CNL Healthcare Properties (CHTH) 10-Q 11 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 02, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Entity Registrant Name	CNL Healthcare Properties, Inc.
Entity Central Index Key	1,496,454
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		175,253,445

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Real estate assets:
Real estate investment properties, net (including VIEs $113,309 and $103,691, respectively)	$ 2,462,333	$ 2,470,176
Real estate under development, including land (including VIEs $64,803 and $58,994, respectively)	71,064	62,521
Total real estate assets, net	2,533,397	2,532,697
Intangibles, net (including VIEs $3,738 and $4,015, respectively)	158,386	172,452
Cash (including VIEs $2,308 and $3,904, respectively)	54,135	68,922
Deferred rent and lease incentives (including VIEs $3,158 and $3,096, respectively)	28,757	23,477
Other assets (including VIEs $994 and $1,000, respectively)	23,935	23,334
Restricted cash (including VIEs $647 and $974, respectively)	9,766	10,287
Total assets	2,808,376	2,831,169
Liabilities:
Mortgages and other notes payable, net (including VIEs $93,274 and $85,093, respectively)	862,483	831,825
Credit facilities	626,528	656,284
Other liabilities (including VIEs $1,561 and $1,387, respectively)	47,934	41,938
Accounts payable and accrued liabilities (including VIEs $12,423 and $11,412, respectively)	45,009	40,217
Due to related parties (including VIEs $152 and $136, respectively)	3,976	1,803
Total liabilities	$ 1,585,930	$ 1,572,067
Commitments and contingencies (Note 11)
Redeemable noncontrolling interest	$ 542	$ 551
Stockholders' equity:
Preferred stock, $0.01 par value per share, 200,000 shares authorized; none issued or outstanding
Common stock, $0.01 par value per share, 1,120,000 shares authorized, 176,924 and 175,824 shares issued, and 175,253 and 174,430 shares outstanding, respectively	$ 1,751	$ 1,744
Capital in excess of par value	1,532,954	1,528,781
Accumulated loss	(165,588)	(151,146)
Accumulated distributions	(130,997)	(112,543)
Accumulated other comprehensive loss	(17,678)	(9,747)
Total stockholders' equity	1,220,442	1,257,089
Noncontrolling interest	1,462	1,462
Total equity	1,222,446	1,259,102
Total liabilities and equity	$ 2,808,376	$ 2,831,169

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Real estate investment properties, net	$ 2,462,333	$ 2,470,176
Real estate under development, including land	71,064	62,521
Intangibles, net	158,386	172,452
Cash	54,135	68,922
Deferred rent and lease incentives	28,757	23,477
Other assets	23,935	23,334
Restricted cash	9,766	10,287
Mortgages and other notes payable, net (including VIEs $93,274 and $85,093, respectively)	862,483	831,825
Other liabilities	47,934	41,938
Accounts payable and accrued liabilities	45,009	40,217
Due to related parties	$ 3,976	$ 1,803
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	200,000,000	200,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Excess shares, par value	$ 0.01	$ 0.01
Excess shares, shares authorized	300,000,000	300,000,000
Excess shares, shares issued	0	0
Excess shares, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,120,000,000	1,120,000,000
Common stock, shares issued	176,924,000	175,824,000
Common stock, shares outstanding	175,253,000	174,430,000
VIEs
Real estate investment properties, net	$ 113,309	$ 103,691
Real estate under development, including land	64,803	58,994
Intangibles, net	3,738	4,015
Cash	2,308	3,904
Deferred rent and lease incentives	3,158	3,096
Other assets	994	1,000
Restricted cash	647	974
Mortgages and other notes payable, net (including VIEs $93,274 and $85,093, respectively)	93,274	85,093
Other liabilities	1,561	1,387
Accounts payable and accrued liabilities	12,423	11,412
Due to related parties	$ 152	$ 136

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Rental income from operating leases	$ 30,576	$ 21,640
Resident fees and services	57,344	40,032
Tenant reimbursement income	5,040	3,361
Total revenues	92,960	65,033
Operating expenses:
Property operating expenses	46,036	32,312
General and administrative	3,337	2,019
Acquisition fees and expenses	105	2,330
Asset management fees	6,653	4,210
Property management fees	4,470	3,254
Impairment provision		4,661
Loss on lease terminations	785	863
Depreciation and amortization	32,565	23,293
Total operating expenses	93,951	72,942
Operating loss	(991)	(7,909)
Other income (expense):
Interest and other income	28	60
Interest expense and loan cost amortization	(13,238)	(9,866)
Equity in loss of unconsolidated entity	(120)	(226)
Total other expense	(13,330)	(10,032)
Loss before income taxes	(14,321)	(17,941)
Income tax expense	(120)	(64)
Net loss	(14,441)	(18,005)
Less: Net income (loss) attributable to noncontrolling interest	1	(5)
Net loss attributable to common stockholders	$ (14,442)	$ (18,000)
Net loss per share of common stock (basic and diluted)	$ (0.08)	$ (0.14)
Weighted average number of shares of common stock outstanding (basic and diluted)	174,681	131,880

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement Of Income And Comprehensive Income [Abstract]
Net loss attributable to common stockholders	$ (14,442)	$ (18,000)
Other comprehensive income (loss):
Unrealized loss on derivative financial instruments, net	(7,948)	(5,268)
Reclassification of cash flow hedges upon derecognition		74
Reclassification of cash flow hedges due to ineffectiveness	18
Unrealized loss on derivative financial instruments of equity method investments	(1)	(6)
Total other comprehensive loss	(7,931)	(5,200)
Comprehensive loss	(22,373)	(23,200)
Comprehensive loss attributable to common stockholders	$ (22,373)	$ (23,200)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND REDEEMABLE NONCONTROLLING INTEREST (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Redeemable Noncontrolling Interests	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Distributions in Excess of Net Income	AOCI Attributable to Parent	Stockholders Equity	Noncontrolling Interest
Beginning Balance at Dec. 31, 2014	$ 872,160	$ 568	$ 1,163	$ 1,007,326	$ (83,091)	$ (49,342)	$ (4,864)	$ 871,192	$ 400
Beginning Balance (in shares) at Dec. 31, 2014			116,256
Subscriptions received for common stock through reinvestment plan	188,386		$ 179	188,207				188,386
Subscriptions received for common stock through public offering and reinvestment plan (in shares)			17,897
Stock distributions			$ 9	(9)
Stock distributions, shares			943
Redemptions of common stock	(1,942)		$ (2)	(1,940)				(1,942)
Redemption of common stock, shares			(204)
Stock issuance and offering costs	(18,558)			(18,558)				(18,558)
Net income (loss)	(18,005)				(18,000)			(18,000)	(5)
Other comprehensive loss	(5,200)						(5,200)	(5,200)
Cash distributions declared and paid or reinvested ($0.1058 per share)	(13,248)					(13,248)		(13,248)
Ending Balance at Mar. 31, 2015	1,003,593	568	$ 1,349	1,175,026	(101,091)	(62,590)	(10,064)	1,002,630	395
Ending Balance (in shares) at Mar. 31, 2015			134,892
Beginning Balance at Dec. 31, 2015	$ 1,259,102	551	$ 1,744	1,528,781	(151,146)	(112,543)	(9,747)	1,257,089	1,462
Beginning Balance (in shares) at Dec. 31, 2015	174,430		174,430
Subscriptions received for common stock through reinvestment plan	$ 10,725		$ 11	10,714				10,725
Subscriptions received for common stock through public offering and reinvestment plan (in shares)			1,100
Redemptions of common stock	(2,695)		$ (4)	(2,691)				(2,695)
Redemption of common stock, shares			(277)
Net income (loss)	(14,441)	(9)			(14,442)			(14,442)	10
Other comprehensive loss	(7,931)						(7,931)	(7,931)
Distribution to holder of noncontrolling interest	(10)								(10)
Distribution to holder of promoted interest	(3,850)			(3,850)				(3,850)
Cash distributions declared and paid or reinvested ($0.1058 per share)	(18,454)					(18,454)		(18,454)
Ending Balance at Mar. 31, 2016	$ 1,222,446	$ 542	$ 1,751	$ 1,532,954	$ (165,588)	$ (130,997)	$ (17,678)	$ 1,220,442	$ 1,462
Ending Balance (in shares) at Mar. 31, 2016	175,253		175,253

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND REDEEMABLE NONCONTROLLING INTEREST (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement Of Stockholders Equity [Abstract]
Cash distributions, declared and paid per share	$ 0.1058	$ 0.1058

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating activities:
Net cash flows provided by operating activities	$ 16,008	$ 11,317
Investing activities:
Acquisition of properties		(76,060)
Development of properties	(17,526)	(17,567)
Capital expenditures	(1,472)	(1,785)
Changes in restricted cash	520	2,974
Payment of leasing costs	(985)	(418)
Deposits on real estate		(750)
Net cash used in investing activities	(19,463)	(93,606)
Financing activities:
Subscriptions received for common stock through public offering		180,738
Payment of stock issuance and offering costs	(32)	(19,388)
Distributions to stockholders, net of distribution reinvestments	(7,729)	(5,600)
Distributions to holder of noncontrolling interest	(10)
Redemptions of common stock	(2,739)	(872)
Draws under revolving credit facility	15,113
Repayment on revolving credit facility	(45,000)	(31,403)
Proceeds from mortgage and other notes payable	35,285	18,187
Principal payments on mortgage and other notes payable	(4,738)	(33,936)
Lender deposits	(50)
Purchase of interest rate cap	(587)
Payment of loan costs	(845)	(427)
Net cash flows provided by (used in) financing activities	(11,332)	107,299
Net increase (decrease) in cash	(14,787)	25,010
Cash at beginning of period	68,922	91,355
Cash at end of period	54,135	116,365
Amounts incurred but not paid (including amounts due to related parties):
Accrued development costs	12,647	9,181
Redemptions payable	2,695	$ 1,942
Distribution to holder of promoted interest	$ 3,850

Organization

Organization	3 Months Ended
	Mar. 31, 2016
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	1. Organization CNL Healthcare Properties, Inc. (“Company”) incorporated on June 8, 2010 and elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes beginning with the year ended December 31, 2012. The Company is externally advised by CNL Healthcare Corp. (“Advisor”) and its property manager is CNL Healthcare Manager Corp. (“Property Manager”), each of which is an affiliate of CNL Financial Group, LLC (“Sponsor”). The Sponsor is an affiliate of CNL Financial Group, Inc. (“CNL”) and CNL Securities Corp. (“Managing Dealer”), the managing dealer of the Company’s public offerings (“Offerings”). The Advisor is responsible for managing the Company’s affairs on a day-to-day basis and for identifying and making acquisitions and investments on behalf of the Company pursuant to an advisory agreement among the Company, the operating partnership and the Advisor. Substantially all of the Company’s acquisition, operating, administrative and certain property management services are provided by affiliates of the Advisor and the Property Manager. In addition, third-party sub-property managers have been engaged to provide certain property management services. The Company conducts substantially all of its operations either directly or indirectly through: (1) an operating partnership, CHP Partners, LP, in which the Company is the sole limited partner and its wholly owned subsidiary, CHP GP, LLC, is the sole general partner; (2) a wholly owned taxable REIT subsidiary (“TRS”), CHP TRS Holding, Inc.; (3) property owner subsidiaries and lender subsidiaries, which are single purpose entities; and (4) investments in joint ventures. On September 30, 2015, the Company completed its Offerings pursuant to a registration statement on Form S-11 under the Securities Act of 1933 with the Securities and Exchange Commission (“SEC”). In October 2015, the Company deregistered the unsold shares of its common stock under its previous registration statement on Form S-11, except for 20,000,000 shares that the Company concurrently registered on Form S-3 under the Securities Exchange Act of 1933 with the SEC for the sale of additional shares of common stock through its distribution reinvestment plan (“Reinvestment Plan”). With the completion of the Offerings, the Company’s focus is on actively managing a diversified portfolio of healthcare real estate or real estate-related assets within the seniors housing, medical office, post-acute care and acute care asset classes. The types of seniors housing that the Company has acquired include independent and assisted living facilities, continuing care retirement communities, and Alzheimer’s / memory care facilities. The types of medical offices that the Company has acquired include medical office buildings (“MOB”), specialty medical and diagnostic service facilities, surgery centers, outpatient rehabilitation facilities, and other facilities designed for clinical services. The types of post-acute care facilities that the Company has acquired include skilled nursing facilities and inpatient rehabilitative hospitals. The types of acute care facilities that the Company has acquired include general acute care hospitals and specialty surgical hospitals. The Company views, manages and evaluates its portfolio homogeneously as one collection of healthcare assets with a common goal of maximizing revenues and property income regardless of the asset class or asset type. The Company 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 REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”) structures; however, the Company has also leased its properties to third-party tenants under triple-net or similar lease structures, where the tenant bears all or substantially all of the costs (including cost increases for real estate taxes, utilities, insurance and ordinary repairs). Medical office, post-acute care and acute care properties have been leased on a triple-net, net or modified gross basis to third-party tenants. In addition, most of the Company’s investments have been wholly owned, although, it has invested through partnerships with other entities where it is believed to be appropriate and beneficial. The Company has and continues to invest in new property developments or properties that have not reached full stabilization.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation and Consolidation — The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by generally accepted accounting principles in the United States (“GAAP”). The unaudited condensed consolidated financial statements reflect all normal recurring adjustments, which, in the opinion of management, are necessary for the fair statement of the Company’s results for the interim period presented. Operating results for the three months ended March 31, 2016 may not be indicative of the results that may be expected for the year ending December 31, 2016. Amounts as of December 31, 2015 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, 2015. The accompanying unaudited condensed consolidated financial statements include the Company’s accounts, the accounts of wholly owned subsidiaries or subsidiaries for which the Company has a controlling interest, the accounts of 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 VIEs, the Company analyzes its variable interests, including loans, leases, guarantees, and equity investments, to determine if the entity in which it has a variable interest is a variable interest entity (“VIE”). The Company’s analysis includes both quantitative and qualitative reviews. The Company bases its quantitative analysis on the forecasted cash flows of the entity, and its qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and financial agreements. The Company also uses its quantitative and qualitative analyses to determine if it is the primary beneficiary of the VIE, and if such determination is made, it includes the accounts of the VIE in its consolidated financial statements. Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements, the reported amounts of revenues and expenses during the reporting periods and the disclosure of contingent liabilities. For example, significant assumptions are made in the allocation of purchase price, the analysis of real estate impairments, the valuation of contingent assets and liabilities, and the valuation of restricted stock shares issued to the Advisor or Property Manager. Accordingly, actual results could differ from those estimates. Adopted Accounting Pronouncements — In February 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2015-02, “Amendments to the Consolidation Analysis,” which requires amendments to both the variable interest entity and voting models. The amendments (i) modify the identification of variable interests (fees paid to a decision maker or service provider), the VIE characteristics for a limited partnership or similar entity and primary beneficiary determination under the VIE model, and (ii) eliminate the presumption within the current voting model that a general partner controls a limited partnership or similar entity. The new guidance is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2015 with early adoption permitted. The amendments may be applied using either a modified retrospective or full retrospective approach. The Company retrospectively adopted ASU 2015-02 on January 1, 2016; the adoption of which modified the Company’s identification and conclusions for certain entities from variable interest entities to voting interest entities and resulted in the removal of required disclosures related to those entities, but did not have a material impact to the Company’s consolidated financial position, results of operations or cash flows as the Company’s consolidation determinations for all of its VIE’s remained unchanged. 2. Summary of Significant Accounting Policies (continued) In April 2015, the FASB issued ASU 2015-03, “Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs,” which requires that loan costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts or premiums. The new guidance is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2015 with early adoption permitted. The ASU is to be applied retrospectively for each period presented. Upon adoption, an entity is required to comply with the applicable disclosures for a change in an accounting principle. The FASB subsequently issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements,” which clarifies that, given the absence of authoritative guidance in ASU 2015-03 regarding presentation and subsequent measurement of loan costs related to line-of-credit arrangements, the SEC Staff would not object to an entity deferring and presenting loan costs as an asset and subsequently amortizing the loan costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company adopted ASU 2015-03 on January 1, 2016; the adoption of which impacted the Company’s presentation of its consolidated financial position but did not have a material impact on the Company’s consolidated results of operations or cash flows. Accordingly, the Company has retrospectively adjusted the presentation of loan costs for all periods presented. The following table provides additional details by financial statement line item of the adjusted presentation in the Company’s condensed consolidated balance sheet as of December 31, 2015 (in thousands): As Filed Adjusted December 31, December 31, 2015 Adjustments 2015 Other assets $ 21,302 $ 2,032 $ 23,334 Loan costs, net $ 14,358 $ (14,358 ) $ — Mortgages and other notes payable, net $ 840,435 $ (8,610 ) $ 831,825 Credit facilities $ 660,000 $ (3,716 ) $ 656,284 In September 2015, the FASB issued ASU 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments,” which requires an acquirer to recognize provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The new guidance is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2015 with early adoption permitted. The Company adopted ASU 2015-16 on January 1, 2016; the adoption of which did not have a material impact to its consolidated financial position, results of operations or cash flows. 2. Summary of Significant Accounting Policies (continued) Recent Accounting Pronouncements — In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” as a new ASC topic (Topic 606). The core principle of this ASU is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU further provides guidance for any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards (for example, lease contracts). The FASB subsequently issued ASU 2015-14 to defer the effective date of ASU 2014-09 until annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, with earlier adoption permitted. ASU 2014-09 can be adopted using one of two retrospective transition methods: (i) retrospectively to each prior reporting period presented or (ii) as a cumulative-effect adjustment as of the date of adoption. The Company has not yet selected a transition method and is currently evaluating the impact of ASU 2014-09; however, its adoption could potentially have a significant effect on the Company’s consolidated financial position, results of operations or cash flows. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842): Accounting for Leases,” which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The ASU requires lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. The ASU further modifies lessors’ classification criteria for leases and the accounting for sales-type and direct financing leases. The ASU will also require qualitative and quantitative disclosures designed to give financial statement users additional information on the amount, timing, and uncertainty of cash flows arising from leases. The ASU is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2018 with early adoption permitted. The ASU is to be applied using a modified retrospective approach. The Company is currently evaluating the impact this ASU will have on the Company’s consolidated financial position, results of operations and cash flows.

Real Estate Assets, net

Real Estate Assets, net	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Real Estate Assets, net	3. Real Estate Assets, net The gross carrying amount and accumulated depreciation of the Company’s real estate assets as of March 31, 2016 and December 31, 2015 are as follows (in thousands): March 31, December 31, 2016 2015 Land and land improvements $ 231,449 $ 229,046 Building and building improvements 2,304,994 2,297,336 Furniture, fixtures and equipment 62,620 60,601 Less: accumulated depreciation (136,730 ) (116,807 ) Real estate investment properties, net 2,462,333 2,470,176 Real estate under development, including land 71,064 62,521 Total real estate assets, net $ 2,533,397 $ 2,532,697 Depreciation expense on the Company’s real estate investment properties, net was approximately $19.9 million and $13.6 million for the three months ended March 31, 2016 and 2015, respectively. During the three months ended March 31, 2016, the Company completed the construction of the final phase of the Raider Ranch community in Lubbock, Texas. As such, the asset values related to the Raider Ranch development are included in real estate investment properties, net in the accompanying condensed consolidated balance sheet as of March 31, 2016. 3. Real Estate Assets, net (continued) As of March 31, 2016, eight of the Company’s seniors housing communities and one post-acute care facility have real estate under development or expansion projects with third-party developers as follows (in thousands): Property Name (and Location) Developer Real Estate Development Costs Incurred (1) Remaining Development Budget (2) Development Properties Watercrest at Katy (Katy, TX) (3) South Bay Partners, Ltd 31,595 11,902 Welbrook Senior Living Grand Junction (Grand Junction, CO) Embree Asset Group, Inc. 5,375 9,190 Waterstone (Greenville, SC) T&D Greenville, LLC 10,442 18,934 Wellmore of Lexington (Lexington, SC) Maxwell Group, Inc. 13,512 42,799 Dogwood Forest of Grayson (Grayson, GA) Solomon Development Services, LLC 5,454 21,575 Fieldstone at Pear Orchard (Yakima, WA) (4) Cascadia Development, LLC 3,841 12,045 Expansion / Conversion Projects Town Village (Oklahoma City, OK) South Bay Partners, Ltd 60 1,440 Tranquillity at Fredericktowne (Frederick, MD) Capital Health Partners 552 5,470 Brookridge Heights Assisted Living & Memory Care (Marquette, MI) Capital Health Partners 233 4,598 $ 71,064 $ 127,953 _____________ FOOTNOTES: (1) This amount represents land and total capitalized costs for GAAP purposes for the acquisition, development and construction of the seniors housing community or post-acute care facility as of March 31, 2016. Amounts include investment services fees, asset management fees, interest expense and other costs capitalized during the development period. (2) This amount includes preleasing and marketing costs, which will be expensed as incurred. (3) This property is owned through a joint venture in which the Company’s initial ownership interest is 95%. (4) This property is owned through a joint venture in which the Company’s initial ownership interest is 75%. The development budgets include the cost of the land, construction costs, development fees, financing costs, start-up costs and initial operating deficits of the respective properties. Generally, the Company has delegated to an affiliate of the developer of the respective community the management and administration of the development and construction. Each developer is responsible for any cost overruns beyond the approved development budget for the applicable project pursuant to a cost overrun guarantee. Some of these developments were deemed to be VIEs; refer to Note 5. “Variable Interest Entities” for additional information.

Intangibles, net

Intangibles, net	3 Months Ended
	Mar. 31, 2016
Goodwill And Intangible Assets Disclosure [Abstract]
Intangibles, net	4. Intangibles, net The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities as of March 31, 2016 and December 31, 2015 are as follows (in thousands): March 31, December 31, 2016 2015 In-place lease intangibles $ 220,199 $ 220,917 Above-market lease intangibles 13,858 13,960 Below-market ground lease intangibles 12,470 12,470 Less: accumulated amortization (88,141 ) (74,895 ) Intangible assets, net $ 158,386 $ 172,452 Below-market lease intangibles $ (12,060 ) $ (12,095 ) Above-market ground lease intangibles (3,488 ) (3,488 ) Less: accumulated amortization 3,008 2,581 Intangible liabilities, net (1) $ (12,540 ) $ (13,002 ) ____________ FOOTNOTE: (1) Intangible liabilities, net are included in other liabilities in the accompanying condensed consolidated balance sheets. Amortization on the Company’s intangible assets was approximately $13.2 million for the three months ended March 31, 2016, of which approximately $0.5 million was treated as a reduction of rental income from operating leases, approximately $0.1 million was treated as an increase of property operating expenses and approximately $12.6 million was included in depreciation and amortization. Amortization on the Company’s intangible assets was approximately $10.2 million for the three months ended March 31, 2015, of which approximately $0.5 million was treated as a reduction of rental income from operating leases, approximately $0.1 million was treated as an increase of property operating expenses and approximately $9.7 million was included in depreciation and amortization. Amortization on the Company’s intangible liabilities was approximately $0.4 million for the three months ended March 31, 2016, of which approximately $0.4 million was treated as an increase of rental income from operating leases and approximately $0.02 million was treated as a reduction of property operating expenses. For the three months ended March 31, 2015, amortization on the Company’s intangible liabilities was approximately $0.4 million, of which approximately $0.4 million was treated as an increase of rental income from operating leases and approximately $0.02 million was treated as a reduction of property operating expenses.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2016
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Variable Interest Entities	5. Variable Interest Entities The aggregate carrying amount and major classifications of the consolidated assets that can be used to settle obligations of the VIEs and liabilities of the consolidated VIEs that are non-recourse to the Company as of March 31, 2016 and December 31, 2015 are as follows (in thousands): March 31, December 31, 2016 2015 Assets: Real estate investment properties, net $ 113,309 $ 103,691 Real estate under development, including land $ 64,803 $ 58,994 Intangibles, net $ 3,738 $ 4,015 Cash $ 2,308 $ 3,904 Deferred rent and lease incentives $ 3,158 $ 3,096 Other assets $ 994 $ 1,000 Restricted cash $ 647 $ 974 Liabilities: Mortgages and other notes payable, net $ 93,274 $ 85,093 Accounts payable and accrued liabilities $ 881 $ 743 Accrued development costs $ 11,542 $ 10,669 Other liabilities $ 1,561 $ 1,387 Due to related parties $ 152 $ 136 The Company’s maximum exposure to loss as a result of its involvement with these VIEs is limited to its net investment in these entities which totaled approximately $79.4 million as of March 31, 2016. The Company’s exposure is limited because of the non-recourse nature of the borrowings of the VIEs. As of March 31, 2016, the Company has 12 subsidiaries which are VIEs due to the following factors and circumstances: · Three of these subsidiaries are single property entities, designed to own and lease their respective properties to multiple tenants, which are subject to either a ground lease or an air rights lease that include buy-out and put options held by either the tenant or landlord under the applicable lease. These buy-out and put options have the potential to cap either the Company’s expected returns or its obligation to absorb the losses of the properties. · Six of these subsidiaries are entities with real estate under development or completed developments in which there is insufficient equity at risk due to the development nature of each entity. · Two of these subsidiaries are joint ventures with real estate under development in which there is insufficient equity at risk due to the development nature of each joint venture. · One of these subsidiaries is a joint venture in which the Company’s co-venture partner has an equity interest that consists of non-substantive protective voting rights, but not any participating or kick-out rights . The Company determined it is the primary beneficiary and holds a controlling financial interest in each of the aforementioned property and development entities due to its power to direct the activities that most significantly impact the economic performance of the entities, as well as its obligation to absorb the losses and its right to receive benefits from these entities that could potentially be significant to these entities. As such, the transactions and accounts of these VIEs are included in the accompanying condensed consolidated financial statements.

Contingent Purchase Price Consi

Contingent Purchase Price Consideration	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Contingent Purchase Price Consideration	6. Contingent Purchase Price Consideration The following table provides a roll-forward of the fair value of the Company’s aggregate contingent purchase price consideration for the three months ended March 31, 2016 (in thousands): Property Beginning asset (liability) as of December 31, 2015 Contingent Consideration Payment Change in Fair Value Ending asset (liability) as of March 31, 2016 Superior Residences of Panama City $ (3,000 ) — — $ (3,000 ) The Shores of Lake Phalen (750 ) — — (750 ) Siena Pavilion VI (3,750 ) — — (3,750 ) Center One 1,019 (79 ) — 940 $ (6,481 ) (79 ) — $ (6,560 ) The fair value of the contingent purchase price consideration is based on a then-current income approach that is primarily determined based on the present value and probability of future cash flows using internal underwriting models. The income approach further includes estimates of risk-adjusted rate of return, capitalization rates for the respective property and/or lease-up assumptions.

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Indebtedness	7. Indebtedness The following table provides details of the Company’s indebtedness as of March 31, 2016 and December 31, 2015 (in thousands): March 31, December 31, 2016 2015 Mortgages payable and other notes payable: Fixed rate debt $ 389,305 $ 391,639 Variable rate debt (1) 481,897 449,017 Mortgages and other notes payable (2) 871,202 840,656 Premium (discount), net (3) (182 ) (221 ) Loan costs, net (8,537 ) (8,610 ) Total mortgages and other notes payable, net 862,483 831,825 Credit facilities: Revolving Credit Facility (4) (5) 180,113 225,000 First Term Loan Facility (1) 175,000 175,000 Second Term Loan Facility (5) 275,000 260,000 Loan costs, net related to Term Loan Facilities (3,585 ) (3,716 ) Total credit facilities, net 626,528 656,284 Total borrowings, net $ 1,489,011 $ 1,488,109 _____________ FOOTNOTES: (1) As of March 31, 2016 and December 31, 2015, the Company had entered into interest rate swaps with notional amounts of approximately $478.9 million and $480.7 million, respectively, which settle on a monthly basis. In addition, as of March 31, 2016 and December 31, 2015, the Company had entered into forward-starting interest rate swaps for total notional amounts of approximately $48.4 million and $48.4 million, respectively, in order to hedge its exposure to variable rate debt in future periods. Refer to Note 9. “Derivative Financial Instruments” for additional information. (2) As of March 31, 2016 and December 31, 2015, the Company’s mortgages and other notes payable are collateralized by 66 and 65 properties, respectively, with total carrying value of approximately $1.4 billion and $1.4 billion, respectively. (3) Premium (discount), net is reflective of the Company recording mortgage notes payable assumed at fair value on the respective acquisition date. (4) As of March 31, 2016 and December 31, 2015, availability under the Revolving Credit Facility was approximately $41.7 million and $20.0 million, respectively, based on the value of the properties in the unencumbered pool of assets supporting the loan. (5) As of March 31, 2016 and December 31, 2015, the Company had entered into interest rate caps with a notional amounts of approximately $410.0 million and $260.0 million, respectively. Refer to Note 9. “Derivative Financial Instruments” for additional information. The fair market value and carrying value of the mortgage and other notes payable was approximately $877.1 million and $862.5 million, respectively, and the fair market value and carrying value of the credit facilities was $630.1 7. Indebtedness (continued) All of the Company’s mortgage and construction loans contain customary financial covenants and ratios; including (but not limited to): debt service coverage ratio, minimum occupancy levels, limitations on incurrence of additional indebtedness, etc. The credit facilities contain affirmative, negative, and financial covenants which are customary for loans of this type, including (but not limited to): (i) maximum leverage, (ii) minimum fixed charge coverage ratio, (iii) minimum consolidated net worth, (iv) restrictions on payments of cash distributions except if required by REIT requirements, (v) maximum secured indebtedness, (vi) maximum secured recourse debt, (vii) minimum unsecured interest coverage and (viii) limitations on certain types of investments and with respect to the pool of properties supporting borrowings under the credit facilities, minimum debt service coverage ratio, minimum weighted average occupancy, and remaining lease terms, as well as property type, MSA, operator, and asset value concentration limits. The limitations on distributions include a limitation on the extent of allowable distributions, which are not to exceed the greater of 95% of adjusted FFO (as defined per the credit facilities) and the minimum amount of distributions required to maintain the Company’s REIT status. As of March 31, 2016, the Company was in compliance with all financial covenants and ratios.

Related Party Arrangements

Related Party Arrangements	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Arrangements	8. Related Party Arrangements In March 2013, the Company entered into the advisor expense support and restricted stock agreement (“Advisor Expense Support Agreement”), whereby the Advisor agreed to provide expense support to the Company through forgoing the payment of fees in cash and acceptance of forfeitable restricted common stock (“Restricted Stock”) for services rendered and specified expenses incurred in an amount equal to the positive excess, if any, of (a) aggregate stockholder cash distributions declared for the applicable quarter, over (b) the Company’s aggregate modified funds from operations (as defined in the Advisor Expense Support Agreement) (as defined in the Property Manager Expense Support Agreement) In exchange for services rendered and in consideration of the expense support provided, the Company issued, within 45 days following each Original Determination Date, a number of shares of restricted stock equal to the quotient of the expense support amounts provided by the Advisor and Property Manager for the preceding quarter divided by either: (1) the then-current public offering price per share of common stock during the Offerings or (2) the Company’s then-current net asset value (“NAV”) per share of common stock subsequent to the Offerings, on the terms and conditions and subject to the restrictions set forth in the Advisor Expense Support Agreement and the Property Manager Expense Support Agreement (“Original Expense Support Agreements”). Any amounts settled, and for which restricted stock shares were issued, pursuant to the Original Expense Support Agreements have been permanently settled and the Company has no further obligation to pay such amounts to the Advisor or the Property Manager. The Restricted Stock is subordinated and forfeited to the extent that stockholders do not receive their invested capital plus a 6% cumulative, noncompounded annual return upon the ultimate liquidity of the Company. Since the vesting criteria is outside the control of the Advisor and Property Manager and involves both market conditions and counterparty performance conditions, the restricted stock shares are treated as unissued for financial reporting purposes until the vesting criteria are met. 8. Related Party Arrangements (continued) In March 2016, the Company’s board of directors approved amended and restated expense support agreements with both the Advisor and Property Manager (“Amended Expense Support Agreements”) that are effective January 1, 2016 and change the calculation and determination date of the respective affiliate’s expense support amounts from each calendar quarter, on a non-cumulative basis, to each calendar year on a cumulative year-to-date basis (“Amended Determination Date”). Under the terms of the Amended Expense Support Agreements, for each quarter within a calendar expense support year, the Company will record a proportional estimate of the cumulative year-to-date period based on an estimate of expense support amounts for the calendar expense support year. Moreover, in exchange for services rendered and in consideration of the expense support provided under the Amended Expense Support Agreements, the Company will issue, within 90 days following the Amended Determination Date, a number of shares of restricted stock equal to the quotient of the expense support amounts provided by the Advisor and Property Manager for the preceding calendar year divided by the Company’s then-current NAV per share of common stock. The terms of the Amended Expense Support Agreements automatically renew for consecutive one year periods, subject to the right of the Advisor or Property Manager to terminate their respective agreements upon 30 days’ written notice to the Company. The following fees are expected to be or were settled and paid in the form of Restricted Stock in connection with the Amended Expense Support Agreements for the three months ended March 31, 2016 and the Original Expense Support Agreements for the three months ended March 31, 2015, and cumulatively as of March 31, 2016 under both agreements (in thousands, except offering price): Three Months Ended As of March 31, March 31, 2016 2015 2016 Asset management fees (1) $ 375 $ 545 $ 11,023 Then-current offering price or NAV (2) $ 9.75 $ 10.58 $ 9.75 Restricted Stock shares (3) 38 52 1,079 Cash distributions on Restricted Stock (4) $ 90 $ 54 $ 474 Stock distributions on Restricted Stock (5) — 4 21 ______________ FOOTNOTES: (1) No other amounts have been settled in accordance with the Amended Expense Support Agreements for the three months ended March 31, 2016 and 2015, and the Original Expense Support Agreements for the three months ended March 31, 2015, and cumulatively as of March 31, 2016 under both agreements. (2) The number of restricted stock shares granted to the Advisor in lieu of payment in cash is determined by dividing the expense support amount for the respective determination date by the then-current public offering price as of the Original Determination Date or by the then-current NAV per share as of the Amended Determination Date. (3) As of March 31, 2016, Restricted Stock shares are comprised of approximately 1.04 million shares issued to the Advisor and approximately 0.04 million expected to be issued to the Advisor on the Amended Determination Date. No fair value was assigned to the Restricted Stock shares as the shares were valued at zero, which represents the lowest possible value estimated at vesting. In addition, the Restricted Stock shares were treated as unissued for financial reporting purposes because the vesting criteria had not been met through . (4) The cash distributions have been recognized as compensation expense as issued and included in general and administrative expense in the accompanying condensed consolidated statements of operations. (5) The par value of the stock distributions has been recognized as compensation expense as issued and included in general and administrative expense in the accompanying condensed consolidated statements of operations. 8. Related Party Arrangements (continued) The Company maintained accounts totaling approximately $0.1 million as of December 31, 2015, at a bank in which the Company’s chairman served as a director during the year ended December 31, 2015. The Company incurs operating expenses which, in general, relate to administration of the Company on an ongoing basis. Pursuant to the advisory agreement, the Advisor shall reimburse the Company the amount by which the total operating expenses paid or incurred by the Company exceed, in any four consecutive fiscal quarters (“Expense Year”) commencing with the Expense Year ending June 30, 2013, the greater of 2% of average invested assets or 25% of net income (as defined in the advisory agreement) (“Limitation”), unless a majority of the Company’s independent directors determines that such excess expenses are justified based on unusual and non-recurring factors (“Expense Cap Test”). In performing the Expense Cap Test, the Company uses operating expenses on a GAAP basis after making adjustments for the benefit of expense support under the Amended Expense Support Agreements. For the Expense Year ended March 31, 2016, the Company did not incur operating expenses in excess of the Limitation. In March 2015, the Company acquired Fieldstone Memory Care for a purchase price of $12.4 million from a related party of the Company’s Sponsor. The fees incurred by and reimbursable to the Managing Dealer in connection with the Company’s Offerings for the three months ended March 31, 2016 and 2015, and related amounts unpaid as of March 31, 2016 and December 31, 2015 are as follows (in thousands): Three Months Ended Unpaid amounts as of (1) March 31, March 31, December 31, 2016 2015 2016 2015 Selling commissions (2) $ — $ 4,022 $ — $ — Marketing support fees (2) — 5,387 — — $ — $ 9,409 $ — $ — The expenses and fees incurred by and reimbursable to the Company’s related parties for the three months ended March 31, 2016 and 2015, and related amounts unpaid as of March 31, 2016 and December 31, 2015 are as follows (in thousands): Three Months Ended Unpaid amounts as of (1) March 31, March 31, December 31, 2016 2015 2016 2015 Reimbursable expenses: Offering costs (2) $ — $ 882 $ — $ 32 Operating expenses (3) 1,230 898 1,106 935 Acquisition fees and expenses 30 104 20 12 1,260 1,884 1,126 979 Investment services fees (4) — 1,416 — 182 Property management fees (5) 1,199 980 819 418 Asset management fees (6) 7,198 4,886 2,031 224 $ 9,657 $ 9,166 $ 3,976 $ 1,803 8. Related Party Arrangements (continued) ________________ FOOTNOTES: (1) Amounts are recorded as due to related parties in the accompanying condensed consolidated balance sheets. (2) Amounts are recorded as stock issuance and offering costs in the accompanying condensed consolidated statements of stockholders’ equity and redeemable noncontrolling interest. (3) Amounts are recorded as general and administrative expenses in the accompanying condensed consolidated statements of operations. (4) Investment service fees are recorded as acquisition fees and expenses in the accompanying condensed consolidated statements of operations. (5) For the three months ended March 31, 2016 and 2015, the Company incurred approximately $1.2 million and $1.0 million, respectively, in property and construction management fees payable to the Property Manager of which approximately $0.2 million and $0.3 million, respectively, in construction management fees were capitalized and included in real estate under development in the accompanying condensed consolidated balance sheets. (6) For the three months ended March 31, 2016, the Company incurred approximately $7.2 million in asset management fees payable to the Advisor of which approximately $0.2 million was capitalized and included in real estate under development in the accompanying condensed consolidated balance sheet. In addition, the Company recognized a reduction in asset management fees of approximately $0.4 million as an estimate of the annual expense support amount expected to be settled in accordance with the terms of the Amended Expense Support Agreements. For the three months ended March 31, 2015, the Company incurred approximately $4.9 million in asset management fees payable to the Advisor of which approximately $0.5 million was settled in accordance with the terms of the Advisor Expense Support Agreement and approximately $0.1 million was capitalized and included in real estate under development in the accompanying condensed consolidated balance sheet.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2016
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	9. Derivative Financial Instruments The following summarizes the terms of the Company’s, or its equity method investments’, derivative financial instruments and the corresponding asset (liability) as of March 31, 2016 and December 31, 2015 (in thousands): Fair value asset (liability) as of Notional Amount Strike (1) Credit Spread (1) Trade date Forward date Maturity date March 31, 2016 December 31, 2015 $ 12,200 (2) 1.3 % 2.6 % 1/17/2013 1/15/2015 1/16/2018 $ (145 ) $ (85 ) $ 37,901 (2) 2.7 % 2.5 % 9/6/2013 8/17/2015 7/10/2018 $ (1,652 ) $ (1,472 ) $ 25,826 (2) 2.8 % 2.5 % 9/6/2013 8/17/2015 8/29/2018 $ (1,228 ) $ (1,086 ) $ 10,609 (3) 3.0 % ― % 6/27/2014 6/30/2014 6/30/2017 $ ― $ 1 $ 48,415 (2) 2.4 % 2.9 % 8/15/2014 6/1/2016 6/2/2019 $ (1,811 ) $ (1,066 ) $ 83,449 (2) 2.3 % 2.4 % 9/12/2014 8/1/2015 7/15/2019 $ (3,310 ) $ (2,283 ) $ 6,967 (2) 1.2 % 2.3 % 11/12/2014 11/15/2014 10/15/2017 $ (62 ) $ (37 ) $ 175,000 (2) 1.6 % 2.0 % 12/23/2014 12/19/2014 2/19/2019 $ (3,837 ) $ (1,694 ) $ 137,597 (2) 1.7 % 2.0 % 1/9/2015 12/10/2015 12/22/2019 $ (3,966 ) $ (1,795 ) $ 260,000 (3) 1.5 % ― % 11/19/2015 11/19/2015 11/30/2018 $ 707 $ 1,988 $ 150,000 (3) 1.5 % ― % 3/1/2016 3/1/2016 11/30/2018 $ 411 $ ― _______________ FOOTNOTES: (1) The all-in rates are equal to the sum of the Strike and Credit Spread detailed above. (2) Amounts related to interest rate swaps held by the Company, or its equity method investments, which are recorded at fair value and included in either other assets or other liabilities in the accompanying condensed consolidated balance sheets. (3) Amounts related to the interest rate caps held by the Company, or its equity method investments, which are recorded at fair value and included in other assets in the accompanying condensed consolidated balance sheets. 9. 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 instruments and has determined that the credit valuation adjustments on the overall valuation adjustments are not significant to the overall valuation of its derivative financial instruments. As a result, the Company determined that its derivative financial instruments valuation in its entirety is classified in Level 2 of the fair value hierarchy. Determining fair value requires management to make certain estimates and judgments. Changes in assumptions could have a positive or negative impact on the estimated fair values of such instruments which could, in turn, impact the Company’s or its joint venture’s results of operations.

Equity

Equity	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Equity	10. Equity Stockholders’ Equity: Distribution Reinvestment Plan — For the three months ended March 31, 2016 and 2015, the Company received proceeds through its Reinvestment Plan of approximately $10.7 million ( 1.1 million shares) and $7.6 million (0.8 million shares), respectively. Distributions — The following table details the Company’s historical share prices in its Offerings, including the prices pursuant to the Reinvestment Plan and the Company’s monthly cash and stock distributions per share: Period Price per Share Reinvestment Plan Price per Share Monthly Cash Distributions Monthly Stock Distributions January 1, 2015 through February 11, 2016 $ 10.58 $ 10.06 $ 0.0353 (2) February 12, 2016 through March 31, 2016 (1) $ 9.75 $ 9.75 $ 0.0353 ― FOOTNOTES: (1) The Company’s board of directors adopted an estimated NAV of $9.75 as of December 31, 2015, which upon adoption represents the Reinvestment Plan price per share. (2) The Company closed its Offerings on September 30, 2015 and discontinued its stock distributions concurrently. The monthly stock distributions were 0.0025 through September 30, 2015. During the three months ended March 31, 2016 and 2015, the Company declared cash distributions of $18.5 million and $13.2 million, respectively, of which $7.7 million and $5.6 million, were paid in cash to stockholders and $10.7 million and $7.6 million, respectively, were reinvested pursuant to the Reinvestment Plan. In addition, the Company declared and made stock distributions of approximately 0.9 million shares of common stock during the three months ended March 31, 2015. The Company closed its Offerings on September 30, 2015 and discontinued its stock distributions concurrently. Redemptions — During the three months ended March 31, 2016 and 2015, the Company received requests for the redemption of common stock of approximately 0.3 million and 0.2 million shares, respectively, all of which were approved for redemption at an average price of $9.73 and $9.51, respectively, and for a total of approximately $2.7 million and $1.9 million, respectively. Promoted Interest — During the three months ended March 31, 2016, the Company recorded, as a reduction to capital in excess of par value, approximately $3.9 million related to the promoted interest held by the third-party developer of Dogwood Forest of Acworth, as the property reached stabilization during the quarter and it became probable that the promoted interest thresholds will be met. 10. Equity (continued) Other comprehensive income (loss) — The following table reflects the effect of derivative financial instruments held by the Company, or its equity method investments, and included in the condensed consolidated statements of comprehensive loss for the three months ended March 31, 2016 and 2015 (in thousands): Derivative financial instruments Gain (loss) recognized in other comprehensive loss on derivative financial instruments Location of gain (loss) reclassified into earnings Loss reclassified from AOCI into earnings Three Months Ended Three Months Ended March 31, March 31, 2016 2015 2016 2015 Interest rate swaps $ (6,491 ) $ (5,268 ) Interest expense and loan cost amortization $ (1,296 ) $ (659 ) Interest rate caps (1,457 ) ― Interest expense and loan cost amortization ― ― Reclassification of interest rate swaps upon derecognition ― 74 Interest expense and loan cost amortization ― (74 ) Reclassification of interest rate swaps due to ineffectiveness 18 ― Interest expense and loan cost amortization (18 ) ― Interest rate cap held by unconsolidated joint venture (1 ) (6 ) Not applicable ― ― Total $ (7,931 ) $ (5,200 ) $ (1,314 ) $ (733 )

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. 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 has 10 promoted interest agreements with third-party developers, certain operating targets have been established which, upon meeting such targets, result in the developer being entitled to additional payments based on enumerated percentages of the assumed net proceeds of a deemed sale, subject to achievement of an established internal rate of return of the Company’s investment in the development. Refer to Note 3. “Real Estate Assets, net” for additional information on the remaining development budgets for the Company’s real estate under development. Refer to Note 6. “Contingent Purchase Price Consideration” for information on potential contingent purchase price considerations related to property acquisitions. Refer to Note 8. “Related Party Arrangements” for information on contingent restricted stock shares due to the Company’s Advisor and Property Manager in connection with the Amended Expense Support Agreements.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation — The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by generally accepted accounting principles in the United States (“GAAP”). The unaudited condensed consolidated financial statements reflect all normal recurring adjustments, which, in the opinion of management, are necessary for the fair statement of the Company’s results for the interim period presented. Operating results for the three months ended March 31, 2016 may not be indicative of the results that may be expected for the year ending December 31, 2016. Amounts as of December 31, 2015 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, 2015. The accompanying unaudited condensed consolidated financial statements include the Company’s accounts, the accounts of wholly owned subsidiaries or subsidiaries for which the Company has a controlling interest, the accounts of 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 VIEs, the Company analyzes its variable interests, including loans, leases, guarantees, and equity investments, to determine if the entity in which it has a variable interest is a variable interest entity (“VIE”). The Company’s analysis includes both quantitative and qualitative reviews. The Company bases its quantitative analysis on the forecasted cash flows of the entity, and its qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and financial agreements. The Company also uses its quantitative and qualitative analyses to determine if it is the primary beneficiary of the VIE, and if such determination is made, it includes the accounts of the VIE in its consolidated financial statements.
Use of Estimates	Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements, the reported amounts of revenues and expenses during the reporting periods and the disclosure of contingent liabilities. For example, significant assumptions are made in the allocation of purchase price, the analysis of real estate impairments, the valuation of contingent assets and liabilities, and the valuation of restricted stock shares issued to the Advisor or Property Manager. Accordingly, actual results could differ from those estimates.
Adopted Accounting Pronouncements	Adopted Accounting Pronouncements — In February 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2015-02, “Amendments to the Consolidation Analysis,” which requires amendments to both the variable interest entity and voting models. The amendments (i) modify the identification of variable interests (fees paid to a decision maker or service provider), the VIE characteristics for a limited partnership or similar entity and primary beneficiary determination under the VIE model, and (ii) eliminate the presumption within the current voting model that a general partner controls a limited partnership or similar entity. The new guidance is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2015 with early adoption permitted. The amendments may be applied using either a modified retrospective or full retrospective approach. The Company retrospectively adopted ASU 2015-02 on January 1, 2016; the adoption of which modified the Company’s identification and conclusions for certain entities from variable interest entities to voting interest entities and resulted in the removal of required disclosures related to those entities, but did not have a material impact to the Company’s consolidated financial position, results of operations or cash flows as the Company’s consolidation determinations for all of its VIE’s remained unchanged. 2. Summary of Significant Accounting Policies (continued) In April 2015, the FASB issued ASU 2015-03, “Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs,” which requires that loan costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts or premiums. The new guidance is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2015 with early adoption permitted. The ASU is to be applied retrospectively for each period presented. Upon adoption, an entity is required to comply with the applicable disclosures for a change in an accounting principle. The FASB subsequently issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements,” which clarifies that, given the absence of authoritative guidance in ASU 2015-03 regarding presentation and subsequent measurement of loan costs related to line-of-credit arrangements, the SEC Staff would not object to an entity deferring and presenting loan costs as an asset and subsequently amortizing the loan costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company adopted ASU 2015-03 on January 1, 2016; the adoption of which impacted the Company’s presentation of its consolidated financial position but did not have a material impact on the Company’s consolidated results of operations or cash flows. Accordingly, the Company has retrospectively adjusted the presentation of loan costs for all periods presented. The following table provides additional details by financial statement line item of the adjusted presentation in the Company’s condensed consolidated balance sheet as of December 31, 2015 (in thousands): As Filed Adjusted December 31, December 31, 2015 Adjustments 2015 Other assets $ 21,302 $ 2,032 $ 23,334 Loan costs, net $ 14,358 $ (14,358 ) $ — Mortgages and other notes payable, net $ 840,435 $ (8,610 ) $ 831,825 Credit facilities $ 660,000 $ (3,716 ) $ 656,284 In September 2015, the FASB issued ASU 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments,” which requires an acquirer to recognize provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The new guidance is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2015 with early adoption permitted. The Company adopted ASU 2015-16 on January 1, 2016; the adoption of which did not have a material impact to its consolidated financial position, results of operations or cash flows. 2. Summary of Significant Accounting Policies (continued) Recent Accounting Pronouncements — In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” as a new ASC topic (Topic 606). The core principle of this ASU is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU further provides guidance for any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards (for example, lease contracts). The FASB subsequently issued ASU 2015-14 to defer the effective date of ASU 2014-09 until annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, with earlier adoption permitted. ASU 2014-09 can be adopted using one of two retrospective transition methods: (i) retrospectively to each prior reporting period presented or (ii) as a cumulative-effect adjustment as of the date of adoption. The Company has not yet selected a transition method and is currently evaluating the impact of ASU 2014-09; however, its adoption could potentially have a significant effect on the Company’s consolidated financial position, results of operations or cash flows.
Recent Accounting Pronouncements	In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842): Accounting for Leases,” which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The ASU requires lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. The ASU further modifies lessors’ classification criteria for leases and the accounting for sales-type and direct financing leases. The ASU will also require qualitative and quantitative disclosures designed to give financial statement users additional information on the amount, timing, and uncertainty of cash flows arising from leases. The ASU is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2018 with early adoption permitted. The ASU is to be applied using a modified retrospective approach. The Company is currently evaluating the impact this ASU will have on the Company’s consolidated financial position, results of operations and cash flows.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Schedule of Adjusted Condensed Consolidated Balance Sheet	The following table provides additional details by financial statement line item of the adjusted presentation in the Company’s condensed consolidated balance sheet as of December 31, 2015 (in thousands): As Filed Adjusted December 31, December 31, 2015 Adjustments 2015 Other assets $ 21,302 $ 2,032 $ 23,334 Loan costs, net $ 14,358 $ (14,358 ) $ — Mortgages and other notes payable, net $ 840,435 $ (8,610 ) $ 831,825 Credit facilities $ 660,000 $ (3,716 ) $ 656,284

Real Estate Assets, net (Tables

Real Estate Assets, net (Tables)	3 Months Ended
	Mar. 31, 2016
Real Estate Properties [Line Items]
Schedule of Real Estate Investment Properties	The gross carrying amount and accumulated depreciation of the Company’s real estate assets as of March 31, 2016 and December 31, 2015 are as follows (in thousands):
Under Development with Third-Party Developers
Real Estate Properties [Line Items]
Schedule of Real Estate Investment Properties	As of March 31, 2016, eight of the Company’s seniors housing communities and one post-acute care facility have real estate under development or expansion projects with third-party developers as follows (in thousands): FOOTNOTES: (1) This amount represents land and total capitalized costs for GAAP purposes for the acquisition, development and construction of the seniors housing community or post-acute care facility as of March 31, 2016. Amounts include investment services fees, asset management fees, interest expense and other costs capitalized during the development period. (2) This amount includes preleasing and marketing costs, which will be expensed as incurred. (3) This property is owned through a joint venture in which the Company’s initial ownership interest is 95%. (4) This property is owned through a joint venture in which the Company’s initial ownership interest is 75%. The development budgets include the cost of the land, construction costs, development fees, financing costs, start-up costs and initial operating deficits of the respective properties. Generally, the Company has delegated to an affiliate of the developer of the respective community the management and administration of the development and construction. Each developer is responsible for any cost overruns beyond the approved development budget for the applicable project pursuant to a cost overrun guarantee. Some of these developments were deemed to be VIEs; refer to Note 5. “Variable Interest Entities” for additional information.

Intangibles, net (Tables)

Intangibles, net (Tables)	3 Months Ended
	Mar. 31, 2016
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Net Book Value of Intangibles	The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities as of March 31, 2016 and December 31, 2015 are as follows (in thousands): March 31, December 31, 2016 2015 In-place lease intangibles $ 220,199 $ 220,917 Above-market lease intangibles 13,858 13,960 Below-market ground lease intangibles 12,470 12,470 Less: accumulated amortization (88,141 ) (74,895 ) Intangible assets, net $ 158,386 $ 172,452 Below-market lease intangibles $ (12,060 ) $ (12,095 ) Above-market ground lease intangibles (3,488 ) (3,488 ) Less: accumulated amortization 3,008 2,581 Intangible liabilities, net (1) $ (12,540 ) $ (13,002 ) ____________ FOOTNOTE: (1) Intangible liabilities, net are included in other liabilities in the accompanying condensed consolidated balance sheets.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2016
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Aggregate Carrying Amount and Major Classifications of Consolidated Assets	The aggregate carrying amount and major classifications of the consolidated assets that can be used to settle obligations of the VIEs and liabilities of the consolidated VIEs that are non-recourse to the Company as of March 31, 2016 and December 31, 2015 are as follows (in thousands): March 31, December 31, 2016 2015 Assets: Real estate investment properties, net $ 113,309 $ 103,691 Real estate under development, including land $ 64,803 $ 58,994 Intangibles, net $ 3,738 $ 4,015 Cash $ 2,308 $ 3,904 Deferred rent and lease incentives $ 3,158 $ 3,096 Other assets $ 994 $ 1,000 Restricted cash $ 647 $ 974 Liabilities: Mortgages and other notes payable, net $ 93,274 $ 85,093 Accounts payable and accrued liabilities $ 881 $ 743 Accrued development costs $ 11,542 $ 10,669 Other liabilities $ 1,561 $ 1,387 Due to related parties $ 152 $ 136

Contingent Purchase Price Con25

Contingent Purchase Price Consideration (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value of Contingent Purchase Price Consideration	The following table provides a roll-forward of the fair value of the Company’s aggregate contingent purchase price consideration for the three months ended March 31, 2016 (in thousands): Property Beginning asset (liability) as of December 31, 2015 Contingent Consideration Payment Change in Fair Value Ending asset (liability) as of March 31, 2016 Superior Residences of Panama City $ (3,000 ) — — $ (3,000 ) The Shores of Lake Phalen (750 ) — — (750 ) Siena Pavilion VI (3,750 ) — — (3,750 ) Center One 1,019 (79 ) — 940 $ (6,481 ) (79 ) — $ (6,560 )

Indebtedness (Tables)

Indebtedness (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Details of Indebtedness	The following table provides details of the Company’s indebtedness as of March 31, 2016 and December 31, 2015 (in thousands): March 31, December 31, 2016 2015 Mortgages payable and other notes payable: Fixed rate debt $ 389,305 $ 391,639 Variable rate debt (1) 481,897 449,017 Mortgages and other notes payable (2) 871,202 840,656 Premium (discount), net (3) (182 ) (221 ) Loan costs, net (8,537 ) (8,610 ) Total mortgages and other notes payable, net 862,483 831,825 Credit facilities: Revolving Credit Facility (4) (5) 180,113 225,000 First Term Loan Facility (1) 175,000 175,000 Second Term Loan Facility (5) 275,000 260,000 Loan costs, net related to Term Loan Facilities (3,585 ) (3,716 ) Total credit facilities, net 626,528 656,284 Total borrowings, net $ 1,489,011 $ 1,488,109 _____________ FOOTNOTES: (1) As of March 31, 2016 and December 31, 2015, the Company had entered into interest rate swaps with notional amounts of approximately $478.9 million and $480.7 million, respectively, which settle on a monthly basis. In addition, as of March 31, 2016 and December 31, 2015, the Company had entered into forward-starting interest rate swaps for total notional amounts of approximately $48.4 million and $48.4 million, respectively, in order to hedge its exposure to variable rate debt in future periods. Refer to Note 9. “Derivative Financial Instruments” for additional information. (2) As of March 31, 2016 and December 31, 2015, the Company’s mortgages and other notes payable are collateralized by 66 and 65 properties, respectively, with total carrying value of approximately $1.4 billion and $1.4 billion, respectively. (3) Premium (discount), net is reflective of the Company recording mortgage notes payable assumed at fair value on the respective acquisition date. (4) As of March 31, 2016 and December 31, 2015, availability under the Revolving Credit Facility was approximately $41.7 million and $20.0 million, respectively, based on the value of the properties in the unencumbered pool of assets supporting the loan. (5) As of March 31, 2016 and December 31, 2015, the Company had entered into interest rate caps with a notional amounts of approximately $410.0 million and $260.0 million, respectively. Refer to Note 9. “Derivative Financial Instruments” for additional information.

Related Party Arrangements (Tab

Related Party Arrangements (Tables)	3 Months Ended
	Mar. 31, 2016
Related Party Arrangement, Fees and Expenses Incurred By, Reimbursable, Settled and Paid	The expenses and fees incurred by and reimbursable to the Company’s related parties for the three months ended March 31, 2016 and 2015, and related amounts unpaid as of March 31, 2016 and December 31, 2015 are as follows (in thousands): Three Months Ended Unpaid amounts as of (1) March 31, March 31, December 31, 2016 2015 2016 2015 Reimbursable expenses: Offering costs (2) $ — $ 882 $ — $ 32 Operating expenses (3) 1,230 898 1,106 935 Acquisition fees and expenses 30 104 20 12 1,260 1,884 1,126 979 Investment services fees (4) — 1,416 — 182 Property management fees (5) 1,199 980 819 418 Asset management fees (6) 7,198 4,886 2,031 224 $ 9,657 $ 9,166 $ 3,976 $ 1,803 8. Related Party Arrangements (continued) ________________ FOOTNOTES: (1) Amounts are recorded as due to related parties in the accompanying condensed consolidated balance sheets. (2) Amounts are recorded as stock issuance and offering costs in the accompanying condensed consolidated statements of stockholders’ equity and redeemable noncontrolling interest. (3) Amounts are recorded as general and administrative expenses in the accompanying condensed consolidated statements of operations. (4) Investment service fees are recorded as acquisition fees and expenses in the accompanying condensed consolidated statements of operations. (5) For the three months ended March 31, 2016 and 2015, the Company incurred approximately $1.2 million and $1.0 million, respectively, in property and construction management fees payable to the Property Manager of which approximately $0.2 million and $0.3 million, respectively, in construction management fees were capitalized and included in real estate under development in the accompanying condensed consolidated balance sheets. (6) For the three months ended March 31, 2016, the Company incurred approximately $7.2 million in asset management fees payable to the Advisor of which approximately $0.2 million was capitalized and included in real estate under development in the accompanying condensed consolidated balance sheet. In addition, the Company recognized a reduction in asset management fees of approximately $0.4 million as an estimate of the annual expense support amount expected to be settled in accordance with the terms of the Amended Expense Support Agreements. For the three months ended March 31, 2015, the Company incurred approximately $4.9 million in asset management fees payable to the Advisor of which approximately $0.5 million was settled in accordance with the terms of the Advisor Expense Support Agreement and approximately $0.1 million was capitalized and included in real estate under development in the accompanying condensed consolidated balance sheet.
Expense Support Agreements
Related Party Arrangement, Fees and Expenses Incurred By, Reimbursable, Settled and Paid	The following fees are expected to be or were settled and paid in the form of Restricted Stock in connection with the Amended Expense Support Agreements for the three months ended March 31, 2016 and the Original Expense Support Agreements for the three months ended March 31, 2015, and cumulatively as of March 31, 2016 under both agreements (in thousands, except offering price): Three Months Ended As of March 31, March 31, 2016 2015 2016 Asset management fees (1) $ 375 $ 545 $ 11,023 Then-current offering price or NAV (2) $ 9.75 $ 10.58 $ 9.75 Restricted Stock shares (3) 38 52 1,079 Cash distributions on Restricted Stock (4) $ 90 $ 54 $ 474 Stock distributions on Restricted Stock (5) — 4 21 ______________ FOOTNOTES: (1) No other amounts have been settled in accordance with the Amended Expense Support Agreements for the three months ended March 31, 2016 and 2015, and the Original Expense Support Agreements for the three months ended March 31, 2015, and cumulatively as of March 31, 2016 under both agreements. (2) The number of restricted stock shares granted to the Advisor in lieu of payment in cash is determined by dividing the expense support amount for the respective determination date by the then-current public offering price as of the Original Determination Date or by the then-current NAV per share as of the Amended Determination Date. (3) As of March 31, 2016, Restricted Stock shares are comprised of approximately 1.04 million shares issued to the Advisor and approximately 0.04 million expected to be issued to the Advisor on the Amended Determination Date. No fair value was assigned to the Restricted Stock shares as the shares were valued at zero, which represents the lowest possible value estimated at vesting. In addition, the Restricted Stock shares were treated as unissued for financial reporting purposes because the vesting criteria had not been met through . (4) The cash distributions have been recognized as compensation expense as issued and included in general and administrative expense in the accompanying condensed consolidated statements of operations. (5) The par value of the stock distributions has been recognized as compensation expense as issued and included in general and administrative expense in the accompanying condensed consolidated statements of operations.
Public Offering | Managing Dealer
Related Party Arrangement, Fees and Expenses Incurred By, Reimbursable, Settled and Paid	The fees incurred by and reimbursable to the Managing Dealer in connection with the Company’s Offerings for the three months ended March 31, 2016 and 2015, and related amounts unpaid as of March 31, 2016 and December 31, 2015 are as follows (in thousands): Three Months Ended Unpaid amounts as of (1) March 31, March 31, December 31, 2016 2015 2016 2015 Selling commissions (2) $ — $ 4,022 $ — $ — Marketing support fees (2) — 5,387 — — $ — $ 9,409 $ — $ —

Derivative Financial Instrume28

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Summary of Gross and Net Amounts of Derivative Financial Instruments Presented in Condensed Consolidated Balance Sheet	The following summarizes the terms of the Company’s, or its equity method investments’, derivative financial instruments and the corresponding asset (liability) as of March 31, 2016 and December 31, 2015 (in thousands): Fair value asset (liability) as of Notional Amount Strike (1) Credit Spread (1) Trade date Forward date Maturity date March 31, 2016 December 31, 2015 $ 12,200 (2) 1.3 % 2.6 % 1/17/2013 1/15/2015 1/16/2018 $ (145 ) $ (85 ) $ 37,901 (2) 2.7 % 2.5 % 9/6/2013 8/17/2015 7/10/2018 $ (1,652 ) $ (1,472 ) $ 25,826 (2) 2.8 % 2.5 % 9/6/2013 8/17/2015 8/29/2018 $ (1,228 ) $ (1,086 ) $ 10,609 (3) 3.0 % ― % 6/27/2014 6/30/2014 6/30/2017 $ ― $ 1 $ 48,415 (2) 2.4 % 2.9 % 8/15/2014 6/1/2016 6/2/2019 $ (1,811 ) $ (1,066 ) $ 83,449 (2) 2.3 % 2.4 % 9/12/2014 8/1/2015 7/15/2019 $ (3,310 ) $ (2,283 ) $ 6,967 (2) 1.2 % 2.3 % 11/12/2014 11/15/2014 10/15/2017 $ (62 ) $ (37 ) $ 175,000 (2) 1.6 % 2.0 % 12/23/2014 12/19/2014 2/19/2019 $ (3,837 ) $ (1,694 ) $ 137,597 (2) 1.7 % 2.0 % 1/9/2015 12/10/2015 12/22/2019 $ (3,966 ) $ (1,795 ) $ 260,000 (3) 1.5 % ― % 11/19/2015 11/19/2015 11/30/2018 $ 707 $ 1,988 $ 150,000 (3) 1.5 % ― % 3/1/2016 3/1/2016 11/30/2018 $ 411 $ ― _______________ FOOTNOTES: (1) The all-in rates are equal to the sum of the Strike and Credit Spread detailed above. (2) Amounts related to interest rate swaps held by the Company, or its equity method investments, which are recorded at fair value and included in either other assets or other liabilities in the accompanying condensed consolidated balance sheets. (3) Amounts related to the interest rate caps held by the Company, or its equity method investments, which are recorded at fair value and included in other assets in the accompanying condensed consolidated balance sheets.

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Historical Offering Share Prices, Including the Prices Pursuant To the Reinvestment Plan and the Company's Monthly Distributions per Share	The following table details the Company’s historical share prices in its Offerings, including the prices pursuant to the Reinvestment Plan and the Company’s monthly cash and stock distributions per share: Period Price per Share Reinvestment Plan Price per Share Monthly Cash Distributions Monthly Stock Distributions January 1, 2015 through February 11, 2016 $ 10.58 $ 10.06 $ 0.0353 (2) February 12, 2016 through March 31, 2016 (1) $ 9.75 $ 9.75 $ 0.0353 ― FOOTNOTES: (1) The Company’s board of directors adopted an estimated NAV of $9.75 as of December 31, 2015, which upon adoption represents the Reinvestment Plan price per share. (2) The Company closed its Offerings on September 30, 2015 and discontinued its stock distributions concurrently. The monthly stock distributions were 0.0025 through September 30, 2015.
Effect of Derivative Financial Instruments	The following table reflects the effect of derivative financial instruments held by the Company, or its equity method investments, and included in the condensed consolidated statements of comprehensive loss for the three months ended March 31, 2016 and 2015 (in thousands): Derivative financial instruments Gain (loss) recognized in other comprehensive loss on derivative financial instruments Location of gain (loss) reclassified into earnings Loss reclassified from AOCI into earnings Three Months Ended Three Months Ended March 31, March 31, 2016 2015 2016 2015 Interest rate swaps $ (6,491 ) $ (5,268 ) Interest expense and loan cost amortization $ (1,296 ) $ (659 ) Interest rate caps (1,457 ) ― Interest expense and loan cost amortization ― ― Reclassification of interest rate swaps upon derecognition ― 74 Interest expense and loan cost amortization ― (74 ) Reclassification of interest rate swaps due to ineffectiveness 18 ― Interest expense and loan cost amortization (18 ) ― Interest rate cap held by unconsolidated joint venture (1 ) (6 ) Not applicable ― ― Total $ (7,931 ) $ (5,200 ) $ (1,314 ) $ (733 )

Organization - Additional Infor

Organization - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2016	Oct. 31, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
CNL properties Trust, Inc. organized date	Jun. 8, 2010
Sale of additional share of common stock		20,000,000

Summary of Significant Accoun31

Summary of Significant Accounting Policies - Schedule of Adjusted Condensed Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Other assets	$ 23,935	$ 23,334
Mortgages and other notes payable, net	862,483	831,825
Credit facilities	$ 626,528	656,284
Previously Reported
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Other assets		21,302
Loan costs, net		14,358
Mortgages and other notes payable, net		840,435
Credit facilities		660,000
Adjustments
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Other assets		2,032
Loan costs, net		(14,358)
Mortgages and other notes payable, net		(8,610)
Credit facilities		$ (3,716)

Schedule of Real Estate Investm

Schedule of Real Estate Investment Properties (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Real Estate [Abstract]
Land and land improvements	$ 231,449	$ 229,046
Building and building improvements	2,304,994	2,297,336
Furniture, fixtures and equipment	62,620	60,601
Less: accumulated depreciation	(136,730)	(116,807)
Real estate investment properties, net	2,462,333	2,470,176
Real estate under development, including land	71,064	62,521
Total real estate assets, net	$ 2,533,397	$ 2,532,697

Real Estate Assets, Net - Addit

Real Estate Assets, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Real Estate Investment Properties
Real Estate Properties [Line Items]
Depreciation expense	$ 19.9	$ 13.6

Real Estate under Development w

Real Estate under Development with Third-Party Developers (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Real Estate Properties [Line Items]
Real Estate Development Costs Incurred	$ 71,064	[1]
Remaining Development Budget	$ 127,953	[2]
Watercrest at Katy (Katy, TX)
Real Estate Properties [Line Items]
Developer	South Bay Partners, Ltd	[3]
Real Estate Development Costs Incurred	$ 31,595	[1],[3]
Remaining Development Budget	$ 11,902	[2],[3]
Welbrook Senior Living Grand Junction (Grand Junction, CO)
Real Estate Properties [Line Items]
Developer	Embree Asset Group, Inc.
Real Estate Development Costs Incurred	$ 5,375	[1]
Remaining Development Budget	$ 9,190	[2]
Waterstone at Greenville (Greenville, SC)
Real Estate Properties [Line Items]
Developer	T&D Greenville, LLC
Real Estate Development Costs Incurred	$ 10,442	[1]
Remaining Development Budget	$ 18,934	[2]
Wellmore of Lexington (Lexington, SC)
Real Estate Properties [Line Items]
Developer	Maxwell Group, Inc.
Real Estate Development Costs Incurred	$ 13,512	[1]
Remaining Development Budget	$ 42,799	[2]
Dogwood Forest of Grayson (Grayson, GA)
Real Estate Properties [Line Items]
Developer	Solomon Development Services, LLC
Real Estate Development Costs Incurred	$ 5,454	[1]
Remaining Development Budget	$ 21,575	[2]
Fieldstone at Pear Orchard (Yakima, WA)
Real Estate Properties [Line Items]
Developer	Cascadia Development, LLC	[4]
Real Estate Development Costs Incurred	$ 3,841	[1],[4]
Remaining Development Budget	$ 12,045	[2],[4]
Town Village (Oklahoma City, OK)
Real Estate Properties [Line Items]
Developer	South Bay Partners, Ltd
Real Estate Development Costs Incurred	$ 60	[1]
Remaining Development Budget	$ 1,440	[2]
Tranquillity at Fredericktowne (Frederick, MD)
Real Estate Properties [Line Items]
Developer	Capital Health Partners
Real Estate Development Costs Incurred	$ 552	[1]
Remaining Development Budget	$ 5,470	[2]
Brookridge Heights Assisted Living & Memory Care (Marquette, MI)
Real Estate Properties [Line Items]
Developer	Capital Health Partners
Real Estate Development Costs Incurred	$ 233	[1]
Remaining Development Budget	$ 4,598	[2]
[1]	This amount represents land and total capitalized costs for GAAP purposes for the acquisition, development and construction of the seniors housing community or post-acute care facility as of March 31, 2016. Amounts include investment services fees, asset management fees, interest expense and other costs capitalized during the development period.
[2]	This amount includes preleasing and marketing costs, which will be expensed as incurred.
[3]	This property is owned through a joint venture in which the Company’s initial ownership interest is 95%.
[4]	This property is owned through a joint venture in which the Company’s initial ownership interest is 75%.

Real Estate under Development35

Real Estate under Development with Third-Party Developers (Parenthetical) (Detail) - Corporate Joint Venture	Mar. 31, 2016
Watercrest at Katy (Katy, TX)
Real Estate Properties [Line Items]
Percentage of ownership interest	95.00%
Fieldstone at Pear Orchard (Yakima, Washington)
Real Estate Properties [Line Items]
Percentage of ownership interest	75.00%

Schedule of Net Book Value of I

Schedule of Net Book Value of Intangibles (Detail) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets And Liabilities [Line Items]
Less: accumulated amortization, assets		$ (88,141)	$ (74,895)
Intangible assets, net		158,386	172,452
Less: accumulated amortization, liabilities		3,008	2,581
In-place lease intangibles
Finite-Lived Intangible Assets And Liabilities [Line Items]
Gross carrying amount, assets		220,199	220,917
Above-market lease intangibles
Finite-Lived Intangible Assets And Liabilities [Line Items]
Gross carrying amount, assets		13,858	13,960
Gross carrying amount, liabilities		(3,488)	(3,488)
Below-market ground lease intangibles
Finite-Lived Intangible Assets And Liabilities [Line Items]
Gross carrying amount, assets		12,470	12,470
Gross carrying amount, liabilities		(12,060)	(12,095)
Other liabilities
Finite-Lived Intangible Assets And Liabilities [Line Items]
Intangible liabilities, net	[1]	$ (12,540)	$ (13,002)
[1]	Intangible liabilities, net are included in other liabilities in the accompanying condensed consolidated balance sheets.

Intangibles net - Additional In

Intangibles net - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Finite-Lived Intangible Assets And Liabilities [Line Items]
Amortization expense on intangible assets	$ 13,200	$ 10,200
Amortization expense on intangible liabilities	400	400
Rental Income from Operating Leases
Finite-Lived Intangible Assets And Liabilities [Line Items]
Amortization expense on intangible assets	500	500
Amortization expense on intangible liabilities	400	400
Property Operating Expenses
Finite-Lived Intangible Assets And Liabilities [Line Items]
Amortization expense on intangible assets	100	100
Amortization expense on intangible liabilities	20	20
Depreciation And Amortization
Finite-Lived Intangible Assets And Liabilities [Line Items]
Amortization expense on intangible assets	$ 12,600	$ 9,700

Aggregate Carrying Amount and M

Aggregate Carrying Amount and Major Classifications of Consolidated Assets and Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Variable Interest Entity [Line Items]
Real estate investment properties, net	$ 2,462,333	$ 2,470,176
Real estate under development, including land	71,064	62,521
Intangibles, net	158,386	172,452
Cash	54,135	68,922	$ 116,365	$ 91,355
Deferred rent and lease incentives	28,757	23,477
Other assets	23,935	23,334
Restricted cash	9,766	10,287
Mortgages and other notes payable, net	862,483	831,825
Other liabilities	47,934	41,938
Due to related parties	3,976	1,803
VIEs
Variable Interest Entity [Line Items]
Real estate investment properties, net	113,309	103,691
Real estate under development, including land	64,803	58,994
Intangibles, net	3,738	4,015
Cash	2,308	3,904
Deferred rent and lease incentives	3,158	3,096
Other assets	994	1,000
Restricted cash	647	974
Mortgages and other notes payable, net	93,274	85,093
Accounts payable and accrued liabilities	881	743
Accrued development costs	11,542	10,669
Other liabilities	1,561	1,387
Due to related parties	$ 152	$ 136

Variable Interest Entities (VIE

Variable Interest Entities (VIEs) - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Maximum exposure to loss VIEs limits	$ 79.4
Variable interest entity, description	As of March 31, 2016, the Company has 12 subsidiaries which are VIEs due to the following factors and circumstances:  Three of these subsidiaries are single property entities, designed to own and lease their respective properties to multiple tenants, which are subject to either a ground lease or an air rights lease that include buy-out and put options held by either the tenant or landlord under the applicable lease. These buy-out and put options have the potential to cap either the Company’s expected returns or its obligation to absorb the losses of the properties.  Six of these subsidiaries are entities with real estate under development or completed developments in which there is insufficient equity at risk due to the development nature of each entity.  Two of these subsidiaries are joint ventures with real estate under development in which there is insufficient equity at risk due to the development nature of each joint venture.  One of these subsidiaries is a joint venture in which the Company’s co-venture partner has an equity interest that consists of non-substantive protective voting rights, but not any participating or kick-out rights.

Fair Value of Contingent Purcha

Fair Value of Contingent Purchase Price Consideration (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	$ (6,481)
Contingent consideration payment	$ (79)
Change in fair value
Ending balance	$ (6,560)
Superior Residences of Panama City
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	$ (3,000)
Contingent consideration payment
Change in fair value
Ending balance	$ (3,000)
The Shores of Lake Phalen
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	$ (750)
Contingent consideration payment
Change in fair value
Ending balance	$ (750)
Siena Pavilion VI
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	$ (3,750)
Contingent consideration payment
Change in fair value
Ending balance	$ (3,750)
Center One
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	1,019
Contingent consideration payment	$ (79)
Change in fair value
Ending balance	$ 940

Details of Indebtedness (Detail

Details of Indebtedness (Detail) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Mortgages payable and other notes payable	[1]	$ 871,202	$ 840,656
Premium (discount), net	[2]	(182)	(221)
Loan costs, net		(8,537)	(8,610)
Total mortgages and other notes payable, net		862,483	831,825
Credit facilities		626,528	656,284
Total borrowings, net		1,489,011	1,488,109
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facilities	[3],[4]	180,113	225,000
First Term Loan Facility
Debt Instrument [Line Items]
Credit facilities	[5]	175,000	175,000
Second Term Loan Facility
Debt Instrument [Line Items]
Credit facilities	[1]	275,000	260,000
Term Loan Facility
Debt Instrument [Line Items]
Loan costs, net		(3,585)	(3,716)
Fixed rate debt
Debt Instrument [Line Items]
Mortgages payable and other notes payable		389,305	391,639
Variable Rate Debt
Debt Instrument [Line Items]
Mortgages payable and other notes payable	[5]	$ 481,897	$ 449,017
[1]	As of March 31, 2016 and December 31, 2015, the Company’s mortgages and other notes payable are collateralized by 66 and 65 properties, respectively, with total carrying value of approximately $1.4 billion and $1.4 billion, respectively
[2]	Premium (discount), net is reflective of the Company recording mortgage notes payable assumed at fair value on the respective acquisition date.
[3]	As of March 31, 2016 and December 31, 2015, availability under the Revolving Credit Facility was approximately $41.7 million and $20.0 million, respectively, based on the value of the properties in the unencumbered pool of assets supporting the loan.
[4]	As of March 31, 2016 and December 31, 2015, the Company had entered into interest rate caps with a notional amounts of approximately $410.0 million and $260.0 million, respectively. Refer to Note 9. “Derivative Financial Instruments” for additional information.
[5]	As of March 31, 2016 and December 31, 2015, the Company had entered into interest rate swaps with notional amounts of approximately $478.9 million and $480.7 million, respectively, which settle on a monthly basis. In addition, as of March 31, 2016 and December 31, 2015, the Company had entered into forward-starting interest rate swaps for total notional amounts of approximately $48.4 million and $48.4 million, respectively, in order to hedge its exposure to variable rate debt in future periods. Refer to Note 9. “Derivative Financial Instruments” for additional information.

Details of Indebtedness (Parent

Details of Indebtedness (Parenthetical) (Detail) $ in Millions	Mar. 31, 2016USD ($)Property	Dec. 31, 2015USD ($)Property
Revolving Credit Facility
Debt Instrument [Line Items]
Debt Instrument, Current borrowing capacity	$ 41.7	$ 20
Secured Mortgages and Other Notes Payable
Debt Instrument [Line Items]
Number of collateralized properties owned | Property	66	65
Mortgages and other notes payable carrying value of collateral	$ 1,400	$ 1,400
Interest Rate Swap
Debt Instrument [Line Items]
Notional amount of derivative contract	478.9	480.7
Interest Rate Cap
Debt Instrument [Line Items]
Notional amount of derivative contract	410	260
Forward Contracts
Debt Instrument [Line Items]
Notional amount of derivative contract	$ 48.4	$ 48.4

Indebtedness - Additional Infor

Indebtedness - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Mortgage Loans
Debt Instrument [Line Items]
Fair value of notes payable	$ 877.1	$ 844.6
Other notes
Debt Instrument [Line Items]
Carrying value of notes payable	862.5	831.8
Revolving Credit Facility
Debt Instrument [Line Items]
Fair value of notes payable	630.1	660
Carrying value of notes payable	$ 626.5	$ 656.3
Description of covenants	The credit facilities contain affirmative, negative, and financial covenants which are customary for loans of this type, including (but not limited to): (i) maximum leverage, (ii) minimum fixed charge coverage ratio, (iii) minimum consolidated net worth, (iv) restrictions on payments of cash distributions except if required by REIT requirements, (v) maximum secured indebtedness, (vi) maximum secured recourse debt, (vii) minimum unsecured interest coverage and (viii) limitations on certain types of investments and with respect to the pool of properties supporting borrowings under the credit facilities, minimum debt service coverage ratio, minimum weighted average occupancy, and remaining lease terms, as well as property type, MSA, operator, and asset value concentration limits. The limitations on distributions include a limitation on the extent of allowable distributions, which are not to exceed the greater of 95% of adjusted FFO (as defined per the credit facilities) and the minimum amount of distributions required to maintain the Company’s REIT status

Related Party Arrangements - Ad

Related Party Arrangements - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Bank deposits			$ 0.1
Operating expenses reimbursement as percentage average invested assets		2.00%
Operating expenses reimbursement percentage of net income		25.00%
Fieldstone Memory Care
Related Party Transaction [Line Items]
Purchase price	$ 12.4
Advisor And Property Manager
Related Party Transaction [Line Items]
Annualized return of investment		6.00%

Related Party Arrangement, Fees

Related Party Arrangement, Fees and Expenses Incurred (Detail) - USD ($) $ / shares in Units, $ in Thousands		2 Months Ended		3 Months Ended		9 Months Ended	13 Months Ended
		Mar. 31, 2016		Mar. 31, 2016	Mar. 31, 2015	Sep. 30, 2015	Feb. 11, 2016	[2]	Dec. 31, 2015
Related Party Transaction [Line Items]
Then-current offering price or NAV (2)									$ 9.75
Asset management fees				$ 6,653	$ 4,210
Cash distributions on Restricted Stock (4)				7,729	5,600
Stock distributions, shares		0	[1]			0.0025	0
Expense Support Agreements
Related Party Transaction [Line Items]
Asset management fees (1)	[3]	$ 11,023		$ 11,023
Then-current offering price or NAV (2)	[4]	$ 9.75		$ 9.75
Asset management fees	[3]			$ 375	$ 545
Then-current offering price or NAV (2)	[4]	$ 9.75		$ 9.75	$ 10.58
Restricted Stock shares (3)	[5]			38,000	52,000
Expense Support Agreements | Restricted Stock
Related Party Transaction [Line Items]
Restricted Stock shares (3)	[5]	1,079,000		1,079,000
Cash distributions on Restricted Stock (4)	[6]	$ 474		$ 474
Stock distributions on Restricted Stock (5)	[7]	21,000		21,000
Cash distributions on Restricted Stock (4)	[6]			$ 90	$ 54
Stock distributions, shares	[7]				4,000
[1]	The Company’s board of directors adopted an estimated NAV of $9.75 as of December 31, 2015, which upon adoption represents the Reinvestment Plan price per share.
[2]	The Company closed its Offerings on September 30, 2015 and discontinued its stock distributions concurrently. The monthly stock distributions were 0.0025 through September 30, 2015.
[3]	No other amounts have been settled in accordance with the Amended Expense Support Agreements for the three months ended March 31, 2016 and 2015, and the Original Expense Support Agreements for the three months ended March 31, 2015, and cumulatively as of March 31, 2016 under both agreements.
[4]	The number of restricted stock shares granted to the Advisor in lieu of payment in cash is determined by dividing the expense support amount for the respective determination date by the then-current public offering price as of the Original Determination Date or by the then-current NAV per share as of the Amended Determination Date.
[5]	As of March 31, 2016, Restricted Stock shares are comprised of approximately 1.04 million shares issued to the Advisor and approximately 0.04 million expected to be issued to the Advisor on the Amended Determination Date. No fair value was assigned to the Restricted Stock shares as the shares were valued at zero, which represents the lowest possible value estimated at vesting. In addition, the Restricted Stock shares were treated as unissued for financial reporting purposes because the vesting criteria had not been met through March 31, 2016.
[6]	The cash distributions have been recognized as compensation expense as issued and included in general and administrative expense in the accompanying condensed consolidated statements of operations.
[7]	The par value of the stock distributions has been recognized as compensation expense as issued and included in general and administrative expense in the accompanying condensed consolidated statements of operations.

Related Party Arrangement, Fe46

Related Party Arrangement, Fees and Expenses Incurred (Parenthetical) (Detail) shares in Thousands	3 Months Ended
	Mar. 31, 2016shares
Related Party Transactions [Abstract]
Shares issued to Advisor	1,040
Shares issuable to Advisor	40

Fees in Connection with Offerin

Fees in Connection with Offering (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2015USD ($)
Related Party Transactions [Abstract]
Selling commissions	$ 4,022	[1]
Marketing support fees	5,387	[1]
Total offering expenses	$ 9,409
[1]	Amounts are recorded as stock issuance and offering costs in the accompanying condensed consolidated statements of stockholders’ equity and redeemable noncontrolling interest.

Schedule of Fees, Reimbursable

Schedule of Fees, Reimbursable Expenses and Related Amounts Unpaid to Related Parties (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Offering costs	[1]		$ 882
Operating expenses	[2]	$ 1,230	898
Acquisition fees and expenses		105	2,330
Total reimbursable expenses		1,260	1,884
Investment services fees	[3]		1,416
Property management fees		4,470	3,254
Asset management fees		6,653	4,210
Total reimbursable expenses, net		9,657	9,166
Offering costs, unpaid	[1]			$ 32
Operating expenses, unpaid	[2]	1,106		935
Acquisition fees and expenses, unpaid		20		12
Total reimbursable expenses due		1,126		979
Investment services fees, unpaid	[3]			182
Property management fees, unpaid	[4]	819		418
Asset management fees, unpaid	[5]	2,031		224
Total related amount unpaid		3,976		$ 1,803
Reimbursable expenses
Related Party Transaction [Line Items]
Property management fees	[4]	1,199	980
Asset management fees	[5]	7,198	4,886
Property Manager
Related Party Transaction [Line Items]
Acquisition fees and expenses		$ 30	$ 104
[1]	Amounts are recorded as stock issuance and offering costs in the accompanying condensed consolidated statements of stockholders’ equity and redeemable noncontrolling interest.
[2]	Amounts are recorded as general and administrative expenses in the accompanying condensed consolidated statements of operations.
[3]	Investment service fees are recorded as acquisition fees and expenses in the accompanying condensed consolidated statements of operations.
[4]	For the three months ended March 31, 2016 and 2015, the Company incurred approximately $1.2 million and $1.0 million, respectively, in property and construction management fees payable to the Property Manager of which approximately $0.2 million and $0.3 million, respectively, in construction management fees were capitalized and included in real estate under development in the accompanying condensed consolidated balance sheets.
[5]	For the three months ended March 31, 2016, the Company incurred approximately $7.2 million in asset management fees payable to the Advisor of which approximately $0.2 million was capitalized and included in real estate under development in the accompanying condensed consolidated balance sheet. In addition, the Company recognized a reduction in asset management fees of approximately $0.4 million as an estimate of the annual expense support amount expected to be settled in accordance with the terms of the Amended Expense Support Agreements. For the three months ended March 31, 2015, the Company incurred approximately $4.9 million in asset management fees payable to the Advisor of which approximately $0.5 million was settled in accordance with the terms of the Advisor Expense Support Agreement and approximately $0.1 million was capitalized and included in real estate under development in the accompanying condensed consolidated balance sheet.

Schedule of Fees, Reimbursabl49

Schedule of Fees, Reimbursable Expenses and Related Amounts Unpaid to Related Parties (Parenthetical) (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Related Party Transaction [Line Items]
Construction management fees capitalized		$ 200	$ 300
Asset management fees		6,653	4,210
Asset management fees capitalized		200	100
Expense under Support Agreement		400	500
Reimbursable expenses
Related Party Transaction [Line Items]
Property and construction management fees payable		1,200	1,000
Asset management fees	[1]	$ 7,198	$ 4,886
[1]	For the three months ended March 31, 2016, the Company incurred approximately $7.2 million in asset management fees payable to the Advisor of which approximately $0.2 million was capitalized and included in real estate under development in the accompanying condensed consolidated balance sheet. In addition, the Company recognized a reduction in asset management fees of approximately $0.4 million as an estimate of the annual expense support amount expected to be settled in accordance with the terms of the Amended Expense Support Agreements. For the three months ended March 31, 2015, the Company incurred approximately $4.9 million in asset management fees payable to the Advisor of which approximately $0.5 million was settled in accordance with the terms of the Advisor Expense Support Agreement and approximately $0.1 million was capitalized and included in real estate under development in the accompanying condensed consolidated balance sheet.

Amounts Related to Derivative F

Amounts Related to Derivative Financial Instruments Included in Unconsolidated Entities in Condensed Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Dec. 31, 2015
Derivative Financial Instruments One
Derivative [Line Items]
Notional amount of derivative contract	[1]	$ 12,200
Strike	[2]	1.30%
Credit Spread	[2]	2.60%
Trade date		Jan. 17, 2013
Forward date		Jan. 15, 2015
Maturity date		Jan. 16, 2018
Fair value asset (liability)		$ (145)	$ (85)
Derivative Financial Instruments Two
Derivative [Line Items]
Notional amount of derivative contract	[1]	$ 37,901
Strike	[2]	2.70%
Credit Spread	[2]	2.50%
Trade date		Sep. 6, 2013
Forward date		Aug. 17, 2015
Maturity date		Jul. 10, 2018
Fair value asset (liability)		$ (1,652)	(1,472)
Derivative Financial Instruments Three
Derivative [Line Items]
Notional amount of derivative contract	[1]	$ 25,826
Strike	[2]	2.80%
Credit Spread	[2]	2.50%
Trade date		Sep. 6, 2013
Forward date		Aug. 17, 2015
Maturity date		Aug. 29, 2018
Fair value asset (liability)		$ (1,228)	(1,086)
Derivative Financial Instruments Four
Derivative [Line Items]
Notional amount of derivative contract	[3]	$ 10,609
Strike	[2]	3.00%
Trade date		Jun. 27, 2014
Forward date		Jun. 30, 2014
Maturity date		Jun. 30, 2017
Fair value asset (liability)			1
Derivative Financial Instruments Five
Derivative [Line Items]
Notional amount of derivative contract	[1]	$ 48,415
Strike	[2]	2.40%
Credit Spread	[2]	2.90%
Trade date		Aug. 15, 2014
Forward date		Jun. 1, 2016
Maturity date		Jun. 2, 2019
Fair value asset (liability)		$ (1,811)	(1,066)
Derivative Financial Instruments Six
Derivative [Line Items]
Notional amount of derivative contract	[1]	$ 83,449
Strike	[2]	2.30%
Credit Spread	[2]	2.40%
Trade date		Sep. 12, 2014
Forward date		Aug. 1, 2015
Maturity date		Jul. 15, 2019
Fair value asset (liability)		$ (3,310)	(2,283)
Derivative Financial Instruments Seven
Derivative [Line Items]
Notional amount of derivative contract	[1]	$ 6,967
Strike	[2]	1.20%
Credit Spread	[2]	2.30%
Trade date		Nov. 12, 2014
Forward date		Nov. 15, 2014
Maturity date		Oct. 15, 2017
Fair value asset (liability)		$ (62)	(37)
Derivative Financial Instruments Eight
Derivative [Line Items]
Notional amount of derivative contract	[1]	$ 175,000
Strike	[2]	1.60%
Credit Spread	[2]	2.00%
Trade date		Dec. 23, 2014
Forward date		Dec. 19, 2014
Maturity date		Feb. 19, 2019
Fair value asset (liability)		$ (3,837)	(1,694)
Derivative Financial Instruments Nine
Derivative [Line Items]
Notional amount of derivative contract	[1]	$ 137,597
Strike	[2]	1.70%
Credit Spread	[2]	2.00%
Trade date		Jan. 9, 2015
Forward date		Dec. 10, 2015
Maturity date		Dec. 22, 2019
Fair value asset (liability)		$ (3,966)	(1,795)
Derivative Financial Instruments Ten
Derivative [Line Items]
Notional amount of derivative contract	[3]	$ 260,000
Strike	[2]	1.50%
Trade date		Nov. 19, 2015
Forward date		Nov. 19, 2015
Maturity date		Nov. 30, 2018
Fair value asset (liability)		$ 707	$ 1,988
Derivative Financial Instruments Eleven
Derivative [Line Items]
Notional amount of derivative contract	[3]	$ 150,000
Strike	[2]	1.50%
Trade date		Mar. 1, 2016
Forward date		Mar. 1, 2016
Maturity date		Nov. 30, 2018
Fair value asset (liability)		$ 411
[1]	Amounts related to interest rate swaps held by the Company, or its equity method investments, which are recorded at fair value and included in either other assets or other liabilities in the accompanying condensed consolidated balance sheets.
[2]	The all-in rates are equal to the sum of the Strike and Credit Spread detailed above.
[3]	Amounts related to the interest rate caps held by the Company, or its equity method investments, which are recorded at fair value and included in other assets in the accompanying condensed consolidated balance sheets.

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	2 Months Ended		3 Months Ended		9 Months Ended	13 Months Ended
	Mar. 31, 2016		Mar. 31, 2016	Mar. 31, 2015	Sep. 30, 2015	Feb. 11, 2016	[2]
Class of Stock [Line Items]
Cash distribution declared			$ 18,454	$ 13,248
Cash paid to stockholders			$ 7,700	$ 5,600
Stock distributions, shares	0	[1]			0.0025	0
Redemption of common stock, per share	$ 9.73		$ 9.73	$ 9.51
Redemptions of common stock			$ 2,695	$ 1,942
Distributions to promoted interest holders			3,850
Dogwood Forest of Acworth
Class of Stock [Line Items]
Distributions to promoted interest holders			$ 3,900
Common Stock
Class of Stock [Line Items]
Subscriptions received for common stock through public offering and reinvestment plan (in shares)			1,100,000	17,897,000
Stock distributions, shares				943,000
Redemptions of common stock			$ 4	$ 2
Redemption of common stock, shares			277,000	204,000
Offerings
Class of Stock [Line Items]
Maximum expected date to sell shares of common stock			Sep. 30, 2015
Reinvestment Plan
Class of Stock [Line Items]
Aggregate proceeds received from offering	$ 10,700		$ 10,700	$ 7,600
Subscriptions received for common stock through public offering and reinvestment plan (in shares)			1,100,000	800,000
Cash distribution declared			$ 10,700	$ 7,600
[1]	The Company’s board of directors adopted an estimated NAV of $9.75 as of December 31, 2015, which upon adoption represents the Reinvestment Plan price per share.
[2]	The Company closed its Offerings on September 30, 2015 and discontinued its stock distributions concurrently. The monthly stock distributions were 0.0025 through September 30, 2015.

Historical Share Prices in Its

Historical Share Prices in Its Offerings, Including the Prices Pursuant To the Reinvestment Plan and the Company's Monthly Cash and Stock Distributions per Share (Detail) - $ / shares	2 Months Ended		9 Months Ended	13 Months Ended
	Mar. 31, 2016	[1]	Sep. 30, 2015	Feb. 11, 2016		Dec. 31, 2015
Dividends Payable [Line Items]
Price per Share	$ 9.75			$ 10.58
Reinvestment Plan Price per Share						$ 9.75
Monthly Cash Distributions	$ 0.0353			$ 0.0353
Monthly Stock Distributions	0		0.0025	0	[2]
Reinvestment Plan
Dividends Payable [Line Items]
Reinvestment Plan Price per Share	$ 9.75			$ 10.06
[1]	The Company’s board of directors adopted an estimated NAV of $9.75 as of December 31, 2015, which upon adoption represents the Reinvestment Plan price per share.
[2]	The Company closed its Offerings on September 30, 2015 and discontinued its stock distributions concurrently. The monthly stock distributions were 0.0025 through September 30, 2015.

Historical Share Prices in It53

Historical Share Prices in Its Offerings, Including the Prices Pursuant To the Reinvestment Plan and the Company's Monthly Cash and Stock Distributions per Share (Parenthetical) (Detail) - $ / shares	2 Months Ended		9 Months Ended	13 Months Ended
	Mar. 31, 2016	[1]	Sep. 30, 2015	Feb. 11, 2016	[2]	Dec. 31, 2015
Equity [Abstract]
Then-current offering price or NAV (2)						$ 9.75
Stock distributions, shares	0		0.0025	0
[1]	The Company’s board of directors adopted an estimated NAV of $9.75 as of December 31, 2015, which upon adoption represents the Reinvestment Plan price per share.
[2]	The Company closed its Offerings on September 30, 2015 and discontinued its stock distributions concurrently. The monthly stock distributions were 0.0025 through September 30, 2015.

Effect of Derivative Financial

Effect of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, Gain (loss) recognized in other comprehensive loss	$ (7,931)	$ (5,200)
Interest Expense and Loan Cost Amortization
Derivative Instruments, Gain (Loss) [Line Items]
Loss reclassified from AOCI into earnings	(1,314)	(733)
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, Gain (loss) recognized in other comprehensive loss	(6,491)	(5,268)
Interest Rate Swap | Interest Expense and Loan Cost Amortization
Derivative Instruments, Gain (Loss) [Line Items]
Loss reclassified from AOCI into earnings	(1,296)	(659)
Interest Rate Cap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, Gain (loss) recognized in other comprehensive loss	(1,457)
Interest Rate Cap | Unconsolidated Joint Venture
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, Gain (loss) recognized in other comprehensive loss	(1)	(6)
Reclassification of Interest Rate Swaps Upon Derecognition
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, Gain (loss) recognized in other comprehensive loss		74
Reclassification of Interest Rate Swaps Upon Derecognition | Interest Expense and Loan Cost Amortization
Derivative Instruments, Gain (Loss) [Line Items]
Loss reclassified from AOCI into earnings		$ (74)
Reclassification of Interest Rate Swaps Due to Ineffectiveness
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, Gain (loss) recognized in other comprehensive loss	18
Reclassification of Interest Rate Swaps Due to Ineffectiveness | Interest Expense and Loan Cost Amortization
Derivative Instruments, Gain (Loss) [Line Items]
Loss reclassified from AOCI into earnings	$ (18)

Commitments and Contingencies (

Commitments and Contingencies (Detail)	3 Months Ended
	Mar. 31, 2016Agreement
Commitments And Contingencies Disclosure [Abstract]
Number of promoted interest agreements	10