10-K 1 csu-10k_20191231.htm 10-K csu-10k_20191231.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-K

(Mark One)

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended December 31, 2019

Or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission file number: 1-13445

Capital Senior Living Corporation

(Exact name of registrant as specified in its charter)

 

Delaware

 

75-2678809

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

14160 Dallas Parkway, Suite 300

Dallas, Texas

 

75254

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code:

(972) 770-5600

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange

on which registered

Common Stock, $.01 par value per share

  CSU

New York Stock Exchange

 

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by a check mark if the registrant is a well-known seasoned issuer, as defined by Rule 405 of the Securities Act.    Yes      No  

Indicate by a check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes      No  

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

Non-accelerated filer

 

  

  

Smaller reporting company

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

 

Indicate by a check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

 

The aggregate market value of the 25,257,764 shares of the Registrant’s common stock, par value $0.01 per share (“Common Stock”), held by non-affiliates (defined to exclude all of the Registrant’s executive officers, directors, and certain significant stockholders) on June 28, 2019, the last day of the Registrant’s most recently completed second quarter, based upon the adjusted closing price of the Registrant’s Common Stock as reported by the New York Stock Exchange on such date was approximately $127.0 million. As of March 25, 2020, the Registrant had 31,956,439 shares of Common Stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Registrant’s definitive proxy statement pertaining to its 2020 Annual Meeting of Stockholders and filed or to be filed not later than 120 days after the end of the fiscal year pursuant to Regulation 14A are incorporated herein by reference into Part III of this report.

 

 

 


 

CAPITAL SENIOR LIVING CORPORATION

TABLE OF CONTENTS

 

 

 

Page
Number

 

PART I

 

Item 1.

Business

2

Item 1A.

Risk Factors

19

Item 1B.

Unresolved Staff Comments

28

Item 2.

Properties

28

Item 3.

Legal Proceedings

28

Item 4.

Mine Safety Disclosures

29

 

PART II

 

Item 5.

Market for Registrant’s Common Equity; Related Stockholder Matters and Issuer Purchases of Equity Securities

30

Item 6.

Selected Financial Data

31

Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

32

Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

46

Item 8.

Financial Statements and Supplementary Data

46

Item 9.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

46

Item 9A.

Controls and Procedures

46

Item 9B.

Other Information

47

 

PART III

 

Item 10.

Directors, Executive Officers and Corporate Governance

48

Item 11.

Executive Compensation

48

Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

48

Item 13.

Certain Relationships and Related Transactions, and Director Independence

48

Item 14.

Principal Accounting Fees and Services

48

 

PART IV

 

Item 15.

Exhibits, Financial Statement Schedules

49

Signatures

53

Index to Financial Statements

F-1

 

 

 

i


 

PART I

ITEM 1.

BUSINESS.

Overview

Capital Senior Living Corporation, a Delaware corporation (together with its subsidiaries, the “Company”), is one of the largest operators of senior housing communities in the United States in terms of resident capacity. The Company and its predecessors have provided senior housing since 1990. As of December 31, 2019, the Company operated 126 senior housing communities in 23 states with an aggregate capacity of approximately 16,000 residents, including 80 senior housing communities that the Company owned and 46 senior housing communities that the Company leased. During 2019, approximately 94.1% of total revenues for the senior housing communities operated by the Company were derived from private pay sources.

The Company’s operating strategy is to provide value to its senior living residents by providing quality senior living services at reasonable prices, while achieving and sustaining a strong, competitive position within its geographically concentrated regions, as well as continuing to enhance the performance of its operations. The Company provides senior living services to the 75+ population, including independent living, assisted living, and memory care services. Many of the Company’s communities offer a continuum of care to meet its residents’ needs as they change over time by integrating independent living, assisted living, and memory care, and is bridged by home care through independent home care agencies, sustaining residents’ autonomy and independence based on their physical and neuro-cognitive abilities.

Recent Developments

After leadership changes in early 2019, we supplemented our operating strategy with initiatives intended to complement and enhance our core operational efforts and position us for future growth and success in light of recent trends in demographics, technology, and healthcare delivery methods.  

A key component of our turnaround plan has been the optimization of our portfolio of our senior housing communities, which includes disposing of certain owned and leased communities and restructuring our lease agreements with our three largest landlords.  We undertook this initiative to simplify and streamline our business, increase the quality and durability of our cash flows, improve our liquidity, reduce our short and long-term debt and lease leverage, and increase our ownership in our consolidated community portfolio. Recent activities in furtherance of this component of our turnaround plan included:

 

On March 15, 2020, we entered into an agreement with Welltower, Inc. (“Welltower”), providing for the early termination of three Master Lease Agreements between us and Welltower covering 24 communities.  Pursuant to such agreement, among other things, from February 1, 2020 through December 31, 2020, we agreed to pay Welltower rent of approximately $2.2 million per month for such communities as compared to approximately $2.8 million per month that would otherwise have been due and payable under the Master Lease Agreements.  We will not be required to comply with certain financial covenants of the Master Lease Agreements during the forbearance period.  In conjunction with the agreement, we agreed to release $6.5 million in security deposits held by Welltower.  In addition, our agreement with Welltower provides for the conversion of the lease agreements covering the communities into property management agreements with the Company on December 31, 2020, if such communities have not been transitioned to a successor operator.  

 

On March 10, 2020, we entered into an agreement with Ventas, Inc. (“Ventas”), providing for the early termination of a Master Lease Agreement between us and Ventas covering seven communities.  Pursuant to such agreement, among other things, from February 1, 2020 through December 31, 2020, we agreed to pay Ventas rent of approximately $1.0 million per month for such communities as compared to approximately $1.3 million per month that would otherwise have been due and payable under the Master Lease Agreements.  We will not be required to comply with certain financial covenants of the Master Lease Agreements during the forbearance period.  In conjunction with the agreement, we agreed to release $3.9 million in security deposits held by Ventas.  In addition, our agreement with Ventas provides for the conversion of the lease agreements

2


 

 

covering the communities into property management agreements with the Company on December 31, 2020 if Ventas has not transitioned such communities to a successor operator.

 

On October 22, 2019, we executed an amendment to our master lease agreement with Healthpeak Properties, Inc., formerly HCP, Inc. (“Healthpeak”), which was later amended, to transition one of the Healthpeak communities to a new operator on or around January 15, 2020 and to sell the remaining eight communities as soon as possible to one or more buyers.  We were obligated to pay a $250,000 termination fee on the transition of the one community to the new buyer.  On March 1, 2020, we executed an agreement providing for the early termination of our master lease agreement with Healthpeak, previously scheduled to mature in April 2026. The master lease agreement was converted to a management agreement under a REIT Investment Diversification Act (“RIDEA”) structure pursuant to which we agreed to manage the six communities that were subject to such lease agreement until such communities are sold by Healthpeak. In conjunction with the agreement, we agreed to release approximately $1.9 million of security deposits held by Healthpeak.

 

Effective October 1, 2019, we sold two communities located in Springfield, Missouri and Peoria, Illinois that were operating at peak performance, which resulted in net proceeds to us of approximately $14.8 million and the retirement of outstanding mortgage debt of $44.4 million.

 

Effective May 1, 2019, we opportunistically disposed of one senior housing community located in Kokomo, Indiana, which resulted in net proceeds to us of approximately $1.4 million and the retirement of outstanding mortgage debt of $3.5 million.

During fiscal 2020, we intend to continue to increase our ownership percentage in our senior housing portfolio by exiting underperforming leases when possible, and opportunistically selling certain communities in order to further strengthen our balance sheet and allow us to strategically invest in certain existing communities.

Website

The Company’s Internet website, www.capitalsenior.com, contains an Investor Relations section, which provides links to the Company’s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements, Section 16 filings and any amendments to those reports and filings. These reports and filings are available through the Company’s Internet website free of charge as soon as reasonably practicable after such material is electronically filed with or furnished to the Securities and Exchange Commission (“SEC”).

Industry Background

The senior living industry encompasses a broad and diverse range of living accommodations and supportive services that are provided primarily to persons 75 years of age or older.

For seniors who require limited services, independent living residences supplemented at times by home health care, offers a viable option. Most independent living communities typically offer community living packaged with basic services consisting of meals, housekeeping, laundry, 24-hour staffing, transportation, social and recreational activities and health care monitoring. Independent living residents typically are not reliant on assistance with activities of daily living (“ADLs”), although some residents may utilize outside vendors for those services.

As a senior’s need for assistance increases, care in an assisted living residence is often preferable and more cost-effective than home-based care or nursing home care. Typically, assisted living represents a combination of housing and support services designed to aid residents with ADLs such as ambulation, bathing, dressing, eating, grooming, personal hygiene and monitoring or assistance with medications. Certain assisted living residences may also provide assistance to residents with low acuity medical needs.  Others may offer higher levels of personal assistance for residents with chronic diseases and conditions or memory care services for residents with Alzheimer’s disease or other cognitive frailties. Generally, assisted living residents require higher levels of care than residents of independent living residences and retirement living centers, but require lower levels of care than patients in skilled nursing facilities. For seniors who need the constant attention of a skilled nurse or medical practitioner, a skilled nursing facility may be required.

3


 

According to the American Seniors Housing Association, Seniors Housing Construction Monitor – Winter 2020 Report, as of the fourth quarter of fiscal 2019, 22.3% of the age-restricted seniors housing supply in the United States were assisted living units, 22.5% were independent living units, 47.8% were nursing care units, and 7.6% were memory care units.

The senior living industry is highly fragmented and characterized by numerous small operators. Moreover, the scope of senior living services varies substantially from one operator to another. Many smaller senior living providers do not operate purpose-built residences, do not have extensive professional training for staff and provide only limited assistance with ADLs. The Company believes that, as one of the nation’s largest operators, it has scale and resources to provide the required comprehensive range of senior living services designed to permit residents to “age in place” within the community as residents develop further physical or cognitive frailties, whereas smaller providers do not.

The Company believes that a number of demographic, regulatory and other trends will contribute to the continued growth in the senior living market, including the following:

Consumer Preference

The Company believes that senior housing communities are increasingly becoming the setting preferred by prospective residents and their families for the care of the 75+ population. Senior living offers residents greater independence and allows them to “age in place” in a residential setting, which the Company believes results in a higher quality of life than that experienced in more institutional or clinical settings.

The likelihood of living alone increases with age. Most of this increase is due to an aging population in which women outlive men. Societal changes, such as high divorce rates and the growing numbers of persons choosing not to marry, have further increased the number of Americans living alone. This growth in the number of seniors living alone has resulted in an increased demand for services that historically have been provided by a spouse, other family members or live-in caregivers.

Demographics

The primary market for the Company’s senior living services is comprised of persons aged 75 and older. Due primarily to advancements in healthcare and an increased life expectancy, this age group is one of the fastest growing segments of the United States population. The older population itself is increasingly older. In 2011, the 75-84 age group in the United States (12.8 million persons) was 16 times larger than in 1900 and the 85 and over age group in the United States (5.7 million persons) was 40 times larger. The 85 and over population in the United States is projected to more than double from 5.7 million persons in 2011 to 14.1 million persons in 2040. As the number of persons aged 75 and older continues to grow, the Company believes that there will be corresponding increases in the number of persons who need assistance with ADLs.

Senior Affluence

The average net worth of senior citizens is typically higher than non-senior citizens, partially as a result of accumulated equity through home ownership. The Company believes that a substantial portion of the senior population has historically accumulated significant resources available for their retirement and long-term care needs. The Company’s target population is comprised of moderate to upper income seniors who have, either directly or indirectly through familial support, the financial resources to pay for senior housing communities, including an assisted living alternative to traditional long-term care.

Reduced Reliance on Family Care

Historically, the family has been the primary provider of care for seniors. The Company believes that the increase in the percentage of women in the work force, the reduction of average family size, and overall increased mobility in society is reducing the role of the family as the traditional caregiver for aging parents. The Company believes that these factors will make it necessary for many seniors to look outside the family for assistance as they age.

4


 

Restricted Supply of Nursing Beds

Several states in the United States have adopted Certificate of Need (“CON”) or similar statutes generally requiring that, prior to the addition of new skilled nursing beds, the addition of new services, or the making of certain capital expenditures, a state agency must determine that a need exists for the new beds or the proposed activities. The Company believes that this CON process tends to restrict the supply and availability of licensed nursing facility beds. High construction costs, limitations on government reimbursement, and start-up expenses also act to constrain growth in the supply of such facilities. At the same time, nursing facility operators are continuing to focus on improving occupancy and expanding services to sub-acute patients generally of a younger age and requiring significantly higher levels of nursing care. As a result, the Company believes that there has been a decrease in the number of skilled nursing beds available to patients with lower acuity levels and that this trend should increase the demand for the Company’s senior housing communities, including, particularly, the Company’s assisted living communities.

Cost-Containment Pressures

In response to rapidly rising health care costs, governmental and private pay sources have adopted cost containment measures that have reduced admissions and encouraged reduced lengths of stays in hospitals and other acute care settings. Private insurers have begun to limit reimbursement for medical services in general to predetermined charges, and managed care organizations (such as health maintenance organizations) are attempting to limit hospitalization costs by negotiating for discounted rates for hospital and acute care services and by monitoring and reducing hospital use. In response, hospitals are discharging patients earlier and referring aging patients, who may be too sick or frail to manage their lives without assistance, to nursing homes and assisted living residences where the cost of providing care is typically lower than hospital care. In addition, third-party payors are increasingly becoming involved in determining the appropriate health care settings for their insureds or clients, based primarily on cost and quality of care. Based on industry data, the typical day-rate in an assisted living facility is one-fourth of the cost for comparable care in a nursing home and two-thirds of the cost of living at home with a third-party home health care provider.

 

Senior Living Services

The Company provides senior living services to the residents aged 75 and greater, including independent living, assisted living, and memory care services. By offering a variety of services and encouraging the active participation of the resident and the resident’s family and medical professionals, the Company is able to customize its service plan to meet the specific needs and desires of each resident. As a result, the Company believes that it is able to maximize customer satisfaction and avoid the cost of delivering unnecessary services to residents.

The Company’s operating philosophy is to provide quality senior housing communities and services to senior citizens and deliver a continuum of care for its residents as their needs change over time coordinated with third party post-acute care providers. This continuum of care, which integrates independent living, assisted living, and memory care services and is bridged by home care, sustains residents’ autonomy and independence based on their physical and mental abilities. As residents age, in many of the Company’s communities, they are able to obtain the additional services they need within the same community, avoiding the disruptive and often traumatic move to a different facility.

Independent Living Services

The Company provides independent living services to seniors who typically do not yet need assistance or support with ADLs, but who prefer the physical and psychological comfort of a residential community that offers health care and other services. As of December 31, 2019, the Company owned 37 communities and leased 15 communities that provide independent living services, which include communities that combine assisted living and other services, with an aggregate capacity for approximately 6,500 residents.

Independent living services provided by the Company include daily meals, transportation, social and recreational activities, laundry, housekeeping and 24-hour staffing. The Company also fosters the wellness of its residents by offering access to health screenings (such as blood pressure checks), periodic special services (such as influenza inoculations), dietary and similar programs, as well as ongoing exercise and fitness classes. Classes are given by health care professionals to keep residents informed about health and disease management. Subject to applicable government regulation, personal care and medical services are available to independent living residents through either the community

5


 

staff or through the Company’s agency or other independent home care agencies. The Company’s independent living residents pay an average fee of $2,700 per month, in general, depending on the specific community, program of services, size of the unit and amenities offered. The Company’s contracts with its independent living residents are generally for a term of one year and are typically terminable by either party, under certain circumstances, upon providing 30 days notice unless state law stipulates otherwise.

Assisted Living Services

The Company offers a wide range of assisted living care and services, including personal care services, 24-hour staffing, support services, and supplemental services, including memory care services at some communities as described below. As of December 31, 2019, the Company owned 66 communities and leased 40 communities that provide assisted living services, which include communities that combine independent living and other services, with an aggregate capacity for approximately 9,500 residents. The residents of the Company’s assisted living residences generally need help with some or all ADLs, but do not require the more acute medical care traditionally provided in nursing homes. Upon admission to the Company’s assisted living communities, and in consultation with the resident, the resident’s family and medical consultants, each resident is assessed to determine his or her health status, including functional abilities and need for personal care services. The resident also completes a lifestyles assessment to determine the resident’s preferences. From these assessments, a care plan is developed for each resident to ensure that all staff members who render care meet the specific needs and preferences of each resident where possible. Each resident’s care plan is reviewed periodically to determine whether a change in care is needed.

The Company has adopted a philosophy of assisted living care that allows a resident to maintain a dignified independent lifestyle. Residents and their families are encouraged to be partners in the residents’ care and to take as much responsibility for their well-being as possible. The basic types of assisted living services offered by the Company include the following:

Personal Care Services.     These services include assistance with ADLs such as ambulation, bathing, dressing, eating, grooming, personal hygiene, and monitoring or assistance with medications.

Support Services.     These services include meals, assistance with social and recreational activities, laundry services, general housekeeping, maintenance services and transportation services.

Supplemental Services.     These services include extra transportation services, personal maintenance, extra laundry services, and special care services, such as services for residents with certain forms of dementia. Certain of these services require extra charges.

The Company’s assisted living residents pay an average fee of $4,000 per month, in general, depending on the specific community, the level of personal care services, support service and supplemental services provided to the resident, size of the unit and amenities offered. The Company’s contracts with its assisted living residents are generally for a term of one year and are typically terminable by either party, under certain circumstances, upon providing 30 days’ notice unless state law stipulates otherwise.

Memory Care Services

The Company maintains programs and special living accommodations at some of its communities for residents with certain forms of dementia, which provide the attention, care and services needed to help those residents maintain a higher quality of life. Specialized services include assistance with ADLs, behavior management and life skills-based activities programs, the goal of which is to provide a normalized environment that supports residents’ remaining functional abilities. Special living accommodations for residents with certain forms of dementia are located in a separate area of the community with its own dining facilities, resident lounge areas, and specially trained staff. The special care areas are designed to allow residents the freedom to ambulate as they wish, while keeping them safely contained within a secure area with a minimum of disruption from other residents. Resident fees for these programs and special living accommodations are dependent on the level of services provided.

The Company’s memory care residents pay an average fee of $5,100 per month, in general, depending on the specific community, the level of personal care services, support service and supplemental services provided to the resident, size of the unit and amenities offered. The Company’s contracts with its memory care residents are generally

6


 

for a term of one year and are typically terminable by either party, under certain circumstances, upon providing 30 days notice unless state law stipulates otherwise.

Home Care Services

As of December 31, 2019, the Company made home care services available to clients at a majority of its senior housing communities through third-party providers. The Company believes that the provision of private pay, home care services is an attractive adjunct to its independent living services because it allows the Company to make available more services to its residents as they age in place and increases the length of stay in the Company’s communities. In addition, the Company makes certain customized physician, dentistry, podiatry and other health-related rehabilitation and therapy services available to its residents through third-party providers.

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Operating Communities

The table below sets forth certain information with respect to senior housing communities operated by the Company as of December 31, 2019.

 

 

 

 

 

 

 

 

Resident Capacity1

 

 

 

 

 

 

Commencement

Community

Location

 

Units

 

 

IL

 

 

AL

 

 

Total

 

 

Ownership

 

 

of Operations2

Owned:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aspen Grove

Lamberville, MI

 

 

78

 

 

 

 

 

 

83

 

 

 

83

 

 

 

100

%

 

03/14

Autumn Glen

Greencastle, IN

 

 

49

 

 

 

 

 

 

64

 

 

 

64

 

 

 

100

%

 

06/13

Brookview Meadows

Green Bay, WI

 

 

78

 

 

 

 

 

 

156

 

 

 

156

 

 

 

100

%

 

01/15

Canton Regency

Canton, OH

 

 

239

 

 

 

162

 

 

 

145

 

 

 

307

 

 

 

100

%

 

03/91

Chateau of Batesville

Batesville, IN

 

 

41

 

 

 

 

 

 

43

 

 

 

43

 

 

 

100

%

 

10/12

Cottonwood Village

Cottonwood, AZ

 

 

163

 

 

 

131

 

 

 

58

 

 

 

189

 

 

 

100

%

 

03/91

Country Charm

Greenwood, IN

 

 

89

 

 

 

 

 

 

166

 

 

 

166

 

 

 

100

%

 

10/12

Courtyards at Lake Granbury

Granbury, TX

 

 

81

 

 

 

 

 

 

112

 

 

 

112

 

 

 

100

%

 

03/12

Georgetowne Place

Fort Wayne, IN

 

 

159

 

 

 

242

 

 

 

0

 

 

 

242

 

 

 

100

%

 

10/05

Good Tree Retirement and Memories

Stephenville, TX

 

 

60

 

 

 

20

 

 

 

75

 

 

 

95

 

 

 

100

%

 

03/12

Gramercy Hill

Lincoln, NE

 

 

143

 

 

 

34

 

 

 

113

 

 

 

147

 

 

 

100

%

 

10/98

Greenbriar Village

Indianapolis, IN

 

 

124

 

 

 

 

 

 

134

 

 

 

134

 

 

 

100

%

 

08/15

Harbor Court

Rocky River, OH

 

 

122

 

 

 

 

 

 

144

 

 

 

144

 

 

 

100

%

 

12/12

Harrison at Eagle Valley

Indianapolis, IN

 

 

104

 

 

 

138

 

 

 

0

 

 

 

138

 

 

 

100

%

 

03/91

Heritage at the Plains at Parish Homestead

Oneonta, NY

 

 

108

 

 

 

97

 

 

 

53

 

 

 

150

 

 

 

100

%

 

05/15

Keystone Woods Assisted Living

Anderson, IN

 

 

58

 

 

 

 

 

 

70

 

 

 

70

 

 

 

100

%

 

07/11

Laurel Hurst Laurel Woods

Columbus, NC

 

 

102

 

 

 

70

 

 

 

60

 

 

 

130

 

 

 

100

%

 

10/11

Marquis Place of Elkhorn

Elkhorn, NE

 

 

65

 

 

 

 

 

 

69

 

 

 

69

 

 

 

100

%

 

03/13

Middletown

Middletown, OH

 

 

61

 

 

 

 

 

 

75

 

 

 

75

 

 

 

100

%

 

09/13

North Pointe

Anderson, SC

 

 

64

 

 

 

 

 

 

70

 

 

 

70

 

 

 

100

%

 

10/11

Park-Oak Grove

Roanoke, VA

 

 

93

 

 

 

 

 

 

164

 

 

 

164

 

 

 

100

%

 

08/14

River Crossing Assisted Living

Charlestown, IN

 

 

100

 

 

 

 

 

 

106

 

 

 

106

 

 

 

100

%

 

12/13

Riverbend Independent and Assisted Living

Jeffersonville, IN

 

 

97

 

 

 

 

 

 

114

 

 

 

114

 

 

 

100

%

 

03/12

Remington at Valley Ranch

Irving, TX

 

 

127

 

 

 

158

 

 

 

 

 

 

158

 

 

 

100

%

 

04/12

Residence of Chardon

Chardon, OH

 

 

42

 

 

 

 

 

 

52

 

 

 

52

 

 

 

100

%

 

10/12

Rose Arbor

Maple Grove, MN

 

 

146

 

 

 

86

 

 

 

87

 

 

 

173

 

 

 

100

%

 

06/06

Rosemont Assisted Living and Memory Care

Humble, TX

 

 

96

 

 

 

 

 

 

120

 

 

 

120

 

 

 

100

%

 

09/16

Sugar Grove

Plainfield, IN

 

 

164

 

 

 

48

 

 

 

116

 

 

 

164

 

 

 

100

%

 

12/13

Summit Place

Anderson, SC

 

 

80

 

 

 

19

 

 

 

89

 

 

 

108

 

 

 

100

%

 

10/11

Summit Point Living

Macedonia, OH

 

 

163

 

 

 

126

 

 

 

98

 

 

 

224

 

 

 

100

%

 

08/11

Towne Centre Retirement Community

Merrillville, IN

 

 

213

 

 

 

0

 

 

 

238

 

 

 

238

 

 

 

100

%

 

03/91

Vintage Gardens

St. Joseph, MO

 

 

95

 

 

 

44

 

 

 

92

 

 

 

136

 

 

 

100

%

 

05/13

Waterford at Baytown

Baytown, TX

 

 

129

 

 

 

18

 

 

 

132

 

 

 

150

 

 

 

100

%

 

03/15

Waterford at Bridle Brook

Mahomet, IL

 

 

78

 

 

 

 

 

 

120

 

 

 

120

 

 

 

100

%

 

09/15

Waterford at Carpenter’s Creek

Pensacola, FL

 

 

94

 

 

 

 

 

 

105

 

 

 

105

 

 

 

100

%

 

02/16

Waterford at Colby

Colby, TX

 

 

44

 

 

 

 

 

 

48

 

 

 

48

 

 

 

100

%

 

01/16

Waterford at College Station

College Station, TX

 

 

53

 

 

 

 

 

 

87

 

 

 

87

 

 

 

100

%

 

03/12

Waterford at Columbia

Columbia, SC

 

 

117

 

 

 

141

 

 

 

 

 

 

141

 

 

 

100

%

 

11/00

Waterford at Corpus Christi

Corpus Christi, TX

 

 

50

 

 

 

 

 

 

56

 

 

 

56

 

 

 

100

%

 

10/12

Waterford at Creekside

Pensacola, FL

 

 

84

 

 

 

 

 

 

98

 

 

 

98

 

 

 

100

%

 

02/16

Waterford at Deer Park

Deer Park, TX

 

 

119

 

 

 

144

 

 

 

 

 

 

144

 

 

 

100

%

 

11/00

Waterford at Dillon Pointe

Spartanburg, SC

 

 

51

 

 

 

 

 

 

55

 

 

 

55

 

 

 

100

%

 

12/13

Waterford at Edison Lakes

South Bend, IN

 

 

116

 

 

 

 

 

 

138

 

 

 

138

 

 

 

100

%

 

12/00

Waterford at Fairfield

Fairfield, OH

 

 

120

 

 

 

140

 

 

 

 

 

 

140

 

 

 

100

%

 

11/00

Waterford at Fitchburg

Fitchburg, WI

 

 

82

 

 

 

 

 

 

150

 

 

 

150

 

 

 

100

%

 

10/13

Waterford at Fort Worth

Fort Worth, TX

 

 

154

 

 

 

177

 

 

 

 

 

 

177

 

 

 

100

%

 

06/00

Waterford at Hartford

Hartford, WI

 

 

39

 

 

 

 

 

 

53

 

 

 

53

 

 

 

100

%

 

05/15

Waterford at Hidden Lake

Canton, GA

 

 

43

 

 

 

 

 

 

98

 

 

 

98

 

 

 

100

%

 

12/14

Waterford at Highland Colony

Jackson, MS

 

 

119

 

 

 

143

 

 

 

 

 

 

143

 

 

 

100

%

 

11/00

Waterford at Ironbridge

Springfield, MO

 

 

118

 

 

 

142

 

 

 

 

 

 

142

 

 

 

100

%

 

06/01

Waterford at Levis Commons

Toledo, OH

 

 

146

 

 

 

163

 

 

 

44

 

 

 

207

 

 

 

100

%

 

04/09

Waterford at Mansfield

Mansfield, OH

 

 

118

 

 

 

97

 

 

 

45

 

 

 

142

 

 

 

100

%

 

10/00

Waterford at Mesquite

Mesquite, TX

 

 

153

 

 

 

176

 

 

 

 

 

 

176

 

 

 

100

%

 

09/99

8


 

Waterford at Oakwood

Oakwood, GA

 

 

64

 

 

 

 

 

 

70

 

 

 

70

 

 

 

100

%

 

09/13

Waterford at Oshkosh

Oshkosh, WI

 

 

91

 

 

 

 

 

 

109

 

 

 

109

 

 

 

100

%

 

08/14

Waterford at Pantego

Pantego, TX

 

 

118

 

 

 

143

 

 

 

 

 

 

143

 

 

 

100

%

 

12/00

Waterford at Park Falls

Park Falls, WI

 

 

36

 

 

 

 

 

 

36

 

 

 

36

 

 

 

100

%

 

01/16

Waterford at Plano

Plano, TX

 

 

135

 

 

 

109

 

 

 

57

 

 

 

166

 

 

 

100

%

 

12/00

Waterford at Plymouth

Plymouth, WI

 

 

69

 

 

 

 

 

 

82

 

 

 

82

 

 

 

100

%

 

08/14

Waterford at Richmond Heights

Richmond Heights, OH

 

 

148

 

 

 

117

 

 

 

110

 

 

 

227

 

 

 

100

%

 

04/09

Waterford at Thousand Oaks

San Antonio, TX

 

 

119

 

 

 

135

 

 

 

 

 

 

135

 

 

 

100

%

 

05/00

Waterford at Virginia Beach

Virginia Beach, VA

 

 

111

 

 

 

 

 

 

138

 

 

 

138

 

 

 

100

%

 

10/15

Waterford at West Bend

West Bend, WI

 

 

40

 

 

 

 

 

 

41

 

 

 

41

 

 

 

100

%

 

05/15

Waterford at Wisconsin Rapids

Wisconsin Rapids, WI

 

 

58

 

 

 

 

 

 

66

 

 

 

66

 

 

 

100

%

 

01/16

Waterford on Cooper

Arlington, TX

 

 

105

 

 

 

 

 

 

151

 

 

 

151

 

 

 

100

%

 

03/12

Waterford on Huebner

San Antonio, TX

 

 

119

 

 

 

135

 

 

 

 

 

 

135

 

 

 

100

%

 

04/99

Wellington at Arapaho

Richardson, TX

 

 

140

 

 

 

113

 

 

 

57

 

 

 

170

 

 

 

100

%

 

05/02

Wellington at Conroe

Conroe, TX

 

 

44

 

 

 

25

 

 

 

35

 

 

 

60

 

 

 

100

%

 

03/12

Wellington at Dayton

Dayton, OH

 

 

149

 

 

 

146

 

 

 

94

 

 

 

240

 

 

 

100

%

 

08/08

Wellington at North Bend Crossing

Cincinnati, OH

 

 

122

 

 

 

54

 

 

 

146

 

 

 

200

 

 

 

100

%

 

11/16

Wellington at North Richland Hills

North Richland Hills, TX

 

 

118

 

 

 

139

 

 

 

 

 

 

139

 

 

 

100

%

 

01/02

Wellington at Southport

Indianapolis, IN

 

 

64

 

 

 

 

 

 

105

 

 

 

105

 

 

 

100

%

 

10/12

Wellington at Springfield

Springfield, MA

 

 

235

 

 

 

119

 

 

 

117

 

 

 

236

 

 

 

100

%

 

09/16

Whispering Pines Village

Columbiana, OH

 

 

68

 

 

 

24

 

 

 

88

 

 

 

112

 

 

 

100

%

 

07/15

Whitcomb House

Milford, MA

 

 

87

 

 

 

 

 

 

87

 

 

 

87

 

 

 

100

%

 

10/13

Woodlands of Columbus

Columbus, OH

 

 

116

 

 

 

 

 

 

117

 

 

 

117

 

 

 

100

%

 

10/12

Woodlands of Hamilton

Hamilton, OH

 

 

77

 

 

 

 

 

 

100

 

 

 

100

 

 

 

100

%

 

10/12

Woodlands of Shaker Heights

Shaker Heights, OH

 

 

66

 

 

 

 

 

 

85

 

 

 

85

 

 

 

100

%

 

10/12

Woodview Assisted Living

Fort Wayne, IN

 

 

88

 

 

 

 

 

 

153

 

 

 

153

 

 

 

100

%

 

12/13

Wynnfield Crossing Assisted Living

Rochester, IN

 

 

50

 

 

 

 

 

 

79

 

 

 

79

 

 

 

100

%

 

07/11

 

 

 

 

8,068

 

 

 

3,975

 

 

 

6,318

 

 

 

10,293

 

 

 

 

 

 

 

Leased:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ventas:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amberleigh

Buffalo, NY

 

 

267

 

 

 

387

 

 

 

66

 

 

 

453

 

 

N/A

 

 

01/92

Crown Pointe

Omaha, NE

 

 

136

 

 

 

85

 

 

 

80

 

 

 

165

 

 

N/A

 

 

08/00

Independence Village of East Lansing

East Lansing, MI

 

 

146

 

 

 

161

 

 

 

 

 

 

161

 

 

N/A

 

 

08/00

Independence Village of Olde Raleigh

Raleigh, NC

 

 

167

 

 

 

177

 

 

 

 

 

 

177

 

 

N/A

 

 

08/00

Villa Santa Barbara

Santa Barbara, CA

 

 

125

 

 

 

64

 

 

 

62

 

 

 

126

 

 

N/A

 

 

08/00

West Shores

Hot Springs, AR

 

 

137

 

 

 

131

 

 

 

42

 

 

 

173

 

 

N/A

 

 

08/00

Whitley Place

Keller, TX

 

 

47

 

 

 

 

 

 

65

 

 

 

65

 

 

N/A

 

 

02/08

Welltower:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Azalea Trails Assisted Living

Tyler, TX

 

 

56

 

 

 

 

 

 

70

 

 

 

70

 

 

N/A

 

 

09/10

Buffalo Creek Assisted Living

Waxahachie, TX

 

 

56

 

 

 

 

 

 

70

 

 

 

70

 

 

N/A

 

 

09/10

Dogwood Trails Assisted Living

Palestine, TX

 

 

65

 

 

 

 

 

 

75

 

 

 

75

 

 

N/A

 

 

09/10

Hawkins Creek Assisted Living

Longview, TX

 

 

56

 

 

 

 

 

 

70

 

 

 

70

 

 

N/A

 

 

09/10

Hearth at Prestwick

Avon, IN

 

 

132

 

 

 

 

 

 

150

 

 

 

150

 

 

N/A

 

 

08/06

Hearth at Windermere

Fishers, IN

 

 

128

 

 

 

 

 

 

150

 

 

 

150

 

 

N/A

 

 

08/06

Heritage Oaks Assisted Living

Conroe, TX

 

 

75

 

 

 

 

 

 

90

 

 

 

90

 

 

N/A

 

 

09/10

Keepsake Village of Columbus

Columbus, IN

 

 

42

 

 

 

 

 

 

48

 

 

 

48

 

 

N/A

 

 

08/06

Magnolia Court Assisted Living

Nacogdoches, TX

 

 

56

&nbs