used to assess recoverability are based on several assumptions and are probability-weighted based on the Company’s best estimates as of the date of evaluation. These assumptions include, among others, market rent, revenue and expense growth rates, absorption period, stabilized occupancy, holding period, market capitalization rates, and estimated market values based on analysis of letters of intent, purchase and sale agreements and recent sales data for comparable properties. When discounted cash flow is used to determine fair value, a discount rate assumption is also used. The assumptions are generally based on management’s experience in its local real estate markets, and the effects of current market conditions, which are subject to economic and market uncertainties. If, based on this analysis, the Company does not believe that it will be able to recover the carrying value of its real estate investments, the Company would record an impairment loss to the extent that the carrying value exceeds the estimated fair value of its real estate investments. The Company determines estimated fair value based primarily upon (i) estimated sale prices from signed contracts or letters of intent from third-party offers, (ii) discounted cash flow models of the investment over its remaining hold period, (iii) third-party appraisals and (iv) recent sales data for comparable properties.
Revenue Recognition
Revenue Recognition
The Company recognizes rental revenue from tenants, including rental abatements, lease incentives and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related leases when it is probable that substantially all rents over the life of a lease are collectible. Certain of the Company’s leases provide for contingent rents equal to a percentage of the facility’s revenue in excess of specified base amounts or other thresholds. Such revenue is recognized when actual results reported by the tenant, or estimates of tenant results, exceed the applicable base amount or other threshold.
The Company assesses the collectability of rents on a lease-by-lease basis, and in doing so, considers such things as historical bad debts, tenant creditworthiness, current economic trends, facility operating performance, lease structure, credit enhancements (including guarantees), current developments relevant to a tenant’s business specifically and to its business category generally, and changes in tenants’ payment patterns. The Company’s assessment includes an estimation of a tenant’s ability to fulfill all of its rental obligations over the remaining lease term. In addition, with respect to tenants in bankruptcy, management makes estimates of the expected recovery of pre-petition and post-petition claims in assessing the estimated collectability of the related receivable. If at any time the Company cannot determine that it is probable that substantially all rents over the life of a lease are collectible, rental revenue will be recognized only to the extent of payments received, and all receivables associated with the lease will be written off irrespective of amounts expected to be collectible. Any recoveries of these amounts will be recorded in future periods upon receipt of payment. Write-offs of receivables and any recoveries of previously written-off receivables are recorded as adjustments to rental revenue.
Revenue from resident fees and services is recorded monthly as services are provided and includes resident room and care charges, ancillary services charges and other resident charges.
Government Grants By analogy to International Accounting Standards 20, Accounting for Government Grants and Disclosure of Government Assistance, government assistance provided to the Company in the form of an income grant, which is not related to long-lived assets and is not required to be repaid, is recognized as grant income when there is reasonable assurance that the grant will be received and the Company will comply with any conditions associated with the grant. Additionally, grants are recognized over the periods in which the Company recognizes the qualifying expenses and/or lost income for which the grants are intended to compensate.
Assets Held for Sale, Dispositions and Discontinued Operations
The Company generally considers real estate to be “held for sale” when the following criteria are met: (i) management commits to a plan to sell the property, (ii) the property is available for sale immediately, (iii) the property is actively being marketed for sale at a price that is reasonable in relation to its current fair value, (iv) the sale of the property within one year is considered probable and (v) significant changes to the plan to sell are not expected. Real estate that is held for sale and its related assets are classified as assets held for sale and are included in accounts receivable, prepaid expenses and other assets, net on the accompanying consolidated balance sheets. Secured indebtedness and other liabilities related to real estate held for sale are classified as liabilities related to assets held for sale and are included in accounts payable and accrued liabilities on the accompanying consolidated balance sheets. Real estate classified as held for sale is no longer depreciated and is reported at the lower of its carrying value or its estimated fair value less estimated costs to sell. As of December 31, 2023 and 2022, the Company did not have any assets held for sale.
For sales of real estate where the Company has collected the consideration to which it is entitled in exchange for transferring the real estate, the related assets and liabilities are removed from the balance sheet and the resultant gain or loss is recorded in the period in which the transaction closes. Any post-sale involvement is accounted for as separate performance obligations, and when the separate performance obligations are satisfied, the portion of the sales price allocated to each such obligation is recognized.
Additionally, the Company records the operating results related to real estate that has been disposed of or classified as held for sale as discontinued operations for all periods presented if it represents a strategic shift that has or will have a major effect on the Company’s operations and financial results.
Investment in Unconsolidated Joint Ventures and Preferred Equity Investments and Preferred Return
The Company reports investments in unconsolidated entities over whose operating and financial policies it has the ability to exercise significant influence under the equity method of accounting. Under this method of accounting, the Company’s share of the investee’s earnings or losses is included in the Company’s consolidated statements of income (loss). The initial carrying value of the investment is based on the amount paid to purchase the joint venture interest. Differences between the Company’s cost basis and the basis reflected at the joint venture level are generally amortized over the lives of the related assets and liabilities, and such amortization is included in the Company’s share of earnings of the joint venture. In addition, distributions received from unconsolidated entities are classified based on the nature of the activity or activities that generated the distribution.
The Company regularly monitors events and changes in circumstances, including investment operating performance, changes in anticipated holding period and general market conditions, that could indicate that the carrying amounts of its equity method investments may be impaired. An equity method investment's value is impaired when the fair value of the investment is less than its carrying value and the Company determines the decline in value is other-than-temporary. The fair value is estimated based on discounted cash flows models that include all estimated cash inflows and outflows and any estimated debt premiums or discounts. The discounted cash flows are based on several assumptions, including management fee, absorption period, terminal capitalization rates, revenue and expense per bed, revenue and expense growth percentage, replacement reserve per unit, stabilized occupancy, stabilized operating margin, price per bed and discount rates. The assumptions are generally based on management’s experience in its local real estate markets, and the effects of current market conditions, which are subject to economic and market uncertainties. If the Company believes that there is an other-than-temporary decline in the value of an equity method investment, the Company would record an impairment loss to the extent that the carrying value exceeds the estimated fair value of such equity method investment.
Preferred equity investments are accounted for at unreturned capital contributions, plus accrued and unpaid preferred returns. The Company recognizes preferred return income on a monthly basis based on the outstanding investment including any previously accrued and unpaid return. As a preferred member of the preferred equity joint ventures in which the Company participates, the Company is not entitled to share in the joint venture’s earnings or losses. Rather, the Company is entitled to receive a preferred return, which is deferred if the cash flow of the joint venture is insufficient to currently pay the accrued preferred return.
The Company regularly monitors events and changes in circumstances that could indicate that the carrying amounts of its preferred equity investments may not be recoverable or realized. On a quarterly basis, the Company evaluates its preferred equity investments for impairment based on a comparison of the fair value of the investment to its carrying value. The fair value is estimated based on discounted cash flows that include all estimated cash inflows and outflows over a specified holding period. If, based on this analysis, the Company does not believe that it will be able to recover the carrying value of its preferred equity investment, the Company would record an impairment loss to the extent that the carrying value exceeds the estimated fair value of its preferred equity investment.
Loans Receivable
Loans Receivable
The Company’s loans receivable are reflected at amortized cost on the accompanying consolidated balance sheets. The amortized cost of a loan receivable is the outstanding unpaid principal balance, net of unamortized discounts, costs and fees directly associated with the origination of the loan.
Loans acquired in connection with a business combination are recorded at their acquisition date fair value. The Company determines the fair value of loans receivable based on estimates of expected discounted cash flows, collateral, credit risk and other factors. The Company does not establish a valuation allowance at the acquisition date, as the amount of estimated future cash flows reflects its judgment regarding their uncertainty. The Company recognizes the difference between the acquisition date fair value and the total expected cash flows as interest income using the effective interest method over the life of the applicable loan. The Company immediately recognizes in income any unamortized balances if the loan is repaid before its contractual maturity.
Interest income on the Company’s loans receivable is recognized on an accrual basis over the life of the investment using the interest method. Direct loan origination costs are amortized over the term of the loan as an adjustment to interest income. When concerns exist as to the ultimate collection of principal or interest due under a loan, the loan is placed on nonaccrual status, and the Company will not recognize interest income until the cash is received, or the loan returns to accrual status. If the Company determines that the collection of interest according to the contractual terms of the loan or through the receipts of assets in satisfaction of contractual amounts due is probable, the Company will resume the accrual of interest. In instances where borrowers are in default under the terms of their loans, the Company may continue recognizing interest income provided that all amounts owed under the contractual terms of the loan, including accrued and unpaid interest, do not exceed the estimated fair value of the collateral, less costs to sell.
On a quarterly basis, the Company evaluates the collectability of its interest income receivable and establishes a reserve for amounts not expected to be collected. The Company’s evaluation includes reviewing credit quality indicators such as payment status, changes affecting the operations of the facilities securing the loans, and national and regional economic factors. The reserve is a valuation allowance that reflects management’s estimate of losses inherent in the interest income receivable balance as of the balance sheet date. The reserve is adjusted through provision for loan losses and other reserves on the Company’s consolidated statements of income (loss) and is decreased by charge-offs to specific receivables.
Credit Losses
Credit Losses
On a quarterly basis, the Company evaluates the collectability of its loan portfolio, including the portion of unfunded loan commitments expected to be funded, and establishes an allowance for credit losses. The allowance for credit losses is calculated using the related amortization schedules, payment histories and loan-to-value ratios. The following rates are applied to determine the aggregate expected losses, which is recorded as the allowance for credit losses: (i) a default rate, (ii) a liquidation cost rate and (iii) a distressed property reduction rate. If no loan-to-value ratio is available, a loss severity rate is applied in place of the liquidation cost rate and the distressed property reduction rate. The default rate is based on average charge-off and delinquency rates from the Federal Reserve, and the other rates are based on industry research and historical performance of a similar portfolio of financial assets. The allowance for credit losses is a valuation allowance that reflects management’s estimate of losses inherent in the loan portfolio as of the balance sheet date. The reserve is adjusted through provision for loan losses and other reserves on the Company’s consolidated statements of income (loss) and is decreased by charge-offs to specific loans.
Cash and Cash Equivalents
The Company considers all short-term (with an original maturity of three months or less), highly-liquid investments utilized as part of the Company’s cash-management activities to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value.
The Company’s cash and cash equivalents balance exceeded federally insurable limits as of December 31, 2023. To date, the Company has experienced no loss or lack of access to cash in its operating accounts. The Company has a corporate banking relationship with Bank of America, N.A. in which it deposits the majority of its cash.
Restricted Cash Restricted cash primarily consists of amounts held by an exchange accommodation titleholder or by secured debt lenders to provide for future real estate tax expenditures, tenant improvements and capital expenditures. Pursuant to the terms of the Company’s leases with certain tenants, the Company has assigned its interests in certain of these restricted cash accounts with secured debt lenders to the tenants, and this amount is included in accounts payable and accrued liabilities on the Company’s consolidated balance sheets.
Lessee Accounting
Lessee Accounting
For operating leases greater than 12 months for which the Company is the lessee, such as corporate office leases and ground leases, the Company recognizes a right-of-use (“ROU”) asset and related lease liability on its consolidated balance sheets at inception of the lease. ROU assets represent the Company’s right to use underlying assets for the lease term, and lease liabilities are determined based on the estimated present value of the Company’s minimum lease payments under the agreements. The discount rate used to determine the lease liabilities is based on the estimated incremental borrowing rate on a lease-by-lease basis. Certain of the Company’s lease agreements have options to extend or terminate the contract terms upon meeting certain criteria. The lease term utilized in the calculation of the lease liability includes these options if exercise is considered reasonably certain.
Stock-Based Compensation
Stock-based compensation expense for stock-based awards granted to Sabra’s employees (teammates) and its non-employee directors is recognized in the statements of income (loss) based on the estimated grant date fair value, as adjusted. Compensation expense for awards with graded vesting schedules is generally recognized ratably over the period from the grant date to the date when the award is no longer contingent on the recipient providing additional services. Compensation expense for awards with performance-based vesting conditions is recognized based on the Company’s estimate of the ultimate value of such award after considering the Company’s expectations of future performance. Forfeitures of stock-based awards are recognized as they occur.
Deferred Financing Costs
Deferred financing costs representing fees paid to third parties are amortized over the terms of the respective financing agreements using the interest method. Deferred financing costs related to secured debt, term loans and senior unsecured notes are recorded as a reduction of the related debt liability, and deferred financing costs related to the revolving credit facility are recorded in accounts receivable, prepaid expenses and other assets, net. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financings that do not close are expensed in the period in which it is determined that the financing will not close.
Income Taxes
The Company elected to be treated as a REIT with the filing of its U.S. federal income tax return for the taxable year beginning January 1, 2011. The Company believes that it has been organized and operated, and it intends to continue to operate, in a manner to qualify as a REIT. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company’s annual REIT taxable income to stockholders (which is computed without regard to the dividends-paid deduction or net capital gains and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax on income that it distributes as dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially and adversely affect the Company’s net income and net cash available for distribution to stockholders. However, the Company believes that it is organized and operates in such a manner as to qualify for treatment as a REIT.
As a result of certain investments, the Company now records income tax expense or benefit with respect to certain of its entities that are taxed as taxable REIT subsidiaries under provisions similar to those applicable to regular corporations and not under the REIT provisions.
The Company accounts for deferred income taxes using the asset and liability method and recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the Company’s financial statements or tax returns. Under this method, the Company determines deferred tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Any increase or decrease in the deferred tax liability that results from a change in circumstances, and that causes a change in the Company’s judgment about expected future tax consequences of events, is included in the tax provision when such changes occur. Deferred income taxes also reflect the impact of operating loss and tax credit carryforwards. A valuation allowance is provided if the Company believes it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes a change in the Company’s judgment about the realizability of the related deferred tax asset, is included in the tax provision when such changes occur. 
The Company evaluates its tax positions using a two-step approach: step one (recognition) occurs when the Company concludes that a tax position, based solely on its technical merits, is more likely than not to be sustained upon examination, and step two (measurement) is only addressed if step one has been satisfied (i.e., the position is more likely than not to be sustained). Under step two, the tax benefit is measured as the largest amount of benefit (determined on a cumulative probability basis) that is more likely than not to be realized upon ultimate settlement. The Company will recognize tax penalties relating to unrecognized tax benefits as additional tax expense.
Foreign Currency
Certain of the Company’s subsidiaries’ functional currencies are the local currencies of their respective foreign jurisdictions. The Company translates the results of operations of its foreign subsidiaries into U.S. dollars using average rates of exchange in effect during the period presented, and it translates balance sheet accounts using exchange rates in effect at the end of the period presented. The Company records resulting currency translation adjustments in accumulated other comprehensive loss, a component of stockholders’ equity, on its consolidated balance sheets, and it records foreign currency transaction gains and losses as a component of other (expense) income on its consolidated statements of income (loss).
Derivative Instruments
The Company uses certain types of derivative instruments for the purpose of managing interest rate and currency risk. To qualify for hedge accounting, derivative instruments used for risk management purposes must effectively reduce the risk exposure that they are designed to hedge. In addition, at inception, the Company must make an assessment that the transaction that the Company intends to hedge is probable of occurring, and this assessment must be updated each reporting period.
The Company recognizes all derivative instruments as assets or liabilities on the consolidated balance sheets at their fair value. For derivatives designated and qualified as a hedge, the change in fair value of the effective portion of the derivatives is recognized in accumulated other comprehensive loss. Changes in the fair value of derivative instruments that are not designated in hedging relationships or that do not meet the criteria for hedge accounting would be recognized in earnings. In addition, the Company classifies cash flows from qualifying cash flow hedging relationships in the same category as the cash flows from the hedged items.
The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objectives and strategy for undertaking various hedge transactions. This process includes designating all derivatives that are part of a hedging relationship to specific transactions, as well as recognizing obligations or assets on the consolidated balance sheets. The Company also assesses and documents, both at inception of the hedging relationship and on a quarterly basis thereafter, whether the derivatives are highly effective in offsetting the designated risks associated with the respective hedged items. If it is determined that a derivative ceases to be highly effective as a hedge, or that it is probable the underlying transaction will not occur, the Company would discontinue hedge accounting prospectively and record the appropriate adjustment to earnings based on the then-current fair value of the derivative.
Fair Value Measurements
Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other financial instruments and balances at fair value on a non-recurring basis (e.g., carrying value of impaired loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories:
•Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities;
•Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and
•Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable.
When available, the Company utilizes quoted market prices from an independent third-party source to determine fair value and classifies such items as Level 1 or Level 2. In instances where the market for a financial instrument is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require the Company to make a significant adjustment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third party may rely more on models with inputs based on information available only to that independent third party. When the Company determines the market for a financial instrument owned by the Company to be illiquid or when market transactions for similar instruments do not appear orderly, the Company may use several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) to establish a fair value. If more than one valuation source is used, the Company will assign weights to the various valuation sources. Additionally, when determining the fair value of liabilities in circumstances in which a quoted price in an active market for an identical liability is not available, the Company measures fair value using (i) a valuation technique that uses the quoted price of the identical liability when traded as an asset or quoted prices for similar liabilities or similar liabilities when traded as assets or (ii) another valuation technique that is consistent with the principles of fair value measurement, such as the income approach or the market approach.
Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not be realized in an immediate settlement of the instrument.
The Company considers the following factors to be indicators of an inactive market: (i) there are few recent transactions, (ii) price quotations are not based on current information, (iii) price quotations vary substantially either over time or among market makers (for example, some brokered markets), (iv) indexes that previously were highly correlated with the fair values of the asset or liability are demonstrably uncorrelated with recent indications of fair value for that asset or liability, (v) there is a significant increase in implied liquidity risk premiums, yields, or performance indicators (such as delinquency rates or loss severities) for observed transactions or quoted prices when compared with the Company’s estimate of expected cash flows, considering all available market data about credit and other nonperformance risk for the asset or liability, (vi) there is a wide bid-ask spread or significant increase in the bid-ask spread, (vii) there is a significant decline or absence of a market for new issuances (that is, a primary market) for the asset or liability or similar assets or liabilities, and (viii) little information is released publicly (for example, a principal-to-principal market).
The Company considers the following factors to be indicators of non-orderly transactions: (i) there was not adequate exposure to the market for a period before the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities under current market conditions, (ii) there was a usual and customary marketing period, but the seller marketed the asset or liability to a single market participant, (iii) the seller is in or near
bankruptcy or receivership (that is, distressed), or the seller was required to sell to meet regulatory or legal requirements (that is, forced), and (iv) the transaction price is an outlier when compared with other recent transactions for the same or similar assets or liabilities.
Per Share Data Basic earnings per common share is computed by dividing net income applicable to common stockholders by the weighted average number of shares of common stock and common equivalents outstanding during the period. Diluted earnings per common share is calculated by including the effect of dilutive securities, such as the impact of forward equity sales agreements using the treasury stock method and common shares issuable from certain performance restricted stock units and unvested restricted stock units.
Industry Segments The Company has one reportable segment consisting of investments in healthcare-related real estate properties.
Recently Issued Accounting Standards Update
Issued but Not Yet Adopted
In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides temporary optional guidance that provides transition relief for reference rate reform, including optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or a reference rate that is expected to be discontinued as a result of reference rate reform if certain criteria are met. ASU 2020-04 is effective upon issuance, and the provisions generally can be applied prospectively as of January 1, 2020 through December 31, 2024. During the first quarter of 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. As of July 1, 2023, the Company had converted all of its LIBOR-indexed debt and derivatives to Secured Overnight Financing Rate (“SOFR”)-based indexes (effective with the respective instrument’s next reset date for certain instruments). For all derivatives in hedge accounting relationships, the Company utilized the effective relief in Topic 848 that allows for the continuation of hedge accounting throughout the transition process. Application of these expedients preserves the presentation of derivatives consistent with past presentation. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which refines the scope of Topic 848 and clarifies some of its guidance. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. The Company continues to evaluate the impact of the guidance as it relates to hedging relationships and other transactions that reference the Canadian Dollar Offered Rate (“CDOR”) which is expected to be discontinued in 2024 and may apply other elections as applicable as additional changes in the market occur.
Fair Value of Financial Instruments
The fair value for certain financial instruments is derived using a combination of market quotes, pricing models and other valuation techniques that involve significant management judgment. The price transparency of financial instruments is a key determinant of the degree of judgment involved in determining the fair value of the Company’s financial instruments.
Financial instruments for which actively quoted prices or pricing parameters are available and whose markets contain orderly transactions will generally have a higher degree of price transparency than financial instruments whose markets are inactive or consist of non-orderly trades. The Company evaluates several factors when determining if a market is inactive or when market transactions are not orderly. The carrying values of cash and cash equivalents, restricted cash, accounts payable, accrued liabilities and the Credit Agreement are reasonable estimates of fair value because of the short-term maturities of these instruments. Fair values for other financial instruments are derived as follows:
Loans receivable: These instruments are presented on the accompanying consolidated balance sheets at their amortized cost and not at fair value. The fair values of the loans receivable were estimated using an internal valuation model that considered the expected cash flows for the loans receivable, as well as the underlying collateral value and other credit enhancements as applicable. The Company utilized discount rates ranging from 6% to 15% with a weighted average rate of 6% in its fair value calculation. As such, the Company classifies these instruments as Level 3.
Preferred equity investments: These instruments are presented on the accompanying consolidated balance sheets at their cost and not at fair value. The fair values of the preferred equity investments were estimated using an internal valuation model that considered the expected future cash flows for the preferred equity investments, the underlying collateral value and other credit enhancements. The Company utilized discount rates ranging from 10% to 15% with a weighted average rate of 11% in its fair value calculation. As such, the Company classifies these instruments as Level 3.
Derivative instruments: The Company’s derivative instruments are presented at fair value on the accompanying consolidated balance sheets. The Company estimates the fair value of derivative instruments, including its interest rate swaps, interest rate collars and cross currency swaps, using the assistance of a third party using inputs that are observable in the market, which include forward yield curves and other relevant information. Although the Company has determined that the majority of the inputs used to value its derivative financial instruments fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivative financial instruments utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by itself and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivative financial instruments. As a result, the Company has determined that its derivative financial instruments valuations in their entirety are classified in Level 2 of the fair value hierarchy.
Senior Notes: These instruments are presented on the accompanying consolidated balance sheets at their outstanding principal balance, net of unamortized deferred financing costs and premiums/discounts and not at fair value. The fair values of the Senior Notes were determined using third-party market quotes derived from orderly trades. As such, the Company classifies these instruments as Level 2.
Secured indebtedness: These instruments are presented on the accompanying consolidated balance sheets at their outstanding principal balance, net of unamortized deferred financing costs and premiums/discounts and not at fair value. The fair values of the Company’s secured debt were estimated using a discounted cash flow analysis based on management’s estimates of current market interest rates for instruments with similar characteristics, including remaining loan term, loan-to-value ratio, type of collateral and other credit enhancements. The Company utilized a rate of 6% in its fair value calculation. As such, the Company classifies these instruments as Level 3.
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Schedule of Future Minimum Lease Payments As of December 31, 2023, the weighted average remaining lease term and discount rate were 17 years and 8%, respectively, and the future minimum lease payments under the operating leases included in the Company’s lease liability were as follows (in thousands):
2024$1,310 
20251,802 
20261,324 
20271,347 
20281,330 
Thereafter18,104 
Undiscounted minimum lease payments included in the lease liability25,217 
Less: imputed interest(12,729)
Present value of lease liability$12,488 
v3.24.0.1
RECENT REAL ESTATE ACQUISITIONS (CONSOLIDATED) (Tables)
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Schedule of Purchase Price Allocation The consideration was allocated as follows (in thousands):
Year Ended December 31,
20232022
Land$6,796 $11,767 
Building and improvements79,830 89,646 
Tenant origination and absorption costs intangible assets3,492 5,061 
Tenant relationship intangible assets255 41 
Total consideration$90,373 $106,515 
v3.24.0.1
INVESTMENT IN REAL ESTATE PROPERTIES (Tables)
 12 Months Ended
Dec. 31, 2023
Real Estate [Abstract]  
Schedule of Real Estate Properties Held for Investment
The Company’s real estate properties held for investment consisted of the following (dollars in thousands):
As of December 31, 2023  
Property TypeNumber of
Properties		Number of
Beds/Units		Total
Real Estate
at Cost		Accumulated
Depreciation		Total
Real Estate
Investments, Net
Skilled Nursing/Transitional Care241 26,769 $3,050,861 $(535,653)$2,515,208 
Senior Housing - Leased43 3,473 573,274 (109,601)463,673 
Senior Housing - Managed61 6,041 1,289,485 (255,803)1,033,682 
Behavioral Health18 1,159 496,737 (71,943)424,794 
Specialty Hospitals and Other15 392 225,443 (47,454)177,989 
378 37,834 5,635,800 (1,020,454)4,615,346 
Corporate Level2,547 (632)1,915 
$5,638,347 $(1,021,086)$4,617,261 
As of December 31, 2022
Property TypeNumber of
Properties		Number of
Beds/Units		Total
Real Estate
at Cost		Accumulated
Depreciation		Total
Real Estate
Investments, Net
Skilled Nursing/Transitional Care264 29,136 $3,385,221 $(492,495)$2,892,726 
Senior Housing - Leased47 3,550 590,694 (97,716)492,978 
Senior Housing - Managed59 5,942 1,205,283 (222,089)983,194 
Behavioral Health17 965 465,143 (58,481)406,662 
Specialty Hospitals and Other15 392 225,443 (42,038)183,405 
402 39,985 5,871,784 (912,819)4,958,965 
Corporate Level904 (526)378 
$5,872,688 $(913,345)$4,959,343 
As of December 31,
20232022
Building and improvements$4,843,258 $5,034,470 
Furniture and equipment238,185 262,644 
Land improvements10,306 7,085 
Land546,598 568,489 
Total real estate at cost5,638,347 5,872,688 
Accumulated depreciation(1,021,086)(913,345)
Total real estate investments, net$4,617,261 $4,959,343 
Schedule of Future Minimum Rental Payments from Non-Cancelable Operating Leases
As of December 31, 2023, the future minimum rental payments from the Company’s properties held for investment under non-cancelable operating leases were as follows and may materially differ from actual future rental payments received (in thousands):
2024$377,721 
2025372,911 
2026357,434 
2027334,489 
2028310,963 
Thereafter1,289,067 
$3,042,585 
Schedule of Investment in Joint Ventures
The following is a summary of the Company’s investment in unconsolidated joint ventures (dollars in thousands):
Property Type
Number of
Properties as of
December 31, 2023
Ownership as of
December 31, 2023 (1)
Book Value as of December 31,
20232022
Sienna Joint VentureSenior Housing - Managed12 50 %$119,724 $120,269 
Marlin Spring Joint VentureSenior Housing - Managed4 85 %17,119 14,693 
$136,843 $134,962 
(1)    These investments are not consolidated because the Company does not control, through voting rights or other means, the joint ventures.
The following tables present summarized financial information for the Company’s investments in unconsolidated joint ventures (in thousands).
As of December 31,
20232022
Total assets$353,779 $754,220 
Total liabilities106,490 894,969 
Member’s equity (deficit)247,289 (140,749)
Year Ended December 31,
202320222021
Total revenues$64,446 $351,073 $274,693 
Operating expenses (1)
47,811 324,462 265,194 
Net loss(9,823)(66,171)(35,276)
Company’s share of net loss$(2,897)$(32,581)$(17,184)
Basis adjustments— 7,673 10,771 
Other-than-temporary impairment— 57,778 164,126 
Loss from unconsolidated joint venture$(2,897)$(98,032)$(192,081)
(1)    During the years ended December 31, 2022 and 2021, TPG caused the Enlivant Joint Venture to fund $25.0 million and $20.0 million, respectively, of payments to Enlivant beyond amounts contractually required under the management agreement. These payments were to support the operations of Enlivant and are reflected as operating expenses. Funding for the support payments did not require capital contributions from Sabra but rather were funded with proceeds received by the Enlivant Joint Venture from TPG for the issuance of senior preferred interests or with cash on hand at the Enlivant Joint Venture.
v3.24.0.1
IMPAIRMENT OF REAL ESTATE AND DISPOSITIONS (Tables)
 12 Months Ended
Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Dispositions
The following table summarizes the Company’s dispositions for the periods presented (dollars in millions):
Year Ended December 31,
202320222021
Number of facilities281816
Consideration, net of closing costs$255.6 $87.3 $103.4 
Net carrying value332.2 99.3 92.1 
Net (loss) gain on sale$(76.6)$(12.0)$11.3 
v3.24.0.1
INTANGIBLE ASSETS AND LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets and Liabilities
The following table summarizes the Company’s intangible assets and liabilities as of December 31, 2023 and 2022 (in thousands):
As of December 31,
20232022
Lease Intangible Assets:
Above market leases$7,496 $7,496 
Tenant origination and absorption costs43,071 58,578 
Tenant relationship16,983 20,119 
Gross lease intangible assets67,550 86,193 
Accumulated amortization(36,653)(46,062)
Lease intangible assets, net$30,897 $40,131 
Lease Intangible Liabilities:
Below market leases$68,573 $80,208 
Accumulated amortization(36,041)(37,964)
Lease intangible liabilities, net$32,532 $42,244 
Schedule of Real Estate Intangible Amortization Income (Expense)
The following is a summary of real estate intangible amortization income (expense) for the years ended December 31, 2023, 2022 and 2021 (in thousands): 
Year Ended December 31,
202320222021
Increase (decrease) to rental income related to above/below market leases, net (1)
$5,821 $6,624 $(13,512)
Depreciation and amortization related to tenant origination and absorption costs and tenant relationship(11,616)(17,591)(8,694)
(1)    Balance for the year ended December 31, 2021 includes $18.6 million of accelerated amortization related to the above market lease intangible associated with the Company’s lease with Avamere. See Note 4, “Investment in Real Estate Properties,” for further discussion.
Schedule of Remaining Unamortized Balance for Outstanding Intangible Assets
The remaining unamortized balance for these outstanding intangible assets and liabilities as of December 31, 2023 will be amortized for the years ending December 31 as follows (dollars in thousands):
Lease Intangible
Assets		 Lease Intangible
Liabilities
2024$5,523 $5,690 
20254,612 5,139 
20264,411 4,884 
20273,115 4,442 
20282,662 4,296 
Thereafter10,574 8,081 
$30,897 $32,532 
  
Weighted-average remaining amortization period8.8 years6.5 years
Schedule of Remaining Unamortized Balance for Outstanding Intangible Liabilities
The remaining unamortized balance for these outstanding intangible assets and liabilities as of December 31, 2023 will be amortized for the years ending December 31 as follows (dollars in thousands):
Lease Intangible
Assets		 Lease Intangible
Liabilities
2024$5,523 $5,690 
20254,612 5,139 
20264,411 4,884 
20273,115 4,442 
20282,662 4,296 
Thereafter10,574 8,081 
$30,897 $32,532 
  
Weighted-average remaining amortization period8.8 years6.5 years
v3.24.0.1
LOANS RECEIVABLE AND OTHER INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Schedule of Loans Receivable and Other Investments As of December 31, 2023 and 2022, the Company’s loans receivable and other investments consisted of the following (dollars in thousands):
As of December 31, 2023
Investment
Quantity
as of
December 31, 2023
Property Type
Principal Balance as of December 31, 2023 (1)
Book Value
as of
December 31, 2023
Book Value
as of
December 31, 2022
Weighted Average Contractual Interest Rate / Rate of ReturnWeighted Average Annualized Effective Interest Rate / Rate of Return
Maturity Date
as of
December 31, 2023
Loans Receivable:
Mortgage2 Behavioral Health$319,000 $319,000 $319,000 7.6 %7.6 %11/01/26 - 01/31/27
Other12 Multiple53,873 50,440 47,936 7.7 %7.4 %10/01/23 - 05/01/29
14 372,873 369,440 366,936 7.7 %7.6 %
Allowance for loan losses— (6,665)(6,611)
$372,873 $362,775 $360,325 
Other Investments:
Preferred Equity5 Skilled Nursing / Senior Housing57,681 57,849 51,071 11.0 %11.0 %N/A
Total19 $430,554 $420,624 $411,396 8.1 %8.1 %
(1)    Principal balance includes amounts funded and accrued but unpaid interest / preferred return and excludes capitalizable fees.
Schedule of Additional Information Regarding the Company's Loans Receivable
Additional information regarding the Company’s loans receivable is as follows (dollars in thousands):
Year Ended December 31,
202320222021
Allowance for loan losses:
Balance at the beginning of the year$6,611 $6,344 $2,458 
Provision for loan losses192 267 3,886 
Write-off of uncollectible balances(138)— — 
Balance at the end of the year$6,665 $6,611 $6,344 
As of December 31,
20232022
Deteriorated credit quality:
Number of loans receivable investments1 1 
Principal balance$1,214 $1,214 
Book value— — 
Nonaccrual status:
Number of loans receivable investments3 3 
Book value$— $— 
v3.24.0.1
DEBT (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Debt
The Company’s secured debt consists of the following (dollars in thousands):
Principal Balance as of December 31, (1)
As of December 31, 2023
Weighted Average Interest Rate
Weighted Average Effective Interest Rate (2)
Interest Rate Type
2023
2022
Maturity Date
Fixed Rate$48,143 $50,123 2.85 %3.34 %May 2031 - 
August 2051
(1)    Principal balance does not include deferred financing costs, net of $0.8 million and $0.9 million as of December 31, 2023 and 2022, respectively.
(2)    Weighted average effective interest rate includes private mortgage insurance.
The Company’s senior unsecured notes consist of the following (dollars in thousands):
Principal Balance as of December 31, (1)
TitleMaturity Date
2023
2022
5.125% senior unsecured notes due 2026
August 15, 2026$500,000 $500,000 
5.88% senior unsecured notes due 2027
May 17, 2027100,000 100,000 
3.90% senior unsecured notes due 2029
October 15, 2029350,000 350,000 
3.20% senior unsecured notes due 2031
December 1, 2031800,000 800,000 
$1,750,000 $1,750,000 
(1)    Principal balance does not include discount, net of $4.3 million and deferred financing costs, net of $10.5 million as of December 31, 2023 and does not include discount, net of $3.5 million and deferred financing costs, net of $12.0 million as of December 31, 2022. In addition, the weighted average effective interest rate as of December 31, 2023 was 4.01%.
Schedule of Maturities for Outstanding Debt
The following is a schedule of maturities for the Company’s outstanding debt as of December 31, 2023 (in thousands):
Secured
Indebtedness
Revolving
Credit Facility (1)
Term LoansSenior NotesTotal
2024$2,033 $— $— $— $2,033 
20252,089 — — — 2,089 
20262,147 — — 500,000 502,147 
20272,206 94,429 — 100,000 196,635 
20282,266 — 543,190 — 545,456 
Thereafter37,402 — — 1,150,000 1,187,402 
Total Debt48,143 94,429 543,190 1,750,000 2,435,762 
Discount, net— — — (4,258)(4,258)
Deferred financing costs, net(842)— (6,070)(10,489)(17,401)
Total Debt, Net$47,301 $94,429 $537,120 $1,735,253 $2,414,103 
(1)    Revolving Credit Facility is subject to two six-month extension options.
v3.24.0.1
DERIVATIVE AND HEDGING INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amount of Derivatives Instruments
The following presents the notional amount of derivative instruments as of the dates indicated (in thousands):  
As of December 31,
20232022
Derivatives designated as cash flow hedges:
Denominated in U.S. Dollars (1)
$753,750 $436,250 
Denominated in Canadian Dollars (2)
$300,000 $125,000 
Derivatives designated as net investment hedges:
Denominated in Canadian Dollars$55,335 $55,991 
Financial instrument designated as net investment hedge:
Denominated in Canadian Dollars$194,300 $329,500 
Derivatives not designated as net investment hedges:
Denominated in Canadian Dollars$965 $309 
(1) Balance as of December 31, 2023 includes two forward starting interest rate swaps with an effective date of August 2024 and an aggregate notional amount of $323.8 million.
(2)    Balance as of December 31, 2023 includes two forward starting interest rate swaps with an effective date of September 2024 and an aggregate notional amount of CAD $150.0 million.
Schedule of Derivative and Financial Instruments Designated as Hedging Instruments
The following is a summary of the derivative and financial instruments designated as hedging instruments held by the Company at December 31, 2023 and 2022 (dollars in thousands):    
Count as of December 31, 2023
Maturity Dates
Fair Value as of December 31,
TypeDesignation20232022Balance Sheet Location
Assets:
Interest rate swapsCash flow5 $6,002 $11,004 2024 - 2028Accounts receivable, prepaid expenses and other assets, net
Interest rate collarsCash flow2 3,216 6,622 2024Accounts receivable, prepaid expenses and other assets, net
Forward starting interest rate swapsCash flow4 6,736 — 2028Accounts receivable, prepaid expenses and other assets, net
Cross currency interest rate swapsNet investment2 2,964 3,851 2025Accounts receivable, prepaid expenses and other assets, net
$18,918 $21,477 
Liabilities:
CAD borrowings under Revolving Credit FacilityNet investment1 33,429 150,982 2027Revolving credit facility
CAD Term LoanNet investment1 113,190 92,288 2028Term loans, net
$146,619 $243,270 
Effect of Derivatives and Financial Instruments Designated as Hedging Instruments on Income and Equity
The following presents the effect of the Company’s derivative and financial instruments designated as hedging instruments on the consolidated statements of income (loss) and the consolidated statements of equity for the years ended December 31, 2023, 2022 and 2021 (in thousands):
Gain (Loss) Recognized in Other Comprehensive Income (Loss)Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss)
Into Income		Income Statement Location
For the year ended December 31,
202320222021202320222021
Cash Flow Hedges:
Interest rate products$13,116 $22,032 $17,408 $8,332 $(4,179)$(12,774)Interest expense
Net Investment Hedges:
Foreign currency products(664)2,233 (272)— — — N/A
CAD borrowings under Revolving Credit Facility(3,456)9,454 — — — — N/A
CAD Term Loan(2,465)6,150 (338)— — — N/A
$6,531 $39,869 $16,798 $8,332 $(4,179)$(12,774)
Gross Presentation, Effects of Offsetting, and a Net Presentation of Derivatives, Assets The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of December 31, 2023 and 2022 (in thousands):
As of December 31, 2023
Gross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Balance SheetNet Amounts of Assets / Liabilities presented in the Balance SheetGross Amounts Not Offset in the Balance Sheet
Financial InstrumentsCash Collateral ReceivedNet Amount
Offsetting Assets:
Derivatives$18,918 $— $18,918 $— $— $18,918 
Offsetting Liabilities:
Derivatives$— $— $— $— $— $— 
As of December 31, 2022
Gross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Balance SheetNet Amounts of Assets / Liabilities presented in the Balance SheetGross Amounts Not Offset in the Balance Sheet
Financial InstrumentsCash Collateral ReceivedNet Amount
Offsetting Assets:
Derivatives$21,477 $— $21,477 $— $— $21,477 
Offsetting Liabilities:
Derivatives$— $— $— $— $— $— 
Gross Presentation, Effects of Offsetting, and a Net Presentation of Derivatives, Liabilities The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of December 31, 2023 and 2022 (in thousands):
As of December 31, 2023
Gross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Balance SheetNet Amounts of Assets / Liabilities presented in the Balance SheetGross Amounts Not Offset in the Balance Sheet
Financial InstrumentsCash Collateral ReceivedNet Amount
Offsetting Assets:
Derivatives$18,918 $— $18,918 $— $— $18,918 
Offsetting Liabilities:
Derivatives$— $— $— $— $— $— 
As of December 31, 2022
Gross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Balance SheetNet Amounts of Assets / Liabilities presented in the Balance SheetGross Amounts Not Offset in the Balance Sheet
Financial InstrumentsCash Collateral ReceivedNet Amount
Offsetting Assets:
Derivatives$21,477 $— $21,477 $— $— $21,477 
Offsetting Liabilities:
Derivatives$— $— $— $— $— $— 
v3.24.0.1
FAIR VALUE DISCLOSURES (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Face Values, Carrying Amounts and Fair Values of Financial Instruments
The following are the face values, carrying amounts and fair values of the Company’s financial instruments as of December 31, 2023 and 2022 whose carrying amounts do not approximate their fair value (in thousands):
 As of December 31, 2023As of December 31, 2022
 
Face
Value (1)
Carrying
Amount (2)
Fair
Value
Face
Value (1)
Carrying
Amount (2)
Fair
Value
Financial assets:
Loans receivable$372,873 $362,775 $383,141 $370,364 $360,325 $370,188 
Preferred equity investments57,681 57,849 59,526 50,902 51,071 51,995 
Financial liabilities:
Senior Notes1,750,000 1,735,253 1,567,428 1,750,000 1,734,431 1,463,041 
Secured indebtedness48,143 47,301 36,279 50,123 49,232 38,149 
(1)    Face value represents amounts contractually due under the terms of the respective agreements.
(2)    Carrying amount represents the book value of financial instruments, including unamortized premiums/discounts and deferred financing costs.
Schedule of Fair Value of Financial Instruments
The Company determined the fair value of financial instruments as of December 31, 2023 whose carrying amounts do not approximate their fair value with valuation methods utilizing the following types of inputs (in thousands):
Fair Value Measurements Using
TotalQuoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable Inputs
(Level 3)
Financial assets:
Loans receivable$383,141 $— $— $383,141 
Preferred equity investments59,526 — — 59,526 
Financial liabilities:
Senior Notes1,567,428 — 1,567,428 — 
Secured indebtedness36,279 — — 36,279 
Schedule of Items Measured at Fair Value on a Recurring Basis
During the year ended December 31, 2023, the Company recorded the following amounts measured at fair value (in thousands):
Fair Value Measurements Using
TotalQuoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable Inputs
(Level 3)
Recurring Basis:
Financial assets:
Interest rate swaps$6,002 $— $6,002 $— 
Interest rate collars3,216 — 3,216 — 
Forward starting interest rate swaps6,736 — 6,736 — 
Cross currency interest rate swaps2,964 — 2,964 — 
v3.24.0.1
EQUITY (Tables)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income
The following is a summary of the Company’s accumulated other comprehensive income (in thousands):
As of December 31,
20232022
Foreign currency translation gain$963 $1,168 
Unrealized gain on cash flow hedges22,782 17,895 
Total accumulated other comprehensive income$23,745 $19,063 
v3.24.0.1
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Additional Information Concerning Restricted Stock Units
The following table summarizes additional information concerning restricted stock units at December 31, 2023:
Restricted Stock UnitsWeighted Average Grant Date Fair Value Per Unit
Unvested as of December 31, 20222,147,784 $15.07 
Granted832,308 14.73 
Vested(591,745)15.34 
Dividends reinvested237,195 14.96 
Cancelled/forfeited(156,275)19.51 
Unvested as of December 31, 20232,469,267 $14.61 
Summary of Assumptions Used in Total Stockholder Return-Based Stock Units Valuation The following are the key assumptions used in this valuation:
202320222021
Risk free interest rate
3.98% - 4.13%
0.99% - 4.13%
0.17% - 0.99%
Expected stock price volatility
30.17% - 56.11%
53.60% - 56.11%
53.17% - 53.60%
Expected service period
3.0 years
3.0 years
3.0 years
Expected dividend yield (assuming full reinvestment)— %— %— %
v3.24.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Tax Expense
The following is a summary of the Company’s provision for income taxes and deferred taxes (in thousands):
Year Ended December 31,
202320222021
Provision for federal, state and local income taxes$2,002 $1,234 $2,263 
Provision (benefit) for foreign income taxes— 8 (418)
Income tax expense$2,002 $1,242 $1,845 
As of December 31,
20232022
Deferred tax assets:
Federal$9,553 $6,390 
Valuation allowance on federal(9,553)(6,390)
Foreign12,211 8,455 
Valuation allowance on foreign(12,169)(8,430)
Deferred tax (liabilities):
Foreign(42)(25)
$— $— 
Schedule of Deferred Taxes
The following is a summary of the Company’s provision for income taxes and deferred taxes (in thousands):
Year Ended December 31,
202320222021
Provision for federal, state and local income taxes$2,002 $1,234 $2,263 
Provision (benefit) for foreign income taxes— 8 (418)
Income tax expense$2,002 $1,242 $1,845 
As of December 31,
20232022
Deferred tax assets:
Federal$9,553 $6,390 
Valuation allowance on federal(9,553)(6,390)
Foreign12,211 8,455 
Valuation allowance on foreign(12,169)(8,430)
Deferred tax (liabilities):
Foreign(42)(25)
$— $— 
v3.24.0.1
EARNINGS PER COMMON SHARE (Tables)
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Earnings Per Share
The following table illustrates the computation of basic and diluted earnings per share (in thousands, except share and per share amounts):
Year Ended December 31,
202320222021
Numerator
Net income (loss)$13,756 $(77,605)$(113,256)
Denominator
Basic weighted average common shares and common equivalents231,203,391 230,947,895 219,073,027 
Dilutive restricted stock units1,589,387 — — 
Diluted weighted average common shares232,792,778 230,947,895 219,073,027 
Net income (loss), per:
Basic common share$0.06 $(0.34)$(0.52)
Diluted common share$0.06 $(0.34)$(0.52)
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)
 12 Months Ended
Dec. 31, 2023
USD ($)
segment
investment
variableInterestEntity
Dec. 31, 2022
USD ($)
investment
Dec. 31, 2021
USD ($)
Accounting Policies [Line Items]      
Number of investments in loans accounted for as real estate joint ventures | investment 0 0  
Gain on business interruption insurance recovery, statement of income or comprehensive income Other income (expense)    
Assets held for sale $ 0 $ 0  
Restricted cash 5,434,000 4,624,000  
Restricted cash obligations 1,400,000 3,900,000  
Operating lease right-of-use asset 11,600,000 8,500,000  
Operating lease liability $ 12,488,000 $ 9,200,000  
Operating lease, liability, statement of financial position Accounts payable and accrued liabilities Accounts payable and accrued liabilities  
Operating lease, right-of-use asset, statement of financial position Accounts receivable, prepaid expenses and other assets, net Accounts receivable, prepaid expenses and other assets, net  
Operating lease, expense $ 1,400,000 $ 1,200,000 $ 1,200,000
Weighted-average remaining term of operating leases 17 years    
Weighted average discount rate 8.00%    
Number of reportable segments | segment 1    
Vandalism And Theft      
Accounting Policies [Line Items]      
Proceeds of insurance $ 6,200,000    
Gain of unusual amount 3,700,000    
Fire      
Accounting Policies [Line Items]      
Proceeds of insurance 1,100,000    
Gain of unusual amount 500,000    
Resident fee and services      
Accounting Policies [Line Items]      
Grants recognized 100,000 $ 100,000 $ 500,000
Loss from unconsolidated joint venture      
Accounting Policies [Line Items]      
Grants recognized $ 3,600,000    
Minimum | Land improvements      
Accounting Policies [Line Items]      
Estimated useful lives of assets 15 years    
Minimum | Buildings and building improvements      
Accounting Policies [Line Items]      
Estimated useful lives of assets 5 years    
Minimum | Furniture and equipment      
Accounting Policies [Line Items]      
Estimated useful lives of assets 3 years    
Maximum | Land improvements      
Accounting Policies [Line Items]      
Estimated useful lives of assets 20 years    
Maximum | Buildings and building improvements      
Accounting Policies [Line Items]      
Estimated useful lives of assets 45 years    
Maximum | Furniture and equipment      
Accounting Policies [Line Items]      
Estimated useful lives of assets 10 years    
Primary beneficiary      
Accounting Policies [Line Items]      
Number of variable interest entities | variableInterestEntity 0    
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Accounting Policies [Abstract]    
2024 $ 1,310  
2025 1,802  
2026 1,324  
2027 1,347  
2028 1,330  
Thereafter 18,104  
Undiscounted minimum lease payments included in the lease liability 25,217  
Less: imputed interest (12,729)  
Present value of lease liability $ 12,488 $ 9,200
v3.24.0.1
RECENT REAL ESTATE ACQUISITIONS (CONSOLIDATED) - Narrative (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Jun. 30, 2023
USD ($)
property
Dec. 31, 2023
USD ($)
property
Dec. 31, 2022
USD ($)
property
Dec. 31, 2021
USD ($)
Business Acquisition [Line Items]        
Payment for contingent consideration | $   $ 17,900 $ 2,500 $ 0
Recent Real Estate Acquisitions        
Business Acquisition [Line Items]        
Total revenues | $   10,400 11,100  
Net income (loss) | $   $ 700 $ (1,600)  
Recent Real Estate Acquisitions | Tenant origination and absorption costs        
Business Acquisition [Line Items]        
Weighted-average amortization period of intangible assets   4 years 2 years  
Recent Real Estate Acquisitions | Tenant relationships        
Business Acquisition [Line Items]        
Weighted-average amortization period of intangible assets   22 years 25 years  
Recent Real Estate Acquisitions | Skilled nursing transitional care facility        
Business Acquisition [Line Items]        
Number of acquired properties   2    
Recent Real Estate Acquisitions | Senior housing - leased portfolio        
Business Acquisition [Line Items]        
Number of acquired properties   1    
Recent Real Estate Acquisitions | Senior housing - managed portfolio        
Business Acquisition [Line Items]        
Number of acquired properties   1 3  
Preferred equity investment book value at acquisition | $   $ 4,600 $ 14,300  
Payment for contingent consideration | $ $ 17,900      
Number of properties 2      
Recent Real Estate Acquisitions | Behavioral health facility        
Business Acquisition [Line Items]        
Number of acquired properties     1  
Recent Real Estate Acquisitions | Senior housing facilities - managed communities, proprietary development pipeline        
Business Acquisition [Line Items]        
Number of acquired properties     2  
v3.24.0.1
RECENT REAL ESTATE ACQUISITIONS (CONSOLIDATED)- Purchase Price Allocation for Recent Real Estate Acquisitions (Details) - Recent Real Estate Acquisitions - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Business Acquisition [Line Items]    
Land $ 6,796 $ 11,767
Building and improvements 79,830 89,646
Total consideration 90,373 106,515
Tenant origination and absorption costs intangible assets    
Business Acquisition [Line Items]    
Tenant intangible assets 3,492 5,061
Tenant relationship intangible assets    
Business Acquisition [Line Items]    
Tenant intangible assets $ 255 $ 41
v3.24.0.1
INVESTMENT IN REAL ESTATE PROPERTIES - Real Estate Properties Held for Investment (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
bed
facility
Dec. 31, 2022
USD ($)
bed
facility
Real Estate Properties [Line Items]    
Building and improvements $ 4,843,258 $ 5,034,470
Furniture and equipment 238,185 262,644
Land improvements 10,306 7,085
Land 546,598 568,489
Total Real Estate at Cost 5,638,347 5,872,688
Accumulated Depreciation (1,021,086) (913,345)
Total Real Estate Investments, Net $ 4,617,261 $ 4,959,343
Operating Segments    
Real Estate Properties [Line Items]    
Number of Properties | facility 378 402
Number of Beds/Units | bed 37,834 39,985
Total Real Estate at Cost $ 5,635,800 $ 5,871,784
Accumulated Depreciation (1,020,454) (912,819)
Total Real Estate Investments, Net $ 4,615,346 $ 4,958,965
Operating Segments | Skilled Nursing/Transitional Care    
Real Estate Properties [Line Items]    
Number of Properties | facility 241 264
Number of Beds/Units | bed 26,769 29,136
Total Real Estate at Cost $ 3,050,861 $ 3,385,221
Accumulated Depreciation (535,653) (492,495)
Total Real Estate Investments, Net $ 2,515,208 $ 2,892,726
Operating Segments | Senior Housing - Leased    
Real Estate Properties [Line Items]    
Number of Properties | facility 43 47
Number of Beds/Units | bed 3,473 3,550
Total Real Estate at Cost $ 573,274 $ 590,694
Accumulated Depreciation (109,601) (97,716)
Total Real Estate Investments, Net $ 463,673 $ 492,978
Operating Segments | Senior Housing - Managed    
Real Estate Properties [Line Items]    
Number of Properties | facility 61 59
Number of Beds/Units | bed 6,041 5,942
Total Real Estate at Cost $ 1,289,485 $ 1,205,283
Accumulated Depreciation (255,803) (222,089)
Total Real Estate Investments, Net $ 1,033,682 $ 983,194
Operating Segments | Behavioral Health    
Real Estate Properties [Line Items]    
Number of Properties | facility 18 17
Number of Beds/Units | bed 1,159 965
Total Real Estate at Cost $ 496,737 $ 465,143
Accumulated Depreciation (71,943) (58,481)
Total Real Estate Investments, Net $ 424,794 $ 406,662
Operating Segments | Specialty Hospitals and Other    
Real Estate Properties [Line Items]    
Number of Properties | facility 15 15
Number of Beds/Units | bed 392 392
Total Real Estate at Cost $ 225,443 $ 225,443
Accumulated Depreciation (47,454) (42,038)
Total Real Estate Investments, Net 177,989 183,405
Corporate Level    
Real Estate Properties [Line Items]    
Total Real Estate at Cost 2,547 904
Accumulated Depreciation (632) (526)
Total Real Estate Investments, Net $ 1,915 $ 378
v3.24.0.1
INVESTMENT IN REAL ESTATE PROPERTIES - Operating Leases Narrative (Details)
$ in Millions
 1 Months Ended 12 Months Ended
Feb. 01, 2022
USD ($)
Jan. 31, 2022
USD ($)
Dec. 31, 2023
USD ($)
facility
Dec. 31, 2022
USD ($)
facility
Dec. 31, 2021
USD ($)
Real Estate Properties [Line Items]          
Weighted-average remaining term of operating leases     17 years    
Security deposit liability     $ 16.4 $ 13.0  
Letters of credit deposited     56.0 57.0  
Tenant deposits for future real estate taxes, insurance expenditures, and tenant improvements     12.4 13.3  
Variable lease revenue     $ 15.3 17.7 $ 18.0
Avamere          
Real Estate Properties [Line Items]          
Annual base rent $ 30.7 $ 44.1      
Avamere | Non-cash rent receivable          
Real Estate Properties [Line Items]          
Write-off of non-cash rent receivable         $ 25.2
North American Health Care, Inc          
Real Estate Properties [Line Items]          
Write-off of non-cash rent receivable       $ 15.6  
Senior housing - managed portfolio          
Real Estate Properties [Line Items]          
Weighted-average remaining term of operating leases     8 years    
Senior housing - managed portfolio | Minimum          
Real Estate Properties [Line Items]          
Operating lease expiration period     1 year    
Senior housing - managed portfolio | Maximum          
Real Estate Properties [Line Items]          
Operating lease expiration period     19 years    
Operating Segments          
Real Estate Properties [Line Items]          
Number of properties | facility     378 402  
Operating Segments | Senior housing - managed portfolio          
Real Estate Properties [Line Items]          
Number of properties | facility     61 59  
v3.24.0.1
INVESTMENT IN REAL ESTATE PROPERTIES - Future Minimum Rental Payments from Non-Cancelable Operating Leases (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Future minimum rental payments from the Company’s properties held for investment under non-cancelable operating leases:  
2024 $ 377,721
2025 372,911
2026 357,434
2027 334,489
2028 310,963
Thereafter 1,289,067
Total $ 3,042,585
v3.24.0.1
INVESTMENT IN REAL ESTATE PROPERTIES - Senior Housing - Managed Communities Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disaggregation of Revenue [Line Items]      
Resident fees and services $ 236,153 $ 186,672 $ 155,512
Ancillary services      
Disaggregation of Revenue [Line Items]      
Resident fees and services $ 2,000 $ 1,500 $ 1,300
v3.24.0.1
INVESTMENT IN REAL ESTATE PROPERTIES - Capital and Other Expenditures Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
Real Estate [Abstract]  
Future capital expenditures $ 27
v3.24.0.1
INVESTMENT IN REAL ESTATE PROPERTIES - Schedule of Investment in Joint Ventures (Details)
$ in Thousands, $ in Millions
Dec. 31, 2023
USD ($)
property
Dec. 31, 2023
CAD ($)
property
Dec. 31, 2022
USD ($)
Dec. 31, 2022
CAD ($)
Schedule of Equity Method Investments [Line Items]        
Book value $ 136,843   $ 134,962  
Sienna Joint Venture        
Schedule of Equity Method Investments [Line Items]        
Ownership 50.00% 50.00%    
Book value $ 119,724   120,269  
Marlin Spring Joint Venture        
Schedule of Equity Method Investments [Line Items]        
Ownership 85.00% 85.00%    
Book value $ 17,119   $ 14,693  
Senior Housing - Managed | Sienna Joint Venture        
Schedule of Equity Method Investments [Line Items]        
Book value       $ 161.8
Senior Housing - Managed | Marlin Spring Joint Venture        
Schedule of Equity Method Investments [Line Items]        
Book value   $ 6.1   $ 16.6
Senior Housing - Managed | Sienna Joint Venture        
Schedule of Equity Method Investments [Line Items]        
Number of properties | property 12 12    
Senior Housing - Managed | Marlin Spring Joint Venture        
Schedule of Equity Method Investments [Line Items]        
Number of properties | property 4 4    
v3.24.0.1
INVESTMENT IN REAL ESTATE PROPERTIES - Investment in Unconsolidated Joint Venture Narrative (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2022
USD ($)
property
Jun. 30, 2021
USD ($)
Dec. 31, 2023
USD ($)
property
Dec. 31, 2023
CAD ($)
Dec. 31, 2022
USD ($)
property
Dec. 31, 2022
CAD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2023
CAD ($)
property
Dec. 31, 2022
CAD ($)
property
Schedule of Equity Method Investments [Line Items]                  
Investment in unconsolidated joint ventures $ 134,962,000   $ 136,843,000   $ 134,962,000        
Other-than-temporary impairment of unconsolidated joint ventures     0   57,778,000   $ 164,126,000    
Marlin Spring Joint Venture                  
Schedule of Equity Method Investments [Line Items]                  
Investment in unconsolidated joint ventures 14,693,000   $ 17,119,000   14,693,000        
Equity interest in joint venture     85.00%         85.00%  
Sienna Joint Venture                  
Schedule of Equity Method Investments [Line Items]                  
Investment in unconsolidated joint ventures 120,269,000   $ 119,724,000   120,269,000        
Equity interest in joint venture     50.00%         50.00%  
Enlivant Joint Venture                  
Schedule of Equity Method Investments [Line Items]                  
Equity interest in joint venture   49.00%              
Other-than-temporary impairment of unconsolidated joint ventures 57,800,000 $ 164,100,000 $ 0   $ 57,778,000   $ 164,126,000    
Equity interest, investment basis amount $ 0                
Senior Housing - Managed | Marlin Spring Joint Venture                  
Schedule of Equity Method Investments [Line Items]                  
Number of acquired properties | property 3   1   3     1 3
Payments to acquire buildings       $ 30.0   $ 82.5      
Investment in unconsolidated joint ventures               $ 6.1 $ 16.6
Senior Housing - Managed | Marlin Spring Joint Venture | Marlin Spring Joint Venture                  
Schedule of Equity Method Investments [Line Items]                  
Debt assumed               $ 23.6 $ 65.0
Senior Housing - Managed | Sienna Joint Venture                  
Schedule of Equity Method Investments [Line Items]                  
Number of acquired properties | property 12       12       12
Payments to acquire buildings           $ 379.0      
Investment in unconsolidated joint ventures                 $ 161.8
Senior Housing - Managed | Sienna Joint Venture | Sienna Senior Living                  
Schedule of Equity Method Investments [Line Items]                  
Debt assumed                 $ 53.4
v3.24.0.1
INVESTMENT IN REAL ESTATE PROPERTIES - Summarized Financial Information for Enlivant Joint Venture (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2022
Jun. 30, 2021
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Balance Sheet Amounts          
Total assets $ 5,747,672   $ 5,386,150 $ 5,747,672  
Total liabilities 2,691,277   2,583,616 2,691,277  
Income Statement Amounts          
Total revenues     647,514 624,811 $ 569,545
Other-than-temporary impairment     0 57,778 164,126
Loss from unconsolidated joint venture     (2,897) (98,032) (192,081)
Enlivant Joint Venture          
Income Statement Amounts          
Company’s share of net loss     (2,897) (32,581) (17,184)
Basis adjustments     0 7,673 10,771
Other-than-temporary impairment 57,800 $ 164,100 0 57,778 164,126
Loss from unconsolidated joint venture     (2,897) (98,032) (192,081)
Enlivant Joint Venture          
Balance Sheet Amounts          
Total assets 754,220   353,779 754,220  
Total liabilities 894,969   106,490 894,969  
Member’s equity (deficit) $ (140,749)   247,289 (140,749)  
Income Statement Amounts          
Total revenues     64,446 351,073 274,693
Operating expenses     47,811 324,462 265,194
Net loss     $ (9,823) (66,171) (35,276)
Funding payments beyond contractual requirements       $ 25,000 $ 20,000
v3.24.0.1
INVESTMENT IN REAL ESTATE PROPERTIES - Net Investment in Sales-Type Lease Narrative (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2023
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
property
Dec. 31, 2021
USD ($)
Real Estate Properties [Line Items]        
Net proceeds from sales-type lease   $ 25,490 $ 0 $ 0
Skilled Nursing/Transitional Care        
Real Estate Properties [Line Items]        
Net investment in sales type lease     $ 25,500  
Properties in sales-type | property     1  
Net proceeds from sales-type lease $ 25,500      
v3.24.0.1
IMPAIRMENT OF REAL ESTATE AND DISPOSITIONS - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
facility
Dec. 31, 2022
USD ($)
facility
Dec. 31, 2021
USD ($)
facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Impairment of real estate | $ $ 14,332 $ 94,042 $ 9,499
Sold | Facilities      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Number of real estate properties impaired | facility 3 10 3
v3.24.0.1
IMPAIRMENT OF REAL ESTATE AND DISPOSITIONS - Dispositions (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
facility
Dec. 31, 2022
USD ($)
facility
Dec. 31, 2021
USD ($)
facility
Dispositions:      
Number of facilities | facility 28 18 16
Consideration, net of closing costs $ 255.6 $ 87.3 $ 103.4
Net carrying value 332.2 99.3 92.1
Net (loss) gain on sale (76.6) (12.0) 11.3
Net income (loss) (80.9) (94.8) 21.5
Impairment upon disposal $ 7.1 $ 94.0 $ 9.5
Disposal group, not discontinued operations, gain (loss) on disposal, statement of income Net (loss) gain on sale    
v3.24.0.1
INTANGIBLE ASSETS AND LIABILITIES - Intangible Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Lease Intangible Assets:    
Gross lease intangible assets $ 67,550 $ 86,193
Accumulated amortization (36,653) (46,062)
Lease intangible assets, net 30,897 40,131
Lease Intangible Liabilities:    
Below market leases 68,573 80,208
Accumulated amortization (36,041) (37,964)
Lease intangible liabilities, net 32,532 42,244
Above market leases    
Lease Intangible Assets:    
Gross lease intangible assets 7,496 7,496
Tenant origination and absorption costs    
Lease Intangible Assets:    
Gross lease intangible assets 43,071 58,578
Tenant relationship    
Lease Intangible Assets:    
Gross lease intangible assets $ 16,983 $ 20,119
v3.24.0.1
INTANGIBLE ASSETS AND LIABILITIES - Real Estate Intangible Amortization (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Real estate intangible amortization income (expense)      
Increase (decrease) to rental income related to above/below market leases, net $ 5,821 $ 6,624 $ (13,512)
Depreciation and amortization related to tenant origination and absorption costs and tenant relationship $ (11,616) $ (17,591) (8,694)
Avamere | Above market leases      
Real estate intangible amortization income (expense)      
Accelerated amortization     $ 18,600
v3.24.0.1
INTANGIBLE ASSETS AND LIABILITIES - Remaining Unamortized Balance for Outstanding Intangible Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Lease Intangible Assets    
2023 $ 5,523  
2024 4,612  
2025 4,411  
2026 3,115  
2027 2,662  
Thereafter 10,574  
Lease intangible assets, net $ 30,897 $ 40,131
Weighted-average remaining amortization period 8 years 9 months 18 days  
Lease Intangible Liabilities    
2023 $ 5,690  
2024 5,139  
2025 4,884  
2026 4,442  
2027 4,296  
Thereafter 8,081  
Lease intangible liabilities, net $ 32,532 $ 42,244
Weighted-average remaining amortization period 6 years 6 months  
v3.24.0.1
LOANS RECEIVABLE AND OTHER INVESTMENTS - Composition of Loans Receivable and Other Investments (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
investment
loan
preferredEquityInvestment
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Loans Receivable:        
Quantity | loan 14      
Principal balance $ 372,873 $ 370,364    
Book Value 369,440 366,936    
Allowance for loan losses (6,665) (6,611) $ (6,344) $ (2,458)
Book Value $ 362,775 360,325    
Weighted Average Contractual Interest Rate / Rate of Return 7.70%      
Weighted Average Annualized Effective Interest Rate / Rate of Return 7.60%      
Other Investments:        
Quantity | preferredEquityInvestment 5      
Principal Balance $ 57,681 50,902    
Book Value $ 57,849 51,071    
Weighted Average Contractual Interest Rate / Rate of Return 11.00%      
Weighted Average Annualized Effective Interest Rate / Rate of Return 11.00%      
Total Quantity | investment 19      
Total Principal Balance $ 430,554      
Total Book Value $ 420,624 411,396    
Total weighted average contractual interest rate / rate of return 8.10%      
Total weighted average annualized effective interest rate / rate of return 8.10%      
Mortgage        
Loans Receivable:        
Quantity | loan 2      
Principal balance $ 319,000      
Book Value $ 319,000 319,000    
Weighted Average Contractual Interest Rate / Rate of Return 7.60%      
Weighted Average Annualized Effective Interest Rate / Rate of Return 7.60%      
Other        
Loans Receivable:        
Quantity | loan 12      
Principal balance $ 53,873      
Book Value $ 50,440 $ 47,936    
Weighted Average Contractual Interest Rate / Rate of Return 7.70%      
Weighted Average Annualized Effective Interest Rate / Rate of Return 7.40%      
v3.24.0.1
LOANS RECEIVABLE AND OTHER INVESTMENTS - Narrative (Details) - Future funding on investment
$ in Millions
Dec. 31, 2023
USD ($)
investment
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Future funding commitment | $ $ 0.5
Number of preferred equity investments for funding commitment | investment 1
v3.24.0.1
LOANS RECEIVABLE AND OTHER INVESTMENTS - Schedule of Additional Information Regarding the Company's Loans Receivable (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
loan
Dec. 31, 2022
USD ($)
loan
Dec. 31, 2021
USD ($)
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance at the beginning of the year $ 6,611 $ 6,344 $ 2,458
Provision for loan losses 192 267 3,886
Write-off of uncollectible balances (138) 0 0
Balance at the end of the year 6,665 6,611 $ 6,344
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Principal balance 372,873 370,364  
Book value $ 362,775 $ 360,325  
Nonaccrual status      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Number of loans receivable investments | loan 3 3  
Book value $ 0 $ 0  
Deteriorated credit quality      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Number of loans receivable investments | loan 1 1  
Principal balance $ 1,214 $ 1,214  
Book value $ 0 $ 0  
v3.24.0.1
DEBT - Secured Indebtedness (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Deferred financing costs $ 17,401  
Secured Debt    
Debt Instrument [Line Items]    
Deferred financing costs 842 $ 900
Secured Debt | Fixed Rate    
Debt Instrument [Line Items]    
Principal balance $ 48,143 $ 50,123
Weighted average interest rate (percent) 2.85%  
Weighted average effective interest rate (percent) 3.34%  
v3.24.0.1
DEBT - Secured Indebtedness Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
facility
Dec. 31, 2021
USD ($)
facility
Debt Instrument [Line Items]      
Repayments of fixed rate secured debt $ 1,979 $ 17,516 $ 12,661
Loss on extinguishment of debt $ 1,541 411 34,622
Secured Indebtedness      
Debt Instrument [Line Items]      
Repayments of fixed rate secured debt   $ 15,400 $ 9,800
Number of properties sold securing debt | facility   3 2
Loss on extinguishment of debt     $ 100
v3.24.0.1
DEBT - Senior Unsecured Notes (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Sep. 30, 2021
Oct. 07, 2019
Aug. 17, 2017
Debt Instrument [Line Items]          
Discount, net $ 4,258        
Deferred financing costs 17,401        
Senior Notes          
Debt Instrument [Line Items]          
Principal balance 1,750,000 $ 1,750,000      
Discount, net 4,258 3,500      
Deferred financing costs $ 10,489 12,000      
Weighted average effective interest rate (percent) 4.01%        
Senior Notes | 5.125% senior unsecured notes due 2026          
Debt Instrument [Line Items]          
Interest rate 5.125%       5.125%
Principal balance $ 500,000 500,000      
Senior Notes | 5.88% senior unsecured notes due 2027          
Debt Instrument [Line Items]          
Interest rate 5.88%       5.88%
Principal balance $ 100,000 100,000      
Senior Notes | 3.90% senior unsecured notes due 2029          
Debt Instrument [Line Items]          
Interest rate 3.90%     3.90%  
Principal balance $ 350,000 350,000      
Senior Notes | 3.20% senior unsecured notes due 2031          
Debt Instrument [Line Items]          
Interest rate 3.20%   3.20%    
Principal balance $ 800,000 $ 800,000      
v3.24.0.1
DEBT - Senior Unsecured Notes Narrative (Details) - USD ($)
 12 Months Ended
Oct. 07, 2021
Sep. 30, 2021
Oct. 07, 2019
May 29, 2019
Aug. 17, 2017
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Debt Instrument [Line Items]                
Proceeds from issuance of senior unsecured notes           $ 0 $ 0 $ 791,520,000
Loss on extinguishment of debt           1,541,000 411,000 34,622,000
Payments made to noteholders and legal fees for early redemption           0 0 30,196,000
Repayment of term loans           0 63,750,000 $ 455,000,000
Senior Notes                
Debt Instrument [Line Items]                
Aggregate principal amount           $ 1,750,000,000 $ 1,750,000,000  
Senior Notes | 4.80% senior unsecured notes due 2024                
Debt Instrument [Line Items]                
Interest rate       4.80%        
Aggregate principal amount       $ 300,000,000        
Proceeds from issuance of senior unsecured notes       $ 295,300,000        
Aggregate principal amount redeemed $ 300,000,000              
Redemption price (percent) 110.045%              
Loss on extinguishment of debt $ 32,700,000              
Write-offs associated with unamortized discount and deferred financing costs 2,500,000              
Payments made to noteholders and legal fees for early redemption $ 30,200,000              
Senior Notes | 5.125% senior unsecured notes due 2026                
Debt Instrument [Line Items]                
Interest rate         5.125% 5.125%    
Aggregate principal amount         $ 500,000,000      
Redemption price (percent)         100.00%      
Debt covenant, consolidated unencumbered total asset value to aggregate principal of unsecured debt           150.00%    
Senior Notes | 5.88% senior unsecured notes due 2027                
Debt Instrument [Line Items]                
Interest rate         5.88% 5.88%    
Aggregate principal amount         $ 100,000,000      
Redemption price (percent)         100.00%      
Senior Notes | 3.90% senior unsecured notes due 2029                
Debt Instrument [Line Items]                
Interest rate     3.90%     3.90%    
Aggregate principal amount     $ 350,000,000          
Proceeds from issuance of senior unsecured notes     $ 340,500,000          
Debt covenant, consolidated unencumbered total asset value to aggregate principal of unsecured debt           150.00%    
Senior Notes | 3.90% senior unsecured notes due 2029 | Redemption Period One                
Debt Instrument [Line Items]                
Redemption price (percent)     100.00%          
Senior Notes | 3.90% senior unsecured notes due 2029 | Redemption Period Two                
Debt Instrument [Line Items]                
Redemption price (percent)     100.00%          
Senior Notes | 5.375% senior unsecured notes due 2023                
Debt Instrument [Line Items]                
Interest rate     5.375%          
Aggregate principal amount redeemed     $ 200,000,000          
Senior Notes | 3.20% senior unsecured notes due 2031                
Debt Instrument [Line Items]                
Interest rate   3.20%       3.20%    
Aggregate principal amount   $ 800,000,000            
Proceeds from issuance of senior unsecured notes   $ 782,200,000            
Debt covenant, consolidated unencumbered total asset value to aggregate principal of unsecured debt           150.00%    
Senior Notes | 3.20% senior unsecured notes due 2031 | Redemption Period One                
Debt Instrument [Line Items]                
Redemption price (percent)   100.00%            
Senior Notes | 3.20% senior unsecured notes due 2031 | Redemption Period Two                
Debt Instrument [Line Items]                
Redemption price (percent)   100.00%            
U.S. dollar Term Loans                
Debt Instrument [Line Items]                
Repayment of term loans   $ 345,000,000            
v3.24.0.1
DEBT - Credit Agreement Narrative (Details)
 12 Months Ended
Jan. 04, 2023
USD ($)
extensionOption
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2023
CAD ($)
Jan. 04, 2023
CAD ($)
extensionOption
Sep. 09, 2019
USD ($)
Sep. 09, 2019
CAD ($)
Debt Instrument [Line Items]                
Loss on extinguishment of debt   $ 1,541,000 $ 411,000 $ 34,622,000        
Revolving credit facility   94,429,000 196,982,000          
Fifth Amended and Restated Credit Agreement                
Debt Instrument [Line Items]                
Deferred financing costs   18,100,000            
Fifth Amended and Restated Credit Agreement | U.S. dollar Term Loans                
Debt Instrument [Line Items]                
Loss on extinguishment of debt   $ 1,500,000 $ 400,000 $ 1,800,000        
Financial liabilities $ 430,000,000           $ 436,300,000  
Interest rate   6.73%     6.73%      
Weighted average effective interest rate (percent)   3.94%     3.94%      
Fifth Amended and Restated Credit Agreement | U.S. dollar Term Loans | Interest rate swaps                
Debt Instrument [Line Items]                
Financial liabilities   $ 430,000,000            
Fixed interest rate under swap   2.69%     2.69%      
Fifth Amended and Restated Credit Agreement | U.S. dollar Term Loans | Base Rate | Minimum                
Debt Instrument [Line Items]                
Basis spread on variable rate 0.00% 0.00%            
Fifth Amended and Restated Credit Agreement | U.S. dollar Term Loans | Base Rate | Maximum                
Debt Instrument [Line Items]                
Basis spread on variable rate 0.65% 0.65%            
Fifth Amended and Restated Credit Agreement | U.S. dollar Term Loans | LIBOR | Minimum                
Debt Instrument [Line Items]                
Basis spread on variable rate   0.85%            
Fifth Amended and Restated Credit Agreement | U.S. dollar Term Loans | LIBOR | Maximum                
Debt Instrument [Line Items]                
Basis spread on variable rate   1.65%            
Fifth Amended and Restated Credit Agreement | U.S. dollar Term Loans | SOFR | Minimum                
Debt Instrument [Line Items]                
Basis spread on variable rate 0.85%              
Fifth Amended and Restated Credit Agreement | U.S. dollar Term Loans | SOFR | Maximum                
Debt Instrument [Line Items]                
Basis spread on variable rate 1.65%              
Fifth Amended and Restated Credit Agreement | Canadian dollar Term Loan                
Debt Instrument [Line Items]                
Financial liabilities           $ 150,000,000   $ 125,000,000
Interest rate   6.71%     6.71%      
Weighted average effective interest rate (percent)   2.88%     2.88%      
Fifth Amended and Restated Credit Agreement | Canadian dollar Term Loan | Interest rate swaps                
Debt Instrument [Line Items]                
Financial liabilities         $ 150,000,000      
Fixed interest rate under swap   1.63%     1.63%      
Fifth Amended and Restated Credit Agreement | Canadian dollar Term Loan | CDOR | Minimum                
Debt Instrument [Line Items]                
Basis spread on variable rate 0.85% 0.85%            
Fifth Amended and Restated Credit Agreement | Canadian dollar Term Loan | CDOR | Maximum                
Debt Instrument [Line Items]                
Basis spread on variable rate 1.65% 1.65%            
Line of Credit | Fifth Amended and Restated Credit Agreement                
Debt Instrument [Line Items]                
Borrowing capacity $ 2,750,000,000           2,750,000,000  
Revolving Credit Facility | Fifth Amended and Restated Credit Agreement                
Debt Instrument [Line Items]                
Borrowing capacity $ 1,000,000,000           1,000,000,000  
Basis spread on variable rate 1.00%              
Borrowing capacity in certain foreign currencies $ 350,000,000           $ 175,000,000  
Number of extension options | extensionOption 2         2    
Extension period 6 months              
Revolving credit facility   $ 94,400,000     $ 44,300,000      
Available borrowing capacity   $ 905,600,000            
Interest rate   6.57%     6.57%      
Revolving Credit Facility | Fifth Amended and Restated Credit Agreement | Minimum                
Debt Instrument [Line Items]                
Annum percent unused borrowing fee 0.125% 0.125%            
Revolving Credit Facility | Fifth Amended and Restated Credit Agreement | Maximum                
Debt Instrument [Line Items]                
Annum percent unused borrowing fee 0.30% 0.30%            
Revolving Credit Facility | Fifth Amended and Restated Credit Agreement | Prime Rate                
Debt Instrument [Line Items]                
Basis spread on variable rate 0.50% 0.50%            
Revolving Credit Facility | Fifth Amended and Restated Credit Agreement | Base Rate                
Debt Instrument [Line Items]                
Basis spread on variable rate 1.00% 1.00%            
Revolving Credit Facility | Fifth Amended and Restated Credit Agreement | Base Rate | Minimum                
Debt Instrument [Line Items]                
Basis spread on variable rate 0.00% 0.00%            
Revolving Credit Facility | Fifth Amended and Restated Credit Agreement | Base Rate | Maximum                
Debt Instrument [Line Items]                
Basis spread on variable rate 0.45% 0.45%            
Revolving Credit Facility | Fifth Amended and Restated Credit Agreement | LIBOR | Minimum                
Debt Instrument [Line Items]                
Basis spread on variable rate   0.775%            
Revolving Credit Facility | Fifth Amended and Restated Credit Agreement | LIBOR | Maximum                
Debt Instrument [Line Items]                
Basis spread on variable rate   1.45%            
Revolving Credit Facility | Fifth Amended and Restated Credit Agreement | SOFR | Minimum                
Debt Instrument [Line Items]                
Basis spread on variable rate 0.775%              
Revolving Credit Facility | Fifth Amended and Restated Credit Agreement | SOFR | Maximum                
Debt Instrument [Line Items]                
Basis spread on variable rate 1.45%              
v3.24.0.1
DEBT - Interest Expense Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Debt Disclosure [Abstract]      
Interest expense $ 112,964 $ 105,471 $ 98,632
Non-cash interest expense 12,265 11,094 $ 8,368
Accrued interest $ 16,500 $ 18,200  
v3.24.0.1
DEBT - Schedule of Maturities for Outstanding Debt (Details)
$ in Thousands
Jan. 04, 2023
extensionOption
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Debt Instrument [Line Items]      
2024   $ 2,033  
2025   2,089  
2026   502,147  
2027   196,635  
2028   545,456  
Thereafter   1,187,402  
Total Debt   2,435,762  
Discount, net   (4,258)  
Deferred financing costs, net   (17,401)  
Total Debt, Net   2,414,103  
Revolving Credit Facility | Fifth Amended and Restated Credit Agreement      
Debt Instrument [Line Items]      
Number of extension options | extensionOption 2    
Extension period 6 months    
Secured Indebtedness      
Debt Instrument [Line Items]      
2024   2,033  
2025   2,089  
2026   2,147  
2027   2,206  
2028   2,266  
Thereafter   37,402  
Total Debt   48,143  
Discount, net   0  
Deferred financing costs, net   (842) $ (900)
Total Debt, Net   47,301  
Line of Credit      
Debt Instrument [Line Items]      
2024   0  
2025   0  
2026   0  
2027   94,429  
2028   0  
Thereafter   0  
Total Debt   94,429  
Discount, net   0  
Deferred financing costs, net   0  
Total Debt, Net   94,429  
Term Loans      
Debt Instrument [Line Items]      
2024   0  
2025   0  
2026   0  
2027   0  
2028   543,190  
Thereafter   0  
Total Debt   543,190  
Discount, net   0  
Deferred financing costs, net   (6,070)  
Total Debt, Net   537,120  
Senior Notes      
Debt Instrument [Line Items]      
2024   0  
2025   0  
2026   500,000  
2027   100,000  
2028   0  
Thereafter   1,150,000  
Total Debt   1,750,000  
Discount, net   (4,258) (3,500)
Deferred financing costs, net   (10,489) $ (12,000)
Total Debt, Net   $ 1,735,253  
v3.24.0.1
DERIVATIVE AND HEDGING INSTRUMENTS - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Derivative [Line Items]      
Fair value of derivatives in a net liability position $ 0 $ 0  
Credit risk-related contingent features      
Derivative [Line Items]      
Fair value of derivatives in a net liability position 0    
Designated as Hedging Instrument      
Derivative [Line Items]      
Fair value of derivatives in a net liability position 146,619,000 243,270,000  
Not Designated as Hedging Instrument | Cross currency interest rate swaps      
Derivative [Line Items]      
Other expense related to derivatives 18,000 100,000 $ 22,000
Cash Flow Hedges | Interest rate swaps      
Derivative [Line Items]      
Ineffectiveness on cash flow hedges 0 $ 0 $ 0
Cash Flow Hedges | Designated as Hedging Instrument      
Derivative [Line Items]      
Gains included in accumulated other comprehensive income expected to be reclassified into retained earnings in the next 12 months $ 6,900,000    
v3.24.0.1
DERIVATIVE AND HEDGING INSTRUMENTS - Notional Amounts of Derivative Instruments (Details)
Dec. 31, 2023
USD ($)
derivative
Dec. 31, 2023
CAD ($)
derivative
Dec. 31, 2022
USD ($)
Dec. 31, 2022
CAD ($)
Cash Flow Hedges | Designated as Hedging Instrument | Cross currency interest rate swaps        
Derivative [Line Items]        
Notional amount $ 753,750,000 $ 300,000,000 $ 436,250,000 $ 125,000,000
Cash Flow Hedges | Designated as Hedging Instrument | Interest rate swaps        
Derivative [Line Items]        
Number of derivative instruments held | derivative 2 2    
Cash Flow Hedges | Designated as Hedging Instrument | Interest Rate Swap One        
Derivative [Line Items]        
Notional amount $ 323,800,000      
Cash Flow Hedges | Designated as Hedging Instrument | Interest Rate Swap Two        
Derivative [Line Items]        
Notional amount   $ 150,000,000    
Net Investment Hedges | Designated as Hedging Instrument        
Derivative [Line Items]        
Notional amount   194,300,000   329,500,000
Net Investment Hedges | Designated as Hedging Instrument | Cross currency interest rate swaps        
Derivative [Line Items]        
Notional amount   55,335,000   55,991,000
Net Investment Hedges | Not Designated as Hedging Instrument | Cross currency interest rate swaps        
Derivative [Line Items]        
Notional amount   $ 965,000   $ 309,000
v3.24.0.1
DERIVATIVE AND HEDGING INSTRUMENTS - Summary of Derivative and Financial Instruments Designated as Hedging Instruments (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
instrument
Dec. 31, 2022
USD ($)
Assets:    
Fair Value $ 18,918 $ 21,477
Liabilities:    
Fair value $ 0 $ 0
Derivative liability, statement of financial position Revolving credit facility, Term loans, net Revolving credit facility, Term loans, net
Derivative asset, statement of financial position Accounts receivable, prepaid expenses and other assets, net Accounts receivable, prepaid expenses and other assets, net
Designated as Hedging Instrument    
Assets:    
Fair Value $ 18,918 $ 21,477
Liabilities:    
Fair value $ 146,619 243,270
Designated as Hedging Instrument | Interest rate swaps | Cash flow    
Assets:    
Count | instrument 5  
Fair Value $ 6,002 11,004
Designated as Hedging Instrument | Interest rate collars | Cash flow    
Assets:    
Count | instrument 2  
Fair Value   6,622
Designated as Hedging Instrument | Forward starting interest rate swaps | Cash flow    
Assets:    
Count | instrument 4  
Fair Value $ 6,736 0
Designated as Hedging Instrument | Cross currency interest rate swaps | Net investment    
Assets:    
Count | instrument 2  
Fair Value $ 2,964 3,851
Designated as Hedging Instrument | Currency Swap | Net investment | Revolving credit facility    
Liabilities:    
Count | instrument 1  
Fair value $ 33,429 150,982
Designated as Hedging Instrument | Currency Swap | Net investment | Term loans, net    
Liabilities:    
Count | instrument 1  
Fair value $ 113,190 $ 92,288
v3.24.0.1
DERIVATIVE AND HEDGING INSTRUMENTS - Effect of Derivative Financial Instruments on the Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Equity (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) recognized in other comprehensive income (loss) $ 6,531 $ 39,869 $ 16,798
Loss reclassified accumulated other comprehensive income (loss) into income 8,332 (4,179) (12,774)
Interest rate products      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) recognized in other comprehensive income (loss), cash flow hedges 13,116 22,032 17,408
Loss reclassified accumulated other comprehensive income (loss) into income, cash flow hedge 8,332 (4,179) (12,774)
Foreign currency products      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) recognized in other comprehensive income (loss), net investment hedges (664) 2,233 (272)
Loss reclassified accumulated other comprehensive income (loss) into income, net investment hedges 0 0 0
Currency Swap      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) recognized in other comprehensive income (loss), net investment hedges (2,465) 6,150 (338)
Loss reclassified accumulated other comprehensive income (loss) into income, net investment hedges 0 0 0
Currency Swap | Revolving Credit Facility      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) recognized in other comprehensive income (loss), net investment hedges (3,456) 9,454 0
Loss reclassified accumulated other comprehensive income (loss) into income, net investment hedges $ 0 $ 0 $ 0
v3.24.0.1
DERIVATIVE AND HEDGING INSTRUMENTS - Gross Presentation, Effects of Offsetting, and a Net Presentation of Derivatives (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Offsetting Assets:    
Gross Amounts of Recognized Assets $ 18,918 $ 21,477
Gross Amounts Offset in the Balance Sheet 0 0
Net Amounts of Assets presented in the Balance Sheet 18,918 21,477
Financial Instruments 0 0
Cash Collateral Received 0 0
Net Amount 18,918 21,477
Offsetting Liabilities:    
Gross Amounts of Recognized Liabilities 0 0
Gross Amounts Offset in the Balance Sheet 0 0
Net Amounts of Liabilities presented in the Balance Sheet 0 0
Financial Instruments 0 0
Cash Collateral Received 0 0
Net Amount $ 0 $ 0
v3.24.0.1
FAIR VALUE DISCLOSURES - Narrative (Details) - Discount Rate
Dec. 31, 2023
Minimum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Loans receivable, measurement input 0.06
Preferred equity investments, measurement input 0.10
Maximum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Loans receivable, measurement input 0.15
Preferred equity investments, measurement input 0.15
Weighted Average  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Loans receivable, measurement input 0.06
Preferred equity investments, measurement input 0.11
Secured Indebtedness | Weighted Average  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Debt, measurement input 0.06
v3.24.0.1
FAIR VALUE DISCLOSURES - Face Values, Carrying Amounts and Fair Values of Financial Instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Financial assets:    
Loans receivable $ 372,873 $ 370,364
Preferred equity investments 57,681 50,902
Senior Notes    
Financial liabilities:    
Financial liabilities 1,750,000 1,750,000
Secured Indebtedness    
Financial liabilities:    
Financial liabilities 48,143 50,123
Carrying Amount    
Financial assets:    
Loans receivable 362,775 360,325
Preferred equity investments 57,849 51,071
Carrying Amount | Senior Notes    
Financial liabilities:    
Financial liabilities 1,735,253 1,734,431
Carrying Amount | Secured Indebtedness    
Financial liabilities:    
Financial liabilities 47,301 49,232
Fair Value    
Financial assets:    
Loans receivable 383,141 370,188
Preferred equity investments 59,526 51,995
Fair Value | Senior Notes    
Financial liabilities:    
Financial liabilities 1,567,428 1,463,041
Fair Value | Secured Indebtedness    
Financial liabilities:    
Financial liabilities $ 36,279 $ 38,149
v3.24.0.1
FAIR VALUE DISCLOSURES - Fair Value of Financial Instruments (Details) - Recurring
$ in Thousands
Dec. 31, 2023
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Loans receivable $ 383,141
Preferred equity investments 59,526
Senior Notes  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Financial liabilities 1,567,428
Secured Indebtedness  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Financial liabilities 36,279
Quoted Prices in Active Markets for Identical Assets (Level 1)  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Loans receivable 0
Preferred equity investments 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Senior Notes  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Financial liabilities 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Secured Indebtedness  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Financial liabilities 0
Significant Other Observable Inputs (Level 2)  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Loans receivable 0
Preferred equity investments 0
Significant Other Observable Inputs (Level 2) | Senior Notes  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Financial liabilities 1,567,428
Significant Other Observable Inputs (Level 2) | Secured Indebtedness  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Financial liabilities 0
Significant Unobservable Inputs (Level 3)  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Loans receivable 383,141
Preferred equity investments 59,526
Significant Unobservable Inputs (Level 3) | Senior Notes  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Financial liabilities 0
Significant Unobservable Inputs (Level 3) | Secured Indebtedness  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Financial liabilities $ 36,279
v3.24.0.1
FAIR VALUE DISCLOSURES - Items Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets $ 18,918 $ 21,477
Recurring | Interest rate swaps    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 6,002  
Recurring | Interest rate collars    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 3,216  
Recurring | Forward starting interest rate swaps    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 6,736  
Recurring | Cross currency interest rate swaps    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 2,964  
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest rate swaps    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0  
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest rate collars    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0  
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Forward starting interest rate swaps    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0  
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Cross currency interest rate swaps    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0  
Recurring | Significant Other Observable Inputs (Level 2) | Interest rate swaps    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 6,002  
Recurring | Significant Other Observable Inputs (Level 2) | Interest rate collars    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 3,216  
Recurring | Significant Other Observable Inputs (Level 2) | Forward starting interest rate swaps    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 6,736  
Recurring | Significant Other Observable Inputs (Level 2) | Cross currency interest rate swaps    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 2,964  
Recurring | Significant Unobservable Inputs (Level 3) | Interest rate swaps    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0  
Recurring | Significant Unobservable Inputs (Level 3) | Interest rate collars    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0  
Recurring | Significant Unobservable Inputs (Level 3) | Forward starting interest rate swaps    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0  
Recurring | Significant Unobservable Inputs (Level 3) | Cross currency interest rate swaps    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets $ 0  
v3.24.0.1
EQUITY - Narrative (Details) - USD ($)
 10 Months Ended 12 Months Ended
Feb. 23, 2023
Oct. 15, 2021
Aug. 06, 2021
Dec. 11, 2019
Nov. 09, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Class of Stock [Line Items]                
Tax withholding obligations incurred on behalf of employees           $ 1,800,000 $ 3,300,000 $ 2,100,000
Restricted Stock Units                
Class of Stock [Line Items]                
Shares issued upon vesting (in shares)           300,000 600,000 200,000
2019 ATM Program                
Class of Stock [Line Items]                
Aggregate gross proceeds possible from sales of common stock under equity offering program       $ 400,000,000        
Shares issued (in shares)               2,200,000
Average price per share (in dollars per share)               $ 17.78
Proceeds from issuance of common stock               $ 38,800,000
Payments for stock issuance commissions               $ 600,000
2019 ATM Program - Forward Feature                
Class of Stock [Line Items]                
Shares issued (in shares)               7,900,000
Proceeds from issuance of common stock               $ 137,000,000
Shares allowed for forward feature of ATM Program (in shares)               6,800,000
Initial weighted average price (in dollars per share)               $ 17.49
2019 ATM Program - Forward Feature | Weighted Average                
Class of Stock [Line Items]                
Average price per share (in dollars per share)               $ 17.36
Prior ATM Program                
Class of Stock [Line Items]                
Aggregate gross proceeds possible from sales of common stock under equity offering program     $ 500,000,000          
Shares issued (in shares)               0
Prior ATM Program - Forward Feature                
Class of Stock [Line Items]                
Shares issued (in shares)         0     1,700,000
Average price per share (in dollars per share)               $ 14.23
Proceeds from issuance of common stock               $ 24,200,000
Shares allowed for forward feature of ATM Program (in shares)               1,700,000
Initial weighted average price (in dollars per share)               $ 14.56
Underwritten Public Offering                
Class of Stock [Line Items]                
Shares issued (in shares)   7,800,000            
Proceeds from issuance of common stock   $ 112,600,000            
Price per share (in dollars per share)   $ 14.40            
ATM Program                
Class of Stock [Line Items]                
Aggregate gross proceeds possible from sales of common stock under equity offering program $ 500,000,000              
Shares issued (in shares)           0    
Forward sale agreement term 1 year              
Amount available for issuance           $ 500,000,000    
v3.24.0.1
EQUITY - Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Accumulated other comprehensive income (loss) $ 2,802,534 $ 3,056,395 $ 3,379,530 $ 3,409,228
Total accumulated other comprehensive income        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Accumulated other comprehensive income (loss) 23,745 19,063 $ (10,021) $ (39,911)
Foreign currency translation gain        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Accumulated other comprehensive income (loss) 963 1,168    
Unrealized gain on cash flow hedges        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Accumulated other comprehensive income (loss) $ 22,782 $ 17,895    
v3.24.0.1
STOCK-BASED COMPENSATION - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total fair value of units vested $ 9,100 $ 5,700 $ 15,900
Stock-based compensation expense 7,917 7,453 7,914
Total unrecognized stock-based compensation expense $ 25,700    
Weighted average period for recognition of stock-based compensation expense 2 years 8 months 12 days    
Discretionary matching contribution (percent) 4.00%    
Matching contributions $ 300 $ 300 $ 300
Restricted Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares of common stock convertible upon each performance-based restricted stock unit vesting (in shares) 1    
Weighted average remaining vesting period 2 years 8 months 12 days    
Weighted average fair value per share at grant date (in dollars per share) $ 14.73 $ 12.78 $ 15.55
Restricted Stock Units | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 3 years    
Restricted Stock Units | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 5 years    
FFO Units | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting percentage 0.00%    
FFO Units | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting percentage 200.00%    
TSR Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Historical volatility rate period 3 years    
TSR Units | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting percentage 0.00%    
TSR Units | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting percentage 200.00%    
v3.24.0.1
STOCK-BASED COMPENSATION - Restricted Stock Units Activity (Details) - Restricted Stock Units - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Restricted Stock Units      
Unvested, beginning (in shares) 2,147,784    
Granted (in shares) 832,308    
Vested (in shares) (591,745)    
Dividends reinvested (in shares) 237,195    
Cancelled/forfeited (in shares) (156,275)    
Unvested, ending (in shares) 2,469,267 2,147,784  
Weighted Average Grant Date Fair Value Per Unit      
Unvested, beginning (in dollars per share) $ 15.07    
Granted (in dollars per share) 14.73 $ 12.78 $ 15.55
Vested (in dollars per share) 15.34    
Dividends reinvested (in dollars per share) 14.96    
Cancelled/forfeited (in dollars per share) 19.51    
Unvested, ending (in dollars per share) $ 14.61 $ 15.07  
v3.24.0.1
STOCK-BASED COMPENSATION - Assumptions Used in Total Stockholder Return-Based Stock Units Valuation (Details) - TSR Units
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Assumptions used in valuation      
Risk free interest rate, minimum 3.98% 0.99% 0.17%
Risk free interest rate, maximum 4.13% 4.13% 0.99%
Expected stock price volatility, minimum 30.17% 53.60% 53.17%
Expected stock price volatility, maximum 56.11% 56.11% 53.60%
Expected service period 3 years    
Expected dividend yield (assuming full reinvestment) 0.00% 0.00% 0.00%
Maximum      
Assumptions used in valuation      
Expected service period   3 years 3 years
v3.24.0.1
INCOME TAXES - Provision for Income Tax Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
Provision for federal, state and local income taxes $ 2,002 $ 1,234 $ 2,263
Provision (benefit) for foreign income taxes 0 8 (418)
Income tax expense $ 2,002 $ 1,242 $ 1,845
v3.24.0.1
INCOME TAXES - Deferred Taxes (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Deferred tax (liabilities):    
Deferred taxes, net $ 0 $ 0
Federal    
Deferred tax assets:    
Deferred tax assets 9,553 6,390
Valuation allowance (9,553) (6,390)
Foreign    
Deferred tax assets:    
Deferred tax assets 12,211 8,455
Valuation allowance (12,169) (8,430)
Deferred tax (liabilities):    
Deferred tax (liabilities) $ (42) $ (25)
v3.24.0.1
INCOME TAXES - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
Interest and penalties from significant uncertain tax positions $ 0 $ 0 $ 0
v3.24.0.1
EARNINGS PER COMMON SHARE - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Numerator      
Net income (loss) $ 13,756 $ (77,605) $ (113,256)
Denominator      
Basic weighted average common shares and common equivalents (in shares) 231,203,391 230,947,895 219,073,027
Dilutive restricted stock units (in shares) 1,589,387 0 0
Diluted weighted average common shares (in shares) 232,792,778 230,947,895 219,073,027
Net income (loss), per:      
Basic common share (in dollars per share) $ 0.06 $ (0.34) $ (0.52)
Diluted common share (in dollars per share) $ 0.06 $ (0.34) $ (0.52)
v3.24.0.1
EARNINGS PER COMMON SHARE - Narrative (Details) - shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Restricted Stock Units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Anti-dilutive securities not included in computation of diluted earnings per share (in shares) 500 900,000 1,000,000
Forward Equity Sale Agreements      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Anti-dilutive securities not included in computation of diluted earnings per share (in shares)   25,000  
v3.24.0.1
SUBSEQUENT EVENTS (Details) - $ / shares
 12 Months Ended
Feb. 01, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Subsequent Event        
Quarterly cash dividend declared on common stock (in dollars per share)   $ 1.20 $ 1.20 $ 1.20
Subsequent event        
Subsequent Event        
Quarterly cash dividend declared on common stock (in dollars per share) $ 0.30      
v3.24.0.1
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION - Summary of Real Estate Properties (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Real Estate and Accumulated Depreciation        
Encumbrances $ 48,143      
Initial Cost to Company        
Land  546,940      
Buildings and Improvements 4,831,080      
Total  5,378,020      
Cost Capitalized Subsequent to Acquisition 234,491      
Gross Amount at which Carried at Close of Period        
Land  546,598      
Building and Improvements 5,091,749      
Total  5,638,347 $ 5,872,688 $ 5,994,208 $ 5,966,695
Accumulated Depreciation and Amortization (1,021,086) (913,345) $ (831,324) $ (681,657)
Deferred financing costs, net 17,401      
Aggregate cost of real estate for federal income tax purposes 4,700,000      
Secured Debt        
Gross Amount at which Carried at Close of Period        
Deferred financing costs, net 842 $ 900    
Operating Segments        
Real Estate and Accumulated Depreciation        
Encumbrances 48,143      
Initial Cost to Company        
Land  546,940      
Buildings and Improvements 4,830,944      
Total  5,377,884      
Cost Capitalized Subsequent to Acquisition 232,080      
Gross Amount at which Carried at Close of Period        
Land  546,598      
Building and Improvements 5,089,202      
Total  5,635,800      
Accumulated Depreciation and Amortization (1,020,454)      
Corporate Assets        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land  0      
Buildings and Improvements 136      
Total  136      
Cost Capitalized Subsequent to Acquisition 2,411      
Gross Amount at which Carried at Close of Period        
Land  0      
Building and Improvements 2,547      
Total  2,547      
Accumulated Depreciation and Amortization (632)      
Skilled Nursing/Transitional Care        
Real Estate and Accumulated Depreciation        
Encumbrances 24,051      
Initial Cost to Company        
Land  328,000      
Buildings and Improvements 2,663,453      
Total  2,991,453      
Cost Capitalized Subsequent to Acquisition 91,777      
Gross Amount at which Carried at Close of Period        
Land  325,583      
Building and Improvements 2,725,278      
Total  3,050,861      
Accumulated Depreciation and Amortization (535,653)      
Skilled Nursing/Transitional Care | Bedford, NH        
Real Estate and Accumulated Depreciation        
Encumbrances 5,006      
Initial Cost to Company        
Land  1,911      
Buildings and Improvements 12,245      
Total  14,156      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,911      
Building and Improvements 10,546      
Total  12,457      
Accumulated Depreciation and Amortization $ (5,272)      
Life on Which Depreciation in Latest Income Statement is Computed 36 years      
Skilled Nursing/Transitional Care | Milford, NH        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  312      
Buildings and Improvements 1,679      
Total  1,991      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  312      
Building and Improvements 1,168      
Total  1,480      
Accumulated Depreciation and Amortization $ (986)      
Life on Which Depreciation in Latest Income Statement is Computed 20 years      
Skilled Nursing/Transitional Care | North Conway, NH        
Real Estate and Accumulated Depreciation        
Encumbrances $ 10,337      
Initial Cost to Company        
Land  417      
Buildings and Improvements 5,352      
Total  5,769      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  417      
Building and Improvements 4,374      
Total  4,791      
Accumulated Depreciation and Amortization $ (2,006)      
Life on Which Depreciation in Latest Income Statement is Computed 43 years      
Skilled Nursing/Transitional Care | Wolfeboro, NH        
Real Estate and Accumulated Depreciation        
Encumbrances $ 8,708      
Initial Cost to Company        
Land  454      
Buildings and Improvements 4,531      
Total  4,985      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  454      
Building and Improvements 3,747      
Total  4,201      
Accumulated Depreciation and Amortization $ (1,669)      
Life on Which Depreciation in Latest Income Statement is Computed 41 years      
Skilled Nursing/Transitional Care | Middletown, DE        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,650      
Buildings and Improvements 21,730      
Total  23,380      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,650      
Building and Improvements 21,730      
Total  23,380      
Accumulated Depreciation and Amortization $ (7,574)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Dover, DE        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  4,940      
Buildings and Improvements 15,500      
Total  20,440      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  4,940      
Building and Improvements 15,500      
Total  20,440      
Accumulated Depreciation and Amortization $ (5,676)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Wilmington, DE        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,460      
Buildings and Improvements 25,240      
Total  27,700      
Cost Capitalized Subsequent to Acquisition 12,436      
Gross Amount at which Carried at Close of Period        
Land  2,460      
Building and Improvements 37,676      
Total  40,136      
Accumulated Depreciation and Amortization $ (9,841)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Millsboro, DE        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,640      
Buildings and Improvements 22,620      
Total  24,260      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,632      
Building and Improvements 22,620      
Total  24,252      
Accumulated Depreciation and Amortization $ (8,095)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Warrington, PA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,617      
Buildings and Improvements 11,662      
Total  14,279      
Cost Capitalized Subsequent to Acquisition 395      
Gross Amount at which Carried at Close of Period        
Land  2,617      
Building and Improvements 288      
Total  2,905      
Accumulated Depreciation and Amortization $ 0      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Duffield, VA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  509      
Buildings and Improvements 5,018      
Total  5,527      
Cost Capitalized Subsequent to Acquisition 1,333      
Gross Amount at which Carried at Close of Period        
Land  509      
Building and Improvements 5,964      
Total  6,473      
Accumulated Depreciation and Amortization $ (2,388)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Arlington, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  3,783      
Buildings and Improvements 14,219      
Total  18,002      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  3,783      
Building and Improvements 13,702      
Total  17,485      
Accumulated Depreciation and Amortization $ (3,956)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Rockport, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,005      
Buildings and Improvements 6,628      
Total  7,633      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,005      
Building and Improvements 6,212      
Total  7,217      
Accumulated Depreciation and Amortization $ (1,824)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Lincoln, NE        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  6,368      
Buildings and Improvements 29,919      
Total  36,287      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  6,368      
Building and Improvements 29,919      
Total  36,287      
Accumulated Depreciation and Amortization $ (8,351)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Fremont, NE 1        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  615      
Buildings and Improvements 16,176      
Total  16,791      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  615      
Building and Improvements 16,176      
Total  16,791      
Accumulated Depreciation and Amortization $ (4,953)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Fremont, NE 2        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  615      
Buildings and Improvements 2,943      
Total  3,558      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  615      
Building and Improvements 2,943      
Total  3,558      
Accumulated Depreciation and Amortization $ (1,069)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Bartlesville, OK        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,332      
Buildings and Improvements 6,904      
Total  8,236      
Cost Capitalized Subsequent to Acquisition 986      
Gross Amount at which Carried at Close of Period        
Land  1,332      
Building and Improvements 7,890      
Total  9,222      
Accumulated Depreciation and Amortization $ (2,190)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Oklahoma City, OK        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,189      
Buildings and Improvements 23,567      
Total  25,756      
Cost Capitalized Subsequent to Acquisition 2,534      
Gross Amount at which Carried at Close of Period        
Land  2,189      
Building and Improvements 25,749      
Total  27,938      
Accumulated Depreciation and Amortization $ (6,639)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Norman, OK        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  869      
Buildings and Improvements 5,236      
Total  6,105      
Cost Capitalized Subsequent to Acquisition 785      
Gross Amount at which Carried at Close of Period        
Land  869      
Building and Improvements 6,021      
Total  6,890      
Accumulated Depreciation and Amortization $ (1,847)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Minneapolis, MN        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,931      
Buildings and Improvements 6,943      
Total  9,874      
Cost Capitalized Subsequent to Acquisition 1,190      
Gross Amount at which Carried at Close of Period        
Land  2,931      
Building and Improvements 7,999      
Total  10,930      
Accumulated Depreciation and Amortization $ (1,800)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Eugene, OR 1        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,205      
Buildings and Improvements 28,700      
Total  30,905      
Cost Capitalized Subsequent to Acquisition 2,252      
Gross Amount at which Carried at Close of Period        
Land  2,205      
Building and Improvements 30,952      
Total  33,157      
Accumulated Depreciation and Amortization $ (5,883)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Lebanon, OR        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  958      
Buildings and Improvements 14,176      
Total  15,134      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  958      
Building and Improvements 14,176      
Total  15,134      
Accumulated Depreciation and Amortization $ (2,427)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Portland, OR        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,791      
Buildings and Improvements 12,833      
Total  14,624      
Cost Capitalized Subsequent to Acquisition 2,761      
Gross Amount at which Carried at Close of Period        
Land  1,791      
Building and Improvements 15,594      
Total  17,385      
Accumulated Depreciation and Amortization $ (3,466)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Tigard, OR        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,011      
Buildings and Improvements 11,667      
Total  13,678      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  2,011      
Building and Improvements 11,667      
Total  13,678      
Accumulated Depreciation and Amortization $ (2,064)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Hillsboro, OR        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,387      
Buildings and Improvements 14,028      
Total  15,415      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,387      
Building and Improvements 14,028      
Total  15,415      
Accumulated Depreciation and Amortization $ (2,399)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Junction City, OR        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  584      
Buildings and Improvements 7,901      
Total  8,485      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  584      
Building and Improvements 7,901      
Total  8,485      
Accumulated Depreciation and Amortization $ (1,403)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Eugene, OR 2        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,380      
Buildings and Improvements 14,921      
Total  16,301      
Cost Capitalized Subsequent to Acquisition 1,791      
Gross Amount at which Carried at Close of Period        
Land  1,380      
Building and Improvements 16,712      
Total  18,092      
Accumulated Depreciation and Amortization $ (3,421)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Coos Bay, OR        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  829      
Buildings and Improvements 8,518      
Total  9,347      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  829      
Building and Improvements 8,518      
Total  9,347      
Accumulated Depreciation and Amortization $ (1,569)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Gladstone, OR        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  792      
Buildings and Improvements 5,000      
Total  5,792      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  792      
Building and Improvements 5,000      
Total  5,792      
Accumulated Depreciation and Amortization $ (907)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Newport, OR        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  406      
Buildings and Improvements 5,001      
Total  5,407      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  406      
Building and Improvements 5,001      
Total  5,407      
Accumulated Depreciation and Amortization $ (866)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Oregon City, OR        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,496      
Buildings and Improvements 12,142      
Total  13,638      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,496      
Building and Improvements 12,142      
Total  13,638      
Accumulated Depreciation and Amortization $ (2,076)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Tacoma, WA 1        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,771      
Buildings and Improvements 11,595      
Total  13,366      
Cost Capitalized Subsequent to Acquisition 15      
Gross Amount at which Carried at Close of Period        
Land  1,771      
Building and Improvements 11,610      
Total  13,381      
Accumulated Depreciation and Amortization $ (2,313)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Shoreline, WA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  4,703      
Buildings and Improvements 14,444      
Total  19,147      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  4,703      
Building and Improvements 14,444      
Total  19,147      
Accumulated Depreciation and Amortization $ (2,559)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Bellingham, WA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  0      
Buildings and Improvements 15,330      
Total  15,330      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  0      
Building and Improvements 15,330      
Total  15,330      
Accumulated Depreciation and Amortization $ (2,740)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Sequim, WA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  427      
Buildings and Improvements 4,450      
Total  4,877      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  427      
Building and Improvements 4,450      
Total  4,877      
Accumulated Depreciation and Amortization $ (954)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Tacoma, WA 2        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,705      
Buildings and Improvements 4,952      
Total  6,657      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,705      
Building and Improvements 4,952      
Total  6,657      
Accumulated Depreciation and Amortization $ (925)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Tacoma, WA 3        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,195      
Buildings and Improvements 1,956      
Total  4,151      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  2,195      
Building and Improvements 1,956      
Total  4,151      
Accumulated Depreciation and Amortization $ (484)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Vancouver, WA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,782      
Buildings and Improvements 15,116      
Total  16,898      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,782      
Building and Improvements 15,116      
Total  16,898      
Accumulated Depreciation and Amortization $ (2,798)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Lake Oswego, OR        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  5,947      
Buildings and Improvements 13,401      
Total  19,348      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  5,947      
Building and Improvements 13,401      
Total  19,348      
Accumulated Depreciation and Amortization $ (2,395)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Medford, OR 1        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,043      
Buildings and Improvements 38,485      
Total  40,528      
Cost Capitalized Subsequent to Acquisition 2,960      
Gross Amount at which Carried at Close of Period        
Land  2,043      
Building and Improvements 41,445      
Total  43,488      
Accumulated Depreciation and Amortization $ (7,773)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Seattle, WA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,508      
Buildings and Improvements 6,401      
Total  8,909      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  2,508      
Building and Improvements 6,401      
Total  8,909      
Accumulated Depreciation and Amortization $ (1,158)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Boise, ID        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  681      
Buildings and Improvements 9,348      
Total  10,029      
Cost Capitalized Subsequent to Acquisition 627      
Gross Amount at which Carried at Close of Period        
Land  681      
Building and Improvements 9,975      
Total  10,656      
Accumulated Depreciation and Amortization $ (1,774)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Salem, OR        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,114      
Buildings and Improvements 15,651      
Total  17,765      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  2,114      
Building and Improvements 15,651      
Total  17,765      
Accumulated Depreciation and Amortization $ (2,758)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Medford, OR 2        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,375      
Buildings and Improvements 23,808      
Total  25,183      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,375      
Building and Improvements 23,808      
Total  25,183      
Accumulated Depreciation and Amortization $ (4,231)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Northglenn, CO        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,662      
Buildings and Improvements 26,014      
Total  27,676      
Cost Capitalized Subsequent to Acquisition 3,258      
Gross Amount at which Carried at Close of Period        
Land  1,662      
Building and Improvements 29,272      
Total  30,934      
Accumulated Depreciation and Amortization $ (5,916)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Brighton, CO        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,933      
Buildings and Improvements 11,624      
Total  13,557      
Cost Capitalized Subsequent to Acquisition 200      
Gross Amount at which Carried at Close of Period        
Land  1,933      
Building and Improvements 11,824      
Total  13,757      
Accumulated Depreciation and Amortization $ (2,166)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Santa Ana, CA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,889      
Buildings and Improvements 11,682      
Total  13,571      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,889      
Building and Improvements 11,682      
Total  13,571      
Accumulated Depreciation and Amortization $ (1,947)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | La Mesa, CA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,276      
Buildings and Improvements 8,177      
Total  9,453      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,276      
Building and Improvements 8,177      
Total  9,453      
Accumulated Depreciation and Amortization $ (1,416)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Westminster, MD        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,128      
Buildings and Improvements 6,614      
Total  8,742      
Cost Capitalized Subsequent to Acquisition 487      
Gross Amount at which Carried at Close of Period        
Land  2,128      
Building and Improvements 6,978      
Total  9,106      
Accumulated Depreciation and Amortization $ (1,618)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Kansas City, MO        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,985      
Buildings and Improvements 2,714      
Total  4,699      
Cost Capitalized Subsequent to Acquisition 303      
Gross Amount at which Carried at Close of Period        
Land  1,714      
Building and Improvements 0      
Total  1,714      
Accumulated Depreciation and Amortization $ 0      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Parkersburg, WV        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  697      
Buildings and Improvements 10,688      
Total  11,385      
Cost Capitalized Subsequent to Acquisition 285      
Gross Amount at which Carried at Close of Period        
Land  697      
Building and Improvements 10,911      
Total  11,608      
Accumulated Depreciation and Amortization $ (2,428)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Cincinnati, OH        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,686      
Buildings and Improvements 10,062      
Total  12,748      
Cost Capitalized Subsequent to Acquisition 295      
Gross Amount at which Carried at Close of Period        
Land  2,686      
Building and Improvements 10,357      
Total  13,043      
Accumulated Depreciation and Amortization $ (2,058)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Charlottesville, VA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,840      
Buildings and Improvements 8,450      
Total  11,290      
Cost Capitalized Subsequent to Acquisition 1,176      
Gross Amount at which Carried at Close of Period        
Land  2,840      
Building and Improvements 9,523      
Total  12,363      
Accumulated Depreciation and Amortization $ (2,334)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Annandale, VA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  7,241      
Buildings and Improvements 17,727      
Total  24,968      
Cost Capitalized Subsequent to Acquisition 3,218      
Gross Amount at which Carried at Close of Period        
Land  7,241      
Building and Improvements 20,864      
Total  28,105      
Accumulated Depreciation and Amortization $ (4,579)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Petersburg, VA 1        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  988      
Buildings and Improvements 8,416      
Total  9,404      
Cost Capitalized Subsequent to Acquisition 146      
Gross Amount at which Carried at Close of Period        
Land  988      
Building and Improvements 8,478      
Total  9,466      
Accumulated Depreciation and Amortization $ (1,672)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Petersburg, VA 2        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,174      
Buildings and Improvements 8,858      
Total  10,032      
Cost Capitalized Subsequent to Acquisition 151      
Gross Amount at which Carried at Close of Period        
Land  1,174      
Building and Improvements 8,942      
Total  10,116      
Accumulated Depreciation and Amortization $ (1,749)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Hagerstown, MD        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,393      
Buildings and Improvements 13,438      
Total  14,831      
Cost Capitalized Subsequent to Acquisition 150      
Gross Amount at which Carried at Close of Period        
Land  1,393      
Building and Improvements 13,477      
Total  14,870      
Accumulated Depreciation and Amortization $ (2,501)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Cumberland, MD        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  800      
Buildings and Improvements 16,973      
Total  17,773      
Cost Capitalized Subsequent to Acquisition 457      
Gross Amount at which Carried at Close of Period        
Land  800      
Building and Improvements 17,305      
Total  18,105      
Accumulated Depreciation and Amortization $ (3,237)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Gilroy, CA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  662      
Buildings and Improvements 23,775      
Total  24,437      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  662      
Building and Improvements 23,775      
Total  24,437      
Accumulated Depreciation and Amortization $ (4,022)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Mount Pleasant, SC        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,689      
Buildings and Improvements 3,942      
Total  6,631      
Cost Capitalized Subsequent to Acquisition 205      
Gross Amount at which Carried at Close of Period        
Land  2,689      
Building and Improvements 4,147      
Total  6,836      
Accumulated Depreciation and Amortization $ (831)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Harrogate, TN        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,811      
Buildings and Improvements 4,963      
Total  6,774      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,811      
Building and Improvements 4,963      
Total  6,774      
Accumulated Depreciation and Amortization $ (1,054)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Conway, SC        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,408      
Buildings and Improvements 10,784      
Total  12,192      
Cost Capitalized Subsequent to Acquisition 295      
Gross Amount at which Carried at Close of Period        
Land  1,408      
Building and Improvements 11,079      
Total  12,487      
Accumulated Depreciation and Amortization $ (2,075)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Baytown, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  426      
Buildings and Improvements 3,236      
Total  3,662      
Cost Capitalized Subsequent to Acquisition 173      
Gross Amount at which Carried at Close of Period        
Land  426      
Building and Improvements 3,251      
Total  3,677      
Accumulated Depreciation and Amortization $ (683)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Huntsville, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  302      
Buildings and Improvements 3,153      
Total  3,455      
Cost Capitalized Subsequent to Acquisition 75      
Gross Amount at which Carried at Close of Period        
Land  302      
Building and Improvements 3,168      
Total  3,470      
Accumulated Depreciation and Amortization $ (644)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Center, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  231      
Buildings and Improvements 1,335      
Total  1,566      
Cost Capitalized Subsequent to Acquisition 312      
Gross Amount at which Carried at Close of Period        
Land  231      
Building and Improvements 1,477      
Total  1,708      
Accumulated Depreciation and Amortization $ (398)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Humble, TX 1        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,114      
Buildings and Improvements 1,643      
Total  3,757      
Cost Capitalized Subsequent to Acquisition 596      
Gross Amount at which Carried at Close of Period        
Land  2,114      
Building and Improvements 1,953      
Total  4,067      
Accumulated Depreciation and Amortization $ (571)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Houston, TX 1        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,019      
Buildings and Improvements 5,734      
Total  6,753      
Cost Capitalized Subsequent to Acquisition 318      
Gross Amount at which Carried at Close of Period        
Land  1,019      
Building and Improvements 5,807      
Total  6,826      
Accumulated Depreciation and Amortization $ (1,124)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Linden, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  112      
Buildings and Improvements 256      
Total  368      
Cost Capitalized Subsequent to Acquisition 133      
Gross Amount at which Carried at Close of Period        
Land  112      
Building and Improvements 280      
Total  392      
Accumulated Depreciation and Amortization $ (98)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Sherman, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  469      
Buildings and Improvements 6,310      
Total  6,779      
Cost Capitalized Subsequent to Acquisition 255      
Gross Amount at which Carried at Close of Period        
Land  469      
Building and Improvements 6,338      
Total  6,807      
Accumulated Depreciation and Amortization $ (1,188)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Mount Pleasant, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  250      
Buildings and Improvements 6,913      
Total  7,163      
Cost Capitalized Subsequent to Acquisition 345      
Gross Amount at which Carried at Close of Period        
Land  250      
Building and Improvements 7,160      
Total  7,410      
Accumulated Depreciation and Amortization $ (1,372)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Waxahachie, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  416      
Buildings and Improvements 7,259      
Total  7,675      
Cost Capitalized Subsequent to Acquisition 976      
Gross Amount at which Carried at Close of Period        
Land  416      
Building and Improvements 8,106      
Total  8,522      
Accumulated Depreciation and Amortization $ (1,618)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Gilmer, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  707      
Buildings and Improvements 4,552      
Total  5,259      
Cost Capitalized Subsequent to Acquisition 93      
Gross Amount at which Carried at Close of Period        
Land  707      
Building and Improvements 4,562      
Total  5,269      
Accumulated Depreciation and Amortization $ (910)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Sparks, NV        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,986      
Buildings and Improvements 9,004      
Total  10,990      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,986      
Building and Improvements 9,004      
Total  10,990      
Accumulated Depreciation and Amortization $ (1,714)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Richmond, IN        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  259      
Buildings and Improvements 9,819      
Total  10,078      
Cost Capitalized Subsequent to Acquisition 131      
Gross Amount at which Carried at Close of Period        
Land  259      
Building and Improvements 9,950      
Total  10,209      
Accumulated Depreciation and Amortization $ (1,856)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Petersburg, IN        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  581      
Buildings and Improvements 5,367      
Total  5,948      
Cost Capitalized Subsequent to Acquisition 23      
Gross Amount at which Carried at Close of Period        
Land  581      
Building and Improvements 5,390      
Total  5,971      
Accumulated Depreciation and Amortization $ (1,054)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Maryville, MO        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  114      
Buildings and Improvements 5,955      
Total  6,069      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  150      
Building and Improvements 5,955      
Total  6,105      
Accumulated Depreciation and Amortization $ (1,187)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Ashland, MO        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  765      
Buildings and Improvements 2,669      
Total  3,434      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  229      
Building and Improvements 628      
Total  857      
Accumulated Depreciation and Amortization $ 0      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | St. Louis, MO        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,071      
Buildings and Improvements 5,739      
Total  7,810      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  375      
Building and Improvements 818      
Total  1,193      
Accumulated Depreciation and Amortization $ 0      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Doniphan, MO        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  657      
Buildings and Improvements 8,251      
Total  8,908      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  657      
Building and Improvements 8,251      
Total  8,908      
Accumulated Depreciation and Amortization $ (1,551)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Dixon, MO        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  521      
Buildings and Improvements 3,358      
Total  3,879      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  521      
Building and Improvements 3,358      
Total  3,879      
Accumulated Depreciation and Amortization $ (684)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Forsyth, MO        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  594      
Buildings and Improvements 8,549      
Total  9,143      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  594      
Building and Improvements 8,549      
Total  9,143      
Accumulated Depreciation and Amortization $ (1,631)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Seymour, MO        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  658      
Buildings and Improvements 901      
Total  1,559      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  658      
Building and Improvements 901      
Total  1,559      
Accumulated Depreciation and Amortization $ (240)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Silex, MO        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  807      
Buildings and Improvements 4,990      
Total  5,797      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  807      
Building and Improvements 4,990      
Total  5,797      
Accumulated Depreciation and Amortization $ (965)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Columbia, MO        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,322      
Buildings and Improvements 6,547      
Total  8,869      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  2,322      
Building and Improvements 6,547      
Total  8,869      
Accumulated Depreciation and Amortization $ (1,287)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Strafford, MO        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,634      
Buildings and Improvements 6,518      
Total  8,152      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,634      
Building and Improvements 6,518      
Total  8,152      
Accumulated Depreciation and Amortization $ (1,253)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Windsor, MO        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  471      
Buildings and Improvements 6,819      
Total  7,290      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  471      
Building and Improvements 6,819      
Total  7,290      
Accumulated Depreciation and Amortization $ (1,188)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Conroe, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,222      
Buildings and Improvements 19,099      
Total  20,321      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,222      
Building and Improvements 19,099      
Total  20,321      
Accumulated Depreciation and Amortization $ (3,251)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Houston, TX 2        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,334      
Buildings and Improvements 11,615      
Total  12,949      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,334      
Building and Improvements 11,615      
Total  12,949      
Accumulated Depreciation and Amortization $ (2,060)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Humble, TX 2        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,541      
Buildings and Improvements 12,332      
Total  13,873      
Cost Capitalized Subsequent to Acquisition 645      
Gross Amount at which Carried at Close of Period        
Land  1,541      
Building and Improvements 12,977      
Total  14,518      
Accumulated Depreciation and Amortization $ (2,611)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Missouri City, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,825      
Buildings and Improvements 9,681      
Total  11,506      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,825      
Building and Improvements 9,681      
Total  11,506      
Accumulated Depreciation and Amortization $ (1,784)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Houston, TX 3        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,676      
Buildings and Improvements 7,396      
Total  10,072      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  2,676      
Building and Improvements 7,396      
Total  10,072      
Accumulated Depreciation and Amortization $ (1,394)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Houston, TX 4        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,732      
Buildings and Improvements 12,921      
Total  14,653      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,732      
Building and Improvements 12,921      
Total  14,653      
Accumulated Depreciation and Amortization $ (2,274)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Topeka, KS        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  176      
Buildings and Improvements 2,340      
Total  2,516      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  176      
Building and Improvements 2,340      
Total  2,516      
Accumulated Depreciation and Amortization $ (474)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Salina, KS        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  301      
Buildings and Improvements 4,201      
Total  4,502      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  301      
Building and Improvements 4,201      
Total  4,502      
Accumulated Depreciation and Amortization $ (814)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Terre Haute, IN        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,067      
Buildings and Improvements 7,061      
Total  8,128      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,067      
Building and Improvements 7,061      
Total  8,128      
Accumulated Depreciation and Amortization $ (1,286)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Gas City, IN        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  345      
Buildings and Improvements 8,852      
Total  9,197      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  345      
Building and Improvements 8,852      
Total  9,197      
Accumulated Depreciation and Amortization $ (1,536)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Winchester, IN        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  711      
Buildings and Improvements 5,554      
Total  6,265      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  711      
Building and Improvements 5,554      
Total  6,265      
Accumulated Depreciation and Amortization $ (1,016)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Columbus, IN        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,290      
Buildings and Improvements 10,714      
Total  12,004      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,290      
Building and Improvements 10,714      
Total  12,004      
Accumulated Depreciation and Amortization $ (1,868)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Portland, IN        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  315      
Buildings and Improvements 9,848      
Total  10,163      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  315      
Building and Improvements 9,848      
Total  10,163      
Accumulated Depreciation and Amortization $ (1,743)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Clinton, IN        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  884      
Buildings and Improvements 9,839      
Total  10,723      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  884      
Building and Improvements 9,839      
Total  10,723      
Accumulated Depreciation and Amortization $ (1,829)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Las Vegas, NV 1        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  509      
Buildings and Improvements 18,216      
Total  18,725      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  509      
Building and Improvements 18,216      
Total  18,725      
Accumulated Depreciation and Amortization $ (3,036)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Las Vegas, NV 2        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  3,169      
Buildings and Improvements 7,863      
Total  11,032      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  3,169      
Building and Improvements 7,863      
Total  11,032      
Accumulated Depreciation and Amortization $ (1,477)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Alameda, CA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  3,078      
Buildings and Improvements 22,328      
Total  25,406      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  3,078      
Building and Improvements 22,328      
Total  25,406      
Accumulated Depreciation and Amortization $ (3,806)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Dover, NH        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  522      
Buildings and Improvements 5,839      
Total  6,361      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  522      
Building and Improvements 5,839      
Total  6,361      
Accumulated Depreciation and Amortization $ (1,385)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Augusta, ME        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  135      
Buildings and Improvements 6,470      
Total  6,605      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  135      
Building and Improvements 6,470      
Total  6,605      
Accumulated Depreciation and Amortization $ (1,206)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Bangor, ME 1        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  302      
Buildings and Improvements 1,811      
Total  2,113      
Cost Capitalized Subsequent to Acquisition 2,211      
Gross Amount at which Carried at Close of Period        
Land  302      
Building and Improvements 4,021      
Total  4,323      
Accumulated Depreciation and Amortization $ (1,019)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Bath, ME        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  250      
Buildings and Improvements 1,934      
Total  2,184      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  250      
Building and Improvements 1,934      
Total  2,184      
Accumulated Depreciation and Amortization $ (402)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Brewer, ME        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  177      
Buildings and Improvements 14,497      
Total  14,674      
Cost Capitalized Subsequent to Acquisition 2,520      
Gross Amount at which Carried at Close of Period        
Land  177      
Building and Improvements 17,017      
Total  17,194      
Accumulated Depreciation and Amortization $ (3,371)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Kennebunk, ME        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  198      
Buildings and Improvements 6,822      
Total  7,020      
Cost Capitalized Subsequent to Acquisition 2,005      
Gross Amount at which Carried at Close of Period        
Land  198      
Building and Improvements 8,827      
Total  9,025      
Accumulated Depreciation and Amortization $ (1,634)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Norway, ME        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  791      
Buildings and Improvements 3,680      
Total  4,471      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  791      
Building and Improvements 3,680      
Total  4,471      
Accumulated Depreciation and Amortization $ (729)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Yarmouth, ME        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  134      
Buildings and Improvements 2,072      
Total  2,206      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  134      
Building and Improvements 2,072      
Total  2,206      
Accumulated Depreciation and Amortization $ (442)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Marlborough, MA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  942      
Buildings and Improvements 1,541      
Total  2,483      
Cost Capitalized Subsequent to Acquisition 8,727      
Gross Amount at which Carried at Close of Period        
Land  942      
Building and Improvements 10,268      
Total  11,210      
Accumulated Depreciation and Amortization $ (3,468)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Bangor, ME 2        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  229      
Buildings and Improvements 7,171      
Total  7,400      
Cost Capitalized Subsequent to Acquisition 511      
Gross Amount at which Carried at Close of Period        
Land  229      
Building and Improvements 7,682      
Total  7,911      
Accumulated Depreciation and Amortization $ (1,446)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Orange, CA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  4,163      
Buildings and Improvements 14,755      
Total  18,918      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  4,163      
Building and Improvements 14,755      
Total  18,918      
Accumulated Depreciation and Amortization $ (2,640)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Lancaster, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  548      
Buildings and Improvements 5,794      
Total  6,342      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  548      
Building and Improvements 5,794      
Total  6,342      
Accumulated Depreciation and Amortization $ (1,140)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Garland, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,118      
Buildings and Improvements 7,490      
Total  8,608      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,118      
Building and Improvements 7,490      
Total  8,608      
Accumulated Depreciation and Amortization $ (1,403)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Clarksville, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  279      
Buildings and Improvements 4,269      
Total  4,548      
Cost Capitalized Subsequent to Acquisition 100      
Gross Amount at which Carried at Close of Period        
Land  279      
Building and Improvements 4,369      
Total  4,648      
Accumulated Depreciation and Amortization $ (970)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | McKinney, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,272      
Buildings and Improvements 6,047      
Total  7,319      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,272      
Building and Improvements 6,047      
Total  7,319      
Accumulated Depreciation and Amortization $ (1,217)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Hopkins, MN        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  807      
Buildings and Improvements 4,668      
Total  5,475      
Cost Capitalized Subsequent to Acquisition 530      
Gross Amount at which Carried at Close of Period        
Land  807      
Building and Improvements 5,198      
Total  6,005      
Accumulated Depreciation and Amortization $ (1,418)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Florence, WI        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  291      
Buildings and Improvements 3,778      
Total  4,069      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  291      
Building and Improvements 3,778      
Total  4,069      
Accumulated Depreciation and Amortization $ (795)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | St. Francis, WI        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  166      
Buildings and Improvements 1,887      
Total  2,053      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  166      
Building and Improvements 1,887      
Total  2,053      
Accumulated Depreciation and Amortization $ (412)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Rochester, MN        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  645      
Buildings and Improvements 7,067      
Total  7,712      
Cost Capitalized Subsequent to Acquisition 178      
Gross Amount at which Carried at Close of Period        
Land  645      
Building and Improvements 7,245      
Total  7,890      
Accumulated Depreciation and Amortization $ (1,442)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Wisconsin Dells, WI        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,640      
Buildings and Improvements 1,599      
Total  3,239      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,640      
Building and Improvements 1,599      
Total  3,239      
Accumulated Depreciation and Amortization $ (453)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Sheboygan, WI        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,038      
Buildings and Improvements 2,839      
Total  3,877      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,038      
Building and Improvements 2,839      
Total  3,877      
Accumulated Depreciation and Amortization $ (681)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Hendersonville, NC        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,611      
Buildings and Improvements 3,503      
Total  5,114      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,611      
Building and Improvements 3,503      
Total  5,114      
Accumulated Depreciation and Amortization $ (774)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Baytown, TX 1        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  579      
Buildings and Improvements 22,317      
Total  22,896      
Cost Capitalized Subsequent to Acquisition 103      
Gross Amount at which Carried at Close of Period        
Land  579      
Building and Improvements 22,419      
Total  22,998      
Accumulated Depreciation and Amortization $ (3,865)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Baytown, TX 2        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  589      
Buildings and Improvements 20,475      
Total  21,064      
Cost Capitalized Subsequent to Acquisition 362      
Gross Amount at which Carried at Close of Period        
Land  589      
Building and Improvements 20,837      
Total  21,426      
Accumulated Depreciation and Amortization $ (3,830)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Houston, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,300      
Buildings and Improvements 13,353      
Total  14,653      
Cost Capitalized Subsequent to Acquisition 31      
Gross Amount at which Carried at Close of Period        
Land  1,300      
Building and Improvements 13,384      
Total  14,684      
Accumulated Depreciation and Amortization $ (2,475)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Pasadena, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,148      
Buildings and Improvements 23,579      
Total  24,727      
Cost Capitalized Subsequent to Acquisition 47      
Gross Amount at which Carried at Close of Period        
Land  1,148      
Building and Improvements 23,626      
Total  24,774      
Accumulated Depreciation and Amortization $ (4,142)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Webster, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  904      
Buildings and Improvements 10,315      
Total  11,219      
Cost Capitalized Subsequent to Acquisition 24      
Gross Amount at which Carried at Close of Period        
Land  904      
Building and Improvements 10,338      
Total  11,242      
Accumulated Depreciation and Amortization $ (1,958)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Beaumont, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  945      
Buildings and Improvements 20,424      
Total  21,369      
Cost Capitalized Subsequent to Acquisition 272      
Gross Amount at which Carried at Close of Period        
Land  945      
Building and Improvements 20,696      
Total  21,641      
Accumulated Depreciation and Amortization $ (3,634)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Orange, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  711      
Buildings and Improvements 10,737      
Total  11,448      
Cost Capitalized Subsequent to Acquisition 186      
Gross Amount at which Carried at Close of Period        
Land  711      
Building and Improvements 10,923      
Total  11,634      
Accumulated Depreciation and Amortization $ (2,014)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Huntsville, AL        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  634      
Buildings and Improvements 28,071      
Total  28,705      
Cost Capitalized Subsequent to Acquisition 19      
Gross Amount at which Carried at Close of Period        
Land  634      
Building and Improvements 28,089      
Total  28,723      
Accumulated Depreciation and Amortization $ (4,713)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Terre Haute, IN 1        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  644      
Buildings and Improvements 37,451      
Total  38,095      
Cost Capitalized Subsequent to Acquisition 59      
Gross Amount at which Carried at Close of Period        
Land  644      
Building and Improvements 37,511      
Total  38,155      
Accumulated Depreciation and Amortization $ (7,069)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Madison, TN        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  902      
Buildings and Improvements 3,850      
Total  4,752      
Cost Capitalized Subsequent to Acquisition 23      
Gross Amount at which Carried at Close of Period        
Land  902      
Building and Improvements 3,873      
Total  4,775      
Accumulated Depreciation and Amortization $ (886)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Savannah, GA 1        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,235      
Buildings and Improvements 3,765      
Total  5,000      
Cost Capitalized Subsequent to Acquisition 18      
Gross Amount at which Carried at Close of Period        
Land  1,235      
Building and Improvements 3,783      
Total  5,018      
Accumulated Depreciation and Amortization $ (908)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Bowling Green, KY        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  280      
Buildings and Improvements 13,975      
Total  14,255      
Cost Capitalized Subsequent to Acquisition 32      
Gross Amount at which Carried at Close of Period        
Land  280      
Building and Improvements 14,007      
Total  14,287      
Accumulated Depreciation and Amortization $ (2,597)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Calvert City, KY        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,176      
Buildings and Improvements 7,012      
Total  8,188      
Cost Capitalized Subsequent to Acquisition 25      
Gross Amount at which Carried at Close of Period        
Land  1,176      
Building and Improvements 7,037      
Total  8,213      
Accumulated Depreciation and Amortization $ (1,385)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Winchester, KY        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  554      
Buildings and Improvements 13,207      
Total  13,761      
Cost Capitalized Subsequent to Acquisition 43      
Gross Amount at which Carried at Close of Period        
Land  554      
Building and Improvements 13,250      
Total  13,804      
Accumulated Depreciation and Amortization $ (2,507)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Calhoun, KY        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  613      
Buildings and Improvements 7,643      
Total  8,256      
Cost Capitalized Subsequent to Acquisition 30      
Gross Amount at which Carried at Close of Period        
Land  613      
Building and Improvements 7,673      
Total  8,286      
Accumulated Depreciation and Amortization $ (1,551)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Bremen, IN        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  173      
Buildings and Improvements 7,393      
Total  7,566      
Cost Capitalized Subsequent to Acquisition 38      
Gross Amount at which Carried at Close of Period        
Land  173      
Building and Improvements 7,431      
Total  7,604      
Accumulated Depreciation and Amortization $ (1,373)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Muncie, IN        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  374      
Buildings and Improvements 27,429      
Total  27,803      
Cost Capitalized Subsequent to Acquisition 38      
Gross Amount at which Carried at Close of Period        
Land  374      
Building and Improvements 27,467      
Total  27,841      
Accumulated Depreciation and Amortization $ (4,710)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Lebanon, IN        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  612      
Buildings and Improvements 11,755      
Total  12,367      
Cost Capitalized Subsequent to Acquisition 39      
Gross Amount at which Carried at Close of Period        
Land  612      
Building and Improvements 11,794      
Total  12,406      
Accumulated Depreciation and Amortization $ (2,141)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Marietta, GA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  364      
Buildings and Improvements 16,116      
Total  16,480      
Cost Capitalized Subsequent to Acquisition 20      
Gross Amount at which Carried at Close of Period        
Land  364      
Building and Improvements 16,137      
Total  16,501      
Accumulated Depreciation and Amortization $ (3,004)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Danville, KY        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  790      
Buildings and Improvements 9,356      
Total  10,146      
Cost Capitalized Subsequent to Acquisition 32      
Gross Amount at which Carried at Close of Period        
Land  790      
Building and Improvements 9,388      
Total  10,178      
Accumulated Depreciation and Amortization $ (2,048)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Owensboro, KY        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,048      
Buildings and Improvements 22,587      
Total  23,635      
Cost Capitalized Subsequent to Acquisition 40      
Gross Amount at which Carried at Close of Period        
Land  1,048      
Building and Improvements 22,627      
Total  23,675      
Accumulated Depreciation and Amortization $ (4,031)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Memphis, TN        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,633      
Buildings and Improvements 9,371      
Total  11,004      
Cost Capitalized Subsequent to Acquisition 21      
Gross Amount at which Carried at Close of Period        
Land  1,633      
Building and Improvements 9,392      
Total  11,025      
Accumulated Depreciation and Amortization $ (1,832)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Norfolk, VA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  705      
Buildings and Improvements 16,451      
Total  17,156      
Cost Capitalized Subsequent to Acquisition 33      
Gross Amount at which Carried at Close of Period        
Land  705      
Building and Improvements 16,485      
Total  17,190      
Accumulated Depreciation and Amortization $ (3,322)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Harrodsburg, KY        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,049      
Buildings and Improvements 9,851      
Total  10,900      
Cost Capitalized Subsequent to Acquisition 21      
Gross Amount at which Carried at Close of Period        
Land  1,049      
Building and Improvements 9,872      
Total  10,921      
Accumulated Depreciation and Amortization $ (2,050)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Cookeville, TN        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,034      
Buildings and Improvements 15,555      
Total  16,589      
Cost Capitalized Subsequent to Acquisition 32      
Gross Amount at which Carried at Close of Period        
Land  1,034      
Building and Improvements 15,586      
Total  16,620      
Accumulated Depreciation and Amortization $ (2,841)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Washington Court House, OH        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  405      
Buildings and Improvements 4,839      
Total  5,244      
Cost Capitalized Subsequent to Acquisition 20      
Gross Amount at which Carried at Close of Period        
Land  405      
Building and Improvements 4,859      
Total  5,264      
Accumulated Depreciation and Amortization $ (1,049)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Galion, OH        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  836      
Buildings and Improvements 668      
Total  1,504      
Cost Capitalized Subsequent to Acquisition 14      
Gross Amount at which Carried at Close of Period        
Land  836      
Building and Improvements 683      
Total  1,519      
Accumulated Depreciation and Amortization $ (237)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Roanoke Rapids, NC        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  373      
Buildings and Improvements 10,308      
Total  10,681      
Cost Capitalized Subsequent to Acquisition 25      
Gross Amount at which Carried at Close of Period        
Land  373      
Building and Improvements 10,334      
Total  10,707      
Accumulated Depreciation and Amortization $ (2,070)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Kinston, NC        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  954      
Buildings and Improvements 7,987      
Total  8,941      
Cost Capitalized Subsequent to Acquisition 73      
Gross Amount at which Carried at Close of Period        
Land  954      
Building and Improvements 8,059      
Total  9,013      
Accumulated Depreciation and Amortization $ (1,807)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Chapel Hill, NC        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  809      
Buildings and Improvements 2,703      
Total  3,512      
Cost Capitalized Subsequent to Acquisition 1,191      
Gross Amount at which Carried at Close of Period        
Land  809      
Building and Improvements 3,893      
Total  4,702      
Accumulated Depreciation and Amortization $ (964)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Chillicothe, OH        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  260      
Buildings and Improvements 8,924      
Total  9,184      
Cost Capitalized Subsequent to Acquisition 19      
Gross Amount at which Carried at Close of Period        
Land  260      
Building and Improvements 8,943      
Total  9,203      
Accumulated Depreciation and Amortization $ (1,850)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Coshocton, OH        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  374      
Buildings and Improvements 2,530      
Total  2,904      
Cost Capitalized Subsequent to Acquisition 37      
Gross Amount at which Carried at Close of Period        
Land  374      
Building and Improvements 2,567      
Total  2,941      
Accumulated Depreciation and Amortization $ (715)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Pine Knot, KY        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  208      
Buildings and Improvements 7,665      
Total  7,873      
Cost Capitalized Subsequent to Acquisition 23      
Gross Amount at which Carried at Close of Period        
Land  208      
Building and Improvements 7,689      
Total  7,897      
Accumulated Depreciation and Amortization $ (1,447)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Bardstown, KY        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  634      
Buildings and Improvements 4,094      
Total  4,728      
Cost Capitalized Subsequent to Acquisition 16      
Gross Amount at which Carried at Close of Period        
Land  634      
Building and Improvements 4,110      
Total  4,744      
Accumulated Depreciation and Amortization $ (903)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Glasgow, KY        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  83      
Buildings and Improvements 2,057      
Total  2,140      
Cost Capitalized Subsequent to Acquisition 28      
Gross Amount at which Carried at Close of Period        
Land  83      
Building and Improvements 2,086      
Total  2,169      
Accumulated Depreciation and Amortization $ (552)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Carrollton, KY        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  124      
Buildings and Improvements 1,693      
Total  1,817      
Cost Capitalized Subsequent to Acquisition 21      
Gross Amount at which Carried at Close of Period        
Land  124      
Building and Improvements 1,714      
Total  1,838      
Accumulated Depreciation and Amortization $ (476)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Horse Cave, KY        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  208      
Buildings and Improvements 7,070      
Total  7,278      
Cost Capitalized Subsequent to Acquisition 38      
Gross Amount at which Carried at Close of Period        
Land  208      
Building and Improvements 7,108      
Total  7,316      
Accumulated Depreciation and Amortization $ (1,460)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Lawrenceburg, KY        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  635      
Buildings and Improvements 9,861      
Total  10,496      
Cost Capitalized Subsequent to Acquisition 17      
Gross Amount at which Carried at Close of Period        
Land  635      
Building and Improvements 9,879      
Total  10,514      
Accumulated Depreciation and Amortization $ (1,887)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Annville, KY        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  479      
Buildings and Improvements 6,078      
Total  6,557      
Cost Capitalized Subsequent to Acquisition 17      
Gross Amount at which Carried at Close of Period        
Land  479      
Building and Improvements 6,095      
Total  6,574      
Accumulated Depreciation and Amortization $ (1,140)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Louisville, KY 1        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  3,528      
Buildings and Improvements 4,653      
Total  8,181      
Cost Capitalized Subsequent to Acquisition 24      
Gross Amount at which Carried at Close of Period        
Land  3,528      
Building and Improvements 4,677      
Total  8,205      
Accumulated Depreciation and Amortization $ (1,095)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Louisville, KY 2        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,207      
Buildings and Improvements 20,733      
Total  22,940      
Cost Capitalized Subsequent to Acquisition 29      
Gross Amount at which Carried at Close of Period        
Land  2,207      
Building and Improvements 20,761      
Total  22,968      
Accumulated Depreciation and Amortization $ (3,667)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Tompkinsville, KY        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  333      
Buildings and Improvements 9,556      
Total  9,889      
Cost Capitalized Subsequent to Acquisition 26      
Gross Amount at which Carried at Close of Period        
Land  333      
Building and Improvements 9,582      
Total  9,915      
Accumulated Depreciation and Amortization $ (1,809)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Radcliff, KY        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,815      
Buildings and Improvements 7,470      
Total  9,285      
Cost Capitalized Subsequent to Acquisition 34      
Gross Amount at which Carried at Close of Period        
Land  1,815      
Building and Improvements 7,504      
Total  9,319      
Accumulated Depreciation and Amortization $ (1,793)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Hartford, KY        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  312      
Buildings and Improvements 8,189      
Total  8,501      
Cost Capitalized Subsequent to Acquisition 21      
Gross Amount at which Carried at Close of Period        
Land  312      
Building and Improvements 8,210      
Total  8,522      
Accumulated Depreciation and Amortization $ (1,583)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Louisville, KY 3        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  427      
Buildings and Improvements 6,003      
Total  6,430      
Cost Capitalized Subsequent to Acquisition 21      
Gross Amount at which Carried at Close of Period        
Land  427      
Building and Improvements 6,023      
Total  6,450      
Accumulated Depreciation and Amortization $ (1,237)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Louisville, KY 4        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,134      
Buildings and Improvements 9,166      
Total  10,300      
Cost Capitalized Subsequent to Acquisition 28      
Gross Amount at which Carried at Close of Period        
Land  1,134      
Building and Improvements 9,194      
Total  10,328      
Accumulated Depreciation and Amortization $ (1,938)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Lexington, KY        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,558      
Buildings and Improvements 4,311      
Total  6,869      
Cost Capitalized Subsequent to Acquisition 51      
Gross Amount at which Carried at Close of Period        
Land  2,558      
Building and Improvements 4,361      
Total  6,919      
Accumulated Depreciation and Amortization $ (998)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Columbia, KY        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  114      
Buildings and Improvements 11,141      
Total  11,255      
Cost Capitalized Subsequent to Acquisition 28      
Gross Amount at which Carried at Close of Period        
Land  114      
Building and Improvements 11,169      
Total  11,283      
Accumulated Depreciation and Amortization $ (2,063)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Monticello, AR        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  206      
Buildings and Improvements 3,179      
Total  3,385      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  206      
Building and Improvements 3,179      
Total  3,385      
Accumulated Depreciation and Amortization $ (704)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Benton, AR        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,336      
Buildings and Improvements 7,386      
Total  8,722      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,336      
Building and Improvements 7,386      
Total  8,722      
Accumulated Depreciation and Amortization $ (1,493)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Wynne, AR        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  227      
Buildings and Improvements 4,007      
Total  4,234      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  227      
Building and Improvements 4,007      
Total  4,234      
Accumulated Depreciation and Amortization $ (818)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Morrilton, AR        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  412      
Buildings and Improvements 2,642      
Total  3,054      
Cost Capitalized Subsequent to Acquisition 3,038      
Gross Amount at which Carried at Close of Period        
Land  467      
Building and Improvements 5,680      
Total  6,147      
Accumulated Depreciation and Amortization $ (936)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Bryant, AR        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  819      
Buildings and Improvements 8,938      
Total  9,757      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  819      
Building and Improvements 8,938      
Total  9,757      
Accumulated Depreciation and Amortization $ (1,609)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Savannah, GA 2        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,194      
Buildings and Improvements 11,711      
Total  13,905      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  2,194      
Building and Improvements 11,711      
Total  13,905      
Accumulated Depreciation and Amortization $ (2,080)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Durham, NC        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  470      
Buildings and Improvements 9,633      
Total  10,103      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  470      
Building and Improvements 9,633      
Total  10,103      
Accumulated Depreciation and Amortization $ (1,695)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Raleigh, NC 1        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,155      
Buildings and Improvements 11,749      
Total  12,904      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,155      
Building and Improvements 11,749      
Total  12,904      
Accumulated Depreciation and Amortization $ (2,117)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Raleigh, NC 2        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  926      
Buildings and Improvements 17,649      
Total  18,575      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  926      
Building and Improvements 17,649      
Total  18,575      
Accumulated Depreciation and Amortization $ (3,125)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Wilmington, NC        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  611      
Buildings and Improvements 5,051      
Total  5,662      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  611      
Building and Improvements 5,051      
Total  5,662      
Accumulated Depreciation and Amortization $ (1,015)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Winston-Salem, NC        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  879      
Buildings and Improvements 3,283      
Total  4,162      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  879      
Building and Improvements 3,283      
Total  4,162      
Accumulated Depreciation and Amortization $ (753)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Lincolnton, NC        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  0      
Buildings and Improvements 9,967      
Total  9,967      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  0      
Building and Improvements 9,967      
Total  9,967      
Accumulated Depreciation and Amortization $ (1,803)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Monroe, NC        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  166      
Buildings and Improvements 5,906      
Total  6,072      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  166      
Building and Improvements 5,906      
Total  6,072      
Accumulated Depreciation and Amortization $ (1,189)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Zebulon, NC        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  594      
Buildings and Improvements 8,559      
Total  9,153      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  594      
Building and Improvements 8,559      
Total  9,153      
Accumulated Depreciation and Amortization $ (1,486)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Rocky Mount, NC        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  0      
Buildings and Improvements 18,314      
Total  18,314      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  0      
Building and Improvements 18,314      
Total  18,314      
Accumulated Depreciation and Amortization $ (3,123)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | DeSoto, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  942      
Buildings and Improvements 6,033      
Total  6,975      
Cost Capitalized Subsequent to Acquisition 320      
Gross Amount at which Carried at Close of Period        
Land  942      
Building and Improvements 6,353      
Total  7,295      
Accumulated Depreciation and Amortization $ (1,236)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Trinity, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  363      
Buildings and Improvements 3,852      
Total  4,215      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  363      
Building and Improvements 3,852      
Total  4,215      
Accumulated Depreciation and Amortization $ (822)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Kirbyville, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  208      
Buildings and Improvements 5,809      
Total  6,017      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  208      
Building and Improvements 5,809      
Total  6,017      
Accumulated Depreciation and Amortization $ (1,186)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Marshall, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  732      
Buildings and Improvements 4,288      
Total  5,020      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  732      
Building and Improvements 4,288      
Total  5,020      
Accumulated Depreciation and Amortization $ (901)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Warren, MI        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,052      
Buildings and Improvements 25,539      
Total  27,591      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  2,052      
Building and Improvements 25,539      
Total  27,591      
Accumulated Depreciation and Amortization $ (5,009)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Hamburg, NY        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,026      
Buildings and Improvements 54,086      
Total  55,112      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,026      
Building and Improvements 54,086      
Total  55,112      
Accumulated Depreciation and Amortization $ (9,273)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | East Patchogue, NY        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,181      
Buildings and Improvements 30,373      
Total  32,554      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  2,181      
Building and Improvements 30,373      
Total  32,554      
Accumulated Depreciation and Amortization $ (5,478)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Williamsville, NY        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,122      
Buildings and Improvements 46,413      
Total  47,535      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,122      
Building and Improvements 46,413      
Total  47,535      
Accumulated Depreciation and Amortization $ (7,814)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Cheektowaga, NY        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,164      
Buildings and Improvements 29,905      
Total  31,069      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,164      
Building and Improvements 29,905      
Total  31,069      
Accumulated Depreciation and Amortization $ (5,335)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | North Tonawanda, NY        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  830      
Buildings and Improvements 29,488      
Total  30,318      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  830      
Building and Improvements 29,488      
Total  30,318      
Accumulated Depreciation and Amortization $ (5,259)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | West Seneca, NY        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,325      
Buildings and Improvements 26,839      
Total  28,164      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,325      
Building and Improvements 26,839      
Total  28,164      
Accumulated Depreciation and Amortization $ (4,698)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Beverly, MA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,410      
Buildings and Improvements 13,588      
Total  15,998      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  2,410      
Building and Improvements 13,588      
Total  15,998      
Accumulated Depreciation and Amortization $ (3,199)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Lancaster, MA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  343      
Buildings and Improvements 7,733      
Total  8,076      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  343      
Building and Improvements 7,733      
Total  8,076      
Accumulated Depreciation and Amortization $ (1,407)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | New London, CT        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  505      
Buildings and Improvements 2,248      
Total  2,753      
Cost Capitalized Subsequent to Acquisition 48      
Gross Amount at which Carried at Close of Period        
Land  505      
Building and Improvements 2,296      
Total  2,801      
Accumulated Depreciation and Amortization $ (712)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Enfield, CT        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  437      
Buildings and Improvements 16,461      
Total  16,898      
Cost Capitalized Subsequent to Acquisition 231      
Gross Amount at which Carried at Close of Period        
Land  437      
Building and Improvements 16,693      
Total  17,130      
Accumulated Depreciation and Amortization $ (3,085)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Quincy, MA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  894      
Buildings and Improvements 904      
Total  1,798      
Cost Capitalized Subsequent to Acquisition 129      
Gross Amount at which Carried at Close of Period        
Land  894      
Building and Improvements 1,033      
Total  1,927      
Accumulated Depreciation and Amortization $ (335)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Fishkill, NY        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  964      
Buildings and Improvements 30,107      
Total  31,071      
Cost Capitalized Subsequent to Acquisition 421      
Gross Amount at which Carried at Close of Period        
Land  964      
Building and Improvements 30,518      
Total  31,482      
Accumulated Depreciation and Amortization $ (5,495)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Highland, NY        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  4,371      
Buildings and Improvements 11,473      
Total  15,844      
Cost Capitalized Subsequent to Acquisition 260      
Gross Amount at which Carried at Close of Period        
Land  4,371      
Building and Improvements 11,733      
Total  16,104      
Accumulated Depreciation and Amortization $ (2,252)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Beacon, NY        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  0      
Buildings and Improvements 25,400      
Total  25,400      
Cost Capitalized Subsequent to Acquisition 267      
Gross Amount at which Carried at Close of Period        
Land  0      
Building and Improvements 25,666      
Total  25,666      
Accumulated Depreciation and Amortization $ (4,802)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Springfield, MA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  817      
Buildings and Improvements 11,357      
Total  12,174      
Cost Capitalized Subsequent to Acquisition 386      
Gross Amount at which Carried at Close of Period        
Land  817      
Building and Improvements 11,743      
Total  12,560      
Accumulated Depreciation and Amortization $ (2,094)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Andover, MA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,123      
Buildings and Improvements 5,383      
Total  7,506      
Cost Capitalized Subsequent to Acquisition 18      
Gross Amount at which Carried at Close of Period        
Land  2,123      
Building and Improvements 5,401      
Total  7,524      
Accumulated Depreciation and Amortization $ (1,131)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Reading, MA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,534      
Buildings and Improvements 5,221      
Total  6,755      
Cost Capitalized Subsequent to Acquisition 540      
Gross Amount at which Carried at Close of Period        
Land  1,534      
Building and Improvements 5,760      
Total  7,294      
Accumulated Depreciation and Amortization $ (1,216)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Sudbury, MA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,017      
Buildings and Improvements 3,458      
Total  5,475      
Cost Capitalized Subsequent to Acquisition 421      
Gross Amount at which Carried at Close of Period        
Land  2,017      
Building and Improvements 3,879      
Total  5,896      
Accumulated Depreciation and Amortization $ (922)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Lowell, MA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,335      
Buildings and Improvements 9,019      
Total  10,354      
Cost Capitalized Subsequent to Acquisition 489      
Gross Amount at which Carried at Close of Period        
Land  1,335      
Building and Improvements 9,508      
Total  10,843      
Accumulated Depreciation and Amortization $ (1,847)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Worcester, MA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  945      
Buildings and Improvements 8,770      
Total  9,715      
Cost Capitalized Subsequent to Acquisition 50      
Gross Amount at which Carried at Close of Period        
Land  945      
Building and Improvements 8,820      
Total  9,765      
Accumulated Depreciation and Amortization $ (1,693)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | W. Springfield, MA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,022      
Buildings and Improvements 7,345      
Total  9,367      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  2,022      
Building and Improvements 7,345      
Total  9,367      
Accumulated Depreciation and Amortization $ (1,556)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | East Longmeadow, MA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,968      
Buildings and Improvements 8,957      
Total  11,925      
Cost Capitalized Subsequent to Acquisition 790      
Gross Amount at which Carried at Close of Period        
Land  2,968      
Building and Improvements 9,748      
Total  12,716      
Accumulated Depreciation and Amortization $ (2,055)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Long Beach, CA 1        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,939      
Buildings and Improvements 11,782      
Total  14,721      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  2,939      
Building and Improvements 11,690      
Total  14,629      
Accumulated Depreciation and Amortization $ (2,246)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Anaheim, CA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,044      
Buildings and Improvements 14,167      
Total  16,211      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  2,044      
Building and Improvements 14,167      
Total  16,211      
Accumulated Depreciation and Amortization $ (2,643)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Fairfield, CA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  586      
Buildings and Improvements 23,582      
Total  24,168      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  586      
Building and Improvements 23,582      
Total  24,168      
Accumulated Depreciation and Amortization $ (4,095)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Baldwin Park, CA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,270      
Buildings and Improvements 17,063      
Total  19,333      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  2,270      
Building and Improvements 17,063      
Total  19,333      
Accumulated Depreciation and Amortization $ (3,126)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Grand Terrace, CA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  432      
Buildings and Improvements 9,382      
Total  9,814      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  432      
Building and Improvements 9,382      
Total  9,814      
Accumulated Depreciation and Amortization $ (1,732)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Pacifica, CA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,510      
Buildings and Improvements 27,397      
Total  28,907      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,510      
Building and Improvements 27,397      
Total  28,907      
Accumulated Depreciation and Amortization $ (4,692)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Burien, WA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  823      
Buildings and Improvements 17,431      
Total  18,254      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  826      
Building and Improvements 17,431      
Total  18,257      
Accumulated Depreciation and Amortization $ (3,145)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Seattle, WA 1        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  4,802      
Buildings and Improvements 7,927      
Total  12,729      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  4,802      
Building and Improvements 7,927      
Total  12,729      
Accumulated Depreciation and Amortization $ (1,604)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Huntington Bch, CA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,312      
Buildings and Improvements 9,885      
Total  12,197      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  2,312      
Building and Improvements 9,885      
Total  12,197      
Accumulated Depreciation and Amortization $ (1,817)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Chatsworth, CA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  7,841      
Buildings and Improvements 16,916      
Total  24,757      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  7,841      
Building and Improvements 16,916      
Total  24,757      
Accumulated Depreciation and Amortization $ (3,239)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Woodland, CA 1        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  504      
Buildings and Improvements 7,369      
Total  7,873      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  504      
Building and Improvements 7,369      
Total  7,873      
Accumulated Depreciation and Amortization $ (1,425)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Danville, CA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,491      
Buildings and Improvements 17,157      
Total  18,648      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,491      
Building and Improvements 17,157      
Total  18,648      
Accumulated Depreciation and Amortization $ (3,074)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Van Nuys, CA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,456      
Buildings and Improvements 16,462      
Total  18,918      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  2,456      
Building and Improvements 16,462      
Total  18,918      
Accumulated Depreciation and Amortization $ (2,841)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Lomita, CA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,743      
Buildings and Improvements 14,734      
Total  17,477      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  2,743      
Building and Improvements 14,734      
Total  17,477      
Accumulated Depreciation and Amortization $ (2,763)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Sacramento, CA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,846      
Buildings and Improvements 17,962      
Total  20,808      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  2,846      
Building and Improvements 17,962      
Total  20,808      
Accumulated Depreciation and Amortization $ (3,178)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Issaquah, WA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  10,125      
Buildings and Improvements 7,771      
Total  17,896      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  10,125      
Building and Improvements 7,771      
Total  17,896      
Accumulated Depreciation and Amortization $ (1,653)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Long Beach, CA 2        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  3,157      
Buildings and Improvements 22,067      
Total  25,224      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  3,157      
Building and Improvements 22,067      
Total  25,224      
Accumulated Depreciation and Amortization $ (4,001)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Long Beach, CA 3        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,857      
Buildings and Improvements 5,878      
Total  8,735      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  2,857      
Building and Improvements 5,878      
Total  8,735      
Accumulated Depreciation and Amortization $ (1,150)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Lodi, CA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  812      
Buildings and Improvements 21,059      
Total  21,871      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  812      
Building and Improvements 21,059      
Total  21,871      
Accumulated Depreciation and Amortization $ (3,553)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Riverside, CA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,717      
Buildings and Improvements 13,806      
Total  15,523      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,717      
Building and Improvements 13,806      
Total  15,523      
Accumulated Depreciation and Amortization $ (2,725)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Woodland, CA 2        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  278      
Buildings and Improvements 16,729      
Total  17,007      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  278      
Building and Improvements 16,729      
Total  17,007      
Accumulated Depreciation and Amortization $ (2,990)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Bee Cave, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,107      
Buildings and Improvements 10,413      
Total  12,520      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  2,107      
Building and Improvements 10,413      
Total  12,520      
Accumulated Depreciation and Amortization $ (2,147)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | El Monte, CA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,058      
Buildings and Improvements 19,671      
Total  21,729      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  2,058      
Building and Improvements 19,671      
Total  21,729      
Accumulated Depreciation and Amortization $ (3,401)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Shoreline, WA 1        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  8,861      
Buildings and Improvements 11,478      
Total  20,339      
Cost Capitalized Subsequent to Acquisition 103      
Gross Amount at which Carried at Close of Period        
Land  8,861      
Building and Improvements 11,580      
Total  20,441      
Accumulated Depreciation and Amortization $ (2,368)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Elizabethtown, KY        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  729      
Buildings and Improvements 0      
Total  729      
Cost Capitalized Subsequent to Acquisition 19,329      
Gross Amount at which Carried at Close of Period        
Land  729      
Building and Improvements 19,329      
Total  20,058      
Accumulated Depreciation and Amortization $ (479)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Crown Point, IN        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,522      
Buildings and Improvements 14,951      
Total  16,473      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,522      
Building and Improvements 14,951      
Total  16,473      
Accumulated Depreciation and Amortization $ (78)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Skilled Nursing/Transitional Care | Dyer, IN        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,859      
Buildings and Improvements 19,547      
Total  21,406      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,859      
Building and Improvements 19,547      
Total  21,406      
Accumulated Depreciation and Amortization $ (100)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased        
Real Estate and Accumulated Depreciation        
Encumbrances $ 24,092      
Initial Cost to Company        
Land  39,325      
Buildings and Improvements 509,434      
Total  548,759      
Cost Capitalized Subsequent to Acquisition 27,811      
Gross Amount at which Carried at Close of Period        
Land  40,406      
Building and Improvements 532,868      
Total  573,274      
Accumulated Depreciation and Amortization (109,601)      
Senior Housing - Leased | Rockport, TX        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land  789      
Buildings and Improvements 607      
Total  1,396      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  789      
Building and Improvements 475      
Total  1,264      
Accumulated Depreciation and Amortization $ (183)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Norman, OK        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  557      
Buildings and Improvements 2,663      
Total  3,220      
Cost Capitalized Subsequent to Acquisition 1,135      
Gross Amount at which Carried at Close of Period        
Land  557      
Building and Improvements 3,798      
Total  4,355      
Accumulated Depreciation and Amortization $ (68)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Topeka, KS        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  313      
Buildings and Improvements 5,492      
Total  5,805      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  313      
Building and Improvements 5,492      
Total  5,805      
Accumulated Depreciation and Amortization $ (967)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Salina, KS        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  584      
Buildings and Improvements 3,020      
Total  3,604      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  584      
Building and Improvements 3,020      
Total  3,604      
Accumulated Depreciation and Amortization $ (575)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Dover, NH        
Real Estate and Accumulated Depreciation        
Encumbrances $ 2,335      
Initial Cost to Company        
Land  801      
Buildings and Improvements 10,036      
Total  10,837      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  801      
Building and Improvements 8,584      
Total  9,385      
Accumulated Depreciation and Amortization $ (4,002)      
Life on Which Depreciation in Latest Income Statement is Computed 42 years      
Senior Housing - Leased | Exeter, NH        
Real Estate and Accumulated Depreciation        
Encumbrances $ 1,880      
Initial Cost to Company        
Land  571      
Buildings and Improvements 7,183      
Total  7,754      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  571      
Building and Improvements 5,912      
Total  6,483      
Accumulated Depreciation and Amortization $ (2,771)      
Life on Which Depreciation in Latest Income Statement is Computed 43 years      
Senior Housing - Leased | Nashua, NH        
Real Estate and Accumulated Depreciation        
Encumbrances $ 4,457      
Initial Cost to Company        
Land  0      
Buildings and Improvements 5,654      
Total  5,654      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  0      
Building and Improvements 4,566      
Total  4,566      
Accumulated Depreciation and Amortization $ (1,949)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Keene, NH        
Real Estate and Accumulated Depreciation        
Encumbrances $ 3,237      
Initial Cost to Company        
Land  304      
Buildings and Improvements 3,992      
Total  4,296      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  304      
Building and Improvements 3,263      
Total  3,567      
Accumulated Depreciation and Amortization $ (1,650)      
Life on Which Depreciation in Latest Income Statement is Computed 46 years      
Senior Housing - Leased | Green Bay, WI        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  256      
Buildings and Improvements 2,262      
Total  2,518      
Cost Capitalized Subsequent to Acquisition 1,032      
Gross Amount at which Carried at Close of Period        
Land  256      
Building and Improvements 1,976      
Total  2,232      
Accumulated Depreciation and Amortization $ (767)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Cadillac, MI        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  217      
Buildings and Improvements 3,000      
Total  3,217      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  217      
Building and Improvements 2,920      
Total  3,137      
Accumulated Depreciation and Amortization $ (910)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Greenville, MI        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  684      
Buildings and Improvements 5,832      
Total  6,516      
Cost Capitalized Subsequent to Acquisition 249      
Gross Amount at which Carried at Close of Period        
Land  684      
Building and Improvements 5,841      
Total  6,525      
Accumulated Depreciation and Amortization $ (1,876)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Manistee, MI        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  952      
Buildings and Improvements 2,578      
Total  3,530      
Cost Capitalized Subsequent to Acquisition 2,547      
Gross Amount at which Carried at Close of Period        
Land  952      
Building and Improvements 5,076      
Total  6,028      
Accumulated Depreciation and Amortization $ (1,970)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Mason, MI        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  198      
Buildings and Improvements 4,131      
Total  4,329      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  198      
Building and Improvements 4,032      
Total  4,230      
Accumulated Depreciation and Amortization $ (1,323)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Alpena, MI        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  546      
Buildings and Improvements 13,139      
Total  13,685      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  546      
Building and Improvements 13,000      
Total  13,546      
Accumulated Depreciation and Amortization $ (3,763)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Fremont, NE        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  504      
Buildings and Improvements 17,670      
Total  18,174      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  504      
Building and Improvements 17,670      
Total  18,174      
Accumulated Depreciation and Amortization $ (5,020)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Norfolk, NE        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  217      
Buildings and Improvements 9,906      
Total  10,123      
Cost Capitalized Subsequent to Acquisition 4,680      
Gross Amount at which Carried at Close of Period        
Land  217      
Building and Improvements 14,586      
Total  14,803      
Accumulated Depreciation and Amortization $ (4,284)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Fort Wayne, IN        
Real Estate and Accumulated Depreciation        
Encumbrances $ 12,183      
Initial Cost to Company        
Land  2,300      
Buildings and Improvements 21,115      
Total  23,415      
Cost Capitalized Subsequent to Acquisition 2,747      
Gross Amount at which Carried at Close of Period        
Land  2,300      
Building and Improvements 23,846      
Total  26,146      
Accumulated Depreciation and Amortization $ (7,799)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Brandon, FL        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,283      
Buildings and Improvements 8,424      
Total  9,707      
Cost Capitalized Subsequent to Acquisition 483      
Gross Amount at which Carried at Close of Period        
Land  1,283      
Building and Improvements 8,722      
Total  10,005      
Accumulated Depreciation and Amortization $ (2,532)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Lecanto, FL        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,031      
Buildings and Improvements 5,577      
Total  6,608      
Cost Capitalized Subsequent to Acquisition 615      
Gross Amount at which Carried at Close of Period        
Land  1,023      
Building and Improvements 6,053      
Total  7,076      
Accumulated Depreciation and Amortization $ (2,026)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Zephyrhills, FL        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,688      
Buildings and Improvements 9,098      
Total  10,786      
Cost Capitalized Subsequent to Acquisition 360      
Gross Amount at which Carried at Close of Period        
Land  1,688      
Building and Improvements 9,343      
Total  11,031      
Accumulated Depreciation and Amortization $ (2,924)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Sun City West, AZ        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  930      
Buildings and Improvements 9,170      
Total  10,100      
Cost Capitalized Subsequent to Acquisition 248      
Gross Amount at which Carried at Close of Period        
Land  930      
Building and Improvements 9,418      
Total  10,348      
Accumulated Depreciation and Amortization $ (2,188)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Fredericksburg, VA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,379      
Buildings and Improvements 21,209      
Total  22,588      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,379      
Building and Improvements 21,209      
Total  22,588      
Accumulated Depreciation and Amortization $ (4,644)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Round Rock, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  679      
Buildings and Improvements 13,642      
Total  14,321      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  679      
Building and Improvements 13,642      
Total  14,321      
Accumulated Depreciation and Amortization $ (3,035)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Santa Fe, NM 1        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,866      
Buildings and Improvements 19,441      
Total  21,307      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  2,157      
Building and Improvements 21,736      
Total  23,893      
Accumulated Depreciation and Amortization $ (4,587)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Santa Fe, NM 2        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  670      
Buildings and Improvements 7,743      
Total  8,413      
Cost Capitalized Subsequent to Acquisition 430      
Gross Amount at which Carried at Close of Period        
Land  670      
Building and Improvements 8,571      
Total  9,241      
Accumulated Depreciation and Amortization $ (810)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Franklin, NH        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  292      
Buildings and Improvements 6,889      
Total  7,181      
Cost Capitalized Subsequent to Acquisition 211      
Gross Amount at which Carried at Close of Period        
Land  292      
Building and Improvements 7,110      
Total  7,402      
Accumulated Depreciation and Amortization $ (1,700)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Henderson, NV        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,430      
Buildings and Improvements 21,850      
Total  23,280      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,430      
Building and Improvements 21,862      
Total  23,292      
Accumulated Depreciation and Amortization $ (4,411)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Brenham, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  476      
Buildings and Improvements 11,912      
Total  12,388      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  476      
Building and Improvements 11,922      
Total  12,398      
Accumulated Depreciation and Amortization $ (2,753)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Cedar Park, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,035      
Buildings and Improvements 13,127      
Total  14,162      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,035      
Building and Improvements 13,127      
Total  14,162      
Accumulated Depreciation and Amortization $ (2,546)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Keizer, OR        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,220      
Buildings and Improvements 31,783      
Total  33,003      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,220      
Building and Improvements 31,783      
Total  33,003      
Accumulated Depreciation and Amortization $ (5,435)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Lawrence, KS        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  584      
Buildings and Improvements 4,431      
Total  5,015      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  584      
Building and Improvements 4,431      
Total  5,015      
Accumulated Depreciation and Amortization $ (849)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Lafayette, CO        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,085      
Buildings and Improvements 19,243      
Total  20,328      
Cost Capitalized Subsequent to Acquisition 9      
Gross Amount at which Carried at Close of Period        
Land  1,883      
Building and Improvements 19,205      
Total  21,088      
Accumulated Depreciation and Amortization $ (3,382)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Winnebago, IL        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  263      
Buildings and Improvements 3,743      
Total  4,006      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  263      
Building and Improvements 3,743      
Total  4,006      
Accumulated Depreciation and Amortization $ (707)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Pewaukee, WI 1        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,019      
Buildings and Improvements 3,606      
Total  4,625      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,019      
Building and Improvements 3,606      
Total  4,625      
Accumulated Depreciation and Amortization $ (635)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Pewaukee, WI 2        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  661      
Buildings and Improvements 5,680      
Total  6,341      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  661      
Building and Improvements 5,680      
Total  6,341      
Accumulated Depreciation and Amortization $ (923)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Sarasota, FL        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,440      
Buildings and Improvements 22,541      
Total  23,981      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,440      
Building and Improvements 22,541      
Total  23,981      
Accumulated Depreciation and Amortization $ (3,495)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Knoxville, TN        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,603      
Buildings and Improvements 9,219      
Total  10,822      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,603      
Building and Improvements 9,219      
Total  10,822      
Accumulated Depreciation and Amortization $ (1,651)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Shavano Park, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,131      
Buildings and Improvements 11,541      
Total  13,672      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  2,131      
Building and Improvements 11,541      
Total  13,672      
Accumulated Depreciation and Amortization $ (1,890)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Beavercreek, OH        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,622      
Buildings and Improvements 24,215      
Total  25,837      
Cost Capitalized Subsequent to Acquisition 7,561      
Gross Amount at which Carried at Close of Period        
Land  1,622      
Building and Improvements 31,773      
Total  33,395      
Accumulated Depreciation and Amortization $ (5,805)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | McCordsville, IN        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,587      
Buildings and Improvements 31,315      
Total  32,902      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,587      
Building and Improvements 31,315      
Total  32,902      
Accumulated Depreciation and Amortization $ (3,487)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Louisville, KY        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,841      
Buildings and Improvements 21,827      
Total  23,668      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,841      
Building and Improvements 21,827      
Total  23,668      
Accumulated Depreciation and Amortization $ (2,359)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Sellersburg, IN        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,060      
Buildings and Improvements 28,702      
Total  29,762      
Cost Capitalized Subsequent to Acquisition 5,504      
Gross Amount at which Carried at Close of Period        
Land  1,060      
Building and Improvements 34,206      
Total  35,266      
Accumulated Depreciation and Amortization $ (3,336)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior Housing - Leased | Jasper, IN        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  657      
Buildings and Improvements 25,226      
Total  25,883      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  657      
Building and Improvements 25,226      
Total  25,883      
Accumulated Depreciation and Amortization $ (1,614)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  101,463      
Buildings and Improvements 1,087,895      
Total  1,189,358      
Cost Capitalized Subsequent to Acquisition 38,355      
Gross Amount at which Carried at Close of Period        
Land  102,457      
Building and Improvements 1,187,028      
Total  1,289,485      
Accumulated Depreciation and Amortization (255,803)      
Senior housing - managed portfolio | Dover, DE        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land  2,797      
Buildings and Improvements 23,054      
Total  25,851      
Cost Capitalized Subsequent to Acquisition 456      
Gross Amount at which Carried at Close of Period        
Land  2,797      
Building and Improvements 23,422      
Total  26,219      
Accumulated Depreciation and Amortization $ (4,245)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Salem, OR        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,074      
Buildings and Improvements 19,421      
Total  20,495      
Cost Capitalized Subsequent to Acquisition 451      
Gross Amount at which Carried at Close of Period        
Land  1,074      
Building and Improvements 19,884      
Total  20,958      
Accumulated Depreciation and Amortization $ (4,774)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Kansas City, MO        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,325      
Buildings and Improvements 20,510      
Total  21,835      
Cost Capitalized Subsequent to Acquisition 923      
Gross Amount at which Carried at Close of Period        
Land  1,325      
Building and Improvements 25,844      
Total  27,169      
Accumulated Depreciation and Amortization $ (6,657)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | McKinney, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,760      
Buildings and Improvements 44,397      
Total  47,157      
Cost Capitalized Subsequent to Acquisition 1,497      
Gross Amount at which Carried at Close of Period        
Land  2,760      
Building and Improvements 49,615      
Total  52,375      
Accumulated Depreciation and Amortization $ (12,854)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Winston-Salem, NC        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,995      
Buildings and Improvements 24,428      
Total  27,423      
Cost Capitalized Subsequent to Acquisition 676      
Gross Amount at which Carried at Close of Period        
Land  2,995      
Building and Improvements 26,841      
Total  29,836      
Accumulated Depreciation and Amortization $ (7,132)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Frankenmuth, MI        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  5,027      
Buildings and Improvements 20,929      
Total  25,956      
Cost Capitalized Subsequent to Acquisition 637      
Gross Amount at which Carried at Close of Period        
Land  5,027      
Building and Improvements 21,170      
Total  26,197      
Accumulated Depreciation and Amortization $ (6,342)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Gaylord, MI        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,024      
Buildings and Improvements 5,467      
Total  7,491      
Cost Capitalized Subsequent to Acquisition 141      
Gross Amount at which Carried at Close of Period        
Land  2,024      
Building and Improvements 5,583      
Total  7,607      
Accumulated Depreciation and Amortization $ (2,060)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | East Tawas, MI        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  258      
Buildings and Improvements 3,713      
Total  3,971      
Cost Capitalized Subsequent to Acquisition 399      
Gross Amount at which Carried at Close of Period        
Land  258      
Building and Improvements 3,984      
Total  4,242      
Accumulated Depreciation and Amortization $ (1,551)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Marshfield, WI        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  574      
Buildings and Improvements 8,733      
Total  9,307      
Cost Capitalized Subsequent to Acquisition 220      
Gross Amount at which Carried at Close of Period        
Land  574      
Building and Improvements 8,803      
Total  9,377      
Accumulated Depreciation and Amortization $ (2,623)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Woodstock, VA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  597      
Buildings and Improvements 5,465      
Total  6,062      
Cost Capitalized Subsequent to Acquisition 117      
Gross Amount at which Carried at Close of Period        
Land  597      
Building and Improvements 5,448      
Total  6,045      
Accumulated Depreciation and Amortization $ (1,538)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Allen, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,190      
Buildings and Improvements 45,767      
Total  47,957      
Cost Capitalized Subsequent to Acquisition 948      
Gross Amount at which Carried at Close of Period        
Land  2,190      
Building and Improvements 50,510      
Total  52,700      
Accumulated Depreciation and Amortization $ (12,723)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Gainesville, FL        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,139      
Buildings and Improvements 44,789      
Total  46,928      
Cost Capitalized Subsequent to Acquisition 1,562      
Gross Amount at which Carried at Close of Period        
Land  2,139      
Building and Improvements 49,736      
Total  51,875      
Accumulated Depreciation and Amortization $ (13,797)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Raleigh, NC        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,344      
Buildings and Improvements 37,506      
Total  39,850      
Cost Capitalized Subsequent to Acquisition 1,749      
Gross Amount at which Carried at Close of Period        
Land  2,344      
Building and Improvements 43,072      
Total  45,416      
Accumulated Depreciation and Amortization $ (10,650)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | San Luis Obispo, CA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  4,992      
Buildings and Improvements 30,909      
Total  35,901      
Cost Capitalized Subsequent to Acquisition 1,117      
Gross Amount at which Carried at Close of Period        
Land  4,992      
Building and Improvements 35,062      
Total  40,054      
Accumulated Depreciation and Amortization $ (9,094)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Longview, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  805      
Buildings and Improvements 26,498      
Total  27,303      
Cost Capitalized Subsequent to Acquisition 824      
Gross Amount at which Carried at Close of Period        
Land  805      
Building and Improvements 27,972      
Total  28,777      
Accumulated Depreciation and Amortization $ (7,930)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Yuma, AZ        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  530      
Buildings and Improvements 21,775      
Total  22,305      
Cost Capitalized Subsequent to Acquisition 484      
Gross Amount at which Carried at Close of Period        
Land  530      
Building and Improvements 22,678      
Total  23,208      
Accumulated Depreciation and Amortization $ (6,226)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Nashville, TN        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,996      
Buildings and Improvements 19,368      
Total  21,364      
Cost Capitalized Subsequent to Acquisition 1,227      
Gross Amount at which Carried at Close of Period        
Land  1,996      
Building and Improvements 21,607      
Total  23,603      
Accumulated Depreciation and Amortization $ (6,530)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Branford, CT        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,403      
Buildings and Improvements 18,821      
Total  21,224      
Cost Capitalized Subsequent to Acquisition 732      
Gross Amount at which Carried at Close of Period        
Land  2,403      
Building and Improvements 22,939      
Total  25,342      
Accumulated Depreciation and Amortization $ (5,668)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Richmond, VA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,080      
Buildings and Improvements 19,545      
Total  20,625      
Cost Capitalized Subsequent to Acquisition 1,602      
Gross Amount at which Carried at Close of Period        
Land  1,080      
Building and Improvements 23,606      
Total  24,686      
Accumulated Depreciation and Amortization $ (6,296)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Auburn, AL        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  3,209      
Buildings and Improvements 17,326      
Total  20,535      
Cost Capitalized Subsequent to Acquisition 516      
Gross Amount at which Carried at Close of Period        
Land  3,209      
Building and Improvements 18,482      
Total  21,691      
Accumulated Depreciation and Amortization $ (5,259)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Menomonee Falls, WI        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,477      
Buildings and Improvements 18,778      
Total  20,255      
Cost Capitalized Subsequent to Acquisition 426      
Gross Amount at which Carried at Close of Period        
Land  1,477      
Building and Improvements 20,272      
Total  21,749      
Accumulated Depreciation and Amortization $ (5,690)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Glenville, NY        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  978      
Buildings and Improvements 18,257      
Total  19,235      
Cost Capitalized Subsequent to Acquisition 571      
Gross Amount at which Carried at Close of Period        
Land  978      
Building and Improvements 19,711      
Total  20,689      
Accumulated Depreciation and Amortization $ (5,564)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Eustis, FL        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,152      
Buildings and Improvements 17,523      
Total  18,675      
Cost Capitalized Subsequent to Acquisition 606      
Gross Amount at which Carried at Close of Period        
Land  1,152      
Building and Improvements 18,811      
Total  19,963      
Accumulated Depreciation and Amortization $ (5,669)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Phoenix, AZ        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,567      
Buildings and Improvements 12,029      
Total  14,596      
Cost Capitalized Subsequent to Acquisition 983      
Gross Amount at which Carried at Close of Period        
Land  2,567      
Building and Improvements 13,881      
Total  16,448      
Accumulated Depreciation and Amortization $ (4,425)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Jonesboro, AR        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,782      
Buildings and Improvements 11,244      
Total  13,026      
Cost Capitalized Subsequent to Acquisition 373      
Gross Amount at which Carried at Close of Period        
Land  1,782      
Building and Improvements 12,326      
Total  14,108      
Accumulated Depreciation and Amortization $ (3,705)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Ogden, UT        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  794      
Buildings and Improvements 10,873      
Total  11,667      
Cost Capitalized Subsequent to Acquisition 798      
Gross Amount at which Carried at Close of Period        
Land  794      
Building and Improvements 12,673      
Total  13,467      
Accumulated Depreciation and Amortization $ (3,764)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Olympia, WA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,477      
Buildings and Improvements 23,767      
Total  26,244      
Cost Capitalized Subsequent to Acquisition 923      
Gross Amount at which Carried at Close of Period        
Land  2,477      
Building and Improvements 27,924      
Total  30,401      
Accumulated Depreciation and Amortization $ (7,326)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Windsor, ON        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,360      
Buildings and Improvements 16,855      
Total  18,215      
Cost Capitalized Subsequent to Acquisition 526      
Gross Amount at which Carried at Close of Period        
Land  1,378      
Building and Improvements 18,359      
Total  19,737      
Accumulated Depreciation and Amortization $ (4,576)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | London, ON        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  960      
Buildings and Improvements 19,056      
Total  20,016      
Cost Capitalized Subsequent to Acquisition 368      
Gross Amount at which Carried at Close of Period        
Land  972      
Building and Improvements 20,408      
Total  21,380      
Accumulated Depreciation and Amortization $ (4,954)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Kelowna, BC        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,321      
Buildings and Improvements 8,308      
Total  10,629      
Cost Capitalized Subsequent to Acquisition 626      
Gross Amount at which Carried at Close of Period        
Land  2,352      
Building and Improvements 9,846      
Total  12,198      
Accumulated Depreciation and Amortization $ (2,639)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Waterloo, ON        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,823      
Buildings and Improvements 22,135      
Total  23,958      
Cost Capitalized Subsequent to Acquisition 380      
Gross Amount at which Carried at Close of Period        
Land  1,848      
Building and Improvements 23,213      
Total  25,061      
Accumulated Depreciation and Amortization $ (5,546)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Sarnia, ON        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,187      
Buildings and Improvements 20,346      
Total  21,533      
Cost Capitalized Subsequent to Acquisition 740      
Gross Amount at which Carried at Close of Period        
Land  1,203      
Building and Improvements 22,905      
Total  24,108      
Accumulated Depreciation and Amortization $ (5,273)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Kamloops, BC        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  679      
Buildings and Improvements 8,024      
Total  8,703      
Cost Capitalized Subsequent to Acquisition 250      
Gross Amount at which Carried at Close of Period        
Land  687      
Building and Improvements 9,040      
Total  9,727      
Accumulated Depreciation and Amortization $ (2,332)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Vernon, BC        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  843      
Buildings and Improvements 10,724      
Total  11,567      
Cost Capitalized Subsequent to Acquisition 236      
Gross Amount at which Carried at Close of Period        
Land  273      
Building and Improvements 11,643      
Total  11,916      
Accumulated Depreciation and Amortization $ (2,829)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Penticton, BC        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  763      
Buildings and Improvements 6,771      
Total  7,534      
Cost Capitalized Subsequent to Acquisition 239      
Gross Amount at which Carried at Close of Period        
Land  773      
Building and Improvements 7,940      
Total  8,713      
Accumulated Depreciation and Amortization $ (2,058)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Calgary, AB        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  3,908      
Buildings and Improvements 20,996      
Total  24,904      
Cost Capitalized Subsequent to Acquisition 1,077      
Gross Amount at which Carried at Close of Period        
Land  3,963      
Building and Improvements 22,749      
Total  26,712      
Accumulated Depreciation and Amortization $ (5,259)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Lake Stevens, WA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,559      
Buildings and Improvements 9,059      
Total  10,618      
Cost Capitalized Subsequent to Acquisition 96      
Gross Amount at which Carried at Close of Period        
Land  1,559      
Building and Improvements 9,168      
Total  10,727      
Accumulated Depreciation and Amortization $ (2,349)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Eugene, OR        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,428      
Buildings and Improvements 16,138      
Total  17,566      
Cost Capitalized Subsequent to Acquisition 143      
Gross Amount at which Carried at Close of Period        
Land  1,428      
Building and Improvements 16,303      
Total  17,731      
Accumulated Depreciation and Amortization $ (3,690)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Tualatin, OR        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  527      
Buildings and Improvements 14,659      
Total  15,186      
Cost Capitalized Subsequent to Acquisition 138      
Gross Amount at which Carried at Close of Period        
Land  527      
Building and Improvements 14,852      
Total  15,379      
Accumulated Depreciation and Amortization $ (3,364)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Ramsey, MN        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,182      
Buildings and Improvements 13,280      
Total  14,462      
Cost Capitalized Subsequent to Acquisition 208      
Gross Amount at which Carried at Close of Period        
Land  1,182      
Building and Improvements 13,783      
Total  14,965      
Accumulated Depreciation and Amortization $ (2,627)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Marshfield, WI 1        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  500      
Buildings and Improvements 4,134      
Total  4,634      
Cost Capitalized Subsequent to Acquisition 89      
Gross Amount at which Carried at Close of Period        
Land  500      
Building and Improvements 4,263      
Total  4,763      
Accumulated Depreciation and Amortization $ (923)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Charleston, WV        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  419      
Buildings and Improvements 4,239      
Total  4,658      
Cost Capitalized Subsequent to Acquisition 1,008      
Gross Amount at which Carried at Close of Period        
Land  419      
Building and Improvements 5,066      
Total  5,485      
Accumulated Depreciation and Amortization $ (1,302)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Williamsport, PA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  296      
Buildings and Improvements 9,191      
Total  9,487      
Cost Capitalized Subsequent to Acquisition 907      
Gross Amount at which Carried at Close of Period        
Land  296      
Building and Improvements 9,973      
Total  10,269      
Accumulated Depreciation and Amortization $ (2,001)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Reading, PA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  684      
Buildings and Improvements 12,950      
Total  13,634      
Cost Capitalized Subsequent to Acquisition 276      
Gross Amount at which Carried at Close of Period        
Land  684      
Building and Improvements 13,201      
Total  13,885      
Accumulated Depreciation and Amortization $ (2,475)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Scott Depot, WV        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  230      
Buildings and Improvements 6,271      
Total  6,501      
Cost Capitalized Subsequent to Acquisition 713      
Gross Amount at which Carried at Close of Period        
Land  230      
Building and Improvements 6,767      
Total  6,997      
Accumulated Depreciation and Amortization $ (1,444)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Clarks Summit, PA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  406      
Buildings and Improvements 9,471      
Total  9,877      
Cost Capitalized Subsequent to Acquisition 1,271      
Gross Amount at which Carried at Close of Period        
Land  406      
Building and Improvements 10,524      
Total  10,930      
Accumulated Depreciation and Amortization $ (2,264)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Wyncote, PA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,781      
Buildings and Improvements 4,911      
Total  6,692      
Cost Capitalized Subsequent to Acquisition 814      
Gross Amount at which Carried at Close of Period        
Land  1,781      
Building and Improvements 5,517      
Total  7,298      
Accumulated Depreciation and Amortization $ (1,345)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Douglassville, PA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  611      
Buildings and Improvements 19,083      
Total  19,694      
Cost Capitalized Subsequent to Acquisition 356      
Gross Amount at which Carried at Close of Period        
Land  611      
Building and Improvements 19,367      
Total  19,978      
Accumulated Depreciation and Amortization $ (3,418)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Milford, DE        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,199      
Buildings and Improvements 18,786      
Total  19,985      
Cost Capitalized Subsequent to Acquisition 589      
Gross Amount at which Carried at Close of Period        
Land  1,199      
Building and Improvements 19,231      
Total  20,430      
Accumulated Depreciation and Amortization $ (3,476)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Oak Hill, WV        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  609      
Buildings and Improvements 2,636      
Total  3,245      
Cost Capitalized Subsequent to Acquisition 1,157      
Gross Amount at which Carried at Close of Period        
Land  609      
Building and Improvements 3,703      
Total  4,312      
Accumulated Depreciation and Amortization $ (1,053)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Lewisburg, WV        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  355      
Buildings and Improvements 5,055      
Total  5,410      
Cost Capitalized Subsequent to Acquisition 677      
Gross Amount at which Carried at Close of Period        
Land  355      
Building and Improvements 5,449      
Total  5,804      
Accumulated Depreciation and Amortization $ (1,227)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Strasburg, VA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  666      
Buildings and Improvements 5,551      
Total  6,217      
Cost Capitalized Subsequent to Acquisition 22      
Gross Amount at which Carried at Close of Period        
Land  666      
Building and Improvements 5,573      
Total  6,239      
Accumulated Depreciation and Amortization $ (931)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Richardson, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,282      
Buildings and Improvements 10,556      
Total  12,838      
Cost Capitalized Subsequent to Acquisition 1,288      
Gross Amount at which Carried at Close of Period        
Land  2,282      
Building and Improvements 11,934      
Total  14,216      
Accumulated Depreciation and Amortization $ (1,673)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Poway, CA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  3,693      
Buildings and Improvements 14,467      
Total  18,160      
Cost Capitalized Subsequent to Acquisition 1,072      
Gross Amount at which Carried at Close of Period        
Land  3,693      
Building and Improvements 15,688      
Total  19,381      
Accumulated Depreciation and Amortization $ (1,915)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | New Braunfels, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,312      
Buildings and Improvements 23,108      
Total  24,420      
Cost Capitalized Subsequent to Acquisition 360      
Gross Amount at which Carried at Close of Period        
Land  1,312      
Building and Improvements 23,664      
Total  24,976      
Accumulated Depreciation and Amortization $ (2,871)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Augusta, GA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  419      
Buildings and Improvements 24,958      
Total  25,377      
Cost Capitalized Subsequent to Acquisition 94      
Gross Amount at which Carried at Close of Period        
Land  459      
Building and Improvements 28,548      
Total  29,007      
Accumulated Depreciation and Amortization $ (2,343)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Anchorage, AK        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,965      
Buildings and Improvements 29,533      
Total  31,498      
Cost Capitalized Subsequent to Acquisition 150      
Gross Amount at which Carried at Close of Period        
Land  1,965      
Building and Improvements 29,683      
Total  31,648      
Accumulated Depreciation and Amortization $ (2,304)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Loveland, OH        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  3,691      
Buildings and Improvements 21,168      
Total  24,859      
Cost Capitalized Subsequent to Acquisition 41      
Gross Amount at which Carried at Close of Period        
Land  3,691      
Building and Improvements 21,269      
Total  24,960      
Accumulated Depreciation and Amortization $ (1,220)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Indianapolis, IN        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  4,950      
Buildings and Improvements 32,631      
Total  37,581      
Cost Capitalized Subsequent to Acquisition 43      
Gross Amount at which Carried at Close of Period        
Land  6,299      
Building and Improvements 41,563      
Total  47,862      
Accumulated Depreciation and Amortization $ (1,674)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Saginaw, MI        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,651      
Buildings and Improvements 29,283      
Total  30,934      
Cost Capitalized Subsequent to Acquisition 1,440      
Gross Amount at which Carried at Close of Period        
Land  1,651      
Building and Improvements 31,289      
Total  32,940      
Accumulated Depreciation and Amortization $ (1,247)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Senior housing - managed portfolio | Madeira, OH        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,858      
Buildings and Improvements 42,670      
Total  45,528      
Cost Capitalized Subsequent to Acquisition 3      
Gross Amount at which Carried at Close of Period        
Land  2,858      
Building and Improvements 42,691      
Total  45,549      
Accumulated Depreciation and Amortization $ (1,109)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Behavioral Health        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  57,718      
Buildings and Improvements 365,403      
Total  423,121      
Cost Capitalized Subsequent to Acquisition 73,823      
Gross Amount at which Carried at Close of Period        
Land  57,718      
Building and Improvements 439,019      
Total  496,737      
Accumulated Depreciation and Amortization (71,943)      
Behavioral Health | Morrilton, AR        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land  508      
Buildings and Improvements 0      
Total  508      
Cost Capitalized Subsequent to Acquisition 3,169      
Gross Amount at which Carried at Close of Period        
Land  508      
Building and Improvements 3,169      
Total  3,677      
Accumulated Depreciation and Amortization $ (98)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Behavioral Health | New London, CT        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  356      
Buildings and Improvements 152      
Total  508      
Cost Capitalized Subsequent to Acquisition 3,665      
Gross Amount at which Carried at Close of Period        
Land  356      
Building and Improvements 3,817      
Total  4,173      
Accumulated Depreciation and Amortization $ (746)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Behavioral Health | Elizabethtown, KY        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  239      
Buildings and Improvements 4,853      
Total  5,092      
Cost Capitalized Subsequent to Acquisition 699      
Gross Amount at which Carried at Close of Period        
Land  239      
Building and Improvements 5,552      
Total  5,791      
Accumulated Depreciation and Amortization $ (971)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Behavioral Health | Louisville, KY        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,078      
Buildings and Improvements 8,305      
Total  9,383      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,078      
Building and Improvements 8,305      
Total  9,383      
Accumulated Depreciation and Amortization $ (1,153)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Behavioral Health | Aurora, CO        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,874      
Buildings and Improvements 12,829      
Total  15,703      
Cost Capitalized Subsequent to Acquisition 1,950      
Gross Amount at which Carried at Close of Period        
Land  2,874      
Building and Improvements 14,563      
Total  17,437      
Accumulated Depreciation and Amortization $ (3,931)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Behavioral Health | Colorado Springs, CO 1        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  430      
Buildings and Improvements 13,703      
Total  14,133      
Cost Capitalized Subsequent to Acquisition 1,033      
Gross Amount at which Carried at Close of Period        
Land  430      
Building and Improvements 14,736      
Total  15,166      
Accumulated Depreciation and Amortization $ (4,445)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Behavioral Health | Colorado Springs, CO 2        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,210      
Buildings and Improvements 9,490      
Total  10,700      
Cost Capitalized Subsequent to Acquisition 2,058      
Gross Amount at which Carried at Close of Period        
Land  1,210      
Building and Improvements 11,548      
Total  12,758      
Accumulated Depreciation and Amortization $ (2,326)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Behavioral Health | Bluffton, IN        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  254      
Buildings and Improvements 5,105      
Total  5,359      
Cost Capitalized Subsequent to Acquisition 1,486      
Gross Amount at which Carried at Close of Period        
Land  254      
Building and Improvements 6,591      
Total  6,845      
Accumulated Depreciation and Amortization $ (1,364)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Behavioral Health | Glendale, AZ        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,501      
Buildings and Improvements 67,046      
Total  68,547      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,501      
Building and Improvements 67,046      
Total  68,547      
Accumulated Depreciation and Amortization $ (11,140)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Behavioral Health | Tempe, AZ        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  3,137      
Buildings and Improvements 50,073      
Total  53,210      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  3,137      
Building and Improvements 50,073      
Total  53,210      
Accumulated Depreciation and Amortization $ (8,505)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Behavioral Health | Covina, CA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  23,472      
Buildings and Improvements 71,542      
Total  95,014      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  23,472      
Building and Improvements 71,542      
Total  95,014      
Accumulated Depreciation and Amortization $ (12,348)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Behavioral Health | Ventura, CA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  8,089      
Buildings and Improvements 43,645      
Total  51,734      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  8,089      
Building and Improvements 43,645      
Total  51,734      
Accumulated Depreciation and Amortization $ (8,190)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Behavioral Health | San Diego, CA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  8,403      
Buildings and Improvements 55,015      
Total  63,418      
Cost Capitalized Subsequent to Acquisition 7,599      
Gross Amount at which Carried at Close of Period        
Land  8,403      
Building and Improvements 62,614      
Total  71,017      
Accumulated Depreciation and Amortization $ (11,947)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Behavioral Health | Carmel, IN        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  963      
Buildings and Improvements 4,347      
Total  5,310      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  963      
Building and Improvements 4,347      
Total  5,310      
Accumulated Depreciation and Amortization $ (680)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Behavioral Health | Monroeville, PA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,034      
Buildings and Improvements 1,758      
Total  3,792      
Cost Capitalized Subsequent to Acquisition 18,545      
Gross Amount at which Carried at Close of Period        
Land  2,034      
Building and Improvements 20,303      
Total  22,337      
Accumulated Depreciation and Amortization $ (2,869)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Behavioral Health | Gulf Breeze, FL        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  498      
Buildings and Improvements 1,480      
Total  1,978      
Cost Capitalized Subsequent to Acquisition 3,733      
Gross Amount at which Carried at Close of Period        
Land  498      
Building and Improvements 5,213      
Total  5,711      
Accumulated Depreciation and Amortization $ (139)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Behavioral Health | Greenville, SC        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,197      
Buildings and Improvements 9,496      
Total  10,693      
Cost Capitalized Subsequent to Acquisition 21,507      
Gross Amount at which Carried at Close of Period        
Land  1,197      
Building and Improvements 31,012      
Total  32,209      
Accumulated Depreciation and Amortization $ (574)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Behavioral Health | Raytown, MO        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,475      
Buildings and Improvements 6,564      
Total  8,039      
Cost Capitalized Subsequent to Acquisition 8,379      
Gross Amount at which Carried at Close of Period        
Land  1,475      
Building and Improvements 14,943      
Total  16,418      
Accumulated Depreciation and Amortization $ (517)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Specialty Hospitals and Other        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  20,434      
Buildings and Improvements 204,759      
Total  225,193      
Cost Capitalized Subsequent to Acquisition 314      
Gross Amount at which Carried at Close of Period        
Land  20,434      
Building and Improvements 205,009      
Total  225,443      
Accumulated Depreciation and Amortization (47,454)      
Specialty Hospitals and Other | Arlington, TX        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land  0      
Buildings and Improvements 44,217      
Total  44,217      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  0      
Building and Improvements 44,217      
Total  44,217      
Accumulated Depreciation and Amortization $ (7,195)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Specialty Hospitals and Other | Conroe, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,935      
Buildings and Improvements 25,003      
Total  27,938      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  2,935      
Building and Improvements 25,003      
Total  27,938      
Accumulated Depreciation and Amortization $ (4,600)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Specialty Hospitals and Other | Orange, CA        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  2,060      
Buildings and Improvements 5,538      
Total  7,598      
Cost Capitalized Subsequent to Acquisition 145      
Gross Amount at which Carried at Close of Period        
Land  2,060      
Building and Improvements 5,683      
Total  7,743      
Accumulated Depreciation and Amortization $ (986)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Specialty Hospitals and Other | Houston, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  3,001      
Buildings and Improvements 14,581      
Total  17,582      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  3,001      
Building and Improvements 14,581      
Total  17,582      
Accumulated Depreciation and Amortization $ (2,416)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Specialty Hospitals and Other | Sunnyvale, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  4,020      
Buildings and Improvements 57,620      
Total  61,640      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  4,020      
Building and Improvements 57,620      
Total  61,640      
Accumulated Depreciation and Amortization $ (22,152)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Specialty Hospitals and Other | Spring, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  1,319      
Buildings and Improvements 15,153      
Total  16,472      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  1,319      
Building and Improvements 15,153      
Total  16,472      
Accumulated Depreciation and Amortization $ (2,516)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Specialty Hospitals and Other | Maxwell, TX 1        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  902      
Buildings and Improvements 2,384      
Total  3,286      
Cost Capitalized Subsequent to Acquisition 1      
Gross Amount at which Carried at Close of Period        
Land  902      
Building and Improvements 2,384      
Total  3,286      
Accumulated Depreciation and Amortization $ (458)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Specialty Hospitals and Other | Maxwell, TX 2        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  901      
Buildings and Improvements 1,198      
Total  2,099      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  901      
Building and Improvements 1,198      
Total  2,099      
Accumulated Depreciation and Amortization $ (278)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Specialty Hospitals and Other | Maxwell, TX 3        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  456      
Buildings and Improvements 2,632      
Total  3,088      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  456      
Building and Improvements 2,632      
Total  3,088      
Accumulated Depreciation and Amortization $ (477)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Specialty Hospitals and Other | San Marcos, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  51      
Buildings and Improvements 359      
Total  410      
Cost Capitalized Subsequent to Acquisition 62      
Gross Amount at which Carried at Close of Period        
Land  51      
Building and Improvements 359      
Total  410      
Accumulated Depreciation and Amortization $ (67)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Specialty Hospitals and Other | Seguin, TX 1        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  539      
Buildings and Improvements 2,627      
Total  3,166      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  539      
Building and Improvements 2,627      
Total  3,166      
Accumulated Depreciation and Amortization $ (605)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Specialty Hospitals and Other | Seguin, TX 2        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  228      
Buildings and Improvements 3,407      
Total  3,635      
Cost Capitalized Subsequent to Acquisition 79      
Gross Amount at which Carried at Close of Period        
Land  228      
Building and Improvements 3,486      
Total  3,714      
Accumulated Depreciation and Amortization $ (669)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Specialty Hospitals and Other | Kingsbury, TX        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  104      
Buildings and Improvements 2,788      
Total  2,892      
Cost Capitalized Subsequent to Acquisition 27      
Gross Amount at which Carried at Close of Period        
Land  104      
Building and Improvements 2,814      
Total  2,918      
Accumulated Depreciation and Amortization $ (495)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Specialty Hospitals and Other | Seguin, TX 3        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  52      
Buildings and Improvements 805      
Total  857      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  52      
Building and Improvements 805      
Total  857      
Accumulated Depreciation and Amortization $ (154)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
Specialty Hospitals and Other | Florence, KY        
Real Estate and Accumulated Depreciation        
Encumbrances $ 0      
Initial Cost to Company        
Land  3,866      
Buildings and Improvements 26,447      
Total  30,313      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount at which Carried at Close of Period        
Land  3,866      
Building and Improvements 26,447      
Total  30,313      
Accumulated Depreciation and Amortization $ (4,386)      
Life on Which Depreciation in Latest Income Statement is Computed 40 years      
v3.24.0.1
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION - Rollforward of Real Estate and Accumulated Depreciation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Real estate:      
Balance at the beginning of the year $ 5,872,688 $ 5,994,208 $ 5,966,695
Acquisitions 86,626 101,413 96,157
Improvements 86,073 65,111 47,319
Impairment (18,853) (160,550) (11,063)
Sale of real estate (379,272) (110,901) (102,575)
Foreign currency translation 3,394 (10,247) 524
Other (12,309) (6,346) (2,849)
Balance at the end of the year 5,638,347 5,872,688 5,994,208
Accumulated depreciation:      
Balance at the beginning of the year (913,345) (831,324) (681,657)
Depreciation expense (171,278) (170,159) (170,264)
Impairment 4,432 66,603 1,666
Sale of real estate 49,585 13,217 16,097
Foreign currency translation (747) 1,972 (15)
Other 10,267 6,346 2,849
Balance at the end of the year $ (1,021,086) $ (913,345) $ (831,324)
v3.24.0.1
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Principal Balance $ 319,000 $ 319,000 $ 312,343
Aggregate cost for federal income tax purposes 321,200    
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]      
Balance at the beginning of the year 319,000 312,343 22,343
Additions during period:      
Draws 0 10,000 0
New mortgage loans 0 0 290,000
Deductions during period:      
Paydowns/repayments 0 (3,343) 0
Balance at the end of the year 319,000 $ 319,000 $ 312,343
Mortgages      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Prior Liens 0    
Principal Balance 319,000    
Book Value 319,000    
Deductions during period:      
Balance at the end of the year $ 319,000    
Mortgages | River Vista      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Contractual Interest Rate 10.00%    
Prior Liens $ 0    
Principal Balance 19,000    
Book Value 19,000    
Deductions during period:      
Balance at the end of the year $ 19,000    
Mortgages | Recovery Centers of America      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Contractual Interest Rate 7.50%    
Prior Liens $ 0    
Principal Balance 300,000    
Book Value 300,000    
Deductions during period:      
Balance at the end of the year $ 300,000