CNL Healthcare Properties (CHTH) 10-Q 13 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 13, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
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		Jun. 30, 2020	Dec. 31, 2019
ASSETS
Real estate investment properties, net (including VIEs $44,590 and $45,329, respectively)		$ 1,391,537	$ 1,412,595
Cash and cash equivalents (including VIEs $575 and $1,024, respectively)		143,856	42,350
Assets held for sale, net		30,704	111,894
Other assets (including VIEs $504 and $577, respectively)		29,033	27,049
Deferred rent and lease incentives		14,398	15,331
Restricted cash (including VIEs $105 and $76, respectively)		6,172	5,997
Intangibles, net		1,023	1,220
Total assets		1,616,723	1,616,436
Liabilities:
Mortgages and other notes payable, net (including VIEs $29,183 and $29,148, respectively)		350,191	375,928
Credit facilities		343,187	302,950
Accounts payable and accrued liabilities (including VIEs $900 and $1,286, respectively)		23,532	24,530
Other liabilities (including VIEs $269 and $219, respectively)		8,939	8,609
Due to related parties	[1]	1,747	2,275
Liabilities associated with assets held for sale		900	1,113
Total liabilities		728,496	715,405
Commitments and contingencies (Note 12)
Redeemable noncontrolling interest		544	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		125,793	120,831
Accumulated distributions		(758,052)	(740,239)
Accumulated other comprehensive loss		(41)	(36)
Total stockholders' equity		886,366	899,222
Noncontrolling interest		1,317	1,251
Total equity		888,227	901,031
Total liabilities and equity		$ 1,616,723	$ 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	Jun. 30, 2020	Dec. 31, 2019
Real estate investment properties, net	$ 1,391,537	$ 1,412,595
Cash	143,856	42,350
Other assets	29,033	27,049
Restricted cash	6,172	5,997
Mortgages and other notes payable, net	350,191	375,928
Accounts payable and accrued liabilities	23,532	24,530
Other liabilities	$ 8,939	$ 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	$ 44,590	$ 45,329
Cash	575	1,024
Other assets	504	577
Restricted cash	105	76
Mortgages and other notes payable, net	29,183	29,148
Accounts payable and accrued liabilities	900	1,286
Other liabilities	$ 269	$ 219

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Rental income and related revenues	$ 6,418	$ 8,259	$ 14,166	$ 17,182
Resident fees and services	$ 71,577	$ 71,888	$ 145,199	$ 143,163
Type of revenue [extensible list]	us-gaap:HealthCareResidentServiceMember	us-gaap:HealthCareResidentServiceMember	us-gaap:HealthCareResidentServiceMember	us-gaap:HealthCareResidentServiceMember
Total revenues	$ 77,995	$ 80,147	$ 159,365	$ 160,345
Operating expenses:
Property operating expenses	48,551	46,568	96,793	92,583
General and administrative expenses	2,592	5,225	4,685	8,184
Financing coordination fees		1,878		1,878
Depreciation and amortization	12,454	12,347	24,998	24,681
Total operating expenses	71,348	74,017	142,267	143,386
Gain on sale of real estate		228	1,074	228
Operating income	6,647	6,358	18,172	17,187
Other income (expense):
Interest and other income	101	593	125	1,046
Interest expense and loan cost amortization	(6,108)	(11,359)	(13,184)	(22,648)
Equity in earnings of unconsolidated entity	200	98	406	194
Total other expense	(5,807)	(10,668)	(12,653)	(21,408)
Income (loss) before income taxes	840	(4,310)	5,519	(4,221)
Income tax expense	(764)	(533)	(1,317)	(1,188)
Income (loss) from continuing operations	76	(4,843)	4,202	(5,409)
Income from discontinued operations	170	333,370	822	343,844
Net income	246	328,527	5,024	338,435
Less: Amounts attributable to noncontrolling interests
Net income (loss) from continuing operations	26	(2)	62	(2)
Net income from discontinued operations		257		265
Net income attributable to common stockholders	$ 220	$ 328,272	$ 4,962	$ 338,172
Net income (loss) per share of common stock (basic and diluted)
Continuing operations	$ 0	$ (0.03)	$ 0.03	$ (0.03)
Discontinued operations	$ 0	$ 1.92	$ 0	$ 1.98
Weighted average number of shares of common stock outstanding (basic and diluted)	173,960	173,963	173,960	173,963
Asset Management Fees
Operating expenses:
Asset /Property management fees	$ 4,415	$ 4,589	$ 8,927	$ 9,182
Property Management Fees
Operating expenses:
Asset /Property management fees	$ 3,336	$ 3,410	$ 6,864	$ 6,878

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 246	$ 328,527	$ 5,024	$ 338,435
Other comprehensive income (loss):
Unrealized gain (loss) on derivative financial instruments, net	5	(130)	9	(1,036)
Reclassification of interest rate swaps upon derecognition		(509)		(509)
Reclassification of interest rate caps upon derecognition		265		265
Unrealized (loss) gain on derivative financial instruments of equity method investments		(2)	(14)	12
Total other comprehensive income (loss)	5	(376)	(5)	(1,268)
Comprehensive income	251	328,151	5,019	337,167
Less: Comprehensive income attributable to noncontrolling interest	26	255	62	263
Comprehensive income attributable to common stockholders	$ 225	$ 327,896	$ 4,957	$ 336,904

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND REDEEMABLE NONCONTROLLING INTEREST (UNAUDITED) - USD ($) $ in Thousands	Total	Adoption of ASC 848	Redeemable Noncontrolling Interest	Common Stock	Capital in Excess of Par Value	Accumulated Income (Loss)	Accumulated Income (Loss)Adoption of ASC 848	Accumulated Distributions	Accumulated Other Comprehensive Income (Loss)	Total Stockholders' Equity	Total Stockholders' EquityAdoption of ASC 848	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				173,963,000
Adoption of Lease ASU (refer to Note 2) (2020-04) at Dec. 31, 2018		$ 3,182					$ 3,182				$ 3,182
Net income (loss)	338,435		8			338,172				338,172		255
Other comprehensive income (loss)	(1,268)								(1,268)	(1,268)
Distributions to holders of promoted interest	406				406					406
Distributions to noncontrolling interests	(530)											(530)
Cash distributions declared	(377,078)							(377,078)		(377,078)
Contributions from noncontrolling interests	591											591
Balance at Jun. 30, 2019	905,664		587	$ 1,740	1,516,949	107,507		(722,425)	(91)	903,680		1,397
Ending Balance (in shares) at Jun. 30, 2019				173,963,000
Balance at Mar. 31, 2019	934,344		574	$ 1,740	1,516,949	(220,765)		(365,593)	285	932,616		1,154
Beginning Balance (in shares) at Mar. 31, 2019				173,963,000
Net income (loss)	328,527		13			328,272				328,272		242
Other comprehensive income (loss)	(376)								(376)	(376)
Distributions to noncontrolling interests	(530)											(530)
Cash distributions declared	(356,832)							(356,832)		(356,832)
Contributions from noncontrolling interests	531											531
Balance at Jun. 30, 2019	905,664		587	$ 1,740	1,516,949	107,507		(722,425)	(91)	903,680		1,397
Ending Balance (in shares) at Jun. 30, 2019				173,963,000
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	173,960,000			173,960,000
Net income (loss)	$ 5,024		16			4,962				4,962		46
Other comprehensive income (loss)	(5)								(5)	(5)
Distributions to noncontrolling interests	(85)		(30)									(55)
Cash distributions declared	(17,813)							(17,813)		(17,813)
Contributions from noncontrolling interests	75											75
Balance at Jun. 30, 2020	$ 888,227		544	$ 1,740	1,516,926	125,793		(758,052)	(41)	886,366		1,317
Ending Balance (in shares) at Jun. 30, 2020	173,960,000			173,960,000
Balance at Mar. 31, 2020	$ 896,873		549	$ 1,740	1,516,926	125,573		(749,145)	(46)	895,048		1,276
Beginning Balance (in shares) at Mar. 31, 2020				173,960,000
Net income (loss)	246		5			220				220		21
Other comprehensive income (loss)	5								5	5
Distributions to noncontrolling interests	(65)		(10)									(55)
Cash distributions declared	(8,907)							(8,907)		(8,907)
Contributions from noncontrolling interests	75											75
Balance at Jun. 30, 2020	$ 888,227		$ 544	$ 1,740	$ 1,516,926	$ 125,793		$ (758,052)	$ (41)	$ 886,366		$ 1,317
Ending Balance (in shares) at Jun. 30, 2020	173,960,000			173,960,000

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND REDEEMABLE NONCONTROLLING INTEREST (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement Of Stockholders Equity [Abstract]
Cash distributions, declared per share	$ 0.05120	$ 2.0512	$ 0.1024	$ 2.16759

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating activities:
Net cash flows provided by operating activities – continuing operations	$ 30,792	$ 23,084
Net cash flows provided by operating activities – discontinued operations	1,219	13,906
Net cash flows provided by operating activities	32,011	36,990
Investing activities:
Proceeds from sale of real estate	53,712	246
Capital expenditures	(3,734)	(2,025)
Investment in short term securities	(4,997)
Other investing activities		956
Net cash provided by (used in) investing activities – continuing operations	44,981	(823)
Capital expenditures		(1,674)
Proceeds from sale of real estate	28,398	1,312,479
Other investing activities		(801)
Net cash provided by investing activities – discontinued operations	28,398	1,310,004
Net cash provided by investing activities	73,379	1,309,181
Financing activities:
Distributions to stockholders, net of distribution reinvestments	(17,813)	(377,078)
Draws under credit facilities	40,000	25,000
Payment of loan costs	(40)	(6,015)
Proceeds from mortgages and other notes payable		178
Principal payments on mortgages and other notes payable	(26,065)	(558,156)
Repayments on credit facilities		(434,125)
Other financing activities	43	(730)
Net cash flows used in by financing activities	(3,875)	(1,350,926)
Net increase (decrease) in cash and restricted cash	101,515	(4,755)
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	$ 150,052	$ 60,746

Organization

Organization	6 Months Ended
	Jun. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	CNL HEALTHCARE PROPERTIES, INC. AND SUBSIDIARIES SIX MONTHS ENDED JUNE 30, 2020 (UNAUDITED) 1. Organization 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 six months ended June 30, 2020, the Company sold seven additional properties. As of June 30, 2020, the Company had two remaining acute care properties classified as held for sale. 1. Organization (continued) As of June 30, 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	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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. 2. Summary of Significant Accounting Policies (continued) 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. Impact of Recent Accounting Pronouncements - In Q1 2020, the Financial Accounting Standards Board issued ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the six months ended June 30, 2020, the Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In April 2020, the FASB issued a Staff Question-and-Answer (“Q&A”) to clarify whether lease concessions related to the effects of COVID-19 require the application of the lease modification guidance under the new lease standard, which we adopted on January 1, 2019. Under the new leasing standard, an entity would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant, which would be accounted for under the lease modification framework, or if the lease concession was under the enforceable rights and obligations that existed in the original lease, which would be accounted for outside the lease modification framework. The Q&A provides entities with the option to elect to account for lease concessions as though the enforceable rights and obligations existed in the original lease as long as the total cash flows from the modified lease are substantially similar to the cash flows in the original lease. We have elected this option and therefore, to the extent that rent concession is granted as a deferral of payments but total payments are substantially the same, we will account for the concession as if no change has been made to the original lease.

Revenue

Revenue	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 $ 37.4 $ 37.0 25.7 % 25.8 % Assisted living 2,966 2,966 72.0 69.6 49.6 % 48.6 % Memory care 853 853 28.7 29.7 19.8 % 20.8 % Other revenues ― ― 7.1 6.9 4.9 % 4.8 % 6,080 6,080 $ 145.2 $ 143.2 100.0 % 100.0 %

Real Estate Assets, net

Real Estate Assets, net	6 Months Ended
	Jun. 30, 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 June 30, 2020 and December 31, 2019 are as follows, excluding assets held for sale (in thousands): June 30, December 31, 2020 2019 Land and land improvements $ 130,407 $ 130,371 Building and building improvements 1,480,438 1,478,111 Furniture, fixtures and equipment 87,356 85,977 Less: accumulated depreciation (306,664 ) (281,864 ) Real estate investment properties, net $ 1,391,537 $ 1,412,595 Depreciation expense on the Company’s real estate investment properties, net was approximately $12.4 million and $24.8 million for the quarter and six months ended June 30, 2020, respectively, and approximately $12.2 million and $24.5 million for the quarter and six months ended June 30, 2019, respectively.

Intangibles, net

Intangibles, net	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019 are as follows (in thousands): As of June 30, December 31, 2020 2019 In-place lease intangibles $ 3,943 $ 83,113 Less: accumulated amortization (2,920 ) (81,893 ) Intangible assets, net $ 1,023 $ 1,220 For the quarter and six months ended June 30, 2020 and 2019, amortization on the Company’s intangible assets was approximately $0.1 million and $0.2 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	6 Months Ended
	Jun. 30, 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, during 2018, the Company 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 six months ended June 30, 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 June 30, 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 June 30, 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 1,303 ― 1,303 Restricted cash 24 ― 24 Assets held for sale, net $ 30,704 $ ― $ 30,704 Other liabilities $ 504 $ ― $ 504 Accounts payable and accrued liabilities 396 ― 396 Liabilities associated with assets held for sale $ 900 $ ― $ 900 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 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, 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 quarter and six months ended June 30, 2020 and 2019 (in thousands): Quarter Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Revenues: Rental income and related revenues $ 653 $ 14,997 $ 1,625 $ 44,593 Operating expenses: Property operating expenses 338 4,192 344 11,054 General and administrative expenses 33 256 205 549 Asset management fees 99 1,508 237 4,504 Property management fees 8 482 16 1,240 Total operating expenses 478 6,438 802 17,347 Gain on sale of real estate ― 331,663 ― 331,663 Operating income 175 340,222 823 358,909 Other income (expense): Interest and other income ― 2 7 11 Interest expense and loan cost amortization (1)(2) ― (6,629) ― (14,831) Total other income (expense) ― (6,627) 7 (14,820) Income before income taxes 175 333,595 830 344,089 Income tax expense (5) (225) (8) (245) Income from discontinued operations $ 170 $ 333,370 $ 822 $ 343,844 FOOTNOTES: (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 that 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. (2) In connection the IRF Sale and the MOB Sale, the Company wrote off approximately $3.3 million in unamortized loan costs as a loss on the early extinguishment of debt, which is included in interest expense and loan cost amortization herein for the quarter and six months ended June 30, 2019.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Variable Interest Entities	7 . Variable Interest Entities As of June 30, 2020 and December 31, 2019, the Company had two subsidiaries classified as VIEs. These s

Indebtedness

Indebtedness	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Indebtedness	8. Indebtedness During the six months ended June 30, 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. In addition, 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. The following table provides the details of the fair market value and carrying value of the Company’s indebtedness as of June 30, 2020 and December 31, 2019 (in millions): June 30, 2020 December 31, 2019 Fair Value Carrying Value Fair Value Carrying Value Mortgages and other notes payable, net $ 354.9 $ 350.2 $ 381.2 $ 375.9 Credit facilities $ 345.0 $ 343.2 $ 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 June 30, 2020 and December 31, 2019 because of the relatively short maturities of the obligations. All of the Company’s mortgage 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 June 30, 2020, the Company was in compliance with all financial covenants.

Related Party Arrangements

Related Party Arrangements	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Related Party Arrangements	9. Related Party Arrangements During the quarter and six months ended June 30, 2020, the Company paid approximately $0.07 million and $0.14 million, respectively, of cash distributions on restricted stock issued through March 2017 pursuant to the Advisor expense support agreement. During the quarter and six months ended June 30, 2019, the Company paid approximately $2.7 million and $2.9 million, respectively, of cash distributions on restricted stock issued pursuant to the Advisor expense support agreement, which included a special cash distribution in May 2019 funded with sales proceeds from the sale of real estate. These amounts have been recognized as compensation expense and included in general and administrative expenses in the accompanying condensed consolidated statements of operations. In May 2020, the Company’s board of directors approved the renewal of its advisory agreement with the Advisor through June 2021. The expenses and fees incurred by and reimbursable to the Company’s related parties, including amounts included in income from discontinued operations, for the quarter and six months ended June 30, 2020 and 2019, and related amounts unpaid as of June 30, 2020 and December 31, 2019 are as follows (in thousands): Quarter Ended Six Months Ended Unpaid amounts as of (1) June 30, June 30, June 30, December 31, 2020 2019 2020 2019 2020 2019 Reimbursable expenses: Operating expenses (2) $ 1,062 $ 1,472 $ 1,730 $ 2,739 $ 243 $ 698 1,062 1,472 1,730 2,739 243 698 Disposition fee (3) ― 2,957 143 2,957 ― ― Financing coordination fees (4) ― 5,150 ― 5,351 ― ― Asset management fees 4,513 6,088 9,163 13,685 1,504 1,577 $ 5,575 $ 15,667 $ 11,036 $ 24,732 $ 1,747 $ 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 quarter and six months ended June 30, 2020. For the quarter and six months ended June 30, 2019, Company incurred financing coordination fees of approximately $5.2 million and $5.4 million, respectively, primarily related to the 2019 Credit Facilities of which approximately $3.3 million and $3.5 million were capitalized in the accompanying condensed consolidated balance sheets.

Equity

Equity	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Equity	10. Equity Stockholders’ Equity: Distributions — During the quarter and six months ended June 30, 2020, the Company declared cash distributions of approximately $8.9 million and $17.8 million, respectively. During the quarter and six months ended June 30, 2019, the Company declared cash distributions of approximately $356.8 million and $377.1 million, respectively, which included a special cash distribution of $347.9 million funded in May 2019 with proceeds from the sale of real estate.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	11. Income Taxes The accompanying condensed consolidated financial statements include an interim tax provision for the quarter and six months ended June 30, 2020 and 2019. The Company recorded a total provision for income taxes of approximately $0.8 million and $1.3 million for the quarter and six months ended June 30, 2020, respectively, and $0.5 million and $1.2 million for the quarter and six months ended June 30, 2019, respectively. Of the total provision for income taxes for the quarter and six months ended June 30, 2020, approximately $0.2 million and $0.3 million, respectively, represents current income tax expense, and approximately $0.6 million and $1.0 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. Of the total provision for income taxes for the quarter and six months ended June 30, 2019, approximately $0.2 million and $0.3 million, respectively, represented current income tax expense, and approximately $0.3 million and $0.9 million, respectively, represented 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. 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	6 Months Ended
	Jun. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	1 2 . 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 June 30, 2020, one property had met its established performance metrics, but no promoted interest obligation was currently owed pursuant to the distribution calculation. For the remaining five promoted interest agreements, the established performance metrics were not met nor probable of being met as of June 30, 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. In March 2020, the World Health Organization declared the outbreak of COVID-19 as a pandemic. has impacted various parts of the Company’s operations and financial results, including but not limited to, loss of revenue from reductions in occupancy levels and the incurrence of additional costs for emergency preparedness, disease control and containment and additional labor costs of healthcare personnel. 12. Commitments and Contingencies (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)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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. Impact of Recent Accounting Pronouncements - In Q1 2020, the Financial Accounting Standards Board issued ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the six months ended June 30, 2020, the Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In April 2020, the FASB issued a Staff Question-and-Answer (“Q&A”) to clarify whether lease concessions related to the effects of COVID-19 require the application of the lease modification guidance under the new lease standard, which we adopted on January 1, 2019. Under the new leasing standard, an entity would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant, which would be accounted for under the lease modification framework, or if the lease concession was under the enforceable rights and obligations that existed in the original lease, which would be accounted for outside the lease modification framework. The Q&A provides entities with the option to elect to account for lease concessions as though the enforceable rights and obligations existed in the original lease as long as the total cash flows from the modified lease are substantially similar to the cash flows in the original lease. We have elected this option and therefore, to the extent that rent concession is granted as a deferral of payments but total payments are substantially the same, we will account for the concession as if no change has been made to the original lease.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 $ 37.4 $ 37.0 25.7 % 25.8 % Assisted living 2,966 2,966 72.0 69.6 49.6 % 48.6 % Memory care 853 853 28.7 29.7 19.8 % 20.8 % Other revenues ― ― 7.1 6.9 4.9 % 4.8 % 6,080 6,080 $ 145.2 $ 143.2 100.0 % 100.0 %

Real Estate Assets, net (Tables

Real Estate Assets, net (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2020 and December 31, 2019 are as follows, excluding assets held for sale (in thousands): June 30, December 31, 2020 2019 Land and land improvements $ 130,407 $ 130,371 Building and building improvements 1,480,438 1,478,111 Furniture, fixtures and equipment 87,356 85,977 Less: accumulated depreciation (306,664 ) (281,864 ) Real estate investment properties, net $ 1,391,537 $ 1,412,595

Intangibles, net (Tables)

Intangibles, net (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2020 and December 31, 2019 are as follows (in thousands): As of June 30, December 31, 2020 2019 In-place lease intangibles $ 3,943 $ 83,113 Less: accumulated amortization (2,920 ) (81,893 ) Intangible assets, net $ 1,023 $ 1,220

Assets and Associated Liabili_2

Assets and Associated Liabilities Held For Sale and Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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 1,303 ― 1,303 Restricted cash 24 ― 24 Assets held for sale, net $ 30,704 $ ― $ 30,704 Other liabilities $ 504 $ ― $ 504 Accounts payable and accrued liabilities 396 ― 396 Liabilities associated with assets held for sale $ 900 $ ― $ 900 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 quarter and six months ended June 30, 2020 and 2019 (in thousands): Quarter Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Revenues: Rental income and related revenues $ 653 $ 14,997 $ 1,625 $ 44,593 Operating expenses: Property operating expenses 338 4,192 344 11,054 General and administrative expenses 33 256 205 549 Asset management fees 99 1,508 237 4,504 Property management fees 8 482 16 1,240 Total operating expenses 478 6,438 802 17,347 Gain on sale of real estate ― 331,663 ― 331,663 Operating income 175 340,222 823 358,909 Other income (expense): Interest and other income ― 2 7 11 Interest expense and loan cost amortization (1)(2) ― (6,629) ― (14,831) Total other income (expense) ― (6,627) 7 (14,820) Income before income taxes 175 333,595 830 344,089 Income tax expense (5) (225) (8) (245) Income from discontinued operations $ 170 $ 333,370 $ 822 $ 343,844 FOOTNOTES: (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 that 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. (2) In connection the IRF Sale and the MOB Sale, the Company wrote off approximately $3.3 million in unamortized loan costs as a loss on the early extinguishment of debt, which is included in interest expense and loan cost amortization herein for the quarter and six months ended June 30, 2019.

Indebtedness (Tables)

Indebtedness (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2020 and December 31, 2019 (in millions): June 30, 2020 December 31, 2019 Fair Value Carrying Value Fair Value Carrying Value Mortgages and other notes payable, net $ 354.9 $ 350.2 $ 381.2 $ 375.9 Credit facilities $ 345.0 $ 343.2 $ 305.0 $ 303.0

Related Party Arrangements (Tab

Related Party Arrangements (Tables)	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Schedule of Fees, Reimbursable Expenses and Related Amounts Unpaid to Related Parties	In May 2020, the Company’s board of directors approved the renewal of its advisory agreement with the Advisor through June 2021. The expenses and fees incurred by and reimbursable to the Company’s related parties, including amounts included in income from discontinued operations, for the quarter and six months ended June 30, 2020 and 2019, and related amounts unpaid as of June 30, 2020 and December 31, 2019 are as follows (in thousands): Quarter Ended Six Months Ended Unpaid amounts as of (1) June 30, June 30, June 30, December 31, 2020 2019 2020 2019 2020 2019 Reimbursable expenses: Operating expenses (2) $ 1,062 $ 1,472 $ 1,730 $ 2,739 $ 243 $ 698 1,062 1,472 1,730 2,739 243 698 Disposition fee (3) ― 2,957 143 2,957 ― ― Financing coordination fees (4) ― 5,150 ― 5,351 ― ― Asset management fees 4,513 6,088 9,163 13,685 1,504 1,577 $ 5,575 $ 15,667 $ 11,036 $ 24,732 $ 1,747 $ 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.

Organization - Additional Infor

Organization - Additional Information (Detail) $ in Billions	Sep. 30, 2015USD ($)	Dec. 31, 2018PropertyFacilityHospital	Jun. 30, 2020PropertyHospitalState	Dec. 31, 2019Property	Dec. 31, 2018Property	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)	6 Months Ended
	Jun. 30, 2020Subsidiary
VIEs
Summary Of Significant Accounting Policies [Line Items]
Number of subsidiaries	2

Revenue - Summary of Disaggrega

Revenue - Summary of Disaggregation of Revenue (Detail) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)Facility	Jun. 30, 2019USD ($)Facility
Disaggregation Of Revenue [Line Items]
Number of Units | Facility			6,080	6,080
Resident fees and services	$ 71,577	$ 71,888	$ 145,199	$ 143,163
Percentage of Revenues			100.00%	100.00%
Independent Living
Disaggregation Of Revenue [Line Items]
Number of Units | Facility			2,261	2,261
Resident fees and services			$ 37,400	$ 37,000
Percentage of Revenues			25.70%	25.80%
Assisted Living
Disaggregation Of Revenue [Line Items]
Number of Units | Facility			2,966	2,966
Resident fees and services			$ 72,000	$ 69,600
Percentage of Revenues			49.60%	48.60%
Memory Care
Disaggregation Of Revenue [Line Items]
Number of Units | Facility			853	853
Resident fees and services			$ 28,700	$ 29,700
Percentage of Revenues			19.80%	20.80%
Other Revenues
Disaggregation Of Revenue [Line Items]
Resident fees and services			$ 7,100	$ 6,900
Percentage of Revenues			4.90%	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	Jun. 30, 2020	Dec. 31, 2019
Real Estate [Abstract]
Land and land improvements	$ 130,407	$ 130,371
Building and building improvements	1,480,438	1,478,111
Furniture, fixtures and equipment	87,356	85,977
Less: accumulated depreciation	(306,664)	(281,864)
Real estate investment properties, net	$ 1,391,537	$ 1,412,595

Real Estate Assets, Net - Addit

Real Estate Assets, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Real Estate Investment Properties
Real Estate Properties [Line Items]
Depreciation expense	$ 12.4	$ 12.2	$ 24.8	$ 24.5

Intangibles, net - Schedule of

Intangibles, net - Schedule of Net Book Value of Intangibles Excluding Assets Held for Sale (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Finite Lived Intangible Assets [Line Items]
Less: accumulated amortization	$ (2,920)	$ (81,893)
Intangible assets, net	1,023	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	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization expense on intangible assets	$ 0.1	$ 0.2

Assets and Associated Liabili_3

Assets and Associated Liabilities Held for Sale and Discontinued Operations - Additional Information (Detail) $ in Millions	1 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2018Property	Jun. 30, 2020USD ($)PropertyHospital	Dec. 31, 2019Property	Dec. 31, 2018Property
Long Lived Assets Held For Sale [Line Items]
Number of properties committed for sale				70
Number of properties held for sale			9	70
Number of other properties				7
Number of properties sold	63	7	61
Aggregate gains on sale of properties | $		$ 1.1
Number of properties owned, discontinued operations		63
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	Jun. 30, 2020	Dec. 31, 2019
Long Lived Assets Held For Sale [Line Items]
Real estate investment properties, net	$ 1,391,537	$ 1,412,595
Deferred rent and lease incentives	14,398	15,331
Other assets	29,033	27,049
Assets held for sale, net	30,704	111,894
Liabilities associated with assets held for sale	900	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	1,303	1,200
Restricted cash	24	118
Assets held for sale, net	30,704	59,094
Other liabilities	504	392
Accounts payable and accrued liabilities	396	34
Liabilities associated with assets held for sale	900	426
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
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	1,303	1,268
Restricted cash	24	190
Assets held for sale, net	30,704	111,894
Other liabilities	504	1,076
Accounts payable and accrued liabilities	396	37
Liabilities associated with assets held for sale	$ 900	$ 1,113

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		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Rental income and related revenues		$ 653	$ 14,997	$ 1,625	$ 44,593
Operating expenses:
Property operating expenses		338	4,192	344	11,054
General and administrative expenses		33	256	205	549
Total operating expenses		478	6,438	802	17,347
Gain on sale of real estate			331,663		331,663
Operating income		175	340,222	823	358,909
Other income (expense):
Interest and other income			2	7	11
Interest expense and loan cost amortization	[1],[2]		(6,629)		(14,831)
Total other income (expense)			(6,627)	7	(14,820)
Income before income taxes		175	333,595	830	344,089
Income tax expense		(5)	(225)	(8)	(245)
Income from discontinued operations		170	333,370	822	343,844
Asset Management Fees
Operating expenses:
Asset / Property management fees		99	1,508	237	4,504
Property Management Fees
Operating expenses:
Asset / Property management fees		$ 8	$ 482	$ 16	$ 1,240
[1]	In connection the IRF Sale and the MOB Sale, the Company wrote off approximately $3.3 million in unamortized loan costs as a loss on the early extinguishment of debt, which is included in interest expense and loan cost amortization herein for the quarter and six months ended June 30, 2019.
[2]	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 that 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.

Assets and Associated Liabili_6

Assets and Associated Liabilities Held for Sale and Discontinued Operations - Summary of Income (Loss) from Discontinued Operations (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Discontinued Operations And Disposal Groups [Abstract]
Unamortized loan costs written-off	$ 3.3	$ 3.3

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)Subsidiary	Dec. 31, 2019
Variable Interest Entity [Line Items]
Maximum exposure to loss VIEs limits | $	$ 13.5
VIEs
Variable Interest Entity [Line Items]
Number of subsidiaries | Subsidiary	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) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Apr. 30, 2020	Jun. 30, 2020	Jun. 30, 2019
Debt Instrument [Line Items]
Loan borrowing		$ 40,000	$ 25,000
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.
Revolving Credit Facility
Debt Instrument [Line Items]
Loan borrowing	$ 40,000
Mortgage Loans | Primrose II Communities
Debt Instrument [Line Items]
Repayment of outstanding mortgage loan		$ 20,500
Maturity date		Jun. 1, 2020

Indebtedness - Schedule of Fair

Indebtedness - Schedule of Fair Market Value and Carrying Value of Indebtedness (Detail) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Mortgages and other notes payable, net
Debt Instrument [Line Items]
Fair Value	$ 354.9	$ 381.2
Carrying Value	350.2	375.9
Credit facilities
Debt Instrument [Line Items]
Fair Value	345	305
Carrying Value	$ 343.2	$ 303

Related Party Arrangements - Ad

Related Party Arrangements - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	May 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Related Party Transaction [Line Items]
Cash distributions on restricted stock	$ 347,900			$ 17,813	$ 377,078
Expense Support Agreements | Restricted Stock
Related Party Transaction [Line Items]
Cash distributions on restricted stock		$ 70	$ 2,700	$ 140	$ 2,900

Related Party Arrangements - Sc

Related Party Arrangements - Schedule of Fees, Reimbursable Expenses and Related Amounts Unpaid to Related Parties (Detail) - USD ($)		3 Months Ended			6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019		Jun. 30, 2020	Jun. 30, 2019		Dec. 31, 2019
Related Party Transactions [Abstract]
Operating expenses	[1]	$ 1,062,000	$ 1,472,000		$ 1,730,000	$ 2,739,000
Total reimbursable expenses		1,062,000	1,472,000		1,730,000	2,739,000
Disposition fee	[2]		2,957,000		143,000	2,957,000
Financing coordination fees		0	5,150,000	[3]	0	5,351,000	[3]
Asset management fees		4,513,000	6,088,000		9,163,000	13,685,000
Total reimbursable expenses, net		5,575,000	$ 15,667,000		11,036,000	$ 24,732,000
Operating expenses, unpaid	[1],[4]	243,000			243,000			$ 698,000
Total reimbursable expenses	[4]	243,000			243,000			698,000
Asset management fees, unpaid	[4]	1,504,000			1,504,000			1,577,000
Total related amount unpaid	[4]	$ 1,747,000			$ 1,747,000			$ 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 quarter and six months ended June 30, 2020. For the quarter and six months ended June 30, 2019, Company incurred financing coordination fees of approximately $5.2 million and $5.4 million, respectively, primarily related to the 2019 Credit Facilities of which approximately $3.3 million and $3.5 million were capitalized 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			6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019		Jun. 30, 2020	Jun. 30, 2019
Related Party Transactions [Abstract]
Financing coordination fees	$ 0	$ 5,150,000	[1]	$ 0	$ 5,351,000	[1]
Loan costs capitalized		$ 3,300,000			$ 3,500,000
[1]	There were no financing coordination fees for the quarter and six months ended June 30, 2020. For the quarter and six months ended June 30, 2019, Company incurred financing coordination fees of approximately $5.2 million and $5.4 million, respectively, primarily related to the 2019 Credit Facilities of which approximately $3.3 million and $3.5 million were capitalized in the accompanying condensed consolidated balance sheets.

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	May 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Equity [Abstract]
Cash distribution declared		$ 8,907	$ 356,832	$ 17,813	$ 377,078
Cash paid to stockholders	$ 347,900			$ 17,813	$ 377,078

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income tax expense	$ 764	$ 533	$ 1,317	$ 1,188
Current income tax expense	200	200	300	300
Income tax expense, a decrease in deferred tax asset	$ 600	$ 300	$ 1,000	$ 900

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) shares in Millions	6 Months Ended
	Jun. 30, 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