XML 53 R41.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Notes Payable - Narrative (Details)
$ in Thousands
1 Months Ended 6 Months Ended
Feb. 02, 2024
USD ($)
property
Dec. 01, 2023
USD ($)
Jun. 29, 2023
USD ($)
property
May 11, 2023
USD ($)
Jun. 30, 2024
USD ($)
property
seniorHousingCommunity
May 31, 2024
USD ($)
Apr. 30, 2024
USD ($)
Jul. 31, 2023
USD ($)
Jun. 30, 2024
USD ($)
property
seniorHousingCommunity
Jun. 30, 2023
USD ($)
May 22, 2024
May 09, 2024
Dec. 31, 2023
USD ($)
Jan. 31, 2023
property
Jul. 31, 2020
property
Debt Instrument [Line Items]                              
Property and equipment, net         $ 571,000       $ 571,000            
Repayments of notes payable                 48,475 $ 5,893          
Gain on debt extinguishment                 38,148 36,339          
Payments of loan costs                 633 327          
Purchase of interest rate cap                 $ 1,851 $ 0          
Number of senior housing communities | seniorHousingCommunity         78       78            
Notes payable, excluding deferred loan costs         $ 583,755       $ 583,755       $ 629,422    
Notes payable         $ 587,798       $ 587,798       633,783    
Fixed rate mortgage notes payable                              
Debt Instrument [Line Items]                              
Weighted average interest rate         4.60%       4.60%            
Notes payable         $ 412,943       $ 412,943       492,998    
Fixed rate mortgage notes payable | Minimum                              
Debt Instrument [Line Items]                              
Debt effective interest rate         3.60%       3.60%            
Fixed rate mortgage notes payable | Maximum                              
Debt Instrument [Line Items]                              
Debt effective interest rate         6.30%       6.30%            
Variable rate mortgages note payable                              
Debt Instrument [Line Items]                              
Debt instrument, variable rate at period end         5.30%       5.30%            
Weighted average interest rate         6.30%       6.30%            
Notes payable         $ 171,531       $ 171,531       137,320    
Variable rate mortgages note payable | Minimum                              
Debt Instrument [Line Items]                              
Debt instrument, basis spread on variable rate                 2.14%            
Variable rate mortgages note payable | Maximum                              
Debt Instrument [Line Items]                              
Debt instrument, basis spread on variable rate                 3.50%            
Mortgage debt                              
Debt Instrument [Line Items]                              
Note principal amount           $ 9,400                  
Notes payable - insurance                              
Debt Instrument [Line Items]                              
Debt instrument, term                 10 months            
Notes payable, excluding deferred loan costs         $ 2,500       $ 2,500            
Weighted average interest rate         6.77%       6.77%            
Notes payable         $ 2,514       $ 2,514       1,846    
Notes payable - insurance | Minimum                              
Debt Instrument [Line Items]                              
Stated interest rate         6.25%       6.25%            
Notes payable - insurance | Maximum                              
Debt Instrument [Line Items]                              
Stated interest rate         6.85%       6.85%            
Notes payable - other                              
Debt Instrument [Line Items]                              
Weighted average interest rate         8.50%       8.50%            
Notes payable         $ 810       $ 810       1,619    
Protective Life Insurance Company                              
Debt Instrument [Line Items]                              
Repayments of notes payable $ 40,200                            
Debt instrument, repurchase amount $ 74,400                            
Number of properties covered under loan | property 7                            
Reduction in notes payable $ 49,600                            
Gain on debt extinguishment $ 38,100                            
Ally Bank                              
Debt Instrument [Line Items]                              
Number of properties covered under loan | property 6                            
Increase in principal $ 24,800                            
Debt issuance costs, net 500                            
Debt instrument, term loan of principle reserve increased by monthly average amount 36                            
Debt instrument, one-time payment to debt service reserve 400                            
Interest Rate Cap                              
Debt Instrument [Line Items]                              
Debt instrument, variable rate at period end   2.25%           2.25%              
Derivative, basis spread on variable rate           6.00% 4.00%         6.00%      
Purchase of interest rate cap 600 $ 2,400       $ 200 $ 1,100 $ 2,300              
Derivative, notional amount 24,800 $ 88,100     171,600 $ 9,400 $ 49,200 $ 88,100 $ 171,600       138,400    
Derivative term   12 months       24 months 24 months 1 year              
Interest Rate Cap | Ally Bank                              
Debt Instrument [Line Items]                              
Payments of loan costs $ 600                            
Macedonia New Loan                              
Debt Instrument [Line Items]                              
Debt instrument, term           60 months                  
Scheduled principal payment waive period                 36 months            
Macedonia New Loan | Mortgage debt                              
Debt Instrument [Line Items]                              
Note principal amount           $ 9,400                  
Derivative, basis spread on variable rate           2.00%                  
Forbearance Agreements                              
Debt Instrument [Line Items]                              
Debt instrument, weighted average rate                 0.015            
Fourth Ally Amendments | Ally Bank                              
Debt Instrument [Line Items]                              
Debt ownership percentage, lender                     67.50%        
Fourth Ally Amendments | Cross River Bank                              
Debt Instrument [Line Items]                              
Debt ownership percentage, lender                     32.50%        
Insurance Notes Payable, issued 2023 | Notes payable - insurance                              
Debt Instrument [Line Items]                              
Note principal amount                         $ 3,300    
Insurance Notes Payable, issued 2024 | Notes payable - insurance                              
Debt Instrument [Line Items]                              
Note principal amount         $ 2,400       $ 2,400            
Stated interest rate         6.85%       6.85%            
Fannie Mae Loan | Fannie Mae                              
Debt Instrument [Line Items]                              
Number of senior housing communities | property                           2  
Fannie Mae Loan | Forbearance Agreements                              
Debt Instrument [Line Items]                              
Debt instrument, term                 12 months            
Number of senior housing communities | property     37   37       37            
Debt periodic principal payments         $ 5,000     $ 5,000              
Effective date         1 year                    
Fannie Mae Loan | Forbearance Agreements | Fixed rate mortgage notes payable                              
Debt Instrument [Line Items]                              
Number of senior housing communities | property         18       18            
Fannie Mae Loan | Forbearance Agreements | Master Credit Facility                              
Debt Instrument [Line Items]                              
Debt instrument, term                 12 months            
Number of senior housing communities | property         19       19            
Debt instrument, effective date         36 months       36 months            
Escrow percentage                 0.50            
Fannie Mae Loan | Forbearance Agreements                              
Debt Instrument [Line Items]                              
Number of senior housing communities | property                             18
Fannie Mae Loan | Forbearance Agreements | Fixed rate mortgage notes payable                              
Debt Instrument [Line Items]                              
Number of senior housing communities | property                           18  
Ally Loan, Amendment | Forbearance Agreements                              
Debt Instrument [Line Items]                              
Debt instrument, covenant, liquidity, amount, minimum     $ 13,000                        
Debt instrument covenant term     12 months                        
Limited payment guaranty waiver threshold                 $ 6,000            
Waiver principal reserve                 $ 117            
Ally Loan, Amendment | Refinance Facility | Mortgage debt                              
Debt Instrument [Line Items]                              
Increase in principal       $ 1,000                      
Debt instrument, covenant, liquidity, amount, minimum       $ 7,000