Sentio Healthcare Properties 10-Q 11 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 06, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Entity Registrant Name	Sentio Healthcare Properties Inc
Entity Central Index Key	1,378,774
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		11,495,216

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 24,493,000	$ 35,564,000
Investments in real estate:
Land	47,820,000	42,266,000
Buildings and improvements, net	379,946,000	306,788,000
Furniture, fixtures and vehicles, net	12,630,000	8,987,000
Construction in progress	16,556,000	0
Intangible lease assets, net	9,413,000	11,028,000
Total Investment In Real Estate	466,365,000	369,069,000
Real estate note receivable	2,783,000	0
Deferred financing costs, net	3,793,000	3,338,000
Investment in unconsolidated entities	1,183,000	5,146,000
Tenant and other receivables, net	5,384,000	4,037,000
Deferred costs and other assets	6,114,000	5,554,000
Restricted cash	6,141,000	5,161,000
Goodwill	5,965,000	5,965,000
Total assets	522,221,000	433,834,000
Liabilities:
Notes payable, net	333,459,000	276,476,000
Accounts payable and accrued liabilities	21,937,000	10,178,000
Prepaid rent and security deposits	4,991,000	3,029,000
Distributions payable	1,432,000	1,446,000
Total liabilities	361,819,000	291,129,000
Equity:
Preferred Stock Series C, $0.01 par value; 1,000 shares authorized; 1,000 and 1,000 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively.	0	0
Common stock, $0.01 par value; 580,000,000 shares authorized; 11,487,916 and 11,472,765 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively	115,000	115,000
Additional paid-in capital	64,121,000	66,792,000
Accumulated deficit	(25,128,000)	(18,714,000)
Total stockholders' equity	39,108,000	48,193,000
Noncontrolling interests:
Series B preferred OP units	116,581,000	91,088,000
Other noncontrolling interest	4,713,000	3,424,000
Total equity	160,402,000	142,705,000
Total liabilities and equity	$ 522,221,000	$ 433,834,000

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	580,000,000	580,000,000
Common stock, shares issued	11,487,916	11,472,765
Common stock, shares outstanding	11,487,916	11,472,765
Preferred Stock, Par value	$ 0.01
Preferred stock, shares authorized	20,000,000
Series C Preferred Stock [Member]
Preferred Stock, Par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	1,000	1,000
Preferred Stock, Shares Issued	1,000	1,000
Preferred Stock, Shares Outstanding	1,000	1,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014		Jun. 30, 2015	Jun. 30, 2014
Revenues:
Rental revenues	$ 19,967,000	$ 12,175,000		$ 37,397,000	$ 23,202,000
Resident fees and services	7,793,000	6,939,000		15,458,000	14,207,000
Tenant reimbursements and other income	898,000	378,000		1,427,000	718,000
Total revenues	28,658,000	19,492,000		54,282,000	38,127,000
Expenses:
Property operating and maintenance	18,353,000	12,404,000		34,836,000	24,530,000
General and administrative	988,000	421,000		1,703,000	966,000
Asset management fees	1,554,000	984,000		2,914,000	1,941,000
Real estate acquisition costs	769,000	311,000		1,350,000	346,000
Depreciation and amortization	5,521,000	3,191,000		9,976,000	6,111,000
Total expenses	27,185,000	17,311,000		50,779,000	33,894,000
Income from operations	1,473,000	2,181,000		3,503,000	4,233,000
Other expense:
Interest expense, net	3,522,000	2,394,000		6,687,000	4,603,000
Change in fair value of contingent consideration	600,000	0		600,000	0
Equity in loss from unconsolidated entities	45,000	115,000	[1]	173,000	200,000	[1]
Net loss before income taxes	(2,694,000)	(328,000)		(3,957,000)	(570,000)
Income tax benefit	(1,196,000)	(161,000)		(1,725,000)	(311,000)
Net loss	(1,498,000)	(167,000)		(2,232,000)	(259,000)
Preferred return to Series B preferred OP units	2,147,000	482,000		3,948,000	843,000
Net income attributable to other noncontrolling interests	96,000	156,000		234,000	312,000
Net loss attributable to common stockholders	$ (3,741,000)	$ (805,000)		$ (6,414,000)	$ (1,414,000)
Basic and diluted weighted average number of common shares	11,486,143	12,487,384		11,481,112	12,575,560
Basic and diluted net loss per common share attributable to common stockholders	$ (0.33)	$ (0.06)		$ (0.56)	$ (0.11)
[1]	On January 28, 2014, through a wholly-owned subsidiary, we acquired a 25% interest in a joint venture entity that has developed Buffalo Crossings, a 108-unit, assisted living community. Buffalo Crossings was accounted for under the equity method of accounting beginning with the first quarter of 2014.

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - 6 months ended Jun. 30, 2015 - USD ($)	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total Stockholders' Equity	Noncontrolling Interest
Balance at Dec. 31, 2014	$ 142,705,000	$ 0	$ 115,000	$ 66,792,000	$ (18,714,000)	$ 48,193,000	$ 94,512,000
Balance (in shares) at Dec. 31, 2014		1,000	11,472,765
Issuance of Common Stock	176,000			176,000		176,000
Issuance of Common Stock (in shares)			15,151
Issuance of Series B preferred OP Units, net	26,468,000					0	26,468,000
Noncontrolling Interest Contribution	1,498,000					0	1,498,000
Distributions	(8,213,000)			(2,847,000)		(2,847,000)	(5,366,000)
Net (loss) income	(2,232,000)				(6,414,000)	(6,414,000)	4,182,000
Balance at Jun. 30, 2015	$ 160,402,000	$ 0	$ 115,000	$ 64,121,000	$ (25,128,000)	$ 39,108,000	$ 121,294,000
Balance (in shares) at Jun. 30, 2015		1,000	11,487,916

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net loss	$ (2,232,000)	$ (259,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Amortization of deferred financing costs	404,000	280,000
Depreciation and amortization	9,976,000	6,111,000
Straight-line rent and above/below market lease amortization	(434,000)	(258,000)
Amortization of loan discount/premium	(31,000)	(33,000)
Change in fair value of contingent consideration	600,000	0
Equity in loss from unconsolidated entities	173,000	200,000	[1]
Bad debt expense	80,000	173,000
Deferred tax benefit	(869,000)	(582,000)
Changes in operating assets and liabilities:
Tenant and other receivables	(940,000)	(34,000)
Deferred costs and other assets	(251,000)	(201,000)
Restricted cash	0	229,000
Prepaid rent and tenant security deposits	1,087,000	986,000
Accounts payable and accrued expenses	154,000	(108,000)
Net cash provided by operating activities	7,717,000	6,504,000
Cash flows from investing activities:
Real estate acquisitions	(69,311,000)	(5,364,000)
Additions to real estate	(1,266,000)	(770,000)
Construction in progress	(2,029,000)	0
Real estate note receivable	(2,783,000)	0
Purchase of an interest in an unconsolidated entity	0	(1,161,000)
Restricted cash	(194,000)	(184,000)
Acquisition deposits	0	(419,000)
Distributions from unconsolidated entities	114,000	522,000
Net cash used in investing activities	(75,469,000)	(7,376,000)
Cash flows from financing activities:
Proceeds from issuance of Series B OP units, net	26,612,000	14,025,000
Redeemed shares	0	(10,599,000)
Proceeds from notes payable	40,195,000	0
Repayment of notes payable	(1,531,000)	(1,412,000)
Offering costs	0	(129,000)
Deferred financing costs	(492,000)	(235,000)
Distributions paid to Series B preferred OP units and other noncontrolling interests	(5,366,000)	(1,484,000)
Distributions paid to stockholders	(2,685,000)	(3,014,000)
Restricted cash	(52,000)	0
Net cash provided by (used in) financing activities	56,681,000	(2,848,000)
Net decrease in cash and cash equivalents	(11,071,000)	(3,720,000)
Cash and cash equivalents - beginning of year	35,564,000	21,792,000
Cash and cash equivalents - end of year	24,493,000	18,072,000
Supplemental disclosure of cash flow information:
Cash paid for interest	6,072,000	4,382,000
Cash paid for income taxes	137,000	403,000
Supplemental disclosure of non-cash financing and investing activities:
Note payable assumed in connection with a real estate acquisition	18,350,000	6,314,000
Equity contribution by noncontrolling interest	1,498,000	293,000
Consolidation of a previously held investment in an unconsolidated entity	3,493,000	0
Distributions declared not paid	1,347,000	1,452,000
Distributions reinvested	6,000	27,000
Accrued preferred stock offering costs	144,000	156,000
Accrued tender offer costs	0	168,000
Accrued additions to real estate	57,000	129,000
Accrued deferred acquisition costs	$ 0	$ 144,000
[1]	On January 28, 2014, through a wholly-owned subsidiary, we acquired a 25% interest in a joint venture entity that has developed Buffalo Crossings, a 108-unit, assisted living community. Buffalo Crossings was accounted for under the equity method of accounting beginning with the first quarter of 2014.

Organization

Organization	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation Of Financial Statements [Abstract]
Organization	1. Organization Sentio Healthcare Properties, Inc., a Maryland corporation, was formed on October 16, 2006 under the Maryland General Corporation Law for the purpose of engaging in the business of investing in and owning commercial real estate. As used in this report, the “Company”, “we”, “us” and “our” refer to Sentio Healthcare Properties, Inc. and its consolidated subsidiaries, except where context otherwise requires. Effective January 1, 2012, subject to certain restrictions and limitations, our business is managed by Sentio Investments, LLC, a Florida limited liability company that was formed on December 20, 2011 Sentio Healthcare Properties OP, LP, a Delaware limited partnership (the “Operating Partnership”), was formed on October 17, 2006 100 57.9

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Summary Of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies For more information regarding our significant accounting policies and estimates, please refer to “Summary of Significant Accounting Policies” contained in our Annual Report on Form 10-K for the year ended December 31, 2014. The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Because we are the sole general partner and a limited partner of our operating partnership and have control over its management and major operating decisions, the accounts of our operating partnership are consolidated in our condensed consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. In accordance with the guidance for the consolidation of variable interest entities (“VIEs”), we analyze our variable interests, including investments in partnerships and joint ventures, to determine if the entity in which we have a variable interest is a variable interest entity. Our analysis includes both quantitative and qualitative reviews, based on our review of the design of the entity, its organizational structure including decision-making ability, risk and reward sharing experience and financial condition of other partner(s), voting rights, involvement in day-to-day capital and operating decisions and financial agreements. We also use quantitative and qualitative analyses to determine if we must consolidate a variable The accompanying interim condensed consolidated financial statements have been prepared by our management in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in conjunction with the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the interim condensed consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. The accompanying financial information reflects all adjustments which are, in the opinion of our management, of a normal recurring nature and necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods. Operating results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. Our accompanying interim condensed consolidated financial statements should be read in conjunction with our audited condensed consolidated financial statements and the notes thereto included on our 2014 Annual Report on Form 10-K, as filed with the SEC. Construction in Progress The Company records construction in progress at cost, including acquisition fees and closing costs incurred. The cost of the construction in progress includes direct and indirect costs of development, including interest and miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. Interest and loan costs attributable to funds used to finance construction in progress are capitalized as additional costs of development. Reclassifications Reclassifications have been made to the prior year’s combined condensed consolidated financial statements to conform to current year’s presentation. The Company had previously recorded income tax benefit as a component of general and administrative expenses. As of June 30, 2015, income tax benefit has been reclassified and is separately presented in the condensed consolidated statement of operations. The reclassification has no impact on net loss.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Acquisitions	3. Acquisitions Sumter Grand On February 6, 2015, through a wholly owned subsidiary, we acquired real estate property (“Sumter Grand”) from an unaffiliated third party, for a purchase price of $ 31.5 Gables of Kentridge On April 1, 2015, through wholly owned subsidiaries, we acquired real estate property (“Gables of Kentridge”) from Kentridge at Golden Pond, LTD and Great-Kent, LLC (collectively, the “Sellers”), neither of which are affiliated with us or our Advisor, for a purchase price of $ 15.4 We funded the purchase of Gables of Kentridge with proceeds from the sale of Series B Preferred Units to the Investor pursuant to the KKR Equity Commitment, as described in Note 11, and an assumption of HUD debt in the amount of $ 9.1 9.0 of discount Armbrook Village On April 6, 2015, through wholly owned subsidiaries, we acquired a 95 30.0 3.6 33.6 We funded the purchase of our interest in Armbrook Village with proceeds from the sale of Series B Preferred Units to the Investor, as described in Note 11, and with proceeds from a mortgage loan from M&J Bank, an unaffiliated lender, as described in Note 10. Parkway In October 2014, we invested approximately $ 3.5 65 1.5 32.5 22.4 3.5 14.5 9.3 7.9 The remaining development budget will be funded by future draws of the construction loan (see Note 10) . Golden In April 2015, we closed on a commitment to fund the development of a 120 bed, 112,500 18.5 4.0 2.0 2.0 14.5 The following summary provides the allocation of the acquired assets and liabilities as of the acquisition dates. We have accounted for the acquisitions of Sumter Grand, the Gables of Kentridge and Armbrook Village as business combinations under GAAP. Under business combination accounting, the assets and liabilities of the acquired property were recorded at its respective fair value as of the acquisition date and consolidated in our financial statements. Armbrook Gables of Sumter Village Kentridge Grand Land $ 2,782,000 $ 640,000 $ - Buildings and improvements 27,864,000 12,939,000 37,295,000 Furniture, fixtures and vehicles 1,401,000 870,000 1,580,000 Intangible assets 1,098,000 921,000 - Intangible liability (1) - - (516,000) Contingent liability (2) (3,145,000) - (6,859,000) Real estate acquisition $ 30,000,000 $ 15,370,000 $ 31,500,000 Acquisition expenses $ 485,000 $ 256,000 $ 428,000 (1) This balance represents the Company’s fair value estimate of the above market ground lease associated with the land in the Sumter Grand acquisition and is recorded in accounts payable and accrued liabilities. (2) This balance represents the Company’s fair value estimate of contingent liabilities the sellers of Armbrook Village and Sumter Grand are entitled to based on a net operating income threshold and is recorded in accounts payable and accrued liabilities. contingent liabilities The following unaudited pro forma information for the six month periods ended June 30, 2015 and 2014 have been prepared to reflect the incremental effect of the Gables of Kentridge and Armbrook Village acquisitions as if such acquisitions had occurred on January 1, 2014. Sumter Grand opened in December 2014, therefore the Company has excluded this acquisition from the pro forma financial statements. Period ended Period ended June 30, 2015 June 30, 2014 Revenues $ 56,796,000 $ 42,298,000 Net loss $ (6,068,000) $ (1,497,000) Basic and diluted net loss per common share attributable to common stockholders $ (0.53) $ (0.12) The Company recorded revenues of $ 1.6 1.0 The Company recorded revenues of $ 1.1 0.5 The Company recorded revenues of $ 1.3 0.8

Real Estate Note Receivable

Real Estate Note Receivable	6 Months Ended
	Jun. 30, 2015
Disclosure Text Block [Abstract]
Real Estate Notes Receivable	4. Real Estate Note Receivable On January 16, 2015, the Company, through an indirect wholly owned subsidiary, originated a development loan in the amount of $ 41.9 On January 14, 2015, the Company closed a put exercise to fund the Georgetown Loan with proceeds from the sale of Series B Preferred Units to the Investor pursuant to the KKR Equity Commitment (as described in Note 11). The Georgetown Loan is secured by a first mortgage lien on the land, building, and all improvements made thereon. The Georgetown Loan matures on January 15, 2020 with one 12-month option to extend at the Company’s option, and bears interest at a fixed rate of 7.9 1 Upon funding of the Georgetown Loan, interest income on the loan receivable is recognized as earned based upon the principal amount outstanding subject to an evaluation of collectability risks. As of June 30, 2015, the borrower has made draws totaling $ 2.8 39.1

Investments in Real Estate

Investments in Real Estate	6 Months Ended
	Jun. 30, 2015
Investments In Real Estate [Abstract]
Investments in Real Estate	5. Investments in Real Estate Buildings and Furniture, Fixtures Intangible Lease Land Improvements and Equipment Assets Cost $ 47,820,000 $ 406,522,000 $ 17,697,000 $ 28,712,000 Accumulated depreciation and amortization - (26,576,000) (5,067,000) (19,299,000) Net $ 47,820,000 $ 379,946,000 $ 12,630,000 $ 9,413,000 As of December 31, 2014, accumulated depreciation and amortization related to real estate assets and related lease intangibles were as follows: Buildings and Furniture, Fixtures Intangible Lease Land Improvements and Equipment Assets Cost $ 42,266,000 $ 327,858,000 $ 13,125,000 $ 26,752,000 Accumulated depreciation and amortization - (21,070,000) (4,138,000) (15,724,000) Net $ 42,266,000 $ 306,788,000 $ 8,987,000 $ 11,028,000 Depreciation expense associated with buildings and improvements, site improvements and furniture and fixtures for the three months ended June 30, 2015 and 2014 was approximately $ 3.4 1.9 6.4 3.8 Amortization associated with intangible assets for the three months ended June 30, 2015 and 2014 was $ 2.1 1.3 3.6 2.3 Intangible Assets July 1,2015 - December 31, 2015 2,872,000 2016 556,000 2017 555,000 2018 543,000 2019 461,000 2020 and thereafter 4,426,000 The estimated useful lives for intangible assets range from approximately one to 22 12

Investments in Unconsolidated E

Investments in Unconsolidated Entities	6 Months Ended
	Jun. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investments In Unconsolidated Entities	6. Investments in Unconsolidated Entities Entity (1) Property Type Acquired Investment (2) Ownership % Physicians Center MOB Medical Office Building April 2012 $ 98,000 71.9 % Buffalo Crossings Assisted-Living Facility January 2014 1,085,000 25.0 % $ 1,183,000 (1) These entities are not consolidated because the Company exercises significant influence, but does not control or direct the activities that most significantly impact the entity’s performance. (2) Represents the carrying value of the Company’s investment in the unconsolidated entities. June 30, December 31, 2015 (2) 2014 (1)(2) Cash and cash equivalents $ 188,000 $ 48,000 Investments in real estate, net 24,783,000 27,737,000 Other assets 817,000 769,000 Total assets $ 25,788,000 $ 28,554,000 Notes payable $ 21,753,000 $ 17,444,000 Accounts payable and accrued liabilities 242,000 1,676,000 Other liabilities 311,000 68,000 Total stockholders’ equity 3,482,000 9,366,000 Total liabilities and equity $ 25,788,000 $ 28,554,000 Three Months Ended June 30, Six Months Ended June 30, 2015 2014 (1) 2015 2014 (1) Total revenues $ 560,000 $ 393,000 $ 988,000 $ 790,000 Net loss $ (179,000) $ (160,000) $ (423,000) $ (273,000) Company’s equity in loss from unconsolidated entities $ 45,000 $ 115,000 $ 173,000 $ 200,000 (1) On January 28, 2014, through a wholly-owned subsidiary, we acquired a 25% interest in a joint venture entity that has developed Buffalo Crossings, a 108-unit, assisted living community. Buffalo Crossings was accounted for under the equity method of accounting beginning with the first quarter of 2014. (2) As of December 31, 2014 the Company’s initial investment of $ 3.5

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Taxes [Abstract]
Income Taxes	7. Income Taxes For federal income tax purposes, we have elected to be taxed as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), beginning with our taxable year ended December 31, 2008, which imposes limitations related to operating assisted-living properties. Generally, to qualify as a REIT, we cannot directly operate assisted-living facilities. However, such facilities may generally be operated by a taxable REIT subsidiary (“TRS”) pursuant to a lease with the Company. Therefore, we have formed Master HC TRS, LLC (“Master TRS”), a wholly owned subsidiary of HC Operating Partnership, LP, to lease any assisted-living properties we acquire and to operate the assisted-living properties pursuant to contracts with unaffiliated management companies. Master TRS and the Company have made the applicable election for Master TRS to qualify as a TRS. Under the management contracts, the management companies have direct control of the daily operations of these assisted-living properties. Each TRS is a tax paying component for purposes of classifying deferred tax assets and liabilities. We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. In the event we were to determine that we would not be able to realize our deferred income tax assets in the future in excess of their net recorded amount, we would establish a valuation allowance which would reduce the provision for income taxes. The Master TRS recognized a $ 1.2 0.2 1.7 0.3 3.6 2.5

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Reporting	8. Segment Reporting As of June 30, 2015, we operated in three reportable business segments: senior living operations, triple-net leased properties, and medical office building (“MOB”) properties. Our senior living operations segment primarily consists of investments in senior housing communities located in the United States for which we engage independent third-party managers. Our triple-net leased properties segment consists of investments in senior living, skilled nursing and hospital facilities in the United States. These facilities are leased to healthcare operating companies under long-term “triple-net” or “absolute-net” leases, which require the tenants to pay all property-related expenses. Our MOB operations segment primarily consists of investing in medical office buildings and leasing those properties to healthcare providers under long-term leases, which may require tenants to pay property-related expenses. We evaluate performance of the combined properties in each segment based on net operating income. Net operating income is defined as total revenue less property operating and maintenance expenses. There are no intersegment sales or transfers. We use net operating income to evaluate the operating performance of our real estate investments and to make decisions concerning the operation of the property. We believe that net operating income is useful to investors in understanding the value of income-producing real estate. Net income is the GAAP measure that is most directly comparable to net operating income; however, net operating income should not be considered as an alternative to net income as the primary indicator of operating performance as it excludes certain items such as depreciation and amortization, asset management fees and expenses, real estate acquisition costs, interest expense and corporate general and administrative expenses. Additionally, net operating income as we define it may not be comparable to net operating income as defined by other REITs or companies. Three Months Ended June 30,2015 Three Months Ended June 30 ,2014 Triple- Triple- Senior living net leased Medical office Senior living net leased Medical office operations properties building Consolidated operations properties building Consolidated Rental revenue $ 17,423,000 $ 2,328,000 $ 216,000 $ 19,967,000 $ 10,653,000 $ 1,309,000 $ 213,000 $ 12,175,000 Resident services and fee income 7,780,000 - 13,000 7,793,000 6,939,000 - - 6,939,000 Tenant reimbursements and other income 535,000 298,000 65,000 898,000 94,000 208,000 76,000 378,000 25,738,000 2,626,000 294,000 28,658,000 17,686,000 1,517,000 289,000 19,492,000 Property operating and maintenance expenses 17,953,000 318,000 82,000 18,353,000 12,115,000 219,000 70,000 12,404,000 Net operating income $ 7,785,000 $ 2,308,000 $ 212,000 $ 10,305,000 $ 5,571,000 $ 1,298,000 $ 219,000 $ 7,088,000 General and administrative 988,000 421,000 Asset management fees and expenses 1,554,000 984,000 Real estate acquisition costs 769,000 311,000 Depreciation and amortization 5,521,000 3,191,000 Interest expense, net 3,522,000 2,394,000 Change in fair value of contingent consideration 600,000 - Equity in loss from unconsolidated entities 45,000 115,000 Income tax benefit (1,196,000) (161,000) Net loss $ (1,498,000) $ (167,000) Six Months Ended June 30, 2015 Six Months Ended June 30, 2014 Triple- Triple- Senior living net leased Medical office Senior living net leased Medical office operations properties building Consolidated operations properties building Consolidated Rental revenue $ 32,308,000 $ 4,657,000 $ 432,000 $ 37,397,000 $ 20,157,000 $ 2,618,000 $ 427,000 $ 23,202,000 Resident services and fee income 15,445,000 - 13,000 15,458,000 14,207,000 - - 14,207,000 Tenant reimbursements and other income 668,000 616,000 143,000 1,427,000 193,000 372,000 153,000 718,000 48,421,000 5,273,000 588,000 54,282,000 34,557,000 2,990,000 580,000 38,127,000 Property operating and maintenance expenses 34,072,000 602,000 162,000 34,836,000 23,944,000 438,000 148,000 24,530,000 Net operating income $ 14,349,000 $ 4,671,000 $ 426,000 $ 19,446,000 $ 10,613,000 $ 2,552,000 $ 432,000 $ 13,597,000 General and administrative 1,703,000 966,000 Asset management fees and expenses 2,914,000 1,941,000 Real estate acquisition costs 1,350,000 346,000 Depreciation and amortization 9,976,000 6,111,000 Interest expense, net 6,687,000 4,603,000 Change in fair value of contingent consideration 600,000 - Equity in loss from unconsolidated entities 173,000 200,000 Income tax benefit (1,725,000) (311,000) Net loss $ (2,232,000) $ (259,000) June 30, 2015 December 31, 2014 Assets Investment in real estate: Senior living operations $ 373,539,000 $ 278,880,000 Triple-net leased properties 85,443,000 82,648,000 Medical office building 7,383,000 7,541,000 Total reportable segments $ 466,365,000 $ 369,069,000 Reconciliation to consolidated assets: Cash and cash equivalents 24,493,000 35,564,000 Real estate note receivable 2,783,000 - Deferred financing costs, net 3,793,000 3,338,000 Investment in unconsolidated entities 1,183,000 5,146,000 Tenant and other receivables, net 5,384,000 4,037,000 Deferred costs and other assets 6,114,000 5,554,000 Restricted cash 6,141,000 5,161,000 Goodwill 5,965,000 5,965,000 Total assets $ 522,221,000 $ 433,834,000 As of June 30, 2015 and December 31, 2014, goodwill had a balance of approximately $ 6.0

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	9. Fair Value Measurements Fair value represents the estimate of the proceeds to be received, or paid in the case of a liability, in a current transaction between willing parties. In order to increase consistency and comparability in fair value measurements, the guidance establishes a fair value hierarchy to categorize the inputs used in valuation techniques to measure fair value. Inputs are either observable or unobservable in the marketplace. Observable inputs are based on market data from independent sources and unobservable inputs reflect the reporting entity’s assumptions about market participant assumptions used to value an asset or liability. Financial assets and liabilities recorded at fair value on the consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: Level 1. Quoted prices in active markets for identical instruments. Level 2. Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3. Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Assets and liabilities measured at fair value are classified according to the lowest level input that is significant to their valuation. A financial instrument that has a significant unobservable input along with significant observable inputs may still be classified as a Level 3 instrument. Our balance sheets include the following financial instruments: cash and cash equivalents, real estate note receivable, tenant and other receivables, restricted cash, security deposits, accounts payable and accrued liabilities, distributions payable, and notes payable. With the exception of notes payable and our contingent consideration discussed below, we consider the carrying values of our financial instruments to approximate fair value because they generally expose the Company to limited credit risk and because of the short period of time between origination of the financial assets and liabilities and their expected settlement. We generally determine or calculate the fair value of financial instruments using present value or other valuation techniques, such as discounted cash flow analyses, incorporating available market discount rate information for similar types of instruments and our estimates for non-performance and liquidity risk. These techniques are significantly affected by the assumptions used, including the discount rate, credit spreads, and estimates of future cash flow. As of June 30, 2015, the estimated fair value of the contingent consideration related to the Sumter Grand, Gables of Hudson, and Armbrook acquisitions is $ 12.3 0.6 The fair value of the contingent consideration based on significant inputs which are not observable to the market and as a result are classified in Level 3 of the fair value hierarchy. The fair value is derived by making assumptions on the timing of the lease up process based on actual performance as compared to internal underwriting models and applying a discount rate in the range of 9.0 10.0 The fair value of the Company’s notes payable is estimated by discounting future cash flows of each instrument at rates that reflect the current market rates available to the Company for debt of the same terms and maturities. The fair value of the notes payable was determined using Level 2 inputs of the fair value hierarchy. Based on the estimates used by the Company, the fair value of notes payable was $ 332.9 275.8 333.5 333.5 276.4 276.5 There were no transfers between Level 1 or 2 during the three and six months ended June 30, 2015.

Notes Payable

Notes Payable	6 Months Ended
	Jun. 30, 2015
Notes Payable [Abstract]
Notes Payable	10. Notes Payable Notes payable were $ 333.5 333.5 276.4 276.5 2.39 6.43 3.98 173.5 52 4.81 160.0 48 3.08 156.4 57 4.89 120 43 3.15 On December 31, 2014, the Company entered into a secured loan agreement with KeyBank, in the aggregate amount of up to $ 53.2 28.9 19.2 one month LIBOR plus 3.15% 500,000 30 On April 1, 2015, in connection with the acquisition of the Gables of Kentridge in Kent, Ohio, the Company assumed a note payable in the amount of approximately $ 9.1 9.0 4.41 35 On April 6, 2015, in connection with the acquisition of Armbrook Village in Westfield, Massachusetts, we entered into a loan agreement with M&T Bank, an unaffiliated lender, with an outstanding principal balance of approximately $ 21.0 May 1, 2020 one month LIBOR plus 2.20% 28 6.00 On June 30, 2015, the Company began to consolidate 65 in a joint venture entity Blue Springs Senior Community, LLC (“The Parkway JV”) that has been developing The Parkway Senior Living Community. The Parkway JV entered into a secured construction loan agreement with Springfield First Community Bank, an unaffiliated lender, in the amount of up to $ 17.3 3.90 20 9.3 We are required by the terms of the applicable loan documents to meet certain financial covenants, such as debt service coverage ratios, rent coverage ratios and reporting requirements. As of June 30, 2015, we were in compliance with all such covenants and requirements. Principal payments due on our notes payable for July 1, 2015 to December 31, 2015 and each of the subsequent years is as follows: Year Principal Amount July 1, 2015 to December 31, 2015 $ 26,066,000 2016 2,900,000 2017 99,482,000 2018 28,479,000 2019 67,608,000 2020 and thereafter 108,973,000 $ 333,508,000 Less: discount (49,000) $ 333,459,000 Interest Expense and Deferred Financing Cost For the three months ended June 30, 2015 and 2014, the Company incurred interest expense, including amortization of deferred financing costs of $ 3.5 2.4 6.7 4.6 3.8 3.3

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Stockholders' Equity	11. Stockholders’ Equity Common Stock Our charter authorizes the issuance of 580,000,000 0.01 20,000,000 0.01 13.3 132.3 Preferred Stock and OP Units On February 10, 2013, we entered into a series of agreements, which have been amended at various points after February 10, 2013, with Sentinel RE Investment Holdings LP (the “Investor”), an affiliate of Kohlberg Kravis Roberts & Co. L.P. (together with its affiliates, “KKR”) for the purpose of obtaining up to a $158.7 million of equity funding to be used to finance investment opportunities (such investment and the related agreements, as amended, are referred to herein collectively as the “KKR Equity Commitment”). Pursuant to the KKR Equity Commitment, we could issue and sell to the Investor and its affiliates on a private placement basis from time to time over a period of up to three years, up to $ 158.7 As of June 30, 2015 and December 31, 2014 we had issued 1,000 1,000 1,586,000 946,560 158.7 94.8 15,830,938 9,446,707 The Series C Preferred Stock ranks senior to the Company’s common stock with respect to dividend rights and rights on liquidation. The holders of the Series C Preferred Stock are entitled to receive dividends, as and if authorized by our board of directors out of funds legally available for that purpose, at an annual rate equal to 3 The Series B Preferred Units rank senior to the Operating Partnership’s common units with respect to distribution rights and rights on liquidation. The Series B Preferred Units are entitled to receive cash distributions at an annual rate equal to 7.5 6.0 10 2.1 4.9 At June 30, 2015, no securities remain issuable under the Purchase Agreement. Distributions Available to Common Stockholders Distributions Declared (1) Cash Flow from Period Cash Reinvested Total Operations First quarter 2014 $ 1,486,000 $ 69,000 $ 1,555,000 $ 3,652,000 Second quarter 2014 1,452,000 88,000 1,540,000 2,852,000 First quarter 2015 $ 1,330,000 $ 85,000 $ 1,415,000 $ 3,348,000 Second quarter 2015 1,347,000 85,000 1,432,000 4,369,000 (1) In order to meet the requirements for being treated as a REIT under the Internal Revenue Code, we must pay distributions to our stockholders each taxable year equal to least 90 Commencing with the declaration of distributions for daily record dates occurring in the second quarter of 2013 and thereafter, our board of directors has declared distributions in amounts per share that, if declared and paid each day for a 365-day period, would equate to an annualized rate of $.50 per share ( 5.00 10.00 The declaration of distributions is at the discretion of our board of directors and our board will determine the amount of distributions on a regular basis. The amount of distributions will depend on our funds from operations, financial condition, capital requirements, annual distribution requirements under the REIT provisions of the Internal Revenue Code and other factors our board of directors deems relevant. Stock Repurchase Program In 2007, we adopted a stock repurchase program that permitted our stockholders to sell their shares of common stock to us in limited circumstances subject to the terms and conditions of the program. Our board of directors could amend, suspend or terminate the program at any time with 30 Since May 29, 2011 our stock repurchase program has been suspended for all repurchases except repurchases due to death of a stockholder. On March 31, 2014, we informed stockholders of the suspension of the share repurchase program following the March 2014 redemption date. The Company redeemed all stock repurchase requests due to death received prior to March 31, 2014. No shares have been repurchased pursuant to the program following the 2014 suspension.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	12. Earnings Per Share We report earnings (loss) per share pursuant to ASC Topic 260, “ Earnings per Share 1,586,000

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	13. Related Party Transactions Advisory Relationship with the Advisor We are party to an Advisory Agreement with the Advisor, which became effective on January 1, 2012 for a one-year term ending December 31, 2012. The Advisory Agreement was renewed for additional one-year terms commencing on January 1, 2013, 2014, and 2015, however, certain provisions of the Advisory Agreement have been amended as a result of the execution on February 10, 2013 of a Transition to Internal Management Agreement which was subsequently amended in April 2014 and February 2015 (as amended, the “Transition Agreement”) with the Advisor. Pursuant to the provisions of the Advisory Agreement, the Advisor is responsible for managing, operating, directing and supervising the operation of our company and its assets. Generally, the Advisor is responsible for providing us with (i) property acquisition, disposition and financing services, (ii) asset management and operational services, including real estate services and financial and administrative services, (iii) stockholder services, and (iv) in the event we conduct a public offering of our securities, offering-related services. The Advisor is subject to the supervision and ultimate authority of our board of directors and has a fiduciary duty to us and our stockholders. The Advisory Agreement with our Advisor and the terms of the Transition Agreement are more fully outlined in our Annual Report on Form 10-K for the year ended December 31, 2014. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Asset Management Fees $ 1,554,000 $ 984,000 $ 2,914,000 $ 1,941,000 Consistent with limitations set forth in our charter, the advisory agreement further provides that, commencing four fiscal quarters after the acquisition of our first real estate asset, we shall not reimburse the Advisor at the end of any fiscal quarter management fees and expenses and operating expenses that, in the four consecutive fiscal quarters then ended exceed (the “Excess Amount”) the greater of 2 25 2 For the four fiscal quarters ended June 30, 2015, our management fees and expenses and operating expenses totaled did not exceed the greater of 2% of our average invested assets and 25% of our net income. KKR Equity Commitment Pursuant to the KKR Equity Commitment, we may issue and sell to the Investor and its affiliates on a private placement basis from time to time over a period of three years, up to $ 158.7 15,830,938 57.9 At June 30, 2015, no securities remain issuable under the Purchase Agreement. The terms of the KKR Equity Commitment are more fully outlined in our Annual Report on Form 10-K for the year ended December 31, 2014.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies [Abstract]
Commitments and Contingencies	14. Commitments and Contingencies We monitor our properties for the presence of hazardous or toxic substances. We are not currently aware of any environmental liability with respect to the properties that we believe would have a material effect on our financial condition, results of operations and cash flows. Further, we are not aware of any environmental liability or any unasserted claim or assessment with respect to an environmental liability that we believe would require additional disclosure or the recording of a loss contingency. Our commitments and contingencies include the usual obligations of real estate owners and operators in the normal course of business. In the opinion of management, these matters are not expected to have a material impact on our condensed consolidated financial position, cash flows and results of operations. We are not presently subject to any material litigation nor, to our knowledge, is any material litigation threatened against the Company which if determined unfavorably to us would have a material adverse effect on our cash flows, financial condition or results of operations. Refer to Note 3 “Acquisitions” and Note 4 “Real Estate Note Receivable” for additional information on the remaining commitment to develop projects and our real estate note receivable.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Summary Of Significant Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Because we are the sole general partner and a limited partner of our operating partnership and have control over its management and major operating decisions, the accounts of our operating partnership are consolidated in our condensed consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. In accordance with the guidance for the consolidation of variable interest entities (“VIEs”), we analyze our variable interests, including investments in partnerships and joint ventures, to determine if the entity in which we have a variable interest is a variable interest entity. Our analysis includes both quantitative and qualitative reviews, based on our review of the design of the entity, its organizational structure including decision-making ability, risk and reward sharing experience and financial condition of other partner(s), voting rights, involvement in day-to-day capital and operating decisions and financial agreements. We also use quantitative and qualitative analyses to determine if we must consolidate a variable
Interim Financial Information	Interim Financial Information The accompanying interim condensed consolidated financial statements have been prepared by our management in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in conjunction with the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the interim condensed consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. The accompanying financial information reflects all adjustments which are, in the opinion of our management, of a normal recurring nature and necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods. Operating results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. Our accompanying interim condensed consolidated financial statements should be read in conjunction with our audited condensed consolidated financial statements and the notes thereto included on our 2014 Annual Report on Form 10-K, as filed with the SEC.
Construction in Progress	Construction in Progress The Company records construction in progress at cost, including acquisition fees and closing costs incurred. The cost of the construction in progress includes direct and indirect costs of development, including interest and miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. Interest and loan costs attributable to funds used to finance construction in progress are capitalized as additional costs of development.
Reclassification	Reclassifications Reclassifications have been made to the prior year’s combined condensed consolidated financial statements to conform to current year’s presentation. The Company had previously recorded income tax benefit as a component of general and administrative expenses. As of June 30, 2015, income tax benefit has been reclassified and is separately presented in the condensed consolidated statement of operations. The reclassification has no impact on net loss.

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition	The details of the purchase price of the acquired properties are set forth below: Armbrook Gables of Sumter Village Kentridge Grand Land $ 2,782,000 $ 640,000 $ - Buildings and improvements 27,864,000 12,939,000 37,295,000 Furniture, fixtures and vehicles 1,401,000 870,000 1,580,000 Intangible assets 1,098,000 921,000 - Intangible liability (1) - - (516,000) Contingent liability (2) (3,145,000) - (6,859,000) Real estate acquisition $ 30,000,000 $ 15,370,000 $ 31,500,000 Acquisition expenses $ 485,000 $ 256,000 $ 428,000 (1) This balance represents the Company’s fair value estimate of the above market ground lease associated with the land in the Sumter Grand acquisition and is recorded in accounts payable and accrued liabilities. (2) This balance represents the Company’s fair value estimate of contingent liabilities the sellers of Armbrook Village and Sumter Grand are entitled to based on a net operating income threshold and is recorded in accounts payable and accrued liabilities. contingent liabilities
Business Acquisition, Pro Forma Information	We have not adjusted the pro forma information for any items that may be directly attributable to the business combination or are non-recurring in nature. Period ended Period ended June 30, 2015 June 30, 2014 Revenues $ 56,796,000 $ 42,298,000 Net loss $ (6,068,000) $ (1,497,000) Basic and diluted net loss per common share attributable to common stockholders $ (0.53) $ (0.12)

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	6 Months Ended
	Jun. 30, 2015
Investments In Real Estate [Abstract]
Schedule Of Cost and Accumulated Depreciation and Amortization Related To Real Estate Assets and Related Lease Intangibles	As of June 30, 2015, accumulated depreciation and amortization related to real estate assets and related lease intangibles were as follows: Buildings and Furniture, Fixtures Intangible Lease Land Improvements and Equipment Assets Cost $ 47,820,000 $ 406,522,000 $ 17,697,000 $ 28,712,000 Accumulated depreciation and amortization - (26,576,000) (5,067,000) (19,299,000) Net $ 47,820,000 $ 379,946,000 $ 12,630,000 $ 9,413,000 As of December 31, 2014, accumulated depreciation and amortization related to real estate assets and related lease intangibles were as follows: Buildings and Furniture, Fixtures Intangible Lease Land Improvements and Equipment Assets Cost $ 42,266,000 $ 327,858,000 $ 13,125,000 $ 26,752,000 Accumulated depreciation and amortization - (21,070,000) (4,138,000) (15,724,000) Net $ 42,266,000 $ 306,788,000 $ 8,987,000 $ 11,028,000
Estimated Amortization	Estimated amortization for July 1, 2015 through December 31, 2015 and each of the subsequent years is as follows: Intangible Assets July 1,2015 - December 31, 2015 2,872,000 2016 556,000 2017 555,000 2018 543,000 2019 461,000 2020 and thereafter 4,426,000

Investments in Unconsolidated24

Investments in Unconsolidated Entities (Tables)	6 Months Ended
	Jun. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Accounting	As of June 30, 2015, the Company owns interests in the following entities that are accounted for under the equity method of accounting: Entity (1) Property Type Acquired Investment (2) Ownership % Physicians Center MOB Medical Office Building April 2012 $ 98,000 71.9 % Buffalo Crossings Assisted-Living Facility January 2014 1,085,000 25.0 % $ 1,183,000 (1) These entities are not consolidated because the Company exercises significant influence, but does not control or direct the activities that most significantly impact the entity’s performance. (2) Represents the carrying value of the Company’s investment in the unconsolidated entities.
Schedule of Combined Financial Information For Unconsolidated Entities	June 30, December 31, 2015 (2) 2014 (1)(2) Cash and cash equivalents $ 188,000 $ 48,000 Investments in real estate, net 24,783,000 27,737,000 Other assets 817,000 769,000 Total assets $ 25,788,000 $ 28,554,000 Notes payable $ 21,753,000 $ 17,444,000 Accounts payable and accrued liabilities 242,000 1,676,000 Other liabilities 311,000 68,000 Total stockholders’ equity 3,482,000 9,366,000 Total liabilities and equity $ 25,788,000 $ 28,554,000 Three Months Ended June 30, Six Months Ended June 30, 2015 2014 (1) 2015 2014 (1) Total revenues $ 560,000 $ 393,000 $ 988,000 $ 790,000 Net loss $ (179,000) $ (160,000) $ (423,000) $ (273,000) Company’s equity in loss from unconsolidated entities $ 45,000 $ 115,000 $ 173,000 $ 200,000 (1) On January 28, 2014, through a wholly-owned subsidiary, we acquired a 25% interest in a joint venture entity that has developed Buffalo Crossings, a 108-unit, assisted living community. Buffalo Crossings was accounted for under the equity method of accounting beginning with the first quarter of 2014. (2) As of December 31, 2014 the Company’s initial investment of $ 3.5

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Reconciliation of segment activity to consolidated net income (loss)	Three Months Ended June 30,2015 Three Months Ended June 30 ,2014 Triple- Triple- Senior living net leased Medical office Senior living net leased Medical office operations properties building Consolidated operations properties building Consolidated Rental revenue $ 17,423,000 $ 2,328,000 $ 216,000 $ 19,967,000 $ 10,653,000 $ 1,309,000 $ 213,000 $ 12,175,000 Resident services and fee income 7,780,000 - 13,000 7,793,000 6,939,000 - - 6,939,000 Tenant reimbursements and other income 535,000 298,000 65,000 898,000 94,000 208,000 76,000 378,000 25,738,000 2,626,000 294,000 28,658,000 17,686,000 1,517,000 289,000 19,492,000 Property operating and maintenance expenses 17,953,000 318,000 82,000 18,353,000 12,115,000 219,000 70,000 12,404,000 Net operating income $ 7,785,000 $ 2,308,000 $ 212,000 $ 10,305,000 $ 5,571,000 $ 1,298,000 $ 219,000 $ 7,088,000 General and administrative 988,000 421,000 Asset management fees and expenses 1,554,000 984,000 Real estate acquisition costs 769,000 311,000 Depreciation and amortization 5,521,000 3,191,000 Interest expense, net 3,522,000 2,394,000 Change in fair value of contingent consideration 600,000 - Equity in loss from unconsolidated entities 45,000 115,000 Income tax benefit (1,196,000) (161,000) Net loss $ (1,498,000) $ (167,000) Six Months Ended June 30, 2015 Six Months Ended June 30, 2014 Triple- Triple- Senior living net leased Medical office Senior living net leased Medical office operations properties building Consolidated operations properties building Consolidated Rental revenue $ 32,308,000 $ 4,657,000 $ 432,000 $ 37,397,000 $ 20,157,000 $ 2,618,000 $ 427,000 $ 23,202,000 Resident services and fee income 15,445,000 - 13,000 15,458,000 14,207,000 - - 14,207,000 Tenant reimbursements and other income 668,000 616,000 143,000 1,427,000 193,000 372,000 153,000 718,000 48,421,000 5,273,000 588,000 54,282,000 34,557,000 2,990,000 580,000 38,127,000 Property operating and maintenance expenses 34,072,000 602,000 162,000 34,836,000 23,944,000 438,000 148,000 24,530,000 Net operating income $ 14,349,000 $ 4,671,000 $ 426,000 $ 19,446,000 $ 10,613,000 $ 2,552,000 $ 432,000 $ 13,597,000 General and administrative 1,703,000 966,000 Asset management fees and expenses 2,914,000 1,941,000 Real estate acquisition costs 1,350,000 346,000 Depreciation and amortization 9,976,000 6,111,000 Interest expense, net 6,687,000 4,603,000 Change in fair value of contingent consideration 600,000 - Equity in loss from unconsolidated entities 173,000 200,000 Income tax benefit (1,725,000) (311,000) Net loss $ (2,232,000) $ (259,000)
Reconciliation of segment activity to consolidated financial position	The following table reconciles the segment activity to consolidated financial position as of June 30, 2015 and December 31, 2014. June 30, 2015 December 31, 2014 Assets Investment in real estate: Senior living operations $ 373,539,000 $ 278,880,000 Triple-net leased properties 85,443,000 82,648,000 Medical office building 7,383,000 7,541,000 Total reportable segments $ 466,365,000 $ 369,069,000 Reconciliation to consolidated assets: Cash and cash equivalents 24,493,000 35,564,000 Real estate note receivable 2,783,000 - Deferred financing costs, net 3,793,000 3,338,000 Investment in unconsolidated entities 1,183,000 5,146,000 Tenant and other receivables, net 5,384,000 4,037,000 Deferred costs and other assets 6,114,000 5,554,000 Restricted cash 6,141,000 5,161,000 Goodwill 5,965,000 5,965,000 Total assets $ 522,221,000 $ 433,834,000

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Payable [Abstract]
Principal payments due on notes payable	Principal payments due on our notes payable for July 1, 2015 to December 31, 2015 and each of the subsequent years is as follows: Year Principal Amount July 1, 2015 to December 31, 2015 $ 26,066,000 2016 2,900,000 2017 99,482,000 2018 28,479,000 2019 67,608,000 2020 and thereafter 108,973,000 $ 333,508,000 Less: discount (49,000) $ 333,459,000

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity [Abstract]
Summary of distributions declared	The following are the distributions declared during the six months ended June 30, 2015 and 2014: Distributions Declared (1) Cash Flow from Period Cash Reinvested Total Operations First quarter 2014 $ 1,486,000 $ 69,000 $ 1,555,000 $ 3,652,000 Second quarter 2014 1,452,000 88,000 1,540,000 2,852,000 First quarter 2015 $ 1,330,000 $ 85,000 $ 1,415,000 $ 3,348,000 Second quarter 2015 1,347,000 85,000 1,432,000 4,369,000 (1) In order to meet the requirements for being treated as a REIT under the Internal Revenue Code, we must pay distributions to our stockholders each taxable year equal to least 90

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Asset Management Fees $ 1,554,000 $ 984,000 $ 2,914,000 $ 1,941,000

Organization (Details Textual)

Organization (Details Textual) - 6 months ended Jun. 30, 2015	Total
Organization [Line Items]
Percentage of interest owned	57.90%
Sentio Investments, LLC [Member]
Organization [Line Items]
Formation date	December 20, 2011
Sentio Healthcare Properties OP, LP [Member]
Organization [Line Items]
Formation date	October 17, 2006
Operating Partnership and the HC Operating Partnership, LP [Member]
Organization [Line Items]
Percentage of interest owned	100.00%

Acquisitions (Details)

Acquisitions (Details)		Jun. 30, 2015USD ($)
Armbrook Village [Member]
Business Acquisition [Line Items]
Land		$ 2,782,000
Buildings and improvements		27,864,000
Furniture, fixtures and vehicles		1,401,000
Intangible assets		1,098,000
Intangible liability	[1]	0
Contingent Liability	[2]	(3,145,000)
Real estate acquisition		30,000,000
Acquisition expenses		485,000
Gables of Kentridge [Member]
Business Acquisition [Line Items]
Land		640,000
Buildings and improvements		12,939,000
Furniture, fixtures and vehicles		870,000
Intangible assets		921,000
Intangible liability	[1]	0
Contingent Liability	[2]	0
Real estate acquisition		15,370,000
Acquisition expenses		256,000
Sumter Grand [Member]
Business Acquisition [Line Items]
Land		0
Buildings and improvements		37,295,000
Furniture, fixtures and vehicles		1,580,000
Intangible assets		0
Intangible liability	[1]	(516,000)
Contingent Liability	[2]	(6,859,000)
Real estate acquisition		31,500,000
Acquisition expenses		$ 428,000
[1]	This balance represents the Company’s fair value estimate of the above market ground lease associated with the land in the Sumter Grand acquisition and is recorded in accounts payable and accrued liabilities.
[2]	This balance represents the Company’s fair value estimate of contingent liabilities the sellers of Armbrook Village and Sumter Grand are entitled to based on a net operating income threshold and is recorded in accounts payable and accrued liabilities. The contingent liabilities will expire if not achieved.

Acquisitions (Details 1)

Acquisitions (Details 1) - Business Acquisition, Acquiree [Domain] - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Business Acquisition [Line Items]
Revenues	$ 56,796,000	$ 42,298,000
Net loss	$ (6,068,000)	$ (1,497,000)
Basic and diluted net loss per common share attributable to common stockholders	$ (0.53)	$ (0.12)

Acquisitions (Details Textual)

Acquisitions (Details Textual)	Apr. 06, 2015USD ($)	Feb. 06, 2015USD ($)	Oct. 31, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Apr. 30, 2015USD ($)ft²	Dec. 31, 2014USD ($)
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross				$ 69,311,000	$ 5,364,000
Revenues				56,796,000	42,298,000
Net loss				(6,068,000)	$ (1,497,000)
Equity Method Investment, Aggregate Cost				1,183,000			$ 5,146,000
Development in Process				16,556,000			$ 0
Sumter Grand [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross		$ 31,500,000
Revenues				1,600,000
Net loss				1,000,000
Gables of Kentridge [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross				15,400,000
Revenues				1,100,000
Net loss				500,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt				9,100,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt Net of Discount				9,000,000
Armbrook Village [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross	$ 30,000,000
Revenues				1,300,000
Net loss				$ 800,000
Additional proceeds payable if certain net operating income thresholds met	$ 3,600,000
Business Acquisition, Percentage of Voting Interests Acquired	95.00%
Armbrook Village [Member] | Maximum [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred	$ 33,600,000
The Parkway [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross			$ 3,500,000
Business Acquisition, Percentage of Voting Interests Acquired			65.00%	65.00%
O’Reilly Development Company [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross			$ 1,500,000
Business Acquisition, Percentage of Voting Interests Acquired			32.50%
Project Cost			$ 22,400,000
Equity Method Investment, Aggregate Cost			$ 3,500,000
Construction in Progress, Gross				$ 14,500,000
Development in Process				7,900,000
Construction Loan				9,300,000
Golden [Member]
Business Acquisition [Line Items]
Equity Method Investment, Aggregate Cost				4,000,000
Area of Land | ft²						112,500
Contractual Obligation, Total				14,500,000		$ 18,500,000
Payments to Acquire Land				2,000,000
Construction and Development Costs, Total				$ 2,000,000

Real Estate Note Receivable (De

Real Estate Note Receivable (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jan. 16, 2015
Debt Instrument, Interest Rate, Stated Percentage	0.00%
Payments to Acquire Notes Receivable	$ 2,783,000	$ 0
Georgetown Loan [Member]
Debt Instrument, Face Amount			$ 41,900,000
Debt Instrument, Interest Rate, Stated Percentage	7.90%
Loan Origination Fee Percent	1.00%
Debt Instrument, Maturity Date, Description	on January 15, 2020 with one 12-month option to extend at the Company’s option
Payments to Acquire Notes Receivable	$ 2,800,000
Real Estate Note Receivable Remaining Commitment	$ 39,100,000

Investments in Real Estate (Det

Investments in Real Estate (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Cost and accumulated depreciation and amortization related to real estate assets and related lease intangibles
Total Investment In Real Estate	$ 466,365,000	$ 369,069,000
Land [Member]
Cost and accumulated depreciation and amortization related to real estate assets and related lease intangibles
Cost	47,820,000	42,266,000
Accumulated depreciation and amortization	0	0
Total Investment In Real Estate	47,820,000	42,266,000
Buildings and Improvements [Member]
Cost and accumulated depreciation and amortization related to real estate assets and related lease intangibles
Cost	406,522,000	327,858,000
Accumulated depreciation and amortization	(26,576,000)	(21,070,000)
Total Investment In Real Estate	379,946,000	306,788,000
Furniture, Fixtures and Equipment [Member]
Cost and accumulated depreciation and amortization related to real estate assets and related lease intangibles
Cost	17,697,000	13,125,000
Accumulated depreciation and amortization	(5,067,000)	(4,138,000)
Total Investment In Real Estate	12,630,000	8,987,000
Intangible lease assets [Member]
Cost and accumulated depreciation and amortization related to real estate assets and related lease intangibles
Cost	28,712,000	26,752,000
Accumulated depreciation and amortization	(19,299,000)	(15,724,000)
Total Investment In Real Estate	$ 9,413,000	$ 11,028,000

Investments in Real Estate (D35

Investments in Real Estate (Details 1)	Jun. 30, 2015USD ($)
Estimated amortization
July 1,2015 - December 31, 2015	$ 2,872,000
2,016	556,000
2,017	555,000
2,018	543,000
2,019	461,000
2020 and thereafter	$ 4,426,000

Investments in Real Estate (D36

Investments in Real Estate (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Property, Plant and Equipment [Line Items]
Real Estate Accumulated Depreciation, Depreciation Expense	$ 3.4	$ 1.9	$ 6.4	$ 3.8
Finite-Lived Intangible Assets, Remaining Amortization Period			12 years
Amortization associated with the intangible assets	$ 2.1	$ 1.3	$ 3.6	$ 2.3
Minimum [Member]
Property, Plant and Equipment [Line Items]
Finite-Lived Intangible Asset, Useful Life			1 year
Maximum [Member]
Property, Plant and Equipment [Line Items]
Finite-Lived Intangible Asset, Useful Life			22 years

Investments in Unconsolidated37

Investments in Unconsolidated Entities (Details) - Jun. 30, 2015 - USD ($)		Total
Investment	[1],[2]	$ 1,183,000
Physicians Center MOB [Member] | Medical Office Building [Member]
Acquired	[1]	Apr. 30, 2012
Investment	[1],[2]	$ 98,000
Ownership	[1]	71.90%
Buffalo Crossing [Member] | Assisted-Living Facility - Under Development [Member]
Acquired	[1]	Jan. 31, 2014
Investment	[1],[2]	$ 1,085,000
Ownership	[1]	25.00%
[1]	Represents the carrying value of the Company’s investment in the unconsolidated entities.
[2]	These entities are not consolidated because the Company exercises significant influence, but does not control or direct the activities that most significantly impact the entity’s performance.

Investments in Unconsolidated38

Investments in Unconsolidated Entities (Details 1) - USD ($)		Jun. 30, 2015	Dec. 31, 2014	[2]
Equity Method Investment, Summarized Financial Information, Assets	[1]	$ 25,788,000	$ 28,554,000
Equity Method Investment Summarized Financial Information, Equity	[1]	3,482,000	9,366,000
Equity Method Investment, Summarized Financial Information, Liabilities and Equity	[1]	25,788,000	28,554,000
Cash and Cash Equivalents [Member]
Equity Method Investment, Summarized Financial Information, Assets	[1]	188,000	48,000
Investments In Real Estate Net [Member]
Equity Method Investment, Summarized Financial Information, Assets	[1]	24,783,000	27,737,000
Other Assets [Member]
Equity Method Investment, Summarized Financial Information, Assets	[1]	817,000	769,000
Notes Payable [Member]
Equity Method Investment, Summarized Financial Information, Liabilities	[1]	21,753,000	17,444,000
Accounts Payable and Accrued Liabilities [Member]
Equity Method Investment, Summarized Financial Information, Liabilities	[1]	242,000	1,676,000
Other Liabilities [Member]
Equity Method Investment, Summarized Financial Information, Liabilities	[1]	$ 311,000	$ 68,000
[1]	The Company’s initial investment of $3.5 million in The Parkway was accounted for as an equity method investment as of December 31, 2014. As of June 30, 2015, the Company determined that it is the primary beneficiary of The Parkway and as a result, it is no longer accounted for under the equity method of accounting. See Note 3 for more details.
[2]	On January 28, 2014, through a wholly-owned subsidiary, we acquired a 25% interest in a joint venture entity that has developed Buffalo Crossings, a 108-unit, assisted living community. Buffalo Crossings was accounted for under the equity method of accounting beginning with the first quarter of 2014.

Investments in Unconsolidated39

Investments in Unconsolidated Entities (Details 2) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	[1]	Jun. 30, 2015	Jun. 30, 2014	[1]
Total revenues	$ 560,000	$ 393,000		$ 988,000	$ 790,000
Net loss	(179,000)	(160,000)		(423,000)	(273,000)
Company’s equity in loss from unconsolidated entities	$ (45,000)	$ (115,000)		$ (173,000)	$ (200,000)
[1]	On January 28, 2014, through a wholly-owned subsidiary, we acquired a 25% interest in a joint venture entity that has developed Buffalo Crossings, a 108-unit, assisted living community. Buffalo Crossings was accounted for under the equity method of accounting beginning with the first quarter of 2014.

Investments in Unconsolidated40

Investments in Unconsolidated Entities (Details Textual) - USD ($)		Jun. 30, 2015	Dec. 31, 2014
Equity Method Investments	[1],[2]	$ 1,183,000
The Parkway [Member]
Equity Method Investments			$ 3,500,000
[1]	Represents the carrying value of the Company’s investment in the unconsolidated entities.
[2]	These entities are not consolidated because the Company exercises significant influence, but does not control or direct the activities that most significantly impact the entity’s performance.

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Deferred State and Local Income Tax Expense (Benefit)	$ 1.2	$ 0.2	$ 1.7	$ 0.3
Deferred Tax Assets, Net	$ 3.6		$ 3.6		$ 2.5

Segment Reporting (Details)

Segment Reporting (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014		Jun. 30, 2015	Jun. 30, 2014
Reconciliation of segment activity to consolidated net income
Rental revenue	$ 19,967,000	$ 12,175,000		$ 37,397,000	$ 23,202,000
Resident services and fee income	7,793,000	6,939,000		15,458,000	14,207,000
Tenant reimbursements and other income	898,000	378,000		1,427,000	718,000
Total revenues	28,658,000	19,492,000		54,282,000	38,127,000
Property operating and maintenance expenses	18,353,000	12,404,000		34,836,000	24,530,000
Net operating income	10,305,000	7,088,000		19,446,000	13,597,000
General and administrative	988,000	421,000		1,703,000	966,000
Asset management fees and expenses	1,554,000	984,000		2,914,000	1,941,000
Real estate acquisition costs	769,000	311,000		1,350,000	346,000
Depreciation and amortization	5,521,000	3,191,000		9,976,000	6,111,000
Interest expense, net	3,522,000	2,394,000		6,687,000	4,603,000
Change in fair value of contingent consideration	600,000	0		600,000	0
Equity in loss from unconsolidated entities	45,000	115,000	[1]	173,000	200,000	[1]
Income tax benefit	(1,196,000)	(161,000)		(1,725,000)	(311,000)
Net loss	(1,498,000)	(167,000)		(2,232,000)	(259,000)
Senior living properties [Member]
Reconciliation of segment activity to consolidated net income
Rental revenue	17,423,000	10,653,000		32,308,000	20,157,000
Resident services and fee income	7,780,000	6,939,000		15,445,000	14,207,000
Tenant reimbursements and other income	535,000	94,000		668,000	193,000
Total revenues	25,738,000	17,686,000		48,421,000	34,557,000
Property operating and maintenance expenses	17,953,000	12,115,000		34,072,000	23,944,000
Net operating income	7,785,000	5,571,000		14,349,000	10,613,000
Triple-net leased properties [Member]
Reconciliation of segment activity to consolidated net income
Rental revenue	2,328,000	1,309,000		4,657,000	2,618,000
Resident services and fee income	0	0		0	0
Tenant reimbursements and other income	298,000	208,000		616,000	372,000
Total revenues	2,626,000	1,517,000		5,273,000	2,990,000
Property operating and maintenance expenses	318,000	219,000		602,000	438,000
Net operating income	2,308,000	1,298,000		4,671,000	2,552,000
Medical office properties [Member]
Reconciliation of segment activity to consolidated net income
Rental revenue	216,000	213,000		432,000	427,000
Resident services and fee income	13,000	0		13,000	0
Tenant reimbursements and other income	65,000	76,000		143,000	153,000
Total revenues	294,000	289,000		588,000	580,000
Property operating and maintenance expenses	82,000	70,000		162,000	148,000
Net operating income	$ 212,000	$ 219,000		$ 426,000	$ 432,000
[1]	On January 28, 2014, through a wholly-owned subsidiary, we acquired a 25% interest in a joint venture entity that has developed Buffalo Crossings, a 108-unit, assisted living community. Buffalo Crossings was accounted for under the equity method of accounting beginning with the first quarter of 2014.

Segment Reporting (Details 1)

Segment Reporting (Details 1) - USD ($)	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Investments in real estate:
Total reportable segments	$ 466,365,000	$ 369,069,000
Reconciliation to consolidated assets:
Cash and cash equivalents	24,493,000	35,564,000	$ 18,072,000	$ 21,792,000
Real estate note receivable	2,783,000	0
Deferred financing costs, net	3,793,000	3,338,000
Investment in unconsolidated entities	1,183,000	5,146,000
Tenant and other receivables, net	5,384,000	4,037,000
Deferred costs and other assets	6,114,000	5,554,000
Restricted cash	6,141,000	5,161,000
Goodwill	5,965,000	5,965,000
Total assets	522,221,000	433,834,000
Senior living operations [Member]
Investments in real estate:
Total reportable segments	373,539,000	278,880,000
Reconciliation to consolidated assets:
Goodwill	6,000,000	6,000,000
Triple-net leased properties [Member]
Investments in real estate:
Total reportable segments	85,443,000	82,648,000
Medical office building [Member]
Investments in real estate:
Total reportable segments	$ 7,383,000	$ 7,541,000

Segment Reporting (Details Text

Segment Reporting (Details Textual) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Goodwill	$ 5,965,000	$ 5,965,000
Senior living operations [Member]
Segment Reporting Information [Line Items]
Goodwill	$ 6,000,000	$ 6,000,000

Fair Value Measurements (Detail

Fair Value Measurements (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Notes Payable carrying Value	$ 333,459,000	$ 276,476,000
Notes Payable net of discount and prmium	333,508,000	276,500,000
Sumter Grand [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	12,300,000
Liabilities, Fair Value Adjustment	$ 600,000
Sumter Grand [Member] | Minimum [Member]
Change In Fair Value of Liabilities Discount Rate Percentage	9.00%
Sumter Grand [Member] | Maximum [Member]
Change In Fair Value of Liabilities Discount Rate Percentage	10.00%
Fair Value, Inputs, Level 2 [Member]
Notes Payable, Fair Value Disclosure	$ 332,900,000	$ 275,800,000

Notes Payable (Details)

Notes Payable (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Principal payments due on notes payable
Principal amount	$ 333,508,000	$ 276,500,000
Less: discount	(49,000)
Notes payable	333,459,000	$ 276,476,000
April 30, 2015 - December 31, 2015
Principal payments due on notes payable
Principal amount	26,066,000
2016 [Member]
Principal payments due on notes payable
Principal amount	2,900,000
2017 [Member]
Principal payments due on notes payable
Principal amount	99,482,000
2018 [Member]
Principal payments due on notes payable
Principal amount	28,479,000
2019 [Member]
Principal payments due on notes payable
Principal amount	67,608,000
2020 and thereafter [Member]
Principal payments due on notes payable
Principal amount	$ 108,973,000

Notes Payable (Details Textual)

Notes Payable (Details Textual) - USD ($)	Apr. 06, 2015	Feb. 06, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Oct. 31, 2014
Notes Payable (Additional Textual) [Abstract]
Notes payable			$ 333,459,000		$ 333,459,000		$ 276,476,000
Fixed rate debt			$ 173,500,000		$ 173,500,000		$ 156,400,000
Fixed rate debt, notes payable			52.00%		52.00%		57.00%
Variable rate debt			$ 160,000,000		$ 160,000,000		$ 120,000,000
Variable rate debt, notes payable			48.00%		48.00%		43.00%
Fixed and variable rate secured mortgage loans with average effective interest rate			3.98%		3.98%
Fixed rate debt, weighted average interest rate			4.81%		4.81%		4.89%
Variable rate debt, weighted average interest rate			3.08%		3.08%		3.15%
Deferred Finance Costs, Net			$ 3,793,000		$ 3,793,000		$ 3,338,000
Debt Instrument, Interest Rate, Stated Percentage			0.00%		0.00%
Interest Expense Deferred Financing Cost			$ 3,500,000	$ 2,400,000	$ 6,700,000	$ 4,600,000
Long-term Debt, Gross			333,508,000		333,508,000		276,500,000
KeyBank secured loan [Member]
Notes Payable (Additional Textual) [Abstract]
Debt Instrument, Face Amount							53,200,000
Gables of Kentridge [Member]
Notes Payable (Additional Textual) [Abstract]
Notes payable			9,000,000		9,000,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt			$ 9,100,000		$ 9,100,000
Debt Instrument, Term					35 years
Debt Instrument, Fee					25 basis point fee.
The Parkway [Member]
Notes Payable (Additional Textual) [Abstract]
Business Acquisition, Percentage of Voting Interests Acquired			65.00%		65.00%			65.00%
KeyBank National Association, Inc [Member]
Notes Payable (Additional Textual) [Abstract]
Debt Instrument, Interest Rate Terms		one month LIBOR plus 3.15%
Increase In minimum Repayments		$ 500,000
Key Bank [Member]
Notes Payable (Additional Textual) [Abstract]
Loan Amortization Period	30 years
Sumter Place [Member] | KeyBank secured loan [Member]
Notes Payable (Additional Textual) [Abstract]
Secured Debt							$ 28,900,000
Sumter Grand [Member] | KeyBank secured loan [Member]
Notes Payable (Additional Textual) [Abstract]
Secured Debt		$ 19,200,000
M&T Bank [Member]
Notes Payable (Additional Textual) [Abstract]
Debt Instrument Interest Rate Fixed Rate	6.00%
Debt Instrument, Interest Rate Terms	one month LIBOR plus 2.20%
Loan Amortization Period	28 years
Debt Instrument, Face Amount	$ 21,000,000
Debt Instrument, Maturity Date	May 1, 2020
Springfield First Community Bank [Member] | The Parkway [Member]
Notes Payable (Additional Textual) [Abstract]
Debt Instrument Interest Rate Fixed Rate					3.90%
Secured Debt			$ 9,300,000		$ 9,300,000
Loan Amortization Period					20 years
Maximum [Member]
Notes Payable (Additional Textual) [Abstract]
Fixed rate debt, notes payable			6.43%		6.43%
Maximum [Member] | Springfield First Community Bank [Member] | The Parkway [Member]
Notes Payable (Additional Textual) [Abstract]
Debt Instrument, Face Amount			$ 17,300,000		$ 17,300,000
Minimum [Member]
Notes Payable (Additional Textual) [Abstract]
Fixed rate debt, notes payable			2.39%		2.39%

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)		3 Months Ended				6 Months Ended
		Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2015	Jun. 30, 2014
Summary of distributions declared
Distributions Declared, Cash						$ 1,347,000	$ 1,452,000
Cash Flow From Operations		$ 4,369,000	$ 3,348,000	$ 2,852,000	$ 3,652,000
Common Stock [Member]
Summary of distributions declared
Distributions Declared, Cash		1,347,000	1,330,000	1,452,000	1,486,000
Distributions Declared, Reinvested	[1]	85,000	85,000	88,000	69,000
Distributions Declared, Total		$ 1,432,000	$ 1,415,000	$ 1,540,000	$ 1,555,000
[1]	In order to meet the requirements for being treated as a REIT under the Internal Revenue Code, we must pay distributions to our stockholders each taxable year equal to least 90% of our net ordinary taxable income.

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2013	Feb. 10, 2013
Stockholders' Equity (Textual) [Abstract]
Common stock, shares authorized	580,000,000	580,000,000	580,000,000
Common stock, par value	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, par value	$ 0.01	$ 0.01
Proceeds from issuance of common stock		$ 132.3
Annualized rate				$ 0.50
Percentage of annualized rate				5.00%
Common Stock Reinvested		13,300,000
Proceeds from Issuance of Preferred Stock and Preference Stock		$ 158.7	$ 94.8
Net Ordinary Taxable Income		90.00%
Number Of Days Prior Notice To Stock holders Regarding Changes In Program		30 days
Sale of Stock, Price Per Share				$ 10
Series B [Member]
Stockholders' Equity (Textual) [Abstract]
Dividends, Preferred Stock, Cash	$ 2.1	$ 4.9
Series B Preferred Stock [Member]
Stockholders' Equity (Textual) [Abstract]
Percentage of annualized rate	7.50%	7.50%
Preferred Stock, Shares Issued	1,586,000	1,586,000	946,560
Preferred Stock Convertible Number Of Equity Instruments		15,830,938	9,446,707
Construction Loan Originations Percentage	6.00%	6.00%
Preferred Stock Liquidation Preference Percentage	10.00%	10.00%
Series C Preferred Stock [Member]
Stockholders' Equity (Textual) [Abstract]
Preferred stock, shares authorized	1,000	1,000	1,000
Preferred stock, par value	$ 0.01	$ 0.01	$ 0.01
Percentage of annualized rate	3.00%	3.00%
Preferred Stock, Shares Issued	1,000	1,000	1,000
Series C And Series B Preferred Stock [Member]
Stockholders' Equity (Textual) [Abstract]
Equity Interests Issued Or Issuable Amount					$ 158.7

Earnings Per Share (Details Tex

Earnings Per Share (Details Textual)	6 Months Ended
	Jun. 30, 2015shares
Series B Preferred Stock [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,586,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Asset management fees	$ 1,554,000	$ 984,000	$ 2,914,000	$ 1,941,000

Related Party Transactions (D52

Related Party Transactions (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Feb. 10, 2013
Related Party Transactions (Additional Textual) [Abstract]
Management Fee, Description	our management fees and expenses and operating expenses totaled did not exceed the greater of 2% of our average invested assets and 25% of our net income.
Percentage of average invested assets	2.00%
Percentage of net income	25.00%
Percentage Of Management Fee Exceeded Then Invested Assets	2.00%
Series C And Series B Preferred Stock [Member]
Related Party Transactions (Additional Textual) [Abstract]
Equity Interests Issued Or Issuable Amount		$ 158.7
KKR Equity Commitment [Member] | Common Stock [Member]
Related Party Transactions (Additional Textual) [Abstract]
Investment Owned, Balance, Shares	15,830,938
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	57.90%
KKR Equity Commitment [Member] | Series C And Series B Preferred Stock [Member]
Related Party Transactions (Additional Textual) [Abstract]
Equity Interests Issued Or Issuable Amount	$ 158.7