XML 34 R24.htm IDEA: XBRL DOCUMENT v3.22.2.2
INVESTMENT IN REAL ESTATE PROPERTIES (Tables)
 9 Months Ended
Sep. 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 September 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 Care270 30,205 $3,438,590 $(476,998)$2,961,592 
Senior Housing - Leased52 3,822 673,346 (107,557)565,789 
Senior Housing - Managed54 5,669 1,115,965 (201,278)914,687 
Behavioral Health16 965 447,427 (55,706)391,721 
Specialty Hospitals and Other15 392 225,443 (40,685)184,758 
407 41,053 5,900,771 (882,224)5,018,547 
Corporate Level887 (531)356 
$5,901,658 $(882,755)$5,018,903 
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 
September 30, 2022December 31, 2021
Building and improvements$5,061,024 $5,145,096 
Furniture and equipment262,323 262,969 
Land improvements4,663 4,295 
Land573,648 581,848 
Total real estate at cost5,901,658 5,994,208 
Accumulated depreciation(882,755)(831,324)
Total real estate investments, net$5,018,903 $5,162,884 
Schedule of Future Minimum Rental Payments from Non-Cancelable Operating Leases
As of September 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):
October 1 through December 31, 2022$91,616 
2023353,765 
2024357,255 
2025352,443 
2026337,218 
Thereafter1,344,958 
$2,837,255 
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
September 30, 2022
Ownership as of
September 30, 2022
Book Value
September 30, 2022December 31, 2021
Enlivant Joint Venture (1)
Senior Housing - Managed157 49 %$87,400 $96,680 
Sienna Joint VentureSenior Housing - Managed12 50 %120,216 — 
$207,616 $96,680 
(1)    As of September 30, 2022 and December 31, 2021, the book value of the Company’s investment in the Enlivant Joint Venture (as defined below) includes an unamortized basis difference of $288.0 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.
The following table presents summarized financial information for the Enlivant Joint Venture and, except for basis adjustments, other-than-temporary impairment and loss from unconsolidated joint venture, reflects the historical cost basis of the assets which pre-dated the Company’s investment in the Enlivant Joint Venture (in thousands):
Nine Months Ended September 30,
20222021
Total revenues$237,144 $200,927 
Operating expenses (1)
215,293 182,777 
Net loss(7,177)(14,036)
Company’s share of net loss$(3,525)$(6,739)
Basis adjustments5,755 7,952 
Other-than-temporary impairment— 164,126 
Loss from unconsolidated joint venture$(9,280)$(178,817)
(1)    During the nine months ended September 30, 2022 and 2021, TPG caused the Enlivant Joint Venture to fund $12.0 million and $5.0 million, respectively, of payments to Enlivant beyond amounts contractually required under the management agreement. These payments were to support the operations of Enlivant and are reflected as operating expenses. Funding for support payments did not require capital contributions from Sabra but rather were funded with proceeds received by the Enlivant Joint Venture from TPG for the issuance of senior preferred interests or with cash on hand at the Enlivant Joint Venture.