XML 39 R29.htm IDEA: XBRL DOCUMENT v3.4.0.3
Summarized Condensed Consolidating Information (Tables)
3 Months Ended
Mar. 31, 2016
Summarized Condensed Consolidating Information [Abstract]  
Condensed Consolidating Balance Sheets
CONDENSED CONSOLIDATING BALANCE SHEETS
MARCH 31, 2016
(in thousands, except share and per share amounts)
 
 
Parent
Guarantor
 
Issuers
 
Combined
Subsidiary
Guarantors
 
Combined
Non-
Guarantor
Subsidiaries
 
Elimination
 
Consolidated
Assets:
 
 
 
 
 
 
 
 
 
 
 
Real estate investments, net
$

 
$
337,902

 
$
344,078

 
$
40,237

 
$

 
$
722,217

Other real estate investments

 

 
8,731

 

 

 
8,731

Cash and cash equivalents

 
4,663

 

 

 

 
4,663

Accounts receivable

 
1,134

 
1,021

 
72

 

 
2,227

Prepaid expenses and other assets

 
2,068

 
4

 

 

 
2,072

Deferred financing costs, net

 
3,598

 

 

 

 
3,598

Investment in subsidiaries
374,247

 
373,655

 

 

 
(747,902
)
 

Intercompany

 
18,743

 
70,304

 

 
(89,047
)
 

Total assets
$
374,247

 
$
741,763

 
$
424,138

 
$
40,309

 
$
(836,949
)
 
$
743,508

Liabilities and Equity:
 
 
 
 
 
 
 
 
 
 
 
Senior unsecured notes payable, net
$

 
$
254,495

 
$

 
$

 
$

 
$
254,495

Senior unsecured term loan, net

 
99,361

 

 

 

 
99,361

Unsecured revolving credit facility

 
5,000

 

 

 

 
5,000

Accounts payable and accrued liabilities
291

 
8,660

 
1,673

 
72

 

 
10,696

Dividends payable
9,845

 

 

 

 

 
9,845

Intercompany

 

 

 
89,047

 
(89,047
)
 

Total liabilities
10,136

 
367,516

 
1,673

 
89,119

 
(89,047
)
 
379,397

Equity:
 
 
 
 
 
 
 
 
 
 
 
Common stock, $0.01 par value; 500,000,000 shares authorized, 57,454,822 shares issued and outstanding as of March 31, 2016
575

 

 

 

 

 
575

Additional paid-in capital
516,285

 
365,250

 
374,660

 
(52,899
)
 
(687,011
)
 
516,285

Cumulative distributions in excess of earnings
(152,749
)
 
8,997

 
47,805

 
4,089

 
(60,891
)
 
(152,749
)
Total equity
364,111

 
374,247

 
422,465

 
(48,810
)
 
(747,902
)
 
364,111

Total liabilities and equity
$
374,247

 
$
741,763

 
$
424,138

 
$
40,309

 
$
(836,949
)
 
$
743,508

CONDENSED CONSOLIDATING BALANCE SHEETS
DECEMBER 31, 2015
(in thousands, except share and per share amounts)
 
Parent
Guarantor
 
Issuers
 
Combined
Subsidiary
Guarantors
 
Combined
Non-
Guarantor
Subsidiaries
 
Elimination
 
Consolidated
Assets:
 
 
 
 
 
 
 
 
 
 
 
Real estate investments, net
$

 
$
256,209

 
$
348,454

 
$
40,951

 
$

 
$
645,614

Other real estate investments

 

 
8,477

 

 

 
8,477

Cash and cash equivalents

 
11,467

 

 

 

 
11,467

Accounts receivable

 
519

 
1,695

 
128

 

 
2,342

Prepaid expenses and other assets

 
2,079

 
4

 

 

 
2,083

Deferred financing costs, net

 
3,183

 

 

 

 
3,183

Investment in subsidiaries
269,992

 
365,368

 

 

 
(635,360
)
 

Intercompany

 

 
59,160

 
4,186

 
(63,346
)
 

Total assets
$
269,992

 
$
638,825

 
$
417,790

 
$
45,265

 
$
(698,706
)
 
$
673,166

Liabilities and Equity:
 
 
 
 
 
 
 
 
 
 
 
Senior unsecured notes payable, net
$

 
$
254,229

 
$

 
$

 
$

 
$
254,229

Mortgage notes payable, net

 

 

 
94,676

 

 
94,676

Unsecured revolving credit facility

 
45,000

 

 

 

 
45,000

Accounts payable and accrued liabilities

 
6,258

 
2,433

 
578

 

 
9,269

Dividends payable
7,704

 

 

 

 

 
7,704

Intercompany

 
63,346

 

 

 
(63,346
)
 

Total liabilities
7,704

 
368,833

 
2,433

 
95,254

 
(63,346
)
 
410,878

Equity:
 
 
 
 
 
 
 
 
 
 
 
Common stock, $0.01 par value; 500,000,000 shares authorized, 47,664,742 shares issued and outstanding as of December 31, 2015
477

 

 

 

 

 
477

Additional paid-in capital
410,217

 
266,929

 
374,660

 
(52,899
)
 
(588,690
)
 
410,217

Cumulative distributions in excess of earnings
(148,406
)
 
3,063

 
40,697

 
2,910

 
(46,670
)
 
(148,406
)
Total equity
262,288

 
269,992

 
415,357

 
(49,989
)
 
(635,360
)
 
262,288

Total liabilities and equity
$
269,992

 
$
638,825

 
$
417,790

 
$
45,265

 
$
(698,706
)
 
$
673,166

Condensed Consolidating Income Statements
CONDENSED CONSOLIDATING INCOME STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2016
(in thousands)
 
Parent
Guarantor
 
Issuers
 
Combined
Subsidiary
Guarantors
 
Combined
Non-
Guarantor
Subsidiaries
 
Elimination
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Rental income
$

 
$
6,897

 
$
11,275

 
$
2,725

 
$

 
$
20,897

Tenant reimbursements

 
566

 
1,099

 
132

 

 
1,797

Independent living facilities

 

 
681

 

 

 
681

Interest and other income

 

 
254

 

 

 
254

Total revenues

 
7,463

 
13,309

 
2,857

 

 
23,629

Expenses:
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization

 
2,146

 
4,433

 
714

 

 
7,293

Interest expense

 
5,372

 

 
815

 

 
6,187

Property taxes

 
566

 
1,099

 
132

 

 
1,797

Independent living facilities

 

 
620

 

 

 
620

General and administrative
433

 
1,731

 
49

 
17

 

 
2,230

Total expenses
433

 
9,815

 
6,201

 
1,678

 

 
18,127

Income in Subsidiary
5,935

 
8,287

 

 

 
(14,222
)
 

Net income
$
5,502

 
$
5,935

 
$
7,108

 
$
1,179

 
$
(14,222
)
 
$
5,502

CONDENSED CONSOLIDATING INCOME STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2015
(in thousands)
 
Parent
Guarantor
 
Issuers
 
Combined
Subsidiary
Guarantors
 
Combined
Non-
Guarantor
Subsidiaries
 
Elimination
 
Consolidated
Revenues:

 
 
 
 
 
 
 
 
 
 
Rental income
$

 
$
842

 
$
11,275

 
$
2,725

 
$

 
$
14,842

Tenant reimbursements

 
52

 
1,090

 
116

 

 
1,258

Independent living facilities

 

 
635

 

 

 
635

Interest and other income

 

 
223

 

 

 
223

Total revenues

 
894

 
13,223

 
2,841

 

 
16,958

Expenses:

 

 

 

 

 

Depreciation and amortization

 
295

 
4,544

 
760

 

 
5,599

Interest expense

 
4,492

 
8

 
1,401

 

 
5,901

Property taxes

 
52

 
1,090

 
116

 

 
1,258

Independent living facilities

 

 
602

 

 

 
602

General and administrative

 
1,560

 

 

 

 
1,560

Total expenses

 
6,399

 
6,244

 
2,277

 

 
14,920

Income in Subsidiary
2,038

 
7,543

 

 

 
(9,581
)
 

Net income
$
2,038

 
$
2,038

 
$
6,979

 
$
564

 
$
(9,581
)
 
$
2,038

Condensed Consolidating Statements of Cash Flows
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2016
(in thousands)
 
 
Parent
Guarantor
 
Issuers
 
Combined
Subsidiary
Guarantors
 
Combined
Non-Guarantor
Subsidiaries
 
Elimination
 
Consolidated
Cash flows from operating activities:

 
 
 
 
 
 
 
 
 
 
Net cash (used in) provided by operating activities
$
(2
)
 
$
2,013

 
$
11,193

 
$
1,790

 
$

 
$
14,994

Cash flows from investing activities:

 

 

 

 

 

Acquisitions of real estate

 
(68,000
)
 

 

 

 
(68,000
)
Improvements to real estate

 

 
(27
)
 

 

 
(27
)
Purchases of equipment, furniture, and fixtures

 

 
(17
)
 

 

 
(17
)
Escrow deposit for acquisition of real estate

 
(15,730
)
 

 

 

 
(15,730
)
Distribution from subsidiary
7,704

 

 

 

 
(7,704
)
 

Intercompany financing
(106,024
)
 
(82,083
)
 

 

 
188,107

 

Net cash used in investing activities
(98,320
)
 
(165,813
)
 
(44
)
 

 
180,403

 
(83,774
)
Cash flows from financing activities:

 

 

 

 

 

Proceeds from the issuance of common stock, net
106,026

 

 

 

 

 
106,026

Proceeds from the issuance of senior unsecured term loan

 
100,000

 

 

 

 
100,000

Borrowings under unsecured credit facility

 
52,000

 

 

 

 
52,000

Payments on unsecured credit facility

 
(92,000
)
 

 

 

 
(92,000
)
Payments on the mortgage notes payable

 

 

 
(95,022
)
 

 
(95,022
)
Payments of deferred financing costs

 
(1,324
)
 

 

 

 
(1,324
)
Dividends paid on common stock
(7,704
)
 

 

 

 

 
(7,704
)
Distribution to Parent

 
(7,704
)
 

 

 
7,704

 

Intercompany financing

 
106,024

 
(11,149
)
 
93,232

 
(188,107
)
 

Net cash provided by (used in) financing activities
98,322

 
156,996

 
(11,149
)
 
(1,790
)
 
(180,403
)
 
61,976

Net decrease in cash and cash equivalents

 
(6,804
)
 

 

 

 
(6,804
)
Cash and cash equivalents beginning of period

 
11,467

 

 

 

 
11,467

Cash and cash equivalents end of period
$

 
$
4,663

 
$

 
$

 
$

 
$
4,663


 
 
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2015
(in thousands)
 
 
Parent
Guarantor
 
Issuers
 
Combined
Subsidiary
Guarantors
 
Combined
Non-Guarantor
Subsidiaries
 
Elimination
 
Consolidated
Cash flows from operating activities:

 
 
 
 
 
 
 
 
 
 
Net cash (used in) provided by operating activities
$

 
$
(824
)
 
$
10,496

 
$
1,383

 
$

 
$
11,055

Cash flows from investing activities:

 

 

 

 

 

Acquisition of real estate

 
(17,499
)
 

 

 

 
(17,499
)
Improvements to real estate

 
(19
)
 
(55
)
 

 

 
(74
)
Purchases of equipment, furniture, and fixtures

 
(7
)
 
(56
)
 

 

 
(63
)
Escrow deposit for acquisition of real estate

 
(500
)
 

 

 

 
(500
)
Distribution from subsidiary
3,946

 

 

 

 
(3,946
)
 

Intercompany financing

 
11,083

 

 

 
(11,083
)
 

Net cash provided by (used in) investing activities
3,946

 
(6,942
)
 
(111
)
 

 
(15,029
)
 
(18,136
)
Cash flows from financing activities:

 

 

 

 

 

Payments on mortgage notes payable

 

 
(25
)
 
(660
)
 

 
(685
)
Payments of deferred financing costs

 
(14
)
 

 

 

 
(14
)
Dividends paid on common stock
(3,946
)
 

 

 

 

 
(3,946
)
Distribution to Parent

 
(3,946
)
 

 

 
3,946

 

Intercompany financing

 

 
(10,360
)
 
(723
)
 
11,083

 

Net cash (used in) provided by financing activities
(3,946
)
 
(3,960
)
 
(10,385
)
 
(1,383
)
 
15,029

 
(4,645
)
Net decrease in cash and cash equivalents

 
(11,726
)
 

 

 

 
(11,726
)
Cash and cash equivalents beginning of period

 
25,320

 

 

 

 
25,320

Cash and cash equivalents end of period
$

 
$
13,594

 
$

 
$

 
$

 
$
13,594