$TIPT
TIPTREE INC.

2013 Q2 Form 10-Q Financial Statement

#000119312513332824 Filed on August 13, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q4 2012 Q2
Revenue $19.78M $23.90M $638.0K
YoY Change 3000.63% 497.5% -81.77%
Cost Of Revenue $11.10M $10.40M
YoY Change
Gross Profit $8.700M $13.50M
YoY Change
Gross Profit Margin 43.98% 56.49%
Selling, General & Admin $1.635M -$41.70M $898.0K
YoY Change 82.07% -1490.0% -40.13%
% of Gross Profit 18.79% -308.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.200M $700.0K $1.000M
YoY Change 20.0% -30.0% 25.0%
% of Gross Profit 13.79% 5.19%
Operating Expenses $24.24M -$46.50M $1.231M
YoY Change 1868.81% -1262.5% -46.48%
Operating Profit -$15.54M $60.00M
YoY Change
Interest Expense $4.063M
YoY Change
% of Operating Profit
Other Income/Expense, Net $8.697M
YoY Change
Pretax Income -$10.22M $9.600M $9.800M
YoY Change -204.24% -40.0% 790.91%
Income Tax $1.816M -$500.0K -$600.0K
% Of Pretax Income -5.21% -6.12%
Net Earnings $3.415M $2.200M -$239.0K
YoY Change -1528.87% -86.25% -121.73%
Net Earnings / Revenue 17.26% 9.21% -37.46%
Basic Earnings Per Share $0.33 -$0.02
Diluted Earnings Per Share $0.33 $213.6K -$0.02
COMMON SHARES
Basic Shares Outstanding 10.24M shares 10.22M shares 10.22M shares
Diluted Shares Outstanding 10.24M shares 10.22M shares

Balance Sheet

Concept 2013 Q2 2012 Q4 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $69.00M $88.60M $48.00M
YoY Change 43.75% 69.41% 245.32%
Cash & Equivalents $123.7M $88.56M $48.04M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $3.300M
Other Receivables $0.00
Total Short-Term Assets $72.30M $88.60M $48.00M
YoY Change 50.63% 69.41% 245.32%
LONG-TERM ASSETS
Property, Plant & Equipment $41.90M $118.8M $120.6M
YoY Change -65.26% -2.86% 15.74%
Goodwill $3.088M
YoY Change
Intangibles $162.4M
YoY Change
Long-Term Investments $2.493M $8.388M $8.100M
YoY Change -69.22% 236.73% -77.75%
Other Assets $26.10M
YoY Change
Total Long-Term Assets $6.808B $5.445B $141.1M
YoY Change 4725.05% 3736.92% -5.68%
TOTAL ASSETS
Total Short-Term Assets $72.30M $88.60M $48.00M
Total Long-Term Assets $6.808B $5.445B $141.1M
Total Assets $6.880B $5.534B $189.1M
YoY Change 3538.52% 2749.3% 15.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.700M $1.300M
YoY Change 30.77% -18.75%
Accrued Expenses $1.600M $100.0K
YoY Change 1500.0% -50.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.300M $1.400M
YoY Change 135.71% -22.22%
LONG-TERM LIABILITIES
Long-Term Debt $33.40M $195.6M $95.90M
YoY Change -65.17% 103.54% 18.1%
Other Long-Term Liabilities $600.0K $4.803B $600.0K
YoY Change 0.0% 800333.33% 0.0%
Total Long-Term Liabilities $34.00M $4.998B $96.50M
YoY Change -64.77% 5068.77% 17.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.300M $1.400M
Total Long-Term Liabilities $34.00M $4.998B $96.50M
Total Liabilities $37.41M $4.998B $97.80M
YoY Change -61.75% 4866.63% 16.99%
SHAREHOLDERS EQUITY
Retained Earnings $16.16M $11.89M
YoY Change 19.47%
Common Stock $84.23M $84.16M
YoY Change 0.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $105.6M $108.4M $91.20M
YoY Change
Total Liabilities & Shareholders Equity $143.0M $5.534B $189.1M
YoY Change -24.39% 2749.3% 15.66%

Cashflow Statement

Concept 2013 Q2 2012 Q4 2012 Q2
OPERATING ACTIVITIES
Net Income $3.415M $2.200M -$239.0K
YoY Change -1528.87% -86.25% -121.73%
Depreciation, Depletion And Amortization $1.200M $700.0K $1.000M
YoY Change 20.0% -30.0% 25.0%
Cash From Operating Activities $9.700M -$5.400M $500.0K
YoY Change 1840.0% -268.75% -37.5%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$39.60M -$9.400M $800.0K
YoY Change -5050.0% -122.43% -87.5%
Cash From Investing Activities -$39.70M -$9.400M $700.0K
YoY Change -5771.43% -122.38% -88.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 81.40M -2.800M -3.200M
YoY Change -2643.75% 55.56% 113.33%
NET CHANGE
Cash From Operating Activities 9.700M -5.400M 500.0K
Cash From Investing Activities -39.70M -9.400M 700.0K
Cash From Financing Activities 81.40M -2.800M -3.200M
Net Change In Cash 51.40M -17.60M -2.000M
YoY Change -2670.0% -140.55% -135.71%
FREE CASH FLOW
Cash From Operating Activities $9.700M -$5.400M $500.0K
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow $9.700M -$5.400M $500.0K
YoY Change 1840.0% -268.75% -37.5%

Facts In Submission

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dei Trading Symbol
TradingSymbol
CVTR
dei Entity Registrant Name
EntityRegistrantName
TIPTREE FINANCIAL INC.
dei Amendment Flag
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dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Document Fiscal Year Focus
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2013
dei Document Type
DocumentType
10-Q
dei Document Period End Date
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2013-06-30
dei Entity Central Index Key
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us-gaap Concentration Risk Credit Risk
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Concentrations of Credit Risk</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Real estate triple-net leases and financial instruments, primarily consisting of cash, mortgage loan investments and interest receivable, potentially subject us to concentrations of credit risk. We may place our cash investments in excess of insured amounts with high-quality financial institutions. We perform ongoing analysis of credit risk concentrations in our real estate and loan investment portfolios by evaluating exposure to various markets, underlying property types, investment structure, term, sponsors, tenant mix and other credit metrics. Our triple-net leases rely on our underlying tenants. The collateral securing our loan investment is real estate properties located in the U.S.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">In addition, we are required to disclose fair value information about financial instruments, whether or not recognized in the financial statements, for which it is practical to estimate that value. In cases where quoted market prices are not available, fair value is based upon the application of discount rates to estimated future cash flows based on market yields or other appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts we could realize on disposition of the financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.</font></p> </div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Reclassification</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Certain prior period amounts have been reclassified to conform to the current period presentation.</font></p> </div>
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.31
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Use of Estimates</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 8%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses in the condensed consolidated financial statements and the accompanying notes. Significant estimates are made for the valuation of real estate and related intangibles, valuation of financial instruments, impairment assessments and fair value assessments with respect to purchase price allocations. Actual results could differ from those estimates.</font></p> </div>
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
27486 shares
us-gaap Payments To Acquire Furniture And Fixtures
PaymentsToAcquireFurnitureAndFixtures
7000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
38000
us-gaap Interest Income Operating
InterestIncomeOperating
23000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1599000
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
740000
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
17110000
us-gaap Disposal Group Including Discontinued Operation Rental Income
DisposalGroupIncludingDiscontinuedOperationRentalIncome
5920000
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
1647000
us-gaap Payments To Acquire Loans Held For Investment
PaymentsToAcquireLoansHeldForInvestment
17258000
us-gaap Income Taxes Paid
IncomeTaxesPaid
38000
us-gaap Investment Income Interest
InvestmentIncomeInterest
886000
us-gaap Profit Loss
ProfitLoss
13899000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
638000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-3300000
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
13000
us-gaap Straight Line Rent
StraightLineRent
624000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
3100000
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-3211000
us-gaap Interest Paid
InterestPaid
3544000
us-gaap Net Income Loss
NetIncomeLoss
13883000
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
1916000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2000
us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
15463000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
169000
us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
15463000
us-gaap Mortgage Loans On Real Estate Amortization Of Premium
MortgageLoansOnRealEstateAmortizationOfPremium
75000
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
2879000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-59000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2379000
us-gaap Disposal Group Including Discontinued Operation General And Administrative Expense
DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense
43000
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
1599000
us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
167000
us-gaap Disposal Group Including Discontinued Operation Interest Expense
DisposalGroupIncludingDiscontinuedOperationInterestExpense
2627000
us-gaap Share Based Compensation
ShareBasedCompensation
140000
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
2000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
602000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
22574000
us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
140000
us-gaap Proceeds From Collection Of Loans Receivable
ProceedsFromCollectionOfLoansReceivable
562000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
23940000
us-gaap Disposal Group Including Discontinued Operation Depreciation And Amortization
DisposalGroupIncludingDiscontinuedOperationDepreciationAndAmortization
1708000
us-gaap Proceeds From Sale Of Notes Receivable
ProceedsFromSaleOfNotesReceivable
3346000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
1560000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
27000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
104000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
100000
us-gaap Income Loss Attributable To Noncontrolling Interest
IncomeLossAttributableToNoncontrollingInterest
16000
us-gaap Operating Expenses
OperatingExpenses
5621000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3167000
cvtr Services Agreement Expiration Date
ServicesAgreementExpirationDate
2013-12-31
cvtr Number Of Stock Based Compensation Plan
NumberOfStockBasedCompensationPlan
2 Plans
cvtr Business Acquisitions Revenue
BusinessAcquisitionsRevenue
1000000
cvtr Incentive Fees Payable
IncentiveFeesPayable
1500000
cvtr Allocation Of Excess Of Distributions Over Earnings Relating To Participating Securities
AllocationOfExcessOfDistributionsOverEarningsRelatingToParticipatingSecurities
12000
cvtr Amortization Schedule
AmortizationSchedule
P25Y
cvtr Proceeds From Sale Of Properties
ProceedsFromSaleOfProperties
44021000
cvtr Interest Expense Including Amortization Of Deferred Financing Costs
InterestExpenseIncludingAmortizationOfDeferredFinancingCosts
661000
cvtr Stock Based Compensation To Employees
StockBasedCompensationToEmployees
41000
cvtr Shares Underlying Restricted Stock Units Grants
SharesUnderlyingRestrictedStockUnitsGrants
15900 shares
cvtr Monthly Base Services Fee
MonthlyBaseServicesFee
One-twelfth of 0.5% of the Company's Equity
cvtr Reimbursement For Office Related Service Expenses
ReimbursementForOfficeRelatedServiceExpenses
17000
cvtr Mortgage Loan On Real Estate Maturity Period
MortgageLoanOnRealEstateMaturityPeriod
P5Y
cvtr Duration For Which Loans Will Be In Non Accrual Status
DurationForWhichLoansWillBeInNonAccrualStatus
P90D
cvtr Capital Contribution From Noncontrolling Interest
CapitalContributionFromNoncontrollingInterest
5167000
cvtr Period For Non Qualification As Real Estate Investment Trust
PeriodForNonQualificationAsRealEstateInvestmentTrust
P4Y
cvtr Business Acquisitions Net Income Net Loss
BusinessAcquisitionsNetIncomeNetLoss
100000
cvtr Services Agreement Amendment Date
ServicesAgreementAmendmentDate
2011-11-09
cvtr Reimbursable Income
ReimbursableIncome
77000
cvtr Stock Based Payments
StockBasedPayments
30000
cvtr Stock Based Compensation To Directors For Services
StockBasedCompensationToDirectorsForServices
30000
cvtr Noncash Interest From Investments In Loans
NoncashInterestFromInvestmentsInLoans
111000
cvtr Period Of Year For Which Cash Interest Less Than Effective Interest
PeriodOfYearForWhichCashInterestLessThanEffectiveInterest
P3Y
cvtr Number Of Loans
NumberOfLoans
2
cvtr Percentage Of Incentive Fees Paid In Shares
PercentageOfIncentiveFeesPaidInShares
0.20 pure
cvtr Accretion Of Note Discount
AccretionOfNoteDiscount
20000
cvtr Net Operating Losses Carryforward Maximum Period
NetOperatingLossesCarryforwardMaximumPeriod
P20Y
cvtr Service Fees
ServiceFees
200000
cvtr Stated Libor Rate
StatedLiborRate
0.0019 pure
cvtr Shares Underlying Warrants
SharesUnderlyingWarrants
shares
cvtr Reimbursed Property Expenses
ReimbursedPropertyExpenses
77000
cvtr Base Services Fees To Related Party
BaseServicesFeesToRelatedParty
238000
cvtr Proposed Contribution Transaction Expenses
ProposedContributionTransactionExpenses
300000
cvtr Percentage Of Adjusted Funds From Operation
PercentageOfAdjustedFundsFromOperation
0.15 pure
cvtr Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
13871000
cvtr Incentive Fee To Related Party
IncentiveFeeToRelatedParty
1537000
cvtr Period Of Year For Which Cash Interest Greater Than Effective Interest
PeriodOfYearForWhichCashInterestGreaterThanEffectiveInterest
P2Y
cvtr Disposal Group Including Discontinued Operation Reimbursable Income
DisposalGroupIncludingDiscontinuedOperationReimbursableIncome
655000
cvtr Disposal Group Including Discontinued Operation Reimbursable Expense
DisposalGroupIncludingDiscontinuedOperationReimbursableExpense
550000
cvtr Liabilities Extinguished By Sale Of Properties Mortgage Note Payable
LiabilitiesExtinguishedBySaleOfPropertiesMortgageNotePayable
78818000
cvtr Liabilities Extinguished By Sale Of Properties Mortgage Note Premium
LiabilitiesExtinguishedBySaleOfPropertiesMortgageNotePremium
299000
cvtr Estimated Amount Of Tax
EstimatedAmountOfTax
3500000
us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare
0.16
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.270
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10214265 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare
0.16
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-892000
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.15
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10200141 shares
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.15
us-gaap Payments To Acquire Furniture And Fixtures
PaymentsToAcquireFurnitureAndFixtures
23000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
625000
us-gaap Interest Income Operating
InterestIncomeOperating
40000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
2788000
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
15805000
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
1573000
us-gaap Disposal Group Including Discontinued Operation Rental Income
DisposalGroupIncludingDiscontinuedOperationRentalIncome
6060000
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
86000
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
1573000
us-gaap Payments For Proceeds From Derivative Instrument Investing Activities
PaymentsForProceedsFromDerivativeInstrumentInvestingActivities
-86000
us-gaap Income Taxes Paid
IncomeTaxesPaid
227000
us-gaap Investment Income Interest
InvestmentIncomeInterest
364000
us-gaap Profit Loss
ProfitLoss
55000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
71000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-1500000
us-gaap Straight Line Rent
StraightLineRent
799000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
2500000
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-1518000
us-gaap Interest Paid
InterestPaid
3139000
us-gaap Net Income Loss
NetIncomeLoss
55000
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
825000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
72000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
162000
us-gaap Mortgage Loans On Real Estate Amortization Of Premium
MortgageLoansOnRealEstateAmortizationOfPremium
74000
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
1274000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-891000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-3610000
us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
162000
us-gaap Disposal Group Including Discontinued Operation Interest Expense
DisposalGroupIncludingDiscontinuedOperationInterestExpense
2710000
us-gaap Share Based Compensation
ShareBasedCompensation
105000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
279000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-4266000
us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
105000
us-gaap Proceeds From Collection Of Loans Receivable
ProceedsFromCollectionOfLoansReceivable
173000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
236000
us-gaap Disposal Group Including Discontinued Operation Depreciation And Amortization
DisposalGroupIncludingDiscontinuedOperationDepreciationAndAmortization
1771000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-1345000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
134000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
104000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
100000
us-gaap Operating Expenses
OperatingExpenses
2679000
us-gaap Proceeds From Other Debt
ProceedsFromOtherDebt
15680000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2070000
cvtr Accrued Expenses For Financing Costs
AccruedExpensesForFinancingCosts
53000
cvtr Allocation Of Excess Of Distributions Over Earnings Relating To Participating Securities
AllocationOfExcessOfDistributionsOverEarningsRelatingToParticipatingSecurities
27000
cvtr Interest Expense Including Amortization Of Deferred Financing Costs
InterestExpenseIncludingAmortizationOfDeferredFinancingCosts
401000
cvtr Shares Underlying Restricted Stock Units Grants
SharesUnderlyingRestrictedStockUnitsGrants
14124 shares
cvtr Reimbursable Income
ReimbursableIncome
85000
cvtr Stock Based Payments
StockBasedPayments
375000
cvtr Service Fees
ServiceFees
200000
cvtr Shares Underlying Warrants
SharesUnderlyingWarrants
shares
cvtr Reimbursed Property Expenses
ReimbursedPropertyExpenses
85000
cvtr Base Services Fees To Related Party
BaseServicesFeesToRelatedParty
245000
cvtr Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
28000
cvtr Disposal Group Including Discontinued Operation Reimbursable Income
DisposalGroupIncludingDiscontinuedOperationReimbursableIncome
619000
cvtr Disposal Group Including Discontinued Operation Reimbursable Expense
DisposalGroupIncludingDiscontinuedOperationReimbursableExpense
625000
cvtr Initial Term Of Lease
InitialTermOfLease
P12Y
cvtr Amount Of Mortgage Bridge Loan
AmountOfMortgageBridgeLoan
15500000
cvtr Number Of Memory Care Facilities Acquired
NumberOfMemoryCareFacilitiesAcquired
3 Home
cvtr Rent Payment
RentPayment
1700000
cvtr Rental Increase
RentalIncrease
0.0275 pure
CY2013Q1 cvtr Number Of Subsidiaries
NumberOfSubsidiaries
2 Subsidiary
CY2013Q1 cvtr Management Agreement Period
ManagementAgreementPeriod
P10Y
CY2013Q1 cvtr Lockout Period
LockoutPeriod
P7Y
CY2013Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
302 shares
CY2013Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
15712 shares
CY2013Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
117840
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
30769 shares
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
46423 shares
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
6.50
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
7.27
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.44
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
12823 shares
CY2012 cvtr Stated Libor Rate
StatedLiborRate
0.0021 pure
CY2012 cvtr Number Of Lenders
NumberOfLenders
3 Lenders
CY2013Q1 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2013-06-06
CY2013Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.02
CY2013Q1 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2013-05-09
CY2013Q1 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2013-05-23
CY2012Q2 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare
0.08
CY2012Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.02
CY2012Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.270
CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10224845 shares
CY2012Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.02
CY2012Q2 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare
0.08
CY2012Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.10
CY2012Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10224845 shares
CY2012Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.10
CY2012Q2 us-gaap Interest Income Operating
InterestIncomeOperating
19000
CY2012Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
794000
CY2012Q2 us-gaap Disposal Group Including Discontinued Operation Rental Income
DisposalGroupIncludingDiscontinuedOperationRentalIncome
3030000
CY2012Q2 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
86000
CY2012Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
794000
CY2012Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
182000
CY2012Q2 us-gaap Profit Loss
ProfitLoss
-239000
CY2012Q2 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-1100000
CY2012Q2 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
1200000
CY2012Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-1033000
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
-239000
CY2012Q2 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
413000
CY2012Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
81000
CY2012Q2 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-420000
CY2012Q2 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
638000
CY2012Q2 us-gaap Disposal Group Including Discontinued Operation Interest Expense
DisposalGroupIncludingDiscontinuedOperationInterestExpense
1357000
CY2012Q2 us-gaap Share Based Compensation
ShareBasedCompensation
36000
CY2012Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
157000
CY2012Q2 us-gaap Disposal Group Including Discontinued Operation Depreciation And Amortization
DisposalGroupIncludingDiscontinuedOperationDepreciationAndAmortization
874000
CY2012Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
100000
CY2012Q2 us-gaap Operating Expenses
OperatingExpenses
1231000
CY2012Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
898000
CY2012Q2 cvtr Allocation Of Excess Of Distributions Over Earnings Relating To Participating Securities
AllocationOfExcessOfDistributionsOverEarningsRelatingToParticipatingSecurities
27000
CY2012Q2 cvtr Interest Expense Including Amortization Of Deferred Financing Costs
InterestExpenseIncludingAmortizationOfDeferredFinancingCosts
206000
CY2012Q2 cvtr Treasury Note Maturity Date
TreasuryNoteMaturityDate
2021-11-15
CY2012Q2 cvtr Reimbursable Income
ReimbursableIncome
43000
CY2012Q2 cvtr Service Fees
ServiceFees
100000
CY2012Q2 cvtr Shares Underlying Warrants
SharesUnderlyingWarrants
shares
CY2012Q2 cvtr Reimbursed Property Expenses
ReimbursedPropertyExpenses
43000
CY2012Q2 cvtr Base Services Fees To Related Party
BaseServicesFeesToRelatedParty
133000
CY2012Q2 cvtr Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-266000
CY2012Q2 cvtr Disposal Group Including Discontinued Operation Reimbursable Income
DisposalGroupIncludingDiscontinuedOperationReimbursableIncome
311000
CY2012Q2 cvtr Disposal Group Including Discontinued Operation Reimbursable Expense
DisposalGroupIncludingDiscontinuedOperationReimbursableExpense
316000
CY2013Q2 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare
1.59
CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.37
CY2013Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.155
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10258141 shares
CY2013Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.37
CY2013Q2 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare
1.59
CY2013Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.22
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10243951 shares
CY2013Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.22
CY2013Q2 us-gaap Interest Income Operating
InterestIncomeOperating
12000
CY2013Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
16269000
CY2013Q2 us-gaap Disposal Group Including Discontinued Operation Rental Income
DisposalGroupIncludingDiscontinuedOperationRentalIncome
2901000
CY2013Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
806000
CY2013Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
573000
CY2013Q2 us-gaap Profit Loss
ProfitLoss
14048000
CY2013Q2 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-2100000
CY2013Q2 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
1800000
CY2013Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-2221000
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
14032000
CY2013Q2 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
1094000
CY2013Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
85000
CY2013Q2 us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
15463000
CY2013Q2 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
1705000
CY2013Q2 us-gaap Disposal Group Including Discontinued Operation General And Administrative Expense
DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense
43000
CY2013Q2 us-gaap Disposal Group Including Discontinued Operation Interest Expense
DisposalGroupIncludingDiscontinuedOperationInterestExpense
1304000
CY2013Q2 us-gaap Share Based Compensation
ShareBasedCompensation
71000
CY2013Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
324000
CY2013Q2 us-gaap Disposal Group Including Discontinued Operation Depreciation And Amortization
DisposalGroupIncludingDiscontinuedOperationDepreciationAndAmortization
853000
CY2013Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
100000
CY2013Q2 us-gaap Income Loss Attributable To Noncontrolling Interest
IncomeLossAttributableToNoncontrollingInterest
16000
CY2013Q2 us-gaap Operating Expenses
OperatingExpenses
3654000
CY2013Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1635000
CY2013Q2 cvtr Incentive Fees Payable
IncentiveFeesPayable
1500000
CY2013Q2 cvtr Allocation Of Excess Of Distributions Over Earnings Relating To Participating Securities
AllocationOfExcessOfDistributionsOverEarningsRelatingToParticipatingSecurities
12000
CY2013Q2 cvtr Interest Expense Including Amortization Of Deferred Financing Costs
InterestExpenseIncludingAmortizationOfDeferredFinancingCosts
369000
CY2013Q2 cvtr Shares Underlying Restricted Stock Units Grants
SharesUnderlyingRestrictedStockUnitsGrants
14190 shares
CY2013Q2 cvtr Reimbursement For Office Related Service Expenses
ReimbursementForOfficeRelatedServiceExpenses
10000
CY2013Q2 cvtr Unvested And Unforfeited Restricted Stock Units
UnvestedAndUnforfeitedRestrictedStockUnits
75130 shares
CY2013Q2 cvtr Reimbursable Income
ReimbursableIncome
38000
CY2013Q2 cvtr Service Fees
ServiceFees
100000
CY2013Q2 cvtr Shares Underlying Warrants
SharesUnderlyingWarrants
shares
CY2013Q2 cvtr Reimbursed Property Expenses
ReimbursedPropertyExpenses
38000
CY2013Q2 cvtr Base Services Fees To Related Party
BaseServicesFeesToRelatedParty
120000
CY2013Q2 cvtr Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
14020000
CY2013Q2 cvtr Incentive Fee To Related Party
IncentiveFeeToRelatedParty
1537000
CY2013Q2 cvtr Disposal Group Including Discontinued Operation Reimbursable Income
DisposalGroupIncludingDiscontinuedOperationReimbursableIncome
328000
CY2013Q2 cvtr Disposal Group Including Discontinued Operation Reimbursable Expense
DisposalGroupIncludingDiscontinuedOperationReimbursableExpense
223000
CY2012Q4 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2013-04-18
CY2012Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.135
CY2012Q4 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2013-03-21
CY2012Q4 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2013-04-04

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