CNL Healthcare Properties (CHTH) 10-Q13 May 152015 Q1 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2015	4-May-15
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Entity Registrant Name	CNL Healthcare Properties, Inc.
Entity Central Index Key	1496454
Current Fiscal Year End Date	-19
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		141,164,264

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Real estate assets:
Real estate investment properties, net (including VIEs $173,192 and $174,449, respectively)	$1,712,979	$1,657,500
Real estate under development, including land (including VIEs $66,013 and $47,153, respectively)	66,013	47,153
Total real estate assets, net	1,778,992	1,704,653
Intangibles, net (including VIEs $24,673 and $25,519, respectively)	130,555	140,264
Cash (including VIEs $3,911 and $6,280, respectively)	116,365	91,355
Other assets (including VIEs $1,974 and $511, respectively)	22,150	19,738
Loan costs, net (including VIEs $2,243 and $2,300, respectively)	13,096	14,012
Deferred rent and lease incentives (including VIEs $3,296 and $2,978, respectively)	9,321	8,240
Restricted cash (including VIEs $2,594 and $5,304, respectively)	7,779	10,753
Total assets	2,078,258	1,989,015
Liabilities:
Mortgages and other notes payable, net (including VIEs $146,298 and $137,754, respectively)	837,847	853,561
Credit facilities	175,000	206,403
Accounts payable and accrued expenses (including VIEs $11,725 and $10,487, respectively)	33,431	29,443
Other liabilities (including VIEs $5,756 and $4,949, respectively)	28,387	27,448
Total liabilities	1,074,665	1,116,855
Commitments and contingencies (Note 14)
Redeemable noncontrolling interest	568	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, 135,511 and 116,672 shares issued, and 134,892 and 116,256 shares outstanding, respectively	1,349	1,163
Capital in excess of par value	1,175,026	1,007,326
Accumulated loss	-101,091	-83,091
Accumulated distributions	-62,590	-49,342
Accumulated other comprehensive loss	-10,064	-4,864
Total stockholders' equity	1,002,630	871,192
Noncontrolling interest	395	400
Total equity	1,003,593	872,160
Total liabilities and equity	$2,078,258	$1,989,015

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Real estate investment properties, net	$1,712,979	$1,657,500
Real estate under development, including land	66,013	47,153
Intangibles, net	130,555	140,264
Cash	116,365	91,355
Other assets	22,150	19,738
Loan costs, net	13,096	14,012
Deferred rent and lease incentives	9,321	8,240
Restricted cash	7,779	10,753
Mortgage and other notes payable, net	837,847	853,561
Accounts payable and accrued expenses	33,431	29,443
Other liabilities	28,387	27,448
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	135,511	116,672
Common stock, shares outstanding	134,892	116,256
VIEs
Real estate investment properties, net	173,192	174,449
Real estate under development, including land	66,013	47,153
Intangibles, net	24,673	25,519
Cash	3,911	6,280
Other assets	1,974	511
Loan costs, net	2,243	2,300
Deferred rent and lease incentives	3,296	2,978
Restricted cash	2,594	5,304
Mortgage and other notes payable, net	146,298	137,754
Accounts payable and accrued expenses	11,725	10,487
Other liabilities	$5,756	$4,949

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Rental income from operating leases	$21,640	$9,722
Resident fees and services	40,032	21,956
Tenant reimbursement income	3,361	1,451
Interest income on note receivable from related party		146
Total revenues	65,033	33,275
Expenses:
Property operating expenses	32,312	16,420
General and administrative	2,019	1,757
Acquisition fees and expenses	2,330	7,205
Asset management fees	4,210	1,770
Property management fees	3,254	1,636
Impairment provision	5,524
Depreciation and amortization	23,293	11,862
Total expenses	72,942	40,650
Operating loss	-7,909	-7,375
Other income (expense):
Interest and other income	60	8
Interest expense and loan cost amortization	-9,866	-5,535
Equity in earnings (loss) of unconsolidated entities	-226	349
Total other expense	-10,032	-5,178
Loss before income taxes	-17,941	-12,553
Income tax (expense) benefit	-64	30
Net loss	-18,005	-12,523
Less: Net loss attributable to noncontrolling interest	-5
Net loss attributable to common stockholders	($18,000)	($12,523)
Net loss per share of common stock (basic and diluted)	($0.14)	($0.19)
Weighted average number of shares of common stock outstanding (basic and diluted)	129,627	65,273

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Net loss	($18,000)	($12,523)
Other comprehensive loss:
Unrealized loss on derivative financial instruments, net	-5,268	-223
Reclassification of cash flow hedges upon derecognition	74
Unrealized loss on derivative financial instruments of equity method investments	-6	-26
Total other comprehensive income loss	-5,200	-249
Comprehensive loss	-23,200	-12,772
Less: Comprehensive loss attributable to noncontrolling interest	0	0
Comprehensive loss attributable to common stockholders	($23,200)	($12,772)

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY AND REDEEMABLE NONCONTROLLING INTEREST (USD $)	Total	Redeemable Noncontrolling Interests	Common Stock	Capital in Excess of Par Value	Accumulated Loss	Accumulated Distributions	Accumulated Other Comprehensive Loss	Total Stockholders' Equity	Non- controlling Interest
In Thousands	Total	Redeemable Noncontrolling Interests	Common Stock	Capital in Excess of Par Value	Accumulated Loss	Accumulated Distributions	Accumulated Other Comprehensive Loss	Total Stockholders' Equity	Non- controlling Interest
Beginning Balance at Jan. 01, 2014	$451,981		$582	$500,361	($30,580)	($17,423)	($959)	$451,981
Beginning Balance (in shares) at Jan. 01, 2014			58,218
Subscriptions received for common stock through public offering and reinvestment plan (in shares)			56,006
Subscriptions received for common stock through public offering and reinvestment plan	572,324		560	571,764				572,324
Stock distributions			24	-24
Stock distributions, shares			2,356
Redemptions of common stock	-2,996		-3	-2,993				-2,996
Redemption of common stock, shares			-324
Stock issuance and offering costs	-59,782			-59,782				-59,782
Net loss	-52,511				-52,511			-52,511
Other comprehensive loss	-3,905						-3,905	-3,905
Distribution to holder of promoted interest	-2,000			-2,000				-2,000
Cash distributions declared and paid or reinvested ($0.1059 per share)	-31,919					-31,919		-31,919
Contribution from noncontrolling interests	968	568							400
Ending Balance at Dec. 31, 2014	872,160	568	1,163	1,007,326	-83,091	-49,342	-4,864	871,192	400
Ending Balance (in shares) at Dec. 31, 2014	116,256		116,256
Subscriptions received for common stock through public offering and reinvestment plan (in shares)			17,897
Subscriptions received for common stock through public offering and reinvestment plan	188,386		179	188,207				188,386
Stock distributions			9	-9
Stock distributions, shares			943
Redemptions of common stock	-1,942		-2	-1,940				-1,942
Redemption of common stock, shares			-204
Stock issuance and offering costs	-18,558			-18,558				-18,558
Net loss	-18,005				-18,000			-18,000	-5
Other comprehensive loss	-5,200						-5,200	-5,200
Cash distributions declared and paid or reinvested ($0.1059 per share)	-13,248					-13,248		-13,248
Ending Balance at Mar. 31, 2015	$1,003,593	$568	$1,349	$1,175,026	($101,091)	($62,590)	($10,064)	$1,002,630	$395
Ending Balance (in shares) at Mar. 31, 2015	134,892		134,892

CONDENSED_CONSOLIDATED_STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY AND REDEEMABLE NONCONTROLLING INTEREST (Parenthetical) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Cash distributions, declared and paid per share	$0.11	$0.41

CONDENSED_CONSOLIDATED_STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Operating activities:
Net cash flows provided by operating activities	$11,317	$6,277
Investing activities:
Acquisition of properties	-76,060	-186,813
Development of properties	-17,567	-12,157
Issuance of note receivable to related party		-1,567
Changes in restricted cash	2,974	-452
Capital expenditures	-1,785	-412
Payment of leasing costs	-418	-283
Deposits on real estate	-750	-2,000
Net cash used in investing activities	-93,606	-203,684
Financing activities:
Subscriptions received for common stock through public offering	180,738	86,839
Payment of stock issuance and offering costs	-19,388	-8,249
Distributions to stockholders, net of distribution reinvestments	-5,600	-2,798
Distribution to holder of promoted interest		-2,000
Redemptions of common stock	-872	-145
Draws under revolving credit facility		53,495
Repayment on revolving credit facility	-31,403
Proceeds from mortgage and other notes payable	18,187	69,706
Principal payments on mortgage and other notes payable	-33,936	-1,870
Lender deposits		-50
Payment of loan costs	-427	-1,104
Net cash flows provided by financing activities	107,299	193,824
Net increase (decrease) in cash	25,010	-3,583
Cash at beginning of period	91,355	44,209
Cash at end of period	116,365	40,626
Amounts incurred but not paid (including amounts due to related parties):
Stock issuance and offering costs	826	1,923
Loan costs	133	583
Accrued development costs	9,181	3,149
Redemptions payable	1,942	235
Contingent purchase price consideration		2,570
Unrealized loss on derivative financial instruments, net	$10,064	$1,208

Organization

Organization	3 Months Ended
	Mar. 31, 2015
Organization	1	Organization
	CNL Healthcare Properties, Inc. (“Company”) is a Maryland corporation incorporated on June 8, 2010 that elected to be taxed as a real estate investment trust (“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. (“Advisor”) and its property manager is CNL Healthcare Manager Corp. (“Property Manager”), each of which is a Florida corporation and a wholly owned subsidiary of CNL Financial Group, LLC (“Sponsor”). The Sponsor is an affiliate of CNL Financial Group, Inc. (“CNL”) and CNL Securities Corp., the managing dealer of the Offerings and a wholly-owned subsidiary of CNL (“Managing Dealer”). 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 public offering (“Initial Offering”), including shares being offered through its distribution reinvestment plan (“Reinvestment Plan”), pursuant to a registration statement on Form S-11 under the Securities Act of 1933 with the Securities Exchange Commission (“SEC”). In addition, the Company filed a follow-on registration statement on Form S-11 under the Securities Act of 1933 with the SEC in connection with the proposed offering of up to $1 billion in shares of common stock (“Follow-On Offering”), which was declared effective on February 2, 2015. Accordingly, the Company closed its Initial Offering and commenced its Follow-On Offering (collectively, the “Offerings”). 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 decide to either extend the Follow-On Offering beyond December 31, 2015 or terminate the Follow-On Offering prior thereto.
	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 Offerings 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 taxable REIT subsidiaries (“TRS”) entities and engage independent third-party managers under management agreements to operate the properties under REIT Investment Diversification and Empowerment Act of 2007 (“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). Medical office, post-acute care and acute care properties will be leased on a triple-net, net or modified gross basis to third-party tenants. 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	3 Months Ended
	Mar. 31, 2015
Summary of Significant Accounting Policies	2	Summary of Significant Accounting Policies
	Basis of Presentation and Consolidation — The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by generally accepted accounting principles in the United States (“GAAP”). The unaudited condensed consolidated financial statements reflect all normal recurring adjustments, which, in the opinion of management, are necessary for the fair statement of the Company’s results for the interim period presented. Operating results for the three months ended March 31, 2015 may not be indicative of the results that may be expected for the year ending December 31, 2015. Amounts as of December 31, 2014 included in the unaudited condensed consolidated financial statements have been derived from audited consolidated financial statements as of that date but do not include all disclosures required by GAAP. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.
	The accompanying unaudited condensed consolidated financial statements include the Company’s accounts and the accounts of its wholly owned subsidiaries or subsidiaries for which the Company has a controlling financial interest, including the accounts of variable interest entities (“VIEs”) in which the Company is the primary beneficiary. 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 GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the 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. Accordingly, actual results could differ from those estimates.
	Adopted Accounting Pronouncements — In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“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.
	Recent Accounting Pronouncements — In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” as a new Accounting Standard Concept (“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 position, results of operations or cash flows.
	In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which requires that loan costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts or premiums. 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 ASU is to be applied on retrospectively for each period presented. Upon adoption, an entity is required to comply with the applicable disclosures for a change in an accounting principle. The Company has determined that it will not early adopt this ASU and that the amendments will materially impact the Company’s consolidated financial position but will not have a material impact on the Company’s consolidated results of operations or cash flows.

Acquisitions

Acquisitions	3 Months Ended
Acquisitions	Mar. 31, 2015
Acquisitions	3	Acquisitions
	Real Estate Investment Properties — During the three months ended March 31, 2015, the Company acquired the following three properties, which were comprised of two medical office buildings (“MOB”) and one senior housing community:


	Name and Location		Structure			Date		Purchase Price
	Name and Location		Structure			Acquired		(in thousands)
	Medical Office
	Novi Orthopaedic Center			Modified Lease			2/13/15	$	30,500	(1)
	Novi, MI
	Southeast Medical Office Properties
	UT Cancer Institute			Modified Lease			2/20/15		33,660
	Knoxville, TN
	Senior Housing
	Fieldstone Memory Care (2)			Managed			3/31/15		12,400	(1)
	Yakima, WA

								$	76,560


	FOOTNOTES:
	-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.
	-2	This property was purchased from a related party of the Company’s Sponsor; refer to Note 11. “Related Party Arrangements” for additional information.
	During the three months ended March 31, 2014, the Company acquired the following ten properties, which were comprised of nine senior housing communities and one MOB:


	Name and Location		Structure			Date		Purchase Price
	Name and Location		Structure			Acquired		(in thousands)
	Medical Office
	Chula Vista Medical Arts			Modified Lease			1/21/14	$	17,863	(1)
	Chula Vista, CA (“San Diego”)
	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		21,000	(2)
	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		11,500	(2)
	Midland, TX
	The Springs Alzheimer’s Special Care Center			Managed			3/28/14		10,500	(2)
	San Angelo, TX

								$	190,612


	FOOTNOTES:
	-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.
	-2	This purchase price does not reflect subsequent contingent purchase price consideration paid related to the acquisition of these properties; refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 for the final purchase price of these properties.
	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):


			March 31,
			2015			2014
	Land and land improvements		$	3,032		$	18,446
Buildings and building improvements			63,825			154,607
Furniture, fixtures and equipment			455			5,572
Intangibles (1)			10,298			15,259
Other liabilities			(1,050	)		(702	)

Net assets acquired			76,560			193,182
Contingent purchase price consideration			—			(2,570	)

Total purchase price consideration		$	76,560		$	190,612


FOOTNOTE:
-1	At the acquisition date, the weighted-average amortization period on the acquired lease intangibles for the three months ended March 31, 2015 and 2014 was approximately 12.3 years and 3.0 years, respectively. The acquired lease intangibles during the three months ended March 31, 2015 were comprised of approximately $8.5 million and $1.8 million of in-place lease intangibles and other lease intangibles, respectively, and the acquired lease intangibles during the three months ended March 31, 2014 were comprised of approximately $15.2 million and $0.02 million of in-place lease intangibles and other lease intangibles, respectively.
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 condensed consolidated statements of operations were approximately $0.3 million and $0.5 million, respectively, for the three months ended March 31, 2015; and approximately $3.3 million, respectively, and $6.4 million, respectively, for the three months ended March 31, 2014.
The following table presents the unaudited pro forma results of operations for the Company as if the properties were acquired as of January 1, 2014 and owned during the three months ended March 31, 2015 and 2014 (in thousands except per share data):


		(Unaudited)
		Three Months Ended
		March 31,
		2015			2014
Revenues		$	65,442		$	37,077

Net income (loss) (1)		$	(17,465	)	$	(9,656	)

Loss per share of common stock (basic and diluted)		$	(0.13	)	$	(0.15	)

Weighted average number of shares of common stock outstanding (basic and diluted) (2)			129,627			65,273


FOOTNOTES:
-1	The unaudited pro forma results for the three months ended March 31, 2015, were adjusted to exclude approximately $0.7 million of acquisition related expenses directly attributable to the properties acquired during the three months ended March 31, 2015. The unaudited pro forma results for the three months ended March 31, 2014 were adjusted to include these acquisition related expenses, as if the properties had been acquired on January 1, 2014. The unaudited pro forma results for the three months ended March 31, 2014 were adjusted to exclude approximately $6.4 million of acquisition related expenses directly attributable to the properties acquired during the three months ended March 31, 2014, as if the properties had been acquired as of January 1, 2013.
-2	No additional shares were required to be issued as a result of the acquired properties. The weighted average shares outstanding was not adjusted as of January 1, 2014.

Real_Estate_Assets_net

Real Estate Assets, net	3 Months Ended
Real Estate Assets, net	Mar. 31, 2015
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 March 31, 2015 and December 31, 2014 are as follows (in thousands):


			March 31,				December 31,
			2015				2014
	Land and land improvements		$	131,713			$	128,662
	Building and building improvements			1,609,713				1,545,614
	Furniture, fixtures and equipment			38,265				36,319
	Less: accumulated depreciation			(66,712	)			(53,095	)

	Real estate investment properties, net			1,712,979				1,657,500
	Real estate under development, including land			66,013				47,153

	Total real estate assets, net		$	1,778,992			$	1,704,653

	Depreciation expense on the Company’s real estate investment properties, net was approximately $13.6 million and $7.6 million for the three months ended March 31, 2015 and 2014, respectively.
	As of March 31, 2015, four of the Company’s senior housing communities have real estate under development with third-party developers as follows (in thousands):


	Property Name		Developer		Real Estate				Remaining
	(and Location)				Development				Development
					Costs Incurred (1)				Budget (2)
	Wellmore of Tega Cay		Maxwell Group, Inc.		$	29,148			$	10,959
	(Tega Cay, SC)		Maxwell Group, Inc.		$	29,148			$	10,959
	HarborChase of Shorewood		Harbor Shorewood			15,095				11,979
	(Shorewood, WI)		Development, LLC			15,095				11,979
	Watercrest at Katy		South Bay Partners, Ltd			12,730				27,692
	(Katy, TX) (3)		South Bay Partners, Ltd			12,730				27,692
	Raider Ranch		South Bay Partners, Ltd			9,040				8,524
	(Lubbock, TX)		South Bay Partners, Ltd			9,040				8,524

					$	66,013			$	59,154


	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 March 31, 2015. 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	3 Months Ended
Intangibles, net	Mar. 31, 2015
Intangibles, net	5	Intangibles, net
	The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities as of March 31, 2015 and December 31, 2014 are as follows (in thousands):


			March 31,				December 31,
			2015				2014
	In-place lease intangibles		$	147,574			$	148,880
	Above-market lease intangibles			11,625				11,320
	Below-market ground lease intangibles			11,846				10,314
	Less: accumulated amortization			(40,490	)			(30,250	)

	Intangible assets, net		$	130,555			$	140,264

	Below-market lease intangibles		$	(8,594	)		$	(13,243	)
	Above-market ground lease intangibles			(2,864	)			(2,273	)
	Less: accumulated amortization			1,446				1,014

	Intangible liabilities, net (1)		$	(10,012	)		$	(14,502	)


	FOOTNOTE:
	(1)	Intangible liabilities, net are included in other liabilities in the accompanying condensed consolidated balance sheets.
	As of March 31, 2015, a tenant, who leases two of the Company’s specialty hospitals, was not current under its lease obligations with an outstanding rent receivable of approximately $0.3 million. Due to the uncertainty of the tenant’s ability to meet its future obligations under the leases, the Company recorded an impairment provision of approximately $5.5 million related to the lease intangibles and deferred rent assets as it was determined that the carrying value of these assets would more than likely not be recoverable. The Company also recorded an allowance to fully reserve the aforementioned rent receivable as of March 31, 2015. In addition, the Company assessed the underlying real estate assets for impairment and concluded that no adjustment to the carrying value was necessary as of March 31, 2015 based on the Company’s expected holding period and the estimated undiscounted cash flows and estimated net sales proceeds that could be generated by the property.
	Amortization on the Company’s intangible assets was approximately $10.2 million for the three months ended March 31, 2015, of which approximately $0.5 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 $9.7 million was included in depreciation and amortization. Amortization on the Company’s intangible assets was approximately $4.5 million for the three months ended March 31, 2014, of which approximately $0.2 million was treated as a reduction of rental income from operating leases, approximately $0.03 million was treated as an increase of property operating expenses and approximately $4.2 million was included in depreciation and amortization.
	Amortization on the Company’s intangible liabilities was approximately $0.4 million for the three months ended March 31, 2015, of which approximately $0.4 million was treated as an increase of rental income from operating leases and approximately $0.02 million dollars was treated as a reduction of property operating expenses. For the three months ended March 31, 2014, amortization on the Company’s intangible liabilities was approximately $0.1 million, of which approximately $0.1 million was treated as an increase of rental income from operating leases and approximately two thousand dollars was treated as a reduction of property operating expenses.
	The estimated future amortization on the Company’s intangibles for the remainder of 2015, each of the next four years and thereafter, in the aggregate, as of March 31, 2015 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		$	27,251				1,400				228			$	28,879			$	(935	)		(55	)	$	(990	)
	2016			25,861				1,527				304				27,692				(1,112	)		(73	)		(1,185	)
	2017			12,963				1,391				304				14,658				(985	)		(73	)		(1,058	)
	2018			10,212				1,243				304				11,759				(867	)		(73	)		(940	)
	2019			7,416				1,007				304				8,727				(703	)		(73	)		(776	)
	Thereafter			25,270				3,403				10,167				38,840				(2,577	)		(2,486	)		(5,063	)

			$	108,973				9,971				11,611			$	130,555			$	(7,179	)		(2,833	)	$	(10,012	)

	Weighted average remaining useful life as of March 31, 2015 (in years):


	In-place				Above-				Below-				Below-				Above-
	Lease				market				market				market				market
	Intangibles				Leases				Ground				Leases				Ground
									Leases								Leases
		5.4				6				38.2				10.8				38.8

Operating_Leases

Operating Leases	3 Months Ended
Operating Leases	Mar. 31, 2015
Operating Leases	6	Operating Leases
	As of March 31, 2015, the Company owned 57 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 33 are multi-tenant properties that are leased under operating leases. The Company’s leases had a weighted average remaining lease term of 6.6 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 the multi-tenant lease agreements that have 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 remainder of 2015, each of the next four years and thereafter, as of March 31, 2015 (in thousands):


	2015		$	59,622
	2016			75,451
	2017			71,805
	2018			67,852
	2019			58,901
	Thereafter			215,715

			$	549,346

	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. In addition, future minimum lease payments related to the two specialty hospitals have been excluded; refer to Note 5. “Intangibles, net” for additional information.

Variable_Interest_Entities

Variable Interest Entities	3 Months Ended
Variable Interest Entities	Mar. 31, 2015
Variable Interest Entities	7	Variable Interest Entities
	Consolidated VIEs – As of March 31, 2015, 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 March 31, 2015 and December 31, 2014 are as follows (in thousands):


			March 31,		December 31,
			2015		2014
	Assets:
	Real estate investment properties, net		$	173,192	$	174,449

	Real estate under development, including land		$	66,013	$	47,153

	Intangibles, net		$	24,673	$	25,519

	Cash		$	3,911	$	6,280

	Other assets		$	1,974	$	511

	Loan costs, net		$	2,243	$	2,300

	Deferred rent and lease incentives		$	3,296	$	2,978

	Restricted cash		$	2,594	$	5,304

	Liabilities:
	Mortgages and other notes payable		$	146,298	$	137,754

	Accounts payable and accrued expenses		$	2,435	$	2,317

	Accrued development costs		$	9,181	$	7,951

	Due to related parties		$	109	$	219

	Other liabilities		$	5,756	$	4,949

	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 $113.1 million as of March 31, 2015. The Company’s exposure is limited because of the non-recourse nature of the borrowings of the VIEs.

Ground_and_Air_Rights_Leases

Ground and Air Rights Leases	3 Months Ended
Ground and Air Rights Leases	Mar. 31, 2015
Ground and Air Rights Leases	8	Ground and Air Rights Leases
	During the three months ended March 31, 2015, in conjunction with the Novi Orthopaedic Center and UT Cancer Institute detailed in Note 3. “Acquisitions,” the Company acquired interests in two additional ground leases. The Novi Orthopaedic Center and UT Cancer Institute ground leases represent operating leases with scheduled payments over the life of the respective lease expiring in 2096 and 2076, respectively.
	Overall, 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. In some cases, the Company is able to pass this expense through to its tenants as tenant reimbursement income. For the three months ended March 31, 2015 and 2014, the Company incurred approximately $0.6 million and $0.1 million, respectively, in ground and air rights lease expense, including any straight-line rent adjustments.
	The following is a schedule of future minimum lease payments to be paid under the ground and air rights leases for the remainder of 2015, each of the next four years and thereafter, in the aggregate, as of March 31, 2015 (in thousands):


	2015		$	1,231
	2016			1,665
	2017			1,706
	2018			1,752
	2019			1,777
	Thereafter			120,533

			$	128,664

Contingent_Purchase_Price_Cons

Contingent Purchase Price Consideration	3 Months Ended
Contingent Purchase Price Consideration	Mar. 31, 2015
Contingent Purchase Price Consideration	9	Contingent Purchase Price Consideration
	Capital Health Communities
	In connection with the acquisition of the Capital Health Communities in 2012, 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 March 31, 2015, the Company determined the fair value of the Yield Guaranty to be $4.1 million, which was recorded as other assets in the accompanying condensed consolidated balance sheet. 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 three months ended March 31, 2015 and 2014 (in thousands):


			Three Months Ended
			March 31,
			2015		2014
	Beginning balance		$	4,078	$	4,488
	Yield Guaranty payment received from seller			—		(2,300	)

	Ending balance		$	4,078	$	2,188

	South Bay II Communities
	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 three months ended March 31, 2015 and 2014 (in thousands):


			Three Months Ended
			March 31,
			2015		2014
	Beginning balance		$	—	$	—
	Contingent consideration in connection with acquisition			—		2,570

	Ending balance		$	—	$	2,570

	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

Indebtedness	3 Months Ended
Indebtedness	Mar. 31, 2015
Indebtedness	10	Indebtedness
	The following table provides details of the Company’s indebtedness as of March 31, 2015 and December 31, 2014 (in thousands):


			March 31,			December 31,
			2015			2014
	Mortgages payable and other notes payable:
	Fixed rate debt		$	375,889		$	370,854
	Variable rate debt (1)			462,138			482,922

	Mortgages and other notes payable			838,027			853,776
	Premium (discount), net (2)			(180	)		(215	)

	Total mortgages and other notes payable, net			837,847			853,561
	Credit facilities:
	Term Loan Facility (1)			175,000			175,000
	Revolving Credit Facility (3)			—			31,403

	Total borrowings		$	1,012,847		$	1,059,964


	FOOTNOTES:
	-1	As of March 31, 2015 and December 31, 2014, the Company had entered into interest rate swaps with notional amounts of approximately $194.5 million and $182.1 million, respectively, which were settling on a monthly basis. In addition, as of March 31, 2015 and December 31, 2014, the Company had entered into forward-starting interest rate swaps for total notional amounts of approximately $365.7 million and $269.4 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 loan being hedged (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.
	-3	As of March 31, 2015 and December 31, 2014, availability under the Revolving Credit Facility was approximately $54.1 million and $14.0 million, respectively, based on the value of the properties in the unencumbered collateral pool of assets supporting the loan.
	Maturities of indebtedness for the remainder of 2015, each of the next four years and thereafter, in the aggregate, as of March 31, 2015 are as follows (in thousands):


	2015		$	13,566
	2016			70,185
	2017			37,425
	2018			297,292
	2019			451,690
	Thereafter			142,689

			$	1,012,847

	The Company financed previous acquisitions through additional mortgage loans and draws on existing construction loans. The following table provides details as of March 31, 2015 (in thousands):


	Property and Loan Type		Interest Rate at		Payment Terms	Maturity			March 31,
			March 31,			Date (2)			2015
			2015 (1)
	ProMed Medical Building I;		3.64%		Monthly principal and interest payments based upon a 30-year amortization schedule		1/15/22		$	7,184
	Mortgage Loan		per annum (3)				1/15/22		$	7,184

					Total fixed rate debt					7,184

	Raider Ranch Development;		30-day		Monthly interest only payments through October 2017; principal and interest payments thereafter based on a 25-year amortization schedule		10/27/17			786
	Construction Loan		LIBOR plus 3.50% at
			0.5% LIBOR floor
	HarborChase of Shorewood;		30-day LIBOR		Monthly interest only payments through July 2017; principal and interest payments thereafter based on a 25-year amortization schedule		7/15/19			2,463
	Construction Loan		plus 3%;
			2% all in floor
	Watercrest at Katy;		30-day LIBOR		Monthly interest only payments through December 2017; principal and interest payments thereafter based on a 30-year amortization schedule		12/27/19			1
	Construction Loan		plus 2.75%
			per annum

					Total variable rate debt					3,250

					Fixed and variable rate debt					10,434
					Premium (discount), net					—

					Total debt				$	10,434


FOOTNOTES:
(1)	The 30-day LIBOR was approximately 0.18% as March 31, 2015.
(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)	Beginning January 2020, the interest rate transitions to variable rate based on 30-day LIBOR plus 2.20% per annum.
In March 2015, the Company repaid its $30.0 million outstanding mortgage loan on the Perennial Communities prior to its scheduled maturity. In connection therewith, the Company wrote-off approximately $0.2 million in unamortized loan costs as interest expense and loan cost amortization in the accompanying condensed consolidated statements of operations. In addition, the corresponding interest rate swap was terminated and approximately $0.1 million related to the derecognition of the cash flow hedge was reclassified from other comprehensive loss to interest expense and loan cost amortization in the accompanying condensed consolidated financial statements.
In December 2014, the Company amended and restated the terms of its 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, the Company has 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 the Company’s. In addition, the Company is 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.
The Credit Facilities contain affirmative, negative, and financial covenants which are customary for loans of this type, including (but not limited to): (i) maximum leverage, (ii) minimum fixed charge coverage ratio, (iii) minimum consolidated net worth, (iv) restrictions on payments of cash distributions except if required by REIT requirements, (v) maximum secured 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.
All of the Company’s mortgage and construction loans contain customary financial covenants and ratios; including (but not limited to): debt service coverage ratio, minimum occupancy levels, limitations on incurrence of additional indebtedness, etc. As of March 31, 2015, the Company was in compliance with all financial covenants and ratios. However, as a result of the tenant default discussed in Note 5. “Intangibles, net,” the Company is monitoring the potential impact to the required debt service payments on the mortgage loan secured by the two specialty hospitals as the related loan agreements contain a clause that, if certain lease coverage thresholds are not maintained by the tenant on a trailing six-month basis, could require the Company to re-amortize the mortgage loan from a 25-year to a 15-year amortization period and require the escrow of property taxes and insurance. As of March 31, 2015 and through the date of this filing, the Company is not able to determine with certainty if the tenant has met the required lease coverage thresholds as required under the mortgage loan. However, as a result of the tenant’s default of its obligations under the leases, the Company does not believe the tenant currently meets the required lease coverage thresholds or will be able to do so in the future. Therefore, the Company anticipates that its required debt service payments related to these properties could be accelerated as a result of any continued default by the tenant.
The fair market value and carrying value of the mortgage and other notes payable was approximately $864.5 million and $837.8 million, respectively, and both the fair market value and carrying value of the Credit Facilities was $175.0 million as of March 31, 2015. 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. 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 March 31, 2015 and December 31, 2014 because of the relatively short maturities of the obligations.

Related_Party_Arrangements

Related Party Arrangements	3 Months Ended
Related Party Arrangements	Mar. 31, 2015
Related Party Arrangements	11	Related Party Arrangements
	In March 2013, the Company entered into the Advisor Expense Support Agreement, whereby commencing on April 1, 2013, the Advisor has agreed to provide 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 is determined for each calendar quarter of the Company, on a non-cumulative basis, each quarter-end date (“Determination Date”). In August 2013, the Company entered into the Property Manager Expense Support Agreement, whereby commencing on July 1, 2013, the Property Manager agreed to provide expense support to the Company through forgoing the payment of fees in cash and accepting 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. The terms of both the Advisor Expense Support Agreement and the Property Manager Expense Support Agreement (‘the Expense Support Agreements”) automatically renews for consecutive one year periods, subject to the right of the Advisor or Property Manager to terminate their respective agreements upon 30 days’ written notice to the Company.
	In exchange for services rendered and in consideration of the expense support provided, the Company will 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 respective expense support agreements (“Expense Support Agreements”). Any amounts settled, 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 stockholders do not receive their original invested capital back with at least a 6% annualized return of investment upon ultimate liquidity of the Company. Since the vesting criteria is outside the control of the Advisor and Property Manager and involves both market conditions and counterparty performance conditions, the restricted stock shares will be treated as unissued for financial reporting purposes until the vesting criteria, as defined in the Expense Support Agreements, are met.
	The following fees were settled and paid in the form of Restricted Stock in connection with the Expense Support Agreements for the three months ended March 31, 2015 and 2014, and cumulatively as of March 31, 2015 (in thousands, except offering price):


			Three Months					As of
			Ended March 31,					March 31,
			2015		2014			2015
	Asset management fees (1)		$	545	$	848		$	6,814

	Then-current offering price (2)		$	10.58	$	10.14		$	10.58

	Restricted stock shares (3)			52		84			670

	Cash distributions on Restricted Stock (4)		$	54	$	5		$	157

	Stock distributions on Restricted Stock (5)			4		—	(6)		11


	FOOTNOTES:
	(1)	No other amounts have been settled in accordance with the Expense Support Agreements for the three months ended March 31, 2015 and 2014, and cumulatively as of March 31, 2015.
	(2)	The then-current offering prices are based on the Company’s net asset value (“NAV”) per share as of the Determination Date.
	(3)	Restricted stock shares are comprised of approximately 0.05 million issuable to the Advisor as of March 31, 2015. 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 through March 31, 2015.
	(4)	The cash distributions have been recognized as compensation expense as issued and included in general and administrative expense in the accompanying condensed consolidated statements of operations.
	(5)	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 condensed consolidated statements of operations.
	(6)	During the three months ended March 31, 2014, the Advisor received 358 shares in the form of stock distributions under the terms of the Advisor Expense Support Agreement.
	The Company maintains accounts totaling approximately $0.1 million as of both March 31, 2015 and December 31, 2014, at a bank in which the Company’s chairman serves as a director.
	In March 2015, the Company acquired Fieldstone Memory Care, a 40-unit memory care community located in Yakima, Washington for a purchase price of $12.4 million from a related party of the Company’s Sponsor. The board of directors, including all of the independent directors, concluded that substantial justification existed to consummate the Fieldstone Memory Care acquisition, and that the transaction and the purchase price are fair and reasonable. In determining whether to approve the Fieldstone Transaction, the board of directors reviewed and took into account, among other factors it deemed appropriate, the following information, facts and circumstances: an affiliate of CNL is the majority interest holder and managing member of the seller; that the purchase price exceeds the seller’s acquisition and development costs; a March 2015 independent appraisal; and a prospective value upon reaching stabilization.
	In June 2013, the Company originated an acquisition, development and construction loan (“ADC Loan”) 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. For the three months ended March 31, 2014, the Company recorded interest income of approximately $0.1 million, which is included in interest income on note receivable from related party in the accompanying condensed consolidated statements of operations.
	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 (“Expense Year”) 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 March 31, 2015, the Company did not incur operating expenses in excess of the Limitation.
	The fees incurred by and reimbursable to the Managing Dealer in connection with the Company’s Offering for the three months ended March 31, 2015 and 2014, and related amounts unpaid as of March 31, 2015 and December 31, 2014 are as follows (in thousands):


			Three Months Ended					Unpaid amounts as of (1)
			March 31,					March 31,		December 31,
			2015		2014			2015		2014
	Selling commissions (2)		$	4,022	$	2,453		$	77	$	388
	Marketing support fees (2)			5,387		2,584			141		555

			$	9,409	$	5,037		$	218	$	943

	The expenses and fees incurred by and reimbursable to the Company’s related parties for the three months ended March 31, 2015 and 2014, and related amounts unpaid as of March 31, 2015 and December 31, 2014 are as follows (in thousands):


			Three Months Ended					Unpaid amounts as of (1)
			March 31,					March 31,		December 31,
			2015		2014			2015		2014
	Reimbursable expenses:
	Offering costs (2)		$	882	$	826		$	608	$	713
	Operating expenses (3)			898		199			877		479
	Acquisition fees and expenses			104		235			12		80

				1,884		1,260			1,497		1,272
	Investment services fees (4)			1,416		4,046			—		—
	Property management fees (5)			980		460			514		429
	Asset management fees (6)			4,886		2,666			1,116		355

			$	9,166	$	8,432		$	3,127	$	2,056


	FOOTNOTES:
	(1)	Amounts are recorded as due to related parties in the accompanying condensed consolidated balance sheets.
	(2)	Amounts are recorded as stock issuance and offering costs in the accompanying condensed consolidated statements of stockholders’ equity and redeemable noncontrolling interest.
(3)	Amounts are recorded as general and administrative expenses in the accompanying condensed consolidated statements of operations.
(4)	For the three months ended March 31, 2015 and 2014, the Company incurred approximately $1.4 million and $4.0 million, respectively. For the three months ended March 31, 2014, investment services fees of approximately $0.5 million were capitalized and included in real estate under development in the accompanying condensed consolidated balance sheets. No investment services fees were capitalized for the three months ended March 31, 2015. Investment service fees, that are not capitalized, are recorded as acquisition fees and expenses in the accompanying condensed consolidated statements of operations.
(5)	For the three months ended March 31, 2015 and 2014, the Company incurred approximately $1.0 million and $0.5 million, respectively, in property and construction management fees payable to the Property Manager of which approximately $0.3 million and $0.1 million, respectively, in construction management fees were capitalized and included in real estate under development in the accompanying condensed consolidated balance sheets.
(6)	For the three months ended March 31, 2015 and 2014, the Company incurred approximately $4.9 million and $2.7 million, respectively, in asset management fees payable to the Advisor of which approximately $0.5 million and $0.8 million, respectively, was settled in accordance with the terms of the Advisor Expense Support Agreement and approximately $0.1 million was capitalized for each period and included in real estate under development in the accompanying condensed consolidated balance sheets.

Derivative_Financial_Instrumen

Derivative Financial Instruments	3 Months Ended
Derivative Financial Instruments	Mar. 31, 2015
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
	Initial Notional Amount		Strike (1)			Credit			Trade		Forward		Maturity		March 31,			December 31,
	Initial Notional Amount		Strike (1)			Spread (1)			date		date		date		2015			2014
	$12,421(2)			1.3	%		2.6	%		1/17/13		1/15/15		1/16/18	$	(142	)	$	(71	)
	$38,255(2)			2.7	%		2.5	%		9/6/13		8/17/15		7/10/18	$	(1,626	)	$	(1,228	)
	$26,067(2)			2.8	%		2.5	%		9/6/13		8/17/15		8/29/18	$	(1,193	)	$	(906	)
	$30,000(2)			1.1	%		2.7	%		10/22/13		8/5/15		8/19/16	$	(162	)	$	(82	)
	$29,952(2)			0.9	%		4.3	%		11/13/13		5/11/15		5/31/16	$	—		$	(74	)
	$11,000(3)			3	%		—	%		6/27/14		6/30/14		6/30/17	$	4		$	10
	$48,415(2)			2.4	%		2.9	%		8/15/14		6/1/16		6/2/19	$	(795	)	$	(270	)
	$84,251(2)			2.3	%		2.4	%		9/12/14		8/1/15		7/15/19	$	(2,431	)	$	(1,326	)
	$7,129(2)			1.2	%		2.3	%		11/12/14		11/15/14		10/15/17	$	(67	)	$	(35	)
	$175,000(2)			1.6	%		2	%		12/23/14		12/19/14		2/19/19	$	(2,552	)	$	(881	)
	$138,698(2)			1.7	%		2	%		1/9/15		12/10/15		12/22/19	$	(1,099	)	$	—

	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	3 Months Ended
Equity	Mar. 31, 2015
Equity	13	Equity
	Stockholders’ Equity:
	Public Offering — The following table details the Company’s aggregate proceeds from its Offerings as of March 31, 2015 and December 31, 2014 (in millions):


			March 31, 2015														December 31, 2014
			Subscriptions						Reinvestment Plan								Subscriptions			Reinvestment Plan
				Proceeds			Shares			Proceeds				Shares				Proceeds	Shares		Proceeds	Shares

	Initial Offering		$	1,271.40			125.1		$	27.1				125.1			$	1,114.20	110.2	$	27.1	2.8
	Follow-on Offering			23.5			2.2			7.6				0.8				—	—		—	—

			$	1,294.90			127.3		$	34.7				125.9			$	1,114.20	110.2	$	27.1	2.8

	Distributions — The following table details the Company’s historical share prices in its Offerings, including the prices pursuant to the Reinvestment Plan and the Company’s monthly cash and stock distributions per share:


	Period		Offering Price			Reinvestment			Monthly				Monthly
			per Share			Plan Price			Cash				Stock
						per Share			Distributions (1)				Distributions
	December 11, 2013 through November 3, 2014		$	10.14		$	9.64		$	0.0338				0.0025

	November 4, 2014 through date of this filing		$	10.58		$	10.06		$	0.0353				0.0025


	FOOTNOTE:
	(1)	Monthly cash distributions were effective and payable to all common stockholders of record as of the close of business on the first business day in the month subsequent to the announcement of the Company’s NAV (i.e. December 1, 2014 for the current Offering price).
	During the three months ended March 31, 2015 and 2014, the Company declared cash distributions of $13.2 million and $6.1 million, respectively, of which $5.6 million and $2.8 million, were paid in cash to stockholders and $7.6 million and $3.3 million, respectively, were reinvested pursuant to the Reinvestment Plan. In addition, for the three months ended March 31, 2015 and 2014, the Company declared and made stock distributions of approximately 0.9 million and 0.5 million shares of common stock, respectively.
	The tax composition of the Company’s distributions declared for the three months ended March 31, 2015 and 2014 were as follows:


			Three Months Ended March 31,
	Distribution Type		2015			2014
	Taxable as ordinary income			48.9	%		20	%

	Return of capital			51.1	%		80	%

	Redemptions — During the three months ended March 31, 2015 and 2014, the Company received requests for the redemption of common stock of approximately 0.2 million and 0.03 million shares, respectively, all of which were approved for redemption at an average price of $9.51 and $9.13, respectively, and for a total of approximately $1.9 million and $0.3 million, 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 condensed consolidated statements of comprehensive loss for the three months ended March 31, 2015 and 2014 (in thousands):


	Derivative Financial		Loss recognized in other						Location of loss		Loss reclassified from
	Instrument		comprehensive loss						reclassified into		AOCI into earnings
			on derivative financial						earnings		(Effective Portion)
			instrument						(Effective Portion)
			(Effective Portion)
			Three Months Ended								Three Months Ended
			March 31,								March 31,

				2015			2014					2015				2014

	Interest rate swaps		$	(5,268	)	$	(223	)	Interest expense and		$	(659	)		$	—
	Interest rate swaps		$	(5,268	)	$	(223	)	loan cost amortization		$	(659	)		$	—
	Reclassification of interest rate			74			—		Interest expense and loan cost amortization			(74	)			—
	swaps upon derecognition			74			—		Interest expense and loan cost amortization			(74	)			—
	Interest rate cap held by			(6	)		—		Not applicable			—				—
	unconsolidated joint venture			(6	)		—		Not applicable			—				—
	Interest rate swap held by			—			(26	)	Not applicable			—				—
	unconsolidated joint venture			—			(26	)	Not applicable			—				—

	Total		$	(5,200	)	$	(249	)			$	(733	)		$	—

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies	14	Commitments and Contingencies

	From time to time the Company may be exposed to litigation arising from operations of its business in the ordinary course of business. Management is not aware of any litigation that it believes will have a material adverse impact on the Company’s financial condition or 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.

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2015
Subsequent Events	15	Subsequent Events
	Equity transactions
	During the period from April 1, 2015 through May 4, 2015, the Company received additional subscription proceeds of approximately $66.3 million (6.3 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 April 1, 2015 and May 1, 2015. These distributions are to be paid and distributed by June 30, 2015.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2015
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation — The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by generally accepted accounting principles in the United States (“GAAP”). The unaudited condensed consolidated financial statements reflect all normal recurring adjustments, which, in the opinion of management, are necessary for the fair statement of the Company’s results for the interim period presented. Operating results for the three months ended March 31, 2015 may not be indicative of the results that may be expected for the year ending December 31, 2015. Amounts as of December 31, 2014 included in the unaudited condensed consolidated financial statements have been derived from audited consolidated financial statements as of that date but do not include all disclosures required by GAAP. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.
	The accompanying unaudited condensed consolidated financial statements include the Company’s accounts and the accounts of its wholly owned subsidiaries or subsidiaries for which the Company has a controlling financial interest, including the accounts of variable interest entities (“VIEs”) in which the Company is the primary beneficiary. 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	Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the 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. Accordingly, actual results could differ from those estimates.
Adopted Accounting Pronouncements	Adopted Accounting Pronouncements — In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements — In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” as a new Accounting Standard Concept (“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 position, results of operations or cash flows.
	In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which requires that loan costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts or premiums. 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 ASU is to be applied on retrospectively for each period presented. Upon adoption, an entity is required to comply with the applicable disclosures for a change in an accounting principle. The Company has determined that it will not early adopt this ASU and that the amendments will materially impact the Company’s consolidated financial position but will not have a material impact on the Company’s consolidated results of operations or cash flows.

Acquisitions_Tables

Acquisitions (Tables)	3 Months Ended
Acquisitions (Tables)	Mar. 31, 2015
Acquisitions of Properties	Real Estate Investment Properties — During the three months ended March 31, 2015, the Company acquired the following three properties, which were comprised of two medical office buildings (“MOB”) and one senior housing community:


	Name and Location		Structure			Date			Purchase Price
	Name and Location		Structure			Acquired			(in thousands)
	Medical Office
	Novi Orthopaedic Center			Modified Lease			2/13/15		$	30,500	(1)
	Novi, MI
	Southeast Medical Office Properties
	UT Cancer Institute			Modified Lease			2/20/15			33,660
	Knoxville, TN
	Senior Housing
	Fieldstone Memory Care (2)			Managed			3/31/15			12,400	(1)
	Yakima, WA

									$	76,560


	FOOTNOTES:
	-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.
	-2	This property was purchased from a related party of the Company’s Sponsor; refer to Note 11. “Related Party Arrangements” for additional information.
	During the three months ended March 31, 2014, the Company acquired the following ten properties, which were comprised of nine senior housing communities and one MOB:


	Name and Location		Structure			Date			Purchase Price
	Name and Location		Structure			Acquired			(in thousands)
	Medical Office
	Chula Vista Medical Arts			Modified Lease			1/21/14		$	17,863	(1)
	Chula Vista, CA (“San Diego”)
	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			21,000	(2)
	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			11,500	(2)
	Midland, TX
	The Springs Alzheimer’s Special Care Center			Managed			3/28/14			10,500	(2)
	San Angelo, TX

									$	190,612


	FOOTNOTES:
	-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.
	-2	This purchase price does not reflect subsequent contingent purchase price consideration paid related to the acquisition of these properties; refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 for the final purchase price of these properties.
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):


			March 31,
			2015			2014
	Land and land improvements		$	3,032		$	18,446
	Buildings and building improvements			63,825			154,607
	Furniture, fixtures and equipment			455			5,572
	Intangibles (1)			10,298			15,259
	Other liabilities			(1,050	)		(702	)

	Net assets acquired			76,560			193,182
	Contingent purchase price consideration			—			(2,570	)

	Total purchase price consideration		$	76,560		$	190,612


	FOOTNOTE:
	-1	At the acquisition date, the weighted-average amortization period on the acquired lease intangibles for the three months ended March 31, 2015 and 2014 was approximately 12.3 years and 3.0 years, respectively. The acquired lease intangibles during the three months ended March 31, 2015 were comprised of approximately $8.5 million and $1.8 million of in-place lease intangibles and other lease intangibles, respectively, and the acquired lease intangibles during the three months ended March 31, 2014 were comprised of approximately $15.2 million and $0.02 million of in-place lease intangibles and other lease intangibles, respectively.
Schedule of Unaudited Proforma Results of Operations	The following table presents the unaudited pro forma results of operations for the Company as if the properties were acquired as of January 1, 2014 and owned during the three months ended March 31, 2015 and 2014 (in thousands except per share data):


			(Unaudited)
			Three Months Ended
			March 31,
			2015			2014
	Revenues		$	65,442		$	37,077

	Net income (loss) (1)		$	(17,465	)	$	(9,656	)

	Loss per share of common stock (basic and diluted)		$	(0.13	)	$	(0.15	)

	Weighted average number of shares of common stock outstanding (basic and diluted) (2)			129,627			65,273


	FOOTNOTES:
	-1	The unaudited pro forma results for the three months ended March 31, 2015, were adjusted to exclude approximately $0.7 million of acquisition related expenses directly attributable to the properties acquired during the three months ended March 31, 2015. The unaudited pro forma results for the three months ended March 31, 2014 were adjusted to include these acquisition related expenses, as if the properties had been acquired on January 1, 2014. The unaudited pro forma results for the three months ended March 31, 2014 were adjusted to exclude approximately $6.4 million of acquisition related expenses directly attributable to the properties acquired during the three months ended March 31, 2014, as if the properties had been acquired as of January 1, 2013.
	-2	No additional shares were required to be issued as a result of the acquired properties. The weighted average shares outstanding was not adjusted as of January 1, 2014.

Real_Estate_Assets_net_Tables

Real Estate Assets, net (Tables)	3 Months Ended
Real Estate Assets, net (Tables)	Mar. 31, 2015
Schedule of Real Estate Investment Properties	The gross carrying amount and accumulated depreciation of the Company’s real estate assets as of March 31, 2015 and December 31, 2014 are as follows (in thousands):


			March 31,				December 31,
			2015				2014
	Land and land improvements		$	131,713			$	128,662
	Building and building improvements			1,609,713				1,545,614
	Furniture, fixtures and equipment			38,265				36,319
	Less: accumulated depreciation			(66,712	)			(53,095	)

	Real estate investment properties, net			1,712,979				1,657,500
	Real estate under development, including land			66,013				47,153

	Total real estate assets, net		$	1,778,992			$	1,704,653

Under Development with Third-Party Developers
Schedule of Real Estate Investment Properties	As of March 31, 2015, four of the Company’s senior housing communities have real estate under development with third-party developers as follows (in thousands):


	Property Name		Developer		Real Estate				Remaining
	(and Location)				Development				Development
					Costs Incurred (1)				Budget (2)
	Wellmore of Tega Cay		Maxwell Group, Inc.		$	29,148			$	10,959
	(Tega Cay, SC)		Maxwell Group, Inc.		$	29,148			$	10,959
	HarborChase of Shorewood		Harbor Shorewood			15,095				11,979
	(Shorewood, WI)		Development, LLC			15,095				11,979
	Watercrest at Katy		South Bay Partners, Ltd			12,730				27,692
	(Katy, TX) (3)		South Bay Partners, Ltd			12,730				27,692
	Raider Ranch		South Bay Partners, Ltd			9,040				8,524
	(Lubbock, TX)		South Bay Partners, Ltd			9,040				8,524

					$	66,013			$	59,154


	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 March 31, 2015. 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)	3 Months Ended
Intangibles, net (Tables)	Mar. 31, 2015
Schedule of Net Book Value of Intangibles	The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities as of March 31, 2015 and December 31, 2014 are as follows (in thousands):


			March 31,				December 31,
			2015				2014
	In-place lease intangibles		$	147,574			$	148,880
	Above-market lease intangibles			11,625				11,320
	Below-market ground lease intangibles			11,846				10,314
	Less: accumulated amortization			(40,490	)			(30,250	)

	Intangible assets, net		$	130,555			$	140,264

	Below-market lease intangibles		$	(8,594	)		$	(13,243	)
	Above-market ground lease intangibles			(2,864	)			(2,273	)
	Less: accumulated amortization			1,446				1,014

	Intangible liabilities, net (1)		$	(10,012	)		$	(14,502	)


	FOOTNOTE:
	(1)	Intangible liabilities, net are included in other liabilities in the accompanying condensed consolidated balance sheets.
Schedule of Estimated Future Amortization and Weighted Average Remaining Useful Life	The estimated future amortization on the Company’s intangibles for the remainder of 2015, each of the next four years and thereafter, in the aggregate, as of March 31, 2015 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		$	27,251				1,400				228			$	28,879			$	(935	)		(55	)	$	(990	)
	2016			25,861				1,527				304				27,692				(1,112	)		(73	)		(1,185	)
	2017			12,963				1,391				304				14,658				(985	)		(73	)		(1,058	)
	2018			10,212				1,243				304				11,759				(867	)		(73	)		(940	)
	2019			7,416				1,007				304				8,727				(703	)		(73	)		(776	)
	Thereafter			25,270				3,403				10,167				38,840				(2,577	)		(2,486	)		(5,063	)

			$	108,973				9,971				11,611			$	130,555			$	(7,179	)		(2,833	)	$	(10,012	)

	Weighted average remaining useful life as of March 31, 2015 (in years):


	In-place				Above-				Below-				Below-				Above-
	Lease				market				market				market				market
	Intangibles				Leases				Ground				Leases				Ground
									Leases								Leases
		5.4				6				38.2				10.8				38.8

Ground_and_Air_Rights_Leases_T

Ground and Air Rights Leases (Tables)	3 Months Ended
Ground and Air Rights Leases (Tables)	Mar. 31, 2015
Schedule of Future Minimum Lease Payments	The following are future minimum lease payments to be received under non-cancellable operating leases for the remainder of 2015, each of the next four years and thereafter, as of March 31, 2015 (in thousands):


	2015	$	59,622
	2016		75,451
	2017		71,805
	2018		67,852
	2019		58,901
	Thereafter		215,715

		$	549,346

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 the remainder of 2015, each of the next four years and thereafter, in the aggregate, as of March 31, 2015 (in thousands):


	2015	$	1,231
	2016		1,665
	2017		1,706
	2018		1,752
	2019		1,777
	Thereafter		120,533

		$	128,664

Variable_Interest_Entities_Tab

Variable Interest Entities (Tables)	3 Months Ended
Variable Interest Entities (Tables)	Mar. 31, 2015
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 March 31, 2015 and December 31, 2014 are as follows (in thousands):


		March 31,		December 31,
		2015		2014
	Assets:
	Real estate investment properties, net	$	173,192	$	174,449

	Real estate under development, including land	$	66,013	$	47,153

	Intangibles, net	$	24,673	$	25,519

	Cash	$	3,911	$	6,280

	Other assets	$	1,974	$	511

	Loan costs, net	$	2,243	$	2,300

	Deferred rent and lease incentives	$	3,296	$	2,978

	Restricted cash	$	2,594	$	5,304

	Liabilities:
	Mortgages and other notes payable	$	146,298	$	137,754

	Accounts payable and accrued expenses	$	2,435	$	2,317

	Accrued development costs	$	9,181	$	7,951

	Due to related parties	$	109	$	219

	Other liabilities	$	5,756	$	4,949

Contingent_Purchase_Price_Cons1

Contingent Purchase Price Consideration (Tables)	3 Months Ended
Contingent Purchase Price Consideration (Tables)	Mar. 31, 2015
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 three months ended March 31, 2015 and 2014 (in thousands):


		Three Months Ended
		March 31,
		2015		2014
	Beginning balance	$	4,078	$	4,488
	Yield Guaranty payment received from seller		—		(2,300	)

	Ending balance	$	4,078	$	2,188

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 three months ended March 31, 2015 and 2014 (in thousands):


		Three Months Ended
		March 31,
		2015		2014
	Beginning balance	$	—	$	—
	Contingent consideration in connection with acquisition		—		2,570

	Ending balance	$	—	$	2,570

Indebtedness_Tables

Indebtedness (Tables)	3 Months Ended
Indebtedness (Tables)	Mar. 31, 2015
Details of Indebtedness	The following table provides details of the Company’s indebtedness as of March 31, 2015 and December 31, 2014 (in thousands):


			March 31,			December 31,
			2015			2014
	Mortgages payable and other notes payable:
	Fixed rate debt		$	375,889		$	370,854
	Variable rate debt (1)			462,138			482,922

	Mortgages and other notes payable			838,027			853,776
	Premium (discount), net (2)			(180	)		(215	)

	Total mortgages and other notes payable, net			837,847			853,561
	Credit facilities:
	Term Loan Facility (1)			175,000			175,000
	Revolving Credit Facility (3)			—			31,403

	Total borrowings		$	1,012,847		$	1,059,964


	FOOTNOTES:
	-1	As of March 31, 2015 and December 31, 2014, the Company had entered into interest rate swaps with notional amounts of approximately $194.5 million and $182.1 million, respectively, which were settling on a monthly basis. In addition, as of March 31, 2015 and December 31, 2014, the Company had entered into forward-starting interest rate swaps for total notional amounts of approximately $365.7 million and $269.4 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 loan being hedged (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.
	-3	As of March 31, 2015 and December 31, 2014, availability under the Revolving Credit Facility was approximately $54.1 million and $14.0 million, respectively, based on the value of the properties in the unencumbered collateral pool of assets supporting the loan.
Schedule of Maturities of Indebtedness	Maturities of indebtedness for the remainder of 2015, each of the next four years and thereafter, in the aggregate, as of March 31, 2015 are as follows (in thousands):


	2015		$	13,566
	2016			70,185
	2017			37,425
	2018			297,292
	2019			451,690
	Thereafter			142,689

			$	1,012,847

Schedule of Indebtedness	The following table provides details as of March 31, 2015 (in thousands):


	Property and Loan Type		Interest Rate at		Payment Terms	Maturity			March 31,
			March 31,			Date (2)			2015
			2015 (1)
	ProMed Medical Building I;		3.64%		Monthly principal and interest payments based upon a 30-year amortization schedule		1/15/22		$	7,184
	Mortgage Loan		per annum (3)				1/15/22		$	7,184

					Total fixed rate debt					7,184

	Raider Ranch Development;		30-day		Monthly interest only payments through October 2017; principal and interest payments thereafter based on a 25-year amortization schedule		10/27/17			786
	Construction Loan		LIBOR plus 3.50% at
			0.5% LIBOR floor
	HarborChase of Shorewood;		30-day LIBOR		Monthly interest only payments through July 2017; principal and interest payments thereafter based on a 25-year amortization schedule		7/15/19			2,463
	Construction Loan		plus 3%;
			2% all in floor
	Watercrest at Katy;		30-day LIBOR		Monthly interest only payments through December 2017; principal and interest payments thereafter based on a 30-year amortization schedule		12/27/19			1
	Construction Loan		plus 2.75%
			per annum

					Total variable rate debt					3,250

					Fixed and variable rate debt					10,434
					Premium (discount), net					—

					Total debt				$	10,434


	FOOTNOTES:
	(1)	The 30-day LIBOR was approximately 0.18% as March 31, 2015.
	(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)	Beginning January 2020, the interest rate transitions to variable rate based on 30-day LIBOR plus 2.20% per annum.

Related_Party_Arrangements_Tab

Related Party Arrangements (Tables)	3 Months Ended
Related Party Arrangements (Tables)	Mar. 31, 2015
Related Parties
Related Party Arrangement, Fees and Expenses Incurred By, Reimbursable, Settled and Paid	The expenses and fees incurred by and reimbursable to the Company’s related parties for the three months ended March 31, 2015 and 2014, and related amounts unpaid as of March 31, 2015 and December 31, 2014 are as follows (in thousands):


			Three Months Ended					Unpaid amounts as of (1)
			March 31,					March 31,		December 31,
			2015		2014			2015		2014
	Reimbursable expenses:
	Offering costs (2)		$	882	$	826		$	608	$	713
	Operating expenses (3)			898		199			877		479
	Acquisition fees and expenses			104		235			12		80

				1,884		1,260			1,497		1,272
	Investment services fees (4)			1,416		4,046			—		—
	Property management fees (5)			980		460			514		429
	Asset management fees (6)			4,886		2,666			1,116		355

			$	9,166	$	8,432		$	3,127	$	2,056


	FOOTNOTES:
	(1)	Amounts are recorded as due to related parties in the accompanying condensed consolidated balance sheets.
	(2)	Amounts are recorded as stock issuance and offering costs in the accompanying condensed consolidated statements of stockholders’ equity and redeemable noncontrolling interest.
	(3)	Amounts are recorded as general and administrative expenses in the accompanying condensed consolidated statements of operations.
	(4)	For the three months ended March 31, 2015 and 2014, the Company incurred approximately $1.4 million and $4.0 million, respectively. For the three months ended March 31, 2014, investment services fees of approximately $0.5 million were capitalized and included in real estate under development in the accompanying condensed consolidated balance sheets. No investment services fees were capitalized for the three months ended March 31, 2015. Investment service fees, that are not capitalized, are recorded as acquisition fees and expenses in the accompanying condensed consolidated statements of operations.
	(5)	For the three months ended March 31, 2015 and 2014, the Company incurred approximately $1.0 million and $0.5 million, respectively, in property and construction management fees payable to the Property Manager of which approximately $0.3 million and $0.1 million, respectively, in construction management fees were capitalized and included in real estate under development in the accompanying condensed consolidated balance sheets.
	(6)	For the three months ended March 31, 2015 and 2014, the Company incurred approximately $4.9 million and $2.7 million, respectively, in asset management fees payable to the Advisor of which approximately $0.5 million and $0.8 million, respectively, was settled in accordance with the terms of the Advisor Expense Support Agreement and approximately $0.1 million was capitalized for each period and included in real estate under development in the accompanying condensed consolidated balance sheets.
Expense Support Agreements
Related Party Arrangement, Fees and Expenses Incurred By, Reimbursable, Settled and Paid	The following fees were settled and paid in the form of Restricted Stock in connection with the Expense Support Agreements for the three months ended March 31, 2015 and 2014, and cumulatively as of March 31, 2015 (in thousands, except offering price):


			Three Months					As of
			Ended March 31,					March 31,
			2015		2014			2015
	Asset management fees (1)		$	545	$	848		$	6,814

	Then-current offering price (2)		$	10.58	$	10.14		$	10.58

	Restricted stock shares (3)			52		84			670

	Cash distributions on Restricted Stock (4)		$	54	$	5		$	157

	Stock distributions on Restricted Stock (5)			4		—	(6)		11


	FOOTNOTES:
	(1)	No other amounts have been settled in accordance with the Expense Support Agreements for the three months ended March 31, 2015 and 2014, and cumulatively as of March 31, 2015.
	(2)	The then-current offering prices are based on the Company’s net asset value (“NAV”) per share as of the Determination Date.
	(3)	Restricted stock shares are comprised of approximately 0.05 million issuable to the Advisor as of March 31, 2015. 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 through March 31, 2015.
	(4)	The cash distributions have been recognized as compensation expense as issued and included in general and administrative expense in the accompanying condensed consolidated statements of operations.
	(5)	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 condensed consolidated statements of operations.
	(6)	During the three months ended March 31, 2014, the Advisor received 358 shares in the form of stock distributions under the terms of the Advisor Expense Support Agreement.
Public Offering \| Advisor
Related Party Arrangement, Fees and Expenses Incurred By, Reimbursable, Settled and Paid	The fees incurred by and reimbursable to the Managing Dealer in connection with the Company’s Offering for the three months ended March 31, 2015 and 2014, and related amounts unpaid as of March 31, 2015 and December 31, 2014 are as follows (in thousands):


			Three Months Ended					Unpaid amounts as of (1)
			March 31,					March 31,		December 31,
			2015		2014			2015		2014
	Selling commissions (2)		$	4,022	$	2,453		$	77	$	388
	Marketing support fees (2)			5,387		2,584			141		555

			$	9,409	$	5,037		$	218	$	943

Derivative_Financial_Instrumen1

Derivative Financial Instruments (Tables)	3 Months Ended
Derivative Financial Instruments (Tables)	Mar. 31, 2015
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
	Initial Notional Amount		Strike (1)			Credit			Trade		Forward		Maturity		March 31,			December 31,
	Initial Notional Amount		Strike (1)			Spread (1)			date		date		date		2015			2014
	$12,421(2)			1.3	%		2.6	%		1/17/13		1/15/15		1/16/18	$	(142	)	$	(71	)
	$38,255(2)			2.7	%		2.5	%		9/6/13		8/17/15		7/10/18	$	(1,626	)	$	(1,228	)
	$26,067(2)			2.8	%		2.5	%		9/6/13		8/17/15		8/29/18	$	(1,193	)	$	(906	)
	$30,000(2)			1.1	%		2.7	%		10/22/13		8/5/15		8/19/16	$	(162	)	$	(82	)
	$29,952(2)			0.9	%		4.3	%		11/13/13		5/11/15		5/31/16	$	—		$	(74	)
	$11,000(3)			3	%		—	%		6/27/14		6/30/14		6/30/17	$	4		$	10
	$48,415(2)			2.4	%		2.9	%		8/15/14		6/1/16		6/2/19	$	(795	)	$	(270	)
	$84,251(2)			2.3	%		2.4	%		9/12/14		8/1/15		7/15/19	$	(2,431	)	$	(1,326	)
	$7,129(2)			1.2	%		2.3	%		11/12/14		11/15/14		10/15/17	$	(67	)	$	(35	)
	$175,000(2)			1.6	%		2	%		12/23/14		12/19/14		2/19/19	$	(2,552	)	$	(881	)
	$138,698(2)			1.7	%		2	%		1/9/15		12/10/15		12/22/19	$	(1,099	)	$	—

	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)	3 Months Ended
Equity (Tables)	Mar. 31, 2015
Summary of Aggregate Proceeds from Offerings	The following table details the Company’s aggregate proceeds from its Offerings as of March 31, 2015 and December 31, 2014 (in millions):


			March 31, 2015														December 31, 2014
			Subscriptions						Reinvestment Plan								Subscriptions			Reinvestment Plan
				Proceeds			Shares			Proceeds				Shares				Proceeds	Shares		Proceeds	Shares

	Initial Offering		$	1,271.40			125.1		$	27.1				125.1			$	1,114.20	110.2	$	27.1	2.8
	Follow-on Offering			23.5			2.2			7.6				0.8				—	—		—	—

			$	1,294.90			127.3		$	34.7				125.9			$	1,114.20	110.2	$	27.1	2.8

Historical Offering Share Prices, Including the Prices Pursuant To the Reinvestment Plan and the Company's Monthly Distributions per Share	The following table details the Company’s historical share prices in its Offerings, including the prices pursuant to the Reinvestment Plan and the Company’s monthly cash and stock distributions per share:


	Period		Offering Price			Reinvestment			Monthly				Monthly
			per Share			Plan Price			Cash				Stock
						per Share			Distributions (1)				Distributions
	December 11, 2013 through November 3, 2014		$	10.14		$	9.64		$	0.0338				0.0025

	November 4, 2014 through date of this filing		$	10.58		$	10.06		$	0.0353				0.0025


	FOOTNOTE:
	(1)	Monthly cash distributions were effective and payable to all common stockholders of record as of the close of business on the first business day in the month subsequent to the announcement of the Company’s NAV (i.e. December 1, 2014 for the current Offering price).
Tax Composition of Company's Distributions Declared	The tax composition of the Company’s distributions declared for the three months ended March 31, 2015 and 2014 were as follows:


			Three Months Ended March 31,
	Distribution Type		2015			2014
	Taxable as ordinary income			48.9	%		20	%

	Return of capital			51.1	%		80	%

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 condensed consolidated statements of comprehensive loss for the three months ended March 31, 2015 and 2014 (in thousands):


	Derivative Financial		Loss recognized in other						Location of loss		Loss reclassified from
	Instrument		comprehensive loss						reclassified into		AOCI into earnings
			on derivative financial						earnings		(Effective Portion)
			instrument						(Effective Portion)
			(Effective Portion)
			Three Months Ended								Three Months Ended
			March 31,								March 31,

				2015			2014					2015				2014

	Interest rate swaps		$	(5,268	)	$	(223	)	Interest expense and		$	(659	)		$	—
	Interest rate swaps		$	(5,268	)	$	(223	)	loan cost amortization		$	(659	)		$	—
	Reclassification of interest rate			74			—		Interest expense and loan cost amortization			(74	)			—
	swaps upon derecognition			74			—		Interest expense and loan cost amortization			(74	)			—
	Interest rate cap held by			(6	)		—		Not applicable			—				—
	unconsolidated joint venture			(6	)		—		Not applicable			—				—
	Interest rate swap held by			—			(26	)	Not applicable			—				—
	unconsolidated joint venture			—			(26	)	Not applicable			—				—

	Total		$	(5,200	)	$	(249	)			$	(733	)		$	—

Organization_Additional_Inform

Organization - Additional Information (Detail)	3 Months Ended
Organization - Additional Information (Detail)	Mar. 31, 2015
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

Acquisitions_Additional_Inform

Acquisitions - Additional Information (Detail) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
	Property	Property
Business Acquisition [Line Items]
Number of properties acquired	3	10
Revenues attributable to properties	$0.30	$3.30
Net income (loss) attributable to properties	$0.50	$6.40
Senior Housing
Business Acquisition [Line Items]
Number of properties acquired	1	9
Medical Office
Business Acquisition [Line Items]
Number of properties acquired	2	1

Acquisitions_of_Properties_Det

Acquisitions of Properties (Detail) (USD $)	3 Months Ended				1 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014		Mar. 31, 2015
Business Acquisition [Line Items]
Purchase Price	$76,560		$190,612
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			21,000	[1]
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			11,500	[1]
The Springs Alzheimer's Special Care Center
Business Acquisition [Line Items]
Location			San Angelo, TX
Structure			Managed
Date Acquired			28-Mar-14
Purchase Price			10,500	[1]
Novi Orthopedic Center
Business Acquisition [Line Items]
Location	Novi, MI
Structure	Modified Lease
Date Acquired	13-Feb-15
Purchase Price	30,500	[2]
UT Cancer Institute
Business Acquisition [Line Items]
Location	Knoxville, TN
Structure	Modified Lease
Date Acquired	20-Feb-15
Purchase Price	33,660
Fieldstone Memory Care
Business Acquisition [Line Items]
Location	Yakima, WA	[3]
Structure	Managed	[3]
Date Acquired	31-Mar-15	[3]
Purchase Price	12,400	[2],[3]			12,400
Chula Vista Medical Arts
Business Acquisition [Line Items]
Location			Chula Vista, CA ("San Diego")
Structure			Modified Lease
Date Acquired			21-Jan-14
Purchase Price			$17,863	[2]

[1]	This purchase price does not reflect subsequent contingent purchase price consideration paid related to the acquisition of these properties; refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2014 for the final purchase price of these properties.
[2]	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.
[3]	This property was purchased from a related party of the Company's Sponsor; refer to Note 11. "Related Party Arrangements" for additional information.

Schedule_of_Purchase_Price_All

Schedule of Purchase Price Allocation (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2015
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items]
Land and land improvements	$18,446		$3,032
Buildings and building improvements	154,607		63,825
Furniture, fixtures and equipment	5,572		455
Intangibles	15,259	[1]	10,298	[1]
Other liabilities	-702		-1,050
Net assets acquired	193,182		76,560
Contingent purchase price consideration	-2,570
Total purchase price consideration	190,612		76,560
Contingent Purchase Consideration
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items]
Contingent purchase price consideration	($2,570)

[1]	At the acquisition date, the weighted-average amortization period on the acquired lease intangibles for the three months ended March 31, 2015 and 2014 was approximately 12.3 years and 3.0 years, respectively. The acquired lease intangibles during the three months ended March 31, 2015 were comprised of approximately $8.5 million and $1.8 million of in-place lease intangibles and other lease intangibles, respectively, and the acquired lease intangibles during the three months ended March 31, 2014 were comprised of approximately $15.2 million and $0.02 million of in-place lease intangibles and other lease intangibles, respectively

Schedule_of_Purchase_Price_All1

Schedule of Purchase Price Allocation (Parenthetical) (Detail) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items]
Weighted-average amortization period on the acquired lease intangibles	12 years 3 months 18 days	3 years
Acquired lease intangibles	$8.50	$15.20
Acquired other lease intangibles	$1.80	$0.02

Schedule_of_Unaudited_Proforma

Schedule of Unaudited Proforma Results of Operations (Detail) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenues	$65,442		$37,077
Net income (loss)	($17,465)	[1]	($9,656)	[1]
Loss per share of common stock (basic and diluted)	($0.13)		($0.15)
Weighted average number of shares of common stock outstanding (basic and diluted)	129,627	[2]	65,273	[2]

[1]	The unaudited pro forma results for the three months ended March 31, 2015, were adjusted to exclude approximately $0.7 million of acquisition related expenses directly attributable to the properties acquired during the three months ended March 31, 2015. The unaudited pro forma results for the three months ended March 31, 2014 were adjusted to include these acquisition related expenses, as if the properties had been acquired on January 1, 2014. The unaudited pro forma results for the three months ended March 31, 2014 were adjusted to exclude approximately $6.4 million of acquisition related expenses directly attributable to the properties acquired during the three months ended March 31, 2014, as if the properties had been acquired as of January 1, 2013.
[2]	No additional shares were required to be issued as a result of the acquired properties. The weighted average shares outstanding was not adjusted as of January 1, 2014.

Schedule_of_Unaudited_Proforma1

Schedule of Unaudited Proforma Results of Operations (Parenthetical) (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Acquisition fees and expenses	$2,330	$7,205
Acquisition-related Costs \| Proforma results adjusted to exclude
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Acquisition fees and expenses	$700	$6,400

Schedule_of_Real_Estate_Invest

Schedule of Real Estate Investment Properties (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Real Estate Properties [Line Items]
Land and land improvements	$131,713	$128,662
Building and building improvements	1,609,713	1,545,614
Furniture, fixtures and equipment	38,265	36,319
Less: accumulated depreciation	-66,712	-53,095
Real estate investment properties, net	1,712,979	1,657,500
Real estate under development, including land	66,013	47,153
Total real estate assets, net	$1,778,992	$1,704,653

Real_Estate_Assets_Net_Additio

Real Estate Assets Net - Additional Information (Detail) (Real Estate Investment Properties, USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Real Estate Investment Properties
Real Estate Properties [Line Items]
Depreciation expense	$13.60	$7.60

Real_Estates_under_Development

Real Estates under Development with Third-Party Developers (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
Real Estate Properties [Line Items]
Real Estate Development Costs Incurred	$66,013	[1]
Remaining Development Budget	59,154	[2]
Wellmore of Tega Cay (Tega Cay, SC)
Real Estate Properties [Line Items]
Developer	Maxwell Group, Inc.
Real Estate Development Costs Incurred	29,148	[1]
Remaining Development Budget	10,959	[2]
HarborChase Of Shorewood (Shorewood, WI)
Real Estate Properties [Line Items]
Developer	Harbor Shorewood Development, LLC
Real Estate Development Costs Incurred	15,095	[1]
Remaining Development Budget	11,979	[2]
Watercrest at Katy (Katy, TX)
Real Estate Properties [Line Items]
Developer	South Bay Partners, Ltd	[3]
Real Estate Development Costs Incurred	12,730	[1],[3]
Remaining Development Budget	27,692	[2],[3]
Raider Ranch (Lubbock, TX)
Real Estate Properties [Line Items]
Developer	South Bay Partners, Ltd
Real Estate Development Costs Incurred	9,040	[1]
Remaining Development Budget	$8,524	[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 March 31, 2015. 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) (Watercrest at Katy (Katy, TX))	Mar. 31, 2015
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 $)	Mar. 31, 2015		Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014
Finite-Lived Intangible Assets And Liabilities [Line Items]
Less: accumulated amortization, assets	($40,490)		($30,250)
Intangible assets, net	130,555		140,264
Less: accumulated amortization, liabilities	1,446		1,014
Intangible liabilities, net	-10,012	[1]	-14,502	[1]
In place lease intangibles
Finite-Lived Intangible Assets And Liabilities [Line Items]
Gross carrying amount, assets	147,574		148,880
Above-market lease intangibles
Finite-Lived Intangible Assets And Liabilities [Line Items]
Gross carrying amount, assets	11,625		11,320
Gross carrying amount, liabilities	-2,864		-2,273
Below-market ground lease intangibles
Finite-Lived Intangible Assets And Liabilities [Line Items]
Gross carrying amount, assets	11,846		10,314
Gross carrying amount, liabilities	($8,594)		($13,243)

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

Intangibles_net_Additional_Inf

Intangibles net - Additional Information (Detail) (USD $)	3 Months Ended
Intangibles net - Additional Information (Detail) (USD $)	Mar. 31, 2015	Mar. 31, 2014
Finite-Lived Intangible Assets And Liabilities [Line Items]
Outstanding rent receivable	$300,000
Impairment provision of intangible assets	5,500,000
Amortization expense on intangible assets	10,200,000	4,500,000
Amortization expense on intangible liabilities	400,000	100,000
Lease Rental Income
Finite-Lived Intangible Assets And Liabilities [Line Items]
Amortization expense on intangible assets	500,000	200,000
Amortization expense on intangible liabilities	400,000	100,000
Property Operating Expenses
Finite-Lived Intangible Assets And Liabilities [Line Items]
Amortization expense on intangible assets	100,000	30,000
Depreciation And Amortization
Finite-Lived Intangible Assets And Liabilities [Line Items]
Amortization expense on intangible assets	9,700,000	4,200,000
Operating expenses
Finite-Lived Intangible Assets And Liabilities [Line Items]
Amortization expense on intangible liabilities	$20,000	$2,000

Schedule_of_Estimated_Future_A

Schedule of Estimated Future Amortization and Weighted Average Remaining Useful Life (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014
Finite-Lived Intangible Assets And Liabilities [Line Items]
Intangible assets, net	130,555		$140,264
Intangible liabilities, net	-10,012	[1]	-14,502	[1]
Finite-Lived Intangible Assets
Finite-Lived Intangible Assets And Liabilities [Line Items]
2015	28,879
2016	27,692
2017	14,658
2018	11,759
2019	8,727
Thereafter	38,840
Intangible assets, net	130,555
Intangible Liabilities
Finite-Lived Intangible Assets And Liabilities [Line Items]
2015	-990
2016	-1,185
2017	-1,058
2018	-940
2019	-776
Thereafter	-5,063
Intangible liabilities, net	-10,012
In place lease intangibles
Finite-Lived Intangible Assets And Liabilities [Line Items]
Weighted average useful life, assets	5 years 4 months 24 days
In place lease intangibles \| Finite-Lived Intangible Assets
Finite-Lived Intangible Assets And Liabilities [Line Items]
2015	27,251
2016	25,861
2017	12,963
2018	10,212
2019	7,416
Thereafter	25,270
Intangible assets, net	108,973
Above-market lease intangibles
Finite-Lived Intangible Assets And Liabilities [Line Items]
Weighted average useful life, assets	6 years
Weighted average useful life, liabilities	38 years 9 months 18 days
Above-market lease intangibles \| Finite-Lived Intangible Assets
Finite-Lived Intangible Assets And Liabilities [Line Items]
2015	1,400
2016	1,527
2017	1,391
2018	1,243
2019	1,007
Thereafter	3,403
Intangible assets, net	9,971
Above-market lease intangibles \| Intangible Liabilities
Finite-Lived Intangible Assets And Liabilities [Line Items]
2015	-55
2016	-73
2017	-73
2018	-73
2019	-73
Thereafter	-2,486
Intangible liabilities, net	-2,833
Below-market ground lease intangibles
Finite-Lived Intangible Assets And Liabilities [Line Items]
Weighted average useful life, assets	38 years 2 months 12 days
Weighted average useful life, liabilities	10 years 9 months 18 days
Below-market ground lease intangibles \| Finite-Lived Intangible Assets
Finite-Lived Intangible Assets And Liabilities [Line Items]
2015	228
2016	304
2017	304
2018	304
2019	304
Thereafter	10,167
Intangible assets, net	11,611
Below-market ground lease intangibles \| Intangible Liabilities
Finite-Lived Intangible Assets And Liabilities [Line Items]
2015	-935
2016	-1,112
2017	-985
2018	-867
2019	-703
Thereafter	-2,577
Intangible liabilities, net	-7,179

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

Operating_Leases_Additional_In

Operating Leases - Additional Information (Detail) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015
Operating Leased Assets [Line Items]
Weighted average remaining lease term	6 years 7 months 6 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	57
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	33

Schedule_of_Future_Minimum_Lea

Schedule of Future Minimum Lease Payments (Detail) (Non-cancellable operating leases, USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified	Mar. 31, 2015
Non-cancellable operating leases
Long-term Purchase Commitment [Line Items]
2015	$59,622
2016	75,451
2017	71,805
2018	67,852
2019	58,901
Thereafter	215,715
Total	$549,346

Aggregate_Carrying_Amount_and_

Aggregate Carrying Amount and Major Classifications of Consolidated Assets and Liabilities (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Jan. 01, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Jan. 01, 2014
Variable Interest Entity [Line Items]
Real estate investment properties, net	$1,712,979	$1,657,500
Real estate under development, including land	66,013	47,153
Intangible assets, net	130,555	140,264
Cash	116,365	91,355	40,626	44,209
Other assets	22,150	19,738
Loan costs, net	13,096	14,012
Deferred rent and lease incentives	9,321	8,240
Restricted cash	7,779	10,753
Mortgages and other notes payable	837,847	853,561
Other liabilities	28,387	27,448
VIEs
Variable Interest Entity [Line Items]
Real estate investment properties, net	173,192	174,449
Real estate under development, including land	66,013	47,153
Intangible assets, net	24,673	25,519
Cash	3,911	6,280
Other assets	1,974	511
Loan costs, net	2,243	2,300
Deferred rent and lease incentives	3,296	2,978
Restricted cash	2,594	5,304
Mortgages and other notes payable	146,298	137,754
Accounts payable and accrued expenses	2,435	2,317
Accrued development costs	9,181	7,951
Due to related parties	109	219
Other liabilities	$5,756	$4,949

Variable_Interest_Entities_VIE

Variable Interest Entities (VIEs) - Additional Information (Detail) (USD $)	Mar. 31, 2015
In Millions, unless otherwise specified	Mar. 31, 2015
Variable Interest Entity [Line Items]
Maximum exposure to loss VIEs limits	$113.10

Ground_and_Air_Rights_Leases_A

Ground and Air Rights Leases - Additional Information (Detail) (Ground and Air Rights Leases, USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Ground and Air Rights Leases
Operating Leased Assets [Line Items]
Operating lease rental expense	$0.60	$0.10

Schedule_of_Future_Minimum_Lea1

Schedule of Future Minimum Lease Payments Under Ground and Air Rights Leases (Detail) (Ground and Air Rights Leases, USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified	Mar. 31, 2015
Ground and Air Rights Leases
Long-term Purchase Commitment [Line Items]
2015	$1,231
2016	1,665
2017	1,706
2018	1,752
2019	1,777
Thereafter	120,533
Total	$128,664

Contingent_Purchase_Price_Cons2

Contingent Purchase Price Consideration - Additional Information (Detail) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2012
Business Acquisition, Contingent Consideration [Line Items]
Contingent purchase consideration		$2,570
Operating income (loss)	-7,909	-7,375
Capital Health Communities
Business Acquisition, Contingent Consideration [Line Items]
Contingent purchase consideration			7,000
Fair value of Contingent consideration	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

Fair_Value_of_Contingent_Purch

Fair Value of Contingent Purchase Price Consideration (Detail) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2012	Mar. 31, 2015	Dec. 31, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration in connection with acquisition	$2,570
Capital Health Communities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance			4,100
Contingent consideration in connection with acquisition		7,000
Ending balance			4,100
Business Acquisition Contingent Consideration \| Capital Health Communities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	4,488		4,078	4,078
Yield Guaranty payment received from seller	-2,300
Ending balance	2,188		4,078	4,078
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	2,570
Ending balance	$2,570

Details_of_Indebtedness_Detail

Details of Indebtedness (Detail) (USD $)	Mar. 31, 2015		Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014
Indebtedness [Line Items]
Mortgages payable and other notes payable	$838,027		$853,776
Premium (discount), net	-180	[1]	-215	[1]
Total mortgages and other notes payable, net	837,847		853,561
Credit Facility	175,000		206,403
Total borrowings	1,012,847		1,059,964
Term Loan Facility
Indebtedness [Line Items]
Credit Facility	175,000	[2]	175,000	[2]
Revolving Credit Facility
Indebtedness [Line Items]
Credit Facility			31,403	[3]
Fixed rate debt
Indebtedness [Line Items]
Mortgages payable and other notes payable	375,889		370,854
Variable Rate Debt
Indebtedness [Line Items]
Mortgages payable and other notes payable	$462,138	[2]	$482,922	[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 March 31, 2015 and December 31, 2014, the Company had entered into interest rate swaps with notional amounts of approximately $194.5 million and $182.1 million, respectively, which were settling on a monthly basis. In addition, as of March 31, 2015 and December 31, 2014, the Company had entered into forward-starting interest rate swaps for total notional amounts of approximately $365.7 million and $269.4 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 loan being hedged (ranging from 2016 through 2019).
[3]	As of March 31, 2015 and December 31, 2014, availability under the Revolving Credit Facility was approximately $54.1 million and $14.0 million, respectively, based on the value of the properties in the unencumbered collateral pool of assets supporting the loan.

Details_of_Indebtedness_Parent

Details of Indebtedness (Parenthetical) (Detail) (USD $)	3 Months Ended
Details of Indebtedness (Parenthetical) (Detail) (USD $)	Mar. 31, 2015		Dec. 31, 2014
Indebtedness [Line Items]
Notional amount of derivative contract	$138,698,000	[1]
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	194,500,000		182,100,000
Forward Contracts
Indebtedness [Line Items]
Notional amount of derivative contract	365,700,000		269,400,000
Revolving Credit Facility
Indebtedness [Line Items]
Debt Instrument, Current borrowing capacity	$54,100,000		$14,000,000

[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.

Schedule_of_Maturities_of_Inde

Schedule of Maturities of Indebtedness (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Net Balance
2015	$13,566
2016	70,185
2017	37,425
2018	297,292
2019	451,690
Thereafter	142,689
Total borrowings	$1,012,847	$1,059,964

Schedule_of_Indebtedness_Detai

Schedule of Indebtedness (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014
Debt Instrument [Line Items]
premium,(Discount) net	($180)	[1]	($215)	[1]
Total borrowings	1,012,847		1,059,964
Mortgage and Construction Loans
Debt Instrument [Line Items]
Total debt	10,434
premium,(Discount) net	0
Total borrowings	10,434
Variable Rate Debt \| Construction Loan
Debt Instrument [Line Items]
Total debt	3,250
ProMed Medical Building I \| Mortgage Loans
Debt Instrument [Line Items]
Interest on Loan accrues - Fixed rate	3.64%	[2],[3]
Payment Terms	Monthly principal and interest payments based upon a 30-year amortization schedule
Principal and interest payments amortizable period	30 years
Maturity Date	15-Jan-22	[4]
Total debt	7,184
ProMed Medical Building I \| Fixed And Variable Interest Rate Debt \| Mortgage Loans
Debt Instrument [Line Items]
Total debt	7,184
Raider Ranch Development \| Construction Loan
Debt Instrument [Line Items]
Interest accrues on loan in addition to LIBOR	3.50%	[2]
Floor rate	0.50%	[2]
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	[4]
Raider Ranch Development \| Variable Rate Debt \| Construction Loan
Debt Instrument [Line Items]
Total debt	786
HarborChase Of Shorewood (Shorewood, WI) \| Construction Loan
Debt Instrument [Line Items]
Interest accrues on loan in addition to LIBOR	3.00%	[2]
Floor rate	2.00%	[2]
Payment Terms	Monthly interest only payments through July 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	2017-07
Maturity Date	15-Jul-19	[4]
HarborChase Of Shorewood (Shorewood, WI) \| Variable Rate Debt \| Construction Loan
Debt Instrument [Line Items]
Total debt	2,463
Watercrest at Katy (Katy, TX) \| Construction Loan
Debt Instrument [Line Items]
Interest accrues on loan in addition to LIBOR	2.75%	[2]
Payment Terms	Monthly interest only payments through December 2017; principal and interest payments thereafter based on a 30-year amortization schedule
Principal and interest payments amortizable period	30 years
Interest payments ending date	2017-12
Maturity Date	27-Dec-19	[4]
Watercrest at Katy (Katy, TX) \| Variable Rate Debt \| Construction Loan
Debt Instrument [Line Items]
Total debt	$1

[1]	Premium (discount), net is reflective of the Company recording mortgage note payables assumed at fair value on the respective acquisition date.
[2]	The 30-day LIBOR was approximately 0.18% as March 31, 2015.
[3]	Beginning January 2020, the interest rate transitions to variable rate based on 30-day LIBOR plus 2.20% per annum.
[4]	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.

Schedule_of_Indebtedness_Paren

Schedule of Indebtedness (Parenthetical) (Detail)	3 Months Ended
Schedule of Indebtedness (Parenthetical) (Detail)	Mar. 31, 2015
30-day LIBOR
Debt Instrument [Line Items]
Interest accrues on loan in addition to LIBOR	0.18%
Mortgage Loans \| Beginning 1/16/2020
Debt Instrument [Line Items]
Interest accrues on loan in addition to LIBOR	2.20%

Indebtedness_Additional_Inform

Indebtedness - Additional Information (Detail) (USD $)	1 Months Ended	3 Months Ended	1 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
	Mar. 31, 2015	Mar. 31, 2015	Extension
Mortgage Note Payable
Debt Instrument [Line Items]
Fair value of notes payable	$864.50	864.5	$868.50
Other notes
Debt Instrument [Line Items]
Carrying value of notes payable	837.8	837.8	853.6
Mortgage Loans \| Perennial Communities
Debt Instrument [Line Items]
Extinguishment of outstanding debt	30
Write off of unamortized loan cost	0.2
Reclassified amount in connection with the derecognition of the cash flow hedge	0.1
Mortgage Loans \| Scenario Original Contractual Terms
Debt Instrument [Line Items]
Mortgage loan amortizable period		25 years
Mortgage Loans \| Scenario Impact
Debt Instrument [Line Items]
Mortgage loan amortizable period		15 years
After Modification
Debt Instrument [Line Items]
Aggregate maximum principal amount available for borrowing			700
Revolving Credit Facility
Debt Instrument [Line Items]
Aggregate maximum principal amount available for borrowing			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			0.15%
Fees paid range on unused commitments, upper range, percentage			0.25%
Description of covenants		The Credit Facilities contain affirmative, negative, and financial covenants which are customary for loans of this type, including (but not limited to): (i) maximum leverage, (ii) minimum fixed charge coverage ratio, (iii) minimum consolidated net worth, (iv) restrictions on payments of cash distributions except if required by REIT requirements, (v) maximum secured 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 Companybs REIT status.
Fair value of notes payable	175	175	206.4
Carrying value of notes payable	175	175	206.4
Term Loan Facility
Debt Instrument [Line Items]
Aggregate maximum principal amount available for borrowing			$175
Term of credit facility			50 months
Number of extension options available			1
Revolving line of credit extension period			12 months

Related_Party_Arrangements_Add

Related Party Arrangements - Additional Information (Detail) (USD $)	3 Months Ended			1 Months Ended
	Mar. 31, 2015		Mar. 31, 2014	Mar. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Annualized return of investment	6.00%
Bank deposits	$100,000			$100,000	$100,000
Purchase Price	76,560,000		190,612,000
Interest income on note receivable from related party			146,000
Operating expenses reimbursement as percentage average invested assets	2.00%
Operating expenses reimbursement as percentage of net income	25.00%
Fieldstone Memory Care
Related Party Transaction [Line Items]
Purchase Price	$12,400,000	[1],[2]		$12,400,000

[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.
[2]	This property was purchased from a related party of the Company's Sponsor; refer to Note 11. "Related Party Arrangements" for additional information.

Related_Party_Arrangement_Fees

Related Party Arrangement, Fees and Expenses Incurred (Detail) (USD $)	3 Months Ended				11 Months Ended	0 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014		Nov. 03, 2014	Mar. 31, 2015		Dec. 31, 2014
Related Party Transaction [Line Items]
Asset management fees	$1,116	[1],[2]				$1,116	[1],[2]	$355	[1],[2]
Asset management fees	4,210		1,770
Cash distributions on Restricted Stock	5,600		2,798
Stock distributions on Restricted Stock	900,000		500,000
Stock distributions
Related Party Transaction [Line Items]
Stock distributions on Restricted Stock					0.0025
Restricted Stock
Related Party Transaction [Line Items]
Restricted stock shares	50,000
Expense Support Agreements
Related Party Transaction [Line Items]
Asset management fees	6,814	[3]				6,814	[3]
Then-current offering price	$10.58	[4]	$10.14	[4]		$10.58	[4]
Asset management fees	545	[3]	848	[3]		6,814	[3]
Then-current offering price	$10.58					$10.58
Expense Support Agreements \| Restricted Stock
Related Party Transaction [Line Items]
Restricted stock shares	670,000	[5]				670,000	[5]
Restricted stock shares	52,000	[5]	84,000	[5]		670,000	[5]
Cash distributions on Restricted Stock	54	[6]	5	[6]		157	[6]
Stock distributions on Restricted Stock	4,000	[7]		[7],[8]		11,000	[7]
Expense Support Agreements \| Restricted Stock \| Cash distributions
Related Party Transaction [Line Items]
Distributions on Restricted Stock	157	[6]				157	[6]
Expense Support Agreements \| Restricted Stock \| Stock distributions
Related Party Transaction [Line Items]
Distributions on Restricted Stock	$11	[7]				$11	[7]

[1]	Amounts are recorded as due to related parties in the accompanying condensed consolidated balance sheets.
[2]	For the three months ended March 31, 2015 and 2014, the Company incurred approximately $4.9 million and $2.7 million, respectively, in asset management fees payable to the Advisor of which approximately $0.5 million and $0.8 million, respectively, was settled in accordance with the terms of the Advisor Expense Support Agreement and approximately $0.1 million was capitalized for each period and included in real estate under development in the accompanying condensed consolidated balance sheets.
[3]	No other amounts have been settled in accordance with the Expense Support Agreements for the three months ended March 31, 2015 and 2014, and cumulatively as of March 31, 2015.
[4]	The then-current offering prices are based on the Company's net asset value ("NAV") per share as of the Determination Date.
[5]	Restricted stock shares are comprised of approximately 0.05 million issuable to the Advisor as of March 31, 2015. 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 through March 31, 2015.
[6]	The cash distributions have been recognized as compensation expense as issued and included in general and administrative expense in the accompanying condensed consolidated statements of operations.
[7]	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 condensed consolidated statements of operations.
[8]	During the three months ended March 31, 2014, the Advisor received 358 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)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Related Party Transaction [Line Items]
Stock distribution, shares	900,000	500,000
Advisor
Related Party Transaction [Line Items]
Stock distribution, shares		358
Restricted Stock
Related Party Transaction [Line Items]
Shares issued to Advisor	50,000

Fees_in_Connection_with_Offeri

Fees in Connection with Offering (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014		Dec. 31, 2014
Related Party Transaction [Line Items]
Selling commissions	$4,022	[1]	$2,453	[1]
Marketing support fees	5,387	[1]	2,584	[1]
Total offering expenses	9,409		5,037
Selling commissions	77	[2]			388	[2]
Marketing support fees	141	[2]			555	[2]
Total offering expenses unpaid	$218	[2]			$943	[2]

[1]	Amounts are recorded as stock issuance and offering costs in the accompanying condensed consolidated statements of stockholders' equity and redeemable noncontrolling interest.
[2]	Amounts are recorded as due to related parties in the accompanying condensed consolidated balance sheets.

Schedule_of_Fees_Reimbursable_

Schedule of Fees, Reimbursable Expenses and Related Amounts Unpaid to Related Parties (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014		Dec. 31, 2014
Related Party Transaction [Line Items]
Offering costs	$882	[1]	$826	[1]
Operating expenses	898	[2]	199	[2]
Acquisition fees and expenses	2,330		7,205
Total reimbursable expenses	1,884		1,260
Investment services fees	1,416	[3]	4,046	[3]
Property management fees	3,254		1,636
Asset management fees	4,210		1,770
Total reimbursable expenses, net	9,166		8,432
Offering costs	608	[1],[4]			713	[1],[4]
Operating expenses	877	[2],[4]			479	[2],[4]
Acquisition fees and expenses	12	[4]			80	[4]
Total reimbursable expenses due	1,497	[4]			1,272	[4]
Investment services fees	0	[3],[4]			0	[3],[4]
Property management fees	514	[4],[5]			429	[4],[5]
Asset management fees	1,116	[4],[6]			355	[4],[6]
Total related amount unpaid	3,127	[4]			2,056	[4]
Property Manager
Related Party Transaction [Line Items]
Acquisition fees and expenses	104		235
Reimbursable expenses
Related Party Transaction [Line Items]
Property management fees	980	[5]	460	[5]
Asset management fees	$4,886	[6]	$2,666	[6]

[1]	Amounts are recorded as stock issuance and offering costs in the accompanying condensed consolidated statements of stockholders' equity and redeemable noncontrolling interest.
[2]	Amounts are recorded as general and administrative expenses in the accompanying condensed consolidated statements of operations.
[3]	For the three months ended March 31, 2015 and 2014, the Company incurred approximately $1.4 million and $4.0 million, respectively. For the three months ended March 31, 2014, investment services fees of approximately $0.5 million were capitalized and included in real estate under development in the accompanying condensed consolidated balance sheets. No investment services fees were capitalized for the three months ended March 31, 2015. Investment service fees, that are not capitalized, are recorded as acquisition fees and expenses in the accompanying condensed consolidated statements of operations.
[4]	Amounts are recorded as due to related parties in the accompanying condensed consolidated balance sheets.
[5]	For the three months ended March 31, 2015 and 2014, the Company incurred approximately $1.0 million and $0.5 million, respectively, in property and construction management fees payable to the Property Manager of which approximately $0.3 million and $0.1 million, respectively, in construction management fees were capitalized and included in real estate under development in the accompanying condensed consolidated balance sheets.
[6]	For the three months ended March 31, 2015 and 2014, the Company incurred approximately $4.9 million and $2.7 million, respectively, in asset management fees payable to the Advisor of which approximately $0.5 million and $0.8 million, respectively, was settled in accordance with the terms of the Advisor Expense Support Agreement and approximately $0.1 million was capitalized for each period and included in real estate under development in the accompanying condensed consolidated balance sheets.

Schedule_of_Fees_Reimbursable_1

Schedule of Fees, Reimbursable Expenses and Related Amounts Unpaid to Related Parties (Parenthetical) (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015		Mar. 31, 2014
Related Party Transaction [Line Items]
Investment services fees	$1,416,000	[1]	$4,046,000	[1]
Asset management fees	4,210,000		1,770,000
Expense under Support Agreement	500,000		800,000
Reimbursable expenses
Related Party Transaction [Line Items]
Property management fees capitalized	1,000,000		500,000
Asset management fees	4,886,000	[2]	2,666,000	[2]
Investment Services Fees
Related Party Transaction [Line Items]
Investment services fees	1,400,000		4,000,000
Financing coordination fees capitalized as part of investment
Related Party Transaction [Line Items]
Investment service fees capitalized	0		500,000
Construction management fees capitalized	300,000		100,000
Asset management fees capitalized	$100,000		$100,000

[1]	For the three months ended March 31, 2015 and 2014, the Company incurred approximately $1.4 million and $4.0 million, respectively. For the three months ended March 31, 2014, investment services fees of approximately $0.5 million were capitalized and included in real estate under development in the accompanying condensed consolidated balance sheets. No investment services fees were capitalized for the three months ended March 31, 2015. Investment service fees, that are not capitalized, are recorded as acquisition fees and expenses in the accompanying condensed consolidated statements of operations.
[2]	For the three months ended March 31, 2015 and 2014, the Company incurred approximately $4.9 million and $2.7 million, respectively, in asset management fees payable to the Advisor of which approximately $0.5 million and $0.8 million, respectively, was settled in accordance with the terms of the Advisor Expense Support Agreement and approximately $0.1 million was capitalized for each period and included in real estate under development in the accompanying condensed consolidated balance sheets.

Amounts_Related_to_Derivative_

Amounts Related to Derivative Financial Instruments Included in Unconsolidated Entities in Condensed Consolidated Balance Sheet (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014
Derivative [Line Items]
Initial Notional amount of derivative contract	$138,698	[1]
Strike	1.70%	[1],[2]
Credit Spread	2.00%	[1],[2]
Trade date	9-Jan-15	[1]
Forward date	10-Dec-15	[1]
Maturity date	22-Dec-19	[1]
Fair value asset (liability)	-1,099	[1]
Derivative Financial Instruments One
Derivative [Line Items]
Initial 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)	-142	[1]	-71	[1]
Derivative Financial Instruments Two
Derivative [Line Items]
Initial 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)	-1,626	[1]	-1,228	[1]
Derivative Financial Instruments Three
Derivative [Line Items]
Initial 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)	-1,193	[1]	-906	[1]
Derivative Financial Instruments Four
Derivative [Line Items]
Initial 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)	-162	[1]	-82	[1]
Derivative Financial Instruments Five
Derivative [Line Items]
Initial 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]
Derivative Financial Instruments Six
Derivative [Line Items]
Initial 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)	4	[3]	10	[3]
Derivative Financial Instruments Seven
Derivative [Line Items]
Initial 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)	-795	[1]	-270	[1]
Derivative Financial Instruments Eight
Derivative [Line Items]
Initial 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)	-2,431	[1]	-1,326	[1]
Derivative Financial Instruments Nine
Derivative [Line Items]
Initial 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)	-67	[1]	-35	[1]
Derivative Financial Instruments Ten
Derivative [Line Items]
Initial 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)	($2,552)	[1]	($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.

Aggregate_Proceeds_from_Offeri

Aggregate Proceeds from Offerings (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Subscription
Dividends Payable [Line Items]
Aggregate offering proceeds received from public offering	$1,294.90	$1,114.20
Shares issued	127.3	110.2
Subscription \| IPO
Dividends Payable [Line Items]
Aggregate offering proceeds received from public offering	1,271.40	1,114.20
Shares issued	125.1	110.2
Subscription \| Follow-On Offering
Dividends Payable [Line Items]
Aggregate offering proceeds received from public offering	23.5
Shares issued	2.2
Reinvestment Plan
Dividends Payable [Line Items]
Aggregate offering proceeds received from public offering	34.7	27.1
Shares issued	125.9	2.8
Reinvestment Plan \| IPO
Dividends Payable [Line Items]
Aggregate offering proceeds received from public offering	27.1	27.1
Shares issued	125.1	2.8
Reinvestment Plan \| Follow-On Offering
Dividends Payable [Line Items]
Aggregate offering proceeds received from public offering	$7.60
Shares issued	0.8

Historical_Share_Prices_in_Its

Historical Share Prices in Its Offerings, Including the Prices Pursuant To the Reinvestment Plan and the Company's Monthly Cash and Stock Distributions per Share (Detail) (USD $)	3 Months Ended		11 Months Ended		0 Months Ended		6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Nov. 03, 2014		1-May-15	Apr. 01, 2015	12-May-15
Dividends Payable [Line Items]
Offering Price per Share			10.14
Monthly Stock Distributions	900,000	500,000
Cash distributions
Dividends Payable [Line Items]
Monthly Cash Distributions			0.0338	[1]
Stock distributions
Dividends Payable [Line Items]
Monthly Stock Distributions			0.0025
Subsequent Event
Dividends Payable [Line Items]
Offering Price per Share							10.58
Monthly Cash Distributions					$0.04	$0.04
Monthly Stock Distributions					0.0025	0.0025
Subsequent Event \| Cash distributions
Dividends Payable [Line Items]
Monthly Cash Distributions							0.0353	[1]
Subsequent Event \| Stock distributions
Dividends Payable [Line Items]
Monthly Stock Distributions							0.0025
Reinvestment Plan
Dividends Payable [Line Items]
Offering Price per Share			9.64
Reinvestment Plan \| Subsequent Event
Dividends Payable [Line Items]
Offering Price per Share							10.06

[1]	Monthly cash distributions were effective and payable to all common stockholders of record as of the close of business on the first business day in the month subsequent to the announcement of the Company's NAV (i.e. December 1, 2014 for the current Offering price).

Equity_Additional_Information_

Equity - Additional Information (Detail) (USD $)	3 Months Ended		12 Months Ended
Equity - Additional Information (Detail) (USD $)	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Equity [Line Items]
Cash distribution declared	$13,248,000	$6,100,000	$31,919,000
Cash paid to stockholders	5,600,000	2,800,000
Stock distributions, shares	900,000	500,000
Redemptions of common stock	1,942,000		2,996,000
Common Stock Redemption
Equity [Line Items]
Redemption of common stock, shares	200,000	30,000
Redemption of common stock, per share	$9.51	$9.13
Redemptions of common stock	1,900,000	300,000
Reinvestment Plan
Equity [Line Items]
Cash distribution declared	$7,600,000	$3,300,000

Tax_Composition_of_Companys_Di

Tax Composition of Company's Distributions Declared (Detail)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Distribution of Profits [Line Items]
Return of capital	51.10%	80.00%
Ordinary Income
Distribution of Profits [Line Items]
Taxable as ordinary income	48.90%	20.00%

Effect_of_Derivative_Financial

Effect of Derivative Financial Instruments (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Loss reclassified from AOCI into earnings (Effective Portion)	($733)
Derivative instruments, Loss recognized in other comprehensive loss, effective portion	-5,200	-249
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Loss reclassified from AOCI into earnings (Effective Portion)	-659
Derivative instruments, Loss recognized in other comprehensive loss, effective portion	-5,268	-223
Interest Rate Swap 2
Derivative Instruments, Gain (Loss) [Line Items]
Loss reclassified from AOCI into earnings (Effective Portion)	-74
Derivative instruments, Loss recognized in other comprehensive loss, effective portion	74
Interest Rate Cap Held by Unconsolidated Joint Venture
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, Loss recognized in other comprehensive loss, effective portion	-6
Interest Rate Swap Held by Unconsolidated Joint Venture
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, Loss recognized in other comprehensive loss, effective portion		($26)

Subsequent_Events_Additional_I

Subsequent Events - Additional Information (Detail) (USD $)	3 Months Ended		0 Months Ended		1 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	1-May-15	Apr. 01, 2015	4-May-15
Subsequent Event [Line Items]
Stock distribution, shares	900,000	500,000
Cash Distribution
Subsequent Event [Line Items]
Cash and stock distribution to be paid and distributed, date	30-Jun-15
Stock Distribution
Subsequent Event [Line Items]
Cash and stock distribution to be paid and distributed, date	30-Jun-15
Subsequent Event
Subsequent Event [Line Items]
Additional subscription received					$66.30
Additional subscription proceeds received, shares					6,300,000
Monthly cash distribution, per share			$0.04	$0.04
Stock distribution, shares			0.0025	0.0025