Toggle SGML Header (+)


Section 1: 10-Q (10-Q)

1500039752000P4YP3YLTC PROPERTIES INC0000887905false--12-312020Q239243000000000887905us-gaap:AdditionalPaidInCapitalMember2019-10-012019-12-310000887905us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300000887905us-gaap:AdditionalPaidInCapitalMember2019-04-012019-06-300000887905us-gaap:CommonStockMember2019-07-012019-09-300000887905us-gaap:CommonStockMember2020-04-012020-06-300000887905us-gaap:CommonStockMember2019-04-012019-06-300000887905us-gaap:CommonStockMemberltc:EquityDistributionAgreements2016Member2020-01-012020-06-300000887905us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310000887905us-gaap:AdditionalPaidInCapitalMember2019-07-012019-09-300000887905us-gaap:AdditionalPaidInCapitalMember2019-01-012019-03-310000887905us-gaap:RetainedEarningsMember2020-06-300000887905us-gaap:ParentMember2020-06-300000887905us-gaap:NoncontrollingInterestMember2020-06-300000887905us-gaap:AdditionalPaidInCapitalMember2020-06-300000887905us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2020-06-300000887905us-gaap:RetainedEarningsMember2020-03-310000887905us-gaap:ParentMember2020-03-310000887905us-gaap:NoncontrollingInterestMember2020-03-310000887905us-gaap:AdditionalPaidInCapitalMember2020-03-310000887905us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2020-03-3100008879052020-03-310000887905us-gaap:RetainedEarningsMember2019-12-310000887905us-gaap:ParentMember2019-12-310000887905us-gaap:NoncontrollingInterestMember2019-12-310000887905us-gaap:AdditionalPaidInCapitalMember2019-12-310000887905us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2019-12-310000887905us-gaap:RetainedEarningsMember2019-09-300000887905us-gaap:ParentMember2019-09-300000887905us-gaap:NoncontrollingInterestMember2019-09-300000887905us-gaap:AdditionalPaidInCapitalMember2019-09-300000887905us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2019-09-3000008879052019-09-300000887905us-gaap:RetainedEarningsMember2019-06-300000887905us-gaap:ParentMember2019-06-300000887905us-gaap:NoncontrollingInterestMember2019-06-300000887905us-gaap:AdditionalPaidInCapitalMember2019-06-300000887905us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2019-06-300000887905us-gaap:NoncontrollingInterestMember2019-03-310000887905us-gaap:AdditionalPaidInCapitalMember2019-03-310000887905us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2019-03-310000887905us-gaap:RetainedEarningsMember2018-12-310000887905us-gaap:ParentMember2018-12-310000887905us-gaap:NoncontrollingInterestMember2018-12-310000887905us-gaap:AdditionalPaidInCapitalMember2018-12-310000887905us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2018-12-310000887905us-gaap:CommonStockMember2020-06-300000887905us-gaap:CommonStockMember2020-03-310000887905us-gaap:CommonStockMember2019-12-310000887905us-gaap:CommonStockMember2019-09-300000887905us-gaap:CommonStockMember2019-06-300000887905us-gaap:CommonStockMember2019-03-310000887905us-gaap:CommonStockMember2018-12-310000887905us-gaap:CommonStockMember2020-01-012020-03-310000887905us-gaap:CommonStockMember2019-01-012019-03-310000887905ltc:RestrictedStockAndPerformanceBasedStockUnitsMember2019-12-310000887905ltc:RestrictedStockAndPerformanceBasedStockUnitsMember2019-06-300000887905ltc:RestrictedStockAndPerformanceBasedStockUnitsMember2018-12-310000887905ltc:RestrictedStockAndPerformanceBasedStockUnitsMemberltc:GrantDatePrice38.45Memberltc:VestingDate27May2021Member2020-01-012020-06-300000887905ltc:RestrictedStockAndPerformanceBasedStockUnitsMemberltc:GrantDatePrice44.73Memberltc:VestingDate29May2020Member2019-01-012019-06-300000887905ltc:RestrictedStockAndPerformanceBasedStockUnitsMemberltc:GrantDatePrice49.98Memberltc:VestingTotalShareReturnMember2020-01-012020-06-300000887905ltc:RestrictedStockAndPerformanceBasedStockUnitsMemberltc:GrantDatePrice49.98Memberltc:VestingTotalShareReturnAcceleratedMember2020-01-012020-06-300000887905ltc:RestrictedStockAndPerformanceBasedStockUnitsMemberltc:GrantDatePrice48.95Memberltc:VestingOverThreeYearPeriodFromGrantDateMember2020-01-012020-06-300000887905ltc:RestrictedStockAndPerformanceBasedStockUnitsMemberltc:GrantDatePrice38.45Memberltc:VestingOverThreeYearPeriodFromGrantDateMember2020-01-012020-06-300000887905ltc:RestrictedStockAndPerformanceBasedStockUnitsMemberltc:GrantDatePrice46.54Memberltc:VestingTotalShareReturnMember2019-01-012019-06-300000887905ltc:RestrictedStockAndPerformanceBasedStockUnitsMemberltc:GrantDatePrice46.54Memberltc:VestingTotalShareReturnAcceleratedMember2019-01-012019-06-300000887905ltc:RestrictedStockAndPerformanceBasedStockUnitsMemberltc:GrantDatePrice46.54Memberltc:VestingOverThreeYearPeriodFromGrantDateMember2019-01-012019-06-300000887905ltc:SeniorUnsecuredDebtMember2019-01-012019-06-300000887905ltc:SkilledNursingPropertiesMemberstpr:TXus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2020-06-300000887905ltc:SkilledNursingPropertiesMemberstpr:KSus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2020-06-300000887905ltc:SkilledNursingPropertiesMemberstpr:COus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2020-06-300000887905ltc:SkilledNursingPropertiesMemberstpr:AZus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2020-06-300000887905us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2020-06-300000887905ltc:PurchaseOptionInLeaseArrangementsMember2020-06-300000887905ltc:PreferredCareIncMember2020-03-310000887905ltc:PreferredCareIncMember2019-12-310000887905us-gaap:RetainedEarningsMember2020-04-012020-06-300000887905us-gaap:RetainedEarningsMember2020-01-012020-03-310000887905us-gaap:RetainedEarningsMember2019-10-012019-12-310000887905us-gaap:RetainedEarningsMember2019-07-012019-09-300000887905us-gaap:RetainedEarningsMember2019-04-012019-06-300000887905us-gaap:RetainedEarningsMember2019-01-012019-03-310000887905us-gaap:LineOfCreditMember2019-01-012019-06-300000887905ltc:MezzanineLoansReceivableMemberus-gaap:SubsequentEventMember2020-07-312020-07-3100008879052020-04-012020-07-310000887905us-gaap:PerformanceSharesMemberus-gaap:CommonStockMember2020-01-012020-06-300000887905us-gaap:PerformanceSharesMemberus-gaap:CommonStockMember2019-01-012019-06-300000887905ltc:SkilledNursingPropertiesMemberltc:MortgagesWith9.90PercentInterestMaturing2043Memberus-gaap:MortgagesMemberltc:SkilledNursingFacilityBedsMember2020-06-300000887905ltc:SkilledNursingPropertiesMemberltc:MortgagesWith9.6PercentInterestMaturing2045Memberus-gaap:MortgagesMemberltc:SkilledNursingFacilityBedsMember2020-06-300000887905ltc:SkilledNursingPropertiesMemberltc:MortgagesWith9.40PercentInterestMaturing2045Memberus-gaap:MortgagesMemberltc:SkilledNursingFacilityBedsMember2020-06-300000887905ltc:SkilledNursingPropertiesMemberltc:MortgagesWith9.20PercentInterestMaturing2045Memberus-gaap:MortgagesMemberltc:SkilledNursingFacilityBedsMember2020-06-300000887905ltc:SkilledNursingPropertiesMemberus-gaap:RealEstateInvestmentMemberltc:SkilledNursingFacilityBedsMember2020-06-300000887905ltc:SkilledNursingPropertiesMemberus-gaap:RealEstateInvestmentMemberltc:AssistedLivingFacilityUnitsMember2020-06-300000887905ltc:OtherSeniorHousingPropertiesMemberus-gaap:RealEstateInvestmentMemberltc:SkilledNursingFacilityBedsMember2020-06-300000887905ltc:AssistedLivingPropertiesMemberus-gaap:RealEstateInvestmentMemberltc:AssistedLivingFacilityUnitsMember2020-06-300000887905us-gaap:RealEstateInvestmentMemberltc:SkilledNursingFacilityBedsMember2020-06-300000887905us-gaap:RealEstateInvestmentMemberltc:AssistedLivingFacilityUnitsMember2020-06-300000887905us-gaap:MortgagesMemberltc:SkilledNursingFacilityBedsMember2020-06-300000887905ltc:SkilledNursingPropertiesMemberus-gaap:CustomerConcentrationRiskMember2020-06-300000887905ltc:SeniorLifestyleMemberltc:AssistedLivingPropertiesMember2020-06-300000887905ltc:PrestigeHealthcareMemberltc:SkilledNursingPropertiesMember2020-06-300000887905ltc:PrestigeHealthcareMemberltc:AssistedLivingPropertiesMember2020-06-300000887905ltc:AssistedLivingPropertiesMemberus-gaap:CustomerConcentrationRiskMember2020-06-300000887905ltc:UdpAlfAndMcCommunityMemberltc:JointVentureMemberltc:MezzanineLoansMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2019-06-300000887905ltc:CombinationAlfIlMcCommunityMemberltc:JointVentureMemberltc:MezzanineLoansMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2019-06-300000887905ltc:MemoryCarePropertyMemberstpr:TXltc:PurchaseOptionInLeaseArrangementsMember2020-06-300000887905ltc:MemoryCarePropertyMemberstpr:FLltc:PurchaseOptionInLeaseArrangementsMember2020-06-300000887905ltc:MemoryCarePropertyMemberltc:OhioAndKentuckyMemberltc:PurchaseOptionInLeaseArrangementsMember2020-06-300000887905ltc:AssistedLivingPropertiesMemberstpr:CAltc:PurchaseOptionInLeaseArrangementsMember2020-06-300000887905ltc:AssistedLivingAndMemoryCarePropertiesMemberstpr:SCltc:PurchaseOptionInLeaseArrangementsMember2020-06-300000887905ltc:AssistedLivingAndMemoryCarePropertiesMemberstpr:CAltc:PurchaseOptionInLeaseArrangementsMember2020-06-300000887905ltc:HospitalMemberus-gaap:RealEstateInvestmentMember2020-06-300000887905ltc:OtherLoansReceivableMember2020-06-300000887905ltc:MezzanineLoansReceivableMember2020-06-300000887905ltc:OtherLoansReceivableMember2019-12-310000887905ltc:MezzanineLoansReceivableMember2019-12-310000887905us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-06-300000887905us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2019-12-310000887905us-gaap:NoncontrollingInterestMember2020-04-012020-06-300000887905us-gaap:NoncontrollingInterestMember2020-01-012020-03-310000887905us-gaap:NoncontrollingInterestMember2019-10-012019-12-310000887905us-gaap:NoncontrollingInterestMember2019-07-012019-09-300000887905us-gaap:NoncontrollingInterestMember2019-04-012019-06-300000887905us-gaap:NoncontrollingInterestMember2019-01-012019-03-310000887905us-gaap:FairValueInputsLevel3Memberltc:SeniorUnsecuredNotesMaturingPriorTo2026Memberus-gaap:MeasurementInputDiscountRateMember2020-06-300000887905us-gaap:FairValueInputsLevel3Memberltc:SeniorUnsecuredNotesMaturingAfter2026Memberus-gaap:MeasurementInputDiscountRateMember2020-06-300000887905us-gaap:FairValueInputsLevel3Memberltc:SeniorUnsecuredNotesMaturingPriorTo2026Memberus-gaap:MeasurementInputDiscountRateMember2019-12-310000887905us-gaap:FairValueInputsLevel3Memberltc:SeniorUnsecuredNotesMaturingAfter2026Memberus-gaap:MeasurementInputDiscountRateMember2019-12-310000887905ltc:SeniorCareCentersLLCMember2019-10-042019-10-040000887905us-gaap:LineOfCreditMember2019-12-310000887905ltc:SeniorUnsecuredDebtMember2019-12-310000887905us-gaap:LineOfCreditMember2018-12-310000887905us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-06-300000887905us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-06-300000887905us-gaap:EstimateOfFairValueFairValueDisclosureMember2019-12-310000887905us-gaap:CarryingReportedAmountFairValueDisclosureMember2019-12-310000887905srt:MinimumMemberus-gaap:RealEstateInvestmentMember2020-06-300000887905srt:MaximumMemberus-gaap:RealEstateInvestmentMember2020-06-300000887905us-gaap:PerformanceSharesMember2020-04-012020-06-300000887905us-gaap:PerformanceSharesMember2020-01-012020-06-300000887905us-gaap:PerformanceSharesMember2019-04-012019-06-300000887905us-gaap:EmployeeStockOptionMember2019-04-012019-06-300000887905us-gaap:PerformanceSharesMember2019-01-012019-06-300000887905us-gaap:EmployeeStockOptionMember2019-01-012019-06-300000887905ltc:AlfMcAndIlfCommunityMemberltc:JointVentureMemberltc:PreferredEquityInvestmentMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2019-10-012019-12-310000887905ltc:PreferredCareIncMember2019-10-012020-03-310000887905us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2019-01-012019-06-300000887905ltc:AlfMcAndIlfCommunityMemberltc:JointVentureMemberltc:PreferredEquityInvestmentMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2020-01-012020-06-300000887905ltc:JointVentureMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2020-01-012020-06-300000887905ltc:AlfMcAndIlfCommunityMemberltc:JointVentureMemberltc:PreferredEquityInvestmentMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2019-01-012019-06-300000887905ltc:JointVentureMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2019-01-012019-06-300000887905ltc:RestrictedStockAndPerformanceBasedStockUnitsMemberltc:VestingThroughPeriodTwoMember2020-06-300000887905ltc:RestrictedStockAndPerformanceBasedStockUnitsMemberltc:VestingThroughPeriodThreeMember2020-06-300000887905ltc:RestrictedStockAndPerformanceBasedStockUnitsMemberltc:VestingThroughPeriodOneMember2020-06-300000887905ltc:RestrictedStockAndPerformanceBasedStockUnitsMemberltc:VestingThroughPeriodFourMember2020-06-300000887905ltc:RestrictedStockAndPerformanceBasedStockUnitsMember2020-06-300000887905us-gaap:CommonStockMember2020-06-300000887905us-gaap:CommonStockMember2019-06-300000887905us-gaap:ParentMember2020-04-012020-06-300000887905us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2020-04-012020-06-300000887905us-gaap:ParentMember2019-10-012019-12-310000887905us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2019-10-012019-12-310000887905us-gaap:ParentMember2019-07-012019-09-300000887905us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2019-07-012019-09-300000887905us-gaap:ParentMember2019-04-012019-06-300000887905us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2019-04-012019-06-300000887905ltc:SeniorUnsecuredDebtMember2020-06-300000887905ltc:SeniorUnsecuredDebtMember2019-12-310000887905us-gaap:LineOfCreditMember2020-06-300000887905ltc:SeniorUnsecuredDebtMember2020-06-300000887905us-gaap:MortgageReceivablesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2020-06-300000887905us-gaap:MortgageReceivablesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2019-12-310000887905us-gaap:LineOfCreditMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-01-012020-06-300000887905us-gaap:RetainedEarningsMember2019-03-310000887905us-gaap:ParentMember2019-03-3100008879052019-03-310000887905us-gaap:AccountingStandardsUpdate201602Member2019-01-010000887905ltc:SeniorLifestyleMemberus-gaap:AssetsTotalMemberus-gaap:CreditConcentrationRiskMember2020-01-012020-06-300000887905ltc:SeniorLifestyleMemberltc:RentalRevenueAndInterestIncomeFromMortgageLoansMemberus-gaap:CustomerConcentrationRiskMember2020-01-012020-06-300000887905ltc:PrestigeHealthcareMemberus-gaap:AssetsTotalMemberus-gaap:CreditConcentrationRiskMember2020-01-012020-06-300000887905ltc:PrestigeHealthcareMemberltc:RentalRevenueAndInterestIncomeFromMortgageLoansMemberus-gaap:CustomerConcentrationRiskMember2020-01-012020-06-300000887905us-gaap:AssetsTotalMemberus-gaap:CustomerConcentrationRiskMember2020-01-012020-06-300000887905ltc:RentalRevenueAndInterestIncomeFromMortgageLoansMemberus-gaap:CustomerConcentrationRiskMember2020-01-012020-06-300000887905us-gaap:CommonStockMemberus-gaap:SubsequentEventMember2020-09-012020-09-300000887905us-gaap:CommonStockMemberus-gaap:SubsequentEventMember2020-08-012020-08-310000887905us-gaap:CommonStockMemberus-gaap:SubsequentEventMember2020-07-012020-07-310000887905us-gaap:CommonStockMember2020-01-012020-06-3000008879052019-10-012019-12-3100008879052019-07-012019-09-300000887905us-gaap:CommonStockMember2019-01-012019-06-300000887905ltc:EquityParticipationPlan2015Member2020-06-3000008879052019-06-3000008879052018-12-310000887905srt:PartnershipInterestMemberltc:PropertiesUnderDevelopmentMemberstpr:WIltc:Acquisitions2017Member2020-06-300000887905srt:PartnershipInterestMemberltc:PropertiesUnderDevelopmentMemberstpr:ORltc:Acquisitions2018Member2020-06-300000887905srt:PartnershipInterestMemberltc:IndependentLivingFacilitiesMemberstpr:ORltc:Acquisitions2018Member2020-06-300000887905srt:PartnershipInterestMemberltc:AssistedLivingAndMemoryCarePropertiesMemberstpr:VAltc:Acquisitions2019Member2020-06-300000887905srt:PartnershipInterestMemberltc:AssistedLivingAndMemoryCarePropertiesMemberstpr:SCltc:Acquisitions2017Member2020-06-300000887905srt:PartnershipInterestMember2020-06-300000887905us-gaap:NotesReceivableMember2020-06-300000887905us-gaap:MortgageReceivablesMember2020-06-300000887905srt:RestatementAdjustmentMemberus-gaap:NotesReceivableMemberus-gaap:AccountingStandardsUpdate201613Member2019-12-310000887905srt:RestatementAdjustmentMemberus-gaap:MortgageReceivablesMemberus-gaap:AccountingStandardsUpdate201613Member2019-12-310000887905us-gaap:NotesReceivableMember2019-12-310000887905us-gaap:MortgageReceivablesMember2019-12-310000887905ltc:RestrictedStockAndPerformanceBasedStockUnitsMember2020-01-012020-06-300000887905ltc:RestrictedStockAndPerformanceBasedStockUnitsMember2019-01-012019-06-300000887905us-gaap:ParentMember2020-01-012020-03-310000887905us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2020-01-012020-03-3100008879052020-01-012020-03-310000887905us-gaap:ParentMember2019-01-012019-03-310000887905us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2019-01-012019-03-3100008879052019-01-012019-03-310000887905srt:MinimumMemberltc:SeniorUnsecuredDebtMember2020-01-012020-06-300000887905srt:MaximumMemberltc:SeniorUnsecuredDebtMember2020-01-012020-06-300000887905ltc:SkilledNursingPropertiesMemberltc:MortgagesWith9.6PercentInterestMaturing2045Member2020-01-012020-06-300000887905ltc:MezzanineLoansReceivableDollar550NoteAgreementMemberltc:PropertyWith204CombinedIndependentLivingCommunitiesAssistedLivingAndMemoryCareUnitsMember2019-01-012019-06-300000887905ltc:MezzanineLoansReceivableDollar1400NoteAgreementMemberltc:PropertyWith204CombinedIndependentLivingCommunitiesAssistedLivingAndMemoryCareUnitsMember2019-01-012019-06-300000887905us-gaap:CommonStockMemberltc:EquityDistributionAgreements2016Member2020-06-300000887905ltc:SkilledNursingPropertiesMemberltc:MortgagesWith9.90PercentInterestMaturing2043Memberus-gaap:MortgagesMember2020-01-012020-06-300000887905ltc:SkilledNursingPropertiesMemberltc:MortgagesWith9.6PercentInterestMaturing2045Memberus-gaap:MortgagesMember2020-01-012020-06-300000887905ltc:SkilledNursingPropertiesMemberltc:MortgagesWith9.40PercentInterestMaturing2045Memberus-gaap:MortgagesMember2020-01-012020-06-300000887905ltc:SkilledNursingPropertiesMemberltc:MortgagesWith9.20PercentInterestMaturing2045Memberus-gaap:MortgagesMember2020-01-012020-06-300000887905ltc:SkilledNursingPropertiesMemberus-gaap:RealEstateInvestmentMember2020-01-012020-06-300000887905ltc:AssistedLivingPropertiesMemberus-gaap:RealEstateInvestmentMember2020-01-012020-06-300000887905ltc:SkilledNursingPropertiesMemberltc:MortgagesWith9.90PercentInterestMaturing2043Memberus-gaap:MortgagesMember2020-06-300000887905ltc:SkilledNursingPropertiesMemberltc:MortgagesWith9.6PercentInterestMaturing2045Memberus-gaap:MortgagesMember2020-06-300000887905ltc:SkilledNursingPropertiesMemberltc:MortgagesWith9.40PercentInterestMaturing2045Memberus-gaap:MortgagesMember2020-06-300000887905ltc:SkilledNursingPropertiesMemberltc:MortgagesWith9.20PercentInterestMaturing2045Memberus-gaap:MortgagesMember2020-06-300000887905ltc:SkilledNursingPropertiesMemberus-gaap:RealEstateInvestmentMember2020-06-300000887905ltc:PropertiesUnderDevelopmentMemberus-gaap:RealEstateInvestmentMember2020-06-300000887905ltc:OtherSeniorHousingPropertiesMemberus-gaap:RealEstateInvestmentMember2020-06-300000887905ltc:AssistedLivingPropertiesMemberus-gaap:RealEstateInvestmentMember2020-06-300000887905us-gaap:RealEstateInvestmentMember2020-06-300000887905us-gaap:MortgagesMember2020-06-3000008879052019-01-012019-12-310000887905ltc:AssistedLivingPropertiesMembersrt:MinimumMemberstpr:CAltc:PurchaseOptionInLeaseArrangementsMember2020-01-012020-06-300000887905ltc:AssistedLivingPropertiesMembersrt:MaximumMemberstpr:CAltc:PurchaseOptionInLeaseArrangementsMember2020-01-012020-06-300000887905ltc:SkilledNursingPropertiesMemberus-gaap:CustomerConcentrationRiskMember2020-01-012020-06-300000887905ltc:SeniorLifestyleMemberltc:AssistedLivingPropertiesMember2020-01-012020-06-300000887905ltc:PrestigeHealthcareMemberltc:SkilledNursingPropertiesMember2020-01-012020-06-300000887905ltc:AssistedLivingPropertiesMemberus-gaap:CustomerConcentrationRiskMember2020-01-012020-06-300000887905ltc:AnthemMemoryCareMembersrt:ScenarioForecastMember2020-01-012020-12-310000887905us-gaap:RealEstateInvestmentMember2020-01-012020-06-300000887905ltc:AssistedLivingPropertiesMember2018-04-012018-06-300000887905ltc:AssistedLivingAndMemoryCarePropertiesMemberstpr:ORltc:DevelopmentProjectMemberltc:RealEstateInvestmentCompletedProjectsMemberltc:RealEstateDevelopmentCommitmentsMember2020-01-012020-06-300000887905ltc:RealEstateInvestmentCompletedProjectsMemberltc:RealEstateDevelopmentCommitmentsMember2020-01-012020-06-300000887905ltc:SkilledNursingPropertiesMemberstpr:KYltc:DevelopmentProjectMemberltc:RealEstateInvestmentCompletedProjectsMemberltc:RealEstateDevelopmentCommitmentsMember2019-01-012019-06-300000887905ltc:IndependentAssistedLivingAndMemoryCareMemberstpr:WIltc:DevelopmentProjectMemberltc:RealEstateInvestmentCompletedProjectsMemberltc:RealEstateDevelopmentCommitmentsMember2019-01-012019-06-300000887905ltc:RealEstateInvestmentCompletedProjectsMemberltc:RealEstateDevelopmentCommitmentsMember2019-01-012019-06-300000887905ltc:AlfMcAndIlfCommunityMemberltc:JointVentureMemberltc:PreferredEquityInvestmentMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2019-12-310000887905ltc:JointVentureMemberstpr:AZltc:PreferredEquityInvestmentMember2020-06-300000887905ltc:SeniorLifestyleMember2020-01-012020-06-300000887905ltc:AnthemMemoryCareMember2020-01-012020-06-300000887905ltc:OtherSeniorHousingPropertiesMemberus-gaap:RealEstateInvestmentMember2020-01-012020-06-300000887905ltc:PreferredCareIncMember2017-01-012017-12-310000887905ltc:PropertiesUnderDevelopmentMemberstpr:ORltc:DevelopmentProjectMemberus-gaap:RealEstateInvestmentMemberltc:AlfAndMcCommunityMember2020-01-012020-06-300000887905ltc:AssistedLivingAndMemoryCarePropertiesMemberltc:Acquisitions2019Memberltc:PropertyWit74CombinedAssistedLivingAndMemoryCareUnitsMember2019-01-012019-06-300000887905ltc:SkilledNursingPropertiesMemberstpr:TXus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2020-01-012020-06-300000887905ltc:SkilledNursingPropertiesMemberstpr:KSus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2020-01-012020-06-300000887905ltc:SkilledNursingPropertiesMemberstpr:COus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2020-01-012020-06-300000887905ltc:SkilledNursingPropertiesMemberstpr:AZus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2020-01-012020-06-300000887905ltc:PreferredCareIncMember2020-01-012020-03-310000887905ltc:MezzanineLoansReceivableDollar550NoteAgreementMemberltc:PropertyWith204CombinedIndependentLivingCommunitiesAssistedLivingAndMemoryCareUnitsMember2019-06-300000887905ltc:MezzanineLoansReceivableDollar1400NoteAgreementMemberltc:PropertyWith204CombinedIndependentLivingCommunitiesAssistedLivingAndMemoryCareUnitsMember2019-06-3000008879052019-12-310000887905us-gaap:MortgagesMember2020-01-012020-06-300000887905ltc:MezzanineLoansReceivableMemberltc:PropertyWith204CombinedIndependentLivingCommunitiesAssistedLivingAndMemoryCareUnitsMember2019-01-012019-06-300000887905ltc:PropertyWith204CombinedIndependentLivingCommunitiesAssistedLivingAndMemoryCareUnitsMember2019-01-012019-06-300000887905ltc:BrookdaleMemberus-gaap:SubsequentEventMember2020-07-012020-07-310000887905ltc:BrookdaleMemberus-gaap:SubsequentEventMember2020-07-310000887905ltc:SeniorLifestyleMember2020-06-300000887905ltc:SeniorLifestyleMember2020-07-012020-07-310000887905ltc:SeniorLifestyleMember2020-04-012020-06-300000887905ltc:CombinationAlfIlMcCommunityMemberltc:JointVentureMemberltc:PreferredEquityInvestmentMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2020-01-012020-06-300000887905ltc:UdpAlfAndMcCommunityMemberltc:JointVentureMemberltc:MezzanineLoansMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2019-01-012019-06-300000887905ltc:CombinationAlfIlMcCommunityMemberltc:JointVentureMemberltc:MezzanineLoansMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2019-01-012019-06-300000887905ltc:AssistedLivingAndMemoryCarePropertiesMemberstpr:ORltc:DevelopmentProjectMemberltc:RealEstateInvestmentCompletedProjectsMemberltc:RealEstateDevelopmentCommitmentsMember2020-06-300000887905ltc:RealEstateInvestmentCompletedProjectsMemberltc:RealEstateDevelopmentCommitmentsMember2020-06-300000887905ltc:SkilledNursingPropertiesMemberstpr:KYltc:DevelopmentProjectMemberltc:RealEstateInvestmentCompletedProjectsMemberltc:RealEstateDevelopmentCommitmentsMember2019-06-300000887905ltc:IndependentAssistedLivingAndMemoryCareMemberstpr:WIltc:DevelopmentProjectMemberltc:RealEstateInvestmentCompletedProjectsMemberltc:RealEstateDevelopmentCommitmentsMember2019-06-300000887905ltc:RealEstateInvestmentCompletedProjectsMemberltc:RealEstateDevelopmentCommitmentsMember2019-06-300000887905ltc:SkilledNursingPropertiesMemberltc:ImprovementsProjectMemberltc:DevelopmentAndImprovementProjectsMember2020-01-012020-06-300000887905ltc:SkilledNursingPropertiesMemberltc:DevelopmentProjectMemberltc:DevelopmentAndImprovementProjectsMember2020-01-012020-06-300000887905ltc:AssistedLivingPropertiesMemberltc:ImprovementsProjectMemberltc:DevelopmentAndImprovementProjectsMember2020-01-012020-06-300000887905ltc:AssistedLivingPropertiesMemberltc:DevelopmentProjectMemberltc:DevelopmentAndImprovementProjectsMember2020-01-012020-06-300000887905ltc:ImprovementsProjectMemberltc:DevelopmentAndImprovementProjectsMember2020-01-012020-06-300000887905ltc:DevelopmentProjectMemberltc:DevelopmentAndImprovementProjectsMember2020-01-012020-06-300000887905ltc:RealEstatePropertiesCommitmentsMember2020-01-012020-06-300000887905ltc:NotesReceivableCommitmentsMember2020-01-012020-06-300000887905ltc:MortgageLoansCommitmentsMember2020-01-012020-06-300000887905ltc:SkilledNursingPropertiesMemberltc:DevelopmentProjectMemberltc:DevelopmentAndImprovementProjectsMember2019-01-012019-06-300000887905ltc:OtherSeniorHousingPropertiesMemberltc:ImprovementsProjectMemberltc:DevelopmentAndImprovementProjectsMember2019-01-012019-06-300000887905ltc:AssistedLivingPropertiesMemberltc:ImprovementsProjectMemberltc:DevelopmentAndImprovementProjectsMember2019-01-012019-06-300000887905ltc:AssistedLivingPropertiesMemberltc:DevelopmentProjectMemberltc:DevelopmentAndImprovementProjectsMember2019-01-012019-06-300000887905ltc:ImprovementsProjectMemberltc:DevelopmentAndImprovementProjectsMember2019-01-012019-06-300000887905ltc:DevelopmentProjectMemberltc:DevelopmentAndImprovementProjectsMember2019-01-012019-06-300000887905ltc:RealEstatePropertiesCommitmentsMember2020-06-300000887905ltc:NotesReceivableCommitmentsMember2020-06-300000887905ltc:MortgageLoansCommitmentsMember2020-06-300000887905ltc:ContingentFundingCommitmentsMember2020-06-300000887905ltc:ContingentEarnOutLiabilitiesMember2020-06-300000887905ltc:CommitmentsToExpandAndRenovatePropertiesMember2020-06-300000887905ltc:AssistedLivingAndMemoryCarePropertiesMemberltc:PropertyWit74CombinedAssistedLivingAndMemoryCareUnitsMember2019-06-300000887905us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2020-01-012020-06-300000887905ltc:JointVentureMember2020-04-012020-04-300000887905ltc:SkilledNursingPropertiesMemberstpr:IAus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2020-01-012020-06-300000887905ltc:SkilledNursingPropertiesMemberstpr:IAus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2020-01-012020-03-3100008879052020-07-3100008879052020-06-300000887905us-gaap:LineOfCreditMember2020-01-012020-06-3000008879052020-04-012020-06-3000008879052019-04-012019-06-300000887905ltc:SkilledNursingPropertiesMemberstpr:IAus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2020-06-300000887905ltc:SkilledNursingPropertiesMemberstpr:IAus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2020-03-310000887905us-gaap:LandMemberltc:Acquisitions2019Member2019-01-012019-06-300000887905ltc:SkilledNursingPropertiesMemberltc:Acquisitions2020Member2020-01-012020-06-300000887905ltc:AssistedLivingPropertiesMemberltc:Acquisitions2019Member2019-01-012019-06-3000008879052019-01-012019-06-300000887905srt:MinimumMemberus-gaap:RealEstateInvestmentMember2020-01-012020-06-300000887905srt:MaximumMemberus-gaap:RealEstateInvestmentMember2020-01-012020-06-300000887905ltc:JointVentureMember2020-12-3100008879052020-07-2300008879052020-01-012020-06-30iso4217:USDxbrli:sharesltc:segmentxbrli:sharesiso4217:USDxbrli:pureltc:itemltc:leaseltc:propertyltc:stateiso4217:USDltc:itemltc:loan

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition period from ____ to ____

Commission file number 1-11314

LTC PROPERTIES, INC.

(Exact name of Registrant as specified in its charter)

Maryland

71-0720518

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

2829 Townsgate Road, Suite 350

Westlake Village, California 91361

(Address of principal executive offices, including zip code)

(805) 981-8655

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common stock, $.01 par value

LTC

New York Stock Exchange

Indicate by check mark whether registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer þ

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes No þ

The number of shares of common stock outstanding on July 23, 2020 was 39,242,732.

Table of Contents

LTC PROPERTIES, INC.

FORM 10-Q

June 30, 2020

INDEX

PART I -- Financial Information

Page

Item 1.

Financial Statements

Consolidated Balance Sheets

3

Consolidated Statements of Income and Comprehensive Income

4

Consolidated Statements of Equity

5

Consolidated Statements of Cash Flows

6

Notes to Consolidated Financial Statements

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

25

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

43

Item 4.

Controls and Procedures

43

PART II -- Other Information

Item 1.

Legal Proceedings

44

Item 1A.

Risk Factors

44

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

45

Item 6.

Exhibits

46

Table of Contents

LTC PROPERTIES, INC.

CONSOLIDATED BALANCE SHEETS

(amounts in thousands, except per share)

    

    

 

June 30, 2020

December 31, 2019

(unaudited)

(audited)

ASSETS

Investments:

Land

$

127,774

$

126,703

Buildings and improvements

 

1,317,917

 

1,295,899

Accumulated depreciation and amortization

 

(330,098)

 

(312,642)

Operating real estate property, net

 

1,115,593

 

1,109,960

Properties held-for-sale, net of accumulated depreciation: 2020—$0; 2019—$35,113

 

 

26,856

Real property investments, net

 

1,115,593

 

1,136,816

Mortgage loans receivable, net of loan loss reserve: 2020—$2,580; 2019—$2,560

 

256,069

 

254,099

Real estate investments, net

 

1,371,662

 

1,390,915

Notes receivable, net of loan loss reserve: 2020—$163; 2019—$181

 

16,093

 

17,927

Investments in unconsolidated joint ventures

1,023

19,003

Investments, net

 

1,388,778

 

1,427,845

Other assets:

Cash and cash equivalents

 

50,370

 

4,244

Debt issue costs related to bank borrowings

 

1,766

 

2,164

Interest receivable

 

29,701

 

26,586

Straight-line rent receivable

 

29,619

 

45,703

Lease incentives

2,471

2,552

Prepaid expenses and other assets

 

7,467

 

5,115

Total assets

$

1,510,172

$

1,514,209

LIABILITIES

Bank borrowings

$

89,900

$

93,900

Senior unsecured notes, net of debt issue costs: 2020—$735; 2019—$812

 

599,565

 

599,488

Accrued interest

 

4,587

 

4,983

Accrued expenses and other liabilities

 

28,815

 

30,412

Total liabilities

 

722,867

 

728,783

EQUITY

Stockholders’ equity:

Common stock: $0.01 par value; 60,000 shares authorized; shares issued and outstanding: 202039,243; 201939,752

 

392

 

398

Capital in excess of par value

 

849,326

 

867,346

Cumulative net income

 

1,358,985

 

1,293,482

Cumulative distributions

 

(1,429,809)

 

(1,384,283)

Total LTC Properties, Inc. stockholders’ equity

 

778,894

 

776,943

Non-controlling interests

 

8,411

 

8,483

Total equity

 

787,305

 

785,426

Total liabilities and equity

$

1,510,172

$

1,514,209

See accompanying notes.

3

Table of Contents

LTC PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(amounts in thousands, except per share, unaudited)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

  

2020

  

2019

  

2020

  

2019

 

Revenues:

Rental income

$

20,275

$

38,277

$

58,310

$

75,901

Interest income from mortgage loans

 

7,820

 

7,351

 

15,597

 

14,662

Interest and other income

 

386

 

638

 

984

 

1,159

Total revenues

 

28,481

 

46,266

 

74,891

 

91,722

Expenses:

Interest expense

 

7,546

 

7,710

 

15,256

 

15,177

Depreciation and amortization

 

9,797

 

9,860

 

19,466

 

19,467

Provision for doubtful accounts

 

 

84

 

1

 

167

Transaction costs

64

200

134

200

Property tax expense

4,111

3,910

8,334

8,296

General and administrative expenses

 

4,580

 

4,596

 

9,680

 

9,167

Total expenses

 

26,098

 

26,360

 

52,871

 

52,474

Other operating income:

Gain on sale of real estate, net

189

500

44,043

500

Operating income

 

2,572

 

20,406

 

66,063

 

39,748

Loss on unconsolidated joint ventures

(620)

(620)

Income from unconsolidated joint ventures

128

231

1,213

Net income

1,952

20,534

65,674

40,961

Income allocated to non-controlling interests

 

(82)

 

(88)

 

(171)

 

(169)

Net income attributable to LTC Properties, Inc.

 

1,870

 

20,446

65,503

 

40,792

Income allocated to participating securities

 

(97)

(94)

(278)

 

(186)

Net income available to common stockholders

$

1,773

$

20,352

$

65,225

$

40,606

Earnings per common share:

Basic

$

0.05

$

0.51

$

1.66

$

1.03

Diluted

$

0.05

$

0.51

$

1.66

$

1.02

Weighted average shares used to calculate earnings per common share:

Basic

 

39,055

 

39,577

 

39,298

 

39,555

Diluted

 

39,137

 

39,769

 

39,380

 

39,747

Dividends declared and paid per common share

$

0.57

$

0.57

$

1.14

$

1.14

Comprehensive Income:

Net income

$

1,952

$

20,534

$

65,674

$

40,961

Comprehensive income

$

1,952

$

20,534

$

65,674

$

40,961

See accompanying notes.

4

Table of Contents

LTC PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF EQUITY

(In thousands)

Capital in

Cumulative

Total

Non-

Common Stock

Excess of

Net

Cumulative

Stockholder's

Controlling

Total

Shares

Amount

Par Value

Income

Distributions

Equity

Interests

Equity

Balance—December 31, 2018

39,657

$

397

$

862,712

$

1,255,764

$

(1,293,383)

$

825,490

$

7,481

$

832,971

Cumulative Effect of the adoption of the ASC 842

(42,808)

-

(42,808)

-

(42,808)

As Adjusted Balance at January 1, 2019

39,657

$

397

$

862,712

$

1,212,956

$

(1,293,383)

$

782,682

$

7,481

$

790,163

Common Stock cash distributions ($0.57 per share)

(22,631)

(22,631)

(22,631)

Vesting of performance-based stock units

48

(300)

(300)

(300)

Issuance of restricted stock

78

(1)

(1)

(1)

Stock-based compensation expense

1,689

1,689

1,689

Net income

20,346

20,346

81

20,427

Non-controlling interest contributions

919

919

Non-controlling interest distributions

(89)

(89)

Other

(44)

(2,024)

(2,024)

(2,024)

Balance—March 31, 2019

39,739

$

397

$

862,376

$

1,233,302

$

(1,316,314)

$

779,761

$

8,392

$

788,153

Common Stock cash distributions ($0.57 per share)

(22,653)

(22,653)

(22,653)

Issuance of restricted stock

8

(6)

(6)

(6)

Stock-based compensation expense

1,623

1,623

1,623

Net income

20,446

20,446

88

20,534

Non-controlling interest contributions

46

46

Non-controlling interest distributions

(87)

(87)

Balance—June 30, 2019

39,747

$

397

$

863,993

$

1,253,748

$

(1,338,967)

$

779,171

$

8,439

$

787,610

Common Stock cash distributions ($0.57 per share)

(22,658)

(22,658)

(22,658)

Stock option exercises

5

1

122

123

123

Stock-based compensation expense

1,626

1,626

1,626

Net income

27,192

27,192

88

27,280

Non-controlling interest distributions

(67)

(67)

Other

(20)

(20)

(20)

Balance—September 30, 2019

39,752

$

398

$

865,721

$

1,280,940

$

(1,361,625)

$

785,434

$

8,460

$

793,894

Common Stock cash distributions ($0.57 per share)

(22,658)

(22,658)

(22,658)

Stock-based compensation expense

1,625

1,625

1,625

Net income

12,542

12,542

89

12,631

Non-controlling interest distributions

(66)

(66)

Balance—December 31, 2019

39,752

$

398

$

867,346

$

1,293,482

$

(1,384,283)

$

776,943

$

8,483

$

785,426

Common Stock cash distributions ($0.57 per share)

(22,581)

(22,581)

(22,581)

Vesting of performance-based stock units

82

(586)

(586)

(586)

Issuance of restricted stock

76

1

(1)

Repurchase of common stock

(616)

(6)

(18,006)

(18,012)

(18,012)

Stock-based compensation expense

1,777

1,777

1,777

Net income

63,633

63,633

89

63,722

Non-controlling interest distributions

(146)

(146)

Other

(76)

(1)

(3,544)

(3,545)

(3,545)

Balance—March 31, 2020

39,218

$

392

$

847,572

$

1,357,115

$

(1,407,450)

$

797,629

$

8,426

$

806,055

Common Stock cash distributions ($0.57 per share)

(22,359)

(22,359)

(22,359)

Issuance of restricted stock

25

(7)

(7)

(7)

Stock-based compensation expense

1,761

1,761

1,761

Net income

1,870

1,870

82

1,952

Non-controlling interest distributions

(97)

(97)

Balance—June 30, 2020

39,243

$

392

$

849,326

$

1,358,985

$

(1,429,809)

$

778,894

$

8,411

$

787,305

5

Table of Contents

LTC PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands, unaudited)

Six Months Ended June 30, 

  

2020

  

2019

  

OPERATING ACTIVITIES:

    

    

Net income

$

65,674

$

40,961

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

 

19,466

 

19,467

Stock-based compensation expense

 

3,539

 

3,312

Gain on sale of real estate, net

 

(44,043)

 

(500)

Loss on unconsolidated joint ventures

620

Income from unconsolidated joint ventures

 

(231)

 

(1,213)

Income distributions from unconsolidated joint ventures

231

1,402

Straight-line rental income

(1,473)

 

(2,513)

Change in straight-line rent receivable and lease incentives due to collectibility

17,742

1,926

Lease incentives funded

(13)

(283)

Amortization of lease incentives

209

181

Provision for doubtful accounts

 

1

 

167

Other non-cash items, net

 

512

 

505

Increase in interest receivable

 

(3,115)

 

(2,908)

(Decrease) increase in accrued interest payable

 

(396)

 

1,110

Net change in other assets and liabilities

 

(3,076)

 

58

Net cash provided by operating activities

 

55,647

 

61,672

INVESTING ACTIVITIES:

Investment in real estate properties

 

(13,581)

 

(16,112)

Investment in real estate developments

 

(10,348)

 

(13,012)

Investment in real estate capital improvements

 

(3,053)

 

(1,068)

Capitalized interest

(277)

(333)

Proceeds from sale of real estate, net

 

72,141

 

231

Investment in real estate mortgage loans receivable

 

(2,557)