XML 46 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
Schedule III Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2018
Real Estate And Accumulated Depreciation Disclosure [Abstract]  
Schedule III Real Estate and Accumulated Depreciation

Schedule III

Real Estate and Accumulated Depreciation

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Initial Cost to Company

 

 

 

 

 

 

Gross Amount at Which Carried at Close of Period

 

 

 

 

 

 

 

 

 

Property/Portfolio Name

 

Location

 

Number of Properties

 

Type of Property (3)

 

Encumbrances

 

 

Land

 

 

Building and improvements and intangible lease assets

 

 

Furniture, fixtures, and equipment

 

 

Cost Capitalized Subsequent to Acquisition

 

 

Land

 

 

Building and improvements and intangible lease assets

 

 

Furniture, fixtures, and equipment

 

 

Total(1)

 

 

Accumulated Depreciation(1) (2)

 

 

Date of Construction

 

Date Acquired

Texas Ten Portfolio

 

TX

 

10

 

SNF

 

$

-

 

 

$

4,325

 

 

$

140,815

 

 

$

-

 

 

$

2

 

 

$

4,325

 

 

$

140,817

 

 

$

-

 

 

$

145,142

 

 

$

(15,062

)

 

1963-2013

 

2015

Life Generations Portfolio

 

CA

 

6

 

SNF/ALF

 

 

-

 

 

 

18,338

 

 

 

75,592

 

 

 

2,748

 

 

 

18

 

 

 

18,341

 

 

 

75,607

 

 

 

2,748

 

 

 

96,696

 

 

 

(12,211

)

 

1966-1992

 

2015

Lakeway Hospital

 

TX

 

1

 

ACH

 

 

-

 

 

 

5,181

 

 

 

69,875

 

 

 

-

 

 

 

-

 

 

 

5,181

 

 

 

69,875

 

 

 

-

 

 

 

75,056

 

 

 

(5,967

)

 

2012

 

2015

Kentfield Rehabilitation & Specialty Hospital

 

CA

 

1

 

LTACH

 

 

-

 

 

 

6,204

 

 

 

51,826

 

 

 

-

 

 

 

-

 

 

 

6,204

 

 

 

51,826

 

 

 

-

 

 

 

58,030

 

 

 

(6,553

)

 

1962

 

2014

Mountain's Edge Hospital

 

NV

 

1

 

ACH

 

 

-

 

 

 

2,296

 

 

 

27,116

 

 

 

-

 

 

 

5,144

 

 

 

2,296

 

 

 

32,260

 

 

 

-

 

 

 

34,556

 

 

 

(2,337

)

 

2015-2018

 

2015

AAC Portfolio

 

TX, NV

 

4

 

BH

 

 

-

 

 

 

2,026

 

 

 

23,021

 

 

 

-

 

 

 

-

 

 

 

2,026

 

 

 

23,021

 

 

 

-

 

 

 

25,047

 

 

 

(1,288

)

 

1980-2001

 

2017

Southern Indiana Rehabilitation Hospital

 

IN

 

1

 

IRF

 

 

-

 

 

 

1,967

 

 

 

21,409

 

 

 

-

 

 

 

-

 

 

 

1,968

 

 

 

21,408

 

 

 

-

 

 

 

23,376

 

 

 

(468

)

 

1993

 

2018

Horizon Specialty Hospital of Henderson

 

NV

 

1

 

LTACH

 

 

-

 

 

 

733

 

 

 

19,277

 

 

 

-

 

 

 

-

 

 

 

733

 

 

 

19,277

 

 

 

-

 

 

 

20,010

 

 

 

(2,376

)

 

2012

 

2014

Physical Rehabilitation and Wellness Center of Spartanburg

 

SC

 

1

 

SNF

 

 

-

 

 

 

170

 

 

 

19,830

 

 

 

-

 

 

 

-

 

 

 

170

 

 

 

19,830

 

 

 

-

 

 

 

20,000

 

 

 

(2,321

)

 

1989

 

2014

Vibra Rehabilitation Hospital of Amarillo

 

TX

 

1

 

IRF

 

 

-

 

 

 

991

 

 

 

18,181

 

 

 

227

 

 

 

-

 

 

 

991

 

 

 

18,181

 

 

 

227

 

 

 

19,399

 

 

 

(3,033

)

 

1990

 

2015

Advanced Diagnostics Hospital East

 

TX

 

1

 

ACH

 

 

-

 

 

 

863

 

 

 

16,668

 

 

 

-

 

 

 

18

 

 

 

864

 

 

 

16,685

 

 

 

-

 

 

 

17,549

 

 

 

(495

)

 

1998

 

2017

Mira Vista Court

 

TX

 

1

 

SNF

 

 

-

 

 

 

1,343

 

 

 

14,657

 

 

 

-

 

 

 

-

 

 

 

1,343

 

 

 

14,657

 

 

 

-

 

 

 

16,000

 

 

 

(1,780

)

 

2013

 

2015

North Brownsville Medical Plaza

 

TX

 

1

 

MOB

 

 

-

 

 

 

-

 

 

 

15,128

 

 

 

-

 

 

 

506

 

 

 

-

 

 

 

15,628

 

 

 

6

 

 

 

15,634

 

 

 

(3,533

)

 

2007

 

2014

Magnolia Portfolio

 

IN

 

2

 

SNF

 

 

-

 

 

 

217

 

 

 

14,265

 

 

 

557

 

 

 

-

 

 

 

217

 

 

 

14,265

 

 

 

557

 

 

 

15,039

 

 

 

(1,179

)

 

1983-1986

 

2017

Woodlake at Tolland Nursing and Rehabilitation

 

CT

 

1

 

SNF

 

 

-

 

 

 

490

 

 

 

9,643

 

 

 

-

 

 

 

-

 

 

 

490

 

 

 

9,643

 

 

 

-

 

 

 

10,133

 

 

 

(956

)

 

1992

 

2017

Norris Academy

 

TN

 

1

 

BH

 

 

-

 

 

 

445

 

 

 

5,844

 

 

 

96

 

 

 

-

 

 

 

445

 

 

 

5,844

 

 

 

96

 

 

 

6,385

 

 

 

(52

)

 

2018

 

2018

Total

 

 

 

 

 

 

 

$

-

 

 

$

45,589

 

 

$

543,147

 

 

$

3,628

 

 

$

5,688

 

 

$

45,594

 

 

$

548,824

 

 

$

3,634

 

 

$

598,052

 

 

$

(59,611

)

 

 

 

 

 

Reference footnotes on the next page.


 

 

(1)

The changes in total real estate and accumulated depreciation for the years ended December 31, 2018, 2017 and 2016 are as follows:

 

 

 

For the year ended December 31, 2018

 

 

For the year ended December 31, 2017

 

 

For the year ended December 31, 2016

 

Cost

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

563,728

 

 

$

494,874

 

 

$

504,853

 

Acquisitions

 

 

23,377

 

 

 

55,250

 

 

 

-

 

Capitalized costs

 

 

4,563

 

 

 

1,104

 

 

 

21

 

Foreclosure of mortgage note

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of mortgage note

 

 

6,384

 

 

 

12,500

 

 

 

-

 

Elimination of earn-out payment

 

 

-

 

 

 

-

 

 

 

(10,000

)

Balance at end of period

 

$

598,052

 

 

$

563,728

 

 

$

494,874

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated Depreciation

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

41,984

 

 

$

26,052

 

 

$

11,172

 

Depreciation

 

 

17,627

 

 

 

15,932

 

 

 

14,880

 

Balance at end of period

 

$

59,611

 

 

$

41,984

 

 

$

26,052

 

 

 

The unaudited aggregate net tax value of real estate assets for federal income tax purposes as of December 31, 2018 is estimated to be $550 million.

 

 

(2)

The cost of building and improvements is depreciated on a straight-line basis over the estimated useful lives of the buildings and improvements, ranging primarily from 2 to 50 years. The cost of intangible lease assets is depreciated on a straight-line basis over the initial term of the related leases, ranging primarily from 12 to 15 years.  The cost of furniture, fixtures and equipment are depreciated on a straight-line basis over the estimated useful lives of the furniture, fixtures and equipment, ranging primarily from 5 to 14 years. See Note 2 to the consolidated financial statements for information on useful lives used for depreciation and amortization.

 

 

(3)

LTACH -- long-term acute care hospital; SNF -- skilled nursing facility; MOB -- medical office building; IRF -- inpatient rehabilitation facility; ACH -- acute care hospital; ALF -- assisted living facility; BH – behavioral health facility.