CNL Healthcare Properties (CHTH) 10-Q14 Nov 182018 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2018	Oct. 31, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
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 Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		173,973,581

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands		Sep. 30, 2018	Dec. 31, 2017
ASSETS
Real estate investment properties, net (including VIEs $168,705 and $174,263, respectively)		$ 1,475,337	$ 1,508,484
Assets held for sale, net (including VIEs $39,150 and $44,998, respectively)		1,141,929	1,170,385
Cash (including VIEs $1,206 and $2,203, respectively)		56,392	64,522
Other assets (including VIEs $650 and $384, respectively)		24,832	26,303
Deferred rent and lease incentives (including VIEs $6,361 and $3,577, respectively)		15,430	12,439
Restricted cash (including VIEs $185 and $1,212, respectively)		6,246	7,296
Intangibles, net		1,713	4,112
Total assets		2,721,879	2,793,541
Liabilities:
Mortgages and other notes payable, net (including VIEs $102,193 and $118,378, respectively)		516,086	539,498
Credit facilities		406,042	372,743
Liabilities associated with assets held for sale (including VIEs $30,923 and $35,848, respectively)		794,517	779,707
Accounts payable and accrued liabilities (including VIEs $3,520 and $4,026, respectively)		23,861	38,037
Other liabilities (including VIEs $3,634 and $947, respectively)		10,296	6,955
Due to related parties	[1]	3,216	3,941
Total liabilities		1,754,018	1,740,881
Commitments and contingencies (Note 13)
Redeemable noncontrolling interest		426	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, 186,626 and 184,493 shares issued, and 173,974 and 174,634 shares outstanding, respectively		1,740	1,747
Capital in excess of par value		1,514,350	1,523,372
Accumulated loss		(227,205)	(208,775)
Accumulated distributions		(325,101)	(264,283)
Accumulated other comprehensive income (loss)		2,560	(985)
Total stockholders' equity		966,344	1,051,076
Noncontrolling interest		1,091	1,159
Total equity		967,861	1,052,660
Total liabilities and equity		$ 2,721,879	$ 2,793,541

[1]	Amounts are recorded as due to related parties in the accompanying condensed consolidated balance sheets.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands		Sep. 30, 2018	Dec. 31, 2017
Real estate investment properties, net		$ 1,475,337	$ 1,508,484
Assets held for sale, net		1,141,929	1,170,385
Cash		56,392	64,522
Other assets		24,832	26,303
Deferred rent and lease incentives		15,430	12,439
Restricted cash		6,246	7,296
Mortgages and other notes payable, net		516,086	539,498
Liabilities associated with assets held for sale		794,517	779,707
Accounts payable and accrued liabilities		23,861	38,037
Other liabilities		$ 10,296	$ 6,955
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		186,626,000	184,493,000
Common stock, shares outstanding		173,974,000	174,634,000
VIEs
Real estate investment properties, net		$ 168,705	$ 174,263
Assets held for sale, net	[1]	39,150	44,998
Cash		1,206	2,203
Other assets		650	384
Deferred rent and lease incentives		6,361	3,577
Restricted cash		185	1,212
Mortgages and other notes payable, net		102,193	118,378
Liabilities associated with assets held for sale	[1]	30,923	35,848
Accounts payable and accrued liabilities		3,520	4,026
Other liabilities		$ 3,634	$ 947

[1]	Refer to Note 6. “Assets and Associated Liabilities Held For Sale and Discontinued Operations” for additional information.

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues:
Rental income and tenant reimbursements	$ 8,678	$ 8,671	$ 26,225	$ 27,101
Resident fees and services	$ 69,793	$ 64,548	$ 205,754	$ 182,557
Type of revenue [extensible list]	us-gaap:HealthCareResidentServiceMember	us-gaap:HealthCareResidentServiceMember	us-gaap:HealthCareResidentServiceMember	us-gaap:HealthCareResidentServiceMember
Total revenues	$ 78,471	$ 73,219	$ 231,979	$ 209,658
Operating expenses:
Property operating expenses	45,466	41,901	134,024	120,376
General and administrative	2,672	3,303	9,033	8,956
Financing coordination fees		2,748		2,748
Depreciation and amortization	12,862	15,950	41,528	48,272
Total operating expenses	68,373	72,225	209,157	204,444
Operating income	10,098	994	22,822	5,214
Other income (expense):
Interest and other income (expense)	106	(228)	202	(132)
Interest expense and loan cost amortization	(10,247)	(9,354)	(31,097)	(25,891)
Equity in earnings of unconsolidated entity	267	98	438	230
Total other expense	(9,874)	(9,484)	(30,457)	(25,793)
Income (loss) before income tax	224	(8,490)	(7,635)	(20,579)
Income tax expense	(859)	(72)	(2,404)	(289)
Loss from continuing operations	(635)	(8,562)	(10,039)	(20,868)
Loss from discontinued operations	(2,634)	(2,669)	(9,511)	(5,823)
Loss before gain on sale of real estate	(3,269)	(11,231)	(19,550)	(26,691)
Gain on sale of real estate			1,049
Net loss	(3,269)	(11,231)	(18,501)	(26,691)
Less: Net loss attributable to noncontrolling interest
Continuing operations	(22)	(60)	(64)	(290)
Discontinued operations	1	(1)	(7)	(6)
Net loss attributable to common stockholders	$ (3,248)	$ (11,170)	$ (18,430)	$ (26,395)
Net loss per share of common stock (basic and diluted)
Continuing operations	$ 0	$ (0.05)	$ (0.06)	$ (0.12)
Discontinued operations	$ (0.02)	$ (0.01)	$ (0.05)	$ (0.03)
Weighted average number of shares of common stock outstanding (basic and diluted)	173,974	175,190	174,340	175,229
Asset Management Fees
Operating expenses:
Asset / Property management fees	$ 4,558	$ 4,552	$ 13,693	$ 13,166
Property Management Fees
Operating expenses:
Asset / Property management fees	$ 2,815	$ 3,771	$ 10,879	$ 10,926

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (3,269)	$ (11,231)	$ (18,501)	$ (26,691)
Other comprehensive income (loss):
Unrealized gain (loss) on derivative financial instruments, net	(245)	1,183	3,278	3,607
Reclassification of cash flow hedges due to ineffectiveness		132		186
Reclassification of cash flow hedges upon derecognition	14	(7)	267	(7)
Total other comprehensive income (loss)	(231)	1,308	3,545	3,786
Comprehensive loss	(3,500)	(9,923)	(14,956)	(22,905)
Less: Comprehensive loss attributable to noncontrolling interest	(21)	(61)	(71)	(296)
Comprehensive loss attributable to common stockholders	$ (3,479)	$ (9,862)	$ (14,885)	$ (22,609)

CONDENSED CONSOLIDATED STATEM_3

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	$ 31,989		$ 32	31,957				31,989
Subscriptions received for common stock through public offering and reinvestment plan (in shares)	3,200,000		3,186,000
Redemptions of common stock	$ (35,624)		$ (36)	(35,588)				(35,624)
Redemption of common stock, shares			(3,568,000)
Net loss	(26,691)	(73)			(26,395)			(26,395)	(223)
Other comprehensive income	3,786						3,786	3,786
Distribution to holder of noncontrolling interest	(27)								(27)
Cash distributions declared	(57,403)					(57,403)		(57,403)
Contribution from noncontrolling interests	60								60
Ending Balance at Sep. 30, 2017	1,070,907	399	$ 1,747	1,524,804	(209,208)	(243,954)	(4,077)	1,069,312	1,196
Ending Balance (in shares) at Sep. 30, 2017			174,688,000
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	$ 22,013		$ 21	21,992				22,013
Subscriptions received for common stock through public offering and reinvestment plan (in shares)	2,100,000		2,133,000
Redemptions of common stock	$ (28,340)		$ (28)	(28,312)				(28,340)
Redemption of common stock, shares			(2,793,000)
Net loss	(18,501)	(17)			(18,430)			(18,430)	(54)
Other comprehensive income	3,545						3,545	3,545
Distribution to holder of promoted interest	(2,702)			(2,702)				(2,702)
Distribution to holder of noncontrolling interest	(14)								(14)
Cash distributions declared	(60,818)					(60,818)		(60,818)
Contribution from noncontrolling interests	18	18
Ending Balance at Sep. 30, 2018	$ 967,861	$ 426	$ 1,740	$ 1,514,350	$ (227,205)	$ (325,101)	$ 2,560	$ 966,344	$ 1,091
Ending Balance (in shares) at Sep. 30, 2018	173,974,000		173,974,000

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND REDEEMABLE NONCONTROLLING INTEREST (UNAUDITED) (Parenthetical) - $ / shares	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Statement Of Stockholders Equity [Abstract]
Cash distributions, declared per share	$ 0.34917	$ 0.32801

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Operating activities:
Net cash flows provided by operating activities	$ 52,518	$ 56,942
Investing activities:
Acquisition of unimproved land		(1,050)
Development of properties	(2,213)	(46,254)
Capital expenditures	(6,913)	(7,789)
Proceeds from sale of property	5,761
Other investing activities	(1,505)	(1,157)
Net cash used in investing activities	(4,870)	(56,250)
Financing activities:
Distributions to stockholders, net of distribution reinvestments	(38,805)	(25,415)
Redemptions of common stock	(40,050)	(31,984)
Draws under credit facilities	72,000	42,000
Repayments on credit facilities	(25,000)	(64,863)
Proceeds from mortgages and other notes payable	40,459	164,548
Principal payments on mortgages and other notes payable	(63,712)	(66,098)
Contingent purchase price consideration payments		(3,645)
Other financing activities	(2,430)	(4,510)
Net cash flows (used in) provided by financing activities	(57,538)	10,033
Net (decrease) increase in cash and restricted cash	(9,890)	10,725
Cash and restricted cash at beginning of period, including held for sale	74,691	71,238
Cash and restricted cash at end of period, including held for sale	64,801	81,963
Amounts incurred but not paid (including amounts due to related parties):
Accrued development costs	2,031	648
Redemptions payable		14,037
Distribution to holder of promoted interest	$ 2,702
Contingent purchase price consideration		$ 1,000

Organization

Organization	9 Months Ended
Organization	Sep. 30, 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”). The Company’s properties were also managed by CNL Healthcare Manager Corp. (“Property Manager”) through June 28, 2018 as the property management agreement with the Property Manager was not renewed. Subsequently, the responsibilities previously undertaken by the Property Manager have been performed by the Advisor. Both the Advisor and Property Manager are affiliates 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. 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. In June 2018, the Company announced it had formed a special committee consisting solely of its independent directors (“Special Committee”) to consider possible strategic alternatives to provide liquidity to investors, including, but not limited to (i) the listing of the Company’s or one of its subsidiaries’ common stock on a national securities exchange, (ii) an orderly disposition of the Company’s assets or one or more of the Company’s asset classes and the distribution of the net sale proceeds thereof to the stockholders of the Company and (iii) a potential business combination or other transaction with a third party or parties that provides the stockholders of the Company with cash and/or securities of a publicly traded company (collectively, among other options, “Possible Strategic Alternatives”). The Special Committee engaged two investment bankers to act as financial advisors to the aforementioned Special Committee. Although the Company has formed the Special Committee for the exploration of Possible Strategic Alternatives, the Company is not obligated to enter into any particular transaction or any transaction at all. The Company has primarily leased its seniors housing properties to wholly owned TRS entities and engaged independent third-party managers under management agreements to operate the properties under the REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”) structures; however, the Company has also leased its properties to third-party tenants under triple-net or similar lease structures, where the tenant bears all or substantially all of the costs (including cost increases for real estate taxes, utilities, insurance and ordinary repairs). Medical office, post-acute care and acute care properties have been leased on a triple-net, net or modified gross basis to third-party tenants. In addition, most of the Company’s investments have been wholly owned, although, it has invested through partnerships with other entities where it is believed to be appropriate and beneficial. The Company has and continues to invest in existing property developments or properties that have not reached full stabilization.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 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 nine months ended September 30, 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. Accordingly, actual results could differ from those estimates. 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). 2. Summary of Significant Accounting Policies (continued) 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 or other 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 July 2018, the FASB issued ASU 2018-11, “Leases (Topic 842): Targeted Improvements,” which includes 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. The Company plans to elect the practical expedient and apply to all leases that qualify under the established criteria. In June 2018, the FASB issued ASU 2018-07, “Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting,” which expands the scope to include share-based payment transactions for acquiring goods and services from nonemployees. The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payments. The amendments also clarify that this topic does not apply to share-based payments used to provide financing to the issuer or awards granted in conjunction with selling of goods or services to customers as a part of a contract accounted for under Revenue from Contracts with Customers (Topic 606). The ASU is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2018. The Company is assessing the impact of adoption of this ASU as related to the Company’s consolidated financial statements. 2. Summary of Significant Accounting Policies (continued) In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement,” which modifies the disclosure requirements on fair value measurements. The amendments add disclosure requirements for the changes in unrealized gains and losses for the period that are held in other comprehensive income for recurring Level 3 fair value measurements as well as disclosure requirements for the range and weighted average of significant observable inputs used to develop Level 3 fair value measurements. The amendments also clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. The ASU is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2019. The Company does not expect the adoption of this ASU to have a material impact on the Company’s consolidated financial statements.

Revenue

Revenue	9 Months Ended
Revenue	Sep. 30, 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 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 tables represent the disaggregated revenue for resident fees and services during the nine months ended September 30, 2018 and 2017: Nine Months Ended September 30, 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 $ 53.4 $ 42.1 25.9 % 23.0 % Assisted living 2,966 2,966 102.4 95.8 49.8 % 52.5 % Memory care 853 821 40.4 36.3 19.6 % 19.9 % Other revenues ― ― 9.6 8.4 4.7 % 4.6 % 6,080 6,048 $ 205.8 $ 182.6 100.0 % 100.0 %

Real Estate Assets, net

Real Estate Assets, net	9 Months Ended
Real Estate Assets, net	Sep. 30, 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 September 30, 2018 and December 31, 2017 are as follows, excluding assets held for sale (in thousands): September 30, December 31, 2018 2017 Land and land improvements $ 132,381 $ 132,083 Building and building improvements 1,485,697 1,482,158 Furniture, fixtures and equipment 78,219 76,187 Less: accumulated depreciation (220,960 ) (181,944 ) Real estate investment properties, net $ 1,475,337 $ 1,508,484 Depreciation expense on the Company’s real estate investment properties, net was approximately $12.8 million and $39.1 million for the quarter and nine months ended September 30, 2018, respectively, and approximately $13.2 million and $38.8 million for the quarter and nine months ended September 30, 2017. These amounts include depreciation through the determination date on assets held for sale; refer to Note 6. “Assets and Associated Liabilities Held For Sale and Discontinued Operations” for additional information.

Intangibles, net

Intangibles, net	9 Months Ended
Intangibles, net	Sep. 30, 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 as of September 30, 2018 and December 31, 2017 are as follows, excluding assets held for sale (in thousands): September 30, December 31, 2018 2017 In-place lease intangibles $ 83,113 $ 83,113 Less: accumulated amortization (81,400 ) (79,001 ) Intangible assets, net $ 1,713 $ 4,112 Amortization on the Company’s intangible assets was approximately $0.1 million and $2.4 million for the quarter and nine months ended September 30, 2018, all of which were included in depreciation and amortization. Amortization on the Company’s intangible assets was approximately $2.8 million and $9.5 million for the quarter and nine months ended September 30, 2017, all of which were included in depreciation and amortization.

Assets and Associated Liabiliti

Assets and Associated Liabilities Held For Sale and Discontinued Operations	9 Months Ended
	Sep. 30, 2018
Real Estate Liabilities Associated With Assets Held For Development And Sale [Abstract]
Assets and Associated Liabilities Held For Sale and Discontinued Operations	6. Assets and Associated Liabilities Held For Sale and Discontinued Operations 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 properties as held for sale. The sale of these properties would not cause a strategic shift in the Company nor would it be considered individually significant; therefore, the properties do not qualify as discontinued operations. In March 2018, the Company committed to a plan to sell Physicians Regional Medical Center – Central Wing (“Physicians Regional”). In May 2018, the Company completed the sale of Physicians Regional, received net sales proceeds of approximately $5.8 million and recorded a gain on sale of real estate for financial reporting purposes of approximately $1.0 million in the accompanying condensed consolidated statements of operations for the nine months ended September 30, 2018. The sale of Physicians Regional did not cause a strategic shift in the Company nor was it considered individually significant; therefore, it did not qualify as discontinued operations. In September 2018, the Company committed to a plan to sell 53 medical office buildings, five post-acute care facilities and five acute care hospitals across the US (“MOB/Healthcare Portfolio”), and classified the associated properties as held for sale. The sale of these properties would cause a strategic shift in the Company and it is considered individually significant; therefore, the properties qualify as discontinued operations. As of September 30, 2018 and December 31, 2017, assets held for sale consisted of the following (in thousands): September 30, December 31, 2018 2017 Real estate held for sale, net $ 1,002,432 $ 1,026,605 Real estate under development 2,438 ― Intangibles, net 83,217 96,200 Deferred rent and lease incentives 40,092 35,323 Other assets 11,587 9,384 Restricted cash 2,163 2,873 Assets held for sale, net $ 1,141,929 $ 1,170,385 As of September 30, 2018 and December 31, 2017, liabilities associated with assets held for sale consisted of the following (in thousands): September 30, December 31, 2018 2017 Mortgages and other notes payable $ 493,852 $ 492,655 Credit facilities 271,737 257,323 Other liabilities 16,984 21,064 Accounts payable and accrued liabilities 11,944 8,665 Liabilities associated with assets held for sale $ 794,517 $ 779,707 6. Assets and Associated Liabilities Held For Sale and Discontinued Operations (continued) The Company classified the revenues and expenses related to the Company’s MOB/Healthcare Portfolio as discontinued operations in the accompanying consolidated statements of operations. The following table is a summary of loss from discontinued operations for the quarter and nine months ended September 30, 2018 and 2017 (in thousands): Quarter Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Revenues: Rental income and tenant reimbursements $ 28,458 $ 28,468 $ 85,345 $ 85,507 Operating expenses: Property operating expenses 7,800 8,077 22,898 22,568 General and administrative 295 226 1,057 855 Asset management fees 3,031 3,010 9,094 9,031 Property management fees 707 1,061 2,899 3,184 Financing coordination fees ― ― 2,326 ― Contingent purchase price consideration adjustment ― ― ― 77 Depreciation and amortization 10,592 10,818 31,956 32,782 Total operating expenses 22,425 23,192 70,230 68,497 Operating income 6,033 5,276 15,115 17,010 Other income (expense): Interest and other income (expense) 3 (222 ) 107 (216 ) Interest expense and loan cost amortization (1) (8,652 ) (7,705 ) (24,678 ) (22,562 ) Total other expense (8,649 ) (7,927 ) (24,571 ) (22,778 ) Loss before income taxes (2,616 ) (2,651 ) (9,456 ) (5,768 ) Income tax expense (18 ) (18 ) (55 ) (55 ) Loss from discontinued operations $ (2,634 ) $ (2,669 ) $ (9,511 ) $ (5,823 ) FOOTNOTE: (1) Interest expense and loan cost amortization directly relates to either: (1) expense on mortgages and other notes payable collateralized by properties classified as discontinued operations; or (2) expense on the Company’s Credit Facilities, which is allocated based on the value of the properties, which are classified as discontinued operations and included in the Credit Facilities’ unencumbered pool of assets, and the related indebtedness is required to be repaid upon sale of the properties.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
Variable Interest Entities	Sep. 30, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Variable Interest Entities	7. Variable Interest Entities The aggregate carrying amount and major classifications of the consolidated assets that can be used to settle obligations of the VIEs and liabilities of the consolidated VIEs that are non-recourse to the Company as of September 30, 2018 and December 31, 2017 are as follows (in thousands): September 30, December 31, 2018 2017 Assets: Real estate investment properties, net $ 168,705 $ 174,263 Assets held for sale, net (1) $ 39,150 $ 44,998 Cash $ 1,206 $ 2,203 Other assets $ 650 $ 384 Deferred rent and lease incentives $ 6,361 $ 3,577 Restricted cash $ 185 $ 1,212 Liabilities: Mortgages and other notes payable, net $ 102,193 $ 118,378 Liabilities associated with assets held for sale (1) $ 30,923 $ 35,848 Accounts payable and accrued liabilities $ 2,754 $ 3,117 Accrued development costs $ 766 $ 909 Other liabilities $ 3,634 $ 947 _____________ FOOTNOTE: (1) Refer to Note 6. “Assets and Associated Liabilities Held For Sale and Discontinued Operations” for additional information. 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 $74.3 million as of September 30, 2018. The Company’s exposure is limited because of the non-recourse nature of the borrowings of the VIEs. As of September 30, 2018 and December 31, 2017, the Company had 9 and 10 subsidiaries which are classified as VIEs, respectively, due to the following factors and circumstances as of September 30, 2018: • Two of these subsidiaries are single property entities, designed to own and lease their respective properties to multiple tenants, which are subject to a ground lease that include buy-out and put options held by either the tenant or landlord under the applicable lease. During the nine months ended September 30, 2018, one reconsideration event occurred, whereby the associated property was sold in accordance with the put option in the air rights 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.

Indebtedness

Indebtedness	9 Months Ended
Indebtedness	Sep. 30, 2018
Debt Disclosure [Abstract]
Indebtedness	8. Indebtedness The following table provides details of the Company’s indebtedness as of September 30, 2018 and December 31, 2017, excluding assets held for sale (in thousands): September 30, December 31, 2018 2017 Mortgages payable and other notes payable: Fixed rate debt $ 361,496 $ 368,873 Variable rate debt (1) (2) 157,043 174,058 Mortgages and other notes payable (3) 518,539 542,931 Premium (discount), net (4) 194 225 Loan costs, net (2,647 ) (3,658 ) Total mortgages and other notes payable, net 516,086 539,498 Credit facilities: Revolving Credit Facility (1) (2) (5) ― ― First Term Loan Facility (1) 132,263 99,435 Second Term Loan Facility (1) (2) 275,000 275,000 Loan costs, net related to Term Loan Facilities (1,221 ) (1,692 ) Total credit facilities, net 406,042 372,743 Total indebtedness, net $ 922,128 $ 912,241 FOOTNOTES: (1) As of September 30, 2018 and December 31, 2017, the Company had entered into interest rate swaps with notional amounts of approximately $132.3 million and $99.4 million, respectively, which were settling on a monthly basis. Refer to Note 10. “Derivative Financial Instruments” for additional information. (2) As of September 30, 2018 and December 31, 2017, the Company had entered into interest rate caps with notional amounts of approximately $330.0 million and $330.0 million, respectively. In addition, as of September 30, 2018 the Company had entered into interest rate caps with forward effective dates with notional amounts of approximately $392.3 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 September 30, 2018 and December 31, 2017, the Company’s mortgages and other notes payable are collateralized by 37 and 38 properties, respectively, with total carrying value of approximately $0.8 billion and $0.8 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 September 30, 2018 and December 31, 2017, the Company had undrawn availability under the senior unsecured revolving line of credit (“Revolving Credit Facility”) of approximately $27.6 million and $28.4 million, respectively, based on the value of the properties in the unencumbered pool of assets supporting the loan, which includes certain assets held for sale. 8. Indebtedness (continued) The following is a schedule of future principal payments and maturity for the Company’s total indebtedness for the remainder of 2018, each of the next four years and thereafter, in the aggregate, as of September 30, 2018 (in thousands): 2018 $ 3,048 2019 201,696 2020 404,540 2021 11,341 2022 282,497 Thereafter 22,874 $ 925,996 The following table provides details of the fair market value and carrying value of the Company’s indebtedness as of September 30, 2018 and December 31, 2017 (in millions): September 30, December 31, 2018 2017 Fair Value Carrying Value Fair Value Carrying Value Mortgages and other notes payable, net $ 518.1 $ 516.1 $ 543.8 $ 539.5 Credit facilities $ 407.3 $ 406.0 $ 374.4 $ 372.5 These fair market values are based on current rates and spreads the Company would expect to obtain for similar borrowings. Since this methodology includes inputs that are less observable by the public and are not necessarily reflected in active markets, the measurement of the estimated fair values related to the Company’s mortgage notes payable is categorized as Level 3 on the three-level valuation hierarchy. The estimated fair value of accounts payable and accrued liabilities approximates the carrying value as of September 30, 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 September 30, 2018, the Company was in compliance with all financial covenants.

Related Party Arrangements

Related Party Arrangements	9 Months Ended
Related Party Arrangements	Sep. 30, 2018
Related Party Transactions [Abstract]
Related Party Arrangements	9. Related Party Arrangements In April 2018, the Company extended its advisory agreement with the Advisor through June 2019. In addition, in April 2018, the Company and the Property Manager agreed that the property management agreement would expire on its stated date of June 28, 2018 and was not renewed. During the quarter and nine months ended September 30, 2018, the Company paid approximately $0.2 million and $0.5 million, respectively, of cash distributions on restricted stock issued pursuant to the Advisor expense support agreement. During the quarter and nine months ended September 30, 2017, the Company paid approximately $0.2 million and $0.4 million, respectively, of cash distributions on restricted stock issued pursuant to the Advisor expense support agreement. These amounts 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, including amounts included in income from discontinued operations, net of tax, for the quarter and nine months ended September 30, 2018 and 2017, and related amounts unpaid as of September 30, 2018 and December 31, 2017 are as follows (in thousands): Quarter ended Nine Months Ended Unpaid amounts as of (1) September 30, September 30, September 30, December 31, 2018 2017 2018 2017 2018 2017 Reimbursable expenses: Operating expenses (2) $ 1,444 $ 1,396 $ 4,672 $ 4,326 $ 674 $ 1,042 Acquisition fees and expenses ― 3 ― 6 ― 2 1,444 1,399 4,672 4,332 674 1,044 Investment services fees (3) ― 19 60 123 ― ― Financing coordination fees (4) ― 2,748 2,326 3,601 ― ― Property management fees (5) ― 1,196 2,323 3,660 10 381 Asset management fees (6) 7,593 7,643 22,791 22,711 2,532 2,516 Disposition fees (7) ― ― 58 ― ― ― $ 9,037 $ 13,005 $ 32,230 $ 34,427 $ 3,216 $ 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) For the quarter ended September 30, 2018, the Company did not incur investment services fees. For the nine months ended September 30, 2018, the Company incurred approximately $0.1 million in investment services fees of which approximately $0.1 million were capitalized and included in real estate assets, net in the accompanying consolidated balance sheets. For the quarter and nine months ended September 30, 2017, the Company incurred approximately $0.02 million and $0.1 million, respectively, in investment service fees related to the Company’s completed developments, of which approximately $0.02 million and $0.1 million, respectively, were capitalized and included in real estate 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) For the quarter ended September 30, 2018, the Company did not incur financing coordination fees. For the nine months ended September 30, 2018, the Company incurred approximately $2.3 million in financing coordination fees related to the refinancing of the loans associated with certain operating properties and were expensed as incurred. For the quarter and nine months ended September 30, 2017, the Company incurred approximately $2.7 million and $3.6 million of which approximately $0.0 million and $0.9 million, respectively, in financing coordination fees were capitalized as loan costs and reduced mortgages and other notes payable, net in the accompanying condensed consolidated balance sheets. Financing coordination fees associated with the refinancing of debt are either expensed or capitalized based on whether such refinancings are determined to represent loan modifications or loan extinguishments for accounting purposes. 9. Related Party Arrangements (continued) FOOTNOTES (continued): (5) For the quarter and nine months ended September 30, 2018, the Company incurred approximately $0.0 million and $2.3 million, respectively, in property management fees payable to the Property Manager and were expensed as incurred. For the quarter and nine months ended September 30, 2017, the Company incurred approximately $1.2 million and $3.7 million, respectively, in property and construction management fees payable to the Property Manager of which approximately $0.1 million and $0.3 million, respectively, in construction management fees were capitalized and included in real estate assets, net in the accompanying condensed consolidated balance sheets. (6) (7) Amounts are recorded as a reduction to gain on sale of real estate in the accompanying consolidated statements of operations.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
Derivative Financial Instruments	Sep. 30, 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 September 30, 2018 and December 31, 2017, including properties classified as held for sale (in thousands): Fair value asset (liability) as of Notional Amount Strike (1) Credit Spread (1) Trade date Forward date Maturity date September 30, 2018 December 31, 2017 $ — (2) 1.3% 2.6% 1/17/2013 1/15/2015 1/16/2018 $ — $ 1 $ — (2) 2.7% 2.5% 9/6/2013 8/17/2015 7/10/2018 $ — $ (213 ) $ — (2) 2.8% 2.5% 9/6/2013 8/17/2015 8/29/2018 $ — $ (182 ) $ — (2) (3) 2.4% 2.9% 8/15/2014 6/1/2016 6/2/2019 $ — $ (280 ) $ 79,622 (2) 2.3% 2.4% 9/12/2014 8/1/2015 7/15/2019 $ 221 $ (424 ) $ 175,000 (2) 1.6% 2.0% 12/23/2014 12/19/2014 2/19/2019 $ 546 $ 464 $ 126,255 (2) 1.7% 2.0% 1/9/2015 12/10/2015 12/22/2019 $ 1,425 $ 516 $ 260,000 (2) 1.5% ―% 11/19/2015 11/19/2015 11/30/2018 $ 332 $ 681 $ 150,000 (4) 1.5% ―% 3/1/2016 3/1/2016 11/30/2018 $ 194 $ 393 $ 117,000 (4) 2.3% ―% 8/29/2017 8/29/2017 9/1/2019 $ 387 $ 95 $ 410,000 (4) 3.0% ―% 3/28/2018 11/30/2018 12/19/2019 $ 231 $ — $ 51,575 (4) 3.0% ―% 3/28/2018 7/10/2018 12/19/2019 $ 29 $ — $ 175,000 (4) 3.0% ―% 3/28/2018 2/19/2019 12/19/2019 $ 98 $ — $ 57,630 (4) 3.0% ―% 5/4/2018 5/4/2018 12/19/2019 $ 32 $ — 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 interest rate swap that settled in May 2018 in connection with the refinancing of the underlying mortgage loan and the Company received approximately $0.1 million upon settlement. (4) 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. 10 . Derivative Financial Instruments (continued) Although the Company has determined that the majority of the inputs used to value its derivative financial instruments fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative financial instruments and has determined that the credit valuation adjustments on the overall valuation adjustments are not significant to the overall valuation of its derivative financial instruments. As a result, the Company determined that its derivative financial instruments valuation in its entirety is classified in Level 2 of the fair value hierarchy. Determining fair value requires management to make certain estimates and judgments. Changes in assumptions could have a positive or negative impact on the estimated fair values of such instruments which could, in turn, impact the Company’s or its joint venture’s results of operations.

Equity

Equity	9 Months Ended
Equity	Sep. 30, 2018
Equity [Abstract]
Equity	11. Equity Stockholders’ Equity: Distribution Reinvestment Plan — For the nine months ended September 30, 2018 and 2017, the Company received proceeds through its Reinvestment Plan of approximately $22.0 million (2.1 million shares) and $32.0 million (3.2 million shares), respectively. In June 2018, in light of the Company’s decision to proceed with the exploration of strategic alternatives, the Company suspended the Reinvestment Plan and the Company’s common stock redemption plan (“Redemption Plan”). Distributions — During the nine months ended September 30, 2018 and 2017, the Company declared cash distributions of $60.8 million and $57.4 million, respectively, of which $38.8 million and $25.4 million, respectively, were paid in cash to stockholders and $0.0 million and $32.0 million, respectively, were reinvested pursuant to the Reinvestment Plan. Redemptions — During the nine months ended September 30, 2018 and 2017, the Company received requests for the redemption of common stock of approximately $44.7 million and $35.6 million, respectively, of which $28.3 million and $35.6 million, respectively, were approved for redemption at an average price of $10.14 and $9.98, respectively. The remaining $16.4 million (1.6 million shares) of excess redemptions requests were placed in a redemption requests queue. In June 2018, in light of the Company’s decision to proceed with the exploration of strategic alternatives, the Company suspended the Redemption Plan effective July 11, 2018. The $16.4 million in unsatisfied redemption requests that were placed in the redemption queue will remain there until such time, if at all, that the Company’s board of directors reinstates the Redemption Plan. Unless the Redemption Plan is reinstated by the Company’s board of directors, the Company will not as a general matter, accept or otherwise process any additional redemption requests received after July 11, 2018. There can be no guarantee that the Redemption Plan will be reinstated by the Company’s board of directors. 11. Equity (continued) Other comprehensive income — 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 quarter and nine months ended September 30, 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 into earnings Quarter Ended September 30, Quarter Ended September 30, 2018 2017 2018 2017 Interest rate swaps $ (205 ) $ 888 Interest expense and loan cost amortization $ 979 $ (433 ) Interest rate caps (40 ) 295 Interest expense and loan cost amortization (581 ) (254 ) Reclassification of interest rate swaps upon derecognition 14 132 Interest expense and loan cost amortization (14 ) (132 ) Reclassification of interest rate swaps due to ineffectiveness ― (7 ) Interest expense and loan cost amortization ― 7 Total $ (231 ) $ 1,308 $ 384 $ (812 ) Derivative financial instruments Gain (loss) recognized in other comprehensive loss on derivative financial instruments Location of gain (loss) reclassified into earnings Gain (loss) reclassified from accumulated other comprehensive loss into earnings Nine Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Interest rate swaps $ 2,102 $ 3,409 Interest expense and loan cost amortization $ 1,299 $ (3,201 ) Interest rate caps 1,176 198 Interest expense and loan cost amortization (1,500 ) (511 ) Reclassification of interest rate swaps upon derecognition 267 186 Interest expense and loan cost amortization (267 ) (186 ) Reclassification of interest rate swaps due to ineffectiveness ― (7 ) Interest expense and loan cost amortization ― 7 Total $ 3,545 $ 3,786 $ (469 ) $ (3,891 )

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes The accompanying condensed consolidated financial statements include an interim tax provision for the quarter and nine months ended September 30, 2018 and 2017. The Company recorded a total provision for income taxes of approximately $0.9 million and $2.4 million for the quarter and nine months ended September 30, 2018, respectively, and $0.1 million and $0.3 million for the quarter and nine months ended September 30, 2017, respectively. Of the total provision for income taxes for the quarter and nine months ended September 30, 2018, approximately $0.2 million and $0.4 million, respectively, represents current income tax expense, and approximately $0.7 million and $2.0 million, respectively, 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 and $0.3 million of the Company’s total income tax expense for the quarter and nine months ended September 30, 2017 was classified as current income tax expense.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 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. As of September 30, 2018, the Company has an expansion project with a third-party developer at its North Carolina Specialty Hospital in Durham, North Carolina, which is classified as held for sale. The Company has a commitment to fund approximately $0.9 million of the remaining expansion project budget in addition to the approximate $1.3 million of accrued development costs related to this expansion project as of September 30, 2018. 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. As of September 30, 2018, one property had met its established performance metrics, and the Company estimated an accrual of approximately $2.7 million as a distribution to the holder of promoted interest in the accompanying consolidated balance sheet. For the remaining five promoted interest agreements, the established performance metrics were not met nor probable of being met as of September 30, 2018. The Company’s Advisor has approximately 1.3 million contingently issuable restricted stock shares for financial reporting purposes that were issued pursuant to the Advisor expense support agreement. Refer to Note 9. “Related Party Arrangements” for information on distributions declared related to these restricted stock shares.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 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 nine months ended September 30, 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. 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). 2. Summary of Significant Accounting Policies (continued) 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 or other 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 July 2018, the FASB issued ASU 2018-11, “Leases (Topic 842): Targeted Improvements,” which includes 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. The Company plans to elect the practical expedient and apply to all leases that qualify under the established criteria. In June 2018, the FASB issued ASU 2018-07, “Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting,” which expands the scope to include share-based payment transactions for acquiring goods and services from nonemployees. The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payments. The amendments also clarify that this topic does not apply to share-based payments used to provide financing to the issuer or awards granted in conjunction with selling of goods or services to customers as a part of a contract accounted for under Revenue from Contracts with Customers (Topic 606). The ASU is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2018. The Company is assessing the impact of adoption of this ASU as related to the Company’s consolidated financial statements. 2. Summary of Significant Accounting Policies (continued) In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement,” which modifies the disclosure requirements on fair value measurements. The amendments add disclosure requirements for the changes in unrealized gains and losses for the period that are held in other comprehensive income for recurring Level 3 fair value measurements as well as disclosure requirements for the range and weighted average of significant observable inputs used to develop Level 3 fair value measurements. The amendments also clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. The ASU is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2019. The Company does not expect the adoption of this ASU to have a material impact on the Company’s consolidated financial statements.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
Revenue (Tables)	Sep. 30, 2018
Revenue From Contract With Customer [Abstract]
Summary of Disaggregation of Revenue	The following tables represent the disaggregated revenue for resident fees and services during the nine months ended September 30, 2018 and 2017: Nine Months Ended September 30, 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 $ 53.4 $ 42.1 25.9 % 23.0 % Assisted living 2,966 2,966 102.4 95.8 49.8 % 52.5 % Memory care 853 821 40.4 36.3 19.6 % 19.9 % Other revenues ― ― 9.6 8.4 4.7 % 4.6 % 6,080 6,048 $ 205.8 $ 182.6 100.0 % 100.0 %

Real Estate Assets, net (Tables

Real Estate Assets, net (Tables)	9 Months Ended
Real Estate Assets, net (Tables)	Sep. 30, 2018
Real Estate [Abstract]
Schedule of Real Estate Investment Properties Excluding Assets Held For Sale	The gross carrying amount and accumulated depreciation of the Company’s real estate assets as of September 30, 2018 and December 31, 2017 are as follows, excluding assets held for sale (in thousands): September 30, December 31, 2018 2017 Land and land improvements $ 132,381 $ 132,083 Building and building improvements 1,485,697 1,482,158 Furniture, fixtures and equipment 78,219 76,187 Less: accumulated depreciation (220,960 ) (181,944 ) Real estate investment properties, net $ 1,475,337 $ 1,508,484

Intangibles, net (Tables)

Intangibles, net (Tables)	9 Months Ended
Intangibles, net (Tables)	Sep. 30, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Net Book Value of Intangibles Excluding Assets Held for Sale	The gross carrying amount and accumulated amortization of the Company’s intangible assets as of September 30, 2018 and December 31, 2017 are as follows, excluding assets held for sale (in thousands): September 30, December 31, 2018 2017 In-place lease intangibles $ 83,113 $ 83,113 Less: accumulated amortization (81,400 ) (79,001 ) Intangible assets, net $ 1,713 $ 4,112

Assets and Associated Liabili_2

Assets and Associated Liabilities Held For Sale and Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2018
Real Estate Liabilities Associated With Assets Held For Development And Sale [Abstract]
Schedule of Assets Held for Sale	As of September 30, 2018 and December 31, 2017, assets held for sale consisted of the following (in thousands): September 30, December 31, 2018 2017 Real estate held for sale, net $ 1,002,432 $ 1,026,605 Real estate under development 2,438 ― Intangibles, net 83,217 96,200 Deferred rent and lease incentives 40,092 35,323 Other assets 11,587 9,384 Restricted cash 2,163 2,873 Assets held for sale, net $ 1,141,929 $ 1,170,385
Schedule of Liabilities Associated with Assets Held for Sale	As of September 30, 2018 and December 31, 2017, liabilities associated with assets held for sale consisted of the following (in thousands): September 30, December 31, 2018 2017 Mortgages and other notes payable $ 493,852 $ 492,655 Credit facilities 271,737 257,323 Other liabilities 16,984 21,064 Accounts payable and accrued liabilities 11,944 8,665 Liabilities associated with assets held for sale $ 794,517 $ 779,707
Summary of Loss from Discontinued Operations	The following table is a summary of loss from discontinued operations for the quarter and nine months ended September 30, 2018 and 2017 (in thousands): Quarter Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Revenues: Rental income and tenant reimbursements $ 28,458 $ 28,468 $ 85,345 $ 85,507 Operating expenses: Property operating expenses 7,800 8,077 22,898 22,568 General and administrative 295 226 1,057 855 Asset management fees 3,031 3,010 9,094 9,031 Property management fees 707 1,061 2,899 3,184 Financing coordination fees ― ― 2,326 ― Contingent purchase price consideration adjustment ― ― ― 77 Depreciation and amortization 10,592 10,818 31,956 32,782 Total operating expenses 22,425 23,192 70,230 68,497 Operating income 6,033 5,276 15,115 17,010 Other income (expense): Interest and other income (expense) 3 (222 ) 107 (216 ) Interest expense and loan cost amortization (1) (8,652 ) (7,705 ) (24,678 ) (22,562 ) Total other expense (8,649 ) (7,927 ) (24,571 ) (22,778 ) Loss before income taxes (2,616 ) (2,651 ) (9,456 ) (5,768 ) Income tax expense (18 ) (18 ) (55 ) (55 ) Loss from discontinued operations $ (2,634 ) $ (2,669 ) $ (9,511 ) $ (5,823 ) FOOTNOTE: (1) Interest expense and loan cost amortization directly relates to either: (1) expense on mortgages and other notes payable collateralized by properties classified as discontinued operations; or (2) expense on the Company’s Credit Facilities, which is allocated based on the value of the properties, which are classified as discontinued operations and included in the Credit Facilities’ unencumbered pool of assets, and the related indebtedness is required to be repaid upon sale of the properties.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
Variable Interest Entities (Tables)	Sep. 30, 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 September 30, 2018 and December 31, 2017 are as follows (in thousands): September 30, December 31, 2018 2017 Assets: Real estate investment properties, net $ 168,705 $ 174,263 Assets held for sale, net (1) $ 39,150 $ 44,998 Cash $ 1,206 $ 2,203 Other assets $ 650 $ 384 Deferred rent and lease incentives $ 6,361 $ 3,577 Restricted cash $ 185 $ 1,212 Liabilities: Mortgages and other notes payable, net $ 102,193 $ 118,378 Liabilities associated with assets held for sale (1) $ 30,923 $ 35,848 Accounts payable and accrued liabilities $ 2,754 $ 3,117 Accrued development costs $ 766 $ 909 Other liabilities $ 3,634 $ 947 _____________ FOOTNOTE: (1) Refer to Note 6. “Assets and Associated Liabilities Held For Sale and Discontinued Operations” for additional information.

Indebtedness (Tables)

Indebtedness (Tables)	9 Months Ended
Indebtedness (Tables)	Sep. 30, 2018
Debt Disclosure [Abstract]
Details of Indebtedness Excluding Assets Held For Sale	The following table provides details of the Company’s indebtedness as of September 30, 2018 and December 31, 2017, excluding assets held for sale (in thousands): September 30, December 31, 2018 2017 Mortgages payable and other notes payable: Fixed rate debt $ 361,496 $ 368,873 Variable rate debt (1) (2) 157,043 174,058 Mortgages and other notes payable (3) 518,539 542,931 Premium (discount), net (4) 194 225 Loan costs, net (2,647 ) (3,658 ) Total mortgages and other notes payable, net 516,086 539,498 Credit facilities: Revolving Credit Facility (1) (2) (5) ― ― First Term Loan Facility (1) 132,263 99,435 Second Term Loan Facility (1) (2) 275,000 275,000 Loan costs, net related to Term Loan Facilities (1,221 ) (1,692 ) Total credit facilities, net 406,042 372,743 Total indebtedness, net $ 922,128 $ 912,241 FOOTNOTES: (1) As of September 30, 2018 and December 31, 2017, the Company had entered into interest rate swaps with notional amounts of approximately $132.3 million and $99.4 million, respectively, which were settling on a monthly basis. Refer to Note 10. “Derivative Financial Instruments” for additional information. (2) As of September 30, 2018 and December 31, 2017, the Company had entered into interest rate caps with notional amounts of approximately $330.0 million and $330.0 million, respectively. In addition, as of September 30, 2018 the Company had entered into interest rate caps with forward effective dates with notional amounts of approximately $392.3 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 September 30, 2018 and December 31, 2017, the Company’s mortgages and other notes payable are collateralized by 37 and 38 properties, respectively, with total carrying value of approximately $0.8 billion and $0.8 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 September 30, 2018 and December 31, 2017, the Company had undrawn availability under the senior unsecured revolving line of credit (“Revolving Credit Facility”) of approximately $27.6 million and $28.4 million, respectively, based on the value of the properties in the unencumbered pool of assets supporting the loan, which includes certain assets held for sale.
Schedule of Maturities of Indebtedness	The following is a schedule of future principal payments and maturity for the Company’s total indebtedness for the remainder of 2018, each of the next four years and thereafter, in the aggregate, as of September 30, 2018 (in thousands): 2018 $ 3,048 2019 201,696 2020 404,540 2021 11,341 2022 282,497 Thereafter 22,874 $ 925,996
Schedule of Fair Market Value and Carrying Value of Indebtedness	The following table provides details of the fair market value and carrying value of the Company’s indebtedness as of September 30, 2018 and December 31, 2017 (in millions): September 30, December 31, 2018 2017 Fair Value Carrying Value Fair Value Carrying Value Mortgages and other notes payable, net $ 518.1 $ 516.1 $ 543.8 $ 539.5 Credit facilities $ 407.3 $ 406.0 $ 374.4 $ 372.5

Related Party Arrangements (Tab

Related Party Arrangements (Tables)	9 Months Ended
Related Party Arrangements (Tables)	Sep. 30, 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, including amounts included in income from discontinued operations, net of tax, for the quarter and nine months ended September 30, 2018 and 2017, and related amounts unpaid as of September 30, 2018 and December 31, 2017 are as follows (in thousands): Quarter ended Nine Months Ended Unpaid amounts as of (1) September 30, September 30, September 30, December 31, 2018 2017 2018 2017 2018 2017 Reimbursable expenses: Operating expenses (2) $ 1,444 $ 1,396 $ 4,672 $ 4,326 $ 674 $ 1,042 Acquisition fees and expenses ― 3 ― 6 ― 2 1,444 1,399 4,672 4,332 674 1,044 Investment services fees (3) ― 19 60 123 ― ― Financing coordination fees (4) ― 2,748 2,326 3,601 ― ― Property management fees (5) ― 1,196 2,323 3,660 10 381 Asset management fees (6) 7,593 7,643 22,791 22,711 2,532 2,516 Disposition fees (7) ― ― 58 ― ― ― $ 9,037 $ 13,005 $ 32,230 $ 34,427 $ 3,216 $ 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) For the quarter ended September 30, 2018, the Company did not incur investment services fees. For the nine months ended September 30, 2018, the Company incurred approximately $0.1 million in investment services fees of which approximately $0.1 million were capitalized and included in real estate assets, net in the accompanying consolidated balance sheets. For the quarter and nine months ended September 30, 2017, the Company incurred approximately $0.02 million and $0.1 million, respectively, in investment service fees related to the Company’s completed developments, of which approximately $0.02 million and $0.1 million, respectively, were capitalized and included in real estate 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) For the quarter ended September 30, 2018, the Company did not incur financing coordination fees. For the nine months ended September 30, 2018, the Company incurred approximately $2.3 million in financing coordination fees related to the refinancing of the loans associated with certain operating properties and were expensed as incurred. For the quarter and nine months ended September 30, 2017, the Company incurred approximately $2.7 million and $3.6 million of which approximately $0.0 million and $0.9 million, respectively, in financing coordination fees were capitalized as loan costs and reduced mortgages and other notes payable, net in the accompanying condensed consolidated balance sheets. Financing coordination fees associated with the refinancing of debt are either expensed or capitalized based on whether such refinancings are determined to represent loan modifications or loan extinguishments for accounting purposes. 9. Related Party Arrangements (continued) FOOTNOTES (continued): (5) For the quarter and nine months ended September 30, 2018, the Company incurred approximately $0.0 million and $2.3 million, respectively, in property management fees payable to the Property Manager and were expensed as incurred. For the quarter and nine months ended September 30, 2017, the Company incurred approximately $1.2 million and $3.7 million, respectively, in property and construction management fees payable to the Property Manager of which approximately $0.1 million and $0.3 million, respectively, in construction management fees were capitalized and included in real estate assets, net in the accompanying condensed consolidated balance sheets. (6) (7) Amounts are recorded as a reduction to gain on sale of real estate in the accompanying consolidated statements of operations.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
Derivative Financial Instruments (Tables)	Sep. 30, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Summary of Derivative Financial Instruments and Corresponding Asset (Liability), Including Properties Classified as Held for Sale	The following summarizes the terms of the Company’s derivative financial instruments and the corresponding asset (liability) as of September 30, 2018 and December 31, 2017, including properties classified as held for sale (in thousands): Fair value asset (liability) as of Notional Amount Strike (1) Credit Spread (1) Trade date Forward date Maturity date September 30, 2018 December 31, 2017 $ — (2) 1.3% 2.6% 1/17/2013 1/15/2015 1/16/2018 $ — $ 1 $ — (2) 2.7% 2.5% 9/6/2013 8/17/2015 7/10/2018 $ — $ (213 ) $ — (2) 2.8% 2.5% 9/6/2013 8/17/2015 8/29/2018 $ — $ (182 ) $ — (2) (3) 2.4% 2.9% 8/15/2014 6/1/2016 6/2/2019 $ — $ (280 ) $ 79,622 (2) 2.3% 2.4% 9/12/2014 8/1/2015 7/15/2019 $ 221 $ (424 ) $ 175,000 (2) 1.6% 2.0% 12/23/2014 12/19/2014 2/19/2019 $ 546 $ 464 $ 126,255 (2) 1.7% 2.0% 1/9/2015 12/10/2015 12/22/2019 $ 1,425 $ 516 $ 260,000 (2) 1.5% ―% 11/19/2015 11/19/2015 11/30/2018 $ 332 $ 681 $ 150,000 (4) 1.5% ―% 3/1/2016 3/1/2016 11/30/2018 $ 194 $ 393 $ 117,000 (4) 2.3% ―% 8/29/2017 8/29/2017 9/1/2019 $ 387 $ 95 $ 410,000 (4) 3.0% ―% 3/28/2018 11/30/2018 12/19/2019 $ 231 $ — $ 51,575 (4) 3.0% ―% 3/28/2018 7/10/2018 12/19/2019 $ 29 $ — $ 175,000 (4) 3.0% ―% 3/28/2018 2/19/2019 12/19/2019 $ 98 $ — $ 57,630 (4) 3.0% ―% 5/4/2018 5/4/2018 12/19/2019 $ 32 $ — 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 interest rate swap that settled in May 2018 in connection with the refinancing of the underlying mortgage loan and the Company received approximately $0.1 million upon settlement. (4) 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)	9 Months Ended
Equity (Tables)	Sep. 30, 2018
Equity [Abstract]
Effect of Derivative Financial Instruments	Other comprehensive income — 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 quarter and nine months ended September 30, 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 into earnings Quarter Ended September 30, Quarter Ended September 30, 2018 2017 2018 2017 Interest rate swaps $ (205 ) $ 888 Interest expense and loan cost amortization $ 979 $ (433 ) Interest rate caps (40 ) 295 Interest expense and loan cost amortization (581 ) (254 ) Reclassification of interest rate swaps upon derecognition 14 132 Interest expense and loan cost amortization (14 ) (132 ) Reclassification of interest rate swaps due to ineffectiveness ― (7 ) Interest expense and loan cost amortization ― 7 Total $ (231 ) $ 1,308 $ 384 $ (812 ) Derivative financial instruments Gain (loss) recognized in other comprehensive loss on derivative financial instruments Location of gain (loss) reclassified into earnings Gain (loss) reclassified from accumulated other comprehensive loss into earnings Nine Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Interest rate swaps $ 2,102 $ 3,409 Interest expense and loan cost amortization $ 1,299 $ (3,201 ) Interest rate caps 1,176 198 Interest expense and loan cost amortization (1,500 ) (511 ) Reclassification of interest rate swaps upon derecognition 267 186 Interest expense and loan cost amortization (267 ) (186 ) Reclassification of interest rate swaps due to ineffectiveness ― (7 ) Interest expense and loan cost amortization ― 7 Total $ 3,545 $ 3,786 $ (469 ) $ (3,891 )

Organization - Additional Infor

Organization - Additional Information (Detail)	9 Months Ended
Organization - Additional Information (Detail)	Sep. 30, 2018Bank	Oct. 31, 2015shares
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Entity incorporation, date of incorporation	Jun. 8, 2010
Sale of additional share of common stock \| shares		20,000,000
Number of investment banks to act as financial advisers \| Bank	2

Revenue - Summary of Disaggrega

Revenue - Summary of Disaggregation of Revenue (Detail) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)Facility	Sep. 30, 2017USD ($)Facility
Disaggregation Of Revenue [Line Items]
Number of Units \| Facility			6,080	6,048
Revenues	$ 69,793	$ 64,548	$ 205,754	$ 182,557
Percentage of Revenues			100.00%	100.00%
Independent Living
Disaggregation Of Revenue [Line Items]
Number of Units \| Facility			2,261	2,261
Revenues			$ 53,400	$ 42,100
Percentage of Revenues			25.90%	23.00%
Assisted Living
Disaggregation Of Revenue [Line Items]
Number of Units \| Facility			2,966	2,966
Revenues			$ 102,400	$ 95,800
Percentage of Revenues			49.80%	52.50%
Memory Care
Disaggregation Of Revenue [Line Items]
Number of Units \| Facility			853	821
Revenues			$ 40,400	$ 36,300
Percentage of Revenues			19.60%	19.90%
Other Revenues
Disaggregation Of Revenue [Line Items]
Revenues			$ 9,600	$ 8,400
Percentage of Revenues			4.70%	4.60%

Schedule of Real Estate Investm

Schedule of Real Estate Investment Properties Excluding Assets Held For Sale (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Real Estate [Abstract]
Land and land improvements	$ 132,381	$ 132,083
Building and building improvements	1,485,697	1,482,158
Furniture, fixtures and equipment	78,219	76,187
Less: accumulated depreciation	(220,960)	(181,944)
Real estate investment properties, net	$ 1,475,337	$ 1,508,484

Real Estate Assets, Net - Addit

Real Estate Assets, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Real Estate Investment Properties
Real Estate Properties [Line Items]
Depreciation expense	$ 12.8	$ 13.2	$ 39.1	$ 38.8

Schedule of Net Book Value of I

Schedule of Net Book Value of Intangibles Excluding Assets Held for Sale (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Finite Lived Intangible Assets [Line Items]
Less: accumulated amortization	$ (81,400)	$ (79,001)
Intangible assets, net	1,713	4,112
In-place lease intangibles
Finite Lived Intangible Assets [Line Items]
Gross carrying amount, assets	$ 83,113	$ 83,113

Intangibles net - Additional In

Intangibles net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Depreciation And Amortization
Finite Lived Intangible Assets [Line Items]
Amortization expense on intangible assets	$ 0.1	$ 2.8	$ 2.4	$ 9.5

Assets and Associated Liabili_3

Assets and Associated Liabilities Held for Sale and Discontinued Operations - Additional Information (Detail) $ in Thousands	1 Months Ended		9 Months Ended
	Sep. 30, 2018FacilityBuildingHospital	Aug. 31, 2017Facility	Sep. 30, 2018USD ($)
Long Lived Assets Held For Sale [Line Items]
Proceeds from sale of property			$ 5,761
Gain on sale of real estate			1,049
Physicians Regional Medical Center – Central Wing \| Disposal Group Held for Sale Qualify as Not Discontinued Operations
Long Lived Assets Held For Sale [Line Items]
Proceeds from sale of property			5,800
Gain on sale of real estate			$ 1,000
Arkansas
Long Lived Assets Held For Sale [Line Items]
Number of skilled nursing facilities \| Facility		6
US \| MOB/Healthcare Portfolio \| Disposal Group Held for Sale Qualify as Discontinued Operations
Long Lived Assets Held For Sale [Line Items]
Number of medical office buildings \| Building	53
Number of post-acute care facilities \| Facility	5
Number of acute care hospitals \| Hospital	5

Assets and Associated Liabili_4

Assets and Associated Liabilities Held for Sale and Discontinued Operations - Schedule of Assets Held for Sale (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Long Lived Assets Held For Sale [Line Items]
Deferred rent and lease incentives	$ 15,430	$ 12,439
Other assets	24,832	26,303
Assets held for sale, net	1,141,929	1,170,385
Perennial Communities, Physicians Regional Medical Center - Central Wing and MOB/Healthcare Portfolio
Long Lived Assets Held For Sale [Line Items]
Real estate held for sale, net	1,002,432	1,026,605
Real estate under development	2,438
Intangibles, net	83,217	96,200
Deferred rent and lease incentives	40,092	35,323
Other assets	11,587	9,384
Restricted cash	2,163	2,873
Assets held for sale, net	$ 1,141,929	$ 1,170,385

Assets and Associated Liabili_5

Assets and Associated Liabilities Held for Sale and Discontinued Operations - Schedule of Liabilities Associated with Assets Held for Sale (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Long Lived Assets Held For Sale [Line Items]
Liabilities associated with assets held for sale	$ 794,517	$ 779,707
Perennial Communities, Physicians Regional Medical Center - Central Wing and MOB/Healthcare Portfolio
Long Lived Assets Held For Sale [Line Items]
Mortgages and other notes payable	493,852	492,655
Credit facilities	271,737	257,323
Other liabilities	16,984	21,064
Accounts payable and accrued liabilities	11,944	8,665
Liabilities associated with assets held for sale	$ 794,517	$ 779,707

Assets and Associated Liabili_6

Assets and Associated Liabilities Held for Sale and Discontinued Operations - Summary of Loss from Discontinued Operations (Detail) - MOB/Healthcare Portfolio - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues:
Rental income and tenant reimbursements		$ 28,458	$ 28,468	$ 85,345	$ 85,507
Operating expenses:
Property operating expenses		7,800	8,077	22,898	22,568
General and administrative		295	226	1,057	855
Financing coordination fees				2,326
Contingent purchase price consideration adjustment					77
Depreciation and amortization		10,592	10,818	31,956	32,782
Total operating expenses		22,425	23,192	70,230	68,497
Operating income		6,033	5,276	15,115	17,010
Other income (expense):
Interest and other income (expense)		3	(222)	107	(216)
Interest expense and loan cost amortization	[1]	(8,652)	(7,705)	(24,678)	(22,562)
Total other expense		(8,649)	(7,927)	(24,571)	(22,778)
Loss before income taxes		(2,616)	(2,651)	(9,456)	(5,768)
Income tax expense		(18)	(18)	(55)	(55)
Loss from discontinued operations		(2,634)	(2,669)	(9,511)	(5,823)
Asset Management Fees
Operating expenses:
Asset / Property management fees		3,031	3,010	9,094	9,031
Property Management Fees
Operating expenses:
Asset / Property management fees		$ 707	$ 1,061	$ 2,899	$ 3,184

[1]	Interest expense and loan cost amortization directly relates to either: (1) expense on mortgages and other notes payable collateralized by properties classified as discontinued operations; or (2) expense on the Company’s Credit Facilities, which is allocated based on the value of the properties, which are classified as discontinued operations and included in the Credit Facilities’ unencumbered pool of assets, and the related indebtedness is required to be repaid upon sale of the properties.

Aggregate Carrying Amount and M

Aggregate Carrying Amount and Major Classifications of Consolidated Assets and Liabilities (Detail) - USD ($) $ in Thousands		Sep. 30, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Real estate investment properties, net		$ 1,475,337	$ 1,508,484
Assets held for sale, net		1,141,929	1,170,385
Cash		56,392	64,522
Other assets		24,832	26,303
Deferred rent and lease incentives		15,430	12,439
Restricted cash		6,246	7,296
Mortgages and other notes payable, net		516,086	539,498
Liabilities associated with assets held for sale		794,517	779,707
Other liabilities		10,296	6,955
VIEs
Variable Interest Entity [Line Items]
Real estate investment properties, net		168,705	174,263
Assets held for sale, net	[1]	39,150	44,998
Cash		1,206	2,203
Other assets		650	384
Deferred rent and lease incentives		6,361	3,577
Restricted cash		185	1,212
Mortgages and other notes payable, net		102,193	118,378
Liabilities associated with assets held for sale	[1]	30,923	35,848
Accounts payable and accrued liabilities		2,754	3,117
Accrued development costs		766	909
Other liabilities		$ 3,634	$ 947

[1]	Refer to Note 6. “Assets and Associated Liabilities Held For Sale and Discontinued Operations” for additional information.

Variable Interest Entities (VIE

Variable Interest Entities (VIEs) - Additional Information (Detail) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2018USD ($)Subsidiary	Dec. 31, 2017Subsidiary
Variable Interest Entity [Line Items]
Maximum exposure to loss VIEs limits \| $	$ 74.3
Variable interest entity, description	As of September 30, 2018 and December 31, 2017, the Company had 9 and 10 subsidiaries which are classified as VIEs, respectively, due to the following factors and circumstances as of September 30, 2018:  Two of these subsidiaries are single property entities, designed to own and lease their respective properties to multiple tenants, which are subject to a ground lease that include buy-out and put options held by either the tenant or landlord under the applicable lease. During the nine months ended September 30, 2018, one reconsideration event occurred, whereby the associated property was sold in accordance with the put option in the air rights 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.
VIEs
Variable Interest Entity [Line Items]
Number of subsidiaries	9	10
VIEs \| Single Property Entities
Variable Interest Entity [Line Items]
Number of subsidiaries	2
VIEs \| Real Estate Under Development Entities
Variable Interest Entity [Line Items]
Number of subsidiaries	4
VIEs \| Joint Ventures Real Estate Under Development Entities
Variable Interest Entity [Line Items]
Number of subsidiaries	2
VIEs \| Joint Venture with Equity Interest
Variable Interest Entity [Line Items]
Number of subsidiaries	1

Details of Indebtedness Excludi

Details of Indebtedness Excluding Assets Held For Sale (Detail) - USD ($) $ in Thousands		Sep. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Premium (discount), net	[1]	$ 194	$ 225
Loan costs, net		(2,647)	(3,658)
Total mortgages and other notes payable, net		516,086	539,498
Credit facilities		406,042	372,743
Total indebtedness, net		922,128	912,241
First Term Loan Facility
Debt Instrument [Line Items]
Credit facilities	[2]	132,263	99,435
Second Term Loan Facility
Debt Instrument [Line Items]
Credit facilities	[2],[3]	275,000	275,000
Term Loan Facility
Debt Instrument [Line Items]
Loan costs, net		(1,221)	(1,692)
Mortgages payable and other notes payable
Debt Instrument [Line Items]
Mortgages payable and other notes payable	[4]	518,539	542,931
Fixed rate debt
Debt Instrument [Line Items]
Mortgages payable and other notes payable		361,496	368,873
Variable Rate Debt
Debt Instrument [Line Items]
Mortgages payable and other notes payable	[2],[3]	$ 157,043	$ 174,058

[1]	Premium (discount), net is reflective of the Company recording mortgage note payables assumed at fair value on the respective acquisition dates.
[2]	As of September 30, 2018 and December 31, 2017, the Company had entered into interest rate swaps with notional amounts of approximately $132.3 million and $99.4 million, respectively, which were settling on a monthly basis. Refer to Note 10. “Derivative Financial Instruments” for additional information.
[3]	As of September 30, 2018 and December 31, 2017, the Company had entered into interest rate caps with notional amounts of approximately $330.0 million and $330.0 million, respectively. In addition, as of September 30, 2018 the Company had entered into interest rate caps with forward effective dates with notional amounts of approximately $392.3 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 September 30, 2018 and December 31, 2017, the Company’s mortgages and other notes payable are collateralized by 37 and 38 properties, respectively, with total carrying value of approximately $0.8 billion and $0.8 billion, respectively.

Details of Indebtedness Exclu_2

Details of Indebtedness Excluding Assets Held For Sale (Parenthetical) (Detail) $ in Millions	Sep. 30, 2018USD ($)Property	Dec. 31, 2017USD ($)Property
Revolving Credit Facility
Debt Instrument [Line Items]
Debt Instrument, Current borrowing capacity	$ 27.6	$ 28.4
Secured Mortgages and Other Notes Payable
Debt Instrument [Line Items]
Number of collateralized properties owned \| Property	37	38
Mortgages and other notes payable carrying value of collateral	$ 800	$ 800
Interest Rate Swap
Debt Instrument [Line Items]
Notional amounts of derivative contract	132.3	99.4
Interest Rate Cap
Debt Instrument [Line Items]
Notional amounts of derivative contract	330	$ 330
Derivative additional notional amount	$ 392.3

Schedule of Maturities of Indeb

Schedule of Maturities of Indebtedness (Detail) $ in Thousands	Sep. 30, 2018USD ($)
Debt Disclosure [Abstract]
2,018	$ 3,048
2,019	201,696
2,020	404,540
2,021	11,341
2,022	282,497
Thereafter	22,874
Total borrowings	$ 925,996

Schedule of Fair Market Value a

Schedule of Fair Market Value and Carrying Value of Indebtedness (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Carrying Value	$ 925,996
Mortgages and other notes payable, net
Debt Instrument [Line Items]
Fair Value	518,100	$ 543,800
Carrying Value	516,100	539,500
Credit facilities
Debt Instrument [Line Items]
Fair Value	407,300	374,400
Carrying Value	$ 406,000	$ 372,500

Indebtedness - Additional Infor

Indebtedness - Additional Information (Detail)	9 Months Ended
Indebtedness - Additional Information (Detail)	Sep. 30, 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	1 Months Ended	3 Months Ended		9 Months Ended
	Apr. 30, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Related Party Transaction [Line Items]
Cash distributions on restricted stock		$ 0.2	$ 0.2	$ 0.5	$ 0.4
Advisor
Related Party Transaction [Line Items]
Advisory agreement extended through the date	2019-06
Property Manager
Related Party Transaction [Line Items]
Property management agreement expire stated date	Jun. 28, 2018

Schedule of Fees, Reimbursable

Schedule of Fees, Reimbursable Expenses and Related Amounts Unpaid to Related Parties (Detail) - USD ($)		3 Months Ended			9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017		Sep. 30, 2018		Sep. 30, 2017		Dec. 31, 2017
Related Party Transactions [Abstract]
Operating expenses	[1]	$ 1,444,000	$ 1,396,000		$ 4,672,000		$ 4,326,000
Acquisition fees and expenses			3,000				6,000
Total reimbursable expenses		1,444,000	1,399,000		4,672,000		4,332,000
Investment services fees		0	19,000	[2]	60,000	[2]	123,000	[2]
Financing coordination fees		0	2,748,000	[3]	2,326,000	[3]	3,601,000	[3]
Property management fees	[4]		1,196,000		2,323,000		3,660,000
Asset management fees	[5]	7,593,000	7,643,000		22,791,000		22,711,000
Disposition fees	[6]				58,000
Total reimbursable expenses, net		9,037,000	$ 13,005,000		32,230,000		$ 34,427,000
Operating expenses, unpaid	[1],[7]	674,000			674,000				$ 1,042,000
Acquisition fees and expenses, unpaid	[7]								2,000
Total reimbursable expenses due	[7]	674,000			674,000				1,044,000
Property management fees, unpaid	[4],[7]	10,000			10,000				381,000
Asset management fees, unpaid	[5],[7]	2,532,000			2,532,000				2,516,000
Total related amount unpaid	[7]	$ 3,216,000			$ 3,216,000				$ 3,941,000

[1]	Amounts are recorded as general and administrative expenses in the accompanying condensed consolidated statements of operations unless such amounts represent prepaid expenses, which are capitalized in the accompanying condensed consolidated balance sheets.
[2]	For the quarter ended September 30, 2018, the Company did not incur investment services fees. For the nine months ended September 30, 2018, the Company incurred approximately $0.1 million in investment services fees of which approximately $0.1 million were capitalized and included in real estate assets, net in the accompanying consolidated balance sheets. For the quarter and nine months ended September 30, 2017, the Company incurred approximately $0.02 million and $0.1 million, respectively, in investment service fees related to the Company’s completed developments, of which approximately $0.02 million and $0.1 million, respectively, were capitalized and included in real estate 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]	For the quarter ended September 30, 2018, the Company did not incur financing coordination fees. For the nine months ended September 30, 2018, the Company incurred approximately $2.3 million in financing coordination fees related to the refinancing of the loans associated with certain operating properties and were expensed as incurred. For the quarter and nine months ended September 30, 2017, the Company incurred approximately $2.7 million and $3.6 million of which approximately $0.0 million and $0.9 million, respectively, in financing coordination fees were capitalized as loan costs and reduced mortgages and other notes payable, net in the accompanying condensed consolidated balance sheets. Financing coordination fees associated with the refinancing of debt are either expensed or capitalized based on whether such refinancings are determined to represent loan modifications or loan extinguishments for accounting purposes.
[4]	For the quarter and nine months ended September 30, 2018, the Company incurred approximately $0.0 million and $2.3 million, respectively, in property management fees payable to the Property Manager and were expensed as incurred. For the quarter and nine months ended September 30, 2017, the Company incurred approximately $1.2 million and $3.7 million, respectively, in property and construction management fees payable to the Property Manager of which approximately $0.1 million and $0.3 million, respectively, in construction management fees were capitalized and included in real estate assets, net in the accompanying condensed consolidated balance sheets.
[5]	For the quarter and nine months ended September 30, 2018, the Company incurred approximately $7.6 million and $22.8 million, respectively, in asset management fees payable to the Advisor. For the quarter and nine months ended September 30, 2017, the Company incurred approximately $7.6 million and $22.7 million, respectively, in asset management fees payable to the Advisor of which approximately $0.1 million and $0.5 million, respectively, was capitalized and included in real estate assets, net in the accompanying condensed consolidated balance sheets. No expense support was received for the quarter and nine months ended September 30, 2018 and 2017.
[6]	Amounts are recorded as a reduction to gain on sale of real estate in the accompanying consolidated statements of operations.
[7]	Amounts are recorded as due to related parties in the accompanying condensed consolidated balance sheets.

Schedule of Fees, Reimbursabl_2

Schedule of Fees, Reimbursable Expenses and Related Amounts Unpaid to Related Parties (Parenthetical) (Detail) - USD ($)		3 Months Ended			9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017		Sep. 30, 2018		Sep. 30, 2017
Related Party Transactions [Abstract]
Investment services fees		$ 0	$ 19,000	[1]	$ 60,000	[1]	$ 123,000	[1]
Investment service fees capitalized			20,000		100,000		100,000
Financing coordination fees		0	2,748,000	[2]	2,326,000	[2]	3,601,000	[2]
Loan costs capitalized			0				900,000
Property and construction management fees payable		0	1,200,000		2,300,000		3,700,000
Construction management fees capitalized			100,000				300,000
Asset management fees	[3]	7,593,000	7,643,000		22,791,000		22,711,000
Asset management fees capitalized			100,000				500,000
Expense under Support Agreement		$ 0	$ 0		$ 0		$ 0

[1]	For the quarter ended September 30, 2018, the Company did not incur investment services fees. For the nine months ended September 30, 2018, the Company incurred approximately $0.1 million in investment services fees of which approximately $0.1 million were capitalized and included in real estate assets, net in the accompanying consolidated balance sheets. For the quarter and nine months ended September 30, 2017, the Company incurred approximately $0.02 million and $0.1 million, respectively, in investment service fees related to the Company’s completed developments, of which approximately $0.02 million and $0.1 million, respectively, were capitalized and included in real estate 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]	For the quarter ended September 30, 2018, the Company did not incur financing coordination fees. For the nine months ended September 30, 2018, the Company incurred approximately $2.3 million in financing coordination fees related to the refinancing of the loans associated with certain operating properties and were expensed as incurred. For the quarter and nine months ended September 30, 2017, the Company incurred approximately $2.7 million and $3.6 million of which approximately $0.0 million and $0.9 million, respectively, in financing coordination fees were capitalized as loan costs and reduced mortgages and other notes payable, net in the accompanying condensed consolidated balance sheets. Financing coordination fees associated with the refinancing of debt are either expensed or capitalized based on whether such refinancings are determined to represent loan modifications or loan extinguishments for accounting purposes.
[3]	For the quarter and nine months ended September 30, 2018, the Company incurred approximately $7.6 million and $22.8 million, respectively, in asset management fees payable to the Advisor. For the quarter and nine months ended September 30, 2017, the Company incurred approximately $7.6 million and $22.7 million, respectively, in asset management fees payable to the Advisor of which approximately $0.1 million and $0.5 million, respectively, was capitalized and included in real estate assets, net in the accompanying condensed consolidated balance sheets. No expense support was received for the quarter and nine months ended September 30, 2018 and 2017.

Summary of Derivative Financial

Summary of Derivative Financial Instruments and Corresponding Asset (Liability), Including Properties Classified as Held for Sale (Detail) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 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]
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)			(213)
Derivative Financial Instruments Three
Derivative [Line Items]
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)			(182)
Derivative Financial Instruments Four
Derivative [Line Items]
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)			(280)
Derivative Financial Instruments Five
Derivative [Line Items]
Notional amount of derivative contract	[2]	$ 79,622
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)		$ 221	(424)
Derivative Financial Instruments Six
Derivative [Line Items]
Notional amount of derivative contract	[2]	$ 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)		$ 546	464
Derivative Financial Instruments Seven
Derivative [Line Items]
Notional amount of derivative contract	[2]	$ 126,255
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)		$ 1,425	516
Derivative Financial Instruments Eight
Derivative [Line Items]
Notional amount of derivative contract	[2]	$ 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)		$ 332	681
Derivative Financial Instruments Nine
Derivative [Line Items]
Notional amount of derivative contract	[3]	$ 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)		$ 194	393
Derivative Financial Instruments Ten
Derivative [Line Items]
Notional amount of derivative contract	[3]	$ 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)		$ 387	$ 95
Derivative Financial Instruments Eleven
Derivative [Line Items]
Notional amount of derivative contract	[3]	$ 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)		$ 231
Derivative Financial Instruments Twelve
Derivative [Line Items]
Notional amount of derivative contract	[3]	$ 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)		$ 29
Derivative Financial Instruments Thirteen
Derivative [Line Items]
Notional amount of derivative contract	[3]	$ 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)		$ 98
Derivative Financial Instruments Fourteen
Derivative [Line Items]
Notional amount of derivative contract	[3]	$ 57,630
Strike	[1]	3.00%
Trade date		May 4, 2018
Forward date		May 4, 2018
Maturity date		Dec. 19, 2019
Fair value asset (liability)		$ 32

[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.

Summary of Derivative Financi_2

Summary of Derivative Financial Instruments and Corresponding Asset (Liability), Including Properties Classified as Held for Sale (Parenthetical) (Detail) $ in Millions	1 Months Ended
	May 31, 2018USD ($)
Mortgage Loan
Derivative [Line Items]
Proceeds from the settlement of interest rate swaps	$ 0.1

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Class Of Stock [Line Items]
Aggregate proceeds received from offering	$ 22,013	$ 31,989
Subscriptions received for common stock through public offering and reinvestment plan (in shares)	2.1	3.2
Cash distribution declared	$ 60,818	$ 57,403
Cash paid to stockholders	38,805	25,415
Redemptions of common stock	44,700	35,600
Common stock approved for redemption value	$ 28,300	$ 35,600
Redemption of common stock, per share	$ 10.14	$ 9.98
Suspended redemption request common stock, value	$ 16,400
Suspended redemption request common stock, shares	1.6
Redemption plan suspended date	Jul. 11, 2018
Description of redemption plan	There can be no guarantee that the Redemption Plan will be reinstated by the Company’s board of directors.
Reinvestment Plan
Class Of Stock [Line Items]
Cash distribution declared	$ 0	$ 32,000

Effect of Derivative Financial

Effect of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Derivative Instruments Gain Loss [Line Items]
Derivative instruments, Gain (loss) recognized in other comprehensive loss	$ (231)	$ 1,308	$ 3,545	$ 3,786
Interest Expense and Loan Cost Amortization
Derivative Instruments Gain Loss [Line Items]
Gain (loss) reclassified from accumulated other comprehensive loss into earnings	384	(812)	(469)	(3,891)
Interest Rate Swap
Derivative Instruments Gain Loss [Line Items]
Derivative instruments, Gain (loss) recognized in other comprehensive loss	(205)	888	2,102	3,409
Interest Rate Swap \| Interest Expense and Loan Cost Amortization
Derivative Instruments Gain Loss [Line Items]
Gain (loss) reclassified from accumulated other comprehensive loss into earnings	979	(433)	1,299	(3,201)
Interest Rate Cap
Derivative Instruments Gain Loss [Line Items]
Derivative instruments, Gain (loss) recognized in other comprehensive loss	(40)	295	1,176	198
Interest Rate Cap \| Interest Expense and Loan Cost Amortization
Derivative Instruments Gain Loss [Line Items]
Gain (loss) reclassified from accumulated other comprehensive loss into earnings	(581)	(254)	(1,500)	(511)
Reclassification of Interest Rate Swaps Upon Derecognition
Derivative Instruments Gain Loss [Line Items]
Derivative instruments, Gain (loss) recognized in other comprehensive loss	14	132	267	186
Reclassification of Interest Rate Swaps Upon Derecognition \| Interest Expense and Loan Cost Amortization
Derivative Instruments Gain Loss [Line Items]
Gain (loss) reclassified from accumulated other comprehensive loss into earnings	$ (14)	(132)	$ (267)	(186)
Reclassification of Interest Rate Swaps Due to Ineffectiveness
Derivative Instruments Gain Loss [Line Items]
Derivative instruments, Gain (loss) recognized in other comprehensive loss		(7)		(7)
Reclassification of Interest Rate Swaps Due to Ineffectiveness \| Interest Expense and Loan Cost Amortization
Derivative Instruments Gain Loss [Line Items]
Gain (loss) reclassified from accumulated other comprehensive loss into earnings		$ 7		$ 7

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Income tax expense	$ 859	$ 72	$ 2,404	$ 289
Current income tax expense	200	$ 100	400	$ 300
Income tax expense, a decrease in deferred tax asset	$ 700		$ 2,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2018USD ($)Agreementshares
Commitments And Contingencies [Line Items]
Remaining expansion project budget \| $	$ 0.9
Accrued development cost related to expansion project \| $	$ 1.3
Number of promoted interest agreements not met established performance metrics \| Agreement	5
Number of promoted interest agreements met established performance metrics \| Agreement	1
Company accrued interest to holder's \| $	$ 2.7
Number of promoted interest agreements \| Agreement	6
Advisor Expense Support Agreement \| Restricted Stock
Commitments And Contingencies [Line Items]
Contingently issuable restricted stock shares \| shares	1.3