Summarized Condensed Consolidating Information (Tables)

3 Months Ended

Mar. 31, 2016

Summarized Condensed Consolidating Information [Abstract]

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