CNL Healthcare Properties (CHTH) 10-Q 10 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 30, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Entity Registrant Name	CNL Healthcare Properties, Inc.
Entity Trading Symbol	CHP
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		173,991,512

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017
Statement Of Financial Position [Abstract]
Real estate investment properties, net (including VIEs $207,283 and $209,212, respectively)		$ 2,465,250	$ 2,483,358
Intangibles, net (including VIEs $1,638 and $1,836, respectively)		93,366	99,452
Cash (including VIEs $1,276 and $2,203, respectively)		67,382	64,522
Deferred rent and lease incentives (including VIEs $7,216 and $6,330, respectively)		44,738	42,790
Other assets (including VIEs $841 and $1,025, respectively)		35,800	35,687
Assets held for sale, net (including VIEs $4,790 and $4,867, respectively)		57,524	57,484
Restricted cash (including VIEs $1,271 and $1,242, respectively)		9,673	10,169
Total assets		2,773,733	2,793,462
Liabilities:
Mortgages and other notes payable, net (including VIEs $154,724 and $153,409, respectively)		1,028,789	1,032,153
Credit facilities		645,304	630,066
Accounts payable and accrued liabilities (including VIEs $3,728 and $4,469, respectively)		47,434	46,702
Other liabilities (including VIEs $1,168 and $1,243, respectively)		26,863	27,940
Due to related parties	[1]	4,055	3,941
Total liabilities		1,752,445	1,740,802
Commitments and contingencies (Note 13)
Redeemable noncontrolling interest		427	425
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, 185,566 and 184,493 shares issued, and 173,992 and 174,634 shares outstanding, respectively		1,741	1,747
Capital in excess of par value		1,517,071	1,523,372
Accumulated loss		(216,649)	(208,775)
Accumulated distributions		(284,607)	(264,283)
Accumulated other comprehensive income (loss)		2,168	(985)
Total stockholders' equity		1,019,724	1,051,076
Noncontrolling interest		1,137	1,159
Total equity		1,021,288	1,052,660
Total liabilities and equity		$ 2,773,733	$ 2,793,462
[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	Mar. 31, 2018	Dec. 31, 2017
Real estate investment properties, net	$ 2,465,250	$ 2,483,358
Intangibles, net	93,366	99,452
Cash	67,382	64,522
Deferred rent and lease incentives	44,738	42,790
Other assets	35,800	35,687
Assets held for sale, net	57,524	57,484
Restricted cash	9,673	10,169
Mortgages and other notes payable, net	1,028,789	1,032,153
Accounts payable and accrued liabilities	47,434	46,702
Other liabilities	$ 26,863	$ 27,940
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	200,000,000	200,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Excess shares, par value	$ 0.01	$ 0.01
Excess shares, shares authorized	300,000,000	300,000,000
Excess shares, shares issued	0	0
Excess shares, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,120,000,000	1,120,000,000
Common stock, shares issued	185,566,000	184,493,000
Common stock, shares outstanding	173,991,000	174,634,000
VIEs
Real estate investment properties, net	$ 207,283	$ 209,212
Intangibles, net	1,638	1,836
Cash	1,276	2,203
Deferred rent and lease incentives	7,216	6,330
Other assets	841	1,025
Assets held for sale, net	4,790	4,867
Restricted cash	1,271	1,242
Mortgages and other notes payable, net	154,724	153,409
Accounts payable and accrued liabilities	3,728	4,469
Other liabilities	$ 1,168	$ 1,243

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues:
Rental income and tenant reimbursements	$ 37,066	$ 37,478
Resident fees and services	67,519	58,220
Total revenues	104,585	95,698
Operating expenses:
Property operating expenses	51,879	45,423
General and administrative	3,474	3,472
Asset management fees	7,597	7,272
Property management fees	5,325	4,612
Depreciation and amortization	25,576	27,456
Total operating expenses	93,851	88,235
Operating income	10,734	7,463
Other income (expense):
Interest and other income	148	66
Interest expense and loan cost amortization	(18,232)	(15,082)
Equity in earnings of unconsolidated entity	87	204
Total other expense	(17,997)	(14,812)
Loss before income taxes	(7,263)	(7,349)
Income tax expense	(635)	(115)
Net loss	(7,898)	(7,464)
Less: Net loss attributable to noncontrolling interest	(24)	(140)
Net loss attributable to common stockholders	$ (7,874)	$ (7,324)
Net loss per share of common stock (basic and diluted)	$ (0.05)	$ (0.04)
Weighted average number of shares of common stock outstanding (basic and diluted)	174,854	175,277
Distributions declared per share of common stock	$ 0.11639	$ 0.10581

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (7,898)	$ (7,464)
Other comprehensive income (loss):
Unrealized gain on derivative financial instruments, net	3,027	2,235
Reclassification of cash flow hedges due to ineffectiveness		(4)
Reclassification of cash flow hedges upon derecognition	126
Total other comprehensive income (loss)	3,153	2,231
Comprehensive loss	(4,745)	(5,233)
Less: Comprehensive loss attributable to noncontrolling interest	(24)	(140)
Comprehensive loss attributable to common stockholders	$ (4,721)	$ (5,093)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND REDEEMABLE NONCONTROLLING INTEREST (UNAUDITED) - USD ($) $ in Thousands	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, 2016	$ 1,154,817	$ 472	$ 1,751	$ 1,528,435	$ (182,813)	$ (186,551)	$ (7,863)	$ 1,152,959	$ 1,386
Beginning Balance (in shares) at Dec. 31, 2016			175,070,000
Subscriptions received for common stock through reinvestment plan	$ 10,412		$ 10	10,402				10,412
Subscriptions received for common stock through public offering and reinvestment plan (in shares)	1,000,000		1,037,000
Redemptions of common stock	$ (10,870)		$ (10)	(10,860)				(10,870)
Redemption of common stock, shares			(1,088,000)
Net loss	(7,464)	(30)			(7,324)			(7,324)	(110)
Other comprehensive income	2,231						2,231	2,231
Distribution to holder of noncontrolling interest	(12)								(12)
Cash distributions declared	(18,525)					(18,525)		(18,525)
Ending Balance at Mar. 31, 2017	1,130,589	442	$ 1,751	1,527,977	(190,137)	(205,076)	(5,632)	1,128,883	1,264
Ending Balance (in shares) at Mar. 31, 2017			175,019,000
Beginning Balance at Dec. 31, 2017	$ 1,052,660	425	$ 1,747	1,523,372	(208,775)	(264,283)	(985)	1,051,076	1,159
Beginning Balance (in shares) at Dec. 31, 2017	174,634,000		174,634,000
Subscriptions received for common stock through reinvestment plan	$ 11,078		$ 11	11,067				11,078
Subscriptions received for common stock through public offering and reinvestment plan (in shares)	1,100,000		1,073,000
Redemptions of common stock	$ (17,385)		$ (17)	(17,368)				(17,385)
Redemption of common stock, shares			(1,716,000)
Net loss	(7,898)	(2)			(7,874)			(7,874)	(22)
Other comprehensive income	3,153						3,153	3,153
Cash distributions declared	(20,324)					(20,324)		(20,324)
Contribution from noncontrolling interests	4	4
Ending Balance at Mar. 31, 2018	$ 1,021,288	$ 427	$ 1,741	$ 1,517,071	$ (216,649)	$ (284,607)	$ 2,168	$ 1,019,724	$ 1,137
Ending Balance (in shares) at Mar. 31, 2018	173,991,000		173,991,000

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND REDEEMABLE NONCONTROLLING INTEREST (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement Of Stockholders Equity [Abstract]
Cash distributions, declared per share	$ 0.11639	$ 0.10581

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating activities:
Net cash flows provided by operating activities	$ 17,787	$ 18,667
Investing activities:
Development of properties	(819)	(20,584)
Capital expenditures	(1,969)	(2,369)
Other investing activities	(955)	(294)
Net cash used in investing activities	(3,743)	(23,247)
Financing activities:
Distributions to stockholders, net of distribution reinvestments	(9,246)	(8,113)
Redemptions of common stock	(11,711)	(10,397)
Draws under credit facilities	15,000	10,000
Repayments on credit facilities		(24,863)
Proceeds from mortgages and other notes payable	1,500	45,645
Principal payments on mortgages and other notes payable	(5,662)	(6,082)
Contingent purchase price consideration payments		(2,529)
Other financing activities	(1,561)	(414)
Net cash flows (used in) provided by financing activities	(11,680)	3,247
Net increase (decrease) in cash and restricted cash	2,364	(1,333)
Cash and restricted cash at beginning of period	74,691	71,238
Cash and restricted cash at end of period	77,055	69,905
Amounts incurred but not paid (including amounts due to related parties):
Accrued development costs	402	10,276
Redemptions payable	$ 17,385	10,870
Distribution to holder of promoted interest		$ 2,000

Organization

Organization	3 Months Ended
	Mar. 31, 2018
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”) and a wholly owned subsidiary of CNL. 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”). In 2017, the Company began evaluating strategic alternatives to provide liquidity to its stockholders. The Company continues to evaluate strategic alternatives for an outcome in the best interests of its stockholders and will announce publicly once it has formed a special committee and engaged an investment banker. Until such time, the Company will continue to strategically manage and position its portfolio to drive performance and value during what is now the maturation phase of the Company’s lifecycle. 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	3 Months Ended
	Mar. 31, 2018
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 U.S. (“GAAP”). The unaudited condensed consolidated financial statements reflect all normal recurring adjustments, which, in the opinion of management, are necessary for the fair statement of the Company’s results for the interim period presented. Operating results for the three months ended March 31, 2018 may not be indicative of the results that may be expected for the year ending December 31, 2018. Amounts as of December 31, 2017 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, 2017 (“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 a VIE, the Company is required to identify entities for which control is achieved through means other than voting rights and to determine the primary beneficiary of its VIEs. The Company qualitatively assesses whether it is the primary beneficiary of a VIE and considers various factors including, but not limited to, the design of the entity, its organizational structure including decision-making ability and financial agreements, its ability and the rights of others to participate in policy making decisions, as well as its ability to replace the VIE manager and/or liquidate the entity. Reclassifications – Certain amounts in the prior year’s condensed consolidated balance sheet, statement of operations and statement of cash flows have been reclassified to conform to the current year’s presentation with no effect on the other previously reported 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. 2. Summary of Significant Accounting Policies (continued) Adopted Accounting Pronouncements — In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers,” as a new Accounting Standards Codification (“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. In addition, the FASB issued ASU 2017-05, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20)," which clarifies the scope of subtopic 610-20, that was issued as a part of ASU 2014-09, as it relates to in-substance nonfinancial assets and must be adopted concurrently with ASC 606. Both ASUs 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 adopted these ASUs using the modified retrospective approach as its transition method on January 1, 2018; the adoption of which did not have a material impact to its consolidated financial statements. 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 early adopted this ASU prospectively on January 1, 2018; the adoption of which did not have a material impact on the Company’s consolidated results of operations or cash flows. Recent Accounting Pronouncements — In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842): Accounting for Leases,” which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The ASU requires lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. The ASU further modifies lessors’ classification criteria for leases and the accounting for sales-type and direct financing leases. The ASU will also require qualitative and quantitative disclosures designed to give financial statement users additional information on the amount, timing, and uncertainty of cash flows arising from leases. The ASU is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2018 with early adoption permitted. The ASU is to be applied using a modified retrospective approach. The Company 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 addition, while still in exposure draft, the FASB has proposed a practical expedient for lessors allowing them to elect to not separate lease and non-lease components in a contract for the purpose of revenue recognition and disclosure if certain criteria are met. If the proposed practical expedient is finalized, the Company plans to elect the practical expedient.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2018
Revenue From Contract With Customer [Abstract]
Revenue	3. Revenue Resident fees and services are operating revenues relating to the Company’s managed seniors housing properties, which are operated under a RIDEA structures. Resident fees and services directly relate to the provision of monthly goods and services that are generally bundled together under a single resident agreement. The Company accounts for its resident agreements as a single performance obligation under ASC 606 given the Company’s overall promise to provide a series of stand-ready goods and services to its residents each month. Resident fees and services are recorded in the period in which the goods are provided and the services performed and generally consist of (1) monthly rent, which covers occupancy of the residents’ unit as well as basic services, such as utilities, meals and certain housekeeping services, and (2) service level charges, such as assisted living care, memory care and ancillary services. Resident agreements are generally short-term in nature, billed monthly in advance and cancelable by the residents with a 30-day notice. Resident agreements may require the payment of upfront fees prior to moving into the community with any non-refundable portion of such fees being recorded as deferred revenue and amortized over the estimated resident stay. The following table represents the disaggregated revenue for resident fees and services during the three months ended March 31, 2018 and 2017: Number of Units Revenues (in millions) Percentage of Revenues Resident fees and services: 2018 2017 2018 2017 2018 2017 Independent living 2,261 2,261 $ 17.5 12.7 25.9 % 21.8 % Assisted living 2,966 2,885 33.7 30.5 49.9 % 52.4 % Memory care 853 774 13.0 11.9 19.3 % 20.4 % Other revenues ― ― 3.3 3.1 4.9 % 5.3 % 6,080 5,920 $ 67.5 58.2 100.0 % 100.0 %

Real Estate Assets, net

Real Estate Assets, net	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Real Estate Assets, net	4. Real Estate Assets, net The gross carrying amount and accumulated depreciation of the Company’s real estate assets as of March 31, 2018 and December 31, 2017 are as follows (in thousands): March 31, December 31, 2018 2017 Land and land improvements $ 251,944 $ 251,806 Building and building improvements 2,414,101 2,412,687 Furniture, fixtures and equipment 83,019 82,759 Less: accumulated depreciation (283,814) (263,894) Total real estate assets, net $ 2,465,250 $ 2,483,358 Depreciation expense on the Company’s real estate investment properties, net was approximately $20.0 million and $19.5 million for the three months ended March 31, 2018 and 2017, respectively.

Intangibles, net

Intangibles, net	3 Months Ended
	Mar. 31, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
Intangibles, net	5. Intangibles, net The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities as of March 31, 2018 and December 31, 2017 are as follows (in thousands): March 31, December 31, 2018 2017 In-place lease intangibles $ 223,269 $ 223,269 Above-market lease intangibles 13,860 13,860 Below-market ground lease intangibles 12,470 12,470 Less: accumulated amortization (156,233) (150,147) Intangible assets, net $ 93,366 $ 99,452 Below-market lease intangibles $ (11,972) $ (11,973) Above-market ground lease intangibles (3,407) (3,407) Less: accumulated amortization 5,969 5,629 Intangible liabilities, net (1) $ (9,410) $ (9,751) ____________ 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 $6.1 million for the three months ended March 31, 2018, of which approximately $0.4 million was treated as a reduction of rental income and tenant reimbursements, approximately $0.1 million was treated as an increase of property operating expenses and approximately $5.6 million was included in depreciation and amortization. Amortization on the Company’s intangible assets was approximately $8.5 million for the three months ended March 31, 2017, of which approximately $0.4 million was treated as a reduction of rental income and tenant reimbursements, approximately $0.1 million was treated as an increase of property operating expenses and approximately $8.0 million was included in depreciation and amortization. Amortization on the Company’s intangible liabilities was approximately $0.3 million for the three months ended March 31, 2018, of which approximately $0.3 million was treated as an increase of rental income and tenant reimbursements and approximately $0.02 million was treated as a reduction of property operating expenses. For the three months ended March 31, 2017, amortization on the Company’s intangible liabilities was approximately $0.4 million, of which approximately $0.4 million was treated as an increase of rental income and tenant reimbursements and approximately $0.02 million was treated as a reduction of property operating expenses.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Variable Interest Entities	6. Variable Interest Entities The aggregate carrying amount and major classifications of the consolidated assets that can be used to settle obligations of the VIEs and liabilities of the consolidated VIEs that are non-recourse to the Company as of March 31, 2018 and December 31, 2017 are as follows (in thousands): March 31, December 31, 2018 2017 Assets: Real estate investment properties, net $ 207,283 $ 209,212 Intangibles, net $ 1,638 $ 1,836 Cash $ 1,276 $ 2,203 Deferred rent and lease incentives $ 7,216 $ 6,330 Other assets $ 841 $ 1,025 Assets held for sale, net $ 4,790 $ 4,867 Restricted cash $ 1,271 $ 1,242 Liabilities: Mortgages and other notes payable, net $ 154,724 $ 153,409 Accounts payable and accrued liabilities $ 2,950 $ 3,560 Accrued development costs $ 778 $ 909 Other liabilities $ 1,168 $ 1,243 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 $63.0 million as of March 31, 2018. The Company’s exposure is limited because of the non-recourse nature of the borrowings of the VIEs. As of March 31, 2018 and December 31, 2017, the Company had 10 subsidiaries which are classified as VIEs due to the following factors and circumstances as of March 31, 2018: • 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 real estate under development in which there is insufficient equity at risk due to the development nature of each entity. • Two of these subsidiaries are joint ventures with 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	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Contingent Purchase Price Consideration	7. Contingent Purchase Price Consideration During the three months ended March 31, 2018, the Company did not have any adjustments or cash flows related to contingent purchase price consideration as the Company had no remaining obligations as of December 31, 2017. The following table provides a roll-forward of the fair value of the Company’s aggregate contingent purchase price consideration for the three months ended March 31, 2017 (in thousands): Quarter Ended March 31, 2017 Property Beginning asset (liability) as of December 31, 2016 Contingent Consideration Payment (Receipt) Change in Fair Value Ending asset (liability) as of March 31, 2017 Superior Residences of Panama City $ (4,000) $ 2,000 $ ― $ (2,000) Siena Pavilion VI (645) 529 ― (116) Center One 1,079 (102) ― 977 $ (3,566) $ 2,427 $ ― $ (1,139) The fair value of the contingent purchase price consideration was 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 and capitalization rates for each property.

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Indebtedness	8. Indebtedness The following table provides details of the Company’s indebtedness as of March 31, 2018 and December 31, 2017 (in thousands): March 31, December 31, 2018 2017 Mortgages payable and other notes payable: Fixed rate debt $ 407,014 $ 409,607 Variable rate debt (1) (2) 627,591 629,160 Mortgages and other notes payable (3) 1,034,605 1,038,767 Premium (discount), net (4) 94 102 Loan costs, net (5,910) (6,716) Total mortgages and other notes payable, net 1,028,789 1,032,153 Credit facilities: Revolving Credit Facility (1) (2) (5) 197,000 182,000 First Term Loan Facility (1) 175,000 175,000 Second Term Loan Facility (1) (2) 275,000 275,000 Loan costs, net related to Term Loan Facilities (1,696) (1,934) Total credit facilities, net 645,304 630,066 Total indebtedness, net $ 1,674,093 $ 1,662,219 _____________ FOOTNOTES: (1) As of March 31, 2018 and December 31, 2017, the Company had entered into interest rate swaps with notional amounts of approximately $492.5 million and $506.4 million, respectively, which were settling on a monthly basis. Refer to Note 10. “Derivative Financial Instruments” for additional information. 8. Indebtedness (continued) (2) As of March 31, 2018 and December 31, 2017, the Company had entered into interest rate caps with notional amounts of approximately $527.0 million and $527.0 million, respectively. In addition, as of March 31, 2018 the Company had entered into interest rate caps with forward effective dates with notional amounts of approximately $636.6 million in order to hedge the Company’s exposure to interest rate changes in future periods. Refer to Note 10. “Derivative Financial Instruments” for additional information. (3) As of March 31, 2018 and December 31, 2017, the Company’s mortgages and other notes payable are collateralized by 76 and 76 properties, respectively, with total carrying value of approximately $1.6 billion and $1.6 billion, respectively. (4) Premium (discount), net is reflective of the Company recording mortgage note payables assumed at fair value on the respective acquisition dates. (5) As of March 31, 2018 and December 31, 2017, the Company had undrawn availability under the senior unsecured revolving line of credit (“Revolving Credit Facility”) of approximately $23.6 million and $28.4 million, respectively, based on the value of the properties in the unencumbered pool of assets supporting the loan. The following table provides the details of the fair market value and carrying value of the Company’s indebtedness as of March 31, 2018 and December 31, 2017 (in millions): March 31, 2018 December 31, 2017 Fair Value Carrying Value Fair Value Carrying Value Mortgages and other notes payable, net $ 1,029.6 $ 1,028.8 $ 1,034.9 $ 1,032.2 Credit facilities $ 647.0 $ 645.3 $ 632.0 $ 630.1 These fair market values are based on current rates and spreads the Company would expect to obtain for similar borrowings. Since this methodology includes inputs that are less observable by the public and are not necessarily reflected in active markets, the measurement of the estimated fair values related to the Company’s mortgage notes payable is categorized as Level 3 on the three-level valuation hierarchy. The estimated fair value of accounts payable and accrued liabilities approximates the carrying value as of March 31, 2018 and December 31, 2017 because of the relatively short maturities of the obligations. All of the Company’s mortgage and construction loans contain customary financial covenants and ratios; including (but not limited to) the following: debt service coverage ratio, minimum occupancy levels, limitations on incurrence of additional indebtedness, etc. The credit facilities contain affirmative, negative, and financial covenants which are customary for loans of this type, including (but not limited to): (i) maximum leverage, (ii) minimum fixed charge coverage ratio, (iii) minimum consolidated net worth, (iv) restrictions on payments of cash distributions except if required by REIT requirements, (v) maximum secured indebtedness, (vi) maximum secured recourse debt, (vii) minimum unsecured interest coverage and (viii) limitations on certain types of investments and with respect to the pool of properties supporting borrowings under the credit facilities, minimum debt service coverage ratio, minimum weighted average occupancy, and remaining lease terms, as well as property type, MSA, operator, and asset value concentration limits. The limitations on distributions include a limitation on the extent of allowable distributions, which are not to exceed the greater of 95% of adjusted FFO (as defined per the credit facilities) and the minimum amount of distributions required to maintain the Company’s REIT status. As of March 31, 2018, the Company was in compliance with all financial covenants.

Related Party Arrangements

Related Party Arrangements	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Related Party Arrangements	9. Related Party Arrangements During the three months ended March 31, 2018 and 2017, the Company paid approximately $0.2 million and $0.1 million, respectively, of cash distributions on restricted stock issued pursuant to the expense support agreements, which have been recognized as compensation expense and included in general and administrative expense in the accompanying condensed consolidated statements of operations. The expenses and fees incurred by and reimbursable to the Company’s related parties for the three months ended March 31, 2018 and 2017, and related amounts unpaid as of March 31, 2018 and December 31, 2017 are as follows (in thousands): Three Months Ended Unpaid amounts as of (1) March 31, March 31, December 31, 2018 2017 2018 2017 Reimbursable expenses: Operating expenses (2) $ 1,624 $ 1,302 $ 1,129 $ 1,042 Acquisition fees and expenses ― ― ― 2 1,624 1,302 1,129 1,044 Investment services fees (3) ― 40 ― ― Financing coordination fees (4) ― 280 ― ― Property management fees (5) 1,168 1,263 392 381 Asset management fees (6) 7,597 7,487 2,534 2,516 $ 10,389 $ 10,372 $ 4,055 $ 3,941 ____________ 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) No investment service fees were incurred for the three months ended March 31, 2018. For the three months ended March 31, 2017, the Company incurred approximately $0.04 million in investment service fees related to the Company’s completed developments, of which approximately $0.04 million were capitalized an included in real estate assets, net 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) No financing coordination fees were incurred for the three months ended March 31, 2018. For the three months ended March 31, 2017, the Company incurred approximately $0.3 million in financing coordination fees related to the Tega Cay Loan refinancing. (5) For the three months ended March 31, 2018, the Company incurred approximately $1.2 million in property management fees payable to the Property Manager. For the three months ended March 31, 2017, the Company incurred approximately $1.3 million in property and construction management fees payable to the Property Manager of which approximately $0.2 million in construction management fees were capitalized and included in real estate under development in the accompanying condensed consolidated balance sheets. (6) For the three months ended March 31, 2018, the Company incurred approximately $7.6 million in asset management fees payable to the Advisor. For the three months ended March 31, 2017, the Company incurred approximately $7.5 million in asset management fees payable to the Advisor of which approximately $0.2 million was capitalized and included in real estate assets, net in the accompanying condensed consolidated balance sheets. No expense support was received for the three months ended March 31, 2018 and 2017.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	10. Derivative Financial Instruments The following summarizes the terms of the Company’s derivative financial instruments and the corresponding asset (liability) as of March 31, 2018 and December 31, 2017 (in thousands): Fair value asset (liability) as of Notional Amount Strike (1) Credit Spread (1) Trade date Forward date Maturity date March 31, 2018 December 31, 2017 $ ― 1.3 % 2.6 % 1/17/2013 1/15/2015 1/16/2018 $ ― $ 1 $ 36,687 (2) 2.7 % 2.5 % 9/6/2013 8/17/2015 7/10/2018 $ (84) $ (213) $ 25,000 (2) 2.8 % 2.5 % 9/6/2013 8/17/2015 8/29/2018 $ (85) $ (182) $ 46,834 (2) 2.4 % 2.9 % 8/15/2014 6/1/2016 6/2/2019 $ 12 $ (280) $ 80,442 (2) 2.3 % 2.4 % 9/12/2014 8/1/2015 7/15/2019 $ 90 $ (424) $ 175,000 (2) 1.6 % 2.0 % 12/23/2014 12/19/2014 2/19/2019 $ 837 $ 464 $ 128,573 (2) 1.7 % 2.0 % 1/9/2015 12/10/2015 12/22/2019 $ 1,209 $ 516 $ 260,000 (3) 1.5 % ― % 11/19/2015 11/19/2015 11/30/2018 $ 956 $ 681 $ 150,000 (3) 1.5 % ― % 3/1/2016 3/1/2016 11/30/2018 $ 551 $ 393 $ 117,000 (3) 2.3 % ― % 8/29/2017 8/29/2017 9/1/2019 $ 266 $ 95 $ 410,000 (3) 3.0 % ― % 3/28/2018 11/30/2018 12/19/2019 $ 297 ― $ 175,000 (3) 3.0 % ― % 3/28/2018 2/19/2019 12/19/2019 $ 119 ― $ 51,575 (3) 3.0 % ― % 3/28/2018 7/10/2018 12/19/2019 $ 38 ― ____________ 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 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 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	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Equity	11. Equity Stockholders’ Equity: Distribution Reinvestment Plan — For the three months ended March 31, 2018 and 2017, the Company received proceeds through its Reinvestment Plan of approximately $11.1 million (1.1 million shares) and $10.4 million (1.0 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 Share Reinvestment Plan Price per Share Quarterly Cash Distributions Period February 14, 2017 through June 30, 2017 $ 10.04 $ 10.04 $ 0.10581 July 1, 2017 through February 12, 2018 $ 10.04 $ 10.04 $ 0.11639 February 13, 2018 through March 31, 2018 $ 10.32 $ 10.32 $ 0.11639 During the three months ended March 31, 2018 and 2017, the Company declared cash distributions of $20.3 million and $18.5 million, respectively, of which $9.2 million and $8.1 million, respectively, were paid in cash to stockholders and $11.1 million and $10.4 million, respectively, were reinvested pursuant to the Reinvestment Plan. Redemptions — During the three months ended March 31, 2018 and 2017, the Company received requests for the redemption of common stock of approximately $17.4 million and $10.9 million, respectively, all of which were approved for redemption at an average price of $10.13 and $9.99, respectively. Other comprehensive income (loss) — The following table reflects the effect of derivative financial instruments held by the Company and included in the condensed consolidated statements of comprehensive loss for the three months ended March 31, 2018 and 2017 (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 income (loss) into earnings Three Months Ended Three Months Ended March 31, March 31, 2018 2017 2018 2017 Interest rate swaps $ 1,967 $ 2,132 Interest expense and loan cost amortization $ (228) $ (1,509) Interest rate caps 1,060 103 Interest expense and loan cost amortization (418) (90) Reclassification of interest rate swaps upon derecognition 126 ― Interest expense and loan cost amortization (126) ― Reclassification of interest rate swaps due to ineffectiveness ― (4) Interest expense and loan cost amortization ― 4 Total $ 3,153 $ 2,231 $ (772) $ (1,595)

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes The accompanying condensed consolidated financial statements include an interim tax provision for the three months ended March 31, 2018 and 2017. The Company recorded a total provision for income taxes of approximately $0.6 million and $0.1 million for the three months ended March 31, 2018 and 2017, respectively. Of the approximate $0.6 million in income tax expense for three months ended March 31, 2018, approximately $0.1 million represents current income tax expense, and approximately $0.5 million represents a decrease to the Company’s net deferred tax assets which is primarily due to the utilization of a portion of the Company’s TRS’s federal and state net operating loss carry-forwards. All of the approximate $0.1 million of the Company’s total income tax expense for three months ended March 31, 2017 was classified as current income tax expense.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. Commitments and Contingencies From time to time, the Company may be a party to legal proceedings in the ordinary course of, or incidental to the normal course of, its business, including proceedings to enforce its contractual or statutory rights. While the Company cannot predict the outcome of these legal proceedings with certainty, based upon currently available information, the Company does not believe the final outcome of any pending or threatened legal proceeding will have a material adverse effect on its results of operations or financial condition. The Company has approximately $0.6 million remaining development budgets for the Company’s completed developments and expansions. As a result of the Company’s completed seniors housing developments continuing to move towards or achieving stabilization, the Company monitors the lease-up of these properties to determine whether the established performance metrics have been met as of each reporting period. The Company has six 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. For the remaining six promoted interest agreements, the established performance metrics were not met nor probable of being met as of March 31, 2018. Refer to Note 9. “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	3 Months Ended
	Mar. 31, 2018
Property Plant And Equipment [Abstract]
Assets Held For Sale, net	14. 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. Additionally, during the three months ended March 31, 2018, the Company executed a put option within its air rights lease to sell Physicians Regional Medical Center – Central Wing and classified the associated assets as held for sale as of March 31, 2018. The sale of these properties would not cause a strategic shift in the Company nor would it be considered individually significant; therefore, they do not qualify as discontinued operations. As of March 31, 2018 and December 31, 2017, assets held for sale consisted of the following (in thousands): March 31, December 31, 2018 2017 Real estate held for sale, net $ 51,804 $ 51,731 Intangibles, net 824 860 Deferred rent and lease incentives 4,970 4,972 Other liabilities (74) (79) Real estate held for sale, net $ 57,524 $ 57,484

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
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 U.S. (“GAAP”). The unaudited condensed consolidated financial statements reflect all normal recurring adjustments, which, in the opinion of management, are necessary for the fair statement of the Company’s results for the interim period presented. Operating results for the three months ended March 31, 2018 may not be indicative of the results that may be expected for the year ending December 31, 2018. Amounts as of December 31, 2017 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, 2017 (“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 a VIE, the Company is required to identify entities for which control is achieved through means other than voting rights and to determine the primary beneficiary of its VIEs. The Company qualitatively assesses whether it is the primary beneficiary of a VIE and considers various factors including, but not limited to, the design of the entity, its organizational structure including decision-making ability and financial agreements, its ability and the rights of others to participate in policy making decisions, as well as its ability to replace the VIE manager and/or liquidate the entity.
Reclassifications	Reclassifications – Certain amounts in the prior year’s condensed consolidated balance sheet, statement of operations and statement of cash flows have been reclassified to conform to the current year’s presentation with no effect on the other previously reported 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 May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers,” as a new Accounting Standards Codification (“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. In addition, the FASB issued ASU 2017-05, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20)," which clarifies the scope of subtopic 610-20, that was issued as a part of ASU 2014-09, as it relates to in-substance nonfinancial assets and must be adopted concurrently with ASC 606. Both ASUs 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 adopted these ASUs using the modified retrospective approach as its transition method on January 1, 2018; the adoption of which did not have a material impact to its consolidated financial statements. 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 early adopted this ASU prospectively on January 1, 2018; the adoption of which did not have a material impact on the Company’s consolidated results of operations or cash flows.
Recent Accounting Pronouncements	Recent Accounting Pronouncements — In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842): Accounting for Leases,” which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The ASU requires lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. The ASU further modifies lessors’ classification criteria for leases and the accounting for sales-type and direct financing leases. The ASU will also require qualitative and quantitative disclosures designed to give financial statement users additional information on the amount, timing, and uncertainty of cash flows arising from leases. The ASU is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2018 with early adoption permitted. The ASU is to be applied using a modified retrospective approach. The Company 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 addition, while still in exposure draft, the FASB has proposed a practical expedient for lessors allowing them to elect to not separate lease and non-lease components in a contract for the purpose of revenue recognition and disclosure if certain criteria are met. If the proposed practical expedient is finalized, the Company plans to elect the practical expedient.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2018
Revenue From Contract With Customer [Abstract]
Summary of Disaggregation of Revenue	The following table represents the disaggregated revenue for resident fees and services during the three months ended March 31, 2018 and 2017: Number of Units Revenues (in millions) Percentage of Revenues Resident fees and services: 2018 2017 2018 2017 2018 2017 Independent living 2,261 2,261 $ 17.5 12.7 25.9 % 21.8 % Assisted living 2,966 2,885 33.7 30.5 49.9 % 52.4 % Memory care 853 774 13.0 11.9 19.3 % 20.4 % Other revenues ― ― 3.3 3.1 4.9 % 5.3 % 6,080 5,920 $ 67.5 58.2 100.0 % 100.0 %

Real Estate Assets, net (Tables

Real Estate Assets, net (Tables)	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Schedule of Real Estate Investment Properties	The gross carrying amount and accumulated depreciation of the Company’s real estate assets as of March 31, 2018 and December 31, 2017 are as follows (in thousands): March 31, December 31, 2018 2017 Land and land improvements $ 251,944 $ 251,806 Building and building improvements 2,414,101 2,412,687 Furniture, fixtures and equipment 83,019 82,759 Less: accumulated depreciation (283,814) (263,894) Total real estate assets, net $ 2,465,250 $ 2,483,358

Intangibles, net (Tables)

Intangibles, net (Tables)	3 Months Ended
	Mar. 31, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Net Book Value of Intangibles	The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities as of March 31, 2018 and December 31, 2017 are as follows (in thousands): March 31, December 31, 2018 2017 In-place lease intangibles $ 223,269 $ 223,269 Above-market lease intangibles 13,860 13,860 Below-market ground lease intangibles 12,470 12,470 Less: accumulated amortization (156,233) (150,147) Intangible assets, net $ 93,366 $ 99,452 Below-market lease intangibles $ (11,972) $ (11,973) Above-market ground lease intangibles (3,407) (3,407) Less: accumulated amortization 5,969 5,629 Intangible liabilities, net (1) $ (9,410) $ (9,751) ____________ FOOTNOTE: (1) Intangible liabilities, net are included in other liabilities in the accompanying condensed consolidated balance sheets.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Aggregate Carrying Amount and Major Classifications of Consolidated Assets	The aggregate carrying amount and major classifications of the consolidated assets that can be used to settle obligations of the VIEs and liabilities of the consolidated VIEs that are non-recourse to the Company as of March 31, 2018 and December 31, 2017 are as follows (in thousands): March 31, December 31, 2018 2017 Assets: Real estate investment properties, net $ 207,283 $ 209,212 Intangibles, net $ 1,638 $ 1,836 Cash $ 1,276 $ 2,203 Deferred rent and lease incentives $ 7,216 $ 6,330 Other assets $ 841 $ 1,025 Assets held for sale, net $ 4,790 $ 4,867 Restricted cash $ 1,271 $ 1,242 Liabilities: Mortgages and other notes payable, net $ 154,724 $ 153,409 Accounts payable and accrued liabilities $ 2,950 $ 3,560 Accrued development costs $ 778 $ 909 Other liabilities $ 1,168 $ 1,243

Contingent Purchase Price Con28

Contingent Purchase Price Consideration (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value of Contingent Purchase Price Consideration	The following table provides a roll-forward of the fair value of the Company’s aggregate contingent purchase price consideration for the three months ended March 31, 2017 (in thousands): Quarter Ended March 31, 2017 Property Beginning asset (liability) as of December 31, 2016 Contingent Consideration Payment (Receipt) Change in Fair Value Ending asset (liability) as of March 31, 2017 Superior Residences of Panama City $ (4,000) $ 2,000 $ ― $ (2,000) Siena Pavilion VI (645) 529 ― (116) Center One 1,079 (102) ― 977 $ (3,566) $ 2,427 $ ― $ (1,139)

Indebtedness (Tables)

Indebtedness (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Details of Indebtedness	The following table provides details of the Company’s indebtedness as of March 31, 2018 and December 31, 2017 (in thousands): March 31, December 31, 2018 2017 Mortgages payable and other notes payable: Fixed rate debt $ 407,014 $ 409,607 Variable rate debt (1) (2) 627,591 629,160 Mortgages and other notes payable (3) 1,034,605 1,038,767 Premium (discount), net (4) 94 102 Loan costs, net (5,910) (6,716) Total mortgages and other notes payable, net 1,028,789 1,032,153 Credit facilities: Revolving Credit Facility (1) (2) (5) 197,000 182,000 First Term Loan Facility (1) 175,000 175,000 Second Term Loan Facility (1) (2) 275,000 275,000 Loan costs, net related to Term Loan Facilities (1,696) (1,934) Total credit facilities, net 645,304 630,066 Total indebtedness, net $ 1,674,093 $ 1,662,219 _____________ FOOTNOTES: (1) As of March 31, 2018 and December 31, 2017, the Company had entered into interest rate swaps with notional amounts of approximately $492.5 million and $506.4 million, respectively, which were settling on a monthly basis. Refer to Note 10. “Derivative Financial Instruments” for additional information. 8. Indebtedness (continued) (2) As of March 31, 2018 and December 31, 2017, the Company had entered into interest rate caps with notional amounts of approximately $527.0 million and $527.0 million, respectively. In addition, as of March 31, 2018 the Company had entered into interest rate caps with forward effective dates with notional amounts of approximately $636.6 million in order to hedge the Company’s exposure to interest rate changes in future periods. Refer to Note 10. “Derivative Financial Instruments” for additional information. (3) As of March 31, 2018 and December 31, 2017, the Company’s mortgages and other notes payable are collateralized by 76 and 76 properties, respectively, with total carrying value of approximately $1.6 billion and $1.6 billion, respectively. (4) Premium (discount), net is reflective of the Company recording mortgage note payables assumed at fair value on the respective acquisition dates. (5) As of March 31, 2018 and December 31, 2017, the Company had undrawn availability under the senior unsecured revolving line of credit (“Revolving Credit Facility”) of approximately $23.6 million and $28.4 million, respectively, based on the value of the properties in the unencumbered pool of assets supporting the loan.
Schedule of Fair Market Value and Carrying Value of Indebtedness	The following table provides the details of the fair market value and carrying value of the Company’s indebtedness as of March 31, 2018 and December 31, 2017 (in millions): March 31, 2018 December 31, 2017 Fair Value Carrying Value Fair Value Carrying Value Mortgages and other notes payable, net $ 1,029.6 $ 1,028.8 $ 1,034.9 $ 1,032.2 Credit facilities $ 647.0 $ 645.3 $ 632.0 $ 630.1

Related Party Arrangements (Tab

Related Party Arrangements (Tables)	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Related Party Arrangement, Fees and Expenses Incurred By, Reimbursable, Settled and Paid	The expenses and fees incurred by and reimbursable to the Company’s related parties for the three months ended March 31, 2018 and 2017, and related amounts unpaid as of March 31, 2018 and December 31, 2017 are as follows (in thousands): Three Months Ended Unpaid amounts as of (1) March 31, March 31, December 31, 2018 2017 2018 2017 Reimbursable expenses: Operating expenses (2) $ 1,624 $ 1,302 $ 1,129 $ 1,042 Acquisition fees and expenses ― ― ― 2 1,624 1,302 1,129 1,044 Investment services fees (3) ― 40 ― ― Financing coordination fees (4) ― 280 ― ― Property management fees (5) 1,168 1,263 392 381 Asset management fees (6) 7,597 7,487 2,534 2,516 $ 10,389 $ 10,372 $ 4,055 $ 3,941 ____________ 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) No investment service fees were incurred for the three months ended March 31, 2018. For the three months ended March 31, 2017, the Company incurred approximately $0.04 million in investment service fees related to the Company’s completed developments, of which approximately $0.04 million were capitalized an included in real estate assets, net 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) No financing coordination fees were incurred for the three months ended March 31, 2018. For the three months ended March 31, 2017, the Company incurred approximately $0.3 million in financing coordination fees related to the Tega Cay Loan refinancing. (5) For the three months ended March 31, 2018, the Company incurred approximately $1.2 million in property management fees payable to the Property Manager. For the three months ended March 31, 2017, the Company incurred approximately $1.3 million in property and construction management fees payable to the Property Manager of which approximately $0.2 million in construction management fees were capitalized and included in real estate under development in the accompanying condensed consolidated balance sheets. (6) For the three months ended March 31, 2018, the Company incurred approximately $7.6 million in asset management fees payable to the Advisor. For the three months ended March 31, 2017, the Company incurred approximately $7.5 million in asset management fees payable to the Advisor of which approximately $0.2 million was capitalized and included in real estate assets, net in the accompanying condensed consolidated balance sheets. No expense support was received for the three months ended March 31, 2018 and 2017.

Derivative Financial Instrume31

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2018
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 derivative financial instruments and the corresponding asset (liability) as of March 31, 2018 and December 31, 2017 (in thousands): Fair value asset (liability) as of Notional Amount Strike (1) Credit Spread (1) Trade date Forward date Maturity date March 31, 2018 December 31, 2017 $ ― 1.3 % 2.6 % 1/17/2013 1/15/2015 1/16/2018 $ ― $ 1 $ 36,687 (2) 2.7 % 2.5 % 9/6/2013 8/17/2015 7/10/2018 $ (84) $ (213) $ 25,000 (2) 2.8 % 2.5 % 9/6/2013 8/17/2015 8/29/2018 $ (85) $ (182) $ 46,834 (2) 2.4 % 2.9 % 8/15/2014 6/1/2016 6/2/2019 $ 12 $ (280) $ 80,442 (2) 2.3 % 2.4 % 9/12/2014 8/1/2015 7/15/2019 $ 90 $ (424) $ 175,000 (2) 1.6 % 2.0 % 12/23/2014 12/19/2014 2/19/2019 $ 837 $ 464 $ 128,573 (2) 1.7 % 2.0 % 1/9/2015 12/10/2015 12/22/2019 $ 1,209 $ 516 $ 260,000 (3) 1.5 % ― % 11/19/2015 11/19/2015 11/30/2018 $ 956 $ 681 $ 150,000 (3) 1.5 % ― % 3/1/2016 3/1/2016 11/30/2018 $ 551 $ 393 $ 117,000 (3) 2.3 % ― % 8/29/2017 8/29/2017 9/1/2019 $ 266 $ 95 $ 410,000 (3) 3.0 % ― % 3/28/2018 11/30/2018 12/19/2019 $ 297 ― $ 175,000 (3) 3.0 % ― % 3/28/2018 2/19/2019 12/19/2019 $ 119 ― $ 51,575 (3) 3.0 % ― % 3/28/2018 7/10/2018 12/19/2019 $ 38 ― ____________ 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 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 which are recorded at fair value and included in other assets in the accompanying condensed consolidated balance sheets.

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2018
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 Share Reinvestment Plan Price per Share Quarterly Cash Distributions Period February 14, 2017 through June 30, 2017 $ 10.04 $ 10.04 $ 0.10581 July 1, 2017 through February 12, 2018 $ 10.04 $ 10.04 $ 0.11639 February 13, 2018 through March 31, 2018 $ 10.32 $ 10.32 $ 0.11639
Effect of Derivative Financial Instruments	Other comprehensive income (loss) — The following table reflects the effect of derivative financial instruments held by the Company and included in the condensed consolidated statements of comprehensive loss for the three months ended March 31, 2018 and 2017 (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 income (loss) into earnings Three Months Ended Three Months Ended March 31, March 31, 2018 2017 2018 2017 Interest rate swaps $ 1,967 $ 2,132 Interest expense and loan cost amortization $ (228) $ (1,509) Interest rate caps 1,060 103 Interest expense and loan cost amortization (418) (90) Reclassification of interest rate swaps upon derecognition 126 ― Interest expense and loan cost amortization (126) ― Reclassification of interest rate swaps due to ineffectiveness ― (4) Interest expense and loan cost amortization ― 4 Total $ 3,153 $ 2,231 $ (772) $ (1,595)

Assets Held For Sale, net (Tabl

Assets Held For Sale, net (Tables)	3 Months Ended
	Mar. 31, 2018
Property Plant And Equipment [Abstract]
Schedule of Assets Held for Sale, Net	As of March 31, 2018 and December 31, 2017, assets held for sale consisted of the following (in thousands): March 31, December 31, 2018 2017 Real estate held for sale, net $ 51,804 $ 51,731 Intangibles, net 824 860 Deferred rent and lease incentives 4,970 4,972 Other liabilities (74) (79) Real estate held for sale, net $ 57,524 $ 57,484

Organization - Additional Infor

Organization - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2018	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

Revenue - Summary of Disaggrega

Revenue - Summary of Disaggregation of Revenue (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)Facility	Mar. 31, 2017USD ($)Facility
Disaggregation Of Revenue [Line Items]
Number of Units | Facility	6,080	5,920
Revenues	$ 67.5	$ 58.2
Percentage of Revenues	100.00%	100.00%
Independent Living
Disaggregation Of Revenue [Line Items]
Number of Units | Facility	2,261	2,261
Revenues	$ 17.5	$ 12.7
Percentage of Revenues	25.90%	21.80%
Assisted Living
Disaggregation Of Revenue [Line Items]
Number of Units | Facility	2,966	2,885
Revenues	$ 33.7	$ 30.5
Percentage of Revenues	49.90%	52.40%
Memory Care
Disaggregation Of Revenue [Line Items]
Number of Units | Facility	853	774
Revenues	$ 13	$ 11.9
Percentage of Revenues	19.30%	20.40%
Other Revenues
Disaggregation Of Revenue [Line Items]
Revenues	$ 3.3	$ 3.1
Percentage of Revenues	4.90%	5.30%

Schedule of Real Estate Investm

Schedule of Real Estate Investment Properties (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Real Estate [Abstract]
Land and land improvements	$ 251,944	$ 251,806
Building and building improvements	2,414,101	2,412,687
Furniture, fixtures and equipment	83,019	82,759
Less: accumulated depreciation	283,814	263,894
Total real estate assets, net	$ 2,465,250	$ 2,483,358

Real Estate Assets, Net - Addit

Real Estate Assets, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Real Estate Investment Properties
Real Estate Properties [Line Items]
Depreciation expense	$ 20	$ 19.5

Schedule of Net Book Value of I

Schedule of Net Book Value of Intangibles (Detail) - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017
Finite Lived Intangible Assets And Liabilities [Line Items]
Less: accumulated amortization		$ (156,233)	$ (150,147)
Intangible assets, net		93,366	99,452
Less: accumulated amortization		5,969	5,629
In-place lease intangibles
Finite Lived Intangible Assets And Liabilities [Line Items]
Gross carrying amount, assets		223,269	223,269
Above-market lease intangibles
Finite Lived Intangible Assets And Liabilities [Line Items]
Gross carrying amount, assets		13,860	13,860
Gross carrying amount, liabilities		(3,407)	(3,407)
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		(11,972)	(11,973)
Other liabilities
Finite Lived Intangible Assets And Liabilities [Line Items]
Intangible liabilities, net	[1]	$ (9,410)	$ (9,751)
[1]	Intangible liabilities, net are included in other liabilities in the accompanying condensed consolidated balance sheets.

Intangibles net - Additional In

Intangibles net - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Finite Lived Intangible Assets And Liabilities [Line Items]
Amortization expense on intangible assets	$ 6,100	$ 8,500
Amortization expense on intangible liabilities	300	400
Rental Income from Operating Leases
Finite Lived Intangible Assets And Liabilities [Line Items]
Amortization expense on intangible assets	400	400
Amortization expense on intangible liabilities	300	400
Property Operating Expenses
Finite Lived Intangible Assets And Liabilities [Line Items]
Amortization expense on intangible assets	100	100
Amortization expense on intangible liabilities	20	20
Depreciation And Amortization
Finite Lived Intangible Assets And Liabilities [Line Items]
Amortization expense on intangible assets	$ 5,600	$ 8,000

Aggregate Carrying Amount and M

Aggregate Carrying Amount and Major Classifications of Consolidated Assets and Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Real estate investment properties, net	$ 2,465,250	$ 2,483,358
Intangibles, net	93,366	99,452
Cash	67,382	64,522
Deferred rent and lease incentives	44,738	42,790
Other assets	35,800	35,687
Assets held for sale, net	57,524	57,484
Restricted cash	9,673	10,169
Mortgages and other notes payable, net	1,028,789	1,032,153
Other liabilities	26,863	27,940
VIEs
Variable Interest Entity [Line Items]
Real estate investment properties, net	207,283	209,212
Intangibles, net	1,638	1,836
Cash	1,276	2,203
Deferred rent and lease incentives	7,216	6,330
Other assets	841	1,025
Assets held for sale, net	4,790	4,867
Restricted cash	1,271	1,242
Mortgages and other notes payable, net	154,724	153,409
Accounts payable and accrued liabilities	2,950	3,560
Accrued development costs	778	909
Other liabilities	$ 1,168	$ 1,243

Variable Interest Entities (VIE

Variable Interest Entities (VIEs) - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Maximum exposure to loss VIEs limits	$ 63
Variable interest entity, description	As of March 31, 2018 and December 31, 2017, the Company had 10 subsidiaries which are classified as VIEs due to the following factors and circumstances as of March 31, 2018:  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 real estate under development in which there is insufficient equity at risk due to the development nature of each entity.  Two of these subsidiaries are joint ventures with 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.

Contingent Purchase Price Con42

Contingent Purchase Price Consideration - Additional Information (Detail) - USD ($)	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Contingent purchase price consideration	$ 0	$ 1,139,000	$ 3,566,000

Fair Value of Contingent Purcha

Fair Value of Contingent Purchase Price Consideration (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	$ (3,566)
Contingent Consideration Payment (Receipt)	2,427
Ending balance	(1,139)
Superior Residences of Panama City
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	(4,000)
Contingent Consideration Payment (Receipt)	2,000
Ending balance	(2,000)
Siena Pavilion VI
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	(645)
Contingent Consideration Payment (Receipt)	529
Ending balance	(116)
Center One
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	1,079
Contingent Consideration Payment (Receipt)	(102)
Ending balance	$ 977

Details of Indebtedness (Detail

Details of Indebtedness (Detail) - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Premium (discount), net	[1]	$ 94	$ 102
Loan costs, net		(5,910)	(6,716)
Total mortgages and other notes payable, net		1,028,789	1,032,153
Credit facilities		645,304	630,066
Total indebtedness, net		1,674,093	1,662,219
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facilities	[2],[3],[4]	197,000	182,000
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	[3],[4]	275,000	275,000
Term Loan Facility
Debt Instrument [Line Items]
Loan costs, net		(1,696)	(1,934)
Mortgages payable and other notes payable
Debt Instrument [Line Items]
Mortgages payable and other notes payable	[5]	1,034,605	1,038,767
Fixed rate debt
Debt Instrument [Line Items]
Mortgages payable and other notes payable		407,014	409,607
Variable Rate Debt
Debt Instrument [Line Items]
Mortgages payable and other notes payable	[3],[4]	$ 627,591	$ 629,160
[1]	Premium (discount), net is reflective of the Company recording mortgage note payables assumed at fair value on the respective acquisition dates
[2]	(5)As of March 31, 2018 and December 31, 2017, the Company had undrawn availability under the senior unsecured revolving line of credit (“Revolving Credit Facility”) of approximately $23.6 million and $28.4 million, respectively, based on the value of the properties in the unencumbered pool of assets supporting the loan.
[3]	As of March 31, 2018 and December 31, 2017, the Company had entered into interest rate caps with notional amounts of approximately $527.0 million and $527.0 million, respectively. In addition, as of March 31, 2018 the Company had entered into interest rate caps with forward effective dates with notional amounts of approximately $636.6 million in order to hedge the Company’s exposure to interest rate changes in future periods. Refer to Note 10. “Derivative Financial Instruments” for additional information.
[4]	As of March 31, 2018 and December 31, 2017, the Company had entered into interest rate swaps with notional amounts of approximately $492.5 million and $506.4 million, respectively, which were settling on a monthly basis. Refer to Note 10. “Derivative Financial Instruments” for additional information.
[5]	As of March 31, 2018 and December 31, 2017, the Company’s mortgages and other notes payable are collateralized by 76 and 76 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	Mar. 31, 2018USD ($)Property	Dec. 31, 2017USD ($)Property
Revolving Credit Facility
Debt Instrument [Line Items]
Debt Instrument, Current borrowing capacity	$ 23.6	$ 28.4
Secured Mortgages and Other Notes Payable
Debt Instrument [Line Items]
Number of collateralized properties owned | Property	76	76
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	492.5	506.4
Interest Rate Cap
Debt Instrument [Line Items]
Notional amounts of derivative contract	527	$ 527
Derivative additional notional amount	$ 636.6

Schedule of Fair Market Value a

Schedule of Fair Market Value and Carrying Value of Indebtedness (Detail) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Mortgages and other notes payable, net
Debt Instrument [Line Items]
Fair Value	$ 1,029.6	$ 1,034.9
Carrying Value	1,028.8	1,032.2
Credit facilities
Debt Instrument [Line Items]
Fair Value	647	632
Carrying Value	$ 645.3	$ 630.1

Indebtedness - Additional Infor

Indebtedness - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
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 Arrangements - Ad

Related Party Arrangements - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Related Party Transactions [Abstract]
Cash distributions on restricted stock	$ 0.2	$ 0.1

Schedule of Fees, Reimbursable

Schedule of Fees, Reimbursable Expenses and Related Amounts Unpaid to Related Parties (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017		Dec. 31, 2017
Related Party Transactions [Abstract]
Operating expenses	[1]	$ 1,624	$ 1,302
Total reimbursable expenses		1,624	1,302
Investment services fees		0	40	[2]
Financing coordination fees		0	280	[3]
Property management fees	[4]	1,168	1,263
Asset management fees	[5]	7,597	7,487
Total reimbursable expenses, net		10,389	$ 10,372
Operating expenses, unpaid	[1],[6]	1,129			$ 1,042
Acquisition fees and expenses, unpaid	[6]				2
Total reimbursable expenses due	[6]	1,129			1,044
Property management fees, unpaid	[4],[6]	392			381
Asset management fees, unpaid	[5],[6]	2,534			2,516
Total related amount unpaid	[6]	$ 4,055			$ 3,941
[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]	No investment service fees were incurred for the three months ended March 31, 2018. For the three months ended March 31, 2017, the Company incurred approximately $0.04 million in investment service fees related to the Company’s completed developments, of which approximately $0.04 million were capitalized an included in real estate assets, net 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]	No financing coordination fees were incurred for the three months ended March 31, 2018. For the three months ended March 31, 2017, the Company incurred approximately $0.3 million in financing coordination fees related to the Tega Cay Loan refinancing.
[4]	For the three months ended March 31, 2018, the Company incurred approximately $1.2 million in property management fees payable to the Property Manager. For the three months ended March 31, 2017, the Company incurred approximately $1.3 million in property and construction management fees payable to the Property Manager of which approximately $0.2 million in construction management fees were capitalized and included in real estate under development in the accompanying condensed consolidated balance sheets.
[5]	For the three months ended March 31, 2018, the Company incurred approximately $7.6 million in asset management fees payable to the Advisor. For the three months ended March 31, 2017, the Company incurred approximately $7.5 million in asset management fees payable to the Advisor of which approximately $0.2 million was capitalized and included in real estate assets, net in the accompanying condensed consolidated balance sheets. No expense support was received for the three months ended March 31, 2018 and 2017.
[6]	Amounts are recorded as due to related parties in the accompanying condensed consolidated balance sheets.

Schedule of Fees, Reimbursabl50

Schedule of Fees, Reimbursable Expenses and Related Amounts Unpaid to Related Parties (Parenthetical) (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Related Party Transactions [Abstract]
Investment services fees		$ 0	$ 40	[1]
Investment service fees capitalized			40
Financing coordination fees		0	280	[2]
Property and construction management fees payable		1,200	1,300
Construction management fees capitalized			200
Asset management fees	[3]	7,597	7,487
Asset management fees capitalized			200
Expense under Support Agreement		$ 0	$ 0
[1]	No investment service fees were incurred for the three months ended March 31, 2018. For the three months ended March 31, 2017, the Company incurred approximately $0.04 million in investment service fees related to the Company’s completed developments, of which approximately $0.04 million were capitalized an included in real estate assets, net 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]	No financing coordination fees were incurred for the three months ended March 31, 2018. For the three months ended March 31, 2017, the Company incurred approximately $0.3 million in financing coordination fees related to the Tega Cay Loan refinancing.
[3]	For the three months ended March 31, 2018, the Company incurred approximately $7.6 million in asset management fees payable to the Advisor. For the three months ended March 31, 2017, the Company incurred approximately $7.5 million in asset management fees payable to the Advisor of which approximately $0.2 million was capitalized and included in real estate assets, net in the accompanying condensed consolidated balance sheets. No expense support was received for the three months ended March 31, 2018 and 2017.

Amounts Related to Derivative F

Amounts Related to Derivative Financial Instruments Included in Unconsolidated Entities in Condensed Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Dec. 31, 2017
Derivative Financial Instruments One
Derivative [Line Items]
Strike	[1]	1.30%
Credit Spread	[1]	2.60%
Trade date		Jan. 17, 2013
Forward date		Jan. 15, 2015
Maturity date		Jan. 16, 2018
Fair value asset (liability)			$ 1
Derivative Financial Instruments Two
Derivative [Line Items]
Notional amount of derivative contract		$ 36,687
Strike	[1]	2.70%
Credit Spread	[1]	2.50%
Trade date		Sep. 6, 2013
Forward date		Aug. 17, 2015
Maturity date		Jul. 10, 2018
Fair value asset (liability)		$ (84)	(213)
Derivative Financial Instruments Three
Derivative [Line Items]
Notional amount of derivative contract		$ 25,000
Strike	[1]	2.80%
Credit Spread	[1]	2.50%
Trade date		Sep. 6, 2013
Forward date		Aug. 17, 2015
Maturity date		Aug. 29, 2018
Fair value asset (liability)		$ (85)	(182)
Derivative Financial Instruments Four
Derivative [Line Items]
Notional amount of derivative contract		$ 46,834
Strike	[1]	2.40%
Credit Spread	[1]	2.90%
Trade date		Aug. 15, 2014
Forward date		Jun. 1, 2016
Maturity date		Jun. 2, 2019
Fair value asset (liability)		$ 12	(280)
Derivative Financial Instruments Five
Derivative [Line Items]
Notional amount of derivative contract		$ 80,442
Strike	[1]	2.30%
Credit Spread	[1]	2.40%
Trade date		Sep. 12, 2014
Forward date		Aug. 1, 2015
Maturity date		Jul. 15, 2019
Fair value asset (liability)		$ 90	(424)
Derivative Financial Instruments Six
Derivative [Line Items]
Notional amount of derivative contract		$ 175,000
Strike	[1]	1.60%
Credit Spread	[1]	2.00%
Trade date		Dec. 23, 2014
Forward date		Dec. 19, 2014
Maturity date		Feb. 19, 2019
Fair value asset (liability)		$ 837	464
Derivative Financial Instruments Seven
Derivative [Line Items]
Notional amount of derivative contract		$ 128,573
Strike	[1]	1.70%
Credit Spread	[1]	2.00%
Trade date		Jan. 9, 2015
Forward date		Dec. 10, 2015
Maturity date		Dec. 22, 2019
Fair value asset (liability)		$ 1,209	516
Derivative Financial Instruments Eight
Derivative [Line Items]
Notional amount of derivative contract		$ 260,000
Strike	[1]	1.50%
Trade date		Nov. 19, 2015
Forward date		Nov. 19, 2015
Maturity date		Nov. 30, 2018
Fair value asset (liability)		$ 956	681
Derivative Financial Instruments Nine
Derivative [Line Items]
Notional amount of derivative contract		$ 150,000
Strike	[1]	1.50%
Trade date		Mar. 1, 2016
Forward date		Mar. 1, 2016
Maturity date		Nov. 30, 2018
Fair value asset (liability)		$ 551	393
Derivative Financial Instruments Ten
Derivative [Line Items]
Notional amount of derivative contract		$ 117,000
Strike	[1]	2.30%
Trade date		Aug. 29, 2017
Forward date		Aug. 29, 2017
Maturity date		Sep. 1, 2019
Fair value asset (liability)		$ 266	$ 95
Derivative Financial Instruments Eleven
Derivative [Line Items]
Notional amount of derivative contract		$ 410,000
Strike	[1]	3.00%
Trade date		Mar. 28, 2018
Forward date		Nov. 30, 2018
Maturity date		Dec. 19, 2019
Fair value asset (liability)		$ 297
Derivative Financial Instruments Twelve
Derivative [Line Items]
Notional amount of derivative contract		$ 175,000
Strike	[1]	3.00%
Trade date		Mar. 28, 2018
Forward date		Feb. 19, 2019
Maturity date		Dec. 19, 2019
Fair value asset (liability)		$ 119
Derivative Financial Instruments Thirteen
Derivative [Line Items]
Notional amount of derivative contract		$ 51,575
Strike	[1]	3.00%
Trade date		Mar. 28, 2018
Forward date		Jul. 10, 2018
Maturity date		Dec. 19, 2019
Fair value asset (liability)		$ 38
[1]	The all-in rates are equal to the sum of the Strike and Credit Spread detailed above.

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Class Of Stock [Line Items]
Aggregate proceeds received from offering	$ 11,078	$ 10,412
Subscriptions received for common stock through public offering and reinvestment plan (in shares)	1.1	1
Cash distribution declared	$ 20,324	$ 18,525
Cash paid to stockholders	9,246	8,113
Redemptions of common stock	$ 17,385	$ 10,870
Redemption of common stock, per share	$ 10.13	$ 9.99
Reinvestment Plan
Class Of Stock [Line Items]
Cash distribution declared	$ 11,100	$ 10,400

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	Mar. 31, 2018	Feb. 12, 2018	Jun. 30, 2017
Dividends Payable [Line Items]
NAV per Share	$ 10.32	$ 10.04	$ 10.04
Quarterly Cash Distributions	0.11639	0.11639	0.10581
Reinvestment Plan
Dividends Payable [Line Items]
Reinvestment Plan Price per Share	$ 10.32	$ 10.04	$ 10.04

Effect of Derivative Financial

Effect of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Derivative Instruments Gain Loss [Line Items]
Derivative instruments, Gain (loss) recognized in other comprehensive loss	$ 3,153	$ 2,231
Interest Expense and Loan Cost Amortization
Derivative Instruments Gain Loss [Line Items]
Gain (loss) reclassified from accumulated other comprehensive loss income (loss) into earnings	(772)	(1,595)
Interest Rate Swap
Derivative Instruments Gain Loss [Line Items]
Derivative instruments, Gain (loss) recognized in other comprehensive loss	1,967	2,132
Interest Rate Swap | Interest Expense and Loan Cost Amortization
Derivative Instruments Gain Loss [Line Items]
Gain (loss) reclassified from accumulated other comprehensive loss income (loss) into earnings	(228)	(1,509)
Interest Rate Cap
Derivative Instruments Gain Loss [Line Items]
Derivative instruments, Gain (loss) recognized in other comprehensive loss	1,060	103
Interest Rate Cap | Interest Expense and Loan Cost Amortization
Derivative Instruments Gain Loss [Line Items]
Gain (loss) reclassified from accumulated other comprehensive loss income (loss) into earnings	(418)	(90)
Reclassification of Interest Rate Swaps Upon Derecognition
Derivative Instruments Gain Loss [Line Items]
Derivative instruments, Gain (loss) recognized in other comprehensive loss	126
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 income (loss) into earnings	$ (126)
Reclassification of Interest Rate Swaps Due to Ineffectiveness
Derivative Instruments Gain Loss [Line Items]
Derivative instruments, Gain (loss) recognized in other comprehensive loss		(4)
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 income (loss) into earnings		$ 4

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income tax expense	$ 635	$ 115
Current income tax expense	100	$ 100
Income tax expense, a decrease in deferred tax asset	$ 500

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)
Commitments And Contingencies Disclosure [Abstract]
Remaining Development Budget	$ 0.6

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	Mar. 31, 2018	Dec. 31, 2017
Long Lived Assets Held For Sale [Line Items]
Deferred rent and lease incentives (including VIEs $7,216 and $6,330, respectively)	$ 44,738	$ 42,790
Other liabilities	(26,863)	(27,940)
Real estate held for sale, net	57,524	57,484
Perennial Communities and Physicians Regional Medical Center - Central Wing
Long Lived Assets Held For Sale [Line Items]
Real estate held for sale, net	51,804	51,731
Intangibles, net	824	860
Deferred rent and lease incentives (including VIEs $7,216 and $6,330, respectively)	4,970	4,972
Other liabilities	(74)	(79)
Real estate held for sale, net	$ 57,524	$ 57,484