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Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table

2024 Pay Versus Performance Table

The following section was prepared in accordance with Item 402(v) of the SEC’s Regulation S-K.

The following table provides additional compensation information for the past five fiscal years for our Chief Executive Officer (“CEO”) and our non-CEO Named Executive Officers (“Other NEOs”), as well as total shareholder return, net income and funds from operations (“FFO”) performance results for our fiscal years ending in 2024, 2023, 2022, 2021 and 2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Value of Initial Fixed $100
Investment Based On:

 

 

 

 

 

 

 

Fiscal Year

 

Summary
Compensation
Table Total for
CEO(1)

 

 

Compensation
Actually Paid
to CEO(2)

 

 

Average
Summary
Compensation
Table Total for
non-CEO
NEOs(1)

 

 

Average
Compensation
Actually Paid
to non-CEO
NEOs(1)(2)

 

 

Total
Shareholder
Return(3)

 

 

Peer Group
Total
Shareholder
Return(3)

 

 

Net Income
(in
thousands)

 

 

Funds From
Operations
(in
thousands)(4)

 

2024

 

$

262,399

 

 

$

248,878

 

 

$

124,354

 

 

$

120,086

 

 

$

41.75

 

 

$

135.35

 

 

$

19,234

 

 

$

47,873

 

2023

 

$

247,538

 

 

$

210,894

 

 

$

116,960

 

 

$

100,425

 

 

$

45.06

 

 

$

101.37

 

 

$

15,400

 

 

$

44,570

 

2022

 

$

234,570

 

 

$

159,037

 

 

$

83,175

 

 

$

47,355

 

 

$

46.72

 

 

$

84.92

 

 

$

21,102

 

 

$

48,843

 

2021

 

$

235,734

 

 

$

206,348

 

 

$

122,118

 

 

$

106,895

 

 

$

55.06

 

 

$

106.37

 

 

$

109,166

 

 

$

50,879

 

2020

 

$

311,893

 

 

$

(26,489

)

 

$

161,571

 

 

$

(13,723

)

 

$

56.92

 

 

$

87.67

 

 

$

19,477

 

 

$

46,230

 

 

(1)
Named executive officers included in the above compensation columns reflect the following:

 

Year

 

CEO

 

Non-CEO NEOs

2024

 

Alan B. Miller

 

Boyle, Ramagano, Peterson

2023

 

Alan B. Miller

 

Boyle, Ramagano, Peterson

2022

 

Alan B. Miller

 

Boyle, Ramagano, Fowler, Peterson

2021

 

Alan B. Miller

 

Boyle, Ramagano, Fowler

2020

 

Alan B. Miller

 

Boyle, Ramagano, Fowler

 

(2)
SEC rules require certain adjustment be made to the Summary Compensation Table (“SCT”) totals to determine “Compensation Actually Paid” (“CAP”) as reported in the Pay Versus Performance Table. CAP does not necessarily represent cash and/or equity value transferred to the applicable NEO without restriction, but rather is a value calculated under applicable SEC rules. In general, CAP is calculated as the total compensation from the SCT, adjusted to include, among other things, the fair market value of equity awards as of December 31 of the applicable year or, if earlier, the vesting date (rather than the grant date). No adjustment is made for dividends or other earnings, since dividends are factored into the fair value of the award. No equity awards of the named executives were granted and vest in the same year for 2024, 2023, 2022, 2021 and 2020. The following details these adjustments:

 

Fiscal Year

 

Executives

 

SCT (a)

 

 

Grant Date
Value
of New
Awards
(b)

 

 

Year End
Value
of New
Awards
(i)

 

 

Change in
Value of
Unvested
Prior
Awards
(ii)

 

 

Change in
Value of
Vested
Awards
(iii)

 

 

Change in
Value of
Awards
that Failed
to Meet
Vesting
Conditions
(iv)

 

 

Total
Equity CAP
(c) = (i) + (ii)
+ (iii) + (iv)

 

 

CAP
(d) = (a) -
(b) + (c)

 

2024

 

CEO

 

$

262,399

 

 

$

232,614

 

 

$

239,701

 

 

$

(14,389

)

 

$

(6,218

)

 

$

—

 

 

$

219,093

 

 

$

248,878

 

2024

 

Non-CEO NEOs

 

$

124,354

 

 

$

109,978

 

 

$

113,329

 

 

$

(6,806

)

 

$

(813

)

 

$

—

 

 

$

105,710

 

 

$

120,086

 

2023

 

CEO

 

$

247,538

 

 

$

223,590

 

 

$

209,454

 

 

$

(15,280

)

 

$

(7,228

)

 

$

—

 

 

$

186,946

 

 

$

210,894

 

2023

 

Non-CEO NEOs

 

$

116,960

 

 

$

105,751

 

 

$

99,065

 

 

$

(7,053

)

 

$

(2,797

)

 

$

—

 

 

$

89,216

 

 

$

100,425

 

2022

 

CEO

 

$

234,570

 

 

$

215,023

 

 

$

203,998

 

 

$

(33,565

)

 

$

(30,942

)

 

$

—

 

 

$

139,490

 

 

$

159,037

 

2022

 

Non-CEO NEOs

 

$

83,175

 

 

$

76,250

 

 

$

73,077

 

 

$

(11,390

)

 

$

(12,022

)

 

$

(9,236

)

 

$

40,429

 

 

$

47,355

 

2021

 

CEO

 

$

235,734

 

 

$

218,654

 

 

$

187,804

 

 

$

(12,429

)

 

$

13,893

 

 

$

—

 

 

$

189,268

 

 

$

206,348

 

2021

 

Non-CEO NEOs

 

$

122,118

 

 

$

113,270

 

 

$

97,289

 

 

$

(6,439

)

 

$

7,197

 

 

$

—

 

 

$

98,047

 

 

$

106,895

 

2020

 

CEO

 

$

311,893

 

 

$

295,057

 

 

$

202,352

 

 

$

(159,744

)

 

$

(85,934

)

 

$

—

 

 

$

(43,325

)

 

$

(26,489

)

2020

 

Non-CEO NEOs

 

$

161,571

 

 

$

152,849

 

 

$

104,825

 

 

$

(82,753

)

 

$

(44,517

)

 

$

—

 

 

$

(22,444

)

 

$

(13,723

)

 

(3)
Total Shareholder Return (“TSR”) is determined based upon the value of an initial fixed investment of $100. The TSR peer group consists of the industry line peer group reflected in our 2024 Annual Report on Form 10-K pursuant to Item 201(e) of Regulation S-K. The companies in the peer group are as follows: Healthcare Realty Trust, Inc., Healthpeak Properties, Inc., LTC Properties, Inc., National Health Investors, Inc., Omega
Healthcare Investors, Inc. and Welltower, Inc. Each year reflects the cumulative total return assuming $100 invested on December 31, 2019 in our common stock and in the our peer group, including subsequent reinvestment of dividends.
(4)
Funds from operations (“FFO”) is a widely recognized measure of performance for Real Estate Investment Trusts (“REITs”). FFO is a non-GAAP financial measure which may be helpful to our investors as a measure of our operating performance. We compute FFO in accordance with standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). Below is a reconciliation of our reported net income to FFO for 2024, 2023, 2022, 2021 and 2020 (in thousands):

 

 

(in thousands)

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

Net Income

 

$

19,234

 

 

$

15,400

 

 

$

21,102

 

 

$

109,166

 

 

$

19,447

 

Depreciation and amortization expense on consolidated investments

 

 

27,421

 

 

 

27,733

 

 

 

26,557

 

 

 

27,478

 

 

 

25,581

 

Depreciation and amortization expense on unconsolidated affiliates

 

 

1,218

 

 

 

1,205

 

 

 

1,184

 

 

 

1,549

 

 

 

1,202

 

Loss/(gain) on divestitures of real estate assets

 

 

—

 

 

 

232

 

 

 

—

 

 

 

(87,314

)

 

 

—

 

Funds from operations

 

$

47,873

 

 

$

44,570

 

 

$

48,843

 

 

$

50,879

 

 

$

46,230

 
       
Company Selected Measure Name Funds from operations (“FFO”)        
Named Executive Officers, Footnote
(1)
Named executive officers included in the above compensation columns reflect the following:

 

Year

 

CEO

 

Non-CEO NEOs

2024

 

Alan B. Miller

 

Boyle, Ramagano, Peterson

2023

 

Alan B. Miller

 

Boyle, Ramagano, Peterson

2022

 

Alan B. Miller

 

Boyle, Ramagano, Fowler, Peterson

2021

 

Alan B. Miller

 

Boyle, Ramagano, Fowler

2020

 

Alan B. Miller

 

Boyle, Ramagano, Fowler
       
Peer Group Issuers, Footnote
(3)
Total Shareholder Return (“TSR”) is determined based upon the value of an initial fixed investment of $100. The TSR peer group consists of the industry line peer group reflected in our 2024 Annual Report on Form 10-K pursuant to Item 201(e) of Regulation S-K. The companies in the peer group are as follows: Healthcare Realty Trust, Inc., Healthpeak Properties, Inc., LTC Properties, Inc., National Health Investors, Inc., Omega
Healthcare Investors, Inc. and Welltower, Inc. Each year reflects the cumulative total return assuming $100 invested on December 31, 2019 in our common stock and in the our peer group, including subsequent reinvestment of dividends. 		       
PEO Total Compensation Amount $ 262,399 $ 247,538 $ 234,570 $ 235,734 $ 311,893
PEO Actually Paid Compensation Amount 248,878 210,894 159,037 206,348 (26,489)
Non-PEO NEO Average Total Compensation Amount 124,354 116,960 83,175 122,118 161,571
Non-PEO NEO Average Compensation Actually Paid Amount $ 120,086 100,425 47,355 106,895 (13,723)
Adjustment to Non-PEO NEO Compensation Footnote
(2)
SEC rules require certain adjustment be made to the Summary Compensation Table (“SCT”) totals to determine “Compensation Actually Paid” (“CAP”) as reported in the Pay Versus Performance Table. CAP does not necessarily represent cash and/or equity value transferred to the applicable NEO without restriction, but rather is a value calculated under applicable SEC rules. In general, CAP is calculated as the total compensation from the SCT, adjusted to include, among other things, the fair market value of equity awards as of December 31 of the applicable year or, if earlier, the vesting date (rather than the grant date). No adjustment is made for dividends or other earnings, since dividends are factored into the fair value of the award. No equity awards of the named executives were granted and vest in the same year for 2024, 2023, 2022, 2021 and 2020. The following details these adjustments:

 

Fiscal Year

 

Executives

 

SCT (a)

 

 

Grant Date
Value
of New
Awards
(b)

 

 

Year End
Value
of New
Awards
(i)

 

 

Change in
Value of
Unvested
Prior
Awards
(ii)

 

 

Change in
Value of
Vested
Awards
(iii)

 

 

Change in
Value of
Awards
that Failed
to Meet
Vesting
Conditions
(iv)

 

 

Total
Equity CAP
(c) = (i) + (ii)
+ (iii) + (iv)

 

 

CAP
(d) = (a) -
(b) + (c)

 

2024

 

CEO

 

$

262,399

 

 

$

232,614

 

 

$

239,701

 

 

$

(14,389

)

 

$

(6,218

)

 

$

—

 

 

$

219,093

 

 

$

248,878

 

2024

 

Non-CEO NEOs

 

$

124,354

 

 

$

109,978

 

 

$

113,329

 

 

$

(6,806

)

 

$

(813

)

 

$

—

 

 

$

105,710

 

 

$

120,086

 

2023

 

CEO

 

$

247,538

 

 

$

223,590

 

 

$

209,454

 

 

$

(15,280

)

 

$

(7,228

)

 

$

—

 

 

$

186,946

 

 

$

210,894

 

2023

 

Non-CEO NEOs

 

$

116,960

 

 

$

105,751

 

 

$

99,065

 

 

$

(7,053

)

 

$

(2,797

)

 

$

—

 

 

$

89,216

 

 

$

100,425

 

2022

 

CEO

 

$

234,570

 

 

$

215,023

 

 

$

203,998

 

 

$

(33,565

)

 

$

(30,942

)

 

$

—

 

 

$

139,490

 

 

$

159,037

 

2022

 

Non-CEO NEOs

 

$

83,175

 

 

$

76,250

 

 

$

73,077

 

 

$

(11,390

)

 

$

(12,022

)

 

$

(9,236

)

 

$

40,429

 

 

$

47,355

 

2021

 

CEO

 

$

235,734

 

 

$

218,654

 

 

$

187,804

 

 

$

(12,429

)

 

$

13,893

 

 

$

—

 

 

$

189,268

 

 

$

206,348

 

2021

 

Non-CEO NEOs

 

$

122,118

 

 

$

113,270

 

 

$

97,289

 

 

$

(6,439

)

 

$

7,197

 

 

$

—

 

 

$

98,047

 

 

$

106,895

 

2020

 

CEO

 

$

311,893

 

 

$

295,057

 

 

$

202,352

 

 

$

(159,744

)

 

$

(85,934

)

 

$

—

 

 

$

(43,325

)

 

$

(26,489

)

2020

 

Non-CEO NEOs

 

$

161,571

 

 

$

152,849

 

 

$

104,825

 

 

$

(82,753

)

 

$

(44,517

)

 

$

—

 

 

$

(22,444

)

 

$

(13,723

)
       
Compensation Actually Paid vs. Total Shareholder Return

img266444752_18.jpg

        
Compensation Actually Paid vs. Net Income

img266444752_19.jpg

        
Compensation Actually Paid vs. Company Selected Measure

img266444752_20.jpg

        
Tabular List, Table

Measures that were most important to the last fiscal year

The following performance measures reflect our most important financial measures in effect for 2024, as further described and defined in the Compensation Discussion and Analysis:

•
Three-year average Total Shareholder Return for 2021 through 2023
•
Funds from operations
•
Adjusted net income
       
Total Shareholder Return Amount $ 41.75 45.06 46.72 55.06 56.92
Peer Group Total Shareholder Return Amount 135.35 101.37 84.92 106.37 87.67
Net Income (Loss) $ 19,234,000 $ 15,400,000 $ 21,102,000 $ 109,166,000 $ 19,477,000
Company Selected Measure Amount 47,873,000 44,570,000 48,843,000 50,879,000 46,230,000
PEO Name Alan B. Miller        
Measure:: 1          
Pay vs Performance Disclosure          
Name Three-year average Total Shareholder Return for 2021 through 2023        
Measure:: 2          
Pay vs Performance Disclosure          
Name Funds from operations        
Non-GAAP Measure Description Funds from operations (“FFO”) is a widely recognized measure of performance for Real Estate Investment Trusts (“REITs”). FFO is a non-GAAP financial measure which may be helpful to our investors as a measure of our operating performance. We compute FFO in accordance with standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). Below is a reconciliation of our reported net income to FFO for 2024, 2023, 2022, 2021 and 2020 (in thousands):        
Measure:: 3          
Pay vs Performance Disclosure          
Name Adjusted net income        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (232,614) $ (223,590) $ (215,023) $ (218,654) $ (295,057)
PEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 219,093 186,946 139,490 189,268 (43,325)
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 239,701 209,454 203,998 187,804 202,352
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (14,389) (15,280) (33,565) (12,429) (159,744)
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (6,218) (7,228) (30,942) 13,893 (85,934)
PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 0 0
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (109,978) (105,751) (76,250) (113,270) (152,849)
Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 105,710 89,216 40,429 98,047 (22,444)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 113,329 99,065 73,077 97,289 104,825
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (6,806) (7,053) (11,390) (6,439) (82,753)
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (813) (2,797) (12,022) 7,197 (44,517)
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 0 $ 0 $ (9,236) $ 0 $ 0