CNL Healthcare Properties (CHTH) 10-Q 12 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 11, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Registrant Name	CNL Healthcare Properties, Inc.
Entity Central Index Key	0001496454
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity File Number	000-54685
Entity Tax Identification Number	27-2876363
Entity Address, Address Line One	CNL Center at City Commons
Entity Address, Address Line Two	450 South Orange Avenue
Entity Address, City or Town	Orlando
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32801
City Area Code	407
Local Phone Number	650-1000
Entity Common Stock, Shares Outstanding		173,960,540
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	MD
Document Quarterly Report	true
Document Transition Report	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
ASSETS
Real estate investment properties, net (including VIEs $43,038 and $42,612, respectively)		$ 1,359,127	$ 1,338,856
Assets held for sale		8,312	8,373
Cash (including VIEs $474 and $1,597, respectively)		51,483	53,161
Restricted cash (including VIEs $126 and $59 respectively)		4,631	4,520
Other assets (including VIEs $635 and $544, respectively)		14,943	18,700
Deferred rent, lease incentives and intangibles, net		16,234	12,970
Total assets		1,454,730	1,436,580
Liabilities:
Mortgages and other notes payable, net (including VIEs $28,787 and $28,855, respectively)		107,285	89,400
Credit facilities		500,075	499,728
Accounts payable and accrued liabilities (including VIEs $568 and $1,489, respectively)		26,967	29,170
Other liabilities (including VIEs $213 and $299, respectively)		7,369	6,115
Due to related parties	[1]	1,522	1,406
Total liabilities		643,218	625,819
Commitments and contingencies (Note 12)
Redeemable noncontrolling interest		537	520
Stockholders' equity:
Common stock, $0.01 par value per share, 1,120,000 shares authorized, 186,626 shares issued and 173,960 shares outstanding		1,740	1,740
Capital in excess of par value		1,516,926	1,516,926
Accumulated income		106,164	101,861
Accumulated distributions		(815,946)	(811,493)
Accumulated other comprehensive loss		886	10
Total stockholders' equity		809,770	809,044
Noncontrolling interest		1,205	1,197
Total equity		811,512	810,761
Total liabilities and equity		$ 1,454,730	$ 1,436,580
[1]	Amounts are recorded as due to related parties in the accompanying condensed consolidated balance sheets.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Real estate investment properties	$ 1,359,127	$ 1,338,856
Cash	51,483	53,161
Other assets	14,943	18,700
Restricted cash	4,631	4,520
2021 Term Loan Facility	107,285	89,400
Accounts payable and accrued liabilities	26,967	29,170
Other liabilities	$ 7,369	$ 6,115
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	200,000,000	200,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Excess shares, par value	$ 0.01	$ 0.01
Excess shares, shares authorized	300,000,000	300,000,000
Excess shares, shares issued	0	0
Excess shares, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,120,000,000	1,120,000,000
Common stock, shares issued	186,626,000	186,626,000
Common stock, shares outstanding	173,960,000	173,960,000
Variable Interest Entity, Primary Beneficiary
Real estate investment properties	$ 43,038	$ 42,612
Cash	474	1,597
Other assets	635	544
Restricted cash	126	59
2021 Term Loan Facility	28,787	28,855
Accounts payable and accrued liabilities	568	1,489
Other liabilities	$ 213	$ 299

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Rental income and related revenues	$ 6,865	$ 7,274
Resident fees and services	$ 71,732	$ 64,809
Type of revenue [extensible list]	us-gaap:HealthCareResidentServiceMember	us-gaap:HealthCareResidentServiceMember
Total revenues	$ 78,597	$ 72,083
Operating expenses:
Property operating expenses	55,333	47,855
General and administrative expenses	2,631	2,248
Depreciation and amortization	13,642	12,637
Total operating expenses	78,702	70,279
Operating (loss) income	(105)	1,804
Other income (expense):
Interest and other income (expense)	5	(2)
Interest expense and loan cost amortization	(3,863)	(5,281)
Gain on change of control of a joint venture	8,376	0
Equity in loss of unconsolidated entity		(19)
Total other income (expense)	4,518	5,302
Income (loss) before income taxes	4,413	(3,498)
Income tax (expense) benefit	(85)	1,336
Income (loss) from continuing operations	4,328	(2,162)
loss from discontinued operations	0	(10)
Net income (loss)	4,328	(2,172)
Less: Amounts attributable to noncontrolling interests
Net income (loss) from continuing operations	25	(25)
Net income (loss) attributable to common stockholders	$ 4,303	$ (2,147)
Net income (loss) per share of common stock (basic and diluted)
Continuing operations	$ 0.02	$ (0.01)
Discontinued operations	$ 0	$ 0
Weighted average number of shares of common stock outstanding (basic and diluted)	173,960	173,960
Asset Management Fees
Operating expenses:
Asset management fees	$ 3,579	$ 4,469
Property Management Fees
Operating expenses:
Asset management fees	$ 3,517	$ 3,070

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 4,328	$ (2,172)
Other comprehensive income:
Unrealized gain on derivative financial instruments, net	876	1
Unrealized gain on derivative financial instruments of equity method investments	0	2
Total other comprehensive income	876	3
Comprehensive income (loss)	5,204	(2,169)
Less: Comprehensive income (loss) attributable to noncontrolling interest	25	(25)
Comprehensive income (loss) attributable to common stockholders	$ 5,179	$ (2,144)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND REDEEMABLE NONCONTROLLING INTEREST (UNAUDITED) - USD ($) $ in Thousands	Total	Redeemable Noncontrolling Interest	Common Stock	Capital in Excess of Par Value	Accumulated Income (Loss)	Accumulated Distributions	Accumulated Other Comprehensive (Loss) Income	Total Stockholders' Equity	Non- controlling Interest
Beginning balance at Dec. 31, 2020	$ 869,369	$ 572	$ 1,740	$ 1,516,926	$ 124,743	$ (775,866)	$ (35)	$ 867,508	$ 1,289
Beginning Balance (in shares) at Dec. 31, 2020			173,960,000
Net income	(2,172)	8			(2,147)			(2,147)	(33)
Other comprehensive income	(3)						3	3
Distributions to noncontrolling interests	(109)	61							48
Cash distributions declared	(8,907)					(8,907)		(8,907)
Ending Balance at Mar. 31, 2021	858,184	519	$ 1,740	1,516,926	122,596	(784,773)	(32)	856,457	1,208
Ending Balance (in shares) at Mar. 31, 2021			173,960,000
Beginning balance at Dec. 31, 2021	$ 810,761	520	$ 1,740	1,516,926	101,861	(811,493)	10	809,044	1,197
Beginning Balance (in shares) at Dec. 31, 2021	173,960,000		173,960,000
Net income	$ 4,328	17			4,303			4,303	8
Other comprehensive income	876						876	876
Cash distributions declared	(4,453)					(4,453)		(4,453)
Ending Balance at Mar. 31, 2022	$ 811,512	$ 537	$ 1,740	$ 1,516,926	$ 106,164	$ (815,946)	$ 886	$ 809,770	$ 1,205
Ending Balance (in shares) at Mar. 31, 2022	173,960,000		173,960,000

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND REDEEMABLE NONCONTROLLING INTEREST (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Cash distributions, declared per share	$ 0.0256	$ 0.0512

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities:
Net cash flows provided by operating activities – continuing operations	$ 8,236	$ 12,640
Net cash flows used in provided by operating activities - discontinued operations	0	(7)
Net cash flows provided by operating activities	8,236	12,633
Investing activities:
Acquisition of joint venture interest, net of cash acquired	(1,134)	0
Capital expenditures	(3,579)	(1,975)
Other investing activities	0	35
Net cash used in investing activities - continuing operations	(4,713)	(1,940)
Net cash provided by investing activities – discontinued operations	0	7,402
Net cash (used in) provided by investing activities	(4,713)	5,462
Financing activities:
Distributions to stockholders	(4,453)	(8,907)
Principal payments on mortgages and other notes payable	(642)	(2,794)
Other financing activities	5	(109)
Net cash flows used in financing activities	(5,090)	(11,810)
Net (decrease) increase in cash and restricted cash	(1,567)	6,285
Cash and restricted cash at beginning of period, including assets held for sale	57,681	66,011
Cash and restricted cash at end of period, including assets held for sale	56,114	72,296
Supplemental disclosure of non-cash investing and financing activities:
Real estate investment properties	29,384	0
Intangibles	4,281	0
Mortgages and notes payable	(18,468)	0
Net assets recognized upon the change in control of the Windsor Manor Joint Venture (Note 4)	$ 15,197	$ 0

Organization

Organization	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Org anization CNL Healthcare Properties, Inc. (the “Company”) is a Maryland corporation that elected to be taxed as a real estate investment trust (“REIT”) for United States (“U.S.”) federal income tax purposes. The Company has been and intends to continue to be organized and operate in a manner that allows it to remain qualified as a REIT for U.S. federal income tax purposes. The Company conducts substantially all of its operations either directly or indirectly through: (1) an operating partnership, CHP Partners, LP (“Operating Partnership”), in which the Company is the sole limited partner and its wholly-owned subsidiary, CHP GP, LLC, is the sole general partner; (2) a wholly-owned taxable REIT subsidiary (“TRS”), CHP TRS Holding, Inc.; (3) property owner and lender subsidiaries, which are single purpose entities; and (4) investments in joint ventures. The Company is externally managed and advised by CNL Healthcare Corp. (“Advisor”), which is an affiliate of CNL Financial Group, LLC (“Sponsor”). The Sponsor is an affiliate of CNL Financial Group, Inc. (“CNL”). The Advisor is responsible for managing the Company’s day-to-day operations, serving as a consultant in connection with policy decisions to be made by the board of directors, and for identifying, recommending and executing on possible strategic alternatives and dispositions on the Company’s behalf pursuant to an advisory agreement among the Company, the Operating Partnership and the Advisor. Substantially all of the Company’s operating, administrative and certain property management services are provided by affiliates of the Advisor. In addition, certain property management services are provided by third-party property managers. In 2017, the Company began evaluating possible strategic alternatives to provide liquidity to the Company’s stockholders. As part of executing under possible strategic alternatives, the Company’s board of directors committed to a plan to sell 70 assets, including properties comprising its MOB/Healthcare portfolio. As of December 31, 2021, the Company had successfully completed the sale of 69 properties and in April 2022, completed the sale of its last property, the Hurst Specialty Hospital. See Note 13. "Subsequent Events" for additional information regarding the sale of the Hurst Specialty Hospital. As of March 31, 2022 , the Company’s seniors housing portfolio was geographically diversified with properties in 26 states and consisted of interests in 73 properties, including 71 seniors housing communities, the Hurst Specialty Hospital (held for sale, which was sold in April 2022) and one vacant land parcel. T he Company has primarily leased its seniors housing properties to wholly-owned TRS entities and engaged independent third-party managers under management agreements to operate the properties under the RIDEA structures; however, the Company has also leased some of its properties to third-party tenants under triple-net or similar lease structures, where the tenant bears all or substantially all of the costs (including cost increases, for real estate taxes, utilities, insurance and ordinary repairs). In addition, most of the Company’s investments have been wholly owned, although, it has, to a lesser extent, invested through partnerships with other entities where it was believed to be appropriate and beneficial.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation and Consolidation — The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by generally accepted accounting principles in the U.S. (“GAAP”). The unaudited condensed consolidated financial statements reflect all normal recurring adjustments, which, in the opinion of management, are necessary for the fair statement of the Company’s results for the interim period presented. Operating results for the three months ended March 31, 2022 may not be indicative of the results that may be expected for the year ending December 31, 2022. Amounts as of December 31, 2021 included in the unaudited condensed consolidated financial statements have been derived from audited consolidated financial statements as of that date but do not include all disclosures required by GAAP. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The accompanying unaudited condensed consolidated financial statements include the Company’s accounts, the accounts of wholly owned subsidiaries or subsidiaries for which the Company has a controlling interest, the accounts of two variable interest entities (“VIEs”) in which the Company is the primary beneficiary, and the accounts of other subsidiaries over which the Company has a controlling financial interest. All material intercompany accounts and transactions have been eliminated in consolidation. Risks and Uncertainties — In March 2020, the World Health Organization declared the outbreak of the novel coronavirus (“COVID-19”) as a pandemic around the globe. Since the onset of the pandemic, the Company has operated and continues to operate its communities through the disruptions and uncertainties of the pandemic, including disruptions from new variants of the virus. Although more normalized activities have resumed, at this time the Company cannot predict the full extent of the impacts of the COVID-19 pandemic on the Company and its operations, and the COVID-19 pandemic may continue to have a material and adverse impact on our financial condition, results of operations and cash flows. Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements, the reported amounts of revenues and expenses during the reporting periods and the disclosure of contingent liabilities. For example, significant assumptions are made in the analysis of real estate impairments, the valuation of contingent assets and liabilities, and the valuation of restricted common stock (“Restricted Stock”) shares issued to the Advisor. Accordingly, actual results could differ from those estimates. 2. Summary of Significant Accounting Policies (Continued) Assets Held For Sale, net and Discontinued Operations — The Company determines to classify a property as held for sale once management has the authority to approve and commits to a plan to sell the property, the property is available for immediate sale, there is an active program to locate a buyer, the sale of the property is probable and the transfer of the property is expected to occur within one year. Upon the determination to classify a property as held for sale, the Company ceases recording further depreciation and amortization relating to the associated assets and those assets are measured at the lower of its carrying amount or fair value less disposition costs and are presented separately in the consolidated balance sheets for all periods presented. In addition, the Company classifies assets held for sale as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on the Company’s operations and financial results. For any disposal(s) qualifying as discontinued operations, the Company allocates interest expense and loan cost amortization that directly relates to either: (1) expense on mortgages and other notes payable collateralized by properties classified as discontinued operations; or (2) expense on the Company’s Credit Facilities, which is allocated based on the value of the properties that are classified as discontinued operations since these properties are included in the Credit Facilities’ unencumbered pool of assets and the related indebtedness is required to be repaid upon sale of the properties. Reclassifications — Certain amounts in the prior years’ consolidated balance sheet have been reclassified to conform to the current year’s presentation, primarily related to classification of one property as held for sale, with no effect on the other previously reported consolidated financial statements. Recently Adopted Accounting Pronouncements — In Q1 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the year ended December 31, 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. As of March 31, 2022, the Company does not anticipate that this guidance will have a material impact on its consolidated financial statements; however, the Company will continue to assess the potential impact on its variable rate debt contracts and future hedging relationships, as applicable. In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12” ), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This new guidance was effective for the Company beginning on January 1, 2022, and did not have a material impact on the Company’s financial statements.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue	3. Revenue The following table presents disaggregated revenue related to the Company’s resident fees and services during the three months ended March 31, 2022 and 2021: Three Months Ended March 31, Number of Revenues Percentage Resident fees and services: 2022 2021 2022 2021 2022 2021 Independent living 2,243 2,243 $ 18.0 $ 17.2 25.1 % 26.5 % Assisted living 3,096 2,960 35.5 31.3 49.5 % 48.4 % Memory care 972 904 14.8 13.2 20.6 % 20.3 % Other revenues — — 3.4 3.1 4.8 % 4.8 % 6,311 6,107 $ 71.7 $ 64.8 100.0 % 100.0 %

Acquisition

Acquisition	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisition	4. Acquisition As of December 31, 2021, the Company held an interest in five properties through a 75 % interest in an unconsolidated joint venture (the “Windsor Manor Joint Venture”), which was accounted for as an equity method investment. Effective January 1, 2022, the Company acquired the remaining 25 % interest in the Windsor Manor Joint Venture from its joint venture partner for approximately $ 3.3 million. As a result, the Company obtained a 100 % controlling interest in the Windsor Manor Joint Venture and consolidated the Windsor Manor Joint Venture, which was accounted for as an asset acquisition. As such, no goodwill was recognized in the acquisition. As the Company previously held an equity method investment in the Windsor Manor Joint Venture, the acquisition resulted in a gain on change of control of a joint venture of approximately $ 8.4 million, representing the difference between the fair market value and the carrying value of the equity method investment on the acquisition date. The following table summarizes the fair market value of the assets and liabilities recorded as part of the acquisition, adjusted on a relative fair value basis for the difference between the consideration transferred and the fair market value of the net assets acquired, of the Windsor Manor Joint Venture (in thousands): March 31, 2022 Equity method investment in unconsolidated joint venture $ 4,737 Consideration paid for additional 25% interest in joint venture 3,310 Total equity method investment and consideration paid $ 8,047 Cash $ 2,097 Restricted Cash 79 Prepaid and other assets 64 Real estate assets 29,384 Intangibles (1) 4,281 Total assets acquired 35,905 Accounts payable and accrued expenses ( 953 ) Other liabilities ( 61 ) Mortgages and notes payable ( 18,468 ) Total liabilities assumed ( 19,482 ) Net assets acquired $ 16,423 _____________ FOOTNOTE: (1) Effective January 1, 2022, the weighted-average amortization period on the lease intangibles was approximately 1.3 years and was comprised of in-place lease intangibles.

Real Estate Assets, net

Real Estate Assets, net	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Real Estate Assets, net	. Real Estate Assets, net The gross carrying amount and accumulated depreciation of the Company’s real estate assets as of March 31, 2022 and December 31, 2021 are as follows, excluding the one asset held for sale (in thousands): March 31, December 31, 2022 2021 Land and land improvements $ 138,022 $ 131,257 Building and building improvements 1,511,715 1,500,208 Furniture, fixtures and equipment 102,178 101,180 Less: accumulated depreciation ( 392,788 ) ( 393,789 ) Real estate investment properties, net $ 1,359,127 $ 1,338,856 Depreciation expense on the Company’s real estate investment pro perties, net was approximately $ 12.8 million and $ 12.4 million for the three months ended March 31, 2022 and 2021, respectively.

Assets and Associated Liabiliti

Assets and Associated Liabilities Held For Sale and Discontinued Operations	3 Months Ended
	Mar. 31, 2022
Real Estate Liabilities Associated with Assets Held for Development and Sale [Abstract]
Assets and Associated Liabilities Held For Sale and Discontinued Operations	. Asset Held For Sale and Discontinued Operations In March 2022, the Company received an unsolicited offer and entered into a purchase and sale agreement for the Hurst Specialty Hospital with an unrelated third party. The Company sold this property in April 2022, as described further in Note 13. “Subsequent Events.” The Company had classified the Hurst Specialty Hospital as held for sale as of March 31, 2022 and December 31, 2021 in the accompanying condensed consolidated balance sheets . Assets held for sale consisted of the following as of March 31, 2022 and December 31, 2021 (in thousands): As of March 31, 2022 As of December 31, 2021 Real estate held for sale, net $ 8,312 $ 8,373 Assets held for sale $ 8,312 $ 8,373 The sale of the Hurst Specialty Hospital did not cause a strategic shift in the Company's operations, and was not considered significant; therefore, this property did not qualify as discontinued operations. The Company did not have any properties for which it had classified the revenues and expenses as discontinued operations during the three months ended March 31, 2022. During the three months ended March 31, 2021, the Company classified the revenues and expenses related to the Company’s acute care property sold in January 2021 as discontinued operations in the accompanying condensed consolidated statements of operations. This property was identified for sale as part of the plan to sell the MOB/Healthcare portfolio and the Company determined that the sale of these properties represented a strategic shift in the Company’s operations. The Company recorded a loss from discontinued operations of approximately $ 10 thousand during the three months ended March 31, 2021.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	. Variable Interest Entities As of March 31, 2022 and December 31, 2021 , the Company had two subsidiaries classified as VIEs. These s ubsidiaries are joint ventures with completed real estate under development in which their equity interest consists of non-substantive protective voting rights. Additionally, one of the subsidiaries has insufficient equity at risk due to the development nature of the joint venture. The Company determined it is the primary beneficiary and holds a controlling financial interest in each of these subsidiaries due to its power to direct the activities that most significantly impact the economic performance of the entities, as well as its obligation to absorb the losses and its right to receive benefits from these entities that could potentially be significant to these entities. As such, the transactions and accounts of these VIEs are included in the accompanying consolidated financial statements. The Company’s maximum exposure to loss as a result of its involvement with these VIEs is limited to its net investment in these entities which totaled approximately $ 13.3 million as of March 31, 2022 . The Company’s exposure is limited because of the non-recourse nature of the borrowings of the VIEs.

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Indebtedness	8. Indebtedness The following table provides details of the Company's indebtedness as of March 31, 2022 and December 31, 2021, (in thousands): As of March 31, As of December 31, 2022 2021 Mortgages payable and other notes payable: Fixed rate debt (1) $ 89,271 $ 89,766 Variable rate debt (1)(2)(6) 18,322 — Premium (3) 49 59 Loan costs, net ( 357 ) ( 425 ) Total mortgages and other notes payable, net 107,285 89,400 Credit facilities: Revolving Credit Facility (4)(5)(6) 88,000 88,000 Term Loan Facility (4)(6) 265,000 265,000 2021 Term Loan Facility (4)(6) 150,000 150,000 Loan costs, net related to Term Loan Facilities ( 2,925 ) ( 3,272 ) Total credit facilities, net 500,075 499,728 Total indebtedness, net $ 607,360 $ 589,128 _____________ FOOTNOTES: (1) As of March 31, 2022 and December 31, 2021 , the Company’s mortgages and other notes payable are collateralized by 12 and seven properties, respectively, with total carrying value of approximately $ 156.0 million and $ 135.4 million, respectively. (2) In connection with the acquisition of the 25 % interest in the Windsor Manor Joint Venture, the Company consolidated the net assets of the joint venture effective January 1, 2022, including the debt associated with the properties, at fair value. The debt collateralized by the Windsor Manor properties pays interest at a rate of 2.50 % plus 30-day LIBOR and matures in February 2024 . (3) Premium is reflective of the Company recording mortgage note payables assumed at fair value on the respective acquisition dates. (4) As of March 31, 2022 and December 31, 2021 , the Company had entered into interest rate caps with notional amounts of approximately $ 355.0 million. (5) As of March 31, 2022 and December 31, 2021, the Company had undrawn availability under the applicable revolving credit facility of approxim ately $ 32.0 million a nd $ 14.1 million, respectively, based on the value of the properties in the unencumbered pool of assets supporting the loan, which includes certain assets held for sale. (6) The 30-day LIBOR was approximately 0.45 % and 0.10 % as of March 31, 2022 and December 31, 2021 , respectively. 8. Indebtedness (continued) The Company had liquidity of approximately $ 83.5 million as of March 31, 2022 (consisting of cash on hand and undrawn availability under the Company's Credit Facilities), and was well positioned to manage its near-term debt maturities. The Company has $ 45.7 million of scheduled payments coming due during the remainder of 2022, which includes $ 44.7 million relating to secured debt collateralized by five properties that matures in September 2022. Management has begun exploring several repayment or refinancing options, including using availability from its unsecured Revolving Credit Facility or refinancing the facility with another lending institution as a secured debt facility. The following is a schedule of future principal payments for the Company’s total indebtedness for the remainder of 2022, each of the next four years and thereafter, in the aggregate, as of March 31, 2022 (in thousands): 2022 $ 45,652 2023 112,054 2024 452,887 2025 — 2026 — Thereafter — $ 610,593 The following table provides the details of the fair market value and carrying value of the Company’s indebtedness as of March 31, 2022 and December 31, 2021 (in millions): March 31, December 31, 2022 2021 Fair Carrying Fair Carrying Mortgages and other notes payable, net $ 107.7 $ 107.3 $ 90.4 $ 89.4 Credit facilities, net $ 503.0 $ 500.1 $ 503.0 $ 499.7 These fair market values are based on current rates and spreads the Company would expect to obtain for similar borrowings. Since this methodology includes inputs that are less observable by the public and are not necessarily reflected in active markets, the measurement of the estimated fair values related to the Company’s mortgage notes payable is categorized as Level 3 on the three-level valuation hierarchy. Generally, the loan agreements for the Company’s mortgage loans contain customary financial covenants and ratios; including (but not limited to) the following: debt service coverage ratio, minimum occupancy levels, limitations on incurrence of additional indebtedness, etc. The loan agreements also contain customary events of default and remedies for the lenders. As of March 31, 2022, the Company was in compliance with all financial covenants related to its mortgage loans. The credit facilities contain affirmative, negative, and financial covenants which are customary for loans of this type, including (but not limited to): (i) maximum leverage, (ii) minimum fixed charge coverage ratio, (iii) minimum consolidated net worth, (iv) restrictions on payments of cash distributions except if required by REIT requirements, (v) maximum secured indebtedness, (vi) maximum secured recourse debt, (vii) minimum unsecured interest coverage, (viii) maximum unsecured indebtedness ratio, and (ix) limitations on certain types of investments and with respect to the pool of properties supporting borrowings under the credit facilities, minimum weighted average occupancy, and remaining lease terms, as well as property type, MSA, operator, and asset value concentration limits. The limitations on distributions generally include a limitation on the extent of allowable distributions, which are not to exceed the greater of 95 % of adjusted FFO (as defined per the credit facilities) and the minimum amount of distributions required to maintain the Company’s REIT status. As of March 31, 2022 , the Company was in compliance with all financial covenants related to its Credit Facilities.

Related Party Arrangements

Related Party Arrangements	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Arrangements	. Related Party Arrangements During the three months ended March 31, 2022 and 2021, the Company paid approximately $ 0.03 million and $ 0.07 million, respectively, of cash distributions on restricted stock issued through March 2017 pursuant to the Advisor expense support agreement. These amounts have been recognized as compensation expense and included in general and administrative expenses in the accompanying condensed consolidated statements of operations. The expenses and fees incurred by and reimbursable to the Company’s related parties, including amounts included in income from discontinued operations, for the three months ended March 31, 2022 and 2021, and related amounts unpaid as of March 31, 2022 and December 31, 2021 are as follows (in thousands): Three Months Ended Unpaid amounts as of (1) March 31, March 31, December 31, 2022 2021 2022 2021 Reimbursable expenses: Operating expenses (2) $ 807 $ 753 $ 328 $ 214 807 753 328 214 Investment services fee (3) 60 — — ― Asset management fees (4) 3,579 4,476 1,194 1,192 $ 4,446 $ 5,229 $ 1,522 $ 1,406 _______________ FOOTNOTES: (1) Amounts are recorded as due to related parties in the accompanying condensed consolidated balance sheets. (2) Amounts are recorded as general and administrative expenses in the accompanying condensed consolidated statements of operations unless such amounts represent prepaid expenses, which are capitalized in the accompanying condensed consolidated balance sheets. (3) For the three months ended March 31, 2022, the Company incurred approximately $ 0.1 million in investment services fees of which approximately $ 0.1 million, was capitalized and included in real estate assets, net in the accompanying condensed consolidated balance sheets. For the three months ended March 31, 2021, the Company did not incur any investment services fees. (4) Effective May 26, 2021, the asset management fee was reduced from 1.0 % per annum to 0.80 % per annum of average invested assets.

Equity

Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Equity	10. Equity In March 2022, our Board approved $ 0.0256 per share as the first quarter 2022 distribution.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	. Income Taxes The accompanying condensed consolidated financial statements include an interim tax provision for the three months ended March 31, 2022 and 2021. For the three months ended March 31, 2022, the Company recorded an income tax expense of approximately $ 0.1 million , which represented current income tax expense. For the three months ended March 31, 2021, the Company recorded an income tax benefit of approximately $ 1.3 million of which approximately ($ 0.1 ) million represented current income tax expense, and approximately $ 1.4 million represented an increase to the Company’s net deferred tax assets which was primarily due to the generation of Company’s TRS’s federal and state net ope rating loss carryforwards.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies From time to time, the Company may be a party to legal proceedings in the ordinary course of, or incidental to the normal course of, its business, including proceedings to enforce its contractual or statutory rights. While the Company cannot predict the outcome of these legal proceedings with certainty, based upon currently available information, the Company does not believe the final outcome of any pending or threatened legal proceeding will have a material adverse effect on its results of operations or financial condition. As a result of the Company’s completed seniors housing developments continuing to move towards or achieving stabilization, the Company monitors the lease-up of these properties to determine whether the established performance metrics have been met as of each reporting period. As of March 31, 2022 , the Company had two remaining promoted interest agreements with third-party developers pursuant to which certain operating targets have been established that, upon meeting such targets, the developer will be entitled to additional payments based on enumerated percentages of the assumed net proceeds of a deemed sale, subject to achievement of an established internal rate of return on the Company’s investment in the development. None of the established performance metrics were met or probable of being met as of March 31, 2022. Additionally, one of these agreements expired in April 2022 and the established performance metrics were not met. The Company’s Advisor has approximately 1.3 million contingently issuable Restricted Stock shares for financial reporting purposes that were issued pursuant to the Advisor expense support agreement. Refer to Note 9. “Related Party Arrangements” for information on distributions declared related to these Restricted Stock shares.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events In April 2022, the Company completed the sale of the Hurst Specialty Hospital for net sales proceeds of $ 8.4 million. The Company did no t record a gain or loss on the sale of the property for financial reporting purposes.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation — The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by generally accepted accounting principles in the U.S. (“GAAP”). The unaudited condensed consolidated financial statements reflect all normal recurring adjustments, which, in the opinion of management, are necessary for the fair statement of the Company’s results for the interim period presented. Operating results for the three months ended March 31, 2022 may not be indicative of the results that may be expected for the year ending December 31, 2022. Amounts as of December 31, 2021 included in the unaudited condensed consolidated financial statements have been derived from audited consolidated financial statements as of that date but do not include all disclosures required by GAAP. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The accompanying unaudited condensed consolidated financial statements include the Company’s accounts, the accounts of wholly owned subsidiaries or subsidiaries for which the Company has a controlling interest, the accounts of two variable interest entities (“VIEs”) in which the Company is the primary beneficiary, and the accounts of other subsidiaries over which the Company has a controlling financial interest. All material intercompany accounts and transactions have been eliminated in consolidation.
Risk and Uncertainties	Risks and Uncertainties — In March 2020, the World Health Organization declared the outbreak of the novel coronavirus (“COVID-19”) as a pandemic around the globe. Since the onset of the pandemic, the Company has operated and continues to operate its communities through the disruptions and uncertainties of the pandemic, including disruptions from new variants of the virus. Although more normalized activities have resumed, at this time the Company cannot predict the full extent of the impacts of the COVID-19 pandemic on the Company and its operations, and the COVID-19 pandemic may continue to have a material and adverse impact on our financial condition, results of operations and cash flows.
Use of Estimates	Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements, the reported amounts of revenues and expenses during the reporting periods and the disclosure of contingent liabilities. For example, significant assumptions are made in the analysis of real estate impairments, the valuation of contingent assets and liabilities, and the valuation of restricted common stock (“Restricted Stock”) shares issued to the Advisor. Accordingly, actual results could differ from those estimates.
Assets Held For Sale, net and Discontinued Operations	Assets Held For Sale, net and Discontinued Operations — The Company determines to classify a property as held for sale once management has the authority to approve and commits to a plan to sell the property, the property is available for immediate sale, there is an active program to locate a buyer, the sale of the property is probable and the transfer of the property is expected to occur within one year. Upon the determination to classify a property as held for sale, the Company ceases recording further depreciation and amortization relating to the associated assets and those assets are measured at the lower of its carrying amount or fair value less disposition costs and are presented separately in the consolidated balance sheets for all periods presented. In addition, the Company classifies assets held for sale as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on the Company’s operations and financial results. For any disposal(s) qualifying as discontinued operations, the Company allocates interest expense and loan cost amortization that directly relates to either: (1) expense on mortgages and other notes payable collateralized by properties classified as discontinued operations; or (2) expense on the Company’s Credit Facilities, which is allocated based on the value of the properties that are classified as discontinued operations since these properties are included in the Credit Facilities’ unencumbered pool of assets and the related indebtedness is required to be repaid upon sale of the properties.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements — In Q1 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the year ended December 31, 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. As of March 31, 2022, the Company does not anticipate that this guidance will have a material impact on its consolidated financial statements; however, the Company will continue to assess the potential impact on its variable rate debt contracts and future hedging relationships, as applicable. In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12” ), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This new guidance was effective for the Company beginning on January 1, 2022, and did not have a material impact on the Company’s financial statements.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Summary of Disaggregation of Revenue	The following table presents disaggregated revenue related to the Company’s resident fees and services during the three months ended March 31, 2022 and 2021: Three Months Ended March 31, Number of Revenues Percentage Resident fees and services: 2022 2021 2022 2021 2022 2021 Independent living 2,243 2,243 $ 18.0 $ 17.2 25.1 % 26.5 % Assisted living 3,096 2,960 35.5 31.3 49.5 % 48.4 % Memory care 972 904 14.8 13.2 20.6 % 20.3 % Other revenues — — 3.4 3.1 4.8 % 4.8 % 6,311 6,107 $ 71.7 $ 64.8 100.0 % 100.0 %

Acquisition (Tables)

Acquisition (Tables)	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of the Fair Value of the Assets Acquired and Liabilities Assumed	The following table summarizes the fair market value of the assets and liabilities recorded as part of the acquisition, adjusted on a relative fair value basis for the difference between the consideration transferred and the fair market value of the net assets acquired, of the Windsor Manor Joint Venture (in thousands): March 31, 2022 Equity method investment in unconsolidated joint venture $ 4,737 Consideration paid for additional 25% interest in joint venture 3,310 Total equity method investment and consideration paid $ 8,047 Cash $ 2,097 Restricted Cash 79 Prepaid and other assets 64 Real estate assets 29,384 Intangibles (1) 4,281 Total assets acquired 35,905 Accounts payable and accrued expenses ( 953 ) Other liabilities ( 61 ) Mortgages and notes payable ( 18,468 ) Total liabilities assumed ( 19,482 ) Net assets acquired $ 16,423 _____________ FOOTNOTE: (1) Effective January 1, 2022, the weighted-average amortization period on the lease intangibles was approximately 1.3 years and was comprised of in-place lease intangibles.

Real Estate Assets, net (Tables

Real Estate Assets, net (Tables)	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Schedule of Real Estate Investment Properties Excluding Assets Held For Sale	The gross carrying amount and accumulated depreciation of the Company’s real estate assets as of March 31, 2022 and December 31, 2021 are as follows, excluding the one asset held for sale (in thousands): March 31, December 31, 2022 2021 Land and land improvements $ 138,022 $ 131,257 Building and building improvements 1,511,715 1,500,208 Furniture, fixtures and equipment 102,178 101,180 Less: accumulated depreciation ( 392,788 ) ( 393,789 ) Real estate investment properties, net $ 1,359,127 $ 1,338,856

Assets and Associated Liabili_2

Assets and Associated Liabilities Held For Sale and Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2022
Real Estate Liabilities Associated with Assets Held for Development and Sale [Abstract]
Schedule of Assets held for sale	As of March 31, 2022 As of December 31, 2021 Real estate held for sale, net $ 8,312 $ 8,373 Assets held for sale $ 8,312 $ 8,373

Indebtedness (Tables)

Indebtedness (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Fair Market Value and Carrying Value of Indebtedness	The following table provides the details of the fair market value and carrying value of the Company’s indebtedness as of March 31, 2022 and December 31, 2021 (in millions): March 31, December 31, 2022 2021 Fair Carrying Fair Carrying Mortgages and other notes payable, net $ 107.7 $ 107.3 $ 90.4 $ 89.4 Credit facilities, net $ 503.0 $ 500.1 $ 503.0 $ 499.7
Details of Indebtedness, Excluding Indebtedness Associated with Assets Held for Sale	The following table provides details of the Company's indebtedness as of March 31, 2022 and December 31, 2021, (in thousands): As of March 31, As of December 31, 2022 2021 Mortgages payable and other notes payable: Fixed rate debt (1) $ 89,271 $ 89,766 Variable rate debt (1)(2)(6) 18,322 — Premium (3) 49 59 Loan costs, net ( 357 ) ( 425 ) Total mortgages and other notes payable, net 107,285 89,400 Credit facilities: Revolving Credit Facility (4)(5)(6) 88,000 88,000 Term Loan Facility (4)(6) 265,000 265,000 2021 Term Loan Facility (4)(6) 150,000 150,000 Loan costs, net related to Term Loan Facilities ( 2,925 ) ( 3,272 ) Total credit facilities, net 500,075 499,728 Total indebtedness, net $ 607,360 $ 589,128 _____________ FOOTNOTES: (1) As of March 31, 2022 and December 31, 2021 , the Company’s mortgages and other notes payable are collateralized by 12 and seven properties, respectively, with total carrying value of approximately $ 156.0 million and $ 135.4 million, respectively. (2) In connection with the acquisition of the 25 % interest in the Windsor Manor Joint Venture, the Company consolidated the net assets of the joint venture effective January 1, 2022, including the debt associated with the properties, at fair value. The debt collateralized by the Windsor Manor properties pays interest at a rate of 2.50 % plus 30-day LIBOR and matures in February 2024 . (3) Premium is reflective of the Company recording mortgage note payables assumed at fair value on the respective acquisition dates. (4) As of March 31, 2022 and December 31, 2021 , the Company had entered into interest rate caps with notional amounts of approximately $ 355.0 million. (5) As of March 31, 2022 and December 31, 2021, the Company had undrawn availability under the applicable revolving credit facility of approxim ately $ 32.0 million a nd $ 14.1 million, respectively, based on the value of the properties in the unencumbered pool of assets supporting the loan, which includes certain assets held for sale. (6) The 30-day LIBOR was approximately 0.45 % and 0.10 % as of March 31, 2022 and December 31, 2021 , respectively.
Schedule of Maturities of Indebtedness	The following is a schedule of future principal payments for the Company’s total indebtedness for the remainder of 2022, each of the next four years and thereafter, in the aggregate, as of March 31, 2022 (in thousands): 2022 $ 45,652 2023 112,054 2024 452,887 2025 — 2026 — Thereafter — $ 610,593

Related Party Arrangements (Tab

Related Party Arrangements (Tables)	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Schedule of Fees, Reimbursable Expenses and Related Amounts Unpaid to Related Parties	The expenses and fees incurred by and reimbursable to the Company’s related parties, including amounts included in income from discontinued operations, for the three months ended March 31, 2022 and 2021, and related amounts unpaid as of March 31, 2022 and December 31, 2021 are as follows (in thousands): Three Months Ended Unpaid amounts as of (1) March 31, March 31, December 31, 2022 2021 2022 2021 Reimbursable expenses: Operating expenses (2) $ 807 $ 753 $ 328 $ 214 807 753 328 214 Investment services fee (3) 60 — — ― Asset management fees (4) 3,579 4,476 1,194 1,192 $ 4,446 $ 5,229 $ 1,522 $ 1,406 _______________ FOOTNOTES: (1) Amounts are recorded as due to related parties in the accompanying condensed consolidated balance sheets. (2) Amounts are recorded as general and administrative expenses in the accompanying condensed consolidated statements of operations unless such amounts represent prepaid expenses, which are capitalized in the accompanying condensed consolidated balance sheets. (3) For the three months ended March 31, 2022, the Company incurred approximately $ 0.1 million in investment services fees of which approximately $ 0.1 million, was capitalized and included in real estate assets, net in the accompanying condensed consolidated balance sheets. For the three months ended March 31, 2021, the Company did not incur any investment services fees. (4) Effective May 26, 2021, the asset management fee was reduced from 1.0 % per annum to 0.80 % per annum of average invested assets.

Organization - Additional Infor

Organization - Additional Information (Detail)	1 Months Ended	3 Months Ended	12 Months Ended
	Jan. 31, 2018Property	Mar. 31, 2022PropertyAgreementState	Dec. 31, 2021Properties
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of properties sold | Properties			69
MOB/Healthcare Portfolio
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of properties	70
Investment Portfolio
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of properties		73
Number of states | State		26
Number of seniors housing properties		71
Investment Portfolio | Vacant Land Parcel
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of properties | Agreement		1

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2020Subsidiary
VIEs
Summary Of Significant Accounting Policies [Line Items]
Number of subsidiaries	2

Revenue - Summary of Disaggrega

Revenue - Summary of Disaggregation of Revenue (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)Facility	Mar. 31, 2021USD ($)Facility
Disaggregation Of Revenue [Line Items]
Number of Units | Facility	6,311	6,107
Resident fees and services | $	$ 71,732	$ 64,809
Percentage of Revenues	100.00%	100.00%
Independent Living
Disaggregation Of Revenue [Line Items]
Number of Units | Facility	2,243	2,243
Resident fees and services | $	$ 18,000	$ 17,200
Percentage of Revenues	25.10%	26.50%
Assisted Living
Disaggregation Of Revenue [Line Items]
Number of Units | Facility	3,096	2,960
Resident fees and services | $	$ 35,500	$ 31,300
Percentage of Revenues	49.50%	48.40%
Memory Care
Disaggregation Of Revenue [Line Items]
Number of Units | Facility	972	904
Resident fees and services | $	$ 14,800	$ 13,200
Percentage of Revenues	20.60%	20.30%
Other Revenues
Disaggregation Of Revenue [Line Items]
Number of Units | Facility	0	0
Resident fees and services | $	$ 3,400	$ 3,100
Percentage of Revenues	4.80%	4.80%

Acquisition (Additional Informa

Acquisition (Additional Information) (Details) - Windsor Manor Joint Venture - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Jan. 01, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Percentage interest in an unconsolidated joint venture		25.00%	75.00%
Cost of acquisition	$ 3,300
Percentage of controlling interest	100.00%
Goodwill	$ 0
Gain on change of control of interests	$ 8,400

Acquisition - Schedule of the F

Acquisition - Schedule of the Fair Value of the Assets Acquired and Liabilities Assumed (Details) - Windsor Manor Joint Venture $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Business Acquisition [Line Items]
Equity method investment in unconsolidated joint venture	$ 4,737
Consideration paid for additional 25% interest in joint venture	3,310
Total equity method investment and consideration paid	8,047
Cash	2,097
Restricted Cash	79
Prepaid and other assets	64
Real estate assets	29,384
Intangibles	4,281	[1]
Total assets acquired	35,905
Accounts payable and accrued expenses	(953)
Other liabilities	61
Mortgages and notes payable	18,468
Total liabilities assumed	19,482
Net assets acquired	$ 16,423
[1]	Effective January 1, 2022, the weighted-average amortization period on the lease intangibles was approximately 1.3 years and was comprised of in-place lease intangibles.

Acquisition - Schedule of the_2

Acquisition - Schedule of the Fair Value of the Assets Acquired and Liabilities Assumed (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2022
Windsor Manor Joint Venture
Business Acquisition [Line Items]
The weighted-average amortization period on the lease intangibles	1 year 3 months 18 days

Real Estate Assets, Net - Sched

Real Estate Assets, Net - Schedule of Real Estate Investment Properties Excluding Assets Held For Sale (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Real Estate [Abstract]
Land and land improvements	$ 138,022	$ 131,257
Building and building improvements	1,511,715	1,500,208
Furniture, fixtures and equipment	102,178	101,180
Less: accumulated depreciation	(392,788)	(393,789)
Real estate investment properties, net	$ 1,359,127	$ 1,338,856

Real Estate Assets, Net - Addit

Real Estate Assets, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Real Estate [Abstract]
Depreciation expense	$ 12.8	$ 12.4

Assets and Associated Liabili_3

Assets and Associated Liabilities Held for Sale and Discontinued Operations - Additional Information (Detail) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021USD ($)	Dec. 31, 2021Properties
Long Lived Assets Held For Sale [Line Items]
Number of properties sold | Properties		69
Loss From Discontinued Operations | $	$ 10

Asset Held for Sale and Discont

Asset Held for Sale and Discontinued operations - Schedule of Assets Held for Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Real Estate Held-for-sale	$ 8,312	$ 8,373
Assets held for sale	$ 8,312	$ 8,373

Assets and Associated Liabili_4

Assets and Associated Liabilities Held for Sale and Discontinued Operations - Summary of Income (Loss) from Discontinued Operations (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Income (loss) from discontinued operations	$ 10

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022USD ($)Subsidiary	Dec. 31, 2021Subsidiary	Dec. 31, 2020Subsidiary
Variable Interest Entity [Line Items]
Maximum exposure to loss VIEs limits | $	$ 13.3
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Number of subsidiaries			2
Variable Interest Entity, Primary Beneficiary | Joint Ventures Real Estate Under Development Entities
Variable Interest Entity [Line Items]
Number of subsidiaries	2	2
Variable Interest Entity, Primary Beneficiary | Real Estate Under Development Entities
Variable Interest Entity [Line Items]
Number of subsidiaries	1	1

Indebtedness - Details of Indeb

Indebtedness - Details of Indebtedness, Excluding Indebtedness Associated with Assets Held for Sale (Details) - USD ($) $ in Thousands		Mar. 31, 2022		Dec. 31, 2021
Debt Instrument [Line Items]
Premium	[1]	$ 49		$ 59
Total mortgages and other notes payable, net		107,285		89,400
Credit facilities		500,075		499,728
Total credit facilities, net		500,075		499,728
Notes And Loans Payable Net		607,360		589,128
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facilities	[2],[3],[4]	88,000		88,000
Term Loan Facility
Debt Instrument [Line Items]
Loan costs, net		(2,925)		(3,272)
Credit facilities	[3],[4]	265,000		265,000
2021 Term Loan Facility
Debt Instrument [Line Items]
Credit facilities	[3],[4]	150,000		150,000
Mortgages Payable And Other Notes Payable
Debt Instrument [Line Items]
Loan costs, net		(357)		(425)
FixedInterestRate
Debt Instrument [Line Items]
Mortgages payable and other notes payable	[5]	89,271		89,766
Variable Rate Debt
Debt Instrument [Line Items]
Mortgages payable and other notes payable		$ 18,322	[4],[5],[6]
[1]	Premium is reflective of the Company recording mortgage note payables assumed at fair value on the respective acquisition dates.
[2]	As of March 31, 2022 and December 31, 2021, the Company had undrawn availability under the applicable revolving credit facility of approxim ately $ 32.0 million a nd $ 14.1 million, respectively, based on the value of the properties in the unencumbered pool of assets supporting the loan, which includes certain assets held for sale.
[3]	As of March 31, 2022 and December 31, 2021 , the Company had entered into interest rate caps with notional amounts of approximately $ 355.0 million.
[4]	The 30-day LIBOR was approximately 0.45 % and 0.10 % as of March 31, 2022 and December 31, 2021 , respectively.
[5]	As of March 31, 2022 and December 31, 2021 , the Company’s mortgages and other notes payable are collateralized by 12 and seven properties, respectively, with total carrying value of approximately $ 156.0 million and $ 135.4 million, respectively.
[6]	In connection with the acquisition of the 25 % interest in the Windsor Manor Joint Venture, the Company consolidated the net assets of the joint venture effective January 1, 2022, including the debt associated with the properties, at fair value. The debt collateralized by the Windsor Manor properties pays interest at a rate of 2.50 % plus 30-day LIBOR and matures in February 2024 .

Indebtedness - Details of Ind_2

Indebtedness - Details of Indebtedness, Excluding Indebtedness Associated with Assets Held for Sale (Parenthetical) (Detail) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022USD ($)Properties	Dec. 31, 2021USD ($)Properties
Debt Instrument [Line Items]
Interest Paid	25.00%
Maturity date	Feb. 29, 2024
Notional amounts of derivative contract	$ 355	$ 355
Debt Instrument, Interest Rate During Period	2.50%
LIBOR
Debt Instrument [Line Items]
Debt Instrument, Interest Rate During Period	0.45%	0.10%
Revolving Credit Facility
Debt Instrument [Line Items]
Debt Instrument, Current borrowing capacity	$ 32	$ 14.1
Secured Debt
Debt Instrument [Line Items]
Number Of Collateralized Properties Owned | Properties	12	7
Mortgages and other notes payable carrying value of collateral	$ 156	$ 135.4

Indebtedness - Additional Infor

Indebtedness - Additional Information (Detail) $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2022USD ($)
Debt Disclosure [Abstract]
Liquidity	$ 83.5	$ 83.5
Scheduled payments in future period		$ 45.7
Material maturity amount	$ 44.7
Maximum allowable distributions as a percentage of adjusted FFO		95.00%
Description of covenants		The credit facilities contain affirmative, negative, and financial covenants which are customary for loans of this type, including (but not limited to): (i) maximum leverage, (ii) minimum fixed charge coverage ratio, (iii) minimum consolidated net worth, (iv) restrictions on payments of cash distributions except if required by REIT requirements, (v) maximum secured indebtedness, (vi) maximum secured recourse debt, (vii) minimum unsecured interest coverage, (viii) maximum unsecured indebtedness ratio, and (ix) limitations on certain types of investments and with respect to the pool of properties supporting borrowings under the credit facilities, minimum weighted average occupancy, and remaining lease terms, as well as property type, MSA, operator, and asset value concentration limits. The limitations on distributions generally include a limitation on the extent of allowable distributions, which are not to exceed the greater of 95% of adjusted FFO (as defined per the credit facilities) and the minimum amount of distributions required to maintain the Company’s REIT status. As of March 31, 2022, the Company was in compliance with all financial covenants related to its Credit Facilities.

Indebtedness - Schedule of Matu

Indebtedness - Schedule of Maturities of Indebtedness (Details) $ in Thousands	Mar. 31, 2022USD ($)
Debt Disclosure [Abstract]
2022	$ 45,652
2023	112,054
2024	452,887
Long-term Debt, Total	$ 610,593

Indebtedness - Schedule of Fair

Indebtedness - Schedule of Fair Market Value and Carrying Value of Indebtedness (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Carrying Value	$ 610,593
Mortgages and other notes payable, net
Debt Instrument [Line Items]
Fair Value	107,700	$ 90,400
Carrying Value	107,300	89,400
Credit facilities
Debt Instrument [Line Items]
Fair Value	503,000	503,000
Carrying Value	$ 500,100	$ 499,700

Related Party Arrangements - Ad

Related Party Arrangements - Additional Information (Detail) - USD ($) $ in Thousands	May 26, 2021	Mar. 31, 2022	Mar. 31, 2021
Related Party Transaction [Line Items]
Cash distributions on restricted stock		$ 4,453	$ 8,907
Maximum
Related Party Transaction [Line Items]
Percentage of asset management fee	1.00%
Minimum
Related Party Transaction [Line Items]
Percentage of asset management fee	0.80%
Expense Support Agreements | Restricted Stock
Related Party Transaction [Line Items]
Cash distributions on restricted stock		$ 30	$ 70

Related Party Arrangements - Sc

Related Party Arrangements - Schedule of Fees, Reimbursable Expenses and Related Amounts Unpaid to Related Parties (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Line of Credit Facility [Line Items]
Operating expenses	[1]	$ 807	$ 753
Total reimbursable expenses		807	753
Investment services fee	[2]	60	0
Asset management fees	[3]	3,579	4,476
Total reimbursable expenses, net		4,446	$ 5,229
Operating expenses, unpaid	[1],[4]	328		$ 214
Total reimbursable expenses	[4]	328		214
Investment services fees unpaid	[2],[4]	0		0
Asset management fees, unpaid	[3],[4]	1,194		1,192
Total related amount unpaid	[4]	$ 1,522		$ 1,406
[1]	Amounts are recorded as general and administrative expenses in the accompanying condensed consolidated statements of operations unless such amounts represent prepaid expenses, which are capitalized in the accompanying condensed consolidated balance sheets.
[2]	For the three months ended March 31, 2022, the Company incurred approximately $ 0.1 million in investment services fees of which approximately $ 0.1 million, was capitalized and included in real estate assets, net in the accompanying condensed consolidated balance sheets. For the three months ended March 31, 2021, the Company did not incur any investment services fees.
[3]	Effective May 26, 2021, the asset management fee was reduced from 1.0 % per annum to 0.80 % per annum of average invested assets.
[4]	Amounts are recorded as due to related parties in the accompanying condensed consolidated balance sheets.

Related Party Arrangements - _2

Related Party Arrangements - Schedule of Fees, Reimbursable Expenses and Related Amounts Unpaid to Related Parties (Parenthetical) (Detail) - USD ($) $ in Millions	May 26, 2021	Mar. 31, 2022
Related Party Transaction [Line Items]
InvestmentServicesFees		$ 0.1
Capitalizedamountofinvestmentservicesfees		$ 0.1
Maximum
Related Party Transaction [Line Items]
Percentage of asset management fee	1.00%
Minimum
Related Party Transaction [Line Items]
Percentage of asset management fee	0.80%

Equity - Additional Information

Equity - Additional Information (Detail) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Distribution per share	$ 0.0256

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income tax (expense) benefit	$ (85,000)	$ 1,336,000
Income tax expense, change in deferred tax asset		1,400
Current income tax expense	$ 100,000	$ (100,000)

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) shares in Millions	3 Months Ended
	Mar. 31, 2022Agreementshares
Commitments And Contingencies [Line Items]
Number of promoted interest agreements	2
Number of promoted interest agreements met established performance metrics	0
Advisor Expense Support Agreement | Restricted Stock
Commitments And Contingencies [Line Items]
Contingently issuable restricted stock shares | shares	1.3

Subsequent Events (Additional I

Subsequent Events (Additional Information) (Details) - USD ($) $ in Thousands	1 Months Ended
	Apr. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Notional amounts of derivative contract		$ 355,000	$ 355,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Gain Loss On Sales Of Assets And Asset Impairment Charges	$ 0
net sales proceeds	$ 8,400