CNL Healthcare Properties (CHTH) 10-Q 8 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 07, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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
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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		175,274,045
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001496454
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Real estate investment properties, net (including one VIE $29,986 and $30,041, respectively)	$ 1,252,461	$ 1,279,137
Cash (including one VIE $1,819 and $1,515, respectively)	50,516	54,097
Restricted cash (including one VIE $459 and $8, respectively)	3,045	1,791
Other assets (including one VIE $142 and $246, respectively)	18,918	19,127
Deferred rent, lease incentives and intangibles, net	10,366	11,386
Total assets	1,335,306	1,365,538
Liabilities:
Mortgages and other notes payable, net (including one VIE $20,219 and $20,622, respectively)	36,017	36,569
Credit facilities, net	533,752	541,840
Accounts payable and accrued liabilities (including one VIE $1,439 and $1,411, respectively)	32,073	31,322
Total liabilities	614,714	621,498
Commitments and contingencies (Note 8)
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	1,739
Capital in excess of par value	1,516,806	1,516,806
Accumulated income	65,199	74,710
Accumulated distributions	(860,479)	(847,120)
Accumulated other comprehensive loss	(3,193)	(2,572)
Total stockholders' equity	720,072	743,563
Noncontrolling interest	520	477
Total equity	720,592	744,040
Total liabilities and equity	1,335,306	1,365,538
Nonrelated Party
Liabilities:
Other liabilities/Due to related parties	12,695	10,475
Related Party
Liabilities:
Other liabilities/Due to related parties	$ 177	$ 1,292

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Real estate investment properties, net	$ 1,252,461	$ 1,279,137
Cash	50,516	54,097
Restricted cash	3,045	1,791
Other assets	18,918	19,127
Liabilities:
Mortgages and other notes payable, net	36,017	36,569
Accounts payable and accrued liabilities	$ 32,073	$ 31,322
Stockholders' equity:
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
ASSETS
Real estate investment properties, net	$ 29,986	$ 30,041
Cash	1,819	1,515
Restricted cash	459	8
Other assets	142	246
Liabilities:
Mortgages and other notes payable, net	20,219	20,622
Accounts payable and accrued liabilities	1,439	1,411
Other liabilities	$ 318	$ 216

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Rental income and related revenues	$ 6,920	$ 6,730	$ 20,539	$ 20,166
Resident fees and services	85,877	79,483	252,223	234,892
Total revenues	92,797	86,213	272,762	255,058
Operating expenses:
Property operating expenses	62,582	59,395	181,772	175,687
General and administrative expenses	1,841	2,015	6,251	6,569
Financing coordination fees	0	0	0	163
Depreciation and amortization	12,619	12,471	37,785	38,741
Total operating expenses	84,656	81,238	248,248	243,130
Operating income	8,141	4,975	24,514	11,928
Other income (expense):
Interest and other income	356	506	945	2,510
Interest expense and loan cost amortization	(11,527)	(10,762)	(34,564)	(30,680)
Total other expense	(11,171)	(10,256)	(33,619)	(28,170)
Loss before income taxes	(3,030)	(5,281)	(9,105)	(16,242)
Income tax expense	(125)	(118)	(363)	(321)
Net loss	(3,155)	(5,399)	(9,468)	(16,563)
Less: Amounts attributable to noncontrolling interests	19	15	43	17
Net loss attributable to common stockholders	$ (3,174)	$ (5,414)	$ (9,511)	$ (16,580)
Net loss per share of common stock, basic (in dollars per share)	$ (0.02)	$ (0.03)	$ (0.05)	$ (0.10)
Net loss per share of common stock, diluted (in dollars per share)	$ (0.02)	$ (0.03)	$ (0.05)	$ (0.10)
Weighted average number of shares of common stock outstanding, basic (in shares)	173,942	173,960	173,942	173,960
Weighted average number of shares of common stock outstanding, diluted (in shares)	173,942	173,960	173,942	173,960
Asset management fees
Operating expenses:
Management fees	$ 3,337	$ 3,476	$ 10,011	$ 10,427
Property management fees
Operating expenses:
Management fees	$ 4,277	$ 3,881	$ 12,429	$ 11,543

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (3,155)	$ (5,399)	$ (9,468)	$ (16,563)
Other comprehensive (loss) income:
Unrealized (loss) gain on derivative financial instruments, net	(4,561)	56	(621)	7
Total other comprehensive (loss) income	(4,561)	56	(621)	7
Comprehensive loss	(7,716)	(5,343)	(10,089)	(16,556)
Less: Comprehensive income attributable to noncontrolling interest	19	15	43	17
Comprehensive loss attributable to common stockholders	$ (7,735)	$ (5,358)	$ (10,132)	$ (16,573)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Capital in Excess of Par Value	Accumulated Income	Accumulated Distributions	Accumulated Other Comprehensive Income (Loss)	Non- controlling Interest
Beginning balance (in shares) at Dec. 31, 2022			173,960
Beginning balance at Dec. 31, 2022	$ 790,294	$ 789,751	$ 1,740	$ 1,516,926	$ 100,408	$ (829,307)	$ (16)	$ 543
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(16,563)	(16,580)			(16,580)			17
Other comprehensive (loss) income	7	7					7
Distributions to noncontrolling interests	(71)							(71)
Cash distributions declared	(13,360)	(13,360)				(13,360)
Ending balance (in shares) at Sep. 30, 2023			173,960
Ending balance at Sep. 30, 2023	760,307	759,818	$ 1,740	1,516,926	83,828	(842,667)	(9)	489
Beginning balance (in shares) at Jun. 30, 2023			173,960
Beginning balance at Jun. 30, 2023	770,117	769,630	$ 1,740	1,516,926	89,242	(838,213)	(65)	487
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(5,399)	(5,414)			(5,414)			15
Other comprehensive (loss) income	56	56					56
Distributions to noncontrolling interests	(13)							(13)
Cash distributions declared	(4,454)	(4,454)				(4,454)
Ending balance (in shares) at Sep. 30, 2023			173,960
Ending balance at Sep. 30, 2023	$ 760,307	759,818	$ 1,740	1,516,926	83,828	(842,667)	(9)	489
Beginning balance (in shares) at Dec. 31, 2023	175,274		173,942
Beginning balance at Dec. 31, 2023	$ 744,040	743,563	$ 1,739	1,516,806	74,710	(847,120)	(2,572)	477
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(9,468)	(9,511)			(9,511)			43
Other comprehensive (loss) income	(621)	(621)					(621)
Cash distributions declared	$ (13,359)	(13,359)				(13,359)
Ending balance (in shares) at Sep. 30, 2024	175,274		173,942
Ending balance at Sep. 30, 2024	$ 720,592	720,072	$ 1,739	1,516,806	65,199	(860,479)	(3,193)	520
Beginning balance (in shares) at Jun. 30, 2024			173,942
Beginning balance at Jun. 30, 2024	732,761	732,260	$ 1,739	1,516,806	68,373	(856,026)	1,368	501
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(3,155)	(3,174)			(3,174)			19
Other comprehensive (loss) income	(4,561)	(4,561)					(4,561)
Cash distributions declared	$ (4,453)	(4,453)				(4,453)
Ending balance (in shares) at Sep. 30, 2024	175,274		173,942
Ending balance at Sep. 30, 2024	$ 720,592	$ 720,072	$ 1,739	$ 1,516,806	$ 65,199	$ (860,479)	$ (3,193)	$ 520

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Cash distributions declared (in dollars per share)	$ 0.0256	$ 0.0256	$ 0.0768	$ 0.0768

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities:
Net cash flows provided by operating activities	$ 30,965	$ 24,616
Investing activities:
Capital expenditures	(9,165)	(10,463)
Purchase of held-to-maturity securities	0	(4,880)
Proceeds from maturity of short-term securities	0	15,000
Net cash flows used in investing activities	(9,165)	(343)
Financing activities:
Distributions to stockholders	(13,359)	(13,360)
Repayments on credit facilities	(10,000)	0
Purchase of interest rate cap	(100)	(3,211)
Principal payments on mortgages and other notes payable	(654)	(25,067)
Other financing activities	(14)	(512)
Net cash flows used in financing activities	(24,127)	(42,150)
Net decrease in cash and restricted cash	(2,327)	(17,877)
Cash and restricted cash at beginning of period	55,888	73,574
Cash and restricted cash at end of period	$ 53,561	$ 55,697

Organization

Organization	9 Months Ended
	Sep. 30, 2024
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, consisting of medical office buildings, post-acute care facilities, acute care hospitals and several skilled nursing facilities across the U.S. The Company completed the sale of the last of the 70 properties in 2022. As of September 30, 2024, the Company’s seniors housing portfolio was geographically diversified with properties in 26 states and consisted of interests in 70 properties, including 69 seniors housing communities and one vacant land parcel. The Company has primarily leased its seniors housing properties to wholly-owned TRS entities and engaged independent third-party managers under management agreements to operate the properties under the RIDEA structures; however, the Company has also leased some of its properties to third-party tenants under triple-net or similar lease structures, where the tenant bears all or substantially all of the costs (including cost increases, for real estate taxes, utilities, insurance and ordinary repairs). In addition, most of the Company’s investments have been wholly owned, although, it has, to a lesser extent, invested through partnerships with other entities where it was believed to be appropriate and beneficial.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Consolidation — The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by generally accepted accounting principles in the U.S. (“GAAP”). The unaudited condensed consolidated financial statements reflect all normal recurring adjustments, which, in the opinion of management, are necessary for the fair statement of the Company’s results for the interim period presented. Operating results for the nine months ended September 30, 2024 may not be indicative of the results that may be expected for the year ending December 31, 2024. Amounts as of December 31, 2023 included in the unaudited condensed consolidated financial statements have been derived from audited consolidated financial statements as of that date but do not include all disclosures required by GAAP. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The accompanying unaudited condensed consolidated financial statements include the Company’s accounts, the accounts of wholly owned subsidiaries or subsidiaries for which the Company has a controlling interest and the account s of one v ariable interest entity (“VIE”) in which the Company is the primary beneficiary. All material intercompany accounts and transactions have been eliminated in consolidation. 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 under the CARES Act. These funds were deemed federal/state governmental grants and 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 nine months ended September 30, 2023, the Company recorded approximately $1.0 million as other income in the accompanying condensed consolidated statements of operations as all conditions of the grant had been met. The Company did not receive or recognize provider relief funds under the CARES Act during the quarter and nine months ended September 30, 2024. 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 through March 2017 pursuant to the Advisor expense support agreement (the “Expense Support Agreement”). Accordingly, actual results could differ from those estimates. Variable Interest Entities — As of September 30, 2024 and December 31, 2023, the Company had net assets in one subsidiary classified as a VIE. This s ubsidiary is a joint venture in which the Company’s equity interest consists of non-substantive protective voting rights. As of September 30, 2024, the Company determined it is the primary beneficiary and held a controlling financial interest in the subsidiary due to its power to direct the activities that most significantly impact the economic performance of this entity, as well as its obligation to absorb the losses and its right to receive benefits from this entity that could potentially be significant to this entity. As such, the transactions and accounts of this VIE are included in the accompanying condensed consolidated financial statements. The Company’s maximum exposure to loss as a result of its involvement with this VIE is limited to its net investment in this entity which totaled approximately $9.9 million as of September 30, 2024. The Company’s exposure is limited because of the non-recourse nature of the borrowings of this VIE. Recent Accounting Pronouncements — In November 2023, the FASB issued ASU 2023-07, “Segment Reporting—Improvements to Reportable Segment Disclosures (Topic 280)”, which requires incremental disclosures related to a public entity’s reportable segments. This ASU is effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods, with early adoption permitted. The Company is currently evaluating the impact adopting ASU 2023-07 will have on the Company's consolidated financial statements and disclosures. 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 December 15, 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	9 Months Ended
	Sep. 30, 2024
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 quarter and nine months ended September 30, 2024 and 2023: Quarter Ended September 30, Number of Units Revenues (in millions) Percentage of Revenues Resident fees and services: 2024 2023 2024 2023 2024 2023 Independent living 2,222 2,222 $ 22.0 $ 20.4 25.6 % 25.7 % Assisted living 3,048 3,039 42.9 39.5 49.9 49.7 Memory care 923 932 16.8 15.5 19.6 19.5 Other revenues — — 4.2 4.1 4.9 5.1 6,193 6,193 $ 85.9 $ 79.5 100.0 % 100.0 % Nine Months Ended September 30, Number of Units Revenues (in millions) Percentage of Revenues Resident fees and services: 2024 2023 2024 2023 2024 2023 Independent living 2,222 2,222 $ 64.9 $ 60.0 25.7 % 25.5 % Assisted living 3,048 3,039 125.3 117.1 49.7 49.9 Memory care 923 932 49.4 46.1 19.6 19.6 Other revenues — — 12.6 11.7 5.0 5.0 6,193 6,193 $ 252.2 $ 234.9 100.0 % 100.0 %

Real Estate Assets, net

Real Estate Assets, net	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 and December 31, 2023 are as follows (in thousands): September 30, December 31, Land and land improvements $ 138,002 $ 137,393 Building and building improvements 1,507,133 1,502,579 Furniture, fixtures and equipment 118,789 113,034 Less: accumulated depreciation (511,463) (473,869) Real estate investment properties, net $ 1,252,461 $ 1,279,137

Indebtedness

Indebtedness	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Indebtedness	Indebtedness During the nine months ended September 30, 2024, the Company paid approximately $0.7 million in scheduled principal payments on its mortgages and other notes payable. In March 2024, the Company used cash on hand to pay down approximately $10.0 million of amounts outstanding under the Company’s revolving credit facility (the “2023 Revolving Credit Facility”). In June 2024, the Company entered into a short-term interest rate cap for approximately $0.1 million, with a notional value of $8.0 million, a strike price of 3.0%, and a maturity date of January 2025 to hedge a portion of its interest rate exposure relating to $16.0 million in variable rate secured indebtedness. The fair value of this cash flow hedge of approximately $0.03 million is included in other assets in the accompanying condensed consolidated balance sheets as of September 30, 2024. The following is a schedule of future principal payments for the Company’s total indebtedness for the remainder of 2024, each of the next four years and thereafter, in the aggregate, as of September 30, 2024 (in thousands): 2024 $ 20,314 2025 308 2026 553,542 2027 — 2028 — Thereafter — $ 574,164 The following table provides the details of the fair market value and carrying value of the Company’s indebtedness as of September 30, 2024 and December 31, 2023 (in millions): September 30, 2024 December 31, 2023 Fair Value Carrying Value Fair Value Carrying Value Mortgages and other notes payable, net $ 36.2 $ 36.0 $ 36.8 $ 36.6 Credit facilities, net (1) $ 538.0 $ 533.8 $ 548.0 $ 541.8 ______________________________ FOOTNOTE: (1) The carrying value of credit facilities, net includes unamortized debt issuance costs of approximately $4.2 million and $6.2 million as of September 30, 2024 and December 31, 2023, respectively. 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 and credit facilities is categorized as Level 3 on the three-level valuation hierarchy. Generally, the loan agreements for the Company’s mortgage loans contain customary financial covenants and ratios; including (but not limited to) the following: debt service coverage ratio, minimum occupancy levels, limitations on incurrence of additional indebtedness, etc. The loan agreements also contain customary events of default and remedies for the lenders. As of September 30, 2024, the Company was in compliance with all financial covenants related to its mortgage loans.

Related Party Arrangements

Related Party Arrangements	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Arrangements	Related Party Arrangements The Company paid approximately $0.03 million and $0.10 million during each of the quarters and nine months ended September 30, 2024 and 2023, of cash distributions on Restricted Stock. These amounts have been recognized as compensation expense and included in general and administrative expenses in the accompanying condensed consolidated statements of operations. The termination of the Expense Support Agreement in June 2023 does not impact the previously issued Restricted Stock. The expenses and fees incurred by and reimbursable to the Company’s related parties for the quarter and nine months ended September 30, 2024 and 2023, and related amounts unpaid as of September 30, 2024 and December 31, 2023 are as follows (in thousands): Quarter Ended Nine Months Ended September 30, September 30, Unpaid amounts as of (1) 2024 2023 2024 2023 September 30, 2024 December 31, 2023 Reimbursable expenses: Operating expenses (2) $ 619 $ 687 $ 2,082 $ 2,081 $ 177 $ 180 619 687 2,082 2,081 177 180 Financing coordination fees (3) — — — 163 — — Asset management fees 3,337 3,476 10,011 10,427 — 1,112 $ 3,956 $ 4,163 $ 12,093 $ 12,671 $ 177 $ 1,292 ______________________________ FOOTNOTES: (1) Amounts are recorded as due to related parties in the accompanying condensed consolidated balance sheets. (2) Amounts are recorded as general and administrative expenses in the accompanying condensed consolidated statements of operations unless such amounts represent prepaid expenses, which are capitalized in the accompanying condensed consolidated balance sheets in other assets. (3) The Company did not incur any financing coordination fees during the quarter and nine months ended September 30, 2024. During the nine months ended September 30, 2023

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 and December 31, 2023 (in thousands): Notional Amount (1) Strike Credit Spread (2) Trade Forward Maturity Fair Value Asset (Liability) as of September 30, 2024 December 31, 2023 Caps $ 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 $ 8,000 3.00 % 2.60 % 6/28/2024 7/1/2024 1/2/2025 $ 33 $ — Swaps $ 267,000 4.40 % 2.35 % 12/7/2023 12/1/2023 12/1/2025 $ (2,193) $ (1,678) $ 80,000 4.54 % 2.35 % 12/8/2023 12/1/2023 12/1/2025 $ (785) $ (706) $ 20,000 4.54 % 2.35 % 12/8/2023 12/1/2023 12/1/2025 $ (197) $ (177) ______________ FOOTNOTES: (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 condensed consolidated balance sheets. (2) The all-in rates are equal to the sum of the Strike and Credit Spread. During the quarter and nine months ended September 30, 2024, the Company reclassified approximately $0.05 million and $0.1 million, respectively, from accumulated other comprehensive income (loss) into earnings related to the Company’s interest rate caps and during the quarter and nine months ended September 30, 2023, the Company reclassified approximately $1.0 million and $3.3 million, respectively. The net gain or loss reclassified into earnings from accumulated other comprehensive income (loss) is reported in interest expense and loan cost amortization in the condensed consolidated statements of operations. The amount that is expected to be reclassified from accumulated other comprehensive income (loss) into earnings in the next 12 months related to interest rate caps is approximately $0.03 million. No amounts related to the Company’s interest rate swaps have been reclassified into earnings during the quarter and nine months ended September 30, 2024, and the Company does not expect any amounts related to interest rate swaps to be reclassified into earnings in the next 12 months. The Company did not have any interest rate swaps in place during the quarter and nine months ended September 30, 2023. 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 such impact is 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.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
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 that were issued pursuant to the Expense Support Agreement. The Restricted Stock shares were treated as unissued for financial reporting purposes because the vesting criteria had not been met as of September 30, 2024. Refer to Note 6. “Related Party Arrangements”

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by generally accepted accounting principles in the U.S. (“GAAP”). The unaudited condensed consolidated financial statements reflect all normal recurring adjustments, which, in the opinion of management, are necessary for the fair statement of the Company’s results for the interim period presented. Operating results for the nine months ended September 30, 2024 may not be indicative of the results that may be expected for the year ending December 31, 2024. Amounts as of December 31, 2023 included in the unaudited condensed consolidated financial statements have been derived from audited consolidated financial statements as of that date but do not include all disclosures required by GAAP. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The accompanying unaudited condensed consolidated financial statements include the Company’s accounts, the accounts of wholly owned subsidiaries or subsidiaries for which the Company has a controlling interest and the account s of one v
Consolidation	All material intercompany accounts and transactions have been eliminated in consolidation.
Grant Income	In response to the coronavirus pandemic, the federal government and some states provided funds to providers of seniors housing communities under the CARES Act. These funds were deemed federal/state governmental grants and 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.
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 through March 2017 pursuant to the Advisor expense support agreement (the “Expense Support Agreement”). Accordingly, actual results could differ from those estimates.
Variable Interest Entities	As of September 30, 2024 and December 31, 2023, the Company had net assets in one subsidiary classified as a VIE. This s
Recent Accounting Pronouncements	In November 2023, the FASB issued ASU 2023-07, “Segment Reporting—Improvements to Reportable Segment Disclosures (Topic 280)”, which requires incremental disclosures related to a public entity’s reportable segments. This ASU is effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods, with early adoption permitted. The Company is currently evaluating the impact adopting ASU 2023-07 will have on the Company's consolidated financial statements and disclosures. 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 December 15, 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)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Summary of Disaggregation of Revenue	The following table presents disaggregated revenue related to the Company’s resident fees and services during the quarter and nine months ended September 30, 2024 and 2023: Quarter Ended September 30, Number of Units Revenues (in millions) Percentage of Revenues Resident fees and services: 2024 2023 2024 2023 2024 2023 Independent living 2,222 2,222 $ 22.0 $ 20.4 25.6 % 25.7 % Assisted living 3,048 3,039 42.9 39.5 49.9 49.7 Memory care 923 932 16.8 15.5 19.6 19.5 Other revenues — — 4.2 4.1 4.9 5.1 6,193 6,193 $ 85.9 $ 79.5 100.0 % 100.0 % Nine Months Ended September 30, Number of Units Revenues (in millions) Percentage of Revenues Resident fees and services: 2024 2023 2024 2023 2024 2023 Independent living 2,222 2,222 $ 64.9 $ 60.0 25.7 % 25.5 % Assisted living 3,048 3,039 125.3 117.1 49.7 49.9 Memory care 923 932 49.4 46.1 19.6 19.6 Other revenues — — 12.6 11.7 5.0 5.0 6,193 6,193 $ 252.2 $ 234.9 100.0 % 100.0 %

Real Estate Assets, net (Tables

Real Estate Assets, net (Tables)	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Summary 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 September 30, 2024 and December 31, 2023 are as follows (in thousands): September 30, December 31, Land and land improvements $ 138,002 $ 137,393 Building and building improvements 1,507,133 1,502,579 Furniture, fixtures and equipment 118,789 113,034 Less: accumulated depreciation (511,463) (473,869) Real estate investment properties, net $ 1,252,461 $ 1,279,137

Indebtedness (Tables)

Indebtedness (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Summary of Future Principal Payments	The following is a schedule of future principal payments for the Company’s total indebtedness for the remainder of 2024, each of the next four years and thereafter, in the aggregate, as of September 30, 2024 (in thousands): 2024 $ 20,314 2025 308 2026 553,542 2027 — 2028 — Thereafter — $ 574,164
Summary 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 September 30, 2024 and December 31, 2023 (in millions): September 30, 2024 December 31, 2023 Fair Value Carrying Value Fair Value Carrying Value Mortgages and other notes payable, net $ 36.2 $ 36.0 $ 36.8 $ 36.6 Credit facilities, net (1) $ 538.0 $ 533.8 $ 548.0 $ 541.8 ______________________________ FOOTNOTE: (1)

Related Party Arrangements (Tab

Related Party Arrangements (Tables)	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Summary of Fees, Reimbursable Expenses and Related Amounts Unpaid to Related Parties	The expenses and fees incurred by and reimbursable to the Company’s related parties for the quarter and nine months ended September 30, 2024 and 2023, and related amounts unpaid as of September 30, 2024 and December 31, 2023 are as follows (in thousands): Quarter Ended Nine Months Ended September 30, September 30, Unpaid amounts as of (1) 2024 2023 2024 2023 September 30, 2024 December 31, 2023 Reimbursable expenses: Operating expenses (2) $ 619 $ 687 $ 2,082 $ 2,081 $ 177 $ 180 619 687 2,082 2,081 177 180 Financing coordination fees (3) — — — 163 — — Asset management fees 3,337 3,476 10,011 10,427 — 1,112 $ 3,956 $ 4,163 $ 12,093 $ 12,671 $ 177 $ 1,292 ______________________________ FOOTNOTES: (1) Amounts are recorded as due to related parties in the accompanying condensed consolidated balance sheets. (2) Amounts are recorded as general and administrative expenses in the accompanying condensed consolidated statements of operations unless such amounts represent prepaid expenses, which are capitalized in the accompanying condensed consolidated balance sheets in other assets. (3) The Company did not incur any financing coordination fees during the quarter and nine months ended September 30, 2024. During the nine months ended September 30, 2023

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary 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 September 30, 2024 and December 31, 2023 (in thousands): Notional Amount (1) Strike Credit Spread (2) Trade Forward Maturity Fair Value Asset (Liability) as of September 30, 2024 December 31, 2023 Caps $ 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 $ 8,000 3.00 % 2.60 % 6/28/2024 7/1/2024 1/2/2025 $ 33 $ — Swaps $ 267,000 4.40 % 2.35 % 12/7/2023 12/1/2023 12/1/2025 $ (2,193) $ (1,678) $ 80,000 4.54 % 2.35 % 12/8/2023 12/1/2023 12/1/2025 $ (785) $ (706) $ 20,000 4.54 % 2.35 % 12/8/2023 12/1/2023 12/1/2025 $ (197) $ (177) ______________ FOOTNOTES: (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 condensed consolidated balance sheets. (2) The all-in rates are equal to the sum of the Strike and Credit Spread.

Organization (Details)

Organization (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2024 State land property	Dec. 31, 2022 property	Dec. 31, 2017 property
MOB/Healthcare Portfolio
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of properties			70
Number of properties sold		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 | land	1

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($) entity subsidiary	Sep. 30, 2023 USD ($)	Dec. 31, 2023 subsidiary
Summary Of Significant Accounting Policies [Line Items]
Number of variable interest entities | entity		1
Grant income received	$ 0	$ 0	$ 1,000,000
Maximum exposure to loss VIEs limits	$ 9,900,000	$ 9,900,000
VIEs | Joint Ventures Real Estate Under Development Entities
Summary Of Significant Accounting Policies [Line Items]
Number of subsidiaries | subsidiary		1		1

Revenue (Details)

Revenue (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) facility	Sep. 30, 2023 USD ($) facility	Sep. 30, 2024 USD ($) facility	Sep. 30, 2023 USD ($) facility
Disaggregation Of Revenue [Line Items]
Number of Units | facility	6,193	6,193	6,193	6,193
Revenues | $	$ 85,877	$ 79,483	$ 252,223	$ 234,892
Product Concentration Risk | Revenue from Contract with Customer, Product and Service Benchmark
Disaggregation Of Revenue [Line Items]
Percentage of Revenues	100%	100%	100%	100%
Independent living
Disaggregation Of Revenue [Line Items]
Number of Units | facility	2,222	2,222	2,222	2,222
Revenues | $	$ 22,000	$ 20,400	$ 64,900	$ 60,000
Independent living | Product Concentration Risk | Revenue from Contract with Customer, Product and Service Benchmark
Disaggregation Of Revenue [Line Items]
Percentage of Revenues	25.60%	25.70%	25.70%	25.50%
Assisted living
Disaggregation Of Revenue [Line Items]
Number of Units | facility	3,048	3,039	3,048	3,039
Revenues | $	$ 42,900	$ 39,500	$ 125,300	$ 117,100
Assisted living | Product Concentration Risk | Revenue from Contract with Customer, Product and Service Benchmark
Disaggregation Of Revenue [Line Items]
Percentage of Revenues	49.90%	49.70%	49.70%	49.90%
Memory care
Disaggregation Of Revenue [Line Items]
Number of Units | facility	923	932	923	932
Revenues | $	$ 16,800	$ 15,500	$ 49,400	$ 46,100
Memory care | Product Concentration Risk | Revenue from Contract with Customer, Product and Service Benchmark
Disaggregation Of Revenue [Line Items]
Percentage of Revenues	19.60%	19.50%	19.60%	19.60%
Other revenues
Disaggregation Of Revenue [Line Items]
Number of Units | facility	0	0	0	0
Revenues | $	$ 4,200	$ 4,100	$ 12,600	$ 11,700
Other revenues | Product Concentration Risk | Revenue from Contract with Customer, Product and Service Benchmark
Disaggregation Of Revenue [Line Items]
Percentage of Revenues	4.90%	5.10%	5%	5%

Real Estate Assets, Net - Summa

Real Estate Assets, Net - Summary of Gross Carrying Amount and Accumulated Depreciation of Real Estate Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Real Estate [Abstract]
Land and land improvements	$ 138,002	$ 137,393
Building and building improvements	1,507,133	1,502,579
Furniture, fixtures and equipment	118,789	113,034
Less: accumulated depreciation	(511,463)	(473,869)
Real estate investment properties, net	$ 1,252,461	$ 1,279,137

Real Estate Assets, Net - Narra

Real Estate Assets, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Real Estate [Abstract]
Depreciation expense	$ 12.6	$ 12.5	$ 37.7	$ 37.6

Indebtedness - Narrative (Detai

Indebtedness - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended		9 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Line of Credit Facility [Line Items]
Principal payments on mortgages and other notes payable			$ 654	$ 25,067
Repayments on credit facilities			10,000	0
Short-term interest rate cap			100	$ 3,211
Secured debt			$ 574,164
Maximum allowable distributions as a percentage of adjusted FFO			70%
Interest Rate Cap Maturing January 2025
Line of Credit Facility [Line Items]
Short-term interest rate cap	$ 100
Notional amounts of derivative contract	$ 8,000
Strike rate (as a percent)	3%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Repayments on credit facilities		$ 10,000
Mortgages and other notes payable, net
Line of Credit Facility [Line Items]
Principal payments on mortgages and other notes payable			$ 700
Secured debt			36,000		$ 36,600
Secured Debt
Line of Credit Facility [Line Items]
Secured debt	$ 16,000
Fair value of cash flow hedge			$ 30

Indebtedness - Summary of Futur

Indebtedness - Summary of Future Principal Payments (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Debt Disclosure [Abstract]
2024	$ 20,314
2025	308
2026	553,542
2027	0
2028	0
Thereafter	0
Total	$ 574,164

Indebtedness - Summary of Fair

Indebtedness - Summary of Fair Market Value and Carrying Value of Indebtedness (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Carrying Value	$ 574,164
Credit facilities, net
Debt Instrument [Line Items]
Fair Value	538,000		$ 548,000
Carrying Value	533,800		541,800
Unamortized debt issuance costs	4,200		6,200
Mortgages and other notes payable, net
Debt Instrument [Line Items]
Fair Value	36,200		36,800
Carrying Value	$ 36,000		$ 36,600
Secured Debt
Debt Instrument [Line Items]
Carrying Value		$ 16,000

Related Party Arrangements - Na

Related Party Arrangements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Cash distributions on restricted stock			$ 13,359	$ 13,360
Restricted Stock | Related Party
Related Party Transaction [Line Items]
Cash distributions on restricted stock	$ 30	$ 100	$ 30	$ 100

Related Party Arrangements - Su

Related Party Arrangements - Summary of Fees, Reimbursable Expenses and Related Amounts Unpaid to Related Parties (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($) property	Dec. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Financing coordination fees	$ 0	$ 0	$ 0	$ 163,000
Total reimbursable expenses, net	3,956,000	4,163,000	12,093,000	12,671,000
Asset management fees
Line of Credit Facility [Line Items]
Asset management fees	3,337,000	3,476,000	10,011,000	10,427,000
Related Party
Line of Credit Facility [Line Items]
Operating expenses	619,000	687,000	2,082,000	2,081,000
Total reimbursable expenses	619,000	687,000	2,082,000	2,081,000
Financing coordination fees	0	0	0	$ 163,000
Other liabilities/Due to related parties	177,000		177,000		$ 1,292,000
Number of properties | property				5
Related Party | Reimbursable Expenses
Line of Credit Facility [Line Items]
Other liabilities/Due to related parties	177,000		177,000		180,000
Related Party | Reimbursable Operating Expenses
Line of Credit Facility [Line Items]
Other liabilities/Due to related parties	177,000		177,000		180,000
Related Party | Financing Coordination Fee
Line of Credit Facility [Line Items]
Other liabilities/Due to related parties	0		0		0
Related Party | Asset Management Fee
Line of Credit Facility [Line Items]
Other liabilities/Due to related parties	0		0		$ 1,112,000
Related Party | Asset management fees
Line of Credit Facility [Line Items]
Asset management fees	$ 3,337,000	$ 3,476,000	$ 10,011,000	$ 10,427,000

Derivative Financial Instrume_3

Derivative Financial Instruments - Summary of Equity Method Investment's, Interest Rate Caps and Corresponding Asset (Liability) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Interest Rate Cap One
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 Two
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)	$ 0	63
Interest Rate Cap Three
Derivative [Line Items]
Notional Amount	$ 8,000
Strike	3%
Credit Spread	2.60%
Trade	Jun. 28, 2024
Forward	Jul. 01, 2024
Maturity Date	Jan. 02, 2025
Fair value asset (liability)	$ 33	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)	$ (2,193)	(1,678)
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)	$ (785)	(706)
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)	$ (197)	$ (177)

Derivative Financial Instrume_4

Derivative Financial Instruments - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest rate cap agreement
Derivative [Line Items]
Reclassified from accumulated other comprehensive income (loss) into earnings	$ 50,000	$ 1,000,000	$ 100,000	$ 3,300,000
Reclassified from accumulated other comprehensive income into earnings in the next 12 months net	30,000		30,000
Interest Rate Swap
Derivative [Line Items]
Reclassified from accumulated other comprehensive income (loss) into earnings	0		0
Reclassified from accumulated other comprehensive income into earnings in the next 12 months net	$ 0		$ 0
Fair value asset (liability)		$ 0		$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) shares in Millions	9 Months Ended
	Sep. 30, 2024 shares
Advisor Expense Support Agreement | Restricted Stock
Commitments And Contingencies [Line Items]
Contingently issuable restricted stock shares	1.3