CNL Healthcare Properties (CHTH) 10-Q 11 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 11, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
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		Jun. 30, 2022	Dec. 31, 2021
ASSETS
Real estate investment properties, net (including VIEs $43,146 and $42,612, respectively)		$ 1,350,841	$ 1,338,856
Assets held for sale			8,373
Cash (including VIEs $547 and $1,597, respectively)		65,830	53,161
Restricted cash (including VIEs $238 and $59 respectively)		5,223	4,520
Other assets (including VIEs $595 and $544, respectively)		14,141	18,700
Deferred rent, lease incentives and intangibles, net		15,365	12,970
Total assets		1,451,400	1,436,580
Liabilities:
Mortgages and other notes payable, net (including VIEs $28,706 and $28,855, respectively)		62,376	89,400
Credit facilities		545,417	499,728
Accounts payable and accrued liabilities (including VIEs $762 and $1,489, respectively)		26,900	29,170
Other liabilities (including VIEs $287 and $299, respectively)		7,235	6,115
Due to related parties	[1]	1,418	1,406
Total liabilities		643,346	625,819
Commitments and contingencies (Note 12)
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		106,165	101,861
Accumulated distributions		(820,399)	(811,493)
Accumulated other comprehensive income		1,857	10
Total stockholders' equity		806,289	809,044
Noncontrolling interest		1,765	1,717
Total equity		808,054	810,761
Total liabilities and equity		$ 1,451,400	$ 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	Jun. 30, 2022	Dec. 31, 2021
Real estate investment properties	$ 1,350,841	$ 1,338,856
Cash	65,830	53,161
Restricted cash	5,223	4,520
Other assets	14,141	18,700
Mortgages and other notes payable, net	62,376	89,400
Accounts payable and accrued liabilities	26,900	29,170
Other liabilities	$ 7,235	$ 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	$ 43,146	$ 42,612
Cash	547	1,597
Restricted cash	238	59
Other assets	595	544
Mortgages and other notes payable, net	28,706	28,855
Accounts payable and accrued liabilities	762	1,489
Other liabilities	$ 287	$ 299

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Rental income and related revenues	$ 6,707	$ 7,461	$ 13,572	$ 14,735
Resident fees and services	$ 74,332	$ 65,868	$ 146,064	$ 130,677
Type of revenue [extensible list]	us-gaap:HealthCareResidentServiceMember	us-gaap:HealthCareResidentServiceMember	us-gaap:HealthCareResidentServiceMember	us-gaap:HealthCareResidentServiceMember
Total revenues	$ 81,039	$ 73,329	$ 159,636	$ 145,412
Operating expenses:
Property operating expenses	56,518	47,343	111,851	95,198
General and administrative expenses	2,441	2,271	5,072	4,519
Depreciation and amortization	13,891	12,307	27,533	24,944
Total operating expenses	80,200	69,154	158,902	139,433
Operating income	839	4,175	734	5,979
Other income (expense):
Interest and other income	3,989	392	3,994	390
Interest expense and loan cost amortization	(4,739)	(5,260)	(8,602)	(10,541)
Gain on change of control of a joint venture	0	0	8,376	0
Equity in earnings of unconsolidated entity	0	256	0	237
Total other (expense) income	(750)	(4,612)	3,768	(9,914)
Income (loss) before income taxes	89	(437)	4,502	(3,935)
Income tax (expense) benefit	(65)	1,023	(150)	2,359
Income (loss) from continuing operations	24	586	4,352	(1,576)
loss from discontinued operations	0	0	0	(10)
Net income (loss)	24	586	4,352	(1,586)
Less: Amounts attributable to noncontrolling interests
Net income (loss) from continuing operations	23	(8)	48	(33)
Net income (loss) attributable to common stockholders	$ 1	$ 594	$ 4,304	$ (1,553)
Net income (loss) per share of common stock (basic and diluted)
Continuing operations	$ 0	$ 0	$ 0.03	$ (0.01)
Discontinued operations	$ 0	$ 0	$ 0	$ 0
Weighted average number of shares of common stock outstanding (basic and diluted)	173,960	173,960	173,960	173,960
Asset Management Fees
Operating expenses:
Asset management fees	$ 3,523	$ 4,114	$ 7,102	$ 8,583
Property Management Fees
Operating expenses:
Asset management fees	$ 3,827	$ 3,119	$ 7,344	$ 6,189

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 24	$ 586	$ 4,352	$ (1,586)
Other comprehensive income:
Unrealized gain on derivative financial instruments, net	971	5	1,847	6
Unrealized gain on derivative financial instruments of equity method investments	0	2	0	4
Total other comprehensive income	971	7	1,847	10
Comprehensive income (loss)	995	593	6,199	(1,576)
Less: Comprehensive income (loss) attributable to noncontrolling interest	23	(8)	48	(33)
Comprehensive income (loss) attributable to common stockholders	$ 972	$ 601	$ 6,151	$ (1,543)

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	(1,586)	22			(1,553)			(1,553)	(55)
Other comprehensive income	10						10	10
Distributions to noncontrolling interests	(137)	(89)							(48)
Cash distributions declared	(17,813)					(17,813)		(17,813)
Reclassification of redeemable noncontrolling interest		(505)							505
Ending Balance at Jun. 30, 2021	849,843		$ 1,740	1,516,926	123,190	(793,679)	(25)	848,152	1,691
Ending Balance (in shares) at Jun. 30, 2021			173,960,000
Beginning balance at Mar. 31, 2021	858,184	519	$ 1,740	1,516,926	122,596	(784,773)	(32)	856,457	1,208
Beginning Balance (in shares) at Mar. 31, 2021			173,960,000
Net income	586	14			594			594	(22)
Other comprehensive income	7						7	7
Distributions to noncontrolling interests	(28)	(28)
Cash distributions declared	(8,906)					(8,906)		(8,906)
Reclassification of redeemable noncontrolling interest		$ (505)							505
Ending Balance at Jun. 30, 2021	849,843		$ 1,740	1,516,926	123,190	(793,679)	(25)	848,152	1,691
Ending Balance (in shares) at Jun. 30, 2021			173,960,000
Beginning balance at Dec. 31, 2021	$ 810,761		$ 1,740	1,516,926	101,861	(811,493)	10	809,044	1,717
Beginning Balance (in shares) at Dec. 31, 2021	173,960,000		173,960,000
Net income	$ 4,352				4,304			4,304	48
Other comprehensive income	1,847						1,847	1,847
Cash distributions declared	(8,906)					(8,906)		(8,906)
Ending Balance at Jun. 30, 2022	$ 808,054		$ 1,740	1,516,926	106,165	(820,399)	1,857	806,289	1,765
Ending Balance (in shares) at Jun. 30, 2022	173,960,000		173,960,000
Beginning balance at Mar. 31, 2022	$ 811,512		$ 1,740	1,516,926	106,164	(815,946)	886	809,770	1,742
Beginning Balance (in shares) at Mar. 31, 2022			173,960,000
Net income	24				1			1	23
Other comprehensive income	971						971	971
Cash distributions declared	(4,453)					(4,453)		(4,453)
Ending Balance at Jun. 30, 2022	$ 808,054		$ 1,740	$ 1,516,926	$ 106,165	$ (820,399)	$ 1,857	$ 806,289	$ 1,765
Ending Balance (in shares) at Jun. 30, 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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Stockholders' Equity [Abstract]
Cash distributions, declared per share	$ 0.0256	$ 0.0512	$ 0.0512	$ 0.1024

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating activities:
Net cash flows provided by operating activities – continuing operations	$ 24,076	$ 24,200
Net cash flows used in operating activities - discontinued operations	0	(7)
Net cash flows provided by operating activities	24,076	24,193
Investing activities:
Acquisition of joint venture interest, net of cash acquired	(1,134)	0
Net proceeds from sale of property	8,312	0
Capital expenditures	(8,219)	(3,948)
Other investing activities	(107)	35
Net cash used in investing activities - continuing operations	(1,148)	(3,913)
Net cash provided by investing activities – discontinued operations	0	7,402
Net cash (used in) provided by investing activities	(1,148)	3,489
Financing activities:
Distributions to stockholders	(8,906)	(17,813)
Draws on line of credit	45,000	0
Principal payments on mortgages and other notes payable	(45,628)	(5,601)
Other financing activities	(22)	(138)
Net cash flows used in financing activities	(9,556)	(23,552)
Net increase in cash and restricted cash	13,372	4,130
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	71,053	70,141
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	6 Months Ended
	Jun. 30, 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 properties, 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 for net proceeds of $ 8.3 million . The Company did no t record a gain or loss on the sale of the property. As of June 30, 2022 , the Company’s seniors housing portfolio was geographically diversified with properties in 26 states and consisted of interests in 72 properties, including 71 seniors housing communities and one vacant land parcel. The 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	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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. 2. Summary of Significant Accounting Policies (Continued) 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. Government Grant Income — On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law which provided, among other things, for the establishment of a Provider Relief Fund under the direction of the Department of Health and Human Services (“HHS”). Provider relief funds received under the CARES Act are deemed governmental grants provided that the recipient attests to and complies with certain terms and conditions. Grant income is recognized upon receipt of provider relief funds and when all the conditions of the grant have been met. During the six months ended June 30, 2022 and 2021, the Company recorded approximately $ 3.9 million and $ 0.4 million, respectively, as other income in the accompanying condensed consolidated statements of operations as all conditions of the grant had been met. 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. 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. 2. Summary of Significant Accounting Policies (Continued) 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 June 30, 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.

Revenue

Revenue	6 Months Ended
	Jun. 30, 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 quarter and six months ended June 30, 2022 and 2021: Quarter Ended June 30, Number of Revenues Percentage Resident fees and services: 2022 2021 2022 2021 2022 2021 Independent living 2,241 2,243 $ 18.4 $ 17.0 24.8 % 25.8 % Assisted living 3,098 2,960 36.7 32.1 49.4 % 48.7 % Memory care 972 904 15.7 13.4 21.1 % 20.3 % Other revenues — — 3.5 3.4 4.7 % 5.2 % 6,311 6,107 $ 74.3 $ 65.9 100.0 % 100.0 % Six Months Ended June 30, Number of Revenues Percentage Resident fees and services: 2022 2021 2022 2021 2022 2021 Independent living 2,241 2,243 $ 36.4 $ 34.2 24.9 % 26.2 % Assisted living 3,098 2,960 72.2 63.4 49.4 % 48.5 % Memory care 972 904 30.5 26.6 20.9 % 20.3 % Other revenues — — 7.0 6.5 4.8 % 5.0 % 6,311 6,107 $ 146.1 $ 130.7 100.0 % 100.0 %

Acquisition

Acquisition	6 Months Ended
	Jun. 30, 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. The acquisition 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 as of the acquisition date (in thousands): 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	6 Months Ended
	Jun. 30, 2022
Real Estate [Abstract]
Real Estate Assets, net	5. Real Estate Assets, net The gross carrying amount and accumulated depreciation of the Company’s real estate assets as of June 30, 2022 and December 31, 2021 are as follows, excluding the one asset held for sale (in thousands): June 30, December 31, 2022 2021 Land and land improvements $ 139,015 $ 131,257 Building and building improvements 1,519,972 1,500,208 Furniture, fixtures and equipment 105,977 101,180 Less: accumulated depreciation ( 414,123 ) ( 393,789 ) Real estate investment properties, net $ 1,350,841 $ 1,338,856 Depreciation expense on the Company’s real estate investment pro perties, net was approximately $ 13.0 million and $ 25.8 million for the quarter and six months ended June 30, 2022, respectively, and approximately $ 12.2 million and $ 24.7 million for the quarter and six months ended June 30, 2021 , respectively.

Asset Held For Sale and Discont

Asset Held For Sale and Discontinued Operations	6 Months Ended
	Jun. 30, 2022
Real Estate Liabilities Associated with Assets Held for Development and Sale [Abstract]
Asset Held For Sale and Discontinued Operations	6. 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 and classified this property as held for sale as of December 31, 2021 in the accompanying condensed consolidated balance sheet. Assets held for sale consisted of real estate held for sale, net as of December 31, 2021. The Company sold this property in April 2022, received net sales proceeds of $ 8.3 million and did not record a gain or loss on sale for financial reporting purposes. 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 quarter and six months ended June 30, 2022. During the six months ended June 30, 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 six months ended June 30, 2021 .

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	7. Variable Interest Entities As of June 30, 2022 and December 31, 2021 , the Company had two subsidiaries classified as VIEs. These s ubsidiaries are joint ventures in which their equity interest consists of non-substantive protective voting rights. 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 condensed 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 $ 13.4 million as of June 30, 2022 . The Company’s exposure is limited because of the non-recourse nature of the borrowings of the VIEs.

Indebtedness

Indebtedness	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Indebtedness	8. Indebtedness The following table provides details of the Company's indebtedness as of June 30, 2022 and December 31, 2021, (in thousands): As of June 30, As of December 31, 2022 2021 Mortgages payable and other notes payable: Fixed rate debt (1) $ 44,440 $ 89,766 Variable rate debt (1)(2)(6) 18,165 — Premium (3) 38 59 Loan costs, net ( 267 ) ( 425 ) Total mortgages and other notes payable, net 62,376 89,400 Credit facilities: Revolving Credit Facility (4)(5)(6) 133,000 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 ( 2,583 ) ( 3,272 ) Total credit facilities, net 545,417 499,728 Total indebtedness, net $ 607,793 $ 589,128 _____________ FOOTNOTES: (1) As of June 30, 2022 and December 31, 2021, the Company’s mortgages and other notes payable are collateralized by seven properties, with total carrying value of approximately $ 92.7 million and $ 135.4 mil lion, 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 five 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 June 30, 2022 and December 31, 2021, the Company had entered into interest rate caps with notional amounts of approximately $ 355.0 m illion. (5) As of June 30, 2022 and December 31, 2021, the Company had undrawn availability under the applicable revolving credit facility of approximately $ 80.7 million and $ 14.1 million, respectively, based on the value of the properties in the unencumbered pool of assets supporting the loan. (6) The 30-day LIBOR was approximately 1.80 % and 0.10 % a s of June 30, 2022 and December 31, 2021 , respectively. In June 2022, the Company refinanced secured indebtedness of approximately $ 44.5 million, consisting of debt collateralized by five properties, in advance of its scheduled maturity of September 2022 using available borrowings under its Revolving Credit Facility . The Company had liquidity of approximately $ 146.5 million as of June 30, 2022 (consisting of cash on hand and undrawn availability under the Company's Credit Facilities). The Company has $ 0.7 million of scheduled payments coming due during the rest of 2022 and in May 2023, the $ 133 million outstanding under its Revolving Credit Facility will become due. 8. Indebtedness (continued) 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 June 30, 2022 (in thousands): 2022 $ 664 2023 157,054 2024 452,887 2025 — 2026 — Thereafter — $ 610,605 The following table provides the details of the fair market value and carrying value of the Company’s indebtedness as of June 30, 2022 and December 31, 2021 (in millions): June 30, December 31, 2022 2021 Fair Carrying Fair Carrying Mortgages and other notes payable, net $ 61.8 $ 62.4 $ 90.4 $ 89.4 Credit facilities, net $ 548.0 $ 545.4 $ 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 June 30, 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 June 30, 2022 , the Company was in compliance with all financial covenants related to its Credit Facilities.

Related Party Arrangements

Related Party Arrangements	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Related Party Arrangements	9. Related Party Arrangements In May 2022, the Company extended its advisory agreement with the Advisor through June 2023. The Company paid approximately $ 0.03 million and $ 0.07 million during the quarter and six months ended June 30, 2022, respectively, and approximately $ 0.07 million and $ 0.14 million during the quarter and six months ended June 30, 2021, 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 quarter and six months ended June 30, 2022 and 2021, and related amounts unpaid as of June 30, 2022 and December 31, 2021 are as follows (in thousands): Quarter Ended Six Months Ended Unpaid amounts as of (1) June 30, June 30, June 30, December 31, 2022 2021 2022 2021 2022 2021 Reimbursable expenses: Operating expenses (2) $ 748 $ 720 $ 1,555 $ 1,473 $ 283 $ 214 748 720 1,555 1,473 283 214 Investment services fee (3) — — 60 — — ― Disposition fee (4) 68 — 68 — — — Asset management fees (5) 3,523 4,113 7,102 8,590 1,135 1,192 $ 4,339 $ 4,833 $ 8,785 $ 10,063 $ 1,418 $ 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 six months ended June 30, 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. F or the quarter and six months ended June 30, 2021 , the Company did not incur any investment services fees. (4) Amounts are recorded as a reduction to gain on sale of real estate included in interest and other income in the accompanying condensed consolidated statements of operations. Effective May 26, 2021, the disposition fee was reduced from 1.0 % to 0.80 % of the gross market capitalization of the Company upon the occurrence of a listing on a national securities exchange, or of the gross consideration paid to the Company or its stockholders upon the occurrence of any other liquidity event of the Company (including the sale of the Company or a portion thereof), or of the gross sales price upon the sale or transfer of one or more of its properties. (5) 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	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Equity	10. Equity In March 2022, the Board approved a reduction in the quarterly distribution rate to $ 0.0256 per share starting with the first quarter 2022 distribution. During the quarter and six months ended June 30, 2022 , the Company declared cash distributions of approximately $ 4.5 million and $ 8.9 million, respectively. During the quarter and six months ended June 30, 2021, the Company declared cash distributions of approximat ely $ 8.9 million and $ 17.8 million, re spectively.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	11. Income Taxes The accompanying condensed consolidated financial statements include an interim tax provision for the quarter and six months ended June 30, 2022 and 2021. For the quarter and six months ended June 30, 2022, the Company recorded an income tax expense of approximately $ 0.1 million and $ 0.2 million , respectively. The entire amount recorded for the quarter and six months ended June 30, 2022 represents current income tax expense. For the quarter and six months ended June 30, 2021, the Company recorded an income tax benefit of approximately $ 1.0 million and $ 2.4 million , respectively. Of the amounts recorded for the quarter and six months ended June 30, 2021, approximately $ 1.2 million and $ 2.6 million, respectively, related to an increase to the Company’s net deferred tax assets primarily due to the generation of Company’s TRS’s federal and state net operating loss carryforwards, offset by approximately $( 0.2 ) million and $( 0.2 ) million, respectively, of current income tax expense.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 June 30, 2022 , the Company had one remaining promoted interest agreement 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. The established performance metrics were no t met or probable of being met as of June 30, 2022. 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	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events In July 2022, the Company entered into a purchase and sale agreement for the sale of its Fieldstone Memory Care and Fieldstone at Pear Orchard properties (the “Fieldstone Sale Agreement ” ) with an unrelated third party buyer for a gross sales price of $ 29.5 million, subject to certain pro-rations and other adjustments as described in the Fieldstone Sale Agreement. These properties were not classified as held for sale as of June 30, 2022 as management had not committed to a sale of the properties as of that date. The Company completed the sale of these two properties in August 2022 (the “Fieldstone Sale ” ) and net sales proceeds from the Fieldstone Sale exceeded the net carrying value of the properties.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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. 2. Summary of Significant Accounting Policies (Continued) 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.
Government Grant Income	Government Grant Income — On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law which provided, among other things, for the establishment of a Provider Relief Fund under the direction of the Department of Health and Human Services (“HHS”). Provider relief funds received under the CARES Act are deemed governmental grants provided that the recipient attests to and complies with certain terms and conditions. Grant income is recognized upon receipt of provider relief funds and when all the conditions of the grant have been met. During the six months ended June 30, 2022 and 2021, the Company recorded approximately $ 3.9 million and $ 0.4 million, respectively, as other income in the accompanying condensed consolidated statements of operations as all conditions of the grant had been met.
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.
Reclassifications	Reclassifications — Certain amounts in the prior years’ consolidated balance sheet have been reclassified to conform to the current year’s presentation.
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 June 30, 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.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 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 quarter and six months ended June 30, 2022 and 2021: Quarter Ended June 30, Number of Revenues Percentage Resident fees and services: 2022 2021 2022 2021 2022 2021 Independent living 2,241 2,243 $ 18.4 $ 17.0 24.8 % 25.8 % Assisted living 3,098 2,960 36.7 32.1 49.4 % 48.7 % Memory care 972 904 15.7 13.4 21.1 % 20.3 % Other revenues — — 3.5 3.4 4.7 % 5.2 % 6,311 6,107 $ 74.3 $ 65.9 100.0 % 100.0 % Six Months Ended June 30, Number of Revenues Percentage Resident fees and services: 2022 2021 2022 2021 2022 2021 Independent living 2,241 2,243 $ 36.4 $ 34.2 24.9 % 26.2 % Assisted living 3,098 2,960 72.2 63.4 49.4 % 48.5 % Memory care 972 904 30.5 26.6 20.9 % 20.3 % Other revenues — — 7.0 6.5 4.8 % 5.0 % 6,311 6,107 $ 146.1 $ 130.7 100.0 % 100.0 %

Acquisition (Tables)

Acquisition (Tables)	6 Months Ended
	Jun. 30, 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 as of the acquisition date (in thousands): 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)	6 Months Ended
	Jun. 30, 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 June 30, 2022 and December 31, 2021 are as follows, excluding the one asset held for sale (in thousands): June 30, December 31, 2022 2021 Land and land improvements $ 139,015 $ 131,257 Building and building improvements 1,519,972 1,500,208 Furniture, fixtures and equipment 105,977 101,180 Less: accumulated depreciation ( 414,123 ) ( 393,789 ) Real estate investment properties, net $ 1,350,841 $ 1,338,856

Indebtedness (Tables)

Indebtedness (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Details of Indebtedness, Excluding Indebtedness Associated with Assets Held for Sale	The following table provides details of the Company's indebtedness as of June 30, 2022 and December 31, 2021, (in thousands): As of June 30, As of December 31, 2022 2021 Mortgages payable and other notes payable: Fixed rate debt (1) $ 44,440 $ 89,766 Variable rate debt (1)(2)(6) 18,165 — Premium (3) 38 59 Loan costs, net ( 267 ) ( 425 ) Total mortgages and other notes payable, net 62,376 89,400 Credit facilities: Revolving Credit Facility (4)(5)(6) 133,000 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 ( 2,583 ) ( 3,272 ) Total credit facilities, net 545,417 499,728 Total indebtedness, net $ 607,793 $ 589,128 _____________ FOOTNOTES: (1) As of June 30, 2022 and December 31, 2021, the Company’s mortgages and other notes payable are collateralized by seven properties, with total carrying value of approximately $ 92.7 million and $ 135.4 mil lion, 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 five 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 June 30, 2022 and December 31, 2021, the Company had entered into interest rate caps with notional amounts of approximately $ 355.0 m illion. (5) As of June 30, 2022 and December 31, 2021, the Company had undrawn availability under the applicable revolving credit facility of approximately $ 80.7 million and $ 14.1 million, respectively, based on the value of the properties in the unencumbered pool of assets supporting the loan. (6) The 30-day LIBOR was approximately 1.80 % and 0.10 % a s of June 30, 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 June 30, 2022 (in thousands): 2022 $ 664 2023 157,054 2024 452,887 2025 — 2026 — Thereafter — $ 610,605
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 June 30, 2022 and December 31, 2021 (in millions): June 30, December 31, 2022 2021 Fair Carrying Fair Carrying Mortgages and other notes payable, net $ 61.8 $ 62.4 $ 90.4 $ 89.4 Credit facilities, net $ 548.0 $ 545.4 $ 503.0 $ 499.7

Related Party Arrangements (Tab

Related Party Arrangements (Tables)	6 Months Ended
	Jun. 30, 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 quarter and six months ended June 30, 2022 and 2021, and related amounts unpaid as of June 30, 2022 and December 31, 2021 are as follows (in thousands): Quarter Ended Six Months Ended Unpaid amounts as of (1) June 30, June 30, June 30, December 31, 2022 2021 2022 2021 2022 2021 Reimbursable expenses: Operating expenses (2) $ 748 $ 720 $ 1,555 $ 1,473 $ 283 $ 214 748 720 1,555 1,473 283 214 Investment services fee (3) — — 60 — — ― Disposition fee (4) 68 — 68 — — — Asset management fees (5) 3,523 4,113 7,102 8,590 1,135 1,192 $ 4,339 $ 4,833 $ 8,785 $ 10,063 $ 1,418 $ 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 six months ended June 30, 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. F or the quarter and six months ended June 30, 2021 , the Company did not incur any investment services fees. (4) Amounts are recorded as a reduction to gain on sale of real estate included in interest and other income in the accompanying condensed consolidated statements of operations. Effective May 26, 2021, the disposition fee was reduced from 1.0 % to 0.80 % of the gross market capitalization of the Company upon the occurrence of a listing on a national securities exchange, or of the gross consideration paid to the Company or its stockholders upon the occurrence of any other liquidity event of the Company (including the sale of the Company or a portion thereof), or of the gross sales price upon the sale or transfer of one or more of its properties. (5) 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) $ in Millions	1 Months Ended		6 Months Ended	12 Months Ended
	Apr. 30, 2022 USD ($)	Jan. 31, 2018 Property	Jun. 30, 2022 State Property Agreement	Dec. 31, 2021 Properties
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of properties sold | Properties				69
Net sales proceeds | $	$ 8.3
Gain Loss On Sales Of Assets And Asset Impairment Charges | $	$ 0
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			72
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) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($) Subsidiary	Jun. 30, 2021 USD ($)
Provider Relief Fund | COVID19
Summary Of Significant Accounting Policies [Line Items]
Grant Income Received From P R F H S | $	$ 3.9	$ 0.4
VIEs
Summary Of Significant Accounting Policies [Line Items]
Number of subsidiaries | Subsidiary	2

Revenue - Summary of Disaggrega

Revenue - Summary of Disaggregation of Revenue (Detail) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) Facility	Jun. 30, 2021 USD ($) Facility	Jun. 30, 2022 USD ($) Facility	Jun. 30, 2021 USD ($) Facility
Disaggregation Of Revenue [Line Items]
Number of Units | Facility	6,311	6,107	6,311	6,107
Resident fees and services | $	$ 74,332	$ 65,868	$ 146,064	$ 130,677
Percentage of revenues	100%	100%	100%	100%
Independent Living
Disaggregation Of Revenue [Line Items]
Number of Units | Facility	2,241	2,243	2,241	2,243
Resident fees and services | $	$ 18,400	$ 17,000	$ 36,400	$ 34,200
Percentage of revenues	24.80%	25.80%	24.90%	26.20%
Assisted Living
Disaggregation Of Revenue [Line Items]
Number of Units | Facility	3,098	2,960	3,098	2,960
Resident fees and services | $	$ 36,700	$ 32,100	$ 72,200	$ 63,400
Percentage of revenues	49.40%	48.70%	49.40%	48.50%
Memory Care
Disaggregation Of Revenue [Line Items]
Number of Units | Facility	972	904	972	904
Resident fees and services | $	$ 15,700	$ 13,400	$ 30,500	$ 26,600
Percentage of revenues	21.10%	20.30%	20.90%	20.30%
Other Revenues
Disaggregation Of Revenue [Line Items]
Number of Units | Facility	0	0	0	0
Resident fees and services | $	$ 3,500	$ 3,400	$ 7,000	$ 6,500
Percentage of revenues	4.70%	5.20%	4.80%	5%

Acquisition (Additional Informa

Acquisition (Additional Information) (Details) - Windsor Manor Joint Venture - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jan. 01, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Percentage interest in an unconsolidated joint venture		25%	75%
Cost of acquisition	$ 3,300
Percentage of controlling interest	100%
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	6 Months Ended
	Jun. 30, 2022 USD ($)
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	[1]
Real estate assets	29,384
Intangibles	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
[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)	6 Months Ended
	Jun. 30, 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	Jun. 30, 2022	Dec. 31, 2021
Real Estate [Abstract]
Land and land improvements	$ 139,015	$ 131,257
Building and building improvements	1,519,972	1,500,208
Furniture, fixtures and equipment	105,977	101,180
Less: accumulated depreciation	(414,123)	(393,789)
Real estate investment properties, net	$ 1,350,841	$ 1,338,856

Real Estate Assets, Net - Addit

Real Estate Assets, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Real Estate [Abstract]
Depreciation expense	$ 13	$ 12.2	$ 25.8	$ 24.7

Asset Held For Sale and Disco_2

Asset Held For Sale and Discontinued Operations - Additional Information (Detail) $ in Thousands	1 Months Ended	6 Months Ended	12 Months Ended
	Apr. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 Properties
Long Lived Assets Held For Sale [Line Items]
Net sales proceeds	$ 8,300
Number of properties sold | Properties			69
Loss From Discontinued Operations		$ 10

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) Subsidiary	Dec. 31, 2021 Subsidiary
Variable Interest Entity [Line Items]
Maximum exposure to loss VIEs limits | $	$ 13.4
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

Indebtedness - Details of Indeb

Indebtedness - Details of Indebtedness, Excluding Indebtedness Associated with Assets Held for Sale (Details) - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Premium	[1]	$ 38	$ 59
Total mortgages and other notes payable, net		62,376	89,400
Credit facilities		545,417	499,728
Total credit facilities, net		545,417	499,728
Notes And Loans Payable Net		607,793	589,128
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facilities	[2],[3],[4]	133,000	88,000
Term Loan Facility
Debt Instrument [Line Items]
Loan costs, net		(2,583)	(3,272)
Credit facilities	[2],[4]	265,000	265,000
2021 Term Loan Facility
Debt Instrument [Line Items]
Credit facilities	[2],[4]	150,000	150,000
Mortgages Payable And Other Notes Payable
Debt Instrument [Line Items]
Loan costs, net		(267)	(425)
FixedInterestRate
Debt Instrument [Line Items]
Mortgages payable and other notes payable	[5]	44,440	89,766
Variable Rate Debt
Debt Instrument [Line Items]
Mortgages payable and other notes payable	[4],[5],[6]	$ 18,165	$ 0
[1] Premium is reflective of the Company recording mortgage note payables assumed at fair value on the respective acquisition dates. As of June 30, 2022 and December 31, 2021, the Company had entered into interest rate caps with notional amounts of approximately $ 355.0 m illion. As of June 30, 2022 and December 31, 2021, the Company had undrawn availability under the applicable revolving credit facility of approximately $ 80.7 million and $ 14.1 million, respectively, based on the value of the properties in the unencumbered pool of assets supporting the loan. The 30-day LIBOR was approximately 1.80 % and 0.10 % a s of June 30, 2022 and December 31, 2021 , respectively. As of June 30, 2022 and December 31, 2021, the Company’s mortgages and other notes payable are collateralized by seven properties, with total carrying value of approximately $ 92.7 million and $ 135.4 mil lion, respectively. 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 five 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	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) Properties	Dec. 31, 2021 USD ($) Properties
Debt Instrument [Line Items]
Maturity date	Feb. 29, 2024
Notional amounts of derivative contract	$ 355	$ 355
Debt Instrument, Interest Rate During Period	2.50%
Windsor Manor Joint Venture Ownership Interest
Debt Instrument [Line Items]
Number of collateralized properties owned | Properties	5
Interest Paid	25%
LIBOR
Debt Instrument [Line Items]
Debt Instrument, Interest Rate During Period	1.80%	0.10%
Revolving Credit Facility
Debt Instrument [Line Items]
Debt Instrument, Current borrowing capacity	$ 80.7	$ 14.1
Secured Debt
Debt Instrument [Line Items]
Number of collateralized properties owned | Properties	7	7
Mortgages and other notes payable carrying value of collateral	$ 92.7	$ 135.4

Indebtedness - Additional Infor

Indebtedness - Additional Information (Detail) - USD ($) $ in Thousands		1 Months Ended	6 Months Ended
		Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Liquidity		$ 146,500	$ 146,500
Scheduled payments in future period			$ 700
Maximum allowable distributions as a percentage of adjusted FFO			95%
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 June 30, 2022, the Company was in compliance with all financial covenants related to its Credit Facilities.
Refinanced secured indebtedness		$ 44,500
Line of credit facility, initial maturity		2022-09
Credit facilities		$ 545,417	$ 545,417	$ 499,728
Notes and Loans Payable		62,376	62,376	89,400
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Credit facilities	[1],[2],[3]	$ 133,000	$ 133,000	$ 88,000
[1] As of June 30, 2022 and December 31, 2021, the Company had entered into interest rate caps with notional amounts of approximately $ 355.0 m illion. As of June 30, 2022 and December 31, 2021, the Company had undrawn availability under the applicable revolving credit facility of approximately $ 80.7 million and $ 14.1 million, respectively, based on the value of the properties in the unencumbered pool of assets supporting the loan. The 30-day LIBOR was approximately 1.80 % and 0.10 % a s of June 30, 2022 and December 31, 2021 , respectively.

Indebtedness - Schedule of Matu

Indebtedness - Schedule of Maturities of Indebtedness (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Debt Disclosure [Abstract]
2022	$ 664
2023	157,054
2024	452,887
Long-term Debt, Total	$ 610,605

Indebtedness - Schedule of Fair

Indebtedness - Schedule of Fair Market Value and Carrying Value of Indebtedness (Detail) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Carrying Value	$ 610,605,000
Mortgages and other notes payable, net
Debt Instrument [Line Items]
Fair Value	61,800	$ 90,400,000
Carrying Value	62,400,000	89,400,000
Credit facilities
Debt Instrument [Line Items]
Fair Value	548,000	503,000,000
Carrying Value	$ 545,400,000	$ 499,700,000

Related Party Arrangements - Ad

Related Party Arrangements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Related Party Transaction [Line Items]
Cash distributions on restricted stock			$ 8,906	$ 17,813
Expense Support Agreements | Restricted Stock
Related Party Transaction [Line Items]
Cash distributions on restricted stock	$ 30	$ 70	$ 70	$ 140

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		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Related Party Transactions [Abstract]
Operating expenses	[1]	$ 748	$ 720	$ 1,555	$ 1,473
Total reimbursable expenses		748	720	1,555	1,473
Disposition fee	[2]	68	0	68	0
Investment services fee	[3]	0	0	60	0
Asset management fees	[4]	3,523	4,113	7,102	8,590
Total reimbursable expenses, net		4,339	$ 4,833	8,785	$ 10,063
Operating expenses, unpaid	[1],[5]	283		283		$ 214
Total reimbursable expenses	[5]	283		283		214
Disposition fees, unpaid	[2],[5]	0		0		0
Investment services fees unpaid	[3],[5]	0		0		0
Asset management fees, unpaid	[4],[5]	1,135		1,135		1,192
Total related amount unpaid	[5]	$ 1,418		$ 1,418		$ 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. Amounts are recorded as a reduction to gain on sale of real estate included in interest and other income in the accompanying condensed consolidated statements of operations. Effective May 26, 2021, the disposition fee was reduced from 1.0 % to 0.80 % of the gross market capitalization of the Company upon the occurrence of a listing on a national securities exchange, or of the gross consideration paid to the Company or its stockholders upon the occurrence of any other liquidity event of the Company (including the sale of the Company or a portion thereof), or of the gross sales price upon the sale or transfer of one or more of its properties. For the six months ended June 30, 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. F or the quarter and six months ended June 30, 2021 , the Company did not incur any investment services fees. Effective May 26, 2021, the asset management fee was reduced from 1.0 % per annum to 0.80 % per annum of average invested assets. 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		6 Months Ended
	May 26, 2021	Jun. 30, 2022
Related Party Transaction [Line Items]
InvestmentServicesFees		$ 0.1
Capitalizedamountofinvestmentservicesfees		$ 0.1
Maximum
Related Party Transaction [Line Items]
Percentage of asset management fee	1%
Percentage of disposition fee	1%
Minimum
Related Party Transaction [Line Items]
Percentage of asset management fee	0.80%
Percentage of disposition fee	0.80%

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022
Equity [Abstract]
Distribution per share					$ 0.0256
Cash distribution declared	$ 4,453	$ 8,906	$ 8,906	$ 17,813

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income tax (expense) benefit	$ (65)	$ 1,023	$ (150)	$ 2,359
Income tax expense, change in deferred tax asset		1,200		2,600
Current income tax expense	$ 100	$ (200)	$ 200	$ (200)

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) shares in Millions	6 Months Ended
	Jun. 30, 2022 Agreement shares
Commitments And Contingencies [Line Items]
Number of promoted interest agreements	1
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) - Subsequent Event [Member] $ in Millions	1 Months Ended
	Jul. 31, 2022 USD ($)	Aug. 31, 2022 Properties
Subsequent Event [Line Items]
Number of properties | Properties		2
Aggregate gains on sale of properties | $	$ 29.5