false FY 0001043000 --12-31 0.067 0.067 0.067 0.067 0.067 P1Y 0.067 P1Y 0.067 P1Y 0.067 0.067 0.067 P3Y P2Y 0.067 0.067 P4Y P1Y P3Y P3Y P1Y P4Y P1Y us-gaap:AccountingStandardsUpdate201602Member us-gaap:AccountingStandardsUpdate201602Member us-gaap:AccountingStandardsUpdate201602Member us-gaap:AccountingStandardsUpdate201602Member us-gaap:AccountingStandardsUpdate201602Member us-gaap:AccountingStandardsUpdate201602Member 2021 2021 2021 2021 2031 2029 2023 P6Y csu:LeaseLiabilitiesNetOfCurrentPortionMember csu:LeaseLiabilitiesNetOfNonCurrentPortionMember 0001043000 2020-01-01 2020-12-31 xbrli:shares 0001043000 2021-03-25 iso4217:USD 0001043000 2020-06-30 0001043000 2020-12-31 0001043000 2019-12-31 iso4217:USD xbrli:shares xbrli:pure 0001043000 2020-12-09 2020-12-09 0001043000 us-gaap:HealthCareResidentServiceMember 2020-01-01 2020-12-31 0001043000 us-gaap:HealthCareResidentServiceMember 2019-01-01 2019-12-31 0001043000 us-gaap:HealthCareResidentServiceMember 2018-01-01 2018-12-31 0001043000 us-gaap:ManagementServiceMember 2020-01-01 2020-12-31 0001043000 csu:CommunityReimbursementRevenueMember 2020-01-01 2020-12-31 0001043000 2019-01-01 2019-12-31 0001043000 2018-01-01 2018-12-31 0001043000 us-gaap:CommonStockMember 2017-12-31 0001043000 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001043000 us-gaap:RetainedEarningsMember 2017-12-31 0001043000 us-gaap:TreasuryStockMember 2017-12-31 0001043000 2017-12-31 0001043000 us-gaap:CommonStockMember 2018-01-01 2018-12-31 0001043000 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-12-31 0001043000 us-gaap:RetainedEarningsMember 2018-01-01 2018-12-31 0001043000 us-gaap:CommonStockMember 2018-12-31 0001043000 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001043000 us-gaap:RetainedEarningsMember 2018-12-31 0001043000 us-gaap:TreasuryStockMember 2018-12-31 0001043000 2018-12-31 0001043000 us-gaap:RetainedEarningsMember srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember 2018-12-31 0001043000 srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember 2018-12-31 0001043000 us-gaap:CommonStockMember srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember 2019-01-01 2019-12-31 0001043000 us-gaap:AdditionalPaidInCapitalMember srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember 2019-01-01 2019-12-31 0001043000 us-gaap:RetainedEarningsMember srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember 2019-01-01 2019-12-31 0001043000 us-gaap:TreasuryStockMember srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember 2019-01-01 2019-12-31 0001043000 srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember 2019-01-01 2019-12-31 0001043000 us-gaap:CommonStockMember 2019-01-01 2019-12-31 0001043000 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-12-31 0001043000 us-gaap:RetainedEarningsMember 2019-01-01 2019-12-31 0001043000 us-gaap:CommonStockMember 2019-12-31 0001043000 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001043000 us-gaap:RetainedEarningsMember 2019-12-31 0001043000 us-gaap:TreasuryStockMember 2019-12-31 0001043000 us-gaap:CommonStockMember 2020-01-01 2020-12-31 0001043000 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-12-31 0001043000 us-gaap:TreasuryStockMember 2020-01-01 2020-12-31 0001043000 us-gaap:RetainedEarningsMember 2020-01-01 2020-12-31 0001043000 us-gaap:CommonStockMember 2020-12-31 0001043000 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0001043000 us-gaap:RetainedEarningsMember 2020-12-31 csu:Community csu:State csu:Resident csu:Property 0001043000 csu:COVID19Member 2020-01-01 2020-12-31 0001043000 csu:COVID19Member 2020-12-31 0001043000 csu:COVID19Member csu:BBVAUSAMember csu:FinancialCovenantsMember 2020-01-01 2020-12-31 0001043000 csu:COVID19Member csu:FifthThirdBankMember csu:FinancialCovenantsMember 2020-01-01 2020-12-31 0001043000 csu:SeniorHousingCommunityMember 2020-11-01 2020-11-30 0001043000 csu:SeniorHousingCommunityMember us-gaap:MortgagesMember 2020-11-01 2020-11-30 0001043000 csu:SeniorHousingCommunityMember 2020-01-01 2020-12-31 0001043000 2020-11-30 0001043000 us-gaap:OperatingExpenseMember 2020-12-31 0001043000 us-gaap:SubsequentEventMember 2021-01-01 2021-03-31 0001043000 2020-11-01 2020-11-30 0001043000 csu:AccruedExpensesMember 2020-12-31 0001043000 us-gaap:OtherNoncurrentLiabilitiesMember 2020-12-31 0001043000 csu:FannieMaeLoanMember 2020-07-01 2020-07-31 0001043000 csu:FannieMaeLoanMember 2020-01-01 2020-12-31 0001043000 csu:FannieMaeLoanMember 2020-12-31 0001043000 csu:SeniorHousingCommunityMember 2019-01-01 2019-12-31 0001043000 srt:MaximumMember 2020-01-01 2020-12-31 0001043000 csu:RentalAndOtherServicesMember 2020-01-01 2020-12-31 0001043000 csu:RentalAndOtherServicesMember 2019-01-01 2019-12-31 0001043000 us-gaap:ManagementServiceMember 2019-01-01 2019-12-31 0001043000 csu:CommunityReimbursementRevenueMember 2019-01-01 2019-12-31 0001043000 us-gaap:AccountingStandardsUpdate201602Member 2019-01-01 2019-01-01 0001043000 2020-12-08 0001043000 2020-12-09 0001043000 us-gaap:TreasuryStockMember 2019-01-01 2019-12-31 0001043000 us-gaap:TreasuryStockMember 2020-12-31 0001043000 csu:TwoThousandAndNineteenOmnibusStockAndIncentivePlanMember 2019-05-14 0001043000 csu:TwoThousandAndSevenOmnibusStockAndIncentivePlanMember 2019-05-13 2019-05-14 csu:Segment 0001043000 2020-01-01 2020-03-31 0001043000 us-gaap:SalvageValueMember 2020-01-01 2020-03-31 0001043000 csu:ChangeInUsefulLifeOfFifteenCommunitiesMember 2020-07-01 2020-09-30 0001043000 csu:OneCommunityMember 2020-07-01 2020-09-30 0001043000 2020-10-01 2020-12-31 0001043000 us-gaap:SalvageValueMember 2020-01-01 2020-12-31 0001043000 us-gaap:SalvageValueMember 2019-01-01 2019-12-31 0001043000 csu:HealthpeakPropertiesIncMember csu:SeniorLivingBocaRatonFloridaCommunityMember 2020-01-15 2020-01-15 0001043000 csu:HealthpeakPropertiesIncMember csu:SeniorLivingBocaRatonFloridaCommunityMember 2020-01-01 2020-12-31 0001043000 csu:SeniorHousingCommunityMerrillvilleIndianaCommunityMember 2020-03-31 0001043000 csu:SeniorHousingCommunityMerrillvilleIndianaCommunityMember 2020-03-31 2020-03-31 0001043000 csu:SeniorHousingCommunityMerrillvilleIndianaCommunityMember 2020-01-01 2020-12-31 0001043000 csu:SeniorHousingCommunityMerrillvilleIndianaCommunityMember csu:AssistedLivingUnitMember 2020-12-31 0001043000 csu:SeniorHousingCommunityMerrillvilleIndianaCommunityMember csu:MemoryCareUnitsMember 2020-12-31 0001043000 csu:SeniorHousingCommunityCantonOhioCommunityMember 2020-11-24 2020-11-24 0001043000 us-gaap:MortgagesMember csu:SeniorHousingCommunityCantonOhioCommunityMember 2020-11-24 2020-11-24 0001043000 csu:SeniorHousingCommunityCantonOhioCommunityMember 2020-01-01 2020-12-31 0001043000 csu:EarlyTerminationAgreementMember 2020-12-31 0001043000 csu:EarlyTerminationAgreementMember 2019-12-31 0001043000 csu:EarlyTerminationAgreementMember us-gaap:SubsequentEventMember 2021-01-01 0001043000 csu:VentasMember csu:EarlyTerminationAgreementMember 2020-03-10 0001043000 csu:VentasMember csu:EarlyTerminationAgreementMember 2020-03-10 2020-03-10 0001043000 csu:VentasMember csu:EarlyTerminationAgreementMember 2019-12-31 0001043000 us-gaap:AccountingStandardsUpdate201602Member csu:VentasMember 2020-03-31 0001043000 us-gaap:AccountingStandardsUpdate201602Member csu:VentasMember 2020-01-01 2020-12-31 0001043000 csu:WelltowerIncMember csu:EarlyTerminationAgreementMember 2019-12-31 0001043000 csu:WelltowerIncMember csu:EarlyTerminationAgreementMember 2020-01-01 2020-12-31 0001043000 csu:WelltowerIncMember csu:EarlyTerminationAgreementMember 2020-03-15 2020-03-15 0001043000 csu:WelltowerIncMember csu:EarlyTerminationAgreementMember us-gaap:LetterOfCreditMember 2020-12-31 0001043000 us-gaap:AccountingStandardsUpdate201602Member csu:WelltowerIncMember 2020-03-31 0001043000 us-gaap:AccountingStandardsUpdate201602Member csu:WelltowerIncMember 2020-01-01 2020-12-31 0001043000 csu:TerminationAgreementMember csu:WelltowerIncMember 2020-07-01 2020-09-30 0001043000 csu:TerminationAgreementMember csu:WelltowerIncMember 2020-12-31 0001043000 csu:TerminationAgreementMember csu:WelltowerIncMember 2020-01-01 2020-12-31 0001043000 csu:EarlyTerminationAgreementMember csu:HealthpeakPropertiesIncMember 2020-03-01 2020-03-01 0001043000 csu:EarlyTerminationAgreementMember csu:HealthpeakPropertiesIncMember 2020-03-01 0001043000 csu:EarlyTerminationAgreementMember csu:HealthpeakPropertiesIncMember 2020-01-01 2020-12-31 0001043000 csu:HealthpeakPropertiesIncMember csu:SeniorHousingCommunityMember 2020-04-01 2020-04-01 0001043000 csu:HealthpeakPropertiesIncMember 2020-04-01 2020-04-01 0001043000 csu:HealthpeakPropertiesIncMember csu:SeniorHousingCommunityMember 2020-04-01 0001043000 csu:HealthpeakPropertiesIncMember csu:CurrentPortionOfNotesPayableNetOfDeferredLoanCostsMember 2020-12-31 0001043000 csu:HealthpeakPropertiesIncMember 2020-11-01 2020-11-01 0001043000 csu:HealthpeakPropertiesIncMember 2020-12-31 0001043000 csu:HealthpeakPropertiesIncMember us-gaap:SubsequentEventMember 2021-01-01 2021-01-31 0001043000 csu:FannieMaeLoanMember 2020-01-01 2020-12-31 0001043000 csu:FannieMaeLoanMember 2020-12-31 0001043000 csu:FannieMaeLoanMember csu:AccruedExpensesMember 2020-12-31 0001043000 csu:FannieMaeLoanMember 2020-10-01 2020-12-31 0001043000 csu:FannieMaeLoanMember 2020-12-01 2020-12-31 0001043000 csu:FannieMaeLoanMember us-gaap:SubsequentEventMember 2021-01-01 2021-03-31 0001043000 csu:SpringfieldMissouriAndPeoriaIllinoisCommunitiesMember 2019-10-01 0001043000 csu:SpringfieldMissouriAndPeoriaIllinoisCommunitiesMember 2019-10-01 2019-10-01 0001043000 csu:SpringfieldMissouriAndPeoriaIllinoisCommunitiesMember 2019-01-01 2019-12-31 0001043000 csu:SeniorHousingCommunityMember 2019-05-01 2019-05-01 0001043000 us-gaap:MortgagesMember csu:SeniorHousingCommunityMember 2019-05-01 2019-05-01 0001043000 csu:SeniorHousingCommunityMember 2019-05-01 0001043000 us-gaap:LandMember 2020-12-31 0001043000 us-gaap:LandMember 2019-12-31 0001043000 us-gaap:LandImprovementsMember 2020-12-31 0001043000 us-gaap:LandImprovementsMember 2019-12-31 0001043000 us-gaap:BuildingAndBuildingImprovementsMember 2020-12-31 0001043000 us-gaap:BuildingAndBuildingImprovementsMember 2019-12-31 0001043000 us-gaap:FurnitureAndFixturesMember 2020-12-31 0001043000 us-gaap:FurnitureAndFixturesMember 2019-12-31 0001043000 us-gaap:AutomobilesMember 2020-12-31 0001043000 us-gaap:AutomobilesMember 2019-12-31 0001043000 us-gaap:LeaseholdsAndLeaseholdImprovementsMember 2020-12-31 0001043000 us-gaap:LeaseholdsAndLeaseholdImprovementsMember 2019-12-31 0001043000 us-gaap:ConstructionInProgressMember 2020-12-31 0001043000 us-gaap:ConstructionInProgressMember 2019-12-31 0001043000 srt:MinimumMember us-gaap:LandImprovementsMember 2020-01-01 2020-12-31 0001043000 us-gaap:LandImprovementsMember srt:MaximumMember 2020-01-01 2020-12-31 0001043000 srt:MinimumMember us-gaap:BuildingAndBuildingImprovementsMember 2020-01-01 2020-12-31 0001043000 us-gaap:BuildingAndBuildingImprovementsMember srt:MaximumMember 2020-01-01 2020-12-31 0001043000 srt:MinimumMember us-gaap:FurnitureAndFixturesMember 2020-01-01 2020-12-31 0001043000 us-gaap:FurnitureAndFixturesMember srt:MaximumMember 2020-01-01 2020-12-31 0001043000 srt:MinimumMember us-gaap:AutomobilesMember 2020-01-01 2020-12-31 0001043000 us-gaap:AutomobilesMember srt:MaximumMember 2020-01-01 2020-12-31 0001043000 us-gaap:LeaseholdsAndLeaseholdImprovementsMember 2020-01-01 2020-12-31 0001043000 us-gaap:LeaseholdsAndLeaseholdImprovementsMember 2019-01-01 2019-12-31 0001043000 csu:VentasMember 2020-12-31 0001043000 csu:FixedMortgageNotesPayableMember csu:NotesPayableMember 2020-12-31 0001043000 csu:VariableMortgageNotesMember csu:NotesPayableMember 2020-12-31 0001043000 csu:NotesPayableInsuranceMember csu:NotesPayableMember 2020-12-31 0001043000 us-gaap:NotesPayableOtherPayablesMember csu:NotesPayableMember 2020-12-31 0001043000 csu:NotesPayableInsuranceMember csu:NotesPayableMember 2020-01-01 2020-12-31 0001043000 csu:FixedMortgageNotesPayableMember csu:NotesPayableMember 2020-01-01 2020-12-31 0001043000 csu:VariableMortgageNotesMember csu:NotesPayableMember 2020-01-01 2020-12-31 0001043000 us-gaap:NotesPayableOtherPayablesMember csu:NotesPayableMember 2020-01-01 2020-12-31 0001043000 csu:NotesPayableMember 2020-12-31 0001043000 csu:FixedMortgageNotesPayableMember csu:NotesPayableMember 2019-12-31 0001043000 csu:VariableMortgageNotesMember csu:NotesPayableMember 2019-12-31 0001043000 csu:NotesPayableInsuranceMember csu:NotesPayableMember 2019-12-31 0001043000 csu:NotesPayableMember 2019-12-31 csu:Facility 0001043000 csu:FannieMaeLoanMember csu:ForbearanceAgreementsMember 2020-12-31 csu:Loan 0001043000 csu:BerkadiaMember csu:ForbearanceAgreementsMember csu:FannieMaeLoanMember 2020-05-07 2020-05-07 0001043000 csu:WellsFargoMember csu:ForbearanceAgreementsMember csu:FannieMaeLoanMember 2020-05-09 2020-05-09 0001043000 csu:KeyBankMember csu:ForbearanceAgreementsMember csu:FannieMaeLoanMember 2020-05-20 2020-05-20 0001043000 csu:ForbearanceAgreementsMember csu:FannieMaeLoanMember 2020-01-01 2020-12-31 0001043000 csu:FannieMaeLoanMember csu:ForbearanceAgreementsMember 2020-07-08 2020-07-08 0001043000 csu:FannieMaeLoanMember csu:ForbearanceAgreementsMember 2020-07-31 2020-07-31 0001043000 csu:FannieMaeLoanMember csu:ForbearanceAgreementsMember 2020-07-01 2020-07-31 0001043000 csu:FannieMaeLoanMember csu:ForbearanceAgreementsMember csu:AccruedExpensesMember 2020-12-31 0001043000 csu:BBVAUSAMember csu:ForbearanceAgreementsMember 2020-01-01 2020-12-31 0001043000 csu:CurrentPortionOfNotesPayableNetOfDeferredLoanCostsMember csu:BBVAUSAMember csu:ForbearanceAgreementsMember 2020-01-01 2020-12-31 0001043000 csu:ORIXRealEstateCapitalLLCMember csu:ForbearanceAgreementsMember 2020-01-01 2020-12-31 0001043000 csu:CurrentPortionOfNotesPayableNetOfDeferredLoanCostsMember csu:ORIXRealEstateCapitalLLCMember csu:ForbearanceAgreementsMember 2020-01-01 2020-12-31 0001043000 csu:ProtectiveLifeAmendmentsToLoanAgreementsAndLoanModificationAndTemporaryDeferralAgreementMember csu:ProtectiveLifeInsuranceCompanyMember 2020-05-21 2020-05-21 0001043000 csu:ProtectiveLifeAmendmentsToLoanAgreementsAndLoanModificationAndTemporaryDeferralAgreementMember csu:ProtectiveLifeInsuranceCompanyMember 2020-01-01 2020-12-31 0001043000 csu:AccruedExpensesMember csu:ProtectiveLifeAmendmentsToLoanAgreementsAndLoanModificationAndTemporaryDeferralAgreementMember csu:ProtectiveLifeInsuranceCompanyMember 2020-01-01 2020-12-31 0001043000 csu:CurrentPortionOfNotesPayableNetOfDeferredLoanCostsMember csu:ProtectiveLifeAmendmentsToLoanAgreementsAndLoanModificationAndTemporaryDeferralAgreementMember csu:ProtectiveLifeInsuranceCompanyMember 2020-01-01 2020-12-31 0001043000 csu:FifthThirdBankMember csu:LongTermVariableInterestRateDebtMember csu:InterestOnlyPeriodMember csu:MortgageLoansMember 2019-12-23 0001043000 csu:FifthThirdBankMember csu:LongTermVariableInterestRateDebtMember csu:InterestOnlyPeriodMember csu:MortgageLoansMember 2019-12-21 2019-12-23 0001043000 csu:FifthThirdBankMember csu:LongTermVariableInterestRateDebtMember csu:MortgageLoansMember 2019-12-23 0001043000 csu:BBVAUSAMember csu:LongTermVariableInterestRateDebtMember csu:InterestOnlyPeriodMember csu:MortgageLoansMember 2019-12-21 2019-12-23 0001043000 csu:BBVAUSAMember csu:LongTermVariableInterestRateDebtMember csu:MortgageLoansMember 2019-12-22 2019-12-22 0001043000 csu:BBVAUSAMember csu:LongTermVariableInterestRateDebtMember csu:MortgageLoansMember 2019-12-21 2019-12-23 0001043000 2019-10-01 0001043000 2019-10-01 2019-10-01 0001043000 csu:FourPointFourPercentInsuranceFinancingAgreementOneMember 2019-05-31 0001043000 csu:FourPointFourPercentInsuranceFinancingAgreementTwoMember 2019-05-31 0001043000 csu:FourPointFourPercentInsuranceFinancingAgreementOneMember 2019-05-01 2019-05-31 0001043000 csu:FourPointFourPercentInsuranceFinancingAgreementTwoMember 2019-05-01 2019-05-31 0001043000 csu:FourPointSixZeroPercentTenMonthTermFinancingAgreementMember 2020-06-15 0001043000 csu:FourPointSixZeroPercentTenMonthTermFinancingAgreementMember 2020-06-15 2020-06-15 0001043000 csu:FourPointSixZeroPercentTenMonthTermFinancingAgreementMember 2020-12-31 0001043000 csu:FourPointSixZeroPercentTenMonthTermFinancingAgreementMember 2020-12-01 2020-12-31 0001043000 csu:CurrentPortionOfNotesPayableNetOfDeferredLoanCostsMember csu:FifthThirdBankMember 2020-12-31 0001043000 csu:CurrentPortionOfNotesPayableNetOfDeferredLoanCostsMember csu:BBVAUSAMember 2020-12-31 0001043000 csu:HartfordFinancialServicesMember 2020-12-31 0001043000 csu:HartfordFinancialServicesMember 2020-08-27 0001043000 csu:CalpineCorporationMember 2020-12-31 0001043000 csu:WelltowerIncMember 2020-01-01 2020-12-31 0001043000 2009-01-22 0001043000 2009-01-01 2009-12-31 0001043000 2016-01-01 2016-12-31 0001043000 us-gaap:AdditionalPaidInCapitalMember 2020-12-01 2020-12-31 0001043000 us-gaap:EmployeeStockOptionMember 2020-01-01 2020-12-31 0001043000 us-gaap:EmployeeStockOptionMember 2019-01-01 2019-12-31 0001043000 us-gaap:EmployeeStockOptionMember 2018-01-01 2018-12-31 0001043000 us-gaap:RestrictedStockMember 2020-01-01 2020-12-31 0001043000 us-gaap:RestrictedStockMember 2019-12-31 0001043000 us-gaap:RestrictedStockMember 2018-12-31 0001043000 us-gaap:RestrictedStockMember 2017-12-31 0001043000 us-gaap:RestrictedStockMember 2019-01-01 2019-12-31 0001043000 us-gaap:RestrictedStockMember 2018-01-01 2018-12-31 0001043000 us-gaap:RestrictedStockMember 2020-12-31 0001043000 us-gaap:RestrictedStockUnitsRSUMember 2019-01-01 2019-12-31 0001043000 us-gaap:RestrictedStockUnitsRSUMember 2019-12-31 0001043000 csu:PerformanceAndMarketBasedStockAwardsMember 2019-01-01 2019-12-31 0001043000 csu:PerformanceAndMarketBasedStockAwardsMember srt:MinimumMember 2020-01-01 2020-12-31 0001043000 csu:PerformanceAndMarketBasedStockAwardsMember srt:MaximumMember 2020-01-01 2020-12-31 0001043000 us-gaap:StockCompensationPlanMember srt:MinimumMember 2020-01-01 2020-12-31 0001043000 us-gaap:StockCompensationPlanMember srt:MaximumMember 2020-01-01 2020-12-31 0001043000 us-gaap:AccountingStandardsUpdate201602Member us-gaap:RetainedEarningsMember 2019-01-01 2019-12-31 0001043000 us-gaap:DomesticCountryMember 2020-12-31 0001043000 us-gaap:StateAndLocalJurisdictionMember 2020-12-31 0001043000 us-gaap:DomesticCountryMember us-gaap:EarliestTaxYearMember csu:PriorFiscalYearMember 2020-01-01 2020-12-31 0001043000 us-gaap:DomesticCountryMember us-gaap:LatestTaxYearMember csu:PriorFiscalYearMember 2020-01-01 2020-12-31 0001043000 us-gaap:StateAndLocalJurisdictionMember us-gaap:EarliestTaxYearMember csu:PriorFiscalYearMember 2020-01-01 2020-12-31 0001043000 us-gaap:StateAndLocalJurisdictionMember us-gaap:LatestTaxYearMember csu:PriorFiscalYearMember 2020-01-01 2020-12-31 0001043000 stpr:TX 2017-09-30 0001043000 2018-07-01 2020-12-31 0001043000 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-12-31 0001043000 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-12-31 0001043000 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-12-31 0001043000 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-12-31 0001043000 csu:SeniorLivingCommunityMember 2019-01-01 2019-03-31 0001043000 csu:SeniorLivingCommunityMember 2019-07-01 2019-09-30 0001043000 srt:MinimumMember us-gaap:MeasurementInputDiscountRateMember us-gaap:FairValueInputsLevel3Member 2020-12-31 0001043000 srt:MaximumMember us-gaap:MeasurementInputDiscountRateMember us-gaap:FairValueInputsLevel3Member 2020-12-31 0001043000 2020-09-30 0001043000 2020-03-31 0001043000 us-gaap:MeasurementInputCapRateMember srt:MinimumMember us-gaap:FairValueInputsLevel3Member 2020-12-31 0001043000 us-gaap:MeasurementInputCapRateMember srt:MaximumMember us-gaap:FairValueInputsLevel3Member 2020-12-31 0001043000 csu:WelltowerMember 2020-01-01 2020-12-31 0001043000 csu:HealthpeakMasterLeaseMember 2020-01-01 2020-12-31 0001043000 csu:VentasMember 2020-12-31 0001043000 csu:VentasMember us-gaap:SubsequentEventMember 2021-01-01 2021-01-01 0001043000 csu:HealthpeakPropertiesIncMember csu:EarlyTerminationAgreementMember 2020-03-01 2020-03-01 0001043000 csu:HealthpeakPropertiesIncMember csu:EarlyTerminationAgreementMember 2020-11-01 2020-12-31 0001043000 csu:HealthpeakPropertiesIncMember 2020-12-31 0001043000 csu:HealthpeakPropertiesIncMember us-gaap:SubsequentEventMember 2021-01-31 0001043000 csu:WelltowerMember 2020-12-31 0001043000 us-gaap:SubsequentEventMember csu:VentasMember 2021-01-31 0001043000 csu:VentasMember 2020-01-01 2020-12-31 0001043000 csu:HealthpeakPropertiesIncMember us-gaap:SubsequentEventMember 2021-01-31 0001043000 us-gaap:SubsequentEventMember 2021-01-27 0001043000 us-gaap:SubsequentEventMember csu:FannieMaeMember 2021-01-01 2021-03-31

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-K

(Mark One)

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

For the Fiscal Year Ended December 31, 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: 1-13445

 

Capital Senior Living Corporation

(Exact name of registrant as specified in its charter)

 

Delaware

 

75-2678809

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

14160 Dallas Parkway, Suite 300

Dallas, Texas

 

75254

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code:

(972) 770-5600

 

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 per share

  CSU

New York Stock Exchange

 

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by a check mark if the registrant is a well-known seasoned issuer, as defined by Rule 405 of the Securities Act.    Yes      No  

Indicate by a check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes      No  

Indicate by check mark whether the 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      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes      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 the 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

 

  

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.    Yes      No  

 

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  Yes      No  

 

Indicate by a check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

 

The aggregate market value of the 2,090,169 shares, as adjusted for the fifteen-for-one reverse stock split, of the Registrant’s common stock, par value $0.01 per share (“Common Stock”), held by non-affiliates (defined to exclude all of the Registrant’s executive officers, directors, and certain significant stockholders) on June 30, 2020, the last day of the Registrant’s most recently completed second quarter, based upon the adjusted closing price of the Registrant’s Common Stock as reported by the New York Stock Exchange on such date was approximately $22.3 million. As of March 25, 2021, the Registrant had 2,081,332 shares of Common Stock outstanding as adjusted for the reverse stock split.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Registrant’s definitive proxy statement pertaining to its 2021 Annual Meeting of Stockholders and filed or to be filed not later than 120 days after the end of the fiscal year pursuant to Regulation 14A are incorporated herein by reference into Part III of this report.

 

 


 

 

CAPITAL SENIOR LIVING CORPORATION

TABLE OF CONTENTS

 

 

 

Page
Number

 

PART I

 

Item 1.

Business

2

Item 1A.

Risk Factors

17

Item 1B.

Unresolved Staff Comments

29

Item 2.

Properties

29

Item 3.

Legal Proceedings

29

Item 4.

Mine Safety Disclosures

29

 

PART II

 

Item 5.

Market for Registrant’s Common Equity; Related Stockholder Matters and Issuer Purchases of Equity Securities

30

Item 6.

Selected Financial Data

31

Item 7.

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

32

Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

47

Item 8.

Financial Statements and Supplementary Data

47

Item 9.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

47

Item 9A.

Controls and Procedures

47

Item 9B.

Other Information

48

 

PART III

 

Item 10.

Directors, Executive Officers and Corporate Governance

50

Item 11.

Executive Compensation

50

Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

50

Item 13.

Certain Relationships and Related Transactions, and Director Independence

50

Item 14.

Principal Accountant Fees and Services

50

 

PART IV

 

Item 15.

Exhibits, Financial Statement Schedules

51

Signatures

55

Index to Financial Statements

F-1

 

 

 

i


 

 

PART I

ITEM 1.

BUSINESS.

Overview

Capital Senior Living Corporation, a Delaware corporation (together with its subsidiaries, "we," "us," "our," or "the Company"), is one of the leading owner-operators of senior housing communities in the United States in terms of resident capacity. The Company and its predecessors have provided senior housing since 1990. As of December 31, 2020, we operated 101 senior housing communities in 22 states with an aggregate capacity of approximately 13,000 residents, including 60 senior housing communities that we owned, 17 properties that were in the process of transitioning legal ownership back to Fannie Mae, 12 senior housing communities that we leased, and 12 communities that we managed on behalf of third parties. During 2020, we successfully exited all triple net leases and approximately 93.6% of total revenues for the senior housing communities that we operated were derived from private pay sources.

We provide senior living services in a residence setting to the senior population, including independent living, assisted living, and memory care services. Many of our communities offer a continuum of care to meet our residents’ needs as they change over time by integrating independent living, assisted living, and memory care, which may be bridged by home care through independent home care agencies. Our integrated approach sustains residents’ autonomy and independence based on their physical and cognitive abilities.

Strategy

Our strategic priorities are designed to strengthen the foundation of the organization, enhance our performance, and position our portfolio for near- and long-term growth.  We strive to provide value to our senior living residents by providing quality senior living services in a home-like setting at reasonable prices, while also striving to (i) achieve and sustain a strong, competitive position within our geographically concentrated regions, and (ii) continue to enhance the performance of our operations.

We have supplemented our operating strategy with our S.I.N.G. strategy which stands for “Stabilize, Invest, Nurture and Grow.” These initiatives are intended to complement and enhance our core operational efforts and position us for future growth and success in light of recent trends in demographics, technology, and healthcare delivery methods.  

Stabilize. A key component of stabilization has been the optimization of our portfolio of senior housing communities, which includes disposing of certain owned and leased communities. We undertook this initiative to simplify and streamline our business, increase the quality and durability of our cash flows, improve our liquidity, reduce our short-term and long-term debt and lease leverage, and increase our ownership in our consolidated community portfolio. During 2020, we successfully exited all triple net leases and closed on the sale of two senior housing communities, transitioning into a core continuing portfolio of owned communities.

 

Invest. Our resident-centric experience model includes investment in community upgrades and innovative and differentiated resident programming. Our focus on supportive transitions for new residents encourages opportunities and activities for residents to build their network of friends to foster new and continuing passions.

Nurture. We strive to create commercial distinction where our brand presence is synonymous with excellence.  Our sales team is focused on customer engagement and performance-based media strategies. Our marketing activities focus on increasing the volume of leading indicators, including new resident inquiries and tours, so that potential residents and their families can effectively evaluate our portfolio of services.  

Grow. Our strategy is focused on organic growth through existing community advancement. We continue to be positioned to provide competitive residential rates and flexible product offerings.  Our portfolio is situated in markets where positive demographic trends exist with respect to population growth, income growth, and increased chronic medical conditions relative to the 75+ age group.  

Recent Developments

COVID-19 Pandemic

The COVID-19 global pandemic was declared a public health emergency in the United States in the first quarter of 2020 and, as of the date of this Annual Report on Form 10-K, the United States continues to experience the substantial impacts of COVID-19, which has significantly disrupted the nation’s economy, the senior living industry, and our business.

2


 

In December 2020, we initiated the first round of COVID-19 vaccinations at all of our communities and as of February 2021, subsequent to year-end, we completed first-round vaccine clinics at 100% and second-round vaccine clinics at 68% of our communities. In communities that have completed second-round vaccine clinics, 75% of our residents and 34% of our staff have received both doses of the COVID-19 vaccine and are fully vaccinated.  As of February 2021, subsequent to year-end, COVID-19 incidence rates have declined across our portfolio, and leading indicators, such as leads and tours, are at their highest levels since March 2020, indicating that demand for senior housing and services is beginning to rebound.

We are determined to achieve market differentiation through our response to the COVID-19 pandemic by utilizing our digital tools and social media to continue to foster leads, tours and family communications.  Further, our senior leadership team has a deep experience in high-acuity settings, which provides us with the key fundamentals to take quick and accurate actions in response to the COVID-19 pandemic, by promptly implementing appropriate infection controls in all of our properties, supporting our patients with care and helping to mitigate the negative impact of COVID-19.

During the COVID-19 pandemic, we were also successful in the early procurement of personal protective equipment (“PPE”) and sterilization supplies, which enabled us to set up quick-access supply hubs to support our geographical regions.  We responded with real-time operational adjustments to support a consistent resident service model, despite the rapidly changing and challenging senior living environment.

During 2020, we incurred significant additional operating costs and expenses in order to implement enhanced infection control protocols and enhanced care for our residents. For example, we incurred substantial costs for procurement of additional PPE, cleaning and disposable food service supplies, enhanced cleaning, infection control, environmental sanitation costs, and increased labor expenses for hazard pay at certain communities with COVID-19 positive residents. We have also incurred costs related to COVID-19 testing of our residents and our employees. In total, we incurred approximately $9.4 million in incremental COVID-19 costs in fiscal year 2020. We expect to continue to incur such incremental costs until the COVID-19 pandemic significantly subsides. To mitigate these new costs, we have reduced spending on non-essential supplies, travel, and other discretionary items.

In November 2020, we accepted $8.1 million of Phase 2 Provider Relief funds under the Coronavirus Aid, Relief and Economic Security Act of 2020 (“CARES Act”), which are intended to reimburse the Company for COVID-19 related costs and lost revenue.  The $8.1 million Phase 2 Provider Relief Funds have been recorded as a reduction to operating expenses in the Consolidated Statements of Operations and Comprehensive Loss for the year ended December 31, 2020. We received an additional $8.7 million in the first quarter of 2021, subsequent to year-end, under the CARES Act Phase 3 and expect to fully recognize Phase 3 funds in 2021. The CARES Act Phase 2 and Phase 3 funds are grants that do not have to be repaid provided we satisfy the terms and conditions of the CARES Act. We are also utilizing the payroll tax deferral program under the CARES Act and delayed the employer portion of payroll taxes, totaling $7.4 million from, April 2020 through December 2020. One-half of the deferred payroll taxes, which amounted to $3.7 million, will be due by December 2021, with the other half due by December 2022.

CARES Act Provider Relief Funds are subject to the terms and conditions of the program, including stringent restrictions that funds may only be used to reimburse COVID-19 related expenses or lost revenue that are attributable to COVID-19 and have not been reimbursed from other sources or that other sources are not obligated to reimburse. While we intend to pursue additional funding that may become available, there can be no assurances that we will qualify for, or receive, any additional relief funds in the future.

Going Concern and Related Strategic and Cash-Preservation Initiatives

As noted elsewhere in this Annual Report on Form 10-K, due to the impact of COVID-19 on our financial position and our upcoming debt maturities, our management concluded as of December 31, 2020 that there is substantial doubt about our ability to continue as a going concern. We have implemented plans, which includes strategic and cash-preservation initiatives, which are designed to provide us with adequate liquidity to meet our obligations for at least the 12-month period following the date our fiscal year 2020 financial statements are issued. See “Note 2- Going Concern Uncertainty.”

We have taken, and continue to take, actions to improve our liquidity position and to address the uncertainty about our ability to operate as a going concern, but these actions are subject to a number of assumptions, projections, and analyses. If these assumptions prove to be incorrect, we may be unsuccessful in executing our business plans or achieving the projected results, which could adversely impact our financial results and liquidity. Those plans include various cost-cutting, efficiency and profitability initiatives. There are no assurances such initiatives will prove to be

3


 

successful or the cost savings, profitability or other results we achieve through those plans will be consistent with our expectations. As a result, our results of operations, financial position and liquidity could be negatively impacted. In particular, if we are unable to extend or refinance our indebtedness, including our maturing bridge loans, prior to scheduled maturity dates, our liquidity and financial condition could be adversely impacted. Even if we are able to extend or refinance such indebtedness, the terms of the new financing may not be as favorable to us as the terms of the existing financing. If we become insolvent or fail to continue as a going concern, our common stock may become worthless.

Reverse Stock Split

On December 9, 2020, the Company’s Board of Directors approved and effected a reverse stock split (the “Reverse Stock Split”) of the Company’s common stock at a ratio of 1-for-15. The Reverse Stock Split reduced the number of issued and outstanding shares of common stock from approximately 31,268,943 shares to approximately 2,084,596 shares. The authorized number of shares of common stock was also proportionately reduced from 65,000,000 shares to 4,333,334 shares.  All share amounts for the years ended December 31, 2019 and 2018 have been recast to give effect to the 1-for 15 Reverse Stock Split.

Industry Background

The senior living industry encompasses a broad and diverse range of living accommodations and supportive services that are provided primarily to persons 75 years of age or older.

For seniors who require limited services, independent living residences, supplemented at times by home health care, offers a viable option. Most independent living communities typically offer community living packaged with basic services consisting of meals, housekeeping, laundry, 24-hour staffing, transportation, social and recreational activities and health care monitoring. Independent living residents typically are not reliant on assistance with activities of daily living (“ADLs”), although some residents may utilize outside vendors for those services.

As a senior’s need for assistance increases, care in an assisted living residence is often preferable and more cost-effective than home-based care or nursing home care. Typically, assisted living represents a combination of housing and support services designed to aid residents with ADLs such as ambulation, bathing, dressing, eating, grooming, personal hygiene and monitoring, or assistance with medications. Certain assisted living communities may also provide assistance to residents with low acuity medical needs.  Others may offer higher levels of personal assistance for residents with chronic diseases and conditions or memory care services for residents with Alzheimer’s disease or other cognitive frailties. Generally, assisted living residents require higher levels of care than residents of independent living residences but require lower levels of care than patients in skilled nursing facilities. For seniors who need the constant attention of a skilled nurse or medical practitioner, a skilled nursing facility may be required.

The senior living industry is highly fragmented and characterized by numerous small operators. Moreover, the scope of senior living services varies substantially from one operator to another. Many smaller senior living providers do not operate purpose-built residences, do not have extensive professional training for staff and provide only limited assistance with ADLs. We believe that, as one of the nation’s leading owner-operators, we have the scale and resources needed to provide the required comprehensive range of senior living services designed to permit residents to “age in place” within the community as residents develop further physical or cognitive frailties, whereas smaller providers do not.

We believe that a number of demographic, regulatory and other trends will contribute to the continued growth in the senior living market, including the following:

Consumer Preference

We believe that senior housing communities are the setting preferred by many prospective residents and their families for the care of the senior population. Senior living offers residents greater independence and allows them to “age in place” in a residential setting, which we believe results in a higher quality of life than that experienced in more institutional or clinical settings.

The likelihood of living alone increases with age. Most of this increase is due to an aging population in which women outlive men. Societal changes, such as high divorce rates and the growing numbers of persons choosing not to marry, have further increased the number of Americans living alone. This growth in the number of seniors living alone has resulted in an increased demand for services that historically have been provided by a spouse, other family members or live-in caregivers.

4


 

Demographics

Our portfolio is strategically positioned in (i) attractive, high-growth middle income demographic geographies and (ii) regions where the number of new senior living units needed will continue to grow as a result of the projected increase in the number of chronic conditions in the senior population.

Senior Affluence

The average net worth of senior citizens is typically higher than non-senior citizens, partially as a result of accumulated equity through home ownership. We believe that a substantial portion of the senior population has historically accumulated significant resources available for their retirement and long-term care needs. Our target population is comprised of middle market seniors who have, either directly or indirectly through familial support, the financial resources to afford and pay for senior housing communities, including an assisted living alternative to traditional long-term care.

Reduced Reliance on Family Care

Historically, the family has been the primary provider of care for seniors. We believe that a reduction in the availability of family care-givers, the reduction of average family size, and overall increased mobility in society is reducing the role of the family as the traditional and primary caregiver for aging parents. We believe that these factors will make it necessary for many seniors to look outside the family for assistance as they age.

Restricted Supply of Nursing Beds

Several states in the United States have adopted Certificate of Need (“CON”) or similar statutes generally requiring that, prior to the addition of new skilled nursing beds, the addition of new services, or the making of certain capital expenditures, a state agency must determine that a need exists for the new beds or the proposed activities. We believe that this CON process tends to restrict the supply and availability of licensed nursing facility beds. High construction costs, limitations on government reimbursement, and start-up expenses also act to constrain growth in the supply of such facilities. At the same time, nursing facility operators are continuing to focus on improving occupancy and expanding services to sub-acute patients generally of a younger age and requiring significantly higher levels of nursing care. As a result, we believe that there has been a decrease in the number of skilled nursing beds available to patients with lower acuity levels and that this trend should increase the demand for our senior housing communities, including our assisted living communities.

Cost-Containment Pressures

In response to rapidly rising health care costs, governmental and private pay sources have adopted cost containment measures that have reduced admissions and encouraged reduced lengths of stays in hospitals and other acute care settings. Private insurers have begun to limit reimbursement for medical services in general to predetermined charges, and managed care organizations (such as health maintenance organizations) are attempting to limit hospitalization costs by negotiating for discounted rates for hospital and acute care services and by monitoring and reducing hospital use. In response, hospitals are discharging patients earlier and referring aging patients, who may be too sick or frail to manage their lives without assistance, to nursing homes and assisted living residences where the cost of providing care is typically lower than hospital care. In addition, third-party payors are increasingly becoming involved in determining the appropriate health care settings for their insureds or clients, based primarily on cost and quality of care. Based on industry data, the typical day-rate in an assisted living facility is one-fourth of the cost for comparable care in a nursing home and two-thirds of the cost of living at home with a third-party home health care provider.

Senior Living Services

We provide senior living services to residents aged 75 and greater, including independent living, assisted living, and memory care services. By offering a variety of services and encouraging the active participation of each resident and such resident’s family and medical professionals, we are able to customize our service plan to meet the specific needs and desires of each resident. As a result, we believe that we are able to maximize customer satisfaction and avoid the cost of delivering unnecessary services to residents.

Our operating philosophy is to provide quality senior housing communities and services to senior citizens and deliver a continuum of care for our residents as their needs change over time in coordination with third party post-acute care providers. This continuum of care, which integrates independent living, assisted living, and memory care services,

5


 

and which is bridged by home care, sustains each residents autonomy and independence based on their physical and mental abilities. In many of our communities, as residents age, they are able to obtain the additional services they need within the same community, avoiding the disruptive and often traumatic move to a different facility.

Our lease agreements with our independent living residents are generally for a term of one year and, under certain circumstances, are typically terminable by us or the resident upon providing 30 days’ notice, unless state law stipulates otherwise.

Independent Living Services

We provide independent living services to seniors who typically do not yet need assistance or support with ADLs, but who prefer the physical and psychological comfort of a residential community that offers health care and other services. Independent living services provided by us include daily meals, transportation, social and recreational activities, laundry, housekeeping and 24-hour staffing. We also foster the wellness of our residents by offering access to health screenings (such as blood pressure checks), periodic special services (such as influenza inoculations), dietary and similar programs, and ongoing exercise and fitness classes. Classes are given by health care professionals to keep residents informed about health and disease management. Subject to applicable governmental regulations, personal care and medical services are available to independent living residents through either the community staff or through independent home care agencies. Our independent living residents generally pay an average monthly rent of approximately $2,500, depending on the specific community, program of services, size of the residential unit and the extent of included amenities.

Assisted Living Services

We offer a wide range of assisted living care and services, including personal care services, 24-hour staffing, support services, and other supplemental services, including memory care services at some communities (as described below). The residents at our assisted living residences generally need help with some or all ADLs, but do not require the more acute medical care traditionally provided in nursing homes. Upon admission to our assisted living communities, and in consultation with the resident, the resident’s family and medical consultants, each resident is assessed to determine his or her health status, including functional abilities and need for personal care services. The resident also completes a lifestyle assessment to determine the resident’s preferences. From these assessments, a care plan is developed for each resident so that all staff members who render care can meet the specific needs and preferences of each resident, where possible. Each resident’s individual care plan is reviewed periodically to determine whether a change in the level of care is needed.

We have adopted a philosophy of assisted living care that allows a resident to maintain a dignified independent lifestyle. Residents and their families are encouraged to be partners in the residents’ care and to take as much responsibility for their well-being as possible. The basic types of assisted living services offered by us include:

Personal Care Services.     These services include assistance with ADLs such as ambulation, bathing, dressing, eating, grooming, personal hygiene, and monitoring or assistance with medications.

Support Services.     These services include meals, assistance with social and recreational activities, laundry services, general housekeeping, maintenance services and transportation services.

Supplemental Services.     These services include extra transportation services, personal maintenance, extra laundry services, and special care services, such as services for residents with certain forms of dementia. Certain of these services require extra charges.

Our assisted living residents generally pay an average monthly rent of approximately $3,800, depending on the specific community, the level of personal care services, support service and supplemental services provided to the resident, size of the residential unit and the extent of included amenities.

Memory Care Services

We maintain programs and special living accommodations at some of our communities for residents with certain forms of dementia, which provide the attention, care and services needed to help those residents maintain a higher quality of life. Specialized services include assistance with ADLs, behavior management and life skills-based activities programs, the goal of which is to provide a normalized environment that supports the resident’s remaining functional abilities. Special living accommodations for residents with certain forms of dementia are located in a separate area of the community with its own dining facilities, resident lounge areas, and specially trained staff. The special care areas are

6


 

designed to allow residents the freedom to ambulate as they wish, while keeping them within a secure area with a minimum amount of disruption from other residents. Resident fees for these programs and special living accommodations are dependent on the level of services provided.

In January 2021, subsequent to year-end, we announced our new memory care program, Magnolia Trails, which was developed to meet the growing need for individualized programming for residents receiving memory care services. The program is designed to engage the five senses to create calming yet stimulating spaces and tailored care plans that seek to address our residents’ changing and evolving needs. Each resident’s preferences and current cognitive state influences his or her experience, including, the physical layout and design of the space, dining options, programs and activities. Aspects of the program include playing light background music that aligns with the generation living in the community, caregivers wearing business casual shirts and khakis rather than uniforms or scrubs, and our team members sharing items with residents in order to spark positive memories of family members or past experiences. The same responsive, sensory-focused approach is taken with dining. A dynamic menu of options is served throughout the day in a flexible but consistent manner. Our staff members provide warm, scented washcloths before each meal and incorporate inviting, calming aromas and soft music to enhance the ambiance.

Because Magnolia Trails is focused on the best way to engage each individual resident, employees learn about and incorporate each resident’s personal history and interests into their ongoing daily interactions. Comforting, hands-on activities are available, such as flower arranging, puzzles and matching games. Interactive experience stations, such as pet care, gardening and tool benches are also available.  Another hallmark of the program is an emphasis on family connections, including ongoing educational opportunities specifically designed to help family members understand dementia and aspects of the disease and our progression. All communities with the Magnolia Trails program use a resident engagement mobile application where family members can receive real-time photos, videos and updates about their loved ones electronically.  

Our memory care residents generally pay an average monthly rent of approximately $5,100, depending on the specific community, the level of personal care services, support services and supplemental services provided to the resident, the size of the residential unit and the extent of included amenities.

Respite Care and Temporary Care Programs

Our respite care and temporary care program provides a transitional apartment for seniors who are not entirely ready to return home after a hospital or rehabilitation stay. In addition to a fully furnished apartment, seniors enrolled in this program also have full access to our community’s amenities and services, including 24/7 staffing, delicious and nutritious dining and scheduled transportation. Our flexible agreement includes a minimum two-week stay, but allows our guests to remain for any extended period of time they so choose.

Home Care Services

As of December 31, 2020, we made home care services available through third-party providers to residents living at the majority of our senior housing communities. We believe that the provision of private pay, home care services is an attractive adjunct to our independent living services because it enables us to make available more services to our residents as they age in place and increases the length of stay in our communities. In addition, we make certain customized physician, dentistry, podiatry and other health-related rehabilitation and therapy services available to our residents through third-party providers.

7


 

Operating Communities

The table below sets forth certain information with respect to the senior housing communities we operated as of December 31, 2020.

 

 

 

 

 

 

 

 

Resident Capacity1

 

 

 

 

 

 

Commencement

Community

Location

 

Units

 

 

IL

 

 

AL

 

 

Total

 

 

Ownership

 

 

of Operations2

Owned:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aspen Grove

Lambertville, MI

 

 

78

 

 

 

 

 

 

83

 

 

 

83

 

 

 

100

%

 

03/14

Autumn Glen

Greencastle, IN

 

 

49

 

 

 

 

 

 

64

 

 

 

64

 

 

 

100

%

 

06/13

Brookview Meadows

Green Bay, WI

 

 

78

 

 

 

 

 

 

156

 

 

 

156

 

 

 

100

%

 

01/15

Chateau of Batesville

Batesville, IN

 

 

41

 

 

 

 

 

 

43

 

 

 

43

 

 

 

100

%

 

10/12

Cottonwood Village

Cottonwood, AZ

 

 

163

 

 

 

131

 

 

 

58

 

 

 

189

 

 

 

100

%

 

03/91

Country Charm

Greenwood, IN

 

 

89

 

 

 

 

 

 

166

 

 

 

166

 

 

 

100

%

 

10/12

Courtyards at Lake Granbury

Granbury, TX

 

 

81

 

 

 

 

 

 

112

 

 

 

112

 

 

 

100

%

 

03/12

Georgetowne Place

Fort Wayne, IN

 

 

159

 

 

 

242

 

 

 

0

 

 

 

242

 

 

 

100

%

 

10/05

Good Tree Retirement and Memories

Stephenville, TX

 

 

60

 

 

 

20

 

 

 

75

 

 

 

95

 

 

 

100

%

 

03/12

Gramercy Hill  (3)

Lincoln, NE

 

 

143

 

 

 

34

 

 

 

113

 

 

 

147

 

 

 

100

%

 

10/98

Greenbriar Village

Indianapolis, IN

 

 

124

 

 

 

 

 

 

134

 

 

 

134

 

 

 

100

%

 

08/15

Harbor Court (3)

Rocky River, OH

 

 

122

 

 

 

 

 

 

144

 

 

 

144

 

 

 

100

%

 

12/12

Harrison at Eagle Valley

Indianapolis, IN

 

 

104

 

 

 

138

 

 

 

0

 

 

 

138

 

 

 

100

%

 

03/91

Heritage at the Plains at Parish Homestead

Oneonta, NY

 

 

108

 

 

 

97

 

 

 

53

 

 

 

150

 

 

 

100

%

 

05/15

Keystone Woods Assisted Living

Anderson, IN

 

 

58

 

 

 

 

 

 

70

 

 

 

70

 

 

 

100

%

 

07/11

Laurel Hurst Laurel Woods

Columbus, NC

 

 

102

 

 

 

70

 

 

 

60

 

 

 

130

 

 

 

100

%

 

10/11

Marquis Place of Elkhorn

Elkhorn, NE

 

 

65

 

 

 

 

 

 

69

 

 

 

69

 

 

 

100

%

 

03/13

Middletown  (3)

Middletown, OH

 

 

61

 

 

 

 

 

 

75

 

 

 

75

 

 

 

100

%

 

09/13

North Pointe

Anderson, SC

 

 

64

 

 

 

 

 

 

70

 

 

 

70

 

 

 

100

%

 

10/11

Park-Oak Grove  (3)

Roanoke, VA

 

 

93

 

 

 

 

 

 

164

 

 

 

164

 

 

 

100

%

 

08/14

River Crossing Assisted Living  (3)

Charlestown, IN

 

 

100

 

 

 

 

 

 

106

 

 

 

106

 

 

 

100

%

 

12/13

Riverbend Independent and Assisted Living

Jeffersonville, IN

 

 

97

 

 

 

 

 

 

114

 

 

 

114

 

 

 

100

%

 

03/12

Remington at Valley Ranch

Irving, TX

 

 

127

 

 

 

158

 

 

 

 

 

 

158

 

 

 

100

%

 

04/12

Residence of Chardon

Chardon, OH

 

 

42

 

 

 

 

 

 

52

 

 

 

52

 

 

 

100

%

 

10/12

Rose Arbor

Maple Grove, MN

 

 

146

 

 

 

86

 

 

 

87

 

 

 

173

 

 

 

100

%

 

06/06

Rosemont Assisted Living and Memory Care

Humble, TX

 

 

96

 

 

 

 

 

 

120

 

 

 

120

 

 

 

100

%

 

09/16

Sugar Grove  (3)

Plainfield, IN

 

 

164

 

 

 

48

 

 

 

116

 

 

 

164

 

 

 

100

%

 

12/13

Summit Place

Anderson, SC

 

 

80

 

 

 

19

 

 

 

89

 

 

 

108

 

 

 

100

%

 

10/11

Summit Point Living

Macedonia, OH

 

 

163

 

 

 

126

 

 

 

98

 

 

 

224

 

 

 

100

%

 

08/11

Vintage Gardens

St. Joseph, MO

 

 

95

 

 

 

44

 

 

 

92

 

 

 

136

 

 

 

100

%

 

05/13

Waterford at Baytown

Baytown, TX

 

 

129

 

 

 

18

 

 

 

132

 

 

 

150

 

 

 

100

%

 

03/15

Waterford at Bridle Brook  (3)

Mahomet, IL

 

 

78

 

 

 

 

 

 

120

 

 

 

120

 

 

 

100

%

 

09/15

Waterford at Carpenter’s Creek

Pensacola, FL

 

 

94

 

 

 

 

 

 

105

 

 

 

105

 

 

 

100

%

 

02/16

Waterford at Colby

Colby, TX

 

 

44

 

 

 

 

 

 

48

 

 

 

48

 

 

 

100

%

 

01/16

Waterford at College Station

College Station, TX

 

 

53

 

 

 

 

 

 

87

 

 

 

87

 

 

 

100

%

 

03/12

Waterford at Columbia  (3)

Columbia, SC

 

 

117

 

 

 

141

 

 

 

 

 

 

141

 

 

 

100

%

 

11/00

Waterford at Corpus Christi

Corpus Christi, TX

 

 

50

 

 

 

 

 

 

56

 

 

 

56

 

 

 

100

%

 

10/12

Waterford at Creekside

Pensacola, FL

 

 

84

 

 

 

 

 

 

98

 

 

 

98

 

 

 

100

%

 

02/16

Waterford at Dillon Pointe (3)

Spartanburg, SC

 

 

51

 

 

 

 

 

 

55

 

 

 

55

 

 

 

100

%

 

12/13

Waterford at Edison Lakes  (3)

South Bend, IN

 

 

116

 

 

 

 

 

 

138

 

 

 

138

 

 

 

100

%

 

12/00

Waterford at Fairfield

Fairfield, OH

 

 

120

 

 

 

140

 

 

 

 

 

 

140

 

 

 

100

%

 

11/00

Waterford at Fitchburg

Fitchburg, WI

 

 

82

 

 

 

 

 

 

150

 

 

 

150

 

 

 

100

%

 

10/13

Waterford at Fort Worth

Fort Worth, TX

 

 

154

 

 

 

177

 

 

 

 

 

 

177

 

 

 

100

%

 

06/00

Waterford at Hartford

Hartford, WI

 

 

39

 

 

 

 

 

 

53

 

 

 

53

 

 

 

100

%

 

05/15

Waterford at Hidden Lake  (3)

Canton, GA

 

 

43

 

 

 

 

 

 

98

 

 

 

98

 

 

 

100

%

 

12/14

Waterford at Highland Colony

Jackson, MS

 

 

119

 

 

 

143

 

 

 

 

 

 

143

 

 

 

100

%

 

11/00

Waterford at Ironbridge

Springfield, MO

 

 

118

 

 

 

142

 

 

 

 

 

 

142

 

 

 

100

%

 

06/01

Waterford at Levis Commons

Toledo, OH

 

 

146

 

 

 

163

 

 

 

44

 

 

 

207

 

 

 

100

%

 

04/09

Waterford at Mansfield

Mansfield, OH

 

 

118

 

 

 

97

 

 

 

45

 

 

 

142

 

 

 

100

%

 

10/00

Waterford at Mesquite

Mesquite, TX

 

 

153

 

 

 

176

 

 

 

 

 

 

176

 

 

 

100

%

 

09/99

Waterford at Oakwood  (3)

Oakwood, GA

 

 

64

 

 

 

 

 

 

70

 

 

 

70

 

 

 

100

%

 

09/13

Waterford at Oshkosh  (3)

Oshkosh, WI

 

 

91

 

 

 

 

 

 

109

 

 

 

109

 

 

 

100

%

 

08/14

Waterford at Pantego  (3)

Pantego, TX

 

 

118

 

 

 

143

 

 

 

 

 

 

143

 

 

 

100

%

 

12/00

8


 

Waterford at Park Falls

Park Falls, WI

 

 

36

 

 

 

 

 

 

36

 

 

 

36

 

 

 

100

%

 

01/16

Waterford at Plano

Plano, TX

 

 

135

 

 

 

109

 

 

 

57

 

 

 

166

 

 

 

100

%

 

12/00

Waterford at Plymouth

Plymouth, WI

 

 

69

 

 

 

 

 

 

82

 

 

 

82

 

 

 

100

%

 

08/14

Waterford at Richmond Heights  (3)

Richmond Heights, OH

 

 

148

 

 

 

117

 

 

 

110

 

 

 

227

 

 

 

100

%

 

04/09

Waterford at Thousand Oaks

San Antonio, TX

 

 

119

 

 

 

135

 

 

 

 

 

 

135

 

 

 

100

%

 

05/00

Waterford at Virginia Beach

Virginia Beach, VA

 

 

111

 

 

 

 

 

 

138

 

 

 

138

 

 

 

100

%

 

10/15

Waterford at West Bend

West Bend, WI

 

 

40

 

 

 

 

 

 

41

 

 

 

41

 

 

 

100

%

 

05/15

Waterford at Wisconsin Rapids

Wisconsin Rapids, WI

 

 

58

 

 

 

 

 

 

66

 

 

 

66

 

 

 

100

%

 

01/16

Waterford on Cooper

Arlington, TX

 

 

105

 

 

 

 

 

 

151

 

 

 

151

 

 

 

100

%

 

03/12

Waterford on Huebner

San Antonio, TX

 

 

119

 

 

 

135

 

 

 

 

 

 

135

 

 

 

100

%

 

04/99

Wellington at Arapaho

Richardson, TX

 

 

140

 

 

 

113

 

 

 

57

 

 

 

170

 

 

 

100

%

 

05/02

Wellington at Conroe

Conroe, TX

 

 

44

 

 

 

25

 

 

 

35

 

 

 

60

 

 

 

100

%

 

03/12

Wellington at Dayton

Dayton, OH

 

 

149

 

 

 

146

 

 

 

94

 

 

 

240

 

 

 

100

%

 

08/08

Wellington at North Bend Crossing

Cincinnati, OH

 

 

122

 

 

 

54

 

 

 

146

 

 

 

200

 

 

 

100

%

 

11/16

Wellington at North Richland Hills

North Richland Hills, TX

 

 

118

 

 

 

139

 

 

 

 

 

 

139

 

 

 

100

%

 

01/02

Wellington at Southport

Indianapolis, IN

 

 

64

 

 

 

 

 

 

105

 

 

 

105

 

 

 

100

%

 

10/12

Wellington at Springfield

Springfield, MA

 

 

235

 

 

 

119

 

 

 

117

 

 

 

236

 

 

 

100

%

 

09/16

Whispering Pines Village

Columbiana, OH

 

 

68

 

 

 

24

 

 

 

88

 

 

 

112

 

 

 

100

%

 

07/15

Whitcomb House  (3)

Milford, MA

 

 

87

 

 

 

 

 

 

87

 

 

 

87

 

 

 

100

%

 

10/13

Woodlands of Columbus

Columbus, OH

 

 

116

 

 

 

 

 

 

117

 

 

 

117

 

 

 

100

%

 

10/12

Woodlands of Hamilton

Hamilton, OH

 

 

77

 

 

 

 

 

 

100

 

 

 

100

 

 

 

100

%

 

10/12

Woodlands of Shaker Heights

Shaker Heights, OH

 

 

66

 

 

 

 

 

 

85

 

 

 

85

 

 

 

100

%

 

10/12

Woodview Assisted Living (3)

Fort Wayne, IN

 

 

88

 

 

 

 

 

 

153

 

 

 

153

 

 

 

100

%

 

12/13

Wynnfield Crossing Assisted Living

Rochester, IN

 

 

50

 

 

 

 

 

 

79