CNL Healthcare Properties (CHTH) 10-Q 12 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Nov. 05, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
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		Sep. 30, 2020	Dec. 31, 2019
ASSETS
Real estate investment properties, net (including VIEs $44,236 and $45,329, respectively)		$ 1,399,090	$ 1,432,655
Cash and cash equivalents (including VIEs $486 and $1,024, respectively)		69,941	42,350
Other assets (including VIEs $561 and $577, respectively)		27,621	28,242
Deferred rent and lease incentives		15,719	17,144
Assets held for sale, net		7,527	88,804
Restricted cash (including VIEs $110 and $76, respectively)		6,831	6,021
Intangibles, net		924	1,220
Total assets		1,527,653	1,616,436
Liabilities:
Mortgages and other notes payable, net (including VIEs $29,120 and $29,148, respectively)		347,415	375,928
Credit facilities		263,305	302,950
Accounts payable and accrued liabilities (including VIEs $1,213 and $1,286, respectively)		29,129	24,560
Other liabilities (including VIEs $252 and $219, respectively)		8,200	9,001
Due to related parties	[1]	1,934	2,275
Liabilities associated with assets held for sale		93	691
Total liabilities		650,076	715,405
Commitments and contingencies (Note 12)
Redeemable noncontrolling interest		556	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 shares issued and 173,960 shares outstanding		1,740	1,740
Capital in excess of par value		1,516,926	1,516,926
Accumulated income		124,055	120,831
Accumulated distributions		(766,959)	(740,239)
Accumulated other comprehensive loss		(52)	(36)
Total stockholders' equity		875,710	899,222
Noncontrolling interest		1,311	1,251
Total equity		877,577	901,031
Total liabilities and equity		$ 1,527,653	$ 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	Sep. 30, 2020	Dec. 31, 2019
Real estate investment properties, net (including VIEs $44,236 and $45,329, respectively)	$ 1,399,090	$ 1,432,655
Cash and cash equivalents (including VIEs $486 and $1,024, respectively)	69,941	42,350
Other assets (including VIEs $561 and $577, respectively)	27,621	28,242
Restricted cash (including VIEs $110 and $76, respectively)	6,831	6,021
Mortgages and other notes payable, net (including VIEs $29,120 and $29,148, respectively)	347,415	375,928
Accounts payable and accrued liabilities (including VIEs $1,213 and $1,286, respectively)	29,129	24,560
Other liabilities (including VIEs $252 and $219, respectively)	$ 8,200	$ 9,001
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 (including VIEs $44,236 and $45,329, respectively)	$ 44,236	$ 45,329
Cash and cash equivalents (including VIEs $486 and $1,024, respectively)	486	1,024
Other assets (including VIEs $561 and $577, respectively)	561	577
Restricted cash (including VIEs $110 and $76, respectively)	110	76
Mortgages and other notes payable, net (including VIEs $29,120 and $29,148, respectively)	29,120	29,148
Accounts payable and accrued liabilities (including VIEs $1,213 and $1,286, respectively)	1,213	1,286
Other liabilities (including VIEs $252 and $219, respectively)	$ 252	$ 219

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Rental income and related revenues	$ 6,844	$ 10,462	$ 21,779	$ 28,770
Resident fees and services	$ 69,356	$ 72,289	$ 214,555	$ 215,452
Type of revenue [extensible list]	us-gaap:HealthCareResidentServiceMember	us-gaap:HealthCareResidentServiceMember	us-gaap:HealthCareResidentServiceMember	us-gaap:HealthCareResidentServiceMember
Total revenues	$ 76,200	$ 82,751	$ 236,334	$ 244,222
Operating expenses:
Property operating expenses	48,365	47,603	145,496	140,118
General and administrative expenses	2,296	2,173	7,014	10,296
Financing coordination fees				1,878
Depreciation and amortization	14,378	12,337	39,376	37,018
Total operating expenses	73,286	69,371	216,072	212,775
Gain on sale of real estate			1,074	228
Operating income	2,914	13,380	21,336	31,675
Other income (expense):
Interest and other income	181	193	306	1,239
Interest expense and loan cost amortization	(5,655)	(9,174)	(18,839)	(32,035)
Equity in earnings of unconsolidated entity	200	220	606	414
Total other expense	(5,274)	(8,761)	(17,927)	(30,382)
(Loss) income before income taxes	(2,360)	4,619	3,409	1,293
Income tax benefit (expense)	420	(708)	(905)	(1,910)
(Loss) income from continuing operations	(1,940)	3,911	2,504	(617)
Income from discontinued operations	218	1,557	798	344,520
Net (loss) income	(1,722)	5,468	3,302	343,903
Less: Amounts attributable to noncontrolling interests
Net income from continuing operations	16	14	78	12
Net income from discontinued operations				265
Net (loss) income attributable to common stockholders	$ (1,738)	$ 5,454	$ 3,224	$ 343,626
Net (loss) income per share of common stock (basic and diluted)
Continuing operations	$ (0.01)	$ 0.02	$ 0.02	$ 0
Discontinued operations	$ 0	$ 0.01	$ 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	$ 4,488	$ 4,664	$ 13,563	$ 13,993
Property Management Fees
Operating expenses:
Asset /Property management fees	$ 3,759	$ 2,594	$ 10,623	$ 9,472

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net (loss) income	$ (1,722)	$ 5,468	$ 3,302	$ 343,903
Other comprehensive (loss) income:
Unrealized (loss) gain on derivative financial instruments, net	(13)	32	(4)	(1,004)
Reclassification of interest rate swaps upon derecognition				(509)
Reclassification of interest rate caps upon derecognition	2		2	265
Unrealized (loss) gain on derivative financial instruments of equity method investments		(1)	(14)	11
Total other comprehensive (loss) income	(11)	31	(16)	(1,237)
Comprehensive (loss) income	(1,733)	5,499	3,286	342,666
Less: Comprehensive income attributable to noncontrolling interest	16	14	78	277
Comprehensive (loss) income attributable to common stockholders	$ (1,749)	$ 5,485	$ 3,208	$ 342,389

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
Beginning 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
Net (loss) income	343,903		16			343,626				343,626		261
Other comprehensive loss	(1,237)								(1,237)	(1,237)
Distributions to holders of promoted interest	406				406					406
Distributions to noncontrolling interests	(610)											(610)
Cash distributions declared	(385,985)							(385,985)		(385,985)
Contributions from noncontrolling interests	591											591
Ending Balance at Sep. 30, 2019	902,176		595	$ 1,740	1,516,949	112,961		(731,332)	(60)	900,258		1,323
Ending Balance (in shares) at Sep. 30, 2019				173,963,000
Beginning balance at Jun. 30, 2019	905,664		587	$ 1,740	1,516,949	107,507		(722,425)	(91)	903,680		1,397
Beginning Balance (in shares) at Jun. 30, 2019				173,963,000
Net (loss) income	5,468		8			5,454				5,454		6
Other comprehensive loss	31								31	31
Distributions to noncontrolling interests	(80)											(80)
Cash distributions declared	(8,907)							(8,907)		(8,907)
Ending Balance at Sep. 30, 2019	902,176		595	$ 1,740	1,516,949	112,961		(731,332)	(60)	900,258		1,323
Ending Balance (in shares) at Sep. 30, 2019				173,963,000
Adoption of Lease ASU (refer to Note 2) | 2020-04		$ 3,182					$ 3,182				$ 3,182
Beginning 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 (loss) income	$ 3,302		28			3,224				3,224		50
Other comprehensive loss	(16)								(16)	(16)
Distributions to noncontrolling interests	(95)		(30)									(65)
Cash distributions declared	(26,720)							(26,720)		(26,720)
Contributions from noncontrolling interests	75											75
Ending Balance at Sep. 30, 2020	$ 877,577		556	$ 1,740	1,516,926	124,055		(766,959)	(52)	875,710		1,311
Ending Balance (in shares) at Sep. 30, 2020	173,960,000			173,960,000
Beginning balance at Jun. 30, 2020	$ 888,227		544	$ 1,740	1,516,926	125,793		(758,052)	(41)	886,366		1,317
Beginning Balance (in shares) at Jun. 30, 2020				173,960,000
Net (loss) income	(1,722)		12			(1,738)				(1,738)		4
Other comprehensive loss	(11)								(11)	(11)
Distributions to noncontrolling interests	(10)											(10)
Cash distributions declared	(8,907)							(8,907)		(8,907)
Ending Balance at Sep. 30, 2020	$ 877,577		$ 556	$ 1,740	$ 1,516,926	$ 124,055		$ (766,959)	$ (52)	$ 875,710		$ 1,311
Ending Balance (in shares) at Sep. 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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement Of Stockholders Equity [Abstract]
Cash distributions, declared per share	$ 0.0512	$ 0.0512	$ 0.1536	$ 2.21879

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating activities:
Net cash flows provided by operating activities – continuing operations	$ 46,627	$ 36,223
Net cash flows provided by operating activities – discontinued operations	870	17,672
Net cash flows provided by operating activities	47,497	53,895
Investing activities:
Proceeds from sale of real estate	53,712	246
Capital expenditures	(5,747)	(4,290)
Other investing activities	26	993
Net cash provided by (used in) investing activities – continuing operations	47,991	(3,051)
Development of properties		(80)
Capital expenditures		(1,632)
Proceeds from sale of real estate	28,398	1,312,479
Other investing activities		(721)
Net cash provided by investing activities – discontinued operations	28,398	1,310,046
Net cash provided by investing activities	76,389	1,306,995
Financing activities:
Distributions to stockholders, net of distribution reinvestments	(26,720)	(385,985)
Draws under credit facilities	40,000	55,000
Payment of loan costs	(46)	(6,028)
Proceeds from mortgages and other notes payable		178
Principal payments on mortgages and other notes payable	(28,961)	(600,747)
Repayments on credit facilities	(80,000)	(444,125)
Other financing activities	76	(1,170)
Net cash flows used in financing activities	(95,651)	(1,382,877)
Net increase (decrease) in cash and restricted cash	28,235	(21,987)
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	$ 76,772	$ 43,514

Organization

Organization	9 Months Ended
	Sep. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	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 nine months ended September 30, 2020, the Company sold seven additional properties. In September 2020, the Company decided to discontinue marketing for sale one of its two remaining acute care properties and therefore only had one acute care property classified as assets held for sale as of September 30, 2020. As of September 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 acute care hospital, one vacant land parcel and one acute care facility 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 has invested in

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 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 nine months ended September 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. Assets Reclassified from Held for Sale to Held and Used — Upon management’s determination to discontinue marketing properties for sale, the properties will no longer meet the held for sale criteria and are required to be reclassified as held and used at the lower of adjusted carrying value (carrying value of the properties prior to being classified as held for sale adjusted for any depreciation and/or amortization expense that would have been recognized had the properties been continuously classified as held and used) or its fair value at the date of the subsequent decision not to sell. If adjusted carrying value is determined to be lower, a catch-up depreciation and/or amortization adjustment will be recorded. The depreciation and/or amortization expenses that would have been recognized had the properties been continuously classified as held and used and will be included as a component of depreciation and amortization expense in the accompanying unaudited condensed consolidated statements of operations. If fair value is determined to be lower, the Company will record a loss on reclassification which will be included in income or loss from continuing operations in the accompanying unaudited condensed consolidated statements of operations. Government Grant Income — On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law which provided, among other things, for the establishment of a Provider Relief Fund under the direction of the Department of Health and Human Services (“HHS”). During the nine months ended September 30, 2020, the Company received $0.6 million in government grants under Phase 1 of the Provider Relief Fund primarily to cover increased expenses and lost revenue during the coronavirus pandemic. In September 2020, HHS announced that it expanded the eligibility to the Provider Relief Fund to include assisted living facilities as part of Phase 2 of the Provider Relief Fund. The Company submitted an application for Phase 2 in September 2020 for approximately $5.5 million in government grants. In October 2020, HHS announced that additional funds were made available for healthcare providers under Phase 3 of the Provider Relief Fund. The Company submitted an application under Phase 3 in November 2020 and is awaiting specific guidance from HHS on how Phase 3 relief will be calculated. Risks and Uncertainties — The outbreak of the novel coronavirus (“COVID-19”) pandemic around the globe and the impact of the outbreak has been rapidly evolving. Various of the states in which the Company owns properties have reacted by, among other things, instituting quarantines in many business sectors and instituting move-in restrictions to seniors housing communities. The pandemic has also resulted in the incurrence of costs related to disease control and containment. Such actions are creating significant business disruption and adversely impacting a number of industries, including the senior housing sector. The full impact of COVID-19 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 Financial Accounting Standards Board (“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 FASB 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 nine months ended September 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 the Company 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 a 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	9 Months Ended
	Sep. 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 nine months ended September 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 $ 55.3 $ 55.6 25.8 % 25.8 % Assisted living 2,966 2,966 105.7 105.0 49.3 % 48.7 % Memory care 853 853 43.2 44.6 20.1 % 20.7 % Other revenues ― ― 10.4 10.3 4.8 % 4.8 % 6,080 6,080 $ 214.6 $ 215.5 100.0 % 100.0 %

Real Estate Assets, net

Real Estate Assets, net	9 Months Ended
	Sep. 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 September 30, 2020 and December 31, 2019 are as follows, excluding assets held for sale (in thousands): September 30, December 31, 2020 2019 Land and land improvements $ 132,605 $ 132,453 Building and building improvements 1,500,230 1,498,297 Furniture, fixtures and equipment 88,963 86,543 Less: accumulated depreciation (322,708) (284,638) Real estate investment properties, net $ 1,399,090 $ 1,432,655 In September 2020, the Company decided to discontinue marketing for sale one of its two remaining acute care properties that it had previously classified as assets held for sale. As a result of discontinuing marketing efforts, this acute care property no longer met the assets held for sale criteria and the Company recorded an adjustment of $1.6 million during the quarter and nine months ended September 30, 2020 , representing the catch up in depreciation expense that would have been recognized had this property been continuously classified as held and used. The property was reclassified as held and used at the adjusted carrying value, which was lower than its fair value, resulting in no loss on reclassification on this property. Depreciation expense on the Company’s real estate investment properties, net was approximately $14.3 million and $39.1 million for the quarter and nine months ended September 30, 2020, respectively, and approximately $12.2 million and $36.7 million for the quarter and nine months ended September 30, 2019, respectively. These amounts include the $1.6 million depreciation catch up adjustment described above and depreciation through the determination date on assets held for sale; refer to Note 6. “Assets and Associated Liabilities Held For Sale and Discontinued Operations” for additional information.

Intangibles, net

Intangibles, net	9 Months Ended
	Sep. 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 September 30, 2020 and December 31, 2019 are as follows (in thousands): As of September 30, 2020 December 31, 2019 In-place lease intangibles $ 3,943 $ 83,275 Less: accumulated amortization (3,019) (82,055) Intangible assets, net $ 924 $ 1,220 For each of the quarter and nine months ended September 30, 2020 and 2019, amortization on the Company’s intangible assets was approximately $0.1 million and $0.3 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	9 Months Ended
	Sep. 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 comprising 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 70 properties and as of December 31, 2019, had entered into purchase and sale agreements for its acute care property in New Orleans (the “New Orleans Sale Agreement”) and for the Perennial Communities (the “Perennial Sale Agreement”) with unrelated third party buyers. During the nine months ended September 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 described in Note 4, “Real Estate Assets, Net”, in September 2020, the Company decided to discontinue marketing for sale one of its two remaining acute care properties that it had previously classified as assets held for sale. As a result of discontinued marketing efforts, this acute care property no longer met the assets held for sale criteria. The Company recorded all operating results from this acute care property as income or loss from continuing operations for all periods presented. As of September 30, 2020 and December 31, 2019, the Company had one acute care property and eight properties, respectively, classified as assets held for sale. The one asset held for sale, and the liabilities associated with those assets held for sale, consisted of the following (in thousands): As of September 30, 2020 MOB/Healthcare Portfolio Other Total Real estate investment properties, net $ 5,922 $ — $ 5,922 Intangibles, net 1,583 ― 1,583 Other assets 22 ― 22 Assets held for sale, net $ 7,527 $ — $ 7,527 Accounts payable and accrued liabilities $ 6 $ — $ 6 Other liabilities 87 ― 87 Liabilities associated with assets held for sale $ 93 $ — $ 93 As of December 31, 2019, the eight 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 $ 28,307 $ 46,908 $ 75,215 Intangibles, net 6,252 800 7,052 Deferred rent and lease incentives 1,345 4,952 6,297 Other assets 6 68 74 Restricted cash 94 72 166 Assets held for sale, net $ 36,004 $ 52,800 $ 88,804 Accounts payable and accrued liabilities $ 4 $ 3 $ 7 Other liabilities ― 684 684 Liabilities associated with assets held for sale $ 4 $ 687 $ 691 The Company classified the revenues and expenses related to the Company’s MOB/Healthcare Portfolio, which consisted of 62 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 nine months ended September 30, 2020 and 2019 (in thousands): Quarter Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Revenues: Rental income and related revenues $ 256 $ 1,707 $ 1,112 $ 45,174 Operating expenses: Property operating expenses ― ― 6 11,116 General and administrative expenses 6 42 178 658 Asset management fees 25 180 114 4,537 Property management fees 7 9 23 1,249 Total operating expenses 38 231 321 17,560 Gain on sale of real estate ― ― ― 331,663 Operating income 218 1,476 791 359,277 Other income (expense): Interest and other income ― 22 7 33 Interest expense and loan cost amortization (1)(2) ― ― ― (14,618) Total other income (expense) ― 22 7 (14,585) Income before income taxes 218 1,498 798 344,692 Income tax benefit (expense) ― 59 ― (172) Income from discontinued operations $ 218 $ 1,557 $ 798 $ 344,520 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 with 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 nine months ended September 30, 2019.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Variable Interest Entities	7. Variable Interest Entities As of September 30, 2020 and December 31, 2019, the Company had two subsidiaries classified as VIEs. These subsidiaries are joint ventures with completed real estate under development in which their equity interest consists of non-substantive protective voting rights. Additionally, one of the subsidiaries has insufficient equity at risk due to the development nature of the joint venture. The Company determined it is the primary beneficiary and holds a controlling financial interest in each of these subsidiaries due to its power to direct the activities that most significantly impact the economic performance of the entities, as well as its obligation to absorb the losses and its right to receive benefits from these entities that could potentially be significant to these entities. As such, the transactions and accounts of these VIEs are included in the accompanying consolidated financial statements. The Company’s maximum exposure to loss as a result of its involvement with these VIEs is limited to its net investment in these entities which totaled approximately $13.0 million as of September 30, 2020. The Company’s exposure is limited because of the non-recourse nature of the borrowings of the VIEs.

Indebtedness

Indebtedness	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Indebtedness	8. Indebtedness During the nine months ended September 30, 2020, the Company repaid the Primrose II Communities outstanding mortgage loan balance of approximately $20.5 million, which matured in June 2020. 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 and in September 2020 repaid $80 million under its Revolving Credit Facility. The following table provides the details of the fair market value and carrying value of the Company’s indebtedness as of September 30, 2020 and December 31, 2019 (in millions): September 30, December 31, 2020 2019 Fair Value Carrying Value Fair Value Carrying Value Mortgages and other notes payable, net $ 351.7 $ 347.4 $ 381.2 $ 375.9 Credit facilities $ 265.0 $ 263.3 $ 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 September 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 September 30, 2020, the Company was in compliance with all financial covenants.

Related Party Arrangements

Related Party Arrangements	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Related Party Arrangements	9. Related Party Arrangements During the quarter and nine months ended September 30, 2020, the Company paid approximately $0.07 million and $0.20 million, respectively, of cash distributions on restricted stock issued through March 2017 pursuant to the Advisor expense support agreement. During the quarter and nine months ended September 30, 2019, the Company paid approximately $0.07 million and $3.0 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 nine months ended September 30, 2020 and 2019, and related amounts unpaid as of September 30, 2020 and December 31, 2019 are as follows (in thousands): Quarter Ended Nine Months Ended Unpaid amounts as of (1) September 30, September 30, September 30, December 31, 2020 2019 2020 2019 2020 2019 Reimbursable expenses: Operating expenses (2) $ 886 $ 1,097 $ 2,616 $ 3,836 $ 430 $ 698 886 1,097 2,616 3,836 430 698 Disposition fee (3) ― ― 143 2,957 ― ― Financing coordination fees (4) ― ― ― 5,351 ― ― Asset management fees 4,513 4,844 13,677 18,529 1,504 1,577 $ 5,399 $ 5,941 $ 16,436 $ 30,673 $ 1,934 $ 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 nine months ended September 30, 2020. For the nine months ended September 30, 2019, Company incurred financing coordination fees of approximately $5.4 million, primarily related to the 2019 Credit Facilities of which approximately $3.5 million were capitalized in the accompanying condensed consolidated balance sheets.

Equity

Equity	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Equity	10. Equity Stockholders’ Equity: Distributions — During the quarter and nine months ended September 30, 2020, the Company declared cash distributions of approximately $8.9 million and $26.7 million, respectively. During the quarter and nine months ended September 30, 2019, the Company declared cash distributions of approximately $8.9 million and $386.0 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2020 and 2019. The Company recorded a (benefit) expense for income taxes of approximately ($0.4) million and $0.9 million for the quarter and nine months ended September 30, 2020 respectively, and $0.7 million and $1.9 million for the quarter and nine months ended September 30, 2019, respectively. Of the amounts recorded for the quarter and nine months ended September 30, 2020, approximately $0.1 million and $0.4 million, respectively, represented current income tax expense, and approximately ($0.5) million and $0.5 million, respectively, represented a change to the Company’s net deferred tax assets which was primarily due to the addition to and utilization of a portion of the Company’s TRS’s federal and state net operating loss carry-forwards. Of the total amounts recorded for the quarter and nine months ended September 30, 2019, approximately $0.1 million and $0.5 million, respectively, represented current income tax expense, and approximately $0.6 million and $1.4 million, respectively, represented a decrease to the Company’s net deferred tax assets which was 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 CARES Act was enacted into law. 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	9 Months Ended
	Sep. 30, 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. As of September 30, 2020, the Company had six 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. None of the established performance metrics were not met nor probable of being met as of September 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. 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)	9 Months Ended
	Sep. 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 nine months ended September 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.
Assets Held For Sale Net And Discontinued Operations	Assets Reclassified from Held for Sale to Held and Used — Upon management’s determination to discontinue marketing properties for sale, the properties will no longer meet the held for sale criteria and are required to be reclassified as held and used at the lower of adjusted carrying value (carrying value of the properties prior to being classified as held for sale adjusted for any depreciation and/or amortization expense that would have been recognized had the properties been continuously classified as held and used) or its fair value at the date of the subsequent decision not to sell. If adjusted carrying value is determined to be lower, a catch-up depreciation and/or amortization adjustment will be recorded. The depreciation and/or amortization expenses that would have been recognized had the properties been continuously classified as held and used and will be included as a component of depreciation and amortization expense in the accompanying unaudited condensed consolidated statements of operations. If fair value is determined to be lower, the Company will record a loss on reclassification which will be included in income or loss from continuing operations in the accompanying unaudited condensed consolidated statements of operations.
Government Grant Income	Government Grant Income — On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law which provided, among other things, for the establishment of a Provider Relief Fund under the direction of the Department of Health and Human Services (“HHS”). During the nine months ended September 30, 2020, the Company received $0.6 million in government grants under Phase 1 of the Provider Relief Fund primarily to cover increased expenses and lost revenue during the coronavirus pandemic. In September 2020, HHS announced that it expanded the eligibility to the Provider Relief Fund to include assisted living facilities as part of Phase 2 of the Provider Relief Fund. The Company submitted an application for Phase 2 in September 2020 for approximately $5.5 million in government grants. In October 2020, HHS announced that additional funds were made available for healthcare providers under Phase 3 of the Provider Relief Fund. The Company submitted an application under Phase 3 in November 2020 and is awaiting specific guidance from HHS on how Phase 3 relief will be calculated.
Risk and Uncertainties	Risks and Uncertainties — The outbreak of the novel coronavirus (“COVID-19”) pandemic around the globe and the impact of the outbreak has been rapidly evolving. Various of the states in which the Company owns properties have reacted by, among other things, instituting quarantines in many business sectors and instituting move-in restrictions to seniors housing communities. The pandemic has also resulted in the incurrence of costs related to disease control and containment. Such actions are creating significant business disruption and adversely impacting a number of industries, including the senior housing sector. The full impact of COVID-19 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 Financial Accounting Standards Board (“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 FASB 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 nine months ended September 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 the Company 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 a 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)	9 Months Ended
	Sep. 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 nine months ended September 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 $ 55.3 $ 55.6 25.8 % 25.8 % Assisted living 2,966 2,966 105.7 105.0 49.3 % 48.7 % Memory care 853 853 43.2 44.6 20.1 % 20.7 % Other revenues ― ― 10.4 10.3 4.8 % 4.8 % 6,080 6,080 $ 214.6 $ 215.5 100.0 % 100.0 %

Real Estate Assets, net (Tables

Real Estate Assets, net (Tables)	9 Months Ended
	Sep. 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 September 30, 2020 and December 31, 2019 are as follows, excluding assets held for sale (in thousands): September 30, December 31, 2020 2019 Land and land improvements $ 132,605 $ 132,453 Building and building improvements 1,500,230 1,498,297 Furniture, fixtures and equipment 88,963 86,543 Less: accumulated depreciation (322,708) (284,638) Real estate investment properties, net $ 1,399,090 $ 1,432,655

Intangibles, net (Tables)

Intangibles, net (Tables)	9 Months Ended
	Sep. 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 September 30, 2020 and December 31, 2019 are as follows (in thousands): As of September 30, 2020 December 31, 2019 In-place lease intangibles $ 3,943 $ 83,275 Less: accumulated amortization (3,019) (82,055) Intangible assets, net $ 924 $ 1,220

Assets and Associated Liabili_2

Assets and Associated Liabilities Held For Sale and Discontinued Operations (Tables)	9 Months Ended
	Sep. 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	As of September 30, 2020 and December 31, 2019, the Company had one acute care property and eight properties, respectively, classified as assets held for sale. The one asset held for sale, and the liabilities associated with those assets held for sale, consisted of the following (in thousands): As of September 30, 2020 MOB/Healthcare Portfolio Other Total Real estate investment properties, net $ 5,922 $ — $ 5,922 Intangibles, net 1,583 ― 1,583 Other assets 22 ― 22 Assets held for sale, net $ 7,527 $ — $ 7,527 Accounts payable and accrued liabilities $ 6 $ — $ 6 Other liabilities 87 ― 87 Liabilities associated with assets held for sale $ 93 $ — $ 93 As of December 31, 2019, the eight 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 $ 28,307 $ 46,908 $ 75,215 Intangibles, net 6,252 800 7,052 Deferred rent and lease incentives 1,345 4,952 6,297 Other assets 6 68 74 Restricted cash 94 72 166 Assets held for sale, net $ 36,004 $ 52,800 $ 88,804 Accounts payable and accrued liabilities $ 4 $ 3 $ 7 Other liabilities ― 684 684 Liabilities associated with assets held for sale $ 4 $ 687 $ 691
Summary of Income (Loss) from Discontinued Operations	The Company classified the revenues and expenses related to the Company’s MOB/Healthcare Portfolio, which consisted of 62 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 nine months ended September 30, 2020 and 2019 (in thousands): Quarter Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Revenues: Rental income and related revenues $ 256 $ 1,707 $ 1,112 $ 45,174 Operating expenses: Property operating expenses ― ― 6 11,116 General and administrative expenses 6 42 178 658 Asset management fees 25 180 114 4,537 Property management fees 7 9 23 1,249 Total operating expenses 38 231 321 17,560 Gain on sale of real estate ― ― ― 331,663 Operating income 218 1,476 791 359,277 Other income (expense): Interest and other income ― 22 7 33 Interest expense and loan cost amortization (1)(2) ― ― ― (14,618) Total other income (expense) ― 22 7 (14,585) Income before income taxes 218 1,498 798 344,692 Income tax benefit (expense) ― 59 ― (172) Income from discontinued operations $ 218 $ 1,557 $ 798 $ 344,520 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 with 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 nine months ended September 30, 2019.

Indebtedness (Tables)

Indebtedness (Tables)	9 Months Ended
	Sep. 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 September 30, 2020 and December 31, 2019 (in millions): September 30, December 31, 2020 2019 Fair Value Carrying Value Fair Value Carrying Value Mortgages and other notes payable, net $ 351.7 $ 347.4 $ 381.2 $ 375.9 Credit facilities $ 265.0 $ 263.3 $ 305.0 $ 303.0

Related Party Arrangements (Tab

Related Party Arrangements (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2020 and 2019, and related amounts unpaid as of September 30, 2020 and December 31, 2019 are as follows (in thousands): Quarter Ended Nine Months Ended Unpaid amounts as of (1) September 30, September 30, September 30, December 31, 2020 2019 2020 2019 2020 2019 Reimbursable expenses: Operating expenses (2) $ 886 $ 1,097 $ 2,616 $ 3,836 $ 430 $ 698 886 1,097 2,616 3,836 430 698 Disposition fee (3) ― ― 143 2,957 ― ― Financing coordination fees (4) ― ― ― 5,351 ― ― Asset management fees 4,513 4,844 13,677 18,529 1,504 1,577 $ 5,399 $ 5,941 $ 16,436 $ 30,673 $ 1,934 $ 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 nine months ended September 30, 2020. For the nine months ended September 30, 2019, Company incurred financing coordination fees of approximately $5.4 million, primarily related to the 2019 Credit Facilities of which approximately $3.5 million were capitalized in the accompanying condensed consolidated balance sheets.

Organization - Additional Infor

Organization - Additional Information (Detail) $ in Billions	Sep. 30, 2015USD ($)shares	Dec. 31, 2018PropertyFacilityHospital	Sep. 30, 2020PropertyFacilityHospitalState	Dec. 31, 2019Property	Dec. 31, 2018Property
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	8
Number of properties sold		63	7	61
Number of acute care hospitals | Hospital			1
Number of acute care hospitals discontinued | Hospital			1
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 post acute care facilities | Facility			1
Number of acute care hospitals | Hospital			1
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
UNITED STATES | 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) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)Subsidiary
COVID 19
Summary Of Significant Accounting Policies [Line Items]
Government grants received under Provider Relief Fund	$ 0.6
Grants to be received	$ 5.5
VIEs
Summary Of Significant Accounting Policies [Line Items]
Number of subsidiaries | Subsidiary	2

Revenue - Summary of Disaggrega

Revenue - Summary of Disaggregation of Revenue (Detail) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)Facility	Sep. 30, 2019USD ($)Facility
Disaggregation Of Revenue [Line Items]
Number of Units | Facility			6,080	6,080
Resident fees and services	$ 69,356	$ 72,289	$ 214,555	$ 215,452
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			$ 55,300	$ 55,600
Percentage of Revenues			25.80%	25.80%
Assisted Living
Disaggregation Of Revenue [Line Items]
Number of Units | Facility			2,966	2,966
Resident fees and services			$ 105,700	$ 105,000
Percentage of Revenues			49.30%	48.70%
Memory Care
Disaggregation Of Revenue [Line Items]
Number of Units | Facility			853	853
Resident fees and services			$ 43,200	$ 44,600
Percentage of Revenues			20.10%	20.70%
Other Revenues
Disaggregation Of Revenue [Line Items]
Resident fees and services			$ 10,400	$ 10,300
Percentage of Revenues			4.80%	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	Sep. 30, 2020	Dec. 31, 2019
Real Estate [Abstract]
Land and land improvements	$ 132,605	$ 132,453
Building and building improvements	1,500,230	1,498,297
Furniture, fixtures and equipment	88,963	86,543
Less: accumulated depreciation	(322,708)	(284,638)
Real estate investment properties, net	$ 1,399,090	$ 1,432,655

Real Estate Assets, Net - Addit

Real Estate Assets, Net - Additional Information (Detail) - Real Estate Investment Properties - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Real Estate Properties [Line Items]
Depreciation catch up adjustment if the property was held and used	$ 1.6		$ 1.6
Depreciation expense	$ 14.3	$ 12.2	$ 39.1	$ 36.7

Intangibles, net - Schedule of

Intangibles, net - Schedule of Net Book Value of Intangibles Excluding Assets Held for Sale (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Finite Lived Intangible Assets [Line Items]
Less: accumulated amortization	$ (3,019)	$ (82,055)
Intangible assets, net	924	1,220
In-place lease intangibles
Finite Lived Intangible Assets [Line Items]
Gross carrying amount, assets	$ 3,943	$ 83,275

Intangibles, net - Additional I

Intangibles, net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization expense on intangible assets	$ 0.1	$ 0.3	$ 0.1	$ 0.3

Assets and Associated Liabili_3

Assets and Associated Liabilities Held for Sale and Discontinued Operations - Additional Information (Detail) $ in Millions	1 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2018Property	Sep. 30, 2020USD ($)Property	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			8	70
Number of other properties				7
Number of properties sold	63	7	61
Aggregate gains on sale of properties | $		$ 1.1
Number of acute care sold		2
Number of properties owned, discontinued operations		1
Number of acute care properties		1
Number of properties	70	8
MOB/Healthcare Portfolio
Long Lived Assets Held For Sale [Line Items]
Number of properties comprised in MOB sale				63
MOB/Healthcare Portfolio
Long Lived Assets Held For Sale [Line Items]
Number of properties owned, discontinued operations		62
Perennial Communities Sale Agreement
Long Lived Assets Held For Sale [Line Items]
Number of skilled nursing facilities				6
Number of properties sold			61
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	Sep. 30, 2020	Dec. 31, 2019
Long Lived Assets Held For Sale [Line Items]
Real estate investment properties, net	$ 1,399,090	$ 1,432,655
Deferred rent and lease incentives	15,719	17,144
Other assets	27,621	28,242
Assets held for sale, net	7,527	88,804
Liabilities associated with assets held for sale	93	691
MOB/Healthcare Portfolio
Long Lived Assets Held For Sale [Line Items]
Real estate investment properties, net	5,922
Real estate held for sale, net		28,307
Intangibles, net	1,583	6,252
Deferred rent and lease incentives		1,345
Other assets	22	6
Restricted cash		94
Assets held for sale, net	7,527	36,004
Accounts payable and accrued liabilities	6	4
Other liabilities	87
Liabilities associated with assets held for sale	93	4
Real estate held for sale, net		28,307
Other Disposal Groups Held For Sale
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
Accounts payable and accrued liabilities		3
Other liabilities		684
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	5,922
Real estate held for sale, net		75,215
Intangibles, net	1,583	7,052
Deferred rent and lease incentives		6,297
Other assets	22	74
Restricted cash		166
Assets held for sale, net	7,527	88,804
Accounts payable and accrued liabilities	6	7
Other liabilities	87	684
Liabilities associated with assets held for sale	$ 93	691
Real estate held for sale, net		$ 75,215

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		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Rental income and related revenues		$ 256	$ 1,707	$ 1,112	$ 45,174
Operating expenses:
Property operating expenses				6	11,116
General and administrative expenses		6	42	178	658
Total operating expenses		38	231	321	17,560
Gain on sale of real estate					331,663
Operating income		218	1,476	791	359,277
Other income (expense):
Interest and other income			22	7	33
Interest expense and loan cost amortization	[1],[2]				(14,618)
Total other income (expense)			22	7	(14,585)
Income before income taxes		218	1,498	798	344,692
Income tax benefit (expense)			59		(172)
Income from discontinued operations		218	1,557	798	344,520
Asset Management Fees
Operating expenses:
Asset / Property management fees		25	180	114	4,537
Property Management Fees
Operating expenses:
Asset / Property management fees		$ 7	$ 9	$ 23	$ 1,249
[1]	In connection with 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 nine months ended September 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) $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)
Discontinued Operations And Disposal Groups [Abstract]
Unamortized loan costs written-off	$ 3.3

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2020USD ($)Subsidiary	Dec. 31, 2019
Variable Interest Entity [Line Items]
Maximum exposure to loss VIEs limits | $	$ 13
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		9 Months Ended
	Sep. 30, 2020	Apr. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
Debt Instrument [Line Items]
Loan borrowing			$ 40,000	$ 55,000
Repayment of loan borrowed			$ 80,000	$ 444,125
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. As of September 30, 2020, the Company was in compliance with all financial covenants.
Revolving Credit Facility
Debt Instrument [Line Items]
Loan borrowing		$ 40,000
Repayment of loan borrowed	$ 80,000
Mortgage Loans | Primrose II Communities
Debt Instrument [Line Items]
Repayment of outstanding mortgage loan	$ 20,500		$ 20,500
Maturity date			Jun. 1, 2020

Indebtedness - Schedule of Fair

Indebtedness - Schedule of Fair Market Value and Carrying Value of Indebtedness (Detail) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Mortgages and other notes payable, net
Debt Instrument [Line Items]
Fair Value	$ 351,700	$ 381,200
Carrying Value	347,400	375,900
Credit facilities
Debt Instrument [Line Items]
Fair Value	265,000	305,000
Carrying Value	$ 263,300	$ 303,000

Related Party Arrangements - Ad

Related Party Arrangements - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Related Party Transaction [Line Items]
Cash distributions on restricted stock	$ 347,900			$ 26,720	$ 385,985
Expense Support Agreements | Restricted Stock
Related Party Transaction [Line Items]
Cash distributions on restricted stock		$ 70	$ 70	$ 200	$ 3,000

Related Party Arrangements - Sc

Related Party Arrangements - Schedule of Fees, Reimbursable Expenses and Related Amounts Unpaid to Related Parties (Detail) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019		Dec. 31, 2019
Related Party Transactions [Abstract]
Operating expenses	[1]	$ 886,000	$ 1,097,000	$ 2,616,000	$ 3,836,000
Total reimbursable expenses		886,000	1,097,000	2,616,000	3,836,000
Disposition fee	[2]			143,000	2,957,000
Financing coordination fees		0		0	5,351,000	[3]
Asset management fees		4,513,000	4,844,000	13,677,000	18,529,000
Total reimbursable expenses, net		5,399,000	$ 5,941,000	16,436,000	$ 30,673,000
Operating expenses, unpaid	[1],[4]	430,000		430,000			$ 698,000
Total reimbursable expenses	[4]	430,000		430,000			698,000
Asset management fees, unpaid	[4]	1,504,000		1,504,000			1,577,000
Total related amount unpaid	[4]	$ 1,934,000		$ 1,934,000			$ 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 nine months ended September 30, 2020. For the nine months ended September 30, 2019, Company incurred financing coordination fees of approximately $5.4 million, primarily related to the 2019 Credit Facilities of which approximately $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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Related Party Transactions [Abstract]
Financing coordination fees	$ 0		$ 0	$ 5,351,000	[1]
Loan costs capitalized		$ 3,500,000		$ 3,500,000
[1]	There were no financing coordination fees for the quarter and nine months ended September 30, 2020. For the nine months ended September 30, 2019, Company incurred financing coordination fees of approximately $5.4 million, primarily related to the 2019 Credit Facilities of which approximately $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		9 Months Ended
	May 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Equity [Abstract]
Cash distribution declared		$ 8,907	$ 8,907	$ 26,720	$ 385,985
Cash paid to stockholders	$ 347,900			$ 26,720	$ 385,985

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ (420)	$ 708	$ 905	$ 1,910
Current income tax expense	100	100	400	500
Income tax expense, change in deferred tax asset	$ (500)	$ 600	$ 500	$ 1,400

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) shares in Millions	9 Months Ended
	Sep. 30, 2020Agreementshares
Commitments And Contingencies [Line Items]
Number of promoted interest agreements	6
Number of promoted interest agreements met established performance metrics	0
Advisor Expense Support Agreement | Restricted Stock
Commitments And Contingencies [Line Items]
Contingently issuable restricted stock shares | shares	1.3