CNL Healthcare Properties (CHTH) 10-Q 9 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 31, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
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		174,687,796

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands		Sep. 30, 2017	Dec. 31, 2016
Real estate assets:
Real estate investment properties, net (including VIEs $216,181 and $112,929, respectively)		$ 2,496,885	$ 2,419,815
Real estate under development, including land (including VIEs $0 and $80,473, respectively)		4,856	97,164
Total real estate assets, net		2,501,741	2,516,979
Intangibles, net (including VIEs $2,129 and $2,891, respectively)		106,752	130,609
Cash (including VIEs $2,660 and $916, respectively)		72,470	58,517
Deferred rent and lease incentives (including VIEs $5,421 and $3,061, respectively)		40,956	31,045
Other assets (including VIEs $2,547 and $1,130, respectively)		23,633	24,470
Assets held for sale, net		52,469	53,351
Restricted cash (including VIEs $56 and $20, respectively)		9,493	12,721
Total assets		2,807,514	2,827,692
Liabilities:
Mortgages and other notes payable, net (including VIEs $151,785 and $104,890, respectively)		1,035,114	936,723
Credit facilities		619,835	641,989
Accounts payable and accrued liabilities (including VIEs $3,946 and $16,830, respectively)		48,408	51,752
Other liabilities (including VIEs $1,426 and $976, respectively)		29,160	38,946
Due to related parties (including VIEs $113 and $107, respectively)	[1]	4,090	3,465
Total liabilities		1,736,607	1,672,875
Commitments and contingencies (Note 11)
Redeemable noncontrolling interest		399	472
Stockholders' equity:
Preferred stock, $0.01 par value per share, 200,000 shares authorized; none issued or outstanding
Excess shares, $0.01 par value per share, 300,000 shares authorized; none issued or outstanding
Common stock, $0.01 par value per share, 1,120,000 shares authorized, 183,374 and 180,188 shares issued, and 174,688 and 175,070 shares outstanding, respectively		1,747	1,751
Capital in excess of par value		1,524,804	1,528,435
Accumulated loss		(209,208)	(182,813)
Accumulated distributions		(243,954)	(186,551)
Accumulated other comprehensive loss		(4,077)	(7,863)
Total stockholders' equity		1,069,312	1,152,959
Noncontrolling interest		1,196	1,386
Total equity		1,070,907	1,154,817
Total liabilities and equity		$ 2,807,514	$ 2,827,692
[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		Sep. 30, 2017	Dec. 31, 2016
Real estate investment properties, net		$ 2,496,885	$ 2,419,815
Real estate under development, including land		4,856	97,164
Intangibles, net		106,752	130,609
Cash		72,470	58,517
Deferred rent and lease incentives		40,956	31,045
Other assets		23,633	24,470
Restricted cash		9,493	12,721
Mortgages and other notes payable, net		1,035,114	936,723
Accounts payable and accrued liabilities		48,408	51,752
Other liabilities		29,160	38,946
Due to related parties	[1]	$ 4,090	$ 3,465
Preferred stock, par value		$ 0.01	$ 0.01
Preferred stock, shares authorized		200,000	200,000
Preferred stock, shares issued		0	0
Preferred stock, shares outstanding		0	0
Excess shares, par value		$ 0.01	$ 0.01
Excess shares, shares authorized		300,000	300,000
Excess shares, shares issued		0	0
Excess shares, shares outstanding		0	0
Common stock, par value		$ 0.01	$ 0.01
Common stock, shares authorized		1,120,000	1,120,000
Common stock, shares issued		183,374	180,188
Common stock, shares outstanding		174,688	175,070
VIEs
Real estate investment properties, net		$ 216,181	$ 112,929
Real estate under development, including land		0	80,473
Intangibles, net		2,129	2,891
Cash		2,660	916
Deferred rent and lease incentives		5,421	3,061
Other assets		2,547	1,130
Restricted cash		56	20
Mortgages and other notes payable, net		151,785	104,890
Accounts payable and accrued liabilities		3,946	16,830
Other liabilities		1,426	976
Due to related parties		$ 113	$ 107
[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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues:
Rental income from operating leases	$ 32,039	$ 31,047	$ 97,382	$ 92,742
Resident fees and services	64,548	59,271	182,557	174,594
Other revenues	5,100	5,193	15,226	15,176
Total revenues	101,687	95,511	295,165	282,512
Operating expenses:
Property operating expenses	49,978	47,163	142,944	139,637
General and administrative	3,529	2,705	9,811	9,653
Acquisition fees and expenses		126		277
Asset management fees	7,562	6,240	22,197	18,606
Property management fees	4,832	4,800	14,110	13,965
Financing coordination fees	2,748		2,748
Contingent purchase price consideration adjustments		528	77	(222)
Loss on lease terminations				785
Depreciation and amortization	26,768	30,289	81,054	94,428
Total operating expenses	95,417	91,851	272,941	277,129
Operating income	6,270	3,660	22,224	5,383
Other income (expense):
Interest and other income (expense)	(450)	9	(348)	54
Interest expense and loan cost amortization	(17,059)	(15,820)	(48,453)	(43,857)
Equity in earnings of unconsolidated entity	98	194	230	108
Total other expense	(17,411)	(15,617)	(48,571)	(43,695)
Loss before income taxes	(11,141)	(11,957)	(26,347)	(38,312)
Income tax expense	(90)	(66)	(344)	(241)
Net loss	(11,231)	(12,023)	(26,691)	(38,553)
Less: Net loss attributable to noncontrolling interest	(61)	(31)	(296)	(47)
Net loss attributable to common stockholders	$ (11,170)	$ (11,992)	$ (26,395)	$ (38,506)
Net loss per share of common stock (basic and diluted)	$ (0.06)	$ (0.07)	$ (0.15)	$ (0.22)
Weighted average number of shares of common stock outstanding (basic and diluted)	175,190	175,033	175,229	175,068
Distributions declared per share of common stock	$ 0.1164	$ 0.1058	$ 0.3280	$ 0.3174

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (11,231)	$ (12,023)	$ (26,691)	$ (38,553)
Other comprehensive income (loss):
Unrealized gain (loss) on derivative financial instruments, net	1,183	4,000	3,607	(5,914)
Reclassification of cash flow hedges upon derecognition	132		186
Reclassification of cash flow hedges due to ineffectiveness	(7)	(23)	(7)	(1)
Unrealized loss on derivative financial instruments of equity method investments				(1)
Total other comprehensive income (loss)	1,308	3,977	3,786	(5,916)
Comprehensive loss	(9,923)	(8,046)	(22,905)	(44,469)
Less: Comprehensive loss attributable to noncontrolling interest	(61)	(31)	(296)	(47)
Comprehensive loss attributable to common stockholders	$ (9,862)	$ (8,015)	$ (22,609)	$ (44,422)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND REDEEMABLE NONCONTROLLING INTEREST (Unaudited) - USD ($)	Total	Redeemable Noncontrolling Interest	Common Stock	Capital in Excess of Par Value	Accumulated Loss	Accumulated Distributions	Accumulated Other Comprehensive Income (Loss)	Total Stockholders' Equity	Non- controlling Interest
Beginning Balance at Dec. 31, 2015	$ 1,259,102,000	$ 551,000	$ 1,744,000	$ 1,528,781,000	$ (151,146,000)	$ (112,543,000)	$ (9,747,000)	$ 1,257,089,000	$ 1,462,000
Beginning Balance (in shares) at Dec. 31, 2015			174,430,000
Subscriptions received for common stock through reinvestment plan	$ 31,990,000		$ 33,000	31,957,000				31,990,000
Subscriptions received for common stock through reinvestment plan (in shares)	3,300,000		3,281,000
Redemptions of common stock	$ (25,845,000)		$ (26,000)	(25,819,000)				(25,845,000)
Redemption of common stock, shares			(2,656,000)
Net income (loss)	(38,553,000)	(52,000)			(38,506,000)			(38,506,000)	5,000
Other comprehensive income (loss)	(5,916,000)						(5,916,000)	(5,916,000)
Distribution to holder of noncontrolling interest	(29,000)								(29,000)
Distribution to holder of promoted interest	(6,650,000)			(6,650,000)				(6,650,000)
Cash distributions declared	(55,488,000)					(55,488,000)		(55,488,000)
Ending Balance at Sep. 30, 2016	1,158,611,000	499,000	$ 1,751,000	1,528,269,000	(189,652,000)	(168,031,000)	(15,663,000)	1,156,674,000	1,438,000
Ending Balance (in shares) at Sep. 30, 2016			175,055,000
Beginning Balance at Dec. 31, 2016	$ 1,154,817,000	472,000	$ 1,751,000	1,528,435,000	(182,813,000)	(186,551,000)	(7,863,000)	1,152,959,000	1,386,000
Beginning Balance (in shares) at Dec. 31, 2016	175,070		175,070,000
Subscriptions received for common stock through reinvestment plan	$ 31,989,000		$ 32,000	31,957,000				31,989,000
Subscriptions received for common stock through reinvestment plan (in shares)	3,200,000		3,186,000
Redemptions of common stock	$ (35,624,000)		$ (36,000)	(35,588,000)				(35,624,000)
Redemption of common stock, shares			(3,568,000)
Net income (loss)	(26,691,000)	(73,000)			(26,395,000)			(26,395,000)	(223,000)
Other comprehensive income (loss)	3,786,000						3,786,000	3,786,000
Distribution to holder of noncontrolling interest	(27,000)								(27,000)
Distribution to holder of promoted interest	0
Cash distributions declared	(57,403,000)					(57,403,000)		(57,403,000)
Contribution from noncontrolling interests	60,000								60,000
Ending Balance at Sep. 30, 2017	$ 1,070,907,000	$ 399,000	$ 1,747,000	$ 1,524,804,000	$ (209,208,000)	$ (243,954,000)	$ (4,077,000)	$ 1,069,312,000	$ 1,196,000
Ending Balance (in shares) at Sep. 30, 2017	174,688		174,688,000

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND REDEEMABLE NONCONTROLLING INTEREST (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement Of Stockholders Equity [Abstract]
Cash distributions, declared per share	$ 0.1164	$ 0.1058	$ 0.3280	$ 0.3174

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Operating activities:
Net cash flows provided by operating activities	$ 56,942	$ 58,111
Investing activities:
Acquisition of unimproved land	(1,050)
Development of properties	(46,254)	(60,820)
Issuance of note receivable	(443)
Capital expenditures	(7,789)	(5,825)
Payment of leasing costs	(1,121)	(2,423)
Collection of contingent purchase price consideration	407
Deposits on real estate		275
Net cash used in investing activities	(56,250)	(68,793)
Financing activities:
Payment of stock issuance and offering costs		(32)
Distributions to stockholders, net of distribution reinvestments	(25,415)	(23,498)
Distributions to holders of promoted interest	(2,000)	(4,650)
Contributions from noncontrolling interest	60
Distributions to holder of noncontrolling interest	(27)	(29)
Redemptions of common stock	(31,984)	(20,298)
Draws under credit facilities	42,000	80,113
Repayments on credit facilities	(64,863)	(90,250)
Proceeds from mortgage and other notes payable	164,548	111,309
Principal payments on mortgage and other notes payable	(66,098)	(48,947)
Payment of contingent purchase price consideration	(3,645)	(2,770)
Purchase of interest rate cap	(59)	(587)
Lender deposits		(15)
Payment of loan costs	(2,484)	(1,615)
Payment on extinguishment of debt		(1,127)
Net cash flows provided by (used in) financing activities	10,033	(2,396)
Net increase (decrease) in cash and restricted cash	10,725	(13,078)
Cash and restricted cash at beginning of period	71,238	79,209
Cash and restricted cash at end of period	81,963	66,131
Amounts incurred but not paid (including amounts due to related parties):
Accrued development costs	648	21,336
Redemptions payable	14,037	8,285
Contingent purchase price consideration	$ 1,000	4,867
Distribution to holder of promoted interest		$ 2,000

Organization

Organization	9 Months Ended
	Sep. 30, 2017
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 United States (“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 CHP Partners, LP (“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 contributed the net proceeds from its Offerings to the Operating Partnership in exchange for partnership interests. 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 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 and substantial completion of its acquisition phase, the Company’s focus is on actively managing a diversified portfolio of healthcare real estate and 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 (“MOBs”), 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 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	9 Months Ended
	Sep. 30, 2017
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 nine months ended September 30, 2017 may not be indicative of the results that may be expected for the year ending December 31, 2017. Amounts as of December 31, 2016 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, 2016 (“Annual Report”). 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 VIE. The Company’s analysis includes both quantitative and qualitative reviews. The Company bases its quantitative analysis on the forecasted cash flows of the entity, and its qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and financial agreements. The Company also uses its quantitative and qualitative analyses to determine if it is the primary beneficiary of the VIE, and if such determination is made, it includes the accounts of the VIE in its consolidated financial statements. Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements, the reported amounts of revenues and expenses during the reporting periods and the disclosure of contingent liabilities. For example, significant assumptions are made in the allocation of purchase price, the analysis of real estate impairments, the valuation of contingent assets and liabilities, and the valuation of restricted stock shares issued to the Advisor or Property Manager. Accordingly, actual results could differ from those estimates. Adopted Accounting Pronouncements — In August 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments,” which made eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. The ASU further clarified how the predominance principle should be applied to cash receipts and payments relating to more than one class of cash flows. The ASU is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2017. The ASU is to be applied retrospectively for each period presented. Subsequently, in November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash,” which modifies the presentation of the statement of cash flows and requires reconciliation to the overall change in the total of cash, cash equivalents, restricted cash and restricted cash equivalents. As a result, the statement of cash flows will no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents. The ASU is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2017. The ASU is to be applied retrospectively for each period presented. 2. Summary of Significant Accounting Policies (continued) The Company early adopted both ASU 2016-15 and ASU 2016-18 on January 1, 2017; the adoption of which impacted the Company’s presentation of its statement of cash flows, but did not have a material impact on the Company’s consolidated balance sheet or consolidated results of operations. Accordingly, the Company has retrospectively adjusted the presentation of its consolidated statement of cash flows 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 statement of cash flows for the nine months ended September 30, 2016 (in thousands): As Filed Adjusted September 30, September 30, 2016 Adjustments 2016 Operating activities: Loss on extinguishment of debt $ 368 $ 1,127 $ 1,495 Net cash provided by operating activities $ 56,984 $ 1,127 $ 58,111 Investing activities: Changes in restricted cash $ (1,225 ) $ 1,225 $ — Net cash used in investing activities $ (70,018 ) $ 1,225 $ (68,793 ) Financing activities: Payment on extinguishment of debt $ — $ (1,127 ) $ (1,127 ) Net cash used in financing activities $ (1,269 ) $ (1,127 ) $ (2,396 ) Net decrease in cash and restricted cash $ (14,303 ) $ 1,225 $ (13,078 ) Cash and restricted cash at beginning of period 68,922 10,287 79,209 Cash and restricted cash at end of period $ 54,619 $ 11,512 $ 66,131 In October 2016, the FASB issued ASU 2016-17, “Consolidation (Topic 810): Interests Held Through Related Parties that are under Common Control,” which requires an entity to consider its indirect interests held by related parties that are under common control on a proportionate basis when evaluating whether the entity is a primary beneficiary of a VIE. The ASU is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2016. The Company has adopted ASU 2016-17 on January 1, 2017; the adoption of which did not have a material impact to its consolidated financial position, results of operations or cash flows. In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business,” which clarifies the definition of a business and provides a framework by which to evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The ASU is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2017. The ASU is to be applied prospectively for each period presented. The Company early adopted ASU 2017-01 on January 1, 2017; the adoption of which did not have a material impact to its consolidated financial position, results of operations or cash flows. 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. 2. Summary of Significant Accounting Policies (continued) In addition, in December 2016, the FASB issued ASU 2016-20, which provides technical corrections and improvements to ASC 606 based on questions that stakeholders have raised while working through the implementation. ASC 606 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 continues to execute on its implementation plan for ASC 606; specifically, as it relates to the allocation of consideration to different revenue streams within a given contract and the impact adoption of ASC 606 could have on the Company’s financial statement disclosures. The Company expects to use the modified retrospective approach as its transition method once it adopts this ASU and the Company expects the adoption of this ASU will not have a material impact on the amount or timing of its revenue recognition. 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 continues to execute on its implementation plan for ASC 842 and expects to adopt this ASU on January 1, 2019. The Company expects that adoption will impact the Company’s consolidated financial statements and related financial statement disclosures; specifically, (1) the Company’s consolidated financial position as it relates to the required presentation for arrangements such as ground and air rights leases in which the Company is the lessee, and (2) the allocation of consideration between lease and non-lease components for arrangements in which the Company is the lessor. However, the Company does not expect the adoption of this ASU to have a material impact on the Company’s consolidated results of operations or cash flows. In August 2017, the FASB issued ASU 2017-12 “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities,” which amended the hedge accounting model to better reflect an entity’s risk management activities. The ASU expands an entities ability to hedge nonfinancial and financial risk components as well as reduce the complexity related to fair value hedges of interest rate risk. The ASU further eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The ASU is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2018. The Company expects to early adopt this ASU on January 1, 2018 and does not expect the adoption of this ASU to have a material impact on the Company’s consolidated results of operations or cash flows.

Real Estate Assets, net

Real Estate Assets, net	9 Months Ended
	Sep. 30, 2017
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 September 30, 2017 and December 31, 2016 are as follows (in thousands): September 30, December 31, 2017 2016 Land and land improvements $ 251,659 $ 235,543 Building and building improvements 2,409,656 2,306,071 Furniture, fixtures and equipment 79,933 64,939 Less: accumulated depreciation (244,363 ) (186,738 ) Real estate investment properties, net 2,496,885 2,419,815 Real estate under development, including land 4,856 97,164 Total real estate assets, net $ 2,501,741 $ 2,516,979 Depreciation expense on the Company’s real estate investment properties, net was approximately $19.8 million and $58.6 million for the quarter and nine months ended September 30, 2017, respectively, and approximately $20.2 million and $60.1 million for the quarter and nine months ended September 30, 2016. The following development properties and expansion projects were completed during the nine months ended September 30, 2017 Property Name Location Substantial Completion Date Development Properties Welbrook Transitional Care Grand Junction Grand Junction, CO March 2017 Waterstone on Augusta Greenville, SC March 2017 Wellmore of Lexington Lexington, SC June 2017 Dogwood Forest of Grayson Grayson, GA June 2017 Expansion Projects Brookridge Heights Assisted Living & Memory Care Marquette, MI June 2017 As of September 30, 2017, one of the Company’s seniors housing communities has a real estate expansion project with a third-party developer as follows (in thousands): Property Name (and Location) Developer Real Estate Development Costs Incurred (1) Remaining Development Budget (2) Tranquillity at Fredericktowne (Frederick, MD) Capital Health Partners $ 4,856 $ 2,029 _____________ FOOTNOTES: (1) This amount represents total capitalized costs for GAAP purposes for the development and construction of the seniors housing community as of September 30, 2017. 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. The development budgets generally 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. In most cases, the developer is generally responsible for cost overruns beyond the approved development budget for the applicable project pursuant to a cost overrun guarantee.

Intangibles, net

Intangibles, net	9 Months Ended
	Sep. 30, 2017
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 September 30, 2017 and December 31, 2016 are as follows (in thousands): September 30, December 31, 2017 2016 In-place lease intangibles $ 223,854 $ 223,854 Above-market lease intangibles 13,974 13,974 Below-market ground lease intangibles 12,470 12,470 Less: accumulated amortization (143,546 ) (119,689 ) Intangible assets, net $ 106,752 $ 130,609 Below-market lease intangibles $ (12,060 ) $ (12,060 ) Above-market ground lease intangibles (3,488 ) (3,488 ) Less: accumulated amortization 5,362 4,247 Intangible liabilities, net (1) $ (10,186 ) $ (11,301 ) ____________ 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 $7.4 million and $24.0 million for the quarter and nine months ended September 30, 2017, of which approximately $0.4 million and $1.3 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 $6.9 million and $22.4 million, respectively, were included in depreciation and amortization. Amortization on the Company’s intangible assets was approximately $10.7 million and $36.0 million for the quarter and nine months ended September 30, 2016, of which approximately $0.5 million and $1.5 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 $10.1 million and $34.3 million, respectively, were included in depreciation and amortization. Amortization on the Company’s intangible liabilities was approximately $0.4 million and $1.1 million for the quarter and nine months ended September 30, 2017, of which approximately $0.3 million and $1.0 million, respectively, were treated as an increase of rental income from operating leases and approximately $0.02 million and $0.07 million, respectively, were treated as a reduction of property operating expenses. For the quarter and nine months ended September 30, 2016, amortization on the Company’s intangible liabilities was approximately $0.4 million and $1.3 million, of which approximately $0.4 million and $1.2 million, respectively, were treated as an increase of rental income from operating leases and approximately $0.02 million and $0.07 million were treated as a reduction of property operating expenses.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2017
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 September 30, 2017 and December 31, 2016 are as follows (in thousands): September 30, December 31, 2017 2016 Assets: Real estate investment properties, net $ 216,181 $ 112,929 Real estate under development, including land $ ― $ 80,473 Intangibles, net $ 2,129 $ 2,891 Cash $ 2,660 $ 916 Deferred rent and lease incentives $ 5,421 $ 3,061 Other assets $ 2,547 $ 1,130 Restricted cash $ 56 $ 20 Liabilities: Mortgages and other notes payable, net $ 151,785 $ 104,890 Accounts payable and accrued liabilities $ 3,197 $ 1,461 Accrued development costs $ 749 $ 15,369 Other liabilities $ 1,426 $ 976 Due to related parties $ 113 $ 107 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 $70.0 million as of September 30, 2017. The Company’s exposure is limited because of the non-recourse nature of the borrowings of the VIEs. As of September 30, 2017 and December 31, 2016, the Company had 10 subsidiaries which are classified as 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. • Four of these subsidiaries are entities with 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 recently completed 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 with 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	9 Months Ended
	Sep. 30, 2017
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 nine months ended September 30, 2017 and 2016 (in thousands): Quarter Ended September 30, 2017 Property Beginning asset (liability) as of June 30, 2017 Contingent Consideration Payment Change in Fair Value Ending asset (liability) as of September 30, 2017 Superior Residences of Panama City $ (2,000 ) $ 1,000 $ — $ (1,000 ) Center One 798 (203 ) ― 595 $ (1,202 ) $ 797 $ — $ (405 ) Quarter Ended September 30, 2016 Property Beginning asset (liability) as of June 30, 2016 Contingent Consideration Payment Change in Fair Value Ending asset (liability) as of September 30, 2016 Superior Residences of Panama City $ (3,000 ) $ — $ (1,000 ) $ (4,000 ) Siena Pavilion VI (3,750 ) 2,770 113 (867 ) Center One 843 (99 ) 359 1,103 $ (5,907 ) $ 2,671 $ (528 ) $ (3,764 ) Nine Months Ended September 30, 2017 Property Beginning asset (liability) as of December 31, 2016 Contingent Consideration Payment Change in Fair Value Ending asset (liability) as of September 30, 2017 Superior Residences of Panama City $ (4,000 ) $ 3,000 $ — $ (1,000 ) Siena Pavilion VI (645 ) 645 ― ― Center One 1,079 (407 ) (77 ) 595 $ (3,566 ) $ 3,238 $ (77 ) $ (405 ) Nine Months Ended September 30, 2016 Property Beginning asset (liability) as of December 31, 2015 Contingent Consideration Payment Change in Fair Value Ending asset (liability) as of September 30, 2016 Superior Residences of Panama City $ (3,000 ) $ — $ (1,000 ) $ (4,000 ) The Shores of Lake Phalen (750 ) ― 750 ― Siena Pavilion VI (3,750 ) 2,770 113 (867 ) Center One 1,019 (275 ) 359 1,103 $ (6,481 ) $ 2,495 $ 222 $ (3,764 ) 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	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Indebtedness	7. Indebtedness The following table provides details of the Company’s indebtedness as of September 30, 2017 and December 31, 2016 (in thousands): September 30, December 31, 2017 2016 Mortgages payable and other notes payable: Fixed rate debt $ 412,159 $ 382,129 Variable rate debt (1)(5) 630,294 561,874 Mortgages and other notes payable (2) 1,042,453 944,003 Premium (discount), net (3) 109 (67 ) Loan costs, net (7,448 ) (7,213 ) Total mortgages and other notes payable, net 1,035,114 936,723 Credit facilities: Revolving Credit Facility (4) (5) 172,000 194,863 First Term Loan Facility (1) 175,000 175,000 Second Term Loan Facility (5) 275,000 275,000 Loan costs, net related to Term Loan Facilities (2,165 ) (2,874 ) Total credit facilities, net 619,835 641,989 Total indebtedness, net $ 1,654,949 $ 1,578,712 _____________ FOOTNOTES: (1) As of September 30, 2017 and December 31, 2016, the Company had entered into interest rate swaps with notional amounts of approximately $515.3 million and $521.5 million, respectively, which settle on a monthly basis. Refer to Note 9. “Derivative Financial Instruments” for additional information. (2) As of September 30, 2017 and December 31, 2016, the Company’s mortgages and other notes payable are collateralized by 76 and 75 properties, respectively, with total carrying value of approximately $1.6 billion and $1.6 billion, respectively. (3) Premium (discount), net is reflective of the Company recording mortgage note payables assumed at fair value on the respective acquisition dates. (4) As of September 30, 2017 and December 31, 2016, the Company had undrawn availability under the senior unsecured revolving line of credit (“Revolving Credit Facility”) of approximately $3.6 million and $11.1 million, respectively, based on the value of the properties in the unencumbered pool of assets supporting the loan. (5) As of September 30, 2017 and December 31, 2016, the Company had entered into interest rate caps with notional amounts of approximately $527.0 million and $410.0 million, respectively. Refer to Note 9. “Derivative Financial Instruments” for additional information. The following is a schedule of future principal payments and maturity for the Company’s total indebtedness for the remainder of 2017, each of the next four years and thereafter, in the aggregate, as of September 30, 2017 (in thousands): 2017 $ 203,265 2018 71,859 2019 505,235 2020 424,263 2021 49,556 Thereafter 410,384 $ 1,664,562 In October 2017, the Company exercised a one-year extension option on its Revolving Credit Facility, which was scheduled to mature in December 2017 as presented above. Refer to Note 13. “Subsequent Events” for additional information. 7. Indebtedness (continued) The following table provides details of the Company’s new and refinanced mortgages and other notes payable as of September 30, 2017 (in thousands): Interest Rate at September 30, Maturity September 30, Property and Loan Type 2017 (1) Payment Terms Date (2) 2017 Pacific Northwest Communities; Mortgage Loan (3) 4.30% per annum Monthly principal and interest payments based on a 25-year amortization schedule 1/5/22 $ 210,439 Capital Health Communities; Mortgage Loan (4) (4) Monthly principal and interest payments based on a 25-year amortization schedule 1/5/22 63,184 Total fixed rate debt 273,623 Wellmore of Tega Cay; Mortgage Loan 30-day LIBOR plus 2.65% per annum Monthly interest only payments for the first 12 months; principal and interest payments thereafter based on a 30-year amortization schedule 3/1/20 28,000 Knoxville Medical Office Properties and Claremont Medical Office; Mortgage Loan (5) 30-day LIBOR plus 2.45% per annum Monthly principal and interest payments based on a 30-year amortization schedule 5/24/22 57,350 Total variable rate debt 85,350 Total debt $ 358,973 _____________ FOOTNOTES: (1) The 30-day and 90-day LIBOR were approximately 1.24% and 1.34%, respectively, as of September 30, 2017. (2) Represents the initial maturity date (or, as applicable, the maturity date as extended). Certain of the Company’s mortgages and other notes payable agreements include extension options held by the Company under which the maturity dates may be extended beyond the date presented, subject to certain lender conditions and/or related fees. (3) In August 2017, the Company extended the maturity date on the existing loan of approximately $201.9 million from December 2018 to January 2022. In addition, the Company received approximately $9.5 million of additional borrowings through a supplemental loan with the same lender, which is co-terminus with the existing mortgage loans, collateralized by the communities and matures in January 2022. The supplemental loan further accrues interest at a fixed rate equal to 4.3% per annum and includes monthly interest only payments for the first 12 months followed by monthly principal and interest payments for the remaining term of the loan using a 30-year amortization period with the remaining principal balance payable at maturity. The loan may be prepaid, in whole or in part, with a prepayment premium equal to the greater of: (i) one percent (1%) of the principal amount being prepaid, multiplied by the quotient of the number of full months remaining until the maturity date of the loan (calculated as of the prepayment date) divided by the number of full months comprising the term of the loan; or (b) a “make-whole” payment equal to the present value of the loan less the amount of principal and accrued interest being prepaid calculated as of the prepayment date for the period between that date and the maturity date. 7. Indebtedness (continued) (4) In August 2017, the Company extended the maturity date on the existing loan of approximately $35.4 million from January 2020 to January 2022. In addition, the Company received approximately $28.0 million of additional borrowings through a supplemental loan with the same lender, which is co-terminus with the existing mortgage loans, collateralized by the communities and matures in January 2022. The existing loan accrues interest at a fixed rate equal to 4.25% per annum. The supplemental loan accrues interest at a fixed rate equal to 4.3% per annum and includes monthly interest only payments for the first 12 months followed by monthly principal and interest payments for the remaining term of the loan using a 30-year amortization period with the remaining principal balance payable at maturity. The loan may be prepaid, in whole or in part, with a prepayment premium equal to the greater of: (i) one percent (1%) of the principal amount being prepaid, multiplied by the quotient of the number of full months remaining until the maturity date of the loan (calculated as of the prepayment date) divided by the number of full months comprising the term of the loan; or (b) a “make-whole” payment equal to the present value of the loan less the amount of principal and accrued interest being prepaid calculated as of the prepayment date for the period between that date and the maturity date. (5) In May 2017, the Company refinanced the loans related to the Claremont Medical Office property and the Knoxville Medical Office Properties of approximately $12.4 million and $37.2 million, respectively, into a combined loan. The original loans were scheduled to mature January 2018 and July 2018, respectively. The following table provides details of the fair market value and carrying value of the Company’s indebtedness as of September 30, 2017 and December 31, 2016 (in thousands): September 30, December 31, 2017 2016 Fair Value Carrying Value Fair Value Carrying Value Mortgages and other notes payable, net $ 1,041.0 $ 1,035.1 $ 943.4 $ 936.7 Credit facilities $ 622.0 $ 619.8 $ 644.9 $ 642.0 These fair market values are based on current rates and spreads the Company would expect to obtain for similar borrowings. Since this methodology includes inputs that are less observable by the public and are not necessarily reflected in active markets, the measurement of the estimated fair values related to the Company’s mortgage notes payable is categorized as Level 3 on the three-level valuation hierarchy. The estimated fair value of accounts payable and accrued liabilities approximates the carrying value as of September 30, 2017 and December 31, 2016 because of the relatively short maturities of the obligations. All of the Company’s mortgage and construction loans contain customary financial covenants; including (but not limited to) the following: 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 September 30, 2017, the Company was in compliance with all financial covenants.

Related Party Arrangements

Related Party Arrangements	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
Related Party Arrangements	8. Related Party Arrangements In February 2017, the Company’s board of directors approved the fourth amended and restated expense support agreements with both the Advisor and Property Manager that were effective January 1, 2017. These amendments limit the annual expense support amount, in the aggregate, to an annualized four percent of the weighted average of the Board’s most recent determination of estimated net asset value (“NAV”) per share and change the calculation to exclude the impact of completed development properties for a specified period of time after the property is placed into service (as defined in the agreements). These amendments, along with the original expense support agreements and previous amendments govern the fees and expenses charged by the Advisor and Property Manager to the Company. Refer to the Company’s Annual Report on Form 10-K for further information related to these previous expense support agreements. Under the terms of the 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 expense support agreements, the Company will issue, within 90 days following the determination date, a number of shares of forfeitable restricted common stock (“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 expense support agreements automatically renew for consecutive one year periods, subject to the right of the Advisor or Property Manager to terminate their respective agreements upon 30 days’ written notice to the Company. The following fees have been or are expected to be settled in accordance with the expense support agreements for the quarter and nine months ended September 30, 2017, the quarter and nine months ended September 30, 2016, and cumulatively as of September 30, 2017 (in thousands, except per share data): Quarter ended Nine Months Ended As of September 30, September 30, September 30, 2017 2016 2017 2016 2017 Asset management fees (1) $ — $ 850 $ — $ 2,550 $ 13,565 Then-current offering price or NAV (2) $ 10.04 $ 9.75 $ 10.04 $ 9.75 $ 10.04 Restricted Stock shares (3) ― 87 ― 262 1,332 Cash distributions on Restricted Stock (4) $ 158 $ 112 $ 413 $ 315 $ 1,223 ______________ FOOTNOTES: (1) No other amounts were eligible to be settled in accordance with the expense support agreements for the quarter and nine months ended September 30, 2017. (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 NAV per share. (3) No fair value has been assigned to the Restricted Stock shares as the shares were valued at zero at issuance, which represents the lowest possible value estimated at vesting. In addition, the Restricted Stock shares were treated as unissued for financial reporting purposes because the vesting criteria had not been met through . (4) The cash distributions have been recognized as compensation expense as issued and included in general and administrative expense in the accompanying condensed consolidated statements of operations. 8. Related Party Arrangements (continued) The expenses and fees incurred by and reimbursable to the Company’s related parties for the quarter and nine months ended September 30, 2017 and 2016, and related amounts unpaid as of September 30, 2017 and December 31, 2016 are as follows (in thousands): Quarter ended Nine Months Ended Unpaid amounts as of (1) September 30, September 30, September 30, December 31, 2017 2016 2017 2016 2017 2016 Reimbursable expenses: Operating expenses (2) $ 1,396 $ 1,043 $ 4,326 $ 3,533 $ 1,015 $ 1,072 Acquisition fees and expenses 3 28 6 101 ― 3 1,399 1,071 4,332 3,634 1,015 1,075 Investment services fees (3) 19 194 123 194 ― 17 Financing coordination fees (4) 2,748 ― 3,601 ― ― ― Property management fees (5) 1,196 1,353 3,660 3,668 423 417 Asset management fees (6) 7,643 7,270 22,711 21,699 2,652 1,956 $ 13,005 $ 9,888 $ 34,427 $ 29,195 $ 4,090 $ 3,465 ________________ FOOTNOTES: (1) Amounts are recorded as due to related parties in the accompanying condensed consolidated balance sheets. (2) Amounts are recorded as general and administrative expenses in the accompanying condensed consolidated statements of operations unless such amounts represent prepaid expenses, which are capitalized in the accompanying condensed consolidated balance sheets. (3) For the quarter and nine months ended September 30, 2017, the Company incurred approximately $0.02 million and $0.1 million, respectively, in investment service fees related to the Company’s completed developments, of which approximately $0.02 million and $0.1 million, respectively, were capitalized and included in real estate under development in the accompanying condensed consolidated balance sheets. For the quarter and nine months ended September 30, 2016 the Company incurred approximately $0.2 million and $0.2 million, respectively, in investment service fees related to the Company’s completed developments, of which approximately $0.2 million and $0.2 million, respectively, were capitalized and included in real estate under development in the accompanying condensed consolidated balance sheets. Investment services fees, that are not capitalized, are recorded as acquisition fees and expenses in the accompanying condensed consolidated statements of operations. (4) For the quarter and nine months ended September 30, 2017, the Company incurred approximately $2.7 and $3.6 million, respectively, in financing coordination fees related to the refinancing of the loans associated with certain operating properties of which approximately $0.0 million and $0.9 million, respectively, in financing coordination fees were capitalized as loan costs and reduced mortgages and other notes payable, net in the accompanying condensed consolidated balance sheets. There were no financing coordination fees for the quarter and nine months ended September 30, 2016. (5) For the quarter and nine months ended September 30, 2017, the Company incurred approximately $1.2 million and $3.7 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 nine months ended September 30, 2016, the Company incurred approximately $1.4 million and $3.7 million, respectively, in property and construction management fees payable to the Property Manager of which approximately $0.3 million and $0.6 million, respectively, in construction management fees were capitalized and included in real estate under development in the accompanying condensed consolidated balance sheets. 8. Related Party Arrangements (continued) (6) For the quarter and nine months ended September 30, 2017, the Company incurred approximately $7.6 million and $22.7 million, respectively, in asset management fees payable to the Advisor of which approximately $0.1 million and $0.5 million, respectively, was capitalized and included in real estate under development in the accompanying condensed consolidated balance sheet. No expense support was received for the quarter and nine months ended September 30, 2017. For the quarter and nine months ended September 30, 2016, the Company incurred approximately $7.3 million and $21.7 million, respectively, in asset management fees payable to the Advisor of which approximately $0.2 million and $0.5 million, respectively, was capitalized and included in real estate under development in the accompanying condensed consolidated balance sheets. In addition, the Company recognized a reduction in asset management fees of approximately $0.9 million and $2.6 million, respectively, for the quarter and nine months ended September 30, 2016 as an estimate of the annual expense support amount expected to be settled in accordance with the terms of the expense support agreements.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2017
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 September 30, 2017 and December 31, 2016 (in thousands): Fair value asset (liability) as of Notional Credit Trade Forward Maturity September 30, December 31, Amount Strike (1) Spread (1) date date date 2017 2016 $ 11,895 (2) 1.3 % 2.6 % 1/17/2013 1/15/2015 1/16/2018 $ (4 ) $ (44 ) $ 36,990 (2) 2.7 % 2.5 % 9/6/2013 8/17/2015 7/10/2018 $ (395 ) $ (878 ) $ 25,206 (2) 2.8 % 2.5 % 9/6/2013 8/17/2015 8/29/2018 $ (304 ) $ (667 ) $ 47,306 (2) 2.4 % 2.9 % 8/15/2014 6/1/2016 6/2/2019 $ (551 ) $ (949 ) $ 81,233 (2) 2.3 % 2.4 % 9/12/2014 8/1/2015 7/15/2019 $ (888 ) $ (1,512 ) $ 6,785 (2) 1.2 % 2.3 % 11/12/2014 11/15/2014 10/15/2017 $ — $ (17 ) $ 175,000 (2) 1.6 % 2.0 % 12/23/2014 12/19/2014 2/19/2019 $ (66 ) $ (992 ) $ 130,866 (2) 1.7 % 2.0 % 1/9/2015 12/10/2015 12/22/2019 $ (240 ) $ (976 ) $ 260,000 (3) 1.5 % — % 11/19/2015 11/19/2015 11/30/2018 $ 405 $ 600 $ 150,000 (3) 1.5 % — % 3/1/2016 3/1/2016 11/30/2018 $ 228 $ 346 $ 117,000 (3) 2.3 % — % 8/29/2017 8/29/2017 9/1/2019 $ 60 $ — _______________ 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	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Equity	10. Equity Stockholders’ Equity: Distribution Reinvestment Plan — For the nine months ended September 30, 2017 and 2016, the Company received proceeds through its Reinvestment Plan of approximately $32.0 million (3.2 million shares) and $32.0 million (3.3 million shares), respectively. Distributions — The following table details the Company’s historical estimated NAV per share, including the prices pursuant to the Reinvestment Plan and the Company’s monthly cash distributions per share: NAV per Reinvestment Plan Price Monthly Cash Period Share per Share Distributions February 12, 2016 through February 13, 2017 $ 9.75 $ 9.75 $ 0.0353 February 14, 2017 through June 30, 2017 $ 10.04 $ 10.04 $ 0.0353 July 1, 2017 through September 30, 2017 $ 10.04 $ 10.04 $ 0.0388 During the nine months ended September 30, 2017 and 2016, the Company declared cash distributions of $57.4 million and $55.5 million, respectively, of which $25.4 million and $23.5 million, respectively, were paid in cash to stockholders and $32.0 million and $32.0 million, respectively, were reinvested pursuant to the Reinvestment Plan. Redemptions — During the nine months ended September 30, 2017 and 2016, the Company received requests for the redemption of common stock of approximately $35.6 million and $25.8 million, respectively, all of which were approved for redemption at an average price of $9.98 and $9.73, respectively. Promoted Interest — During the nine months ended September 30, 2016, the Company recorded, as a reduction to capital in excess of par value, approximately $6.7 million in distributions to holders of promoted interest related to the following completed developments (in thousands): Property Amount Dogwood Forest of Acworth $ (3,850 ) Wellmore of Tega Cay (2,800 ) $ (6,650 ) There were no such distributions recorded during the nine months ended September 30, 2017. 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 nine months ended September 30, 2017 and 2016 (in thousands): Derivative financial instruments Gain (loss) recognized in other comprehensive loss on derivative financial instruments Location of gain (loss) reclassified into earnings Gain (loss) reclassified from accumulated other comprehensive loss into earnings Quarter Ended Quarter Ended September 30, September 30, 2017 2016 2017 2016 Interest rate swaps $ 888 $ 4,033 Interest expense and loan cost amortization $ (433 ) $ (1,731 ) Interest rate caps 295 (33 ) Interest expense and loan cost amortization (254 ) (10 ) Reclassification of interest rate swaps upon derecognition 132 ― Interest expense and loan cost amortization (132 ) ― Reclassification of interest rate swaps due to ineffectiveness (7 ) (23 ) Interest expense and loan cost amortization 7 23 Total $ 1,308 $ 3,977 $ (812 ) $ (1,718 ) Nine Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Interest rate swaps $ 3,409 $ (3,729 ) Interest expense and loan cost amortization $ (3,201 ) $ (5,388 ) Interest rate caps 198 (2,185 ) Interest expense and loan cost amortization (511 ) (10 ) Reclassification of interest rate swaps upon derecognition 186 ― Interest expense and loan cost amortization (186 ) ― Reclassification of interest rate swaps due to ineffectiveness (7 ) (1 ) Interest expense and loan cost amortization 7 1 Interest rate cap held by unconsolidated joint venture ― (1 ) Not applicable ― ― Total $ 3,786 $ (5,916 ) $ (3,891 ) $ (5,397 )

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
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. Refer to Note 3. “Real Estate Assets, net” for additional information on the remaining development budgets for the Company’s real estate under development. The Company has seven 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. However, these performance metrics were not met nor probable of being met as of September 30, 2017. 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 expense support agreements.

Assets Held For Sale, net

Assets Held For Sale, net	9 Months Ended
	Sep. 30, 2017
Property Plant And Equipment [Abstract]
Assets Held For Sale, net	12. Assets Held For Sale, net In August 2017, the Company committed to a plan to sell the Perennial Communities which are comprised of six skilled nursing facilities located in Arkansas and classified the associated assets as held for sale as of September 30, 2017. The sale of these properties would not cause a strategic shift in the Company nor would it be considered individually significant; therefore, it does not qualify as discontinued operations. As of September 30, 2017 and December 31, 2016, assets held for sale consisted of the following (in thousands): September 30, December 31, 2017 2016 Real estate assets, net $ 46,699 $ 47,178 Intangibles, net 800 893 Deferred rent and lease incentives 4,970 5,280 Assets held for sale, net $ 52,469 $ 53,351

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events In October 2017, the Company exercised a one-year extension option on its Revolving Credit Facility, which as of September 30, 2017 had approximately $172.0 million outstanding and was scheduled to mature in December 2017. Pursuant to this extension option, the Company’s Revolving Credit Facility is now scheduled to mature in December 2018. In November 2017, the Company executed amendments to the credit agreement with KeyBank, as administrative agent, related to the Credit Facilities, which adjusted certain criteria and terms of the borrowing base supporting the Company’s Revolving Credit Facility and increased the availability under the Revolving Credit Facility to approximately $55.1 million based on the borrowing base calculation as of September 30, 2017.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2017
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 nine months ended September 30, 2017 may not be indicative of the results that may be expected for the year ending December 31, 2017. Amounts as of December 31, 2016 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, 2016 (“Annual Report”). 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 VIE. The Company’s analysis includes both quantitative and qualitative reviews. The Company bases its quantitative analysis on the forecasted cash flows of the entity, and its qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and financial agreements. The Company also uses its quantitative and qualitative analyses to determine if it is the primary beneficiary of the VIE, and if such determination is made, it includes the accounts of the VIE in its consolidated financial statements.
Use of Estimates	Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements, the reported amounts of revenues and expenses during the reporting periods and the disclosure of contingent liabilities. For example, significant assumptions are made in the allocation of purchase price, the analysis of real estate impairments, the valuation of contingent assets and liabilities, and the valuation of restricted stock shares issued to the Advisor or Property Manager. Accordingly, actual results could differ from those estimates.
Adopted Accounting Pronouncements	Adopted Accounting Pronouncements — In August 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments,” which made eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. The ASU further clarified how the predominance principle should be applied to cash receipts and payments relating to more than one class of cash flows. The ASU is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2017. The ASU is to be applied retrospectively for each period presented. Subsequently, in November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash,” which modifies the presentation of the statement of cash flows and requires reconciliation to the overall change in the total of cash, cash equivalents, restricted cash and restricted cash equivalents. As a result, the statement of cash flows will no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents. The ASU is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2017. The ASU is to be applied retrospectively for each period presented. 2. Summary of Significant Accounting Policies (continued) The Company early adopted both ASU 2016-15 and ASU 2016-18 on January 1, 2017; the adoption of which impacted the Company’s presentation of its statement of cash flows, but did not have a material impact on the Company’s consolidated balance sheet or consolidated results of operations. Accordingly, the Company has retrospectively adjusted the presentation of its consolidated statement of cash flows 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 statement of cash flows for the nine months ended September 30, 2016 (in thousands): As Filed Adjusted September 30, September 30, 2016 Adjustments 2016 Operating activities: Loss on extinguishment of debt $ 368 $ 1,127 $ 1,495 Net cash provided by operating activities $ 56,984 $ 1,127 $ 58,111 Investing activities: Changes in restricted cash $ (1,225 ) $ 1,225 $ — Net cash used in investing activities $ (70,018 ) $ 1,225 $ (68,793 ) Financing activities: Payment on extinguishment of debt $ — $ (1,127 ) $ (1,127 ) Net cash used in financing activities $ (1,269 ) $ (1,127 ) $ (2,396 ) Net decrease in cash and restricted cash $ (14,303 ) $ 1,225 $ (13,078 ) Cash and restricted cash at beginning of period 68,922 10,287 79,209 Cash and restricted cash at end of period $ 54,619 $ 11,512 $ 66,131 In October 2016, the FASB issued ASU 2016-17, “Consolidation (Topic 810): Interests Held Through Related Parties that are under Common Control,” which requires an entity to consider its indirect interests held by related parties that are under common control on a proportionate basis when evaluating whether the entity is a primary beneficiary of a VIE. The ASU is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2016. The Company has adopted ASU 2016-17 on January 1, 2017; the adoption of which did not have a material impact to its consolidated financial position, results of operations or cash flows. In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business,” which clarifies the definition of a business and provides a framework by which to evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The ASU is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2017. The ASU is to be applied prospectively for each period presented. The Company early adopted ASU 2017-01 on January 1, 2017; 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. 2. Summary of Significant Accounting Policies (continued) In addition, in December 2016, the FASB issued ASU 2016-20, which provides technical corrections and improvements to ASC 606 based on questions that stakeholders have raised while working through the implementation. ASC 606 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 continues to execute on its implementation plan for ASC 606; specifically, as it relates to the allocation of consideration to different revenue streams within a given contract and the impact adoption of ASC 606 could have on the Company’s financial statement disclosures. The Company expects to use the modified retrospective approach as its transition method once it adopts this ASU and the Company expects the adoption of this ASU will not have a material impact on the amount or timing of its revenue recognition. 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 continues to execute on its implementation plan for ASC 842 and expects to adopt this ASU on January 1, 2019. The Company expects that adoption will impact the Company’s consolidated financial statements and related financial statement disclosures; specifically, (1) the Company’s consolidated financial position as it relates to the required presentation for arrangements such as ground and air rights leases in which the Company is the lessee, and (2) the allocation of consideration between lease and non-lease components for arrangements in which the Company is the lessor. However, the Company does not expect the adoption of this ASU to have a material impact on the Company’s consolidated results of operations or cash flows. In August 2017, the FASB issued ASU 2017-12 “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities,” which amended the hedge accounting model to better reflect an entity’s risk management activities. The ASU expands an entities ability to hedge nonfinancial and financial risk components as well as reduce the complexity related to fair value hedges of interest rate risk. The ASU further eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The ASU is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2018. The Company expects to early adopt this ASU on January 1, 2018 and does not expect the adoption of this ASU to have a material impact on the Company’s consolidated results of operations or cash flows.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Schedule of Adjusted Consolidated Statement of Cash Flows	The following table provides additional details by financial statement line item of the adjusted presentation in the Company’s condensed consolidated statement of cash flows for the nine months ended September 30, 2016 (in thousands): As Filed Adjusted September 30, September 30, 2016 Adjustments 2016 Operating activities: Loss on extinguishment of debt $ 368 $ 1,127 $ 1,495 Net cash provided by operating activities $ 56,984 $ 1,127 $ 58,111 Investing activities: Changes in restricted cash $ (1,225 ) $ 1,225 $ — Net cash used in investing activities $ (70,018 ) $ 1,225 $ (68,793 ) Financing activities: Payment on extinguishment of debt $ — $ (1,127 ) $ (1,127 ) Net cash used in financing activities $ (1,269 ) $ (1,127 ) $ (2,396 ) Net decrease in cash and restricted cash $ (14,303 ) $ 1,225 $ (13,078 ) Cash and restricted cash at beginning of period 68,922 10,287 79,209 Cash and restricted cash at end of period $ 54,619 $ 11,512 $ 66,131

Real Estate Assets, net (Tables

Real Estate Assets, net (Tables)	9 Months Ended
	Sep. 30, 2017
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 September 30, 2017 and December 31, 2016 are as follows (in thousands): September 30, December 31, 2017 2016 Land and land improvements $ 251,659 $ 235,543 Building and building improvements 2,409,656 2,306,071 Furniture, fixtures and equipment 79,933 64,939 Less: accumulated depreciation (244,363 ) (186,738 ) Real estate investment properties, net 2,496,885 2,419,815 Real estate under development, including land 4,856 97,164 Total real estate assets, net $ 2,501,741 $ 2,516,979
Under Development with Third-Party Developers
Real Estate Properties [Line Items]
Schedule of Real Estate Investment Properties	The following development properties and expansion projects were completed during the nine months ended September 30, 2017 Property Name Location Substantial Completion Date Development Properties Welbrook Transitional Care Grand Junction Grand Junction, CO March 2017 Waterstone on Augusta Greenville, SC March 2017 Wellmore of Lexington Lexington, SC June 2017 Dogwood Forest of Grayson Grayson, GA June 2017 Expansion Projects Brookridge Heights Assisted Living & Memory Care Marquette, MI June 2017 As of September 30, 2017, one of the Company’s seniors housing communities has a real estate expansion project with a third-party developer as follows (in thousands): Property Name (and Location) Developer Real Estate Development Costs Incurred (1) Remaining Development Budget (2) Tranquillity at Fredericktowne (Frederick, MD) Capital Health Partners $ 4,856 $ 2,029 _____________ FOOTNOTES: (1) This amount represents total capitalized costs for GAAP purposes for the development and construction of the seniors housing community as of September 30, 2017. 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.

Intangibles, net (Tables)

Intangibles, net (Tables)	9 Months Ended
	Sep. 30, 2017
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 September 30, 2017 and December 31, 2016 are as follows (in thousands): September 30, December 31, 2017 2016 In-place lease intangibles $ 223,854 $ 223,854 Above-market lease intangibles 13,974 13,974 Below-market ground lease intangibles 12,470 12,470 Less: accumulated amortization (143,546 ) (119,689 ) Intangible assets, net $ 106,752 $ 130,609 Below-market lease intangibles $ (12,060 ) $ (12,060 ) Above-market ground lease intangibles (3,488 ) (3,488 ) Less: accumulated amortization 5,362 4,247 Intangible liabilities, net (1) $ (10,186 ) $ (11,301 ) ____________ 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)	9 Months Ended
	Sep. 30, 2017
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 September 30, 2017 and December 31, 2016 are as follows (in thousands): September 30, December 31, 2017 2016 Assets: Real estate investment properties, net $ 216,181 $ 112,929 Real estate under development, including land $ ― $ 80,473 Intangibles, net $ 2,129 $ 2,891 Cash $ 2,660 $ 916 Deferred rent and lease incentives $ 5,421 $ 3,061 Other assets $ 2,547 $ 1,130 Restricted cash $ 56 $ 20 Liabilities: Mortgages and other notes payable, net $ 151,785 $ 104,890 Accounts payable and accrued liabilities $ 3,197 $ 1,461 Accrued development costs $ 749 $ 15,369 Other liabilities $ 1,426 $ 976 Due to related parties $ 113 $ 107

Contingent Purchase Price Con27

Contingent Purchase Price Consideration (Tables)	9 Months Ended
	Sep. 30, 2017
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 nine months ended September 30, 2017 and 2016 (in thousands): Quarter Ended September 30, 2017 Property Beginning asset (liability) as of June 30, 2017 Contingent Consideration Payment Change in Fair Value Ending asset (liability) as of September 30, 2017 Superior Residences of Panama City $ (2,000 ) $ 1,000 $ — $ (1,000 ) Center One 798 (203 ) ― 595 $ (1,202 ) $ 797 $ — $ (405 ) Quarter Ended September 30, 2016 Property Beginning asset (liability) as of June 30, 2016 Contingent Consideration Payment Change in Fair Value Ending asset (liability) as of September 30, 2016 Superior Residences of Panama City $ (3,000 ) $ — $ (1,000 ) $ (4,000 ) Siena Pavilion VI (3,750 ) 2,770 113 (867 ) Center One 843 (99 ) 359 1,103 $ (5,907 ) $ 2,671 $ (528 ) $ (3,764 ) Nine Months Ended September 30, 2017 Property Beginning asset (liability) as of December 31, 2016 Contingent Consideration Payment Change in Fair Value Ending asset (liability) as of September 30, 2017 Superior Residences of Panama City $ (4,000 ) $ 3,000 $ — $ (1,000 ) Siena Pavilion VI (645 ) 645 ― ― Center One 1,079 (407 ) (77 ) 595 $ (3,566 ) $ 3,238 $ (77 ) $ (405 ) Nine Months Ended September 30, 2016 Property Beginning asset (liability) as of December 31, 2015 Contingent Consideration Payment Change in Fair Value Ending asset (liability) as of September 30, 2016 Superior Residences of Panama City $ (3,000 ) $ — $ (1,000 ) $ (4,000 ) The Shores of Lake Phalen (750 ) ― 750 ― Siena Pavilion VI (3,750 ) 2,770 113 (867 ) Center One 1,019 (275 ) 359 1,103 $ (6,481 ) $ 2,495 $ 222 $ (3,764 )

Indebtedness (Tables)

Indebtedness (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Details of Indebtedness	The following table provides details of the Company’s indebtedness as of September 30, 2017 and December 31, 2016 (in thousands): September 30, December 31, 2017 2016 Mortgages payable and other notes payable: Fixed rate debt $ 412,159 $ 382,129 Variable rate debt (1)(5) 630,294 561,874 Mortgages and other notes payable (2) 1,042,453 944,003 Premium (discount), net (3) 109 (67 ) Loan costs, net (7,448 ) (7,213 ) Total mortgages and other notes payable, net 1,035,114 936,723 Credit facilities: Revolving Credit Facility (4) (5) 172,000 194,863 First Term Loan Facility (1) 175,000 175,000 Second Term Loan Facility (5) 275,000 275,000 Loan costs, net related to Term Loan Facilities (2,165 ) (2,874 ) Total credit facilities, net 619,835 641,989 Total indebtedness, net $ 1,654,949 $ 1,578,712 _____________ FOOTNOTES: (1) As of September 30, 2017 and December 31, 2016, the Company had entered into interest rate swaps with notional amounts of approximately $515.3 million and $521.5 million, respectively, which settle on a monthly basis. Refer to Note 9. “Derivative Financial Instruments” for additional information. (2) As of September 30, 2017 and December 31, 2016, the Company’s mortgages and other notes payable are collateralized by 76 and 75 properties, respectively, with total carrying value of approximately $1.6 billion and $1.6 billion, respectively. (3) Premium (discount), net is reflective of the Company recording mortgage note payables assumed at fair value on the respective acquisition dates. (4) As of September 30, 2017 and December 31, 2016, the Company had undrawn availability under the senior unsecured revolving line of credit (“Revolving Credit Facility”) of approximately $3.6 million and $11.1 million, respectively, based on the value of the properties in the unencumbered pool of assets supporting the loan. (5) As of September 30, 2017 and December 31, 2016, the Company had entered into interest rate caps with notional amounts of approximately $527.0 million and $410.0 million, respectively. Refer to Note 9. “Derivative Financial Instruments” for additional information.
Schedule of Maturities of Indebtedness	The following is a schedule of future principal payments and maturity for the Company’s total indebtedness for the remainder of 2017, each of the next four years and thereafter, in the aggregate, as of September 30, 2017 (in thousands): 2017 $ 203,265 2018 71,859 2019 505,235 2020 424,263 2021 49,556 Thereafter 410,384 $ 1,664,562
Schedule of Indebtedness	The following table provides details of the Company’s new and refinanced mortgages and other notes payable as of September 30, 2017 (in thousands): Interest Rate at September 30, Maturity September 30, Property and Loan Type 2017 (1) Payment Terms Date (2) 2017 Pacific Northwest Communities; Mortgage Loan (3) 4.30% per annum Monthly principal and interest payments based on a 25-year amortization schedule 1/5/22 $ 210,439 Capital Health Communities; Mortgage Loan (4) (4) Monthly principal and interest payments based on a 25-year amortization schedule 1/5/22 63,184 Total fixed rate debt 273,623 Wellmore of Tega Cay; Mortgage Loan 30-day LIBOR plus 2.65% per annum Monthly interest only payments for the first 12 months; principal and interest payments thereafter based on a 30-year amortization schedule 3/1/20 28,000 Knoxville Medical Office Properties and Claremont Medical Office; Mortgage Loan (5) 30-day LIBOR plus 2.45% per annum Monthly principal and interest payments based on a 30-year amortization schedule 5/24/22 57,350 Total variable rate debt 85,350 Total debt $ 358,973 _____________ FOOTNOTES: (1) The 30-day and 90-day LIBOR were approximately 1.24% and 1.34%, respectively, as of September 30, 2017. (2) Represents the initial maturity date (or, as applicable, the maturity date as extended). Certain of the Company’s mortgages and other notes payable agreements include extension options held by the Company under which the maturity dates may be extended beyond the date presented, subject to certain lender conditions and/or related fees. (3) In August 2017, the Company extended the maturity date on the existing loan of approximately $201.9 million from December 2018 to January 2022. In addition, the Company received approximately $9.5 million of additional borrowings through a supplemental loan with the same lender, which is co-terminus with the existing mortgage loans, collateralized by the communities and matures in January 2022. The supplemental loan further accrues interest at a fixed rate equal to 4.3% per annum and includes monthly interest only payments for the first 12 months followed by monthly principal and interest payments for the remaining term of the loan using a 30-year amortization period with the remaining principal balance payable at maturity. The loan may be prepaid, in whole or in part, with a prepayment premium equal to the greater of: (i) one percent (1%) of the principal amount being prepaid, multiplied by the quotient of the number of full months remaining until the maturity date of the loan (calculated as of the prepayment date) divided by the number of full months comprising the term of the loan; or (b) a “make-whole” payment equal to the present value of the loan less the amount of principal and accrued interest being prepaid calculated as of the prepayment date for the period between that date and the maturity date. 7. Indebtedness (continued) (4) In August 2017, the Company extended the maturity date on the existing loan of approximately $35.4 million from January 2020 to January 2022. In addition, the Company received approximately $28.0 million of additional borrowings through a supplemental loan with the same lender, which is co-terminus with the existing mortgage loans, collateralized by the communities and matures in January 2022. The existing loan accrues interest at a fixed rate equal to 4.25% per annum. The supplemental loan accrues interest at a fixed rate equal to 4.3% per annum and includes monthly interest only payments for the first 12 months followed by monthly principal and interest payments for the remaining term of the loan using a 30-year amortization period with the remaining principal balance payable at maturity. The loan may be prepaid, in whole or in part, with a prepayment premium equal to the greater of: (i) one percent (1%) of the principal amount being prepaid, multiplied by the quotient of the number of full months remaining until the maturity date of the loan (calculated as of the prepayment date) divided by the number of full months comprising the term of the loan; or (b) a “make-whole” payment equal to the present value of the loan less the amount of principal and accrued interest being prepaid calculated as of the prepayment date for the period between that date and the maturity date. (5) In May 2017, the Company refinanced the loans related to the Claremont Medical Office property and the Knoxville Medical Office Properties of approximately $12.4 million and $37.2 million, respectively, into a combined loan. The original loans were scheduled to mature January 2018 and July 2018, respectively.
Schedule of Fair Market Value and Carrying Value of Indebtedness	The following table provides details of the fair market value and carrying value of the Company’s indebtedness as of September 30, 2017 and December 31, 2016 (in thousands): September 30, December 31, 2017 2016 Fair Value Carrying Value Fair Value Carrying Value Mortgages and other notes payable, net $ 1,041.0 $ 1,035.1 $ 943.4 $ 936.7 Credit facilities $ 622.0 $ 619.8 $ 644.9 $ 642.0

Related Party Arrangements (Tab

Related Party Arrangements (Tables)	9 Months Ended
	Sep. 30, 2017
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 nine months ended September 30, 2017 and 2016, and related amounts unpaid as of September 30, 2017 and December 31, 2016 are as follows (in thousands): Quarter ended Nine Months Ended Unpaid amounts as of (1) September 30, September 30, September 30, December 31, 2017 2016 2017 2016 2017 2016 Reimbursable expenses: Operating expenses (2) $ 1,396 $ 1,043 $ 4,326 $ 3,533 $ 1,015 $ 1,072 Acquisition fees and expenses 3 28 6 101 ― 3 1,399 1,071 4,332 3,634 1,015 1,075 Investment services fees (3) 19 194 123 194 ― 17 Financing coordination fees (4) 2,748 ― 3,601 ― ― ― Property management fees (5) 1,196 1,353 3,660 3,668 423 417 Asset management fees (6) 7,643 7,270 22,711 21,699 2,652 1,956 $ 13,005 $ 9,888 $ 34,427 $ 29,195 $ 4,090 $ 3,465 ________________ FOOTNOTES: (1) Amounts are recorded as due to related parties in the accompanying condensed consolidated balance sheets. (2) Amounts are recorded as general and administrative expenses in the accompanying condensed consolidated statements of operations unless such amounts represent prepaid expenses, which are capitalized in the accompanying condensed consolidated balance sheets. (3) For the quarter and nine months ended September 30, 2017, the Company incurred approximately $0.02 million and $0.1 million, respectively, in investment service fees related to the Company’s completed developments, of which approximately $0.02 million and $0.1 million, respectively, were capitalized and included in real estate under development in the accompanying condensed consolidated balance sheets. For the quarter and nine months ended September 30, 2016 the Company incurred approximately $0.2 million and $0.2 million, respectively, in investment service fees related to the Company’s completed developments, of which approximately $0.2 million and $0.2 million, respectively, were capitalized and included in real estate under development in the accompanying condensed consolidated balance sheets. Investment services fees, that are not capitalized, are recorded as acquisition fees and expenses in the accompanying condensed consolidated statements of operations. (4) For the quarter and nine months ended September 30, 2017, the Company incurred approximately $2.7 and $3.6 million, respectively, in financing coordination fees related to the refinancing of the loans associated with certain operating properties of which approximately $0.0 million and $0.9 million, respectively, in financing coordination fees were capitalized as loan costs and reduced mortgages and other notes payable, net in the accompanying condensed consolidated balance sheets. There were no financing coordination fees for the quarter and nine months ended September 30, 2016. (5) For the quarter and nine months ended September 30, 2017, the Company incurred approximately $1.2 million and $3.7 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 nine months ended September 30, 2016, the Company incurred approximately $1.4 million and $3.7 million, respectively, in property and construction management fees payable to the Property Manager of which approximately $0.3 million and $0.6 million, respectively, in construction management fees were capitalized and included in real estate under development in the accompanying condensed consolidated balance sheets. 8. Related Party Arrangements (continued) (6) For the quarter and nine months ended September 30, 2017, the Company incurred approximately $7.6 million and $22.7 million, respectively, in asset management fees payable to the Advisor of which approximately $0.1 million and $0.5 million, respectively, was capitalized and included in real estate under development in the accompanying condensed consolidated balance sheet. No expense support was received for the quarter and nine months ended September 30, 2017. For the quarter and nine months ended September 30, 2016, the Company incurred approximately $7.3 million and $21.7 million, respectively, in asset management fees payable to the Advisor of which approximately $0.2 million and $0.5 million, respectively, was capitalized and included in real estate under development in the accompanying condensed consolidated balance sheets. In addition, the Company recognized a reduction in asset management fees of approximately $0.9 million and $2.6 million, respectively, for the quarter and nine months ended September 30, 2016 as an estimate of the annual expense support amount expected to be settled in accordance with the terms of the expense support agreements.
Expense Support Agreements
Related Party Arrangement, Fees and Expenses Incurred By, Reimbursable, Settled and Paid	The following fees have been or are expected to be settled in accordance with the expense support agreements for the quarter and nine months ended September 30, 2017, the quarter and nine months ended September 30, 2016, and cumulatively as of September 30, 2017 (in thousands, except per share data): Quarter ended Nine Months Ended As of September 30, September 30, September 30, 2017 2016 2017 2016 2017 Asset management fees (1) $ — $ 850 $ — $ 2,550 $ 13,565 Then-current offering price or NAV (2) $ 10.04 $ 9.75 $ 10.04 $ 9.75 $ 10.04 Restricted Stock shares (3) ― 87 ― 262 1,332 Cash distributions on Restricted Stock (4) $ 158 $ 112 $ 413 $ 315 $ 1,223 ______________ FOOTNOTES: (1) No other amounts were eligible to be settled in accordance with the expense support agreements for the quarter and nine months ended September 30, 2017. (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 NAV per share. (3) No fair value has been assigned to the Restricted Stock shares as the shares were valued at zero at issuance, which represents the lowest possible value estimated at vesting. In addition, the Restricted Stock shares were treated as unissued for financial reporting purposes because the vesting criteria had not been met through . (4) The cash distributions have been recognized as compensation expense as issued and included in general and administrative expense in the accompanying condensed consolidated statements of operations.

Derivative Financial Instrume30

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2017
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 September 30, 2017 and December 31, 2016 (in thousands): Fair value asset (liability) as of Notional Credit Trade Forward Maturity September 30, December 31, Amount Strike (1) Spread (1) date date date 2017 2016 $ 11,895 (2) 1.3 % 2.6 % 1/17/2013 1/15/2015 1/16/2018 $ (4 ) $ (44 ) $ 36,990 (2) 2.7 % 2.5 % 9/6/2013 8/17/2015 7/10/2018 $ (395 ) $ (878 ) $ 25,206 (2) 2.8 % 2.5 % 9/6/2013 8/17/2015 8/29/2018 $ (304 ) $ (667 ) $ 47,306 (2) 2.4 % 2.9 % 8/15/2014 6/1/2016 6/2/2019 $ (551 ) $ (949 ) $ 81,233 (2) 2.3 % 2.4 % 9/12/2014 8/1/2015 7/15/2019 $ (888 ) $ (1,512 ) $ 6,785 (2) 1.2 % 2.3 % 11/12/2014 11/15/2014 10/15/2017 $ — $ (17 ) $ 175,000 (2) 1.6 % 2.0 % 12/23/2014 12/19/2014 2/19/2019 $ (66 ) $ (992 ) $ 130,866 (2) 1.7 % 2.0 % 1/9/2015 12/10/2015 12/22/2019 $ (240 ) $ (976 ) $ 260,000 (3) 1.5 % — % 11/19/2015 11/19/2015 11/30/2018 $ 405 $ 600 $ 150,000 (3) 1.5 % — % 3/1/2016 3/1/2016 11/30/2018 $ 228 $ 346 $ 117,000 (3) 2.3 % — % 8/29/2017 8/29/2017 9/1/2019 $ 60 $ — _______________ 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)	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Historical Estimated NAV Per Share, Including the Prices Pursuant to the Reinvestment Plan and the Company's Monthly Cash Distributions per Share	Distributions — The following table details the Company’s historical estimated NAV per share, including the prices pursuant to the Reinvestment Plan and the Company’s monthly cash distributions per share: NAV per Reinvestment Plan Price Monthly Cash Period Share per Share Distributions February 12, 2016 through February 13, 2017 $ 9.75 $ 9.75 $ 0.0353 February 14, 2017 through June 30, 2017 $ 10.04 $ 10.04 $ 0.0353 July 1, 2017 through September 30, 2017 $ 10.04 $ 10.04 $ 0.0388
Distribution of Promoted Interest to Share Holder	Promoted Interest — During the nine months ended September 30, 2016, the Company recorded, as a reduction to capital in excess of par value, approximately $6.7 million in distributions to holders of promoted interest related to the following completed developments (in thousands): Property Amount Dogwood Forest of Acworth $ (3,850 ) Wellmore of Tega Cay (2,800 ) $ (6,650 )
Effect of Derivative Financial Instruments	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 nine months ended September 30, 2017 and 2016 (in thousands): Derivative financial instruments Gain (loss) recognized in other comprehensive loss on derivative financial instruments Location of gain (loss) reclassified into earnings Gain (loss) reclassified from accumulated other comprehensive loss into earnings Quarter Ended Quarter Ended September 30, September 30, 2017 2016 2017 2016 Interest rate swaps $ 888 $ 4,033 Interest expense and loan cost amortization $ (433 ) $ (1,731 ) Interest rate caps 295 (33 ) Interest expense and loan cost amortization (254 ) (10 ) Reclassification of interest rate swaps upon derecognition 132 ― Interest expense and loan cost amortization (132 ) ― Reclassification of interest rate swaps due to ineffectiveness (7 ) (23 ) Interest expense and loan cost amortization 7 23 Total $ 1,308 $ 3,977 $ (812 ) $ (1,718 ) Nine Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Interest rate swaps $ 3,409 $ (3,729 ) Interest expense and loan cost amortization $ (3,201 ) $ (5,388 ) Interest rate caps 198 (2,185 ) Interest expense and loan cost amortization (511 ) (10 ) Reclassification of interest rate swaps upon derecognition 186 ― Interest expense and loan cost amortization (186 ) ― Reclassification of interest rate swaps due to ineffectiveness (7 ) (1 ) Interest expense and loan cost amortization 7 1 Interest rate cap held by unconsolidated joint venture ― (1 ) Not applicable ― ― Total $ 3,786 $ (5,916 ) $ (3,891 ) $ (5,397 )

Assets Held For Sale, net (Tabl

Assets Held For Sale, net (Tables)	9 Months Ended
	Sep. 30, 2017
Property Plant And Equipment [Abstract]
Schedule of Assets Held for Sale, Net	As of September 30, 2017 and December 31, 2016, assets held for sale consisted of the following (in thousands): September 30, December 31, 2017 2016 Real estate assets, net $ 46,699 $ 47,178 Intangibles, net 800 893 Deferred rent and lease incentives 4,970 5,280 Assets held for sale, net $ 52,469 $ 53,351

Organization - Additional Infor

Organization - Additional Information (Detail) - shares	9 Months Ended
	Sep. 30, 2017	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 Accoun34

Summary of Significant Accounting Policies - Schedule of Adjusted Consolidated Statement of Cash Flows (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Operating activities:
Loss on extinguishment of debt		$ 1,495
Net cash flows provided by operating activities	$ 56,942	58,111
Investing activities:
Net cash used in investing activities	(56,250)	(68,793)
Financing activities:
Payment on extinguishment of debt		(1,127)
Net cash used in financing activities	10,033	(2,396)
Net decrease in cash and restricted cash	10,725	(13,078)
Cash and restricted cash at beginning of period	71,238	79,209
Cash and restricted cash at end of period	$ 81,963	66,131
Previously Reported
Operating activities:
Loss on extinguishment of debt		368
Net cash flows provided by operating activities		56,984
Investing activities:
Changes in restricted cash		(1,225)
Net cash used in investing activities		(70,018)
Financing activities:
Net cash used in financing activities		(1,269)
Net decrease in cash and restricted cash		(14,303)
Cash and restricted cash at beginning of period		68,922
Cash and restricted cash at end of period		54,619
Adjustments
Operating activities:
Loss on extinguishment of debt		1,127
Net cash flows provided by operating activities		1,127
Investing activities:
Changes in restricted cash		1,225
Net cash used in investing activities		1,225
Financing activities:
Payment on extinguishment of debt		(1,127)
Net cash used in financing activities		(1,127)
Net decrease in cash and restricted cash		1,225
Cash and restricted cash at beginning of period		10,287
Cash and restricted cash at end of period		$ 11,512

Schedule of Real Estate Investm

Schedule of Real Estate Investment Properties (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Real Estate [Abstract]
Land and land improvements	$ 251,659	$ 235,543
Building and building improvements	2,409,656	2,306,071
Furniture, fixtures and equipment	79,933	64,939
Less: accumulated depreciation	(244,363)	(186,738)
Real estate investment properties, net	2,496,885	2,419,815
Real estate under development, including land	4,856	97,164
Total real estate assets, net	$ 2,501,741	$ 2,516,979

Real Estate Assets, Net - Addit

Real Estate Assets, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Real Estate Investment Properties
Real Estate Properties [Line Items]
Depreciation expense	$ 19.8	$ 20.2	$ 58.6	$ 60.1

Real Estate Development Propert

Real Estate Development Properties and Expansion Projects Completed (Detail)	9 Months Ended
	Sep. 30, 2017
Welbrook Transitional Care Grand Junction (Grand Junction, CO)
Real Estate Properties [Line Items]
Completion Date	2017-03
Waterstone on Augusta (Greenville, SC)
Real Estate Properties [Line Items]
Completion Date	2017-03
Wellmore of Lexington (Lexington, SC)
Real Estate Properties [Line Items]
Completion Date	2017-06
Dogwood Forest of Grayson (Grayson, GA)
Real Estate Properties [Line Items]
Completion Date	2017-06
Brookridge Heights Assisted Living & Memory Care (Marquette, MI)
Real Estate Properties [Line Items]
Completion Date	2017-06

Real Estate under Development w

Real Estate under Development with Third-Party Developers (Detail) - Tranquillity at Fredericktowne (Frederick, MD) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)
Real Estate Properties [Line Items]
Developer	Capital Health Partners
Real Estate Development Costs Incurred	$ 4,856
Remaining Development Budget	$ 2,029

Schedule of Net Book Value of I

Schedule of Net Book Value of Intangibles (Detail) - USD ($) $ in Thousands		Sep. 30, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets And Liabilities [Line Items]
Less: accumulated amortization, assets		$ (143,546)	$ (119,689)
Intangible assets, net		106,752	130,609
Less: accumulated amortization, liabilities		5,362	4,247
In-place lease intangibles
Finite-Lived Intangible Assets And Liabilities [Line Items]
Gross carrying amount, assets		223,854	223,854
Above-market lease intangibles
Finite-Lived Intangible Assets And Liabilities [Line Items]
Gross carrying amount, assets		13,974	13,974
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)	(12,060)
Other liabilities
Finite-Lived Intangible Assets And Liabilities [Line Items]
Intangible liabilities, net	[1]	$ (10,186)	$ (11,301)
[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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Finite-Lived Intangible Assets And Liabilities [Line Items]
Amortization expense on intangible assets	$ 7,400	$ 10,700	$ 24,000	$ 36,000
Amortization expense on intangible liabilities	400	400	1,100	1,300
Rental Income from Operating Leases
Finite-Lived Intangible Assets And Liabilities [Line Items]
Amortization expense on intangible assets	400	500	1,300	1,500
Amortization expense on intangible liabilities	300	400	1,000	1,200
Property Operating Expenses
Finite-Lived Intangible Assets And Liabilities [Line Items]
Amortization expense on intangible assets	100	100	200	200
Amortization expense on intangible liabilities	20	20	70	70
Depreciation And Amortization
Finite-Lived Intangible Assets And Liabilities [Line Items]
Amortization expense on intangible assets	$ 6,900	$ 10,100	$ 22,400	$ 34,300

Aggregate Carrying Amount and M

Aggregate Carrying Amount and Major Classifications of Consolidated Assets and Liabilities (Detail) - USD ($) $ in Thousands		Sep. 30, 2017	Dec. 31, 2016
Variable Interest Entity [Line Items]
Real estate investment properties, net		$ 2,496,885	$ 2,419,815
Real estate under development, including land		4,856	97,164
Intangibles, net		106,752	130,609
Cash		72,470	58,517
Deferred rent and lease incentives		40,956	31,045
Other assets		23,633	24,470
Restricted cash		9,493	12,721
Mortgages and other notes payable, net		1,035,114	936,723
Other liabilities		29,160	38,946
Due to related parties	[1]	4,090	3,465
VIEs
Variable Interest Entity [Line Items]
Real estate investment properties, net		216,181	112,929
Real estate under development, including land		0	80,473
Intangibles, net		2,129	2,891
Cash		2,660	916
Deferred rent and lease incentives		5,421	3,061
Other assets		2,547	1,130
Restricted cash		56	20
Mortgages and other notes payable, net		151,785	104,890
Accounts payable and accrued liabilities		3,197	1,461
Accrued development costs		749	15,369
Other liabilities		1,426	976
Due to related parties		$ 113	$ 107
[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	9 Months Ended
	Sep. 30, 2017USD ($)
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Maximum exposure to loss VIEs limits	$ 70
Variable interest entity, description	As of September 30, 2017 and December 31, 2016, the Company had 10 subsidiaries which are classified as 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. Four of these subsidiaries are entities with 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 recently completed 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 with 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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	$ (1,202)	$ (5,907)	$ (3,566)	$ (6,481)
Contingent consideration payment	797	2,671	3,238	2,495
Change in fair value		(528)	(77)	222
Ending balance	(405)	(3,764)	(405)	(3,764)
Superior Residences of Panama City
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	(2,000)	(3,000)	(4,000)	(3,000)
Contingent consideration payment	1,000		3,000
Change in fair value		(1,000)		(1,000)
Ending balance	(1,000)	(4,000)	(1,000)	(4,000)
The Shores Of Lake Phalen
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance				(750)
Change in fair value				750
Siena Pavilion VI
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance		(3,750)	(645)	(3,750)
Contingent consideration payment		2,770	645	2,770
Change in fair value		113		113
Ending balance		(867)		(867)
Center One
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Change in fair value		359	(77)	359
Beginning balance	798	843	1,079	1,019
Contingent consideration payment	(203)	(99)	(407)	(275)
Ending balance	$ 595	$ 1,103	$ 595	$ 1,103

Details of Indebtedness (Detail

Details of Indebtedness (Detail) - USD ($) $ in Thousands		Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Premium (discount), net		$ 109	$ (67)
Loan costs, net	[1]	(7,448)	(7,213)
Total mortgages and other notes payable, net		1,035,114	936,723
Credit facilities		619,835	641,989
Total indebtedness, net		1,654,949	1,578,712
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facilities	[2],[3]	172,000	194,863
First Term Loan Facility
Debt Instrument [Line Items]
Credit facilities	[4]	175,000	175,000
Second Term Loan Facility
Debt Instrument [Line Items]
Credit facilities	[2]	275,000	275,000
Term Loan Facility
Debt Instrument [Line Items]
Loan costs, net		(2,165)	(2,874)
Mortgages payable and other notes payable
Debt Instrument [Line Items]
Mortgages payable and other notes payable	[5]	1,042,453	944,003
Fixed rate debt
Debt Instrument [Line Items]
Mortgages payable and other notes payable		412,159	382,129
Variable Rate Debt
Debt Instrument [Line Items]
Mortgages payable and other notes payable	[2],[4]	$ 630,294	$ 561,874
[1]	Premium (discount), net is reflective of the Company recording mortgage note payables assumed at fair value on the respective acquisition dates.
[2]	As of September 30, 2017 and December 31, 2016, the Company had entered into interest rate caps with notional amounts of approximately $527.0 million and $410.0 million, respectively. Refer to Note 9. “Derivative Financial Instruments” for additional information.
[3]	As of September 30, 2017 and December 31, 2016, the Company had undrawn availability under the senior unsecured revolving line of credit (“Revolving Credit Facility”) of approximately $3.6 million and $11.1 million, respectively, based on the value of the properties in the unencumbered pool of assets supporting the loan.
[4]	As of September 30, 2017 and December 31, 2016, the Company had entered into interest rate swaps with notional amounts of approximately $515.3 million and $521.5 million, respectively, which settle on a monthly basis. Refer to Note 9. “Derivative Financial Instruments” for additional information.
[5]	As of September 30, 2017 and December 31, 2016, the Company’s mortgages and other notes payable are collateralized by 76 and 75 properties, respectively, with total carrying value of approximately $1.6 billion and $1.6 billion, respectively.

Details of Indebtedness (Parent

Details of Indebtedness (Parenthetical) (Detail) $ in Millions	Sep. 30, 2017USD ($)Property	Dec. 31, 2016USD ($)Property
Revolving Credit Facility
Debt Instrument [Line Items]
Debt Instrument, Current borrowing capacity	$ 3.6	$ 11.1
Secured Mortgages and Other Notes Payable
Debt Instrument [Line Items]
Number of collateralized properties owned | Property	76	75
Mortgages and other notes payable carrying value of collateral	$ 1,600	$ 1,600
Interest Rate Swap
Debt Instrument [Line Items]
Notional amounts of derivative contract	515.3	521.5
Interest Rate Cap
Debt Instrument [Line Items]
Notional amounts of derivative contract	$ 527	$ 410

Schedule of Maturities of Indeb

Schedule of Maturities of Indebtedness (Detail) $ in Thousands	Sep. 30, 2017USD ($)
Net Balance
2,017	$ 203,265
2,018	71,859
2,019	505,235
2,020	424,263
2,021	49,556
Thereafter	410,384
Total borrowings	$ 1,664,562

Schedule of Indebtedness (Detai

Schedule of Indebtedness (Detail) - USD ($) $ in Thousands		1 Months Ended		9 Months Ended
		Aug. 31, 2017	Jun. 30, 2017	Sep. 30, 2017		Dec. 31, 2016
Debt Instrument [Line Items]
Carrying Value				$ 1,664,562
Fixed rate debt
Debt Instrument [Line Items]
Mortgages payable and other notes payable				412,159		$ 382,129
Variable Rate Debt
Debt Instrument [Line Items]
Mortgages payable and other notes payable	[1],[2]			630,294		$ 561,874
Mortgage Loans
Debt Instrument [Line Items]
Carrying Value				358,973
Mortgage Loans | Fixed rate debt
Debt Instrument [Line Items]
Mortgages payable and other notes payable				273,623
Mortgage Loans | Variable Rate Debt
Debt Instrument [Line Items]
Mortgages payable and other notes payable				$ 85,350
Mortgage Loans | Pacific Northwest II Communities
Debt Instrument [Line Items]
Interest on Loan accrues - Fixed rate	[3],[4]			4.30%
Payment Terms	[3]			Monthly principal and interest payments based on a 25-year amortization schedule
Principal and interest payments amortizable period	[3]			25 years
Maturity Date		Jan. 31, 2022	Dec. 31, 2018	Jan. 5, 2022	[3],[5]
Mortgages payable and other notes payable				$ 201,900
Mortgage Loans | Pacific Northwest II Communities | Fixed rate debt
Debt Instrument [Line Items]
Mortgages payable and other notes payable	[3]			$ 210,439
Mortgage Loans | Capital Health Communities
Debt Instrument [Line Items]
Interest on Loan accrues - Fixed rate				4.25%
Payment Terms	[6]			Monthly principal and interest payments based on a 25-year amortization schedule
Principal and interest payments amortizable period	[6]			25 years
Maturity Date		Jan. 31, 2022	Jan. 31, 2020	Jan. 5, 2022	[5],[6]
Mortgages payable and other notes payable				$ 35,400
Mortgage Loans | Capital Health Communities | Fixed rate debt
Debt Instrument [Line Items]
Mortgages payable and other notes payable	[6]			$ 63,184
Mortgage Loans | Wellmore of Tega Cay
Debt Instrument [Line Items]
Payment Terms				Monthly interest only payments for the first 12 months; principal and interest payments thereafter based on a 30-year amortization schedule
Principal and interest payments amortizable period				30 years
Maturity Date	[5]			Mar. 1, 2020
Mortgage Loans | Wellmore of Tega Cay | Variable Rate Debt
Debt Instrument [Line Items]
Mortgages payable and other notes payable				$ 28,000
Mortgage Loans | Knoxville Medical Office Properties and Claremont Medical Office
Debt Instrument [Line Items]
Payment Terms	[7]			Monthly principal and interest payments based on a 30-year amortization schedule
Principal and interest payments amortizable period	[7]			30 years
Maturity Date	[5],[7]			May 24, 2022
Mortgage Loans | Knoxville Medical Office Properties and Claremont Medical Office | Variable Rate Debt
Debt Instrument [Line Items]
Mortgages payable and other notes payable	[7]			$ 57,350
30-day LIBOR | Mortgage Loans | Wellmore of Tega Cay
Debt Instrument [Line Items]
Interest accrues on loan in addition to LIBOR	[4]			2.65%
30-day LIBOR | Mortgage Loans | Knoxville Medical Office Properties and Claremont Medical Office
Debt Instrument [Line Items]
Interest accrues on loan in addition to LIBOR	[4],[7]			2.45%
[1]	As of September 30, 2017 and December 31, 2016, the Company had entered into interest rate caps with notional amounts of approximately $527.0 million and $410.0 million, respectively. Refer to Note 9. “Derivative Financial Instruments” for additional information.
[2]	As of September 30, 2017 and December 31, 2016, the Company had entered into interest rate swaps with notional amounts of approximately $515.3 million and $521.5 million, respectively, which settle on a monthly basis. Refer to Note 9. “Derivative Financial Instruments” for additional information.
[3]	In August 2017, the Company extended the maturity date on the existing loan of approximately $201.9 million from December 2018 to January 2022.  In addition, the Company received approximately $9.5 million of additional borrowings through a supplemental loan with the same lender, which is co-terminus with the existing mortgage loans, collateralized by the communities and matures in January 2022. The supplemental loan further accrues interest at a fixed rate equal to 4.3% per annum and includes monthly interest only payments for the first 12 months followed by monthly principal and interest payments for the remaining term of the loan using a 30-year amortization period with the remaining principal balance payable at maturity.  The loan may be prepaid, in whole or in part, with a prepayment premium equal to the greater of: (i) one percent (1%) of the principal amount being prepaid, multiplied by the quotient of the number of full months remaining until the maturity date of the loan (calculated as of the prepayment date) divided by the number of full months comprising the term of the loan; or (b) a “make-whole” payment equal to the present value of the loan less the amount of principal and accrued interest being prepaid calculated as of the prepayment date for the period between that date and the maturity date.
[4]	The 30-day and 90-day LIBOR were approximately 1.24% and 1.34%, respectively, as of September 30, 2017.
[5]	Represents the initial maturity date (or, as applicable, the maturity date as extended). Certain of the Company’s mortgages and other notes payable agreements include extension options held by the Company under which the maturity dates may be extended beyond the date presented, subject to certain lender conditions and/or related fees.
[6]	In August 2017, the Company extended the maturity date on the existing loan of approximately $35.4 million from January 2020 to January 2022.  In addition, the Company received approximately $28.0 million of additional borrowings through a supplemental loan with the same lender, which is co-terminus with the existing mortgage loans, collateralized by the communities and matures in January 2022.  The existing loan accrues interest at a fixed rate equal to 4.25% per annum. The supplemental loan accrues interest at a fixed rate equal to 4.3% per annum and includes monthly interest only payments for the first 12 months followed by monthly principal and interest payments for the remaining term of the loan using a 30-year amortization period with the remaining principal balance payable at maturity. The loan may be prepaid, in whole or in part, with a prepayment premium equal to the greater of: (i) one percent (1%) of the principal amount being prepaid, multiplied by the quotient of the number of full months remaining until the maturity date of the loan (calculated as of the prepayment date) divided by the number of full months comprising the term of the loan; or (b) a “make-whole” payment equal to the present value of the loan less the amount of principal and accrued interest being prepaid calculated as of the prepayment date for the period between that date and the maturity date.
[7]	In May 2017, the Company refinanced the loans related to the Claremont Medical Office property and the Knoxville Medical Office Properties of approximately $12.4 million and $37.2 million, respectively, into a combined loan. The original loans were scheduled to mature January 2018 and July 2018, respectively.

Schedule of Indebtedness (Paren

Schedule of Indebtedness (Parenthetical) (Detail) - USD ($) $ in Millions		1 Months Ended			9 Months Ended
		Aug. 31, 2017	Jun. 30, 2017	May 31, 2017	Sep. 30, 2017
Claremont Medical Office
Debt Instrument [Line Items]
Maturity Date				Jan. 31, 2018
Debt, refinanced amount				$ 12.4
Knoxville MOBs
Debt Instrument [Line Items]
Maturity Date				Jul. 31, 2018
Debt, refinanced amount				$ 37.2
Mortgage Loans | Pacific Northwest II Communities
Debt Instrument [Line Items]
Debt, Carrying amount					$ 201.9
Maturity Date		Jan. 31, 2022	Dec. 31, 2018		Jan. 5, 2022	[1],[2]
Interest on Loan accrues - Fixed rate	[1],[3]				4.30%
Payment Terms	[1]				Monthly principal and interest payments based on a 25-year amortization schedule
Mortgage Loans | Capital Health Communities
Debt Instrument [Line Items]
Debt, Carrying amount					$ 35.4
Maturity Date		Jan. 31, 2022	Jan. 31, 2020		Jan. 5, 2022	[2],[4]
Interest on Loan accrues - Fixed rate					4.25%
Payment Terms	[4]				Monthly principal and interest payments based on a 25-year amortization schedule
Mortgage, Supplemental Loan | Pacific Northwest II Communities
Debt Instrument [Line Items]
Maturity Date		Jan. 31, 2022
Debt, Carrying amount		$ 9.5
Interest on Loan accrues - Fixed rate		4.30%
Payment Terms					monthly interest only payments for the first 12 months followed by monthly principal and interest payments for the remaining term of the loan using a 30-year amortization period with the remaining principal balance payable at maturity.
Mortgage, Supplemental Loan | Pacific Northwest II Communities | Minimum
Debt Instrument [Line Items]
Percentage of prepayment penalty on principal repaid					1.00%
Mortgage, Supplemental Loan | Capital Health Communities
Debt Instrument [Line Items]
Maturity Date		Jan. 31, 2022
Debt, Carrying amount		$ 28
Interest on Loan accrues - Fixed rate		4.30%
Payment Terms					monthly interest only payments for the first 12 months followed by monthly principal and interest payments for the remaining term of the loan using a 30-year amortization period with the remaining principal balance payable at maturity.
Mortgage, Supplemental Loan | Capital Health Communities | Minimum
Debt Instrument [Line Items]
Percentage of prepayment penalty on principal repaid					1.00%
30-day LIBOR
Debt Instrument [Line Items]
Interest accrues on loan, LIBOR					1.24%
Ninety Days London Interbank Offered Rate
Debt Instrument [Line Items]
Interest accrues on loan, LIBOR					1.34%
[1]	In August 2017, the Company extended the maturity date on the existing loan of approximately $201.9 million from December 2018 to January 2022.  In addition, the Company received approximately $9.5 million of additional borrowings through a supplemental loan with the same lender, which is co-terminus with the existing mortgage loans, collateralized by the communities and matures in January 2022. The supplemental loan further accrues interest at a fixed rate equal to 4.3% per annum and includes monthly interest only payments for the first 12 months followed by monthly principal and interest payments for the remaining term of the loan using a 30-year amortization period with the remaining principal balance payable at maturity.  The loan may be prepaid, in whole or in part, with a prepayment premium equal to the greater of: (i) one percent (1%) of the principal amount being prepaid, multiplied by the quotient of the number of full months remaining until the maturity date of the loan (calculated as of the prepayment date) divided by the number of full months comprising the term of the loan; or (b) a “make-whole” payment equal to the present value of the loan less the amount of principal and accrued interest being prepaid calculated as of the prepayment date for the period between that date and the maturity date.
[2]	Represents the initial maturity date (or, as applicable, the maturity date as extended). Certain of the Company’s mortgages and other notes payable agreements include extension options held by the Company under which the maturity dates may be extended beyond the date presented, subject to certain lender conditions and/or related fees.
[3]	The 30-day and 90-day LIBOR were approximately 1.24% and 1.34%, respectively, as of September 30, 2017.
[4]	In August 2017, the Company extended the maturity date on the existing loan of approximately $35.4 million from January 2020 to January 2022.  In addition, the Company received approximately $28.0 million of additional borrowings through a supplemental loan with the same lender, which is co-terminus with the existing mortgage loans, collateralized by the communities and matures in January 2022.  The existing loan accrues interest at a fixed rate equal to 4.25% per annum. The supplemental loan accrues interest at a fixed rate equal to 4.3% per annum and includes monthly interest only payments for the first 12 months followed by monthly principal and interest payments for the remaining term of the loan using a 30-year amortization period with the remaining principal balance payable at maturity. The loan may be prepaid, in whole or in part, with a prepayment premium equal to the greater of: (i) one percent (1%) of the principal amount being prepaid, multiplied by the quotient of the number of full months remaining until the maturity date of the loan (calculated as of the prepayment date) divided by the number of full months comprising the term of the loan; or (b) a “make-whole” payment equal to the present value of the loan less the amount of principal and accrued interest being prepaid calculated as of the prepayment date for the period between that date and the maturity date.

Schedule of Fair Market Value a

Schedule of Fair Market Value and Carrying Value of Indebtedness (Detail) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Carrying Value	$ 1,664,562,000
Mortgages and other notes payable, net
Debt Instrument [Line Items]
Fair Value	1,041,000	$ 943,400
Carrying Value	1,035,100	936,700
Credit facilities
Debt Instrument [Line Items]
Fair Value	622,000	644,900
Carrying Value	$ 619,800	$ 642,000

Indebtedness - Additional Infor

Indebtedness - Additional Information (Detail) - Credit facilities	9 Months Ended
	Sep. 30, 2017
Debt Instrument [Line Items]
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.
Maximum allowable distributions as a percentage of adjusted FFO	95.00%

Related Party Arrangement, Fees

Related Party Arrangement, Fees and Expenses Incurred (Detail) - USD ($) $ / shares in Units, shares in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2017	Feb. 13, 2017
Related Party Transaction [Line Items]
Asset management fees		$ 7,562,000	$ 6,240,000	$ 22,197,000	$ 18,606,000
Then-current offering price or NAV		$ 10.04		$ 10.04		$ 10.04	$ 9.75
Cash distributions on Restricted Stock				$ 25,415,000	23,498,000
Expense Support Agreements
Related Party Transaction [Line Items]
Asset management fees	[1]		$ 850,000		$ 2,550,000
Then-current offering price or NAV	[2]	$ 10.04	$ 9.75	$ 10.04	$ 9.75
Restricted Stock shares	[3]		87		262
Asset management fees	[1]	$ 13,565		$ 13,565
Then-current offering price or NAV	[2]	$ 10.04		$ 10.04
Expense Support Agreements | Restricted Stock
Related Party Transaction [Line Items]
Cash distributions on Restricted Stock	[4]	$ 158,000	$ 112,000	$ 413,000	$ 315,000
Restricted Stock shares	[3]	1,332		1,332
Cash distributions on Restricted Stock	[4]	$ 1,223,000		$ 1,223,000
[1]	No other amounts were eligible to be settled in accordance with the expense support agreements for the quarter and nine months ended September 30, 2017.
[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 NAV per share.
[3]	No fair value has been assigned to the Restricted Stock shares as the shares were valued at zero at issuance, 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 September 30, 2017.
[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.

Related Party Arrangement, Fe52

Related Party Arrangement, Fees and Expenses Incurred (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2017USD ($)
Related Party Transactions [Abstract]
Restricted stock fair value	$ 0

Schedule of Fees, Reimbursable

Schedule of Fees, Reimbursable Expenses and Related Amounts Unpaid to Related Parties (Detail) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
		Sep. 30, 2017		Sep. 30, 2016	Sep. 30, 2017		Sep. 30, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Operating expenses	[1]	$ 1,396		$ 1,043	$ 4,326		$ 3,533
Acquisition fees and expenses				126			277
Total reimbursable expenses		1,399		1,071	4,332		3,634
Investment services fees	[2]	19		194	123		194
Financing coordination fees		2,748	[3]	0	3,601	[3]	0
Property management fees		4,832		4,800	14,110		13,965
Asset management fees		7,562		6,240	22,197		18,606
Total reimbursable expenses, net		13,005		9,888	34,427		29,195
Operating expenses, unpaid	[1],[4]	1,015			1,015			$ 1,072
Acquisition fees and expenses, unpaid	[4]							3
Total reimbursable expenses due	[4]	1,015			1,015			1,075
Investment services fees, unpaid	[2],[4]							17
Property management fees, unpaid	[4],[5]	423			423			417
Asset management fees, unpaid	[4],[6]	2,652			2,652			1,956
Total related amount unpaid	[4]	4,090			4,090			$ 3,465
Reimbursable expense
Related Party Transaction [Line Items]
Property management fees	[5]	1,196		1,353	3,660		3,668
Asset management fees	[6]	7,643		7,270	22,711		21,699
Property Manager
Related Party Transaction [Line Items]
Acquisition fees and expenses		$ 3		$ 28	$ 6		$ 101
[1]	Amounts are recorded as general and administrative expenses in the accompanying condensed consolidated statements of operations unless such amounts represent prepaid expenses, which are capitalized in the accompanying condensed consolidated balance sheets.
[2]	For the quarter and nine months ended September 30, 2017, the Company incurred approximately $0.02 million and $0.1 million, respectively, in investment service fees related to the Company’s completed developments, of which approximately $0.02 million and $0.1 million, respectively, were capitalized and included in real estate under development in the accompanying condensed consolidated balance sheets.  For the quarter and nine months ended September 30, 2016 the Company incurred approximately $0.2 million and $0.2 million, respectively, in investment service fees related to the Company’s completed developments, of which approximately $0.2 million and $0.2 million, respectively, were capitalized and included in real estate under development in the accompanying condensed consolidated balance sheets. Investment services fees, that are not capitalized, are recorded as acquisition fees and expenses in the accompanying condensed consolidated statements of operations.
[3]	For the quarter and nine months ended September 30, 2017, the Company incurred approximately $2.7 and $3.6 million, respectively, in financing coordination fees related to the refinancing of the loans associated with certain operating properties of which approximately $0.0 million and $0.9 million, respectively, in financing coordination fees were capitalized as loan costs and reduced mortgages and other notes payable, net in the accompanying condensed consolidated balance sheets. There were no financing coordination fees for the quarter and nine months ended September 30, 2016.
[4]	Amounts are recorded as due to related parties in the accompanying condensed consolidated balance sheets.
[5]	For the quarter and nine months ended September 30, 2017, the Company incurred approximately $1.2 million and $3.7 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 nine months ended September 30, 2016, the Company incurred approximately $1.4 million and $3.7 million, respectively, in property and construction management fees payable to the Property Manager of which approximately $0.3 million and $0.6 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 nine months ended September 30, 2017, the Company incurred approximately $7.6 million and $22.7 million, respectively, in asset management fees payable to the Advisor of which approximately $0.1 million and $0.5 million, respectively, was capitalized and included in real estate under development in the accompanying condensed consolidated balance sheet. No expense support was received for the quarter and nine months ended September 30, 2017. For the quarter and nine months ended September 30, 2016, the Company incurred approximately $7.3 million and $21.7 million, respectively, in asset management fees payable to the Advisor of which approximately $0.2 million and $0.5 million, respectively, was capitalized and included in real estate under development in the accompanying condensed consolidated balance sheets. In addition, the Company recognized a reduction in asset management fees of approximately $0.9 million and $2.6 million, respectively, for the quarter and nine months ended September 30, 2016 as an estimate of the annual expense support amount expected to be settled in accordance with the terms of the expense support agreements.

Schedule of Fees, Reimbursabl54

Schedule of Fees, Reimbursable Expenses and Related Amounts Unpaid to Related Parties (Parenthetical) (Detail) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
		Sep. 30, 2017		Sep. 30, 2016	Sep. 30, 2017		Sep. 30, 2016
Related Party Transaction [Line Items]
Investment services fees	[1]	$ 19		$ 194	$ 123		$ 194
Investment service fees capitalized		20		200	100		200
Financing coordination fees		2,748	[2]	0	3,601	[2]	0
Loan costs capitalized		0			900
Construction management fees capitalized		100		300	300		600
Asset management fees		7,562		6,240	22,197		18,606
Asset management fees capitalized		100		200	500		500
Expense under Support Agreement		0		900	0		2,600
Reimbursable expense
Related Party Transaction [Line Items]
Property and construction management fees payable		1,200		1,400	3,700		3,700
Asset management fees	[3]	7,643		7,270	22,711		21,699
Investment Services Fees
Related Party Transaction [Line Items]
Investment services fees		$ 20		$ 200	$ 100		$ 200
[1]	For the quarter and nine months ended September 30, 2017, the Company incurred approximately $0.02 million and $0.1 million, respectively, in investment service fees related to the Company’s completed developments, of which approximately $0.02 million and $0.1 million, respectively, were capitalized and included in real estate under development in the accompanying condensed consolidated balance sheets.  For the quarter and nine months ended September 30, 2016 the Company incurred approximately $0.2 million and $0.2 million, respectively, in investment service fees related to the Company’s completed developments, of which approximately $0.2 million and $0.2 million, respectively, were capitalized and included in real estate under development in the accompanying condensed consolidated balance sheets. Investment services fees, that are not capitalized, are recorded as acquisition fees and expenses in the accompanying condensed consolidated statements of operations.
[2]	For the quarter and nine months ended September 30, 2017, the Company incurred approximately $2.7 and $3.6 million, respectively, in financing coordination fees related to the refinancing of the loans associated with certain operating properties of which approximately $0.0 million and $0.9 million, respectively, in financing coordination fees were capitalized as loan costs and reduced mortgages and other notes payable, net in the accompanying condensed consolidated balance sheets. There were no financing coordination fees for the quarter and nine months ended September 30, 2016.
[3]	For the quarter and nine months ended September 30, 2017, the Company incurred approximately $7.6 million and $22.7 million, respectively, in asset management fees payable to the Advisor of which approximately $0.1 million and $0.5 million, respectively, was capitalized and included in real estate under development in the accompanying condensed consolidated balance sheet. No expense support was received for the quarter and nine months ended September 30, 2017. For the quarter and nine months ended September 30, 2016, the Company incurred approximately $7.3 million and $21.7 million, respectively, in asset management fees payable to the Advisor of which approximately $0.2 million and $0.5 million, respectively, was capitalized and included in real estate under development in the accompanying condensed consolidated balance sheets. In addition, the Company recognized a reduction in asset management fees of approximately $0.9 million and $2.6 million, respectively, for the quarter and nine months ended September 30, 2016 as an estimate of the annual expense support amount expected to be settled in accordance with the terms of the expense support agreements.

Amounts Related to Derivative F

Amounts Related to Derivative Financial Instruments Included in Unconsolidated Entities in Condensed Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2017	Dec. 31, 2016
Derivative Financial Instruments One
Derivative [Line Items]
Notional amount of derivative contract	[1]	$ 11,895
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)		$ (4)	$ (44)
Derivative Financial Instruments Two
Derivative [Line Items]
Notional amount of derivative contract	[1]	$ 36,990
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)		$ (395)	(878)
Derivative Financial Instruments Three
Derivative [Line Items]
Notional amount of derivative contract	[1]	$ 25,206
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)		$ (304)	(667)
Derivative Financial Instruments Four
Derivative [Line Items]
Notional amount of derivative contract	[1]	$ 47,306
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)		$ (551)	(949)
Derivative Financial Instruments Five
Derivative [Line Items]
Notional amount of derivative contract	[1]	$ 81,233
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)		$ (888)	(1,512)
Derivative Financial Instruments Six
Derivative [Line Items]
Notional amount of derivative contract	[1]	$ 6,785
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)			(17)
Derivative Financial Instruments Seven
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)		$ (66)	(992)
Derivative Financial Instruments Eight
Derivative [Line Items]
Notional amount of derivative contract	[1]	$ 130,866
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)		$ (240)	(976)
Derivative Financial Instruments Nine
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)		$ 405	600
Derivative Financial Instruments Ten
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)		$ 228	$ 346
Derivative Financial Instruments Eleven
Derivative [Line Items]
Notional amount of derivative contract	[3]	$ 117,000
Strike	[2]	2.30%
Trade date		Aug. 29, 2017
Forward date		Aug. 29, 2017
Maturity date		Sep. 1, 2019
Fair value asset (liability)		$ 60
[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, shares in Millions	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Class Of Stock [Line Items]
Aggregate proceeds received from offering	$ 31,989,000	$ 31,990,000
Subscriptions received for common stock through public offering and reinvestment plan (in shares)	3.2	3.3
Cash distribution declared	$ 57,403,000	$ 55,488,000
Cash paid to stockholders	25,415,000	23,498,000
Redemptions of common stock	$ 35,624,000	$ 25,845,000
Redemption of common stock, per share	$ 9.98	$ 9.73
Distribution to promoted interest owed	$ 0	$ 6,650,000
Reinvestment Plan
Class Of Stock [Line Items]
Cash distribution declared	$ 32,000,000	$ 32,000,000

Historical Estimated NAV Per Sh

Historical Estimated NAV Per Share, Including the Prices Pursuant to the Reinvestment Plan and the Company's Monthly Cash Distributions per Share (Detail) - $ / shares	Sep. 30, 2017	Jun. 30, 2017	Feb. 13, 2017
Dividends Payable [Line Items]
NAV per Share	$ 10.04	$ 10.04	$ 9.75
Monthly Cash Distributions	0.0388	0.0353	0.0353
Reinvestment Plan
Dividends Payable [Line Items]
Reinvestment Plan Price per Share	$ 10.04	$ 10.04	$ 9.75

Distributions of promoted inter

Distributions of promoted interest to share holders (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Dividends Payable [Line Items]
Distributions to holders of promoted interest	$ 0	$ (6,650,000)
Dogwood Forest of Acworth
Dividends Payable [Line Items]
Distributions to holders of promoted interest		(3,850,000)
Wellmore of Tega Cay
Dividends Payable [Line Items]
Distributions to holders of promoted interest		$ (2,800,000)

Effect of Derivative Financial

Effect of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, Gain (loss) recognized in other comprehensive loss	$ 1,308	$ 3,977	$ 3,786	$ (5,916)
Interest Expense and Loan Cost Amortization
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from accumulated other comprehensive loss into earnings	(812)	(1,718)	(3,891)	(5,397)
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, Gain (loss) recognized in other comprehensive loss	888	4,033	3,409	(3,729)
Interest Rate Swap | Interest Expense and Loan Cost Amortization
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from accumulated other comprehensive loss into earnings	(433)	(1,731)	(3,201)	(5,388)
Interest Rate Cap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, Gain (loss) recognized in other comprehensive loss	295	(33)	198	(2,185)
Interest Rate Cap | Unconsolidated Joint Venture
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, Gain (loss) recognized in other comprehensive loss				(1)
Interest Rate Cap | Interest Expense and Loan Cost Amortization
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from accumulated other comprehensive loss into earnings	(254)	(10)	(511)	(10)
Reclassification of Interest Rate Swaps Upon Derecognition
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, Gain (loss) recognized in other comprehensive loss	132		186
Reclassification of Interest Rate Swaps Upon Derecognition | Interest Expense and Loan Cost Amortization
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from accumulated other comprehensive loss into earnings	(132)		(186)
Reclassification of Interest Rate Swaps Due to Ineffectiveness
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, Gain (loss) recognized in other comprehensive loss	(7)	(23)	(7)	(1)
Reclassification of Interest Rate Swaps Due to Ineffectiveness | Interest Expense and Loan Cost Amortization
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from accumulated other comprehensive loss into earnings	$ 7	$ 23	$ 7	$ 1

Assets Held for Sale, Net - Add

Assets Held for Sale, Net - Additional Information (Detail)	1 Months Ended
	Aug. 31, 2017Facility
Arkansas
Long Lived Assets Held For Sale [Line Items]
Number of skilled nursing facilities	6

Assets Held for Sale, Net - Sch

Assets Held for Sale, Net - Schedule of Assets Held for Sale (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Long Lived Assets Held For Sale [Line Items]
Deferred rent and lease incentives	$ 40,956	$ 31,045
Assets held for sale, net	52,469	53,351
Perennial Communities
Long Lived Assets Held For Sale [Line Items]
Real estate assets, net	46,699	47,178
Intangibles, net	800	893
Deferred rent and lease incentives	4,970	5,280
Assets held for sale, net	$ 52,469	$ 53,351

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands		Nov. 08, 2017	Oct. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Subsequent Event [Line Items]
Revolving credit facility outstanding				$ 619,835	$ 641,989
Revolving Credit Facility
Subsequent Event [Line Items]
Revolving credit facility outstanding	[1],[2]			$ 172,000	$ 194,863
Subsequent Event | Revolving Credit Facility
Subsequent Event [Line Items]
Revolving credit facility outstanding			$ 172,000
Increase in borrowing under the revolving credit facility		$ 55,100
Line of credit maturity date		2018-12
[1]	As of September 30, 2017 and December 31, 2016, the Company had entered into interest rate caps with notional amounts of approximately $527.0 million and $410.0 million, respectively. Refer to Note 9. “Derivative Financial Instruments” for additional information.
[2]	As of September 30, 2017 and December 31, 2016, the Company had undrawn availability under the senior unsecured revolving line of credit (“Revolving Credit Facility”) of approximately $3.6 million and $11.1 million, respectively, based on the value of the properties in the unencumbered pool of assets supporting the loan.