XML 34 R24.htm IDEA: XBRL DOCUMENT v3.22.2
INVESTMENT IN REAL ESTATE PROPERTIES (Tables)
 6 Months Ended
Jun. 30, 2022
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 June 30, 2022
Property TypeNumber of
Properties		Number of
Beds/Units		Total
Real Estate
at Cost		Accumulated
Depreciation		Total
Real Estate
Investments, Net
Skilled Nursing/Transitional Care272 30,251 $3,560,595 $(511,806)$3,048,789 
Senior Housing - Leased55 3,965 693,341 (108,029)585,312 
Senior Housing - Managed50 5,266 1,041,558 (190,810)850,748 
Behavioral Health14 795 420,880 (47,083)373,797 
Specialty Hospitals and Other15 392 225,443 (39,331)186,112 
406 40,669 5,941,817 (897,059)5,044,758 
Corporate Level880 (509)371 
$5,942,697 $(897,568)$5,045,129 
As of December 31, 2021
Property TypeNumber of
Properties		Number of
Beds/Units		Total
Real Estate
at Cost		Accumulated
Depreciation		Total
Real Estate
Investments, Net
Skilled Nursing/Transitional Care279 30,920 $3,617,359 $(474,534)$3,142,825 
Senior Housing - Leased60 4,099 720,581 (104,046)616,535 
Senior Housing - Managed49 5,140 1,012,398 (174,098)838,300 
Behavioral Health13 795 417,659 (41,556)376,103 
Specialty Hospitals and Other15 392 225,348 (36,623)188,725 
416 41,346 5,993,345 (830,857)5,162,488 
Corporate Level863 (467)396 
$5,994,208 $(831,324)$5,162,884 
June 30, 2022December 31, 2021
Building and improvements$5,101,294 $5,145,096 
Furniture and equipment265,594 262,969 
Land improvements4,050 4,295 
Land571,759 581,848 
Total real estate at cost5,942,697 5,994,208 
Accumulated depreciation(897,568)(831,324)
Total real estate investments, net$5,045,129 $5,162,884 
Schedule of Future Minimum Rental Payments from Non-Cancelable Operating Leases
As of June 30, 2022, 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):
July 1 through December 31, 2022$196,502 
2023390,351 
2024391,434 
2025386,768 
2026371,249 
Thereafter1,464,368 
$3,200,672 
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
June 30, 2022
Ownership as of
June 30, 2022
Book Value
June 30, 2022December 31, 2021
Enlivant Joint Venture (1)
Senior Housing - Managed157 49 %$91,556 $96,680 
Sienna Joint VentureSenior Housing - Managed12 50 %128,364 — 
$219,920 $96,680 
(1)    As of June 30, 2022 and December 31, 2021, the book value of the Company’s investment in the Enlivant Joint Venture includes an unamortized basis difference of $289.9 million and $293.7 million, respectively. The unamortized basis difference is related to the difference between the amount the Company purchased its interest in the Enlivant Joint Venture for and the historical cost basis of the assets.