CNL Healthcare Properties (CHTH) 10-K 12 Mar 24 2023 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2023	Mar. 07, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	000-54685
Entity Registrant Name	CNL Healthcare Properties, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-2876363
Entity Address, Address Line One	CNL Center at City Commons
Entity Address, Address Line Two	450 South Orange Avenue
Entity Address, City or Town	Orlando
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32801
City Area Code	407
Local Phone Number	650-1000
No Trading Symbol Flag	true
Title of 12(g) Security	Common Stock, $0.01 par value per share
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 1.2
Entity Common Stock, Shares Outstanding		175,274,045
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE None
Entity Central Index Key	0001496454
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Tampa, Florida

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Real estate investment properties, net (including VIEs $30,041 and $30,906, respectively)	$ 1,279,137	$ 1,313,438
Cash (including VIEs $1,345 and $646, respectively)	54,097	69,504
Restricted cash (including VIEs $8 and $9, respectively)	1,791	4,070
Other assets (including VIEs $17 and $554, respectively)	19,127	36,868
Deferred rent, lease incentives and intangibles, net	11,386	13,423
Total assets	1,365,538	1,437,303
Liabilities:
Mortgages and other notes payable, net (including VIEs $20,622 and $21,142, respectively)	36,569	61,773
Credit facilities	541,840	546,100
Accounts payable and accrued liabilities (including VIEs $1,411 and $533, respectively)	31,322	30,270
Total liabilities	621,498	647,009
Commitments and contingencies (Note 16)
Stockholders' equity:
Preferred stock, $0.01 par value per share, 200,000 shares authorized; none issued or outstanding	0	0
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, 187,958 shares issued and 175,274 shares outstanding	1,739	1,740
Capital in excess of par value	1,516,806	1,516,926
Accumulated income	74,710	100,408
Accumulated distributions	(847,120)	(829,307)
Accumulated other comprehensive income	(2,572)	(16)
Total stockholders' equity	743,563	789,751
Noncontrolling interest	477	543
Total equity	744,040	790,294
Total liabilities and equity	1,365,538	1,437,303
Nonrelated Party
Liabilities:
Other liabilities/Due to related parties	10,475	7,469
Related Party
Liabilities:
Other liabilities/Due to related parties	$ 1,292	$ 1,397

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real estate investment properties, net	$ 1,279,137	$ 1,313,438
Cash	54,097	69,504
Restricted cash	1,791	4,070
Other assets	19,127	36,868
Mortgages and other notes payable, net	36,569	61,773
Accounts payable and accrued liabilities	$ 31,322	$ 30,270
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	200,000,000	200,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Excess shares, par value ( in dollars per share)	$ 0.01	$ 0.01
Excess shares, shares authorized( in shares)	300,000,000	300,000,000
Excess shares, shares issued (in shares)	0	0
Excess shares, shares outstanding (in shares)	0	0
Common stock, par value ( in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,120,000,000	1,120,000,000
Common stock, shares issued (in shares)	187,958,000	187,958,000
Common stock, shares outstanding (in shares)	175,274,000	175,274,000
Variable Interest Entity, Primary Beneficiary
Real estate investment properties, net	$ 30,041	$ 30,906
Cash	1,345	646
Restricted cash	8	9
Other assets	17	554
Mortgages and other notes payable, net	20,622	21,142
Accounts payable and accrued liabilities	1,411	533
Other liabilities	$ 216	$ 91

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Rental income and related revenues	$ 26,920	$ 26,862	$ 30,101
Resident fees and services	314,560	295,799	265,321
Total revenues	341,480	322,661	295,422
Operating expenses:
Property operating expenses	235,524	226,845	197,562
General and administrative expenses	9,101	10,209	9,116
Financing coordination fees	2,671	0	0
Impairment provision	0	0	9,790
Depreciation and amortization	51,234	54,242	50,417
Total operating expenses	327,824	320,073	295,599
Gain on sale of real estate	0	6,282	0
Operating income (loss)	13,656	8,870	(177)
Other income (expense):
Interest and other income	3,113	4,663	720
Interest expense and loan cost amortization	(41,873)	(21,781)	(19,696)
Gain on change of control of a joint venture	0	8,376	0
Equity in earnings of unconsolidated entity	0	0	471
Total other expense	(38,760)	(8,742)	(18,505)
(Loss) income before income taxes	(25,104)	128	(18,682)
Income tax expense	(560)	(540)	(4,174)
Loss from continuing operations	(25,664)	(412)	(22,856)
Loss from discontinued operations	0	0	(10)
Net loss	(25,664)	(412)	(22,866)
Less: Amounts attributable to noncontrolling interests
Net income from continuing operations	34	1,041	16
Net loss attributable to common stockholders	$ (25,698)	$ (1,453)	$ (22,882)
Net loss per share of common stock (basic and diluted)
Continuing operations, basic (in dollars per share)	$ (0.15)	$ (0.01)	$ (0.13)
Continuing operations, diluted (in dollars per share)	(0.15)	(0.01)	(0.13)
Discontinued operations, basic (in dollars per share)	0	0	0
Discontinued operations, diluted (in dollars per share)	$ 0	$ 0	$ 0
Weighted average number of shares of common stock outstanding, basic (in dollars per share)	173,958	173,960	173,960
Weighted average number of shares of common stock outstanding, diluted (in dollars per share)	173,958	173,960	173,960
Asset management fees
Operating expenses:
Asset management fees/Property management fees	$ 13,856	$ 14,074	$ 15,733
Property management fees
Operating expenses:
Asset management fees/Property management fees	$ 15,438	$ 14,703	$ 12,981

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (25,664)	$ (412)	$ (22,866)
Other comprehensive (loss) income:
Unrealized (loss) gain on derivative financial instruments, net	(2,556)	(26)	40
Unrealized gain on derivative financial instruments of equity method investments	0	0	5
Total other comprehensive (loss) income	(2,556)	(26)	45
Comprehensive loss	(28,220)	(438)	(22,821)
Less: Comprehensive income attributable to noncontrolling interest	34	1,041	16
Comprehensive loss attributable to common stockholders	$ (28,254)	$ (1,479)	$ (22,837)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND REDEEMABLE NONCONTROLLING INTEREST - USD ($) $ in Thousands	Total	Redeemable Noncontrolling Interest	Total Stockholders' Equity	Common Stock	Capital in Excess of Par Value	Accumulated Income (Loss)	Accumulated Distributions	Accumulated Other Comprehensive (Loss) Income	Non- controlling Interest
Redeemable noncontrolling interest, beginning balance at Dec. 31, 2020		$ 572
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss)		22
Distributions to noncontrolling interest	$ (160)	(89)							$ (71)
Reclassification of redeemable noncontrolling interest	0	(505)							505
Redeemable noncontrolling interest, ending balance at Dec. 31, 2021		0
Beginning balance (in shares) at Dec. 31, 2020				173,960,000
Beginning balance at Dec. 31, 2020	869,369		$ 867,508	$ 1,740	$ 1,516,926	$ 124,743	$ (775,866)	$ (35)	1,289
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(22,866)		(22,882)			(22,882)			(6)
Other comprehensive income (loss)	45		45					45
Distribution to noncontrolling interest	(160)	$ (89)							(71)
Cash distributions declared	(35,627)		(35,627)				(35,627)
Ending balance (in shares) at Dec. 31, 2021				173,960,000
Ending balance at Dec. 31, 2021	810,761		809,044	$ 1,740	1,516,926	101,861	(811,493)	10	1,717
Increase (Decrease) in Temporary Equity [Roll Forward]
Distributions to noncontrolling interest	(2,215)								(2,215)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(412)		(1,453)			(1,453)			1,041
Other comprehensive income (loss)	(26)		(26)					(26)
Distribution to noncontrolling interest	(2,215)								(2,215)
Cash distributions declared	$ (17,814)		(17,814)				(17,814)
Ending balance (in shares) at Dec. 31, 2022	175,274,000			173,960,000
Ending balance at Dec. 31, 2022	$ 790,294		789,751	$ 1,740	1,516,926	100,408	(829,307)	(16)	543
Increase (Decrease) in Temporary Equity [Roll Forward]
Distributions to noncontrolling interest	(100)								(100)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of common stock (in shares)				(18,000)
Redemptions of common stock	(121)		(121)	$ (1)	(120)
Net income (loss)	(25,664)		(25,698)			(25,698)			34
Other comprehensive income (loss)	(2,556)		(2,556)					(2,556)
Distribution to noncontrolling interest	(100)								(100)
Cash distributions declared	$ (17,813)		(17,813)				(17,813)
Ending balance (in shares) at Dec. 31, 2023	175,274,000			173,942,000
Ending balance at Dec. 31, 2023	$ 744,040		$ 743,563	$ 1,739	$ 1,516,806	$ 74,710	$ (847,120)	$ (2,572)	$ 477

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND REDEEMABLE NONCONTROLLING INTEREST (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Cash distributions, declared per share	$ 0.10240	$ 0.10240	$ 0.20480

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities:
Net loss	$ (25,664)	$ (412)	$ (22,866)
Net loss from discontinued operations	0	0	(10)
Net loss from continuing operations	(25,664)	(412)	(22,856)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	51,234	54,242	50,417
Amortization of loan costs	2,440	2,769	2,193
Amortization of premium for debt investments	(17)	(42)	(42)
Amortization of discounts	(760)	(151)	0
Straight-line rent adjustments	1,737	1,209	1,231
Deferred income tax expense	0	0	3,632
Loss on extinguishment of debt	131	28	43
Impairment provision	0	0	9,790
Gain on sale of real estate	0	(6,282)	0
Gain on change of control of a joint venture	0	(8,376)	0
Other non-cash operating activities	4,140	984	1,304
Changes in operating assets and liabilities:
Other assets	(1,933)	(640)	(1,326)
Deferred rent and lease incentives	0	0	(250)
Accounts payable and accrued liabilities	1,143	76	4,718
Other liabilities	(392)	450	(2,108)
Due to related parties	(105)	(9)	(374)
Net cash flows provided by operating activities – continuing operations	31,954	43,846	46,372
Net cash flows used in operating activities – discontinued operations	0	0	(10)
Net cash flows provided by operating activities	31,954	43,846	46,362
Investing activities:
Acquisition of joint venture interest, net of cash acquired	0	(1,134)	0
Net proceeds from sale of real estate	0	36,655	0
Capital expenditures	(15,868)	(17,789)	(14,186)
Purchase of held-to-maturity securities	(4,880)	(24,209)	0
Proceeds from maturity of short-term securities	30,000	0	0
Other investing activities	0	291	35
Net cash provided by (used in) investing activities – continuing operations	9,252	(6,186)	(14,151)
Net proceeds from sale of real estate	0	0	7,402
Net cash provided by investing activities – discontinued operations	0	0	7,402
Net cash provided by (used in) investing activities	9,252	(6,186)	(6,749)
Financing activities:
Distributions to stockholders	(17,813)	(17,814)	(35,627)
Draws under credit facilities	190,770	45,000	238,000
Repayments on credit facilities	(190,770)	0	0
Principal payments on mortgages and other notes payable	(25,284)	(46,294)	(247,753)
Purchase of interest rate caps	(3,285)	(116)	0
Payment of loan costs	(12,449)	(328)	(2,404)
Distributions to noncontrolling interests	(100)	(2,215)	(160)
Other financing activities	39	0	1
Net cash flows used in financing activities	(58,892)	(21,767)	(47,943)
Net (decrease) increase in cash and restricted cash	(17,686)	15,893	(8,330)
Cash and restricted cash at beginning of period, including assets held for sale	73,574	57,681	66,011
Cash and restricted cash at end of period, including assets held for sale	55,888	73,574	57,681
Supplemental disclosure of cash flow information (continuing operations):
Cash paid for interest, net	34,900	17,020	17,615
Cash paid for taxes, net	$ 687	$ 801	$ 690

Organization

Organization	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization CNL Healthcare Properties, Inc. (the “Company”) is a Maryland corporation that elected to be taxed as a real estate investment trust (“REIT”) for United States (“U.S.”) federal income tax purposes. The Company has been and intends to continue to be organized and operate in a manner that allows it to remain qualified as a REIT for U.S. federal income tax purposes. The Company conducts substantially all of its operations either directly or indirectly through: (1) an operating partnership, CHP Partners, LP (“Operating Partnership”), in which the Company is the sole limited partner and its wholly-owned subsidiary, CHP GP, LLC, is the sole general partner; (2) a wholly-owned taxable REIT subsidiary (“TRS”), CHP TRS Holding, Inc.; (3) property owner and lender subsidiaries, which are single purpose entities; and (4) investments in joint ventures. The Company is externally managed and advised by CNL Healthcare Corp. (“Advisor”), which is an affiliate of CNL Financial Group, LLC (“Sponsor”). The Sponsor is an affiliate of CNL Financial Group, Inc. (“CNL”). The Advisor is responsible for managing the Company’s day-to-day operations, serving as a consultant in connection with policy decisions to be made by the board of directors, and for identifying, recommending and executing on possible strategic alternatives and dispositions on the Company’s behalf pursuant to an advisory agreement among the Company, the Operating Partnership and the Advisor (as amended, the “Advisory Agreement”). Substantially all of the Company’s operating, administrative and certain property management services are provided by affiliates of the Advisor. In addition, certain property management services are provided by third-party property managers. In 2017, the Company began evaluating possible strategic alternatives to provide liquidity to the Company’s stockholders. As part of executing under possible strategic alternatives, the Company’s board of directors committed to a plan to sell 70 properties, which included medical office buildings, post-acute care facilities and acute care hospitals across the U.S., collectively (the “MOB/Healthcare Portfolio”), as well as several skilled nursing facilities. The Company completed the sale of the last of the 70 properties in April 2022.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Consolidation — The accompanying consolidated financial statements include the Company’s accounts, the accounts of wholly owned subsidiaries or subsidiaries for which the Company has a controlling interest, the accounts of variable interest entities (“VIEs”) in which the Company is the primary beneficiary, and the accounts of other subsidiaries over which the Company has a controlling financial interest. All material intercompany accounts and transactions have been eliminated in consolidation. In accordance with the guidance for the consolidation of a VIE, the Company is required to identify entities for which control is achieved through means other than voting rights and to determine the primary beneficiary of its VIEs. The Company qualitatively assesses whether it is the primary beneficiary of a VIE and considers various factors including, but not limited to, the design of the entity, its organizational structure including decision-making ability and financial agreements, its ability and the rights of others to participate in policy making decisions, as well as its ability to replace the VIE manager and/or liquidate the entity. 2. Summary of Significant Accounting Policies (Continued) Grant Income — In response to the coronavirus pandemic, the federal government and some states provided funds to providers of seniors housing communities. These funds were deemed federal/state governmental grants, provided that the recipients attested to and complied with certain terms and conditions. Grant income is recognized upon receipt of the funds and when all the conditions of the grant have been met. During the years ended December 31, 2023, 2022 and 2021, the Company recorded approximately $1.0 million, $4.3 million and $0.5 million respectively, as other income in the accompanying consolidated statements of operations as all conditions of the grant had been met. Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements, the reported amounts of revenues and expenses during the reporting periods and the disclosure of contingent liabilities. For example, significant assumptions are made in the analysis of real estate impairments (when such impairments exist), the valuation of contingent assets and liabilities, and the valuation of restricted common stock (“Restricted Stock”) shares issued to the Advisor. Accordingly, actual results could differ from those estimates. Depreciation and Amortization — Real estate costs related to the acquisition and improvement of properties are capitalized. Repair and maintenance costs are charged to expense as incurred and significant replacements and improvements are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset to determine its appropriate useful life. Real estate assets are stated at cost less accumulated depreciation, which is computed using the straight-line method of accounting over the estimated useful lives of the related assets. Buildings and improvements are depreciated on the straight-line method over their estimated useful lives, which generally are the lesser of 39 and 15 years, respectively. Amortization of intangible assets is computed using the straight-line method of accounting over the shorter of the respective lease term or estimated useful life. If a lease is terminated or modified prior to its scheduled expiration, the Company recognizes a loss on lease termination related to the unamortized lease-related costs not deemed to be recoverable. Impairment of Real Estate Assets — Real estate assets are reviewed on an ongoing basis to determine whether there are any impairment indicators. Management considers potential impairment indicators to primarily include (i) changes in a real estate asset’s operating performance, such as a current period net operating loss combined with a history of net operating losses, or a projection or forecast that demonstrates continuing losses associated with the use of a real estate asset or (ii) a current expectation that, more likely than not, a real estate asset will be sold or otherwise disposed of significantly before the end of its previously estimated holding period. To assess if an asset is potentially impaired, management compares the estimated current and projected undiscounted cash flows, including estimated net sales proceeds, of the asset group over its remaining useful life to the net carrying value of the asset group. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. In the event that the carrying value exceeds the undiscounted operating cash flows, the Company would recognize an impairment provision to adjust the carrying value of the asset group to the estimated fair value. When impairment indicators are present for real estate indirectly owned, through an investment in a joint venture or other similar investment structure accounted for under the equity method, the Company compares the estimated fair value of its investment to the carrying value. An impairment charge will be recorded to the extent the fair value of the investment is less than the carrying value and the decline in value is determined to be other than a temporary decline. 2. Summary of Significant Accounting Policies (Continued) Assets Held For Sale, net and Discontinued Operations — The Company determines to classify a property as held for sale once management has the authority to approve and commits to a plan to sell the property, the property is available for immediate sale, there is an active program to locate a buyer, the sale of the property is probable and the transfer of the property is expected to occur within one year. Upon the determination to classify a property as held for sale, the Company ceases recording further depreciation and amortization relating to the associated assets and those assets are measured at the lower of its carrying amount or fair value less disposition costs and are presented separately in the consolidated balance sheets for all periods presented. In addition, the Company classifies assets held for sale as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on the Company’s operations and financial results. For any disposal(s) qualifying as discontinued operations, the Company allocates interest expense and loan cost amortization that directly relates to either: (1) expense on mortgages and other notes payable collateralized by properties classified as discontinued operations; or (2) expense on the Company’s credit facilities, which is allocated based on the value of the properties that are classified as discontinued operations if these properties are included in the credit facilities’ unencumbered pool of assets and the related indebtedness is required to be repaid upon sale of the properties. Assets Reclassified from Held for Sale to Held and Used — Upon management’s determination to discontinue marketing properties for sale, the properties will no longer meet the held for sale criteria and are required to be reclassified as held and used at the lower of adjusted carrying value (carrying value of the properties prior to being classified as held for sale adjusted for any depreciation and/or amortization expense that would have been recognized had the properties been continuously classified as held and used) or its fair value at the date of the subsequent decision not to sell. If adjusted carrying value is determined to be lower, a catch-up depreciation and/or amortization adjustment will be recorded. The depreciation and/or amortization expenses that would have been recognized had the properties been continuously classified as held and used will be included as a component of depreciation and amortization expense in the accompanying consolidated statements of operations. If fair value is determined to be lower, the Company will record a loss on reclassification which will be included in income or loss from continuing operations in the accompanying consolidated statements of operations. Cash — Cash consists of demand deposits at commercial banks. The Company also invests in cash equivalents consisting of highly liquid investments in money market funds with original maturities of three months or less. As of December 31, 2023, certain of the Company’s cash deposits exceeded federally insured amounts. However, the Company continues to monitor the third-party depository institutions that hold the Company’s cash, primarily with the goal of safeguarding principal. The Company attempts to limit cash investments to financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on cash. Restricted Cash — Certain amounts of cash are escrowed to fund capital expenditures, property taxes and/or insurance as required by loan or lease terms, and certain security deposits represent restricted use funds. Held-to-Maturity Securities — From time to time, the Company may invest in U.S. Treasuries, which it has designated as held-to-maturity (“HTM”) securities, because the Company has both the ability and the intent to hold them until maturity. All assets classified as HTM are included within other assets in the consolidated balance sheets and reported at stated cost plus any premiums or discounts. Premiums or discounts are amortized or accreted as interest and other income in the consolidated statement of operations. The Company evaluates its HTM securities on a quarterly basis to assess whether a decline in the fair value of an HTM security below the Company’s amortized cost basis is an other-than-temporary impairment (“OTTI”). The presence of OTTI is based upon a fair value decline below a security’s amortized cost basis and a corresponding adverse change in expected cash flows due to credit related factors. Impairment is considered other-than-temporary if the Company does not expect to recover the security’s amortized cost basis. Loan Costs — Financing costs paid in connection with obtaining debt are deferred and amortized over the estimated life of the debt using the effective interest method. As of December 31, 2023 and 2022, the accumulated amortization of loan costs, after removal of fully amortized loan costs during 2023, was approximately $1.2 million and $8.9 million, respectively. 2. Summary of Significant Accounting Policies (Continued) Deferred Lease-Related Costs — The Company deferred lease-related costs that it incurred to obtain new or extend existing leases. The Company amortizes these costs using the straight-line method of accounting over the shorter of the respective lease term or estimated useful life. If a lease is terminated or modified prior to its scheduled expiration, the Company recognizes a loss on lease termination related to any unamortized deferred lease-related costs not deemed to be recoverable. Revenue Recognition — Rental income and related revenues for operating leases are recognized based on the assessment of collectability of lease payments. When collectability is probable at commencement of the lease, lease income is recognized on an accrual basis and includes rental income that is recorded on the straight-line basis over the term of the lease. Collectability is reassessed during the lease term. When collectability of lease payments is no longer probable, lease income is recorded on a cash basis and limited to the amount of lease payments collected. In addition, lease related costs (the deferred rent from prior GAAP straight-line adjustments, unamortized lease costs and other lease related intangibles) are written-off when the Company determines that these assets are no longer realizable. Rental income and related revenues recorded on an accrual basis include rental income that is recorded on the straight-line basis over the terms of the leases. The straight-line method records the periodic average amount of base rent earned over the term of a lease, taking into account contractual rent increases over the lease term. The Company records the difference between base rent revenues earned and amounts due per the respective lease agreements, as applicable, as an increase or decrease to deferred rent and lease incentives in the accompanying consolidated balance sheets. Rental income and related revenues also include amounts for which tenants are required to reimburse the Company related to expenses incurred on behalf of the tenants, in accordance with the terms of the leases. Tenant reimbursements are recognized in the period in which the related reimbursable expenses are incurred, such as real estate taxes, common area maintenance, and similar items. Some of the Company’s leases require the tenants to pay certain additional contractual amounts that are set aside by the Company for replacements of fixed assets and other improvements to the properties. These amounts are and will remain the property of the Company during and after the term of the lease. The amounts are recorded as capital improvement reserve income at the time such amounts are earned and are included in rental income and related revenues in the accompanying consolidated statements of operations. Additional percentage rent that is due contingent upon tenant performance thresholds, such as gross revenues, is deferred until the underlying performance thresholds have been achieved. Resident fees and services are operating revenues relating to the Company’s managed seniors housing properties, which are operated under RIDEA structures. Resident fees and services directly relate to the provision of monthly goods and services that are generally bundled together under a single resident agreement. The Company accounts for its resident agreements as a single performance obligation given the Company’s overall promise to provide a series of stand-ready goods and services to its residents each month. Resident fees and services are recorded in the period in which the goods are provided and the services are performed and generally consist of (1) monthly rent, which covers occupancy of the residents’ unit as well as basic services, such as utilities, meals and certain housekeeping services, and (2) service level charges, such as assisted living care, memory care and ancillary services. Resident agreements are generally short-term in nature, billed monthly in advance and cancellable by the residents with a 30-day notice. Resident agreements may require the payment of upfront fees prior to moving into the community with any non-refundable portion of such fees being recorded as deferred revenue and amortized over the estimated resident stay. 2. Summary of Significant Accounting Policies (Continued) Derivative Financial Instruments — The Company, and through December 31, 2021, an unconsolidated equity method investment held by the Company, use or have used derivative financial instruments to partially offset the effect of fluctuating interest rates on the cash flows associated with its variable-rate debt. As described in Note 4. “Acquisition,” effective January 1, 2022, the Company acquired the remaining ownership interest in the Windsor Manor Joint Venture and consolidated the Windsor Manor Joint Venture. Upon entry into a derivative, the Company formally designates and documents the financial instrument as a hedge of a specific underlying exposure, as well as the risk management objectives and strategies for undertaking the hedge transaction. The Company accounts for derivatives through the use of a fair value concept whereby the derivative positions are stated at fair value in other assets in the accompanying consolidated balance sheets. The fair value of derivatives used to hedge or modify risk fluctuates over time. As such, the fair value amounts should not be viewed in isolation, but rather in relation to the cash flows or fair value of the underlying hedged transaction and to the overall reduction in the exposure relating to adverse fluctuations in interest rates on the Company’s variable-rate debt. Realized and unrealized gain (loss) on derivative financial instruments designated by the Company as cash flow hedges are reported as a component of other comprehensive income (loss), a component of stockholders’ equity, in the accompanying consolidated statements of comprehensive income (loss) to the extent they are effective; reclassified into earnings on the same line item associated with the hedged transaction and in the same period the hedged transaction affects earnings. Through December 31, 2021, realized and unrealized gain (loss) on derivative financial instruments designated as cash flow hedges that were entered into by the Company’s equity method investment were reported as a component of the Company’s other comprehensive income (loss) in proportion to the Company’s ownership percentage in the investment, with reclassifications being included in equity in earnings (loss) of unconsolidated entity in the accompanying consolidated statements of operations. Fair Value Measurements — Fair value assumptions are based on the framework established in the fair value accounting guidance under GAAP. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes the following fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable: • Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. • Level 2 — Inputs, other than quoted prices included in Level 1, that are observable for the asset or liability either directly or indirectly; such as, quoted prices for similar assets or liabilities or other inputs that can be corroborated by observable market data. • Level 3 — Unobservable inputs for the asset or liability, which are typically based on the Company’s own assumptions, as there is little, if any, related market activity. When market data inputs are unobservable, the Company utilizes inputs that it believes reflects the Company’s best estimate of the assumptions market participants would use in pricing the asset or liability. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The estimated fair value of accounts payable and accrued liabilities approximates the carrying value as of December 31, 2023 and 2022 because of the relatively short maturities of the obligations. Mortgages and Other Notes Payable — Mortgages and other notes payable are recorded at the stated principal amount and are generally collateralized by the Company’s properties. Mortgages and other notes payable assumed in connection with an acquisition are recorded at fair market value as of the date of the acquisition. 2. Summary of Significant Accounting Policies (Continued) Share-Based Payments to Non-Employees — In connection with the Expense Support Agreement described in Note 12. “Related Party Arrangements,” the Company previously agreed to issue restricted stock to the Advisor (“Restricted Stock”) on an annual basis in exchange for providing expense support in the event that cash distributions declared exceed MFFO as defined by the Expense Support Agreement. The Restricted Stock is forfeited if stockholders do not ultimately receive their original invested capital back with at least a 6% annualized return of investment upon a future liquidity or disposition event of the Company. Upon issuance of Restricted Stock, the Company measures the fair value at its then-current lowest aggregate fair value pursuant to ASC 505-50. On the date in which the Advisor satisfies the vesting criteria, the Company remeasures the fair value of the Restricted Stock pursuant to ASC 505-50 and records expense equal to the difference between the original fair value and that of the remeasurement date. In addition, given that performance is outside the control of the Advisor and involves both market conditions and counterparty performance conditions, the shares are treated as unissued for accounting purposes and the Company only includes the Restricted Stock in the calculation of diluted earnings per share to the extent their effect is dilutive and the vesting conditions have been satisfied as of the reporting date. Pursuant to the Expense Support Agreement, the Advisor shall be the record owner of the Restricted Stock until the shares of common stock are sold or otherwise disposed of, and shall be entitled to all of the rights of a stockholder of the Company including, without limitation, the right to vote such shares (to the extent permitted by the Company’s articles of incorporation) and receive all distributions paid with respect to such shares. All distributions actually paid to the Advisor in connection with the Restricted Stock shall vest immediately and will not be subject to forfeiture. The Company recognizes expense related to the distributions on the Restricted Stock shares as declared. The Expense Support Agreement was terminated in June 2023. Net Income (Loss) per Share — Net income (loss) per share is calculated based upon the weighted average number of shares of common stock outstanding (and excludes the Restricted Stock shares issued to the Advisor under the Expense Support Agreement) during the period in which the Company was operational. Refer to Note 12. “Related Party Arrangements” for additional information on the Restricted Stock shares. Segment Information — Operating segments are components of an enterprise for which separate financial information is available and is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance. The Company has determined that it operates in one operating segment, real estate ownership. The Company’s chief operating decision maker evaluates the Company’s operations from a number of different operational perspectives including, but not limited to, a property-by-property basis, by tenant or by operator. The Company derives all significant revenues from a single reportable operating segment of business, healthcare real estate, regardless of the type (seniors housing, medical office, etc.) or ownership structure (leased or managed). Accordingly, the Company does not report segment information; nevertheless, management periodically evaluates whether the Company continues to have one single reportable segment of business. Income Taxes — The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended and related regulations beginning with the year ended December 31, 2012. In order to be taxed as a REIT, the Company is subject to certain organizational and operational requirements, including the requirement to make distributions to its stockholders each year of at least 90% of its annual REIT taxable income (which is computed without regard to the dividends-paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). If the Company qualifies for taxation as a REIT, the Company generally will not be subject to U.S. federal income tax on income that the Company distributes as dividends. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the IRS grants the Company relief under certain statutory provisions. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and U.S. federal income and excise taxes on its undistributed income. 2. Summary of Significant Accounting Policies (Continued) The Company has formed subsidiaries which elected to be taxed as a TRS for U.S. federal income tax purposes. Under the provisions of the Internal Revenue Code and applicable state laws, a TRS will be subject to tax on its taxable income from its operations. The Company will account for federal and state income taxes with respect to a TRS using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities, the respective tax bases, operating losses and/or tax-credit carryforwards. A valuation allowance is provided if the Company believes it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes the Company to change our judgment about the realizability of the related deferred tax asset, is included in the tax provision when such changes occur. Investment in Unconsolidated Entity — Through December 31, 2021, the Company accounted for its investment in an unconsolidated joint venture under the equity method of accounting as the Company exercised significant influence, but did not maintain a controlling financial interest over this entity. The investment was recorded initially at cost and subsequently adjusted for cash contributions, distributions and equity in earnings (loss) of the unconsolidated entity. Based on the joint venture’s structure and any preference the Company received on distributions and liquidation, the Company recorded its equity in earnings (loss) of the unconsolidated entity under the hypothetical liquidation at book value (“HLBV”) method of accounting. Under this method, the Company recognized income or loss in each period as if the net book value of the assets in the venture were hypothetically liquidated at the end of each reporting period pursuant to the provisions of the joint venture agreement. In any given period, the Company could have recorded more or less equity in earnings (loss) than actual cash distributions received or an investment balance that was more or less than what the Company may have received in the event of an actual liquidation. The Company determined whether distributions were classified as returns on investment or returns of investment based on the nature of the distribution. As described in Note 4. “Acquisition,” effective January 1, 2022, the Company acquired the remaining ownership interest in the Windsor Manor Joint Venture and consolidated the Windsor Manor Joint Venture. As of December 31, 2023 and 2022, the Company did not have an investment in an unconsolidated entity. Reclassifications — Certain amounts in the prior years’ consolidated financial statements and schedules have been reclassified to conform to the current year’s presentation. Recent Accounting Pronouncements — In December 2023, the FASB issued ASU No. 2023-09, “Improvements to Income Tax Disclosures (Topic 740),” which requires entities to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes as well as additional information about reconciling items if certain quantitative thresholds are met. This ASU will require all entities to disclose income taxes paid, net of refunds, disaggregated by federal (national), state and foreign taxes for annual periods and to disaggregate the information by jurisdiction based on a quantitative threshold. All entities are required to apply the guidance prospectively, with the option to apply it retrospectively. The ASU is effective for fiscal years beginning after 15 December 2024, with early adoption permitted. The Company has determined it will adopt this ASU on January 1, 2025, the adoption of which is not expected to have a material impact on the Company’s consolidated results of operations or cash flows.

Revenue

Revenue	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The following table presents disaggregated revenue related to the Company’s resident fees and services during the years ended December 31, 2023, 2022 and 2021: Years Ended December 31, Number of Units (Unaudited) Revenues (in millions) Percentage of Revenues 2023 2022 2021 2023 2022 2021 2023 2022 2021 Resident fees and services: Independent living 2,222 2,223 2,243 $ 80.7 $ 74.1 $ 69.6 25.7 % 25.0 % 26.2 % Assisted living 3,039 3,041 2,960 156.8 146.9 128.9 49.8 49.7 48.6 Memory care 932 932 904 61.5 60.6 53.2 19.5 20.5 20.1 Other revenues — — — 15.6 14.2 13.6 5.0 4.8 5.1 6,193 6,196 6,107 $ 314.6 $ 295.8 $ 265.3 100.0 % 100.0 % 100.0 %

Acquisition

Acquisition	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisition	Acquisition As of December 31, 2021, the Company held an interest in five properties through a 75% interest in an unconsolidated joint venture (the “Windsor Manor Joint Venture”), which was accounted for as an equity method investment. Effective January 1, 2022, the Company acquired the remaining 25% interest in the Windsor Manor Joint Venture from its joint venture partner for approximately $3.3 million. As a result, the Company obtained a 100% controlling interest in the Windsor Manor Joint Venture and consolidated the Windsor Manor Joint Venture. The acquisition was accounted for as an asset acquisition. As such, no goodwill was recognized in the acquisition. As the Company previously held an equity method investment in the Windsor Manor Joint Venture, the acquisition resulted in a gain on change of control of a joint venture of approximately $8.4 million, representing the difference between the fair market value and the carrying value of the equity method investment on the acquisition date. The following table summarizes the fair market value of the assets and liabilities recorded as part of the acquisition, adjusted on a relative fair value basis for the difference between the consideration transferred and the fair market value of the net assets acquired, of the Windsor Manor Joint Venture as of the acquisition date (in thousands): Equity method investment in unconsolidated joint venture $ 4,737 Consideration paid for additional 25% interest in joint venture 3,310 Total equity method investment and consideration paid $ 8,047 Cash $ 2,097 Restricted cash 79 Prepaid and other assets 64 Real estate assets 29,384 Intangibles 4,281 Total assets acquired 35,905 Accounts payable and accrued expenses (953) Other liabilities (61) Mortgages and notes payable (18,468) Total liabilities assumed (19,482) Net assets acquired $ 16,423

Real Estate Assets, net

Real Estate Assets, net	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Real Estate Assets, net	Real Estate Assets, net The gross carrying amount and accumulated depreciation of the Company’s real estate assets as of December 31, 2023 and 2022 are as follows (in thousands): December 31, 2023 2022 Land and land improvements $ 137,393 $ 136,416 Building and building improvements 1,502,579 1,495,552 Furniture, fixtures and equipment 113,034 105,784 Less: accumulated depreciation (473,869) (424,314) Real estate investment properties, net $ 1,279,137 $ 1,313,438 In July 2022, the Company entered into a purchase and sale agreement (the “Fieldstone Sale Agreement”) for the sale of its Fieldstone Memory Care and Fieldstone at Pear Orchard properties (the “Fieldstone Properties”) with an unrelated third party buyer. The Fieldstone at Pear Orchard property was indirectly owned through a consolidated joint venture. The Company completed the sale of the Fieldstone Properties in August 2022 and recorded a gain of approximately $6.3 million, of which approximately $5.4 million was attributable to common stockholders. Additionally, the Company paid a disposition fee of approximately $0.1 million to the Advisor for the sale of these properties. The sale of the Fieldstone Properties did not cause a strategic shift in the Company’s operations, and was not considered significant; therefore, these properties did not qualify as discontinued operations.

Intangibles, net

Intangibles, net	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles, net	Intangibles, net Effective January 1, 2022, as described in Note 4. “Acquisition,” the Company acquired the remaining 25% interest in the Windsor Manor Joint Venture from its joint venture partner. In-place lease intangibles of approximately $4.3 million were included in the net assets acquired. The weighted-average amortization period on the in-place lease intangibles was approximately 1.4 years. The gross carrying amount and accumulated amortization of the Company’s intangible assets as of December 31, 2023 and 2022 are as follows (in thousands): As of December 31, 2023 (1) 2022 (1) In-place lease intangibles $ 736 $ 5,017 Less: accumulated amortization (632) (3,769) Intangible assets, net $ 104 $ 1,248 _______________ FOOTNOTE: (1) Excludes approximately $4.3 million and $3.2 million of gross in-place lease intangibles and accumulated amortization related to fully amortized intangibles as of December 31, 2023 and 2022 , respectively. For the years ended December 31, 2023, 2022 and 2021, amortization on the Company’s intangible assets was approximately $1.1 million, $3.5 million and $0.4 million, respectively, all of which was included in depreciation and amortization in the Company's consolidated statements of operations. 6. Intangibles, net (Continued) The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter, in the aggregate, as of December 31, 2023 is as follows (in thousands): 2024 $ 74 2025 30 2026 — 2027 — 2028 — Thereafter — $ 104

Assets Held for Sale and Discon

Assets Held for Sale and Discontinued Operations	12 Months Ended
	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Assets Held for Sale and Discontinued Operations	Assets Held for Sale and Discontinued Operations The Company received an unsolicited offer and entered into a purchase and sale agreement for a specialty hospital with an unrelated third party in March 2022 and classified this property as held for sale as of December 31, 2021. In conjunction therewith, the Company determined that the carrying value of this property was not recoverable and during the year ended December 31, 2021, recorded an impairment provision of approximately $9.8 million to write-down the carrying value of its specialty hospital to its estimated sales proceeds expected from the sale of the specialty hospital. As a result, the specialty hospital was carried at fair value as of December 31, 2021. The Level 3 unobservable inputs used in determining the fair value were based on estimated sales proceeds. In April 2022, the Company sold the specialty hospital, received net sales proceeds of $8.3 million and did not record a gain or loss on sale for financial reporting purposes. The sale of the specialty hospital did not cause a strategic shift in the Company's operations, and was not considered significant; therefore, this property did not qualify as discontinued operations and the Company recorded all operating results from the specialty hospital as income or loss from continuing operations for all periods presented. The Company did not record any impairment provisions during the years ended December 31, 2023 and 2022. Additionally, during the year ended December 31, 2021, the Company recorded loss from discontinued operations of approximately $(0.01) million, because it classified the revenues and expenses of an unrelated property as discontinued operations in the accompanying consolidated statements of operations. This property was sold in January 2021. This property was identified for sale as part of the plan to sell the MOB/Healthcare portfolio described in Note 1. “Organization,” and the Company determined that the sale of these properties represented a strategic shift in the Company’s operations. The Company did not have any properties for which it had classified the revenues and expenses as discontinued operations during the years ended December 31, 2023 and 2022.

Held-to-Maturity Securities

Held-to-Maturity Securities	12 Months Ended
	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Held-to-Maturity Securities	Held-to-Maturity Securities The following presents the face value and carrying value of investments in short term securities by collateral type as of December 31, 2023 and 2022 (in thousands): U.S. Treasuries As of December 31, 2023 2022 Amortized Cost Basis $ — $ 24,360 Gross unrealized losses — (27) Fair Value $ — $ 24,333 8. Held-to-Maturity Securities (Continued) In determining the fair value of the Company’s investments in short term securities, management’s judgment was used to arrive at fair value that considered prices obtained from third-party pricing providers or broker quotes received using the bid price, which were both deemed indicative of market activity, and other applicable market data. The third-party pricing providers and brokers used pricing models that generally incorporated such factors as coupons, rate reset period, issuer, prepayment speeds, credit enhancements and expected life of the security. The Company categorized the fair value measurement of these assets as Level 2. In evaluating investments in short term securities for other-than-temporary impairment, the Company determines whether there has been a significant adverse quarterly change in the cash flow expectations for a security. The Company compares the amortized cost of each security against the present value of expected future cash flows of the security. The Company also considers whether there has been a significant adverse change in the regulatory and/or economic environment as part of this analysis. If the amortized cost of the security is greater than the present value of expected future cash flows using the original yield as the discount rate, an other-than-temporary credit impairment has occurred and the credit loss is recognized in earnings. The Company did not record any other-than-temporary credit impairments during the years ended December 31, 2023 and 2022, as expected cash flows were greater than amortized cost for all short term securities held. As of December 31, 2022, the Company’s investments in short term securities had an estimated weighted average life remaining of approximately eight months. As of December 31, 2023, the Company did not have any investments in short term securities.

Operating Leases

Operating Leases	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Operating Leases	Operating Leases As of December 31, 2023, the Company owned 15 seniors housing properties that have been leased to two tenants under triple-net operating leases. 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 the taxing authorities and, therefore, such amounts are not included in the Company’s consolidated financial statements. However, if the tenant does not pay the real estate taxes, the Company will be liable for such amounts. As of December 31, 2023, the total annualized property tax assessed on these properties was approximately $3.3 million. As of December 31, 2023, the Company’s triple-net operating leases had a weighted average remaining lease term of 3.7 years based on annualized base rents expiring between 2025 and 2032. Our tenants hold options to extend the lease terms at certain properties for five-year periods, which are generally subject to similar terms and conditions provided under the initial lease term, including rent increases. The Company’s lease term is determined based on the non-cancellable lease term unless economic incentives make it reasonably certain that an extension option will be exercised, in which case the Company includes the extended lease term. The following are future minimum lease payments for the Company’s 15 senior housing properties to be received under non-cancellable operating leases for the next five years and thereafter, in the aggregate, as of December 31, 2023 (in thousands): 2024 $ 27,521 2025 20,892 2026 9,287 2027 9,556 2028 9,843 Thereafter 33,417 $ 110,516 The above future minimum lease payments to be received exclude straight-line rent adjustments and base rent attributable to any renewal options exercised by the tenants in the future. Several of our operating leases include options to extend the lease term. For purposes of determining the lease term, we exclude these extension periods unless it is reasonably certain at lease commencement that the extension options will be exercised.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities As of December 31, 2022, the Company had net assets in two subsidiaries classified as VIEs. The Company determined it was the primary beneficiary and held a controlling financial interest in the subsidiaries due to its power to direct the activities that most significantly impact the economic performance of these 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 were included in the accompanying consolidated financial statements. The Company sold the property owned by one of these subsidiaries in August 2022, dissolved the subsidiary during the year ended December 31, 2023 and as of December 31, 2023, had one remaining subsidiary classified as a VIE. The aggregate carrying amount and major classifications of the consolidated assets that can be used to settle obligations of the VIEs and liabilities of the consolidated VIEs that are non-recourse to the Company as of December 31, 2023 and 2022, are as follows (in thousands): As of December 31, 2023 2022 Assets: Real estate investment properties, net $ 30,041 $ 30,906 Cash $ 1,345 $ 646 Restricted cash $ 8 $ 9 Other assets $ 17 $ 554 Liabilities: Mortgages and other notes payable, net $ 20,622 $ 21,142 Accounts payable and accrued liabilities $ 1,411 $ 533 Other liabilities $ 216 $ 91

Indebtedness

Indebtedness	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Indebtedness	Indebtedness The following table provides details of the Company’s indebtedness as of December 31, 2023 and 2022 (in thousands): As of December 31, 2023 2022 Mortgages payable and other notes payable: Fixed rate debt (1) $ 20,668 $ 44,082 Variable rate debt (1)(2)(3)(7) 16,150 17,859 Premium (4) — 17 Loan costs, net (249) (185) Total mortgages and other notes payable, net 36,569 61,773 Credit facilities: Revolving Credit Facility (5)(6)(7) — 133,000 Term Loan Facility (5)(6)(7) — 265,000 2021 Term Loan Facility (5)(6)(7) — 150,000 2023 Revolving Credit Facility (5)(6)(7) 198,000 — 2023 Term Loan Facility (5)(6)(7) 350,000 — Loan costs, net related to Term Loan Facilities (6,160) (1,900) Total credit facilities, net 541,840 546,100 Total indebtedness, net $ 578,409 $ 607,873 _______________ FOOTNOTES: (1) As of December 31, 2023 and 2022, the Company’s mortgages and other notes payable were collateralized by six and seven properties, respectively, with total carrying value of approximately $51.0 million and $92.7 million, respectively. (2) In connection with the acquisition of the 25% interest in the Windsor Manor Joint Venture, the Company consolidated the net assets of the joint venture effective January 1, 2022, including the debt associated with the properties, at fair value. (3) As of December 31, 2023 and 2022, the Company had interest rate protection through an interest rate cap with a notional amount of $8.0 million and $15.0 million, respectively. Refer to Note 13. “Derivative Financial Instruments” for additional information. (4) Premium was reflective of recording mortgage note payables assumed at fair value on the respective acquisition dates. The associated loan was paid in full during the year ended December 31, 2023. (5) During the years ended December 31, 2023 and 2022, the Company had interest rate protection through interest rate swaps and caps which as of December 31, 2023 and 2022, had notional amounts of $367.0 million and $355.0 million, respectively. Refer to Note 13. “Derivative Financial Instruments” for additional information. (6) As of December 31, 2023 and 2022, the Company had undrawn availability under the applicable revolving credit facility of approximately $52.0 million and $117.0 million, respectively, based on the commitments from lenders and the value of the properties in the unencumbered pool of assets supporting the loan. The Company reduced the commitment size of its Credit Facilities from $665 million to $600 million as part of the refinancing its 2023 Credit Facilities. (7) Term SOFR (as defined in the respective agreements governing our credit facilities and one mortgage loan) was approximately 5.45% and 4.46% as of December 31, 2023 and 2022, respectively. 11. Indebtedness (Continued) The following table details the Company’s mortgages and other notes payable as of December 31, 2023 and 2022 (in thousands): Property and Loan Interest Rate at December 31, 2023 Payment Terms Maturity Date (1) December 31, 2023 2022 Watercrest at Mansfield; Mortgage Loan 4.68% per annum Monthly principal and interest payments based on a total payment of $143,330 6/1/2023 $ — $ 22,854 Watercrest at Katy; 3.25% per annum Monthly principal and interest payments based on a 25-year amortization schedule 11/15/2024 20,668 21,228 Total fixed rate debt 20,668 44,082 Windsor Manor Communities; Mortgage Loan (2) Term SOFR + 0.10% + 2.50% per annum Monthly principal and interest payments based on a 25-year amortization schedule 2/28/2026 16,150 17,859 Total variable rate debt 16,150 17,859 Total mortgages and other notes payable $ 36,818 $ 61,941 _______________ FOOTNOTES: (1) Represents the initial maturity date (or, as applicable, the maturity date as extended). (2) This loan has two one-year extension options. In January 2023, the Company used a portion of its cash on hand to make a $1.4 million unscheduled principal payment on a mortgage loan collateralized by five properties. In June 2023, the Company refinanced the remaining $16.1 million balance relating to this mortgage loan with the existing lender. This mortgage loan had a LIBOR based benchmark rate and was scheduled to mature in February 2024. In connection with the refinancing, the Company amended certain terms and transitioned its benchmark rate from LIBOR to Term SOFR effective June 30, 2023, extended the maturity date from February 2024 to February 2026 and obtained two one-year extension options. The Company paid the Advisor a financing coordination fee of approximately $0.2 million related to this transaction. Refer to Note 12. “Related Party Arrangements” for additional information. In March 2023, the Company used cash on hand and repaid a mortgage loan of approximately $22.8 million collateralized by one property in advance of its scheduled maturity of June 2023. In addition to the payments described above, during the year ended December 31, 2023, the Company repaid approximately $1.1 million of scheduled principal payments related to its secured mortgage notes. The $548 million outstanding under the unsecured credit facilities consisted of a Revolving Credit Facility, which had an original maturity date of May 2023 with a one-year extension option, the Term Loan Facility and the 2021 Term Loan Facility that matured in May 2024 (collectively, the “Credit Facilities”). In January 2023, the Company exercised its one-year extension option and extended the maturity date of the Revolving Credit Facility from May 2023 to May 2024. In December 2023, the Company refinanced the $548 million outstanding under the Credit Facilities in advance of their May 2024 maturity. Even though the Company reduced the total commitment size from $665 million to $600 million, the Company maintained the same $548 million outstanding as part of the refinancing. The new facility consists of a $350 million senior unsecured term loan (the “2023 Term Loan”) and a $250 million senior unsecured revolving credit facility (the 2023 Revolving Credit Facility”), collectively, the “2023 Credit Facilities”. The 2023 Credit Facilities require interest only payments through their maturity date of May 31, 2026, bear interest based on term SOFR plus 10 basis points plus an applicable margin of 225 basis points. Each of the 2023 Revolving Credit Facility and 2023 Term Loan Facility is pre-payable at any time in whole or part without fees or penalties. The Company paid the Advisor a financing coordination fee of approximately $6.0 million. Refer to Note 12. “Related Party Arrangements” for additional information. 11. Indebtedness (Continued) The Company is required to pay an unused fee of 0.20% of the unused portion of the commitment amount under the 2023 Revolving Credit Facility if usage is less than 50% and an unused fee of 0.15% if usage under such facility is greater than 50%. The Company is also required to enter into interest rate cap or swap agreements with respect to a portion of the aggregate outstanding principal amount under the 2023 Credit Facilities. In December 2023, the Company entered into a two-year interest swap agreement with a weighted average swap price of 4.4 % to hedge a portion of the unsecured 2023 Credit Facilities. As part of the Company’s hedging strategy, the Company entered into interest rate cap agreements to hedge a portion of its variable rate debt. During the year ended December 31, 2023, the Company paid approximately $3.2 million to purchase two short-term interest rate caps with a combined notional value of $428.0 million, a strike price of 3.5%, and maturity dates during the year ended December 31, 2023, to hedge the majority of its variable rate interest exposure relating to the Credit Facilities and $16.3 million of variable rate secured indebtedness that the Company refinanced in June 2023. During the year ended December 31, 2023, the Company collected a combined $3.2 million from the interest rate cap counterparties related to its two interest rate caps which are included in interest expense and loan costs amortization in the accompanying consolidated statements of operations. In December 2023, the Company paid approximately $0.1 million to purchase a short-term interest rate cap with a notional value of $8.0 million, a strike price of 3.5%, and a maturity date of July 2024 to hedge a portion of its interest rate exposure relating to $16.2 million of variable rate secured indebtedness. During the year ended December 31, 2022, the Company repaid approximately $46.3 million, which included $1.8 million of scheduled repayments on its mortgages and other notes payable and the June 2022 refinance of approximately $44.5 million of secured indebtedness, consisting of debt collateralized by five properties. The Company refinanced the debt maturity, added the five properties to the borrowing base of the unsecured Credit Facilities and used $45.0 million from amounts available under the unsecured Revolving Credit Facility to repay the secured indebtedness. The following is a schedule of future principal payments for the Company’s total indebtedness for the next five years and thereafter, in the aggregate, as of December 31, 2023 (in thousands): 2024 $ 20,968 2025 308 2026 563,542 2027 — 2028 — Thereafter — $ 584,818 The following table provides the details of the fair market value and carrying value of the Company’s indebtedness as of December 31, 2023 and 2022 (in millions): December 31, 2023 December 31, 2022 Fair Carrying Fair Carrying Mortgages and other notes payable, net $ 36.8 $ 36.6 $ 60.8 $ 61.8 Credit facilities, net $ 548.0 $ 541.8 $ 548.0 $ 546.1 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. 11. Indebtedness (Continued) The 2023 Credit Facilities contain affirmative, negative, and financial covenants which are customary for loans of this type, including (but not limited to): (i) maximum leverage, (ii) minimum fixed charge coverage ratio, (iii) minimum consolidated net worth, (iv) restrictions on payments of cash distributions except if required by REIT requirements, (v) maximum secured indebtedness, (vi) maximum secured recourse debt, (vii) minimum unsecured interest coverage, (viii) maximum unsecured indebtedness ratio, and (ix) limitations on certain types of investments and with respect to the pool of properties supporting borrowings under the 2023 Credit Facilities, minimum weighted average occupancy, and remaining lease terms, as well as property type, MSA, operator, and asset value concentration limits. The limitations on distributions generally include a limitation on the extent of allowable distributions, which are not to exceed the greater of 70% of adjusted FFO (as defined per the 2023 Credit Facilities) and the minimum amount of distributions required to maintain the Company’s REIT status. As of December 31, 2023, the Company was in compliance with all financial covenants related to its 2023 Credit Facilities.

Related Party Arrangements

Related Party Arrangements	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Arrangements	Related Party Arrangements The Company is externally advised and has no direct employees. Certain of the Company’s executive officers are executive officers of or are on the board of managers of the Advisor. In connection with services provided to the Company, affiliates are entitled to the following fees: Advisor — The Advisor and certain affiliates are entitled to receive fees and compensation in connection with the acquisition, management and sale of the Company’s assets, as well as the refinancing of debt obligations of the Company or its subsidiaries. In addition, the Advisor and its affiliates are entitled to reimbursement of actual costs incurred on behalf of the Company in connection with the Company’s organizational, offering, acquisition and operating activities. Pursuant to the Advisory Agreement, the Advisor receives investment services fees equal to 1.85% of the purchase price of properties (including its proportionate share of properties acquired through joint ventures) for services rendered in connection with the selection, evaluation, structure and purchase of assets. The Advisor will also receive a financing coordination fee for services rendered with respect to refinancing of any debt obligations of the Company or its subsidiaries equal to 1.0% of the gross amount of the refinancing. In addition, the Advisor is entitled to receive a monthly asset management fee equal to 0.8% per annum (which was reduced in May 2021 from 1.0% per annum), based on the average real estate asset value (as defined in the advisory agreement) of the Company’s properties, including its proportionate share of properties owned through joint ventures. In June 2023, the Company renewed its Advisory Agreement with the Advisor for an additional two years through June 2025 and amended the terms of its advisory agreement with the Advisor. The amendment (i) revised the defined term “real estate asset value” from the greater of to the lesser of cost basis or the current independent valuation (before non-cash reserves and depreciation), and (ii) subordinated 0.05% of the 0.80% per annum asset management fee paid by the Company to the Advisor (based on the monthly average of the sum of the Company’s and the Operating Partnership’s respective daily real estate asset value). The subordinated fee will be forfeited and not paid to the Advisor in the event the Company does not achieve certain performance thresholds during certain measurement periods. 12. Related Party Arrangements (Continued) The Company will pay the Advisor, if a substantial amount of services are provided as determined by the Company’s independent directors, a disposition fee in an amount equal to 0.8% of (a) the gross market capitalization of the Company upon the occurrence of a listing on a national securities exchange, (b) the gross consideration paid to the Company or its stockholders upon the occurrence of any other liquidity event of the Company (including the sale of the Company or a portion thereof), or (c) the gross sales price upon the sale or transfer of one or more of its properties. The disposition fee was decreased from 1.0% to 0.8% effective May 2021. The Company will not pay its Advisor a disposition fee in connection with the sale of investments that are securities. A disposition fee in the form of a usual and customary brokerage fee may be paid to an affiliate or related party of the Advisor, provided that when added to the sum of all brokerage and real estate fees and commissions paid to unaffiliated parties, the disposition fee to the Advisor may not exceed the lesser of (i) a competitive real estate or brokerage commission or (ii) an amount equal to 6% of the gross sales price. Under the advisory agreement and the Company’s articles of incorporation, the Advisor will be entitled to receive certain subordinated incentive fees upon (a) sales of assets and/or (b) a listing (which would also include the receipt by the Company’s stockholders of securities that are approved for trading on a national securities exchange in exchange for shares of the Company’s common stock as a result of a merger, share acquisition or similar transaction). However, once a listing occurs, the Advisor will not be entitled to receive an incentive fee on subsequent sales of assets. The incentive fees are calculated pursuant to formulas set forth in the advisory agreement and the Company’s articles of incorporation. All incentive fees payable to the Advisor are subordinated to the return to investors of their invested capital plus a 6% cumulative, non-compounded annual return on their invested capital. Upon termination or non-renewal of the advisory agreement by the Advisor for good reason (as defined in the advisory agreement) or by the Company other than for cause (as defined in the advisory agreement), a listing or sale of assets after such termination or non-renewal will entitle the Advisor to receive a pro-rated portion of the applicable subordinated incentive fee. Pursuant to the advisory agreement, the Advisor shall reimburse the Company the amount by which the total operating expenses paid or incurred by the Company exceed, in any four consecutive fiscal quarters commencing with the Expense Year ending June 30, 2013, the greater of 2% of average invested assets or 25% of net income (as defined in the advisory agreement) (“Limitation”), unless a majority of the Company’s independent directors determines that such excess expenses are justified based on unusual and non-recurring factors (“Expense Cap Test”). In performing the Expense Cap Test, the Company uses operating expenses on a GAAP basis after making adjustments. The Company did not incur operating expenses in excess of the Limitation during the Expense Years ended December 31, 2023, 2022 and 2021. Expense Support and Restricted Stock Agreement — Through June 8, 2023, pursuant to the expense support and restricted stock agreement by and between the Company and the Advisor (as amended, the “Expense Support Agreement”), the Company’s Advisor agreed to forgo the payment of fees in cash and accept Restricted Stock for services in an amount equal to the positive excess, if any, of (a) Aggregate Stockholder Cash Distributions declared for the applicable year, over (b) aggregate MFFO, each as defined in the Expense Support Agreement. The Restricted Stock is subordinated and forfeited to the extent that stockholders do not receive their invested capital plus a 6% cumulative non-compounded annual return upon ultimate liquidity of the Company. Any amounts settled, and for which restricted stock shares were issued pursuant to the Expense Support Agreement, have been permanently settled and the Company has no further obligation to pay such amounts. The Expense Support Agreement was terminated effective June 8, 2023. No expense support was received for the years ended December 31, 2023, 2022 and 2021. No amounts were settled or paid in the form of Restricted Stock in accordance with the expense support agreements for the years ended December 31, 2023, 2022 and 2021. As of December 31, 2023, approximately $13.6 million of asset management fees had been settled in exchange for approximately 1.3 million shares of Restricted Stock. The number of Restricted Stock shares granted to the Advisor in lieu of payment in cash was determined by dividing the expense support amount for the respective determination date by the then-current NAV per share. At grant date, no fair value was assigned to the Restricted Stock shares as the shares were valued at zero, which represented the lowest possible value estimated at vesting. In addition, the Restricted Stock shares were treated as unissued for financial reporting purposes because the vesting criteria had not been met as of December 31, 2023. 12. Related Party Arrangements (Continued) Cash distributions paid on Restricted Stock shares for the years ended December 31, 2023, 2022 and 2021 were $0.136 million, $0.136 million and $0.273 million, respectively. The cash distributions on Restricted Stock shares were recognized as compensation expense as declared and included in general and administrative expense in the accompanying consolidated statements of operations. The termination of the Expense Support Agreement in June 2023 does not impact the previously issued Restricted Stock. CNL Capital Markets LLC — CNL Capital Markets LLC, an affiliate of CNL, receives a sliding flat annual rate (payable monthly) based on the average number of investor accounts that will be open over the term of the agreement. For each of the years ended December 31, 2023, 2022 and 2021, the Company incurred approximately $0.9 million in such fees. These amounts are included in general and administrative expenses in the accompanying consolidated statements of operations. Co-Venture Partners —The Company incurs operating expenses which, in general, relate to administration of the Company and its subsidiaries on an ongoing basis. The expenses and fees incurred by and reimbursable to the Company’s related parties, including amounts included in income from discontinued operations, for the years ended December 31, 2023, 2022 and 2021, and related amounts unpaid as of December 31, 2023 and 2022 are as follows (in thousands): Years Ended December 31, Unpaid amounts as of (1) 2023 2022 2021 December 31, December 31, Reimbursable expenses: Operating expenses (2) $ 2,721 $ 3,056 $ 2,972 $ 180 $ 238 2,721 3,056 2,972 180 238 Investment services fee (3) — 60 — — — Disposition fee (4) — 195 — — — Financing coordination fees (5) 6,163 — 1,500 — — Asset management fees 13,856 14,074 15,740 1,112 1,159 $ 22,740 $ 17,385 $ 20,212 $ 1,292 $ 1,397 _______________ FOOTNOTES: (1) Amounts are recorded as due to related parties in the accompanying consolidated balance sheets. (2) Amounts are recorded as general and administrative expenses in the accompanying consolidated statements of operations unless such amounts represent prepaid expenses, which are capitalized in the accompanying consolidated balance sheets. (3) For the year ended December 31, 2022, the Company incurred approximately $0.1 million in investment services fees, all of which was capitalized and included in real estate assets, net in the accompanying consolidated balance sheets. For the years ended December 31, 2023 and 2021, the Company did not incur any investment services fees. (4) Amounts are recorded as a reduction to gain on sale of real estate in the accompanying consolidated statements of operations. (5) For the year ended December 31, 2023, the Company incurred financing coordination fees of approximately $6.2 million, related to the refinancing of the Credit Facilities and a loan associated with certain operating properties, of which approximately $2.7 million was expensed in the accompanying consolidated statement of operations, approximately $3.5 million were capitalized as loan costs and reflected in other assets or in credit facilities in the accompanying consolidated balance sheets. For the year ended December 31, 2021, the Company incurred financing coordination fees of approximately $1.5 million, all of which were capitalized as loan costs and reflected in credit facilities in the accompanying consolidated balance sheets. The Company did not incur any financing coordination fees for the year ended December 31, 2022.

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The following summarizes the terms of the Company's interest rate caps and swaps and the corresponding asset (liability) as of December 31, 2023 and 2022 (in thousands): Notional Amount (1) Strike Credit Spread (2) Trade Forward Maturity Fair Value Asset (Liability) as of December 31, 2023 2022 Caps $ 15,000 3.50 % 2.60 % 12/28/2022 12/28/2022 7/1/2023 $ — $ 99 $ 8,000 3.50 % 2.60 % 6/29/2023 7/3/2023 1/1/2024 $ — $ — $ 8,000 3.50 % 2.60 % 12/20/2023 1/2/2024 7/1/2024 $ 63 $ — Swaps $ 267,000 4.40 % 2.35 % 12/7/2023 12/1/2023 12/1/2025 $ (1,678) $ — $ 80,000 4.54 % 2.35 % 12/8/2023 12/1/2023 12/1/2025 $ (706) $ — $ 20,000 4.54 % 2.35 % 12/8/2023 12/1/2023 12/1/2025 $ (177) $ — _______________ FOOTNOTE: (1) Amounts related to the interest rate caps and swaps held by the Company are recorded at fair value and included in 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. The following summarizes the gross and net presentation of amounts related to the Company’s derivative financial instruments as of December 31, 2023 and 2022 (in thousands): Gross and net amounts of asset (liability) Gross amounts as of December 31, 2023 as of December 31, 2023 Notional Amount Gross Amount Offset Amount Net Amount Financial Instruments Cash Collateral Net Amount Caps $ 8,000 $ — $ — $ — $ — $ — $ — $ 8,000 $ 63 $ — $ 63 $ 63 $ — $ 63 Swaps $ 267,000 $ (1,678) $ — $ (1,678) $ (1,678) $ — $ (1,678) $ 80,000 $ (706) $ — $ (706) $ (706) $ — $ (706) $ 20,000 $ (177) $ — $ (177) $ (177) $ — $ (177) Gross and net amounts of asset (liability) Gross amounts As of December 31, 2022 as of December 31, 2022 Notional Amount Gross Amount Offset Amount Net Amount Financial Instruments Cash Collateral Net Amount Cap $ 15,000 $ 99 $ — $ 99 $ 99 $ — $ 99 13. Derivative Financial Instruments (Continued) 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 positions 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 results of operations.

Equity

Equity	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Equity	Equity Stockholders’ Equity: Distributions — In March 2022, the Board approved a reduction in the quarterly distribution rate from $0.0512 per share to $0.0256 per share starting with the first quarter 2022 distribution. For the years ended December 31, 2023, 2022 and 2021, the Company declared cash distributions of $17.8 million, $17.8 million and $35.6 million, respectively, and all of which were paid in cash to stockholders. The tax composition of the Company’s distributions declared for the years ended December 31, 2023, 2022 and 2021 were as follows: Years Ended December 31, 2023 2022 2021 Ordinary income — % — % 43.82 % Return of capital 100.00 % 100.00 % 56.18 % Other comprehensive income (loss) — The following table reflects the effect of derivative financial instruments held by the Company, or its equity method investment, and included in the consolidated statements of comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021 (in thousands): Derivative financial instruments Gain (loss) recognized in other comprehensive loss on derivative financial instruments Location of gain (loss) reclassified into earnings Gain (loss) reclassified from accumulated other comprehensive income (loss) into earnings Years Ended December 31, Years Ended December 31, 2023 2022 2021 2023 2022 2021 Interest rate swaps $ (2,561) $ — $ — Interest expense and loan cost amortization $ — $ — $ — Interest rate caps 5 (26) 40 Interest expense and loan cost amortization (3,325) (82) (32) Interest rate cap held by unconsolidated joint venture — — 5 Equity in earnings of unconsolidated entity — — (5) Total $ (2,556) $ (26) $ 45 $ (3,325) $ (82) $ (37)

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the years ended December 31, 2023, 2022 and 2021, the Company recorded net current tax expense and deferred tax assets related to deferred income at its TRS entities. The components of the income tax expense for the years ended December 31, 2023, 2022 and 2021, excluding amounts related to discontinued operations, were as follows (in thousands): Years Ended December 31, 2023 2022 2021 Current: Federal $ (12) $ (10) $ (10) State (548) (530) (532) Total current expense (560) (540) (542) Deferred: Federal — — (3,379) State — — (253) Total deferred expense — — (3,632) Income tax expense $ (560) $ (540) $ (4,174) Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets as of December 31, 2023 and 2022 are as follows: 2023 2022 Carryforwards of net operating loss $ 20,895 $ 18,647 Other 931 1,044 Valuation allowance (21,826) (19,691) Deferred tax assets, net $ — $ — A reconciliation of the income tax expense computed at the statutory U.S. federal tax rate on income before income taxes is as follows (in thousands): Years Ended December 31, 2023 2022 2021 Tax (expense) benefit computed at federal statutory rate $ 5,272 21.00 % $ (27) (21.00) % $ 3,923 21.00 % Impact of REIT election (3,893) (15.50) 5,714 4,465.61 1,575 8.43 State income tax expense net of federal benefit 196 0.78 630 492.27 706 3.78 Effect of change in valuation allowance (2,135) (8.51) (6,857) (5,358.79) (10,378) (55.55) Income tax expense $ (560) (2.23) % $ (540) (421.91) % $ (4,174) (22.34) %

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, the Company may be a party to legal proceedings in the ordinary course of, or incidental to the normal course of, its business, including proceedings to enforce its contractual or statutory rights. While the Company cannot predict the outcome of these legal proceedings with certainty, based upon currently available information, the Company does not believe the final outcome of any pending or threatened legal proceeding will have a material adverse effect on its results of operations or financial condition. The Company’s Advisor has approximately 1.3 million contingently issuable Restricted Stock shares for financial reporting purposes that were issued pursuant to the Advisor expense support agreement. Refer to Note 12. “Related Party Arrangements” for information on distributions declared related to these Restricted Stock shares.

Concentration of Credit Risk

Concentration of Credit Risk	12 Months Ended
	Dec. 31, 2023
Risks and Uncertainties [Abstract]
Concentration of Credit Risk	Concentration of Credit Risk For the years ended December 31, 2023, 2022 and 2021, the Company had a geographical concentration accounting for 10% or more of its total revenues, as follows: Type of Years Ended December 31, 2023 2022 2021 State of Texas (1) Geographical 21.2 % 20.6 % 21.3 % _______________ FOOTNOTE: (1) Includes rental income and related revenues and resident fees and services. Adverse economic developments in this geographical area could significantly impact the Company’s results of operations and cash flows from operations, which in turn would impact its ability to pay debt service and make distributions to stockholders.

SCHEDULE II _ VALUATION AND QUA

SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS	CNL HEALTHCARE PROPERTIES, INC. AND SUBSIDIARIES SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021 (in thousands) Year Description Balance at Charged to Charged to Balance at 2021 Deferred tax asset valuation allowance $ (1,464) $ (10,368) $ — $ (11,832) Allowance for credit losses (3,023) (1,278) 1,161 (3,140) $ (4,487) $ (11,646) $ 1,161 $ (14,972) 2022 Deferred tax asset valuation allowance $ (11,832) $ (6,870) $ (989) $ (19,691) Allowance for credit losses (3,140) (902) 2,439 (1,603) $ (14,972) $ (7,772) $ 1,450 $ (21,294) 2023 Deferred tax asset valuation allowance $ (19,691) $ (2,135) $ — $ (21,826) Allowance for credit losses (1,603) (814) 1,514 (903) $ (21,294) $ (2,949) $ 1,514 $ (22,729)

SCHEDULE III _ REAL ESTATE AND

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION	Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amounts at which Carried at Close of Period (2) Life on which depreciation in latest income statement is computed Property/Location Encum- Land & Land Improvements Building and Building Improvements Land & Land Improvements Building and Building Improvements Construction in Process Land & Land Improvements Building and Building Improvements Construction in Process Total Accumulated Depreciation Date of Construction Date Acquired Primrose Retirement Community of Casper Casper, Wyoming $ — $ 1,910 $ 16,310 $ 61 $ 364 $ — $ 1,971 $ 16,674 $ — $ 18,645 $ (5,278) 2004 2/16/2012 (1) Primrose Retirement Community of Grand Island Grand Island, Nebraska — 719 12,140 83 — — 802 12,140 — 12,942 (3,993) 2005 2/16/2012 (1) Primrose Retirement Community of Mansfield Mansfield, Ohio — 650 16,720 230 83 — 880 16,803 — 17,683 (5,562) 2007 2/16/2012 (1) Primrose Retirement Community of Marion Marion, Ohio — 889 16,305 126 18 — 1,015 16,323 — 17,338 (5,281) 2006 2/16/2012 (1) Sweetwater Retirement Community Billings, Montana — 1,578 14,205 20 34 — 1,598 14,239 — 15,837 (4,480) 2006 2/16/2012 (1) HarborChase of Villages Crossing Lady Lake, Florida ("The Villages") — 2,165 — 1,036 15,573 — 3,201 15,573 — 18,774 (4,248) 2013 8/29/2012 (1) Primrose Retirement Community Cottages Aberdeen, South Dakota — 311 3,794 — 6 — 311 3,800 — 4,111 (1,158) 2005 12/19/2012 (1) Primrose Retirement Community of Council Bluffs Council Bluffs, Iowa (“Omaha”) — 1,144 11,117 60 20 — 1,204 11,137 — 12,341 (3,497) 2008 12/19/2012 (1) Primrose Retirement Community of Decatur Decatur, Illinois — 513 16,706 105 188 — 618 16,894 — 17,512 (5,080) 2009 12/19/2012 (1) Primrose Retirement Community of Lima Lima, Ohio — 944 17,115 8 26 — 952 17,141 — 18,093 (5,130) 2006 12/19/2012 (1) Primrose Retirement Community of Zanesville Zanesville, Ohio — 1,184 17,292 — 95 — 1,184 17,387 — 18,571 (5,214) 2008 12/19/2012 (1) Capital Health of Symphony Manor Baltimore, Maryland — 2,319 19,444 7 323 — 2,326 19,767 — 22,093 (5,822) 2011 12/21/2012 (1) Curry House Assisted Living & Memory Care Cadillac, Michigan — 995 11,072 45 466 — 1,040 11,538 — 12,578 (3,342) 1966 12/21/2012 (1) Tranquillity at Fredericktowne Frederick, Maryland — 808 14,291 41 6,723 — 849 21,014 — 21,863 (6,714) 2000 12/21/2012 (1) Brookridge Heights Assisted Living & Memory Care Marquette, Michigan — 595 11,339 137 5,230 — 732 16,569 — 17,301 (5,462) 1998 12/21/2012 (1) Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amounts at which Carried at Close of Period (2) Life on which depreciation in latest income statement is computed Property/Location Encum- Land & Land Improvements Building and Building Improvements Land & Land Improvements Building and Building Improvements Construction in Process Land & Land Improvements Building and Building Improvements Construction in Process Total Accumulated Depreciation Date of Construction Date Acquired Woodholme Gardens Assisted Living & Memory Care Pikesville, Maryland (“Baltimore”) $ — $ 1,603 $ 13,472 $ 65 $ 121 $ — $ 1,668 $ 13,593 $ — $ 15,261 $ (4,052) 2010 12/21/2012 (1) HarborChase of Jasper Jasper, Alabama — 355 6,358 23 96 — 378 6,454 — 6,832 (1,788) 1998 7/31/2013 (1) Raider Ranch Lubbock, Texas — 4,992 48,818 793 13,679 — 5,785 62,497 — 68,282 (16,368) 2009 8/29/2013 (1) Town Village Oklahoma City, Oklahoma — 1,020 19,847 185 1,863 — 1,205 21,710 — 22,915 (6,107) 2004 8/29/2013 (1) Prestige Senior Living Beaverton Hills Beaverton, Oregon — 1,387 10,324 13 91 — 1,400 10,415 — 11,815 (2,818) 2000 12/2/2013 (1) Prestige Senior Living High Desert Bend, Oregon — 835 11,252 17 430 — 852 11,682 — 12,534 (3,251) 2003 12/2/2013 (1) MorningStar of Billings Billings, Montana — 4,067 41,373 84 641 — 4,151 42,014 — 46,165 (11,994) 2009 12/2/2013 (1) MorningStar of Boise Boise, Idaho — 1,663 35,752 309 372 — 1,972 36,124 — 38,096 (9,791) 2007 12/2/2013 (1) Prestige Senior Living Huntington Terrace Gresham, Oregon (“Portland”) — 1,236 12,083 2 485 — 1,238 12,568 — 13,806 (3,378) 2000 12/2/2013 (1) MorningStar of Idaho Falls Idaho Falls, Idaho — 2,006 40,397 141 443 — 2,147 40,840 — 42,987 (11,260) 2009 12/2/2013 (1) Prestige Senior Living Arbor Place Medford, Oregon — 355 14,083 17 939 — 372 15,022 — 15,394 (3,930) 2003 12/2/2013 (1) Prestige Senior Living Orchard Hills Salem, Oregon — 545 15,544 134 288 — 679 15,832 — 16,511 (4,225) 2002 12/2/2013 (1) Prestige Senior Living Southern Hills Salem, Oregon — 653 10,753 55 193 — 708 10,946 — 11,654 (2,961) 2001 12/2/2013 (1) MorningStar of Sparks Sparks, Nevada — 3,986 47,968 16 1,194 — 4,002 49,162 — 53,164 (13,427) 2009 12/2/2013 (1) Prestige Senior Living Five Rivers Tillamook, Oregon — 1,298 14,064 18 575 — 1,316 14,639 — 15,955 (4,131) 2002 12/2/2013 (1) Prestige Senior Living Riverwood Tualatin, Oregon (“Portland”) — 1,028 7,429 12 238 — 1,040 7,667 — 8,707 (2,140) 1999 12/2/2013 (1) Prestige Senior Living Auburn Meadows Auburn, Washington ("Seattle") — 2,537 17,261 214 1,626 — 2,751 18,887 — 21,638 (4,981) 2003/2010 2/3/2014 (1) Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amounts at which Carried at Close of Period (2) Life on which depreciation in latest income statement is computed Property/Location Encum- Land & Land Improvements Building and Building Improvements Land & Land Improvements Building and Building Improvements Construction in Process Land & Land Improvements Building and Building Improvements Construction in Process Total Accumulated Depreciation Date of Construction Date Acquired Prestige Senior Living Bridgewood Vancouver, Washington ("Portland") $ — $ 1,603 $ 18,172 $ 10 $ 727 $ — $ 1,613 $ 18,899 $ — $ 20,512 $ (4,893) 2001 2/3/2014 (1) Prestige Senior Living Monticello Park Longview, Washington — 1,981 23,056 1 552 — 1,982 23,608 — 25,590 (6,111) 2001/2010 2/3/2014 (1) Prestige Senior Living Rosemont Yelm, Washington — 668 14,564 14 719 — 682 15,283 — 15,965 (3,881) 2004 2/3/2014 (1) Wellmore of Tega Cay Tega Cay, South Carolina ("Charlotte") — 2,445 — 2,760 23,497 — 5,205 23,497 — 28,702 (6,671) 2015 2/7/2014 (1) Isle at Cedar Ridge Cedar Park, Texas ("Austin") — 1,525 16,277 — 833 — 1,525 17,110 — 18,635 (4,663) 2011 2/28/2014 (1) Prestige Senior Living West Hills Corvallis, Oregon — 842 12,603 11 778 — 853 13,381 — 14,234 (3,535) 2002 3/3/2014 (1) HarborChase of Plainfield Plainfield, Illinois — 1,596 21,832 160 351 — 1,756 22,183 — 23,939 (5,844) 2010 3/28/2014 (1) Legacy Ranch Alzheimer's Special Care Center Midland, Texas — 917 9,982 34 219 — 951 10,201 — 11,152 (2,719) 2012 3/28/2014 (1) The Springs Alzheimer's Special Care Center San Angelo, Texas — 595 9,658 9 206 — 604 9,864 — 10,468 (2,650) 2012 3/28/2014 (1) Isle at Watercrest - Bryan Bryan, Texas — 3,223 40,581 70 3,037 — 3,293 43,618 — 46,911 (11,671) 2011 4/21/2014 (1) Isle at Watercrest - Mansfield Mansfield, Texas ("Dallas/Fort Worth") — 997 24,635 4 478 — 1,001 25,113 — 26,114 (6,398) 2011 5/5/2014 (1) Watercrest at Katy Katy, Texas ("Houston") 20,668 4,000 — 140 33,998 — 4,140 33,998 — 38,138 (6,507) 2016 6/27/2014 (1) Watercrest at Mansfield Mansfield, Texas ("Dallas/Fort Worth") — 2,191 42,740 49 1,009 — 2,240 43,749 — 45,989 (11,214) 2010 6/30/2014 (1) HarborChase of Shorewood Shorewood, Wisconsin ("Milwaukee") — 2,200 — 304 19,890 — 2,504 19,890 — 22,394 (4,280) 2015 7/8/2014 (1) Fairfield Village of Layton Layton, Utah ("Salt Lake City") — 5,217 54,167 374 761 — 5,591 54,928 — 60,519 (14,144) 2010 11/20/2014 (1) Primrose Retirement Center of Anderson Anderson, Indiana ("Muncie") — 1,342 19,083 4 33 — 1,346 19,116 — 20,462 (4,635) 2008 5/29/2015 (1) Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amounts at which Carried at Close of Period (2) Life on which depreciation in latest income statement is computed Property/Location Encum- Land & Land Improvements Building and Building Improvements Land & Land Improvements Building and Building Improvements Construction in Process Land & Land Improvements Building and Building Improvements Construction in Process Total Accumulated Depreciation Date of Construction Date Acquired Primrose Retirement Center of Lancaster Lancaster, Ohio ("Columbus") $ — $ 2,840 $ 21,884 $ 51 $ 362 $ — $ 2,891 $ 22,246 $ — $ 25,137 $ (5,887) 2007 5/29/2015 (1) Primrose Retirement Center of Wausau Wausau, Wisconsin ("Green Bay") — 1,089 18,653 3 15 — 1,092 18,668 — 19,760 (4,344) 2008 5/29/2015 (1) Superior Residences of Panama City Panama City Beach, Florida — 2,099 19,367 14 971 — 2,113 20,338 — 22,451 (4,683) 2015 7/15/2015 (1) The Hampton at Meadows Place Fort Bend, Texas ("Houston") — 715 24,281 11 516 — 726 24,797 — 25,523 (5,459) 2007/2013/ 2014 7/31/2015 (1) The Pavilion at Great Hills Austin, Texas — 1,783 29,318 53 330 — 1,836 29,648 — 31,484 (6,605) 2010 7/31/2015 (1) The Beacon at Gulf Breeze Gulf Breeze, Florida ("Pensacola") — 824 24,106 96 418 — 920 24,524 — 25,444 (5,631) 2008 7/31/2015 (1) Parc at Piedmont Marietta, Georgia ("Atlanta") — 3,529 43,080 36 1,853 — 3,565 44,933 — 48,498 (10,167) 2001/2011 7/31/2015 (1) Parc at Duluth Duluth, Georgia ("Atlanta") — 5,951 42,458 70 2,933 — 6,021 45,391 — 51,412 (10,057) 2003/2012 7/31/2015 (1) Waterstone on Augusta Greenville, South Carolina — 2,253 — 2,117 20,923 — 4,370 20,923 — 25,293 (4,558) 2017 8/31/2015 (1) Wellmore of Lexington Lexington, South Carolina ("Columbia") — 2,300 — 3,210 43,149 — 5,510 43,149 — 48,659 (8,562) 2017 9/14/2015 (1) Palmilla Senior Living Albuquerque, New Mexico — 4,701 38,321 68 333 — 4,769 38,654 — 43,423 (8,723) 2013 9/30/2015 (1) Cedar Lake Assisted Living and Memory Care Lake Zurich, Illinois ("Chicago") — 2,412 25,126 49 148 — 2,461 25,274 — 27,735 (5,698) 2014 9/30/2015 (1) The Shores of Lake Phalen Maplewood, Minnesota ("St. Paul") — 2,724 25,093 18 113 — 2,742 25,206 — 27,948 (5,596) 2012 11/10/2015 (1) Dogwood Forest of Grayson Grayson, Georgia — 1,788 — 112 22,084 — 1,900 22,084 — 23,984 (3,754) 2017 11/24/2015 (1) Park Place Senior Living at WingHaven O'Fallon, Missouri ("St. Louis") — 1,283 48,221 151 1,301 — 1,434 49,522 — 50,956 (10,625) 2006/2014 12/17/2015 (1) Hearthside Senior Living of Collierville Collierville, Tennessee ("Memphis") — 1,756 13,379 60 42 — 1,816 13,421 — 15,237 (3,012) 2014 12/29/2015 (1) Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amounts at which Carried at Close of Period (2) Life on which depreciation in latest income statement is computed Property/Location Encum- Land & Land Improvements Building and Building Improvements Land & Land Improvements Building and Building Improvements Construction in Process Land & Land Improvements Building and Building Improvements Construction in Process Total Accumulated Depreciation Date of Construction Date Acquired Albuquerque, New Mexico – Vacant Land Albuquerque, New Mexico $ — $ 1,056 $ — $ — $ — $ — $ 1,056 $ — $ — $ 1,056 $ — — 9/7/2017 (1) Finton Assisted Living Vinton, Iowa 2,423 1,083 3,439 — 9 — 1,083 3,448 — 4,531 (268) 2007 8/31/2012 (1) Webster City Assisted Living Webster City, Iowa 2,202 912 3,794 84 1 — 996 3,795 — 4,791 (302) 2007 8/31/2012 (1) Nevada Assisted Living Nevada, Iowa 4,919 1,749 7,196 — — — 1,749 7,196 — 8,945 (355) 2011 8/31/2012 (1) Grinnell Assisted Living Grinnell, Iowa 4,698 1,690 4,454 28 21 — 1,718 4,475 — 6,193 (354) 2005 4/2/2013 (1) Indianola Assisted Living Indianola, Iowa 1,908 986 3,369 6 29 — 992 3,398 — 4,390 (251) 2004 4/2/2013 (1) $ 36,818 $ 123,155 $ 1,267,517 $ 14,238 $ 235,062 $ — $ 137,393 $ 1,502,579 $ — $ 1,639,972 $ (381,570) Transactions in real estate and accumulated depreciation as of December 31, 2023 are as follows: Balance December 31, 2020 $ 1,640,534 Balance December 31, 2020 $ (262,394) 2021 Improvements 6,385 2021 Depreciation (42,215) 2021 Dispositions (6,764) 2021 Accumulated depreciation on dispositions 842 2021 Impairments (9,673) Balance December 31, 2021 (303,767) Balance December 31, 2021 1,630,482 2022 Depreciation (43,781) 2022 Acquisitions (3) 28,672 2022 Accumulated depreciation on dispositions 9,198 2022 Improvements 11,339 Balance December 31, 2022 (338,350) 2022 Dispositions (38,525) 2023 Depreciation (43,220) Balance December 31, 2022 1,631,968 2023 Accumulated depreciation on dispositions — 2023 Improvements 8,004 Balance December 31, 2023 $ (381,570) Balance at December 31, 2023 $ 1,639,972 _______________ FOOTNOTES: (1) Buildings and building improvements are depreciated over 39 and 15 years, respectively. Tenant improvements are depreciated over the terms of their respective leases. (2) The aggregate cost for federal income tax purposes is approximately $1.8 billion. (3) Represents the consolidation of the five properties held by the Windsor Manor Joint Venture, effective January 1, 2022, as described in Note 4. “Acquisition.”

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Consolidation —
Consolidation, Policy	All material intercompany accounts and transactions have been eliminated in consolidation.
Grant Income	Grant Income —
Use of Estimates	Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements, the reported amounts of revenues and expenses during the reporting periods and the disclosure of contingent liabilities. For example, significant assumptions are made in the analysis of real estate impairments (when such impairments exist), the valuation of contingent assets and liabilities, and the valuation of restricted common stock (“Restricted Stock”) shares issued to the Advisor. Accordingly, actual results could differ from those estimates.
Depreciation and Amortization	Depreciation and Amortization — Real estate costs related to the acquisition and improvement of properties are capitalized. Repair and maintenance costs are charged to expense as incurred and significant replacements and improvements are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset to determine its appropriate useful life. Real estate assets are stated at cost less accumulated depreciation, which is computed using the straight-line method of accounting over the estimated useful lives of the related assets. Buildings and improvements are depreciated on the straight-line method over their estimated useful lives, which generally are the lesser of 39 and 15 years, respectively. Amortization of intangible assets is computed using the straight-line method of accounting over the shorter of the respective lease term or estimated useful life. If a lease is terminated or modified prior to its scheduled expiration, the Company recognizes a loss on lease termination related to the unamortized lease-related costs not deemed to be recoverable.
Impairment of Real Estate Assets	Impairment of Real Estate Assets — Real estate assets are reviewed on an ongoing basis to determine whether there are any impairment indicators. Management considers potential impairment indicators to primarily include (i) changes in a real estate asset’s operating performance, such as a current period net operating loss combined with a history of net operating losses, or a projection or forecast that demonstrates continuing losses associated with the use of a real estate asset or (ii) a current expectation that, more likely than not, a real estate asset will be sold or otherwise disposed of significantly before the end of its previously estimated holding period. To assess if an asset is potentially impaired, management compares the estimated current and projected undiscounted cash flows, including estimated net sales proceeds, of the asset group over its remaining useful life to the net carrying value of the asset group. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. In the event that the carrying value exceeds the undiscounted operating cash flows, the Company would recognize an impairment provision to adjust the carrying value of the asset group to the estimated fair value. When impairment indicators are present for real estate indirectly owned, through an investment in a joint venture or other similar investment structure accounted for under the equity method, the Company compares the estimated fair value of its investment to the carrying value. An impairment charge will be recorded to the extent the fair value of the investment is less than the carrying value and the decline in value is determined to be other than a temporary decline.
Assets Held For Sale, net and Discontinued Operations	Assets Held For Sale, net and Discontinued Operations — The Company determines to classify a property as held for sale once management has the authority to approve and commits to a plan to sell the property, the property is available for immediate sale, there is an active program to locate a buyer, the sale of the property is probable and the transfer of the property is expected to occur within one year. Upon the determination to classify a property as held for sale, the Company ceases recording further depreciation and amortization relating to the associated assets and those assets are measured at the lower of its carrying amount or fair value less disposition costs and are presented separately in the consolidated balance sheets for all periods presented. In addition, the Company classifies assets held for sale as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on the Company’s operations and financial results. For any disposal(s) qualifying as discontinued operations, the Company allocates interest expense and loan cost amortization that directly relates to either: (1) expense on mortgages and other notes payable collateralized by properties classified as discontinued operations; or (2) expense on the Company’s credit facilities, which is allocated based on the value of the properties that are classified as discontinued operations if these properties are included in the credit facilities’ unencumbered pool of assets and the related indebtedness is required to be repaid upon sale of the properties.
Assets Reclassified from Held for Sale to Held and Used	Assets Reclassified from Held for Sale to Held and Used —
Cash	Cash — Cash consists of demand deposits at commercial banks. The Company also invests in cash equivalents consisting of highly liquid investments in money market funds with original maturities of three months or less. As of December 31, 2023, certain of the Company’s cash deposits exceeded federally insured amounts. However, the Company continues to monitor the third-party depository institutions that hold the Company’s cash, primarily with the goal of safeguarding principal. The Company attempts to limit cash investments to financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on cash.
Restricted Cash	Restricted Cash —
Held-to-Maturity Securities	Held-to-Maturity Securities — From time to time, the Company may invest in U.S. Treasuries, which it has designated as held-to-maturity (“HTM”) securities, because the Company has both the ability and the intent to hold them until maturity. All assets classified as HTM are included within other assets in the consolidated balance sheets and reported at stated cost plus any premiums or discounts. Premiums or discounts are amortized or accreted as interest and other income in the consolidated statement of operations.
Loan Costs	Loan Costs —
Deferred Lease-Related Costs	Deferred Lease-Related Costs —
Revenue Recognition	Revenue Recognition — Rental income and related revenues for operating leases are recognized based on the assessment of collectability of lease payments. When collectability is probable at commencement of the lease, lease income is recognized on an accrual basis and includes rental income that is recorded on the straight-line basis over the term of the lease. Collectability is reassessed during the lease term. When collectability of lease payments is no longer probable, lease income is recorded on a cash basis and limited to the amount of lease payments collected. In addition, lease related costs (the deferred rent from prior GAAP straight-line adjustments, unamortized lease costs and other lease related intangibles) are written-off when the Company determines that these assets are no longer realizable. Rental income and related revenues recorded on an accrual basis include rental income that is recorded on the straight-line basis over the terms of the leases. The straight-line method records the periodic average amount of base rent earned over the term of a lease, taking into account contractual rent increases over the lease term. The Company records the difference between base rent revenues earned and amounts due per the respective lease agreements, as applicable, as an increase or decrease to deferred rent and lease incentives in the accompanying consolidated balance sheets. Rental income and related revenues also include amounts for which tenants are required to reimburse the Company related to expenses incurred on behalf of the tenants, in accordance with the terms of the leases. Tenant reimbursements are recognized in the period in which the related reimbursable expenses are incurred, such as real estate taxes, common area maintenance, and similar items. Some of the Company’s leases require the tenants to pay certain additional contractual amounts that are set aside by the Company for replacements of fixed assets and other improvements to the properties. These amounts are and will remain the property of the Company during and after the term of the lease. The amounts are recorded as capital improvement reserve income at the time such amounts are earned and are included in rental income and related revenues in the accompanying consolidated statements of operations. Additional percentage rent that is due contingent upon tenant performance thresholds, such as gross revenues, is deferred until the underlying performance thresholds have been achieved. Resident fees and services are operating revenues relating to the Company’s managed seniors housing properties, which are operated under RIDEA structures. Resident fees and services directly relate to the provision of monthly goods and services that are generally bundled together under a single resident agreement. The Company accounts for its resident agreements as a single performance obligation given the Company’s overall promise to provide a series of stand-ready goods and services to its residents each month. Resident fees and services are recorded in the period in which the goods are provided and the services are performed and generally consist of (1) monthly rent, which covers occupancy of the residents’ unit as well as basic services, such as utilities, meals and certain housekeeping services, and (2) service level charges, such as assisted living care, memory care and ancillary services. Resident agreements are generally short-term in nature, billed monthly in advance and cancellable by the residents with a 30-day notice. Resident agreements may require the payment of upfront fees prior to moving into the community with any non-refundable portion of such fees being recorded as deferred revenue and amortized over the estimated resident stay.
Derivative Financial Instruments	Derivative Financial Instruments — The Company, and through December 31, 2021, an unconsolidated equity method investment held by the Company, use or have used derivative financial instruments to partially offset the effect of fluctuating interest rates on the cash flows associated with its variable-rate debt. As described in Note 4. “Acquisition,” effective January 1, 2022, the Company acquired the remaining ownership interest in the Windsor Manor Joint Venture and consolidated the Windsor Manor Joint Venture. Upon entry into a derivative, the Company formally designates and documents the financial instrument as a hedge of a specific underlying exposure, as well as the risk management objectives and strategies for undertaking the hedge transaction. The Company accounts for derivatives through the use of a fair value concept whereby the derivative positions are stated at fair value in other assets in the accompanying consolidated balance sheets. The fair value of derivatives used to hedge or modify risk fluctuates over time. As such, the fair value amounts should not be viewed in isolation, but rather in relation to the cash flows or fair value of the underlying hedged transaction and to the overall reduction in the exposure relating to adverse fluctuations in interest rates on the Company’s variable-rate debt. Realized and unrealized gain (loss) on derivative financial instruments designated by the Company as cash flow hedges are reported as a component of other comprehensive income (loss), a component of stockholders’ equity, in the accompanying consolidated statements of comprehensive income (loss) to the extent they are effective; reclassified into earnings on the same line item associated with the hedged transaction and in the same period the hedged transaction affects earnings. Through December 31, 2021, realized and unrealized gain (loss) on derivative financial instruments designated as cash flow hedges that were entered into by the Company’s equity method investment were reported as a component of the Company’s other comprehensive income (loss) in proportion to the Company’s ownership percentage in the investment, with reclassifications being included in equity in earnings (loss) of unconsolidated entity in the accompanying consolidated statements of operations.
Fair Value Measurements	Fair Value Measurements — Fair value assumptions are based on the framework established in the fair value accounting guidance under GAAP. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes the following fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable: • Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. • Level 2 — Inputs, other than quoted prices included in Level 1, that are observable for the asset or liability either directly or indirectly; such as, quoted prices for similar assets or liabilities or other inputs that can be corroborated by observable market data. • Level 3 — Unobservable inputs for the asset or liability, which are typically based on the Company’s own assumptions, as there is little, if any, related market activity. When market data inputs are unobservable, the Company utilizes inputs that it believes reflects the Company’s best estimate of the assumptions market participants would use in pricing the asset or liability. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The estimated fair value of accounts payable and accrued liabilities approximates the carrying value as of December 31, 2023 and 2022 because of the relatively short maturities of the obligations.
Mortgages and Other Notes Payable	Mortgages and Other Notes Payable — Mortgages and other notes payable are recorded at the stated principal amount and are generally collateralized by the Company’s properties. Mortgages and other notes payable assumed in connection with an acquisition are recorded at fair market value as of the date of the acquisition.
Share Based Payments to Non-Employees	Share-Based Payments to Non-Employees — In connection with the Expense Support Agreement described in Note 12. “Related Party Arrangements,” the Company previously agreed to issue restricted stock to the Advisor (“Restricted Stock”) on an annual basis in exchange for providing expense support in the event that cash distributions declared exceed MFFO as defined by the Expense Support Agreement. The Restricted Stock is forfeited if stockholders do not ultimately receive their original invested capital back with at least a 6% annualized return of investment upon a future liquidity or disposition event of the Company. Upon issuance of Restricted Stock, the Company measures the fair value at its then-current lowest aggregate fair value pursuant to ASC 505-50. On the date in which the Advisor satisfies the vesting criteria, the Company remeasures the fair value of the Restricted Stock pursuant to ASC 505-50 and records expense equal to the difference between the original fair value and that of the remeasurement date. In addition, given that performance is outside the control of the Advisor and involves both market conditions and counterparty performance conditions, the shares are treated as unissued for accounting purposes and the Company only includes the Restricted Stock in the calculation of diluted earnings per share to the extent their effect is dilutive and the vesting conditions have been satisfied as of the reporting date. Pursuant to the Expense Support Agreement, the Advisor shall be the record owner of the Restricted Stock until the shares of common stock are sold or otherwise disposed of, and shall be entitled to all of the rights of a stockholder of the Company including, without limitation, the right to vote such shares (to the extent permitted by the Company’s articles of incorporation) and receive all distributions paid with respect to such shares. All distributions actually paid to the Advisor in connection with the Restricted Stock shall vest immediately and will not be subject to forfeiture. The Company recognizes expense related to the distributions on the Restricted Stock shares as declared. The Expense Support Agreement was terminated in June 2023.
Net Income (Loss) per Share	Net Income (Loss) per Share — Net income (loss) per share is calculated based upon the weighted average number of shares of common stock outstanding (and excludes the Restricted Stock shares issued to the Advisor under the Expense Support Agreement) during the period in which the Company was operational. Refer to Note 12. “Related Party Arrangements” for additional information on the Restricted Stock shares.
Segment Information	Segment Information — Operating segments are components of an enterprise for which separate financial information is available and is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance. The Company has determined that it operates in one operating segment, real estate ownership. The Company’s chief operating decision maker evaluates the Company’s operations from a number of different operational perspectives including, but not limited to, a property-by-property basis, by tenant or by operator. The Company derives all significant revenues from a single reportable operating segment of business, healthcare real estate, regardless of the type (seniors housing, medical office, etc.) or ownership structure (leased or managed). Accordingly, the Company does not report segment information; nevertheless, management periodically evaluates whether the Company continues to have one single reportable segment of business.
Income Taxes	Income Taxes — The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended and related regulations beginning with the year ended December 31, 2012. In order to be taxed as a REIT, the Company is subject to certain organizational and operational requirements, including the requirement to make distributions to its stockholders each year of at least 90% of its annual REIT taxable income (which is computed without regard to the dividends-paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). If the Company qualifies for taxation as a REIT, the Company generally will not be subject to U.S. federal income tax on income that the Company distributes as dividends. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the IRS grants the Company relief under certain statutory provisions. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and U.S. federal income and excise taxes on its undistributed income. 2. Summary of Significant Accounting Policies (Continued) The Company has formed subsidiaries which elected to be taxed as a TRS for U.S. federal income tax purposes. Under the provisions of the Internal Revenue Code and applicable state laws, a TRS will be subject to tax on its taxable income from its operations. The Company will account for federal and state income taxes with respect to a TRS using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities, the respective tax bases, operating losses and/or tax-credit carryforwards. A valuation allowance is provided if the Company believes it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes the Company to change our judgment about the realizability of the related deferred tax asset, is included in the tax provision when such changes occur.
Investments in Unconsolidated Entities	Investment in Unconsolidated Entity
Reclassifications	Reclassifications — Certain amounts in the prior years’ consolidated financial statements and schedules have been reclassified to conform to the current year’s presentation.
Recent Accounting Pronouncements	Recent Accounting Pronouncements — In December 2023, the FASB issued ASU No. 2023-09, “Improvements to Income Tax Disclosures (Topic 740),” which requires entities to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes as well as additional information about reconciling items if certain quantitative thresholds are met. This ASU will require all entities to disclose income taxes paid, net of refunds, disaggregated by federal (national), state and foreign taxes for annual periods and to disaggregate the information by jurisdiction based on a quantitative threshold. All entities are required to apply the guidance prospectively, with the option to apply it retrospectively. The ASU is effective for fiscal years beginning after 15 December 2024, with early adoption permitted. The Company has determined it will adopt this ASU on January 1, 2025, the adoption of which is not expected to have a material impact on the Company’s consolidated results of operations or cash flows.

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table presents disaggregated revenue related to the Company’s resident fees and services during the years ended December 31, 2023, 2022 and 2021: Years Ended December 31, Number of Units (Unaudited) Revenues (in millions) Percentage of Revenues 2023 2022 2021 2023 2022 2021 2023 2022 2021 Resident fees and services: Independent living 2,222 2,223 2,243 $ 80.7 $ 74.1 $ 69.6 25.7 % 25.0 % 26.2 % Assisted living 3,039 3,041 2,960 156.8 146.9 128.9 49.8 49.7 48.6 Memory care 932 932 904 61.5 60.6 53.2 19.5 20.5 20.1 Other revenues — — — 15.6 14.2 13.6 5.0 4.8 5.1 6,193 6,196 6,107 $ 314.6 $ 295.8 $ 265.3 100.0 % 100.0 % 100.0 %

Acquisition (Tables)

Acquisition (Tables)	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Fair Market Value of the Assets and Liabilities Recorded as Part of the Acquisition, Adjusted on a Relative Fair Value Basis	The following table summarizes the fair market value of the assets and liabilities recorded as part of the acquisition, adjusted on a relative fair value basis for the difference between the consideration transferred and the fair market value of the net assets acquired, of the Windsor Manor Joint Venture as of the acquisition date (in thousands): Equity method investment in unconsolidated joint venture $ 4,737 Consideration paid for additional 25% interest in joint venture 3,310 Total equity method investment and consideration paid $ 8,047 Cash $ 2,097 Restricted cash 79 Prepaid and other assets 64 Real estate assets 29,384 Intangibles 4,281 Total assets acquired 35,905 Accounts payable and accrued expenses (953) Other liabilities (61) Mortgages and notes payable (18,468) Total liabilities assumed (19,482) Net assets acquired $ 16,423

Real Estate Assets, net (Tables

Real Estate Assets, net (Tables)	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Schedule of Gross Carrying Amount and Accumulated Depreciation of Real Estate Assets	The gross carrying amount and accumulated depreciation of the Company’s real estate assets as of December 31, 2023 and 2022 are as follows (in thousands): December 31, 2023 2022 Land and land improvements $ 137,393 $ 136,416 Building and building improvements 1,502,579 1,495,552 Furniture, fixtures and equipment 113,034 105,784 Less: accumulated depreciation (473,869) (424,314) Real estate investment properties, net $ 1,279,137 $ 1,313,438

Intangibles, net (Tables)

Intangibles, net (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Gross Carrying Amount and Accumulated Amortization of Intangible Assets	The gross carrying amount and accumulated amortization of the Company’s intangible assets as of December 31, 2023 and 2022 are as follows (in thousands): As of December 31, 2023 (1) 2022 (1) In-place lease intangibles $ 736 $ 5,017 Less: accumulated amortization (632) (3,769) Intangible assets, net $ 104 $ 1,248 _______________ FOOTNOTE: (1) Excludes approximately $4.3 million and $3.2 million of gross in-place lease intangibles and accumulated amortization related to fully amortized intangibles as of December 31, 2023 and 2022
Schedule of Estimated Future Amortization	The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter, in the aggregate, as of December 31, 2023 is as follows (in thousands): 2024 $ 74 2025 30 2026 — 2027 — 2028 — Thereafter — $ 104

Held-to-Maturity Securities (Ta

Held-to-Maturity Securities (Tables)	12 Months Ended
	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Face Value and Carrying Value of Investments in Short Term Securities by Collateral Type	The following presents the face value and carrying value of investments in short term securities by collateral type as of December 31, 2023 and 2022 (in thousands): U.S. Treasuries As of December 31, 2023 2022 Amortized Cost Basis $ — $ 24,360 Gross unrealized losses — (27) Fair Value $ — $ 24,333

Operating Leases (Tables)

Operating Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Schedule of Future Minimum Lease Payments	The following are future minimum lease payments for the Company’s 15 senior housing properties to be received under non-cancellable operating leases for the next five years and thereafter, in the aggregate, as of December 31, 2023 (in thousands): 2024 $ 27,521 2025 20,892 2026 9,287 2027 9,556 2028 9,843 Thereafter 33,417 $ 110,516

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Aggregate Carrying Amount and Major Classifications of Consolidated Assets and Liabilities	The aggregate carrying amount and major classifications of the consolidated assets that can be used to settle obligations of the VIEs and liabilities of the consolidated VIEs that are non-recourse to the Company as of December 31, 2023 and 2022, are as follows (in thousands): As of December 31, 2023 2022 Assets: Real estate investment properties, net $ 30,041 $ 30,906 Cash $ 1,345 $ 646 Restricted cash $ 8 $ 9 Other assets $ 17 $ 554 Liabilities: Mortgages and other notes payable, net $ 20,622 $ 21,142 Accounts payable and accrued liabilities $ 1,411 $ 533 Other liabilities $ 216 $ 91

Indebtedness (Tables)

Indebtedness (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Details of Indebtedness	The following table provides details of the Company’s indebtedness as of December 31, 2023 and 2022 (in thousands): As of December 31, 2023 2022 Mortgages payable and other notes payable: Fixed rate debt (1) $ 20,668 $ 44,082 Variable rate debt (1)(2)(3)(7) 16,150 17,859 Premium (4) — 17 Loan costs, net (249) (185) Total mortgages and other notes payable, net 36,569 61,773 Credit facilities: Revolving Credit Facility (5)(6)(7) — 133,000 Term Loan Facility (5)(6)(7) — 265,000 2021 Term Loan Facility (5)(6)(7) — 150,000 2023 Revolving Credit Facility (5)(6)(7) 198,000 — 2023 Term Loan Facility (5)(6)(7) 350,000 — Loan costs, net related to Term Loan Facilities (6,160) (1,900) Total credit facilities, net 541,840 546,100 Total indebtedness, net $ 578,409 $ 607,873 _______________ FOOTNOTES: (1) As of December 31, 2023 and 2022, the Company’s mortgages and other notes payable were collateralized by six and seven properties, respectively, with total carrying value of approximately $51.0 million and $92.7 million, respectively. (2) In connection with the acquisition of the 25% interest in the Windsor Manor Joint Venture, the Company consolidated the net assets of the joint venture effective January 1, 2022, including the debt associated with the properties, at fair value. (3) As of December 31, 2023 and 2022, the Company had interest rate protection through an interest rate cap with a notional amount of $8.0 million and $15.0 million, respectively. Refer to Note 13. “Derivative Financial Instruments” for additional information. (4) Premium was reflective of recording mortgage note payables assumed at fair value on the respective acquisition dates. The associated loan was paid in full during the year ended December 31, 2023. (5) During the years ended December 31, 2023 and 2022, the Company had interest rate protection through interest rate swaps and caps which as of December 31, 2023 and 2022, had notional amounts of $367.0 million and $355.0 million, respectively. Refer to Note 13. “Derivative Financial Instruments” for additional information. (6) As of December 31, 2023 and 2022, the Company had undrawn availability under the applicable revolving credit facility of approximately $52.0 million and $117.0 million, respectively, based on the commitments from lenders and the value of the properties in the unencumbered pool of assets supporting the loan. The Company reduced the commitment size of its Credit Facilities from $665 million to $600 million as part of the refinancing its 2023 Credit Facilities. (7) Term SOFR (as defined in the respective agreements governing our credit facilities and one mortgage loan) was approximately 5.45% and 4.46% as of December 31, 2023 and 2022, respectively.
Schedule of Mortgages and Other Notes Payable	The following table details the Company’s mortgages and other notes payable as of December 31, 2023 and 2022 (in thousands): Property and Loan Interest Rate at December 31, 2023 Payment Terms Maturity Date (1) December 31, 2023 2022 Watercrest at Mansfield; Mortgage Loan 4.68% per annum Monthly principal and interest payments based on a total payment of $143,330 6/1/2023 $ — $ 22,854 Watercrest at Katy; 3.25% per annum Monthly principal and interest payments based on a 25-year amortization schedule 11/15/2024 20,668 21,228 Total fixed rate debt 20,668 44,082 Windsor Manor Communities; Mortgage Loan (2) Term SOFR + 0.10% + 2.50% per annum Monthly principal and interest payments based on a 25-year amortization schedule 2/28/2026 16,150 17,859 Total variable rate debt 16,150 17,859 Total mortgages and other notes payable $ 36,818 $ 61,941 _______________ FOOTNOTES: (1) Represents the initial maturity date (or, as applicable, the maturity date as extended). (2) This loan has two one-year extension options.
Schedule of Future Principal Payments	The following is a schedule of future principal payments for the Company’s total indebtedness for the next five years and thereafter, in the aggregate, as of December 31, 2023 (in thousands): 2024 $ 20,968 2025 308 2026 563,542 2027 — 2028 — Thereafter — $ 584,818
Schedule of Fair Market Value and Carrying Value of Indebtedness	The following table provides the details of the fair market value and carrying value of the Company’s indebtedness as of December 31, 2023 and 2022 (in millions): December 31, 2023 December 31, 2022 Fair Carrying Fair Carrying Mortgages and other notes payable, net $ 36.8 $ 36.6 $ 60.8 $ 61.8 Credit facilities, net $ 548.0 $ 541.8 $ 548.0 $ 546.1

Related Party Arrangements (Tab

Related Party Arrangements (Tables)	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Schedule of Expenses and Fees Incurred by and Reimbursable to Related Parties	The expenses and fees incurred by and reimbursable to the Company’s related parties, including amounts included in income from discontinued operations, for the years ended December 31, 2023, 2022 and 2021, and related amounts unpaid as of December 31, 2023 and 2022 are as follows (in thousands): Years Ended December 31, Unpaid amounts as of (1) 2023 2022 2021 December 31, December 31, Reimbursable expenses: Operating expenses (2) $ 2,721 $ 3,056 $ 2,972 $ 180 $ 238 2,721 3,056 2,972 180 238 Investment services fee (3) — 60 — — — Disposition fee (4) — 195 — — — Financing coordination fees (5) 6,163 — 1,500 — — Asset management fees 13,856 14,074 15,740 1,112 1,159 $ 22,740 $ 17,385 $ 20,212 $ 1,292 $ 1,397 _______________ FOOTNOTES: (1) Amounts are recorded as due to related parties in the accompanying consolidated balance sheets. (2) Amounts are recorded as general and administrative expenses in the accompanying consolidated statements of operations unless such amounts represent prepaid expenses, which are capitalized in the accompanying consolidated balance sheets. (3) For the year ended December 31, 2022, the Company incurred approximately $0.1 million in investment services fees, all of which was capitalized and included in real estate assets, net in the accompanying consolidated balance sheets. For the years ended December 31, 2023 and 2021, the Company did not incur any investment services fees. (4) Amounts are recorded as a reduction to gain on sale of real estate in the accompanying consolidated statements of operations. (5) For the year ended December 31, 2023, the Company incurred financing coordination fees of approximately $6.2 million, related to the refinancing of the Credit Facilities and a loan associated with certain operating properties, of which approximately $2.7 million was expensed in the accompanying consolidated statement of operations, approximately $3.5 million were capitalized as loan costs and reflected in other assets or in credit facilities in the accompanying consolidated balance sheets. For the year ended December 31, 2021, the Company incurred financing coordination fees of approximately $1.5 million, all of which were capitalized as loan costs and reflected in credit facilities in the accompanying consolidated balance sheets. The Company did not incur any financing coordination fees for the year ended December 31, 2022.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Equity Method Investment's, Interest Rate Caps and Corresponding Asset (Liability) and Gross and Net Presentation of Amounts	The following summarizes the terms of the Company's interest rate caps and swaps and the corresponding asset (liability) as of December 31, 2023 and 2022 (in thousands): Notional Amount (1) Strike Credit Spread (2) Trade Forward Maturity Fair Value Asset (Liability) as of December 31, 2023 2022 Caps $ 15,000 3.50 % 2.60 % 12/28/2022 12/28/2022 7/1/2023 $ — $ 99 $ 8,000 3.50 % 2.60 % 6/29/2023 7/3/2023 1/1/2024 $ — $ — $ 8,000 3.50 % 2.60 % 12/20/2023 1/2/2024 7/1/2024 $ 63 $ — Swaps $ 267,000 4.40 % 2.35 % 12/7/2023 12/1/2023 12/1/2025 $ (1,678) $ — $ 80,000 4.54 % 2.35 % 12/8/2023 12/1/2023 12/1/2025 $ (706) $ — $ 20,000 4.54 % 2.35 % 12/8/2023 12/1/2023 12/1/2025 $ (177) $ — _______________ FOOTNOTE: (1) Amounts related to the interest rate caps and swaps held by the Company are recorded at fair value and included in 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. The following summarizes the gross and net presentation of amounts related to the Company’s derivative financial instruments as of December 31, 2023 and 2022 (in thousands): Gross and net amounts of asset (liability) Gross amounts as of December 31, 2023 as of December 31, 2023 Notional Amount Gross Amount Offset Amount Net Amount Financial Instruments Cash Collateral Net Amount Caps $ 8,000 $ — $ — $ — $ — $ — $ — $ 8,000 $ 63 $ — $ 63 $ 63 $ — $ 63 Swaps $ 267,000 $ (1,678) $ — $ (1,678) $ (1,678) $ — $ (1,678) $ 80,000 $ (706) $ — $ (706) $ (706) $ — $ (706) $ 20,000 $ (177) $ — $ (177) $ (177) $ — $ (177) Gross and net amounts of asset (liability) Gross amounts As of December 31, 2022 as of December 31, 2022 Notional Amount Gross Amount Offset Amount Net Amount Financial Instruments Cash Collateral Net Amount Cap $ 15,000 $ 99 $ — $ 99 $ 99 $ — $ 99

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Schedule of Tax Composition of Distributions Declared	The tax composition of the Company’s distributions declared for the years ended December 31, 2023, 2022 and 2021 were as follows: Years Ended December 31, 2023 2022 2021 Ordinary income — % — % 43.82 % Return of capital 100.00 % 100.00 % 56.18 %
Schedule of Effect of Derivative Financial Instruments	The following table reflects the effect of derivative financial instruments held by the Company, or its equity method investment, and included in the consolidated statements of comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021 (in thousands): Derivative financial instruments Gain (loss) recognized in other comprehensive loss on derivative financial instruments Location of gain (loss) reclassified into earnings Gain (loss) reclassified from accumulated other comprehensive income (loss) into earnings Years Ended December 31, Years Ended December 31, 2023 2022 2021 2023 2022 2021 Interest rate swaps $ (2,561) $ — $ — Interest expense and loan cost amortization $ — $ — $ — Interest rate caps 5 (26) 40 Interest expense and loan cost amortization (3,325) (82) (32) Interest rate cap held by unconsolidated joint venture — — 5 Equity in earnings of unconsolidated entity — — (5) Total $ (2,556) $ (26) $ 45 $ (3,325) $ (82) $ (37)

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	The components of the income tax expense for the years ended December 31, 2023, 2022 and 2021, excluding amounts related to discontinued operations, were as follows (in thousands): Years Ended December 31, 2023 2022 2021 Current: Federal $ (12) $ (10) $ (10) State (548) (530) (532) Total current expense (560) (540) (542) Deferred: Federal — — (3,379) State — — (253) Total deferred expense — — (3,632) Income tax expense $ (560) $ (540) $ (4,174)
Schedule of Significant Components of Deferred Tax Assets	Significant components of the Company’s deferred tax assets as of December 31, 2023 and 2022 are as follows: 2023 2022 Carryforwards of net operating loss $ 20,895 $ 18,647 Other 931 1,044 Valuation allowance (21,826) (19,691) Deferred tax assets, net $ — $ —
Schedule of Reconciliation of the Income Tax Expense Computed at the Statutory U.S. Federal Tax Rate on Income Before Income Taxes	A reconciliation of the income tax expense computed at the statutory U.S. federal tax rate on income before income taxes is as follows (in thousands): Years Ended December 31, 2023 2022 2021 Tax (expense) benefit computed at federal statutory rate $ 5,272 21.00 % $ (27) (21.00) % $ 3,923 21.00 % Impact of REIT election (3,893) (15.50) 5,714 4,465.61 1,575 8.43 State income tax expense net of federal benefit 196 0.78 630 492.27 706 3.78 Effect of change in valuation allowance (2,135) (8.51) (6,857) (5,358.79) (10,378) (55.55) Income tax expense $ (560) (2.23) % $ (540) (421.91) % $ (4,174) (22.34) %

Concentration of Credit Risk (T

Concentration of Credit Risk (Tables)	12 Months Ended
	Dec. 31, 2023
Risks and Uncertainties [Abstract]
Schedule of Geographical Concentration Accounting	For the years ended December 31, 2023, 2022 and 2021, the Company had a geographical concentration accounting for 10% or more of its total revenues, as follows: Type of Years Ended December 31, 2023 2022 2021 State of Texas (1) Geographical 21.2 % 20.6 % 21.3 % _______________ FOOTNOTE: (1) Includes rental income and related revenues and resident fees and services. Adverse economic developments in this geographical area could significantly impact the Company’s results of operations and cash flows from operations, which in turn would impact its ability to pay debt service and make distributions to stockholders.

Organization (Details)

Organization (Details)	12 Months Ended
	Dec. 31, 2023 property State agreement	Dec. 31, 2017 property
MOB/Healthcare Portfolio
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of properties		70
Investment Portfolio
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of properties	70
Number of states | State	26
Number of seniors housing properties	69
Investment Portfolio | Vacant Land Parcel
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of properties | agreement	1

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) reportable_segment segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Accumulated amortization of loan costs	$ 1.2	$ 8.9
Annualized return of investment	6%
Number of operating segment | segment	1
Number of reportable segment | reportable_segment	1
Building
Summary Of Significant Accounting Policies [Line Items]
Real estate assets, estimated useful life	39 years
Building Improvements
Summary Of Significant Accounting Policies [Line Items]
Real estate assets, estimated useful life	15 years
Provider Relief Fund | COVID Nineteen
Summary Of Significant Accounting Policies [Line Items]
Grant income received	$ 1	$ 4.3	$ 0.5

Revenue (Details)

Revenue (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Facility	Dec. 31, 2022 USD ($) Facility	Dec. 31, 2021 USD ($) Facility
Disaggregation Of Revenue [Line Items]
Number of units | Facility	6,193	6,196	6,107
Revenues | $	$ 314,560	$ 295,799	$ 265,321
Percentage of revenues (as a percent)	100%	100%	100%
Independent living
Disaggregation Of Revenue [Line Items]
Number of units | Facility	2,222	2,223	2,243
Revenues | $	$ 80,700	$ 74,100	$ 69,600
Percentage of revenues (as a percent)	25.70%	25%	26.20%
Assisted living
Disaggregation Of Revenue [Line Items]
Number of units | Facility	3,039	3,041	2,960
Revenues | $	$ 156,800	$ 146,900	$ 128,900
Percentage of revenues (as a percent)	49.80%	49.70%	48.60%
Memory care
Disaggregation Of Revenue [Line Items]
Number of units | Facility	932	932	904
Revenues | $	$ 61,500	$ 60,600	$ 53,200
Percentage of revenues (as a percent)	19.50%	20.50%	20.10%
Other revenues
Disaggregation Of Revenue [Line Items]
Number of units | Facility	0	0	0
Revenues | $	$ 15,600	$ 14,200	$ 13,600
Percentage of revenues (as a percent)	5%	4.80%	5.10%

Acquisition - Narrative (Detail

Acquisition - Narrative (Details)		12 Months Ended
	Jan. 01, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) property
Asset Acquisition [Line Items]
Gain on change of control of a joint venture	$ 8,400,000	$ 0	$ 8,376,000	$ 0
Windsor Manor Joint Venture
Asset Acquisition [Line Items]
Number of properties | property				5
Percentage of ownership acquired	25%			75%
Payments to acquire business	$ 3,300,000
Controlling interest in joint venture	100%
Goodwill	$ 0

Acquisition - Schedule of Fair

Acquisition - Schedule of Fair Market Value of the Assets and Liabilities Recorded as Part of the Acquisition, Adjusted on a Relative Fair Value Basis (Details) - Windsor Manor Joint Venture - USD ($) $ in Thousands	Jan. 01, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Equity method investment in unconsolidated joint venture	$ 4,737
Percentage of ownership acquired	25%	75%
Consideration paid for additional 25% interest in joint venture	$ 3,310
Total equity method investment and consideration paid	8,047
Cash	2,097
Restricted cash	79
Prepaid and other assets	64
Real estate assets	29,384
Intangibles	4,281
Total assets acquired	35,905
Accounts payable and accrued expenses	(953)
Other liabilities	(61)
Mortgages and notes payable	(18,468)
Total liabilities assumed	(19,482)
Net assets acquired	$ 16,423

Real Estate Assets, net - Sched

Real Estate Assets, net - Schedule of Gross Carrying Amount and Accumulated Depreciation of Real Estate Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real Estate [Abstract]
Land and land improvements	$ 137,393	$ 136,416
Building and building improvements	1,502,579	1,495,552
Furniture, fixtures and equipment	113,034	105,784
Less: accumulated depreciation	(473,869)	(424,314)
Real estate investment properties, net	$ 1,279,137	$ 1,313,438

Real Estate Assets, net - Narra

Real Estate Assets, net - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Aug. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate [Line Items]
Gain on sale of property		$ 0	$ 6,282	$ 0
Depreciation expense		$ 50,100	$ 50,700	$ 50,000
Fieldstone Sale
Real Estate [Line Items]
Gain on sale of property	$ 6,300
Gain (loss) on sale of properties, attributable to stakeholders	5,400
Disposition expense	$ 100

Intangibles, net - Narrative (D

Intangibles, net - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Jan. 01, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Amortization expense on intangible assets		$ 1.1	$ 3.5	$ 0.4
Windsor Manor Joint Venture
Finite-Lived Intangible Assets [Line Items]
Percentage of ownership acquired	25%			75%
Finite-lived intangible asset, acquired-in-place leases	$ 4.3
Acquired finite-lived intangible assets, weighted average amortization period	1 year 4 months 24 days

Intangibles, net - Schedule of

Intangibles, net - Schedule of Gross Carrying Amount and Accumulated Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
In-place lease intangibles	$ 736	$ 5,017
Less: accumulated amortization	(632)	(3,769)
Intangible assets, net	104	1,248
Fully amortized intangibles	$ 4,300	$ 3,200

Intangibles, net - Schedule o_2

Intangibles, net - Schedule of Estimated Future Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 74
2025	30
2026	0
2027	0
2028	0
Thereafter	0
Intangible assets, net	$ 104	$ 1,248

Assets Held for Sale and Disc_2

Assets Held for Sale and Discontinued Operations (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2022	Dec. 31, 2021
Long Lived Assets Held For Sale [Line Items]
Net sale proceeds	$ 8,300
MOB/Healthcare Portfolio
Long Lived Assets Held For Sale [Line Items]
(Loss) income from discontinued operations		$ (10)
Hurst Specialty Hospital
Long Lived Assets Held For Sale [Line Items]
Impairments		$ 9,800

Held-to-Maturity Securities - S

Held-to-Maturity Securities - Schedule of Face Value and Carrying Value of Investments in Short Term Securities by Collateral Type (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Amortized Cost Basis	$ 0	$ 24,360
Gross unrealized losses	0	(27)
Fair Value	$ 0	$ 24,333

Held-to-Maturity Securities - N

Held-to-Maturity Securities - Narrative (Details)	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Weighted average life remaining	8 months

Operating Leases - Narrative (D

Operating Leases - Narrative (Details) - Triple Net Lease Agreements $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) property tenant
Operating Leased Assets [Line Items]
Number of seniors housing properties | property	15
Number of tenants | tenant	2
Total annualized property tax | $	$ 3.3
Weighted average remaining lease term	3 years 8 months 12 days
Extended lease period	5 years

Operating Leases - Schedule of

Operating Leases - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 27,521
2025	20,892
2026	9,287
2027	9,556
2028	9,843
Thereafter	33,417
Operating leases future minimum payments receivable	$ 110,516

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) entity subsidiary	Dec. 31, 2022 subsidiary
Variable Interest Entity [Line Items]
Number of VIEs with loss exposure | entity	1
Maximum exposure to loss VIEs limits | $	$ 8.7
Variable Interest Entity, Primary Beneficiary | Joint Ventures Real Estate Under Development Entities
Variable Interest Entity [Line Items]
Number of subsidiaries | subsidiary	1	2

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Aggregate Carrying Amount and Major Classifications of Consolidated Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets:
Real estate investment properties, net	$ 1,279,137	$ 1,313,438
Cash	54,097	69,504
Restricted cash	1,791	4,070
Other assets	19,127	36,868
Liabilities:
Mortgages and other notes payable, net	36,569	61,773
Accounts payable and accrued liabilities	31,322	30,270
Variable Interest Entity
Assets:
Real estate investment properties, net	30,041	30,906
Cash	1,345	646
Restricted cash	8	9
Other assets	17	554
Liabilities:
Mortgages and other notes payable, net	20,622	21,142
Accounts payable and accrued liabilities	1,411	533
Other liabilities	$ 216	$ 91

Indebtedness - Schedule of Deta

Indebtedness - Schedule of Details of Indebtedness (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property	Jan. 01, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Premium	$ 0	$ 17
Total mortgages and other notes payable, net	36,569	61,773
Credit facilities	541,840	546,100
Total credit facilities, net	541,840	546,100
Total indebtedness, net	$ 578,409	$ 607,873
Number of collateralized properties owned | property	6	7
Interest rate cap agreement
Debt Instrument [Line Items]
Notional Amount	$ 8,000	$ 15,000
Interest Rate Contract
Debt Instrument [Line Items]
Notional Amount	$ 367,000	$ 355,000
Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument interest rate during period	5.45%	4.46%
Windsor Manor Joint Venture
Debt Instrument [Line Items]
Percentage of ownership acquired			25%	75%
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facilities	$ 0	$ 133,000
Current borrowing capacity	52,000	117,000
Term Loan Facility
Debt Instrument [Line Items]
Loan costs, net	(6,160)	(1,900)
Credit facilities	0	265,000
2021 Term Loan Facility
Debt Instrument [Line Items]
Credit facilities	0	150,000
2023 Revolving Credit Facility
Debt Instrument [Line Items]
Credit facilities	198,000	0
Aggregate maximum principal amount available for borrowing	600,000	665,000
2023 Term Loan Facility
Debt Instrument [Line Items]
Credit facilities	350,000	0
Fixed Rate Debt
Debt Instrument [Line Items]
Mortgages payable and other notes payable	20,668	44,082
Variable Rate Debt
Debt Instrument [Line Items]
Mortgages payable and other notes payable	16,150	17,859
Mortgages payable and other notes payable
Debt Instrument [Line Items]
Loan costs, net	(249)	(185)
Secured Debt
Debt Instrument [Line Items]
Mortgages and other notes payable carrying value of collateral	$ 51,000	$ 92,700

Indebtedness - Schedule of Mort

Indebtedness - Schedule of Mortgages and Other Notes Payable (Details)	1 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) extensionOption	Dec. 31, 2023 USD ($) extensionOption	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Carrying Value		$ 584,818,000
Fixed Rate Debt
Debt Instrument [Line Items]
Mortgages payable and other notes payable		20,668,000	$ 44,082,000
Variable Interest Rate Debt
Debt Instrument [Line Items]
Mortgages payable and other notes payable		16,150,000	17,859,000
Mortgages
Debt Instrument [Line Items]
Carrying Value	$ 16,100,000	36,818,000	61,941,000
Number of extension options | extensionOption	2
Debt instrument, extension option	1 year
Mortgages | Fixed Rate Debt
Debt Instrument [Line Items]
Carrying Value		20,668,000	44,082,000
Mortgages | Variable Interest Rate Debt
Debt Instrument [Line Items]
Carrying Value		$ 16,150,000	17,859,000
Mortgages | Watercrest at Mansfield; Mortgage Loan
Debt Instrument [Line Items]
Interest on loan accrues - fixed rate		4.68%
Periodic payment		$ 143,330
Maturity date		Jun. 01, 2023
Mortgages | Watercrest at Mansfield; Mortgage Loan | Fixed Rate Debt
Debt Instrument [Line Items]
Mortgages payable and other notes payable		$ 0	22,854,000
Mortgages | Watercrest at Katy; Mortgage Loan
Debt Instrument [Line Items]
Interest on loan accrues - fixed rate		3.25%
Principal and interest payments amortizable period		25 years
Maturity date		Nov. 15, 2024
Mortgages | Watercrest at Katy; Mortgage Loan | Fixed Rate Debt
Debt Instrument [Line Items]
Mortgages payable and other notes payable		$ 20,668,000	21,228,000
Mortgages | Windsor Manor Communities
Debt Instrument [Line Items]
Interest on loan accrues - fixed rate		250%
Principal and interest payments amortizable period		25 years
Maturity date		Feb. 28, 2026
Number of extension options | extensionOption		2
Debt instrument, extension option		1 year
Mortgages | Windsor Manor Communities | Variable Interest Rate Debt
Debt Instrument [Line Items]
Mortgages payable and other notes payable		$ 16,150,000	$ 17,859,000
(SOFR) | Mortgages | Windsor Manor Communities
Debt Instrument [Line Items]
Interest on loan accrues - variable rate		10%

Indebtedness - Narrative (Detai

Indebtedness - Narrative (Details) $ in Thousands	1 Months Ended				12 Months Ended
	Dec. 31, 2023 USD ($) instrument	Jun. 30, 2023 USD ($) extensionOption	Mar. 31, 2023 USD ($) property	Jan. 31, 2023 USD ($) property	Dec. 31, 2023 USD ($) instrument	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($)	Nov. 30, 2023 USD ($)
Debt Instrument [Line Items]
Principal payments					$ 25,284	$ 46,294	$ 247,753
Carrying Value	$ 584,818				584,818
Credit facilities	$ 541,840				541,840	546,100
Purchase of interest rate cap					$ 3,285	116	$ 0
Number of interest rate derivatives held | instrument	2				2
Proceeds from interest rate cap					$ 3,200
Maximum allowable distributions as a percentage of adjusted FFO					70%
Interest Rate Cap Maturing December 2023
Debt Instrument [Line Items]
Purchase of interest rate cap					$ 3,200
Number of interest rate derivatives held | instrument	2				2
Notional Amount	$ 428,000				$ 428,000
Strike rate (as a percent)	3.50%				3.50%
Interest Rate Cap Maturing July 2024
Debt Instrument [Line Items]
Purchase of interest rate cap	$ 100
Notional Amount	$ 8,000				$ 8,000
Strike rate (as a percent)	3.50%				3.50%
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facilities	$ 0				$ 0	133,000
2023 Term Loan Facility
Debt Instrument [Line Items]
Credit facilities	350,000				350,000	0
2023 Revolving Credit Facility
Debt Instrument [Line Items]
Credit facilities	198,000				198,000	0
Aggregate maximum principal amount available for borrowing	600,000				600,000	665,000
Unsecured Credit Facility
Debt Instrument [Line Items]
Principal payments						45,000
Mortgages
Debt Instrument [Line Items]
Repayments of debt			$ 22,800
Number of properties | property			1
Carrying Value	36,818	$ 16,100			36,818	61,941
Number of extension options | extensionOption		2
Debt instrument, extension option		1 year
Mortgages | Advisor
Debt Instrument [Line Items]
Financing coordination fee					200
Mortgages | Scheduled Principal Payments
Debt Instrument [Line Items]
Repayments of debt					1,100	$ 1,800
Mortgages | Unscheduled Principal Payments
Debt Instrument [Line Items]
Repayments of debt				$ 1,400
Number of properties | property				5
Secured Debt
Debt Instrument [Line Items]
Number of properties | property						5
Fair Value	16,200				16,200
Refinanced amount						$ 44,500
Secured Debt | Interest Rate Cap Maturing December 2023
Debt Instrument [Line Items]
Fair Value		$ 16,300
Credit Facilities
Debt Instrument [Line Items]
Number of properties | property						5
Credit Facilities | Advisor
Debt Instrument [Line Items]
Financing coordination fee					6,000
Credit Facilities | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facilities	548,000				$ 548,000
Line of credit facility, extension term				1 year	1 year
Aggregate maximum principal amount available for borrowing	600,000				$ 600,000			$ 665,000
Credit Facilities | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest on loan accrues - variable rate					1,000%
Credit Facilities | Revolving Credit Facility | SOFR Applicable Margin
Debt Instrument [Line Items]
Interest on loan accrues - variable rate					22,500%
Credit Facilities | 2023 Term Loan Facility
Debt Instrument [Line Items]
Debt instrument, face amount	350,000				$ 350,000
Credit Facilities | 2023 Revolving Credit Facility
Debt Instrument [Line Items]
Aggregate maximum principal amount available for borrowing	$ 250,000				$ 250,000
Line of credit, usage, threshold	50%				50%
Credit Facilities | 2023 Revolving Credit Facility | Triggering Event One
Debt Instrument [Line Items]
Unused portion of the commitment amount (as a percent)					0.20%
Credit Facilities | 2023 Revolving Credit Facility | Triggering Event Two
Debt Instrument [Line Items]
Unused portion of the commitment amount (as a percent)					0.15%
Credit Facilities | Unsecured Credit Facility
Debt Instrument [Line Items]
Swap agreement term	2 years
Weighted average swap price (as a percent)	440%				440%

Indebtedness - Schedule of Futu

Indebtedness - Schedule of Future Principal Payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 20,968
2025	308
2026	563,542
2027	0
2028	0
Thereafter	0
Long-term debt	$ 584,818

Indebtedness - Schedule of Fair

Indebtedness - Schedule of Fair Market Value and Carrying Value of Indebtedness (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Carrying Value	$ 584,818
Credit facilities, net
Debt Instrument [Line Items]
Fair Value	548,000	$ 548,000
Carrying Value	541,800	546,100
Mortgages and other notes payable, net
Debt Instrument [Line Items]
Fair Value	36,800	60,800
Carrying Value	$ 36,600	$ 61,800

Related Party Arrangements - Na

Related Party Arrangements - Narrative (Details) shares in Millions	1 Months Ended			12 Months Ended
	Jun. 30, 2023	May 31, 2021	Apr. 30, 2021	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Annualized return of investment				6%
Investment services fees				$ 0	$ 0	$ 0
Cash paid to stockholders				17,813,000	17,814,000	35,627,000
Restricted Stock
Related Party Transaction [Line Items]
Cash paid to stockholders				136,000	136,000	273,000
CNL Capital Markets Corp
Related Party Transaction [Line Items]
Investment services fees				$ 900,000	$ 900,000	$ 900,000
Related Party
Related Party Transaction [Line Items]
Investment service fee as percentage of purchase price of properties				1.85%
Financing coordination fee as percentage of gross amount of refinancing				1%
Percentage of asset management fee		0.80%	1%
Advisory agreement, term	2 years
Percentage of asset management fee, subordinated	0.0005
Property disposition fee payable as percentage equals to gross market capitalization upon listing on national securities exchange		0.80%	1%
Property disposition fee payable as percentage equals to gross sales price				6%
Annualized return of investment				6%
Operating expenses reimbursement percentage of average investment in assets				2%
Operating expenses reimbursement percentage of net income				25%
Annualized return of investment				6%
Expense Support Agreements | Restricted Stock
Related Party Transaction [Line Items]
Restricted stock fair value				$ 13,600,000
Restricted Stock shares | shares				1.3

Related Party Arrangements - Sc

Related Party Arrangements - Schedule of Expenses and Fees Incurred by and Reimbursable to Related Parties (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Financing coordination fees	$ 2,671,000	$ 0	$ 0
Total reimbursable expenses, net	22,740,000	17,385,000	20,212,000
Asset management fees
Line of Credit Facility [Line Items]
Asset management fees	13,856,000	14,074,000	15,733,000
Related Party
Line of Credit Facility [Line Items]
Operating expenses	2,721,000	3,056,000	2,972,000
Total reimbursable expenses	2,721,000	3,056,000	2,972,000
Investment services fees	0	60,000	0
Disposition fee	0	195,000	0
Financing coordination fees	6,163,000	0	1,500,000
Other liabilities/Due to related parties	1,292,000	1,397,000
Investment services fees	0	100,000	0
Financing coordination fees, capitalized	3,500,000		1,500,000
Related Party | Reimbursable Operating Expenses
Line of Credit Facility [Line Items]
Other liabilities/Due to related parties	180,000	238,000
Related Party | Reimbursable Expenses
Line of Credit Facility [Line Items]
Other liabilities/Due to related parties	180,000	238,000
Related Party | Investment Services Fee
Line of Credit Facility [Line Items]
Other liabilities/Due to related parties	0	0
Related Party | Disposition Fee
Line of Credit Facility [Line Items]
Other liabilities/Due to related parties	0	0
Related Party | Financing Coodination Fee
Line of Credit Facility [Line Items]
Other liabilities/Due to related parties	0	0
Related Party | Asset Management Fee
Line of Credit Facility [Line Items]
Other liabilities/Due to related parties	1,112,000	1,159,000
Related Party | Asset management fees
Line of Credit Facility [Line Items]
Asset management fees	$ 13,856,000	$ 14,074,000	$ 15,740,000

Derivative Financial Instrume_3

Derivative Financial Instruments - Schedule of Equity Method Investment's, Interest Rate Caps and Corresponding Asset (Liability) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Interest Rate Cap One
Derivative [Line Items]
Notional Amount	$ 15,000	$ 15,000
Strike	3.50%
Credit spread	2.60%
Trade	Dec. 28, 2022
Forward	Dec. 28, 2022
Maturity Date	Jul. 01, 2023
Fair value asset (liability)	$ 0	99
Interest Rate Cap Two
Derivative [Line Items]
Notional Amount	$ 8,000
Strike	3.50%
Credit spread	2.60%
Trade	Jun. 29, 2023
Forward	Jul. 03, 2023
Maturity Date	Jan. 01, 2024
Fair value asset (liability)	$ 0	0
Interest Rate Cap Three
Derivative [Line Items]
Notional Amount	$ 8,000
Strike	3.50%
Credit spread	2.60%
Trade	Dec. 20, 2023
Forward	Jan. 02, 2024
Maturity Date	Jul. 01, 2024
Fair value asset (liability)	$ 63	0
Interest Rate Swap One
Derivative [Line Items]
Notional Amount	$ 267,000
Strike	4.40%
Credit spread	2.35%
Trade	Dec. 07, 2023
Forward	Dec. 01, 2023
Maturity Date	Dec. 01, 2025
Fair value asset (liability)	$ (1,678)	0
Interest Rate Swap Two
Derivative [Line Items]
Notional Amount	$ 80,000
Strike	4.54%
Credit spread	2.35%
Trade	Dec. 08, 2023
Forward	Dec. 01, 2023
Maturity Date	Dec. 01, 2025
Fair value asset (liability)	$ (706)	0
Interest Rate Swap Three
Derivative [Line Items]
Notional Amount	$ 20,000
Strike	4.54%
Credit spread	2.35%
Trade	Dec. 08, 2023
Forward	Dec. 01, 2023
Maturity Date	Dec. 01, 2025
Fair value asset (liability)	$ (177)	$ 0

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Gross and Net Presentation of Amounts (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivative Financial Instruments One
Derivative [Line Items]
Notional Amount	$ 15,000	$ 15,000
Derivative Asset [Abstract]
Gross Amount		99
Offset Amount		0
Net Amount		99
Financial Instruments		99
Cash Collateral		0
Net Amount		$ 99
Derivative Financial Instruments Two
Derivative [Line Items]
Notional Amount	8,000
Derivative Asset [Abstract]
Gross Amount	0
Offset Amount	0
Net Amount	0
Financial Instruments	0
Cash Collateral	0
Net Amount	0
Derivative Financial Instruments Three
Derivative [Line Items]
Notional Amount	267,000
Derivative Liability [Abstract]
Gross Amount	(1,678)
Offset Amount	0
Net Amount	(1,678)
Financial Instruments	(1,678)
Cash Collateral	0
Net Amount	(1,678)
Derivative Financial Instruments Four
Derivative [Line Items]
Notional Amount	80,000
Derivative Liability [Abstract]
Gross Amount	(706)
Offset Amount	0
Net Amount	(706)
Financial Instruments	(706)
Cash Collateral	0
Net Amount	(706)
Derivative Financial Instruments Five
Derivative [Line Items]
Notional Amount	20,000
Derivative Liability [Abstract]
Gross Amount	(177)
Offset Amount	0
Net Amount	(177)
Financial Instruments	(177)
Cash Collateral	0
Net Amount	(177)
Interest Rate Cap Three
Derivative [Line Items]
Notional Amount	8,000
Derivative Asset [Abstract]
Gross Amount	63
Offset Amount	0
Net Amount	63
Financial Instruments	63
Cash Collateral	0
Net Amount	$ 63

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Mar. 31, 2022	Feb. 28, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Distribution rate (in dollars per share)	$ 0.0256	$ 0.0512
Cash distribution declared			$ 17,813	$ 17,814	$ 35,627

Equity - Schedule of Tax Compos

Equity - Schedule of Tax Composition of Distributions Declared (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Ordinary income	0%	0%	43.82%
Return of capital	100%	100%	56.18%

Equity - Schedule of Effect of

Equity - Schedule of Effect of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive loss on derivative financial instruments	$ (2,556)	$ (26)	$ 45
Gain (loss) reclassified from accumulated other comprehensive income (loss) into earnings	(3,325)	(82)	(37)
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive loss on derivative financial instruments	(2,561)	0	0
Gain (loss) reclassified from accumulated other comprehensive income (loss) into earnings	0	0	0
Interest rate caps
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive loss on derivative financial instruments	5	(26)	40
Gain (loss) reclassified from accumulated other comprehensive income (loss) into earnings	(3,325)	(82)	(32)
Interest rate cap held by unconsolidated joint venture
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive loss on derivative financial instruments	0	0	5
Gain (loss) reclassified from accumulated other comprehensive income (loss) into earnings	$ 0	$ 0	$ (5)

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ (12)	$ (10)	$ (10)
State	(548)	(530)	(532)
Total current expense	(560)	(540)	(542)
Deferred:
Federal	0	0	(3,379)
State	0	0	(253)
Total deferred expense	0	0	(3,632)
Income tax expense	$ (560)	$ (540)	$ (4,174)

Income Taxes - Schedule of Sign

Income Taxes - Schedule of Significant Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Carryforwards of net operating loss	$ 20,895	$ 18,647
Other	931	1,044
Valuation allowance	(21,826)	(19,691)
Deferred tax assets, net	$ 0	$ 0

Income Taxes - Schedule of Reco

Income Taxes - Schedule of Reconciliation of the Income Tax Expense Computed at the Statutory U.S. Federal Tax Rate on Income Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Tax (expense) benefit computed at federal statutory rate	$ 5,272	$ (27)	$ 3,923
Impact of REIT election	(3,893)	5,714	1,575
State income tax expense net of federal benefit	196	630	706
Effect of change in valuation allowance	(2,135)	(6,857)	(10,378)
Income tax expense	$ (560)	$ (540)	$ (4,174)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Tax (expense) benefit computed at federal statutory rate	21%	21%	21%
Impact of REIT election	(15.50%)	(4465.61%)	8.43%
State income tax expense net of federal benefit	0.78%	(492.27%)	3.78%
Effect of change in valuation allowance	(8.51%)	5,358.79%	(55.55%)
Income tax expense	(2.23%)	421.91%	(22.34%)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Examination [Line Items]
Net operating loss carryforwards for federal and state	$ 78.3	$ 70.8
Operating loss carry forwards indefinite carry forward	$ 64.4
Tax year subject to examination	2020
Domestic Tax Authority
Income Tax Examination [Line Items]
Net operating loss carryforwards, beginning of expiration year	2032

Commitments and Contingencies (

Commitments and Contingencies (Details) shares in Millions	12 Months Ended
	Dec. 31, 2023 shares
Advisor Expense Support Agreement | Restricted Stock
Commitments And Contingencies [Line Items]
Contingently issuable restricted stock shares	1.3

Concentration of Credit Risk (D

Concentration of Credit Risk (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Geographical | Total Revenue | State of Texas
Concentration Risk [Line Items]
Concentration risk percentage	21.20%	20.60%	21.30%

SCHEDULE II _ VALUATION AND Q_2

SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ (21,294)	$ (14,972)	$ (4,487)
Charged to Costs and Expenses	(2,949)	(7,772)	(11,646)
Charged to Other Accounts	1,514	1,450	1,161
Balance at End of Year	(22,729)	(21,294)	(14,972)
Deferred tax asset valuation allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	(19,691)	(11,832)	(1,464)
Charged to Costs and Expenses	(2,135)	(6,870)	(10,368)
Charged to Other Accounts	0	(989)	0
Balance at End of Year	(21,826)	(19,691)	(11,832)
Allowance for credit losses
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	(1,603)	(3,140)	(3,023)
Charged to Costs and Expenses	(814)	(902)	(1,278)
Charged to Other Accounts	1,514	2,439	1,161
Balance at End of Year	$ (903)	$ (1,603)	$ (3,140)

SCHEDULE III _ REAL ESTATE AN_2

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 36,818
Initial Costs, Land & Land Improvements	123,155
Initial Costs, Building and Building Improvements	1,267,517
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	14,238
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	235,062
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	137,393
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	1,502,579
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	1,639,972	$ 1,631,968	$ 1,630,482	$ 1,640,534
Accumulated Depreciation	(381,570)	$ (338,350)	$ (303,767)	$ (262,394)
Primrose Retirement Community of Casper Casper, Wyoming
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	0
Initial Costs, Land & Land Improvements	1,910
Initial Costs, Building and Building Improvements	16,310
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	61
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	364
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	1,971
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	16,674
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	18,645
Accumulated Depreciation	$ (5,278)
Date of Construction	2004
Date Acquired	Feb. 16, 2012
Primrose Retirement Community of Grand Island Grand Island, Nebraska
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	719
Initial Costs, Building and Building Improvements	12,140
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	83
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	0
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	802
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	12,140
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	12,942
Accumulated Depreciation	$ (3,993)
Date of Construction	2005
Date Acquired	Feb. 16, 2012
Primrose Retirement Community of Mansfield Mansfield, Ohio
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	650
Initial Costs, Building and Building Improvements	16,720
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	230
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	83
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	880
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	16,803
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	17,683
Accumulated Depreciation	$ (5,562)
Date of Construction	2007
Date Acquired	Feb. 16, 2012
Primrose Retirement Community of Marion Marion, Ohio
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	889
Initial Costs, Building and Building Improvements	16,305
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	126
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	18
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	1,015
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	16,323
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	17,338
Accumulated Depreciation	$ (5,281)
Date of Construction	2006
Date Acquired	Feb. 16, 2012
Sweetwater Retirement Community Billings, Montana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	1,578
Initial Costs, Building and Building Improvements	14,205
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	20
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	34
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	1,598
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	14,239
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	15,837
Accumulated Depreciation	$ (4,480)
Date of Construction	2006
Date Acquired	Feb. 16, 2012
HarborChase of Villages Crossing Lady Lake, Florida ("The Villages")
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	2,165
Initial Costs, Building and Building Improvements	0
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	1,036
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	15,573
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	3,201
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	15,573
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	18,774
Accumulated Depreciation	$ (4,248)
Date of Construction	2013
Date Acquired	Aug. 29, 2012
Primrose Retirement Community Cottages Aberdeen, South Dakota
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	311
Initial Costs, Building and Building Improvements	3,794
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	6
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	311
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	3,800
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	4,111
Accumulated Depreciation	$ (1,158)
Date of Construction	2005
Date Acquired	Dec. 19, 2012
Primrose Retirement Community of Council Bluffs Council Bluffs, Iowa (“Omaha”)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	1,144
Initial Costs, Building and Building Improvements	11,117
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	60
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	20
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	1,204
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	11,137
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	12,341
Accumulated Depreciation	$ (3,497)
Date of Construction	2008
Date Acquired	Dec. 19, 2012
Primrose Retirement Community of Decatur Decatur, Illinois
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	513
Initial Costs, Building and Building Improvements	16,706
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	105
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	188
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	618
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	16,894
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	17,512
Accumulated Depreciation	$ (5,080)
Date of Construction	2009
Date Acquired	Dec. 19, 2012
Primrose Retirement Community of Lima Lima, Ohio
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	944
Initial Costs, Building and Building Improvements	17,115
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	8
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	26
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	952
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	17,141
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	18,093
Accumulated Depreciation	$ (5,130)
Date of Construction	2006
Date Acquired	Dec. 19, 2012
Primrose Retirement Community of Zanesville Zanesville, Ohio
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	1,184
Initial Costs, Building and Building Improvements	17,292
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	95
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	1,184
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	17,387
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	18,571
Accumulated Depreciation	$ (5,214)
Date of Construction	2008
Date Acquired	Dec. 19, 2012
Capital Health of Symphony Manor Baltimore, Maryland
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	2,319
Initial Costs, Building and Building Improvements	19,444
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	7
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	323
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	2,326
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	19,767
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	22,093
Accumulated Depreciation	$ (5,822)
Date of Construction	2011
Date Acquired	Dec. 21, 2012
Curry House Assisted Living & Memory Care Cadillac, Michigan
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	995
Initial Costs, Building and Building Improvements	11,072
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	45
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	466
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	1,040
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	11,538
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	12,578
Accumulated Depreciation	$ (3,342)
Date of Construction	1966
Date Acquired	Dec. 21, 2012
Tranquillity at Fredericktowne Frederick, Maryland
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	808
Initial Costs, Building and Building Improvements	14,291
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	41
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	6,723
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	849
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	21,014
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	21,863
Accumulated Depreciation	$ (6,714)
Date of Construction	2000
Date Acquired	Dec. 21, 2012
Brookridge Heights Assisted Living & Memory Care Marquette, Michigan
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	595
Initial Costs, Building and Building Improvements	11,339
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	137
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	5,230
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	732
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	16,569
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	17,301
Accumulated Depreciation	$ (5,462)
Date of Construction	1998
Date Acquired	Dec. 21, 2012
Woodholme Gardens Assisted Living & Memory Care Pikesville, Maryland (“Baltimore”)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	1,603
Initial Costs, Building and Building Improvements	13,472
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	65
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	121
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	1,668
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	13,593
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	15,261
Accumulated Depreciation	$ (4,052)
Date of Construction	2010
Date Acquired	Dec. 21, 2012
HarborChase of Jasper Jasper, Alabama
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	355
Initial Costs, Building and Building Improvements	6,358
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	23
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	96
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	378
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	6,454
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	6,832
Accumulated Depreciation	$ (1,788)
Date of Construction	1998
Date Acquired	Jul. 31, 2013
Raider Ranch Lubbock, Texas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	4,992
Initial Costs, Building and Building Improvements	48,818
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	793
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	13,679
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	5,785
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	62,497
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	68,282
Accumulated Depreciation	$ (16,368)
Date of Construction	2009
Date Acquired	Aug. 29, 2013
Town Village Oklahoma City, Oklahoma
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	1,020
Initial Costs, Building and Building Improvements	19,847
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	185
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	1,863
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	1,205
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	21,710
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	22,915
Accumulated Depreciation	$ (6,107)
Date of Construction	2004
Date Acquired	Aug. 29, 2013
Prestige Senior Living Beaverton Hills Beaverton, Oregon
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	1,387
Initial Costs, Building and Building Improvements	10,324
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	13
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	91
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	1,400
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	10,415
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	11,815
Accumulated Depreciation	$ (2,818)
Date of Construction	2000
Date Acquired	Dec. 02, 2013
Prestige Senior Living High Desert Bend, Oregon
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	835
Initial Costs, Building and Building Improvements	11,252
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	17
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	430
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	852
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	11,682
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	12,534
Accumulated Depreciation	$ (3,251)
Date of Construction	2003
Date Acquired	Dec. 02, 2013
MorningStar of Billings Billings, Montana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	4,067
Initial Costs, Building and Building Improvements	41,373
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	84
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	641
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	4,151
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	42,014
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	46,165
Accumulated Depreciation	$ (11,994)
Date of Construction	2009
Date Acquired	Dec. 02, 2013
MorningStar of Boise Boise, Idaho
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	1,663
Initial Costs, Building and Building Improvements	35,752
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	309
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	372
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	1,972
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	36,124
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	38,096
Accumulated Depreciation	$ (9,791)
Date of Construction	2007
Date Acquired	Dec. 02, 2013
Prestige Senior Living Huntington Terrace Gresham, Oregon (“Portland”)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	1,236
Initial Costs, Building and Building Improvements	12,083
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	2
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	485
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	1,238
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	12,568
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	13,806
Accumulated Depreciation	$ (3,378)
Date of Construction	2000
Date Acquired	Dec. 02, 2013
MorningStar of Idaho Falls Idaho Falls, Idaho
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	2,006
Initial Costs, Building and Building Improvements	40,397
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	141
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	443
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	2,147
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	40,840
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	42,987
Accumulated Depreciation	$ (11,260)
Date of Construction	2009
Date Acquired	Dec. 02, 2013
Prestige Senior Living Arbor Place Medford, Oregon
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	355
Initial Costs, Building and Building Improvements	14,083
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	17
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	939
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	372
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	15,022
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	15,394
Accumulated Depreciation	$ (3,930)
Date of Construction	2003
Date Acquired	Dec. 02, 2013
Prestige Senior Living Orchard Hills Salem, Oregon
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	545
Initial Costs, Building and Building Improvements	15,544
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	134
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	288
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	679
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	15,832
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	16,511
Accumulated Depreciation	$ (4,225)
Date of Construction	2002
Date Acquired	Dec. 02, 2013
Prestige Senior Living Southern Hills Salem, Oregon
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	653
Initial Costs, Building and Building Improvements	10,753
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	55
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	193
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	708
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	10,946
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	11,654
Accumulated Depreciation	$ (2,961)
Date of Construction	2001
Date Acquired	Dec. 02, 2013
MorningStar of Sparks Sparks, Nevada
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	3,986
Initial Costs, Building and Building Improvements	47,968
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	16
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	1,194
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	4,002
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	49,162
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	53,164
Accumulated Depreciation	$ (13,427)
Date of Construction	2009
Date Acquired	Dec. 02, 2013
Prestige Senior Living Five Rivers Tillamook, Oregon
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	1,298
Initial Costs, Building and Building Improvements	14,064
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	18
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	575
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	1,316
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	14,639
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	15,955
Accumulated Depreciation	$ (4,131)
Date of Construction	2002
Date Acquired	Dec. 02, 2013
Prestige Senior Living Riverwood Tualatin, Oregon (“Portland”)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	1,028
Initial Costs, Building and Building Improvements	7,429
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	12
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	238
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	1,040
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	7,667
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	8,707
Accumulated Depreciation	$ (2,140)
Date of Construction	1999
Date Acquired	Dec. 02, 2013
Prestige Senior Living Auburn Meadows Auburn, Washington ("Seattle")
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	2,537
Initial Costs, Building and Building Improvements	17,261
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	214
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	1,626
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	2,751
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	18,887
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	21,638
Accumulated Depreciation	$ (4,981)
Date Acquired	Feb. 03, 2014
Prestige Senior Living Auburn Meadows Auburn, Washington ("Seattle") | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Date of Construction	2003
Prestige Senior Living Auburn Meadows Auburn, Washington ("Seattle") | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Date of Construction	2010
Prestige Senior Living Bridgewood Vancouver, Washington ("Portland")
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	1,603
Initial Costs, Building and Building Improvements	18,172
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	10
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	727
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	1,613
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	18,899
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	20,512
Accumulated Depreciation	$ (4,893)
Date of Construction	2001
Date Acquired	Feb. 03, 2014
Prestige Senior Living Monticello Park Longview, Washington
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	1,981
Initial Costs, Building and Building Improvements	23,056
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	1
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	552
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	1,982
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	23,608
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	25,590
Accumulated Depreciation	$ (6,111)
Date Acquired	Feb. 03, 2014
Prestige Senior Living Monticello Park Longview, Washington | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Date of Construction	2001
Prestige Senior Living Monticello Park Longview, Washington | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Date of Construction	2010
Prestige Senior Living Rosemont Yelm, Washington
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	668
Initial Costs, Building and Building Improvements	14,564
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	14
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	719
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	682
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	15,283
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	15,965
Accumulated Depreciation	$ (3,881)
Date of Construction	2004
Date Acquired	Feb. 03, 2014
Wellmore of Tega Cay Tega Cay, South Carolina ("Charlotte")
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	2,445
Initial Costs, Building and Building Improvements	0
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	2,760
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	23,497
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	5,205
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	23,497
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	28,702
Accumulated Depreciation	$ (6,671)
Date of Construction	2015
Date Acquired	Feb. 07, 2014
Isle at Cedar Ridge Cedar Park, Texas ("Austin")
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	1,525
Initial Costs, Building and Building Improvements	16,277
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	833
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	1,525
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	17,110
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	18,635
Accumulated Depreciation	$ (4,663)
Date of Construction	2011
Date Acquired	Feb. 28, 2014
Prestige Senior Living West Hills Corvallis, Oregon
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	842
Initial Costs, Building and Building Improvements	12,603
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	11
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	778
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	853
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	13,381
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	14,234
Accumulated Depreciation	$ (3,535)
Date of Construction	2002
Date Acquired	Mar. 03, 2014
HarborChase of Plainfield Plainfield, Illinois
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	1,596
Initial Costs, Building and Building Improvements	21,832
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	160
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	351
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	1,756
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	22,183
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	23,939
Accumulated Depreciation	$ (5,844)
Date of Construction	2010
Date Acquired	Mar. 28, 2014
Legacy Ranch Alzheimer's Special Care Center Midland, Texas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	917
Initial Costs, Building and Building Improvements	9,982
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	34
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	219
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	951
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	10,201
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	11,152
Accumulated Depreciation	$ (2,719)
Date of Construction	2012
Date Acquired	Mar. 28, 2014
The Springs Alzheimer's Special Care Center San Angelo, Texas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	595
Initial Costs, Building and Building Improvements	9,658
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	9
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	206
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	604
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	9,864
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	10,468
Accumulated Depreciation	$ (2,650)
Date of Construction	2012
Date Acquired	Mar. 28, 2014
Isle at Watercrest - Bryan Bryan, Texas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	3,223
Initial Costs, Building and Building Improvements	40,581
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	70
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	3,037
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	3,293
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	43,618
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	46,911
Accumulated Depreciation	$ (11,671)
Date of Construction	2011
Date Acquired	Apr. 21, 2014
Isle at Watercrest - Mansfield Mansfield, Texas ("Dallas/Fort Worth")
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	997
Initial Costs, Building and Building Improvements	24,635
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	4
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	478
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	1,001
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	25,113
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	26,114
Accumulated Depreciation	$ (6,398)
Date of Construction	2011
Date Acquired	May 05, 2014
Watercrest at Katy Katy, Texas ("Houston")
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 20,668
Initial Costs, Land & Land Improvements	4,000
Initial Costs, Building and Building Improvements	0
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	140
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	33,998
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	4,140
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	33,998
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	38,138
Accumulated Depreciation	$ (6,507)
Date of Construction	2016
Date Acquired	Jun. 27, 2014
Watercrest at Mansfield Mansfield, Texas ("Dallas/Fort Worth")
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	2,191
Initial Costs, Building and Building Improvements	42,740
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	49
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	1,009
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	2,240
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	43,749
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	45,989
Accumulated Depreciation	$ (11,214)
Date of Construction	2010
Date Acquired	Jun. 30, 2014
HarborChase of Shorewood Shorewood, Wisconsin ("Milwaukee")
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	2,200
Initial Costs, Building and Building Improvements	0
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	304
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	19,890
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	2,504
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	19,890
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	22,394
Accumulated Depreciation	$ (4,280)
Date of Construction	2015
Date Acquired	Jul. 08, 2014
Fairfield Village of Layton Layton, Utah ("Salt Lake City")
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	5,217
Initial Costs, Building and Building Improvements	54,167
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	374
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	761
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	5,591
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	54,928
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	60,519
Accumulated Depreciation	$ (14,144)
Date of Construction	2010
Date Acquired	Nov. 20, 2014
Primrose Retirement Center of Anderson Anderson, Indiana ("Muncie")
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	1,342
Initial Costs, Building and Building Improvements	19,083
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	4
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	33
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	1,346
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	19,116
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	20,462
Accumulated Depreciation	$ (4,635)
Date of Construction	2008
Date Acquired	May 29, 2015
Primrose Retirement Center of Lancaster Lancaster, Ohio ("Columbus")
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	2,840
Initial Costs, Building and Building Improvements	21,884
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	51
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	362
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	2,891
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	22,246
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	25,137
Accumulated Depreciation	$ (5,887)
Date of Construction	2007
Date Acquired	May 29, 2015
Primrose Retirement Center of Wausau Wausau, Wisconsin ("Green Bay")
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	1,089
Initial Costs, Building and Building Improvements	18,653
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	3
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	15
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	1,092
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	18,668
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	19,760
Accumulated Depreciation	$ (4,344)
Date of Construction	2008
Date Acquired	May 29, 2015
Superior Residences of Panama City Panama City Beach, Florida
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	2,099
Initial Costs, Building and Building Improvements	19,367
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	14
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	971
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	2,113
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	20,338
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	22,451
Accumulated Depreciation	$ (4,683)
Date of Construction	2015
Date Acquired	Jul. 15, 2015
The Hampton at Meadows Place Fort Bend, Texas ("Houston")
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	715
Initial Costs, Building and Building Improvements	24,281
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	11
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	516
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	726
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	24,797
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	25,523
Accumulated Depreciation	$ (5,459)
Date of Construction	2007
Date Acquired	Jul. 31, 2015
The Hampton at Meadows Place Fort Bend, Texas ("Houston") | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Date of Construction	2013
The Hampton at Meadows Place Fort Bend, Texas ("Houston") | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Date of Construction	2014
The Pavilion at Great Hills Austin, Texas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	1,783
Initial Costs, Building and Building Improvements	29,318
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	53
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	330
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	1,836
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	29,648
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	31,484
Accumulated Depreciation	$ (6,605)
Date of Construction	2010
Date Acquired	Jul. 31, 2015
The Beacon at Gulf Breeze Gulf Breeze, Florida ("Pensacola")
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	824
Initial Costs, Building and Building Improvements	24,106
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	96
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	418
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	920
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	24,524
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	25,444
Accumulated Depreciation	$ (5,631)
Date of Construction	2008
Date Acquired	Jul. 31, 2015
Parc at Piedmont Marietta, Georgia ("Atlanta")
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	3,529
Initial Costs, Building and Building Improvements	43,080
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	36
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	1,853
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	3,565
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	44,933
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	48,498
Accumulated Depreciation	$ (10,167)
Date Acquired	Jul. 31, 2015
Parc at Piedmont Marietta, Georgia ("Atlanta") | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Date of Construction	2001
Parc at Piedmont Marietta, Georgia ("Atlanta") | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Date of Construction	2011
Parc at Duluth Duluth, Georgia ("Atlanta")
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	5,951
Initial Costs, Building and Building Improvements	42,458
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	70
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	2,933
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	6,021
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	45,391
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	51,412
Accumulated Depreciation	$ (10,057)
Date Acquired	Jul. 31, 2015
Parc at Duluth Duluth, Georgia ("Atlanta") | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Date of Construction	2003
Parc at Duluth Duluth, Georgia ("Atlanta") | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Date of Construction	2012
Waterstone on Augusta Greenville, South Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	2,253
Initial Costs, Building and Building Improvements	0
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	2,117
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	20,923
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	4,370
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	20,923
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	25,293
Accumulated Depreciation	$ (4,558)
Date of Construction	2017
Date Acquired	Aug. 31, 2015
Wellmore of Lexington Lexington, South Carolina ("Columbia")
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	2,300
Initial Costs, Building and Building Improvements	0
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	3,210
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	43,149
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	5,510
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	43,149
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	48,659
Accumulated Depreciation	$ (8,562)
Date of Construction	2017
Date Acquired	Sep. 14, 2015
Palmilla Senior Living Albuquerque, New Mexico
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	4,701
Initial Costs, Building and Building Improvements	38,321
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	68
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	333
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	4,769
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	38,654
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	43,423
Accumulated Depreciation	$ (8,723)
Date of Construction	2013
Date Acquired	Sep. 30, 2015
Cedar Lake Assisted Living and Memory Care Lake Zurich, Illinois ("Chicago")
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	2,412
Initial Costs, Building and Building Improvements	25,126
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	49
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	148
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	2,461
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	25,274
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	27,735
Accumulated Depreciation	$ (5,698)
Date of Construction	2014
Date Acquired	Sep. 30, 2015
The Shores of Lake Phalen Maplewood, Minnesota ("St. Paul")
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	2,724
Initial Costs, Building and Building Improvements	25,093
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	18
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	113
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	2,742
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	25,206
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	27,948
Accumulated Depreciation	$ (5,596)
Date of Construction	2012
Date Acquired	Nov. 10, 2015
Dogwood Forest of Grayson Grayson, Georgia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	1,788
Initial Costs, Building and Building Improvements	0
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	112
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	22,084
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	1,900
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	22,084
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	23,984
Accumulated Depreciation	$ (3,754)
Date of Construction	2017
Date Acquired	Nov. 24, 2015
Park Place Senior Living at WingHaven O'Fallon, Missouri ("St. Louis")
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	1,283
Initial Costs, Building and Building Improvements	48,221
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	151
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	1,301
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	1,434
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	49,522
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	50,956
Accumulated Depreciation	$ (10,625)
Date Acquired	Dec. 17, 2015
Park Place Senior Living at WingHaven O'Fallon, Missouri ("St. Louis") | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Date of Construction	2006
Park Place Senior Living at WingHaven O'Fallon, Missouri ("St. Louis") | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Date of Construction	2014
Hearthside Senior Living of Collierville Collierville, Tennessee ("Memphis")
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	1,756
Initial Costs, Building and Building Improvements	13,379
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	60
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	42
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	1,816
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	13,421
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	15,237
Accumulated Depreciation	$ (3,012)
Date of Construction	2014
Date Acquired	Dec. 29, 2015
Albuquerque, New Mexico – Vacant Land Albuquerque, New Mexico
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 0
Initial Costs, Land & Land Improvements	1,056
Initial Costs, Building and Building Improvements	0
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	0
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	1,056
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	0
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	1,056
Accumulated Depreciation	$ 0
Date Acquired	Sep. 07, 2017
Finton Assisted Living Vinton, Iowa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 2,423
Initial Costs, Land & Land Improvements	1,083
Initial Costs, Building and Building Improvements	3,439
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	9
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	1,083
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	3,448
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	4,531
Accumulated Depreciation	$ (268)
Date of Construction	2007
Date Acquired	Aug. 31, 2012
Webster City Assisted Living Webster City, Iowa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 2,202
Initial Costs, Land & Land Improvements	912
Initial Costs, Building and Building Improvements	3,794
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	84
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	1
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	996
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	3,795
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	4,791
Accumulated Depreciation	$ (302)
Date of Construction	2007
Date Acquired	Aug. 31, 2012
Nevada Assisted Living Nevada, Iowa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 4,919
Initial Costs, Land & Land Improvements	1,749
Initial Costs, Building and Building Improvements	7,196
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	0
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	1,749
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	7,196
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	8,945
Accumulated Depreciation	$ (355)
Date of Construction	2011
Date Acquired	Aug. 31, 2012
Grinnell Assisted Living Grinnell, Iowa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 4,698
Initial Costs, Land & Land Improvements	1,690
Initial Costs, Building and Building Improvements	4,454
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	28
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	21
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	1,718
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	4,475
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	6,193
Accumulated Depreciation	$ (354)
Date of Construction	2005
Date Acquired	Apr. 02, 2013
Indianola Assisted Living Indianola, Iowa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encum- brances	$ 1,908
Initial Costs, Land & Land Improvements	986
Initial Costs, Building and Building Improvements	3,369
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements	6
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements	29
Costs Capitalized Subsequent to Acquisition, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Land & Land Improvements	992
Gross Amounts at which Carried at Close of Period, Building and Building Improvements	3,398
Gross Amounts at which Carried at Close of Period, Construction in Process	0
Gross Amounts at which Carried at Close of Period, Total	4,390
Accumulated Depreciation	$ (251)
Date of Construction	2004
Date Acquired	Apr. 02, 2013

SCHEDULE III _ REAL ESTATE AN_3

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION (Transactions in Real Estate and Accumulated Depreciation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Investment in real estate, beginning balance	$ 1,631,968	$ 1,630,482	$ 1,640,534
Improvements	8,004	11,339	6,385
Dispositions		(38,525)	(6,764)
Impairments			(9,673)
Acquisitions		28,672
Investment in real estate, ending balance	1,639,972	1,631,968	1,630,482
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Accumulated depreciation, beginning balance	(338,350)	(303,767)	(262,394)
Depreciation	(43,220)	(43,781)	(42,215)
Accumulated depreciation on dispositions	0	9,198	842
Accumulated depreciation, ending balance	$ (381,570)	$ (338,350)	$ (303,767)

SCHEDULE III _ REAL ESTATE AN_4

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION - Footnotes (Details) $ in Billions	12 Months Ended
	Dec. 31, 2021 property	Dec. 31, 2023 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Aggregate cost for federal income tax purpose | $		$ 1.8
Windsor Manor Joint Venture
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	5
Building
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Buildings and improvements useful life		39 years
Building Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Buildings and improvements useful life		15 years