XML 40 R27.htm IDEA: XBRL DOCUMENT v3.8.0.1
REAL ESTATE PROPERTIES HELD FOR INVESTMENT (Tables)
 9 Months Ended
Sep. 30, 2017
Real Estate Investments, Net [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 September 30, 2017
Property Type
 
Number of
Properties
 
Number of
Beds/Units
 
Total
Real Estate
at Cost
 
Accumulated
Depreciation
 
Total
Real Estate
Investments, Net
Skilled Nursing/Transitional Care
 
409

 
45,710

 
$
4,386,543

 
$
(215,921
)
 
$
4,170,622

Senior Housing - Leased(1)
 
88

 
8,110

 
1,149,278

 
(96,790
)
 
1,052,488

Senior Housing - Managed(1)
 
11

 
999

 
170,866

 
(10,884
)
 
159,982

Specialty Hospitals and Other
 
22

 
1,085

 
602,339

 
(12,820
)
 
589,519

 
 
530

 
55,904

 
6,309,026

 
(336,415
)
 
5,972,611

Corporate Level
 
 
 
 
 
448

 
(274
)
 
174

 
 
 
 
 
 
$
6,309,474

 
$
(336,689
)
 
$
5,972,785

As of December 31, 2016
Property Type
 
Number of
Properties
 
Number of
Beds/Units
 
Total
Real Estate
at Cost
 
Accumulated
Depreciation
 
Total
Real Estate
Investments, Net
Skilled Nursing/Transitional Care
 
97

 
10,819

 
$
1,042,754

 
$
(190,038
)
 
$
852,716

Senior Housing - Leased(1)
 
83

 
7,855

 
1,153,739

 
(80,449
)
 
1,073,290

Senior Housing - Managed(1)
 
2

 
134

 
34,212

 
(1,682
)
 
32,530

Specialty Hospitals and Other
 
1

 
70

 
61,640

 
(10,387
)
 
51,253

 
 
183

 
18,878

 
2,292,345

 
(282,556
)
 
2,009,789

Corporate Level
 
 
 
 
 
406

 
(256
)
 
150

 
 
 
 
 
 
$
2,292,751

 
$
(282,812
)
 
$
2,009,939


 
September 30, 2017
 
December 31, 2016
Building and improvements
$
5,410,572

 
$
1,983,769

Furniture and equipment
234,901

 
85,196

Land improvements
3,563

 
3,744

Land
660,438

 
220,042

 
6,309,474

 
2,292,751

Accumulated depreciation
(336,689
)
 
(282,812
)
 
$
5,972,785

 
$
2,009,939


(1) 
During the nine months ended September 30, 2017, the Company transitioned nine senior housing communities into a managed property structure whereby the Company owns the operations of the communities and the communities are operated by a third-party property manager.
Schedule of Future Minimum Rental Payments Receivable for Operating Leases
As of September 30, 2017, the future minimum rental payments from the Company’s properties held for investment under non-cancelable operating leases was as follows (in thousands):
October 1, 2017 through December 31, 2017
$
146,223

2018
590,222

2019
599,100

2020
592,748

2021
582,633

Thereafter
3,508,262

 
$
6,019,188

 
 
 
Schedule of Revenue from External Customers
The following table provides information regarding significant tenant relationships representing 10% or more of the Company's total revenues as of September 30, 2017 (dollars in thousands):
 
 
 
 
Three Months Ended
 
Nine Months Ended
 
 
 
 
September 30, 2017
 
 
Number of Investments
 
Rental Revenue
 
% of Total Revenue
 
Rental Revenue
 
% of Total Revenue
 
 
 
 
 
 
 
 
 
 
 
Genesis Healthcare, Inc.
 
76

 
$
20,257

 
18.1
%
 
$
60,470

 
25.3
%
Holiday AL Holdings, LP
 
21

 
9,813

 
8.8

 
29,438

 
12.3