CNL Healthcare Properties (CHTH) 10-Q 14 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 13, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Registrant Name	CNL Healthcare Properties, Inc.
Entity Central Index Key	0001496454
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity File Number	000-54685
Entity Tax Identification Number	27-2876363
Entity Address, Address Line One	CNL Center at City Commons
Entity Address, Address Line Two	450 South Orange Avenue
Entity Address, City or Town	Orlando
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32801
City Area Code	407
Local Phone Number	650-1000
Entity Common Stock, Shares Outstanding		173,960,540
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	MD
Document Quarterly Report	true
Document Transition Report	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2020		Dec. 31, 2019
ASSETS
Real estate investment properties, net (including VIEs $44,969 and $45,329, respectively)	$ 1,402,432		$ 1,412,595
Assets held for sale, net (including VIEs $0 and $0, respectively)	30,417		111,894
Restricted cash (including VIEs $86 and $76, respectively)	5,921		5,997
Cash (including VIEs $597 and $1,024, respectively)	107,755		42,350
Deferred rent and lease incentives (including VIEs $0 and $0, respectively)	15,060		15,331
Other assets (including VIEs $528 and $577, respectively)	24,183		27,049
Intangibles, net	1,121		1,220
Total assets	1,586,889		1,616,436
Liabilities:
Mortgages and other notes payable, net (including VIEs $29,065 and $29,148, respectively)	352,784		375,928
Credit facilities	303,069		302,950
Liabilities associated with assets held for sale (including VIEs $0 and $0, respectively)	463		1,113
Other liabilities (including VIEs $233 and $219, respectively)	9,197		8,609
Accounts payable and accrued liabilities (including VIEs $558 and $1,286, respectively)	22,699		24,530
Due to related parties	1,804	[1]	2,275
Total liabilities	690,016		715,405
Commitments and contingencies (Note 12)
Redeemable noncontrolling interest	549		558
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 186,626 shares issued, and 173,960 and 173,960 shares outstanding, respectively	1,740		1,740
Capital in excess of par value	1,516,926		1,516,926
Accumulated income	125,573		120,831
Accumulated distributions	(749,145)		(740,239)
Accumulated other comprehensive loss	(46)		(36)
Total stockholders' equity	895,048		899,222
Noncontrolling interest	1,276		1,251
Total equity	896,873		901,031
Total liabilities and equity	$ 1,586,889		$ 1,616,436
[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	Mar. 31, 2020	Dec. 31, 2019
Real estate investment properties, net	$ 1,402,432	$ 1,412,595
Assets held for sale, net	30,417	111,894
Cash	107,755	42,350
Other assets	24,183	27,049
Deferred rent and lease incentives	15,060	15,331
Restricted cash	5,921	5,997
Mortgages and other notes payable, net	352,784	375,928
Liabilities associated with assets held for sale	463	1,113
Accounts payable and accrued liabilities	22,699	24,530
Other liabilities	$ 9,197	$ 8,609
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	186,626,000
Common stock, shares outstanding	173,960,000	173,960,000
VIEs
Real estate investment properties, net	$ 44,969	$ 45,329
Assets held for sale, net	0	0
Cash	597	1,024
Other assets	528	577
Deferred rent and lease incentives	0	0
Restricted cash	86	76
Mortgages and other notes payable, net	29,065	29,148
Liabilities associated with assets held for sale	0	0
Accounts payable and accrued liabilities	558	1,286
Other liabilities	$ 233	$ 219

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Rental income and related revenues	$ 7,748	$ 8,923
Resident fees and services	$ 73,622	$ 71,275
Type of revenue [extensible list]	us-gaap:HealthCareResidentServiceMember	us-gaap:HealthCareResidentServiceMember
Total revenues	$ 81,370	$ 80,198
Operating expenses:
Property operating expenses	48,242	46,015
General and administrative expenses	2,093	2,959
Depreciation and amortization	12,544	12,334
Total operating expenses	70,919	69,369
Gain on sale of real estate	1,074
Operating income	11,525	10,829
Other income (expense):
Interest and other income	24	453
Interest expense and loan cost amortization	(7,076)	(11,289)
Equity in earnings of unconsolidated entity	206	96
Total other expense	(6,846)	(10,740)
Income before income taxes	4,679	89
Income tax expense	(553)	(655)
Income (loss) from continuing operations	4,126	(566)
Income from discontinued operations	652	10,474
Net income	4,778	9,908
Less: Amounts attributable to noncontrolling interests
Net income from continuing operations	36
Net income from discontinued operations		8
Net income attributable to common stockholders	$ 4,742	$ 9,900
Net income (loss) per share of common stock (basic and diluted)
Continuing operations	$ 0.03	$ 0
Discontinued operations	$ 0	$ 0.06
Weighted average number of shares of common stock outstanding (basic and diluted)	173,960	173,963
Asset Management Fees
Operating expenses:
Asset /Property management fees	$ 4,512	$ 4,593
Property Management Fees
Operating expenses:
Asset /Property management fees	$ 3,528	$ 3,468

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 4,778	$ 9,908
Other comprehensive (loss) income:
Unrealized gain (loss) on derivative financial instruments, net	4	(892)
Unrealized loss on derivative financial instruments of equity method investments	(14)
Total other comprehensive loss	(10)	(892)
Comprehensive income	4,768	9,016
Less: Comprehensive income attributable to noncontrolling interest	36	8
Comprehensive income attributable to common stockholders	$ 4,732	$ 9,008

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND REDEEMABLE NONCONTROLLING INTEREST (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	Total	Redeemable Noncontrolling Interest	Common Stock	Capital in Excess of Par Value	Accumulated Income (Loss)	Accumulated Distributions	Accumulated Other Comprehensive Income (Loss)	Total Stockholders' Equity	Non- controlling Interest
Balance at Dec. 31, 2018	$ 941,926	$ 579	$ 1,740	$ 1,516,543	$ (233,847)	$ (345,347)	$ 1,177	$ 940,266	$ 1,081
Beginning Balance (in shares) at Dec. 31, 2018			173,963
Adoption of new lease standard | Adoption of ASC 842	3,182				3,182			3,182
Net income (loss)	9,908	(5)			9,900			9,900	13
Other comprehensive loss	(892)						(892)	(892)
Distributions to holders of promoted interest	406			406				406
Cash distributions declared	(20,246)					(20,246)		(20,246)
Contribution from noncontrolling interests	60								60
Balance at Mar. 31, 2019	934,344	574	$ 1,740	1,516,949	(220,765)	(365,593)	285	932,616	1,154
Ending Balance (in shares) at Mar. 31, 2019			173,963
Balance at Dec. 31, 2019	$ 901,031	558	$ 1,740	1,516,926	120,831	(740,239)	(36)	899,222	1,251
Beginning Balance (in shares) at Dec. 31, 2019	173,960		173,960
Net income (loss)	$ 4,778	11			4,742			4,742	25
Other comprehensive loss	(10)						(10)	(10)
Distributions to noncontrolling interests	(20)	(20)
Cash distributions declared	(8,906)					(8,906)		(8,906)
Balance at Mar. 31, 2020	$ 896,873	$ 549	$ 1,740	$ 1,516,926	$ 125,573	$ (749,145)	$ (46)	$ 895,048	$ 1,276
Ending Balance (in shares) at Mar. 31, 2020	173,960		173,960

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND REDEEMABLE NONCONTROLLING INTEREST (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement Of Stockholders Equity [Abstract]
Cash distributions, declared per share	$ 0.05120	$ 0.11639

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities:
Net cash flows provided by operating activities – continuing operations	$ 16,976	$ 17,822
Net cash flows provided by operating activities – discontinued operations	884	8,333
Net cash flows provided by operating activities	17,860	26,155
Investing activities:
Proceeds from sale of real estate	53,712
Deposits on sale of real estate		77,500
Capital expenditures	(2,499)	(586)
Other investing activities		1,696
Net cash provided by investing activities – continuing operations	51,213	78,610
Net cash provided by (used in) investing activities – discontinued operations	28,398	(1,196)
Net cash provided by investing activities	79,611	77,414
Financing activities:
Distributions to stockholders, net of distribution reinvestments	(8,907)	(20,246)
Draws under credit facilities		5,000
Proceeds from mortgages and other notes payable		178
Principal payments on mortgages and other notes payable	(23,313)	(4,788)
Other financing activities	(88)	(278)
Net cash flows used in by financing activities	(32,308)	(20,134)
Net increase in cash and restricted cash	65,163	83,435
Cash and restricted cash at beginning of period, including assets held for sale	48,537	65,501
Cash and restricted cash at end of period, including assets held for sale	$ 113,700	$ 148,936

Organization

Organization	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	1. CNL Healthcare Properties, Inc. (“Company”) is a Maryland corporation that 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’s intention is to be organized and operate in a manner that allows it to remain qualified as a REIT for U.S. federal income tax purposes. The Company conducts substantially all of its operations either directly or indirectly through: (1) an operating partnership, CHP Partners, LP (“Operating Partnership”), 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. The Company is externally managed and advised by CNL Healthcare Corp. (“Advisor”), which is an affiliate of CNL Financial Group, LLC (“Sponsor”). The Sponsor is an affiliate of CNL Financial Group, Inc. (“CNL”). On September 30, 2015, the Company completed its public offerings (“Offerings”) having received aggregate subscription proceeds of approximately $1.7 billion. 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 million shares that it registered on Form S-3 under the Securities Exchange Act of 1933 with the Securities and Exchange Commission (“SEC”) for the sale of additional shares of common stock through its distribution reinvestment plan (“Reinvestment Plan”). Effective July 11, 2018, the Company suspended both its Reinvestment Plan and its stock redemption plan (“Redemption Plan”). In 2017, the Company began evaluating possible strategic alternatives to provide liquidity to the Company’s stockholders. In April 2018, the Company’s board of directors formed a special committee consisting solely of its independent directors (“Special Committee”) to consider possible strategic alternatives, 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”). During 2018, the Special Committee engaged HFF Securities L.P. (through June 2019) and KeyBanc Capital Markets Inc. to act as financial advisors to the aforementioned Special Committee. As of December 2018, as part of executing on Possible Strategic Alternatives, the Company had committed to a plan to sell a total of 70 properties including the sale of 63 properties consisting of 53 medical office buildings (“MOBs”), five post-acute care facilities and five acute care hospitals across the US (collectively, the “MOB/Healthcare Portfolio”), a skilled nursing facility in Colorado (“Welbrook Senior Living Grand Junction”) and six skilled nursing facilities in Arkansas (the “Perennial Communities”). During the year ended December 31, 2019, the Company sold 61 of the properties and during the three months ended March 31, 2020, the Company sold seven additional properties. As of March 31, 2020, the Company had two remaining acute care properties classified as held for sale. 1. Organization (continued) As of March 31, 2020, , the Company’s healthcare investment portfolio was geographically diversified with properties in 27 states and consisted of interests in 74 properties, including 71 senior housing communities, one vacant land parcel and two acute care hospitals classified as held for sale. 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). In addition, although most of the Company’s investments are wholly owned, it invested in three properties through partnerships with other entities where it is believed to be appropriate and beneficial.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation and Consolidation — The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by generally accepted accounting principles in the U.S. (“GAAP”). The unaudited condensed consolidated financial statements reflect all normal recurring adjustments, which, in the opinion of management, are necessary for the fair statement of the Company’s results for the interim period presented. Operating results for the three months ended March 31, 2020 may not be indicative of the results that may be expected for the year ending December 31, 2020. Amounts as of December 31, 2019 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, 2019. 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 two 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. Risks and Uncertainties — The recent outbreak of the novel coronavirus (“COVID-19”) pandemic around the globe continues to adversely impact global commercial activity and has contributed to significant volatility in financial markets. The global impact of the outbreak has been rapidly evolving and many countries, including the United States, have reacted by, among other things, instituting quarantines, mandating business and school closures and restricting travel. Such actions are creating significant disruption in global supply chains, and adversely impacting a number of industries. The major disruption caused by COVID-19 brought to a halt most economic activity in most of the United States resulting in a significant increase in unemployment claims and will likely result in a significant decline in the U.S. Gross Domestic Product. COVID-19 could have a continued and prolonged adverse impact on economic and market conditions and trigger a period of global economic slowdown which could have a material adverse effect on the Company’s results and financial condition. The full impact of COVID-19 on the financial and credit markets and consequently on the Company’s financial condition and results of operations is uncertain and cannot be predicted at the current time as it depends on several factors beyond the control of the Company including, but not limited to (i) the uncertainty around the severity and duration of the outbreak, (ii) the effectiveness of the United States public health response, (iii) the pandemic’s impact on the U.S. and global economies, (iv) the timing, scope and effectiveness of additional governmental responses to the pandemic and (v) the timing and speed of economic recovery, including the availability of a treatment or vaccination for COVID-19. Use of Estimates — The preparation of financial statements in conformity with U.S. 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 analysis of real estate impairments, the valuation of contingent assets and liabilities, and the valuation of restricted common stock (“Restricted Stock”) shares issued to the Advisor. The uncertainty surrounding the COVID-19 pandemic may materially impact the accuracy of the estimates and assumptions used in the financial statements and related footnotes and accordingly, actual results could differ from those estimates. Adopted Accounting Pronouncements — In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments (Topic 326),” which requires a new forward-looking expected loss model to be used for receivables, held-to-maturity debt, loans and other financial instruments. Previously, when credit losses were measured under current GAAP, an entity generally only considered past events and current conditions in measuring the incurred loss. The amendments eliminate the probable initial threshold for recognition of credit losses in current GAAP and, instead, reflect an entity’s current estimate of all expected credit losses over the life of the financial instrument. The ASU is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2019. The Company adopted this ASU prospectively on January 1, 2020; the adoption of which did not have a material impact on the Company’s consolidated results of operations.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2020
Revenue From Contract With Customer [Abstract]
Revenue	3. Revenue The following table presents disaggregated revenue related to the Company’s resident fees and services during the three months ended March 31, 2020 and 2019: Number of Units Revenues (in millions) Percentage of Revenues Resident fees and services: 2020 2019 2020 2019 2020 2019 Independent living 2,261 2,261 $ 19.3 $ 18.5 26.2 % 25.9 % Assisted living 2,966 2,966 36.4 35.0 49.5 % 49.1 % Memory care 853 853 14.6 14.4 19.8 % 20.2 % Other revenues — — 3.3 3.4 4.5 % 4.8 % 6,080 6,080 $ 73.6 $ 71.3 100.0 % 100.0 %

Real Estate Assets, net

Real Estate Assets, net	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Real Estate Assets, net	4. Real Estate Assets, net The gross carrying amount and accumulated depreciation of the Company’s real estate assets as of March 31, 2020 and December 31, 2019 are as follows, excluding assets held for sale (in thousands): March 31, December 31, 2020 2019 Land and land improvements $ 130,386 $ 130,371 Building and building improvements 1,479,704 1,478,111 Furniture, fixtures and equipment 86,651 85,977 Less: accumulated depreciation (294,309 ) (281,864 ) Real estate investment properties, net $ 1,402,432 $ 1,412,595 Depreciation expense on the Company’s real estate investment properties, net was approximately $12.4 million and $12.2 million for the three months ended March 31, 2020 and 2019, respectively.

Intangibles, net

Intangibles, net	3 Months Ended
	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Intangibles, net	4. Intangibles , net The gross carrying amount and accumulated amortization of the Company’s intangible assets as of March 31, 2020 and December 31, 2019 are as follows (in thousands): As of March 31, December 31, 2020 2019 In-place lease intangibles $ 3,943 $ 83,113 Less: accumulated amortization (2,822 ) (81,893 ) Intangible assets, net $ 1,121 $ 1,220 For the three months ended March 31, 2020 and 2019, amortization on the Company’s intangible assets was approximately $0.1 million and $0.1 million, respectively, all of which were included in depreciation and amortization.

Assets and Associated Liabiliti

Assets and Associated Liabilities Held For Sale and Discontinued Operations	3 Months Ended
	Mar. 31, 2020
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 As part of executing on Possible Strategic Alternatives, the Company had committed to a plan to sell a total of 70 properties, including: (1) the 63 property MOB/Healthcare Portfolio, (2) the six properties in the Perennial Communities and (3) Welbrook Senior Living Grand Junction. As such, the Company classified the 70 properties as held for sale. During the year ended December 31, 2019, the Company sold 61 of the properties and as of December 31, 2019, had nine properties classified as held for sale. As of December 31, 2019, the Company had entered into a purchase and sale agreement for its acute care property in New Orleans (the “New Orleans Sale Agreement”) and had entered into a purchase and sale agreement for the Perennial Communities (the “Perennial Sale Agreement”) with unrelated third party buyers. During the three months ended March 31, 2020, the Company sold the seven properties in accordance with the New Orleans Sale Agreement and the Perennial Sale Agreement and recorded gain on sale of $1.1 million for financial reporting purposes. As of March 31, 2020, the Company had two acute care properties remaining from the MOB/Healthcare Portfolio classified as assets held for sale. The two assets held for sale, and the liabilities associated with those assets held for sale, consisted of the following (in thousands): As of March 31, 2020 MOB/Healthcare Portfolio Other Total Real estate investment properties, net $ 25,981 $ — $ 25,981 Intangibles, net 1,583 ― 1,583 Deferred rent and lease incentives 1,813 ― 1,813 Other assets 1,016 ― 1,016 Restricted cash 24 ― 24 Assets held for sale, net $ 30,417 $ — $ 30,417 Other liabilities $ 430 $ — $ 430 Accounts payable and accrued liabilities 33 ― 33 Liabilities associated with assets held for sale $ 463 $ — $ 463 6. Assets and Associated Liabilities Held For Sale and Discontinued Operations (continued) As of December 31, 2019, the nine properties classified as assets held for sale, and the liabilities associated with those assets held for sale, consisted of the following (in thousands): As of December 31, 2019 MOB/Healthcare Portfolio Other Total Real estate held for sale, net $ 48,366 $ 46,908 $ 95,274 Intangibles, net 6,252 800 7,052 Deferred rent and lease incentives 3,158 4,952 8,110 Other assets 1,200 68 1,268 Restricted cash 118 72 190 Assets held for sale, net $ 59,094 $ 52,800 $ 111,894 Accounts payable and accrued liabilities $ 34 $ 3 $ 37 Other liabilities 392 684 1,076 Liabilities associated with assets held for sale $ 426 $ 687 $ 1,113 The Company classified the revenues and expenses related to the Company’s MOB/Healthcare Portfolio, which consisted of 63 properties, as discontinued operations in the accompanying condensed consolidated statements of operations, as it believed the sale of these properties represented a strategic shift in the Company’s operations. The following table is a summary of the Company’s income from discontinued operations for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, 2020 2019 Revenues: Rental income and related revenues $ 972 $ 29,596 Operating expenses: Property operating expenses 6 6,862 General and administrative expenses 172 293 Asset management fees 138 2,996 Property management fees 8 758 Total operating expenses 324 10,909 Operating income 648 18,687 Other income (expense): Interest and other income 7 9 Interest expense and loan cost amortization — (8,202 ) Total other income (expense) 7 (8,193 ) Income before income taxes 655 10,494 Income tax expense (3 ) (20 ) Income from discontinued operations $ 652 $ 10,474

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Variable Interest Entities	7. Variable Interest Entities As of March 31, 2020 and December 31, 2019, the Company had two subsidiaries classified as VIEs. These s

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Indebtedness	8. Indebtedness During the three months ended March 31, 2020, the Company repaid the Primrose II Communities outstanding mortgage loan balance of approximately $20.5 million, which was scheduled to mature in June 2020. The following table provides the details of the fair market value and carrying value of the Company’s indebtedness as of March 31, 2020 and December 31, 2019 (in millions): March 31, December 31, 2020 2019 Fair Value Carrying Value Fair Value Carrying Value Mortgages and other notes payable, net $ 362.2 $ 352.8 $ 381.2 $ 375.9 Credit facilities $ 305.0 $ 303.1 $ 305.0 $ 303.0 These fair market values are based on current rates and spreads the Company would expect to obtain for similar borrowings. Since this methodology includes inputs that are less observable by the public and are not necessarily reflected in active markets, the measurement of the estimated fair values related to the Company’s mortgage notes payable is categorized as Level 3 on the three-level valuation hierarchy. The estimated fair value of accounts payable and accrued liabilities approximates the carrying value as of March 31, 2020 and December 31, 2019 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) 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, (viii) maximum unsecured indebtedness ratio, and (ix) limitations on certain types of investments and with respect to the pool of properties supporting borrowings under the credit facilities, minimum weighted average occupancy, and remaining lease terms, as well as property type, MSA, operator, and asset value concentration limits. The limitations on distributions generally include a limitation on the extent of allowable distributions, which are not to exceed the greater of 95% of adjusted FFO (as defined per the credit facilities) and the minimum amount of distributions required to maintain the Company’s REIT status. As of March 31, 2020, the Company was in compliance with all financial covenants.

Related Party Arrangements

Related Party Arrangements	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Related Party Arrangements	9. Related Party Arrangements During the three months ended March 31, 2020 and 2019, the Company paid approximately $0.07 million and $0.2 million, respectively, of cash distributions on restricted stock issued through March 2017 pursuant to the Advisor expense support agreement. These amounts have been recognized as compensation expense and included in general and administrative expenses 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, for the three months ended March 31, 2020 and 2019, and related amounts unpaid as of March 31, 2020 and December 31, 2019 are as follows (in thousands): Three Months Ended Unpaid amounts as of (1) March 31, March 31, December 31, 2020 2019 2020 2019 Reimbursable expenses: Operating expenses (2) $ 668 $ 1,268 $ 296 $ 698 668 1,268 296 698 Disposition fee (3) 143 ― ― ― Financing coordination fees (4) ― 201 ― ― Asset management fees 4,650 7,597 1,508 1,577 $ 5,461 $ 9,066 $ 1,804 $ 2,275 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) Amounts are recorded as a reduction to gain on sale of real estate in the accompanying condensed consolidated statements of operations. (4) There were no financing coordination fees for the three months ended March 31, 2020. For the three months ended March 31, 2019, the Company incurred approximately $0.2 million in financing coordination fees, which was capitalized and included in its investment in the Windsor Manor Joint Venture, which is recorded in other assets in the accompanying condensed consolidated balance sheets.

Equity

Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Equity	10. Equity Stockholders’ Equity: Distributions — During the three months ended March 31, 2020 and 2019, the Company declared cash distributions of approximately $8.9 million and $20.2 million, respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	1 1 . Income Taxes The accompanying condensed consolidated financial statements include an interim tax provision for the three months ended March 31, 2020 and 2019. The Company recorded a total provision for income taxes of approximately $0.6 million and $0.7 million for the three months ended March 31, 2020 and 2019, respectively. Of the approximate $0.6 million in income tax expense for the three months ended March 31, 2020, approximately $0.2 million represents current income tax expense, and approximately $0.4 million represents a decrease to the Company’s net deferred tax assets which is primarily due to the utilization of a portion of the Company’s TRS’s federal and state net operating loss carryforwards. Of the approximate $0.7 million in income tax expense for three months ended March 31, 2019, approximately $0.2 million represents current income tax expense and approximately $0.5 million represents a decrease to the Company’s net deferred tax assets which is primarily due to the utilization of a portion of the Company’s TRS’s federal and state net operating loss carryforwards. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted into law. Although the CARES Act contains many income tax relief provisions, they are not estimated to have a material impact on the Company. As required under U.S. GAAP, the effects of tax law changes are recognized in the period of enactment.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. 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 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 March 31, 2020, one property had met its established performance metrics, but no promoted interest obligation was currently owed pursuant to the distribution calculation; whereas for the remaining five promoted interest agreements, the established performance metrics were not met nor probable of being met as of March 31, 2020. 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.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events In March 2020, the World Health Organization declared the outbreak of COVID-19 as a pandemic. S In April 2020, the Company borrowed $40 million under its Revolving Credit Facility as a precautionary measure to increase liquidity and preserve financial flexibility in light of COVID-19. COVID-19 has impacted various parts of the Company’s operations and financial results, including but not limited to, additional costs for emergency preparedness, disease control and containment, additional labor costs of healthcare personnel, and potential loss of revenue due to potential reductions in occupancy levels. 13. Subsequent Events (continued) The Company remains focused on maintaining a strong balance sheet, liquidity and financial flexibility and continues to monitor developments as it deals with the disruptions and uncertainties from a business and financial perspective relating to COVID-19. However, the full impact of COVID-19 is unknown and cannot be reasonably estimated. The ultimate extent of the impact of COVID-19 on the financial performance of the Company will depend on

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation — The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by generally accepted accounting principles in the U.S. (“GAAP”). The unaudited condensed consolidated financial statements reflect all normal recurring adjustments, which, in the opinion of management, are necessary for the fair statement of the Company’s results for the interim period presented. Operating results for the three months ended March 31, 2020 may not be indicative of the results that may be expected for the year ending December 31, 2020. Amounts as of December 31, 2019 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, 2019. 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 two 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.
Risk and Uncertainties	Risks and Uncertainties — The recent outbreak of the novel coronavirus (“COVID-19”) pandemic around the globe continues to adversely impact global commercial activity and has contributed to significant volatility in financial markets. The global impact of the outbreak has been rapidly evolving and many countries, including the United States, have reacted by, among other things, instituting quarantines, mandating business and school closures and restricting travel. Such actions are creating significant disruption in global supply chains, and adversely impacting a number of industries. The major disruption caused by COVID-19 brought to a halt most economic activity in most of the United States resulting in a significant increase in unemployment claims and will likely result in a significant decline in the U.S. Gross Domestic Product. COVID-19 could have a continued and prolonged adverse impact on economic and market conditions and trigger a period of global economic slowdown which could have a material adverse effect on the Company’s results and financial condition. The full impact of COVID-19 on the financial and credit markets and consequently on the Company’s financial condition and results of operations is uncertain and cannot be predicted at the current time as it depends on several factors beyond the control of the Company including, but not limited to (i) the uncertainty around the severity and duration of the outbreak, (ii) the effectiveness of the United States public health response, (iii) the pandemic’s impact on the U.S. and global economies, (iv) the timing, scope and effectiveness of additional governmental responses to the pandemic and (v) the timing and speed of economic recovery, including the availability of a treatment or vaccination for COVID-19.
Use of Estimates	Use of Estimates — The preparation of financial statements in conformity with U.S. 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 analysis of real estate impairments, the valuation of contingent assets and liabilities, and the valuation of restricted common stock (“Restricted Stock”) shares issued to the Advisor. The uncertainty surrounding the COVID-19 pandemic may materially impact the accuracy of the estimates and assumptions used in the financial statements and related footnotes and accordingly, actual results could differ from those estimates.
Adopted Accounting Pronouncements	Adopted Accounting Pronouncements — In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments (Topic 326),” which requires a new forward-looking expected loss model to be used for receivables, held-to-maturity debt, loans and other financial instruments. Previously, when credit losses were measured under current GAAP, an entity generally only considered past events and current conditions in measuring the incurred loss. The amendments eliminate the probable initial threshold for recognition of credit losses in current GAAP and, instead, reflect an entity’s current estimate of all expected credit losses over the life of the financial instrument. The ASU is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2019. The Company adopted this ASU prospectively on January 1, 2020; the adoption of which did not have a material impact on the Company’s consolidated results of operations.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue From Contract With Customer [Abstract]
Summary of Disaggregation of Revenue	The following table presents disaggregated revenue related to the Company’s resident fees and services during the three months ended March 31, 2020 and 2019: Number of Units Revenues (in millions) Percentage of Revenues Resident fees and services: 2020 2019 2020 2019 2020 2019 Independent living 2,261 2,261 $ 19.3 $ 18.5 26.2 % 25.9 % Assisted living 2,966 2,966 36.4 35.0 49.5 % 49.1 % Memory care 853 853 14.6 14.4 19.8 % 20.2 % Other revenues — — 3.3 3.4 4.5 % 4.8 % 6,080 6,080 $ 73.6 $ 71.3 100.0 % 100.0 %

Real Estate Assets, net (Tables

Real Estate Assets, net (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and December 31, 2019 are as follows, excluding assets held for sale (in thousands): March 31, December 31, 2020 2019 Land and land improvements $ 130,386 $ 130,371 Building and building improvements 1,479,704 1,478,111 Furniture, fixtures and equipment 86,651 85,977 Less: accumulated depreciation (294,309 ) (281,864 ) Real estate investment properties, net $ 1,402,432 $ 1,412,595

Intangibles, net (Tables)

Intangibles, net (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Net Book Value of Intangibles	The gross carrying amount and accumulated amortization of the Company’s intangible assets as of March 31, 2020 and December 31, 2019 are as follows (in thousands): As of March 31, December 31, 2020 2019 In-place lease intangibles $ 3,943 $ 83,113 Less: accumulated amortization (2,822 ) (81,893 ) Intangible assets, net $ 1,121 $ 1,220

Assets and Associated Liabili_2

Assets and Associated Liabilities Held For Sale and Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2020
Real Estate Liabilities Associated With Assets Held For Development And Sale [Abstract]
Schedule of Assets Classified as Held for Sale and Liabilities Associated with Those Assets Held for Sale	The two assets held for sale, and the liabilities associated with those assets held for sale, consisted of the following (in thousands): As of March 31, 2020 MOB/Healthcare Portfolio Other Total Real estate investment properties, net $ 25,981 $ — $ 25,981 Intangibles, net 1,583 ― 1,583 Deferred rent and lease incentives 1,813 ― 1,813 Other assets 1,016 ― 1,016 Restricted cash 24 ― 24 Assets held for sale, net $ 30,417 $ — $ 30,417 Other liabilities $ 430 $ — $ 430 Accounts payable and accrued liabilities 33 ― 33 Liabilities associated with assets held for sale $ 463 $ — $ 463 As of December 31, 2019, the nine properties classified as assets held for sale, and the liabilities associated with those assets held for sale, consisted of the following (in thousands): As of December 31, 2019 MOB/Healthcare Portfolio Other Total Real estate held for sale, net $ 48,366 $ 46,908 $ 95,274 Intangibles, net 6,252 800 7,052 Deferred rent and lease incentives 3,158 4,952 8,110 Other assets 1,200 68 1,268 Restricted cash 118 72 190 Assets held for sale, net $ 59,094 $ 52,800 $ 111,894 Accounts payable and accrued liabilities $ 34 $ 3 $ 37 Other liabilities 392 684 1,076 Liabilities associated with assets held for sale $ 426 $ 687 $ 1,113
Summary of Income (Loss) from Discontinued Operations	The following table is a summary of the Company’s income from discontinued operations for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, 2020 2019 Revenues: Rental income and related revenues $ 972 $ 29,596 Operating expenses: Property operating expenses 6 6,862 General and administrative expenses 172 293 Asset management fees 138 2,996 Property management fees 8 758 Total operating expenses 324 10,909 Operating income 648 18,687 Other income (expense): Interest and other income 7 9 Interest expense and loan cost amortization — (8,202 ) Total other income (expense) 7 (8,193 ) Income before income taxes 655 10,494 Income tax expense (3 ) (20 ) Income from discontinued operations $ 652 $ 10,474

Indebtedness (Tables)

Indebtedness (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Fair Market Value and Carrying Value of Indebtedness	The following table provides the details of the fair market value and carrying value of the Company’s indebtedness as of March 31, 2020 and December 31, 2019 (in millions): March 31, December 31, 2020 2019 Fair Value Carrying Value Fair Value Carrying Value Mortgages and other notes payable, net $ 362.2 $ 352.8 $ 381.2 $ 375.9 Credit facilities $ 305.0 $ 303.1 $ 305.0 $ 303.0

Related Party Arrangements (Tab

Related Party Arrangements (Tables)	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Schedule of Fees, Reimbursable Expenses and Related Amounts Unpaid to Related Parties	The expenses and fees incurred by and reimbursable to the Company’s related parties, including amounts included in income from discontinued operations, for the three months ended March 31, 2020 and 2019, and related amounts unpaid as of March 31, 2020 and December 31, 2019 are as follows (in thousands): Three Months Ended Unpaid amounts as of (1) March 31, March 31, December 31, 2020 2019 2020 2019 Reimbursable expenses: Operating expenses (2) $ 668 $ 1,268 $ 296 $ 698 668 1,268 296 698 Disposition fee (3) 143 ― ― ― Financing coordination fees (4) ― 201 ― ― Asset management fees 4,650 7,597 1,508 1,577 $ 5,461 $ 9,066 $ 1,804 $ 2,275 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) Amounts are recorded as a reduction to gain on sale of real estate in the accompanying condensed consolidated statements of operations. (4) There were no financing coordination fees for the three months ended March 31, 2020. For the three months ended March 31, 2019, the Company incurred approximately $0.2 million in financing coordination fees, which was capitalized and included in its investment in the Windsor Manor Joint Venture, which is recorded in other assets in the accompanying condensed consolidated balance sheets.

Organization - Additional Infor

Organization - Additional Information (Detail) $ in Billions	Sep. 30, 2015USD ($)	Dec. 31, 2018PropertyFacilityHospital	Mar. 31, 2020PropertyHospitalState	Dec. 31, 2019Property	Oct. 31, 2015shares
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Entity incorporation, date of incorporation			Jun. 8, 2010
Subscriptions received for common stock through reinvestment plan | $	$ 1.7
Sale of additional share of common stock | shares					20,000,000
Number of properties		70
Number of properties sold		63	7	61
Number of acute care hospitals | Hospital			2
MOB/Healthcare Portfolio
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of properties comprised in MOB sale			63
Healthcare Investment Portfolio
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of properties			74
Number of acute care hospitals | Hospital			2
Number of states | State			27
Number of seniors housing properties			71
Number of properties invested			3
Healthcare Investment Portfolio | Vacant Land Parcel
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of properties			1
U.S | MOB/Healthcare Portfolio
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of properties comprised in MOB sale		53
Number of post acute care facilities | Facility		5
Number of acute care hospitals | Hospital		5
Arkansas
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of skilled nursing facilities | Facility		6

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) - Subsidiary	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
VIEs
Summary Of Significant Accounting Policies [Line Items]
Number of subsidiaries	2	2

Revenue - Summary of Disaggrega

Revenue - Summary of Disaggregation of Revenue (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)Facility	Mar. 31, 2019USD ($)Facility
Disaggregation Of Revenue [Line Items]
Number of Units | Facility	6,080	6,080
Revenues	$ 73,622	$ 71,275
Percentage of Revenues	100.00%	100.00%
Independent Living
Disaggregation Of Revenue [Line Items]
Number of Units | Facility	2,261	2,261
Revenues	$ 19,300	$ 18,500
Percentage of Revenues	26.20%	25.90%
Assisted Living
Disaggregation Of Revenue [Line Items]
Number of Units | Facility	2,966	2,966
Revenues	$ 36,400	$ 35,000
Percentage of Revenues	49.50%	49.10%
Memory Care
Disaggregation Of Revenue [Line Items]
Number of Units | Facility	853	853
Revenues	$ 14,600	$ 14,400
Percentage of Revenues	19.80%	20.20%
Other Revenues
Disaggregation Of Revenue [Line Items]
Revenues	$ 3,300	$ 3,400
Percentage of Revenues	4.50%	4.80%

Real Estate Assets, Net - Sched

Real Estate Assets, Net - Schedule of Real Estate Investment Properties Excluding Assets Held For Sale (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Real Estate [Abstract]
Land and land improvements	$ 130,386	$ 130,371
Building and building improvements	1,479,704	1,478,111
Furniture, fixtures and equipment	86,651	85,977
Less: accumulated depreciation	(294,309)	(281,864)
Real estate investment properties, net	$ 1,402,432	$ 1,412,595

Real Estate Assets, Net - Addit

Real Estate Assets, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Real Estate Investment Properties
Real Estate Properties [Line Items]
Depreciation expense	$ 12.4	$ 12.2

Intangibles, net - Schedule of

Intangibles, net - Schedule of Net Book Value of Intangibles Excluding Assets Held for Sale (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Finite Lived Intangible Assets [Line Items]
Less: accumulated amortization	$ (2,822)	$ (81,893)
Intangible assets, net	1,121	1,220
In-place lease intangibles
Finite Lived Intangible Assets [Line Items]
Gross carrying amount, assets	$ 3,943	$ 83,113

Intangibles, net - Additional I

Intangibles, net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization expense on intangible assets	$ 0.1	$ 0.1

Assets and Associated Liabili_3

Assets and Associated Liabilities Held for Sale and Discontinued Operations - Additional Information (Detail) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2018Property	Mar. 31, 2020USD ($)PropertyHospital	Dec. 31, 2019Property
Long Lived Assets Held For Sale [Line Items]
Number of properties committed for sale		70
Number of properties held for sale		70	9
Number of other properties		7
Number of properties sold	63	7	61
Aggregate gains on sale of properties | $		$ 1.1
MOB/Healthcare Portfolio
Long Lived Assets Held For Sale [Line Items]
Number of properties comprised in MOB sale		63
Number of acute care sold | Hospital		2
Perennial Communities Sale Agreement
Long Lived Assets Held For Sale [Line Items]
Number of skilled nursing facilities		6
Number of properties sold		7
New Orleans Sale Agreement
Long Lived Assets Held For Sale [Line Items]
Number of properties sold		7

Assets and Associated Liabili_4

Assets and Associated Liabilities Held for Sale and Discontinued Operations - Schedule of Assets Classified as Held for Sale and Liabilities Associated with Those Assets Held for Sale (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Long Lived Assets Held For Sale [Line Items]
Real estate investment properties, net	$ 1,402,432	$ 1,412,595
Deferred rent and lease incentives	15,060	15,331
Other assets	24,183	27,049
Assets held for sale, net	30,417	111,894
Liabilities associated with assets held for sale	463	1,113
MOB/Healthcare Portfolio
Long Lived Assets Held For Sale [Line Items]
Real estate investment properties, net	25,981
Real estate held for sale, net		48,366
Intangibles, net	1,583	6,252
Deferred rent and lease incentives	1,813	3,158
Other assets	1,016	1,200
Restricted cash	24	118
Assets held for sale, net	30,417	59,094
Other liabilities	430	392
Accounts payable and accrued liabilities	33	34
Liabilities associated with assets held for sale	463	426
Real estate held for sale, net		48,366
Other
Long Lived Assets Held For Sale [Line Items]
Real estate held for sale, net		46,908
Intangibles, net		800
Deferred rent and lease incentives		4,952
Other assets		68
Restricted cash		72
Assets held for sale, net		52,800
Other liabilities		684
Accounts payable and accrued liabilities		3
Liabilities associated with assets held for sale		687
Real estate held for sale, net		46,908
Disposal Groups Held For Sale
Long Lived Assets Held For Sale [Line Items]
Real estate investment properties, net	25,981
Real estate held for sale, net		95,274
Intangibles, net	1,583	7,052
Deferred rent and lease incentives	1,813	8,110
Other assets	1,016	1,268
Restricted cash	24	190
Assets held for sale, net	30,417	111,894
Other liabilities	430	1,076
Accounts payable and accrued liabilities	33	37
Liabilities associated with assets held for sale	$ 463	1,113
Real estate held for sale, net		$ 95,274

Assets and Associated Liabili_5

Assets and Associated Liabilities Held for Sale and Discontinued Operations - Summary of Income (Loss) from Discontinued Operations (Detail) - MOB/Healthcare Portfolio - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Rental income and related revenues	$ 972	$ 29,596
Operating expenses:
Property operating expenses	6	6,862
General and administrative expenses	172	293
Total operating expenses	324	10,909
Operating income	648	18,687
Other income (expense):
Interest and other income	7	9
Interest expense and loan cost amortization		(8,202)
Total other income (expense)	7	(8,193)
Income before income taxes	655	10,494
Income tax expense	(3)	(20)
Income from discontinued operations	652	10,474
Asset Management Fees
Operating expenses:
Asset / Property management fees	138	2,996
Property Management Fees
Operating expenses:
Asset / Property management fees	$ 8	$ 758

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)Subsidiary	Dec. 31, 2019Subsidiary
Variable Interest Entity [Line Items]
Maximum exposure to loss VIEs limits | $	$ 14.4
VIEs
Variable Interest Entity [Line Items]
Number of subsidiaries	2	2
VIEs | Joint Ventures Real Estate Under Development Entities
Variable Interest Entity [Line Items]
Number of subsidiaries	2	2
VIEs | Real Estate Under Development Entities
Variable Interest Entity [Line Items]
Number of subsidiaries	1	1

Indebtedness - Additional Infor

Indebtedness - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Debt Instrument [Line Items]
Maximum allowable distributions as a percentage of adjusted FFO	95.00%
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, (viii) maximum unsecured indebtedness ratio, and (ix) limitations on certain types of investments and with respect to the pool of properties supporting borrowings under the credit facilities, minimum weighted average occupancy, and remaining lease terms, as well as property type, MSA, operator, and asset value concentration limits. The limitations on distributions generally 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.
Mortgage Loans | Primrose II Communities
Debt Instrument [Line Items]
Repayment of outstanding mortgage loan	$ 20.5
Maturity date	Jun. 1, 2020

Indebtedness - Schedule of Fair

Indebtedness - Schedule of Fair Market Value and Carrying Value of Indebtedness (Detail) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Mortgages and other notes payable, net
Debt Instrument [Line Items]
Fair Value	$ 362.2	$ 381.2
Carrying Value	352.8	375.9
Credit facilities
Debt Instrument [Line Items]
Fair Value	305	305
Carrying Value	$ 303.1	$ 303

Related Party Arrangements - Ad

Related Party Arrangements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Related Party Transaction [Line Items]
Cash distributions on restricted stock	$ 8,907	$ 20,246
Expense Support Agreements | Restricted Stock
Related Party Transaction [Line Items]
Cash distributions on restricted stock	$ 70	$ 200

Related Party Arrangements - Sc

Related Party Arrangements - Schedule of Fees, Reimbursable Expenses and Related Amounts Unpaid to Related Parties (Detail) - USD ($)		3 Months Ended
		Mar. 31, 2020		Mar. 31, 2019		Dec. 31, 2019
Related Party Transactions [Abstract]
Operating expenses	[1]	$ 668,000		$ 1,268,000
Total reimbursable expenses		668,000		1,268,000
Disposition fee	[2]	143,000
Financing coordination fees		0		201,000	[3]
Asset management fees		4,650,000		7,597,000
Total reimbursable expenses, net		5,461,000		9,066,000
Operating expenses, unpaid	[1],[4]	296,000		698,000
Total reimbursable expenses	[4]	296,000		698,000
Asset management fees, unpaid	[4]	1,508,000		1,577,000
Total related amount unpaid		$ 1,804,000	[4]	$ 2,275,000	[4]	$ 2,275,000
[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]	Amounts are recorded as a reduction to gain on sale of real estate in the accompanying condensed consolidated statements of operations.
[3]	There were no financing coordination fees for the three months ended March 31, 2020. For the three months ended March 31, 2019, the Company incurred approximately $0.2 million in financing coordination fees, which was capitalized and included in its investment in the Windsor Manor Joint Venture, which is recorded in other assets in the accompanying condensed consolidated balance sheets.
[4]	Amounts are recorded as due to related parties in the accompanying condensed consolidated balance sheets.

Related Party Arrangements - _2

Related Party Arrangements - Schedule of Fees, Reimbursable Expenses and Related Amounts Unpaid to Related Parties (Parenthetical) (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Related Party Transactions [Abstract]
Financing coordination fees	$ 0	$ 201,000	[1]
[1]	There were no financing coordination fees for the three months ended March 31, 2020. For the three months ended March 31, 2019, the Company incurred approximately $0.2 million in financing coordination fees, which was capitalized and included in its investment in the Windsor Manor Joint Venture, which is recorded in other assets in the accompanying condensed consolidated balance sheets.

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Equity [Abstract]
Cash distribution declared	$ 8,906	$ 20,246

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income tax expense	$ 553	$ 655
Current income tax expense	200	200
Income tax expense, a decrease in deferred tax asset	$ 400	$ 500

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) shares in Millions	3 Months Ended
	Mar. 31, 2020USD ($)Agreementshares
Commitments And Contingencies [Line Items]
Number of promoted interest agreements	6
Number of promoted interest agreements not met established performance metrics	5
Number of promoted interest agreements met established performance metrics	1
Company accrued interest to holder's | $	$ 0
Advisor Expense Support Agreement | Restricted Stock
Commitments And Contingencies [Line Items]
Contingently issuable restricted stock shares | shares	1.3

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2020	Mar. 31, 2019
Subsequent Event [Line Items]
Loan borrowing		$ 5,000
Revolving Credit Facility | Subsequent Event
Subsequent Event [Line Items]
Loan borrowing	$ 40,000