INVESTMENTS IN SENIOR HOUSING REAL ESTATE |
9. INVESTMENTS IN SENIOR HOUSING REAL ESTATE
|
In the year ended December 31, 2013,
Newcastle completed eight acquisitions of senior housing properties described in Note 3. The following table sets forth certain
information regarding the investments in real estate at December 31, 2013:
|
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|
|
|
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Initial Cost |
|
Costs
Capitalized
Subsequent to
Acquisition
|
|
Gross Carrying Amount (B) (F) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Furniture,
Fixtures and
Equipment
|
|
|
|
|
|
|
|
|
Furniture,
Fixtures and
Equipment
|
|
|
|
Accumulated
Depreciation
(B)(C)
|
|
Property Type
(A)
|
|
|
|
|
|
|
|
Building
Improvements
|
|
|
|
|
|
|
|
Building
Improvements
|
|
|
|
|
|
|
City, State |
|
Land |
|
Building |
|
|
|
|
Land |
|
Building |
|
|
|
Total |
|
|
Investments during 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AL/MC |
|
Scottsdale, AZ |
|
$ |
2,307 |
|
$ |
16,809 |
|
$ |
183 |
|
$ |
101 |
|
$ |
170 |
|
$ |
2,307 |
|
$ |
16,809 |
|
$ |
327 |
|
$ |
127 |
|
$ |
19,570 |
|
$ |
(708 |
) |
AL/MC |
|
Citrus Heights, CA |
|
|
831 |
|
|
3,089 |
|
|
94 |
|
|
59 |
|
|
29 |
|
|
831 |
|
|
3,090 |
|
|
114 |
|
|
67 |
|
|
4,102 |
|
|
(154 |
) |
AL/MC |
|
Santa Cruz, CA |
|
|
2,255 |
|
|
20,931 |
|
|
265 |
|
|
58 |
|
|
124 |
|
|
2,255 |
|
|
20,932 |
|
|
370 |
|
|
76 |
|
|
23,633 |
|
|
(870 |
) |
AL/MC |
|
Clovis, CA |
|
|
1,133 |
|
|
16,789 |
|
|
205 |
|
|
45 |
|
|
77 |
|
|
1,133 |
|
|
16,790 |
|
|
235 |
|
|
91 |
|
|
18,249 |
|
|
(671 |
) |
AL/MC |
|
Boise, ID |
|
|
1,465 |
|
|
13,157 |
|
|
477 |
|
|
58 |
|
|
116 |
|
|
1,465 |
|
|
13,157 |
|
|
580 |
|
|
71 |
|
|
15,273 |
|
|
(599 |
) |
AL/MC |
|
Corvallis, OR |
|
|
1,060 |
|
|
4,886 |
|
|
164 |
|
|
8 |
|
|
56 |
|
|
1,060 |
|
|
4,886 |
|
|
196 |
|
|
32 |
|
|
6,174 |
|
|
(209 |
) |
AL/MC |
|
Eugene, OR |
|
|
935 |
|
|
20,383 |
|
|
411 |
|
|
91 |
|
|
88 |
|
|
935 |
|
|
20,383 |
|
|
507 |
|
|
83 |
|
|
21,908 |
|
|
(862 |
) |
AL/MC |
|
Cottonwood Heights, UT |
|
|
1,496 |
|
|
16,160 |
|
|
238 |
|
|
58 |
|
|
154 |
|
|
1,496 |
|
|
16,160 |
|
|
275 |
|
|
175 |
|
|
18,106 |
|
|
(674 |
) |
AL/MC |
|
Bountiful, UT |
|
|
570 |
|
|
9,492 |
|
|
66 |
|
|
50 |
|
|
362 |
|
|
570 |
|
|
9,492 |
|
|
298 |
|
|
180 |
|
|
10,540 |
|
|
(355 |
) |
AL/MC |
|
Taylorsville, UT |
|
|
1,111 |
|
|
3,009 |
|
|
117 |
|
|
39 |
|
|
266 |
|
|
1,111 |
|
|
3,009 |
|
|
242 |
|
|
180 |
|
|
4,542 |
|
|
(154 |
) |
AL/MC |
|
Salt Lake City, UT |
|
|
700 |
|
|
3,253 |
|
|
44 |
|
|
15 |
|
|
212 |
|
|
700 |
|
|
3,253 |
|
|
131 |
|
|
140 |
|
|
4,224 |
|
|
(129 |
) |
AL/MC |
|
Fort Worth, TX |
|
|
2,130 |
|
|
16,260 |
|
|
338 |
|
|
672 |
|
|
139 |
|
|
2,130 |
|
|
16,260 |
|
|
423 |
|
|
726 |
|
|
19,539 |
|
|
(775 |
) |
Subtotal 2012 |
|
|
|
$ |
15,993 |
|
$ |
144,218 |
|
$ |
2,602 |
|
$ |
1,254 |
|
$ |
1,793 |
|
$ |
15,993 |
|
$ |
144,221 |
|
$ |
3,698 |
|
$ |
1,948 |
|
$ |
165,860 |
|
|
(6,160 |
) |
Investments during 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IL-only |
|
Poughkeepsie, NY |
|
|
|
|
|
11,848 |
|
|
282 |
|
|
670 |
|
|
102 |
|
|
|
|
|
11,849 |
|
|
341 |
|
|
712 |
|
|
12,902 |
|
|
(215 |
) |
AL/MC |
|
Brooksville, FL |
|
|
1,807 |
|
|
8,578 |
|
|
211 |
|
|
568 |
|
|
74 |
|
|
1,807 |
|
|
8,578 |
|
|
230 |
|
|
623 |
|
|
11,238 |
|
|
(150 |
) |
AL/MC |
|
Port Charlotte, FL |
|
|
1,078 |
|
|
8,381 |
|
|
231 |
|
|
679 |
|
|
51 |
|
|
1,078 |
|
|
8,383 |
|
|
238 |
|
|
721 |
|
|
10,420 |
|
|
(158 |
) |
AL/MC |
|
Bradenton, FL |
|
|
1,177 |
|
|
9,129 |
|
|
211 |
|
|
748 |
|
|
75 |
|
|
1,177 |
|
|
9,129 |
|
|
229 |
|
|
805 |
|
|
11,340 |
|
|
(172 |
) |
AL/MC |
|
Brooksville, FL |
|
|
708 |
|
|
4,895 |
|
|
244 |
|
|
439 |
|
|
43 |
|
|
708 |
|
|
4,895 |
|
|
254 |
|
|
472 |
|
|
6,329 |
|
|
(101 |
) |
AL/MC |
|
Bradenton, FL |
|
|
1,367 |
|
|
14,124 |
|
|
235 |
|
|
1,247 |
|
|
124 |
|
|
1,367 |
|
|
14,124 |
|
|
259 |
|
|
1,347 |
|
|
17,097 |
|
|
(270 |
) |
AL/MC |
|
Hollywood, FL |
|
|
918 |
|
|
4,057 |
|
|
204 |
|
|
509 |
|
|
94 |
|
|
918 |
|
|
4,057 |
|
|
239 |
|
|
568 |
|
|
5,782 |
|
|
(99 |
) |
AL/MC |
|
Pinellas Park, FL |
|
|
1,447 |
|
|
9,564 |
|
|
185 |
|
|
848 |
|
|
56 |
|
|
1,447 |
|
|
9,564 |
|
|
203 |
|
|
886 |
|
|
12,100 |
|
|
(183 |
) |
AL/MC |
|
Lake Placid, FL |
|
|
1,217 |
|
|
4,442 |
|
|
277 |
|
|
838 |
|
|
40 |
|
|
1,217 |
|
|
4,442 |
|
|
282 |
|
|
873 |
|
|
6,814 |
|
|
(131 |
) |
AL/MC |
|
Hollywood, FL |
|
|
948 |
|
|
4,624 |
|
|
126 |
|
|
399 |
|
|
50 |
|
|
948 |
|
|
4,624 |
|
|
138 |
|
|
437 |
|
|
6,147 |
|
|
(91 |
) |
AL/MC |
|
Venice, FL |
|
|
1,078 |
|
|
13,034 |
|
|
277 |
|
|
838 |
|
|
59 |
|
|
1,078 |
|
|
13,034 |
|
|
290 |
|
|
884 |
|
|
15,286 |
|
|
(222 |
) |
AL/MC |
|
New Bern, NC |
|
|
1,676 |
|
|
12,808 |
|
|
234 |
|
|
1,148 |
|
|
132 |
|
|
1,676 |
|
|
12,808 |
|
|
258 |
|
|
1,256 |
|
|
15,998 |
|
|
(250 |
) |
AL/MC |
|
Winter Haven, FL |
|
|
3,532 |
|
|
21,840 |
|
|
222 |
|
|
1,477 |
|
|
148 |
|
|
3,532 |
|
|
21,840 |
|
|
287 |
|
|
1,560 |
|
|
27,219 |
|
|
(371 |
) |
AL/MC |
|
Sanford, FL |
|
|
1,407 |
|
|
8,742 |
|
|
269 |
|
|
629 |
|
|
63 |
|
|
1,407 |
|
|
8,742 |
|
|
291 |
|
|
670 |
|
|
11,110 |
|
|
(159 |
) |
AL/MC |
|
Spring Hill, FL |
|
|
798 |
|
|
5,449 |
|
|
248 |
|
|
529 |
|
|
44 |
|
|
798 |
|
|
5,449 |
|
|
261 |
|
|
560 |
|
|
7,068 |
|
|
(114 |
) |
AL/MC |
|
Lakeland, FL |
|
|
1,108 |
|
|
14,790 |
|
|
48 |
|
|
918 |
|
|
76 |
|
|
1,108 |
|
|
14,790 |
|
|
70 |
|
|
972 |
|
|
16,940 |
|
|
(239 |
) |
AL/MC |
|
Media, PA |
|
|
1,940 |
|
|
15,834 |
|
|
406 |
|
|
870 |
|
|
140 |
|
|
1,940 |
|
|
15,834 |
|
|
440 |
|
|
976 |
|
|
19,190 |
|
|
(233 |
) |
AL/MC |
|
Port Charlotte, FL |
|
|
2,000 |
|
|
13,316 |
|
|
252 |
|
|
1,370 |
|
|
163 |
|
|
2,000 |
|
|
13,316 |
|
|
275 |
|
|
1,510 |
|
|
17,101 |
|
|
(213 |
) |
AL/MC |
|
Pittsburgh, PA |
|
|
3,260 |
|
|
11,435 |
|
|
203 |
|
|
410 |
|
|
207 |
|
|
3,260 |
|
|
11,435 |
|
|
352 |
|
|
468 |
|
|
15,515 |
|
|
(129 |
) |
IL-only |
|
Richmond, VA |
|
|
1,630 |
|
|
9,241 |
|
|
329 |
|
|
705 |
|
|
115 |
|
|
1,630 |
|
|
9,241 |
|
|
419 |
|
|
730 |
|
|
12,020 |
|
|
(69 |
) |
AL/MC |
|
Fort Myers, FL |
|
|
1,950 |
|
|
9,018 |
|
|
242 |
|
|
1,040 |
|
|
48 |
|
|
1,950 |
|
|
9,018 |
|
|
242 |
|
|
1,088 |
|
|
12,298 |
|
|
(18 |
) |
IL-only |
|
Surprise, AZ |
|
|
1,150 |
|
|
11,083 |
|
|
248 |
|
|
646 |
|
|
|
|
|
1,150 |
|
|
11,083 |
|
|
248 |
|
|
646 |
|
|
13,127 |
|
|
(9 |
) |
IL-only |
|
Santa Clara, CA |
|
|
|
|
|
17,979 |
|
|
609 |
|
|
767 |
|
|
|
|
|
|
|
|
17,979 |
|
|
609 |
|
|
767 |
|
|
19,355 |
|
|
(15 |
) |
IL-only |
|
Pueblo, CO |
|
|
454 |
|
|
13,983 |
|
|
63 |
|
|
384 |
|
|
|
|
|
454 |
|
|
13,983 |
|
|
63 |
|
|
384 |
|
|
14,884 |
|
|
(10 |
) |
IL-only |
|
Rocky Hill, CT |
|
|
|
|
|
23,976 |
|
|
215 |
|
|
615 |
|
|
|
|
|
|
|
|
23,976 |
|
|
215 |
|
|
615 |
|
|
24,806 |
|
|
(18 |
) |
IL-only |
|
Farmington, CT |
|
|
3,649 |
|
|
23,586 |
|
|
155 |
|
|
272 |
|
|
|
|
|
3,649 |
|
|
23,586 |
|
|
155 |
|
|
272 |
|
|
27,662 |
|
|
(16 |
) |
IL-only |
|
Urbandale, IA |
|
|
706 |
|
|
12,017 |
|
|
270 |
|
|
484 |
|
|
|
|
|
706 |
|
|
12,017 |
|
|
270 |
|
|
484 |
|
|
13,477 |
|
|
(10 |
) |
IL-only |
|
Bettendorf, IA |
|
|
1,512 |
|
|
10,991 |
|
|
136 |
|
|
474 |
|
|
|
|
|
1,512 |
|
|
10,991 |
|
|
136 |
|
|
474 |
|
|
13,113 |
|
|
(9 |
) |
IL-only |
|
Topeka, KS |
|
|
333 |
|
|
14,500 |
|
|
221 |
|
|
746 |
|
|
|
|
|
333 |
|
|
14,500 |
|
|
221 |
|
|
746 |
|
|
15,800 |
|
|
(13 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial Cost |
|
Costs
Capitalized
Subsequent to
Acquisition
|
|
Gross Carrying Amount (B) (F) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Furniture,
Fixtures and
Equipment
|
|
|
|
|
|
|
|
|
Furniture,
Fixtures and
Equipment
|
|
|
|
Accumulated
Depreciation
(B)(C)
|
|
Property Type
(A)
|
|
|
|
|
|
|
|
Building
Improvements
|
|
|
|
|
|
|
|
Building
Improvements
|
|
|
|
|
|
|
City, State |
|
Land |
|
Building |
|
|
|
|
Land |
|
Building |
|
|
|
Total |
|
|
Senior Housing Properties: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IL-only |
|
Salem, OR |
|
|
1,411 |
|
|
16,772 |
|
|
240 |
|
|
907 |
|
|
|
|
|
1,411 |
|
|
16,772 |
|
|
240 |
|
|
907 |
|
|
19,330 |
|
|
(15 |
) |
IL-only |
|
St Louis, MO |
|
|
1,079 |
|
|
24,741 |
|
|
162 |
|
|
847 |
|
|
|
|
|
1,079 |
|
|
24,741 |
|
|
162 |
|
|
847 |
|
|
26,829 |
|
|
(19 |
) |
IL-only |
|
Durham, NC |
|
|
1,079 |
|
|
22,424 |
|
|
199 |
|
|
615 |
|
|
|
|
|
1,079 |
|
|
22,424 |
|
|
199 |
|
|
615 |
|
|
24,317 |
|
|
(17 |
) |
IL-only |
|
Cary, NC |
|
|
2,137 |
|
|
19,310 |
|
|
195 |
|
|
786 |
|
|
|
|
|
2,137 |
|
|
19,310 |
|
|
195 |
|
|
786 |
|
|
22,428 |
|
|
(16 |
) |
IL-only |
|
Reno, NV |
|
|
1,079 |
|
|
19,821 |
|
|
336 |
|
|
615 |
|
|
|
|
|
1,079 |
|
|
19,821 |
|
|
336 |
|
|
615 |
|
|
21,851 |
|
|
(16 |
) |
IL-only |
|
Salem, OR |
|
|
917 |
|
|
6,423 |
|
|
362 |
|
|
|
|
|
|
|
|
917 |
|
|
6,423 |
|
|
362 |
|
|
|
|
|
7,702 |
|
|
(5 |
) |
IL-only |
|
Corvallis, OR |
|
|
1,129 |
|
|
7,830 |
|
|
77 |
|
|
232 |
|
|
|
|
|
1,129 |
|
|
7,830 |
|
|
77 |
|
|
232 |
|
|
9,268 |
|
|
(6 |
) |
IL-only |
|
Hillsboro, OR |
|
|
1,643 |
|
|
11,890 |
|
|
125 |
|
|
494 |
|
|
|
|
|
1,643 |
|
|
11,890 |
|
|
125 |
|
|
494 |
|
|
14,152 |
|
|
(10 |
) |
IL-only |
|
Eugene, OR |
|
|
1,603 |
|
|
17,452 |
|
|
262 |
|
|
686 |
|
|
|
|
|
1,603 |
|
|
17,452 |
|
|
262 |
|
|
686 |
|
|
20,003 |
|
|
(14 |
) |
IL-only |
|
Harrisburg, PA |
|
|
1,008 |
|
|
22,683 |
|
|
116 |
|
|
776 |
|
|
|
|
|
1,008 |
|
|
22,683 |
|
|
116 |
|
|
776 |
|
|
24,583 |
|
|
(18 |
) |
IL-only |
|
Boyertown, PA |
|
|
313 |
|
|
18,292 |
|
|
91 |
|
|
504 |
|
|
|
|
|
313 |
|
|
18,292 |
|
|
91 |
|
|
504 |
|
|
19,200 |
|
|
(14 |
) |
IL-only |
|
Clarksville, TN |
|
|
635 |
|
|
10,624 |
|
|
149 |
|
|
302 |
|
|
|
|
|
635 |
|
|
10,624 |
|
|
149 |
|
|
302 |
|
|
11,710 |
|
|
(8 |
) |
IL-only |
|
Dallas, TX |
|
|
2,389 |
|
|
12,364 |
|
|
167 |
|
|
534 |
|
|
|
|
|
2,389 |
|
|
12,364 |
|
|
167 |
|
|
534 |
|
|
15,454 |
|
|
(10 |
) |
IL-only |
|
Denton, TX |
|
|
1,018 |
|
|
18,611 |
|
|
237 |
|
|
726 |
|
|
|
|
|
1,018 |
|
|
18,611 |
|
|
237 |
|
|
726 |
|
|
20,592 |
|
|
(15 |
) |
IL-only |
|
San Antonio, TX |
|
|
1,553 |
|
|
15,056 |
|
|
178 |
|
|
272 |
|
|
|
|
|
1,553 |
|
|
15,056 |
|
|
178 |
|
|
272 |
|
|
17,059 |
|
|
(11 |
) |
IL-only |
|
Flower Mound, TX |
|
|
2,107 |
|
|
17,616 |
|
|
243 |
|
|
716 |
|
|
|
|
|
2,107 |
|
|
17,616 |
|
|
243 |
|
|
716 |
|
|
20,682 |
|
|
(15 |
) |
IL-only |
|
Dallas, TX |
|
|
2,883 |
|
|
12,230 |
|
|
232 |
|
|
454 |
|
|
|
|
|
2,883 |
|
|
12,230 |
|
|
232 |
|
|
454 |
|
|
15,799 |
|
|
(10 |
) |
IL-only |
|
Eau Claire, WI |
|
|
524 |
|
|
18,951 |
|
|
250 |
|
|
655 |
|
|
|
|
|
524 |
|
|
18,951 |
|
|
250 |
|
|
655 |
|
|
20,380 |
|
|
(15 |
) |
IL-only |
|
Simi Valley, CA |
|
|
3,161 |
|
|
21,489 |
|
|
191 |
|
|
719 |
|
|
|
|
|
3,161 |
|
|
21,489 |
|
|
191 |
|
|
719 |
|
|
25,560 |
|
|
(17 |
) |
IL-only |
|
Lakewood, CO |
|
|
1,307 |
|
|
13,656 |
|
|
542 |
|
|
344 |
|
|
|
|
|
1,307 |
|
|
13,656 |
|
|
542 |
|
|
344 |
|
|
15,849 |
|
|
(11 |
) |
IL-only |
|
Greeley, CO |
|
|
233 |
|
|
13,572 |
|
|
151 |
|
|
588 |
|
|
|
|
|
233 |
|
|
13,572 |
|
|
151 |
|
|
588 |
|
|
14,544 |
|
|
(11 |
) |
IL-only |
|
Fort Collins, CO |
|
|
628 |
|
|
17,671 |
|
|
154 |
|
|
618 |
|
|
|
|
|
628 |
|
|
17,671 |
|
|
154 |
|
|
618 |
|
|
19,071 |
|
|
(14 |
) |
IL-only |
|
Tallahassee, FL |
|
|
1,084 |
|
|
19,912 |
|
|
259 |
|
|
658 |
|
|
|
|
|
1,084 |
|
|
19,912 |
|
|
259 |
|
|
658 |
|
|
21,913 |
|
|
(16 |
) |
IL-only |
|
Sarasota, FL |
|
|
658 |
|
|
21,508 |
|
|
213 |
|
|
658 |
|
|
|
|
|
658 |
|
|
21,508 |
|
|
213 |
|
|
658 |
|
|
23,037 |
|
|
(16 |
) |
IL-only |
|
Port Richey, FL |
|
|
1,084 |
|
|
13,796 |
|
|
202 |
|
|
760 |
|
|
|
|
|
1,084 |
|
|
13,796 |
|
|
202 |
|
|
760 |
|
|
15,842 |
|
|
(12 |
) |
IL-only |
|
Normal, IL |
|
|
324 |
|
|
14,112 |
|
|
209 |
|
|
618 |
|
|
|
|
|
324 |
|
|
14,112 |
|
|
209 |
|
|
618 |
|
|
15,263 |
|
|
(12 |
) |
IL-only |
|
Wichita, KS |
|
|
496 |
|
|
17,438 |
|
|
213 |
|
|
790 |
|
|
|
|
|
496 |
|
|
17,438 |
|
|
213 |
|
|
790 |
|
|
18,937 |
|
|
(15 |
) |
IL-only |
|
Paducah, KY |
|
|
263 |
|
|
23,413 |
|
|
199 |
|
|
851 |
|
|
|
|
|
263 |
|
|
23,413 |
|
|
199 |
|
|
851 |
|
|
24,726 |
|
|
(19 |
) |
IL-only |
|
Shreveport, LA |
|
|
517 |
|
|
5,479 |
|
|
72 |
|
|
172 |
|
|
|
|
|
517 |
|
|
5,479 |
|
|
72 |
|
|
172 |
|
|
6,240 |
|
|
(4 |
) |
IL-only |
|
Fort Gratiot, MI |
|
|
61 |
|
|
15,552 |
|
|
334 |
|
|
821 |
|
|
|
|
|
61 |
|
|
15,552 |
|
|
334 |
|
|
821 |
|
|
16,768 |
|
|
(14 |
) |
IL-only |
|
St Joseph, MO |
|
|
851 |
|
|
15,913 |
|
|
277 |
|
|
618 |
|
|
|
|
|
851 |
|
|
15,913 |
|
|
277 |
|
|
618 |
|
|
17,659 |
|
|
(13 |
) |
IL-only |
|
Ridgeland, MS |
|
|
952 |
|
|
7,020 |
|
|
199 |
|
|
527 |
|
|
|
|
|
952 |
|
|
7,020 |
|
|
199 |
|
|
527 |
|
|
8,698 |
|
|
(7 |
) |
IL-only |
|
Missoula, MT |
|
|
304 |
|
|
16,090 |
|
|
141 |
|
|
648 |
|
|
|
|
|
304 |
|
|
16,090 |
|
|
141 |
|
|
648 |
|
|
17,183 |
|
|
(13 |
) |
IL-only |
|
Greece, NY |
|
|
689 |
|
|
20,181 |
|
|
184 |
|
|
658 |
|
|
|
|
|
689 |
|
|
20,181 |
|
|
184 |
|
|
658 |
|
|
21,712 |
|
|
(16 |
) |
IL-only |
|
Fayetteville, NY |
|
|
770 |
|
|
25,116 |
|
|
166 |
|
|
658 |
|
|
|
|
|
770 |
|
|
25,116 |
|
|
166 |
|
|
658 |
|
|
26,710 |
|
|
(18 |
) |
IL-only |
|
Ballwin, MO |
|
|
1,236 |
|
|
16,134 |
|
|
159 |
|
|
517 |
|
|
|
|
|
1,236 |
|
|
16,134 |
|
|
159 |
|
|
517 |
|
|
18,046 |
|
|
(12 |
) |
IL-only |
|
Corvallis, OR |
|
|
1,520 |
|
|
17,659 |
|
|
219 |
|
|
831 |
|
|
|
|
|
1,520 |
|
|
17,659 |
|
|
219 |
|
|
831 |
|
|
20,229 |
|
|
(15 |
) |
IL-only |
|
Lemoyne, PA |
|
|
922 |
|
|
25,074 |
|
|
148 |
|
|
658 |
|
|
|
|
|
922 |
|
|
25,074 |
|
|
148 |
|
|
658 |
|
|
26,802 |
|
|
(18 |
) |
IL-only |
|
Arlington, TX |
|
|
314 |
|
|
9,525 |
|
|
473 |
|
|
385 |
|
|
|
|
|
314 |
|
|
9,525 |
|
|
473 |
|
|
385 |
|
|
10,697 |
|
|
(9 |
) |
IL-only |
|
Richardson, TX |
|
|
1,297 |
|
|
11,872 |
|
|
206 |
|
|
699 |
|
|
|
|
|
1,297 |
|
|
11,872 |
|
|
206 |
|
|
699 |
|
|
14,074 |
|
|
(11 |
) |
IL-only |
|
Lubbock, TX |
|
|
1,003 |
|
|
20,501 |
|
|
425 |
|
|
932 |
|
|
|
|
|
1,003 |
|
|
20,501 |
|
|
425 |
|
|
932 |
|
|
22,861 |
|
|
(18 |
) |
IL-only |
|
North Logan, UT |
|
|
1,033 |
|
|
17,356 |
|
|
337 |
|
|
729 |
|
|
|
|
|
1,033 |
|
|
17,356 |
|
|
337 |
|
|
729 |
|
|
19,455 |
|
|
(15 |
) |
IL-only |
|
Yorktown, VA |
|
|
2,178 |
|
|
19,055 |
|
|
197 |
|
|
679 |
|
|
|
|
|
2,178 |
|
|
19,055 |
|
|
197 |
|
|
679 |
|
|
22,109 |
|
|
(15 |
) |
Subtotal 2013 |
|
|
|
$ |
86,242 |
|
$ |
1,055,448 |
|
$ |
16,344 |
|
$ |
47,524 |
|
$ |
1,904 |
|
$ |
86,242 |
|
$ |
1,055,451 |
|
$ |
17,006 |
|
$ |
48,763 |
|
$ |
1,207,462 |
|
$ |
(4,262 |
) |
Total |
|
|
|
$ |
102,235 |
|
$ |
1,199,666 |
|
$ |
18,946 |
|
$ |
48,778 |
|
$ |
3,697 |
|
$ |
102,235 |
|
$ |
1,199,672 |
|
$ |
20,704 |
|
$ |
50,711 |
|
$ |
1,373,322 |
|
$ |
(10,422 |
) |
|
|
|
|
|
Year |
|
Year |
|
|
|
|
|
|
|
|
|
|
|
|
|
Property |
|
|
|
|
Acquired |
|
Constructed/ |
|
Net Carrying Value |
|
Encumbrances (E) |
|
Type (A) |
|
City, State |
|
(D) |
|
Renovated (D) |
|
12/31/2013 |
|
12/31/2012 |
|
12/31/2013 |
|
12/31/2012 |
|
AL/MC |
|
|
Scottsdale, AZ |
|
|
2012 |
|
|
1999/2005 |
|
$ |
18,862 |
|
$ |
19,212 |
|
$ |
16,380 |
|
$ |
12,600 |
|
AL/MC |
|
|
Citrus Heights, CA |
|
|
2012 |
|
|
1997/2011 |
|
|
3,948 |
|
|
4,027 |
|
|
3,440 |
|
|
2,940 |
|
AL/MC |
|
|
Santa Cruz, CA |
|
|
2012 |
|
|
1990/NA |
|
|
22,763 |
|
|
23,272 |
|
|
19,850 |
|
|
17,220 |
|
AL/MC |
|
|
Clovis, CA |
|
|
2012 |
|
|
1998/2007 |
|
|
17,578 |
|
|
17,969 |
|
|
15,343 |
|
|
11,700 |
|
AL/MC |
|
|
Boise, ID |
|
|
2012 |
|
|
1997/2011 |
|
|
14,674 |
|
|
15,016 |
|
|
12,799 |
|
|
12,960 |
|
AL/MC |
|
|
Corvallis, OR |
|
|
2012 |
|
|
1999/NA |
|
|
5,965 |
|
|
6,069 |
|
|
5,166 |
|
|
3,020 |
|
AL/MC |
|
|
Eugene, OR |
|
|
2012 |
|
|
1998/NA |
|
|
21,046 |
|
|
21,607 |
|
|
18,425 |
|
|
15,480 |
|
AL/MC |
|
|
Cottonwood Heights, UT |
|
|
2012 |
|
|
2001/NA |
|
|
17,432 |
|
|
17,772 |
|
|
15,159 |
|
|
12,480 |
|
AL/MC |
|
|
Bountiful, UT |
|
|
2012 |
|
|
1978/2000 |
|
|
10,185 |
|
|
10,171 |
|
|
8,819 |
|
|
10,024 |
|
AL/MC |
|
|
Taylorsville, UT |
|
|
2012 |
|
|
1976/1994 |
|
|
4,388 |
|
|
4,276 |
|
|
3,704 |
|
|
3,341 |
|
AL/MC |
|
|
Salt Lake City, UT |
|
|
2012 |
|
|
1984/2007 |
|
|
4,095 |
|
|
4,017 |
|
|
3,476 |
|
|
2,635 |
|
AL/MC |
|
|
Fort Worth, TX |
|
|
2012 |
|
|
1986/NA |
|
|
18,764 |
|
|
19,393 |
|
|
16,125 |
|
|
16,125 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
159,700 |
|
$ |
162,801 |
|
$ |
138,686 |
|
$ |
120,525 |
|
IL-only |
|
|
Poughkeepsie, NY |
|
|
2013 |
|
|
2001/NA |
|
|
12,687 |
|
|
— |
|
|
14,100 |
|
|
— |
|
AL/MC |
|
|
Brooksville, FL |
|
|
2013 |
|
|
1960/2012 |
|
|
11,088 |
|
|
— |
|
|
9,951 |
|
|
— |
|
AL/MC |
|
|
Port Charlotte, FL |
|
|
2013 |
|
|
1998/NA |
|
|
10,262 |
|
|
— |
|
|
9,240 |
|
|
— |
|
AL/MC |
|
|
Bradenton, FL |
|
|
2013 |
|
|
1973/1988 |
|
|
11,168 |
|
|
— |
|
|
10,041 |
|
|
— |
|
AL/MC |
|
|
Brooksville, FL |
|
|
2013 |
|
|
1988/NA |
|
|
6,228 |
|
|
— |
|
|
5,603 |
|
|
— |
|
AL/MC |
|
|
Bradenton, FL |
|
|
2013 |
|
|
1988/NA |
|
|
16,827 |
|
|
— |
|
|
15,128 |
|
|
— |
|
AL/MC |
|
|
Hollywood, FL |
|
|
2013 |
|
|
1998/NA |
|
|
5,683 |
|
|
— |
|
|
5,069 |
|
|
— |
|
AL/MC |
|
|
Pinellas Park, FL |
|
|
2013 |
|
|
1986/2007 |
|
|
11,917 |
|
|
— |
|
|
10,735 |
|
|
— |
|
AL/MC |
|
|
Lake Placid, FL |
|
|
2013 |
|
|
2007/NA |
|
|
6,683 |
|
|
— |
|
|
6,039 |
|
|
— |
|
AL/MC |
|
|
Hollywood, FL |
|
|
2013 |
|
|
1988/2012 |
|
|
6,056 |
|
|
— |
|
|
5,434 |
|
|
— |
|
AL/MC |
|
|
Venice, FL |
|
|
2013 |
|
|
1998/NA |
|
|
15,064 |
|
|
— |
|
|
13,572 |
|
|
— |
|
AL/MC |
|
|
New Bern, NC |
|
|
2013 |
|
|
1985/2004 |
|
|
15,748 |
|
|
— |
|
|
14,141 |
|
|
— |
|
AL/MC |
|
|
Winter Haven, FL |
|
|
2013 |
|
|
1984/NA |
|
|
26,848 |
|
|
— |
|
|
19,199 |
|
|
— |
|
AL/MC |
|
|
Sanford, FL |
|
|
2013 |
|
|
1984/NA |
|
|
10,951 |
|
|
— |
|
|
5,549 |
|
|
— |
|
AL/MC |
|
|
Spring Hill, FL |
|
|
2013 |
|
|
1988/2006 |
|
|
6,954 |
|
|
— |
|
|
7,405 |
|
|
— |
|
AL/MC |
|
|
Lakeland, FL |
|
|
2013 |
|
|
1984/NA |
|
|
16,701 |
|
|
— |
|
|
9,082 |
|
|
— |
|
AL/MC |
|
|
Media, PA |
|
|
2013 |
|
|
1995/NA |
|
|
18,957 |
|
|
— |
|
|
16,875 |
|
|
— |
|
AL/MC |
|
|
Port Charlotte, FL |
|
|
2013 |
|
|
1985/2004 |
|
|
16,888 |
|
|
— |
|
|
14,250 |
|
|
— |
|
AL/MC |
|
|
Pittsburgh, PA |
|
|
2013 |
|
|
1996/NA |
|
|
15,386 |
|
|
— |
|
|
8,250 |
|
|
— |
|
IL-only |
|
|
Richmond, VA |
|
|
2013 |
|
|
1987/2008 |
|
|
11,951 |
|
|
— |
|
|
8,775 |
|
|
— |
|
AL/MC |
|
|
Fort Myers, FL |
|
|
2013 |
|
|
1988/NA |
|
|
12,280 |
|
|
— |
|
|
10,688 |
|
|
— |
|
IL-only |
|
|
Surprise, AZ |
|
|
2013 |
|
|
1998/NA |
|
|
13,118 |
|
|
— |
|
|
10,046 |
|
|
— |
|
IL-only |
|
|
Santa Clara, CA |
|
|
2013 |
|
|
1991/NA |
|
|
19,340 |
|
|
— |
|
|
14,814 |
|
|
— |
|
IL-only |
|
|
Pueblo, CO |
|
|
2013 |
|
|
1985/NA |
|
|
14,874 |
|
|
— |
|
|
11,392 |
|
|
— |
|
IL-only |
|
|
Rocky Hill, CT |
|
|
2013 |
|
|
1998/NA |
|
|
24,788 |
|
|
— |
|
|
18,988 |
|
|
— |
|
IL-only |
|
|
Farmington, CT |
|
|
2013 |
|
|
1989/NA |
|
|
27,646 |
|
|
— |
|
|
21,174 |
|
|
— |
|
IL-only |
|
|
Urbandale, IA |
|
|
2013 |
|
|
1995/NA |
|
|
13,467 |
|
|
— |
|
|
10,316 |
|
|
— |
|
IL-only |
|
|
Bettendorf, IA |
|
|
2013 |
|
|
1990/NA |
|
|
13,104 |
|
|
— |
|
|
10,037 |
|
|
— |
|
IL-only |
|
|
Topeka, KS |
|
|
2013 |
|
|
1998/NA |
|
|
15,787 |
|
|
— |
|
|
12,094 |
|
|
— |
|
IL-only |
|
|
Salem, OR |
|
|
2013 |
|
|
1990/NA |
|
|
19,315 |
|
|
— |
|
|
14,797 |
|
|
— |
|
IL-only |
|
|
St Louis, MO |
|
|
2013 |
|
|
2006/NA |
|
|
26,810 |
|
|
— |
|
|
20,537 |
|
|
— |
|
IL-only |
|
|
Durham, NC |
|
|
2013 |
|
|
1989/NA |
|
|
24,300 |
|
|
— |
|
|
18,615 |
|
|
— |
|
IL-only |
|
|
Cary, NC |
|
|
2013 |
|
|
2003/NA |
|
|
22,412 |
|
|
— |
|
|
17,169 |
|
|
— |
|
IL-only |
|
|
Reno, NV |
|
|
2013 |
|
|
2002/NA |
|
|
21,835 |
|
|
— |
|
|
16,726 |
|
|
— |
|
IL-only |
|
|
Salem, OR |
|
|
2013 |
|
|
1990/NA |
|
|
7,697 |
|
|
— |
|
|
5,897 |
|
|
— |
|
|
|
|
|
|
Year |
|
Year |
|
|
|
|
|
|
|
|
|
|
|
|
|
Property |
|
|
|
|
Acquired |
|
Constructed/ |
|
Net Carrying Value |
|
Encumbrances (E) |
|
Type (A) |
|
City, State |
|
(D) |
|
Renovated (D) |
|
12/31/2013 |
|
12/31/2012 |
|
12/31/2013 |
|
12/31/2012 |
|
IL-only |
|
|
Corvallis, OR |
|
|
2013 |
|
|
1983/NA |
|
|
9,262 |
|
|
— |
|
|
7,094 |
|
|
— |
|
IL-only |
|
|
Hillsboro, OR |
|
|
2013 |
|
|
1996/NA |
|
|
14,142 |
|
|
— |
|
|
10,834 |
|
|
— |
|
IL-only |
|
|
Eugene, OR |
|
|
2013 |
|
|
1995/NA |
|
|
19,989 |
|
|
— |
|
|
15,311 |
|
|
— |
|
IL-only |
|
|
Harrisburg, PA |
|
|
2013 |
|
|
2000/NA |
|
|
24,565 |
|
|
— |
|
|
18,819 |
|
|
— |
|
IL-only |
|
|
Boyertown, PA |
|
|
2013 |
|
|
1997/NA |
|
|
19,186 |
|
|
— |
|
|
14,697 |
|
|
— |
|
IL-only |
|
|
Clarksville, TN |
|
|
2013 |
|
|
1993/NA |
|
|
11,702 |
|
|
— |
|
|
8,965 |
|
|
— |
|
IL-only |
|
|
Dallas, TX |
|
|
2013 |
|
|
1996/NA |
|
|
15,444 |
|
|
— |
|
|
11,830 |
|
|
— |
|
IL-only |
|
|
Denton, TX |
|
|
2013 |
|
|
2005/NA |
|
|
20,577 |
|
|
— |
|
|
15,763 |
|
|
— |
|
IL-only |
|
|
San Antonio, TX |
|
|
2013 |
|
|
1984/NA |
|
|
17,048 |
|
|
— |
|
|
13,058 |
|
|
— |
|
IL-only |
|
|
Flower Mound, TX |
|
|
2013 |
|
|
2007/NA |
|
|
20,667 |
|
|
— |
|
|
15,832 |
|
|
— |
|
IL-only |
|
|
Dallas, TX |
|
|
2013 |
|
|
2001/NA |
|
|
15,789 |
|
|
— |
|
|
12,094 |
|
|
— |
|
IL-only |
|
|
Eau Claire, WI |
|
|
2013 |
|
|
2003/NA |
|
|
20,365 |
|
|
— |
|
|
15,601 |
|
|
— |
|
IL-only |
|
|
Simi Valley, CA |
|
|
2013 |
|
|
2006/NA |
|
|
25,543 |
|
|
— |
|
|
19,658 |
|
|
— |
|
IL-only |
|
|
Lakewood, CO |
|
|
2013 |
|
|
1992/NA |
|
|
15,838 |
|
|
— |
|
|
12,190 |
|
|
— |
|
IL-only |
|
|
Greeley, CO |
|
|
2013 |
|
|
1986/NA |
|
|
14,533 |
|
|
— |
|
|
11,185 |
|
|
— |
|
IL-only |
|
|
Fort Collins, CO |
|
|
2013 |
|
|
1987/NA |
|
|
19,057 |
|
|
— |
|
|
14,668 |
|
|
— |
|
IL-only |
|
|
Tallahassee, FL |
|
|
2013 |
|
|
2001/NA |
|
|
21,897 |
|
|
— |
|
|
16,854 |
|
|
— |
|
IL-only |
|
|
Sarasota, FL |
|
|
2013 |
|
|
2005/NA |
|
|
23,021 |
|
|
— |
|
|
17,719 |
|
|
— |
|
IL-only |
|
|
Port Richey, FL |
|
|
2013 |
|
|
1987/NA |
|
|
15,830 |
|
|
— |
|
|
12,184 |
|
|
— |
|
IL-only |
|
|
Normal, IL |
|
|
2013 |
|
|
1989/NA |
|
|
15,251 |
|
|
— |
|
|
11,739 |
|
|
— |
|
IL-only |
|
|
Wichita, KS |
|
|
2013 |
|
|
2001/NA |
|
|
18,922 |
|
|
— |
|
|
14,565 |
|
|
— |
|
IL-only |
|
|
Paducah, KY |
|
|
2013 |
|
|
2004/NA |
|
|
24,707 |
|
|
— |
|
|
19,017 |
|
|
— |
|
IL-only |
|
|
Shreveport, LA |
|
|
2013 |
|
|
1988/NA |
|
|
6,236 |
|
|
— |
|
|
4,799 |
|
|
— |
|
IL-only |
|
|
Fort Gratiot, MI |
|
|
2013 |
|
|
2001/NA |
|
|
16,754 |
|
|
— |
|
|
12,895 |
|
|
— |
|
IL-only |
|
|
St Joseph, MO |
|
|
2013 |
|
|
1990/NA |
|
|
17,646 |
|
|
— |
|
|
13,581 |
|
|
— |
|
IL-only |
|
|
Ridgeland, MS |
|
|
2013 |
|
|
1986/NA |
|
|
8,691 |
|
|
— |
|
|
6,689 |
|
|
— |
|
IL-only |
|
|
Missoula, MT |
|
|
2013 |
|
|
1997/NA |
|
|
17,170 |
|
|
— |
|
|
13,216 |
|
|
— |
|
IL-only |
|
|
Greece, NY |
|
|
2013 |
|
|
2004/NA |
|
|
21,696 |
|
|
— |
|
|
16,699 |
|
|
— |
|
IL-only |
|
|
Fayetteville, NY |
|
|
2013 |
|
|
2003/NA |
|
|
26,692 |
|
|
— |
|
|
20,543 |
|
|
— |
|
IL-only |
|
|
Ballwin, MO |
|
|
2013 |
|
|
1990/NA |
|
|
18,034 |
|
|
— |
|
|
13,879 |
|
|
— |
|
IL-only |
|
|
Corvallis, OR |
|
|
2013 |
|
|
1999/NA |
|
|
20,214 |
|
|
— |
|
|
15,558 |
|
|
— |
|
IL-only |
|
|
Lemoyne, PA |
|
|
2013 |
|
|
2002/NA |
|
|
26,784 |
|
|
— |
|
|
20,614 |
|
|
— |
|
IL-only |
|
|
Arlington, TX |
|
|
2013 |
|
|
1987/NA |
|
|
10,688 |
|
|
— |
|
|
8,227 |
|
|
— |
|
IL-only |
|
|
Richardson, TX |
|
|
2013 |
|
|
1996/NA |
|
|
14,063 |
|
|
— |
|
|
10,824 |
|
|
— |
|
IL-only |
|
|
Lubbock, TX |
|
|
2013 |
|
|
1997/NA |
|
|
22,843 |
|
|
— |
|
|
17,582 |
|
|
— |
|
IL-only |
|
|
North Logan, UT |
|
|
2013 |
|
|
2001/NA |
|
|
19,440 |
|
|
— |
|
|
14,963 |
|
|
— |
|
IL-only |
|
|
Yorktown, VA |
|
|
2013 |
|
|
2005/NA |
|
|
22,094 |
|
|
— |
|
|
17,003 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
Subtotal |
|
$ |
1,203,200 |
|
$ |
— |
|
$ |
938,477 |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
1,362,900 |
|
$ |
162,801 |
|
$ |
1,077,163 |
|
$ |
120,525 |
|
|
(A) |
AL represents assisted living; IL represents independent
living and MC represents memory care. |
|
(B) |
The following is a rollforward of the gross carrying amount and accumulated
depreciation of senior housing real estate for the years ended December 31, 2013 and 2012. |
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
2013 |
|
2012 |
|
Gross Carrying Amount |
|
|
|
|
|
|
|
Balance at beginning of year |
|
$ |
164,359 |
|
$ |
— |
|
Additions: |
|
|
|
|
|
|
|
Acquisitions of real estate |
|
|
1,205,558 |
|
|
164,067 |
|
Improvements |
|
|
3,450 |
|
|
296 |
|
Transferred from operating real estate held for sale |
|
|
— |
|
|
— |
|
Disposals: |
|
|
|
|
|
|
|
Disposal of long-lived assets |
|
|
(45 |
) |
|
(4 |
) |
Balance at end of year |
|
$ |
1,373,322 |
|
$ |
164,359 |
|
|
|
|
|
|
|
|
|
Accumulated Depreciation |
|
|
|
|
|
|
|
Balance at beginning of year |
|
$ |
(1,558 |
) |
$ |
— |
|
Additions: |
|
|
|
|
|
|
|
Depreciation expense |
|
|
(8,874 |
) |
|
(1,559 |
) |
Transferred from assets held for sale |
|
|
— |
|
|
— |
|
Disposals: |
|
|
|
|
|
|
|
Disposal of long-lived assets |
|
|
10 |
|
|
1 |
|
Balance at end of year |
|
$ |
(10,422 |
) |
$ |
(1,558 |
) |
|
|
|
|
|
|
|
|
|
(C) |
Depreciation is calculated on a straight line basis using the estimated useful lives detailed in Note 2. |
|
(D) |
Unaudited. |
|
(E) |
See Note 14. |
|
(F) |
The aggregate United States federal income tax basis for Newcastle’s senior housing real estate at December 31, 2013 was approximately $1.4 billion. |
The investments in senior housing real estate are generally
financed with non-recourse mortgage notes payable (see Note 14).
The following table sets forth the future contracted minimum
rentals, excluding contingent rent escalations, for Newcastle’s triple net leases relating to the Holiday Portfolio as of
December 31, 2013:
|
|
|
|
|
|
|
Total Holiday
Portfolio
|
|
2014 |
|
$ |
65,031 |
|
2015 |
|
|
67,957 |
|
2016 |
|
|
71,015 |
|
2017 |
|
|
74,211 |
|
2018 |
|
|
76,808 |
|
Thereafter |
|
|
1,170,819 |
|
Total |
|
$ |
1,525,841 |
|
The resident leases relating to Newcastles
managed senior housing properties are generally cancelable within a 30-day notice.
|