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REAL ESTATE INVESTMENTS
9 Months Ended
Sep. 30, 2011
Real Estate Investments [Abstract] 
Real Estate Disclosure [Text Block]
REAL ESTATE INVESTMENTS

The Company’s investments in real estate consisted of the following (dollars in thousands):
As of September 30, 2011  
Property Type
 
Number of
Properties
 
Number of
Beds/Units
 
Total
Real Estate
at Cost
 
Accumulated
Depreciation
 
Total
Real Estate
Investments, Net
Skilled Nursing
 
74

 
8,406

 
$
573,465

 
$
(82,453
)
 
$
491,012

Multi-License Designation
 
10

 
1,389

 
81,245

 
(16,798
)
 
64,447

Assisted Living
 
5

 
367

 
24,094

 
(4,769
)
 
19,325

Mental Health
 
2

 
82

 
998

 
(435
)
 
563

Independent Living
 
1

 
49

 
8,022

 
(1,057
)
 
6,965

Continuing Care Retirement Community
 
1

 
215

 
7,435

 
(1,641
)
 
5,794

Acute Care Hospital
 
1

 
70

 
61,640

 
(692
)
 
60,948

 
 
94

 
10,578

 
756,899

 
(107,845
)
 
649,054

Corporate Level
 
 
 
 
 
239

 
(42
)
 
197

 
 
 
 
 
 
$
757,138

 
$
(107,887
)
 
$
649,251

As of December 31, 2010
Property Type
 
Number of
Properties
 
Number of
Beds/Units
 
Total
Real Estate
at Cost
 
Accumulated
Depreciation
 
Total
Real Estate
Investments, Net
Skilled Nursing
 
67

 
7,501

 
$
448,974

 
$
(67,457
)
 
$
381,517

Multi-License Designation
 
10

 
1,389

 
81,245

 
(14,597
)
 
66,648

Assisted Living
 
5

 
367

 
24,094

 
(4,053
)
 
20,041

Mental Health
 
2

 
82

 
998

 
(370
)
 
628

Independent Living
 
1

 
49

 
8,022

 
(875
)
 
7,147

Continuing Care Retirement Community
 
1

 
215

 
7,435

 
(1,349
)
 
6,086

 
 
86

 
9,603

 
570,768

 
(88,701
)
 
482,067

Corporate Level
 
 
 
 
 
230

 
—

 
230

 
 
 
 
 
 
$
570,998

 
$
(88,701
)
 
$
482,297

 
 
September 30, 2011
 
December 31, 2010
Building and improvements
$
616,407

 
$
460,097

Furniture and equipment
46,065

 
36,225

Land improvements
4,703

 
4,703

Land
89,963

 
69,973

 
757,138

 
570,998

Accumulated depreciation
(107,887
)
 
(88,701
)
 
$
649,251

 
$
482,297

Operating Leases
All of the Company’s real estate properties are leased under triple-net operating leases with expirations ranging from 9 to 23 years. As of September 30, 2011, the leases have a weighted-average remaining term of 12 years. The leases 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. In addition, the Company may receive additional security under these operating leases in the form of security deposits from the lessee or guarantees from the parent of the lessee. As of September 30, 2011, 86 of the Company's 94 real estate properties were leased to subsidiaries of New Sun. For further discussion of the Company’s tenant and revenue concentration, see “Note 11. Commitments and Contingencies—Concentration of Credit Risk.”
As of September 30, 2011, the future minimum rental income from the Company’s properties under non-cancelable operating leases is as follows (in thousands):
 
 
 
October 1, 2011 through December 31, 2011
$
22,732

2012
90,927

2013
90,927

2014
90,927

2015
90,927

Thereafter
707,221

 
 
 
$
1,093,661