CNL Healthcare Properties (CHTH) 10-Q 10 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 01, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
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		174,817,674

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands		Jun. 30, 2016	Dec. 31, 2015
Real estate assets:
Real estate investment properties, net (including VIEs $138,534 and $103,691, respectively)		$ 2,453,778	$ 2,451,538
Real estate under development, including land (including VIEs $57,720 and $58,994, respectively)		67,313	62,521
Total real estate assets, net		2,521,091	2,514,059
Intangibles, net (including VIEs $3,461 and $4,015, respectively)		146,218	172,452
Cash (including VIEs $1,029 and $3,904, respectively)		65,436	68,922
Deferred rent and lease incentives (including VIEs $3,110 and $3,096, respectively)		31,455	23,477
Other assets (including VIEs $856 and $1,000, respectively)		21,998	23,334
Real estate held for sale		18,257	18,638
Restricted cash (including VIEs $647 and $974, respectively)		12,060	10,287
Total assets		2,816,515	2,831,169
Liabilities:
Mortgages and other notes payable, net (including VIEs $103,191 and $85,093, respectively)		920,826	831,825
Credit facilities		601,515	656,284
Accounts payable and accrued liabilities (including VIEs $14,561 and $11,412, respectively)		57,469	40,217
Other liabilities (including VIEs $1,533 and $1,387, respectively)		48,009	41,938
Due to related parties (including VIEs $126 and $136, respectively)	[1]	3,058	1,803
Total liabilities		1,630,877	1,572,067
Commitments and contingencies (Note 11)
Redeemable noncontrolling interest		528	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, 178,017 and 175,824 shares issued, and 174,818 and 174,430 shares outstanding, respectively		1,749	1,744
Capital in excess of par value		1,528,745	1,528,781
Accumulated loss		(177,660)	(151,146)
Accumulated distributions		(149,535)	(112,543)
Accumulated other comprehensive loss		(19,638)	(9,747)
Total stockholders' equity		1,183,661	1,257,089
Noncontrolling interest		1,449	1,462
Total equity		1,185,638	1,259,102
Total liabilities and equity		$ 2,816,515	$ 2,831,169
[1]	Amounts are recorded as due to related parties in the accompanying condensed consolidated balance sheets.

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands		Jun. 30, 2016	Dec. 31, 2015
Real estate investment properties, net		$ 2,453,778	$ 2,451,538
Real estate under development, including land		67,313	62,521
Intangibles, net		146,218	172,452
Cash		65,436	68,922
Deferred rent and lease incentives		31,455	23,477
Other assets		21,998	23,334
Restricted cash		12,060	10,287
Mortgages and other notes payable, net		920,826	831,825
Other liabilities		48,009	41,938
Accounts payable and accrued liabilities		57,469	40,217
Due to related parties	[1]	$ 3,058	$ 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		178,017,000	175,824,000
Common stock, shares outstanding		174,818,000	174,430,000
VIEs
Real estate investment properties, net		$ 138,534	$ 103,691
Real estate under development, including land		57,720	58,994
Intangibles, net		3,461	4,015
Cash		1,029	3,904
Deferred rent and lease incentives		3,110	3,096
Other assets		856	1,000
Restricted cash		647	974
Mortgages and other notes payable, net		103,191	85,093
Other liabilities		1,533	1,387
Accounts payable and accrued liabilities		14,561	11,412
Due to related parties		$ 126	$ 136
[1]	Amounts are recorded as due to related parties in the accompanying condensed consolidated balance sheets.

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues:
Rental income from operating leases	$ 31,119	$ 22,231	$ 61,695	$ 43,871
Resident fees and services	57,979	41,725	115,323	81,757
Tenant reimbursement income	4,943	3,520	9,983	6,881
Total revenues	94,041	67,476	187,001	132,509
Operating expenses:
Property operating expenses	46,438	32,852	92,474	65,165
General and administrative	3,611	2,565	6,948	4,584
Acquisition fees and expenses	46	4,536	151	6,866
Asset management fees	5,713	4,131	12,366	8,341
Property management fees	4,695	3,363	9,165	6,616
Contingent purchase price consideration adjustment	(750)	(321)	(750)	(321)
Impairment provision				4,661
Loss on lease terminations			785	863
Depreciation and amortization	31,574	24,000	64,139	47,293
Total operating expenses	91,327	71,126	185,278	144,068
Operating income (loss)	2,714	(3,650)	1,723	(11,559)
Other income (expense):
Interest and other income	17	50	45	110
Interest expense and loan cost amortization	(14,799)	(9,513)	(28,037)	(19,379)
Equity in earnings (loss) of unconsolidated entity	34	(280)	(86)	(505)
Total other expense	(14,748)	(9,743)	(28,078)	(19,774)
Loss before income taxes	(12,034)	(13,393)	(26,355)	(31,333)
Income tax expense	(55)	(22)	(175)	(86)
Net loss	(12,089)	(13,415)	(26,530)	(31,419)
Less: Net loss attributable to noncontrolling interest	(17)	(5)	(16)	(10)
Net loss attributable to common stockholders	$ (12,072)	$ (13,410)	$ (26,514)	$ (31,409)
Net loss per share of common stock (basic and diluted)	$ (0.07)	$ (0.09)	$ (0.15)	$ (0.23)
Weighted average number of shares of common stock outstanding (basic and diluted)	175,489	146,257	175,085	139,113

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (12,089)	$ (13,415)	$ (26,530)	$ (31,419)
Other comprehensive income (loss):
Unrealized income (loss) on derivative financial instruments, net	(1,966)	1,642	(9,914)	(3,624)
Reclassification of cash flow hedges upon derecognition		162		236
Reclassification of cash flow hedges due to ineffectiveness	5		24
Unrealized loss on derivative financial instruments of equity method investments		(2)	(1)	(8)
Total other comprehensive income (loss)	(1,961)	1,802	(9,891)	(3,396)
Comprehensive loss	(14,050)	(11,613)	(36,421)	(34,815)
Less: Comprehensive loss attributable to noncontrolling interest	(17)	(5)	(16)	(10)
Comprehensive loss attributable to common stockholders	$ (14,033)	$ (11,608)	$ (36,405)	$ (34,805)

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	368,864		$ 350	368,514				368,864
Subscriptions received for common stock through public offering and reinvestment plan (in shares)			35,019
Stock distributions			$ 20	(20)
Stock distributions, shares			2,003
Redemptions of common stock	(3,805)		$ (4)	(3,801)				(3,805)
Redemption of common stock, shares			(400)
Stock issuance and offering costs	(36,632)			(36,632)				(36,632)
Net income (loss)	(31,419)				(31,409)			(31,409)	(10)
Other comprehensive loss	(3,396)						(3,396)	(3,396)
Distribution to holder of noncontrolling interest	(8)								(8)
Cash distributions declared and paid or reinvested ($0.2116 per share)	(28,143)					(28,143)		(28,143)
Ending Balance at Jun. 30, 2015	1,137,621	568	$ 1,529	1,335,387	(114,500)	(77,485)	(8,260)	1,136,671	382
Ending Balance (in shares) at Jun. 30, 2015			152,878
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	$ 21,383		$ 22	21,361				21,383
Subscriptions received for common stock through public offering and reinvestment plan (in shares)			2,193
Redemptions of common stock	(17,564)		$ (17)	(17,547)				(17,564)
Redemption of common stock, shares			(1,805)
Net income (loss)	(26,530)	(23)			(26,514)			(26,514)	7
Other comprehensive loss	(9,891)						(9,891)	(9,891)
Distribution to holder of noncontrolling interest	(20)								(20)
Distribution to holder of promoted interest	(3,850)			(3,850)				(3,850)
Cash distributions declared and paid or reinvested ($0.2116 per share)	(36,992)					(36,992)		(36,992)
Ending Balance at Jun. 30, 2016	$ 1,185,638	$ 528	$ 1,749	$ 1,528,745	$ (177,660)	$ (149,535)	$ (19,638)	$ 1,183,661	$ 1,449
Ending Balance (in shares) at Jun. 30, 2016	174,818		174,818

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND REDEEMABLE NONCONTROLLING INTEREST (Unaudited) (Parenthetical) - $ / shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Statement Of Stockholders Equity [Abstract]
Cash distributions, declared and paid per share	$ 0.2116	$ 0.2116

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating activities:
Net cash flows provided by operating activities	$ 34,749	$ 22,074
Investing activities:
Acquisition of properties		(270,180)
Development of properties	(37,699)	(33,772)
Capital expenditures	(5,425)	(3,432)
Changes in restricted cash	(1,773)	4,005
Payment of leasing costs	(1,444)	(1,370)
Deposits on real estate	(500)	(4,125)
Net cash used in investing activities	(46,841)	(308,874)
Financing activities:
Subscriptions received for common stock through public offering		352,598
Payment of stock issuance and offering costs	(32)	(37,429)
Distributions to stockholders, net of distribution reinvestments	(15,609)	(11,876)
Distribution to holder of promoted interest	(1,850)
Distributions to holder of noncontrolling interest	(20)	(8)
Redemptions of common stock	(5,433)	(2,814)
Draws under credit facilities	35,113	50,000
Repayments on credit facilities	(90,250)	(31,403)
Proceeds from mortgage and other notes payable	98,561	74,631
Principal payments on mortgage and other notes payable	(9,749)	(75,480)
Lender deposits	(65)
Purchase of interest rate cap	(587)
Payment of loan costs	(1,473)	(1,148)
Net cash flows provided by financing activities	8,606	317,071
Net increase (decrease) in cash	(3,486)	30,271
Cash at beginning of period	68,922	91,355
Cash at end of period	65,436	121,626
Amounts incurred but not paid (including amounts due to related parties):
Accrued development costs	14,643	8,598
Redemptions payable	14,870	$ 1,863
Distribution to holder of promoted interest	$ 2,000

Organization

Organization	6 Months Ended
	Jun. 30, 2016
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	1. Organization CNL Healthcare Properties, Inc. (“Company”) was 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 existing property developments or properties that have not reached full stabilization.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 quarter and six months ended June 30, 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. Real Estate Held For Sale — The Company classifies the assets associated with any property as held for sale once management has the authority to approve and commits to a plan to sell the property, the property is available for immediate sale, there is an active program to locate a buyer, the sale of the property is probable and the transfer of the property is expected to occur within one year. Upon the determination to classify a property as held for sale, the Company ceases recording further depreciation and amortization relating to the associated assets and those assets are measured at the lower of its carrying amount or fair value less disposition costs and are presented separately in the consolidated balance sheets for all periods presented. In addition, the Company classifies real estate held for sale as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on the Company’s operations and financial results. 2. Summary of Significant Accounting Policies (continued) 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 VIE 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 the 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 VIEs remained unchanged. 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 this ASU will have on the Company’s consolidated financial position, results of operations and 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	6 Months Ended
	Jun. 30, 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 June 30, 2016 and December 31, 2015 are as follows (in thousands): June 30, December 31, 2016 2015 Land and land improvements $ 232,558 $ 227,019 Building and building improvements 2,312,920 2,281,342 Furniture, fixtures and equipment 63,426 58,825 Less: accumulated depreciation (155,126) (115,648) Real estate investment properties, net 2,453,778 2,451,538 Real estate under development, including land 67,313 62,521 Total real estate assets, net $ 2,521,091 $ 2,514,059 Depreciation expense on the Company’s real estate investment properties, net was approximately $20.0 million and $39.9 million for the quarter and six months ended June 30, 2016, respectively, and approximately $14.3 million and $27.9 million for the quarter and six months ended June 30, 2015. During 2016, the Company completed the construction on the final phase of the Raider Ranch community in Lubbock, Texas and certain phases of the Watercrest at Katy community in Katy, Texas. As such, the asset values related to these completed developments are included in real estate investment properties, net in the accompanying condensed consolidated balance sheet as of June 30, 2016. Real Estate Held For Sale In June 2016, the Company committed to a plan to sell the Dogwood Forest of Acworth property and classified the associated real estate as held for sale as of June 30, 2016. The sale of the Dogwood Forest of Acworth Property would not cause a strategic shift in the Company nor was it considered individually significant; therefore, it does not qualify as discontinued operations under ASU 2014-08. As of June 30, 2016 and December 31, 2015, real estate held for sale consisted of the following (in thousands): June 30, December 31, 2016 2015 Land and land improvements $ 2,027 $ 2,027 Building and building improvements 15,994 15,994 Furniture, fixtures and equipment 1,785 1,776 Less: accumulated depreciation (1,549) (1,159) Total real estate held for sale $ 18,257 $ 18,638 3. Real Estate Assets, net (continued) As of June 30, 2016, 10 of the Company’s seniors housing communities and one post-acute care facility have real estate under development or expansion / conversion 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 $ 7,914 $ 7,695 Welbrook Senior Living Grand Junction (Grand Junction, CO) Embree Asset Group, Inc. 6,870 7,676 Waterstone (Greenville, SC) T&D Greenville, LLC 14,743 15,386 Wellmore of Lexington (Lexington, SC) Maxwell Group, Inc. 20,898 36,419 Dogwood Forest of Grayson (Grayson, GA) Solomon Development Services, LLC 8,114 20,559 Fieldstone at Pear Orchard (Yakima, WA) (4) Cascadia Development, LLC 6,697 9,377 Expansion / Conversion Projects Town Village (Oklahoma City, OK) South Bay Partners, Ltd 424 1,077 Tranquillity at Fredericktowne (Frederick, MD) Capital Health Partners 654 5,242 Brookridge Heights Assisted Living & Memory Care (Marquette, MI) Capital Health Partners 490 4,335 Isle at Watercrest Bryan (Bryan, TX) JEA Senior Living 239 163 Isle at Cedar Ridge (Cedar Park, TX) JEA Senior Living 270 132 $ 67,313 $ 108,061 _____________ 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 June 30, 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 generally 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	6 Months Ended
	Jun. 30, 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 June 30, 2016 and December 31, 2015 are as follows (in thousands): June 30, 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 (100,309) (74,895) Intangible assets, net $ 146,218 $ 172,452 Below-market lease intangibles $ (12,060) $ (12,095) Above-market ground lease intangibles (3,488) (3,488) Less: accumulated amortization 3,431 2,581 Intangible liabilities, net (1) $ (12,117) $ (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 $12.2 million and $25.4 million for the quarter and six months ended June 30, 2016, of which approximately $0.5 million and $1.0 million, respectively, were treated as a reduction of rental income from operating leases, approximately $0.1 million and $0.2 million, respectively, were treated as an increase of property operating expenses and approximately $11.6 million and $24.2 million, respectively, were included in depreciation and amortization. Amortization on the Company’s intangible assets was approximately $10.3 million and $20.5 million for the quarter and six months ended June 30, 2015, of which approximately $0.5 million and $1.0 million, respectively, were treated as a reduction of rental income from operating leases, approximately $0.08 million and $0.1 million, respectively, were treated as an increase of property operating expenses and approximately $9.7 million and $19.4 million, respectively, were included in depreciation and amortization. Amortization on the Company’s intangible liabilities was approximately $0.4 million and $0.8 million for the quarter and six months ended June 30, 2016, of which approximately $0.4 million and $0.8 million, respectively, were treated as an increase of rental income from operating leases and approximately $0.02 million and $0.04 million, respectively, were treated as a reduction of property operating expenses. For the quarter and six months ended June 30, 2015, amortization on the Company’s intangible liabilities was approximately $0.3 million and $0.8 million, of which approximately $0.3 million and $0.7 million, respectively, were treated as an increase of rental income from operating leases and approximately $0.02 million and $0.04 million were treated as a reduction of property operating expenses.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 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 June 30, 2016 and December 31, 2015 are as follows (in thousands): June 30, December 31, 2016 2015 Assets: Real estate investment properties, net $ 138,534 $ 103,691 Real estate under development, including land $ 57,720 $ 58,994 Intangibles, net $ 3,461 $ 4,015 Cash $ 1,029 $ 3,904 Deferred rent and lease incentives $ 3,110 $ 3,096 Other assets $ 856 $ 1,000 Restricted cash $ 647 $ 974 Liabilities: Mortgages and other notes payable, net $ 103,191 $ 85,093 Accounts payable and accrued liabilities $ 1,215 $ 743 Accrued development costs $ 13,346 $ 10,669 Other liabilities $ 1,533 $ 1,387 Due to related parties $ 126 $ 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 $83.9 million as of June 30, 2016. The Company’s exposure is limited because of the non-recourse nature of the borrowings of the VIEs. As of June 30, 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	6 Months Ended
	Jun. 30, 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 quarter and six months ended June 30, 2016 and 2015 (in thousands): Quarter Ended June 30, 2016 Property Beginning asset (liability) as of March 31, 2016 Contingent Consideration Payment Change in Fair Value Ending asset (liability) as of June 30, 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 940 (97) ― 843 $ (6,560) (97) 750 $ (5,907) Quarter Ended June 30, 2015 Property Beginning asset as of March 31, 2015 Contingent Consideration Payment Change in Fair Value Ending asset as of June 30, 2015 Capital Health Communities $ 4,078 (2,579) 321 $ 1,820 $ 4,078 (2,579) 321 $ 1,820 Six Months Ended June 30, 2016 Property Beginning asset (liability) as of December 31, 2015 Contingent Consideration Payment Change in Fair Value Ending asset (liability) as of June 30, 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 (176) ― 843 $ (6,481) (176) 750 $ (5,907) Six Months Ended June 30, 2015 Property Beginning asset as of December 31, 2014 Contingent Consideration Payment Change in Fair Value Ending asset as of June 30, 2015 Capital Health Communities $ 4,078 (2,579) 321 $ 1,820 $ 4,078 (2,579) 321 $ 1,820 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	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Indebtedness	7. Indebtedness The following table provides details of the Company’s indebtedness as of June 30, 2016 and December 31, 2015 (in thousands): June 30, December 31, 2016 2015 Mortgages payable and other notes payable: Fixed rate debt $ 386,942 $ 391,639 Variable rate debt (1) 542,526 449,017 Mortgages and other notes payable (2) 929,468 840,656 Premium (discount), net (3) (144) (221) Loan costs, net (8,498) (8,610) Total mortgages and other notes payable, net 920,826 831,825 Credit facilities: Revolving Credit Facility (4) (5) 154,863 225,000 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 (3,348) (3,716) Total credit facilities, net 601,515 656,284 Total borrowings, net $ 1,522,341 $ 1,488,109 _____________ FOOTNOTES: (1) As of June 30, 2016 and December 31, 2015, the Company had entered into interest rate swaps with notional amounts of approximately $525.6 million and $480.7 million, respectively, which settle on a monthly basis. In addition, as of December 31, 2015, the Company had entered into a forward-starting interest rate swap for a total notional amount of approximately $48.4 million, 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 June 30, 2016 and December 31, 2015, the Company’s mortgages and other notes payable are collateralized by 74 and 65 properties, respectively, with total carrying value of approximately $1.7 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 June 30, 2016 and December 31, 2015, availability under the Revolving Credit Facility was approximately $58.2 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 June 30, 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. 7. Indebtedness (continued) The fair market value and carrying value of the mortgage and other notes payable was approximately $934.5 million and $920.8 million, respectively, and the fair market value and carrying value of the credit facilities was approximately $604.9 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 June 30, 2016, the Company was in compliance with all financial covenants and ratios.

Related Party Arrangements

Related Party Arrangements	6 Months Ended
	Jun. 30, 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. 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. 8. Related Party Arrangements (continued) 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 quarter and six months ended June 30, 2016 and the Original Expense Support Agreements for the quarter and six months ended June 30, 2015, and cumulatively as of June 30, 2016 under both agreements (in thousands, except offering price): Quarter ended Six Months Ended As of June 30, June 30, June 30, 2016 2015 2016 2015 2016 Asset management fees (1) $ 1,325 $ 868 $ 1,700 $ 1,413 $ 12,347 Then-current offering price or NAV (2) $ 9.75 $ 10.58 $ 9.75 $ 10.58 $ 9.75 Restricted Stock shares (3) 136 82 174 134 1,216 Cash distributions on Restricted Stock (4) $ 112 $ 68 $ 202 $ 122 $ 586 Stock distributions on Restricted Stock (5) ― 5 ― 9 21 ______________ FOOTNOTES: (1) No other amounts have been settled in accordance with the Amended Expense Support Agreements for the quarter and six months ended June 30, 2016, the Original Expense Support Agreements for the quarter and six months ended June 30, 2015, or cumulatively as of June 30, 2016 under either of the 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 June 30, 2016, Restricted Stock shares are comprised of approximately 1.04 million shares issued to the Advisor and approximately 0.2 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 June 30, 2016 . (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. 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 June 30, 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. 8. Related Party Arrangements (continued) The fees incurred by and reimbursable to the Managing Dealer in connection with the Company’s Offerings for the quarter and six months ended June 30, 2016 and 2015, and related amounts unpaid as of June 30, 2016 and December 31, 2015 are as follows (in thousands): Quarter ended Six Months Ended Unpaid amounts as of (1) June 30, June 30, June 30, December 31, 2016 2015 2016 2015 2016 2015 Selling commissions (2) $ ― $ 3,969 $ ― $ 7,991 $ ― $ ― Marketing support fees (2) ― 5,232 ― 10,619 ― ― $ ― $ 9,201 $ ― $ 18,610 $ ― $ ― The expenses and fees incurred by and reimbursable to the Company’s related parties for the quarter and six months ended June 30, 2016 and 2015, and related amounts unpaid as of June 30, 2016 and December 31, 2015 are as follows (in thousands): Quarter ended Six Months Ended Unpaid amounts as of (1) June 30, June 30, June 30, December 31, 2016 2015 2016 2015 2016 2015 Reimbursable expenses: Offering costs (2) $ ― $ 984 $ ― $ 1,866 $ ― $ 32 Operating expenses (3) 1,268 1,122 2,498 2,021 1,572 935 Acquisition fees and expenses 36 201 65 305 26 12 1,304 2,307 2,563 4,192 1,598 979 Investment services fees (4) ― 3,605 ― 5,021 ― 182 Property management fees (5) 1,116 961 2,315 1,941 748 418 Asset management fees (6) 7,231 5,166 14,429 10,052 712 224 $ 9,651 $ 12,039 $ 19,307 $ 21,206 $ 3,058 $ 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 quarter and six months ended June 30, 2016, the Company incurred approximately $1.1 million and $2.3 million, respectively, in property and construction management fees payable to the Property Manager of which approximately $0.1 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. and six months ended June 30, 2015, the Company incurred approximately $1.0 million and $1.9 million, respectively, in property and construction management fees payable to the Property Manager of which approximately $0.2 million and $0.5 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 quarter and six months ended June 30, 2016, the Company incurred approximately $7.2 million and $14.4 million, respectively, in asset management fees payable to the Advisor of which approximately $0.1 million and $0.4 million, respectively, 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 $1.3 million and $1.7 million, respectively, 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 quarter and six months ended June 30, 2015, the Company incurred approximately $5.2 million and $10.1 million, respectively, in asset management fees payable to the Advisor of which approximately $0.9 million and $1.4 million, respectively, was settled in accordance with the terms of the Advisor Expense Support Agreement and approximately $0.2 million and $0.3 million, respectively, was capitalized and included in real estate under development in the accompanying condensed consolidated balance sheets.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 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 June 30, 2016 and December 31, 2015 (in thousands): Notional Amount Fair value asset (liability) as of Strike (1) Credit Spread (1) Trade date Forward date Maturity date June 30, 2016 December 31, 2015 $ 12,150 (2) 1.3 % 2.6 % 1/17/2013 1/15/2015 1/16/2018 $ (149) $ (85) $ 37,749 (2) 2.7 % 2.5 % 9/6/2013 8/17/2015 7/10/2018 $ (1,585) $ (1,472) $ 25,723 (2) 2.8 % 2.5 % 9/6/2013 8/17/2015 8/29/2018 $ (1,187) $ (1,086) $ 10,549 (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 $ (2,023) $ (1,066) $ 83,096 (2) 2.3 % 2.4 % 9/12/2014 8/1/2015 7/15/2019 $ (3,459) $ (2,283) $ 6,937 (2) 1.2 % 2.3 % 11/12/2014 11/15/2014 10/15/2017 $ (63) $ (37) $ 175,000 (2) 1.6 % 2.0 % 12/23/2014 12/19/2014 2/19/2019 $ (4,292) $ (1,694) $ 136,490 (2) 1.7 % 2.0 % 1/9/2015 12/10/2015 12/22/2019 $ (4,524) $ (1,795) $ 260,000 (3) 1.5 % ― % 11/19/2015 11/19/2015 11/30/2018 $ 266 $ 1,988 $ 150,000 (3) 1.5 % ― % 3/1/2016 3/1/2016 11/30/2018 $ 155 $ ― _______________ 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. 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	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Equity	10. Equity Stockholders’ Equity: Distribution Reinvestment Plan — For the six months ended June 30, 2016 and 2015, the Company received proceeds through its Reinvestment Plan of approximately $21.4 million (2.2 million shares) and $16.2 million (1.6 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: Price per Share Reinvestment Plan Price per Share Monthly Cash Distributions Monthly Stock Distributions Period January 1, 2015 through February 11, 2016 $ 10.58 $ 10.06 $ 0.0353 (2) February 12, 2016 through June 30, 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 six months ended June 30, 2016 and 2015, the Company declared cash distributions of $37.0 million and $28.1 million, respectively, of which $15.6 million and $11.9 million, respectively, were paid in cash to stockholders and $21.4 million and $16.2 million, respectively, were reinvested pursuant to the Reinvestment Plan. In addition, the Company declared and made stock distributions of approximately 2.0 million shares of common stock during the six months ended June 30, 2015. The Company closed its Offerings on September 30, 2015 and discontinued its stock distributions concurrently. Redemptions — During the six months ended June 30, 2016 and 2015, the Company received requests for the redemption of common stock of approximately 1.8 million and 0.4 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 $17.6 million and $3.8 million, respectively. Promoted Interest — During the six months ended June 30, 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 and it became probable that the promoted interest thresholds will be met. In April 2016, the third-party developer exercised its promoted interest election. 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 quarter and six months ended June 30, 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 accumulated other comprehensive loss into earnings Quarter Ended Quarter Ended June 30, June 30, 2016 2015 2016 2015 Interest rate swaps $ (1,271) $ 1,642 Interest expense and loan cost amortization $ (2,361) $ (674) Interest rate caps (695) ― Not applicable ― ― Reclassification of interest rate swaps upon derecognition ― 162 Interest expense and loan cost amortization ― (162) Reclassification of interest rate swaps due to ineffectiveness 5 ― Interest expense and loan cost amortization (5) ― Interest rate cap held by unconsolidated joint venture ― (2) Not applicable ― ― Total $ (1,961) $ 1,802 $ (2,366) $ (836) Six Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Interest rate swaps $ (7,763) $ (3,624) Interest expense and loan cost amortization $ (3,658) $ (1,333) Interest rate caps (2,151) ― Not applicable ― ― Reclassification of interest rate swaps upon derecognition ― 236 Interest expense and loan cost amortization ― (236) Reclassification of interest rate swaps due to ineffectiveness 24 ― Interest expense and loan cost amortization (24) ― Interest rate cap held by unconsolidated joint venture (1) (8) Not applicable ― ― Total $ (9,891) $ (3,396) $ (3,682) $ (1,569)

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 eight remaining promoted interest agreements with third-party developers pursuant to which certain operating targets have been established that, upon meeting such targets, result in the developer being entitled to additional payments based on enumerated percentages of the assumed net proceeds of a deemed sale, subject to achievement of an established internal rate of return on the Company’s investment in the development. 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)	6 Months Ended
	Jun. 30, 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 quarter and six months ended June 30, 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.
Real Estate Held for Sale	Real Estate Held For Sale — The Company classifies the assets associated with any property as held for sale once management has the authority to approve and commits to a plan to sell the property, the property is available for immediate sale, there is an active program to locate a buyer, the sale of the property is probable and the transfer of the property is expected to occur within one year. Upon the determination to classify a property as held for sale, the Company ceases recording further depreciation and amortization relating to the associated assets and those assets are measured at the lower of its carrying amount or fair value less disposition costs and are presented separately in the consolidated balance sheets for all periods presented. In addition, the Company classifies real estate held for sale as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on the Company’s operations and financial results.
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 VIE 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 the 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 VIEs remained unchanged. 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.
Recent Accounting Pronouncements	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 this ASU will have on the Company’s consolidated financial position, results of operations and 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.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 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)	6 Months Ended
	Jun. 30, 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 June 30, 2016 and December 31, 2015 are as follows (in thousands): June 30, December 31, 2016 2015 Land and land improvements $ 232,558 $ 227,019 Building and building improvements 2,312,920 2,281,342 Furniture, fixtures and equipment 63,426 58,825 Less: accumulated depreciation (155,126) (115,648) Real estate investment properties, net 2,453,778 2,451,538 Real estate under development, including land 67,313 62,521 Total real estate assets, net $ 2,521,091 $ 2,514,059
Schedule of Real Estate Held for Sale	As of June 30, 2016 and December 31, 2015, real estate held for sale consisted of the following (in thousands): June 30, December 31, 2016 2015 Land and land improvements $ 2,027 $ 2,027 Building and building improvements 15,994 15,994 Furniture, fixtures and equipment 1,785 1,776 Less: accumulated depreciation (1,549) (1,159) Total real estate held for sale $ 18,257 $ 18,638
Under Development with Third-Party Developers
Real Estate Properties [Line Items]
Schedule of Real Estate Investment Properties	As of June 30, 2016, 10 of the Company’s seniors housing communities and one post-acute care facility have real estate under development or expansion / conversion 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 $ 7,914 $ 7,695 Welbrook Senior Living Grand Junction (Grand Junction, CO) Embree Asset Group, Inc. 6,870 7,676 Waterstone (Greenville, SC) T&D Greenville, LLC 14,743 15,386 Wellmore of Lexington (Lexington, SC) Maxwell Group, Inc. 20,898 36,419 Dogwood Forest of Grayson (Grayson, GA) Solomon Development Services, LLC 8,114 20,559 Fieldstone at Pear Orchard (Yakima, WA) (4) Cascadia Development, LLC 6,697 9,377 Expansion / Conversion Projects Town Village (Oklahoma City, OK) South Bay Partners, Ltd 424 1,077 Tranquillity at Fredericktowne (Frederick, MD) Capital Health Partners 654 5,242 Brookridge Heights Assisted Living & Memory Care (Marquette, MI) Capital Health Partners 490 4,335 Isle at Watercrest Bryan (Bryan, TX) JEA Senior Living 239 163 Isle at Cedar Ridge (Cedar Park, TX) JEA Senior Living 270 132 $ 67,313 $ 108,061 _____________ 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 June 30, 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 generally 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)	6 Months Ended
	Jun. 30, 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 June 30, 2016 and December 31, 2015 are as follows (in thousands): June 30, 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 (100,309) (74,895) Intangible assets, net $ 146,218 $ 172,452 Below-market lease intangibles $ (12,060) $ (12,095) Above-market ground lease intangibles (3,488) (3,488) Less: accumulated amortization 3,431 2,581 Intangible liabilities, net (1) $ (12,117) $ (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)	6 Months Ended
	Jun. 30, 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 June 30, 2016 and December 31, 2015 are as follows (in thousands): June 30, December 31, 2016 2015 Assets: Real estate investment properties, net $ 138,534 $ 103,691 Real estate under development, including land $ 57,720 $ 58,994 Intangibles, net $ 3,461 $ 4,015 Cash $ 1,029 $ 3,904 Deferred rent and lease incentives $ 3,110 $ 3,096 Other assets $ 856 $ 1,000 Restricted cash $ 647 $ 974 Liabilities: Mortgages and other notes payable, net $ 103,191 $ 85,093 Accounts payable and accrued liabilities $ 1,215 $ 743 Accrued development costs $ 13,346 $ 10,669 Other liabilities $ 1,533 $ 1,387 Due to related parties $ 126 $ 136

Contingent Purchase Price Con25

Contingent Purchase Price Consideration (Tables)	6 Months Ended
	Jun. 30, 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 quarter and six months ended June 30, 2016 and 2015 (in thousands): Quarter Ended June 30, 2016 Property Beginning asset (liability) as of March 31, 2016 Contingent Consideration Payment Change in Fair Value Ending asset (liability) as of June 30, 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 940 (97) ― 843 $ (6,560) (97) 750 $ (5,907) Quarter Ended June 30, 2015 Property Beginning asset as of March 31, 2015 Contingent Consideration Payment Change in Fair Value Ending asset as of June 30, 2015 Capital Health Communities $ 4,078 (2,579) 321 $ 1,820 $ 4,078 (2,579) 321 $ 1,820 Six Months Ended June 30, 2016 Property Beginning asset (liability) as of December 31, 2015 Contingent Consideration Payment Change in Fair Value Ending asset (liability) as of June 30, 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 (176) ― 843 $ (6,481) (176) 750 $ (5,907) Six Months Ended June 30, 2015 Property Beginning asset as of December 31, 2014 Contingent Consideration Payment Change in Fair Value Ending asset as of June 30, 2015 Capital Health Communities $ 4,078 (2,579) 321 $ 1,820 $ 4,078 (2,579) 321 $ 1,820

Indebtedness (Tables)

Indebtedness (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Details of Indebtedness	The following table provides details of the Company’s indebtedness as of June 30, 2016 and December 31, 2015 (in thousands): June 30, December 31, 2016 2015 Mortgages payable and other notes payable: Fixed rate debt $ 386,942 $ 391,639 Variable rate debt (1) 542,526 449,017 Mortgages and other notes payable (2) 929,468 840,656 Premium (discount), net (3) (144) (221) Loan costs, net (8,498) (8,610) Total mortgages and other notes payable, net 920,826 831,825 Credit facilities: Revolving Credit Facility (4) (5) 154,863 225,000 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 (3,348) (3,716) Total credit facilities, net 601,515 656,284 Total borrowings, net $ 1,522,341 $ 1,488,109 _____________ FOOTNOTES: (1) As of June 30, 2016 and December 31, 2015, the Company had entered into interest rate swaps with notional amounts of approximately $525.6 million and $480.7 million, respectively, which settle on a monthly basis. In addition, as of December 31, 2015, the Company had entered into a forward-starting interest rate swap for a total notional amount of approximately $48.4 million, 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 June 30, 2016 and December 31, 2015, the Company’s mortgages and other notes payable are collateralized by 74 and 65 properties, respectively, with total carrying value of approximately $1.7 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 June 30, 2016 and December 31, 2015, availability under the Revolving Credit Facility was approximately $58.2 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 June 30, 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)	6 Months Ended
	Jun. 30, 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 quarter and six months ended June 30, 2016 and 2015, and related amounts unpaid as of June 30, 2016 and December 31, 2015 are as follows (in thousands): Quarter ended Six Months Ended Unpaid amounts as of (1) June 30, June 30, June 30, December 31, 2016 2015 2016 2015 2016 2015 Reimbursable expenses: Offering costs (2) $ ― $ 984 $ ― $ 1,866 $ ― $ 32 Operating expenses (3) 1,268 1,122 2,498 2,021 1,572 935 Acquisition fees and expenses 36 201 65 305 26 12 1,304 2,307 2,563 4,192 1,598 979 Investment services fees (4) ― 3,605 ― 5,021 ― 182 Property management fees (5) 1,116 961 2,315 1,941 748 418 Asset management fees (6) 7,231 5,166 14,429 10,052 712 224 $ 9,651 $ 12,039 $ 19,307 $ 21,206 $ 3,058 $ 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 quarter and six months ended June 30, 2016, the Company incurred approximately $1.1 million and $2.3 million, respectively, in property and construction management fees payable to the Property Manager of which approximately $0.1 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. and six months ended June 30, 2015, the Company incurred approximately $1.0 million and $1.9 million, respectively, in property and construction management fees payable to the Property Manager of which approximately $0.2 million and $0.5 million, respectively, in construction management fees were capitalized and included in real estate under development in the accompanying condensed consolidated balance sheets.
Expense Support Agreements
Related Party Arrangement, Fees and Expenses Incurred By, Reimbursable, Settled and Paid	The following fees 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 quarter and six months ended June 30, 2016 and the Original Expense Support Agreements for the quarter and six months ended June 30, 2015, and cumulatively as of June 30, 2016 under both agreements (in thousands, except offering price): Quarter ended Six Months Ended As of June 30, June 30, June 30, 2016 2015 2016 2015 2016 Asset management fees (1) $ 1,325 $ 868 $ 1,700 $ 1,413 $ 12,347 Then-current offering price or NAV (2) $ 9.75 $ 10.58 $ 9.75 $ 10.58 $ 9.75 Restricted Stock shares (3) 136 82 174 134 1,216 Cash distributions on Restricted Stock (4) $ 112 $ 68 $ 202 $ 122 $ 586 Stock distributions on Restricted Stock (5) ― 5 ― 9 21 ______________ FOOTNOTES: (1) No other amounts have been settled in accordance with the Amended Expense Support Agreements for the quarter and six months ended June 30, 2016, the Original Expense Support Agreements for the quarter and six months ended June 30, 2015, or cumulatively as of June 30, 2016 under either of the 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 June 30, 2016, Restricted Stock shares are comprised of approximately 1.04 million shares issued to the Advisor and approximately 0.2 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 June 30, 2016 . (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 quarter and six months ended June 30, 2016 and 2015, and related amounts unpaid as of June 30, 2016 and December 31, 2015 are as follows (in thousands): Quarter ended Six Months Ended Unpaid amounts as of (1) June 30, June 30, June 30, December 31, 2016 2015 2016 2015 2016 2015 Selling commissions (2) $ ― $ 3,969 $ ― $ 7,991 $ ― $ ― Marketing support fees (2) ― 5,232 ― 10,619 ― ― $ ― $ 9,201 $ ― $ 18,610 $ ― $ ―

Derivative Financial Instrume28

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2016 and December 31, 2015 (in thousands): Notional Amount Fair value asset (liability) as of Strike (1) Credit Spread (1) Trade date Forward date Maturity date June 30, 2016 December 31, 2015 $ 12,150 (2) 1.3 % 2.6 % 1/17/2013 1/15/2015 1/16/2018 $ (149) $ (85) $ 37,749 (2) 2.7 % 2.5 % 9/6/2013 8/17/2015 7/10/2018 $ (1,585) $ (1,472) $ 25,723 (2) 2.8 % 2.5 % 9/6/2013 8/17/2015 8/29/2018 $ (1,187) $ (1,086) $ 10,549 (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 $ (2,023) $ (1,066) $ 83,096 (2) 2.3 % 2.4 % 9/12/2014 8/1/2015 7/15/2019 $ (3,459) $ (2,283) $ 6,937 (2) 1.2 % 2.3 % 11/12/2014 11/15/2014 10/15/2017 $ (63) $ (37) $ 175,000 (2) 1.6 % 2.0 % 12/23/2014 12/19/2014 2/19/2019 $ (4,292) $ (1,694) $ 136,490 (2) 1.7 % 2.0 % 1/9/2015 12/10/2015 12/22/2019 $ (4,524) $ (1,795) $ 260,000 (3) 1.5 % ― % 11/19/2015 11/19/2015 11/30/2018 $ 266 $ 1,988 $ 150,000 (3) 1.5 % ― % 3/1/2016 3/1/2016 11/30/2018 $ 155 $ ― _______________ 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)	6 Months Ended
	Jun. 30, 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: Price per Share Reinvestment Plan Price per Share Monthly Cash Distributions Monthly Stock Distributions Period January 1, 2015 through February 11, 2016 $ 10.58 $ 10.06 $ 0.0353 (2) February 12, 2016 through June 30, 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 quarter and six months ended June 30, 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 accumulated other comprehensive loss into earnings Quarter Ended Quarter Ended June 30, June 30, 2016 2015 2016 2015 Interest rate swaps $ (1,271) $ 1,642 Interest expense and loan cost amortization $ (2,361) $ (674) Interest rate caps (695) ― Not applicable ― ― Reclassification of interest rate swaps upon derecognition ― 162 Interest expense and loan cost amortization ― (162) Reclassification of interest rate swaps due to ineffectiveness 5 ― Interest expense and loan cost amortization (5) ― Interest rate cap held by unconsolidated joint venture ― (2) Not applicable ― ― Total $ (1,961) $ 1,802 $ (2,366) $ (836) Six Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Interest rate swaps $ (7,763) $ (3,624) Interest expense and loan cost amortization $ (3,658) $ (1,333) Interest rate caps (2,151) ― Not applicable ― ― Reclassification of interest rate swaps upon derecognition ― 236 Interest expense and loan cost amortization ― (236) Reclassification of interest rate swaps due to ineffectiveness 24 ― Interest expense and loan cost amortization (24) ― Interest rate cap held by unconsolidated joint venture (1) (8) Not applicable ― ― Total $ (9,891) $ (3,396) $ (3,682) $ (1,569)

Organization - Additional Infor

Organization - Additional Information (Detail) - shares	6 Months Ended
	Jun. 30, 2016	Oct. 31, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Entity incorporation, date of incorporation	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	Jun. 30, 2016	Dec. 31, 2015
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Other assets	$ 21,998	$ 23,334
Mortgages and other notes payable, net	920,826	831,825
Credit facilities	$ 601,515	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	Jun. 30, 2016	Dec. 31, 2015
Real Estate [Abstract]
Land and land improvements	$ 232,558	$ 227,019
Building and building improvements	2,312,920	2,281,342
Furniture, fixtures and equipment	63,426	58,825
Less: accumulated depreciation	(155,126)	(115,648)
Real estate investment properties, net	2,453,778	2,451,538
Real estate under development, including land	67,313	62,521
Total real estate assets, net	$ 2,521,091	$ 2,514,059

Real Estate Assets, Net - Addit

Real Estate Assets, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Real Estate Investment Properties
Real Estate Properties [Line Items]
Depreciation expense	$ 20	$ 14.3	$ 39.9	$ 27.9

Schedule of Real Estate Held fo

Schedule of Real Estate Held for Sale (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Real Estate Properties [Line Items]
Total real estate held for sale	$ 18,257	$ 18,638
Less: accumulated depreciation	(1,549)	(1,159)
Land and land improvements
Real Estate Properties [Line Items]
Total real estate held for sale	2,027	2,027
Building and building improvements
Real Estate Properties [Line Items]
Total real estate held for sale	15,994	15,994
Furniture, fixtures and equipment
Real Estate Properties [Line Items]
Total real estate held for sale	$ 1,785	$ 1,776

Real Estate under Development w

Real Estate under Development with Third-Party Developers (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Real Estate Properties [Line Items]
Real Estate Development Costs Incurred	$ 67,313	[1]
Remaining Development Budget	$ 108,061	[2]
Watercrest at Katy (Katy, TX)
Real Estate Properties [Line Items]
Developer	South Bay Partners, Ltd	[3]
Real Estate Development Costs Incurred	$ 7,914	[1],[3]
Remaining Development Budget	$ 7,695	[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	$ 6,870	[1]
Remaining Development Budget	$ 7,676	[2]
Waterstone at Greenville (Greenville, SC)
Real Estate Properties [Line Items]
Developer	T&D Greenville, LLC
Real Estate Development Costs Incurred	$ 14,743	[1]
Remaining Development Budget	$ 15,386	[2]
Wellmore of Lexington (Lexington, SC)
Real Estate Properties [Line Items]
Developer	Maxwell Group, Inc.
Real Estate Development Costs Incurred	$ 20,898	[1]
Remaining Development Budget	$ 36,419	[2]
Dogwood Forest of Grayson (Grayson, GA)
Real Estate Properties [Line Items]
Developer	Solomon Development Services, LLC
Real Estate Development Costs Incurred	$ 8,114	[1]
Remaining Development Budget	$ 20,559	[2]
Fieldstone at Pear Orchard (Yakima, WA)
Real Estate Properties [Line Items]
Developer	Cascadia Development, LLC	[4]
Real Estate Development Costs Incurred	$ 6,697	[1],[4]
Remaining Development Budget	$ 9,377	[2],[4]
Town Village (Oklahoma City, OK)
Real Estate Properties [Line Items]
Developer	South Bay Partners, Ltd
Real Estate Development Costs Incurred	$ 424	[1]
Remaining Development Budget	$ 1,077	[2]
Tranquillity at Fredericktowne (Frederick, MD)
Real Estate Properties [Line Items]
Developer	Capital Health Partners
Real Estate Development Costs Incurred	$ 654	[1]
Remaining Development Budget	$ 5,242	[2]
Brookridge Heights Assisted Living & Memory Care (Marquette, MI)
Real Estate Properties [Line Items]
Developer	Capital Health Partners
Real Estate Development Costs Incurred	$ 490	[1]
Remaining Development Budget	$ 4,335	[2]
Isle at Watercrest Bryan (Bryan,TX)
Real Estate Properties [Line Items]
Developer	JEA Senior Living
Real Estate Development Costs Incurred	$ 239	[1]
Remaining Development Budget	$ 163	[2]
Isle at Cedar Ridge (Cedar Park, TX)
Real Estate Properties [Line Items]
Developer	JEA Senior Living
Real Estate Development Costs Incurred	$ 270	[1]
Remaining Development Budget	$ 132	[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 June 30, 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 Development36

Real Estate under Development with Third-Party Developers (Parenthetical) (Detail) - Corporate Joint Venture	Jun. 30, 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		Jun. 30, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets And Liabilities [Line Items]
Less: accumulated amortization, assets		$ (100,309)	$ (74,895)
Intangible assets, net		146,218	172,452
Less: accumulated amortization, liabilities		3,431	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]	$ (12,117)	$ (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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Finite-Lived Intangible Assets And Liabilities [Line Items]
Amortization expense on intangible assets	$ 12,200	$ 10,300	$ 25,400	$ 20,500
Amortization expense on intangible liabilities	400	300	800	800
Rental Income from Operating Leases
Finite-Lived Intangible Assets And Liabilities [Line Items]
Amortization expense on intangible assets	500	500	1,000	1,000
Amortization expense on intangible liabilities	400	300	800	700
Property Operating Expenses
Finite-Lived Intangible Assets And Liabilities [Line Items]
Amortization expense on intangible assets	100	80	200	100
Amortization expense on intangible liabilities	20	20	40	40
Depreciation And Amortization
Finite-Lived Intangible Assets And Liabilities [Line Items]
Amortization expense on intangible assets	$ 11,600	$ 9,700	$ 24,200	$ 19,400

Aggregate Carrying Amount and M

Aggregate Carrying Amount and Major Classifications of Consolidated Assets and Liabilities (Detail) - USD ($) $ in Thousands		Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Variable Interest Entity [Line Items]
Real estate investment properties, net		$ 2,453,778	$ 2,451,538
Real estate under development, including land		67,313	62,521
Intangibles, net		146,218	172,452
Cash		65,436	68,922	$ 121,626	$ 91,355
Deferred rent and lease incentives		31,455	23,477
Other assets		21,998	23,334
Restricted cash		12,060	10,287
Mortgages and other notes payable, net		920,826	831,825
Other liabilities		48,009	41,938
Due to related parties	[1]	3,058	1,803
VIEs
Variable Interest Entity [Line Items]
Real estate investment properties, net		138,534	103,691
Real estate under development, including land		57,720	58,994
Intangibles, net		3,461	4,015
Cash		1,029	3,904
Deferred rent and lease incentives		3,110	3,096
Other assets		856	1,000
Restricted cash		647	974
Mortgages and other notes payable, net		103,191	85,093
Accounts payable and accrued liabilities		1,215	743
Accrued development costs		13,346	10,669
Other liabilities		1,533	1,387
Due to related parties		$ 126	$ 136
[1]	Amounts are recorded as due to related parties in the accompanying condensed consolidated balance sheets.

Variable Interest Entities (VIE

Variable Interest Entities (VIEs) - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Maximum exposure to loss VIEs limits	$ 83.9
Variable interest entity, description	As of June 30, 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) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	$ (6,560)		$ (6,481)
Contingent consideration payment	(97)		(176)
Change in fair value	750		750
Ending balance	(5,907)		(5,907)
Beginning balance		$ 4,078		$ 4,078
Contingent consideration payment		(2,579)		(2,579)
Change in fair value		321		321
Ending balance		1,820		1,820
Superior Residences of Panama City
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	(3,000)		(3,000)
Ending balance	(3,000)		(3,000)
The Shores of Lake Phalen
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	(750)		(750)
Change in fair value	750		750
Siena Pavilion VI
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	(3,750)		(3,750)
Ending balance	(3,750)		(3,750)
Center One
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	940		1,019
Contingent consideration payment	(97)		(176)
Ending balance	$ 843		$ 843
Capital Health Communities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance		4,078		4,078
Contingent consideration payment		(2,579)		(2,579)
Change in fair value		321		321
Ending balance		$ 1,820		$ 1,820

Details of Indebtedness (Detail

Details of Indebtedness (Detail) - USD ($) $ in Thousands		Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Mortgages payable and other notes payable	[1]	$ 929,468	$ 840,656
Premium (discount), net	[2]	(144)	(221)
Loan costs, net		(8,498)	(8,610)
Total mortgages and other notes payable, net		920,826	831,825
Credit facilities		601,515	656,284
Total borrowings, net		1,522,341	1,488,109
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facilities	[3],[4]	154,863	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	[4]	275,000	260,000
Term Loan Facility
Debt Instrument [Line Items]
Loan costs, net		(3,348)	(3,716)
Fixed rate debt
Debt Instrument [Line Items]
Mortgages payable and other notes payable		386,942	391,639
Variable Rate Debt
Debt Instrument [Line Items]
Mortgages payable and other notes payable	[5]	$ 542,526	$ 449,017
[1]	As of June 30, 2016 and December 31, 2015, the Company’s mortgages and other notes payable are collateralized by 74 and 65 properties, respectively, with total carrying value of approximately $1.7 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 June 30, 2016 and December 31, 2015, availability under the Revolving Credit Facility was approximately $58.2 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 June 30, 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 June 30, 2016 and December 31, 2015, the Company had entered into interest rate swaps with notional amounts of approximately $525.6 million and $480.7 million, respectively, which settle on a monthly basis. In addition, as of December 31, 2015, the Company had entered into a forward-starting interest rate swap for a total notional amount of approximately $48.4 million, 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	Jun. 30, 2016USD ($)Property	Dec. 31, 2015USD ($)Property
Revolving Credit Facility
Debt Instrument [Line Items]
Debt Instrument, Current borrowing capacity	$ 58.2	$ 20
Secured Mortgages and Other Notes Payable
Debt Instrument [Line Items]
Number of collateralized properties owned | Property	74	65
Mortgages and other notes payable carrying value of collateral	$ 1,700	$ 1,400
Forward Contracts
Debt Instrument [Line Items]
Notional amount of derivative contract		48.4
Interest Rate Swap
Debt Instrument [Line Items]
Notional amount of derivative contract	525.6	480.7
Interest Rate Cap
Debt Instrument [Line Items]
Notional amount of derivative contract	$ 410	$ 260

Indebtedness - Additional Infor

Indebtedness - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Mortgage Loans
Debt Instrument [Line Items]
Fair value of notes payable	$ 934.5	$ 844.6
Other notes
Debt Instrument [Line Items]
Carrying value of notes payable	920.8	831.8
Revolving Credit Facility
Debt Instrument [Line Items]
Fair value of notes payable	604.9	660
Carrying value of notes payable	$ 601.5	$ 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	6 Months Ended
	Mar. 31, 2015	Jun. 30, 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		3 Months Ended		5 Months Ended		6 Months Ended		9 Months Ended	13 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016		Jun. 30, 2016	Jun. 30, 2015	Sep. 30, 2015	Feb. 11, 2016	[2]	Dec. 31, 2015
Related Party Transaction [Line Items]
Asset management fees		$ 5,713	$ 4,131			$ 12,366	$ 8,341
Cash distributions on Restricted Stock						15,609	11,876
Stock distributions, shares				0	[1]			0.0025	0
Then-current offering price or NAV											$ 9.75
Expense Support Agreements
Related Party Transaction [Line Items]
Asset management fees	[3]	$ 1,325	$ 868			$ 1,700	$ 1,413
Then-current offering price or NAV	[4]	$ 9.75	$ 10.58	$ 9.75		$ 9.75	$ 10.58
Restricted Stock shares	[5]	136,000	82,000			174,000	134,000
Asset management fees	[3]	$ 12,347		$ 12,347		$ 12,347
Then-current offering price or NAV	[4]	$ 9.75		$ 9.75		$ 9.75
Expense Support Agreements | Restricted Stock
Related Party Transaction [Line Items]
Cash distributions on Restricted Stock	[6]	$ 112	$ 68			$ 202	$ 122
Stock distributions, shares	[7]		5,000				9,000
Restricted Stock shares	[5]	1,216,000		1,216,000		1,216,000
Cash distributions on Restricted Stock	[6]	$ 586		$ 586		$ 586
Stock distributions on Restricted Stock	[7]	21,000		21,000		21,000
[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 quarter and six months ended June 30, 2016, the Original Expense Support Agreements for the quarter and six months ended June 30, 2015, or cumulatively as of June 30, 2016 under either of the 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 June 30, 2016, Restricted Stock shares are comprised of approximately 1.04 million shares issued to the Advisor and approximately 0.2 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 June 30, 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, Fe47

Related Party Arrangement, Fees and Expenses Incurred (Parenthetical) (Detail) shares in Thousands	6 Months Ended
	Jun. 30, 2016shares
Related Party Transactions [Abstract]
Shares issued to Advisor	1,040
Shares issuable to Advisor	200

Fees in Connection with Offerin

Fees in Connection with Offering (Detail) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
		Jun. 30, 2015	Jun. 30, 2015
Related Party Transactions [Abstract]
Selling commissions	[1]	$ 3,969	$ 7,991
Marketing support fees	[1]	5,232	10,619
Total offering expenses		$ 9,201	$ 18,610
[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		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Offering costs	[1]		$ 984		$ 1,866
Operating expenses	[2]	$ 1,268	1,122	$ 2,498	2,021
Acquisition fees and expenses		46	4,536	151	6,866
Total reimbursable expenses		1,304	2,307	2,563	4,192
Investment services fees	[3]		3,605		5,021
Property management fees		4,695	3,363	9,165	6,616
Asset management fees		5,713	4,131	12,366	8,341
Total reimbursable expenses, net		9,651	12,039	19,307	21,206
Offering costs, unpaid	[1],[4]					$ 32
Operating expenses, unpaid	[2],[4]	1,572		1,572		935
Acquisition fees and expenses, unpaid	[4]	26		26		12
Total reimbursable expenses due	[4]	1,598		1,598		979
Investment services fees, unpaid	[3],[4]					182
Property management fees, unpaid	[4],[5]	748		748		418
Asset management fees, unpaid	[4],[6]	712		712		224
Total related amount unpaid	[4]	3,058		3,058		$ 1,803
Reimbursable expense
Related Party Transaction [Line Items]
Property management fees	[5]	1,116	961	2,315	1,941
Asset management fees	[6]	7,231	5,166	14,429	10,052
Property Manager
Related Party Transaction [Line Items]
Acquisition fees and expenses		$ 36	$ 201	$ 65	$ 305
[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]	Amounts are recorded as due to related parties in the accompanying condensed consolidated balance sheets.
[5]	For the quarter and six months ended June 30, 2016, the Company incurred approximately $1.1 million and $2.3 million, respectively, in property and construction management fees payable to the Property Manager of which approximately $0.1 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. For the quarter and six months ended June 30, 2015, the Company incurred approximately $1.0 million and $1.9 million, respectively, in property and construction management fees payable to the Property Manager of which approximately $0.2 million and $0.5 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 quarter and six months ended June 30, 2016, the Company incurred approximately $7.2 million and $14.4 million, respectively, in asset management fees payable to the Advisor of which approximately $0.1 million and $0.4 million, respectively, 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 $1.3 million and $1.7 million, respectively, 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 quarter and six months ended June 30, 2015, the Company incurred approximately $5.2 million and $10.1 million, respectively, in asset management fees payable to the Advisor of which approximately $0.9 million and $1.4 million, respectively, was settled in accordance with the terms of the Advisor Expense Support Agreement and approximately $0.2 million and $0.3 million, respectively, was capitalized and included in real estate under development in the accompanying condensed consolidated balance sheets.

Schedule of Fees, Reimbursabl50

Schedule of Fees, Reimbursable Expenses and Related Amounts Unpaid to Related Parties (Parenthetical) (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Related Party Transaction [Line Items]
Construction management fees capitalized		$ 100	$ 200	$ 300	$ 500
Asset management fees		5,713	4,131	12,366	8,341
Asset management fees capitalized		100	900	400	1,400
Expense under Support Agreement		1,300	200	1,700	300
Reimbursable expense
Related Party Transaction [Line Items]
Property and construction management fees payable		1,100	1,000	2,300	1,900
Asset management fees	[1]	$ 7,231	$ 5,166	$ 14,429	$ 10,052
[1]	For the quarter and six months ended June 30, 2016, the Company incurred approximately $7.2 million and $14.4 million, respectively, in asset management fees payable to the Advisor of which approximately $0.1 million and $0.4 million, respectively, 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 $1.3 million and $1.7 million, respectively, 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 quarter and six months ended June 30, 2015, the Company incurred approximately $5.2 million and $10.1 million, respectively, in asset management fees payable to the Advisor of which approximately $0.9 million and $1.4 million, respectively, was settled in accordance with the terms of the Advisor Expense Support Agreement and approximately $0.2 million and $0.3 million, respectively, was capitalized and included in real estate under development in the accompanying condensed consolidated balance sheets.

Amounts Related to Derivative F

Amounts Related to Derivative Financial Instruments Included in Unconsolidated Entities in Condensed Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2016	Dec. 31, 2015
Derivative Financial Instruments One
Derivative [Line Items]
Notional amount of derivative contract	[1]	$ 12,150
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)		$ (149)	$ (85)
Derivative Financial Instruments Two
Derivative [Line Items]
Notional amount of derivative contract	[1]	$ 37,749
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)		$ (1,585)	(1,472)
Derivative Financial Instruments Three
Derivative [Line Items]
Notional amount of derivative contract	[1]	$ 25,723
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)		$ (1,187)	(1,086)
Derivative Financial Instruments Four
Derivative [Line Items]
Notional amount of derivative contract	[3]	$ 10,549
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)		$ (2,023)	(1,066)
Derivative Financial Instruments Six
Derivative [Line Items]
Notional amount of derivative contract	[1]	$ 83,096
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)		$ (3,459)	(2,283)
Derivative Financial Instruments Seven
Derivative [Line Items]
Notional amount of derivative contract	[1]	$ 6,937
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)		$ (63)	(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)		$ (4,292)	(1,694)
Derivative Financial Instruments Nine
Derivative [Line Items]
Notional amount of derivative contract	[1]	$ 136,490
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)		$ (4,524)	(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)		$ 266	$ 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)		$ 155
[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	5 Months Ended		6 Months Ended		9 Months Ended	13 Months Ended
	Jun. 30, 2016		Jun. 30, 2016	Jun. 30, 2015	Sep. 30, 2015	Feb. 11, 2016	[2]
Class Of Stock [Line Items]
Aggregate proceeds received from offering			$ 21,383	$ 368,864
Cash distribution declared			36,992	28,143
Cash paid to stockholders			$ 15,600	$ 11,900
Stock distributions, shares	0	[1]			0.0025	0
Redemption of common stock, per share	$ 9.73		$ 9.73	$ 9.51
Redemptions of common stock			$ 17,564	$ 3,805
Distributions to promoted interest holders			3,850
Common Stock
Class Of Stock [Line Items]
Aggregate proceeds received from offering			$ 22	$ 350
Subscriptions received for common stock through public offering and reinvestment plan (in shares)			2,193,000	35,019,000
Stock distributions, shares				2,003,000
Redemption of common stock, shares			1,805,000	400,000
Redemptions of common stock			$ 17	$ 4
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			$ 21,400	$ 16,200
Subscriptions received for common stock through public offering and reinvestment plan (in shares)			2,200,000	1,600,000
Cash distribution declared			$ 21,400	$ 16,200
[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	5 Months Ended		9 Months Ended	13 Months Ended
	Jun. 30, 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 It54

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	5 Months Ended		9 Months Ended	13 Months Ended
	Jun. 30, 2016	[1]	Sep. 30, 2015	Feb. 11, 2016	[2]	Dec. 31, 2015
Equity [Abstract]
Then-current offering price or NAV						$ 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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, Gain (loss) recognized in other comprehensive loss	$ (1,961)	$ 1,802	$ (9,891)	$ (3,396)
Interest Expense and Loan Cost Amortization
Derivative Instruments, Gain (Loss) [Line Items]
Loss reclassified from accumulated other comprehensive loss into earnings	(2,366)	(836)	(3,682)	(1,569)
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, Gain (loss) recognized in other comprehensive loss	(1,271)	1,642	(7,763)	(3,624)
Interest Rate Swap | Interest Expense and Loan Cost Amortization
Derivative Instruments, Gain (Loss) [Line Items]
Loss reclassified from accumulated other comprehensive loss into earnings	(2,361)	(674)	(3,658)	(1,333)
Interest Rate Cap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, Gain (loss) recognized in other comprehensive loss	(695)		(2,151)
Interest Rate Cap | Unconsolidated Joint Venture
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, Gain (loss) recognized in other comprehensive loss		(2)	(1)	(8)
Reclassification of Interest Rate Swaps Upon Derecognition
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, Gain (loss) recognized in other comprehensive loss		162		236
Reclassification of Interest Rate Swaps Upon Derecognition | Interest Expense and Loan Cost Amortization
Derivative Instruments, Gain (Loss) [Line Items]
Loss reclassified from accumulated other comprehensive loss into earnings		$ (162)		$ (236)
Reclassification of Interest Rate Swaps Due to Ineffectiveness
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, Gain (loss) recognized in other comprehensive loss	5		24
Reclassification of Interest Rate Swaps Due to Ineffectiveness | Interest Expense and Loan Cost Amortization
Derivative Instruments, Gain (Loss) [Line Items]
Loss reclassified from accumulated other comprehensive loss into earnings	$ (5)		$ (24)

Commitments and Contingencies (

Commitments and Contingencies (Detail)	6 Months Ended
	Jun. 30, 2016Agreement
Commitments And Contingencies Disclosure [Abstract]
Number of remaining promoted interest agreements	8