CNL Healthcare Properties (CHTH) 10-K27 Mar 152014 FY Annual reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
Document and Entity Information (USD $)	Dec. 31, 2014	Mar. 18, 2015	Jun. 30, 2014
Document Information [Line Items]
Document Type	10-K
Amendment Flag	FALSE
Document Period End Date	31-Dec-14
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Entity Registrant Name	CNL Healthcare Properties, Inc.
Entity Central Index Key	1496454
Current Fiscal Year End Date	-19
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		133,533,876
Entity Public Float			$788,800,000

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Real estate assets:
Real estate investment properties, net (including VIEs $174,449 and $72,053, respectively)	$1,657,500	$848,791
Real estate under development, including land (including VIEs $47,153 and $16,210 respectively)	47,153	17,409
Total real estate assets, net	1,704,653	866,200
Intangibles, net (including VIEs $25,519 and $4,535 respectively)	140,264	52,400
Cash (including VIEs $6,280 and $727 respectively)	91,355	44,209
Loan costs, net (including VIEs $2,300 and $912 respectively)	14,012	7,919
Other assets (including VIEs $467 and $21 respectively)	11,197	6,445
Restricted cash (including VIEs $5,304 and $257 respectively)	10,753	2,839
Deferred rent and lease incentives (including VIEs $2,978 and $104 respectively)	8,240	2,782
Investments in unconsolidated entities	7,379	18,438
Deposits (including VIEs $44 and $0 respectively)	1,162	8,892
Note receivable from related party		3,949
Total assets	1,989,015	1,014,073
Liabilities:
Mortgages and other notes payable, net (including VIEs $137,754 and $52,596 respectively)	853,561	438,107
Credit facilities	206,403	98,500
Other liabilities (including VIEs $4,949 and $939 respectively)	27,448	7,243
Accounts payable and accrued expenses (including VIEs $2,317 and $309 respectively)	18,493	7,887
Accrued development costs (including VIEs $7,951 and $7,047 respectively)	7,951	7,047
Due to related parties (including VIEs $219 and $112 respectively)	2,999	3,308
Total liabilities	1,116,855	562,092
Commitments and contingencies (Note 15)
Redeemable noncontrolling interest	568
Stockholders' equity:
Preferred stock, $0.01 par value per share, 200,000 shares authorized; none issued or outstanding
Excess shares, $0.01 par value per share, 300,000 shares authorized; none issued or outstanding	0	0
Common stock, $0.01 par value per share, 1,120,000 shares authorized, 116,672 and 58,308 shares issued, and 116,256 and 58,218 shares outstanding, respectively	1,163	582
Capital in excess of par value	1,007,326	500,361
Accumulated loss	-83,091	-30,580
Accumulated distributions	-49,342	-17,423
Accumulated other comprehensive loss	-4,864	-959
Total stockholders' equity	871,192	451,981
Noncontrolling interest	400
Total equity	872,160	451,981
Total liabilities and equity	$1,989,015	$1,014,073

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Real estate investment properties, net	$1,657,500	$848,791
Real estate under development, including land	47,153	17,409
Intangibles, net	140,264	52,400
Cash	91,355	44,209
Loan costs, net	14,012	7,919
Other assets	11,197	6,445
Restricted cash	10,753	2,839
Deferred rent and lease incentives	8,240	2,782
Deposits	1,162	8,892
Mortgage and other notes payable, net	853,561	438,107
Other liabilities	27,448	7,243
Accounts payable and accrued expenses	18,493	7,887
Accrued development costs	7,951	7,047
Due to related parties	2,999	3,308
Preferred stock, par value	$0.01	$0.01
Preferred stock, shares authorized	200,000	200,000
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	300,000
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	1,120,000
Common stock, shares issued	116,672	58,308
Common stock, shares outstanding	116,256	58,218
VIEs
Real estate investment properties, net	174,449	72,053
Real estate under development, including land	47,153	16,210
Intangibles, net	25,519	4,535
Cash	6,280	727
Loan costs, net	2,300	912
Other assets	467	21
Restricted cash	5,304	257
Deferred rent and lease incentives	2,978	104
Deposits	44	0
Mortgage and other notes payable, net	137,754	52,596
Other liabilities	4,949	939
Accounts payable and accrued expenses	2,317	309
Accrued development costs	7,951	7,047
Due to related parties	$219	$112

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Revenues:
Rental income from operating leases	$49,305		$23,297		$6,925
Resident fees and services	123,777		27,550		460
Tenant reimbursement income	7,504		1,640
Interest income on note receivable from related party	498		118
Total revenues	181,084		52,605		7,385
Operating Expenses:
Property operating expenses	93,549		20,940		406
General and administrative	6,877		5,618		2,563
Acquisition fees and expenses	23,931		18,840		6,585
Asset management fees	8,481		3,614		1,369
Property management fees	8,942		2,642		404
Contingent purchase price consideration adjustment	-630		-1,824
Depreciation and amortization	63,112		16,765		2,101
Total operating expenses	204,262		66,595		13,428
Operating loss	-23,178		-13,990		-6,043
Other income (expense):
Interest and other income	104		74		13
Interest expense and loan cost amortization	-30,487		-10,799		-5,850
Equity in earnings (loss) of unconsolidated entities	-1,387		2,147		1,143
Gain on sale of investment in unconsolidated entity			4,486
Gain on purchase of controlling interest of investment in unconsolidated entity	2,798
Total other expense	-28,972		-4,092		-4,694
Loss before income taxes	-52,150		-18,082		-10,737
Income tax benefit (expense)	-361		-18		17
Net loss	-52,511		-18,100		-10,720
Less: Net loss attributable to noncontrolling interest	0		0		0
Net loss attributable to common stockholders	($52,511)		($18,100)		($10,720)
Net loss per share of common stock (basic and diluted)	($0.63)		($0.44)		($0.81)
Weighted average number of shares of common stock outstanding (basic and diluted)	83,457	[1]	41,197	[1]	13,199

[1]	For the purposes of determining the weighted average number of shares of common stock outstanding, stock distributions issued are treated as if they were outstanding for all periods presented.

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Net loss	($52,511)	($18,100)	($10,720)
Other comprehensive income (loss):
Unrealized loss on derivative financial instruments, net	-3,915	-1,042
Unrealized gain on derivative financial instruments of equity method investments	10	83
Total other comprehensive loss	-3,905	-959
Comprehensive loss	-56,416	-19,059	-10,720
Less: Comprehensive loss attributable to noncontrolling interest	0	0	0
Comprehensive loss attributable to common stockholders	($56,416)	($19,059)	($10,720)

CONSOLIDATED_STATEMENTS_OF_STO

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND REDEEMABLE NONCONTROLLING INTEREST (USD $)	Total	Common Stock	Capital in Excess of Par Value	Accumulated Loss	Accumulated Distributions	Accumulated Other Comprehensive Loss	Redeemable Noncontrolling Interests	Total Stockholders' Equity	Non- controlling Interests
Beginning Balance at Dec. 31, 2011	$9,702,000	$13,000	$11,505,000	($1,760,000)	($56,000)			$9,702,000
Beginning Balance (in shares) at Dec. 31, 2011		1,357,000
Subscriptions received for common stock through public offering and reinvestment plan (in shares)		16,850,000
Subscriptions received for common stock through public offering and reinvestment plan	168,266,000	169,000	168,097,000					168,266,000
Stock distributions		2,000	-2,000
Stock distributions, shares		240,000
Redemptions of common stock	-10,000		-10,000					-10,000
Redemption of common stock, shares		-1,000
Stock issuance and offering costs	-23,390,000		-23,390,000					-23,390,000
Net loss	-10,720,000
Net loss	-10,720,000			-10,720,000				-10,720,000
Cash distributions declared and paid or reinvested ($0.39996 per share in 2013 and $0.4071 per share in 2014)	-3,197,000				-3,197,000			-3,197,000
Ending Balance at Dec. 31, 2012	140,651,000	184,000	156,200,000	-12,480,000	-3,253,000			140,651,000
Ending Balance (in shares) at Dec. 31, 2012		18,446,000
Subscriptions received for common stock through public offering and reinvestment plan (in shares)		38,798,000
Subscriptions received for common stock through public offering and reinvestment plan	387,363,000	388,000	386,975,000					387,363,000
Stock distributions		11,000	-11,000
Stock distributions, shares		1,063,000
Redemptions of common stock	-827,000	-1,000	-826,000					-827,000
Redemption of common stock, shares		-89,000
Stock issuance and offering costs	-41,977,000		-41,977,000					-41,977,000
Net loss	-18,100,000
Net loss	-18,100,000			-18,100,000				-18,100,000
Other comprehensive loss	-959,000					-959,000		-959,000
Distribution to holder of promoted interest	-2,000,000
Cash distributions declared and paid or reinvested ($0.39996 per share in 2013 and $0.4071 per share in 2014)	-14,170,000				-14,170,000			-14,170,000
Ending Balance at Dec. 31, 2013	451,981,000	582,000	500,361,000	-30,580,000	-17,423,000	-959,000		451,981,000
Ending Balance (in shares) at Dec. 31, 2013	58,218,000	58,218,000
Subscriptions received for common stock through public offering and reinvestment plan (in shares)		56,006,000
Subscriptions received for common stock through public offering and reinvestment plan	572,324,000	560,000	571,764,000					572,324,000
Stock distributions		24,000	-24,000
Stock distributions, shares		2,356,000
Redemptions of common stock	-2,996,000	-3,000	-2,993,000					-2,996,000
Redemption of common stock, shares		-324,000
Stock issuance and offering costs	-59,782,000		-59,782,000					-59,782,000
Net loss	-52,511,000			-52,511,000				-52,511,000
Net loss	-52,511,000
Other comprehensive loss	-3,905,000					-3,905,000		-3,905,000
Distribution to holder of promoted interest	-2,000,000		-2,000,000					-2,000,000
Cash distributions declared and paid or reinvested ($0.39996 per share in 2013 and $0.4071 per share in 2014)	-31,919,000				-31,919,000			-31,919,000
Contribution from noncontrolling interests	968,000						568,000		400,000
Ending Balance at Dec. 31, 2014	$871,192,000	$1,163,000	$1,007,326,000	($83,091,000)	($49,342,000)	($4,864,000)	$568,000	$871,192,000	$400,000
Ending Balance (in shares) at Dec. 31, 2014	116,256,000	116,256,000

CONSOLIDATED_STATEMENTS_OF_STO1

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND REDEEMABLE NONCONTROLLING INTEREST (Parenthetical) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash distributions, declared and paid per share	$0.41	$0.40	$0.40

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating Activities:
Net loss	($52,511)	($18,100)	($10,720)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Depreciation and amortization	63,112	16,765	2,101
Amortization of loan costs	2,921	1,433	1,161
Accretion of note origination costs	60	80
Amortization of above and below market intangibles	345	68
Straight-line rent adjustments	-2,472	-2,023	-843
Deferred tax assets, net		31	-31
Loss on extinguishment of debt		244	460
Contingent purchase price consideration adjustment	-630	-1,824
Equity in earnings of unconsolidated entities, net of distributions	2,931	1,620	465
Gain on purchase of controlling interest in unconsolidated entity	-2,798
Gain on sale of unconsolidated entity		-4,486
Changes in operating assets and liabilities:
Other assets	-1,791	-740	-1,113
Deferred rent and lease incentives	-1,016
Due from related parties	-155	-25
Accounts payable and accrued expenses	7,235	5,450	1,569
Other liabilities	5,038	2,907
Due to related parties	-997	1,646	582
Net cash flows provided by (used in) operating activities	19,272	3,046	-6,369
Investing activities:
Acquisition of properties	-869,458	-655,924	-241,800
Development of properties	-47,150	-23,246	-8,050
Issuance of note receivable to related party	-2,065	-3,686
Collection of note receivable from related party	5,591
Distribution from unconsolidated entities	2,206	222
Purchase of controlling interest in unconsolidated entity	-1,584
Investment in unconsolidated entities	-220	-12,912	-65,025
Proceeds from sale of unconsolidated entity		61,761
Changes in restricted cash	-7,914	-2,229	-610
Capital expenditures	-4,021	-347
Payment of leasing costs	-543	-12	-17
Deposits on real estate	-500	-7,419	-145
Net cash used in investing activities	-925,658	-643,792	-315,647
Financing activities:
Subscriptions received for common stock through public offering	554,608	379,772	166,527
Payment of stock issuance and offering costs	-58,880	-41,821	-22,917
Distributions to stockholders, net of distribution reinvestments	-14,203	-6,579	-1,459
Distribution to holder of promoted interest	-2,000
Contribution from redeemable noncontrolling interest	568
Contribution from noncontrolling interest	400
Redemptions of common stock	-2,246	-706	-10
Draws under revolving credit facilities	367,223	98,500
Repayments on revolving credit facilities	-259,320
Proceeds from mortgage and other notes payable	402,438	362,392	264,780
Principal payments on mortgage and other notes payable	-27,012	-117,436	-71,628
Lender deposits	-150	-1,110	-138
Payment of loan costs	-7,894	-6,319	-4,879
Net cash flows provided by financing activities	953,532	666,693	330,276
Net increase in cash	47,146	25,947	8,260
Cash at beginning of period	44,209	18,262	10,002
Cash at end of period	91,355	44,209	18,262
Supplemental disclosure of cash flow information:
Cash paid during the period for interest, net of capitalized interest of $0.9 million, $0.5 million and $0.05 million, respectively	26,724	8,720	3,377
Cash paid for income taxes	545	569	7
Amounts incurred but not paid (including amounts due to related parties):
Stock issuance and offering costs	1,656	752	595
Loan costs	310	241	136
Capital expenditures	72
Accrued development costs	7,951	7,047	311
Redemptions payable	872	121
Contingent purchase price consideration	268	507
Loan cost amortization capitalized on development properties	73	97	56
Unrealized loss on derivative financial instruments, net	4,864	959
Assumption of liabilities on acquired property	1,000
Assumption of mortgage note payable on acquired property	$27,657

CONSOLIDATED_STATEMENTS_OF_CAS1

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash paid during the period for interest, net of capitalized interest	$0.90	$0.50	$0.50

Organization

Organization	12 Months Ended
	Dec. 31, 2014
Organization	1	Organization

	CNL Healthcare Properties, Inc. (the “Company”) is a Maryland corporation incorporated on June 8, 2010 that elected to be taxed as a REIT for U.S. federal income tax purposes beginning with the year ended December 31, 2012. The Company is externally advised by CNL Healthcare Corp. and its property manager is CNL Healthcare Manager Corp., each of which is a Florida corporation and a wholly owned subsidiary of CNL Financial Group, LLC, the Company’s sponsor. CNL Financial Group, LLC is an affiliate of CNL Financial Group, Inc. The Advisor is responsible for managing the Company’s affairs on a day-to-day basis and for identifying and making acquisitions and investments on behalf of the Company pursuant to an advisory agreement among the Company, the operating partnership and the Advisor. Substantially all of the Company’s acquisition, operating, administrative and certain property management services are provided by affiliates of the Advisor and the Property Manager. In addition, third-party sub-property managers have been engaged to provide certain property management services.

	The Company conducts substantially all of its operations either directly or indirectly through: (1) an operating partnership, CHP Partners, LP, 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 TRS, CHP TRS Holding, Inc.; (3) property owner subsidiaries and lender subsidiaries, which are single purpose entities; and (4) investments in joint ventures.

	On June 27, 2011, the Company commenced its Initial Offering, including shares being offered through its Reinvestment Plan, pursuant to a registration statement on Form S-11 under the Securities Act of 1933 with the SEC. The Company’s Follow-On Offering was declared effective by the SEC on February 2, 2015. The Company expects to sell shares of its common stock in the Follow-On Offering until the earlier of the date on which the maximum offering amount has been sold, or December 31, 2015; provided, however, that the Company will periodically evaluate the status of the Follow-On Offering, and its board of directors may extend the Follow-On Offering beyond December 31, 2015.

	The Company’s investment focus is on acquiring a diversified portfolio of healthcare real estate or real estate-related assets, primarily in the United States, within the senior housing, medical office, post-acute care and acute care asset classes. The types of senior housing that the Company may acquire include active adult communities (age-restricted and age-targeted housing), independent and assisted living facilities, continuing care retirement communities, and memory care facilities. The types of medical offices that the Company may acquire include medical office buildings, specialty medical and diagnostic service facilities, surgery centers, outpatient rehabilitation facilities, and other facilities designed for clinical services. The types of post-acute care facilities that the Company may acquire include skilled nursing facilities, long-term acute care hospitals and inpatient rehabilitative hospitals. The types of acute care facilities that the Company may acquire include general acute care hospitals and specialty surgical hospitals. The Company views, manages and evaluates its portfolio homogeneously as one collection of healthcare assets with a common goal of maximizing revenues and property income regardless of the asset class or asset type.

	The Company is committed to investing the proceeds of its Follow-On Offering through strategic investment types aimed to maximize stockholder value by generating sustainable cash flow growth and increasing the value of its healthcare assets. The Company expects to primarily lease its senior housing properties to wholly-owned TRS entities and engage independent third-party managers under management agreements to operate the properties under RIDEA structures; however, the Company may also lease 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, the Company expects most investments will be wholly owned, although, it has and may continue to invest through partnerships with other entities where it is believed to be appropriate and beneficial.

	The Company has and may continue to invest in new property developments or properties which have not reached full stabilization. Finally, the Company also may invest in and originate mortgage, bridge or mezzanine loans or in entities that make investments similar to the foregoing investment types. The Company generally makes loans to the owners of properties to enable them to acquire land, buildings, or to develop property. In exchange, the owner generally grants the Company a first lien or collateralized interest in a participating mortgage collateralized by the property or by interests in the entity that owns the property.

Summary_of_Significant_Account

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2014

Summary of Significant Accounting Policies

Basis of Presentation and Consolidation — The accompanying 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 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.

In accordance with the guidance for the consolidation of VIEs, the Company analyzes its variable interests, including loans, leases, guarantees, and equity investments, to determine if the entity in which it has a variable interest is a variable interest entity (“VIE”). The Company’s analysis includes both quantitative and qualitative reviews. The Company bases its quantitative analysis on the forecasted cash flows of the entity, and its qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and financial agreements. The Company also uses its quantitative and qualitative analyses to determine if it is the primary beneficiary of the VIE, and if such determination is made, it includes the accounts of the VIE in its consolidated financial statements.

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 allocation of purchase price, the analysis of real estate impairments, the valuation of contingent assets and liabilities, and the valuation of restricted stock shares issued to the Advisor or Property Manager. Accordingly, actual results could differ from those estimates.

Allocation of Purchase Price for Real Estate Acquisitions — Upon acquisition of properties, the Company estimates the fair value of acquired tangible assets (consisting of land, building and improvements, tenant improvements and equipment), intangible assets (consisting of in-place leases and above- or below-market leases), liabilities assumed and any contingent assets or liabilities in order to allocate the purchase price. In estimating the fair value of the assets acquired and liabilities assumed, the Company considers information obtained about each property as a result of its due diligence and utilizes various valuation methods, such as estimated cash flow projections using appropriate discount and capitalization rates, estimates of replacement costs net of depreciation and available market information.

The fair value of the tangible assets of an acquired leased property is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and building based on the relative fair values of these assets.

The purchase price is allocated to in-place lease intangibles based on management’s evaluation of the specific characteristics of the acquired lease(s). Factors considered include estimates of carrying costs during hypothetical expected lease up periods, including estimates of lost rental income during the expected lease up periods, and costs to execute similar leases such as leasing commissions, legal and other related expenses. Above- and below-market lease intangibles are recorded based on the present value of the difference between the contractual rents to be paid pursuant to the lease and management’s estimate of the fair market lease rates for each in-place lease and may include assumptions for lease renewals of below-market leases.

The Company may also enter into contingent purchase price consideration arrangements in connection with acquisitions, which could result in either an asset or liability being recognized as part of the purchase price allocation. In calculating the estimated fair value of contingent purchase price consideration arrangements, the Company considers information obtained during the due diligence and budget process as well as discount rates to determine the fair value. The Company evaluates the fair value of the arrangements at each reporting period and records any adjustments to the fair value as a component of operating income (expense) in the consolidated statement of operations. Refer to Note 9. “Contingent Purchase Price Consideration” for additional information on fair value measurements of contingent purchase price consideration arrangements.

Depreciation and Amortization — Real estate costs related to the acquisition and improvement of properties are capitalized. Repair and maintenance costs are charged to expense as incurred and significant replacements and improvements are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset to determine its appropriate useful life. Real estate assets are stated at cost less accumulated depreciation, which is computed using the straight-line method of accounting over the estimated useful lives of the related assets. Buildings and improvements are depreciated on the straight-line method over their estimated useful lives, which generally are the lesser of 39 and 15 years, respectively, or the remaining life of the ground lease.

Amortization of intangible assets is computed using the straight-line method of accounting over the shorter of the respective lease term or estimated useful life. If a lease were to be terminated prior to its scheduled expiration, all unamortized costs related to the lease would be written off.

Impairment of Real Estate Assets — Real estate assets are reviewed on an ongoing basis to determine whether there are any indicators, including property operating performance and general market conditions, that the value of the real estate properties (including any related amortizable intangible assets or liabilities) may be impaired. To assess if a property value is potentially impaired, management compares the estimated current and projected undiscounted cash flows, including estimated net sales proceeds, of the property over its remaining useful life to the net carrying value of the property. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. In the event that the carrying value exceeds the undiscounted operating cash flows, the Company would recognize an impairment provision to adjust the carrying value of the asset group to the estimated fair value of the property.

When impairment indicators are present for real estate indirectly owned, through an investment in a joint venture or other similar investment structure accounted for under the equity method, the Company compares the estimated fair value of its investment to the carrying value. An impairment charge will be recorded to the extent fair value of the investment is less than the carrying amount and the decline in value is determined to be other than a temporary decline.

Real Estate Under Development — The Company records real estate under development at cost, including acquisition fees and closing costs incurred. The cost of the real estate under development includes direct and indirect costs of development, including interest and miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. In addition, during active development, all operating expenses related to the project, including property expenses such as real estate taxes and insurance, are capitalized rather than expensed and incidental revenue is recorded as a reduction of capitalized development costs. Preleasing costs are expensed as incurred.

Capitalized Interest — Interest and loan cost amortization attributable to funds used to finance real estate under development is capitalized as additional costs of development. The Company capitalizes interest at the weighted average interest rate of the Company’s outstanding indebtedness and based on its weighted average expenditures for the period. Capitalization of interest on a specific project ceases when the project is substantially complete and ready for occupancy. During the years ended December 31, 2014 and 2013, the Company incurred interest expense and loan cost amortization of approximately $31.5 million and $11.5 million, respectively, of which approximately $1.0 million and $0.7 million, respectively, was capitalized according to this policy.

Cash — Cash consists of demand deposits at commercial banks. The Company also invests in cash equivalents consisting of highly liquid investments in money market funds with original maturities of three months or less during the year.

As of December 31, 2014, certain of the Company’s cash deposits exceeded federally insured amounts. However, the Company continues to monitor the third-party depository institutions that hold the Company’s cash, primarily with the goal of safeguarding principal. The Company attempts to limit cash investments to financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on cash.

Loan Costs — Financing costs paid in connection with obtaining debt are deferred and amortized over the estimated life of the debt using the effective interest method. As of December 31, 2014 and 2013, the accumulated amortization of loan costs was approximately $4.3 million and $2.5 million, respectively.

Leasing Costs — The Company defers costs that it incurs to obtain new tenant leases or extend existing tenant leases and classifies these costs as other assets, net of accumulated amortization. The Company amortizes these costs using the straight-line method of accounting over the shorter of the respective lease term or estimated useful life. If a lease is terminated early, the Company will expense any applicable unamortized deferred leasing costs.

Restricted Cash — Certain amounts of cash are restricted to fund capital expenditures for the Company’s real estate investment properties or represent certain tenant security deposits.

Investments in Unconsolidated Entities — The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting as the Company exercises significant influence, but does not maintain a controlling financial interest over these entities. These investments are recorded initially at cost and subsequently adjusted for cash contributions, distributions and equity in earnings (loss) of the unconsolidated entities. Based on the respective venture structures and preferences the Company receives on distributions and liquidation, the Company records its equity in earnings of the unconsolidated entities under the HLBV method of accounting. Under this method, the Company recognizes income or loss in each period as if the net book value of the assets in the ventures were hypothetically liquidated at the end of each reporting period pursuant to the provisions of the joint venture agreements. In any given period, the Company could be recording more or less income than actual cash distributions received and more or less than what the Company may receive in the event of an actual liquidation. The Company’s investment in unconsolidated entities is accounted for as an asset acquisition in which acquisition fees and expenses are capitalized as part of the basis in the investment in unconsolidated entities. The acquisition fees and expenses create an outside basis difference that are allocated to the assets of the investee and, if assigned to depreciable or amortizable assets, the basis differences are then amortized as a component of equity in earnings (loss) of unconsolidated entities.

Notes Receivable — The Company evaluates impairment on its notes receivable on an individual loan basis which includes, current information and events, periodic visits and quarterly discussions on the financial results of the properties being collateralized and the financial stability of the borrowers. The Company reviews each loan to determine the risk of loss, whether the individual loan is impaired and whether an allowance is necessary. The value credit quality of the Company’s borrowers is primarily based on their payment history on an individual loan basis, as such, the Company does not assign its notes receivable to credit quality categories.

Derivative Financial Instruments — The Company and certain unconsolidated equity method investments held by the Company use derivative financial instruments to partially offset the effect of fluctuating interest rates on the cash flows associated with its variable-rate debt. Upon entry into a derivative, the Company or its unconsolidated equity method investment formally designates and documents the financial instrument as a hedge of a specific underlying exposure, as well as the risk management objectives and strategies for undertaking the hedge transaction. The Company or its unconsolidated equity method investment accounts for derivatives through the use of a fair value concept whereby the derivative positions are stated at fair value in the accompanying consolidated balance sheets. The fair value of derivatives used to hedge or modify risk fluctuates over time. As such, the fair value amounts should not be viewed in isolation, but rather in relation to the cash flows or fair value of the underlying hedged transaction and to the overall reduction in the exposure relating to adverse fluctuations in interest rates on the Company’s or its unconsolidated equity method investment’s variable-rate debt. Realized and unrealized gain (loss) on derivative financial instruments designated by either the Company or its unconsolidated equity method investment as cash flow hedges are reported as a component of other comprehensive income (loss), a component of stockholders’ equity, in the accompanying consolidated statements of comprehensive income (loss) to the extent they are effective; reclassified into earnings on the same line item associated with the hedged transaction and in the same period the hedged transaction affects earnings. Any ineffective portions of cash flow hedges are reported in the accompanying consolidated statements of operations as derivative gain (loss).

Realized and unrealized gain (loss) on derivative financial instruments designated as cash flow hedges that are entered into by the Company’s equity method investments are reported as a component of the Company’s other comprehensive income (loss) in proportion to the Company’s ownership percentage in the investment, with reclassifications and ineffective portions being included in equity in earnings (loss) of unconsolidated entities in the accompanying consolidated statements of operations.

Fair Value Measurements — Fair value assumptions are based on the framework established in the fair value accounting guidance under GAAP. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes the following fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable:

•

Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access.

•

Level 2 — Inputs, other than quoted prices included in Level 1, that are observable for the asset or liability either directly or indirectly; such as, quoted prices for similar assets or liabilities or other inputs that can be corroborated by observable market data.

•

Level 3 — Unobservable inputs for the asset or liability, which are typically based on the Company’s own assumptions, as there is little, if any, related market activity.

When market data inputs are unobservable, the Company utilizes inputs that it believes reflects the Company’s best estimate of the assumptions market participants would use in pricing the asset or liability. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.

Mortgages and Other Notes Payable — Mortgages and other notes payable are recorded at the stated principal amount and are generally collateralized by the Company’s properties. Mortgages and other notes payable assumed in connection with an acquisition are recorded at fair market value as of the date of the acquisition.

Shares Based Payments to Non-Employees — In connection with the Expense Support Agreements described in Note 11. “Related Party Arrangements,” the Company may issue Restricted Stock to the Advisor or the Property Manager on a quarterly basis in exchange for providing expense support in the event that cash distributions declared exceed modified funds from operations as defined by the Expense Support Agreements.

The Restricted Stock is forfeited if shareholders do not ultimately receive their original invested capital back with at least a 6% annualized return of investment upon a future liquidity or disposition event of the Company. Upon issuance of Restricted Stock, the Company measures the fair value at its then-current lowest aggregate fair value pursuant to Accounting Standards Concept (“ASC”) 505-50. On the date in which the Advisor or the Property Manager satisfies the vesting criteria, the Company remeasures the fair value of the Restricted Stock pursuant to ASC 505-50 and records expense equal to the difference between the original fair value and that of the remeasurement date. In addition, given that performance is outside the control of the Advisor or the Property Manager and involves both market conditions and counterparty performance conditions, the shares are treated as unissued for accounting purposes and the Company only includes the Restricted Stock in the calculation of diluted earnings per share to the extent their effect is dilutive and the vesting conditions have been satisfied as of the reporting date.

Pursuant to the Expense Support Agreements, the Advisor or the Property Manager shall be the record owner of the Restricted Stock until the shares of common stock are sold or otherwise disposed of, and shall be entitled to all of the rights of a stockholder of the Company including, without limitation, the right to vote such shares (to the extent permitted by the Articles) and receive all dividends and other distributions paid with respect to such shares. All dividends or other distributions actually paid to the Advisor or the Property Manager in connection with the Restricted Stock shall vest immediately and will not be subject to forfeiture. The Company recognizes expense related to the dividends on the Restricted Stock shares as declared.

Redeemable Noncontrolling Interest — The Company classifies redeemable equity securities in accordance with Accounting Standard Update (“ASU”) No. 2009-04, “Liabilities (Topic 480): Accounting for Redeemable Equity Instruments,” which requires that equity securities redeemable at the option of the holder be classified outside of permanent stockholders’ equity. The Company classifies redeemable equity securities as redeemable noncontrolling interest within the accompanying consolidated balance sheets and consolidated statements of stockholders’ equity and redeemable noncontrolling interest. The Company evaluates the probability that these equity securities will become redeemable at each reporting period and, if determined probable, the Company measures the redemption value and records an adjustment to the carrying value of the equity securities as a component of redeemable noncontrolling interest. As of December 31, 2014, the amount payable, if any, relating to these equity securities is not probable and is dependent on the future results of operations from real estate currently under development.

Redemptions — Under the Company’s stock redemption plan, a stockholder’s shares are deemed to have been redeemed as of the date that the Company accepts the stockholder’s request for redemption. From and after such date, the stockholder by virtue of such redemption is no longer entitled to any rights as a stockholder in the Company. Shares redeemed are retired and not available for reissue.

Promoted Interest Distributions — The Company accounts for distributions to holders of promoted interests in a manner similar to noncontrolling interests. The Company identifies the distributions to holders of promoted interests separately within the accompanying consolidated statements of equity. During the years ended December 31, 2014 and 2013, the Company made distributions of approximately $2.0 million to a holder of promoted interest related to HarborChase of Villages Crossing, which has been recorded as a reduction to capital in excess of par value in the accompanying consolidated statement of stockholders’ equity and redeemable noncontrolling interest.

Revenue Recognition — Rental income from operating leases is recorded on the straight-line basis over the terms of the leases. The Company’s leases require the tenants to pay certain additional contractual amounts that are set aside by the Company for replacements of fixed assets and other improvements to the properties. These amounts are and will remain the property of the Company during and after the term of the lease. The amounts are recorded as capital improvement reserve income at the time that they are earned and are included in rental income from operating leases in the accompanying consolidated statement of operations. Additional percentage rent that is due contingent upon tenant performance thresholds, such as gross revenues, is deferred until the underlying performance thresholds have been achieved.

Resident fees and services consist of monthly services, which include rent, assistance and other related services. Agreements with residents are generally for an initial term of three months and are cancelable by the residents with 30 days notice.

Tenant reimbursement income represents amounts tenants are required to reimburse the Company for expenses incurred on behalf of the tenants, in accordance with the terms of the leases and are recognized in the period in which the related reimbursable expenses are incurred.

Interest income is recognized on an accrual basis when earned. Any deferred portion of contractual interest is recognized on a straight-line basis over the term of the corresponding note receivable. Loan origination fees incurred are recognized as a reduction to interest income over the term of the note receivable.

Segment Information — Operating segments are components of an enterprise for which separate financial information is available and is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance. The Company has determined that it operates in one operating segment, real estate ownership. The Company’s chief operating decision maker evaluates the Company’s operations from a number of different operational perspectives including, but not limited to, a property-by-property basis and by tenant or operator. The Company derives all significant revenues from a single reportable operating segment of business, healthcare real estate, regardless of the type (senior housing, medical office, etc.) or ownership structure (leased or managed). Accordingly, the Company does not report segment information; nevertheless, management periodically evaluates whether the Company continues to have one single reportable segment of business.

Acquisition Fees and Expenses — Acquisition fees, including investment services fees and expenses associated with transactions deemed to be business combinations (including investment transactions that are no longer under consideration), are expensed as incurred. Acquisition fees and expenses associated with making loans and with transactions deemed to be an asset purchase are capitalized. The following table summarizes the Company’s acquisition fees and expenses for the years ended December 31, 2014, 2013 and 2012 (in millions):

December 31,

Distribution Type

2014

2013

2012

Capitalized as real estate under development

3.4

0.1

0.7

Capitalized as investment in unconsolidated entities

—

0.5

3.3

Capitalized as origination costs to the note receivable

—

0.1

—

Acquisition costs expensed

23.9

18.8

6.6

Total acquisition costs incurred

27.3

19.5

10.6

Net Loss per Share — Net loss per share is calculated based upon the weighted average number of shares of common stock outstanding during the period in which the Company was operational. For the purposes of determining the weighted average number of shares of common stock outstanding, stock distributions are treated as if they were issued and outstanding for the full periods presented. Therefore, the weighted average number of shares outstanding for the years ended December 31, 2014, 2013 and 2012 have been revised to include stock distributions declared and issued through the date of this filing as if they were outstanding as of the beginning of each period presented.

Income Taxes — The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended and related regulations beginning with the year ended December 31, 2012. In order to be taxed as a REIT, the Company is subject to certain organizational and operational requirements, including the requirement to make distributions to its stockholders each year of at least 90% of its REIT taxable income (which is computed without regard to the dividends-paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). If the Company qualifies for taxation as a REIT, the Company generally will not be subject to U.S. federal income tax on income that the Company distributes as dividends. If the Company fails to quality as a REIT in any taxable year, the Company will be subject to U.S. federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and U.S. federal income and excise taxes on its undistributed income. The Company may also be subject to foreign taxes on investments outside of the United States based on the jurisdictions in which the Company conducts business.

The Company has and will continue to form subsidiaries which may elect to be taxed as a TRS for U.S. federal income tax purposes. Under the provisions of the Internal Revenue Code and applicable state laws, a TRS will be subject to tax on its taxable income from its operations. The Company will account for federal and state income taxes with respect to a TRS using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities, the respective tax bases, operating losses and/or tax-credit carryforwards.

Prior to the Company’s REIT election, it was subject to corporate federal and state income taxes. Prior to and including the year ended December 31, 2011, the Company did not have earnings. The tax years from 2010 to 2014 remain subject to examination by taxing authorities throughout the United States. The Company analyzed its material tax positions and determined that it has not taken any uncertain tax positions.

Adopted Accounting Pronouncements — In February 2013, the Financial Accounting Standards Board (“FASB”) issued “ASU” No. 2013-04, “Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date.” This update clarified the guidance in subtopic 405 and requires entities to measure obligations resulting from joint and several liability arrangements for which total obligation is fixed at the reporting date. Entities are required to measure the obligation as the amount that the reporting entity agreed to pay on the basis of its arrangement among its co-obligors plus any additional amount the reporting entity expects to pay on behalf of its co-obligors. Additionally, the guidance requires entities to disclose the nature and amount of the obligations as well as other information about those obligations. Effective January 1, 2014, the Company adopted this ASU. The adoption of this update did not have a material impact on the Company’s financial position, results of operations or cash flows.

In July 2013, the FASB issued ASU No. 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a similar Tax Loss, or a Tax Credit Carryforward Exists.” This update clarified the guidance in subtopic 740 and requires entities to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward to the extent one is available. Effective January 1, 2014, the Company adopted this ASU. The adoption of this update did not have a material impact on the Company’s financial position, results of operations or cash flows.

Recent Accounting Pronouncements — In April 2014, the FASB issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This update changes the criteria for reporting discontinued operations where only disposals representing a strategic shift that has (or will have) a major effect on an entity’s operations and financial results, such as a major line of business or geographical area, should be presented as a discontinued operation. This ASU is effective prospectively for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014 with early adoption permitted. The Company has determined that the amendments will impact the Company’s determinations of which future property disposals, if any, qualify as discontinued operations and will require additional disclosure about discontinued operations for future property disposals, if any.

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” as a new ASC topic (Topic 606). The core principle of this amendment is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard further provides guidance for any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards (for example, lease contracts). This ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, with earlier adoption not permitted. ASU 2014-09 can be adopted using one of two retrospective application methods: 1) retrospectively to each prior reporting period presented or 2) as a cumulative-effect adjustment as of the date of adoption. The Company is currently evaluating the amendments of ASU 2014-09; however, these amendments could potentially have a significant effect on the Company’s consolidated financial position, results of operations or cash flows.

In February 2015, the FASB issued ASU 2015-02, “Amendments to the Consolidation Analysis,” which requires amendments to both the variable interest entity and voting models. The amendments (i) modify the identification of variable interests (fees paid to a decision maker or service provider), the VIE characteristics for a limited partnership or similar entity and primary beneficiary determination under the VIE model, and (ii) eliminate the presumption within the current voting model that a general partner controls a limited partnership or similar entity. The new guidance is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2015 with early adoption permitted. The amendments may be applied using either a modified retrospective or full retrospective approach. The Company is currently evaluating the effect the guidance will have on its consolidated financial statements.

Acquisitions

12 Months Ended

Dec. 31, 2014

Acquisitions

Real Estate Investment Properties — During the year ended December 31, 2014, the Company acquired the following 35 properties, which were comprised of 14 senior housing communities, 15 medical office buildings (“MOB”), three post-acute care hospitals, and three acute care hospitals:

Name and Location

Structure

Date

Purchase Price

Acquired

(in thousands)

Acute Care

Houston Orthopedic & Spine Hospital (“HOSH”)

Triple-net Lease

6/2/14

49,000

Bellaire, TX (“Houston”)

Medical Portfolio II Properties

Hurst Specialty Hospital

Modified Lease

8/15/14

29,465

Hurst, TX (“Dallas/Fort Worth”)

Beaumont Specialty Hospital

Modified Lease

8/15/14

33,600

Beaumont, TX (“Houston”)

Medical Office

Chula Vista Medical Arts Center—Plaza I

Modified Lease

1/21/14

17,863

(1)

Chula Vista, CA (“San Diego”)

HOSH Medical Office Building

Modified Lease

6/2/14

27,000

Bellaire, TX (“Houston”)

Lee Hughes Medical Building

Modified Lease

9/29/14

29,870

(1)

Glendale, CA (“Los Angeles”)

Northwest Medical Park

Modified Lease

10/31/14

10,804

(1)

Margate, FL (“Fort Lauderdale”)

Newburyport Medical Center

Modified Lease

10/31/14

18,000

(1)

Newburyport, MA (“Boston”)

ProMed Medical Building I

Modified Lease

12/19/14

11,000

(1)

Yuma, AZ

Southeast Medical Office Properties

Midtown Medical Plaza

Modified Lease

12/22/14

54,695

Charlotte, NC

Presbyterian Medical Tower

Modified Lease

12/22/14

36,333

Charlotte, NC

Metroview Professional Building

Modified Lease

12/22/14

17,262

Charlotte, NC

Physicians Plaza Huntersville

Modified Lease

12/22/14

29,964

Huntersville, NC (“Charlotte”)

Matthews Medical Office Building

Modified Lease

12/22/14

21,227

Matthews, NC (“Charlotte”)

Outpatient Care Center

Modified Lease

12/22/14

15,450

Clyde, NC (“Asheville”)

330 Physicians Center

Modified Lease

12/22/14

30,099

Rome, GA

Spivey Station Physicians Center

Modified Lease

12/22/14

14,379

Atlanta, GA

Spivey Station ASC Building

Modified Lease

12/22/14

18,591

Atlanta, GA

Name and Location

Structure

Date

Purchase Price

Acquired

(in thousands)

Post-Acute Care

Medical Portfolio II Properties

Oklahoma City Inpatient Rehabilitation Hospital

Modified Lease

7/15/14

25,504

Oklahoma City, OK

Las Vegas Inpatient Rehabilitation Hospital

Modified Lease

7/15/14

22,292

Las Vegas, NV

South Bend Inpatient Rehabilitation Hospital

Modified Lease

7/15/14

20,240

Mishawaka, IN (“South Bend”)

Senior Housing

Pacific Northwest II Communities

Prestige Senior Living Auburn Meadows

Managed

2/3/14

21,930

Auburn, WA (“Seattle”)

Prestige Senior Living Bridgewood

Managed

2/3/14

22,096

Vancouver, WA (“Portland”)

Prestige Senior Living Monticello Park

Managed

2/3/14

27,360

Longview, WA

Prestige Senior Living Rosemont

Managed

2/3/14

16,877

Yelm, WA

Prestige Senior Living West Hills

Managed

3/3/14

14,986

Corvallis, OR

South Bay II Communities

Isle at Cedar Ridge

Managed

2/28/14

21,630

Cedar Park, TX (“Austin”)

HarborChase of Plainfield

Managed

3/28/14

26,500

Plainfield, IL

Legacy Ranch Alzheimer’s Special Care Center

Managed

3/28/14

11,960

Midland, TX

The Springs Alzheimer’s Special Care Center

Managed

3/28/14

10,920

San Angelo, TX

Isle at Watercrest – Bryan

Managed

4/21/14

22,050

Bryan, TX

Watercrest at Bryan

Managed

4/21/14

28,035

Bryan, TX

Isle at Watercrest – Mansfield

Managed

5/5/14

31,300

Mansfield, TX (“Dallas/Fort Worth”)

Watercrest at Mansfield

Managed

6/30/14

49,000

Mansfield, TX (“Dallas/Fort Worth”)

Fairfield Village of Layton

Managed

11/20/14

68,000

Layton, UT (“Salt Lake City”)

905,282

FOOTNOTE:

-1

This represents a single property acquisition that is not considered material to the Company and as such no pro forma financial information has been included related to this property.

During the year ended December 31, 2013, the Company acquired the following 38 properties, which were comprised of 16 medical office buildings, 15 senior housing communities, six post-acute care facilities, and one acute care hospital:

Name and Location

Structure

Date

Purchase Price

Acquired

(in thousands)

Acute Care

Medical Portfolio I Properties

Doctors Specialty Hospital

Modified Lease

8/16/13

10,003

Leawood, KS (“Kansas City”)

Medical Office

LaPorte Cancer Center

Modified Lease

6/14/13

13,100

Westville, IN

Knoxville Medical Office Properties

Physicians Plaza A at North Knoxville Medical Center

Modified Lease

7/10/13

18,124

Powell, TN (“Knoxville”)

Physicians Plaza B at North Knoxville Medical Center

Modified Lease

7/10/13

21,800

Powell, TN (“Knoxville”)

Jefferson Medical Commons

Modified Lease

7/10/13

11,616

Jefferson City, TN (“Knoxville”)

Physicians Regional Medical Center—Central Wing Annex

Modified Lease

7/10/13

5,775

Knoxville, TN

Medical Portfolio I Properties

John C. Lincoln Medical Office Plaza I

Modified Lease

8/16/13

4,420

Phoenix, AZ

John C. Lincoln Medical Office Plaza II

Modified Lease

8/16/13

3,106

Phoenix, AZ

North Mountain Medical Plaza

Modified Lease

8/16/13

6,185

Phoenix, AZ

Escondido Medical Arts Center

Modified Lease

8/16/13

15,602

Escondido, CA (“San Diego”)

Chestnut Commons Medical Office Building

Modified Lease

8/16/13

20,712

Elyria, OH (“Cleveland”)

Calvert Medical Office Properties

Calvert Medical Office Buildings I, II, III

Modified Lease

8/30/13

16,409

Prince Frederick, MD (“Washington D.C.”)

Calvert Medical Arts Center

Modified Lease

8/30/13

19,320

Prince Frederick, MD (“Washington D.C.”)

Dunkirk Medical Center

Modified Lease

8/30/13

4,617

Dunkirk, MD (“Washington D.C.”)

Coral Springs Medical Office Buildings (“Coral Springs MOBs”)

Coral Springs Medical Office Building I

Modified Lease

12/23/13

14,900

Coral Springs, FL

Coral Springs Medical Office Building II

Modified Lease

12/23/13

16,100

Coral Springs, FL

Bay Medical Plaza

Modified Lease

12/23/13

10,700

Chula Vista, CA (“San Diego”)

Name and Location

Structure

Date

Purchase Price

Acquired

(in thousands)

Post-Acute Care

Perennial Communities

Batesville Healthcare Center

Triple-net Lease

5/31/13

6,206

Batesville, AR

Broadway Healthcare Center

Triple-net Lease

5/31/13

11,799

West Memphis, AR

Jonesboro Healthcare Center

Triple-net Lease

5/31/13

15,232

Jonesboro, AR

Magnolia Healthcare Center

Triple-net Lease

5/31/13

11,847

Magnolia, AR

Mine Creek Healthcare Center

Triple-net Lease

5/31/13

3,374

Nashville, AR

Searcy Healthcare Center

Triple-net Lease

5/31/13

7,898

Searcy, AR

Senior Housing

HarborChase of Jasper

Managed

8/1/13

7,300

Jasper, AL

South Bay I Communities

Raider Ranch

Managed

8/29/13

55,000

Lubbock, TX

Town Village

Managed

8/29/13

22,500

Oklahoma City, OK

Pacific Northwest I Communities

MorningStar of Billings

Managed

12/2/13

48,300

Billings, MT

MorningStar of Boise

Managed

12/2/13

39,964

Boise, ID

MorningStar of Idaho Falls

Managed

12/2/13

44,390

Idaho Falls, ID

MorningStar of Sparks

Managed

12/2/13

55,200

Sparks, NV (“Reno”)

Prestige Senior Living Arbor Place

Managed

12/2/13

15,840

Medford, OR

Prestige Senior Living Beaverton Hills

Managed

12/2/13

12,900

Beaverton, OR

Prestige Senior Living Five Rivers

Managed

12/2/13

16,720

Tillamook, OR

Prestige Senior Living High Desert

Managed

12/2/13

13,600

Bend, OR

Prestige Senior Living Huntington Terrace

Managed

12/2/13

15,020

Gresham, OR (“Portland”)

Prestige Senior Living Orchard Heights

Managed

12/2/13

17,775

Salem, OR

Prestige Senior Living Riverwood

Managed

12/2/13

9,700

Tualatin, OR (“Portland”)

Prestige Senior Living Southern Hills

Managed

12/2/13

12,870

Salem, OR

655,924

The following summarizes the purchase price allocation for the above properties, and the estimated fair values of the assets acquired and liabilities assumed (in thousands):

December 31,

2014

2013

Land and land improvements

60,565

39,834

Buildings and building improvements

732,740

555,342

Furniture, fixtures and equipment

12,260

13,718

Intangibles (1)

110,325

50,333

Other liabilities

(12,037

)

(2,796

)

Liabilities assumed

(1,000

)

—

Mortgage note payable assumed (2)

(27,657

)

—

Net assets acquired

875,196

656,431

Contingent purchase price consideration

(12,395

)

(507

)

Total purchase price consideration

862,801

655,924

FOOTNOTES:

-1

At the acquisition date, the weighted-average amortization period on the acquired lease intangibles for the years ended December 31, 2014 and 2013 were approximately 7.7 years and 4.6 years, respectively. The acquired lease intangibles during the year ended December 31, 2014 were comprised of approximately $97.3 million and $13.0 million of in-place lease intangibles and other lease intangibles, respectively, and the acquired lease intangibles during the year ended December 31, 2013 were comprised of approximately $42.5 million and $7.2 million of in-place lease intangibles and other lease intangibles, respectively.

-2

At the acquisition date, the fair value of the mortgage note payable assumed reflects an approximate $0.4 million premium on the above-market mortgage note payable assumed.

The revenues and net loss (including deductions for acquisition fees and expenses and depreciation and amortization expense) attributable to the acquired properties included in the Company’s consolidated statements of operations were approximately $55.0 million and $24.3 million, respectively, for the year ended December 31, 2014; and approximately $19.4 million and $15.8 million, respectively, for the year ended December 31, 2013.

In February 2015, the Company acquired an additional MOB in Knoxville, Tennessee for approximately $33.7 million (“UT Cancer Institute”); see Note 19, “Subsequent Events,” for additional information.

The following table presents the unaudited pro forma results of operations for the Company as if each of the 2014 acquisitions noted above (including the UT Cancer Institute) were acquired as of January 1, 2013 and the unaudited pro forma results of operations for the Company assuming each of the 2013 acquisitions noted above were acquired as of January 1, 2012 (in thousands except per share data):

Years ended December 31,

2014

2013

2012

(Unaudited)

Revenues

243,581

242,415

125,872

Net income (loss) (1)

(43,936

)

(59,527

)

(40,483

)

Loss per share of common stock (basic and diluted)

(0.39

)

(0.58

)

(0.82

)

Weighted average number of shares of common stock outstanding (basic and diluted)(2)

113,607

101,826

49,433

FOOTNOTES:

-1

The unaudited pro forma results for the years ended December 31, 2014 and 2013 were adjusted to exclude approximately $20.5 million and $16.5 million, respectively, of acquisition related expenses directly attributable to the properties acquired during the years ended December 31, 2014 and 2013. The unaudited pro forma results for the years ended December 31, 2013 and 2012 were adjusted to include these charges as if the properties acquired on January 1, 2013 and 2012, respectively.

-2

As a result of the properties being treated as operational since January 1, 2013 and 2012, the Company assumed approximately 40.8 million and 36.2 million additional shares were issued as of January 1, 2013 and 2012, respectively. Consequently, the weighted average number of shares outstanding was adjusted to reflect this amount of shares being issued as of January 1, 2013 and 2012, instead of actual dates on which the shares were issued, and such shares were treated as outstanding as of the beginning of the period presented. In addition, for purposes of determining the weighted average number of shares of common stock outstanding, stock distributions are treated as if they were outstanding as of the beginning of the periods presented.

Real Estate Under Development — In February 2014, the Company acquired a tract of land in Tega Cay, South Carolina for $2.8 million (“Wellmore of Tega Cay”), which is a suburb of Charlotte, North Carolina. In connection with the acquisition, the Company entered into a development agreement with a third party developer for the construction and development of a continuing care retirement community with a maximum development budget of approximately $35.6 million, including the allocated purchase price of the land. The Company determined that Wellmore of Tega Cay is a VIE because it believes there is insufficient equity at risk due to the development nature of the property. The Company is the primary beneficiary while the developer or its affiliates manage the development, construction and certain day-to-day operations of the property subject to the Company’s oversight. Under a promoted interest agreement with the developer, certain net operating income targets have been established which, upon meeting such targets, result in the developer being 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.

In June 2014, the Company entered into a joint venture agreement with a third party and acquired a 95% membership interest in a tract of land in Katy, Texas for $4.0 million (“Watercrest at Katy”), which is a suburb of Houston, Texas. The joint venture plans to construct and develop an independent living community with a maximum development budget of approximately $38.2 million, including the allocated purchase price of the land. The Company determined that Watercrest at Katy is a VIE because it believes there is insufficient equity at risk due to the development nature of the joint venture. The Company is the primary beneficiary and managing member while the joint venture partner or its affiliates manage the development, construction and certain day-to-day operations of the property subject to the Company’s oversight. The Company’s joint venture partner acquired a 5% noncontrolling interest that includes a put option of its membership to the Company upon the occurrence of certain events that are not solely within the control of the Company and at a price that is determinable upon exercising the option; refer to Note 13, “Equity – Redeemable Noncontrolling Interest,” for additional information. Pursuant to the joint venture agreement, distributions of operating cash flow will be distributed pro rata based on each member’s ownership interest until the members of the joint venture receive a specified minimum return on their invested capital, and thereafter, the joint venture partner will receive a disproportionately higher share of any remaining proceeds at varying levels based on the Company having received certain minimum threshold returns.

In July 2014, the Company acquired a tract of land in Shorewood, Wisconsin for $2.2 million (“HarborChase of Shorewood”), which is a suburb of Milwaukee, Wisconsin. In connection with the acquisition, the Company entered into a development agreement with a third party developer for the construction and development of an assisted living and memory care community with a maximum development budget of approximately $25.6 million, including the allocated purchase price of the land. The Company determined that HarborChase of Shorewood is a VIE because it believes there is insufficient equity at risk due to the development nature of the property. The Company is the primary beneficiary while the developer or its affiliates manage the development, construction and certain day-to-day operations of the property subject to the Company’s oversight. Under a promoted interest agreement with the developer, certain net operating income targets have been established which, upon meeting such targets, result in the developer being 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.

In August 2013, the Company acquired a tract of land adjacent to the South Bay I Communities in Lubbock, Texas for $3.0 million. In connection with the acquisition, the Company entered into a development agreement with a third party developer consisting of three potential development phases. The first phase of development is comprised of a maximum development budget of approximately $16.2 million, including the allocated purchase price of the land for the first phase of approximately $1.1 million, for the construction and development of an independent living community on the Raider Ranch campus (“Raider Ranch Development”). The remaining two phases of development are at the option of the Company; however, as of December 31, 2014, no formal undertakings have commenced with regards to these additional development phases.

Purchase of Controlling Interest in Montecito Joint Venture — In January 2013, the Company acquired a 90% membership interest in a two-story MOB in Claremont, California for approximately $7.0 million in equity through a joint venture (“Montecito Joint Venture”) formed by the Company and its co-venture partner, an unrelated party, that initially held the remaining 10% interest. The Montecito Joint Venture was previously recorded under the equity method of accounting because the decisions that significantly impacted the entity were shared between the Company and its co-venture partner, but it was not determined to be a VIE.

In August 2014, the Company acquired its co-venture partner’s 10% interest in the Montecito Joint Venture for approximately $1.6 million. As a result of this transaction, the Company owns 100% of the Montecito Joint Venture, and began consolidating all of the assets, liabilities and results of operations in the Company’s consolidated financial statements upon acquisition. Accordingly, the Company recorded a step up from its carrying value of the investment in the Montecito Joint Venture to the estimated fair value of the net assets acquired and liabilities assumed. The following summarizes the allocation of the purchase price, and the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date (in thousands):

Land and land improvements

6,324

Buildings and building improvements

13,533

Intangibles (1)

2,691

Working capital, net

Other liabilities

(175

)

Mortgage note payable assumed (2)

(12,331

)

Net assets acquired

10,129

FOOTNOTES:

-1

At the acquisition date, the weighted-average amortization period on the acquired lease intangibles was approximately 5.1 years and was comprised of approximately $1.9 million and $0.8 million of in-place lease intangibles and other lease intangibles, respectively.

-2

At the acquisition date, the fair value of the mortgage note payable assumed reflects an approximate $0.6 million discount on the below-market mortgage note payable assumed.

The fair value of the Company’s equity interest in the Montecito Joint Venture immediately before the acquisition date was approximately $5.7 million. The Company recorded a gain of approximately $2.8 million based on the acquisition date fair value of its equity interest in the Montecito Joint Venture. The following summarizes the gain that resulted from the change of control in the equity method investment for the year ended December 31, 2014 (in thousands):

Fair value of net assets acquired

10,129

Less: Previous investment in Montecito Joint Venture

(5,747

)

Less: Cash paid to acquire co-venture partner’s interest

(1,584

)

Gain on purchase of controlling interest of investment in unconsolidated entity

2,798

Refer to Note 8, “Unconsolidated Entities,” for additional information on the Montecito Joint Venture prior to the Company’s purchase of the controlling interest in August 2014.

Real_Estate_Assets_net

Real Estate Assets, net	12 Months Ended
Real Estate Assets, net	Dec. 31, 2014
Real Estate Assets, net	4	Real Estate Assets, net
	The gross carrying amount and accumulated depreciation of the Company’s real estate assets as of December 31, 2014 and December 31, 2013 are as follows (in thousands):


			December 31,
			2014				2013
	Land and land improvements		$	128,662			$	59,208
	Building and building improvements			1,545,614				783,260
	Furniture, fixtures and equipment			36,319				20,339
	Less: accumulated depreciation			(53,095	)			(14,016	)

	Real estate investment properties, net			1,657,500				848,791
	Real estate under development, including land			47,153				17,409

	Total real estate assets, net		$	1,704,653			$	866,200

	Depreciation expense on the Company’s real estate investment properties, net was approximately $39.1 million, $12.0 million and $2.0 million for the years ended December 31, 2014, 2013 and 2012, respectively.
	In June 2014, the Company completed the construction and development of a senior housing community in Acworth, Georgia (“Dogwood Forest of Acworth”). Dogwood Forest of Acworth opened to residents in July 2014 and was considered placed into service as of June 30, 2014. In December 2013, the Company completed the construction and development of a senior housing community in Lady Lake, Florida (“HarborChase of Villages Crossing”). HarborChase of Villages Crossing opened to residents in January 2014 and was considered placed into service as of December 2013. The asset values related to Dogwood Forest of Acworth and HarborChase of Villages Crossing are included in real estate investment properties, net in the accompanying consolidated balance sheets.
	As of December 31, 2014, four of the Company’s senior housing communities have real estate under development with third-party developers as follows (in thousands):


	Property Name (and Location)		Developer		Real Estate				Remaining
					Development				Development
					Costs				Budget (2)
					Incurred (1)
	Wellmore of Tega Cay		Maxwell Group, Inc.		$	22,198			$	18,291
	(Tega Cay, SC)		Maxwell Group, Inc.		$	22,198			$	18,291
	HarborChase of Shorewood		Harbor Shorewood Development, LLC			9,340				17,149
	(Shorewood, WI)		Harbor Shorewood Development, LLC			9,340				17,149
	Watercrest at Katy (3)		South Bay Partners, Ltd			8,613				30,942
	(Katy, TX)		South Bay Partners, Ltd			8,613				30,942
	Raider Ranch Development		South Bay Partners, Ltd			7,002				10,045
	(Lubbock, TX)		South Bay Partners, Ltd			7,002				10,045

					$	47,153			$	76,427


	FOOTNOTES:
	(1)	This amount represents land and total capitalized costs for GAAP purposes for the acquisition, development and construction of the senior housing community as of December 31, 2014. Amounts include investment services fees, asset management fees, interest expense and other costs capitalized during the development period.
	(2)	This amount includes preleasing and marketing costs which will be expensed as incurred.
	(3)	This property is owned through a joint venture in which the Company’s initial ownership interest is 95%.
	The development budgets of the senior housing developments include the cost of the land, construction costs, development fees, financing costs, start-up costs and initial operating deficits of the respective properties. An affiliate of the developer of the respective community coordinates and supervises the management and administration of the development and construction. Each developer is responsible for any cost overruns beyond the approved development budget for the applicable project pursuant to a cost overrun guarantee. These developments were deemed to be VIEs; refer to Note 7, “Variable Interest Entities,” for additional information.

Intangibles_net

Intangibles, net	12 Months Ended
Intangibles, net	Dec. 31, 2014
Intangibles, net	5	Intangibles, net
	The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities as of December 31, 2014 and December 31, 2013 are as follows (in thousands):


			December 31,
			2014			2013
	In-place lease intangibles		$	148,880		$	49,642
	Above-market lease intangibles			11,320			3,704
	Below-market ground lease intangibles			10,314			4,153
	Less: accumulated amortization			(30,250	)		(5,099	)

	Intangible assets, net		$	140,264		$	52,400

	Below-market lease intangibles		$	(13,243	)	$	(2,987	)
	Above-market ground lease intangibles			(2,273	)		(317	)
	Less: accumulated amortization			1,014			168

	Intangible liabilities, net (1)		$	(14,502	)	$	(3,136	)


	FOOTNOTE:
	(1)	Intangible liabilities, net are included in other liabilities in the accompanying consolidated balance sheets.
	Amortization on the Company’s intangible assets was approximately $25.1 million for the year ended December 31, 2014, of which approximately $1.0 million was treated as a reduction of rental income from operating leases, approximately $0.1 million was treated as an increase of property operating expenses and approximately $24.0 million was included in depreciation and amortization. Amortization on the Company’s intangible assets was approximately $5.0 million for the year ended December 31, 2013, of which approximately $0.2 million was treated as a reduction of rental income from operating leases, approximately $0.1 million was treated as an increase of property operating expenses and $4.7 million was included in depreciation and amortization. Amortization expense on the Company’s intangible assets was approximately $0.1 million for the year ended December 31, 2012, which was all included in depreciation and amortization.
	Amortization on the Company’s intangible liabilities was approximately $0.8 million for the year ended December 31, 2014, of which approximately $0.8 million was treated as an increase of rental income from operating leases and approximately eight thousand dollars was treated as a reduction of property operating expenses. For the year ended December 31, 2013, amortization on the Company’s intangible liabilities was approximately $0.2 million, which was treated as an increase of rental income from operating leases and approximately three thousand dollars was treated as a reduction of property operating expenses. There was no amortization on the Company’s intangible liabilities for the year ended December 31, 2012.
	The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter, in the aggregate, as of December 31, 2014 is as follows (in thousands):


			In-place			Above-			Below-		Total		Below-		Above-		Total
			Lease			market			market		Assets		market		market		Liabilities
			Intangibles			Leases			Ground				Leases		Ground
									Leases						Leases
	2015		$	36,432			1,826			264	$	38,522	$	1,551		58	$	1,609
	2016			25,344			1,488			264		27,096		1,399		58		1,457
	2017			12,601			1,358			264		14,223		1,272		58		1,330
	2018			10,073			1,210			264		11,547		1,154		58		1,212
	2019			7,278			974			264		8,516		991		58		1,049
	Thereafter			28,262			3,273			8,825		40,360		5,873		1,972		7,845

			$	119,990			10,129			10,145	$	140,264	$	12,240		2,262	$	14,502


	Weighted average remaining useful life as of December 31, 2014 (in years):
			In-place			Above-			Below-				Below-		Above-
			Lease			market			market				market		market
			Intangibles			Leases			Ground				Leases		Ground
									Leases						Leases
				5.8			6.3			38.4				12.7		38.8

Operating_Leases

Operating Leases	12 Months Ended
Operating Leases	Dec. 31, 2014
Operating Leases	6	Operating Leases
	As of December 31, 2014, the Company owned 55 properties that were leased to tenants on a triple-net, net or modified gross basis, and accounted for as operating leases; of which, 24 are single-tenant properties that are 100% leased under operating leases and the remaining 31 are multi-tenant properties that are leased under operating leases. The Company’s leases had a weighted average remaining lease term of 7.2 years based on annualized base rents expiring between 2015 and 2033, subject to the tenants’ options to extend the lease periods ranging from two to ten years. In addition, certain tenants hold options to extend their leases for multiple periods.
	Under the terms of the Company’s triple-net lease agreements, each tenant is responsible for the payment of property taxes, general liability insurance, utilities, repairs and maintenance, including structural and roof maintenance expenses. Each tenant is expected to pay real estate taxes directly to taxing authorities. However, if the tenant does not pay, the Company will be liable. The total annualized property tax assessed on these properties is approximately $1.9 million.
	Under the terms of our net, modified gross or similar lease agreements for multi-tenant properties with third-party property managers, each tenant is responsible for the payment of their proportionate share of property taxes, general liability insurance, utilities, repairs and common area maintenance. These amounts are billed monthly and recorded as tenant reimbursement income in the accompanying consolidated statements of operations.
	The following are future minimum lease payments to be received under non-cancellable operating leases for the next five years and thereafter, as of December 31, 2014 (in thousands):


	2015		$	78,625
	2016			74,867
	2017			71,468
	2018			67,335
	2019			58,484
	Thereafter			252,174

			$	602,953

	The above future minimum lease payments to be received excludes tenant reimbursements, straight-line rent adjustments, amortization of above- and below-market lease intangibles and base rent attributable to any renewal options exercised by the tenants in the future.

Variable_Interest_Entities

Variable Interest Entities	12 Months Ended
Variable Interest Entities	Dec. 31, 2014
Variable Interest Entities	7	Variable Interest Entities
	Consolidated VIEs — As of December 31, 2014, the Company has 16 wholly-owned subsidiaries, which are VIEs due to following factors and circumstances:

		-1	Five of these subsidiaries are single property entities, designed to own and lease their respective properties to single tenants, for which buy-out options are held by the respective tenants that are formula based.

		-2	Four of these subsidiaries are single property entities, designed to own and lease their respective properties to multiple tenants, which are subject to either a ground lease or an air rights lease that include buy-out and put options held by either the tenant or landlord under the applicable lease.

		-3	Five of these subsidiaries are entities with real estate under development or completed developments in which the third-party developers have an opportunity to earn promoted interest payments after certain net operating income targets and internal rate of return targets have been met.

		-4	One of these subsidiaries is a joint venture with real estate under development in which the third-party developer has an opportunity to earn promoted interest payments after certain net operating income targets and internal rate of return targets have been met.

		-5	One of these subsidiaries is a joint venture with equity interest that consists of non-substantive voting rights.
	The Company determined it is the primary beneficiary and holds a controlling financial interest in each of the aforementioned property and development entities 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 aggregate carrying amount and major classifications of the consolidated assets that can be used to settle obligations of the VIEs and liabilities of the consolidated VIEs that are non-recourse to the Company as of December 31, 2014 and December 31, 2013 are as follows (in thousands):


			December 31,
			2014		2013
	Assets:
	Real estate investment properties, net		$	174,449	$	72,053

	Real estate under development, including land		$	47,153	$	16,210

	Intangibles, net		$	25,519	$	4,535

	Cash		$	6,280	$	727

	Loan costs, net		$	2,300	$	912

	Restricted cash		$	5,304	$	257

	Deferred rent		$	2,978	$	104

	Other		$	511	$	21

	Liabilities:
	Mortgages and other notes payable		$	137,754	$	52,596

	Other liabilities		$	4,949	$	939

	Accounts payable and accrued expenses		$	2,317	$	309

	Accrued development costs		$	7,951	$	7,047

	Due to related parties		$	219	$	112

	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 $110.3 million as of December 31, 2014. The Company’s exposure is limited because of the non-recourse nature of the borrowings of the VIEs.

Unconsolidated_Entities

Unconsolidated Entities	12 Months Ended
Unconsolidated Entities	Dec. 31, 2014
Unconsolidated Entities	8	Unconsolidated Entities
	In June 2012, the Company acquired a 55% membership interest in seven senior housing communities for approximately $56.7 million in equity through a joint venture (“CHTSunIV”) formed by the Company and its co-venture partner, an unrelated party, that held the remaining 45% interest. On July 1, 2013, pursuant to a purchase and sale agreement with Health Care REIT, Inc. (“HCN”), dated December 18, 2012, between CHTSunIV and HCN, the Company completed the sale of its joint venture membership interest for a sales price of approximately $61.8 million, net of transaction costs, which reflects an aggregate gain of approximately $4.5 million that is recorded as a gain on sale of investment in unconsolidated entity in the accompanying statement of operations for the year ended December 31, 2013.
	Under the terms of the CHTSunIV joint venture agreement, the Company was entitled to receive a preferred return of 11% on its invested capital for the first seven years over its co-venture partner. The Company accounted for this investment under the equity method of accounting because the decisions that significantly impact the entity were shared between the Company and its co-venture partner.
	In August 2012, the Company acquired a 75% membership interest in three senior housing properties for approximately $4.8 million in equity through a joint venture (“Windsor Manor”) formed by the Company and its co-venture partner, an unrelated party, that holds the remaining 25% interest. In April 2013, the Company, through its Windsor Manor joint venture, acquired a 75% membership interest in two additional senior housing properties for approximately $4.9 million in equity. In June 2014, the Windsor Manor joint venture refinanced approximately $18 million of its then-current outstanding debt related to the five senior housing communities; refer to “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Off-Balance Sheet Arrangements” for additional information.
	Under the terms of the Windsor Manor joint venture agreement, the Company is entitled to receive a preferred return of 11% on its invested capital over its co-venture partner. The Company continues to account for this investment under the equity method of accounting because the decisions that significantly impact the entity are shared between the Company and its co-venture partner.
	In January 2013, the Company acquired a 90% membership interest in a two-story MOB in Claremont, California for approximately $7.0 million in equity through a joint venture (“Montecito”) formed by the Company and its co-venture partner, an unrelated party, that held the remaining 10% interest. As noted in Note 3. “Acquisitions – Purchase of Controlling Interest in Montecito Joint Venture,” in August 2014, the Company acquired its co-venture partner’s 10% interest in the Montecito joint venture.
	Under the terms of the venture agreement, operating cash flows were distributed to the Company and its co-venture partner on a pro rata basis. The Company accounted for this investment under the equity method of accounting because the decisions that significantly impact the entity were shared between the Company and its co-venture partner.
	For the year ended December 31, 2014, the Company capitalized approximately $0.2 million of financing coordination fees related to the Company’s investments in the Windsor Manor joint venture. For the year ended December 31, 2013, the Company capitalized approximately $0.5 million of investment service fees and acquisition expenses related to the Company’s investments in the Montecito and Windsor Manor joint ventures. For the year ended December 31, 2012, the Company capitalized approximately $3.3 million of investment service fees and acquisition fees and expenses related to the CHTSunIV and Windsor Manor joint ventures. The aforementioned amounts create an outside basis difference that are allocated to the assets of the investee and, if assigned to depreciable or amortizable assets, the basis differences are then amortized as a component of equity in earnings (loss) of unconsolidated entities over the average useful life of the underlying assets.

	The following presents financial information for each of the Company’s unconsolidated entities for the years ended December 31, 2014, 2013 and 2012 (in thousands):


			For the year ended December 31, 2014
			Montecito (2)				CHTSunIV (3)				Windsor				Total
			Montecito (2)				CHTSunIV (3)				Manor				Total
	Revenues		$	1,356			$	—			$	8,565			$	9,921

	Operating income		$	436			$	—			$	149			$	585

	Net income (loss)		$	165			$	—			$	(1,137	)		$	(972	)

	Income allocable to other venture partners (1)		$	17			$	—			$	373			$	390

	Income (loss) allocable to the Company (1)		$	148			$	—			$	(1,510	)		$	(1,362	)
	Amortization of capitalized acquisition costs			(6	)			—				(19	)			(25	)

	Equity in earnings (loss) of unconsolidated entities		$	142			$	—			$	(1,529	)		$	(1,387	)
	Distributions declared to the Company		$	659			$	—			$	3,057			$	3,716

	Distributions received by the Company (4)		$	830			$	—			$	3,232			$	4,062


			For the year ended December 31, 2013
			Montecito (2)				CHTSunIV (3)				Windsor				Total
			Montecito (2)				CHTSunIV (3)				Manor				Total
	Revenues		$	1,700			$	24,107			$	7,391			$	33,198

	Operating income		$	230	(5)		$	3,603			$	67	(5)		$	3,900

	Net income (loss)		$	(159	)		$	(46	)		$	(840	)		$	(1,045	)

	Income allocable to other venture partners (1)		$	(16	)		$	(1,365	)		$	(1,870	)		$	(3,251	)

	Income (loss) allocable to the Company (1)		$	(143	)		$	1,319			$	1,030			$	2,206
	Amortization of capitalized acquisition costs			(8	)		$	(36	)		$	(15	)			(59	)

	Equity in earnings (loss) of unconsolidated entities		$	(151	)		$	1,283			$	1,015			$	2,147

	Distributions declared to the Company		$	870			$	2,990			$	666			$	4,526

	Distributions received by the Company		$	699			$	4,458			$	336			$	5,493



			For the year ended December 31, 2012
			Montecito (2)				CHTSunIV (3)				Windsor				Total
			Montecito (2)				CHTSunIV (3)				Manor				Total
	Revenues		$	—			$	23,913			$	1,594			$	25,507

	Operating income		$	—			$	1,872			$	(54	)(5)		$	1,818

	Net income (loss)		$	—			$	(703	)		$	(288	)		$	(991	)

	Income allocable to other venture partners (1)		$	—			$	(1,703	)		$	(471	)		$	(2,174	)

Income (loss) allocable to the Company (1)		$	—			$	1,000			$	183			$	1,183
Amortization of capitalized acquisition costs			—			$	(36	)		$	(4	)			(40	)

Equity in earnings (loss) of unconsolidated entities		$	—			$	964			$	179			$	1,143

Distributions declared to the Company		$	—			$	3,075			$	49			$	3,124

Distributions received by the Company		$	—			$	1,607			$	—			$	1,607


FOOTNOTES:

-1	Income (loss) is allocated between the Company and its joint venture partner using the HLBV method of accounting.
-2	In August 2014, the Company acquired its co-venture partner’s 10% interest in the Montecito joint venture; refer to Note 3, “Acquisitions – Purchase of Controlling Interest in Montecito Joint Venture,” for additional information.
-3	In July 2013, the Company completed the sale of its joint venture membership interest in CHTSunIV.
-4	The distributions declared to and received by the Company for the Windsor Manor joint venture for the year ended December 31, 2014 include approximately $2.2 million of capital proceeds from a debt refinancing; refer to Item 7. “Management’s Discussion and Analysis – Off-Balance Sheet Arrangements” for additional information.
-5	Includes approximately $0.4 million and $0.3 million of non-recurring acquisition expenses incurred by Montecito and Windsor Manor for the year ended December 31, 2013. Includes approximately $0.03 million of non-recurring acquisition expenses incurred by Windsor Manor for the year ended December 31, 2012.

The following presents financial information for each of the Company’s unconsolidated entities for the years ended December 31, 2014, 2013 and 2012 (in thousands):


		As of December 31, 2014
		Montecito				Windsor				Total
		Montecito				Manor				Total
Real estate assets, net		$	—			$	26,505			$	26,505

Intangible assets, net		$	—			$	386			$	386

Other assets		$	—			$	2,403			$	2,403

Mortgages and other notes payable		$	—			$	21,808			$	21,808

Other liabilities		$	—			$	1,241			$	1,241

Partners’ capital		$	—			$	6,245			$	6,245

Carrying amount of investment (1)		$	—			$	7,379			$	7,379

Company’s ownership percentage (2)							75	%



		As of December 31, 2013
		Montecito				Windsor				Total
		Montecito				Manor				Total
Real estate assets, net		$	17,271			$	27,547			$	44,818

Intangible assets, net		$	1,925			$	1,284			$	3,209

Other assets		$	800			$	2,055			$	2,855

Mortgages and other notes payable		$	12,958			$	17,508			$	30,466

Other liabilities		$	327			$	1,471			$	1,798

Partners’ capital		$	6,711			$	11,907			$	18,618

Carrying amount of investment (3)		$	6,526			$	11,912			$	18,438

Company’s ownership percentage			90	%			75	%


FOOTNOTES:
(1)	As of December 31, 2014, the Company’s share of partners’ capital determined under HLBV pursuant to the terms of each entity’s respective partnership agreement was approximately $6.6 million. The difference between the Company’s carrying amount of the investment and the Company’s share of partners’ capital determined under HLBV was approximately $0.8 million.
(2)	In August 2014, the Company acquired its co-venture partner’s 10% interest in the Montecito joint venture; refer to Note 3, “Acquisitions – Purchase of Controlling Interest in Montecito Joint Venture,” for additional information.
(3)	As of December 31, 2013, the Company’s share of partners’ capital determined under HLBV pursuant to the terms of each entity’s respective partnership agreement was approximately $17.5 million. The difference between the Company’s carrying amount of the investment and the Company’s share of partners’ capital determined under HLBV was approximately $0.9 million.

Contingent_Purchase_Price_Cons

Contingent Purchase Price Consideration	12 Months Ended
Contingent Purchase Price Consideration	Dec. 31, 2014
Contingent Purchase Price Consideration	9	Contingent Purchase Price Consideration
	Capital Health Communities
	During 2012, in connection with the acquisition of the Capital Health Communities, the Company required that approximately $7.0 million of the purchase price be placed in an escrow account as the seller guaranteed the Company an annual return of at least $6.9 million, $7.0 million, and $7.1 million of net operating income on the acquired properties during 2013, 2014 and 2015, respectively (“Yield Guaranty”). As of December 31, 2014, the Company determined the fair value of the Yield Guaranty to be $4.1 million, which was recorded as other assets in the accompanying consolidated balance sheets. The following table provides a roll-forward of the fair value of the contingent purchase price consideration related to the Yield Guaranty on the Capital Health Communities for the years ended December 31, 2014, 2013 and 2012 (in thousands):


			Years Ended December 31,
			2014			2013			2012
	Beginning balance		$	4,488		$	2,664		$	—
	Contingent consideration in connection with acquisition			—			—			2,664
	Change in fair value			2,191			1,824			—
	Yield Guaranty payment received from seller			(2,601	)		—			—

	Ending balance		$	4,078		$	4,488		$	2,664

	Medical Portfolio I
	During 2013, in conjunction with the acquisition of Medical Portfolio I, the Company entered into an earn-out agreement with the seller related to Cleveland Clinic, the tenant at Chestnut Commons, whereby the tenant maintains an exercisable right to expand the leased space by an additional 10,000 square feet within 24 months of the property acquisition closing (“Earn-Out”). The Earn-Out fee will be equal to (a) the base rent due for the first full year of the lease applicable to the expansion space divided by 8% minus (b) the costs incurred by the Company in connection with the exercise by Cleveland Clinic of its option for the expansion space, including tenant improvement costs, multiplied by 50%. As of December 31, 2014, the Company determined the fair value of the Earn-Out to be approximately $0.3 million, which is recorded as other liabilities in the accompanying consolidated balance sheets. The following table provides a roll-forward of the fair value of the contingent purchase price consideration related to Earn-Out for the years ended December 31, 2014, 2013 and 2012 (in thousands):


			Years Ended December 31,
			2014			2013			2012
	Beginning balance		$	(507	)	$	—		$	—
	Contingent consideration in connection with acquisition			—			(507	)		—
	Change in fair value			239			—			—

	Ending balance		$	(268	)	$	(507	)	$	—


	South Bay II Communities
	During 2014, in conjunction with the acquisition of the South Bay II Communities, the Company entered into an agreement with the sellers whereby the purchase price is adjusted in the event that certain net operating income targets are met. The additional consideration was determined within three months of the acquisition date and is equal to (a) the baseline net operating income divided by the baseline capitalization rates (as defined in the purchase and sale agreement) less (b) the purchase price paid at closing. The following table provides a roll-forward of the fair value of the estimated contingent purchase price consideration related to the South Bay II Communities for the years ended December 31, 2014, 2013 and 2012 (in thousands):


			Years Ended December 31,
			2014			2013			2012
	Beginning balance		$	—		$	—		$	—
	Contingent consideration in connection with acquisition			(12,395	)		—			—
	Change in fair value			(1,800	)		—			—
	Contingent consideration payment			14,195			—			—

	Ending balance		$	—		$	—		$	—

	Fair Value Measurements
	The fair value of the contingent purchase price consideration was based on a then-current income approach that is primarily determined based on the present value and probability of future cash flows using internal underwriting models. The income approach further includes estimates of risk-adjusted rate of return and capitalization rates for each property. Since this methodology includes inputs that are less observable by the public and are not necessarily reflected in active markets, the measurements of the estimated fair value related to the Company’s contingent purchase price consideration are categorized as Level 3 on the three-level fair value hierarchy.

Indebtedness

12 Months Ended

Dec. 31, 2014

Indebtedness

The following table provides details of the Company’s indebtedness as of December 31, 2014 and December 31, 2013 (in thousands):

December 31,

2014

2013

Mortgages payable and other notes payable:

Fixed rate debt

370,854

290,817

Variable rate debt (1)

482,922

147,290

Mortgages and other notes payable

853,776

438,107

Premium (discount), net (2)

(215

)

—

Total mortgages and other notes payable, net

853,561

438,107

Credit facilities:

Term Loan Facility

175,000

—

Revolving Credit Facility

31,403

98,500

Total borrowings

1,059,964

536,607

FOOTNOTES:

-1

As of December 31, 2014, the Company had entered into interest rate swaps with notional amounts of approximately $182.1 million that were settling on a monthly basis; whereas, there were no such settlements during the year ended December 31, 2013. In addition, as of December 31, 2014 and December 31, 2013, the Company had entered into forward-starting interest rate swaps for total notional amounts of approximately $269.4 million and $124.3 million, respectively, in order to hedge its exposure to variable rate debt in future periods. The remaining forward-starting interest rate swaps have a range of effective dates beginning in 2015 and continuing through the maturity date of the respective loan (ranging from 2016 through 2019).

-2

Premium (discount), net is reflective of the Company recording mortgage note payables assumed at fair value on the respective acquisition date.

In December 2014, we amended and restated the terms of our credit agreement with KeyBank, as administrative agent, by entering into a $230 million Revolving Credit Facility and a $175 million Term Loan Facility. Pursuant to the Amended Credit Agreement, we have the ability to increase the collective borrowings under the Credit Facilities to $700 million. Moreover, the Revolving Credit Facility has an initial term of 36 months plus two 12-month extension options; whereas, the Term Loan Facility has an initial term of 50 months plus one 12-month extension option. The Credit Facilities bear interest based on LIBOR and a spread that varies with our leverage ratio on the respective Credit Facilities. In addition, we are required to make interest only payments until the respective maturity dates of the Credit Facilities as well as to pay fees ranging from 0.15% to 0.25% for unused commitments on the Revolving Credit Facility. As of December 31, 2014, availability under the Revolving Credit Facility was approximately $14.0 million based on the value of the properties in the unencumbered collateral pool of assets supporting the loan. As of December 31, 2013, the Revolving Credit Facility had an outstanding principal balance of approximately $98.5 million and was collateralized by nine properties with an aggregate net book carrying value of approximately $159.5 million.

The Credit Facilities contain affirmative, negative, and financial covenants which are customary for loans of this type, including without limitation: (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 and unsecured indebtedness, and (vi) limitations on certain types of investments and with respect to the pool of properties supporting borrowings under the Credit Facilities, minimum debt service coverage ratio, and remaining lease terms, as well as property type, MSA, operator, and asset value concentration limits. The limitations on distributions includes 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.

The following table provides additional details of the Company’s mortgages and other notes payable as of December 31, 2014 and 2013 (in thousands):

Interest Rate at

December 31,

Maturity

December 31,

Property and Loan Type

2014 (1)

Payment Terms

Date (2)

2014

2013

Pacific Northwest Communities;

4.30%

Monthly principal and interest payments based on a 25-year amortization schedule

12/5/18

215,904

157,549

Mortgage Loan (3)

per annum

Capital Health Communities;

4.25%

Monthly principal and interest payments based on a 25-year amortization schedule

1/5/20

43,684

47,481

Mortgage Loan

per annum

Primrose II Communities;

3.81%

Monthly principal and interest payments based on a 30-year amortization schedule

6/1/20

22,913

23,337

Mortgage Loan

per annum

Primrose I Communities;

4.11%

Monthly principal and interest payments based on a 30-year amortization schedule

9/1/22

53,060

54,031

Mortgage Loan (4)

per annum

Watercrest at Mansfield;

4.68%

Monthly principal and interest payments based on a total payment

6/1/23

27,073

—

Mortgage Loan (5)

per annum

of $143,330

LaPorte Cancer Center;

4.25%

Monthly principal and interest payments based on a 25-year amortization schedule

6/14/28

8,220

8,419

Mortgage Loan

per annum

(through 2020)

Total fixed rate debt

370,854

290,817

Perennial Communities;

30-day LIBOR

Monthly interest only payments through April 2015; principal and interest payments thereafter based

5/31/16

30,000

Mortgage Loan (6)

plus 4.25%

on a 25-year amortization schedule

per annum

Medical Portfolio I Properties;

30-day LIBOR

Monthly principal and interest payments based on a 30-year amortization schedule

9/5/16

34,720

35,512

Mortgage Loan (7)

plus 2.65%

per annum

Lee Hughes Medical Building;

30-day LIBOR

Monthly principal and interest payments based on a 30-year amortization schedule

9/5/16

19,162

—

Mortgage Loan

plus 1.85%

per annum

Harborchase of Villages Crossing;

30-day LIBOR

Monthly interest only payments through August 2015; principal and interest payments thereafter based

9/1/17

16,589

13,130

Construction Loan

plus 3.20%

on a 30-year amortization schedule

per annum

Raider Ranch Development;

30-day LIBOR

Monthly interest only payments through October 2017; principal and interest payments thereafter based

10/27/17

—

Construction Loan

with 0.5% floor plus 3.50%

on a 25-year amortization schedule

Interest Rate at

December 31,

Maturity

December 31,

Property and Loan Type

2014 (1)

Payment Terms

Date (2)

2014

2013

Northwest Medical Park;

30-day LIBOR

Monthly principal and interest payments based on a 25-year amortization schedule

10/31/17

7,129

—

Mortgage Loan (8)

plus 2.30%

per annum

Dogwood Forest of Acworth;

30-day LIBOR

Monthly interest only payments through December 2015; principal and interest payments thereafter based on a 30-year amortization schedule

1/1/18

12,038

3,765

Construction Loan

plus 3.20%

per annum

Claremont Medical Office;

30-day LIBOR

Monthly principal and interest payments based on a 30-year amortization schedule

1/15/18

12,958

—

Mortgage Loan (9)

plus 2.60%

per annum

Knoxville Medical Office Properties;

30-day LIBOR

Monthly interest only payments for the first 18 months; principal and interest payments thereafter based

7/10/18

38,609

Mortgage Loan (10)

plus 2.50%

on a 30-year amortization schedule

per annum

Calvert Medical Office Properties;

30-day LIBOR

Monthly interest only payments for the first 18 months; principal and interest payments thereafter based

8/29/18

26,274

Mortgage Loan (11)

plus 2.50%

on a 30-year amortization schedule

per annum

Wellmore of Tega Cay;

30-day LIBOR

Monthly interest only payments through February 2019; principal and interest payments thereafter based on a 25-year amortization schedule

2/6/19

8,007

—

Construction Loan

with 0.5% floor

plus 5.4%

HOSH and HOSH MOB;

90-day LIBOR

Monthly principal and interest payments based on a 20-year amortization schedule

6/2/19

49,624

—

Mortgage Loan (12)

with 0.4% floor

plus 2.85%

Medical Portfolio II Properties;

90-day LIBOR

Monthly principal and interest payments based on a 25-year amortization schedule

7/14/19

85,127

—

Mortgage Loan (13)

with 0.25% floor plus 2.35%

Southeast Medical Office Properties;

30-day LIBOR

Monthly principal and interest payments based on a 25-year amortization schedule

12/22/19

142,684

—

Mortgage Loan (14)

plus 2.0%

per annum

Total variable rate debt

482,922

147,290

Total debt

853,776

438,107

FOOTNOTES:

-1

The 30-day and 90-day LIBOR was approximately 0.17% and 0.25%, respectively, as of December 31, 2014 and approximately 0.16% and 0.24%, respectively, as of December 31, 2013.

-2

Represents the initial maturity date (or, as applicable, the maturity date as extended). The maturity date may be extended beyond the date shown subject to certain lender conditions.

-3

The Pacific Northwest Loan may be prepaid, in whole or in part, with a prepayment premium equal to the greater of: (i) one percent (1%) of the principal amount being prepaid, multiplied by the quotient of the number of full months remaining until the maturity date of the loan (calculated as of the prepayment date) divided by the number of full months comprising the term of the loan; or (b) a “make-whole” payment equal to the present value of the loan less the amount of principal and accrued interest being prepaid calculated as of the prepayment date for the period between that date and the maturity date.

-4

If prepaid prior to March 1, 2022, the Primrose I Communities Mortgage Loan is subject to a prepayment penalty in an amount equal to the greater of (i) 1% of the principal being repaid, or (ii) an amount calculated on the principal being repaid, multiplied by the difference between the Primrose I Communities Mortgage Loan interest rate, and a calculated yield rate tied to the rates on applicable U.S. Treasuries. If prepayment is made between March 1, 2022, and May 31, 2022, the prepayment penalty will be 1% of the outstanding principal balance of the Primrose I Communities Mortgage Loan. No prepayment fee is required if the Primrose I Communities Mortgage Loan is prepaid between June 1, 2022 and maturity. Partial prepayment of a loan is not permitted. The loan is transferable upon sale of the assets subject to lender approval.

-5

The balance for this loan excludes a premium of $0.4 million related to the mortgage note payable assumed being recorded at fair value on the acquisition date.

-6

The Company entered into a two-year forward interest rate swap with a notional amount of $30 million; see Note 12, “Derivative Financial Instruments” for additional information.

-7

The Company entered into a two-year forward interest rate swap with a notional amount of $30 million; see Note 12, “Derivative Financial Instruments” for additional information.

-8

The Company entered into a three-year interest rate swap with a notional amount of $7.1 million; see Note 12, “Derivative Financial Instruments” for additional information.

-9

The balance for this loan excludes a discount of $0.6 million related to the mortgage note payable assumed being recorded at fair value on the acquisition date. In addition, the Company entered into a three-year forward interest rate swap with a notional amount of $12.4 million; see Note 12, “Derivative Financial Instruments” for additional information

-10

The Company entered into a three-year forward interest rate swap with a notional amount of $38.3 million; see Note 12, “Derivative Financial Instruments” for additional information.

-11

The Company entered into a three-year forward interest rate swap with a notional amount of $26.1 million; see Note 12, “Derivative Financial Instruments” for additional information.

-12

The Company entered into a three-year forward interest rate swap with a notional amount of $48.4 million; see Note 12, “Derivative Financial Instruments” for additional information.

-13

The Company entered into a four-year forward interest rate swap with a notional amount of $84.3 million; see Note 12, “Derivative Financial Instruments” for additional information.

-14

In January 2015, the Company entered into a four-year forward interest rate swap with a notional amount of $138.7 million; see Note 16, “Subsequent Events” for further information.

All of the Company’s mortgage and construction 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. As of December 31, 2014, the Company was in compliance with all financial covenants and ratios.

The following is a schedule of future principal payments and maturity for the Company’s borrowings as of December 31, 2014 (in thousands):

2015

17,693

2016

99,609

2017

65,380

2018

296,723

2019

444,136

Thereafter

136,423

1,059,964

The fair market value and carrying value of the mortgage and other notes payable was approximately $868.5 million and $853.6 million, respectively, and both the fair market value and carrying value of the Credit Facilities was $206.4 million as of December 31, 2014. The fair market value and carrying value of the mortgage and other notes payable was approximately $431.4 million and $438.1 million, respectively, and both the fair market value and carrying value of the Revolving Credit Facility was $98.5 million as of December 31, 2013. 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. The estimated fair value of accounts payable and accrued expenses approximates the carrying value as of December 31, 2014 and December 31, 2013 because of the relatively short maturities of the obligations.

Related_Party_Arrangements

Related Party Arrangements	12 Months Ended
Related Party Arrangements	Dec. 31, 2014
Related Party Arrangements	11	Related Party Arrangements
	The Company is externally advised and has no direct employees. Certain of the Company’s executive officers are executive officers of, or are on the board of managers of the Advisor. In addition, certain directors and officers hold similar positions with CNL Securities Corp., the managing dealer of the Offerings and a wholly owned subsidiary of CNL (the “Managing Dealer”).
	In connection with services provided to the Company, affiliates are entitled to the following fees:
	Managing Dealer — The Managing Dealer receives selling commissions and marketing support fees of up to 7% and 3%, respectively, of gross offering proceeds for shares sold, excluding shares sold pursuant to the Company’s Reinvestment Plan, all or a portion of which may be paid to participating broker dealers by the Managing Dealer.
	Advisor — The Advisor and certain affiliates are entitled to receive fees and compensation in connection with the acquisition, management and sale of the Company’s assets, as well as the refinancing of debt obligations of the Company or its subsidiaries. In addition, the Advisor and its affiliates are entitled to reimbursement of actual costs incurred on behalf of the Company in connection with the Company’s organizational, offering, acquisition and operating activities. Pursuant to the advisory agreement, as amended in 2013, the Advisor receives investment services fees equal to 1.85% of the purchase price of properties (including its proportionate share of properties acquired through joint ventures) for services rendered in connection with the selection, evaluation, structure and purchase of assets. In addition, the Advisor is entitled to receive a monthly asset management fee of 0.08334% of the average real estate asset value (as defined in the advisory agreement) of the Company’s properties, including its proportionate share of properties owned through joint ventures. The Advisor will also receive a financing coordination fee for services rendered with respect to refinancing of any debt obligations of the Company or its subsidiaries equal to 1.0% of the gross amount of the refinancing.
	The Company will pay the Advisor a disposition fee in an amount equal to (i) in the case of the sale of real property, the lesser of (A) one-half of a competitive real estate commission, or (B) 1% of the sales price of such property, and (ii) in the case of the sale of any asset other than real property or securities, 1% of the sales price of such asset, if the Advisor, its affiliates or related parties provide a substantial amount of services, as determined by the Company’s independent directors, in connection with the sale of one or more assets (including a sale of all of its assets or the sale of it or a portion thereof). The Company will not pay its Advisor a disposition fee in connection with the sale of investments that are securities; however, a disposition fee in the form of a usual and customary brokerage fee may be paid to an affiliate or related party of the Advisor, if such affiliate is properly licensed.
	Under the advisory agreement and the Company’s articles of incorporation, the Advisor will be entitled to receive certain subordinated incentive fees upon (a) sales of assets and/or (b) a listing (which would also include the receipt by the Company’s stockholders of securities that are approved for trading on a national securities exchange in exchange for shares of the Company’s common stock as a result of a merger, share acquisition or similar transaction). However, once a listing occurs, the Advisor will not be entitled to receive an incentive fee on subsequent sales of assets. The incentive fees are calculated pursuant to formulas set forth in both the advisory agreement and the Company’s articles of incorporation. All incentive fees payable to the Advisor are subordinated to the return to investors of their invested capital plus a 6% cumulative, noncompounded annual return on their invested capital. Upon termination or non-renewal of the advisory agreement by the Advisor for good reason (as defined in the advisory agreement) or by the Company other than for cause (as defined in the advisory agreement), a listing or sale of assets after such termination or non-renewal will entitle the Advisor to receive a pro-rated portion of the applicable subordinated incentive fee.
	In addition, the Advisor or its affiliates may be entitled to receive fees that are usual and customary for comparable services in connection with the financing, development, construction or renovation of a property, subject to approval of the Company’s board of directors, including a majority of its independent directors.

	In March 2013, the Company entered into the Advisor Expense Support Agreement pursuant to which the Advisor agreed to accept certain payments in the form of forfeitable restricted common stock of the Company in lieu of cash for asset management fees and specified expenses owed by the Company to the Advisor under the advisory agreement. The term of the Advisor Expense Support Agreement automatically renews for consecutive one year periods, subject to the right of the Advisor to terminate the Advisor Expense Support Agreement upon 30 days’ written notice to the Company.
	Commencing on April 1, 2013, the Advisor has provided expense support to the Company through forgoing the payment of fees in cash and acceptance of restricted stock for services rendered and specified expenses incurred in an amount equal to the positive excess, if any, of (a) aggregate stockholder cash distributions declared for the applicable quarter, over (b) the Company’s aggregate modified funds from operations (as defined in the Advisor Expense Support Agreement). The Advisor expense support amount shall be determined for each calendar quarter, on a non-cumulative basis, on each Determination Date.
	Property Manager — Pursuant to a property management agreement, as amended in 2012, the Property Manager receives property management fees of (a) 2% of annual gross rental revenues from single tenant properties, and (b) 4% of annual gross rental revenues from multi-tenant properties. In the event that the Company contracts directly with a third-party property manager, the Company may pay the Property Manager an oversight fee of up to 1% of annual gross revenues of the property managed; however, in no event will the Company pay both a property management fee and an oversight fee with respect to the same property. The Company will pay to the Property Manager a construction management fee equal to 5% of hard and soft costs associated with the initial construction or renovation of a property, or with the management and oversight of expansion projects and other capital improvements, in those cases in which the value of the construction, renovation, expansion or improvements exceeds (i) 10% of the initial purchase price of the property, and (ii) $1.0 million, which fee will be due and payable upon completion of such projects.
	In August 2013, the Company entered into the Property Manager Expense Support Agreement pursuant to which the Property Manager has agreed to accept certain payments in the form of forfeitable restricted common stock of the Company in lieu of cash for property management services owed by the Company to the Property Manager under the property management and leasing agreement.
	Commencing on July 1, 2013, the Property Manager is required to provide expense support to the Company through forgoing the payment of fees in cash and acceptance of restricted stock for services in an amount equal to the positive excess, if any, of (a) aggregate stockholder cash distributions declared for the applicable quarter, over (b) the Company’s aggregate modified funds from operations (as defined in the Property Manager Expense Support Agreement). The Property Manager expense support amount shall be determined, on a non-cumulative basis, after the calculation of the Advisor expense support amount pursuant to the Property Manager Expense Support Agreement on each Determination Date.
	Expense Support Agreements — In exchange for services rendered and in consideration of the expense support provided, the Company shall issue, within 45 days following each Determination Date, a number of shares of restricted stock equal to the quotient of the expense support amount provided by to the Advisor and Property Manager for the preceding quarter divided by the then-current public offering price per share of common stock, on the terms and conditions and subject to the restrictions set forth in the Expense Support Agreements. Any amounts deferred, and for which restricted stock shares are issued, pursuant to the Expense Support Agreements will be permanently waived and the Company will have no obligation to pay such amounts to the Advisor or the Property Manager. The Restricted Stock is subordinated and forfeited to the extent that shareholders do not receive their original invested capital back with at least a 6% annualized return of investment upon ultimate liquidity of the Company. Refer to Note 2, “Summary of Significant Accounting Policies” for treatment of issued Restricted Stock.

	CNL Capital Markets Corp — CNL Capital Markets Corp., an affiliate of CNL, receives a sliding flat annual rate (payable monthly) based on the average number of investor accounts that will be open over the term of the agreement. For the years ended December 31, 2014, 2013 and 2012, the Company incurred approximately $0.4 million, $0.3 million and $0.1 million in such fees, respectively. These amounts are included in general and administrative expenses in the accompanying consolidated statements of operations.
	Co-venture partners — The Company paid certain amounts on behalf of its co-venture partner, Windsor Manor, of approximately $30,000 and $0.1 million during the years ended December 31, 2014 and 2013. The Company has recorded a receivable balance as of December 31, 2014 and 2013, which is included in other assets in the accompanying consolidated balance sheet.
	The Company incurs operating expenses which, in general, relate to administration of the Company on an ongoing basis. Pursuant to the advisory agreement, the Advisor shall reimburse the Company the amount by which the total operating expenses paid or incurred by the Company exceed, in any four consecutive fiscal quarters commencing with the Expense Year ending June 30, 2013, the greater of 2% of average invested assets or 25% of net income (as defined in the advisory agreement) (“Limitation”), unless a majority of the Company’s independent directors determines that such excess expenses are justified based on unusual and non-recurring factors (“Expense Cap Test”). In performing the Expense Cap Test, the Company uses operating expenses on a GAAP basis after making adjustments for the benefit of expense support under the Expense Support Agreements. For the Expense Year ended December 31, 2014, the Company did not incur operating expenses in excess of the Limitation.
	The Company maintains accounts totaling approximately $0.1 million and $0.4 million as of December 31, 2014 and 2013, respectively, at a bank in which the Company’s chairman serves as a director.
	In June 2013, the Company originated an ADC Loan in the amount of $6.2 million to C4 Development, LLC (“Crosland Southeast”), a related party by virtue of a family relationship between a principal of the borrower and the Company’s vice chairman who recused himself from review and approval of the investment, for the development of an MOB in Rutland, Virginia that will function as an out-patient emergency and imaging center and was leased to Hospital Corporation of America (“HCA”). As of December 31, 2014, the Company’s ADC Loan had been fully repaid. As of December 31, 2013, approximately $3.7 million of the ADC Loan commitment had been funded of which approximately $1.8 million was used for the purchase of land (“HCA Rutland”) and approximately $1.9 million was used towards the development of the MOB. The previous funding on the ADC Loan was recorded as a note receivable from related party in the accompanying consolidated balance sheet as of December 31, 2013. In addition, the Company recorded interest income for the years ended December 31, 2014 and 2013, which is included in interest income on note receivable from related party in the accompanying consolidated statements of operations.

	The fees incurred by and reimbursable to the Advisor in connection with the Company’s Offerings for the years ended December 31, 2014, 2013 and 2012, and related amounts unpaid as of December 31, 2014 and 2013 are as follows (in thousands):


												Unpaid amounts (1)
			Years Ended December 31,									as of December 31,
			2014			2013			2012			2014		2013
	Selling commissions (2)		$	18,387		$	10,262		$	7,070		$	388	$	71
	Marketing support fees (2)			16,429			11,310			4,957			555		70

			$	34,816		$	21,572		$	12,027		$	943	$	141

	The expenses and fees incurred by and reimbursable to the Company’s related parties for the years ended December 31, 2014, 2013 and 2012, and related amounts unpaid as of December 31, 2014 and 2013 are as follows (in thousands):


												Unpaid amounts (1)
			Years Ended December 31,									as of December 31,
			2014			2013			2012			2014		2013
	Reimbursable expenses:
	Offering costs (2)		$	5,151		$	4,373		$	6,867		$	713	$	612
	Operating expenses (3)			3,206			2,576			1,506			479		915
	Acquisition fees and expenses			614			254			269			80		138

				8,971			7,203			8,642			1,272		1,665
	Investment services fees (4)			18,553			12,892			7,673			—		—
	Disposition fee (5)			—			608			—			—		—
	Financing coordination fees (6)			220			—			552			—		—
	Property management fees (7)			2,982			1,244			452			429		322
	Asset management fees (8)			13,612			5,089			1,380			355		894
	Interest reserve and other advances (9)			—			—			—			—		286

			$	44,338		$	27,036		$	18,699		$	2,056	$	3,167



	FOOTNOTES:

	(1)	Amounts are recorded as due to related parties in the accompanying consolidated balance sheets.
	(2)	Amounts are recorded as stock issuance and offering costs in the accompanying consolidated statements of stockholders’ equity and redeemable noncontrolling interest. Amounts include approximately $30,000, $0.1 million and $0 of reimbursement payments to the Advisor for services provided to the Company by its executive officers for the years ended December 31, 2014, 2013 and 2012, respectively. The reimbursement payments include components of salaries, benefits and other overhead charges.
	(3)	Amounts are recorded as general and administrative expenses in the accompanying consolidated statements of operations. Amounts include approximately $0.2 million, $0.2 million and $0.1 million of reimbursement payments to the Advisor for services provided to the Company by its executive officers for the years ended December 31, 2014, 2013 and 2012, respectively. The reimbursement payments include components of salaries, benefits and other overhead charges.
	(4)	For the year ended December 31, 2014, the Company incurred approximately $18.6 million in investment services fees of which approximately $1.8 million, was capitalized and included in real estate under development in the accompanying consolidated balance sheets. For the year ended December 31, 2013, the Company incurred approximately $12.9 million in investment service fees of which approximately $0.5 million and $0.1 million, respectively, were capitalized and included in investments in unconsolidated entities and real estate under development. For the year ended December 31, 2012, the Company incurred approximately $7.7 million in investment services fees of which approximately $2.9 million and $0.6 million, respectively, were capitalized and included in investments in unconsolidated entities and properties held for development. Investment service fees, that are not capitalized, are recorded as acquisition fees and expenses in the accompanying consolidated statements of operations.
	(5)	Amounts are recorded as a reduction to gain on sale of investment in unconsolidated entity in the accompanying consolidated statements of operations.
	(6)	For the year ended December 31, 2014, the Company incurred approximately $0.2 million in financing coordination fees, which was capitalized and included in its investment in the Windsor Manor Joint Venture. There were no financing coordination fees for the year ended December 31, 2013. For the year ended December 31, 2012, the Company incurred approximately $0.5 million in financing coordination fees, which was capitalized as loan costs in the accompanying consolidated balance sheets.
(7)	For the years ended December 31, 2014, 2013 and 2012, the Company incurred approximately $2.9 million, $1.2 million and $0.1 million, respectively, in property and construction management fees payable to the Property Manager of which approximately $0.9 million, $0.2 million and $0.1 million, respectively, in construction management fees were capitalized and included in real estate under development in the accompanying consolidated balance sheets.
(8)	For the years ended December 31, 2014 and 2013, the Company incurred approximately $13.6 million and $5.1 million, respectively, in asset management fees payable to the Advisor of which approximately $4.9 million and $1.4 million, respectively, were forgone in accordance with the terms of the Advisor Expense Support Agreement and approximately $0.3 million and $0.1 million, respectively, were capitalized and included in real estate under development in the accompanying consolidated balance sheets. For the year ended December 31, 2012, the Company incurred approximately $1.4 million in asset management fees payable to the Advisor, of which approximately eleven thousand dollars was capitalized and included in real estate under development.
(9)	Amount primarily consists of an interest reserve account related to the ADC Loan originated in June 2013.

The following fees were foregone in connection with the Expense Support Agreements for the years ended December 31, 2014, 2013 and 2012, and cumulatively as of December 31, 2014 (in thousands, except offering price):


		Years Ended									As of
		December 31,									December 31,
		2014			2013			2012			2014
Asset management fees (1)		$	4,867		$	1,402		$	—		$	6,269

Then-current offering price (2)		$	10.24		$	10		$	—		$	10.58

Restricted stock shares (3)			478			140			—			618

Cash distributions on Restricted Stock (4)		$	98		$	5		$	—		$	103

Stock distributions on Restricted Stock (5)			7			—	(6)		—			7


FOOTNOTES:
(1)	No other amounts have been forgone in connection with the Expense Support Agreements for the years ended December 31, 2014, 2013 and 2012, and cumulatively as of December 31, 2014.
(2)	The then-current offering prices are based on the Company’s NAV per share at the date in which the expense support amounts were ultimately settled under the Expense Support Agreements.
(3)	Restricted stock shares are comprised of approximately 0.5 million issued to the Advisor and approximately 0.1 million issuable to the Advisor as of December 31, 2014. Since the vesting conditions were not met through December 31, 2014, no fair value was assigned to the restricted stock shares as the shares were valued at zero, which represents the lowest possible value estimated at vesting. In addition, the restricted stock shares were treated as unissued for financial reporting purposes because the vesting criteria had not been met as of December 31, 2014.
(4)	The cash distributions have been recognized as compensation expense as issued and included in general and administrative expense in the accompanying consolidated statements of operations.
(5)	This represents the number of shares issued to the Advisor as stock distributions on its restricted stock shares. The par value of the stock distributions has been recognized as compensation expense as issued and included in general and administrative expense in the accompanying consolidated statements of operations.
(6)	During the year ended December 31, 2013, the Advisor received 356 shares in the form of stock distributions under the terms of the Advisor Expense Support Agreement.

Derivative_Financial_Instrumen

Derivative Financial Instruments	12 Months Ended
Derivative Financial Instruments	Dec. 31, 2014
Derivative Financial Instruments	12	Derivative Financial Instruments
	The following table summarizes the terms of the derivative financial instruments held by the Company or through its joint venture and the asset (liability) that has been recorded (in thousands):


															Fair value
															asset (liability) as of
	Notional			Strike (1)			Credit			Trade		Forward	Maturity		December 31,				December 31,
	Amount			Strike (1)			Spread (1)			date		date	date		2014				2013
	$	12,421	(2)		1.3	%		2.6	%	1/17/13		1/15/15	1/16/18		$	(71	)		$	83
	$	38,255	(2)		2.7	%		2.5	%	9/6/13		8/17/15	7/10/18		$	(1,228	)		$	(590	)
	$	26,067	(2)		2.8	%		2.5	%	9/6/13		8/17/15	8/29/18		$	(906	)		$	(435	)
	$	30,000	(2)		1.1	%		2.7	%	10/22/13		8/5/15	8/19/16		$	(82	)		$	(10	)
	$	29,952	(2)		0.9	%		4.3	%	11/13/13		5/11/15	5/31/16		$	(74	)		$	(8	)
	$	11,000	(3)		3	%		—	%	6/27/14		6/30/14	6/30/17		$	10			$	—
	$	48,415	(2)		2.4	%		2.9	%	8/15/14		6/1/16	6/2/19		$	(270	)		$	—
	$	84,251	(2)		2.3	%		2.4	%	9/12/14		8/1/15	7/15/19		$	(1,326	)		$	—
	$	7,129	(2)		1.2	%		2.3	%	11/12/14		11/15/14	10/15/17		$	(35	)		$	—
	$	175,000	(2)		1.6	%		2	%	12/23/14		12/19/14	2/19/19		$	(881	)		$	—
	The following tables summarize the gross and net amounts of the Company’s derivative financial instruments as presented in the accompanying consolidated balance sheets as of December 31, 2014 (in thousands):


				Gross and net amounts of asset (liability)									Gross amounts
				as of December 31, 2014									as of December 31, 2014
	Notional			Gross			Offset			Net			Financial				Cash				Net
	amount			amount			amount			amount			Instruments				Collateral				Amount
	$	12,421	(2)	$	(71	)	$	—		$	(71	)	$	(71	)		$	—			$	(71	)
	$	38,255	(2)	$	(1,228	)	$	—		$	(1,228	)	$	(1,228	)		$	—			$	(1,228	)
	$	26,067	(2)	$	(906	)	$	—		$	(906	)	$	(906	)		$	—			$	(906	)
	$	30,000	(2)	$	(82	)	$	—		$	(82	)	$	(82	)		$	—			$	(82	)
	$	29,952	(2)	$	(74	)	$	—		$	(74	)	$	(74	)		$	—			$	(74	)
	$	11,000	(3)	$	10		$	—		$	10		$	10			$	—			$	10
	$	48,415	(2)	$	(270	)	$	—		$	(270	)	$	(270	)		$	—			$	(270	)
	$	84,251	(2)	$	(1,326	)	$	—		$	(1,326	)	$	(1,326	)		$	—			$	(1,326	)
	$	7,129	(2)	$	(35	)	$	—		$	(35	)	$	(35	)		$	—			$	(35	)
	$	175,000	(2)	$	(881	)	$	—		$	(881	)	$	(881	)		$	—			$	(881	)

	The following tables summarize the gross and net amounts of the Company’s derivative financial instruments as presented in the accompanying consolidated balance sheets as of December 31, 2013 (in thousands):


				Gross and net amounts of asset (liability)									Gross amounts
				as of December 31, 2013									as of December 31, 2013
	Notional			Gross			Offset			Net			Financial				Cash				Net
	amount			amount			amount			amount			Instruments				Collateral				Amount
	$	12,421	(2)	$	83		$	—		$	83		$	83			$	—			$	83
	$	38,255	(2)	$	(590	)	$	—		$	(590	)	$	(590	)		$	—			$	(590	)
	$	26,067	(2)	$	(435	)	$	—		$	(435	)	$	(435	)		$	—			$	(435	)
	$	30,000	(2)	$	(10	)	$	—		$	(10	)	$	(10	)		$	—			$	(10	)
	$	29,952	(2)	$	(8	)	$	—		$	(8	)	$	(8	)		$	—			$	(8	)
	$	11,000	(3)	$	—		$	—		$	—		$	—			$	—			$	—
	$	48,415	(2)	$	—		$	—		$	—		$	—			$	—			$	—
	$	84,251	(2)	$	—		$	—		$	—		$	—			$	—			$	—
	$	7,129	(2)	$	—		$	—		$	—		$	—			$	—			$	—
	$	175,000	(2)	$	—		$	—		$	—		$	—			$	—			$	—

	FOOTNOTES:

	(1)	The all-in rates are equal to the sum of the Strike and Credit Spread detailed above.
	(2)	Amounts related to interest rate swaps held by the Company, or its equity method investments, which are recorded at fair value and included in either other assets or other liabilities in the accompanying consolidated balance sheets.
	(3)	Amounts related to the interest rate cap held by the Windsor Manor Joint Venture for which the proportionate amounts of fair value relative to the Company’s ownership percentage are included in investments in unconsolidated entities in the accompanying consolidated balance sheets.
	Although the Company has determined that the majority of the inputs used to value its derivative financial instruments fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative financial instruments and has determined that the credit valuation adjustments on the overall valuation adjustments are not significant to the overall valuation of its derivative financial instruments. As a result, the Company determined that its derivative financial instruments valuation in its entirety is classified in Level 2 of the fair value hierarchy. Determining fair value requires management to make certain estimates and judgments. Changes in assumptions could have a positive or negative impact on the estimated fair values of such instruments which could, in turn, impact the Company’s or its joint venture’s results of operations.

Equity

Equity	12 Months Ended
Equity	Dec. 31, 2014
Equity	13	Equity

	Redeemable Noncontrolling Interest:

	In connection with the Watercrest at Katy joint venture described in Note 3, “Acquisitions – Real Estate Under Development,” the Company’s joint venture partner acquired a 5% noncontrolling interest that includes a put option of its membership to the Company at any time commencing on the date on which Watercrest at Katy development opens to residents and concluding on the fifth anniversary thereof, when NOI is: (a) equal to or greater than the NOI threshold established in the joint venture agreement, and (b) has been equal to or greater than the NOI threshold established in the joint venture agreement for the three calendar months immediately preceding the calendar month during which the joint venture partner exercises the put option. The put option is redeemable for cash at a price equal to the appraised market value (less certain transaction-related costs) at the time the put option is exercised (“Put Price”). The Company’s maximum exposure, as a result of these redeemable equity securities, is limited to the Put Price multiplied by the joint venture partner’s 5% membership interest.

	Stockholders’ Equity:

	Public Offering — As of December 31, 2014 and December 31, 2013, the Company had received aggregate offering proceeds of approximately $1.1 billion (113.0 million shares) and $568.9 million (57.0 million shares), respectively, including approximately $27.1 million (2.8 million shares) and $9.4 million (1.0 million shares), respectively, received through its Reinvestment Plan.

	Stock Issuance and Offering Costs — The Company has and will continue to incur costs in connection with the Offering and issuance of shares, including selling commissions, marketing support fees, filing fees, legal, accounting, printing and due diligence expense reimbursements, which are recorded as stock issuance and offering costs and deducted from stockholders’ equity. In accordance with the Company’s articles of incorporation, the total amount of selling commissions, marketing support fees, and other organizational and offering costs to be paid by the Company may not exceed 15% of the aggregate gross offering proceeds. Offering costs are generally funded by the Advisor and subsequently reimbursed by the Company subject to this limitation. For the years ended December 31, 2014, 2013 and 2012, the Company incurred approximately $59.8 million, $42.0 million and $23.4 million, respectively, in stock issuance and other offering costs, as described in the discussion of selling commissions and marketing support fees and offering expenses in Note 11, “Related Party Arrangements.”

	Distributions — On July 29, 2011, the Company’s board of directors authorized a distribution policy providing for monthly cash distributions of $0.03333 (which is equal to an annualized distribution rate of 4% on the initial $10.00 offering price) together with monthly stock distributions of 0.002500 shares of common stock (which is equal to an annualized distribution rate of 3% on each 100 shares of common stock) for a total annualized distribution of 7% payable to all common stockholders of record as of the close of business on the first business day of each month. The Company commenced operations on October 5, 2011 and declarations of distributions pursuant to this policy began on the first day of November 2011. Distributions shall be paid quarterly and will be calculated for each stockholder as of the first day of each month the stockholder has been a stockholder of record in such quarter.

	In December 2013, the Company’s board of directors determined to increase the amount of monthly cash distributions to $0.03380 per share together with monthly stock distributions of 0.00250 shares of common stock payable to all common stockholders of record as of the close of business on the first business day of each month beginning January 1, 2014.

	In October 2014, in connection with the determination of our estimated net asset value per share, the Company’s board of directors increased the amount of monthly cash distributions to $0.0353 per share together with monthly stock distributions of 0.0025 shares of common stock payable to all common stockholders of record as of the close of business on the first business day of each month beginning December 1, 2014. This change allows the Company to maintain its historical annual distribution rate of 4.0% in cash (based on the current $10.58 offering price) and 3% in stock (based on three shares for each 100 outstanding shares of common stock).



	For the years ended December 31, 2014, 2013 and 2012, the Company declared cash distributions of $31.9 million, $14.2 million and $3.2 million, respectively, of which $14.2 million, $6.6 million and $1.5 million, respectively, were paid in cash to stockholders and $17.7 million, $7.6 million and $1.7 million, respectively, were reinvested pursuant to the Reinvestment Plan. In addition, for the years ended December 31, 2014, 2013 and 2012, the Company declared and made stock distributions of approximately 2.4 million 1.1 million and 0.2 million shares of common stock, respectively.

	The tax composition of the Company’s distributions declared for the years ended December 31, 2014, 2013 and 2012 were as follows:



			December 31,
	Distribution Type		2014			2013			2012
	Taxable as ordinary income			30.8	%		0	%		0	%

	Taxable as capital gain			0	%		63.8	%		0	%

	Return of capital			69.2	%		36.2	%		100	%


	Redemptions — During the years ended December 31, 2014, 2013 and 2012, the Company received requests for the redemption of common stock of approximately 0.3 million, 0.08 million and 1,049 shares, respectively, all of which were approved for redemption at an average price of $9.24, $9.25 and $9.99, respectively, and for a total of approximately $3.0 million, $0.8 million and $10,000, respectively.

	Other comprehensive loss — The following table reflects the effect of derivative financial instruments held by Company, or its equity method investments, and included in the consolidated statements of comprehensive loss for the years ended December 31, 2014 and 2013 (in thousands):



	Derivative Financial		Gain (loss) recognized						Location of gain (loss)		Gain (loss) reclassified
			in other						reclassified into earnings		from AOCI into earnings
	Instrument		comprehensive loss						(Effective Portion)		(Effective Portion)
			on derivative financial
			instrument
			(Effective Portion)
			Years Ended								Years Ended
			December 31,								December 31,
			2014			2013					2014			2013
	Interest rate swaps		$	(3,915	)	$	(1,042	)	Interest expense and		$	(98	)	$	—

									loan cost amortization
	Interest rate cap held by unconsolidated joint venture			10			—		Not applicable			—			—
	Interest rate swap held by unconsolidated joint venture			—			83		Not applicable			—			—

	Total		$	(3,905	)	$	(959	)			$	(98	)	$	—

Income_Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2014
Income Taxes	14	Income Taxes
	As of years ended December 31, 2014, 2013 and 2012, the Company recorded net current tax expense and current deferred tax assets related to deferred income at its TRSs. The components of the income tax benefit (expense) for the years ended December 31, 2014, 2013 and 2012 were as follows (in thousands):


			Years Ended
			December 31,
			2014			2013			2012
	Current:
	Federal		$	—		$	13		$	(13	)
	State			(361	)		—			(1	)

	Total current benefit (expense)			(361	)		13			(14	)

	Deferred:
	Federal			—			(25	)		25
	State			—			(6	)		6

	Total deferred benefit (expense)			—			(31	)		31

	Income tax benefit (expense)		$	(361	)	$	(18	)	$	17

	Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets as of years ended December 31, 2014 and 2013 are as follows:


			2014			2013
	Carryforwards of net operating loss		$	2,361		$	284
	Prepaid rent			437			313
	Valuation allowance			(2,798	)		(597	)

	Net deferred tax assets		$	—		$	—

	A reconciliation of the income tax benefit (expense) computed at the statutory federal tax rate on income before income taxes is as follows (in thousands):


			Years Ended December 31,
			2014						2013					2012
	Tax expense computed at federal statutory rate		$	(18,253	)		(35.00	)%	$	(6,329	)	(35.00	)%	$	(3,758	)	(35.00	)%
	Benefit of REIT election			18,253			35	%		6,344		35.08	%		3,746		34.89	%
	State income tax expense			361			0.69	%		3		0.02	%		(5	)	(0.05	)%

	Income tax expense		$	361			0.69	%	$	18		0.1	%	$	(17	)	(0.16	)%

	The Company’s TRS entities had net operating loss carry-forwards for federal and state purposes of approximately $12.3 million as of year ended December 31, 2014 to offset future taxable income with approximately $0.8 million and $11.5 million of the estimated net operating loss carry-forwards set to expire in 2033 and 2034, respectively.

Commitments_and_Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2014
Commitments and Contingencies	15	Commitments and Contingencies
	In the ordinary course of business, the Company may become subject to litigation or claims. There are no material legal proceedings pending or known to be contemplated against the Company.
	In connection with the ownership, development and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. The Company has not been notified by any governmental authority of any non-compliance, liability or other claim, and the Company is not aware of any other environmental condition that it believes will have a material adverse effect on the consolidated results of operations.
	Refer to Note 4, “Real Estate Assets, net,” for additional information on the remaining development budgets for the Company’s senior housing developments.
	Refer to Note 9, “Contingent Purchase Price Consideration,” for information on potential contingent purchase price consideration related to the purchase of Medical Portfolio I.
	Refer to Note 11, “Related Party Arrangements,” for information on contingent restricted stock shares due to the Company’s Advisor and Property Manager in connection with the Expense Support Agreements.
	Refer to Note 16, “Ground and Air Rights Leases,” for information on commitments under its ground and air rights lease agreements.

Ground_and_Air_Rights_Leases

Ground and Air Rights Leases	12 Months Ended
Ground and Air Rights Leases	Dec. 31, 2014
Ground and Air Rights Leases	16	Ground and Air Rights Leases
	Under the terms of its ground and air rights lease agreements, the Company is responsible for the monthly rental payments. These amounts are billed monthly and recorded as property operating expenses in the accompanying consolidated statements of operations. Under the terms of certain lease agreements, the Company is able to pass through this expense to the tenant and such amounts are recorded as tenant reimbursement income in the accompanying consolidated statements of operations. The Company incurred approximately $0.5 million and $0.1 million in ground and air rights lease expense for the years ended December 31, 2014 and 2013, respectively. The Company did not hold any ground or air rights leases as of December 31, 2012 or for the year ended December 31, 2012.
	The following is a schedule of future minimum lease payments to be paid under the ground and air rights leases for each of the next five years and thereafter, in the aggregate, as of December 31, 2014 (in thousands):


	2015		$	1,347
	2016			1,371
	2017			1,402
	2018			1,428
	2019			1,453
	Thereafter			102,773

			$	109,774

Concentration_of_Credit_Risk

Concentration of Credit Risk	12 Months Ended
Concentration of Credit Risk	Dec. 31, 2014
Concentration of Credit Risk	17	Concentration of Credit Risk
	As of December 31, 2014 and December 31, 2013 and for the years ended December 31, 2014, 2013 and 2012 the Company had the following tenants that individually accounted for 10% or more of total revenues or assets:


			Percentage of Total Revenues (1)									Percentage of Total Assets (2)
			December 31,									December 31,
			2014			2013			2012			2014			2013
	TSMM Management (“TSMM”); tenant of the Primrose Communities			7.7	%		26.5	%		93.8	%		7.6	%		15.3	%

	FOOTNOTES:
	(1)	Includes contractual rental income from operating leases, capital reserve income, straight-line rent adjustments, and amortization of lease intangibles.
	(2)	Represents net book value of real estate assets and lease intangibles associated with the property leased by the respective tenant as of the end of the period presented as a percentage of total assets.
	Failure of this tenant to pay contractual lease payments could significantly impact the Company’s results of operations and cash flow from operations which, in turn would impact its ability to pay debt service and make distributions to stockholders.

Selected_Quarterly_Financial_D

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2014
Selected Quarterly Financial Data (Unaudited)	18	Selected Quarterly Financial Data (Unaudited)

	The following table presents selected unaudited quarterly financial data for the years ended December 31, 2014 and 2013 (in thousands, except per share data):



	2014 Quarters		First			Second			Third			Fourth			Full Year
	Total revenues		$	33,275		$	42,464		$	49,660		$	55,685		$	181,084
	Operating loss			(7,375	)		(3,381	)		(6,243	)		(6,179	)		(23,178	)
	Net loss attributable to common shareholders			(12,523	)		(12,303	)		(12,204	)		(15,481	)		(52,511	)
	Weighted average number of shares outstanding			65,273			75,173			87,344			105,452			83,457
	(basic and diluted) (1)
	Loss per share of common stock		$	(0.19	)	$	(0.16	)	$	(0.14	)	$	(0.15	)	$	(0.63	)
	(basic and diluted)

	2013 Quarters		First			Second			Third			Fourth			Full Year
	Total revenues		$	7,802		$	8,609		$	14,772		$	21,422		$	52,605
	Operating loss			(866	)		(2,302	)		(5,307	)		(5,515	)		(13,990	)
	Net loss attributable to common shareholders			(3,809	)		(2,830	)		(2,305	)		(9,156	)		(18,100	)
	Weighted average number of shares outstanding			26,604			34,801			46,130			56,828			41,197
	(basic and diluted) (1)
	Loss per share of common stock		$	(0.14	)	$	(0.08	)	$	(0.05	)	$	(0.16	)	$	(0.44	)
	(basic and diluted)



	FOOTNOTE:
	(1)	For the purposes of determining the weighted average number of shares of common stock outstanding, stock distributions issued are treated as if they were outstanding for all periods presented.

Subsequent_Events

Subsequent Events	12 Months Ended
	Dec. 31, 2014
Subsequent Events	19	Subsequent Events

	Southeast Medical Office Properties

	In January 2015, the Company entered into a four-year forward starting interest rate swap with an approximate notional amount of $138.7 million on the Southeast Medical Office Properties Loan, which begins to settle in December 2015.

	In February 2015, the Company acquired University of Tennessee (“UT”) Cancer Institute Building for approximately $33.7 million. The UT Cancer Institute Building is a 100,104 square foot medical office building located in Knoxville, Tennessee and physically connected to the UT medical center. This is the tenth MOB in the Southeast Medical Office Properties portfolio. Refer to Note 3, “Acquisitions,” for the pro forma impact of this acquisition as well as the nine MOBs purchased in December 2014 on the Company’s results of operations for years ended December 31, 2014 and 2013. The Company owes the Advisor an approximate $0.6 million investment service fee related to the acquisition of the Southeast Medical Office Properties.

	The following summarizes the Company’s preliminary allocation of the purchase price for the above property, and the estimated fair values of the assets acquired (in thousands):



	Land and land improvements		$	419
	Buildings and building improvements			27,660
	Intangibles (1)			6,000
	Other liabilities			(419	)

	Net assets acquired		$	33,660




	FOOTNOTE:
	-1	The acquired lease intangibles were comprised of approximately $4.5 million and $1.5 million of in-place lease intangibles and other lease intangibles, respectively. At the acquisition date, the weighted-average amortization periods on these acquired lease intangibles were approximately 11.6 years and 39.0 years, respectively.

	Equity transactions

	During the period from January 1, 2014 through March 18, 2015, the Company received additional subscription proceeds of approximately $164.8 million (15.6 million shares).

	The Company’s board of directors declared a monthly cash distribution of $0.0353 and a monthly stock distribution of 0.0025 shares on each outstanding share of common stock on January 1, 2015, February 1, 2015 and March 1, 2015. The cash and stock distributions were made on March 11, 2015 and March 13, 2015, respectively.

	Other transactions

	In February 2015, the Company entered into a purchase agreement with a related party to acquire a senior housing community for which the Company escrowed an earnest money deposit of $0.5 million. The acquisition is subject to certain contingencies, including completion of due diligence, licensing and obtaining financing satisfactory to the Company. There can be no assurance that any or all contingencies will be satisfied and that the transaction will ultimately be completed, which in either event the deposit would be applied toward the purchase price or refunded.

SCHEDULE_IIValuation_and_Quali

SCHEDULE II-Valuation and Qualifying Accounts	12 Months Ended
SCHEDULE II-Valuation and Qualifying Accounts	Dec. 31, 2014
SCHEDULE II-Valuation and Qualifying Accounts	CNL HEALTHCARE PROPERTIES, INC. AND SUBSIDIARIES
	SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS
	YEARS ENDED DECEMBER 31, 2014, 2013 AND 2012 (in thousands)


	Year	Description	Balance at			Charged to			Charged to		Balance at End
			Beginning of			Costs and			Other Accounts		of Year
			Year			Expenses
	2012	Deferred tax asset valuation allowance	$	—		$	—		$	—	$	—

			$	—		$	—		$	—	$	—

	2013	Deferred tax asset valuation allowance	$	—		$	(597	)	$	—	$	(597	)

			$	—		$	(597	)	$	—	$	(597	)

	2014	Deferred tax asset valuation allowance	$	(597	)	$	(2,201	)	$	—	$	(2,798	)

			$	(597	)	$	(2,201	)	$	—	$	(2,798	)

SCHEDULE_IIIReal_Estate_and_Ac

SCHEDULE III-Real Estate and Accumulated Depreciation	12 Months Ended
SCHEDULE III-Real Estate and Accumulated Depreciation	Dec. 31, 2014
SCHEDULE III-Real Estate and Accumulated Depreciation	CNL HEALTHCARE PROPERTIES, INC. AND SUBSIDIARIES

	SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

	AS OF DECEMBER 31, 2014 (in thousands)



						Initial Costs						Costs Capitalized									Gross Amounts at which Carried at
						Initial Costs						Subsequent to Acquisition									Close of Period (2)
	Property/Location		Encum-			Land &			Building			Land &			Building			Construc-			Land &			Building			Construc-			Total			Accumu-				Date of		Date		Life on
			brances			Land			and			Land			and			tion in			Land			and			tion in						lated				Construction		Acquired		which
						Improve-			Building			Improve-			Building			Process			Improve-			Building			Process						Depreci-								depreciation
						ments			Improve-			ments			Improve-						ments			Improve-									ation								in latest
									ments						ments									ments																	income
																																									statement is
																																									computed
	Primrose Retirement Community of Casper
	Casper, Wyoming		$	12,265		$	1,910		$	16,310		$	—		$	9		$	—		$	1,910		$	16,319		$	—		$	18,229		$	(1,222	)		2004		2/16/12		-1
	Primrose Retirement Community of Grand Island
	Grand Island, Nebraska		$	8,653		$	719		$	12,140		$	25		$	—		$	—		$	744		$	12,140		$	—		$	12,884		$	(947	)		2005		2/16/12		-1
	Primrose Retirement Community of Mansfield
	Mansfield, Ohio		$	11,772		$	650		$	16,720		$	11		$	6		$	—		$	661		$	16,726		$	—		$	17,387		$	(1,292	)		2007		2/16/12		-1
	Primrose Retirement Community of Marion
	Marion, Ohio		$	9,765		$	889		$	16,305		$	—		$	—		$	—		$	889		$	16,305		$	—		$	17,194		$	(1,260	)		2006		2/16/12		-1
	Sweetwater Retirement Community
	Billings, Montana		$	10,605		$	1,578		$	14,205		$	17		$	—		$	—		$	1,595		$	14,205		$	—		$	15,800		$	(1,071	)		2006		2/16/12		-1
	HarborChase of Villages Crossing
	Lady Lake, Florida (“The Villages”)		$	16,590		$	2,165		$	—		$	986		$	15,424		$	—		$	3,151		$	15,424		$	—		$	18,575		$	(421	)		2013		8/29/12		-1
	Dogwood Forest of Acworth
	Acworth, Georgia		$	12,039		$	1,750		$	—		$	277		$	15,994		$	—		$	2,027		$	15,994		$	—		$	18,021		$	(206	)		-3		12/18/12		-1
	Primrose Retirement Community Cottages
	Aberdeen, South Dakota		$	—		$	311		$	3,794		$	—		$	—		$	—		$	311		$	3,794		$	—		$	4,105		$	(210	)		2005		12/19/12		-1
	Primrose Retirement Community of Council Bluffs
	Council Bluffs, Iowa (“Omaha”)		$	—		$	1,144		$	11,117		$	—		$	—		$	—		$	1,144		$	11,117		$	—		$	12,261		$	(634	)		2008		12/19/12		-1
	Primrose Retirement Community of Decatur
	Decatur, Illinois		$	10,765		$	513		$	16,706		$	—		$	—		$	—		$	513		$	16,706		$	—		$	17,219		$	(906	)		2009		12/19/12		-1
	Primrose Retirement Community of Lima
	Lima, Ohio		$	—		$	944		$	17,115		$	—		$	—		$	—		$	944		$	17,115		$	—		$	18,059		$	(931	)		2006		12/19/12		-1
	Primrose Retirement Community of Zanesville
	Zanesville, Ohio		$	12,149		$	1,184		$	17,292		$	—		$	—		$	—		$	1,184		$	17,292		$	—		$	18,476		$	(941	)		2008		12/19/12		-1
	Symphony Manor
	Baltimore, Maryland		$	13,632		$	2,319		$	19,444		$	—		$	—		$	—		$	2,319		$	19,444		$	—		$	21,763		$	(1,039	)		2011		12/21/12		-1
	Curry House Assisted Living & Memory Care
	Cadillac, Michigan		$	7,013		$	995		$	11,072		$	—		$	—		$	—		$	995		$	11,072		$	—		$	12,067		$	(601	)		1966		12/21/12		-1
	Tranquillity at Fredericktowne
	Frederick, Maryland		$	7,234		$	808		$	14,291		$	—		$	29		$	—		$	808		$	14,320		$	—		$	15,128		$	(764	)		2000		12/21/12		-1
	Brookridge Heights Assisted Living & Memory Care
	Marquette, Michigan		$	7,394		$	595		$	11,339		$	—		$	—		$	—		$	595		$	11,339		$	—		$	11,934		$	(605	)		1998		12/21/12		-1
	Woodholme Gardens Assisted Living & Memory Care
	Pikesville, Maryland (“Baltimore”)		$	8,409		$	1,603		$	13,472		$	—		$	—		$	—		$	1,603		$	13,472		$	—		$	15,075		$	(728	)		2010		12/21/12		-1
	Batesville Healthcare Center
	Batesville, Arkansas		$	3,300		$	397		$	5,382		$	—		$	—		$	—		$	397		$	5,382		$	—		$	5,779		$	(222	)		1975		5/31/13		-1
	Broadway Healthcare Center
	West Memphis, Arkansas		$	6,300		$	438		$	10,560		$	—		$	—		$	—		$	438		$	10,560		$	—		$	10,998		$	(436	)		1994		5/31/13		-1



						Initial Costs						Costs Capitalized Subsequent to									Gross Amounts at which Carried at
						Initial Costs						Acquisition									Close of Period (2)
	Property/		Encum-			Land &			Building			Land &			Building			Construc-			Land &			Building			Construc-			Total			Accumu-				Date of		Date		Life on
	Location		brances			Land			and			Land			and			tion in			Land			and			tion in						lated				Construction		Acquired		which
						Improve-			Building			Improve-			Building			Process			Improve-			Building			Process						Depreci-								depreciation
						ments			Improve-			ments			Improve-						ments			Improve-									ation								in latest
						ments						ments									ments																income
																																					statement is
																																					computed
Jonesboro Healthcare Center
Jonesboro, Arkansas			$	8,100		$	527		$	13,493		$	—		$	—		$	—		$	527		$	13,493		$	—		$	14,020		$	(556	)		2012		5/31/13		-1
Magnolia Healthcare Center
Magnolia, Arkansas		$	6,300		$	421		$	10,454		$	—		$	—		$	—		$	421		$	10,454		$	—		$	10,875		$	(438	)		2009		5/31/13		-1
Mine Creek Healthcare Center
Nashville, Arkansas		$	1,800		$	135		$	2,942		$	—		$	—		$	—		$	135		$	2,942		$	—		$	3,077		$	(127	)		1978		5/31/13		-1
Searcy Healthcare Center
Searcy, Arkansas		$	4,200		$	648		$	6,017		$	—		$	—		$	—		$	648		$	6,017		$	—		$	6,665		$	(254	)		1973		5/31/13		-1
LaPorte Cancer Center
Westville, Indiana		$	8,221		$	433		$	10,846		$	—		$	—		$	—		$	433		$	10,846		$	—		$	11,279		$	(460	)		2010		6/14/13		-1
Jefferson Medical Commons
Jefferson City, Tennessee (“Knoxville”)		$	7,825		$	151		$	10,236		$	—		$	—		$	—		$	151		$	10,236		$	—		$	10,387		$	(409	)		2001		7/10/13		-1
Physicians Plaza A at North Knoxville Medical Center
Powell, Tennessee (“Knoxville”)		$	12,209		$	262		$	16,976		$	—		$	—		$	—		$	262		$	16,976		$	—		$	17,238		$	(679	)		2005		7/10/13		-1
Physicians Plaza B at North Knoxville Medical Center
Powell, Tennessee (“Knoxville”)		$	14,685		$	303		$	18,754		$	—		$	312		$	—		$	303		$	19,066		$	—		$	19,369		$	(753	)		2008		7/10/13		-1
Physicians Regional Medical Center—Central Wing Annex
Knoxville, Tennessee		$	3,890		$	73		$	5,285		$	—		$	—		$	—		$	73		$	5,285		$	—		$	5,358		$	(210	)		2004		7/10/13		-1
HarborChase of Jasper
Jasper, Alabama		$	—		$	355		$	6,358		$	—		$	—		$	—		$	355		$	6,358		$	—		$	6,713		$	(239	)		1998		7/31/13		-1
Chestnut Commons Medical Office Building
Elyria, Ohio (“Cleveland”)		$	12,503		$	2,053		$	15,650		$	—		$	—		$	—		$	2,053		$	15,650		$	—		$	17,703		$	(615	)		2008		8/16/13		-1
Doctors Specialty Hospital
Leawood, Kansas (“Kansas City”)		$	4,385		$	924		$	5,771		$	16		$	—		$	—		$	940		$	5,771		$	—		$	6,711		$	(220	)		2001		8/16/13		-1
Escondido Medical Arts Center
Escondido, California (“San Diego”)		$	9,742		$	1,863		$	12,199		$	—		$	23		$	—		$	1,863		$	12,222		$	—		$	14,085		$	(430	)		1994		8/16/13		-1
John C. Lincoln Medical Office Plaza I
Phoenix, Arizona		$	2,794		$	233		$	2,779		$	—		$	13		$	—		$	233		$	2,792		$	—		$	3,025		$	(116	)		1980		8/16/13		-1
John C. Lincoln Medical Office Plaza II
Phoenix, Arizona		$	1,863		$	138		$	1,908		$	—		$	49		$	—		$	138		$	1,957		$	—		$	2,095		$	(77	)		1984		8/16/13		-1
North Mountain Medical Plaza
Phoenix, Arizona		$	3,432		$	297		$	4,079		$	—		$	—		$	—		$	297		$	4,079		$	—		$	4,376		$	(166	)		1994		8/16/13		-1
Raider Ranch
Lubbock, Texas		$	1		$	1,992		$	48,818		$	—		$	23		$	—		$	1,992		$	48,841		$	—		$	50,833		$	(1,714	)		2009		8/29/13		-1
The Club at Raider Ranch Development
Lubbock, Texas		$	—		$	3,000		$	—		$	—		$	—		$	4,001		$	3,000		$	—		$	4,001		$	7,001		$	—			-3		8/29/13		-1



					Initial Costs						Costs Capitalized									Gross Amounts at which Carried at
					Initial Costs						Subsequent to Acquisition									Close of Period (2)
Property/Location		Encum-			Land &			Building			Land &			Building			Construc-			Land &			Building			Construc-			Total			Accumu-				Date of		Date		Life on
		brances			Land			and			Land			and			tion in			Land			and			tion in						lated				Construction		Acquired		which
					Improve-			Building			Improve-			Building			Process			Improve-			Building			Process						Depreci-								depreciation
					ments			Improve-			ments			Improve-						ments			Improve-									ation								in latest
								ments						ments									ments																	income
																																								statement is
																																								computed
Town Village
Oklahoma City, Oklahoma		$	—		$	1,020		$	19,847		$	—		$	—		$	—		$	1,020		$	19,847		$	—		$	20,867		$	(689	)		2004		8/29/13		-1
Calvert Medical Arts Center
Prince Frederick, Maryland (“Washington D.C.”)		$	12,581		$	20		$	17,838		$	—		$	72		$	—		$	20		$	17,910		$	—		$	17,930		$	(614	)		2009		8/30/13		-1
Calvert Medical Office Buildings I, II & III
Prince Frederick, Maryland (“Washington D.C.”)		$	10,686		$	51		$	14,334		$	—		$	273		$	—		$	51		$	14,607		$	—		$	14,658		$	(502	)		1991/1999/2000		8/30/13		-1
Dunkirk Medical Center
Dunkirk, Maryland (“Washington D.C.”)		$	3,007		$	351		$	2,991		$	—		$	10		$	—		$	351		$	3,001		$	—		$	3,352		$	(133	)		1997		8/30/13		-1
Prestige Senior Living Beaverton Hills
Beaverton, Oregon (“Portland”)		$	9,465		$	1,387		$	10,324		$	—		$	—		$	—		$	1,387		$	10,324		$	—		$	11,711		$	(301	)		2000		12/2/13		-1
Prestige Senior Living High Desert
Bend, Oregon		$	8,188		$	835		$	11,252		$	—		$	—		$	—		$	835		$	11,252		$	—		$	12,087		$	(341	)		2003		12/2/13		-1
MorningStar of Billings
Billings, Montana		$	20,164		$	4,067		$	41,373		$	5		$	2		$	—		$	4,072		$	41,375		$	—		$	45,447		$	(1,269	)		2009		12/2/13		-1
MorningStar of Boise
Boise, Idaho		$	21,524		$	1,663		$	35,752		$	12		$	—		$	—		$	1,675		$	35,752		$	—		$	37,427		$	(1,035	)		2007		12/2/13		-1
Prestige Senior Living Huntington Terrace
Gresham, Oregon (“Portland”)		$	10,484		$	1,236		$	12,083		$	—		$	—		$	—		$	1,236		$	12,083		$	—		$	13,319		$	(358	)		2000		12/2/13		-1
MorningStar of Idaho Falls
Idaho Falls, Idaho		$	18,414		$	2,006		$	40,397		$	5		$	—		$	—		$	2,011		$	40,397		$	—		$	42,408		$	(1,193	)		2009		12/2/13		-1
Prestige Senior Living Arbor Place
Medford, Oregon		$	8,429		$	355		$	14,083		$	—		$	—		$	—		$	355		$	14,083		$	—		$	14,438		$	(407	)		2003		12/2/13		-1
Prestige Senior Living Orchard Heights
Salem, Oregon		$	12,659		$	545		$	15,544		$	—		$	8		$	—		$	545		$	15,552		$	—		$	16,097		$	(444	)		2002		12/2/13		-1
Prestige Senior Living Southern Hills
Salem, Oregon		$	7,694		$	653		$	10,753		$	—		$	—		$	—		$	653		$	10,753		$	—		$	11,406		$	(314	)		2001		12/2/13		-1
MorningStar of Sparks
Sparks, Nevada (“Reno”)		$	24,405		$	3,986		$	47,968		$	—		$	—		$	—		$	3,986		$	47,968		$	—		$	51,954		$	(1,430	)		2009		12/2/13		-1
Prestige Senior Living Five Rivers
Tillamook, Oregon		$	7,931		$	1,298		$	14,064		$	—		$	48		$	—		$	1,298		$	14,112		$	—		$	15,410		$	(434	)		2002		12/2/13		-1
Prestige Senior Living Riverwood
Tualatin, Oregon (“Portland”)		$	4,601		$	1,028		$	7,429		$	—		$	37		$	—		$	1,028		$	7,466		$	—		$	8,494		$	(225	)		1999		12/2/13		-1
Chula Vista Medical Arts Center
Chula Vista, California (“San Diego”)		$	—		$	2,462		$	7,453		$	—		$	234		$	—		$	2,462		$	7,687		$	—		$	10,149		$	(205	)		1985		12/23/13		-1
Coral Springs Medical Office Building I
Coral Springs, Florida		$	—		$	2,614		$	11,220		$	—		$	1		$	—		$	2,614		$	11,221		$	—		$	13,835		$	(332	)		2005		12/23/13		-1
Coral Springs Medical Office Building II
Coral Springs, Florida		$	—		$	2,614		$	12,130		$	—		$	—		$	—		$	2,614		$	12,130		$	—		$	14,744		$	(332	)		2008		12/23/13		-1



					Initial Costs						Costs Capitalized									Gross Amounts at which Carried at
					Initial Costs						Subsequent to Acquisition									Close of Period (2)
Property/Location		Encum-			Land &			Building			Land &			Building			Construc-			Land &			Building			Construc-			Total			Accumu-				Date of		Date		Life on
		brances			Land			and			Land			and			tion in			Land			and			tion in						lated				Construction		Acquired		which
					Improve-			Building			Improve-			Building			Process			Improve-			Building			Process						Depreci-								depreciation
					ments			Improve-			ments			Improve-						ments			Improve-									ation								in latest
								ments						ments									ments																	income
																																								statement is
																																								computed
Chula Vista Medical Arts Center
Chula Vista, California (“San Diego”)		$	—		$	6,130		$	10,293		$	3		$	—		$	—		$	6,133		$	10,293		$	—		$	16,426		$	(260	)		1975		1/21/14		-1
Prestige Senior Living Auburn Meadows
Auburn, Washington (“Seattle”)		$	10,810		$	2,537		$	17,261		$	—		$	—		$	—		$	2,537		$	17,261		$	—		$	19,798		$	(433	)		2003/2010		2/3/14		-1
Prestige Senior Living Bridgewood
Vancouver, Washington (“Portland”)		$	13,514		$	1,603		$	18,172		$	—		$	—		$	—		$	1,603		$	18,172		$	—		$	19,775		$	(452	)		2001		2/3/14		-1
Prestige Senior Living Monticello Park
Longview, Washington		$	18,855		$	1,981		$	23,056		$	—		$	—		$	—		$	1,981		$	23,056		$	—		$	25,037		$	(566	)		2001/2010		2/3/14		-1
Prestige Senior Living Rosemont
Yelm, Washington		$	9,737		$	668		$	14,564		$	—		$	—		$	—		$	668		$	14,564		$	—		$	15,232		$	(353	)		2004		2/3/14		-1
Wellmore of Tega Cay
Tega Cay, South Carolina (“Charlotte”)		$	8,008		$	2,445		$	—		$	—		$	—		$	19,753		$	2,445		$	—		$	19,753		$	22,198		$	—			-3		2/7/14		-1
Isle at Cedar Ridge
Cedar Park, Texas (“Austin”)		$	—		$	1,525		$	16,277		$	—		$	—		$	—		$	1,525		$	16,277		$	—		$	17,802		$	(379	)		2011		2/28/14		-1
Prestige Senior Living West Hills
Corvallis, Oregon		$	9,031		$	842		$	12,603		$	—		$	—		$	—		$	842		$	12,603		$	—		$	13,445		$	(293	)		2002		3/3/14		-1
HarborChase of Plainfield
Plainfield, Illinois		$	—		$	1,596		$	21,832		$	—		$	—		$	—		$	1,596		$	21,832		$	—		$	23,428		$	(444	)		2010		3/28/14		-1
Legacy Ranch Alzheimer’s Special Care Center
Midland, Texas		$	—		$	917		$	9,982		$	—		$	—		$	—		$	917		$	9,982		$	—		$	10,899		$	(207	)		2012		3/28/14		-1
The Springs Alzheimer’s Special Care Center
San Angelo, Texas		$	—		$	595		$	9,658		$	—		$	—		$	—		$	595		$	9,658		$	—		$	10,253		$	(200	)		2012		3/28/14		-1
Isle at Watercrest—Bryan
Bryan, Texas		$	—		$	714		$	18,140		$	4		$	3		$	—		$	718		$	18,143		$	—		$	18,861		$	(324	)		2011		4/21/14		-1
Watercrest at Bryan
Bryan, Texas		$	—		$	2,509		$	22,441		$	4		$	9		$	—		$	2,513		$	22,450		$	—		$	24,963		$	(433	)		2009		4/21/14		-1
Isle at Watercrest—Mansfield
Mansfield, Texas (“Dallas/Fort Worth”)		$	—		$	997		$	24,635		$	—		$	—		$	—		$	997		$	24,635		$	—		$	25,632		$	(436	)		2011		5/5/14		-1
Houston Orthopedic & Spine Hospital (“HOSH”)
Bellaire, Texas (“Houston”)		$	31,995		$	3,867		$	32,761		$	—		$	—		$	—		$	3,867		$	32,761		$	—		$	36,628		$	(498	)		2007		6/2/14		-1
HOSH Medical Office Building
Bellaire, Texas (“Houston”)		$	17,630		$	3,738		$	20,525		$	—		$	63		$	—		$	3,738		$	20,588		$	—		$	24,326		$	(315	)		2007		6/2/14		-1
Watercrest at Katy
Katy, Texas (“Houston”)		$	—		$	4,000		$	—		$	—		$	—		$	4,614		$	4,000		$	—		$	4,614		$	8,614		$	—			-3		6/27/14		-1
Watercrest at Mansfield
Mansfield, Texas (“Dallas/Fort Worth”)		$	27,423		$	2,191		$	42,740		$	—		$	28		$	—		$	2,191		$	42,768		$	—		$	44,959		$	(571	)		2010		6/30/14		-1



					Initial Costs						Costs Capitalized									Gross Amounts at which Carried at
					Initial Costs						Subsequent to Acquisition									Close of Period (2)
Property/Location		Encum-			Land &			Building			Land &			Building			Construc-			Land &			Building			Construc-			Total			Accumu-				Date of		Date		Life on
		brances			Land			and			Land			and			tion in			Land			and			tion in						lated				Construction		Acquired		which
					Improve-			Building			Improve-			Building			Process			Improve-			Building			Process						Depreci-								depreciation
					ments			Improve-			ments			Improve-						ments			Improve-									ation								in latest
								ments						ments									ments																	income
																																								statement is
																																								computed
HarborChase of Shorewood
Shorewood, Wisconsin (“Milwaukee”)		$	—		$	2,200		$	—		$	—		$	—		$	7,140		$	2,200		$	—		$	7,140		$	9,340		$	—			-3		7/8/14		-1
Oklahoma City Inpatient Rehabilitation Hospital
Oklahoma City, Oklahoma		$	16,560		$	3,341		$	19,249		$	—		$	—		$	—		$	3,341		$	19,249		$	—		$	22,590		$	(271	)		2012		7/15/14		-1
Las Vegas Inpatient Rehabilitation Hospital
Las Vegas, Nevada		$	14,475		$	2,650		$	16,979		$	—		$	—		$	—		$	2,650		$	16,979		$	—		$	19,629		$	(242	)		2007		7/15/14		-1
South Bend Inpatient Rehabilitation Hospital
Mishawaka, Indiana (“South Bend”)		$	13,142		$	2,339		$	16,239		$	—		$	—		$	—		$	2,339		$	16,239		$	—		$	18,578		$	(234	)		2009		7/15/14		-1
Beaumont Specialty Hospital
Beaumont, Texas (“Houston”)		$	21,817		$	2,749		$	28,863		$	—		$	—		$	—		$	2,749		$	28,863		$	—		$	31,612		$	(324	)		2013		8/15/14		-1
Hurst Specialty Hospital
Hurst, Texas (“Dallas/Fort Worth”)		$	19,132		$	2,510		$	24,091		$	—		$	—		$	—		$	2,510		$	24,091		$	—		$	26,601		$	(271	)		2004/2012		8/15/14		-1
Claremont Medical Office
Claremont, CA (“Los Angeles”)		$	12,392		$	6,324		$	13,533		$	—		$	—		$	—		$	6,324		$	13,533		$	—		$	19,857		$	(133	)		2008		8/29/14		-1
Lee Hughes Medical Building
Glendale, California (“Los Angeles”)		$	19,162		$	69		$	22,967		$	—		$	—		$	—		$	69		$	22,967		$	—		$	23,036		$	(148	)		2008		9/29/14		-1
Newburyport Medical Center
Newburyport, Massachusetts (“Boston”)		$	—		$	2,614		$	12,135		$	—		$	—		$	—		$	2,614		$	12,135		$	—		$	14,749		$	(62	)		2008		10/31/14		-1
Northwest Medical Park
Margate, Florida (“Fort Lauderdale”)		$	7,129		$	610		$	6,170		$	—		$	—		$	—		$	610		$	6,170		$	—		$	6,780		$	(33	)		2004		10/31/14		-1
Fairfield Village of Layton
Layton, Utah (“Salt Lake City”)		$	—		$	5,217		$	54,167		$	—		$	7		$	—		$	5,217		$	54,174		$	—		$	59,391		$	(128	)		2010		11/20/14		-1
ProMed Medical Building I
Yuma, Arizona		$	—		$	2,486		$	6,728		$	—		$	—		$	—		$	2,486		$	6,728		$	—		$	9,214		$	—			2006		12/19/14		-1
Midtown Medical Plaza
Charlotte, North Carolina		$	30,223		$	10		$	51,237		$	—		$	—		$	—		$	10		$	51,237		$	—		$	51,247		$	—			1994		12/22/14		-1
Presbyterian Medical Tower
Charlotte, North Carolina		$	20,089		$	40		$	32,345		$	—		$	—		$	—		$	40		$	32,345		$	—		$	32,385		$	—			1989		12/22/14		-1
Metroview Professional Building
Charlotte, North Carolina		$	9,543		$	11		$	15,910		$	—		$	—		$	—		$	11		$	15,910		$	—		$	15,921		$	—			1971		12/22/14		-1
Physicians Plaza Huntersville
Huntersville, North Carolina (“Charlotte”)		$	16,775		$	520		$	26,134		$	—		$	—		$	—		$	520		$	26,134		$	—		$	26,654		$	—			2004		12/22/14		-1
Matthews Medical Office Building
Matthews, North Carolina (“Charlotte”)		$	11,770		$	350		$	19,624		$	—		$	—		$	—		$	350		$	19,624		$	—		$	19,974		$	—			1994		12/22/14		-1
Outpatient Care Center
Clyde, North Carolina (“Asheville”)		$	10,990		$	1,169		$	12,079		$	—		$	—		$	—		$	1,169		$	12,079		$	—		$	13,248		$	—			2012		12/22/14		-1



					Initial Costs						Costs Capitalized Subsequent to									Gross Amounts at which Carried at
					Initial Costs						Acquisition									Close of Period (2)
Property/		Encum-			Land &			Building			Land &			Building			Construc-			Land &			Building			Construc-			Total			Accumu-				Date of				Date		Life on
Location		brances			Land			and			Land			and			tion in			Land			and			tion in						lated				Construction				Acquired		which
					Improve-			Building			Improve-			Building			Process			Improve-			Building			Process						Depreci-										depreciation
					ments			Improve-			ments			Improve-						ments			Improve-									ation										in latest
								ments						ments									ments																			income
																																										statement is
																																										computed
330 Physicians Center
Rome, Georgia		$	20,471		$	12		$	26,868		$	—		$	—		$	—		$	12		$	26,868		$	—		$	26,880		$	—				1987/2005				12/22/14	-1
Spivey Station Physicians Center
Atlanta, Georgia		$	10,010		$	1,026		$	12,246		$	—		$	—		$	—		$	1,026		$	12,246		$	—		$	13,272		$	—				2007				12/22/14	-1
Spivey Station ASC Building
Atlanta, Georgia		$	12,811		$	929		$	13,769		$	—		$	—		$	—		$	929		$	13,769		$	—		$	14,698		$	—				2009				12/22/14	-1

		$	853,561		$	138,942		$	1,512,937		$	1,365		$	32,677		$	35,508		$	140,307		$	1,545,614		$	35,508		$	1,721,429		$	(40,467	)


Transactions in real estate and accumulated depreciation as of December 31, 2014 are as follows:



Balance December 31, 2011		$	—			Balance December 31, 2011		$	—
2012 Acquisitions			231,398			2012 Depreciation			(1,702	)

2012 Improvements			4,547			Balance December 31, 2012			(1,702	)

Balance December 31, 2012			235,945			2013 Depreciation			(9,309	)

2013 Acquisitions			598,176			Balance December 31, 2013			(11,011	)
2013 Improvements			25,756			2014 Depreciation			(29,456	)

Balance December 31, 2013			859,877			Balance December 31, 2014		$	(40,467	)

2014 Acquisitions			822,305
2014 Improvements			39,247

Balance December 31, 2014		$	1,721,429




FOOTNOTES:
-1	Buildings and building improvements are depreciated over 39 and 15 years, respectively. Tenant improvements are depreciated over the terms of their respective leases.
-2	The aggregate cost for federal income tax purposes is approximately $1.9 billion.
-3	Land and land improvements, initial cost, include the purchase price of land under development which is included as a component of construction in process in the consolidated balance sheets. As of December 31, 2014 these properties were under development; therefore, depreciation is not applicable.

SCHEDULE_IVMortgage_Loans_on_R

SCHEDULE IV-Mortgage Loans on Real Estate	12 Months Ended
SCHEDULE IV-Mortgage Loans on Real Estate	Dec. 31, 2014
SCHEDULE IV-Mortgage Loans on Real Estate	CNL HEALTHCARE PROPERTIES, INC. AND SUBSIDIARIES
	SCHEDULE IV – MORTGAGE LOANS ON REAL ESTATE
	YEARS ENDED DECEMBER 31, 2014, 2013 AND 2012 (in thousands)
	The following is a reconciliation of mortgages and other notes receivable on real estate for the years ended December 31, 2014, 2013 and 2012 (in thousands):


		2014			2013		2012
	Balance at beginning of year	$	3,949		$	—	$	—
	Additions during period:
	New mortgage loans and additional advances		2,065			3,741		—
	Accrued and deferred interest		288			124		—
	Loan origination costs, net		—			84		—
	Deductions during period:
	Collection of principal		(6,302	)		—		—

	Balance at end of year	$	—		$	3,949	$	—

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2014

Basis of Presentation and Consolidation

Use of Estimates

Allocation of Purchase Price for Real Estate Acquisitions

Depreciation and Amortization

Impairment of Real Estate Assets

Real Estate Under Development

Capitalized Interest

Cash

Loan Costs

Leasing Costs

Restricted Cash

Restricted Cash — Certain amounts of cash are restricted to fund capital expenditures for the Company’s real estate investment properties or represent certain tenant security deposits.

Investments in Unconsolidated Entities

Notes Receivable

Derivative Financial Instruments

Fair Value Measurements

•

Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access.

•

Level 3 — Unobservable inputs for the asset or liability, which are typically based on the Company’s own assumptions, as there is little, if any, related market activity.

Mortgages and Other Notes Payable

Shares Based Payments to Non-Employees

Redeemable Noncontrolling Interest

Redemptions

Promoted Interest Distributions

Revenue Recognition

Segment Information

Acquisition Fees and Expenses

December 31,

Distribution Type

2014

2013

2012

Capitalized as real estate under development

3.4

0.1

0.7

Capitalized as investment in unconsolidated entities

—

0.5

3.3

Capitalized as origination costs to the note receivable

—

0.1

—

Acquisition costs expensed

23.9

18.8

6.6

Total acquisition costs incurred

27.3

19.5

10.6

Net Loss per Share

Income Taxes

Adopted Accounting Pronouncements

Recent Accounting Pronouncements

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	12 Months Ended
Summary of Significant Accounting Policies (Tables)	Dec. 31, 2014
Acquisition Fees and Expenses	The following table summarizes the Company’s acquisition fees and expenses for the years ended December 31, 2014, 2013 and 2012 (in millions):


		December 31,
	Distribution Type	2014		2013		2012
	Capitalized as real estate under development	$	3.4	$	0.1	$	0.7
	Capitalized as investment in unconsolidated entities		—		0.5		3.3
	Capitalized as origination costs to the note receivable		—		0.1		—
	Acquisition costs expensed		23.9		18.8		6.6

	Total acquisition costs incurred	$	27.3	$	19.5	$	10.6

Acquisitions_Tables

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2014

Acquisitions of Properties

Name and Location

Structure

Date

Purchase Price

Acquired

(in thousands)

Acute Care

Houston Orthopedic & Spine Hospital (“HOSH”)

Triple-net Lease

6/2/14

49,000

Bellaire, TX (“Houston”)

Medical Portfolio II Properties

Hurst Specialty Hospital

Modified Lease

8/15/14

29,465

Hurst, TX (“Dallas/Fort Worth”)

Beaumont Specialty Hospital

Modified Lease

8/15/14

33,600

Beaumont, TX (“Houston”)

Medical Office

Chula Vista Medical Arts Center—Plaza I

Modified Lease

1/21/14

17,863

(1)

Chula Vista, CA (“San Diego”)

HOSH Medical Office Building

Modified Lease

6/2/14

27,000

Bellaire, TX (“Houston”)

Lee Hughes Medical Building

Modified Lease

9/29/14

29,870

(1)

Glendale, CA (“Los Angeles”)

Northwest Medical Park

Modified Lease

10/31/14

10,804

(1)

Margate, FL (“Fort Lauderdale”)

Newburyport Medical Center

Modified Lease

10/31/14

18,000

(1)

Newburyport, MA (“Boston”)

ProMed Medical Building I

Modified Lease

12/19/14

11,000

(1)

Yuma, AZ

Southeast Medical Office Properties

Midtown Medical Plaza

Modified Lease

12/22/14

54,695

Charlotte, NC

Presbyterian Medical Tower

Modified Lease

12/22/14

36,333

Charlotte, NC

Metroview Professional Building

Modified Lease

12/22/14

17,262

Charlotte, NC

Physicians Plaza Huntersville

Modified Lease

12/22/14

29,964

Huntersville, NC (“Charlotte”)

Matthews Medical Office Building

Modified Lease

12/22/14

21,227

Matthews, NC (“Charlotte”)

Outpatient Care Center

Modified Lease

12/22/14

15,450

Clyde, NC (“Asheville”)

330 Physicians Center

Modified Lease

12/22/14

30,099

Rome, GA

Spivey Station Physicians Center

Modified Lease

12/22/14

14,379

Atlanta, GA

Spivey Station ASC Building

Modified Lease

12/22/14

18,591

Atlanta, GA

Name and Location

Structure

Date

Purchase Price

Acquired

(in thousands)

Post-Acute Care

Medical Portfolio II Properties

Oklahoma City Inpatient Rehabilitation Hospital

Modified Lease

7/15/14

25,504

Oklahoma City, OK

Las Vegas Inpatient Rehabilitation Hospital

Modified Lease

7/15/14

22,292

Las Vegas, NV

South Bend Inpatient Rehabilitation Hospital

Modified Lease

7/15/14

20,240

Mishawaka, IN (“South Bend”)

Senior Housing

Pacific Northwest II Communities

Prestige Senior Living Auburn Meadows

Managed

2/3/14

21,930

Auburn, WA (“Seattle”)

Prestige Senior Living Bridgewood

Managed

2/3/14

22,096

Vancouver, WA (“Portland”)

Prestige Senior Living Monticello Park

Managed

2/3/14

27,360

Longview, WA

Prestige Senior Living Rosemont

Managed

2/3/14

16,877

Yelm, WA

Prestige Senior Living West Hills

Managed

3/3/14

14,986

Corvallis, OR

South Bay II Communities

Isle at Cedar Ridge

Managed

2/28/14

21,630

Cedar Park, TX (“Austin”)

HarborChase of Plainfield

Managed

3/28/14

26,500

Plainfield, IL

Legacy Ranch Alzheimer’s Special Care Center

Managed

3/28/14

11,960

Midland, TX

The Springs Alzheimer’s Special Care Center

Managed

3/28/14

10,920

San Angelo, TX

Isle at Watercrest – Bryan

Managed

4/21/14

22,050

Bryan, TX

Watercrest at Bryan

Managed

4/21/14

28,035

Bryan, TX

Isle at Watercrest – Mansfield

Managed

5/5/14

31,300

Mansfield, TX (“Dallas/Fort Worth”)

Watercrest at Mansfield

Managed

6/30/14

49,000

Mansfield, TX (“Dallas/Fort Worth”)

Fairfield Village of Layton

Managed

11/20/14

68,000

Layton, UT (“Salt Lake City”)

905,282

FOOTNOTE:

-1

This represents a single property acquisition that is not considered material to the Company and as such no pro forma financial information has been included related to this property.

Name and Location

Structure

Date

Purchase Price

Acquired

(in thousands)

Acute Care

Medical Portfolio I Properties

Doctors Specialty Hospital

Modified Lease

8/16/13

10,003

Leawood, KS (“Kansas City”)

Medical Office

LaPorte Cancer Center

Modified Lease

6/14/13

13,100

Westville, IN

Knoxville Medical Office Properties

Physicians Plaza A at North Knoxville Medical Center

Modified Lease

7/10/13

18,124

Powell, TN (“Knoxville”)

Physicians Plaza B at North Knoxville Medical Center

Modified Lease

7/10/13

21,800

Powell, TN (“Knoxville”)

Jefferson Medical Commons

Modified Lease

7/10/13

11,616

Jefferson City, TN (“Knoxville”)

Physicians Regional Medical Center—Central Wing Annex

Modified Lease

7/10/13

5,775

Knoxville, TN

Medical Portfolio I Properties

John C. Lincoln Medical Office Plaza I

Modified Lease

8/16/13

4,420

Phoenix, AZ

John C. Lincoln Medical Office Plaza II

Modified Lease

8/16/13

3,106

Phoenix, AZ

North Mountain Medical Plaza

Modified Lease

8/16/13

6,185

Phoenix, AZ

Escondido Medical Arts Center

Modified Lease

8/16/13

15,602

Escondido, CA (“San Diego”)

Chestnut Commons Medical Office Building

Modified Lease

8/16/13

20,712

Elyria, OH (“Cleveland”)

Calvert Medical Office Properties

Calvert Medical Office Buildings I, II, III

Modified Lease

8/30/13

16,409

Prince Frederick, MD (“Washington D.C.”)

Calvert Medical Arts Center

Modified Lease

8/30/13

19,320

Prince Frederick, MD (“Washington D.C.”)

Dunkirk Medical Center

Modified Lease

8/30/13

4,617

Dunkirk, MD (“Washington D.C.”)

Coral Springs Medical Office Buildings (“Coral Springs MOBs”)

Coral Springs Medical Office Building I

Modified Lease

12/23/13

14,900

Coral Springs, FL

Coral Springs Medical Office Building II

Modified Lease

12/23/13

16,100

Coral Springs, FL

Bay Medical Plaza

Modified Lease

12/23/13

10,700

Chula Vista, CA (“San Diego”)

Name and Location

Structure

Date

Purchase Price

Acquired

(in thousands)

Post-Acute Care

Perennial Communities

Batesville Healthcare Center

Triple-net Lease

5/31/13

6,206

Batesville, AR

Broadway Healthcare Center

Triple-net Lease

5/31/13

11,799

West Memphis, AR

Jonesboro Healthcare Center

Triple-net Lease

5/31/13

15,232

Jonesboro, AR

Magnolia Healthcare Center

Triple-net Lease

5/31/13

11,847

Magnolia, AR

Mine Creek Healthcare Center

Triple-net Lease

5/31/13

3,374

Nashville, AR

Searcy Healthcare Center

Triple-net Lease

5/31/13

7,898

Searcy, AR

Senior Housing

HarborChase of Jasper

Managed

8/1/13

7,300

Jasper, AL

South Bay I Communities

Raider Ranch

Managed

8/29/13

55,000

Lubbock, TX

Town Village

Managed

8/29/13

22,500

Oklahoma City, OK

Pacific Northwest I Communities

MorningStar of Billings

Managed

12/2/13

48,300

Billings, MT

MorningStar of Boise

Managed

12/2/13

39,964

Boise, ID

MorningStar of Idaho Falls

Managed

12/2/13

44,390

Idaho Falls, ID

MorningStar of Sparks

Managed

12/2/13

55,200

Sparks, NV (“Reno”)

Prestige Senior Living Arbor Place

Managed

12/2/13

15,840

Medford, OR

Prestige Senior Living Beaverton Hills

Managed

12/2/13

12,900

Beaverton, OR

Prestige Senior Living Five Rivers

Managed

12/2/13

16,720

Tillamook, OR

Prestige Senior Living High Desert

Managed

12/2/13

13,600

Bend, OR

Prestige Senior Living Huntington Terrace

Managed

12/2/13

15,020

Gresham, OR (“Portland”)

Prestige Senior Living Orchard Heights

Managed

12/2/13

17,775

Salem, OR

Prestige Senior Living Riverwood

Managed

12/2/13

9,700

Tualatin, OR (“Portland”)

Prestige Senior Living Southern Hills

Managed

12/2/13

12,870

Salem, OR

655,924

Schedule of Purchase Price Allocation

The following summarizes the purchase price allocation for the above properties, and the estimated fair values of the assets acquired and liabilities assumed (in thousands):

December 31,

2014

2013

Land and land improvements

60,565

39,834

Buildings and building improvements

732,740

555,342

Furniture, fixtures and equipment

12,260

13,718

Intangibles (1)

110,325

50,333

Other liabilities

(12,037

)

(2,796

)

Liabilities assumed

(1,000

)

—

Mortgage note payable assumed (2)

(27,657

)

—

Net assets acquired

875,196

656,431

Contingent purchase price consideration

(12,395

)

(507

)

Total purchase price consideration

862,801

655,924

FOOTNOTES:

-1

-2

At the acquisition date, the fair value of the mortgage note payable assumed reflects an approximate $0.4 million premium on the above-market mortgage note payable assumed.

Schedule of Unaudited Proforma Results of Operations

Years ended December 31,

2014

2013

2012

(Unaudited)

Revenues

243,581

242,415

125,872

Net income (loss) (1)

(43,936

)

(59,527

)

(40,483

)

Loss per share of common stock (basic and diluted)

(0.39

)

(0.58

)

(0.82

)

Weighted average number of shares of common stock outstanding (basic and diluted)(2)

113,607

101,826

49,433

FOOTNOTES:

-1

-2

Gain Resulted From Change of Control in Equity Method Investment

The following summarizes the gain that resulted from the change of control in the equity method investment for the year ended December 31, 2014 (in thousands):

Fair value of net assets acquired

10,129

Less: Previous investment in Montecito Joint Venture

(5,747

)

Less: Cash paid to acquire co-venture partner’s interest

(1,584

)

Gain on purchase of controlling interest of investment in unconsolidated entity

2,798

Montecito Joint Venture

Schedule of Purchase Price Allocation

The following summarizes the allocation of the purchase price, and the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date (in thousands):

Land and land improvements

6,324

Buildings and building improvements

13,533

Intangibles (1)

2,691

Working capital, net

Other liabilities

(175

)

Mortgage note payable assumed (2)

(12,331

)

Net assets acquired

10,129

FOOTNOTES:

-1

-2

At the acquisition date, the fair value of the mortgage note payable assumed reflects an approximate $0.6 million discount on the below-market mortgage note payable assumed.

Real_Estate_Assets_net_Tables

Real Estate Assets, net (Tables)	12 Months Ended
Real Estate Assets, net (Tables)	Dec. 31, 2014
Schedule of Real Estate Investment Properties	The gross carrying amount and accumulated depreciation of the Company’s real estate assets as of December 31, 2014 and December 31, 2013 are as follows (in thousands):


			December 31,
			2014				2013
	Land and land improvements		$	128,662			$	59,208
	Building and building improvements			1,545,614				783,260
	Furniture, fixtures and equipment			36,319				20,339
	Less: accumulated depreciation			(53,095	)			(14,016	)

	Real estate investment properties, net			1,657,500				848,791
	Real estate under development, including land			47,153				17,409

	Total real estate assets, net		$	1,704,653			$	866,200

Under Development with Third-Party Developers
Schedule of Real Estate Investment Properties	As of December 31, 2014, four of the Company’s senior housing communities have real estate under development with third-party developers as follows (in thousands):


	Property Name (and Location)		Developer		Real Estate				Remaining
					Development				Development
					Costs				Budget (2)
					Incurred (1)
	Wellmore of Tega Cay		Maxwell Group, Inc.		$	22,198			$	18,291
	(Tega Cay, SC)		Maxwell Group, Inc.		$	22,198			$	18,291
	HarborChase of Shorewood		Harbor Shorewood Development, LLC			9,340				17,149
	(Shorewood, WI)		Harbor Shorewood Development, LLC			9,340				17,149
	Watercrest at Katy (3)		South Bay Partners, Ltd			8,613				30,942
	(Katy, TX)		South Bay Partners, Ltd			8,613				30,942
	Raider Ranch Development		South Bay Partners, Ltd			7,002				10,045
	(Lubbock, TX)		South Bay Partners, Ltd			7,002				10,045

					$	47,153			$	76,427


	FOOTNOTES:
	(1)	This amount represents land and total capitalized costs for GAAP purposes for the acquisition, development and construction of the senior housing community as of December 31, 2014. Amounts include investment services fees, asset management fees, interest expense and other costs capitalized during the development period.
	(2)	This amount includes preleasing and marketing costs which will be expensed as incurred.
	(3)	This property is owned through a joint venture in which the Company’s initial ownership interest is 95%.

Intangibles_net_Tables

Intangibles, net (Tables)	12 Months Ended
Intangibles, net (Tables)	Dec. 31, 2014
Schedule of Net Book Value of Intangibles	The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities as of December 31, 2014 and December 31, 2013 are as follows (in thousands):


			December 31,
			2014			2013
	In-place lease intangibles		$	148,880		$	49,642
	Above-market lease intangibles			11,320			3,704
	Below-market ground lease intangibles			10,314			4,153
	Less: accumulated amortization			(30,250	)		(5,099	)

	Intangible assets, net		$	140,264		$	52,400

	Below-market lease intangibles		$	(13,243	)	$	(2,987	)
	Above-market ground lease intangibles			(2,273	)		(317	)
	Less: accumulated amortization			1,014			168

	Intangible liabilities, net (1)		$	(14,502	)	$	(3,136	)


	FOOTNOTE:
	(1)	Intangible liabilities, net are included in other liabilities in the accompanying consolidated balance sheets.
Schedule of Estimated Future Amortization and Weighted Average Remaining Useful Life	The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter, in the aggregate, as of December 31, 2014 is as follows (in thousands):


			In-place			Above-			Below-		Total		Below-		Above-		Total
			Lease			market			market		Assets		market		market		Liabilities
			Intangibles			Leases			Ground				Leases		Ground
									Leases						Leases
	2015		$	36,432			1,826			264	$	38,522	$	1,551		58	$	1,609
	2016			25,344			1,488			264		27,096		1,399		58		1,457
	2017			12,601			1,358			264		14,223		1,272		58		1,330
	2018			10,073			1,210			264		11,547		1,154		58		1,212
	2019			7,278			974			264		8,516		991		58		1,049
	Thereafter			28,262			3,273			8,825		40,360		5,873		1,972		7,845

			$	119,990			10,129			10,145	$	140,264	$	12,240		2,262	$	14,502


	Weighted average remaining useful life as of December 31, 2014 (in years):
			In-place			Above-			Below-				Below-		Above-
			Lease			market			market				market		market
			Intangibles			Leases			Ground				Leases		Ground
									Leases						Leases
				5.8			6.3			38.4				12.7		38.8

Ground_and_Air_Rights_Leases_T

Ground and Air Rights Leases (Tables)	12 Months Ended
Ground and Air Rights Leases (Tables)	Dec. 31, 2014
Schedule of Future Minimum Lease Payments	The following are future minimum lease payments to be received under non-cancellable operating leases for the next five years and thereafter, as of December 31, 2014 (in thousands):


	2015	$	78,625
	2016		74,867
	2017		71,468
	2018		67,335
	2019		58,484
	Thereafter		252,174

		$	602,953

Ground and Air Rights Leases
Schedule of Future Minimum Lease Payments	The following is a schedule of future minimum lease payments to be paid under the ground and air rights leases for each of the next five years and thereafter, in the aggregate, as of December 31, 2014 (in thousands):


	2015	$	1,347
	2016		1,371
	2017		1,402
	2018		1,428
	2019		1,453
	Thereafter		102,773

		$	109,774

Variable_Interest_Entities_Tab

Variable Interest Entities (Tables)	12 Months Ended
Variable Interest Entities (Tables)	Dec. 31, 2014
Aggregate Carrying Amount and Major Classifications of Consolidated Assets	The aggregate carrying amount and major classifications of the consolidated assets that can be used to settle obligations of the VIEs and liabilities of the consolidated VIEs that are non-recourse to the Company as of December 31, 2014 and December 31, 2013 are as follows (in thousands):


		December 31,
		2014		2013
	Assets:
	Real estate investment properties, net	$	174,449	$	72,053

	Real estate under development, including land	$	47,153	$	16,210

	Intangibles, net	$	25,519	$	4,535

	Cash	$	6,280	$	727

	Loan costs, net	$	2,300	$	912

	Restricted cash	$	5,304	$	257

	Deferred rent	$	2,978	$	104

	Other	$	511	$	21

	Liabilities:
	Mortgages and other notes payable	$	137,754	$	52,596

	Other liabilities	$	4,949	$	939

	Accounts payable and accrued expenses	$	2,317	$	309

	Accrued development costs	$	7,951	$	7,047

	Due to related parties	$	219	$	112

Unconsolidated_Entities_Tables

Unconsolidated Entities (Tables)	12 Months Ended
Unconsolidated Entities (Tables)	Dec. 31, 2014
Summarized Operating Data of Unconsolidated Entities	The following presents financial information for each of the Company’s unconsolidated entities for the years ended December 31, 2014, 2013 and 2012 (in thousands):


			For the year ended December 31, 2014
			Montecito (2)				CHTSunIV (3)				Windsor			Total
			Montecito (2)				CHTSunIV (3)				Manor			Total
	Revenues		$	1,356			$	—			$	8,565		$	9,921

	Operating income		$	436			$	—			$	149		$	585

	Net income (loss)		$	165			$	—			$	(1,137	)	$	(972	)

	Income allocable to other venture partners (1)		$	17			$	—			$	373		$	390

	Income (loss) allocable to the Company (1)		$	148			$	—			$	(1,510	)	$	(1,362	)
	Amortization of capitalized acquisition costs			(6	)			—				(19	)		(25	)

	Equity in earnings (loss) of unconsolidated entities		$	142			$	—			$	(1,529	)	$	(1,387	)
	Distributions declared to the Company		$	659			$	—			$	3,057		$	3,716

	Distributions received by the Company (4)		$	830			$	—			$	3,232		$	4,062


			For the year ended December 31, 2013
			Montecito (2)				CHTSunIV (3)				Windsor			Total
			Montecito (2)				CHTSunIV (3)				Manor			Total
	Revenues		$	1,700			$	24,107			$	7,391		$	33,198

	Operating income		$	230	(5)		$	3,603			$	67	(5)	$	3,900

	Net income (loss)		$	(159	)		$	(46	)		$	(840	)	$	(1,045	)

	Income allocable to other venture partners (1)		$	(16	)		$	(1,365	)		$	(1,870	)	$	(3,251	)

	Income (loss) allocable to the Company (1)		$	(143	)		$	1,319			$	1,030		$	2,206
	Amortization of capitalized acquisition costs			(8	)		$	(36	)		$	(15	)		(59	)

	Equity in earnings (loss) of unconsolidated entities		$	(151	)		$	1,283			$	1,015		$	2,147

	Distributions declared to the Company		$	870			$	2,990			$	666		$	4,526

	Distributions received by the Company		$	699			$	4,458			$	336		$	5,493



			For the year ended December 31, 2012
			Montecito (2)				CHTSunIV (3)				Windsor			Total
			Montecito (2)				CHTSunIV (3)				Manor			Total
	Revenues		$	—			$	23,913			$	1,594		$	25,507

	Operating income		$	—			$	1,872			$	(54	)(5)	$	1,818

	Net income (loss)		$	—			$	(703	)		$	(288	)	$	(991	)

	Income allocable to other venture partners (1)		$	—			$	(1,703	)		$	(471	)	$	(2,174	)

	Income (loss) allocable to the Company (1)		$	—			$	1,000			$	183		$	1,183
	Amortization of capitalized acquisition costs			—			$	(36	)		$	(4	)		(40	)

	Equity in earnings (loss) of unconsolidated entities		$	—			$	964			$	179		$	1,143

	Distributions declared to the Company		$	—			$	3,075			$	49		$	3,124

	Distributions received by the Company		$	—			$	1,607			$	—		$	1,607


FOOTNOTES:

-1	Income (loss) is allocated between the Company and its joint venture partner using the HLBV method of accounting.
-2	In August 2014, the Company acquired its co-venture partner’s 10% interest in the Montecito joint venture; refer to Note 3, “Acquisitions – Purchase of Controlling Interest in Montecito Joint Venture,” for additional information.
-3	In July 2013, the Company completed the sale of its joint venture membership interest in CHTSunIV.
-4	The distributions declared to and received by the Company for the Windsor Manor joint venture for the year ended December 31, 2014 include approximately $2.2 million of capital proceeds from a debt refinancing; refer to Item 7. “Management’s Discussion and Analysis – Off-Balance Sheet Arrangements” for additional information.
-5	Includes approximately $0.4 million and $0.3 million of non-recurring acquisition expenses incurred by Montecito and Windsor Manor for the year ended December 31, 2013. Includes approximately $0.03 million of non-recurring acquisition expenses incurred by Windsor Manor for the year ended December 31, 2012.

The following presents financial information for each of the Company’s unconsolidated entities for the years ended December 31, 2014, 2013 and 2012 (in thousands):


		As of December 31, 2014
		Montecito				Windsor				Total
		Montecito				Manor				Total
Real estate assets, net		$	—			$	26,505			$	26,505

Intangible assets, net		$	—			$	386			$	386

Other assets		$	—			$	2,403			$	2,403

Mortgages and other notes payable		$	—			$	21,808			$	21,808

Other liabilities		$	—			$	1,241			$	1,241

Partners’ capital		$	—			$	6,245			$	6,245

Carrying amount of investment (1)		$	—			$	7,379			$	7,379

Company’s ownership percentage (2)							75	%



		As of December 31, 2013
		Montecito				Windsor				Total
		Montecito				Manor				Total
Real estate assets, net		$	17,271			$	27,547			$	44,818

Intangible assets, net		$	1,925			$	1,284			$	3,209

Other assets		$	800			$	2,055			$	2,855

Mortgages and other notes payable		$	12,958			$	17,508			$	30,466

Other liabilities		$	327			$	1,471			$	1,798

Partners’ capital		$	6,711			$	11,907			$	18,618

Carrying amount of investment (3)		$	6,526			$	11,912			$	18,438

Company’s ownership percentage			90	%			75	%


FOOTNOTES:
(1)	As of December 31, 2014, the Company’s share of partners’ capital determined under HLBV pursuant to the terms of each entity’s respective partnership agreement was approximately $6.6 million. The difference between the Company’s carrying amount of the investment and the Company’s share of partners’ capital determined under HLBV was approximately $0.8 million.
(2)	In August 2014, the Company acquired its co-venture partner’s 10% interest in the Montecito joint venture; refer to Note 3, “Acquisitions – Purchase of Controlling Interest in Montecito Joint Venture,” for additional information.
(3)	As of December 31, 2013, the Company’s share of partners’ capital determined under HLBV pursuant to the terms of each entity’s respective partnership agreement was approximately $17.5 million. The difference between the Company’s carrying amount of the investment and the Company’s share of partners’ capital determined under HLBV was approximately $0.9 million.

Contingent_Purchase_Price_Cons1

Contingent Purchase Price Consideration (Tables)	12 Months Ended
Contingent Purchase Price Consideration (Tables)	Dec. 31, 2014
Capital Health Communities
Fair Value of Contingent Purchase Price Consideration	The following table provides a roll-forward of the fair value of the contingent purchase price consideration related to the Yield Guaranty on the Capital Health Communities for the years ended December 31, 2014, 2013 and 2012 (in thousands):


		Years Ended December 31,
		2014			2013			2012
	Beginning balance	$	4,488		$	2,664		$	—
	Contingent consideration in connection with acquisition		—			—			2,664
	Change in fair value		2,191			1,824			—
	Yield Guaranty payment received from seller		(2,601	)		—			—

	Ending balance	$	4,078		$	4,488		$	2,664

Medical Portfolio I
Fair Value of Contingent Purchase Price Consideration	The following table provides a roll-forward of the fair value of the contingent purchase price consideration related to Earn-Out for the years ended December 31, 2014, 2013 and 2012 (in thousands):


		Years Ended December 31,
		2014			2013			2012
	Beginning balance	$	(507	)	$	—		$	—
	Contingent consideration in connection with acquisition		—			(507	)		—
	Change in fair value		239			—			—

	Ending balance	$	(268	)	$	(507	)	$	—

South Bay II Communities
Fair Value of Contingent Purchase Price Consideration	The following table provides a roll-forward of the fair value of the estimated contingent purchase price consideration related to the South Bay II Communities for the years ended December 31, 2014, 2013 and 2012 (in thousands):


		Years Ended December 31,
		2014			2013			2012
	Beginning balance	$	—		$	—		$	—
	Contingent consideration in connection with acquisition		(12,395	)		—			—
	Change in fair value		(1,800	)		—			—
	Contingent consideration payment		14,195			—			—

	Ending balance	$	—		$	—		$	—

Indebtedness_Tables

Indebtedness (Tables)	12 Months Ended
Indebtedness (Tables)	Dec. 31, 2014
Details of Indebtedness	The following table provides details of the Company’s indebtedness as of December 31, 2014 and December 31, 2013 (in thousands):


			December 31,
			2014			2013
	Mortgages payable and other notes payable:
	Fixed rate debt		$	370,854		$	290,817
	Variable rate debt (1)			482,922			147,290

	Mortgages and other notes payable			853,776			438,107
	Premium (discount), net (2)			(215	)		—

	Total mortgages and other notes payable, net			853,561			438,107
	Credit facilities:
	Term Loan Facility			175,000			—
	Revolving Credit Facility			31,403			98,500

	Total borrowings		$	1,059,964		$	536,607


	FOOTNOTES:
	-1	As of December 31, 2014, the Company had entered into interest rate swaps with notional amounts of approximately $182.1 million that were settling on a monthly basis; whereas, there were no such settlements during the year ended December 31, 2013. In addition, as of December 31, 2014 and December 31, 2013, the Company had entered into forward-starting interest rate swaps for total notional amounts of approximately $269.4 million and $124.3 million, respectively, in order to hedge its exposure to variable rate debt in future periods. The remaining forward-starting interest rate swaps have a range of effective dates beginning in 2015 and continuing through the maturity date of the respective loan (ranging from 2016 through 2019).
	-2	Premium (discount), net is reflective of the Company recording mortgage note payables assumed at fair value on the respective acquisition date.
Schedule of Indebtedness	The following table provides additional details of the Company’s mortgages and other notes payable as of December 31, 2014 and 2013 (in thousands):


			Interest Rate at
			December 31,			Maturity			December 31,
	Property and Loan Type		2014 (1)		Payment Terms	Date (2)			2014			2013
	Pacific Northwest Communities;		4.30%		Monthly principal and interest payments based on a 25-year amortization schedule		12/5/18		$	215,904		$	157,549
	Mortgage Loan (3)		per annum				12/5/18		$	215,904		$	157,549
	Capital Health Communities;		4.25%		Monthly principal and interest payments based on a 25-year amortization schedule		1/5/20			43,684			47,481
	Mortgage Loan		per annum				1/5/20			43,684			47,481
	Primrose II Communities;		3.81%		Monthly principal and interest payments based on a 30-year amortization schedule		6/1/20			22,913			23,337
	Mortgage Loan		per annum				6/1/20			22,913			23,337
	Primrose I Communities;		4.11%		Monthly principal and interest payments based on a 30-year amortization schedule		9/1/22			53,060			54,031
	Mortgage Loan (4)		per annum				9/1/22			53,060			54,031
	Watercrest at Mansfield;		4.68%		Monthly principal and interest payments based on a total payment		6/1/23			27,073			—
	Mortgage Loan (5)		per annum		of $143,330		6/1/23			27,073			—
	LaPorte Cancer Center;		4.25%		Monthly principal and interest payments based on a 25-year amortization schedule		6/14/28			8,220			8,419
	Mortgage Loan		per annum
			(through 2020)

					Total fixed rate debt					370,854			290,817

	Perennial Communities;		30-day LIBOR		Monthly interest only payments through April 2015; principal and interest payments thereafter based		5/31/16			30,000			30,000
	Mortgage Loan (6)		plus 4.25%		on a 25-year amortization schedule
			per annum
	Medical Portfolio I Properties;		30-day LIBOR		Monthly principal and interest payments based on a 30-year amortization schedule		9/5/16			34,720			35,512
	Mortgage Loan (7)		plus 2.65%
			per annum
	Lee Hughes Medical Building;		30-day LIBOR		Monthly principal and interest payments based on a 30-year amortization schedule		9/5/16			19,162			—
	Mortgage Loan		plus 1.85%
			per annum
	Harborchase of Villages Crossing;		30-day LIBOR		Monthly interest only payments through August 2015; principal and interest payments thereafter based		9/1/17			16,589			13,130
	Construction Loan		plus 3.20%		on a 30-year amortization schedule
			per annum
	Raider Ranch Development;		30-day LIBOR		Monthly interest only payments through October 2017; principal and interest payments thereafter based		10/27/17			1			—
	Construction Loan		with 0.5% floor plus 3.50%		on a 25-year amortization schedule		10/27/17			1			—
			Interest Rate at
			December 31,			Maturity			December 31,
	Property and Loan Type		2014(1)		Payment Terms	Date (2)			2014			2013
	Northwest Medical Park;		30-day LIBOR		Monthly principal and interest payments based on a 25-year amortization schedule		10/31/17		$	7,129		$	—
	Mortgage Loan (8)		plus 2.30%
			per annum
	Dogwood Forest of Acworth;		30-day LIBOR		Monthly interest only payments through December 2015; principal and interest payments thereafter based on a 30-year amortization schedule		1/1/18			12,038			3,765
	Construction Loan		plus 3.20%
			per annum
	Claremont Medical Office;		30-day LIBOR		Monthly principal and interest payments based on a 30-year amortization schedule		1/15/18			12,958			—
	Mortgage Loan (9)		plus 2.60%
			per annum
	Knoxville Medical Office Properties;		30-day LIBOR		Monthly interest only payments for the first 18 months; principal and interest payments thereafter based		7/10/18			38,609			38,609
	Mortgage Loan (10)		plus 2.50%		on a 30-year amortization schedule
			per annum
	Calvert Medical Office Properties;		30-day LIBOR		Monthly interest only payments for the first 18 months; principal and interest payments thereafter based		8/29/18			26,274			26,274
	Mortgage Loan (11)		plus 2.50%		on a 30-year amortization schedule
			per annum
	Wellmore of Tega Cay;		30-day LIBOR		Monthly interest only payments through February 2019; principal and interest payments thereafter based on a 25-year amortization schedule		2/6/19			8,007			—
	Construction Loan		with 0.5% floor
			plus 5.4%
	HOSH and HOSH MOB;		90-day LIBOR		Monthly principal and interest payments based on a 20-year amortization schedule		6/2/19			49,624			—
	Mortgage Loan (12)		with 0.4% floor
			plus 2.85%
	Medical Portfolio II Properties;		90-day LIBOR		Monthly principal and interest payments based on a 25-year amortization schedule		7/14/19			85,127			—
	Mortgage Loan (13)		with 0.25% floor plus 2.35%				7/14/19			85,127			—
	Southeast Medical Office Properties;		30-day LIBOR		Monthly principal and interest payments based on a 25-year amortization schedule		12/22/19			142,684			—
	Mortgage Loan (14)		plus 2.0%
	per annum

				Total variable rate debt					482,922			147,290

				Total debt				$	853,776		$	438,107


FOOTNOTES:

-1	The 30-day and 90-day LIBOR was approximately 0.17% and 0.25%, respectively, as of December 31, 2014 and approximately 0.16% and 0.24%, respectively, as of December 31, 2013.
-2	Represents the initial maturity date (or, as applicable, the maturity date as extended). The maturity date may be extended beyond the date shown subject to certain lender conditions.
-3	The Pacific Northwest Loan may be prepaid, in whole or in part, with a prepayment premium equal to the greater of: (i) one percent (1%) of the principal amount being prepaid, multiplied by the quotient of the number of full months remaining until the maturity date of the loan (calculated as of the prepayment date) divided by the number of full months comprising the term of the loan; or (b) a “make-whole” payment equal to the present value of the loan less the amount of principal and accrued interest being prepaid calculated as of the prepayment date for the period between that date and the maturity date.
-4	If prepaid prior to March 1, 2022, the Primrose I Communities Mortgage Loan is subject to a prepayment penalty in an amount equal to the greater of (i) 1% of the principal being repaid, or (ii) an amount calculated on the principal being repaid, multiplied by the difference between the Primrose I Communities Mortgage Loan interest rate, and a calculated yield rate tied to the rates on applicable U.S. Treasuries. If prepayment is made between March 1, 2022, and May 31, 2022, the prepayment penalty will be 1% of the outstanding principal balance of the Primrose I Communities Mortgage Loan. No prepayment fee is required if the Primrose I Communities Mortgage Loan is prepaid between June 1, 2022 and maturity. Partial prepayment of a loan is not permitted. The loan is transferable upon sale of the assets subject to lender approval.
-5	The balance for this loan excludes a premium of $0.4 million related to the mortgage note payable assumed being recorded at fair value on the acquisition date.
-6	The Company entered into a two-year forward interest rate swap with a notional amount of $30 million; see Note 12, “Derivative Financial Instruments” for additional information.
-7	The Company entered into a two-year forward interest rate swap with a notional amount of $30 million; see Note 12, “Derivative Financial Instruments” for additional information.
-8	The Company entered into a three-year interest rate swap with a notional amount of $7.1 million; see Note 12, “Derivative Financial Instruments” for additional information.
-9	The balance for this loan excludes a discount of $0.6 million related to the mortgage note payable assumed being recorded at fair value on the acquisition date. In addition, the Company entered into a three-year forward interest rate swap with a notional amount of $12.4 million; see Note 12, “Derivative Financial Instruments” for additional information
-10	The Company entered into a three-year forward interest rate swap with a notional amount of $38.3 million; see Note 12, “Derivative Financial Instruments” for additional information.
-11	The Company entered into a three-year forward interest rate swap with a notional amount of $26.1 million; see Note 12, “Derivative Financial Instruments” for additional information.
-12	The Company entered into a three-year forward interest rate swap with a notional amount of $48.4 million; see Note 12, “Derivative Financial Instruments” for additional information.
-13	The Company entered into a four-year forward interest rate swap with a notional amount of $84.3 million; see Note 12, “Derivative Financial Instruments” for additional information.
-14	In January 2015, the Company entered into a four-year forward interest rate swap with a notional amount of $138.7 million; see Note 16, “Subsequent Events” for further information.
Schedule of Future Principal Payments and Maturity	The following is a schedule of future principal payments and maturity for the Company’s borrowings as of December 31, 2014 (in thousands):


	2015		$	17,693
	2016			99,609
	2017			65,380
	2018			296,723
	2019			444,136
	Thereafter			136,423

			$	1,059,964

Related_Party_Arrangements_Tab

Related Party Arrangements (Tables)	12 Months Ended
Related Party Arrangements (Tables)	Dec. 31, 2014
Related Parties
Related Party Arrangement, Fees and Expenses Incurred By, Reimbursible, Foregone and Related Amounts Unpaid	The expenses and fees incurred by and reimbursable to the Company’s related parties for the years ended December 31, 2014, 2013 and 2012, and related amounts unpaid as of December 31, 2014 and 2013 are as follows (in thousands):


										Unpaid amounts (1)
			Years Ended December 31,							as of December 31,
			2014		2013			2012		2014		2013
	Reimbursable expenses:
	Offering costs (2)		$	5,151	$	4,373		$	6,867	$	713	$	612
	Operating expenses (3)			3,206		2,576			1,506		479		915
	Acquisition fees and expenses			614		254			269		80		138

				8,971		7,203			8,642		1,272		1,665
	Investment services fees (4)			18,553		12,892			7,673		—		—
	Disposition fee (5)			—		608			—		—		—
	Financing coordination fees (6)			220		—			552		—		—
	Property management fees (7)			2,982		1,244			452		429		322
	Asset management fees (8)			13,612		5,089			1,380		355		894
	Interest reserve and other advances (9)			—		—			—		—		286

			$	44,338	$	27,036		$	18,699	$	2,056	$	3,167



	FOOTNOTES:

	(1)	Amounts are recorded as due to related parties in the accompanying consolidated balance sheets.
	(2)	Amounts are recorded as stock issuance and offering costs in the accompanying consolidated statements of stockholders’ equity and redeemable noncontrolling interest. Amounts include approximately $30,000, $0.1 million and $0 of reimbursement payments to the Advisor for services provided to the Company by its executive officers for the years ended December 31, 2014, 2013 and 2012, respectively. The reimbursement payments include components of salaries, benefits and other overhead charges.
	(3)	Amounts are recorded as general and administrative expenses in the accompanying consolidated statements of operations. Amounts include approximately $0.2 million, $0.2 million and $0.1 million of reimbursement payments to the Advisor for services provided to the Company by its executive officers for the years ended December 31, 2014, 2013 and 2012, respectively. The reimbursement payments include components of salaries, benefits and other overhead charges.
	(4)	For the year ended December 31, 2014, the Company incurred approximately $18.6 million in investment services fees of which approximately $1.8 million, was capitalized and included in real estate under development in the accompanying consolidated balance sheets. For the year ended December 31, 2013, the Company incurred approximately $12.9 million in investment service fees of which approximately $0.5 million and $0.1 million, respectively, were capitalized and included in investments in unconsolidated entities and real estate under development. For the year ended December 31, 2012, the Company incurred approximately $7.7 million in investment services fees of which approximately $2.9 million and $0.6 million, respectively, were capitalized and included in investments in unconsolidated entities and properties held for development. Investment service fees, that are not capitalized, are recorded as acquisition fees and expenses in the accompanying consolidated statements of operations.
	(5)	Amounts are recorded as a reduction to gain on sale of investment in unconsolidated entity in the accompanying consolidated statements of operations.
	(6)	For the year ended December 31, 2014, the Company incurred approximately $0.2 million in financing coordination fees, which was capitalized and included in its investment in the Windsor Manor Joint Venture. There were no financing coordination fees for the year ended December 31, 2013. For the year ended December 31, 2012, the Company incurred approximately $0.5 million in financing coordination fees, which was capitalized as loan costs in the accompanying consolidated balance sheets.
	(7)	For the years ended December 31, 2014, 2013 and 2012, the Company incurred approximately $2.9 million, $1.2 million and $0.1 million, respectively, in property and construction management fees payable to the Property Manager of which approximately $0.9 million, $0.2 million and $0.1 million, respectively, in construction management fees were capitalized and included in real estate under development in the accompanying consolidated balance sheets.
	(8)	For the years ended December 31, 2014 and 2013, the Company incurred approximately $13.6 million and $5.1 million, respectively, in asset management fees payable to the Advisor of which approximately $4.9 million and $1.4 million, respectively, were forgone in accordance with the terms of the Advisor Expense Support Agreement and approximately $0.3 million and $0.1 million, respectively, were capitalized and included in real estate under development in the accompanying consolidated balance sheets. For the year ended December 31, 2012, the Company incurred approximately $1.4 million in asset management fees payable to the Advisor, of which approximately eleven thousand dollars was capitalized and included in real estate under development.
	(9)	Amount primarily consists of an interest reserve account related to the ADC Loan originated in June 2013.
Public Offering \| Advisor
Related Party Arrangement, Fees and Expenses Incurred By, Reimbursible, Foregone and Related Amounts Unpaid	The fees incurred by and reimbursable to the Advisor in connection with the Company’s Offerings for the years ended December 31, 2014, 2013 and 2012, and related amounts unpaid as of December 31, 2014 and 2013 are as follows (in thousands):


										Unpaid amounts (1)
			Years Ended December 31,							as of December 31,
			2014		2013			2012		2014		2013
	Selling commissions (2)		$	18,387	$	10,262		$	7,070	$	388	$	71
	Marketing support fees (2)			16,429		11,310			4,957		555		70

			$	34,816	$	21,572		$	12,027	$	943	$	141

Expense Support Agreements
Related Party Arrangement, Fees and Expenses Incurred By, Reimbursible, Foregone and Related Amounts Unpaid	The following fees were foregone in connection with the Expense Support Agreements for the years ended December 31, 2014, 2013 and 2012, and cumulatively as of December 31, 2014 (in thousands, except offering price):


			Years Ended							As of
			December 31,							December 31,
			2014		2013			2012		2014
	Asset management fees (1)		$	4,867	$	1,402		$	—	$	6,269

	Then-current offering price (2)		$	10.24	$	10		$	—	$	10.58

	Restricted stock shares (3)			478		140			—		618

	Cash distributions on Restricted Stock (4)		$	98	$	5		$	—	$	103

	Stock distributions on Restricted Stock (5)			7		—	(6)		—		7


	FOOTNOTES:
	(1)	No other amounts have been forgone in connection with the Expense Support Agreements for the years ended December 31, 2014, 2013 and 2012, and cumulatively as of December 31, 2014.
	(2)	The then-current offering prices are based on the Company’s NAV per share at the date in which the expense support amounts were ultimately settled under the Expense Support Agreements.
	(3)	Restricted stock shares are comprised of approximately 0.5 million issued to the Advisor and approximately 0.1 million issuable to the Advisor as of December 31, 2014. Since the vesting conditions were not met through December 31, 2014, no fair value was assigned to the restricted stock shares as the shares were valued at zero, which represents the lowest possible value estimated at vesting. In addition, the restricted stock shares were treated as unissued for financial reporting purposes because the vesting criteria had not been met as of December 31, 2014.
	(4)	The cash distributions have been recognized as compensation expense as issued and included in general and administrative expense in the accompanying consolidated statements of operations.
	(5)	This represents the number of shares issued to the Advisor as stock distributions on its restricted stock shares. The par value of the stock distributions has been recognized as compensation expense as issued and included in general and administrative expense in the accompanying consolidated statements of operations.
	(6)	During the year ended December 31, 2013, the Advisor received 356 shares in the form of stock distributions under the terms of the Advisor Expense Support Agreement.

Derivative_Financial_Instrumen1

Derivative Financial Instruments (Tables)	12 Months Ended
Derivative Financial Instruments (Tables)	Dec. 31, 2014
Summary of Gross and Net Amounts of Derivative Financial Instruments Presented in Condensed Consolidated Balance Sheet	The following table summarizes the terms of the derivative financial instruments held by the Company or through its joint venture and the asset (liability) that has been recorded (in thousands):


															Fair value
															asset (liability) as of
	Notional			Strike (1)			Credit			Trade		Forward	Maturity		December 31,				December 31,
	Amount			Strike (1)			Spread (1)			date		date	date		2014				2013
	$	12,421	(2)		1.3	%		2.6	%	1/17/13		1/15/15	1/16/18		$	(71	)		$	83
	$	38,255	(2)		2.7	%		2.5	%	9/6/13		8/17/15	7/10/18		$	(1,228	)		$	(590	)
	$	26,067	(2)		2.8	%		2.5	%	9/6/13		8/17/15	8/29/18		$	(906	)		$	(435	)
	$	30,000	(2)		1.1	%		2.7	%	10/22/13		8/5/15	8/19/16		$	(82	)		$	(10	)
	$	29,952	(2)		0.9	%		4.3	%	11/13/13		5/11/15	5/31/16		$	(74	)		$	(8	)
	$	11,000	(3)		3	%		—	%	6/27/14		6/30/14	6/30/17		$	10			$	—
	$	48,415	(2)		2.4	%		2.9	%	8/15/14		6/1/16	6/2/19		$	(270	)		$	—
	$	84,251	(2)		2.3	%		2.4	%	9/12/14		8/1/15	7/15/19		$	(1,326	)		$	—
	$	7,129	(2)		1.2	%		2.3	%	11/12/14		11/15/14	10/15/17		$	(35	)		$	—
	$	175,000	(2)		1.6	%		2	%	12/23/14		12/19/14	2/19/19		$	(881	)		$	—

	FOOTNOTES:

	(1)	The all-in rates are equal to the sum of the Strike and Credit Spread detailed above.
	(2)	Amounts related to interest rate swaps held by the Company, or its equity method investments, which are recorded at fair value and included in either other assets or other liabilities in the accompanying consolidated balance sheets.
	(3)	Amounts related to the interest rate cap held by the Windsor Manor Joint Venture for which the proportionate amounts of fair value relative to the Company’s ownership percentage are included in investments in unconsolidated entities in the accompanying consolidated balance sheets.
Interest Rate Swap and Proportion of Fair Value Relative to Company's Ownership Percentage	The following tables summarize the gross and net amounts of the Company’s derivative financial instruments as presented in the accompanying consolidated balance sheets as of December 31, 2014 (in thousands):


				Gross and net amounts of asset (liability)									Gross amounts
				as of December 31, 2014									as of December 31, 2014
	Notional			Gross			Offset			Net			Financial				Cash				Net
	amount			amount			amount			amount			Instruments				Collateral				Amount
	$	12,421	(2)	$	(71	)	$	—		$	(71	)	$	(71	)		$	—			$	(71	)
	$	38,255	(2)	$	(1,228	)	$	—		$	(1,228	)	$	(1,228	)		$	—			$	(1,228	)
	$	26,067	(2)	$	(906	)	$	—		$	(906	)	$	(906	)		$	—			$	(906	)
	$	30,000	(2)	$	(82	)	$	—		$	(82	)	$	(82	)		$	—			$	(82	)
	$	29,952	(2)	$	(74	)	$	—		$	(74	)	$	(74	)		$	—			$	(74	)
	$	11,000	(3)	$	10		$	—		$	10		$	10			$	—			$	10
	$	48,415	(2)	$	(270	)	$	—		$	(270	)	$	(270	)		$	—			$	(270	)
	$	84,251	(2)	$	(1,326	)	$	—		$	(1,326	)	$	(1,326	)		$	—			$	(1,326	)
	$	7,129	(2)	$	(35	)	$	—		$	(35	)	$	(35	)		$	—			$	(35	)
	$	175,000	(2)	$	(881	)	$	—		$	(881	)	$	(881	)		$	—			$	(881	)

	The following tables summarize the gross and net amounts of the Company’s derivative financial instruments as presented in the accompanying consolidated balance sheets as of December 31, 2013 (in thousands):


				Gross and net amounts of asset (liability)									Gross amounts
				as of December 31, 2013									as of December 31, 2013
	Notional			Gross			Offset			Net			Financial				Cash				Net
	amount			amount			amount			amount			Instruments				Collateral				Amount
	$	12,421	(2)	$	83		$	—		$	83		$	83			$	—			$	83
	$	38,255	(2)	$	(590	)	$	—		$	(590	)	$	(590	)		$	—			$	(590	)
	$	26,067	(2)	$	(435	)	$	—		$	(435	)	$	(435	)		$	—			$	(435	)
	$	30,000	(2)	$	(10	)	$	—		$	(10	)	$	(10	)		$	—			$	(10	)
	$	29,952	(2)	$	(8	)	$	—		$	(8	)	$	(8	)		$	—			$	(8	)
	$	11,000	(3)	$	—		$	—		$	—		$	—			$	—			$	—
	$	48,415	(2)	$	—		$	—		$	—		$	—			$	—			$	—
	$	84,251	(2)	$	—		$	—		$	—		$	—			$	—			$	—
	$	7,129	(2)	$	—		$	—		$	—		$	—			$	—			$	—
	$	175,000	(2)	$	—		$	—		$	—		$	—			$	—			$	—

	FOOTNOTES:

	(1)	The all-in rates are equal to the sum of the Strike and Credit Spread detailed above.
	(2)	Amounts related to interest rate swaps held by the Company, or its equity method investments, which are recorded at fair value and included in either other assets or other liabilities in the accompanying consolidated balance sheets.
	(3)	Amounts related to the interest rate cap held by the Windsor Manor Joint Venture for which the proportionate amounts of fair value relative to the Company’s ownership percentage are included in investments in unconsolidated entities in the accompanying consolidated balance sheets.

Equity_Tables

Equity (Tables)	12 Months Ended
Equity (Tables)	Dec. 31, 2014
Tax Composition of Company's Distributions Declared	The tax composition of the Company’s distributions declared for the years ended December 31, 2014, 2013 and 2012 were as follows:


		December 31,
	Distribution Type	2014			2013			2012
	Taxable as ordinary income		30.8	%		0	%		0	%

	Taxable as capital gain		0	%		63.8	%		0	%

	Return of capital		69.2	%		36.2	%		100	%

Effect of Derivative Financial Instruments	The following table reflects the effect of derivative financial instruments held by Company, or its equity method investments, and included in the consolidated statements of comprehensive loss for the years ended December 31, 2014 and 2013 (in thousands):


	Derivative Financial	Gain (loss) recognized						Location of gain (loss)		Gain (loss) reclassified
	Instrument	in other						reclassified into earnings		from AOCI into earnings
		comprehensive loss						(Effective Portion)		(Effective Portion)
		on derivative financial
		instrument
		(Effective Portion)
		Years Ended								Years Ended
		December 31,								December 31,
		2014			2013					2014			2013
	Interest rate swaps	$	(3,915	)	$	(1,042	)	Interest expense and		$	(98	)	$	—
	Interest rate swaps	$	(3,915	)	$	(1,042	)	loan cost amortization		$	(98	)	$	—
	Interest rate cap held by unconsolidated joint venture		10			—		Not applicable			—			—
	Interest rate swap held by unconsolidated joint venture		—			83		Not applicable			—			—

	Total	$	(3,905	)	$	(959	)			$	(98	)	$	—

Income_Taxes_Tables

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2014
Components of Income Tax Benefit (Expense)	The components of the income tax benefit (expense) for the years ended December 31, 2014, 2013 and 2012 were as follows (in thousands):


		Years Ended
		December 31,
		2014			2013			2012
	Current:
	Federal	$	—		$	13		$	(13	)
	State		(361	)		—			(1	)

	Total current benefit (expense)		(361	)		13			(14	)

	Deferred:
	Federal		—			(25	)		25
	State		—			(6	)		6

	Total deferred benefit (expense)		—			(31	)		31

	Income tax benefit (expense)	$	(361	)	$	(18	)	$	17

Significant Components of Deferred Tax Assets	Significant components of the Company’s deferred tax assets as of years ended December 31, 2014 and 2013 are as follows:


		2014			2013
	Carryforwards of net operating loss	$	2,361		$	284
	Prepaid rent		437			313
	Valuation allowance		(2,798	)		(597	)

	Net deferred tax assets	$	—		$	—

Reconciliation of Income Tax Benefit (Expense)	A reconciliation of the income tax benefit (expense) computed at the statutory federal tax rate on income before income taxes is as follows (in thousands):


		Years Ended December 31,
		2014						2013					2012
	Tax expense computed at federal statutory rate	$	(18,253	)		(35.00	)%	$	(6,329	)	(35.00	)%	$	(3,758	)	(35.00	)%
	Benefit of REIT election		18,253			35	%		6,344		35.08	%		3,746		34.89	%
	State income tax expense		361			0.69	%		3		0.02	%		(5	)	(0.05	)%

	Income tax expense	$	361			0.69	%	$	18		0.1	%	$	(17	)	(0.16	)%

Concentration_of_Credit_Risk_T

Concentration of Credit Risk (Tables)	12 Months Ended
Concentration of Credit Risk (Tables)	Dec. 31, 2014
Tenants that Individually Accounted for 10% or More of Total Revenues or Assets	As of December 31, 2014 and December 31, 2013 and for the years ended December 31, 2014, 2013 and 2012 the Company had the following tenants that individually accounted for 10% or more of total revenues or assets:


			Percentage of Total Revenues (1)									Percentage of Total Assets (2)
			December 31,									December 31,
			2014			2013			2012			2014			2013
	TSMM Management (“TSMM”); tenant of the Primrose Communities			7.7	%		26.5	%		93.8	%		7.6	%		15.3	%

	FOOTNOTES:
	(1)	Includes contractual rental income from operating leases, capital reserve income, straight-line rent adjustments, and amortization of lease intangibles.
	(2)	Represents net book value of real estate assets and lease intangibles associated with the property leased by the respective tenant as of the end of the period presented as a percentage of total assets.

Selected_Quarterly_Financial_D1

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2014
Quarterly Financial Data	The following table presents selected unaudited quarterly financial data for the years ended December 31, 2014 and 2013 (in thousands, except per share data):



	2014 Quarters		First			Second			Third			Fourth			Full Year
	Total revenues		$	33,275		$	42,464		$	49,660		$	55,685		$	181,084
	Operating loss			(7,375	)		(3,381	)		(6,243	)		(6,179	)		(23,178	)
	Net loss attributable to common shareholders			(12,523	)		(12,303	)		(12,204	)		(15,481	)		(52,511	)
	Weighted average number of shares outstanding			65,273			75,173			87,344			105,452			83,457
	(basic and diluted) (1)
	Loss per share of common stock		$	(0.19	)	$	(0.16	)	$	(0.14	)	$	(0.15	)	$	(0.63	)
	(basic and diluted)

	2013 Quarters		First			Second			Third			Fourth			Full Year
	Total revenues		$	7,802		$	8,609		$	14,772		$	21,422		$	52,605
	Operating loss			(866	)		(2,302	)		(5,307	)		(5,515	)		(13,990	)
	Net loss attributable to common shareholders			(3,809	)		(2,830	)		(2,305	)		(9,156	)		(18,100	)
	Weighted average number of shares outstanding			26,604			34,801			46,130			56,828			41,197
	(basic and diluted) (1)
	Loss per share of common stock		$	(0.14	)	$	(0.08	)	$	(0.05	)	$	(0.16	)	$	(0.44	)
	(basic and diluted)



	FOOTNOTE:
	(1)	For the purposes of determining the weighted average number of shares of common stock outstanding, stock distributions issued are treated as if they were outstanding for all periods presented.

Subsequent_Events_Tables

Subsequent Events (Tables)	12 Months Ended
Subsequent Events (Tables)	Dec. 31, 2014
Preliminary Allocation of Purchase Price for Properties and Estimated Fair Values of Assets Acquired	The following summarizes the Company’s preliminary allocation of the purchase price for the above property, and the estimated fair values of the assets acquired (in thousands):



	Land and land improvements		$	419
	Buildings and building improvements			27,660
	Intangibles (1)			6,000
	Other liabilities			(419	)

	Net assets acquired		$	33,660




	FOOTNOTE:
	-1	The acquired lease intangibles were comprised of approximately $4.5 million and $1.5 million of in-place lease intangibles and other lease intangibles, respectively. At the acquisition date, the weighted-average amortization periods on these acquired lease intangibles were approximately 11.6 years and 39.0 years, respectively.

Organization_Additional_Inform

Organization - Additional Information (Detail)	12 Months Ended
Organization - Additional Information (Detail)	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
CNL properties Trust, Inc. organized date	8-Jun-10
Follow-On Offering
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Maximum expected date to sell shares of common stock	31-Dec-15

Summary_of_Significant_Account3

Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Summary Of Significant Accounting Policies [Line Items]
Interest expense and loan cost amortization	$31,500,000	$11,500,000
Capitalized amount of interest	1,000,000	700,000
Accumulated amortization of loan costs	4,300,000	2,500,000
Annualized return of investment	6.00%
Distributions to promoted interest holders	$2,000,000	$2,000,000
Lease, initial term	3 months
Lease termination, notice period	30 days
Building and Building Improvements \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Real estate assets, estimated useful life	39 years
Building and Building Improvements \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Real estate assets, estimated useful life	15 years

Acquisition_Fees_and_Expenses_

Acquisition Fees and Expenses (Detail) (USD $)	12 Months Ended
Acquisition Fees and Expenses (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Business Acquisition, Acquisition Related Costs [Line Items]
Acquisition costs expensed	$23,931,000	$18,840,000	$6,585,000
Acquisition-related Costs
Business Acquisition, Acquisition Related Costs [Line Items]
Capitalized as real estate under development	3,400,000	100,000	700,000
Capitalized as investment in unconsolidated entities		500,000	3,300,000
Capitalized as origination costs to the note receivable		100,000
Acquisition costs expensed	23,900,000	18,800,000	6,600,000
Total acquisition costs incurred	$27,300,000	$19,500,000	$10,600,000

Acquisitions_Additional_Inform

Acquisitions - Additional Information (Detail) (USD $)	1 Months Ended				12 Months Ended		1 Months Ended
	Jul. 31, 2014	Jun. 30, 2014	Feb. 28, 2014	Aug. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Aug. 31, 2014	Feb. 28, 2015	Jan. 31, 2013
	Jul. 31, 2014	Jun. 30, 2014	Feb. 28, 2014	Aug. 31, 2013	Property	Property	Aug. 31, 2014	Feb. 28, 2015	Jan. 31, 2013
Business Acquisition [Line Items]
Number of properties acquired					35	38
Revenues attributable to properties					$55,000,000	$19,400,000
Net income (loss) attributable to properties					24,300,000	15,800,000
Purchase Price					905,282,000	655,924,000
Purchase price of land	2,200,000	4,000,000	2,800,000	3,000,000		1,800,000
Maximum development budget	25,600,000	38,200,000	35,600,000	16,200,000
Percentage of membership interest acquired		95.00%
Land and land improvements				1,100,000	60,565,000	39,834,000
Co-venture partner's interest in the acquired business					5.00%
Senior Housing
Business Acquisition [Line Items]
Number of properties acquired					14	15
Medical Office
Business Acquisition [Line Items]
Number of properties acquired					15	16
Acute Care Hospital
Business Acquisition [Line Items]
Number of properties acquired					3	1
Post-acute Care Facilities
Business Acquisition [Line Items]
Number of properties acquired						6
Montecito Joint Venture
Business Acquisition [Line Items]
Percentage of membership interest acquired							100.00%		90.00%
Land and land improvements							6,324,000
Capital of joint venture									7,000,000
Co-venture partner's interest in the acquired business									10.00%
Acquisition of co-venture partner's membership interest							10.00%
Payment to acquire interest in joint ventures							1,600,000
Previous investment in Montecito Joint Venture					5,747,000		5,700,000
Gain from change of control in equity method investment							2,800,000
Subsequent Event
Business Acquisition [Line Items]
Land and land improvements								419,000
Subsequent Event \| UT Cancer Institute
Business Acquisition [Line Items]
Purchase Price								$33,700,000

Acquisitions_of_Properties_Det

Acquisitions of Properties (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
Business Acquisition [Line Items]
Purchase Price	$905,282		$655,924
Houston Orthopedic & Spine Hospital
Business Acquisition [Line Items]
Location	Bellaire, TX ("Houston")
Structure	Triple-net Lease
Date Acquired	2-Jun-14
Purchase Price	49,000
Hurst Specialty Hospital
Business Acquisition [Line Items]
Location	Hurst, TX ("Dallas/Fort Worth")
Structure	Modified Lease
Date Acquired	15-Aug-14
Purchase Price	29,465
Beaumont Specialty Hospital
Business Acquisition [Line Items]
Location	Beaumont, TX ("Houston")
Structure	Modified Lease
Date Acquired	15-Aug-14
Purchase Price	33,600
Chula Vista Medical Arts Center - Plaza I
Business Acquisition [Line Items]
Location	Chula Vista, CA ("San Diego")
Structure	Modified Lease
Date Acquired	21-Jan-14
Purchase Price	17,863	[1]
Houston Orthopedic & Spine Hospital Medical Office Building
Business Acquisition [Line Items]
Location	Bellaire, TX ("Houston")
Structure	Modified Lease
Date Acquired	2-Jun-14
Purchase Price	27,000
Lee Hughes Medical Building
Business Acquisition [Line Items]
Location	Glendale, CA ("Los Angeles")
Structure	Modified Lease
Date Acquired	29-Sep-14
Purchase Price	29,870	[1]
Northwest Medical Park
Business Acquisition [Line Items]
Location	Margate, FL ("Fort Lauderdale"
Structure	Modified Lease
Date Acquired	31-Oct-14
Purchase Price	10,804	[1]
Newburyport Medical Center
Business Acquisition [Line Items]
Location	Newburyport, MA ("Boston")
Structure	Modified Lease
Date Acquired	31-Oct-14
Purchase Price	18,000	[1]
ProMed Medical Building I
Business Acquisition [Line Items]
Location	Yuma, AZ
Structure	Modified Lease
Date Acquired	19-Dec-14
Purchase Price	11,000	[1]
Midtown Medical Plaza
Business Acquisition [Line Items]
Location	Charlotte, NC
Structure	Modified Lease
Date Acquired	22-Dec-14
Purchase Price	54,695
Presbyterian Medical Tower
Business Acquisition [Line Items]
Location	Charlotte, NC
Structure	Modified Lease
Date Acquired	22-Dec-14
Purchase Price	36,333
Metroview Professional Building
Business Acquisition [Line Items]
Location	Charlotte, NC
Structure	Modified Lease
Date Acquired	22-Dec-14
Purchase Price	17,262
Physicians Plaza Huntersville
Business Acquisition [Line Items]
Location	Huntersville, NC ("Charlotte")
Structure	Modified Lease
Date Acquired	22-Dec-14
Purchase Price	29,964
Matthews Medical Office Building
Business Acquisition [Line Items]
Location	Matthews, NC ("Charlotte")
Structure	Modified Lease
Date Acquired	22-Dec-14
Purchase Price	21,227
Outpatient Care Center
Business Acquisition [Line Items]
Location	Clyde, NC ("Asheville")
Structure	Modified Lease
Date Acquired	22-Dec-14
Purchase Price	15,450
Clyde, NC ("Asheville") 330 Physicians Center
Business Acquisition [Line Items]
Location	Rome, GA
Structure	Modified Lease
Date Acquired	22-Dec-14
Purchase Price	30,099
Spivey Station Physicians Center
Business Acquisition [Line Items]
Location	Atlanta, GA
Structure	Modified Lease
Date Acquired	22-Dec-14
Purchase Price	14,379
Spivey Station ASC Building
Business Acquisition [Line Items]
Location	Atlanta, GA
Structure	Modified Lease
Date Acquired	22-Dec-14
Purchase Price	18,591
Oklahoma City Inpatient Rehabilitation Hospital
Business Acquisition [Line Items]
Location	Oklahoma City, OK
Structure	Modified Lease
Date Acquired	15-Jul-14
Purchase Price	25,504
Las Vegas Inpatient Rehabilitation Hospital
Business Acquisition [Line Items]
Location	Las Vegas, NV
Structure	Modified Lease
Date Acquired	15-Jul-14
Purchase Price	22,292
South Bend Inpatient Rehabilitation Hospital
Business Acquisition [Line Items]
Location	Mishawaka, IN ("South Bend")
Structure	Modified Lease
Date Acquired	15-Jul-14
Purchase Price	20,240
Prestige Senior Living Auburn Meadows
Business Acquisition [Line Items]
Location	Auburn, WA ("Seattle")
Structure	Managed
Date Acquired	3-Feb-14
Purchase Price	21,930
Prestige Senior Living Bridgewood
Business Acquisition [Line Items]
Location	Vancouver, WA ("Portland")
Structure	Managed
Date Acquired	3-Feb-14
Purchase Price	22,096
Prestige Senior Living Monticello Park
Business Acquisition [Line Items]
Location	Longview, WA
Structure	Managed
Date Acquired	3-Feb-14
Purchase Price	27,360
Prestige Senior Living Rosemont
Business Acquisition [Line Items]
Location	Yelm, WA
Structure	Managed
Date Acquired	3-Feb-14
Purchase Price	16,877
Prestige Senior Living West Hills
Business Acquisition [Line Items]
Location	Corvallis, OR
Structure	Managed
Date Acquired	3-Mar-14
Purchase Price	14,986
Isle at Cedar Ridge
Business Acquisition [Line Items]
Location	Cedar Park, TX ("Austin")
Structure	Managed
Date Acquired	28-Feb-14
Purchase Price	21,630
HarborChase of Plainfield
Business Acquisition [Line Items]
Location	Plainfield, IL
Structure	Managed
Date Acquired	28-Mar-14
Purchase Price	26,500
Legacy Ranch Alzheimer's Special Care Center
Business Acquisition [Line Items]
Location	Midland, TX
Structure	Managed
Date Acquired	28-Mar-14
Purchase Price	11,960
The Springs Alzheimer's Special Care Center
Business Acquisition [Line Items]
Location	San Angelo, TX
Structure	Managed
Date Acquired	28-Mar-14
Purchase Price	10,920
Isle at Watercrest - Bryan
Business Acquisition [Line Items]
Location	Bryan, TX
Structure	Managed
Date Acquired	21-Apr-14
Purchase Price	22,050
Watercrest at Bryan
Business Acquisition [Line Items]
Location	Bryan, TX
Structure	Managed
Date Acquired	21-Apr-14
Purchase Price	28,035
Isle at Watercrest - Mansfield
Business Acquisition [Line Items]
Location	Mansfield, TX ("Dallas/Fort Worth")
Structure	Managed
Date Acquired	5-May-14
Purchase Price	31,300
Watercrest at Mansfield
Business Acquisition [Line Items]
Location	Mansfield, TX ("Dallas/Fort Worth")
Structure	Managed
Date Acquired	30-Jun-14
Purchase Price	49,000
Fairfield Village of Layton
Business Acquisition [Line Items]
Location	Layton, UT ("Salt Lake City")
Structure	Managed
Date Acquired	20-Nov-14
Purchase Price	68,000
Doctors Specialty Hospital
Business Acquisition [Line Items]
Location			Leawood, KS ("Kansas City")
Structure			Modified Lease
Date Acquired			16-Aug-13
Purchase Price			10,003
LaPorte Cancer Center
Business Acquisition [Line Items]
Location			Westville, IN
Structure			Modified Lease
Date Acquired			14-Jun-13
Purchase Price			13,100
Physicians Plaza A at North Knoxville Medical Center
Business Acquisition [Line Items]
Location			Powell, TN ("Knoxville")
Structure			Modified Lease
Date Acquired			10-Jul-13
Purchase Price			18,124
Physicians Plaza B at North Knoxville Medical Center
Business Acquisition [Line Items]
Location			Powell, TN ("Knoxville")
Structure			Modified Lease
Date Acquired			10-Jul-13
Purchase Price			21,800
Jefferson Medical Commons
Business Acquisition [Line Items]
Location			Jefferson City, TN ("Knoxville")
Structure			Modified Lease
Date Acquired			10-Jul-13
Purchase Price			11,616
Physicians Regional Medical Center - Central Wing Annex
Business Acquisition [Line Items]
Location			Knoxville, TN
Structure			Modified Lease
Date Acquired			10-Jul-13
Purchase Price			5,775
John C. Lincoln Medical Office Plaza I
Business Acquisition [Line Items]
Location			Phoenix, AZ
Structure			Modified Lease
Date Acquired			16-Aug-13
Purchase Price			4,420
John C. Lincoln Medical Office Plaza II
Business Acquisition [Line Items]
Location			Phoenix, AZ
Structure			Modified Lease
Date Acquired			16-Aug-13
Purchase Price			3,106
North Mountain Medical Plaza
Business Acquisition [Line Items]
Location			Phoenix, AZ
Structure			Modified Lease
Date Acquired			16-Aug-13
Purchase Price			6,185
Escondido Medical Arts Center
Business Acquisition [Line Items]
Location			Escondido, CA ("San Diego")
Structure			Modified Lease
Date Acquired			16-Aug-13
Purchase Price			15,602
Chestnut Commons Medical Office Building
Business Acquisition [Line Items]
Location			Elyria, OH ("Cleveland")
Structure			Modified Lease
Date Acquired			16-Aug-13
Purchase Price			20,712
Calvert Medical Office Buildings I, II, III
Business Acquisition [Line Items]
Location			Prince Frederick, MD ("Washington D.C.")
Structure			Modified Lease
Date Acquired			30-Aug-13
Purchase Price			16,409
Calvert Medical Arts Center
Business Acquisition [Line Items]
Location			Prince Frederick, MD ("Washington D.C.")
Structure			Modified Lease
Date Acquired			30-Aug-13
Purchase Price			19,320
Dunkirk Medical Center
Business Acquisition [Line Items]
Location			Dunkirk, MD ("Washington D.C."
Structure			Modified Lease
Date Acquired			30-Aug-13
Purchase Price			4,617
Coral Springs Medical Office Building I
Business Acquisition [Line Items]
Location			Coral Springs, FL
Structure			Modified Lease
Date Acquired			23-Dec-13
Purchase Price			14,900
Coral Springs Medical Office Building II
Business Acquisition [Line Items]
Location			Coral Springs, FL
Structure			Modified Lease
Date Acquired			23-Dec-13
Purchase Price			16,100
Bay Medical Plaza
Business Acquisition [Line Items]
Location			Chula Vista, CA ("San Diego")
Structure			Modified Lease
Date Acquired			23-Dec-13
Purchase Price			10,700
Batesville Healthcare Center
Business Acquisition [Line Items]
Location			Batesville, AR
Structure			Triple-net Lease
Date Acquired			31-May-13
Purchase Price			6,206
Broadway Healthcare Center
Business Acquisition [Line Items]
Location			West Memphis, AR
Structure			Triple-net Lease
Date Acquired			31-May-13
Purchase Price			11,799
Jonesboro Healthcare Center
Business Acquisition [Line Items]
Location			Jonesboro, AR
Structure			Triple-net Lease
Date Acquired			31-May-13
Purchase Price			15,232
Magnolia Healthcare Center
Business Acquisition [Line Items]
Location			Magnolia, AR
Structure			Triple-net Lease
Date Acquired			31-May-13
Purchase Price			11,847
Mine Creek Healthcare Center
Business Acquisition [Line Items]
Location			Nashville, AR
Structure			Triple-net Lease
Date Acquired			31-May-13
Purchase Price			3,374
Searcy Healthcare Center
Business Acquisition [Line Items]
Location			Searcy, AR
Structure			Triple-net Lease
Date Acquired			31-May-13
Purchase Price			7,898
HarborChase of Jasper
Business Acquisition [Line Items]
Location			Jasper, AL
Structure			Managed
Date Acquired			1-Aug-13
Purchase Price			7,300
Raider Ranch
Business Acquisition [Line Items]
Location			Lubbock, TX
Structure			Managed
Date Acquired			29-Aug-13
Purchase Price			55,000
Town Village
Business Acquisition [Line Items]
Location			Oklahoma City, OK
Structure			Managed
Date Acquired			29-Aug-13
Purchase Price			22,500
MorningStar of Billings
Business Acquisition [Line Items]
Location			Billings, MT
Structure			Managed
Date Acquired			2-Dec-13
Purchase Price			48,300
MorningStar of Boise
Business Acquisition [Line Items]
Location			Boise, ID
Structure			Managed
Date Acquired			2-Dec-13
Purchase Price			39,964
MorningStar of Idaho Falls
Business Acquisition [Line Items]
Location			Idaho Falls, ID
Structure			Managed
Date Acquired			2-Dec-13
Purchase Price			44,390
MorningStar of Sparks
Business Acquisition [Line Items]
Location			Sparks, NV ("Reno")
Structure			Managed
Date Acquired			2-Dec-13
Purchase Price			55,200
Prestige Senior Living Arbor Place
Business Acquisition [Line Items]
Location			Medford, OR
Structure			Managed
Date Acquired			2-Dec-13
Purchase Price			15,840
Prestige Senior Living Beaverton Hills
Business Acquisition [Line Items]
Location			Beaverton, OR
Structure			Managed
Date Acquired			2-Dec-13
Purchase Price			12,900
Prestige Senior Living Five Rivers
Business Acquisition [Line Items]
Location			Tillamook, OR
Structure			Managed
Date Acquired			2-Dec-13
Purchase Price			16,720
Prestige Senior Living High Desert
Business Acquisition [Line Items]
Location			Bend, OR
Structure			Managed
Date Acquired			2-Dec-13
Purchase Price			13,600
Prestige Senior Living Huntington Terrace
Business Acquisition [Line Items]
Location			Gresham, OR ("Portland")
Structure			Managed
Date Acquired			2-Dec-13
Purchase Price			15,020
Prestige Senior Living Orchard Heights
Business Acquisition [Line Items]
Location			Salem, OR
Structure			Managed
Date Acquired			2-Dec-13
Purchase Price			17,775
Prestige Senior Living Riverwood
Business Acquisition [Line Items]
Location			Tualatin, OR ("Portland")
Structure			Managed
Date Acquired			2-Dec-13
Purchase Price			9,700
Prestige Senior Living Southern Hills
Business Acquisition [Line Items]
Location			Salem, OR
Structure			Managed
Date Acquired			2-Dec-13
Purchase Price			$12,870

[1]	This represents a single property acquisition that is not considered material to the Company and as such no pro forma financial information has been included related to this property.

Schedule_of_Purchase_Price_All

Schedule of Purchase Price Allocation (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013		Aug. 31, 2013	Aug. 31, 2014
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items]
Land and land improvements	$60,565		$39,834		$1,100
Buildings and building improvements	732,740		555,342
Furniture, fixtures and equipment	12,260		13,718
Intangibles	110,325	[1]	50,333	[1]
Other liabilities	-12,037		-2,796
Liabilities assumed	-1,000
Mortgage note payable assumed	-27,657	[2]
Net assets acquired	875,196		656,431
Contingent purchase price consideration	-268		-507
Total purchase price consideration	862,801		655,924
Contingent Purchase Consideration
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items]
Contingent purchase price consideration	-12,395		-507
Montecito Joint Venture
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items]
Land and land improvements						6,324
Buildings and building improvements						13,533
Intangibles						2,691	[3]
Liabilities assumed						-175
Mortgage note payable assumed						-12,331	[4]
Net assets acquired	10,129					10,129
Working capital, net						$87

[1]	At the acquisition date, the weighted-average amortization period on the acquired lease intangibles for the years ended December 31, 2014 and 2013 were approximately 7.7 years and 4.6 years, respectively. The acquired lease intangibles during the year ended December 31, 2014 were comprised of approximately $97.3 million and $13.0 million of in-place lease intangibles and other lease intangibles, respectively, and the acquired lease intangibles during the year ended December 31, 2013 were comprised of approximately $42.5 million and $7.2 million of in-place lease intangibles and other lease intangibles, respectively.
[2]	At the acquisition date, the fair value of the mortgage note payable assumed reflects an approximate $0.4 million premium on the above-market mortgage note payable assumed.
[3]	At the acquisition date, the weighted-average amortization period on the acquired lease intangibles was approximately 5.1 years and was comprised of approximately $1.9 million and $0.8 million of in-place lease intangibles and other lease intangibles, respectively.
[4]	At the acquisition date, the fair value of the mortgage note payable assumed reflects an approximate $0.6 million discount on the below-market mortgage note payable assumed.

Schedule_of_Purchase_Price_All1

Schedule of Purchase Price Allocation (Parenthetical) (Detail) (USD $)	12 Months Ended		1 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Aug. 31, 2014
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items]
Weighted-average amortization period on the acquired lease intangibles	7 years 8 months 12 days	4 years 7 months 6 days
Acquired lease intangibles	$97.30	$42.50
Acquired other lease intangibles	13	7.2
Mortgage note payable, premium	0.4
Montecito Joint Venture
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items]
Weighted-average amortization period on the acquired lease intangibles			5 years 1 month 6 days
Acquired lease intangibles			1.9
Acquired other lease intangibles			0.8
Mortgage note payable, premium			$0.60

Schedule_of_Unaudited_Proforma

Schedule of Unaudited Proforma Results of Operations (Detail) (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenues	$243,581		$242,415		$125,872
Net income (loss)	($43,936)	[1]	($59,527)	[1]	($40,483)	[1]
Loss per share of common stock (basic and diluted)	($0.39)		($0.58)		($0.82)
Weighted average number of shares of common stock outstanding (basic and diluted)	113,607	[2]	101,826	[2]	49,433	[2]

[1]	The unaudited pro forma results for the years ended December 31, 2014 and 2013 were adjusted to exclude approximately $20.5 million and $16.5 million, respectively, of acquisition related expenses directly attributable to the properties acquired during the years ended December 31, 2014 and 2013. The unaudited pro forma results for the years ended December 31, 2013 and 2012 were adjusted to include these charges as if the properties acquired on January 1, 2013 and 2012, respectively
[2]	As a result of the properties being treated as operational since January 1, 2013 and 2012, the Company assumed approximately 40.8 million and 36.2 million additional shares were issued as of January 1, 2013 and 2012, respectively. Consequently, the weighted average number of shares outstanding was adjusted to reflect this amount of shares being issued as of January 1, 2013 and 2012, instead of actual dates on which the shares were issued, and such shares were treated as outstanding as of the beginning of the period presented. In addition, for purposes of determining the weighted average number of shares of common stock outstanding, stock distributions are treated as if they were outstanding as of the beginning of the periods presented.

Schedule_of_Unaudited_Proforma1

Schedule of Unaudited Proforma Results of Operations (Parenthetical) (Detail) (USD $)	1 Months Ended	12 Months Ended
In Thousands, except Share data in Millions, unless otherwise specified	Jan. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Acquisition fees and expenses		$23,931	$18,840	$6,585
Shares issued to fund acquisition	40.8			36.2
Acquisition-related Costs
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Acquisition fees and expenses		23,900	18,800	6,600
Acquisition-related Costs \| Proforma results adjusted to exclude
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Acquisition fees and expenses		$20,500	$16,500

Gain_Resulted_From_Change_of_C

Gain Resulted From Change of Control in Equity Method Investment (Detail) (USD $)	12 Months Ended	1 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Aug. 31, 2014	Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]
Fair value of net assets acquired	$875,196		$656,431
Less: Cash paid to acquire co-venture partner's interest	-1,584
Gain on purchase of controlling interest of investment in unconsolidated entity	2,798
Montecito Joint Venture
Schedule of Equity Method Investments [Line Items]
Fair value of net assets acquired	10,129	10,129
Less: Previous investment in Montecito Joint Venture	-5,747	-5,700
Less: Cash paid to acquire co-venture partner's interest	-1,584
Gain on purchase of controlling interest of investment in unconsolidated entity	$2,798

Schedule_of_Real_Estate_Invest

Schedule of Real Estate Investment Properties (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Real Estate Properties [Line Items]
Land and land improvements	$128,662	$59,208
Building and building improvements	1,545,614	783,260
Furniture, fixtures and equipment	36,319	20,339
Less: accumulated depreciation	-53,095	-14,016
Real estate investment properties, net	1,657,500	848,791
Real estate under development, including land	47,153	17,409
Total real estate assets, net	$1,704,653	$866,200

Real_Estate_Assets_Net_Additio

Real Estate Assets Net - Additional Information (Detail) (Real Estate Investment Properties, USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate Investment Properties
Real Estate Properties [Line Items]
Depreciation expense	$39.10	$12	$2

Real_Estates_under_Development

Real Estates under Development with Third-Party Developers (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014
Real Estate Properties [Line Items]
Real Estate Development Costs Incurred	$47,153	[1]
Remaining Development Budget	76,427	[2]
Wellmore of Tega Cay (Tega Cay, SC)
Real Estate Properties [Line Items]
Developer	Maxwell Group, Inc.
Real Estate Development Costs Incurred	22,198	[1]
Remaining Development Budget	18,291	[2]
HarborChase Of Shorewood (Shorewood, WI)
Real Estate Properties [Line Items]
Developer	Harbor Shorewood Development, LLC
Real Estate Development Costs Incurred	9,340	[1]
Remaining Development Budget	17,149	[2]
Watercrest at Katy (Katy, TX)
Real Estate Properties [Line Items]
Developer	South Bay Partners, Ltd	[3]
Real Estate Development Costs Incurred	8,613	[1],[3]
Remaining Development Budget	30,942	[2],[3]
Raider Ranch Development (Lubbock, TX)
Real Estate Properties [Line Items]
Developer	South Bay Partners, Ltd
Real Estate Development Costs Incurred	7,002	[1]
Remaining Development Budget	$10,045	[2]

[1]	This amount represents land and total capitalized costs for GAAP purposes for the acquisition, development and construction of the senior housing community as of December 31, 2014. Amounts include investment services fees, asset management fees, interest expense and other costs capitalized during the development period.
[2]	This amount includes preleasing and marketing costs which will be expensed as incurred.
[3]	This property is owned through a joint venture in which the Company's initial ownership interest is 95%.

Real_Estates_under_Development1

Real Estates under Development with Third-Party Developers (Parenthetical) (Detail)	Jun. 30, 2014	Dec. 31, 2014
Real Estate Properties [Line Items]
Percentage of ownership interest	95.00%
Watercrest at Katy (Katy, TX)
Real Estate Properties [Line Items]
Percentage of ownership interest		95.00%

Schedule_of_Net_Book_Value_of_

Schedule of Net Book Value of Intangibles (Detail) (USD $)	Dec. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
Finite-Lived Intangible Assets And Liabilities [Line Items]
Less: accumulated amortization, assets	($30,250)		($5,099)
Intangible assets, net	140,264		52,400
Less: accumulated amortization, liabilities	1,014		168
Intangible liabilities, net	-14,502	[1]	-3,136	[1]
In place lease intangibles
Finite-Lived Intangible Assets And Liabilities [Line Items]
Gross carrying amount, assets	148,880		49,642
Intangible assets, net	119,990
Above-market lease intangibles
Finite-Lived Intangible Assets And Liabilities [Line Items]
Gross carrying amount, assets	11,320		3,704
Gross carrying amount, liabilities	-2,273		-317
Intangible assets, net	10,129
Intangible liabilities, net	-2,262
Below-market ground lease intangibles
Finite-Lived Intangible Assets And Liabilities [Line Items]
Gross carrying amount, assets	10,314		4,153
Gross carrying amount, liabilities	-13,243		-2,987
Intangible assets, net	10,145
Intangible liabilities, net	($12,240)

[1]	Intangible liabilities, net are included in other liabilities in the accompanying consolidated balance sheets.

Intangibles_net_Additional_Inf

Intangibles net - Additional Information (Detail) (USD $)	12 Months Ended
Intangibles net - Additional Information (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Finite-Lived Intangible Assets And Liabilities [Line Items]
Amortization expense on intangible assets	$25,100,000	$5,000,000
Amortization expense on intangible liabilities	800,000		0
Lease Rental Income
Finite-Lived Intangible Assets And Liabilities [Line Items]
Amortization expense on intangible assets	1,000,000	200,000
Amortization expense on intangible liabilities	800,000	200,000
Property Operating Expenses
Finite-Lived Intangible Assets And Liabilities [Line Items]
Amortization expense on intangible assets	100,000	100,000
Depreciation And Amortization
Finite-Lived Intangible Assets And Liabilities [Line Items]
Amortization expense on intangible assets	24,000,000	4,700,000	100,000
Operating expenses
Finite-Lived Intangible Assets And Liabilities [Line Items]
Amortization expense on intangible liabilities	$8,000	$3,000

Schedule_of_Estimated_Future_A

Schedule of Estimated Future Amortization and Weighted Average Remaining Useful Life (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
Finite-Lived Intangible Assets And Liabilities [Line Items]
2015	$38,522
2016	27,096
2017	14,223
2018	11,547
2019	8,516
Thereafter	40,360
Intangible assets, net	140,264		52,400
2015	1,609
2016	1,457
2017	1,330
2018	1,212
2019	1,049
Thereafter	7,845
Intangible liabilities, net	14,502	[1]	3,136	[1]
In place lease intangibles
Finite-Lived Intangible Assets And Liabilities [Line Items]
2015	36,432
2016	25,344
2017	12,601
2018	10,073
2019	7,278
Thereafter	28,262
Intangible assets, net	119,990
Weighted average useful life, assets	5 years 9 months 18 days
Above-market lease intangibles
Finite-Lived Intangible Assets And Liabilities [Line Items]
2015	1,826
2016	1,488
2017	1,358
2018	1,210
2019	974
Thereafter	3,273
Intangible assets, net	10,129
2015	58
2016	58
2017	58
2018	58
2019	58
Thereafter	1,972
Intangible liabilities, net	2,262
Weighted average useful life, assets	6 years 3 months 18 days
Weighted average useful life, liabilities	38 years 9 months 18 days
Below-market ground lease intangibles
Finite-Lived Intangible Assets And Liabilities [Line Items]
2015	264
2016	264
2017	264
2018	264
2019	264
Thereafter	8,825
Intangible assets, net	10,145
2015	1,551
2016	1,399
2017	1,272
2018	1,154
2019	991
Thereafter	5,873
Intangible liabilities, net	$12,240
Weighted average useful life, assets	38 years 4 months 24 days
Weighted average useful life, liabilities	12 years 8 months 12 days

[1]	Intangible liabilities, net are included in other liabilities in the accompanying consolidated balance sheets.

Operating_Leases_Additional_In

Operating Leases - Additional Information (Detail) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014
Operating Leased Assets [Line Items]
Weighted average remaining lease term	7 years 2 months 12 days
Minimum
Operating Leased Assets [Line Items]
Lease, expiration year	2015
Extended lease period	2 years
Maximum
Operating Leased Assets [Line Items]
Lease, expiration year	2033
Extended lease period	10 years
Triple-net lease agreements
Operating Leased Assets [Line Items]
Number of properties owned	55
Total annualized property tax	1.9
Single Tenant Properties
Operating Leased Assets [Line Items]
Number of properties owned	24
Real estate investment properties, percentage leased under operating leases	100.00%
Multi Tenant Properties
Operating Leased Assets [Line Items]
Number of properties owned	31

Schedule_of_Future_Minimum_Lea

Schedule of Future Minimum Lease Payments (Detail) (Non-cancellable operating leases, USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified	Dec. 31, 2014
Non-cancellable operating leases
Long-term Purchase Commitment [Line Items]
2015	$78,625
2016	74,867
2017	71,468
2018	67,335
2019	58,484
Thereafter	252,174
Total	$602,953

Aggregate_Carrying_Amount_and_

Aggregate Carrying Amount and Major Classifications of Consolidated Assets and Liabilities (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Variable Interest Entity [Line Items]
Real estate investment properties, net	$1,657,500	$848,791
Real estate under development, including land	47,153	17,409
Intangible assets, net	140,264	52,400
Cash	91,355	44,209	18,262	10,002
Loan costs, net	14,012	7,919
Restricted cash	10,753	2,839
Deferred rent and lease incentives	8,240	2,782
Mortgages and other notes payable	853,561	438,107
Other liabilities	27,448	7,243
Accounts payable and accrued expenses	18,493	7,887
Accrued development costs	7,951	7,047
Due to related parties	2,999	3,308
VIEs
Variable Interest Entity [Line Items]
Real estate investment properties, net	174,449	72,053
Real estate under development, including land	47,153	16,210
Intangible assets, net	25,519	4,535
Cash	6,280	727
Loan costs, net	2,300	912
Restricted cash	5,304	257
Deferred rent and lease incentives	2,978	104
Other	511	21
Mortgages and other notes payable	137,754	52,596
Other liabilities	4,949	939
Accounts payable and accrued expenses	2,317	309
Accrued development costs	7,951	7,047
Due to related parties	$219	$112

Variable_Interest_Entities_VIE

Variable Interest Entities (VIEs) - Additional Information (Detail) (USD $)	Dec. 31, 2014
In Millions, unless otherwise specified	Dec. 31, 2014
Variable Interest Entity [Line Items]
Maximum exposure to loss VIEs limits	$110.30

Unconsolidated_Entities_Additi

Unconsolidated Entities - Additional Information (Detail) (USD $)	12 Months Ended	1 Months Ended		12 Months Ended	1 Months Ended
	Dec. 31, 2013	Jul. 31, 2013	Jun. 30, 2012	Dec. 31, 2014	Aug. 31, 2014	Jun. 30, 2014	Apr. 30, 2013	Aug. 31, 2012	Jan. 31, 2013	Dec. 31, 2012
	Dec. 31, 2013	Jul. 31, 2013	Property	Dec. 31, 2014	Aug. 31, 2014	Jun. 30, 2014	Property	Property	Jan. 31, 2013	Dec. 31, 2012
Securitized Loans Held For Investment By Consolidated Variable Interest Entities [Line Items]
Gain on disposal of investment in unconsolidated entity	$4,486,000
Co-venture partner's interest in the acquired business				5.00%
CHTSunIV
Securitized Loans Held For Investment By Consolidated Variable Interest Entities [Line Items]
Sale of joint venture membership interest		61,800,000
Gain on disposal of investment in unconsolidated entity	4,500,000
Business acquisition, ownership interest acquired			55.00%
Number of properties acquired			7
Business acquisition, total acquisition price			56,700,000
Co-venture partner's interest in the acquired business			45.00%
Preferred return on invested capital under terms of venture agreement, percentage				11.00%
Montecito Joint Venture
Securitized Loans Held For Investment By Consolidated Variable Interest Entities [Line Items]
Business acquisition, ownership interest acquired									90.00%
Co-venture partner's interest in the acquired business									10.00%
Capital of joint venture									7,000,000
Acquisition of co-venture partner's membership interest					10.00%
Windsor Manor
Securitized Loans Held For Investment By Consolidated Variable Interest Entities [Line Items]
Business acquisition, ownership interest acquired							75.00%	75.00%
Number of properties acquired							2	3
Business acquisition, total acquisition price							4,900,000	4,800,000
Co-venture partner's interest in the acquired business								25.00%
Preferred return on invested capital under terms of venture agreement, percentage				11.00%
Refinanced current outstanding debt						18,000,000
Acquisition fees and expenses capitalized as investment unconsolidated entities				200,000
Montecito and Windsor Manor
Securitized Loans Held For Investment By Consolidated Variable Interest Entities [Line Items]
Acquisition fees and expenses capitalized as investment unconsolidated entities	500,000
CHTSunIV and Windsor Manor
Securitized Loans Held For Investment By Consolidated Variable Interest Entities [Line Items]
Acquisition fees and expenses capitalized as investment unconsolidated entities										$3,300,000

Summarized_Operating_Data_of_U

Summarized Operating Data of Unconsolidated Entities Income Statement (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Schedule of Equity Method Investments [Line Items]
Revenues	$9,921		$33,198		$25,507
Operating income	585		3,900		1,818
Net income (loss)	-972		-1,045		-991
Income allocable to other venture partners	390	[1]	-3,251	[1]	-2,174	[1]
Income (loss) allocable to the Company	-1,362	[1]	2,206	[1]	1,183	[1]
Amortization of capitalized acquisition costs	-25		-59		-40
Equity in earnings (loss) of unconsolidated entities	-1,387		2,147		1,143
Distributions declared to the Company	3,716		4,526		3,124
Distributions received by the Company	4,062	[2]	5,493		1,607
Montecito Joint Venture
Schedule of Equity Method Investments [Line Items]
Revenues	1,356	[3]	1,700	[3]
Operating income	436	[3]	230	[3],[4]
Net income (loss)	165	[3]	-159	[3]
Income allocable to other venture partners	17	[1],[3]	-16	[1],[3]
Income (loss) allocable to the Company	148	[1],[3]	-143	[1],[3]
Amortization of capitalized acquisition costs	-6	[3]	-8	[3]
Equity in earnings (loss) of unconsolidated entities	142	[3]	-151	[3]
Distributions declared to the Company	659	[3]	870	[3]
Distributions received by the Company	830	[2],[3]	699	[3]
CHTSunIV
Schedule of Equity Method Investments [Line Items]
Revenues			24,107	[5]	23,913	[5]
Operating income			3,603	[5]	1,872	[5]
Net income (loss)			-46	[5]	-703	[5]
Income allocable to other venture partners			-1,365	[1],[5]	-1,703	[1],[5]
Income (loss) allocable to the Company			1,319	[1],[5]	1,000	[1],[5]
Amortization of capitalized acquisition costs			-36	[5]	-36	[5]
Equity in earnings (loss) of unconsolidated entities			1,283	[5]	964	[5]
Distributions declared to the Company			2,990	[5]	3,075	[5]
Distributions received by the Company			4,458	[5]	1,607	[5]
Windsor Manor
Schedule of Equity Method Investments [Line Items]
Revenues	8,565		7,391		1,594
Operating income	149		67	[4]	-54	[4]
Net income (loss)	-1,137		-840		-288
Income allocable to other venture partners	373	[1]	-1,870	[1]	-471	[1]
Income (loss) allocable to the Company	-1,510	[1]	1,030	[1]	183	[1]
Amortization of capitalized acquisition costs	-19		-15		-4
Equity in earnings (loss) of unconsolidated entities	-1,529		1,015		179
Distributions declared to the Company	3,057		666		49
Distributions received by the Company	$3,232	[2]	$336

[1]	Income (loss) is allocated between the Company and its joint venture partner using the HLBV method of accounting.
[2]	The distributions declared to and received by the Company for the Windsor Manor joint venture for the year ended December 31, 2014 include approximately $2.2 million of capital proceeds from a debt refinancing; refer to Item 7. "Management's Discussion and Analysis - Off-Balance Sheet Arrangements" for additional information.
[3]	In August 2014, the Company acquired its co-venture partner's 10% interest in the Montecito joint venture; refer to Note 3, "Acquisitions - Purchase of Controlling Interest in Montecito Joint Venture," for additional information.
[4]	Includes approximately $0.4 million and $0.3 million of non-recurring acquisition expenses incurred by Montecito and Windsor Manor for the year ended December 31, 2013. Includes approximately $0.03 million of non-recurring acquisition expenses incurred by Windsor Manor for the year ended December 31, 2012.
[5]	In July 2013, the Company completed the sale of its joint venture membership interest in CHTSunIV.

Summarized_Operating_Data_of_U1

Summarized Operating Data of Unconsolidated Entities Income Statement (Parenthetical) (Detail) (USD $)	12 Months Ended			1 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Aug. 31, 2014
Schedule of Equity Method Investments [Line Items]
Acquisition fees and expenses	$23,931,000	$18,840,000	$6,585,000
Montecito Joint Venture
Schedule of Equity Method Investments [Line Items]
Acquisition of co-venture partner's membership interest				10.00%
Acquisition fees and expenses		400,000
Windsor Manor
Schedule of Equity Method Investments [Line Items]
Capital proceeds from a debt refinancing	2,200,000
Acquisition fees and expenses		$300,000	$30,000

Summarized_Operating_Data_of_U2

Summarized Operating Data of Unconsolidated Entities Balance Sheet (Detail) (USD $)	Dec. 31, 2014		Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014		Jun. 30, 2014	Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]
Real estate assets, net	$1,657,500			$848,791
Other assets	11,197			6,445
Mortgages and other notes payable	853,561			438,107
Other liabilities	27,448			7,243
Partners' capital	6,600			17,500
Company's ownership percentage			95.00%
Total Unconsolidated Entities
Schedule of Equity Method Investments [Line Items]
Real estate assets, net	26,505			44,818
Intangible assets, net	386			3,209
Other assets	2,403			2,855
Mortgages and other notes payable	21,808			30,466
Other liabilities	1,241			1,798
Partners' capital	6,245			18,618
Carrying amount of investment	7,379	[1]		18,438	[2]
Montecito Joint Venture \| Total Unconsolidated Entities
Schedule of Equity Method Investments [Line Items]
Real estate assets, net				17,271
Intangible assets, net				1,925
Other assets				800
Mortgages and other notes payable				12,958
Other liabilities				327
Partners' capital				6,711
Carrying amount of investment				6,526	[2]
Company's ownership percentage				90.00%
Windsor Manor \| Total Unconsolidated Entities
Schedule of Equity Method Investments [Line Items]
Real estate assets, net	26,505			27,547
Intangible assets, net	386			1,284
Other assets	2,403			2,055
Mortgages and other notes payable	21,808			17,508
Other liabilities	1,241			1,471
Partners' capital	6,245			11,907
Carrying amount of investment	$7,379	[1]		$11,912	[2]
Company's ownership percentage	75.00%	[3]		75.00%

[1]	As of December 31, 2014, the Company's share of partners' capital determined under HLBV pursuant to the terms of each entity's respective partnership agreement was approximately $6.6 million. The difference between the Company's carrying amount of the investment and the Company's share of partners' capital determined under HLBV was approximately $0.8 million.
[2]	As of December 31, 2013, the Company's share of partners' capital determined under HLBV pursuant to the terms of each entity's respective partnership agreement was approximately $17.5 million. The difference between the Company's carrying amount of the investment and the Company's share of partners' capital determined under HLBV was approximately $0.9 million.
[3]	In August 2014, the Company acquired its co-venture partner's 10% interest in the Montecito joint venture; refer to Note 3, "Acquisitions - Purchase of Controlling Interest in Montecito Joint Venture," for additional information.

Summarized_Operating_Data_of_U3

Summarized Operating Data of Unconsolidated Entities Balance Sheet (Parenthetical) (Detail) (USD $)	12 Months Ended		1 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Aug. 31, 2014
Schedule of Equity Method Investments [Line Items]
Partners' capital	$6,600,000	$17,500,000
Carrying amount of investment over partner's capital account determined under HLBV	$800,000	$900,000
Montecito Joint Venture
Schedule of Equity Method Investments [Line Items]
Acquisition of co-venture partner's membership interest			10.00%

Contingent_Purchase_Price_Cons2

Contingent Purchase Price Consideration - Additional Information (Detail) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Business Acquisition, Contingent Consideration [Line Items]
Contingent purchase consideration									$268	$507
Operating income (loss)	-6,179	-6,243	-3,381	-7,375	-5,515	-5,307	-2,302	-866	-23,178	-13,990	-6,043
Capital Health Communities
Business Acquisition, Contingent Consideration [Line Items]
Contingent purchase consideration											7,000
Fair value of Contingent consideration	4,100								4,100
Capital Health Communities \| 2013
Business Acquisition, Contingent Consideration [Line Items]
Operating income (loss)											6,900
Capital Health Communities \| 2014
Business Acquisition, Contingent Consideration [Line Items]
Operating income (loss)											7,000
Capital Health Communities \| 2015
Business Acquisition, Contingent Consideration [Line Items]
Operating income (loss)											7,100
Medical Portfolio I
Business Acquisition, Contingent Consideration [Line Items]
Contingent purchase consideration									$300
Expandable lease space under earn-out agreement	10,000								10,000

Fair_Value_of_Contingent_Purch

Fair Value of Contingent Purchase Price Consideration (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration in connection with acquisition	$268	$507
Capital Health Communities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration in connection with acquisition			7,000
Ending balance	4,100
Medical Portfolio I
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration in connection with acquisition	300
Business Acquisition Contingent Consideration \| Capital Health Communities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	4,488	2,664
Contingent consideration in connection with acquisition			2,664
Change in fair value	2,191	1,824
Yield Guaranty payment received from seller	-2,601
Ending balance	4,078	4,488	2,664
Business Acquisition Contingent Consideration \| South Bay II Communities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration in connection with acquisition	-12,395
Change in fair value	-1,800
Contingent consideration payment	14,195
Business Acquisition Contingent Consideration \| Medical Portfolio I
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	-507
Contingent consideration in connection with acquisition		-507
Change in fair value	239
Ending balance	($268)	($507)

Details_of_Indebtedness_Detail

Details of Indebtedness (Detail) (USD $)	Dec. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
Indebtedness [Line Items]
Mortgages payable and other notes payable	$853,776		$438,107
Premium (discount), net	-215	[1]
Total mortgages and other notes payable, net	853,561		438,107
Credit Facility	206,403		98,500
Total borrowings	1,059,964		536,607
Term Loan Facility
Indebtedness [Line Items]
Credit Facility	175,000
Revolving Credit Facility
Indebtedness [Line Items]
Credit Facility	31,403		98,500
Fixed rate debt
Indebtedness [Line Items]
Mortgages payable and other notes payable	370,854		290,817
Variable Rate Debt
Indebtedness [Line Items]
Mortgages payable and other notes payable	$482,922	[2]	$147,290	[2]

[1]	Premium (discount), net is reflective of the Company recording mortgage note payables assumed at fair value on the respective acquisition date.
[2]	As of December 31, 2014, the Company had entered into interest rate swaps with notional amounts of approximately $182.1 million that were settling on a monthly basis; whereas, there were no such settlements during the year ended December 31, 2013. In addition, as of December 31, 2014 and December 31, 2013, the Company had entered into forward-starting interest rate swaps for total notional amounts of approximately $269.4 million and $124.3 million, respectively, in order to hedge its exposure to variable rate debt in future periods. The remaining forward-starting interest rate swaps have a range of effective dates beginning in 2015 and continuing through the maturity date of the respective loan (ranging from 2016 through 2019).

Details_of_Indebtedness_Parent

Details of Indebtedness (Parenthetical) (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Indebtedness [Line Items]
Debt settlement start year	2015
Debt maturity range start year	2016
Debt maturity range end year	2019
Interest Rate Swap
Indebtedness [Line Items]
Notional amount of derivative contract	182,100
Forward Contracts
Indebtedness [Line Items]
Notional amount of derivative contract	269,400	$124,300

Indebtedness_Additional_Inform

Indebtedness - Additional Information (Detail) (USD $)	1 Months Ended	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
	Extension	Dec. 31, 2014	Property
Mortgage Note Payable
Debt Instrument [Line Items]
Fair value of notes payable	$868.50	$868.50	$431.40
Other notes
Debt Instrument [Line Items]
Carrying value of notes payable	853.6	853.6	438.1
After Modification
Debt Instrument [Line Items]
Line of credit facility principal amount	700	700
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility principal amount	230	230
Term of credit facility	36 months
Number of extension options available	2
Revolving line of credit extension period	12 months
Fees paid range on unused commitments, lower range, percentage	15.00%	15.00%
Fees paid range on unused commitments, upper range, percentage	25.00%	25.00%
Debt Instrument, Current borrowing capacity	14	14
Principal amount of revolving line of credit			98.5
Number of Properties Collateralized			9
Debt Instrument, Collateral Amount			159.5
Description of covenants		The Credit Facilities contain affirmative, negative, and financial covenants which are customary for loans of this type, including without limitation (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 and unsecured indebtedness, and (vi) limitations on certain types of investments and with respect to the pool of properties supporting borrowings under the Credit Facilities, minimum debt service coverage ratio, and remaining lease terms, as well as property type, MSA, operator, and asset value concentration limits. The limitations on distributions includes 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. occupancy levels for collateralized properties; (iv) minimum loan-to-value and debt service coverage ratios with respect to collateralized properties; (v) maximum leverage, secured recourse debt, and unimproved land/development property ratios; (vi) minimum fixed charge coverage ratio and minimum consolidated net worth, unencumbered liquidity, and equity raise requirements; (vii) limitations on certain types of investments and additional indebtedness; and (viii) minimum liquidity. The limitations on distributions includes a limitation on the extent of allowable distributions, which are not to exceed the greater of 95% of adjusted FFO (as defined per the loan agreement) or the minimum amount of distributions required to maintain the Companybs REIT status.
Fair value of notes payable	206.4	206.4	98.5
Carrying value of notes payable	206.4	206.4	98.5
Term Loan Facility
Debt Instrument [Line Items]
Line of credit facility principal amount	$175	$175
Term of credit facility	50 months
Number of extension options available	1
Revolving line of credit extension period	12 months

Schedule_of_Indebtedness_Detai

Schedule of Indebtedness (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
Debt Instrument [Line Items]
Total debt	370,854		290,817
Total borrowings	1,059,964		536,607
Mortgage and Construction Loans
Debt Instrument [Line Items]
Total debt	482,922		147,290
Total borrowings	853,776		438,107
Pacific Northwest II Communities \| Mortgage Loans
Debt Instrument [Line Items]
Interest on Loan accrues - Fixed rate	4.30%	[1],[2]
Payment Terms	Monthly principal and interest payments based on a 25-year amortization schedule	[2]
Principal and interest payments amortizable period	25 years	[2]
Maturity Date	5-Dec-18	[2],[3]
Pacific Northwest II Communities \| Fixed rate debt \| Mortgage Loans
Debt Instrument [Line Items]
Total debt	215,904	[2]	157,549	[2]
Capital Health Communities \| Mortgage Loans
Debt Instrument [Line Items]
Interest on Loan accrues - Fixed rate	4.25%	[1]
Payment Terms	Monthly principal and interest payments based on a 25-year amortization schedule
Principal and interest payments amortizable period	25 years
Maturity Date	5-Jan-20	[3]
Capital Health Communities \| Fixed rate debt \| Mortgage Loans
Debt Instrument [Line Items]
Total debt	43,684		47,481
Primrose II Communities \| Mortgage Loans
Debt Instrument [Line Items]
Interest on Loan accrues - Fixed rate	3.81%	[1]
Payment Terms	Monthly principal and interest payments based on a 30-year amortization schedule
Principal and interest payments amortizable period	30 years
Maturity Date	1-Jun-20	[3]
Primrose II Communities \| Fixed rate debt \| Mortgage Loans
Debt Instrument [Line Items]
Total debt	22,913		23,337
Primrose I Communities \| Mortgage Loans
Debt Instrument [Line Items]
Interest on Loan accrues - Fixed rate	4.11%	[1],[4]
Payment Terms	Monthly principal and interest payments based on a 30-year amortization schedule	[4]
Principal and interest payments amortizable period	30 years	[4]
Maturity Date	1-Sep-22	[3],[4]
Primrose I Communities \| Fixed rate debt \| Mortgage Loans
Debt Instrument [Line Items]
Total debt	53,060	[4]	54,031	[4]
Watercrest at Mansfield \| Mortgage Loans
Debt Instrument [Line Items]
Interest on Loan accrues - Fixed rate	4.68%	[1],[5]
Payment Terms	Monthly principal and interest payments based on a total payment of $143,330	[5]
Monthly principal and interest payments	143,330	[5]
Maturity Date	1-Jun-23	[3],[5]
Watercrest at Mansfield \| Fixed rate debt \| Mortgage Loans
Debt Instrument [Line Items]
Total debt	27,073	[5]
LaPorte Cancer Center Westville, Indiana \| Mortgage Loans
Debt Instrument [Line Items]
Interest on Loan accrues - Fixed rate	4.25%	[1]
Interest on Loan accrues - Fixed rate applicable final year	2020	[1]
Payment Terms	Monthly principal and interest payments based on a 25-year amortization schedule
Principal and interest payments amortizable period	25 years
Maturity Date	14-Jun-28	[3]
LaPorte Cancer Center Westville, Indiana \| Fixed rate debt \| Mortgage Loans
Debt Instrument [Line Items]
Total debt	8,220		8,419
Perennial Communities \| Mortgage Loans
Debt Instrument [Line Items]
Payment Terms	Monthly interest only payments through April 2015; principal and interest payments thereafter based on a 25-year amortization schedule	[6]
Principal and interest payments amortizable period	25 years	[6]
Interest payments ending date	2015-04	[6]
Maturity Date	31-May-16	[3],[6]
Perennial Communities \| Variable Rate Debt \| Mortgage Loans
Debt Instrument [Line Items]
Total debt	30,000	[6]	30,000	[6]
Medical Portfolio I \| Mortgage Loans
Debt Instrument [Line Items]
Payment Terms	Monthly principal and interest payments based on a 30-year amortization schedule	[6]
Principal and interest payments amortizable period	30 years	[6]
Maturity Date	5-Sep-16	[3],[6]
Medical Portfolio I \| Variable Rate Debt \| Mortgage Loans
Debt Instrument [Line Items]
Total debt	34,720	[6]	35,512	[6]
Lee Hughes Medical Building \| Mortgage Loans
Debt Instrument [Line Items]
Payment Terms	Monthly principal and interest payments based on a 30-year amortization schedule
Principal and interest payments amortizable period	30 years
Maturity Date	5-Sep-16	[3]
Lee Hughes Medical Building \| Variable Rate Debt \| Mortgage Loans
Debt Instrument [Line Items]
Total debt	19,162
Harbor Chase Community \| Construction Loan
Debt Instrument [Line Items]
Payment Terms	Monthly interest only payments through August 2015; principal and interest payments thereafter based on a 30-year amortization schedule
Principal and interest payments amortizable period	30 years
Interest payments ending date	2015-08
Maturity Date	1-Sep-17	[3]
Harbor Chase Community \| Variable Rate Debt \| Construction Loan
Debt Instrument [Line Items]
Total debt	16,589		13,130
Raider Ranch Development (Lubbock, TX) \| Construction Loan
Debt Instrument [Line Items]
Payment Terms	Monthly interest only payments through October 2017; principal and interest payments thereafter based on a 25-year amortization schedule
Principal and interest payments amortizable period	25 years
Interest payments ending date	2017-10
Maturity Date	27-Oct-17	[3]
Raider Ranch Development (Lubbock, TX) \| Variable Rate Debt \| Construction Loan
Debt Instrument [Line Items]
Total debt	1
Claremont Medical Office \| Mortgage Loans
Debt Instrument [Line Items]
Payment Terms	Monthly principal and interest payments based on a 30-year amortization schedule	[7]
Principal and interest payments amortizable period	30 years	[7]
Maturity Date	15-Jan-18	[3],[7]
Claremont Medical Office \| Variable Rate Debt \| Mortgage Loans
Debt Instrument [Line Items]
Total debt	12,958	[7]
Dogwood Forest of Cumming One Senior Housing Property [Member] \| Construction Loan
Debt Instrument [Line Items]
Payment Terms	Monthly interest only payments through December 2015; principal and interest payments thereafter based on a 30-year amortization schedule
Principal and interest payments amortizable period	30 years
Interest payments ending date	2015-12
Maturity Date	1-Jan-18	[3]
Dogwood Forest of Cumming One Senior Housing Property [Member] \| Variable Rate Debt \| Construction Loan
Debt Instrument [Line Items]
Total debt	12,038		3,765
Knoxville MOBs \| Mortgage Loans
Debt Instrument [Line Items]
Payment Terms	Monthly interest only payments for the first 18 months; principal and interest payments thereafter based on a 30-year amortization schedule	[8]
Principal and interest payments amortizable period	30 years	[8]
Interest payments period	18 months	[8]
Maturity Date	10-Jul-18	[3],[8]
Knoxville MOBs \| Variable Rate Debt \| Mortgage Loans
Debt Instrument [Line Items]
Total debt	38,609	[8]	38,609	[8]
Calvert MOBs \| Mortgage Loans
Debt Instrument [Line Items]
Payment Terms	Monthly interest only payments for the first 18 months; principal and interest payments thereafter based on a 30-year amortization schedule	[9]
Principal and interest payments amortizable period	30 years	[9]
Interest payments period	18 months	[9]
Maturity Date	29-Aug-18	[3],[9]
Calvert MOBs \| Variable Rate Debt \| Mortgage Loans
Debt Instrument [Line Items]
Total debt	26,274	[9]	26,274	[9]
Wellmore of Tega Cay (Tega Cay, SC) \| Construction Loan
Debt Instrument [Line Items]
Payment Terms	Monthly interest only payments through February 2019; principal and interest payments thereafter based on a 25-year amortization schedule
Principal and interest payments amortizable period	25 years
Interest payments ending date	2019-02
Maturity Date	6-Feb-19	[3]
Wellmore of Tega Cay (Tega Cay, SC) \| Variable Rate Debt \| Construction Loan
Debt Instrument [Line Items]
Total debt	8,007
Houston Orthopedic & Spine Hospital and Medical Building \| Mortgage Loans
Debt Instrument [Line Items]
Payment Terms	Monthly principal and interest payments based on a 20-year amortization schedule	[10]
Principal and interest payments amortizable period	20 years	[10]
Maturity Date	2-Jun-19	[10],[3]
Houston Orthopedic & Spine Hospital and Medical Building \| Variable Rate Debt \| Mortgage Loans
Debt Instrument [Line Items]
Total debt	49,624	[10]
Medical Portfolio II \| Mortgage Loans
Debt Instrument [Line Items]
Payment Terms	Monthly principal and interest payments based on a 25-year amortization schedule	[11]
Principal and interest payments amortizable period	25 years	[11]
Maturity Date	14-Jul-19	[11],[3]
Medical Portfolio II \| Variable Rate Debt \| Mortgage Loans
Debt Instrument [Line Items]
Total debt	85,127	[11]
Northwest Medical Park \| Mortgage Loans
Debt Instrument [Line Items]
Payment Terms	Monthly principal and interest payments based on a 25-year amortization schedule	[12]
Principal and interest payments amortizable period	25 years	[12]
Maturity Date	31-Oct-17	[12],[3]
Northwest Medical Park \| Variable Rate Debt \| Mortgage Loans
Debt Instrument [Line Items]
Total debt	7,129	[12]
Southeast Medical Office Properties \| Mortgage Loans
Debt Instrument [Line Items]
Payment Terms	Monthly principal and interest payments based on a 25-year amortization schedule	[13]
Principal and interest payments amortizable period	25 years	[13]
Maturity Date	22-Dec-19	[13],[3]
Southeast Medical Office Properties \| Variable Rate Debt \| Mortgage Loans
Debt Instrument [Line Items]
Total debt	142,684	[13]
30-day LIBOR
Debt Instrument [Line Items]
Interest accrues on loan in addition to LIBOR	0.17%		0.16%
30-day LIBOR \| Perennial Communities \| Mortgage Loans
Debt Instrument [Line Items]
Interest accrues on loan in addition to LIBOR	4.25%	[1],[6]
30-day LIBOR \| Medical Portfolio I \| Mortgage Loans
Debt Instrument [Line Items]
Interest accrues on loan in addition to LIBOR	2.65%	[1],[6]
30-day LIBOR \| Lee Hughes Medical Building \| Mortgage Loans
Debt Instrument [Line Items]
Interest accrues on loan in addition to LIBOR	1.85%	[1]
30-day LIBOR \| Harbor Chase Community \| Construction Loan
Debt Instrument [Line Items]
Interest accrues on loan in addition to LIBOR	3.20%	[1]
30-day LIBOR \| Raider Ranch Development (Lubbock, TX) \| Construction Loan
Debt Instrument [Line Items]
Interest accrues on loan in addition to LIBOR	3.50%	[1]
Floor rate	0.50%	[1]
30-day LIBOR \| Claremont Medical Office \| Mortgage Loans
Debt Instrument [Line Items]
Interest accrues on loan in addition to LIBOR	2.60%	[1],[7]
30-day LIBOR \| Dogwood Forest of Cumming One Senior Housing Property [Member] \| Construction Loan
Debt Instrument [Line Items]
Interest accrues on loan in addition to LIBOR	3.20%	[1]
30-day LIBOR \| Knoxville MOBs \| Mortgage Loans
Debt Instrument [Line Items]
Interest accrues on loan in addition to LIBOR	2.50%	[1],[8]
30-day LIBOR \| Calvert MOBs \| Mortgage Loans
Debt Instrument [Line Items]
Interest accrues on loan in addition to LIBOR	2.50%	[1],[9]
30-day LIBOR \| Wellmore of Tega Cay (Tega Cay, SC) \| Construction Loan
Debt Instrument [Line Items]
Interest accrues on loan in addition to LIBOR	5.40%	[1]
Floor rate	0.50%	[1]
30-day LIBOR \| Northwest Medical Park \| Mortgage Loans
Debt Instrument [Line Items]
Interest accrues on loan in addition to LIBOR	2.30%	[1],[12]
30-day LIBOR \| Southeast Medical Office Properties \| Mortgage Loans
Debt Instrument [Line Items]
Interest accrues on loan in addition to LIBOR	2.00%	[1],[13]
90-day LIBOR
Debt Instrument [Line Items]
Interest accrues on loan in addition to LIBOR	0.25%		0.24%
90-day LIBOR \| Houston Orthopedic & Spine Hospital and Medical Building \| Mortgage Loans
Debt Instrument [Line Items]
Interest accrues on loan in addition to LIBOR	2.85%	[1],[10]
Floor rate	0.40%	[1],[10]
90-day LIBOR \| Medical Portfolio II \| Mortgage Loans
Debt Instrument [Line Items]
Interest accrues on loan in addition to LIBOR	2.35%	[1],[11]
Floor rate	0.25%	[1],[11]

[1]	The 30-day and 90-day LIBOR was approximately 0.17% and 0.25%, respectively, as of December 31, 2014 and approximately 0.16% and 0.24%, respectively, as of December 31, 2013.
[2]	The Pacific Northwest Loan may be prepaid, in whole or in part, with a prepayment premium equal to the greater of: (i) one percent (1%) of the principal amount being prepaid, multiplied by the quotient of the number of full months remaining until the maturity date of the loan (calculated as of the prepayment date) divided by the number of full months comprising the term of the loan; or (b) a "make-whole" payment equal to the present value of the loan less the amount of principal and accrued interest being prepaid calculated as of the prepayment date for the period between that date and the maturity date.
[3]	Represents the initial maturity date (or, as applicable, the maturity date as extended). The maturity date may be extended beyond the date shown subject to certain lender conditions.
[4]	If prepaid prior to March 1, 2022, the Primrose I Communities Mortgage Loan is subject to a prepayment penalty in an amount equal to the greater of (i) 1% of the principal being repaid, or (ii) an amount calculated on the principal being repaid, multiplied by the difference between the Primrose I Communities Mortgage Loan interest rate, and a calculated yield rate tied to the rates on applicable U.S. Treasuries. If prepayment is made between March 1, 2022, and May 31, 2022, the prepayment penalty will be 1% of the outstanding principal balance of the Primrose I Communities Mortgage Loan. No prepayment fee is required if the Primrose I Communities Mortgage Loan is prepaid between June 1, 2022 and maturity. Partial prepayment of a loan is not permitted. The loan is transferable upon sale of the assets subject to lender approval.
[5]	The balance for this loan excludes a premium of $0.4 million related to the mortgage note payable assumed being recorded at fair value on the acquisition date.
[6]	The Company entered into a two-year forward interest rate swap with a notional amount of $30 million; see Note 12, "Derivative Financial Instruments" for additional information.
[7]	The balance for this loan excludes a discount of $0.6 million related to the mortgage note payable assumed being recorded at fair value on the acquisition date. In addition, the Company entered into a three-year forward interest rate swap with a notional amount of $12.4 million; see Note 12, "Derivative Financial Instruments" for additional information
[8]	The Company entered into a three-year forward interest rate swap with a notional amount of $38.3 million; see Note 12, "Derivative Financial Instruments" for additional information.
[9]	The Company entered into a three-year forward interest rate swap with a notional amount of $26.1 million; see Note 12, "Derivative Financial Instruments" for additional information.
[10]	The Company entered into a three-year forward interest rate swap with a notional amount of $48.4 million; see Note 12, "Derivative Financial Instruments" for additional information.
[11]	The Company entered into a four-year forward interest rate swap with a notional amount of $84.3 million; see Note 12, "Derivative Financial Instruments" for additional information.
[12]	The Company entered into a three-year interest rate swap with a notional amount of $7.1 million; see Note 12, "Derivative Financial Instruments" for additional information.
[13]	In January 2015, the Company entered into a four-year forward interest rate swap with a notional amount of $138.7 million; see Note 16, "Subsequent Events" for further information.

Schedule_of_Indebtedness_Paren

Schedule of Indebtedness (Parenthetical) (Detail) (USD $)	12 Months Ended			1 Months Ended	12 Months Ended
Schedule of Indebtedness (Parenthetical) (Detail) (USD $)	Dec. 31, 2014		Dec. 31, 2013	Jan. 31, 2015	Jan. 31, 2015
30-day LIBOR
Debt Instrument [Line Items]
Interest accrues on loan in addition to LIBOR	0.17%		0.16%
90-day LIBOR
Debt Instrument [Line Items]
Interest accrues on loan in addition to LIBOR	0.25%		0.24%
Primrose I Communities \| If prepayment made between March 1, 2022, and May 31, 2022 \| Mortgage Loans
Debt Instrument [Line Items]
Percentage of prepayment penalty on principal repaid	1.00%
Primrose I Communities \| If prepaid within between June 1, 2022 and maturity \| Mortgage Loans
Debt Instrument [Line Items]
Percentage of prepayment penalty on principal repaid	0.00%
Watercrest at Mansfield \| Mortgage Loans \| Fixed rate debt
Debt Instrument [Line Items]
Loan premium	400,000
Perennial Communities \| Mortgage Loans \| 30-day LIBOR
Debt Instrument [Line Items]
Interest accrues on loan in addition to LIBOR	4.25%	[1],[2]
Perennial Communities \| 2-year forward interest rate swap \| Mortgage Loans
Debt Instrument [Line Items]
Notional amount of derivative contract	30,000,000
Derivative contract, maturity period	2 years
Medical Portfolio I \| Mortgage Loans \| 30-day LIBOR
Debt Instrument [Line Items]
Interest accrues on loan in addition to LIBOR	2.65%	[1],[2]
Medical Portfolio I \| 2-year forward interest rate swap \| Mortgage Loans
Debt Instrument [Line Items]
Notional amount of derivative contract	30,000,000
Derivative contract, maturity period	2 years
Claremont Medical Office \| Mortgage Loans \| 30-day LIBOR
Debt Instrument [Line Items]
Interest accrues on loan in addition to LIBOR	2.60%	[1],[3]
Claremont Medical Office \| Mortgage Loans \| Variable Rate Debt
Debt Instrument [Line Items]
Loan discount	600,000
Claremont Medical Office \| Mortgage Loans \| 3-year forward interest rate swap
Debt Instrument [Line Items]
Notional amount of derivative contract	12,400,000
Derivative contract, maturity period	3 years
Knoxville MOBs \| Mortgage Loans \| 30-day LIBOR
Debt Instrument [Line Items]
Interest accrues on loan in addition to LIBOR	2.50%	[1],[4]
Knoxville MOBs \| 3-year forward interest rate swap \| Mortgage Loans
Debt Instrument [Line Items]
Notional amount of derivative contract	38,300,000
Derivative contract, maturity period	3 years
Calvert MOBs \| Mortgage Loans \| 30-day LIBOR
Debt Instrument [Line Items]
Interest accrues on loan in addition to LIBOR	2.50%	[1],[5]
Calvert MOBs \| 3-year forward interest rate swap \| Mortgage Loans
Debt Instrument [Line Items]
Notional amount of derivative contract	26,100,000
Derivative contract, maturity period	3 years
Houston Orthopedic & Spine Hospital and Medical Building \| Mortgage Loans \| 90-day LIBOR
Debt Instrument [Line Items]
Interest accrues on loan in addition to LIBOR	2.85%	[1],[6]
Houston Orthopedic & Spine Hospital and Medical Building \| 3-year forward interest rate swap \| Mortgage Loans
Debt Instrument [Line Items]
Notional amount of derivative contract	48,400,000
Derivative contract, maturity period	3 years
Medical Portfolio II \| Mortgage Loans \| 90-day LIBOR
Debt Instrument [Line Items]
Interest accrues on loan in addition to LIBOR	2.35%	[1],[7]
Medical Portfolio II \| 4-year forward interest rate swap \| Mortgage Loans
Debt Instrument [Line Items]
Notional amount of derivative contract	84,300,000
Derivative contract, maturity period	4 years
Northwest Medical Park \| Mortgage Loans \| 30-day LIBOR
Debt Instrument [Line Items]
Interest accrues on loan in addition to LIBOR	2.30%	[1],[8]
Northwest Medical Park \| 3-year forward interest rate swap \| Mortgage Loans
Debt Instrument [Line Items]
Notional amount of derivative contract	7,100,000
Derivative contract, maturity period	3 years
Southeast Medical Office Properties \| Mortgage Loans \| 30-day LIBOR
Debt Instrument [Line Items]
Interest accrues on loan in addition to LIBOR	2.00%	[1],[9]
Subsequent Event \| Southeast Medical Office Properties \| 4-year forward interest rate swap \| Mortgage Loans
Debt Instrument [Line Items]
Notional amount of derivative contract				$138,700,000	$138,700,000
Derivative contract, maturity period				4 years	4 years
Minimum \| Pacific Northwest II Communities \| Mortgage Loans
Debt Instrument [Line Items]
Percentage of prepayment penalty on principal repaid	1.00%
Minimum \| Primrose I Communities \| If prepaid prior to March 1, 2022 \| Mortgage Loans
Debt Instrument [Line Items]
Percentage of prepayment penalty on principal repaid	1.00%

[1]	The 30-day and 90-day LIBOR was approximately 0.17% and 0.25%, respectively, as of December 31, 2014 and approximately 0.16% and 0.24%, respectively, as of December 31, 2013.
[2]	The Company entered into a two-year forward interest rate swap with a notional amount of $30 million; see Note 12, "Derivative Financial Instruments" for additional information.
[3]	The balance for this loan excludes a discount of $0.6 million related to the mortgage note payable assumed being recorded at fair value on the acquisition date. In addition, the Company entered into a three-year forward interest rate swap with a notional amount of $12.4 million; see Note 12, "Derivative Financial Instruments" for additional information
[4]	The Company entered into a three-year forward interest rate swap with a notional amount of $38.3 million; see Note 12, "Derivative Financial Instruments" for additional information.
[5]	The Company entered into a three-year forward interest rate swap with a notional amount of $26.1 million; see Note 12, "Derivative Financial Instruments" for additional information.
[6]	The Company entered into a three-year forward interest rate swap with a notional amount of $48.4 million; see Note 12, "Derivative Financial Instruments" for additional information.
[7]	The Company entered into a four-year forward interest rate swap with a notional amount of $84.3 million; see Note 12, "Derivative Financial Instruments" for additional information.
[8]	The Company entered into a three-year interest rate swap with a notional amount of $7.1 million; see Note 12, "Derivative Financial Instruments" for additional information.
[9]	In January 2015, the Company entered into a four-year forward interest rate swap with a notional amount of $138.7 million; see Note 16, "Subsequent Events" for further information.

Schedule_of_Future_Principal_P

Schedule of Future Principal Payments and Maturity (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Net Balance
2015	$17,693
2016	99,609
2017	65,380
2018	296,723
2019	444,136
Thereafter	136,423
Total borrowings	$1,059,964	$536,607

Related_Party_Arrangements_Add

Related Party Arrangements - Additional Information (Detail) (USD $)

1 Months Ended

12 Months Ended

Jul. 31, 2014

Jun. 30, 2014

Feb. 28, 2014

Aug. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Jun. 30, 2013

Related Party Transaction [Line Items]

Selling commissions

7.00%

15.00%

Marketing support fees

3.00%

Investment service fee as percentage of purchase price of properties

1.85%

Monthly asset management fee as Percentage of real estate value

0.08%

Financing coordination fee as percentage of gross amount of refinancing

1.00%

Advisor disposition fee as percentage of competitive real estate commission

50.00%

Advisor disposition fee as percentage of sales price of property

1.00%

Advisor disposition fee as percentage of sales price of asset

1.00%

Annualized return of investment

6.00%

Oversight fee as percentage of gross revenues from property managed

1.00%

Construction management fee as percentage of hard and soft costs

5.00%

Initial purchase price of property percentage

10.00%

Property management fees

$429,000

[1]

$322,000

[1]

Investment services fees

18,553,000

[2]

12,892,000

[2]

7,673,000

[2]

Operating expenses reimbursement as percentage average invested assets

2.00%

Operating expenses reimbursement as percentage of net income

25.00%

Bank deposits

100,000

400,000

Total construction loan

6,200,000

Construction loan commitments

3,700,000

Purchase price of land

2,200,000

4,000,000

2,800,000

3,000,000

1,800,000

Development cost

1,900,000

Property Manager

Related Party Transaction [Line Items]

Property management fees

1,000,000

CNL Capital Markets Corp

Related Party Transaction [Line Items]

Investment services fees

400,000

300,000

100,000

Co-venture partners

Related Party Transaction [Line Items]

Payment to co-venture partner

$30,000

$100,000

Single Tenant Properties

Related Party Transaction [Line Items]

Property management fees as percentage of annual gross rental revenue

2.00%

Multi Tenant Properties

Related Party Transaction [Line Items]

Property management fees as percentage of annual gross rental revenue

4.00%

[1]

Amounts are recorded as due to related parties in the accompanying consolidated balance sheets.

[2]

For the year ended December 31, 2014, the Company incurred approximately $18.6 million in investment services fees of which approximately $1.8 million, was capitalized and included in real estate under development in the accompanying consolidated balance sheets. For the year ended December 31, 2013, the Company incurred approximately $12.9 million in investment service fees of which approximately $0.5 million and $0.1 million, respectively, were capitalized and included in investments in unconsolidated entities and real estate under development. For the year ended December 31, 2012, the Company incurred approximately $7.7 million in investment services fees of which approximately $2.9 million and $0.6 million, respectively, were capitalized and included in investments in unconsolidated entities and properties held for development. Investment service fees, that are not capitalized, are recorded as acquisition fees and expenses in the accompanying consolidated statements of operations.

Fees_in_Connection_with_Offeri

Fees in Connection with Offering (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Related Party Transaction [Line Items]
Selling commissions	$18,387	[1]	$10,262	[1]	$7,070	[1]
Marketing support fees	16,429	[1]	11,310	[1]	4,957	[1]
Total offering expenses	34,816		21,572		12,027
Selling commissions	388	[2]	71	[2]
Marketing support fees	555	[2]	70	[2]
Total offering expenses unpaid	$943	[2]	$141	[2]

[1]	Amounts are recorded as stock issuance and offering costs in the accompanying consolidated statements of stockholders' equity and redeemable noncontrolling interest. Amounts include approximately $30,000, $0.1 million and $0 of reimbursement payments to the Advisor for services provided to the Company by its executive officers for the years ended December 31, 2014, 2013 and 2012, respectively. The reimbursement payments include components of salaries, benefits and other overhead charges.
[2]	Amounts are recorded as due to related parties in the accompanying consolidated balance sheets.

Schedule_of_Fees_Reimbursable_

Schedule of Fees, Reimbursable Expenses and Related Amounts Unpaid to Related Parties (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Related Party Transaction [Line Items]
Offering costs	$5,151	[1]	$4,373	[1]	$6,867	[1]
Operating expenses	3,206	[2]	2,576	[2]	1,506	[2]
Acquisition fees and expenses	23,931		18,840		6,585
Total reimbursable expenses	8,971		7,203		8,642
Investment services fees	18,553	[3]	12,892	[3]	7,673	[3]
Disposition fee			608	[4]
Financing coordination fees	220	[5]	0		552	[5]
Property management fees	8,942		2,642		404
Asset management fees	8,481		3,614		1,369
Interest reserve and other advances	0	[6]	0	[6]	0	[6]
Total reimbursable expenses, net	44,338		27,036		18,699
Offering costs	713	[7]	612	[7]
Operating expenses	479	[7]	915	[7]
Acquisition fees and expenses	80	[7]	138	[7]
Total reimbursable expenses due	1,272	[7]	1,665	[7]
Investment services fees	0	[7]	0	[7]
Disposition fee	0	[7]	0	[7]
Financing coordination fees	0	[7]	0	[7]
Property management fees	429	[7]	322	[7]
Asset management fees	355	[7]	894	[7]
Interest reserve and other advances			286	[7]
Total related amount unpaid	2,056	[7]	3,167	[7]
Property Manager
Related Party Transaction [Line Items]
Acquisition fees and expenses	614		254		269
Reimbursable expenses
Related Party Transaction [Line Items]
Property management fees	2,982	[8]	1,244	[8]	452	[8]
Asset management fees	$13,612	[9]	$5,089	[9]	$1,380	[9]

[1]	Amounts are recorded as stock issuance and offering costs in the accompanying consolidated statements of stockholders' equity and redeemable noncontrolling interest. Amounts include approximately $30,000, $0.1 million and $0 of reimbursement payments to the Advisor for services provided to the Company by its executive officers for the years ended December 31, 2014, 2013 and 2012, respectively. The reimbursement payments include components of salaries, benefits and other overhead charges.
[2]	Amounts are recorded as general and administrative expenses in the accompanying consolidated statements of operations. Amounts include approximately $0.2 million, $0.2 million and $0.1 million of reimbursement payments to the Advisor for services provided to the Company by its executive officers for the years ended December 31, 2014, 2013 and 2012, respectively. The reimbursement payments include components of salaries, benefits and other overhead charges.
[3]	For the year ended December 31, 2014, the Company incurred approximately $18.6 million in investment services fees of which approximately $1.8 million, was capitalized and included in real estate under development in the accompanying consolidated balance sheets. For the year ended December 31, 2013, the Company incurred approximately $12.9 million in investment service fees of which approximately $0.5 million and $0.1 million, respectively, were capitalized and included in investments in unconsolidated entities and real estate under development. For the year ended December 31, 2012, the Company incurred approximately $7.7 million in investment services fees of which approximately $2.9 million and $0.6 million, respectively, were capitalized and included in investments in unconsolidated entities and properties held for development. Investment service fees, that are not capitalized, are recorded as acquisition fees and expenses in the accompanying consolidated statements of operations.
[4]	Amounts are recorded as a reduction to gain on sale of investment in unconsolidated entity in the accompanying consolidated statements of operations.
[5]	For the year ended December 31, 2014, the Company incurred approximately $0.2 million in financing coordination fees, which was capitalized and included in its investment in the Windsor Manor Joint Venture. There were no financing coordination fees for the year ended December 31, 2013. For the year ended December 31, 2012, the Company incurred approximately $0.5 million in financing coordination fees, which was capitalized as loan costs in the accompanying consolidated balance sheets.
[6]	Amount primarily consists of an interest reserve account related to the ADC Loan originated in June 2013.
[7]	Amounts are recorded as due to related parties in the accompanying consolidated balance sheets.
[8]	For the years ended December 31, 2014, 2013 and 2012, the Company incurred approximately $2.9 million, $1.2 million and $0.1 million, respectively, in property and construction management fees payable to the Property Manager of which approximately $0.9 million, $0.2 million and $0.1 million, respectively, in construction management fees were capitalized and included in real estate under development in the accompanying consolidated balance sheets.
[9]	For the years ended December 31, 2014 and 2013, the Company incurred approximately $13.6 million and $5.1 million, respectively, in asset management fees payable to the Advisor of which approximately $4.9 million and $1.4 million, respectively, were forgone in accordance with the terms of the Advisor Expense Support Agreement and approximately $0.3 million and $0.1 million, respectively, were capitalized and included in real estate under development in the accompanying consolidated balance sheets. For the year ended December 31, 2012, the Company incurred approximately $1.4 million in asset management fees payable to the Advisor, of which approximately eleven thousand dollars was capitalized and included in real estate under development.

Schedule_of_Fees_Reimbursable_1

Schedule of Fees, Reimbursable Expenses and Related Amounts Unpaid to Related Parties (Parenthetical) (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Related Party Transaction [Line Items]
Investment services fees	$18,553,000	[1]	$12,892,000	[1]	$7,673,000	[1]
Financing coordination fees	220,000	[2]	0		552,000	[2]
Asset management fees	8,481,000		3,614,000		1,369,000
Expense under Support Agreement	4,900,000		1,400,000
Windsor Manor
Related Party Transaction [Line Items]
Investment service fees capitalized	200,000
Reimbursable expenses
Related Party Transaction [Line Items]
Advisory fee paid	30,000		100,000		0
Property management fees capitalized	2,900,000		1,200,000		100,000
Asset management fees	13,612,000	[3]	5,089,000	[3]	1,380,000	[3]
General and Administrative Expense \| Reimbursable expenses
Related Party Transaction [Line Items]
Advisory fee paid	200,000		200,000		100,000
Financing coordination fees capitalized as part of investment
Related Party Transaction [Line Items]
Investment service fees capitalized	1,800,000		500,000		2,900,000
Construction management fees capitalized	900,000		200,000		100,000
Asset management fees capitalized	300,000		100,000		11,000
Investment Services Fees
Related Party Transaction [Line Items]
Investment services fees	18,600,000		12,900,000		7,700,000
Development
Related Party Transaction [Line Items]
Investment service fees capitalized			$100,000		$600,000

[1]	For the year ended December 31, 2014, the Company incurred approximately $18.6 million in investment services fees of which approximately $1.8 million, was capitalized and included in real estate under development in the accompanying consolidated balance sheets. For the year ended December 31, 2013, the Company incurred approximately $12.9 million in investment service fees of which approximately $0.5 million and $0.1 million, respectively, were capitalized and included in investments in unconsolidated entities and real estate under development. For the year ended December 31, 2012, the Company incurred approximately $7.7 million in investment services fees of which approximately $2.9 million and $0.6 million, respectively, were capitalized and included in investments in unconsolidated entities and properties held for development. Investment service fees, that are not capitalized, are recorded as acquisition fees and expenses in the accompanying consolidated statements of operations.
[2]	For the year ended December 31, 2014, the Company incurred approximately $0.2 million in financing coordination fees, which was capitalized and included in its investment in the Windsor Manor Joint Venture. There were no financing coordination fees for the year ended December 31, 2013. For the year ended December 31, 2012, the Company incurred approximately $0.5 million in financing coordination fees, which was capitalized as loan costs in the accompanying consolidated balance sheets.
[3]	For the years ended December 31, 2014 and 2013, the Company incurred approximately $13.6 million and $5.1 million, respectively, in asset management fees payable to the Advisor of which approximately $4.9 million and $1.4 million, respectively, were forgone in accordance with the terms of the Advisor Expense Support Agreement and approximately $0.3 million and $0.1 million, respectively, were capitalized and included in real estate under development in the accompanying consolidated balance sheets. For the year ended December 31, 2012, the Company incurred approximately $1.4 million in asset management fees payable to the Advisor, of which approximately eleven thousand dollars was capitalized and included in real estate under development.

Related_Party_Arrangement_Fees

Related Party Arrangement, Fees and Expenses Incurred (Detail) (USD $)	12 Months Ended					1 Months Ended				0 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012	Oct. 31, 2014	Dec. 31, 2013		Jul. 31, 2011	Dec. 31, 2014
Related Party Transaction [Line Items]
Asset management fees	$355	[1]	$894	[1]			894	[1]		$355	[1]
Asset management fees	8,481		3,614		1,369
Cash distributions on Restricted Stock	14,203		6,579		1,459
Stock distributions on Restricted Stock	2,400,000		1,100,000		200,000
Stock distributions
Related Party Transaction [Line Items]
Stock distributions on Restricted Stock						0.0025	0.0025		0.0025
Restricted Stock
Related Party Transaction [Line Items]
Restricted stock shares	500,000
Expense Support Agreements
Related Party Transaction [Line Items]
Asset management fees	6,269	[2]								6,269	[2]
Then-current offering price	$10.58	[3]	$10	[3]			10	[3]		$10.58	[3]
Asset management fees	4,867	[2]	1,402	[2]						6,269	[2]
Then-current offering price	$10.24									$10.24
Expense Support Agreements \| Restricted Stock
Related Party Transaction [Line Items]
Restricted stock shares	618,000	[4]								618,000	[4]
Restricted stock shares	478,000	[4]	140,000	[4]						618,000	[4]
Cash distributions on Restricted Stock	98	[5]	5	[5]						103	[5]
Stock distributions on Restricted Stock	7,000	[6]		[6],[7]						7,000	[6]
Expense Support Agreements \| Restricted Stock \| Cash distributions
Related Party Transaction [Line Items]
Distributions on Restricted Stock	103	[5]								103	[5]
Expense Support Agreements \| Restricted Stock \| Stock distributions
Related Party Transaction [Line Items]
Distributions on Restricted Stock	$7	[6]								$7	[6]

[1]	Amounts are recorded as due to related parties in the accompanying consolidated balance sheets.
[2]	No other amounts have been forgone in connection with the Expense Support Agreements for the years ended December 31, 2014, 2013 and 2012, and cumulatively as of December 31, 2014.
[3]	The then-current offering prices are based on the Company's NAV per share at the date in which the expense support amounts were ultimately settled under the Expense Support Agreements.
[4]	Restricted stock shares are comprised of approximately 0.5 million issued to the Advisor and approximately 0.1 million issuable to the Advisor as of December 31, 2014. Since the vesting conditions were not met through December 31, 2014, no fair value was assigned to the restricted stock shares as the shares were valued at zero, which represents the lowest possible value estimated at vesting. In addition, the restricted stock shares were treated as unissued for financial reporting purposes because the vesting criteria had not been met as of December 31, 2014.
[5]	The cash distributions have been recognized as compensation expense as issued and included in general and administrative expense in the accompanying consolidated statements of operations.
[6]	This represents the number of shares issued to the Advisor as stock distributions on its restricted stock shares. The par value of the stock distributions has been recognized as compensation expense as issued and included in general and administrative expense in the accompanying consolidated statements of operations.
[7]	During the year ended December 31, 2013, the Advisor received 356 shares in the form of stock distributions under the terms of the Advisor Expense Support Agreement.

Related_Party_Arrangement_Fees1

Related Party Arrangement, Fees and Expenses Incurred (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Related Party Transaction [Line Items]
Stock distribution, shares	2,400,000	1,100,000	200,000
Advisor
Related Party Transaction [Line Items]
Stock distribution, shares		356
Restricted Stock
Related Party Transaction [Line Items]
Shares issued to Advisor	500,000
Shares issuable to Advisor	100,000

Amounts_Related_to_Derivative_

Amounts Related to Derivative Financial Instruments Included in Unconsolidated Entities in Condensed Consolidated Balance Sheet (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
Derivative Financial Instruments One
Derivative [Line Items]
Notional amount of derivative contract	$12,421	[1]
Strike	1.30%	[1],[2]
Credit Spread	2.60%	[1],[2]
Trade date	17-Jan-13	[1]
Forward date	15-Jan-15	[1]
Maturity date	16-Jan-18	[1]
Fair value asset (liability)	-71	[1]	83	[1]
Derivative Financial Instruments Two
Derivative [Line Items]
Notional amount of derivative contract	38,255	[1]
Strike	2.70%	[1],[2]
Credit Spread	2.50%	[1],[2]
Trade date	6-Sep-13	[1]
Forward date	17-Aug-15	[1]
Maturity date	10-Jul-18	[1]
Fair value asset (liability)	-1,228	[1]	-590	[1]
Derivative Financial Instruments Three
Derivative [Line Items]
Notional amount of derivative contract	26,067	[1]
Strike	2.80%	[1],[2]
Credit Spread	2.50%	[1],[2]
Trade date	6-Sep-13	[1]
Forward date	17-Aug-15	[1]
Maturity date	29-Aug-18	[1]
Fair value asset (liability)	-906	[1]	-435	[1]
Derivative Financial Instruments Four
Derivative [Line Items]
Notional amount of derivative contract	30,000	[1]
Strike	1.10%	[1],[2]
Credit Spread	2.70%	[1],[2]
Trade date	22-Oct-13	[1]
Forward date	5-Aug-15	[1]
Maturity date	19-Aug-16	[1]
Fair value asset (liability)	-82	[1]	-10	[1]
Derivative Financial Instruments Five
Derivative [Line Items]
Notional amount of derivative contract	29,952	[1]
Strike	0.90%	[1],[2]
Credit Spread	4.30%	[1],[2]
Trade date	13-Nov-13	[1]
Forward date	11-May-15	[1]
Maturity date	31-May-16	[1]
Fair value asset (liability)	-74	[1]	-8	[1]
Derivative Financial Instruments Six
Derivative [Line Items]
Notional amount of derivative contract	11,000	[3]
Strike	3.00%	[2],[3]
Trade date	27-Jun-14	[3]
Forward date	30-Jun-14	[3]
Maturity date	30-Jun-17	[3]
Fair value asset (liability)	10	[3]
Derivative Financial Instruments Seven
Derivative [Line Items]
Notional amount of derivative contract	48,415	[1]
Strike	2.40%	[1],[2]
Credit Spread	2.90%	[1],[2]
Trade date	15-Aug-14	[1]
Forward date	1-Jun-16	[1]
Maturity date	2-Jun-19	[1]
Fair value asset (liability)	-270	[1]
Derivative Financial Instruments Eight
Derivative [Line Items]
Notional amount of derivative contract	84,251	[1]
Strike	2.30%	[1],[2]
Credit Spread	2.40%	[1],[2]
Trade date	12-Sep-14	[1]
Forward date	1-Aug-15	[1]
Maturity date	15-Jul-19	[1]
Fair value asset (liability)	-1,326	[1]
Derivative Financial Instruments Nine
Derivative [Line Items]
Notional amount of derivative contract	7,129	[1]
Strike	1.20%	[1],[2]
Credit Spread	2.30%	[1],[2]
Trade date	12-Nov-14	[1]
Forward date	15-Nov-14	[1]
Maturity date	15-Oct-17	[1]
Fair value asset (liability)	-35	[1]
Derivative Financial Instruments Ten
Derivative [Line Items]
Notional amount of derivative contract	175,000	[1]
Strike	1.60%	[1],[2]
Credit Spread	2.00%	[1],[2]
Trade date	23-Dec-14	[1]
Forward date	19-Dec-14	[1]
Maturity date	19-Feb-19	[1]
Fair value asset (liability)	($881)	[1]

[1]	Amounts related to interest rate swaps held by the Company, or its equity method investments, which are recorded at fair value and included in either other assets or other liabilities in the accompanying consolidated balance sheets.
[2]	The all-in rates are equal to the sum of the Strike and Credit Spread detailed above.
[3]	Amounts related to the interest rate cap held by the Windsor Manor Joint Venture for which the proportionate amounts of fair value relative to the Company's ownership percentage are included in investments in unconsolidated entities in the accompanying consolidated balance sheets.

Summary_of_Gross_and_Net_Amoun

Summary of Gross and Net Amounts of Interest Rate Swap Presented in Condensed Consolidated Balance Sheet (Detail) (USD $)	Dec. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
Interest Rate Swap Agreement One
Derivative [Line Items]
Notional amount of derivative contract	$12,421	[1]	$12,421	[1]
Amounts of asset (liability) presented in the accompanying condensed consolidated balance sheet, Gross amount	-71	[1]	83	[1]
Amounts of asset (liability) presented in the accompanying condensed consolidated balance sheet, Offset amount	0	[1]	0	[1]
Fair value asset (liability)	-71	[1]	83	[1]
Amounts of asset (liability) presented in the accompanying condensed consolidated balance sheet, Gross amount	-71	[1]	83	[1]
Gross Amounts in Accompanying Condensed Consolidated Balance Sheet, Cash Collateral	0	[1]	0	[1]
Fair value asset (liability)	-71	[1]	83	[1]
Interest Rate Swap Agreement Two
Derivative [Line Items]
Notional amount of derivative contract	38,255	[1]	38,255	[1]
Amounts of asset (liability) presented in the accompanying condensed consolidated balance sheet, Gross amount	-1,228	[1]	-590	[1]
Amounts of asset (liability) presented in the accompanying condensed consolidated balance sheet, Offset amount	0	[1]	0	[1]
Fair value asset (liability)	-1,228	[1]	-590	[1]
Amounts of asset (liability) presented in the accompanying condensed consolidated balance sheet, Gross amount	-1,228	[1]	-590	[1]
Gross Amounts in Accompanying Condensed Consolidated Balance Sheet, Cash Collateral	0	[1]	0	[1]
Fair value asset (liability)	-1,228	[1]	-590	[1]
Interest Rate Swap Agreement Three
Derivative [Line Items]
Notional amount of derivative contract	26,067	[1]	26,067	[1]
Amounts of asset (liability) presented in the accompanying condensed consolidated balance sheet, Gross amount	-906	[1]	-435	[1]
Amounts of asset (liability) presented in the accompanying condensed consolidated balance sheet, Offset amount	0	[1]	0	[1]
Fair value asset (liability)	-906	[1]	-435	[1]
Amounts of asset (liability) presented in the accompanying condensed consolidated balance sheet, Gross amount	-906	[1]	-435	[1]
Gross Amounts in Accompanying Condensed Consolidated Balance Sheet, Cash Collateral	0	[1]	0	[1]
Fair value asset (liability)	-906	[1]	-435	[1]
Interest Rate Swap Agreement Four
Derivative [Line Items]
Notional amount of derivative contract	30,000	[1]	30,000	[1]
Amounts of asset (liability) presented in the accompanying condensed consolidated balance sheet, Gross amount	-82	[1]	-10	[1]
Amounts of asset (liability) presented in the accompanying condensed consolidated balance sheet, Offset amount	0	[1]	0	[1]
Fair value asset (liability)	-82	[1]	-10	[1]
Amounts of asset (liability) presented in the accompanying condensed consolidated balance sheet, Gross amount	-82	[1]	-10	[1]
Gross Amounts in Accompanying Condensed Consolidated Balance Sheet, Cash Collateral	0	[1]	0	[1]
Fair value asset (liability)	-82	[1]	-10	[1]
Interest Rate Swap Agreement Five
Derivative [Line Items]
Notional amount of derivative contract	29,952	[1]	29,952	[1]
Amounts of asset (liability) presented in the accompanying condensed consolidated balance sheet, Gross amount	-74	[1]	-8	[1]
Amounts of asset (liability) presented in the accompanying condensed consolidated balance sheet, Offset amount	0	[1]	0	[1]
Fair value asset (liability)	-74	[1]	-8	[1]
Amounts of asset (liability) presented in the accompanying condensed consolidated balance sheet, Gross amount	-74	[1]	-8	[1]
Gross Amounts in Accompanying Condensed Consolidated Balance Sheet, Cash Collateral	0	[1]	0	[1]
Fair value asset (liability)	-74	[1]	-8	[1]
Interest Rate Swap Six Agreement
Derivative [Line Items]
Notional amount of derivative contract	11,000	[2]	11,000	[2]
Amounts of asset (liability) presented in the accompanying condensed consolidated balance sheet, Gross amount	10	[2]
Amounts of asset (liability) presented in the accompanying condensed consolidated balance sheet, Offset amount	0	[2]	0	[2]
Fair value asset (liability)	10	[2]
Amounts of asset (liability) presented in the accompanying condensed consolidated balance sheet, Gross amount	10	[2]
Gross Amounts in Accompanying Condensed Consolidated Balance Sheet, Cash Collateral	0	[2]	0	[2]
Fair value asset (liability)	10	[2]
Interest Rate Swap Seven Agreement
Derivative [Line Items]
Notional amount of derivative contract	48,415	[1]	48,415	[1]
Amounts of asset (liability) presented in the accompanying condensed consolidated balance sheet, Gross amount	-270	[1]
Amounts of asset (liability) presented in the accompanying condensed consolidated balance sheet, Offset amount	0	[1]	0	[1]
Fair value asset (liability)	-270	[1]
Amounts of asset (liability) presented in the accompanying condensed consolidated balance sheet, Gross amount	-270	[1]
Gross Amounts in Accompanying Condensed Consolidated Balance Sheet, Cash Collateral	0	[1]	0	[1]
Fair value asset (liability)	-270	[1]
Interest Rate Swap Eight Agreement
Derivative [Line Items]
Notional amount of derivative contract	84,251	[1]	84,251	[1]
Amounts of asset (liability) presented in the accompanying condensed consolidated balance sheet, Gross amount	-1,326	[1]
Amounts of asset (liability) presented in the accompanying condensed consolidated balance sheet, Offset amount	0	[1]	0	[1]
Fair value asset (liability)	-1,326	[1]
Amounts of asset (liability) presented in the accompanying condensed consolidated balance sheet, Gross amount	-1,326	[1]
Gross Amounts in Accompanying Condensed Consolidated Balance Sheet, Cash Collateral	0	[1]	0	[1]
Fair value asset (liability)	-1,326	[1]
Interest Rate Swap Nine Agreement
Derivative [Line Items]
Notional amount of derivative contract	7,129	[1]	7,129	[1]
Amounts of asset (liability) presented in the accompanying condensed consolidated balance sheet, Gross amount	-35	[1]
Amounts of asset (liability) presented in the accompanying condensed consolidated balance sheet, Offset amount	0	[1]	0	[1]
Fair value asset (liability)	-35	[1]
Amounts of asset (liability) presented in the accompanying condensed consolidated balance sheet, Gross amount	-35	[1]
Gross Amounts in Accompanying Condensed Consolidated Balance Sheet, Cash Collateral	0	[1]	0	[1]
Fair value asset (liability)	-35	[1]
Interest Rate Swap Ten Agreement
Derivative [Line Items]
Notional amount of derivative contract	175,000	[1]	175,000	[1]
Amounts of asset (liability) presented in the accompanying condensed consolidated balance sheet, Gross amount	-881	[1]
Amounts of asset (liability) presented in the accompanying condensed consolidated balance sheet, Offset amount	0	[1]	0	[1]
Fair value asset (liability)	-881	[1]
Amounts of asset (liability) presented in the accompanying condensed consolidated balance sheet, Gross amount	-881	[1]
Gross Amounts in Accompanying Condensed Consolidated Balance Sheet, Cash Collateral	0	[1]	0	[1]
Fair value asset (liability)	($881)	[1]

[1]	Amounts related to interest rate swaps held by the Company, or its equity method investments, which are recorded at fair value and included in either other assets or other liabilities in the accompanying consolidated balance sheets.
[2]	Amounts related to the interest rate cap held by the Windsor Manor Joint Venture for which the proportionate amounts of fair value relative to the Company's ownership percentage are included in investments in unconsolidated entities in the accompanying consolidated balance sheets.

Equity_Additional_Information_

Equity - Additional Information (Detail) (USD $)	12 Months Ended				1 Months Ended
Equity - Additional Information (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Oct. 31, 2014	Dec. 31, 2013	Jul. 31, 2011	Jul. 29, 2011
Equity [Line Items]
Redeemable noncontrolling interest in joint venture	5.00%
Aggregate offering proceeds received from public offering	$1,100,000,000	$568,900,000				568,900,000
Shares issued from public offering	113,000,000	57,000,000				57,000,000
Selling commissions	7.00%			15.00%
Stock issuance and other offering cost	59,800,000	42,000,000	23,400,000
Total annualized distribution rate								7.00%
Stock distribution, shares	2,400,000	1,100,000	200,000
Common stock offering price								$10
Cash distribution declared	31,919,000	14,170,000	3,197,000
Cash paid to stockholders	14,200,000	6,600,000	1,500,000
Redemptions of common stock	2,996,000	827,000	10,000
Common Stock Redemption
Equity [Line Items]
Redemption of common stock, shares	300,000	80,000	1,049
Redemption of common stock, per share	$9.24	$9.25	$9.99			9.25
Redemptions of common stock	3,000,000	800,000	10,000
Cash distributions
Equity [Line Items]
Monthly cash distribution, per share		$0.03			0.0353	0.0338		$0.03
Total annualized distribution rate					4.00%			4.00%
Stock distributions
Equity [Line Items]
Total annualized distribution rate					3.00%			3.00%
Stock distribution, shares					0.0025	0.0025	0.0025
Reinvestment Plan
Equity [Line Items]
Aggregate offering proceeds received from public offering	27,100,000	9,400,000				9,400,000
Shares issued from public offering	2,800,000	1,000,000				1,000,000
Cash distribution declared	$17,700,000	$7,600,000	$1,700,000

Tax_Composition_of_Companys_Di

Tax Composition of Company's Distributions Declared (Detail)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Distribution of Profits [Line Items]
Return of capital	69.20%	36.20%	100.00%
Ordinary Income
Distribution of Profits [Line Items]
Taxable as capital gain	30.80%	0.00%	0.00%
Capital Gain
Distribution of Profits [Line Items]
Taxable as capital gain	0.00%	63.80%	0.00%

Effect_of_Derivative_Financial

Effect of Derivative Financial Instruments (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from AOCI into earnings (Effective Portion)	($98)
Derivative instruments, gain (loss) recognized in other comprehensive income, effective portion	-3,905	-959
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from AOCI into earnings (Effective Portion)	-98
Derivative instruments, gain (loss) recognized in other comprehensive income, effective portion	-3,915	-1,042
Interest Rate Cap Held by Unconsolidated Joint Venture
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) recognized in other comprehensive income, effective portion	10
Interest Rate Swap Held by Unconsolidated Joint Venture
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) recognized in other comprehensive income, effective portion		$83

Components_of_Income_Tax_Benef

Components of Income Tax Benefit (Expense) (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Current:
Federal		$13	($13)
State	-361		-1
Total current benefit (expense)	-361	13	-14
Deferred:
Federal		-25	25
State		-6	6
Total deferred benefit (expense)		-31	31
Income tax benefit (expense)	($361)	($18)	$17

Significant_Components_of_Defe

Significant Components of Deferred Tax Assets (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Schedule of Deferred Tax Assets and Liabilities [Line Items]
Carryforwards of net operating loss	$2,361	$284
Prepaid rent	437	313
Valuation allowance	-2,798	-597
Net deferred tax assets	$0	$0

Reconciliation_of_Income_Tax_B

Reconciliation of Income Tax Benefit (Expense) (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Reconciliation Of Income Taxes [Line Items]
Tax expense computed at federal statutory rate	($18,253)	($6,329)	($3,758)
Benefit of REIT election	18,253	6,344	3,746
State income tax expense	361	3	-5
Income tax expense	$361	$18	($17)
Tax expense computed at federal statutory rate	-35.00%	-35.00%	-35.00%
Benefit of REIT election	35.00%	35.08%	34.89%
State income tax expense	0.69%	0.02%	-0.05%
Income tax expense	0.69%	0.10%	-0.16%

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014
Income Taxes [Line Items]
Net operating loss carry-forwards for federal and state	12.3
Net operating loss carry-forwards expire in 2033
Income Taxes [Line Items]
Net operating loss carry-forwards for federal and state	0.8
Net operating loss carry-forwards expire in 2034
Income Taxes [Line Items]
Net operating loss carry-forwards for federal and state	11.5
Minimum
Income Taxes [Line Items]
Net Operating loss carry-forwards, expiration year	2033
Maximum
Income Taxes [Line Items]
Net Operating loss carry-forwards, expiration year	2034

Ground_and_Air_Rights_Leases_A

Ground and Air Rights Leases - Additional Information (Detail) (Ground and Air Rights Leases, USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Ground and Air Rights Leases
Operating Leased Assets [Line Items]
Operating lease rental expense	$500,000	$100,000	$0

Schedule_of_Future_Minimum_Lea1

Schedule of Future Minimum Lease Payments Under Ground and Air Rights Leases (Detail) (Ground and Air Rights Leases, USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified	Dec. 31, 2014
Ground and Air Rights Leases
Long-term Purchase Commitment [Line Items]
2015	$1,347
2016	1,371
2017	1,402
2018	1,428
2019	1,453
Thereafter	102,773
Total	$109,774

Tenants_that_Individually_Acco

Tenants that Individually Accounted for 10% or More of Total Revenues or Assets (Detail)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Total Revenue
Concentration Risk [Line Items]
Concentration risk, percentage	7.70%	[1]	26.50%	[1]	93.80%	[1]
Total Assets
Concentration Risk [Line Items]
Concentration risk, percentage	7.60%	[2]	15.30%	[2]

[1]	Includes contractual rental income from operating leases, capital reserve income, straight-line rent adjustments, and amortization of lease intangibles.
[2]	Represents net book value of real estate assets and lease intangibles associated with the property leased by the respective tenant as of the end of the period presented as a percentage of total assets.

Quarterly_Financial_Data_Detai

Quarterly Financial Data (Detail) (USD $)	3 Months Ended																12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014		Sep. 30, 2014		Jun. 30, 2014		Mar. 31, 2014		Dec. 31, 2013		Sep. 30, 2013		Jun. 30, 2013		Mar. 31, 2013		Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Quarterly Financial Information [Line Items]
Total revenues	$55,685		$49,660		$42,464		$33,275		$21,422		$14,772		$8,609		$7,802		$181,084		$52,605		$7,385
Operating loss	-6,179		-6,243		-3,381		-7,375		-5,515		-5,307		-2,302		-866		-23,178		-13,990		-6,043
Net loss attributable to common shareholders	($15,481)		($12,204)		($12,303)		($12,523)		($9,156)		($2,305)		($2,830)		($3,809)		($52,511)		($18,100)		($10,720)
Weighted average number of shares outstanding (basic and diluted)	105,452	[1]	87,344	[1]	75,173	[1]	65,273	[1]	56,828	[1]	46,130	[1]	34,801	[1]	26,604	[1]	83,457	[1]	41,197	[1]	13,199
Loss per share of common stock (basic and diluted)	($0.15)		($0.14)		($0.16)		($0.19)		($0.16)		($0.05)		($0.08)		($0.14)		($0.63)		($0.44)		($0.81)

[1]	For the purposes of determining the weighted average number of shares of common stock outstanding, stock distributions issued are treated as if they were outstanding for all periods presented.

Subsequent_Events_Additional_I

Subsequent Events - Additional Information (Detail) (USD $)	12 Months Ended			0 Months Ended			15 Months Ended	1 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Mar. 01, 2015	Feb. 01, 2015	Jan. 01, 2015	Mar. 18, 2015	Feb. 28, 2015
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Mar. 01, 2015	Feb. 01, 2015	Jan. 01, 2015	Mar. 18, 2015	sqft
Subsequent Event [Line Items]
Purchase Price	$905,282,000	$655,924,000
Stock distribution, shares	2,400,000	1,100,000	200,000
Cash Distribution
Subsequent Event [Line Items]
Cash and stock distribution to be paid and distributed, date	11-Mar-15
Stock Distribution
Subsequent Event [Line Items]
Cash and stock distribution to be paid and distributed, date	13-Mar-15
Subsequent Event
Subsequent Event [Line Items]
Additional subscription received							164,800,000
Additional subscription proceeds received, shares							15,600,000
Monthly cash distribution, per share				$0.04	$0.04	$0.04
Stock distribution, shares				0.0025	0.0025	0.0025
Subsequent Event \| UT Cancer Institute
Subsequent Event [Line Items]
Purchase Price								$33,700,000
Size of purchased Institute								100,104

Subsequent_Events_Additional_I1

Subsequent Events - Additional Information (Parenthetical) (Detail) (Subsequent Event, Southeast Medical Office Properties, 4-year forward interest rate swap, Mortgage Loans, USD $)	1 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Jan. 31, 2015	Jan. 31, 2015
Subsequent Event \| Southeast Medical Office Properties \| 4-year forward interest rate swap \| Mortgage Loans
Subsequent Event [Line Items]
Notional amount of derivative contract	$138,700	$138,700
Derivative contract, maturity period	4 years	4 years

Preliminary_Allocation_of_Purc

Preliminary Allocation of Purchase Price for Properties and Estimated Fair Values of Assets Acquired (Detail) (USD $)	Dec. 31, 2014		Dec. 31, 2013		Aug. 31, 2013	Feb. 28, 2015
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013		Aug. 31, 2013	Feb. 28, 2015
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items]
Land and land improvements	$60,565		$39,834		$1,100
Buildings and building improvements	732,740		555,342
Intangibles	110,325	[1]	50,333	[1]
Other liabilities	-1,000
Net assets acquired	875,196		656,431
Subsequent Event
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items]
Land and land improvements						419
Buildings and building improvements						27,660
Intangibles						6,000	[2]
Other liabilities						-419
Net assets acquired						$33,660

[1]	At the acquisition date, the weighted-average amortization period on the acquired lease intangibles for the years ended December 31, 2014 and 2013 were approximately 7.7 years and 4.6 years, respectively. The acquired lease intangibles during the year ended December 31, 2014 were comprised of approximately $97.3 million and $13.0 million of in-place lease intangibles and other lease intangibles, respectively, and the acquired lease intangibles during the year ended December 31, 2013 were comprised of approximately $42.5 million and $7.2 million of in-place lease intangibles and other lease intangibles, respectively.
[2]	The acquired lease intangibles were comprised of approximately $4.5 million and $1.5 million of in-place lease intangibles and other lease intangibles, respectively. At the acquisition date, the weighted-average amortization periods on these acquired lease intangibles were approximately 11.6 years and 39.0 years, respectively.

Preliminary_Allocation_of_Purc1

Preliminary Allocation of Purchase Price for Properties and Estimated Fair Values of Assets Acquired (Parenthetical) (Detail) (USD $)	12 Months Ended		1 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Feb. 28, 2015
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items]
Acquired other lease intangibles	$13	$7.20
Weighted-average amortization period on the acquired lease intangibles	7 years 8 months 12 days	4 years 7 months 6 days
Acquired lease intangibles	97.3	42.5
Subsequent Event \| Lease Intangibles
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items]
Weighted-average amortization period on the acquired lease intangibles			11 years 7 months 6 days
Acquired lease intangibles			4.5
Subsequent Event \| Other Intangibles
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items]
Acquired other lease intangibles			$1.50
Weighted-average amortization period on the acquired lease intangibles			39 years

Recovered_Sheet1

Schedule II-Valuation and Qualifying Accounts (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	($597)
Charged to Costs and Expenses	-2,201	-597
Charged to Other Accounts	0	0	0
Balance at End of Year	-2,798	-597
Valuation Allowance of Deferred Tax Assets
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	-597
Charged to Costs and Expenses	-2,201	-597
Charged to Other Accounts	0	0	0
Balance at End of Year	($2,798)	($597)

Recovered_Sheet2

Schedule III-Real Estate And Accumulated Depreciation (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013	Dec. 31, 2012
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$853,561
Initial Costs, Land & Land Improvements	138,942
Initial Costs, Buildings & Building Improvements	1,512,937
Costs Capitalized Subsequent to Acquisition, Land and Improvements	1,365
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	32,677
Costs Capitalized Subsequent to Acquisition, Construction in Process	35,508
Gross Amounts at which Carried at Close of period, Land & Land Improvements	140,307	[1]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	1,545,614	[1]
Gross Amounts at which Carried at Close of period, Construction in Process	35,508	[1]
Total	1,721,429	[1]	859,877	235,945
Accumulated Depreciation	-40,467		-11,011	-1,702
Primrose Retirement Community Casper, Wyoming
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,265	[2]
Initial Costs, Land & Land Improvements	1,910	[2]
Initial Costs, Buildings & Building Improvements	16,310	[2]
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	9	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	1,910	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	16,319	[1],[2]
Total	18,229	[1],[2]
Accumulated Depreciation	-1,222	[2]
Date of construction	2004	[2]
Date Acquired	16-Feb-12	[2]
Primrose Retirement Community Of Grand Island
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,653	[2]
Initial Costs, Land & Land Improvements	719	[2]
Initial Costs, Buildings & Building Improvements	12,140	[2]
Costs Capitalized Subsequent to Acquisition, Land and Improvements	25	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	744	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	12,140	[1],[2]
Total	12,884	[1],[2]
Accumulated Depreciation	-947	[2]
Date of construction	2005	[2]
Date Acquired	16-Feb-12	[2]
Primrose Retirement Community Mansfield, Ohio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,772	[2]
Initial Costs, Land & Land Improvements	650	[2]
Initial Costs, Buildings & Building Improvements	16,720	[2]
Costs Capitalized Subsequent to Acquisition, Land and Improvements	11	[2]
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	6	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	661	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	16,726	[1],[2]
Total	17,387	[1],[2]
Accumulated Depreciation	-1,292	[2]
Date of construction	2007	[2]
Date Acquired	16-Feb-12	[2]
Primrose Retirement Community Marion, Ohio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,765	[2]
Initial Costs, Land & Land Improvements	889	[2]
Initial Costs, Buildings & Building Improvements	16,305	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	889	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	16,305	[1],[2]
Total	17,194	[1],[2]
Accumulated Depreciation	-1,260	[2]
Date of construction	2006	[2]
Date Acquired	16-Feb-12	[2]
Sweetwater Retirement Community Billings Montana
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,605	[2]
Initial Costs, Land & Land Improvements	1,578	[2]
Initial Costs, Buildings & Building Improvements	14,205	[2]
Costs Capitalized Subsequent to Acquisition, Land and Improvements	17	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	1,595	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	14,205	[1],[2]
Total	15,800	[1],[2]
Accumulated Depreciation	-1,071	[2]
Date of construction	2006	[2]
Date Acquired	16-Feb-12	[2]
HarborChase Community Lady Lake, Florida
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,590	[2]
Initial Costs, Land & Land Improvements	2,165	[2]
Costs Capitalized Subsequent to Acquisition, Land and Improvements	986	[2]
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	15,424	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	3,151	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	15,424	[1],[2]
Total	18,575	[1],[2]
Accumulated Depreciation	-421	[2]
Date of construction	2013	[2]
Date Acquired	29-Aug-12	[2]
Dogwood Forest of Acworth
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,039	[2]
Initial Costs, Land & Land Improvements	1,750	[2]
Costs Capitalized Subsequent to Acquisition, Land and Improvements	277	[2]
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	15,994	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	2,027	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	15,994	[1],[2]
Total	18,021	[1],[2]
Accumulated Depreciation	-206	[2]
Date Acquired	18-Dec-12	[2]
Primrose Retirement Community Aberdeen, South Dakota
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land & Land Improvements	311	[2]
Initial Costs, Buildings & Building Improvements	3,794	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	311	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	3,794	[1],[2]
Total	4,105	[1],[2]
Accumulated Depreciation	-210	[2]
Date of construction	2005	[2]
Date Acquired	19-Dec-12	[2]
Primrose Retirement Community Council Bluffs, Iowa
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land & Land Improvements	1,144	[2]
Initial Costs, Buildings & Building Improvements	11,117	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	1,144	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	11,117	[1],[2]
Total	12,261	[1],[2]
Accumulated Depreciation	-634	[2]
Date of construction	2008	[2]
Date Acquired	19-Dec-12	[2]
Primrose Retirement Community Decatur, Illinois
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,765	[2]
Initial Costs, Land & Land Improvements	513	[2]
Initial Costs, Buildings & Building Improvements	16,706	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	513	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	16,706	[1],[2]
Total	17,219	[1],[2]
Accumulated Depreciation	-906	[2]
Date of construction	2009	[2]
Date Acquired	19-Dec-12	[2]
Primrose Retirement Community Lima, Ohio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land & Land Improvements	944	[2]
Initial Costs, Buildings & Building Improvements	17,115	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	944	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	17,115	[1],[2]
Total	18,059	[1],[2]
Accumulated Depreciation	-931	[2]
Date of construction	2006	[2]
Date Acquired	19-Dec-12	[2]
Primrose Retirement Community Zanesville, Ohio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,149	[2]
Initial Costs, Land & Land Improvements	1,184	[2]
Initial Costs, Buildings & Building Improvements	17,292	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	1,184	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	17,292	[1],[2]
Total	18,476	[1],[2]
Accumulated Depreciation	-941	[2]
Date of construction	2008	[2]
Date Acquired	19-Dec-12	[2]
Capital Health of Symphony Manor Baltimore, Maryland
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,632	[2]
Initial Costs, Land & Land Improvements	2,319	[2]
Initial Costs, Buildings & Building Improvements	19,444	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	2,319	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	19,444	[1],[2]
Total	21,763	[1],[2]
Accumulated Depreciation	-1,039	[2]
Date of construction	2011	[2]
Date Acquired	21-Dec-12	[2]
Curry House Assisted Living & Memory Care Cadillac, Michigan
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,013	[2]
Initial Costs, Land & Land Improvements	995	[2]
Initial Costs, Buildings & Building Improvements	11,072	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	995	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	11,072	[1],[2]
Total	12,067	[1],[2]
Accumulated Depreciation	-601	[2]
Date of construction	1966	[2]
Date Acquired	21-Dec-12	[2]
Tranquillity at Fredericktowne, Maryland
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,234	[2]
Initial Costs, Land & Land Improvements	808	[2]
Initial Costs, Buildings & Building Improvements	14,291	[2]
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	29	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	808	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	14,320	[1],[2]
Total	15,128	[1],[2]
Accumulated Depreciation	-764	[2]
Date of construction	2000	[2]
Date Acquired	21-Dec-12	[2]
Brookridge Heights Assisted Living and Memory Care Marquette, Michigan
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,394	[2]
Initial Costs, Land & Land Improvements	595	[2]
Initial Costs, Buildings & Building Improvements	11,339	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	595	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	11,339	[1],[2]
Total	11,934	[1],[2]
Accumulated Depreciation	-605	[2]
Date of construction	1998	[2]
Date Acquired	21-Dec-12	[2]
Woodholme Gardens Assisted Living and Memory Care Pikesville, Maryland
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,409	[2]
Initial Costs, Land & Land Improvements	1,603	[2]
Initial Costs, Buildings & Building Improvements	13,472	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	1,603	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	13,472	[1],[2]
Total	15,075	[1],[2]
Accumulated Depreciation	-728	[2]
Date of construction	2010	[2]
Date Acquired	21-Dec-12	[2]
Batesville Healthcare Center Batesville, Arkansas
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,300	[2]
Initial Costs, Land & Land Improvements	397	[2]
Initial Costs, Buildings & Building Improvements	5,382	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	397	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	5,382	[1],[2]
Total	5,779	[1],[2]
Accumulated Depreciation	-222	[2]
Date of construction	1975	[2]
Date Acquired	31-May-13	[2]
Broadway Healthcare Center West Memphis, Arkansas
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,300	[2]
Initial Costs, Land & Land Improvements	438	[2]
Initial Costs, Buildings & Building Improvements	10,560	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	438	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	10,560	[1],[2]
Total	10,998	[1],[2]
Accumulated Depreciation	-436	[2]
Date of construction	1994	[2]
Date Acquired	31-May-13	[2]
Jonesboro Healthcare Center Jonesboro, Arkansas
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,100	[2]
Initial Costs, Land & Land Improvements	527	[2]
Initial Costs, Buildings & Building Improvements	13,493	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	527	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	13,493	[1],[2]
Total	14,020	[1],[2]
Accumulated Depreciation	-556	[2]
Date of construction	2012	[2]
Date Acquired	31-May-13	[2]
Magnolia Healthcare Center Magnolia, Arkansas
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,300	[2]
Initial Costs, Land & Land Improvements	421	[2]
Initial Costs, Buildings & Building Improvements	10,454	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	421	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	10,454	[1],[2]
Total	10,875	[1],[2]
Accumulated Depreciation	-438	[2]
Date of construction	2009	[2]
Date Acquired	31-May-13	[2]
Mine Creek Healthcare Center Nashville, Arkansas
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,800	[2]
Initial Costs, Land & Land Improvements	135	[2]
Initial Costs, Buildings & Building Improvements	2,942	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	135	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	2,942	[1],[2]
Total	3,077	[1],[2]
Accumulated Depreciation	-127	[2]
Date of construction	1978	[2]
Date Acquired	31-May-13	[2]
Searcy Healthcare Center Searcy, Arkansas
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,200	[2]
Initial Costs, Land & Land Improvements	648	[2]
Initial Costs, Buildings & Building Improvements	6,017	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	648	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	6,017	[1],[2]
Total	6,665	[1],[2]
Accumulated Depreciation	-254	[2]
Date of construction	1973	[2]
Date Acquired	31-May-13	[2]
LaPorte Cancer Center Westville, Indiana
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,221	[2]
Initial Costs, Land & Land Improvements	433	[2]
Initial Costs, Buildings & Building Improvements	10,846	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	433	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	10,846	[1],[2]
Total	11,279	[1],[2]
Accumulated Depreciation	-460	[2]
Date of construction	2010	[2]
Date Acquired	14-Jun-13	[2]
Jefferson Medical Commons Jefferson City, Tennessee
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,825	[2]
Initial Costs, Land & Land Improvements	151	[2]
Initial Costs, Buildings & Building Improvements	10,236	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	151	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	10,236	[1],[2]
Total	10,387	[1],[2]
Accumulated Depreciation	-409	[2]
Date of construction	2001	[2]
Date Acquired	10-Jul-13	[2]
Physicians Plaza A at North Knoxville Medical Center Powell, Tennessee
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,209	[2]
Initial Costs, Land & Land Improvements	262	[2]
Initial Costs, Buildings & Building Improvements	16,976	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	262	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	16,976	[1],[2]
Total	17,238	[1],[2]
Accumulated Depreciation	-679	[2]
Date of construction	2005	[2]
Date Acquired	10-Jul-13	[2]
Physicians Plaza B at North Knoxville Medical Center Powell, Tennessee
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,685	[2]
Initial Costs, Land & Land Improvements	303	[2]
Initial Costs, Buildings & Building Improvements	18,754	[2]
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	312	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	303	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	19,066	[1],[2]
Total	19,369	[1],[2]
Accumulated Depreciation	-753	[2]
Date of construction	2008	[2]
Date Acquired	10-Jul-13	[2]
Physicians Regional Medical Center - Central Wing Annex Knoxville, Tennessee
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,890	[2]
Initial Costs, Land & Land Improvements	73	[2]
Initial Costs, Buildings & Building Improvements	5,285	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	73	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	5,285	[1],[2]
Total	5,358	[1],[2]
Accumulated Depreciation	-210	[2]
Date of construction	2004	[2]
Date Acquired	10-Jul-13	[2]
HarborChase of Jasper Jasper, Alabama
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land & Land Improvements	355	[2]
Initial Costs, Buildings & Building Improvements	6,358	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	355	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	6,358	[1],[2]
Total	6,713	[1],[2]
Accumulated Depreciation	-239	[2]
Date of construction	1998	[2]
Date Acquired	31-Jul-13	[2]
Chestnut Commons Medical Office Building Elyria, Ohio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,503	[2]
Initial Costs, Land & Land Improvements	2,053	[2]
Initial Costs, Buildings & Building Improvements	15,650	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	2,053	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	15,650	[1],[2]
Total	17,703	[1],[2]
Accumulated Depreciation	-615	[2]
Date of construction	2008	[2]
Date Acquired	16-Aug-13	[2]
Doctor's Specialty Hospital Leawood, Kansas
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,385	[2]
Initial Costs, Land & Land Improvements	924	[2]
Initial Costs, Buildings & Building Improvements	5,771	[2]
Costs Capitalized Subsequent to Acquisition, Land and Improvements	16	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	940	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	5,771	[1],[2]
Total	6,711	[1],[2]
Accumulated Depreciation	-220	[2]
Date of construction	2001	[2]
Date Acquired	16-Aug-13	[2]
Escondido Medical Arts Center Escondido, California
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,742	[2]
Initial Costs, Land & Land Improvements	1,863	[2]
Initial Costs, Buildings & Building Improvements	12,199	[2]
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	23	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	1,863	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	12,222	[1],[2]
Total	14,085	[1],[2]
Accumulated Depreciation	-430	[2]
Date of construction	1994	[2]
Date Acquired	16-Aug-13	[2]
John C. Lincoln Medical Office Plaza I Phoenix, Arizona
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,794	[2]
Initial Costs, Land & Land Improvements	233	[2]
Initial Costs, Buildings & Building Improvements	2,779	[2]
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	13	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	233	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	2,792	[1],[2]
Total	3,025	[1],[2]
Accumulated Depreciation	-116	[2]
Date of construction	1980	[2]
Date Acquired	16-Aug-13	[2]
John C. Lincoln Medical Office Plaza II Phoenix, Arizona
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,863	[2]
Initial Costs, Land & Land Improvements	138	[2]
Initial Costs, Buildings & Building Improvements	1,908	[2]
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	49	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	138	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	1,957	[1],[2]
Total	2,095	[1],[2]
Accumulated Depreciation	-77	[2]
Date of construction	1984	[2]
Date Acquired	16-Aug-13	[2]
North Mountain Medical Plaza Phoenix, Arizona
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,432	[2]
Initial Costs, Land & Land Improvements	297	[2]
Initial Costs, Buildings & Building Improvements	4,079	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	297	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	4,079	[1],[2]
Total	4,376	[1],[2]
Accumulated Depreciation	-166	[2]
Date of construction	1994	[2]
Date Acquired	16-Aug-13	[2]
Raider Ranch Development (Lubbock, TX)
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1	[2]
Initial Costs, Land & Land Improvements	1,992	[2]
Initial Costs, Buildings & Building Improvements	48,818	[2]
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	23	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	1,992	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	48,841	[1],[2]
Total	50,833	[1],[2]
Accumulated Depreciation	-1,714	[2]
Date of construction	2009	[2]
Date Acquired	29-Aug-13	[2]
The Club at Raider Ranch Development Lubbock, Texas
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land & Land Improvements	3,000	[2]
Costs Capitalized Subsequent to Acquisition, Construction in Process	4,001	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	3,000	[1],[2]
Gross Amounts at which Carried at Close of period, Construction in Process	4,001	[1],[2]
Total	7,001	[1],[2]
Date Acquired	29-Aug-13	[2]
Town Village Oklahoma City, Oklahoma
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land & Land Improvements	1,020	[2]
Initial Costs, Buildings & Building Improvements	19,847	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	1,020	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	19,847	[1],[2]
Total	20,867	[1],[2]
Accumulated Depreciation	-689	[2]
Date of construction	2004	[2]
Date Acquired	29-Aug-13	[2]
Calvert Medical Arts Center Prince Frederick, Maryland
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,581	[2]
Initial Costs, Land & Land Improvements	20	[2]
Initial Costs, Buildings & Building Improvements	17,838	[2]
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	72	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	20	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	17,910	[1],[2]
Total	17,930	[1],[2]
Accumulated Depreciation	-614	[2]
Date of construction	2009	[2]
Date Acquired	30-Aug-13	[2]
Calvert Medical Office Building I, II, III Prince Frederick, Maryland
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,686	[2]
Initial Costs, Land & Land Improvements	51	[2]
Initial Costs, Buildings & Building Improvements	14,334	[2]
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	273	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	51	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	14,607	[1],[2]
Total	14,658	[1],[2]
Accumulated Depreciation	-502	[2]
Date Acquired	30-Aug-13	[2]
Calvert Medical Office Building I Prince Frederick, Maryland
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Date of construction	1991	[2]
Calvert Medical Office Building II Prince Frederick, Maryland
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Date of construction	1999	[2]
Calvert Medical Office Building III Prince Frederick, Maryland
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Date of construction	2000	[2]
Dunkirk Medical Center Dunkirk, Maryland
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,007	[2]
Initial Costs, Land & Land Improvements	351	[2]
Initial Costs, Buildings & Building Improvements	2,991	[2]
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	10	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	351	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	3,001	[1],[2]
Total	3,352	[1],[2]
Accumulated Depreciation	-133	[2]
Date of construction	1997	[2]
Date Acquired	30-Aug-13	[2]
Prestige Senior Living Beaverton Hills
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,465	[2]
Initial Costs, Land & Land Improvements	1,387	[2]
Initial Costs, Buildings & Building Improvements	10,324	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	1,387	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	10,324	[1],[2]
Total	11,711	[1],[2]
Accumulated Depreciation	-301	[2]
Date of construction	2000	[2]
Date Acquired	2-Dec-13	[2]
Prestige Senior Living High Desert
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,188	[2]
Initial Costs, Land & Land Improvements	835	[2]
Initial Costs, Buildings & Building Improvements	11,252	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	835	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	11,252	[1],[2]
Total	12,087	[1],[2]
Accumulated Depreciation	-341	[2]
Date of construction	2003	[2]
Date Acquired	2-Dec-13	[2]
MorningStar of Billings
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,164	[2]
Initial Costs, Land & Land Improvements	4,067	[2]
Initial Costs, Buildings & Building Improvements	41,373	[2]
Costs Capitalized Subsequent to Acquisition, Land and Improvements	5	[2]
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	2	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	4,072	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	41,375	[1],[2]
Total	45,447	[1],[2]
Accumulated Depreciation	-1,269	[2]
Date of construction	2009	[2]
Date Acquired	2-Dec-13	[2]
MorningStar of Boise
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	21,524	[2]
Initial Costs, Land & Land Improvements	1,663	[2]
Initial Costs, Buildings & Building Improvements	35,752	[2]
Costs Capitalized Subsequent to Acquisition, Land and Improvements	12	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	1,675	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	35,752	[1],[2]
Total	37,427	[1],[2]
Accumulated Depreciation	-1,035	[2]
Date of construction	2007	[2]
Date Acquired	2-Dec-13	[2]
Prestige Senior Living Huntington Terrace
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,484	[2]
Initial Costs, Land & Land Improvements	1,236	[2]
Initial Costs, Buildings & Building Improvements	12,083	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	1,236	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	12,083	[1],[2]
Total	13,319	[1],[2]
Accumulated Depreciation	-358	[2]
Date of construction	2000	[2]
Date Acquired	2-Dec-13	[2]
MorningStar of Idaho Falls
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,414	[2]
Initial Costs, Land & Land Improvements	2,006	[2]
Initial Costs, Buildings & Building Improvements	40,397	[2]
Costs Capitalized Subsequent to Acquisition, Land and Improvements	5	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	2,011	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	40,397	[1],[2]
Total	42,408	[1],[2]
Accumulated Depreciation	-1,193	[2]
Date of construction	2009	[2]
Date Acquired	2-Dec-13	[2]
Prestige Senior Living Arbor Place
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,429	[2]
Initial Costs, Land & Land Improvements	355	[2]
Initial Costs, Buildings & Building Improvements	14,083	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	355	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	14,083	[1],[2]
Total	14,438	[1],[2]
Accumulated Depreciation	-407	[2]
Date of construction	2003	[2]
Date Acquired	2-Dec-13	[2]
Prestige Senior Living Orchard Heights
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,659	[2]
Initial Costs, Land & Land Improvements	545	[2]
Initial Costs, Buildings & Building Improvements	15,544	[2]
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	8	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	545	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	15,552	[1],[2]
Total	16,097	[1],[2]
Accumulated Depreciation	-444	[2]
Date of construction	2002	[2]
Date Acquired	2-Dec-13	[2]
Prestige Senior Living Southern Hills
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,694	[2]
Initial Costs, Land & Land Improvements	653	[2]
Initial Costs, Buildings & Building Improvements	10,753	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	653	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	10,753	[1],[2]
Total	11,406	[1],[2]
Accumulated Depreciation	-314	[2]
Date of construction	2001	[2]
Date Acquired	2-Dec-13	[2]
MorningStar of Sparks
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	24,405	[2]
Initial Costs, Land & Land Improvements	3,986	[2]
Initial Costs, Buildings & Building Improvements	47,968	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	3,986	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	47,968	[1],[2]
Total	51,954	[1],[2]
Accumulated Depreciation	-1,430	[2]
Date of construction	2009	[2]
Date Acquired	2-Dec-13	[2]
Prestige Senior Living Five Rivers
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,931	[2]
Initial Costs, Land & Land Improvements	1,298	[2]
Initial Costs, Buildings & Building Improvements	14,064	[2]
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	48	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	1,298	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	14,112	[1],[2]
Total	15,410	[1],[2]
Accumulated Depreciation	-434	[2]
Date of construction	2002	[2]
Date Acquired	2-Dec-13	[2]
Prestige Senior Living Riverwood
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,601	[2]
Initial Costs, Land & Land Improvements	1,028	[2]
Initial Costs, Buildings & Building Improvements	7,429	[2]
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	37	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	1,028	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	7,466	[1],[2]
Total	8,494	[1],[2]
Accumulated Depreciation	-225	[2]
Date of construction	1999	[2]
Date Acquired	2-Dec-13	[2]
Chula Vista Medical Arts Center - Plaza I
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land & Land Improvements	2,462	[2]
Initial Costs, Buildings & Building Improvements	7,453	[2]
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	234	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	2,462	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	7,687	[1],[2]
Total	10,149	[1],[2]
Accumulated Depreciation	-205	[2]
Date of construction	1985	[2]
Date Acquired	23-Dec-13	[2]
Coral Springs Medical Office Building I
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land & Land Improvements	2,614	[2]
Initial Costs, Buildings & Building Improvements	11,220	[2]
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	1	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	2,614	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	11,221	[1],[2]
Total	13,835	[1],[2]
Accumulated Depreciation	-332	[2]
Date of construction	2005	[2]
Date Acquired	23-Dec-13	[2]
Coral Springs Medical Office Building II
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land & Land Improvements	2,614	[2]
Initial Costs, Buildings & Building Improvements	12,130	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	2,614	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	12,130	[1],[2]
Total	14,744	[1],[2]
Accumulated Depreciation	-332	[2]
Date of construction	2008	[2]
Date Acquired	23-Dec-13	[2]
Chula Vista Medical Arts Center, Chula Vista, California
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land & Land Improvements	6,130	[2]
Initial Costs, Buildings & Building Improvements	10,293	[2]
Costs Capitalized Subsequent to Acquisition, Land and Improvements	3	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	6,133	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	10,293	[1],[2]
Total	16,426	[1],[2]
Accumulated Depreciation	-260	[2]
Date of construction	1975	[2]
Date Acquired	21-Jan-14	[2]
Prestige Senior Living Auburn Meadows
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,810	[2]
Initial Costs, Land & Land Improvements	2,537	[2]
Initial Costs, Buildings & Building Improvements	17,261	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	2,537	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	17,261	[1],[2]
Total	19,798	[1],[2]
Accumulated Depreciation	-433	[2]
Date Acquired	3-Feb-14	[2]
Prestige Senior Living Auburn Meadows One
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Date of construction	2003
Prestige Senior Living Auburn Meadows Two
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Date of construction	2010
Prestige Senior Living Bridgewood
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,514	[2]
Initial Costs, Land & Land Improvements	1,603	[2]
Initial Costs, Buildings & Building Improvements	18,172	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	1,603	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	18,172	[1],[2]
Total	19,775	[1],[2]
Accumulated Depreciation	-452	[2]
Date of construction	2001	[2]
Date Acquired	3-Feb-14	[2]
Prestige Senior Living Monticello Park
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,855	[2]
Initial Costs, Land & Land Improvements	1,981	[2]
Initial Costs, Buildings & Building Improvements	23,056	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	1,981	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	23,056	[1],[2]
Total	25,037	[1],[2]
Accumulated Depreciation	-566	[2]
Date Acquired	3-Feb-14	[2]
Prestige Senior Living Monticello Park One
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Date of construction	2001
Prestige Senior Living Monticello Park Two
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Date of construction	2010
Prestige Senior Living Rosemont
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,737	[2]
Initial Costs, Land & Land Improvements	668	[2]
Initial Costs, Buildings & Building Improvements	14,564	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	668	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	14,564	[1],[2]
Total	15,232	[1],[2]
Accumulated Depreciation	-353	[2]
Date of construction	2004	[2]
Date Acquired	3-Feb-14	[2]
Wellmore of Tega Cay (Tega Cay, SC)
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,008	[2]
Initial Costs, Land & Land Improvements	2,445	[2]
Costs Capitalized Subsequent to Acquisition, Construction in Process	19,753	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	2,445	[1],[2]
Gross Amounts at which Carried at Close of period, Construction in Process	19,753	[1],[2]
Total	22,198	[1],[2]
Date Acquired	7-Feb-14	[2]
Isle at Cedar Ridge
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land & Land Improvements	1,525	[2]
Initial Costs, Buildings & Building Improvements	16,277	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	1,525	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	16,277	[1],[2]
Total	17,802	[1],[2]
Accumulated Depreciation	-379	[2]
Date of construction	2011	[2]
Date Acquired	28-Feb-14	[2]
Prestige Senior Living West Hills
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,031	[2]
Initial Costs, Land & Land Improvements	842	[2]
Initial Costs, Buildings & Building Improvements	12,603	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	842	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	12,603	[1],[2]
Total	13,445	[1],[2]
Accumulated Depreciation	-293	[2]
Date of construction	2002	[2]
Date Acquired	3-Mar-14	[2]
HarborChase of Plainfield
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land & Land Improvements	1,596	[2]
Initial Costs, Buildings & Building Improvements	21,832	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	1,596	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	21,832	[1],[2]
Total	23,428	[1],[2]
Accumulated Depreciation	-444	[2]
Date of construction	2010	[2]
Date Acquired	28-Mar-14	[2]
Legacy Ranch Alzheimer's Special Care Center
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land & Land Improvements	917	[2]
Initial Costs, Buildings & Building Improvements	9,982	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	917	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	9,982	[1],[2]
Total	10,899	[1],[2]
Accumulated Depreciation	-207	[2]
Date of construction	2012	[2]
Date Acquired	28-Mar-14	[2]
The Springs Alzheimer's Special Care Center
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land & Land Improvements	595	[2]
Initial Costs, Buildings & Building Improvements	9,658	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	595	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	9,658	[1],[2]
Total	10,253	[1],[2]
Accumulated Depreciation	-200	[2]
Date of construction	2012	[2]
Date Acquired	28-Mar-14	[2]
Isle at Watercrest - Bryan
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land & Land Improvements	714	[2]
Initial Costs, Buildings & Building Improvements	18,140	[2]
Costs Capitalized Subsequent to Acquisition, Land and Improvements	4	[2]
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	3	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	718	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	18,143	[1],[2]
Total	18,861	[1],[2]
Accumulated Depreciation	-324	[2]
Date of construction	2011	[2]
Date Acquired	21-Apr-14	[2]
Watercrest at Bryan
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land & Land Improvements	2,509	[2]
Initial Costs, Buildings & Building Improvements	22,441	[2]
Costs Capitalized Subsequent to Acquisition, Land and Improvements	4	[2]
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	9	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	2,513	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	22,450	[1],[2]
Total	24,963	[1],[2]
Accumulated Depreciation	-433	[2]
Date of construction	2009	[2]
Date Acquired	21-Apr-14	[2]
Isle at Watercrest - Mansfield
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land & Land Improvements	997	[2]
Initial Costs, Buildings & Building Improvements	24,635	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	997	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	24,635	[1],[2]
Total	25,632	[1],[2]
Accumulated Depreciation	-436	[2]
Date of construction	2011	[2]
Date Acquired	5-May-14	[2]
Houston Orthopedic & Spine Hospital
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	31,995	[2]
Initial Costs, Land & Land Improvements	3,867	[2]
Initial Costs, Buildings & Building Improvements	32,761	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	3,867	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	32,761	[1],[2]
Total	36,628	[1],[2]
Accumulated Depreciation	-498	[2]
Date of construction	2007	[2]
Date Acquired	2-Jun-14	[2]
Houston Orthopedic & Spine Hospital Medical Office Building
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	17,630	[2]
Initial Costs, Land & Land Improvements	3,738	[2]
Initial Costs, Buildings & Building Improvements	20,525	[2]
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	63	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	3,738	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	20,588	[1],[2]
Total	24,326	[1],[2]
Accumulated Depreciation	-315	[2]
Date of construction	2007	[2]
Date Acquired	2-Jun-14	[2]
Watercrest at Katy (Katy, TX)
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land & Land Improvements	4,000	[2]
Costs Capitalized Subsequent to Acquisition, Construction in Process	4,614	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	4,000	[1],[2]
Gross Amounts at which Carried at Close of period, Construction in Process	4,614	[1],[2]
Total	8,614	[1],[2]
Date Acquired	27-Jun-14	[2]
Watercrest at Mansfield
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	27,423	[2]
Initial Costs, Land & Land Improvements	2,191	[2]
Initial Costs, Buildings & Building Improvements	42,740	[2]
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	28	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	2,191	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	42,768	[1],[2]
Total	44,959	[1],[2]
Accumulated Depreciation	-571	[2]
Date of construction	2010	[2]
Date Acquired	30-Jun-14	[2]
HarborChase Of Shorewood (Shorewood, WI)
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land & Land Improvements	2,200	[2]
Costs Capitalized Subsequent to Acquisition, Construction in Process	7,140	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	2,200	[1],[2]
Gross Amounts at which Carried at Close of period, Construction in Process	7,140	[1],[2]
Total	9,340	[1],[2]
Date Acquired	8-Jul-14	[2]
Oklahoma City Inpatient Rehabilitation Hospital
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,560	[2]
Initial Costs, Land & Land Improvements	3,341	[2]
Initial Costs, Buildings & Building Improvements	19,249	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	3,341	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	19,249	[1],[2]
Total	22,590	[1],[2]
Accumulated Depreciation	-271	[2]
Date of construction	2012	[2]
Date Acquired	15-Jul-14	[2]
Las Vegas Inpatient Rehabilitation Hospital
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,475	[2]
Initial Costs, Land & Land Improvements	2,650	[2]
Initial Costs, Buildings & Building Improvements	16,979	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	2,650	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	16,979	[1],[2]
Total	19,629	[1],[2]
Accumulated Depreciation	-242	[2]
Date of construction	2007	[2]
Date Acquired	15-Jul-14	[2]
South Bend Inpatient Rehabilitation Hospital
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,142	[2]
Initial Costs, Land & Land Improvements	2,339	[2]
Initial Costs, Buildings & Building Improvements	16,239	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	2,339	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	16,239	[1],[2]
Total	18,578	[1],[2]
Accumulated Depreciation	-234	[2]
Date of construction	2009	[2]
Date Acquired	15-Jul-14	[2]
Beaumont Specialty Hospital
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	21,817	[2]
Initial Costs, Land & Land Improvements	2,749	[2]
Initial Costs, Buildings & Building Improvements	28,863	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	2,749	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	28,863	[1],[2]
Total	31,612	[1],[2]
Accumulated Depreciation	-324	[2]
Date of construction	2013	[2]
Date Acquired	15-Aug-14	[2]
Hurst Specialty Hospital
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,132	[2]
Initial Costs, Land & Land Improvements	2,510	[2]
Initial Costs, Buildings & Building Improvements	24,091	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	2,510	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	24,091	[1],[2]
Total	26,601	[1],[2]
Accumulated Depreciation	-271	[2]
Date Acquired	15-Aug-14	[2]
Hurst Specialty Hospital One
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Date of construction	2004
Hurst Specialty Hospital Two
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Date of construction	2012
Claremont Medical Office
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,392	[2]
Initial Costs, Land & Land Improvements	6,324	[2]
Initial Costs, Buildings & Building Improvements	13,533	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	6,324	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	13,533	[1],[2]
Total	19,857	[1],[2]
Accumulated Depreciation	-133	[2]
Date of construction	2008	[2]
Date Acquired	29-Aug-14	[2]
Lee Hughes Medical Building
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,162	[2]
Initial Costs, Land & Land Improvements	69	[2]
Initial Costs, Buildings & Building Improvements	22,967	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	69	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	22,967	[1],[2]
Total	23,036	[1],[2]
Accumulated Depreciation	-148	[2]
Date of construction	2008	[2]
Date Acquired	29-Sep-14	[2]
Newburyport Medical Center
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land & Land Improvements	2,614	[2]
Initial Costs, Buildings & Building Improvements	12,135	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	2,614	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	12,135	[1],[2]
Total	14,749	[1],[2]
Accumulated Depreciation	-62	[2]
Date of construction	2008	[2]
Date Acquired	31-Oct-14	[2]
Northwest Medical Park
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,129	[2]
Initial Costs, Land & Land Improvements	610	[2]
Initial Costs, Buildings & Building Improvements	6,170	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	610	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	6,170	[1],[2]
Total	6,780	[1],[2]
Accumulated Depreciation	-33	[2]
Date of construction	2004	[2]
Date Acquired	31-Oct-14	[2]
Fairfield Village of Layton
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land & Land Improvements	5,217	[2]
Initial Costs, Buildings & Building Improvements	54,167	[2]
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	7	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	5,217	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	54,174	[1],[2]
Total	59,391	[1],[2]
Accumulated Depreciation	-128	[2]
Date of construction	2010	[2]
Date Acquired	20-Nov-14	[2]
ProMed Medical Building I
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land & Land Improvements	2,486	[2]
Initial Costs, Buildings & Building Improvements	6,728	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	2,486	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	6,728	[1],[2]
Total	9,214	[1],[2]
Date of construction	2006	[2]
Date Acquired	19-Dec-14	[2]
Midtown Medical Plaza
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	30,223	[2]
Initial Costs, Land & Land Improvements	10	[2]
Initial Costs, Buildings & Building Improvements	51,237	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	10	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	51,237	[1],[2]
Total	51,247	[1],[2]
Date of construction	1994	[2]
Date Acquired	22-Dec-14	[2]
Presbyterian Medical Tower
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,089	[2]
Initial Costs, Land & Land Improvements	40	[2]
Initial Costs, Buildings & Building Improvements	32,345	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	40	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	32,345	[1],[2]
Total	32,385	[1],[2]
Date of construction	1989	[2]
Date Acquired	22-Dec-14	[2]
Metroview Professional Building
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,543	[2]
Initial Costs, Land & Land Improvements	11	[2]
Initial Costs, Buildings & Building Improvements	15,910	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	11	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	15,910	[1],[2]
Total	15,921	[1],[2]
Date of construction	1971	[2]
Date Acquired	22-Dec-14	[2]
Physicians Plaza Huntersville
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,775	[2]
Initial Costs, Land & Land Improvements	520	[2]
Initial Costs, Buildings & Building Improvements	26,134	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	520	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	26,134	[1],[2]
Total	26,654	[1],[2]
Date of construction	2004	[2]
Date Acquired	22-Dec-14	[2]
Matthews Medical Office Building
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,770	[2]
Initial Costs, Land & Land Improvements	350	[2]
Initial Costs, Buildings & Building Improvements	19,624	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	350	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	19,624	[1],[2]
Total	19,974	[1],[2]
Date of construction	1994	[2]
Date Acquired	22-Dec-14	[2]
Outpatient Care Center
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,990	[2]
Initial Costs, Land & Land Improvements	1,169	[2]
Initial Costs, Buildings & Building Improvements	12,079	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	1,169	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	12,079	[1],[2]
Total	13,248	[1],[2]
Date of construction	2012	[2]
Date Acquired	22-Dec-14	[2]
Clyde, NC ("Asheville") 330 Physicians Center
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,471	[2]
Initial Costs, Land & Land Improvements	12	[2]
Initial Costs, Buildings & Building Improvements	26,868	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	12	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	26,868	[1],[2]
Total	26,880	[1],[2]
Date Acquired	22-Dec-14	[2]
Clyde, NC ("Asheville") 330 Physicians Center one
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Date of construction	1987
Clyde, NC ("Asheville") 330 Physicians Center Two
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Date of construction	2005
Spivey Station Physicians Center
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,010	[2]
Initial Costs, Land & Land Improvements	1,026	[2]
Initial Costs, Buildings & Building Improvements	12,246	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	1,026	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	12,246	[1],[2]
Total	13,272	[1],[2]
Date of construction	2007	[2]
Date Acquired	22-Dec-14	[2]
Spivey Station ASC Building
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,811	[2]
Initial Costs, Land & Land Improvements	929	[2]
Initial Costs, Buildings & Building Improvements	13,769	[2]
Gross Amounts at which Carried at Close of period, Land & Land Improvements	929	[1],[2]
Gross Amounts at which Carried at Close of period, Building & Building Improvements	13,769	[1],[2]
Total	$14,698	[1],[2]
Date of construction	2009	[2]
Date Acquired	22-Dec-14	[2]

[1]	The aggregate cost for federal income tax purposes is approximately $1.9 billion.
[2]	Buildings and building improvements are depreciated over 39 and 15 years, respectively. Tenant improvements are depreciated over the terms of their respective leases.

Schedule_IIIReal_Estate_And_Ac1

Schedule III-Real Estate And Accumulated Depreciation Transactions in Real Estate and Accumulated Depreciation (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013	Dec. 31, 2012
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real Estate gross carrying value, Beginning Balance	$859,877		$235,945
Acquisitions	822,305		598,176	231,398
Improvements	39,247		25,756	4,547
Real Estate gross carrying value, Ending Balance	1,721,429	[1]	859,877	235,945
Real Estate accumulated depreciation, Beginning Balance	-11,011		-1,702
Depreciation	-29,456		-9,309	-1,702
Real Estate accumulated depreciation, Ending Balance	($40,467)		($11,011)	($1,702)

[1]	The aggregate cost for federal income tax purposes is approximately $1.9 billion.

Schedule_IIIReal_Estate_And_Ac2

Schedule III-Real Estate And Accumulated Depreciation (Parenthetical) (Detail) (USD $)	12 Months Ended
In Billions, unless otherwise specified	Dec. 31, 2014
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Aggregate cost for federal income tax purpose	1.9
Building
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Buildings and improvements useful life	39 years
Building Improvements
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Buildings and improvements useful life	15 years

Recovered_Sheet3

Schedule IV-Mortgage Loans On Real Estate (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Mortgage Loans on Real Estate [Line Items]
Balance at beginning of year	$3,949
New mortgage loans and additional advances	2,065	3,741
Accrued and deferred interest	288	124
Loan origination costs, net		84
Collection of principal	-6,302
Balance at end of year		$3,949