NorthStar Healthcare Income (NHHS) 10-Q 13 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 08, 2018
Document and Entity Information
Entity Registrant Name	NorthStar Healthcare Income, Inc.
Entity Central Index Key	1,503,707
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		188,017,022
Amendment Flag	false
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Entity Emerging Growth Company	false
Entity Small Business	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents		$ 37,983	$ 50,046
Restricted cash		25,515	30,442
Operating real estate, net		1,814,849	1,852,428
Investments in unconsolidated ventures		322,538	325,582
Real estate debt investments, net		74,725	74,650
Senior housing mortgage loans held in a securitization trust, at fair value		0	545,048
Receivables, net		14,275	18,363
Deferred costs and intangible assets, net		47,003	84,720
Other assets		13,186	17,474
Total assets	[1]	2,350,074	2,998,753
Liabilities
Mortgage and other notes payable, net		1,470,646	1,487,480
Senior housing mortgage obligations issued by a securitization trust, at fair value		0	512,772
Due to related party		2,491	1,046
Escrow deposits payable		5,416	3,817
Distribution payable		5,197	10,704
Accounts payable and accrued expenses		27,920	33,478
Other liabilities		6,988	4,657
Total liabilities	[1]	1,518,658	2,053,954
Commitments and contingencies
NorthStar Healthcare Income, Inc. Stockholders’ Equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of September 30, 2018 and December 31, 2017		0	0
Common stock, $0.01 par value, 400,000,000 shares authorized, 187,683,452 and 186,709,303 shares issued and outstanding as of September 30, 2018 and December 31, 2017, respectively		1,877	1,867
Additional paid-in capital		1,691,198	1,681,040
Retained earnings (accumulated deficit)		(865,707)	(744,090)
Accumulated other comprehensive income (loss)		(1,717)	(316)
Total NorthStar Healthcare Income, Inc. stockholders’ equity		825,651	938,501
Non-controlling interests		5,765	6,298
Total equity		831,416	944,799
Total liabilities and equity		$ 2,350,074	$ 2,998,753
Primary Beneficiary
NorthStar Healthcare Income, Inc. Stockholders’ Equity
Ownership interest in operating partnership		99.99%
Northstar Healthcare Income Operating Partnership, LP | Primary Beneficiary
NorthStar Healthcare Income, Inc. Stockholders’ Equity
Ownership interest in operating partnership		99.99%
Assets of consolidated VIEs		$ 700,000
Liabilities of consolidated VIEs		$ 500,000
[1]	Represents the consolidated assets and liabilities of NorthStar Healthcare Income Operating Partnership, LP (the “Operating Partnership”). The Operating Partnership is a consolidated variable interest entity (“VIE”), of which the Company is the sole general partner and owns approximately 99.99%. As of September 30, 2018, the Operating Partnership includes $0.7 billion and $0.5 billion of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. Refer to Note 2, “Summary of Significant Accounting Policies.”

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Sep. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	187,683,452	186,709,303
Common stock, shares outstanding (in shares)	187,683,452	186,709,303

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Dec. 31, 2017
Property and other revenues
Total property and other revenues	$ 32,469	$ 33,233	$ 98,232	$ 93,060
Rental income	39,986	40,507	119,626	114,189
Other revenue	1,015	661	2,692	2,191
Revenues	73,470	74,401	220,550	209,440
Net interest income
Interest expense on mortgage obligations issued by a securitization trust	0	(4,919)	(3,824)	(14,662)
Net interest income	1,943	3,557	7,088	10,596
Expenses
Cost of goods and services sold	47,355	42,981	141,510	118,526
Interest expense	17,677	15,687	52,408	44,479
Other expenses related to securitization trust	0	981	811	2,947
Transaction costs	0	3,814	806	6,778
Asset management and other fees - related party	5,951	13,299	17,845	32,716
General and administrative expenses	2,818	3,041	9,927	8,392
Depreciation and amortization	25,629	24,454	81,943	69,223
Impairment loss	0	0	5,239	0
Total expenses	99,430	104,257	310,489	283,061
Other income (loss)
Unrealized gain (loss) on senior housing mortgage loans and debt held in securitization trust, net	0	384	0	1,108
Realized gain (loss) on investments and other	726	0	4,221	118
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)	(23,291)	(25,915)	(78,630)	(61,799)
Equity in earnings (losses) of unconsolidated ventures	16,631	(18,557)	3,907	(31,234)
Income tax benefit (expense)	(10)	(15)	(40)	(56)
Net income (loss)	(6,670)	(44,487)	(74,763)	(93,089)
Net (income) loss attributable to non-controlling interests	66	97	397	27
Net income (loss) attributable to NorthStar Healthcare Income, Inc. common stockholders	$ (6,604)	$ (44,390)	$ (74,366)	$ (93,062)
Net income (loss) per share of common stock, basic/diluted (in dollars per share)	$ (0.04)	$ (0.24)	$ (0.40)	$ (0.50)
Weighted average number of shares of common stock outstanding, basic/diluted (in shares)	187,432,091	186,825,812	187,278,444	186,293,783
Distributions declared per share of common stock (in dollars per share)	$ 0.09	$ 0.17	$ 0.25	$ 0.51
Debt Investments
Net interest income
Interest income	$ 1,943	$ 1,940	$ 5,763	$ 5,755
Mortgage Loans Held in Securitized Trust
Net interest income
Interest income	$ 0	$ 6,536	$ 5,149	$ 19,503

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (6,670)	$ (44,487)	$ (74,763)	$ (93,089)
Other comprehensive income (loss)
Foreign currency translation adjustments related to investment in unconsolidated venture	(515)	605	(1,401)	2,185
Total other comprehensive income (loss)	(515)	605	(1,401)	2,185
Comprehensive income (loss)	(7,185)	(43,882)	(76,164)	(90,904)
Comprehensive (income) loss attributable to non-controlling interests	66	97	397	27
Comprehensive income (loss) attributable to NorthStar Healthcare Income, Inc. common stockholders	$ (7,119)	$ (43,785)	$ (75,767)	$ (90,877)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Company’s Stockholders’ Equity	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interests
Beginning Balance (in shares) at Dec. 31, 2016			185,035,000
Beginning Balance at Dec. 31, 2016	$ 1,191,974	$ 1,186,625	$ 1,850	$ 1,666,479	$ (480,516)	$ (1,188)	$ 5,349
Increase (Decrease) in Stockholder's Equity
Issuance and amortization of equity-based compensation (in shares)			20,000
Issuance and amortization of equity-based compensation	146	146		146
Non-controlling interests - contributions	2,952						2,952
Non-controlling interests - distributions	(230)						(230)
Shares redeemed for cash (in shares)			(3,700,000)
Shares redeemed for cash	(34,118)	(34,118)	$ (37)	(34,081)
Distributions declared	(94,030)	(94,030)			(94,030)
Proceeds from distribution reinvestment plan (in shares)			5,559,000
Proceeds from distribution reinvestment plan	50,593	50,593	$ 56	50,537
Other comprehensive income (loss)	2,185	2,185				2,185
Net income (loss)	(93,089)	(93,062)			(93,062)		(27)
Ending Balance (in shares) at Sep. 30, 2017			186,914,000
Ending Balance at Sep. 30, 2017	1,026,383	1,018,339	$ 1,869	1,683,081	(667,608)	997	8,044
Beginning Balance (in shares) at Dec. 31, 2016			185,035,000
Beginning Balance at Dec. 31, 2016	1,191,974	1,186,625	$ 1,850	1,666,479	(480,516)	(1,188)	5,349
Increase (Decrease) in Stockholder's Equity
Net income (loss)	$ (93,089)
Ending Balance (in shares) at Dec. 31, 2017	186,709,303		186,709,000
Ending Balance at Dec. 31, 2017	$ 944,799	938,501	$ 1,867	1,681,040	(744,090)	(316)	6,298
Increase (Decrease) in Stockholder's Equity
Issuance and amortization of equity-based compensation	129	129		129
Share-based payment of advisor asset management fees (in shares)			882,000
Share-based payment of advisor asset management fees	7,500	7,500	$ 9	7,491
Non-controlling interests - contributions	395						395
Non-controlling interests - distributions	(531)						(531)
Shares redeemed for cash (in shares)			(3,028,000)
Shares redeemed for cash	(23,803)	(23,803)	$ (30)	(23,773)
Distributions declared	(47,251)	(47,251)			(47,251)
Proceeds from distribution reinvestment plan (in shares)			3,099,000
Proceeds from distribution reinvestment plan	26,342	26,342	$ 31	26,311
Other comprehensive income (loss)	(1,401)	(1,401)				(1,401)
Net income (loss)	$ (74,763)	(74,366)			(74,366)		(397)
Ending Balance (in shares) at Sep. 30, 2018	187,683,452		187,683,000
Ending Balance at Sep. 30, 2018	$ 831,416	$ 825,651	$ 1,877	$ 1,691,198	$ (865,707)	$ (1,717)	$ 5,765

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities:
Net income (loss)	$ (6,670)	$ (44,487)	$ (74,763)	$ (93,089)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in (earnings) losses of unconsolidated ventures	(16,631)	18,557	(3,907)	31,234
Depreciation and amortization	25,629	24,454	81,943	69,223
Impairment loss	0	0	5,239	0
Amortization of below market debt			2,190	1,988
Straight-line rental income, net and amortization of lease inducements			628	(1,287)
Amortization of premium/accretion of discount on investments			(75)	(68)
Amortization of deferred financing costs			1,439	1,220
Amortization of equity-based compensation			129	146
Realized (gain) loss on investments and other	(726)	0	(4,221)	(118)
Unrealized (gain) loss on senior housing mortgage loans and debt held in securitization trust, net			0	(1,108)
Allowance for uncollectible accounts			2,105	943
Distributions of cumulative earnings from unconsolidated ventures			0	427
Changes in assets and liabilities:
Receivables			2,257	(3,623)
Other assets			1,918	(1,993)
Due to related party			8,945	5,187
Escrow deposits payable			1,599	1,252
Accounts payable and accrued expenses			(5,691)	5,474
Other liabilities			265	(366)
Net cash provided by (used in) operating activities			20,000	15,442
Cash flows from investing activities:
Acquisition of operating real estate investments			0	(297,955)
Improvement of operating real estate investments			(20,003)	(13,463)
Sale of operating real estate investment			11,784	0
Sale of healthcare-related securities			35,771	0
Investment in unconsolidated ventures			(4,470)	(9,099)
Distributions in excess of cumulative earnings from unconsolidated ventures			10,020	11,206
Other assets			1,589	3,288
Net cash provided by (used in) investing activities			34,691	(306,023)
Cash flows from financing activities:
Borrowing from mortgage notes			0	173,690
Repayment of mortgage notes			(20,492)	(1,834)
Payment of deferred financing costs			(284)	(2,111)
Debt extinguishment costs			(97)	0
Shares redeemed for cash			(23,803)	(34,118)
Payments under capital leases			(453)	0
Distributions paid on common stock			(52,758)	(94,238)
Proceeds from distribution reinvestment plan			26,342	50,593
Contributions from non-controlling interests			395	2,952
Distributions to non-controlling interests			(531)	(230)
Net cash provided by (used in) financing activities			(71,681)	94,704
Net increase (decrease) in cash, cash equivalents and restricted cash			(16,990)	(195,877)
Cash, cash equivalents and restricted cash-beginning of period			80,488	251,892
Cash, cash equivalents and restricted cash-end of period	63,498	56,015	$ 63,498	$ 56,015
Supplemental disclosure of non-cash investing and financing activities:
Accrued distribution payable	5,197	10,371
Accrued capital expenditures	461	0
Reclassification of assets held for sale	0	0
Issuance of common stock as payment for asset management fees	7,500	0
Deconsolidation of securitization trust (VIE asset/liability)	512,772	0
Assumption of mortgage notes payable upon acquisitions of operating real estate	0	21,685
Acquisition of operating real estate under capital lease obligations	2,108	0
Change in carrying value of securitization trust (VIE asset/liability)	0	2,728
Debt financing provided by seller for investment acquisition	$ 0	$ 3,500

Business and Organization

Business and Organization	9 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization NorthStar Healthcare Income, Inc. (the “Company”) was formed to acquire, originate and asset manage a diversified portfolio of equity, debt and securities investments in healthcare real estate, directly or through joint ventures, with a focus on the mid-acuity senior housing sector, which the Company defines as assisted living (“ALF”), memory care (“MCF”), skilled nursing (“SNF”), independent living (“ILF”) facilities and continuing care retirement communities (“CCRC”), which may have independent living, assisted living, skilled nursing and memory care available on one campus. The Company also invests in other healthcare property types, including medical office buildings (“MOB”), hospitals, rehabilitation facilities and ancillary healthcare services businesses. The Company’s investments are predominantly in the United States, but it also selectively makes international investments. The Company was formed in October 2010 as a Maryland corporation and commenced operations in February 2013. The Company elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), commencing with the taxable year ended December 31, 2013. The Company conducts its operations so as to continue to qualify as a REIT for U.S. federal income tax purposes. Substantially all of the Company’s business is conducted through NorthStar Healthcare Income Operating Partnership, LP (the “Operating Partnership”). The Company is the sole general partner of the Operating Partnership. The limited partners of the Operating Partnership are NorthStar Healthcare Income Advisor, LLC (the “Prior Advisor”) and NorthStar Healthcare Income OP Holdings, LLC (the “Special Unit Holder”), each an affiliate of the Company’s sponsor. The Prior Advisor invested $1,000 in the Operating Partnership in exchange for common units and the Special Unit Holder invested $1,000 in the Operating Partnership and was issued a separate class of limited partnership units (the “Special Units”), which are collectively recorded as non-controlling interests on the accompanying consolidated balance sheets as of September 30, 2018 and December 31, 2017 . As the Company issued shares, it contributed substantially all of the proceeds from its continuous, public offerings to the Operating Partnership as a capital contribution. As of September 30, 2018 , the Company’s limited partnership interest in the Operating Partnership was 99.99% . The Company’s charter authorizes the issuance of up to 400.0 million shares of common stock with a par value of $0.01 per share and up to 50.0 million shares of preferred stock with a par value of $0.01 per share. The board of directors of the Company is authorized to amend its charter, without the approval of the stockholders, to increase the aggregate number of authorized shares of capital stock or the number of shares of any class or series that the Company has authority to issue. The Company completed its initial public offering (the “Initial Offering”) on February 2, 2015 by raising gross proceeds of $1.1 billion , including 108.6 million shares issued in its initial primary offering (the “Initial Primary Offering”) and 2.0 million shares issued pursuant to its distribution reinvestment plan (the “DRP”). In addition, the Company completed its follow-on offering (the “Follow-On Offering”) on January 19, 2016 by raising gross proceeds of $700.0 million , including 64.9 million shares issued in its follow-on primary offering (the “Follow-on Primary Offering”) and 4.2 million shares issued pursuant to the DRP. The Company refers to its Initial Primary Offering and its Follow-on Primary Offering collectively as the “Primary Offering” and its Initial Offering and Follow-On Offering collectively as the “Offering.” In December 2015, the Company registered an additional 30.0 million shares to be offered pursuant to the DRP and continues to offer such shares. From inception through November 8, 2018 , the Company raised total gross proceeds of $2.0 billion , including $225.3 million in DRP proceeds. The Company is externally managed and has no employees. The Company is sponsored by Colony Capital, Inc. (NYSE: CLNY) (“Colony Capital” or the “Sponsor”), which was formed as a result of the mergers of NorthStar Asset Management Group Inc.(“NSAM”), its prior sponsor, with Colony Capital, Inc. (“Colony”) and NorthStar Realty Finance Corp. (“NorthStar Realty”) in January 2017. Effective June 25, 2018, the Sponsor changed its name from Colony NorthStar, Inc. to Colony Capital, Inc. and its ticker symbol from “CLNS” to “CLNY.” Following the mergers, the Sponsor became an internally-managed equity REIT, with a diversified real estate and investment management platform. Colony Capital manages capital on behalf of its stockholders, as well as institutional and retail investors in private funds, non-traded and traded REITs and registered investment companies. The Company’s advisor, CNI NSHC Advisors, LLC (the “Advisor”), is a subsidiary of Colony Capital and manages its day-to-day operations pursuant to an advisory agreement.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Quarterly Presentation The accompanying unaudited consolidated financial statements and related notes of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and note disclosures normally included in the consolidated financial statements prepared under U.S. GAAP have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 , which was filed with the SEC on April 2, 2018 . Principles of Consolidation The consolidated financial statements include the accounts of the Company, the Operating Partnership and their consolidated subsidiaries. The Company consolidates variable interest entities (“VIEs”) where the Company is the primary beneficiary and voting interest entities which are generally majority owned or otherwise controlled by the Company. All significant intercompany balances are eliminated in consolidation. Variable Interest Entities A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The determination of whether an entity is a VIE includes both a qualitative and quantitative analysis. The Company bases its qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and relevant financial agreements and the quantitative analysis on the forecasted cash flow of the entity. The Company reassesses its initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events. A VIE must be consolidated only by its primary beneficiary, which is defined as the party who, along with its affiliates and agents, has both the: (i) power to direct the activities that most significantly impact the VIE’s economic performance; and (ii) obligation to absorb the losses of the VIE or the right to receive the benefits from the VIE, which could be significant to the VIE. The Company determines whether it is the primary beneficiary of a VIE by considering qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of its investment; the obligation or likelihood for the Company or other interests to provide financial support; consideration of the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders and the similarity with and significance to the business activities of the Company and the other interests. The Company reassesses its determination of whether it is the primary beneficiary of a VIE each reporting period. Significant judgments related to these determinations include estimates about the current and future fair value and performance of investments held by these VIEs and general market conditions. The Company evaluates its investments and financings, including investments in unconsolidated ventures and securitization financing transactions to determine whether each investment or financing is a VIE. The Company analyzes new investments and financings, as well as reconsideration events for existing investments and financings, which vary depending on type of investment or financing. As of September 30, 2018 , the Company has identified certain consolidated and unconsolidated VIEs. Assets of each of the VIEs, other than the Operating Partnership, may only be used to settle obligations of the respective VIE. Creditors of each of the VIEs have no recourse to the general credit of the Company. The Company identified several VIEs which were originally consolidated under the voting interest model prior to changes in the consolidation rules under U.S. GAAP. Consolidated VIEs The most significant consolidated VIEs are the Operating Partnership and certain properties that have non-controlling interests. These entities are VIEs because the non-controlling interests do not have substantive kick-out or participating rights. The Operating Partnership consolidates certain properties that have non-controlling interests. Included in operating real estate, net on the Company’s consolidated balance sheet as of September 30, 2018 is $615.9 million related to such consolidated VIEs. Included in mortgage and other notes payable, net on the Company’s consolidated balance sheet as of September 30, 2018 is $468.4 million , collateralized by the real estate assets of the related consolidated VIEs. Investing VIEs The Company’s investment in a securitization financing entity (“Investing VIE”) consisted of subordinate first-loss certificates in a securitization trust, generally referred to as Class B certificates, which represents interests in such VIE. Investing VIEs are structured as pass through entities that receive principal and interest payments from the underlying debt collateral assets and distribute those payments to the securitization trust’s certificate holders, including the Class B certificates. A securitization trust will name a directing certificate holder, who is generally afforded the unilateral right to terminate and appoint a replacement for the special servicer, and as such may qualify as the primary beneficiary of the trust. If it is determined that the Company is the primary beneficiary of an Investing VIE as a result of acquiring the subordinate first-loss certificates in a securitization trust, the Company would consolidate the assets, liabilities, income and expenses of the entire Investing VIE. The assets held by an Investing VIE are restricted and can only be used to fulfill its own obligations. The obligations of an Investing VIE have neither any recourse to the general credit of the Company as the consolidator of an Investing VIE, nor to any of the Company’s other consolidated entities. As of December 31, 2017 , the Company held Class B certificates in an Investing VIE for which the Company had determined it was the primary beneficiary because it had the power to direct the activities that most significantly impact the economic performance of the securitization trust. The Company’s Class B certificates, which represented the retained interest and related interest income were eliminated in consolidation. In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation , the assets, liabilities (obligations to the certificate holders of the securitization trust, less the Company’s retained interest from the Class B certificates of the securitization), income and expense of the entire Investing VIE were presented in the consolidated financial statements of the Company. As a result, although the Company legally owned the Class B certificates only, U.S. GAAP required the Company to present the assets, liabilities, income and expenses of the entire securitization trust on its consolidated financial statements. Regardless of the presentation, the Company’s consolidated financial statements of operations ultimately reflect the net income attributable to its retained interest in the Class B certificates. Refer to Note 6, “Healthcare-Related Securities” for further detail. The Company elected the fair value option for the initial recognition of the assets and liabilities of its consolidated Investing VIE. Interest income and interest expense associated with this VIE is recorded separately on the consolidated statements of operations. The Company separately presented the assets and liabilities of its consolidated Investing VIE as “Senior housing mortgage loans held in a securitization trust, at fair value” and “Senior housing mortgage obligations issued by a securitization trust, at fair value,” respectively, on its consolidated balance sheets. Refer to Note 12, “Fair Value” for further detail. In March 2018, the Company sold the Class B certificates of its consolidated Investing VIE, relinquishing its rights as directing certificate holder. As a result, the Company was no longer deemed the primary beneficiary of the securitization trust and, accordingly, did not present the assets or liabilities of the securitization trust on its consolidated balance sheets as of September 30, 2018 . The Company has presented the income and expenses of the securitization trust on its consolidated statements of operations for the period that the Company owned the Class B certificates and was considered the primary beneficiary in 2018. Unconsolidated VIEs As of September 30, 2018 , the Company identified unconsolidated VIEs related to its real estate equity investments with a carrying value of $322.5 million . The Company’s maximum exposure to loss as of September 30, 2018 would not exceed the carrying value of its investment in the VIEs and its investment in a mezzanine loan to a subsidiary of one of the VIEs. Based on management’s analysis, the Company determined that it is not the primary beneficiary of these VIEs and, accordingly, they are not consolidated in the Company’s financial statements as of September 30, 2018 . The Company did not provide financial support to its unconsolidated VIEs during the nine months ended September 30, 2018 , except for funding its proportionate share of capital call contributions. As of September 30, 2018 , there were no explicit arrangements or implicit variable interests that could require the Company to provide financial support to its unconsolidated VIEs. Voting Interest Entities A voting interest entity is an entity in which the total equity investment at risk is sufficient to enable it to finance its activities independently and the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The usual condition for a controlling financial interest in a voting interest entity is ownership of a majority voting interest. If the Company has a majority voting interest in a voting interest entity, the entity will generally be consolidated. The Company does not consolidate a voting interest entity if there are substantive participating rights by other parties and/or kick-out rights by a single party or through a simple majority vote. The Company performs on-going reassessments of whether entities previously evaluated under the voting interest framework have become VIEs, based on certain events, and therefore subject to the VIE consolidation framework. Investments in Unconsolidated Ventures A non-controlling, unconsolidated ownership interest in an entity may be accounted for using the equity method or the Company may elect the fair value option. The Company will account for an investment under the equity method of accounting if it has the ability to exercise significant influence over the operating and financial policies of an entity, but does not have a controlling financial interest. Under the equity method, the investment is adjusted each period for capital contributions and distributions and its share of the entity’s net income (loss). Capital contributions, distributions and net income (loss) of such entities are recorded in accordance with the terms of the governing documents. An allocation of net income (loss) may differ from the stated ownership percentage interest in such entity as a result of preferred returns and allocation formulas, if any, as described in such governing documents. Equity method investments are recognized using a cost accumulation model, in which the investment is recognized based on the cost to the investor, which includes acquisition fees. The Company records as an expense certain acquisition costs and fees associated with consolidated investments deemed to be business combinations and capitalizes these costs for investments deemed to be acquisitions of an asset, including an equity method investment. Non-controlling Interests A non-controlling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to the Company. A non-controlling interest is required to be presented as a separate component of equity on the consolidated balance sheets and presented separately as net income (loss) and comprehensive income (loss) attributable to controlling and non-controlling interests. An allocation to a non-controlling interest may differ from the stated ownership percentage interest in such entity as a result of a preferred return and allocation formula, if any, as described in such governing documents. Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that could affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates and assumptions. Comprehensive Income (Loss) The Company reports consolidated comprehensive income (loss) in separate statements following the consolidated statements of operations. Comprehensive income (loss) is defined as the change in equity resulting from net income (loss) and other comprehensive income (loss) (“OCI”). The only component of OCI for the Company is foreign currency translation adjustments related to its investment in an unconsolidated venture. Fair Value Option The fair value option provides an election that allows a company to irrevocably elect to record certain financial assets and liabilities at fair value on an instrument-by-instrument basis at initial recognition. The Company may elect to apply the fair value option for certain investments due to the nature of the instrument. Any change in fair value for assets and liabilities for which the election is made is recognized in earnings. The Company elected the fair value option to account for the eligible financial assets and liabilities of its consolidated Investing VIEs in order to mitigate potential accounting mismatches between the carrying value of the instruments and the related assets and liabilities to be consolidated. The Company adopted guidance issued by the FASB allowing the Company to measure both the financial assets and liabilities of a qualifying collateralized financing entity (“CFE”) it consolidates using the fair value of either the CFE’s financial assets or financial liabilities, whichever is more observable. Cash, Cash Equivalents and Restricted Cash The Company considers all highly-liquid investments with an original maturity date of three months or less to be cash equivalents. Cash, including amounts restricted, may at times exceed the Federal Deposit Insurance Corporation deposit insurance limit of $250,000 per institution. The Company mitigates credit risk by placing cash and cash equivalents with major financial institutions. To date, the Company has not experienced any losses on cash and cash equivalents. Restricted cash consists of amounts related to loan origination (escrow deposits) and operating real estate (escrows for taxes, insurance, capital expenditures, security deposits received from tenants and payments required under certain lease agreements). The following table provides a reconciliation of cash, cash equivalents, and restricted cash as reported on the consolidated balance sheets to the total of such amounts as reported on the consolidated statements of cash flows (dollars in thousands): September 30, 2018 (Unaudited) December 31, 2017 Cash and cash equivalents $ 37,983 $ 50,046 Restricted cash 25,515 30,442 Total cash, cash equivalents and restricted cash $ 63,498 $ 80,488 Operating Real Estate The Company accounts for purchases of operating real estate that qualify as business combinations using the acquisition method, where the purchase price is allocated to tangible assets such as land, building, furniture, fixtures, and equipment, improvements and other identified intangibles such as in-place leases, goodwill and above or below market mortgages assumed, as applicable. Major replacements and betterments which improve or extend the life of the asset are capitalized and depreciated over their useful life. Ordinary repairs and maintenance are expensed as incurred. Operating real estate is carried at historical cost less accumulated depreciation. Operating real estate is depreciated using the straight-line method over the estimated useful life of the assets, summarized as follows: Category: Term: Building 30 to 50 years Building improvements Lesser of the useful life or remaining life of the building Land improvements 9 to 15 years Tenant improvements Lesser of the useful life or remaining term of the lease Furniture, fixtures and equipment 5 to 14 years Construction costs incurred in connection with the Company’s investments are capitalized and included in operating real estate, net on the consolidated balance sheets. Construction in progress is not depreciated until the development is substantially completed. Costs directly related to an acquisition deemed to be a business combination are expensed and included in transaction costs in the consolidated statements of operations. The Company evaluates whether a real estate acquisition constitutes a business and whether business combination accounting is appropriate. When the Company acquires a controlling interest in an existing unconsolidated joint venture, the Company records the consolidated investment at the updated purchase price, which is reflective of fair value. The difference between the carrying value of the Company’s investment in the existing unconsolidated joint venture on the acquisition date and the Company’s share of the fair value of the investment’s purchase price is recorded in gain (loss) on consolidation of unconsolidated venture in the Company’s consolidated statements of operations. The Company may from time to time enter into capital leases in order to finance tangible assets, such as equipment, at properties. A lease is classified as a capital lease if it provides for transfer of ownership of the leased asset at the end of the lease term, contains a bargain purchase option, has a lease term greater than 75.0% of the economic life of the leased asset, or if the net present value of the future minimum lease payments are in excess of 90.0% of the fair value of the leased asset. Assets under capital leases are amortized over either the useful life of the asset or lease term, as appropriate, on a straight line basis. The present value of the related lease payments is recorded as a debt obligation. The Company has entered into capital leases for equipment totaling $2.9 million which is included within operating real estate on the Company’s consolidated balance sheets. The leased equipment is amortized on a straight line basis over seven years . The following table presents the future minimum lease payments under capital leases and the present value of the minimum lease payments as of September 30, 2018 , which is included in other liabilities on the Company’s consolidated balance sheets (dollars in thousands): October 1 to December 31, 2018 $ 164 Years Ending December 31: 2019 588 2020 549 2021 510 2022 418 Thereafter 25 Total minimum lease payments $ 2,254 Less: Amount representing interest $ (188 ) Present value of minimum lease payments $ 2,066 The weighted average interest rate related to the lease obligations is 5.4% with a final maturity date in August 2023. Assets Held For Sale The Company classifies certain long-lived assets as held for sale once the criteria, as defined by U.S. GAAP, have been met and are expected to sell within one year. Long-lived assets to be disposed of are reported at the lower of their carrying amount or fair value minus cost to sell, with any write-down recorded to impairment loss on the consolidated statements of operations. Depreciation and amortization is not recorded for assets classified as held for sale. No operating real estate was classified as held for sale on the Company’s consolidated balance sheets as of September 30, 2018 and December 31, 2017 . Real Estate Debt Investments Real estate debt investments are generally intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan fees, premium, discount and unfunded commitments. Debt investments that are deemed to be impaired are carried at amortized cost less a reserve, if deemed appropriate, which would approximate fair value. Debt investments where the Company does not have the intent to hold the loan for the foreseeable future or until its expected payoff are classified as held for sale and recorded at the lower of cost or estimated fair value. Healthcare-Related Securities The Company classifies its securities investments as available for sale on the acquisition date, which are carried at fair value. Unrealized gains (losses) on available for sale securities are recorded as a component of accumulated OCI in the consolidated statements of equity. However, the Company has elected the fair value option for its available for sale security, and as a result, any unrealized gains (losses) are recorded in unrealized gain (loss) on senior housing mortgage loans and debt held in securitization trust, net in the consolidated statements of operations. Refer to Note 6, “Healthcare-Related Securities” for further discussion. Deferred Costs and Intangible Assets Deferred Costs Deferred costs primarily include deferred financing costs and deferred lease costs. Deferred financing costs represent commitment fees, legal and other third-party costs associated with obtaining financing. These costs are recorded against the carrying value of such financing and are amortized to interest expense over the term of the financing using the effective interest method. Unamortized deferred financing costs are expensed to realized gain (loss) on investments and other, when the associated borrowing is repaid before maturity. Costs incurred in seeking financing transactions, which do not close, are expensed in the period in which it is determined that the financing will not occur. Deferred lease costs consist of fees incurred to initiate and renew operating leases, which are amortized on a straight-line basis over the remaining lease term and are recorded to depreciation and amortization in the consolidated statements of operations. Identified Intangibles The Company records acquired identified intangibles, which includes intangible assets (such as the value of the above-market leases, in-place leases, goodwill and other intangibles) and intangible liabilities (such as the value of below market leases), based on estimated fair value. The value allocated to the identified intangibles are amortized over the remaining lease term. Above/below-market leases for which the Company is the lessor are amortized into rental income, above/below-market leases for which the Company is the lessee are amortized into real estate properties-operating expense and in-place leases are amortized into depreciation and amortization expense. Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination and is not amortized. The Company performs an annual impairment test for goodwill and evaluates the recoverability whenever events or changes in circumstances indicate that the carrying value of goodwill may not be fully recoverable. In making such assessment, qualitative factors are used to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the estimated fair value of the reporting unit is less than its carrying value, then an impairment charge is recorded. During the nine months ended September 30, 2018 , the Company sold an operating property, which was part of a reporting unit with goodwill. The Company determined that the carrying value of the property was in excess of its fair value, which resulted in the partial impairment of goodwill totaling $0.7 million , proportionate to the fair value of the reporting unit. Identified intangible assets are recorded in deferred costs and intangible assets, net on the consolidated balance sheets. The following table presents a summary of deferred costs and intangible assets, net as of September 30, 2018 and December 31, 2017 (dollars in thousands): September 30, 2018 (Unaudited) December 31, 2017 Deferred costs and intangible assets, net: In-place lease value, net $ 24,489 $ 61,593 Goodwill 21,387 22,112 Other intangible assets 380 380 Subtotal intangible assets 46,256 84,085 Deferred costs, net 747 635 Total $ 47,003 $ 84,720 The Company recorded $10.7 million and $37.3 million of in-place lease and deferred cost amortization expense for the three and nine months ended September 30, 2018 , respectively. The Company recorded $9.9 million and $30.0 million of in-place lease and deferred cost amortization expense for the three and nine months ended September 30, 2017 , respectively. The following table presents future amortization of in-place lease value and deferred costs (dollars in thousands): October 1 to December 31, 2018 $ 9,999 Years Ending December 31: 2019 8,428 2020 2,093 2021 1,871 2022 593 Thereafter 2,252 Total $ 25,236 Acquisition Fees and Expenses The total of all acquisition fees and expenses for an investment, including acquisition fees to the Advisor, cannot exceed, in the aggregate, 6.0% of the contract purchase price of such investment unless such excess is approved by a majority of the Company’s directors, including a majority of its independent directors. In December 2017, the Company’s advisory agreement was amended and effective January 1, 2018, the Advisor no longer receives an acquisition fee in connection with the Company’s acquisitions of real estate properties or debt investments. For the nine months ended September 30, 2018 , total acquisition fees and expenses incurred to third parties did not exceed the allowed limit for any investment. An acquisition fee incurred related to an equity investment will generally be expensed as incurred. An acquisition fee paid to the Advisor related to the acquisition of an equity or debt investment in an unconsolidated joint venture is included in investments in unconsolidated ventures on the consolidated balance sheets. An acquisition fee paid to the Advisor related to the origination or acquisition of debt investments is included in real estate debt investments, net on the consolidated balance sheets and is amortized to interest income over the life of the investment using the effective interest method. The Company records as an expense certain acquisition costs and fees associated with transactions deemed to be business combinations in which it consolidates the asset and capitalizes these costs for transactions deemed to be acquisitions of an asset, including an equity investment. Other Assets The following table presents a summary of other assets as of September 30, 2018 and December 31, 2017 (dollars in thousands): September 30, 2018 (Unaudited) December 31, 2017 Other assets: Healthcare facility regulatory reserve deposit $ 6,000 $ 6,000 Remainder interest in condominium units (1) 3,025 3,704 Prepaid expenses 2,767 3,352 Lease inducements, net — 1,691 Utility deposits 356 503 Construction deposit — 993 Other 1,038 1,231 Total $ 13,186 $ 17,474 _______________________________________ (1) Represents future interests in property subject to life estates (“Remainder Interest”). Revenue Recognition Operating Real Estate Rental income includes rental and escalation income from operating real estate and is derived from leasing of space to various types of tenants and healthcare operators. Rental revenue recognition commences when the tenant takes legal possession of the leased space and the leased space is substantially ready for its intended use. The leases are for fixed terms of varying length and generally provide for rentals and expense reimbursements to be paid in monthly installments. Rental income from leases is recognized on a straight-line basis over the term of the respective leases. The excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in receivables, net on the consolidated balance sheets. The Company amortizes any tenant inducements as a reduction of revenue utilizing the straight-line method over the term of the lease. Escalation income represents revenue from tenant/operator leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes paid by the Company on behalf of the respective property. This revenue is recognized in the same period as the expenses are incurred. The Company also generates operating income from operating healthcare properties. Revenue related to operating healthcare properties includes resident room and care charges and other resident service charges. Rent is charged and revenue is recognized when such services are provided, generally defined per the resident agreement as of the date upon which a resident occupies a room or uses the services and is recorded in resident fee income in the consolidated statements of operations. In a situation in which a net lease(s) associated with a significant tenant has been, or is expected to be, terminated early, the Company evaluates the remaining useful life of depreciable or amortizable assets in the asset group related to the lease that will be terminated (i.e., tenant improvements, above- and below-market lease intangibles, in-place lease value and deferred leasing costs). Based upon consideration of the facts and circumstances surrounding the termination, the Company may write-off or accelerate the depreciation and amortization associated with the asset group. Such amounts are included within rental and other income for above- and below-market lease intangibles and depreciation and amortization for the remaining lease related asset groups in the consolidated statements of operations. Real Estate Debt Investments Interest income is recognized on an accrual basis and any related premium, discount, origination costs and fees are amortized over the life of the investment using the effective interest method. The amortization is reflected as an adjustment to interest income in the consolidated statements of operations. The amortization of a premium or accretion of a discount is discontinued if such investment is reclassified to held for sale. Healthcare-Related Securities Interest income is recognized using the effective interest method with any premium or discount amortized or accreted through earnings based on expected cash flow through the expected maturity date of the security. Changes to expected cash flow may result in a change to the yield which is then applied retrospectively for high-credit quality securities that cannot be prepaid or otherwise settled in such a way that the holder would not recover substantially all of the investment or prospectively for all other securities to recognize interest income. Credit Losses and Impairment on Investments Generally, the carrying value of the Company’s investments represent depreciated historical cost bases or, for investments that have been previously impaired, fair value or net realizable value. Such amounts are based upon the Company’s reasonable assumptions about the highest and best use of the investments and the intent and ability to hold the investments for a reasonable period that would allow for the recovery of the investments’ carrying values. If such assumptions change, including shorten

Operating Real Estate

Operating Real Estate	9 Months Ended
	Sep. 30, 2018
Real Estate [Abstract]
Operating Real Estate	Operating Real Estate The following table presents operating real estate, net as of September 30, 2018 and December 31, 2017 (dollars in thousands): September 30, 2018 (Unaudited) December 31, 2017 Land $ 237,340 $ 239,580 Land improvements 22,190 21,908 Buildings and improvements 1,598,894 1,608,180 Tenant improvements 11,284 8,291 Construction in progress 13,754 5,376 Furniture, fixtures and equipment 88,552 83,017 Subtotal 1,972,014 1,966,352 Less: Accumulated depreciation (157,165 ) (113,924 ) Operating real estate, net $ 1,814,849 $ 1,852,428 Within the table above, buildings and improvements includes impairment totaling $7.4 million and $5.0 million as of September 30, 2018 and December 31, 2017 , respectively, related to one of the Company’s consolidated net lease properties. Impairment recorded for the three and nine months ended September 30, 2018 is included in impairment loss in the consolidated statements of operations. Dispositions In August 2018, through a joint venture with an affiliate of Watermark Retirement Communities (“Watermark”), the Company completed the sale of an operating real estate property located in Southfield, Michigan for $12.0 million . Proceeds from the sale were used to repay the outstanding mortgage note payable of $9.0 million , resulting in $2.7 million of net proceeds to the joint venture, after transaction costs and prorations. The joint venture is owned 97.0% by a subsidiary of the Company and 3.0% by Watermark.

Investments in Unconsolidated V

Investments in Unconsolidated Ventures	9 Months Ended
	Sep. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Ventures	Investments in Unconsolidated Ventures All investments in unconsolidated ventures are accounted for under the equity method. The following tables present the Company’s investments in unconsolidated ventures as of September 30, 2018 and December 31, 2017 and activity for the three and nine months ended September 30, 2018 and 2017 (dollars in thousands): Properties as of September 30, 2018 (1) Portfolio Partner Acquisition Date Ownership Purchase Price (2) Equity Investment (3) Senior Housing Facilities MOB SNF Hospitals Total Eclipse Colony Capital/Formation Capital, LLC May-2014 5.6 % $ 1,048,000 $ 23,400 44 — 32 — 76 Envoy Formation Capital, LLC/Safanad Management Limited Sep-2014 11.4 % 145,000 5,000 — — 11 — 11 Griffin - American Colony Capital Dec-2014 14.3 % 3,238,547 206,143 92 108 41 14 255 Espresso Formation Capital, LLC/Safanad Management Limited Jul-2015 36.7 % 870,000 55,146 6 — 150 — 156 Trilogy Griffin-American Healthcare REIT III, Inc./Management Team of Trilogy Investors, LLC Dec-2015 29.0 % 1,162,613 233,290 9 — 70 — 79 Subtotal 6,464,160 522,979 151 108 304 14 577 Operator Platform (4) Jul-2017 20.0 % 2 2 — — — — — Total $ 6,464,162 $ 522,981 151 108 304 14 577 _______________________________________ (1) Excludes six properties sold during the nine months ended September 30, 2018 and one property designated as held for sale as of September 30, 2018 . (2) Purchase price represents the actual or implied gross purchase price for the joint venture on the acquisition date. Purchase price is not adjusted for subsequent acquisitions or dispositions of interest. (3) Represents initial and subsequent contributions to the underlying joint venture through September 30, 2018 . During the nine months ended September 30, 2018 , the Company funded an additional capital contribution of $4.5 million into the Trilogy joint venture. The additional funding related to certain business initiatives, including the development of additional senior housing and SNFs. (4) Represents investment in Solstice Senior Living, LLC (“Solstice”). In November 2017, the Company began the transition of operations of the Winterfell portfolio from the former manager, an affiliate of Holiday Retirement, to a new manager, Solstice. Solstice is a joint venture between affiliates of Integral Senior Living, LLC (“ISL”), a leading management company of ILF, ALF and MCF founded in 2000, which owns 80.0% , and the Company, which owns 20.0% . Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Carrying Value Select Revenues and Expenses, net (1) Select Revenues and Expenses, net (1) Portfolio Equity in Earnings (Losses) Cash Distributions Equity in Earnings (Losses) Cash Distributions September 30, 2018 (Unaudited) (2) December 31, 2017 (2) Eclipse $ (69 ) $ (462 ) $ 176 $ (776 ) $ (1,229 ) $ 581 $ 12,533 $ 13,143 Envoy 339 64 283 247 (1 ) 248 4,725 5,037 Griffin - American (1,805 ) (4,688 ) 1,771 (1,261 ) (4,553 ) 1,216 124,933 134,219 Espresso 17,886 (3) 15,982 — (16,609 ) (4) (19,964 ) — 11,639 5,308 Trilogy 239 (3,659 ) 1,450 (158 ) (4,900 ) — 168,635 167,845 Subtotal 16,590 7,237 3,680 (18,557 ) (30,647 ) 2,045 322,465 325,552 Operator Platform (5) 41 — 15 — — — 73 30 Total $ 16,631 $ 7,237 $ 3,695 $ (18,557 ) $ (30,647 ) $ 2,045 $ 322,538 $ 325,582 _______________________________________ (1) Represents the net amount of the Company’s proportionate share of the following revenues and expenses: straight-line rental income (expense), (above)/below market lease and in-place lease amortization, (above)/below market debt and deferred financing costs amortization, depreciation and amortization expense, acquisition fees and transaction costs, loan loss reserves, liability extinguishment gains, impairment, as well as unrealized and realized gain (loss) from sales of real estate and investments. (2) Includes $1.3 million , $0.4 million , $13.4 million , $7.6 million , and $9.8 million of capitalized acquisition costs for the Company’s investments in the Eclipse, Envoy, Griffin-American, Espresso and Trilogy joint ventures, respectively. During the three months ended September 30, 2018 , the Company expensed, through equity in earnings, the capitalized acquisition costs for the Company’s investment in the Envoy joint venture, which reduced the carrying value. (3) Includes a liability extinguishment gain recorded by the joint venture, of which the Company’s proportionate share totaled $14.1 million . Refer to “Credit Losses and Impairment on Investments” in Note 2, “Summary of Significant Accounting Policies” for additional discussion. (4) Includes a loan loss reserve recorded by the joint venture, of which the Company’s proportionate share totaled $15.8 million . Refer to “Credit Losses and Impairment on Investments” in Note 2, “Summary of Significant Accounting Policies” for additional discussion. (5) Represents the Company’s investment in Solstice. Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017 Select Revenues and Expenses, net (1) Select Revenues and Expenses, net (1) Portfolio Equity in Earnings (Losses) Cash Distributions Equity in Earnings (Losses) Cash Distributions Eclipse $ 11 $ (1,304 ) $ 621 $ (1,186 ) $ (2,660 ) $ 985 Envoy (29 ) (300 ) 283 419 (1 ) 427 Griffin - American (3,692 ) (13,500 ) 4,193 (5,795 ) (15,228 ) 6,913 Espresso 6,331 (2) 2,296 — (19,258 ) (3) (27,032 ) 3,307 Trilogy 1,137 (11,244 ) 4,816 (5,414 ) (17,637 ) — Subtotal $ 3,758 $ (24,052 ) $ 9,913 $ (31,234 ) $ (62,558 ) $ 11,632 Operator Platform (4) 149 — 107 — — — Total $ 3,907 $ (24,052 ) $ 10,020 $ (31,234 ) $ (62,558 ) $ 11,632 _______________________________________ (1) Represents the net amount of the Company’s proportionate share of the following revenues and expenses: straight-line rental income (expense), (above)/below market lease and in-place lease amortization, (above)/below market debt and deferred financing costs amortization, depreciation and amortization expense, acquisition fees and transaction costs, loan loss reserves, liability extinguishment gains, impairment, as well as unrealized and realized gain (loss) from sales of real estate and investments. (2) Includes a liability extinguishment gain recorded by the joint venture, of which the Company’s proportionate share totaled $14.1 million . Refer to “Credit Losses and Impairment on Investments” in Note 2, “Summary of Significant Accounting Policies” for additional discussion. (3) Includes a loan loss reserve recorded by the joint venture, of which the Company’s proportionate share totaled $15.8 million . Refer to “Credit Losses and Impairment on Investments” in Note 2, “Summary of Significant Accounting Policies” for additional discussion. (4) Represents the Company’s investment in Solstice.

Real Estate Debt Investments

Real Estate Debt Investments	9 Months Ended
	Sep. 30, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Real Estate Debt Investments	Real Estate Debt Investments The following table presents the Company’s one debt investment as of September 30, 2018 and December 31, 2017 (dollars in thousands): Carrying Value Asset Type: Principal Amount September 30, 2018 (Unaudited) December 31, 2017 Fixed Rate Unlevered Current Yield Mezzanine loan (1) $ 75,000 $ 74,725 $ 74,650 10.0 % 10.3 % _______________________________________ (1) Loan has a final maturity date of January 30, 2021 . Credit Quality Monitoring The Company evaluates its debt investments at least quarterly and differentiates the relative credit quality principally based on: (i) whether the borrower is currently paying contractual debt service in accordance with its contractual terms; and (ii) whether the Company believes the borrower will be able to perform under its contractual terms in the future, as well as the Company’s expectations as to the ultimate recovery of principal at maturity. The Company categorizes a debt investment for which it expects to receive full payment of contractual principal and interest payments as “performing.” The Company will categorize a weaker credit quality debt investment that is currently performing, but for which it believes future collection of all or some portion of principal and interest is in doubt, into a category called “performing with a loan loss reserve.” The Company will categorize a weaker credit quality debt investment that is not performing, which the Company defines as a loan in maturity default and/or past due at least 90 days on its contractual debt service payments, as a non-performing loan (“NPL”). The Company’s definition of an NPL may differ from that of other companies that track NPLs. As of September 30, 2018 , the Company’s debt investment was not performing in accordance with the contractual terms of its governing documents. The Company’s debt investment is a mezzanine loan to the Espresso joint venture that has several sub-portfolios, three of which have experienced tenant lease defaults and operator transitions. The underlying tenant defaults resulted in defaults under the senior loans with respect to the applicable sub-portfolios, which in turn resulted in defaults under the mezzanine loan. The Company is actively monitoring the actions of the senior lenders of each sub-portfolio and assessing the Company’s rights and remedies. The Company is also actively monitoring the operator transitions and continues to assess the collectability of principal and interest. As of September 30, 2018 , contractual debt service has been paid in accordance with contractual terms and the Company expects to receive full payment of contractual principal and interest. Accordingly, the debt investment was categorized as a performing loan. For the nine months ended September 30, 2018 , the debt investment contributed 100.0% of the Company’s interest income on debt investments as presented on the consolidated statement of operations.

Healthcare-Related Securities

Healthcare-Related Securities	9 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Healthcare-Related Securities	Healthcare-Related Securities In October 2016, the Company purchased the Class B certificates in a $575.1 million securitization trust (Freddie Mac 2016-KS06 Mortgage Trust), which is secured by a pool of 41 mortgage loans related to senior housing facilities with a weighted average maturity of 9.8 years at the time of the acquisition. The securitization trust issued $ 517.6 million of permanent, non-recourse, investment grade securitization bonds, or Class A certificates, which were purchased by unrelated third parties, and $57.5 million of subordinate Class B certificates which were purchased by the Company at a discount to par of $27.0 million , or 47.0% , and have a fixed coupon of 4.47% , producing a bond equivalent yield of 13.1% . U.S. GAAP required the Company to consolidate the assets, liabilities, income and expenses of the securitization trust as an Investing VIE. Refer to Note 2, “Summary of Significant Accounting Policies” for further discussion on Investing VIEs. In March 2018, the Company sold the Class B certificates of its consolidated Investing VIE and no longer presented the assets or liabilities of the entire securitization trust on its consolidated balance sheets as of September 30, 2018 . The Company has presented the income and expenses of the entire securitization trust on its consolidated statements of operations for the period that the Company owned the Class B certificates in 2018. The Company recorded a gain of $3.5 million related to the sale of the Class B certificates in realized gain (loss) on investments and other on its consolidated statement of operations for the nine months ended September 30, 2018 . The following table presents the assets and liabilities recorded on the consolidated balance sheets attributable to the securitization trust as of December 31, 2017 (dollars in thousands): December 31, 2017 Assets Senior housing mortgage loans held in a securitization trust, at fair value $ 545,048 Receivables 2,127 Total assets $ 547,175 Liabilities Senior housing mortgage obligations issued by a securitization trust, at fair value $ 512,772 Accounts payable and accrued expenses 1,918 Total liabilities $ 514,690 The Company elected the fair value option to measure the assets and liabilities of the securitization trust, which requires that changes in valuations of the securitization trust be reflected in the Company’s consolidated statements of operations. The difference between the carrying values of the senior housing mortgage loans held in the securitization trust and the carrying value of the securitized mortgage obligations was $32.3 million as of December 31, 2017 and approximates the fair value of the Company’s underlying investment in Class B certificates of the securitization trust. Refer to Note 12, “Fair Value” for a description of the valuation techniques used to measure fair value of assets and liabilities of the Investing VIE. The following table presents the activity recorded for the three and nine months ended September 30, 2018 and 2017 related to the securitization trust on the consolidated statements of operations (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Statements of Operations Interest income on mortgage loans held in a securitized trust $ — $ 6,536 $ 5,149 $ 19,503 Interest expense on mortgage obligations issued by a securitization trust — (4,919 ) (3,824 ) (14,662 ) Net interest income — 1,617 1,325 4,841 Other expenses related to securitization trust — 981 (811 ) 2,947 Unrealized gain (loss) on senior housing mortgage loans and debt held in securitization trust, net — 384 — 1,108 Net income attributable to NorthStar Healthcare Income, Inc. common stockholders $ — $ 1,020 $ 514 $ 3,002 For the nine months ended September 30, 2018 , the consolidated securitization trust contributed 100.0% of the Company’s interest income on mortgage loans held in a securitized trust as presented on the consolidated statements of operations.

Borrowings

Borrowings	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Borrowings	Borrowings The following table presents the Company’s borrowings as of September 30, 2018 and December 31, 2017 (dollars in thousands): September 30, 2018 (Unaudited) December 31, 2017 Recourse vs. Non-Recourse Final Maturity Contractual Interest Rate (1) Principal Amount (2) Carrying Value (2) Principal (2) Carrying (2) Mortgage notes payable, net Peregrine Portfolio (3) Various locations Non-recourse Dec-19 LIBOR + 3.50% $ 16,652 $ 16,352 $ 23,417 $ 23,030 Watermark Aqua Portfolio Denver, CO Non-recourse Feb-21 LIBOR + 2.92% 20,945 20,841 21,193 21,053 Frisco, TX Non-recourse Mar-21 LIBOR + 3.04% 19,531 19,438 19,755 19,630 Milford, OH Non-recourse Sep-26 LIBOR + 2.68% 18,760 18,270 18,760 18,216 Rochester Portfolio Rochester, NY Non-recourse Feb-25 4.25% 21,000 20,879 21,444 21,312 Rochester, NY (4) Non-recourse Aug-27 LIBOR + 2.34% 101,224 100,136 101,224 100,061 Arbors Portfolio (5) Various locations Non-recourse Feb-25 3.99% 91,173 89,869 92,407 90,913 Watermark Fountains Portfolio (6) Various locations Non-recourse Jun-22 3.92% 401,000 398,134 410,000 406,207 Various locations Non-recourse Jun-22 5.56% 75,401 74,776 75,401 74,776 Winterfell Portfolio (7) Various locations Non-recourse Jun-25 4.17% 645,634 624,267 648,211 624,656 Bonaventure Portfolio (8) Various locations Non-recourse Feb-27 4.66% 72,466 71,829 72,466 71,771 Subtotal mortgage notes payable, net 1,483,786 1,454,791 1,504,278 1,471,625 Other notes payable Oak Cottage Santa Barbara, CA Non-recourse Feb-22 6.00% 3,500 3,500 3,500 3,500 Rochester Portfolio Rochester, NY Non-recourse Aug-19 6.00% 12,355 12,355 12,355 12,355 Subtotal other notes payable, net 15,855 15,855 15,855 15,855 Total mortgage and other notes payable, net $ 1,499,641 $ 1,470,646 $ 1,520,133 $ 1,487,480 _______________________________________ (1) Floating rate borrowings are comprised of $160.5 million principal amount at one -month London Interbank Offered Rate (“LIBOR”) and $16.7 million principal amount at three -month LIBOR. (2) The difference between principal amount and carrying value of mortgage notes payable is attributable to deferred financing costs, net for all borrowings other than the Winterfell portfolio which is attributable to below market debt intangibles. (3) Mortgage note arrangement is secured and collateralized by three healthcare real estate properties. (4) Comprised of seven individual mortgage notes payable secured by seven healthcare real estate properties, cross-collateralized and cross-defaulted. (5) Comprised of four individual mortgage notes payable secured by four healthcare real estate properties, cross-collateralized and cross-defaulted. (6) Includes $401.0 million principal amount of fixed rate borrowings, secured by 14 healthcare real estate properties, cross-collateralized and cross-defaulted as well as a supplemental financing totaling $75.4 million of principal, secured by seven healthcare real estate properties, cross-collateralized and cross-defaulted. (7) Comprised of 32 individual mortgage notes payable secured by 32 healthcare real estate properties, cross-collateralized and cross-defaulted. (8) Comprised of five individual mortgage notes payable secured by five healthcare real estate properties, cross-collateralized and cross-defaulted. The following table presents scheduled principal payments on borrowings based on final maturity as of September 30, 2018 (dollars in thousands): October 1 to December 31, 2018 $ 5,598 Years Ending December 31: 2019 52,220 2020 24,345 2021 63,943 2022 464,987 Thereafter 888,548 Total $ 1,499,641 As of December 31, 2017 , the Company’s Peregrine portfolio did not maintain certain minimum financial coverage ratios required under the contractual terms of its mortgage note. Following a partial repayment of the mortgage note in January 2018, the Company was in compliance with the financial covenants as of September 30, 2018 . However, during the nine months ended September 30, 2018 , an operator of the Peregrine portfolio failed to remit rental payments in a timely manner, which resulted in a cross-default under the mortgage note agreement. Colony Capital Line of Credit In October 2017, the Company obtained a revolving line of credit from an affiliate of Colony Capital, the Sponsor, for up to $15.0 million at an interest rate of 3.5% plus LIBOR (the “Sponsor Line”). The Sponsor Line had an initial one year term, with an extension option of six months. In November 2017, the borrowing capacity under the Sponsor Line was increased to $35.0 million . As of December 31, 2017 , the Company had drawn and fully repaid $25.0 million under the Sponsor Line and did not utilize the Sponsor Line during the nine months ended September 30, 2018 . In March 2018, the Sponsor Line maturity was extended through December 2020. Corporate Credit Facility In December 2017, the Company executed a corporate credit facility with Key Bank (the “Corporate Facility”), for up to $25.0 million . The Corporate Facility has a three year term at interest rates ranging between 2.5% and 3.5% plus LIBOR and has not been utilized as of September 30, 2018 .

Related Party Arrangements

Related Party Arrangements	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Related Party Arrangements	Related Party Arrangements Advisor Subject to certain restrictions and limitations, the Advisor is responsible for managing the Company’s affairs on a day-to-day basis and for identifying, acquiring, originating and asset managing investments on behalf of the Company. The Advisor may delegate certain of its obligations to affiliated entities, which may be organized under the laws of the United States or foreign jurisdictions. References to the Advisor include the Advisor and any such affiliated entities. For such services, to the extent permitted by law and regulations, the Advisor receives fees and reimbursements from the Company. Pursuant to the advisory agreement, the Advisor may defer or waive fees in its discretion. Below is a description and table of the fees and reimbursements incurred to the Advisor. In December 2017, the advisory agreement was amended with changes to the asset management and acquisition fee structure as further described below. In June 2018, the advisory agreement was renewed for an additional one -year term commencing on June 30, 2018, with terms identical to those in effect through June 30, 2018. Fees to Advisor Asset Management Fee From inception through December 31, 2017, the Advisor received a monthly asset management fee equal to one-twelfth of 1.0% of the sum of the amount funded or allocated for investments, including expenses and any financing attributable to such investments, less any principal received on debt and securities investments (or the proportionate share thereof in the case of an investment made through a joint venture). In December 2017, the Company’s advisory agreement was amended. Effective January 1, 2018, the Advisor receives a monthly asset management fee equal to one-twelfth of 1.5% of the Company’s most recently published aggregate estimated net asset value, as may be subsequently adjusted for any special distribution declared by the board of directors in connection with a sale, transfer or other disposition of a substantial portion of the Company’s assets, with $2.5 million per calendar quarter of such fee paid in shares of the Company’s common stock at a price per share equal to the most recently published net asset value per share. The Advisor has also agreed that all shares of the Company’s common stock issued to it in consideration of the asset management fee will be subordinate in the share repurchase program to shares of the Company’s common stock held by third party stockholders for a period of two years, unless the advisory agreement is earlier terminated. Incentive Fee The Advisor is entitled to receive distributions equal to 15.0% of net cash flows of the Company, whether from continuing operations, repayment of loans, disposition of assets or otherwise, but only after stockholders have received, in the aggregate, cumulative distributions equal to their invested capital plus a 6.75% cumulative, non-compounded annual pre-tax return on such invested capital. Acquisition Fee From inception through December 31, 2017, the Advisor received fees for providing structuring, diligence, underwriting advice and related services in connection with real estate acquisitions equal to 2.25% of each real estate property acquired by the Company, including acquisition costs and any financing attributable to an equity investment (or the proportionate share thereof in the case of an indirect equity investment made through a joint venture or other investment vehicle) and 1.0% of the amount funded or allocated by the Company to acquire or originate debt investments, including acquisition costs and any financing attributable to such investments (or the proportionate share thereof in the case of an indirect investment made through a joint venture or other investment vehicle). In December 2017, the Company’s advisory agreement was amended. Effective January 1, 2018, the Advisor no longer receives an acquisition fee in connection with the Company’s acquisitions of real estate properties or debt investments. Disposition Fee For substantial assistance in connection with the sale of investments and based on the services provided, as determined by the Company’s independent directors, the Advisor may receive a disposition fee of 2.0% of the contract sales price of each property sold and 1.0% of the contract sales price of each debt investment sold. The Company does not pay a disposition fee upon the maturity, prepayment, workout, modification or extension of a debt investment unless there is a corresponding fee paid by the borrower, in which case the disposition fee is the lesser of: (i) 1.0% of the principal amount of the debt investment prior to such transaction; or (ii) the amount of the fee paid by the borrower in connection with such transaction. If the Company takes ownership of a property as a result of a workout or foreclosure of a debt investment, the Company will pay a disposition fee upon the sale of such property. A disposition fee from the sale of an investment is generally expensed and included in asset management and other fees - related party in the Company’s consolidated statements of operations. A disposition fee for a debt investment incurred in a transaction other than a sale is included in debt investments, net on the consolidated balance sheets and is amortized to interest income over the life of the investment using the effective interest method. Reimbursements to Advisor Operating Costs The Advisor is entitled to receive reimbursement for direct and indirect operating costs incurred by the Advisor in connection with administrative services provided to the Company. The Advisor allocates, in good faith, indirect costs to the Company related to the Advisor’s and its affiliates’ employees, occupancy and other general and administrative costs and expenses in accordance with the terms of, and subject to the limitations contained in, the advisory agreement with the Advisor. The indirect costs include the Company’s allocable share of the Advisor’s compensation and benefit costs associated with dedicated or partially dedicated personnel who spend all or a portion of their time managing the Company’s affairs, based upon the percentage of time devoted by such personnel to the Company’s affairs. The indirect costs also include rental and occupancy, technology, office supplies, travel and entertainment and other general and administrative costs and expenses. However, there is no reimbursement for personnel costs related to executive officers (although there may be reimbursement for certain executive officers of the Advisor) and other personnel involved in activities for which the Advisor receives an acquisition fee or a disposition fee. The Advisor allocates these costs to the Company relative to its and its affiliates’ other managed companies in good faith and has reviewed the allocation with the Company’s board of directors, including its independent directors. The Advisor updates the board of directors on a quarterly basis of any material changes to the expense allocation and provides a detailed review to the board of directors, at least annually, and as otherwise requested by the board of directors. The Company reimburses the Advisor quarterly for operating costs (including the asset management fee) based on a calculation for the four preceding fiscal quarters not to exceed the greater of: (i) 2.0% of its average invested assets; or (ii) 25.0% of its net income determined without reduction for any additions to reserves for depreciation, loan losses or other similar non-cash reserves and excluding any gain from the sale of assets for that period. Notwithstanding the above, the Company may reimburse the Advisor for expenses in excess of this limitation if a majority of the Company’s independent directors determines that such excess expenses are justified based on unusual and non-recurring factors. The Company calculates the expense reimbursement quarterly based upon the trailing twelve -month period. Summary of Fees and Reimbursements The following table presents the fees and reimbursements incurred to the Advisor for the nine months ended September 30, 2018 and the amount due to related party as of September 30, 2018 and December 31, 2017 (dollars in thousands): Type of Fee or Reimbursement Due to Related Party as of December 31, 2017 Nine Months Ended September 30, 2018 Due to Related Party as of September 30, 2018 (Unaudited) Financial Statement Location Incurred Paid Fees to Advisor Entities Asset management (1) Asset management and other fees-related party $ — $ 17,853 $ (17,853 ) (2) $ — Acquisition (2) Investments in unconsolidated ventures/Asset management and other fees-related party 8 (8 ) — — Reimbursements to Advisor Entities Operating costs (3) General and administrative expenses 1,038 8,621 (7,168 ) 2,491 Total $ 1,046 $ 26,466 $ (25,021 ) $ 2,491 _______________________________________ (1) Includes $7.5 million paid in shares of the Company’s common stock. (2) From inception through September 30, 2018 , the Advisor waived $0.3 million of acquisition fees related to healthcare-related securities. The Company did not incur any disposition fees during the nine months ended September 30, 2018 , nor were any such fees outstanding as of December 31, 2017 . (3) As of September 30, 2018 , the Advisor does not have any unreimbursed operating costs which remain eligible to be allocated to the Company. Issuance of Common Stock to the Advisor Pursuant to the December 2017 amendment of the advisory agreement, for the nine months ended September 30, 2018 , the Company issued 0.9 million shares totaling $7.5 million to an affiliate of the Advisor as part of its asset management fee. Investments in Joint Ventures The below table indicates the Company’s investments for which Colony Capital is also an equity partner in the joint venture. Each investment was approved by the Company’s board of directors, including all of its independent directors. Refer to Note 4, “Investments in Unconsolidated Ventures” for further discussion of these investments: Portfolio Partner(s) Acquisition Date Ownership Eclipse Colony Capital/Formation Capital, LLC May-2014 5.6% Griffin-American Colony Capital Dec-2014 14.3% In connection with the acquisition of the Griffin-American portfolio by NorthStar Realty, now a subsidiary of Colony Capital, and the Company, the Sponsor acquired a 43.0% , as adjusted, ownership interest in American Healthcare Investors, LLC (“AHI”) and Mr. James F. Flaherty III, a partner of the Sponsor, acquired a 12.3% ownership interest in AHI. AHI is a healthcare-focused real estate investment management firm that co-sponsored and advised Griffin-American, until Griffin-American was acquired by the Company and NorthStar Realty. In December 2015, the Company, through a joint venture with Griffin-American Healthcare REIT III, Inc. (“GAHR3”), a REIT sponsored and advised by AHI, acquired a 29.0% interest in the Trilogy portfolio, a $1.2 billion healthcare portfolio and contributed $201.7 million for its interest. The purchase was approved by the Company’s board of directors, including all of its independent directors. In 2016 and 2017, the Company funded additional capital contributions of $18.8 million and $8.3 million , respectively, in accordance with the joint venture agreement. Additionally, in March 2018, the Company funded capital contributions of $4.5 million for a total contribution of $233.3 million . The additional fundings related to certain business initiatives, including the acquisition of additional senior housing and skilled nursing facilities and repayment of certain outstanding obligations. Refer to Note 15, “Subsequent Events” for additional information. Origination of Mezzanine Loan In July 2015, the Company originated a $75.0 million mezzanine loan to a subsidiary of Espresso, which bears interest at a fixed rate of 10.0% per year and matures in January 2021. Refer to Note 5, “Real Estate Debt Investments” for further discussion. Colony Capital Line of Credit In October 2017, the Company obtained the Sponsor Line, which provides up to $35.0 million at an interest rate of 3.5% plus LIBOR. Refer to Note 7, “Borrowings” for further discussion.

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity-Based Compensation	Equity-Based Compensation The Company adopted a long-term incentive plan, as amended (the “Plan”), which it may use to attract and retain qualified officers, directors, employees and consultants, as well as an independent directors compensation plan, which is a component of the Plan. Pursuant to the Plan, as of September 30, 2018 , the Company’s independent directors were granted a total of 96,625 shares of restricted common stock for an aggregate $0.9 million , based on the share price on the date of each grant. The restricted stock granted prior to 2015 generally vests quarterly over four years and the restricted stock granted in and subsequent to 2015 generally vests quarterly over two years. However, the stock will become fully vested on the earlier occurrence of: (i) the termination of the independent director’s service as a director due to his or her death or disability; or (ii) a change in control of the Company. The Company recognized equity-based compensation expense of approximately $45,000 and $47,000 for the three months ended September 30, 2018 and 2017 , respectively and $129,000 and $146,000 for the nine months ended September 30, 2018 and 2017 , respectively. Equity-based compensation expense is related to the issuance of restricted stock to the independent directors and is recorded in general and administrative expenses in the consolidated statements of operations. Unrecognized equity-based compensation for unvested shares totaled $0.2 million and $0.2 million as of September 30, 2018 and December 31, 2017 , respectively. Unvested shares totaled 25,947 and 19,248 as of September 30, 2018 and December 31, 2017 , respectively.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock The Company stopped accepting subscriptions for the Follow-on Offering on December 17, 2015 and all of the shares initially registered for the Follow-on Offering were issued on or before January 19, 2016. The Company issued 173.4 million shares of common stock generating gross proceeds of $1.7 billion in the Primary Offering. Distribution Reinvestment Plan The Company adopted the DRP through which common stockholders may elect to reinvest an amount equal to the distributions declared on their shares in additional shares of the Company’s common stock in lieu of receiving cash distributions. The purchase price under the Company’s Initial DRP was $9.50 . In connection with its determination of the offering price for shares of the Company’s common stock in the Follow-on Offering, the board of directors determined that distributions may be reinvested in shares of the Company’s common stock at a price of $9.69 per share, which was approximately 95% of the offering price of $10.20 per share established for purposes of the Follow-on Offering. In April 2016, in connection with its determination of the estimated value of the Company’s shares of common stock as of December 31, 2015, the board of directors determined that distributions may be reinvested in shares of the Company’s common stock at a price equal to the most recent estimated value per share of the shares of common stock. From April 2016 to December 2016, the purchase price per share under the DRP was $ 8.63 per share, which was equal to the estimated value per share of the Company shares of common stock as of December 31, 2015. From December 2016 to December 2017, the purchase price per share under the DRP was $ 9.10 per share, which was equal to the estimated value per share of the Company’s shares of common stock as of June 30, 2016. In December 2017, the purchase price per share under the DRP became $8.50 per share, which is equal to the estimated value per share as of June 30, 2017. No selling commissions or dealer manager fees are paid on shares issued pursuant to the DRP. The board of directors of the Company may amend, suspend or terminate the DRP for any reason upon ten -days’ notice to participants, except that the Company may not amend the DRP to eliminate a participant’s ability to withdraw from the DRP. For the nine months ended September 30, 2018 , the Company issued 3.1 million shares of common stock totaling $26.3 million of gross offering proceeds pursuant to the DRP. For the year ended December 31, 2017 , the Company issued 7.4 million shares of common stock totaling $67.2 million of gross offering proceeds pursuant to the DRP. From inception through September 30, 2018 , the Company issued 24.2 million shares of common stock, generating gross offering proceeds of $220.4 million pursuant to the DRP. Distributions From inception through December 31, 2017 , distributions to stockholders were declared quarterly by the board of directors of the Company and paid monthly based on a daily amount of $0.00184932 per share, which is equivalent to an annualized distribution amount of $0.675 per share of the Company’s common stock. The Company’s board of directors approved a daily cash distribution of $0.000924658 per share of common stock, equivalent to an annualized distribution amount of $0.3375 per share, for each of the nine months ended September 30, 2018 . Distributions are generally paid to stockholders on the first business day of the month following the month for which the distribution has accrued. The following table presents distributions declared for the nine months ended September 30, 2018 (dollars in thousands): Distributions (1) Period Cash DRP Total 2018 January $ 2,603 $ 2,767 $ 5,370 February 2,384 2,448 4,832 March 2,697 2,661 5,358 April 2,629 2,572 5,201 May 2,731 2,626 5,357 June 2,668 2,524 5,192 July 2,803 2,578 5,381 August 2,813 2,550 5,363 September 2,758 2,439 5,197 Total $ 24,086 $ 23,165 $ 47,251 _________________________________________________ (1) Represents distributions declared for the period, even though such distributions are actually paid to stockholders in the month following such period. In order to continue to qualify as a REIT, the Company must distribute annually at least 90% of its REIT taxable income. For the nine months ended September 30, 2018 , the Company generated net operating losses for tax purposes and, accordingly, was not required to make distributions to its stockholders to qualify as a REIT. Share Repurchase Program The Company adopted a share repurchase program that may enable stockholders to sell their shares to the Company in limited circumstances (the “Share Repurchase Program”). The Company may not repurchase shares unless a stockholder has held shares for one year. However, the Company may repurchase shares held less than one year in connection with a stockholder’s death or qualifying disability. The Company is not obligated to repurchase shares under the Share Repurchase Program. The Company may amend, suspend or terminate the Share Repurchase Program at its discretion at any time, subject to certain notice requirements. In December 2017, the Company’s board of directors approved the following amendments to the Share Repurchase Program: • Limit the amount of shares that may be repurchased pursuant to the Share Repurchase Program (including repurchases in the case of death or qualifying disability) as follows: (a) for repurchase requests made during the calendar quarter ending December 31, 2017, $ 8.0 million in aggregate repurchases and (b) for repurchase requests made in 2018 and thereafter, the lesser of (1) 5% of the weighted average number of shares of the Company’s common stock outstanding during the prior calendar year, less shares repurchased during the current calendar year, or (2) the net proceeds received by the Company during the calendar quarter in which such repurchase requests were made from the sale of shares pursuant to the Company’s DRP; • The price paid for shares will be: (a) for shares repurchased in connection with a death or disability, the lesser of the price paid for the shares or the most recently published estimated value per share, which is currently $8.50 and (b) for all other shares, 90.0% of the Company’s most recently published estimated value per share, which is currently $7.65 ; and • In the event all repurchase requests in a given quarter could not be satisfied, the Company first repurchased shares submitted in connection with a stockholder’s qualifying death or disability and thereafter repurchased shares pro rata, and the Company sought to honor any unredeemed shares in a future quarter (unless the stockholder withdrew its request). For the nine months ended September 30, 2018 , the Company repurchased 3.0 million shares of common stock for $23.8 million at an average price of $7.86 per share. For the year ended December 31, 2017 , the Company repurchased 5.7 million shares of common stock for $52.8 million at an average price of $9.22 per share pursuant to the Share Repurchase Program. The Company has funded repurchase requests received during a quarter with cash on hand, borrowings or other available capital. Repurchases, pursuant to the Share Repurchase Program, have not exceeded proceeds received from its DRP. As of September 30, 2018 , the Company had a total of 12.0 million shares, or $101.8 million , based on its most recently published estimated value per share of $8.50 , in unfulfilled repurchase requests. Refer to Note 15, “Subsequent Events” for additional information regarding the Share Repurchase Program.

Non-controlling Interests

Non-controlling Interests	9 Months Ended
	Sep. 30, 2018
Noncontrolling Interest [Abstract]
Non-controlling Interests	Non-controlling Interests Operating Partnership Non-controlling interests include the aggregate limited partnership interests in the Operating Partnership held by limited partners, other than the Company. Income (loss) attributable to the non-controlling interests is based on the limited partners’ ownership percentage of the Operating Partnership. Income (loss) allocated to the Operating Partnership non-controlling interests for the three and nine months ended September 30, 2018 and 2017 was de minimis. Other Other non-controlling interests represent third-party equity interests in ventures that are consolidated with the Company’s financial statements. Net loss attributable to the other non-controlling interests was approximately $0.1 million and $0.4 million for the three and nine months ended September 30, 2018 . Net loss attributable to the other non-controlling interests was approximately $97,000 and $27,000 for the three and nine months ended September 30, 2017 .

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Fair Value Measurement The fair value of financial instruments is categorized based on the priority of the inputs to the valuation technique and categorized into a three -level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded at fair value on the consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: Level 1. Quoted prices for identical assets or liabilities in an active market. Level 2. Financial assets and liabilities whose values are based on the following: a) Quoted prices for similar assets or liabilities in active markets. b) Quoted prices for identical or similar assets or liabilities in non-active markets. c) Pricing models whose inputs are observable for substantially the full term of the asset or liability. d) Pricing models whose inputs are derived principally from or corroborated by observable market data for substantially the full term of the asset or liability. Level 3. Prices or valuation techniques based on inputs that are both unobservable and significant to the overall fair value measurement. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following is a description of the valuation techniques used to measure fair value of assets and liabilities accounted for at fair value on a recurring basis and the general classification of these instruments pursuant to the fair value hierarchy. Healthcare-Related Securities Investing VIEs As discussed in Note 6, “Healthcare-Related Securities,” the Company elected the fair value option for the financial assets and liabilities of its consolidated Investing VIE. The Investing VIE was “static”; that is, no reinvestment was permitted and there was very limited active management of the underlying assets. The Company was required to determine whether the fair value of the financial assets or the fair value of the financial liabilities of the Investing VIE were more observable, but in either case, the methodology resulted in the fair value of the assets of the securitization trust being equal to the fair value of their liabilities. The Company determined that the fair value of the liabilities of the securitization trust were more observable, since market prices for the liabilities were available from a third-party pricing service or were based on quoted prices provided by dealers who make markets in similar financial instruments. The financial assets of the securitization trust were not readily marketable and their fair value measurement required information that may be limited in availability. In determining the fair value of the securitization trust’s financial liabilities, the dealers will consider contractual cash payments and yields expected by market participants. Dealers also incorporate common market pricing methods, including a spread measurement to the treasury curve or interest rate swap curve as well as underlying characteristics of the particular security including coupon, periodic and life caps, collateral type, rate reset period and seasoning or age of the security. The Company’s senior housing collateralized mortgage obligations were classified as Level 2 fair values. In accordance with ASC 810, Consolidation , the assets of the securitization trust was an aggregate value derived from the fair value of the trust liabilities. The Company determined that the valuation of the trust assets in their entirety, including its retained interests from the securitization (eliminated in consolidation in accordance with U.S. GAAP) should be classified as Level 3 valuations. In March 2018, the Company sold the Class B certificates of its consolidated Investing VIE and no longer presented the assets or liabilities of the entire securitization trust on its consolidated balance sheets as of September 30, 2018 . The Company has presented the income and expenses of the entire securitization trust on its consolidated statements of operations for the period that the Company owned the Class B certificates in 2018. Fair Value Hierarchy Financial assets and liabilities recorded at fair value on a recurring basis are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. There were no assets or liabilities accounted for at fair value on a recurring basis as of September 30, 2018 . The following table presents financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2017 by level within the fair value hierarchy (dollars in thousands): December 31, 2017 Level 1 Level 2 Level 3 Total Financial Assets Senior housing mortgage loans held in a securitization trust, at fair value $ — $ — $ 545,048 $ 545,048 Financial Liabilities Senior housing mortgage obligations issued by a securitization trust, at fair value $ — $ 512,772 $ — $ 512,772 As of September 30, 2018 , the Company had no financial assets and liabilities that were accounted for at fair value on a non-recurring basis. The following table presents the changes in fair value of financial assets which are measured at fair value on a recurring basis using Level 3 inputs to determine fair value for the nine months ended September 30, 2018 and year ended December 31, 2017 (dollars in thousands): Nine Months Ended September 30, 2018 (Unaudited) Year Ended December 31, 2017 Beginning balance $ 545,048 $ 553,707 Purchases/contributions — — Paydowns/distributions (4,058 ) Derecognition (545,048 ) — Unrealized gain (loss) — (4,601 ) Ending balance $ — $ 545,048 There were no financial liabilities measured at fair value on a recurring basing using Level 3 inputs during the nine months ended September 30, 2018 . The following table presents the changes in fair value of financial liabilities which are measured at fair value on a recurring basis using Level 3 inputs to determine fair value for the year ended December 31, 2017 (dollars in thousands): Year Ended December 31, 2017 Beginning balance $ 522,933 Transfers to Level 2 (1) (522,933 ) Paydowns/distributions — Sale of investment — Unrealized (gain) loss — Ending balance $ — _______________________________________ (1) Transfers to Level 2 from Level 3 represent a fair value measurement from a third-party pricing service or broker quotations that have become more observable during the period. Transfers are assumed to occur at the beginning of the year. For the year ended December 31, 2017 , the key unobservable inputs used in the fair value analysis included a weighted average yield of 13.1% and a weighted average life of 9.6 years. Significant increases (decreases) in any one of the inputs described above in isolation may result in a significantly different fair value for the financial assets using such Level 3 inputs. Fair Value Option The Company may elect to apply the fair value option of accounting for certain of its financial assets or liabilities due to the nature of the instrument at the time of the initial recognition of the investment. In the case of its healthcare-related securities, the Company elected the fair value option because management believes it is a more useful presentation for such investments. Fair Value of Financial Instruments U.S. GAAP requires disclosure of fair value about all financial instruments. The following disclosure of estimated fair value of financial instruments was determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair value. The following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of September 30, 2018 and December 31, 2017 (dollars in thousands): September 30, 2018 (Unaudited) December 31, 2017 Principal Amount Carrying Value Fair Value Principal Amount Carrying Value Fair Value Financial assets: (1) Real estate debt investments, net $ 75,000 $ 74,725 $ 75,000 $ 75,000 $ 74,650 $ 75,000 Financial liabilities: (1) Mortgage and other notes payable, net $ 1,499,641 $ 1,470,646 $ 1,445,360 $ 1,520,133 $ 1,487,480 $ 1,480,407 _______________________________________ (1) The fair value of other financial instruments not included in this table is estimated to approximate their carrying value. Disclosure about fair value of financial instruments is based on pertinent information available to management as of the reporting date. Although management is not aware of any factors that would significantly affect fair value, such amounts have not been comprehensively revalued for purposes of these consolidated financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein. Real Estate Debt Investments, Net For commercial real estate (“CRE”) debt investments, fair values were determined by comparing the current yield to the estimated yield for newly originated loans with similar credit risk or the market yield at which a third party might expect to purchase such investment; or based on discounted cash flow projections of principal and interest expected to be collected, which includes consideration of the financial standing of the borrower or sponsor as well as operating results of the underlying collateral. As of the reporting date, the Company believes that principal amount approximates fair value. These fair value measurements of CRE debt are generally based on unobservable inputs, and as such, are classified as Level 3 of the fair value hierarchy. Mortgage and Other Notes Payable, Net For mortgage and other notes payable, the Company primarily uses rates currently available with similar terms and remaining maturities to estimate fair value. These measurements are determined using comparable U.S. Treasury rates as of the end of the reporting period. These fair value measurements are based on observable inputs, and as such, are classified as Level 2 of the fair value hierarchy.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2018
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company conducts its business through the following four segments, which are based on how management reviews and manages its business: • Real Estate Equity - Focused on equity investments, directly or through joint ventures, with a focus on properties in the mid-acuity senior housing sector, which the Company defines as ALF, MCF, SNF, ILF and CCRC. The Company’s equity investments may also include MOB, hospitals, rehabilitation facilities and ancillary healthcare services businesses. The Company’s investments are predominantly in the United States, but it also selectively makes international investments. The Company’s healthcare properties generally operate under net leases or through management agreements with independent third-party operators. • Real Estate Debt - Focused on originating, acquiring and asset managing healthcare-related debt investments and may include first mortgage loans, subordinate interests and mezzanine loans and participations in such loans, as well as preferred equity interests. • Healthcare-Related Securities - Focused on investing in and asset managing healthcare-related securities primarily consisting of CMBS, commercial mortgage obligations and other securities backed primarily by loans secured by healthcare properties. • Corporate - The corporate segment includes corporate level asset management and other fees - related party and general and administrative expenses. The Company primarily generates rental and resident fee income from real estate equity investments and net interest income on real estate debt and securities investments. The Company’s healthcare-related securities represent its investment in the Class B certificates of the securitization trust which are eliminated in consolidation. The following table presents the operators and tenants of the Company’s properties, excluding properties owned through unconsolidated joint ventures as of September 30, 2018 (dollars in thousands): Nine Months Ended September 30, 2018 Operator / Tenant Properties Under Management Units Under Management (1) Property and Other Revenues % of Total Property and Other Revenues Watermark Retirement Communities 29 5,225 $ 115,463 52.4 % Solstice Senior Living (2) 32 4,000 79,350 36.0 % Avamere Health Services (3) 5 453 12,541 5.7 % Arcadia Management 4 572 7,961 3.6 % Integral Senior Living (2) 3 162 3,852 1.7 % Peregrine Senior Living 2 114 1,114 0.5 % Senior Lifestyle Corporation (4) 2 115 (195 ) (0.1 )% Other (5) — — 464 0.2 % Total 77 10,641 $ 220,550 100.0 % ______________________________________ (1) Represents rooms for ALF and ILF and beds for MCF and SNF, based on predominant type. (2) Solstice Senior Living, LLC is a joint venture of which affiliates of Integral Senior Living own 80%. (3) Effective February 2018, properties under the management of Bonaventure were transitioned to Avamere Health Services. (4) As a result of the tenant failing to remit rental payments, the Company accelerated the amortization of capitalized lease inducements. (5) Represents interest income earned on corporate-level cash accounts. The following tables present segment reporting for the three months ended September 30, 2018 and 2017 (dollars in thousands): Statement of Operations: Three Months Ended September 30, 2018 (1) Real Estate Equity Real Estate Debt Corporate (2) Total Rental and resident fee income $ 72,455 $ — $ — $ 72,455 Net interest income on debt and securities — 1,943 — 1,943 Other revenue 846 — 169 1,015 Property operating expenses (47,355 ) — — (47,355 ) Interest expense (17,595 ) — (82 ) (17,677 ) Other expenses related to securitization trust — — — — Transaction costs — — — — Asset management and other fees - related party — — (5,951 ) (5,951 ) General and administrative expenses (232 ) (10 ) (2,576 ) (2,818 ) Depreciation and amortization (25,629 ) — — (25,629 ) Impairment loss — — — — Unrealized gain (loss) on senior housing mortgage loans and debt held in securitization trust, net — — — — Realized gain (loss) on investments and other 726 — — 726 Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense) (16,784 ) 1,933 (8,440 ) (23,291 ) Equity in earnings (losses) of unconsolidated ventures 16,631 — — 16,631 Income tax benefit (expense) (10 ) — — (10 ) Net income (loss) $ (163 ) $ 1,933 $ (8,440 ) $ (6,670 ) _______________________________________ (1) For the three months ended September 30, 2018 , the Company did not have activity in the healthcare-related securities segment as a result of having sold the Class B certificates of its consolidated Investing VIE in March 2018 and no longer having to consolidate the related interest income and interest expense on the consolidated statements of operations. (2) Includes unallocated asset management fee-related party and general and administrative expenses. Three Months Ended September 30, 2017 Real Estate Equity Real Estate Debt Healthcare-Related Securities Corporate (1) Subtotal Investing VIE (2) Total Rental and resident fee income $ 73,740 $ — $ — $ — $ 73,740 $ — $ 73,740 Net interest income on debt and securities — 1,940 1,025 (3) (389 ) (3) 2,576 981 3,557 Other revenue 541 — — 120 661 — 661 Property operating expenses (42,981 ) — — — (42,981 ) — (42,981 ) Interest expense (15,687 ) — — — (15,687 ) — (15,687 ) Other expenses related to securitization trust — — — — — (981 ) (981 ) Transaction costs (3,814 ) — — — (3,814 ) — (3,814 ) Asset management and other fees - related party — — — (13,299 ) (13,299 ) — (13,299 ) General and administrative expenses (262 ) (12 ) — (2,767 ) (3,041 ) — (3,041 ) Depreciation and amortization (24,454 ) — — — (24,454 ) — (24,454 ) Unrealized gain (loss) on senior housing mortgage loans and debt held in securitization trust, net — — (5 ) 389 384 — 384 Realized gain (loss) on investments and other — — — — — — — Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense) (12,917 ) 1,928 1,020 (15,946 ) (25,915 ) — (25,915 ) Equity in earnings (losses) of unconsolidated ventures (18,557 ) — — — (18,557 ) — (18,557 ) Income tax benefit (expense) (15 ) — — — (15 ) — (15 ) Net income (loss) $ (31,489 ) $ 1,928 $ 1,020 $ (15,946 ) $ (44,487 ) $ — $ (44,487 ) _______________________________________ (1) Includes unallocated asset management fee-related party and general and administrative expenses. (2) Investing VIEs are not considered to be a segment that the Company conducts its business through, however U.S. GAAP requires the Company, as the primary beneficiary, to present the assets and liabilities of the securitization trust on its consolidated balance sheets and recognize the related interest income and interest expense, as net interest income on the consolidated statements of operations. Though U.S. GAAP requires this presentation, the Company views its investment in the securitization trust as a net investment in healthcare-related securities. (3) Represents income earned from the healthcare-related securities purchased at a discount, recognized using the effective interest method had the transaction been recorded as an available for sale security, at amortized cost. During the three months ended September 30, 2017, $0.4 million was attributable to discount accretion income and was eliminated in consolidation in the corporate segment. The following tables present segment reporting for the nine months ended September 30, 2018 and 2017 (dollars in thousands): Statement of Operations: Nine Months Ended September 30, 2018 Real Estate Equity Real Estate Debt Healthcare-Related Securities Corporate (1) Subtotal Investing VIE (2) Total Rental and resident fee income $ 217,858 $ — $ — $ — $ 217,858 $ — $ 217,858 Net interest income on debt and securities — 5,763 828 (3) (314 ) (3) 6,277 811 7,088 Other revenue 2,228 — — 464 2,692 — 2,692 Property operating expenses (141,510 ) — — — (141,510 ) — (141,510 ) Interest expense (52,215 ) — — (193 ) (52,408 ) — (52,408 ) Other expenses related to securitization trust — — — — — (811 ) (811 ) Transaction costs (806 ) — — — (806 ) — (806 ) Asset management and other fees - related party — — — (17,845 ) (17,845 ) — (17,845 ) General and administrative expenses (734 ) (29 ) (5 ) (9,159 ) (9,927 ) — (9,927 ) Depreciation and amortization (81,943 ) — — — (81,943 ) — (81,943 ) Impairment loss (5,239 ) — — — (5,239 ) — (5,239 ) Unrealized gain (loss) on senior housing mortgage loans and debt held in securitization trust, net — — (314 ) 314 — — — Realized gain (loss) on investments and other 726 — 3,495 — 4,221 — 4,221 Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense) (61,635 ) 5,734 4,004 (26,733 ) (78,630 ) — (78,630 ) Equity in earnings (losses) of unconsolidated ventures 3,907 — — — 3,907 — 3,907 Income tax benefit (expense) (40 ) — — — (40 ) — (40 ) Net income (loss) $ (57,768 ) $ 5,734 $ 4,004 $ (26,733 ) $ (74,763 ) $ — $ (74,763 ) _______________________________________ (1) Includes unallocated asset management fee-related party and general and administrative expenses. (2) Investing VIEs are not considered to be a segment that the Company conducts its business through, however U.S. GAAP requires the Company, as the primary beneficiary, to present the assets and liabilities of the securitization trust on its consolidated balance sheets and recognize the related interest income and interest expense, as net interest income on the consolidated statements of operations. Though U.S. GAAP requires this presentation, the Company views its investment in the securitization trust as a net investment in healthcare-related securities. (3) Represents income earned from the healthcare-related securities purchased at a discount, recognized using the effective interest method had the transaction been recorded as an available for sale security, at amortized cost. During the nine months ended September 30, 2018 , $0.3 million was attributable to discount accretion income and was eliminated in consolidation in the corporate segment. Nine Months Ended September 30, 2017 Real Estate Equity Real Estate Debt Healthcare-Related Securities Corporate (1) Subtotal Investing VIE (2) Total Rental and resident fee income $ 207,249 $ — $ — $ — $ 207,249 $ — $ 207,249 Net interest income on debt and securities — 5,755 3,016 (3) (1,122 ) (3) 7,649 2,947 10,596 Other revenue 1,595 — — 596 2,191 — 2,191 Property operating expenses (118,526 ) — — — (118,526 ) — (118,526 ) Interest expense (44,479 ) — — — (44,479 ) — (44,479 ) Other expenses related to securitization trust — — — — — (2,947 ) (2,947 ) Transaction costs (6,778 ) — — — (6,778 ) — (6,778 ) Asset management and other fees - related party — — — (32,716 ) (32,716 ) — (32,716 ) General and administrative expenses (682 ) (39 ) — (7,671 ) (8,392 ) — (8,392 ) Depreciation and amortization (69,223 ) — — — (69,223 ) — (69,223 ) Unrealized gain (loss) on senior housing mortgage loans and debt held in securitization trust, net — — (14 ) 1,122 1,108 — 1,108 Realized gain (loss) on investments and other 118 — — — 118 — 118 Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense) (30,726 ) 5,716 3,002 (39,791 ) (61,799 ) — (61,799 ) Equity in earnings (losses) of unconsolidated ventures (31,234 ) — — — (31,234 ) — (31,234 ) Income tax benefit (expense) (56 ) — — — (56 ) — (56 ) Net income (loss) $ (62,016 ) $ 5,716 $ 3,002 $ (39,791 ) $ (93,089 ) $ — $ (93,089 ) _______________________________________ (1) Includes unallocated asset management fee-related party and general and administrative expenses. (2) Investing VIEs are not considered to be a segment through which the Company conducts business, however U.S. GAAP requires the Company, as the primary beneficiary, to present the assets and liabilities of the securitization trust on its consolidated balance sheets and recognize the related interest income and interest expense, as net interest income on the consolidated statements of operations. Though U.S. GAAP requires this presentation, the Company views its investment in the securitization trust as a net investment in healthcare-related securities. (3) Represents income earned from the healthcare-related securities purchased at a discount, recognized using the effective interest method had the transaction been recorded as an available for sale security, at amortized cost. During the nine months ended September 30, 2017, $1.1 million was attributable to discount accretion income and was eliminated in consolidation in the corporate segment. The following table presents total assets by segment as of September 30, 2018 and December 31, 2017 (dollars in thousands): Total Assets: Real Estate Equity (1) Real Estate Debt Healthcare-Related Securities Corporate (2) Subtotal Investing VIEs (3) Total September 30, 2018 (Unaudited) $ 2,245,420 $ 75,350 $ — $ 29,304 $ 2,350,074 $ — $ 2,350,074 December 31, 2017 2,339,873 75,296 32,484 3,925 2,451,578 547,175 2,998,753 _______________________________________ (1) Includes investments in unconsolidated joint ventures totaling $322.5 million and $325.6 million as of September 30, 2018 and December 31, 2017 , respectively. (2) Represents corporate cash and cash equivalent balances. These balances are partially offset by elimination of healthcare-related securities in consolidation as of December 31, 2017 . (3) Investing VIEs are not considered to be a segment through which the Company conducts business, however U.S. GAAP requires the Company, as the primary beneficiary, to present the assets and liabilities of the securitization trust on its consolidated balance sheets and recognize the related interest income and interest expense, as net interest income on the consolidated statements of operations. Though U.S. GAAP requires this presentation, the Company’s management and chief decision makers view the Company’s investment in the securitization trust as a net investment in healthcare-related securities. As such, the Company has presented the statements of operations and balance sheets within this note in a manner consistent with the views of the Company’s management and chief decision makers.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The purchase price of an operating real estate portfolio acquired in November 2017 includes $1.8 million in contingent consideration, which is payable dependent upon the future operating performance of the portfolio. The purchase price contingency was included in the asset allocation of the purchase price during the year ended December 31, 2017 and is included in other liabilities on the consolidated balance sheets as of September 30, 2018 . There was no change to the fair value of the contingent consideration for the nine months ended September 30, 2018 . Litigation and Claims The Company may be involved in various litigation matters arising in the ordinary course of its business. Although the Company is unable to predict with certainty the eventual outcome of any litigation, any current legal proceedings are not expected to have a material adverse effect on its financial position or results of operations. The Company’s tenants, operators and managers may be involved in various litigation matters arising in the ordinary course of their business. The unfavorable resolution of any such actions, investigations or claims could, individually or in the aggregate, materially adversely affect such tenants’, operators’ or managers’ liquidity, financial condition or results of operations and their ability to satisfy their respective obligations to the Company, which, in turn, could have a material adverse effect on the Company. Environmental Matters The Company follows a policy of monitoring its properties for the presence of hazardous or toxic substances. While there can be no assurance that a material environmental liability does not exist at its properties, the Company is not currently aware of any environmental liability with respect to its properties that would have a material effect on its consolidated financial position, results of operations or cash flows. Further, the Company is not aware of any material environmental liability or any unasserted claim or assessment with respect to an environmental liability that it believes would require additional disclosure or the recording of a loss contingency. General Uninsured Losses The Company obtains various types of insurance to mitigate the impact of property, business interruption, liability, flood, windstorm, earthquake, environmental and terrorism related losses. The Company attempts to obtain appropriate policy terms, conditions, limits and deductibles considering the relative risk of loss, the cost of such coverage and current industry practice. There are, however, certain types of extraordinary losses, such as those due to acts of war or other events that may be either uninsurable or not economically insurable.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distribution Reinvestment Plan For the period from October 1, 2018 through November 8, 2018 , the Company issued 0.6 million shares pursuant to the DRP, representing gross proceeds of $4.9 million . Share Repurchases On October 12, 2018, the Company’s board of directors approved an amended and restated Share Repurchase Program, under which the Company will only repurchase shares in connection with the death or qualifying disability of a stockholder. The amended and restated Share Repurchase Program became effective October 29, 2018. For the period from October 1, 2018 through November 8, 2018 , the Company repurchased 0.2 million shares for a total of $2.1 million or a price of $8.50 per share under the Share Repurchase Program. The Company funds repurchase requests received during a quarter with cash from proceeds of the DRP. Prior to the approval of the amended and restated Share Repurchase program, the Company had a total of 12.0 million shares, or $101.8 million , based on its most recently published estimated value per share of $8.50 , in unfulfilled repurchase requests. Refer to Note 10, “Stockholders’ Equity” for additional information regarding the Share Repurchase Program. Distributions During the period from October 1, 2018 through November 8, 2018 , the Company’s board of directors approved a daily cash distribution of $0.000924658 per share of common stock for the months ended November 30, 2018 and December 31, 2018. Distributions are generally paid to stockholders on the first business day of the month following the month for which the distribution was accrued. Dispositions Trilogy In October 2018, the Company sold 20.0% of its ownership interest, or approximately 6.0% , in the Trilogy joint venture, which generated gross proceeds of $48.0 million and reduced its ownership interest in the joint venture from approximately 29% to 23% . The Company sold the ownership interest to a wholly owned subsidiary of the operating partnership of Griffin-American Healthcare REIT IV, Inc., a REIT sponsored by AHI. The sale was approved by the Company’s board of directors, including all of its independent directors. Envoy In October 2018, the Envoy joint venture, of which the Company owns 11.4% , executed a purchase and sale agreement totaling $116.0 million for the remaining 11 properties in the portfolio.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Basis of Quarterly Presentation	The accompanying unaudited consolidated financial statements and related notes of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and note disclosures normally included in the consolidated financial statements prepared under U.S. GAAP have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 , which was filed with the SEC on April 2, 2018 .
Principles of Consolidation	The consolidated financial statements include the accounts of the Company, the Operating Partnership and their consolidated subsidiaries. The Company consolidates variable interest entities (“VIEs”) where the Company is the primary beneficiary and voting interest entities which are generally majority owned or otherwise controlled by the Company. All significant intercompany balances are eliminated in consolidation.
Variable Interest Entities	Variable Interest Entities A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The determination of whether an entity is a VIE includes both a qualitative and quantitative analysis. The Company bases its qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and relevant financial agreements and the quantitative analysis on the forecasted cash flow of the entity. The Company reassesses its initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events. A VIE must be consolidated only by its primary beneficiary, which is defined as the party who, along with its affiliates and agents, has both the: (i) power to direct the activities that most significantly impact the VIE’s economic performance; and (ii) obligation to absorb the losses of the VIE or the right to receive the benefits from the VIE, which could be significant to the VIE. The Company determines whether it is the primary beneficiary of a VIE by considering qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of its investment; the obligation or likelihood for the Company or other interests to provide financial support; consideration of the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders and the similarity with and significance to the business activities of the Company and the other interests. The Company reassesses its determination of whether it is the primary beneficiary of a VIE each reporting period. Significant judgments related to these determinations include estimates about the current and future fair value and performance of investments held by these VIEs and general market conditions. The Company evaluates its investments and financings, including investments in unconsolidated ventures and securitization financing transactions to determine whether each investment or financing is a VIE. The Company analyzes new investments and financings, as well as reconsideration events for existing investments and financings, which vary depending on type of investment or financing. As of September 30, 2018 , the Company has identified certain consolidated and unconsolidated VIEs. Assets of each of the VIEs, other than the Operating Partnership, may only be used to settle obligations of the respective VIE. Creditors of each of the VIEs have no recourse to the general credit of the Company. The Company identified several VIEs which were originally consolidated under the voting interest model prior to changes in the consolidation rules under U.S. GAAP. Consolidated VIEs The most significant consolidated VIEs are the Operating Partnership and certain properties that have non-controlling interests. These entities are VIEs because the non-controlling interests do not have substantive kick-out or participating rights. The Operating Partnership consolidates certain properties that have non-controlling interests. Included in operating real estate, net on the Company’s consolidated balance sheet as of September 30, 2018 is $615.9 million related to such consolidated VIEs. Included in mortgage and other notes payable, net on the Company’s consolidated balance sheet as of September 30, 2018 is $468.4 million , collateralized by the real estate assets of the related consolidated VIEs. Investing VIEs The Company’s investment in a securitization financing entity (“Investing VIE”) consisted of subordinate first-loss certificates in a securitization trust, generally referred to as Class B certificates, which represents interests in such VIE. Investing VIEs are structured as pass through entities that receive principal and interest payments from the underlying debt collateral assets and distribute those payments to the securitization trust’s certificate holders, including the Class B certificates. A securitization trust will name a directing certificate holder, who is generally afforded the unilateral right to terminate and appoint a replacement for the special servicer, and as such may qualify as the primary beneficiary of the trust. If it is determined that the Company is the primary beneficiary of an Investing VIE as a result of acquiring the subordinate first-loss certificates in a securitization trust, the Company would consolidate the assets, liabilities, income and expenses of the entire Investing VIE. The assets held by an Investing VIE are restricted and can only be used to fulfill its own obligations. The obligations of an Investing VIE have neither any recourse to the general credit of the Company as the consolidator of an Investing VIE, nor to any of the Company’s other consolidated entities. As of December 31, 2017 , the Company held Class B certificates in an Investing VIE for which the Company had determined it was the primary beneficiary because it had the power to direct the activities that most significantly impact the economic performance of the securitization trust. The Company’s Class B certificates, which represented the retained interest and related interest income were eliminated in consolidation. In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation , the assets, liabilities (obligations to the certificate holders of the securitization trust, less the Company’s retained interest from the Class B certificates of the securitization), income and expense of the entire Investing VIE were presented in the consolidated financial statements of the Company. As a result, although the Company legally owned the Class B certificates only, U.S. GAAP required the Company to present the assets, liabilities, income and expenses of the entire securitization trust on its consolidated financial statements. Regardless of the presentation, the Company’s consolidated financial statements of operations ultimately reflect the net income attributable to its retained interest in the Class B certificates. Refer to Note 6, “Healthcare-Related Securities” for further detail. The Company elected the fair value option for the initial recognition of the assets and liabilities of its consolidated Investing VIE. Interest income and interest expense associated with this VIE is recorded separately on the consolidated statements of operations. The Company separately presented the assets and liabilities of its consolidated Investing VIE as “Senior housing mortgage loans held in a securitization trust, at fair value” and “Senior housing mortgage obligations issued by a securitization trust, at fair value,” respectively, on its consolidated balance sheets. Refer to Note 12, “Fair Value” for further detail. In March 2018, the Company sold the Class B certificates of its consolidated Investing VIE, relinquishing its rights as directing certificate holder. As a result, the Company was no longer deemed the primary beneficiary of the securitization trust and, accordingly, did not present the assets or liabilities of the securitization trust on its consolidated balance sheets as of September 30, 2018 . The Company has presented the income and expenses of the securitization trust on its consolidated statements of operations for the period that the Company owned the Class B certificates and was considered the primary beneficiary in 2018. Unconsolidated VIEs As of September 30, 2018 , the Company identified unconsolidated VIEs related to its real estate equity investments with a carrying value of $322.5 million . The Company’s maximum exposure to loss as of September 30, 2018 would not exceed the carrying value of its investment in the VIEs and its investment in a mezzanine loan to a subsidiary of one of the VIEs. Based on management’s analysis, the Company determined that it is not the primary beneficiary of these VIEs and, accordingly, they are not consolidated in the Company’s financial statements as of September 30, 2018 . The Company did not provide financial support to its unconsolidated VIEs during the nine months ended September 30, 2018 , except for funding its proportionate share of capital call contributions. As of September 30, 2018 , there were no explicit arrangements or implicit variable interests that could require the Company to provide financial support to its unconsolidated VIEs.
Voting Interest Entities	Voting Interest Entities A voting interest entity is an entity in which the total equity investment at risk is sufficient to enable it to finance its activities independently and the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The usual condition for a controlling financial interest in a voting interest entity is ownership of a majority voting interest. If the Company has a majority voting interest in a voting interest entity, the entity will generally be consolidated. The Company does not consolidate a voting interest entity if there are substantive participating rights by other parties and/or kick-out rights by a single party or through a simple majority vote. The Company performs on-going reassessments of whether entities previously evaluated under the voting interest framework have become VIEs, based on certain events, and therefore subject to the VIE consolidation framework.
Investments in Unconsolidated Ventures	Investments in Unconsolidated Ventures A non-controlling, unconsolidated ownership interest in an entity may be accounted for using the equity method or the Company may elect the fair value option. The Company will account for an investment under the equity method of accounting if it has the ability to exercise significant influence over the operating and financial policies of an entity, but does not have a controlling financial interest. Under the equity method, the investment is adjusted each period for capital contributions and distributions and its share of the entity’s net income (loss). Capital contributions, distributions and net income (loss) of such entities are recorded in accordance with the terms of the governing documents. An allocation of net income (loss) may differ from the stated ownership percentage interest in such entity as a result of preferred returns and allocation formulas, if any, as described in such governing documents. Equity method investments are recognized using a cost accumulation model, in which the investment is recognized based on the cost to the investor, which includes acquisition fees. The Company records as an expense certain acquisition costs and fees associated with consolidated investments deemed to be business combinations and capitalizes these costs for investments deemed to be acquisitions of an asset, including an equity method investment.
Non-controlling Interests	Non-controlling Interests A non-controlling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to the Company. A non-controlling interest is required to be presented as a separate component of equity on the consolidated balance sheets and presented separately as net income (loss) and comprehensive income (loss) attributable to controlling and non-controlling interests. An allocation to a non-controlling interest may differ from the stated ownership percentage interest in such entity as a result of a preferred return and allocation formula, if any, as described in such governing documents.
Estimates	The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that could affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates and assumptions.
Comprehensive Income (Loss)	The Company reports consolidated comprehensive income (loss) in separate statements following the consolidated statements of operations. Comprehensive income (loss) is defined as the change in equity resulting from net income (loss) and other comprehensive income (loss) (“OCI”). The only component of OCI for the Company is foreign currency translation adjustments related to its investment in an unconsolidated venture.
Fair Value Option	The fair value option provides an election that allows a company to irrevocably elect to record certain financial assets and liabilities at fair value on an instrument-by-instrument basis at initial recognition. The Company may elect to apply the fair value option for certain investments due to the nature of the instrument. Any change in fair value for assets and liabilities for which the election is made is recognized in earnings. The Company elected the fair value option to account for the eligible financial assets and liabilities of its consolidated Investing VIEs in order to mitigate potential accounting mismatches between the carrying value of the instruments and the related assets and liabilities to be consolidated. The Company adopted guidance issued by the FASB allowing the Company to measure both the financial assets and liabilities of a qualifying collateralized financing entity (“CFE”) it consolidates using the fair value of either the CFE’s financial assets or financial liabilities, whichever is more observable.
Cash and Cash Equivalents	The Company considers all highly-liquid investments with an original maturity date of three months or less to be cash equivalents. Cash, including amounts restricted, may at times exceed the Federal Deposit Insurance Corporation deposit insurance limit of $250,000 per institution. The Company mitigates credit risk by placing cash and cash equivalents with major financial institutions. To date, the Company has not experienced any losses on cash and cash equivalents.
Restricted Cash	Restricted cash consists of amounts related to loan origination (escrow deposits) and operating real estate (escrows for taxes, insurance, capital expenditures, security deposits received from tenants and payments required under certain lease agreements).
Operating Real Estate	The Company accounts for purchases of operating real estate that qualify as business combinations using the acquisition method, where the purchase price is allocated to tangible assets such as land, building, furniture, fixtures, and equipment, improvements and other identified intangibles such as in-place leases, goodwill and above or below market mortgages assumed, as applicable. Major replacements and betterments which improve or extend the life of the asset are capitalized and depreciated over their useful life. Ordinary repairs and maintenance are expensed as incurred. Operating real estate is carried at historical cost less accumulated depreciation. Operating real estate is depreciated using the straight-line method over the estimated useful life of the assets, summarized as follows: Category: Term: Building 30 to 50 years Building improvements Lesser of the useful life or remaining life of the building Land improvements 9 to 15 years Tenant improvements Lesser of the useful life or remaining term of the lease Furniture, fixtures and equipment 5 to 14 years Construction costs incurred in connection with the Company’s investments are capitalized and included in operating real estate, net on the consolidated balance sheets. Construction in progress is not depreciated until the development is substantially completed. Costs directly related to an acquisition deemed to be a business combination are expensed and included in transaction costs in the consolidated statements of operations. The Company evaluates whether a real estate acquisition constitutes a business and whether business combination accounting is appropriate. When the Company acquires a controlling interest in an existing unconsolidated joint venture, the Company records the consolidated investment at the updated purchase price, which is reflective of fair value. The difference between the carrying value of the Company’s investment in the existing unconsolidated joint venture on the acquisition date and the Company’s share of the fair value of the investment’s purchase price is recorded in gain (loss) on consolidation of unconsolidated venture in the Company’s consolidated statements of operations. The Company may from time to time enter into capital leases in order to finance tangible assets, such as equipment, at properties. A lease is classified as a capital lease if it provides for transfer of ownership of the leased asset at the end of the lease term, contains a bargain purchase option, has a lease term greater than 75.0% of the economic life of the leased asset, or if the net present value of the future minimum lease payments are in excess of 90.0% of the fair value of the leased asset. Assets under capital leases are amortized over either the useful life of the asset or lease term, as appropriate, on a straight line basis. The present value of the related lease payments is recorded as a debt obligation.
Assets Held for Sale	The Company classifies certain long-lived assets as held for sale once the criteria, as defined by U.S. GAAP, have been met and are expected to sell within one year. Long-lived assets to be disposed of are reported at the lower of their carrying amount or fair value minus cost to sell, with any write-down recorded to impairment loss on the consolidated statements of operations. Depreciation and amortization is not recorded for assets classified as held for sale.
Real Estate Debt Investments	Real estate debt investments are generally intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan fees, premium, discount and unfunded commitments. Debt investments that are deemed to be impaired are carried at amortized cost less a reserve, if deemed appropriate, which would approximate fair value. Debt investments where the Company does not have the intent to hold the loan for the foreseeable future or until its expected payoff are classified as held for sale and recorded at the lower of cost or estimated fair value.
Healthcare-Related Securities	The Company classifies its securities investments as available for sale on the acquisition date, which are carried at fair value. Unrealized gains (losses) on available for sale securities are recorded as a component of accumulated OCI in the consolidated statements of equity. However, the Company has elected the fair value option for its available for sale security, and as a result, any unrealized gains (losses) are recorded in unrealized gain (loss) on senior housing mortgage loans and debt held in securitization trust, net in the consolidated statements of operations. Refer to Note 6, “Healthcare-Related Securities” for further discussion.
Deferred Costs	Deferred Costs Deferred costs primarily include deferred financing costs and deferred lease costs. Deferred financing costs represent commitment fees, legal and other third-party costs associated with obtaining financing. These costs are recorded against the carrying value of such financing and are amortized to interest expense over the term of the financing using the effective interest method. Unamortized deferred financing costs are expensed to realized gain (loss) on investments and other, when the associated borrowing is repaid before maturity. Costs incurred in seeking financing transactions, which do not close, are expensed in the period in which it is determined that the financing will not occur. Deferred lease costs consist of fees incurred to initiate and renew operating leases, which are amortized on a straight-line basis over the remaining lease term and are recorded to depreciation and amortization in the consolidated statements of operations.
Identified Intangibles	Identified Intangibles The Company records acquired identified intangibles, which includes intangible assets (such as the value of the above-market leases, in-place leases, goodwill and other intangibles) and intangible liabilities (such as the value of below market leases), based on estimated fair value. The value allocated to the identified intangibles are amortized over the remaining lease term. Above/below-market leases for which the Company is the lessor are amortized into rental income, above/below-market leases for which the Company is the lessee are amortized into real estate properties-operating expense and in-place leases are amortized into depreciation and amortization expense. Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination and is not amortized. The Company performs an annual impairment test for goodwill and evaluates the recoverability whenever events or changes in circumstances indicate that the carrying value of goodwill may not be fully recoverable. In making such assessment, qualitative factors are used to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the estimated fair value of the reporting unit is less than its carrying value, then an impairment charge is recorded. During the nine months ended September 30, 2018 , the Company sold an operating property, which was part of a reporting unit with goodwill. The Company determined that the carrying value of the property was in excess of its fair value, which resulted in the partial impairment of goodwill totaling $0.7 million , proportionate to the fair value of the reporting unit. Identified intangible assets are recorded in deferred costs and intangible assets, net on the consolidated balance sheets.
Acquisition Fees and Expenses	The total of all acquisition fees and expenses for an investment, including acquisition fees to the Advisor, cannot exceed, in the aggregate, 6.0% of the contract purchase price of such investment unless such excess is approved by a majority of the Company’s directors, including a majority of its independent directors. In December 2017, the Company’s advisory agreement was amended and effective January 1, 2018, the Advisor no longer receives an acquisition fee in connection with the Company’s acquisitions of real estate properties or debt investments. For the nine months ended September 30, 2018 , total acquisition fees and expenses incurred to third parties did not exceed the allowed limit for any investment. An acquisition fee incurred related to an equity investment will generally be expensed as incurred. An acquisition fee paid to the Advisor related to the acquisition of an equity or debt investment in an unconsolidated joint venture is included in investments in unconsolidated ventures on the consolidated balance sheets. An acquisition fee paid to the Advisor related to the origination or acquisition of debt investments is included in real estate debt investments, net on the consolidated balance sheets and is amortized to interest income over the life of the investment using the effective interest method. The Company records as an expense certain acquisition costs and fees associated with transactions deemed to be business combinations in which it consolidates the asset and capitalizes these costs for transactions deemed to be acquisitions of an asset, including an equity investment.
Revenue Recognition	Operating Real Estate Rental income includes rental and escalation income from operating real estate and is derived from leasing of space to various types of tenants and healthcare operators. Rental revenue recognition commences when the tenant takes legal possession of the leased space and the leased space is substantially ready for its intended use. The leases are for fixed terms of varying length and generally provide for rentals and expense reimbursements to be paid in monthly installments. Rental income from leases is recognized on a straight-line basis over the term of the respective leases. The excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in receivables, net on the consolidated balance sheets. The Company amortizes any tenant inducements as a reduction of revenue utilizing the straight-line method over the term of the lease. Escalation income represents revenue from tenant/operator leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes paid by the Company on behalf of the respective property. This revenue is recognized in the same period as the expenses are incurred. The Company also generates operating income from operating healthcare properties. Revenue related to operating healthcare properties includes resident room and care charges and other resident service charges. Rent is charged and revenue is recognized when such services are provided, generally defined per the resident agreement as of the date upon which a resident occupies a room or uses the services and is recorded in resident fee income in the consolidated statements of operations. In a situation in which a net lease(s) associated with a significant tenant has been, or is expected to be, terminated early, the Company evaluates the remaining useful life of depreciable or amortizable assets in the asset group related to the lease that will be terminated (i.e., tenant improvements, above- and below-market lease intangibles, in-place lease value and deferred leasing costs). Based upon consideration of the facts and circumstances surrounding the termination, the Company may write-off or accelerate the depreciation and amortization associated with the asset group. Such amounts are included within rental and other income for above- and below-market lease intangibles and depreciation and amortization for the remaining lease related asset groups in the consolidated statements of operations. Real Estate Debt Investments Interest income is recognized on an accrual basis and any related premium, discount, origination costs and fees are amortized over the life of the investment using the effective interest method. The amortization is reflected as an adjustment to interest income in the consolidated statements of operations. The amortization of a premium or accretion of a discount is discontinued if such investment is reclassified to held for sale. Healthcare-Related Securities Interest income is recognized using the effective interest method with any premium or discount amortized or accreted through earnings based on expected cash flow through the expected maturity date of the security. Changes to expected cash flow may result in a change to the yield which is then applied retrospectively for high-credit quality securities that cannot be prepaid or otherwise settled in such a way that the holder would not recover substantially all of the investment or prospectively for all other securities to recognize interest income.
Credit Losses and Impairment on Investments	Generally, the carrying value of the Company’s investments represent depreciated historical cost bases or, for investments that have been previously impaired, fair value or net realizable value. Such amounts are based upon the Company’s reasonable assumptions about the highest and best use of the investments and the intent and ability to hold the investments for a reasonable period that would allow for the recovery of the investments’ carrying values. If such assumptions change, including shortening the expected hold period, impairment losses on investments may be required to adjust carrying values to fair value or fair value less costs to sell. Operating Real Estate The Company’s real estate portfolio is reviewed on a quarterly basis, or more frequently as necessary, to assess whether there are any indicators that the value of its operating real estate may be impaired or that its carrying value may not be recoverable. A property’s value is considered impaired if the Company’s estimate of the aggregate expected future undiscounted cash flow generated by the property is less than the carrying value. In conducting this review, the Company considers U.S. macroeconomic factors, real estate and healthcare sector conditions, together with asset specific and other factors. To the extent an impairment has occurred, the loss is measured as the excess of the carrying value of the property over the estimated fair value and recorded in impairment loss in the consolidated statements of operations. During the nine months ended September 30, 2018 , the Company recognized impairment of $4.5 million on consolidated operating real estate, excluding impairment of goodwill. The impairment recognized during the nine months ended September 30, 2018 includes $2.1 million related to the sale of a consolidated operating property, which reduced the carrying value of the property to its estimated fair value, as well as $2.4 million for a consolidated net lease property, as a result of continuing deteriorating operating results of the tenant. As of December 31, 2017 , the Company had recognized an impairment of $5.0 million related to the same consolidated net lease property. An allowance for a doubtful account for a tenant/operator/resident receivable is established based on a periodic review of aged receivables resulting from estimated losses due to the inability of tenant/operator/resident to make required rent and other payments contractually due. Additionally, the Company establishes, on a current basis, an allowance for future tenant/operator/resident credit losses on unbilled rent receivable based on an evaluation of the collectability of such amounts. Real Estate Debt Investments Real estate debt investments are considered impaired when, based on current information and events, it is probable that the Company will not be able to collect all principal and interest amounts due according to the contractual terms. The Company assesses the credit quality of the portfolio and adequacy of reserves on a quarterly basis or more frequently as necessary. Significant judgment of the Company is required in this analysis. The Company considers the estimated net recoverable value of the investment as well as other factors, including but not limited to the fair value of any collateral, the amount and the status of any senior debt, the quality and financial condition of the borrower and the competitive situation of the area where the underlying collateral is located. Because this determination is based on projections of future economic events, which are inherently subjective, the amount ultimately realized may differ materially from the carrying value as of the balance sheet date. If upon completion of the assessment, the estimated fair value of the underlying collateral is less than the net carrying value of the investment, a reserve is recorded with a corresponding charge to a credit provision. The reserve for each investment is maintained at a level that is determined to be adequate by management to absorb probable losses. Income recognition is suspended for an investment at the earlier of the date at which payments become 90 -days past due or when, in the opinion of the Company, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired investment is in doubt, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired investment is not in doubt, contractual interest is recorded as interest income when received, under the cash basis method until an accrual is resumed when the investment becomes contractually current and performance is demonstrated to be resumed. Interest accrued and not collected will be reversed against interest income. An investment is written off when it is no longer realizable and/or legally discharged. As of September 30, 2018 , the Company did not have any impaired real estate debt investments. Investments in Unconsolidated Ventures The Company reviews its investments in unconsolidated ventures for which the Company did not elect the fair value option on a quarterly basis, or more frequently as necessary, to assess whether there are any indicators that the value may be impaired or that its carrying value may not be recoverable. An investment is considered impaired if the projected net recoverable amount over the expected holding period is less than the carrying value. In conducting this review, the Company considers global macroeconomic factors, including real estate sector conditions, together with investment specific and other factors. To the extent an impairment has occurred and is considered to be other than temporary, the loss is measured as the excess of the carrying value of the investment over the estimated fair value and recorded in equity in earnings (losses) of unconsolidated ventures in the consolidated statements of operations. As of September 30, 2018 , certain of the unconsolidated ventures in which the Company invests have recorded impairments and the Company has concluded that no additional impairment of its investments in unconsolidated ventures is required. The Company’s proportionate ownership share of a loan loss reserve within the Espresso portfolio totaled $11.4 million and was recognized through equity in earnings (losses) of unconsolidated ventures during the year ended December 31, 2017 . During the third quarter of 2017, the Espresso sub-portfolio associated with the direct financing lease commenced an operator transition and determined certain future cash flows of the direct financing lease to be uncollectible. The cash flows deemed uncollectible primarily impact distributions on mandatorily redeemable units issued at the time of the original acquisition that allowed the seller to participate in certain future cash flows from the direct financing lease following the closing of the original acquisition. Pursuant to ASC 480, Distinguishing Liabilities from Equity , the redemption value of the corresponding unconsolidated venture’s liability for the units issued to the seller was not assessed until the termination of the lease, which occurred in the third quarter of 2018. As a result of the lease termination, the unconsolidated venture determined the value of the liability for the units issued to the seller to be zero and recognized a gain on the extinguishment of the liability, of which the Company’s proportionate share totaled $14.1 million . Healthcare-Related Securities Securities for which the fair value option is elected are not evaluated for other-than-temporary impairment (“OTTI”) as any change in fair value is recorded in the consolidated statements of operations. Realized losses on such securities are reclassified to realized gain (loss) on investments and other as losses occur. Securities for which the fair value option is not elected are evaluated for OTTI quarterly.
Foreign Currency	Assets and liabilities denominated in a foreign currency for which the functional currency is a foreign currency are translated using the currency exchange rate in effect at the end of the period presented and the results of operations for such entities are translated into U.S. dollars using the average currency exchange rate in effect during the period. The resulting foreign currency translation adjustment is recorded as a component of accumulated OCI in the consolidated statements of equity. Assets and liabilities denominated in a foreign currency for which the functional currency is the U.S. dollar are remeasured using the currency exchange rate in effect at the end of the period presented and the results of operations for such entities are remeasured into U.S. dollars using the average currency exchange rate in effect during the period. The resulting foreign currency remeasurement adjustment is recorded in unrealized gain (loss) on investments and other in the consolidated statements of operations.
Equity-Based Compensation	The Company accounts for equity-based compensation awards using the fair value method, which requires an estimate of fair value of the award at the time of grant. All fixed equity-based awards to directors, which have no vesting conditions other than time of service, are amortized to compensation expense over the awards’ vesting period on a straight-line basis. Equity-based compensation is classified within general and administrative expenses in the consolidated statements of operations.
Income Taxes	The Company elected to be taxed as a REIT and to comply with the related provisions of the Internal Revenue Code beginning in its taxable year ended December 31, 2013. Accordingly, the Company will generally not be subject to U.S. federal income tax to the extent of its distributions to stockholders as long as certain asset, income and share ownership tests are met. To maintain its qualification as a REIT, the Company must annually distribute at least 90.0% of its REIT taxable income to its stockholders and meet certain other requirements. The Company believes that all of the criteria to maintain the Company’s REIT qualification have been met for the applicable periods, but there can be no assurance that these criteria will continue to be met in subsequent periods. If the Company were to fail to meet these requirements, it would be subject to U.S. federal income tax and potential interest and penalties, which could have a material adverse impact on its results of operations and amounts available for distributions to its stockholders. The Company’s accounting policy with respect to interest and penalties is to classify these amounts as a component of income tax expense, where applicable. The Company may also be subject to certain state, local and franchise taxes. Under certain circumstances, federal income and excise taxes may be due on its undistributed taxable income. The Company made a joint election to treat certain subsidiaries as taxable REIT subsidiaries (“TRS”) which may be subject to U.S. federal, state and local income taxes. In general, a TRS of the Company may perform non-customary services for tenants/operators/residents of the Company, hold assets that the Company cannot hold directly and may engage in any real estate or non-real estate-related business. Certain subsidiaries of the Company are subject to taxation by federal, state and foreign authorities for the periods presented. Income taxes are accounted for by the asset/liability approach in accordance with U.S. GAAP. Deferred taxes, if any, represent the expected future tax consequences when the reported amounts of assets and liabilities are recovered or paid. Such amounts arise from differences between the financial reporting and tax bases of assets and liabilities and are adjusted for changes in tax laws and tax rates in the period which such changes are enacted. A provision for income tax represents the total of income taxes paid or payable for the current period, plus the change in deferred taxes. Current and deferred taxes are provided on the portion of earnings (losses) recognized by the Company with respect to its interest in the TRS. Deferred income tax assets and liabilities are calculated based on temporary differences between the Company’s U.S. GAAP consolidated financial statements and the federal and state income tax basis of assets and liabilities as of the consolidated balance sheet date. The Company evaluates the realizability of its deferred tax assets (e.g., net operating loss and capital loss carryforwards) and recognizes a valuation allowance if, based on the available evidence, it is more likely than not that some portion or all of its deferred tax assets will not be realized. When evaluating the realizability of its deferred tax assets, the Company considers estimates of expected future taxable income, existing and projected book/tax differences, tax planning strategies available and the general and industry specific economic outlook. This realizability analysis is inherently subjective, as it requires the Company to forecast its business and general economic environment in future periods. Changes in estimate of deferred tax asset realizability, if any, are included in provision for income tax benefit (expense) in the consolidated statements of operations.
Recent Accounting Pronouncements	Revenue Recognition— In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“New Revenue Recognition Standard”), requiring a company to recognize as revenue the amount of consideration it expects to be entitled to in connection with the transfer of promised goods or services to customers. The Company has adopted the New Revenue Recognition Standard on its required effective date of January 1, 2018 using the modified retrospective approach, and has applied the guidance to contracts not yet completed as of the date of adoption. The New Revenue Recognition Standard specifically excludes revenue streams for which specific guidance is stipulated in other sections of the codification, therefore it will not impact rental income and interest income generated on financial instruments such as real estate debt investment and securities. The Company is the lessor for triple net and gross leases classified as operating leases in which rental income and tenant reimbursements are recorded. The revenue from these leases are scoped out of the New Revenue Recognition Standard guidance. All leases are accounted for under ASC 840 until the adoption of the new leasing guidance within ASC 842. Within resident fee income, the Company records room, care and other resident service revenue for operating healthcare properties. Such revenues include skilled nursing services provided at CCRCs, which were deemed to fall under the New Revenue Recognition Standard. These services are a series of distinct services satisfied over time and revenue is recognized monthly. There were no significant changes as a result of the New Revenue Recognition Standard. Financial Instruments— In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities . ASU No. 2016-01 addresses certain aspects of accounting and disclosure requirements of financial instruments, including the requirement that equity investments with readily determinable fair value be measured at fair value with changes in fair value recognized in results of operations. The new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The Company does not have any equity investments with readily determinable fair value recorded as available-for-sale. The Company has adopted this guidance on its required effective date and it did not impact its consolidated financial statements and related disclosures. Cash Flow Classifications— In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments, which makes eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The new guidance requires adoption on a retrospective basis unless it is impracticable to apply, in which case the company would be required to apply the amendments prospectively as of the earliest date practicable. The Company has adopted this guidance and it did not have a material impact on its consolidated financial statements and related disclosures. Restricted Cash— In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows: Restricted Cash, which requires that cash and cash equivalent balances in the statement of cash flows include restricted cash and restricted cash equivalent amounts, and therefore, changes in restricted cash and restricted cash equivalents be presented in the statement of cash flows. This will eliminate the presentation of transfers between cash and cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. When cash, cash equivalents, restricted cash and restricted cash equivalents are presented in more than one line item of the balance sheet, this ASU requires disclosure of a reconciliation between the totals in the statement of cash flows and the related captions on the balance sheet. The new guidance also requires disclosure of the nature of the restricted cash and restricted cash equivalents, similar to the existing requirements under Regulation S-X, however, it does not define restricted cash and restricted cash equivalents. The Company adopted ASU 2016-18 on January 1, 2018 and the required retrospective application of this new standard resulted in changes to the previously reported statement of cash flows as follows (dollars in thousands): Nine Months Ended September 30, 2017 Cash flow provided by (used in): As Previously Reported After Adoption of ASU 2016-18 Operating activities $ 11,708 $ 15,442 Investing activities (305,331 ) (306,023 ) Financing activities 97,916 94,704 Business Combination— In January 2017, the FASB issued ASU No. 2017-01, Clarifying the Definition of a Business , which amends the guidance for determining whether a transaction involves the purchase or disposal of a business or an asset. The amendments clarify that when substantially all of the fair value of the gross assets acquired or disposed of is concentrated in a single identifiable asset or a group of similar identifiable assets, the set of transferred assets and activities is not a business. The guidance is effective for fiscal years, and interim periods within those years, beginning December 15, 2017. The amendments in this update will be applied on a prospective basis. The Company expects that most acquisitions of real estate or in-substance real estate will not meet the revised definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e., land, buildings and related intangible assets). A significant difference between the accounting for an asset acquisition and a business combination is that transaction costs are capitalized for an asset acquisition, rather than expensed for a business combination. The Company adopted the standard on its required effective date of January 1, 2018. This guidance did not have a material impact on its consolidated financial statements and related disclosures. Derecognition and Partial Sales of Nonfinancial Assets— In February 2017, the FASB issued ASU No. 2017-05, Clarifying the Scope of Asset Derecognition and Accounting for Partial Sales of Nonfinancial Assets, which clarifies the scope and application of recently established guidance on recognition of gains and losses from derecognition of non-financial assets, and defines in-substance non-financial assets. In addition, the guidance clarifies the accounting for partial sales of non-financial assets to be more consistent with the accounting for sale of a business. Specifically, in a partial sale to a non-customer, when a non-controlling interest is received or retained, the latter is considered a non-cash consideration and measured at fair value, which would result in full gain or loss recognized upon sale. This guidance has the same effective date as the new revenue guidance, which is January 1, 2018, with early adoption permitted beginning January 1, 2017. Both the revenue guidance and this update must be adopted concurrently. While the transition method is similar to the new revenue guidance, either full retrospective or modified retrospective, the transition approach need not be aligned between both updates. The Company has adopted the standard on its required effective date of January 1, 2018 using the modified retrospective approach. Under the new standard, if the Company sells a partial interest in its real estate assets to non-customers or contributes real estate assets to unconsolidated ventures, and the Company retains a non-controlling interest in the asset, such transactions could result in a larger gain on sale. The adoption of this standard could have a material impact to the Company’s results of operations in a period if the Company sells a significant partial interest in a real estate asset. There were no such sales for the nine months ended September 30, 2018 . Pending Adoption Leases— In February 2016, the FASB issued ASU No. 2016-02, Leases , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The update will require that lessees and lessors capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. The new guidance is to be applied using a modified retrospective approach at the beginning of the earliest comparative period in the financial statements and is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company expects to adopt the package of practical expedients under the guidance and the Company will not need to reassess whether any expired or expiring contracts contain leases; will not need to revisit lease classification for any expired or expiring leases; and will not need to reassess initial direct costs for any existing leases. In addition, the Company expects to adopt the practical expedient which allows lessors to consider lease and non-lease components as a single performance obligation to the extent that the timing and pattern of transfer is the same and the lease is classified an operating lease. The Company continues to assess the potential effect the adoption of this guidance will have on its consolidated financial statements and related disclosures. Credit Losses— In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments- Credit Losses , which changes the impairment model for certain financial instruments by requiring companies to recognize an allowance for expected losses, rather than incurred losses as required currently by the incurred loss approach. The guidance will apply to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt securities, net investments in leases and off-balance-sheet credit exposures (e.g., loan commitments). The new guidance is effective for reporting periods beginning after December 15, 2019 and will be applied as a cumulative adjustment to retained earnings as of the effective date. The Company is currently assessing the potential effect the adoption of this guidance will have on its consolidated financial statements and related disclosures. Goodwill Impairment— In January 2017, the FASB issued ASU No. 2017-04, Intangibles- Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which removes Step 2 from the goodwill impairment test that requires a hypothetical purchase price allocation. Goodwill impairment is now measured as the excess in carrying value over fair value of the reporting unit, with the loss recognized not to exceed the amount of goodwill assigned to that reporting unit. The guidance is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019, to be applied prospectively. Early adoption is permitted as of the first interim or annual impairment test of goodwill after January 1, 2017. The Company is currently assessing the potential effect the adoption of this guidance will have on its consolidated financial statements and related disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents, and restricted cash as reported on the consolidated balance sheets to the total of such amounts as reported on the consolidated statements of cash flows (dollars in thousands): September 30, 2018 (Unaudited) December 31, 2017 Cash and cash equivalents $ 37,983 $ 50,046 Restricted cash 25,515 30,442 Total cash, cash equivalents and restricted cash $ 63,498 $ 80,488
Schedule of Operating Real Estate Estimated Useful Life	Operating real estate is depreciated using the straight-line method over the estimated useful life of the assets, summarized as follows: Category: Term: Building 30 to 50 years Building improvements Lesser of the useful life or remaining life of the building Land improvements 9 to 15 years Tenant improvements Lesser of the useful life or remaining term of the lease Furniture, fixtures and equipment 5 to 14 years
Summary of Deferred Costs and Intangible Assets	The following table presents a summary of deferred costs and intangible assets, net as of September 30, 2018 and December 31, 2017 (dollars in thousands): September 30, 2018 (Unaudited) December 31, 2017 Deferred costs and intangible assets, net: In-place lease value, net $ 24,489 $ 61,593 Goodwill 21,387 22,112 Other intangible assets 380 380 Subtotal intangible assets 46,256 84,085 Deferred costs, net 747 635 Total $ 47,003 $ 84,720
Schedule of Other Assets	The following table presents a summary of other assets as of September 30, 2018 and December 31, 2017 (dollars in thousands): September 30, 2018 (Unaudited) December 31, 2017 Other assets: Healthcare facility regulatory reserve deposit $ 6,000 $ 6,000 Remainder interest in condominium units (1) 3,025 3,704 Prepaid expenses 2,767 3,352 Lease inducements, net — 1,691 Utility deposits 356 503 Construction deposit — 993 Other 1,038 1,231 Total $ 13,186 $ 17,474 _______________________________________ (1) Represents future interests in property subject to life estates (“Remainder Interest”).
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The Company adopted ASU 2016-18 on January 1, 2018 and the required retrospective application of this new standard resulted in changes to the previously reported statement of cash flows as follows (dollars in thousands): Nine Months Ended September 30, 2017 Cash flow provided by (used in): As Previously Reported After Adoption of ASU 2016-18 Operating activities $ 11,708 $ 15,442 Investing activities (305,331 ) (306,023 ) Financing activities 97,916 94,704
Schedule of Future Minimum Lease Payments for Capital Leases	The following table presents the future minimum lease payments under capital leases and the present value of the minimum lease payments as of September 30, 2018 , which is included in other liabilities on the Company’s consolidated balance sheets (dollars in thousands): October 1 to December 31, 2018 $ 164 Years Ending December 31: 2019 588 2020 549 2021 510 2022 418 Thereafter 25 Total minimum lease payments $ 2,254 Less: Amount representing interest $ (188 ) Present value of minimum lease payments $ 2,066
Schedule of Deferred Costs and Intangible Assets, Future Amortization Expense	The following table presents future amortization of in-place lease value and deferred costs (dollars in thousands): October 1 to December 31, 2018 $ 9,999 Years Ending December 31: 2019 8,428 2020 2,093 2021 1,871 2022 593 Thereafter 2,252 Total $ 25,236

Operating Real Estate (Tables)

Operating Real Estate (Tables)	9 Months Ended
	Sep. 30, 2018
Real Estate [Abstract]
Schedule of Operating Real Estate	The following table presents operating real estate, net as of September 30, 2018 and December 31, 2017 (dollars in thousands): September 30, 2018 (Unaudited) December 31, 2017 Land $ 237,340 $ 239,580 Land improvements 22,190 21,908 Buildings and improvements 1,598,894 1,608,180 Tenant improvements 11,284 8,291 Construction in progress 13,754 5,376 Furniture, fixtures and equipment 88,552 83,017 Subtotal 1,972,014 1,966,352 Less: Accumulated depreciation (157,165 ) (113,924 ) Operating real estate, net $ 1,814,849 $ 1,852,428

Investments in Unconsolidated_2

Investments in Unconsolidated Ventures (Tables)	9 Months Ended
	Sep. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The following tables present the Company’s investments in unconsolidated ventures as of September 30, 2018 and December 31, 2017 and activity for the three and nine months ended September 30, 2018 and 2017 (dollars in thousands): Properties as of September 30, 2018 (1) Portfolio Partner Acquisition Date Ownership Purchase Price (2) Equity Investment (3) Senior Housing Facilities MOB SNF Hospitals Total Eclipse Colony Capital/Formation Capital, LLC May-2014 5.6 % $ 1,048,000 $ 23,400 44 — 32 — 76 Envoy Formation Capital, LLC/Safanad Management Limited Sep-2014 11.4 % 145,000 5,000 — — 11 — 11 Griffin - American Colony Capital Dec-2014 14.3 % 3,238,547 206,143 92 108 41 14 255 Espresso Formation Capital, LLC/Safanad Management Limited Jul-2015 36.7 % 870,000 55,146 6 — 150 — 156 Trilogy Griffin-American Healthcare REIT III, Inc./Management Team of Trilogy Investors, LLC Dec-2015 29.0 % 1,162,613 233,290 9 — 70 — 79 Subtotal 6,464,160 522,979 151 108 304 14 577 Operator Platform (4) Jul-2017 20.0 % 2 2 — — — — — Total $ 6,464,162 $ 522,981 151 108 304 14 577 _______________________________________ (1) Excludes six properties sold during the nine months ended September 30, 2018 and one property designated as held for sale as of September 30, 2018 . (2) Purchase price represents the actual or implied gross purchase price for the joint venture on the acquisition date. Purchase price is not adjusted for subsequent acquisitions or dispositions of interest. (3) Represents initial and subsequent contributions to the underlying joint venture through September 30, 2018 . During the nine months ended September 30, 2018 , the Company funded an additional capital contribution of $4.5 million into the Trilogy joint venture. The additional funding related to certain business initiatives, including the development of additional senior housing and SNFs. (4) Represents investment in Solstice Senior Living, LLC (“Solstice”). In November 2017, the Company began the transition of operations of the Winterfell portfolio from the former manager, an affiliate of Holiday Retirement, to a new manager, Solstice. Solstice is a joint venture between affiliates of Integral Senior Living, LLC (“ISL”), a leading management company of ILF, ALF and MCF founded in 2000, which owns 80.0% , and the Company, which owns 20.0% . Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Carrying Value Select Revenues and Expenses, net (1) Select Revenues and Expenses, net (1) Portfolio Equity in Earnings (Losses) Cash Distributions Equity in Earnings (Losses) Cash Distributions September 30, 2018 (Unaudited) (2) December 31, 2017 (2) Eclipse $ (69 ) $ (462 ) $ 176 $ (776 ) $ (1,229 ) $ 581 $ 12,533 $ 13,143 Envoy 339 64 283 247 (1 ) 248 4,725 5,037 Griffin - American (1,805 ) (4,688 ) 1,771 (1,261 ) (4,553 ) 1,216 124,933 134,219 Espresso 17,886 (3) 15,982 — (16,609 ) (4) (19,964 ) — 11,639 5,308 Trilogy 239 (3,659 ) 1,450 (158 ) (4,900 ) — 168,635 167,845 Subtotal 16,590 7,237 3,680 (18,557 ) (30,647 ) 2,045 322,465 325,552 Operator Platform (5) 41 — 15 — — — 73 30 Total $ 16,631 $ 7,237 $ 3,695 $ (18,557 ) $ (30,647 ) $ 2,045 $ 322,538 $ 325,582 _______________________________________ (1) Represents the net amount of the Company’s proportionate share of the following revenues and expenses: straight-line rental income (expense), (above)/below market lease and in-place lease amortization, (above)/below market debt and deferred financing costs amortization, depreciation and amortization expense, acquisition fees and transaction costs, loan loss reserves, liability extinguishment gains, impairment, as well as unrealized and realized gain (loss) from sales of real estate and investments. (2) Includes $1.3 million , $0.4 million , $13.4 million , $7.6 million , and $9.8 million of capitalized acquisition costs for the Company’s investments in the Eclipse, Envoy, Griffin-American, Espresso and Trilogy joint ventures, respectively. During the three months ended September 30, 2018 , the Company expensed, through equity in earnings, the capitalized acquisition costs for the Company’s investment in the Envoy joint venture, which reduced the carrying value. (3) Includes a liability extinguishment gain recorded by the joint venture, of which the Company’s proportionate share totaled $14.1 million . Refer to “Credit Losses and Impairment on Investments” in Note 2, “Summary of Significant Accounting Policies” for additional discussion. (4) Includes a loan loss reserve recorded by the joint venture, of which the Company’s proportionate share totaled $15.8 million . Refer to “Credit Losses and Impairment on Investments” in Note 2, “Summary of Significant Accounting Policies” for additional discussion. (5) Represents the Company’s investment in Solstice. Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017 Select Revenues and Expenses, net (1) Select Revenues and Expenses, net (1) Portfolio Equity in Earnings (Losses) Cash Distributions Equity in Earnings (Losses) Cash Distributions Eclipse $ 11 $ (1,304 ) $ 621 $ (1,186 ) $ (2,660 ) $ 985 Envoy (29 ) (300 ) 283 419 (1 ) 427 Griffin - American (3,692 ) (13,500 ) 4,193 (5,795 ) (15,228 ) 6,913 Espresso 6,331 (2) 2,296 — (19,258 ) (3) (27,032 ) 3,307 Trilogy 1,137 (11,244 ) 4,816 (5,414 ) (17,637 ) — Subtotal $ 3,758 $ (24,052 ) $ 9,913 $ (31,234 ) $ (62,558 ) $ 11,632 Operator Platform (4) 149 — 107 — — — Total $ 3,907 $ (24,052 ) $ 10,020 $ (31,234 ) $ (62,558 ) $ 11,632 _______________________________________ (1) Represents the net amount of the Company’s proportionate share of the following revenues and expenses: straight-line rental income (expense), (above)/below market lease and in-place lease amortization, (above)/below market debt and deferred financing costs amortization, depreciation and amortization expense, acquisition fees and transaction costs, loan loss reserves, liability extinguishment gains, impairment, as well as unrealized and realized gain (loss) from sales of real estate and investments. (2) Includes a liability extinguishment gain recorded by the joint venture, of which the Company’s proportionate share totaled $14.1 million . Refer to “Credit Losses and Impairment on Investments” in Note 2, “Summary of Significant Accounting Policies” for additional discussion. (3) Includes a loan loss reserve recorded by the joint venture, of which the Company’s proportionate share totaled $15.8 million . Refer to “Credit Losses and Impairment on Investments” in Note 2, “Summary of Significant Accounting Policies” for additional discussion. (4) Represents the Company’s investment in Solstice. The below table indicates the Company’s investments for which Colony Capital is also an equity partner in the joint venture. Each investment was approved by the Company’s board of directors, including all of its independent directors. Refer to Note 4, “Investments in Unconsolidated Ventures” for further discussion of these investments: Portfolio Partner(s) Acquisition Date Ownership Eclipse Colony Capital/Formation Capital, LLC May-2014 5.6% Griffin-American Colony Capital Dec-2014 14.3%

Real Estate Debt Investments (T

Real Estate Debt Investments (Tables)	9 Months Ended
	Sep. 30, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule of the Company's Real Estate Debt Investments	The following table presents the Company’s one debt investment as of September 30, 2018 and December 31, 2017 (dollars in thousands): Carrying Value Asset Type: Principal Amount September 30, 2018 (Unaudited) December 31, 2017 Fixed Rate Unlevered Current Yield Mezzanine loan (1) $ 75,000 $ 74,725 $ 74,650 10.0 % 10.3 % _______________________________________ (1) Loan has a final maturity date of January 30, 2021 .

Healthcare-Related Securities (

Healthcare-Related Securities (Tables)	9 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Consolidated Financial Information of Variable Interest Entities	The following table presents the activity recorded for the three and nine months ended September 30, 2018 and 2017 related to the securitization trust on the consolidated statements of operations (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Statements of Operations Interest income on mortgage loans held in a securitized trust $ — $ 6,536 $ 5,149 $ 19,503 Interest expense on mortgage obligations issued by a securitization trust — (4,919 ) (3,824 ) (14,662 ) Net interest income — 1,617 1,325 4,841 Other expenses related to securitization trust — 981 (811 ) 2,947 Unrealized gain (loss) on senior housing mortgage loans and debt held in securitization trust, net — 384 — 1,108 Net income attributable to NorthStar Healthcare Income, Inc. common stockholders $ — $ 1,020 $ 514 $ 3,002 The following table presents the assets and liabilities recorded on the consolidated balance sheets attributable to the securitization trust as of December 31, 2017 (dollars in thousands): December 31, 2017 Assets Senior housing mortgage loans held in a securitization trust, at fair value $ 545,048 Receivables 2,127 Total assets $ 547,175 Liabilities Senior housing mortgage obligations issued by a securitization trust, at fair value $ 512,772 Accounts payable and accrued expenses 1,918 Total liabilities $ 514,690

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Summary of borrowings	The following table presents the Company’s borrowings as of September 30, 2018 and December 31, 2017 (dollars in thousands): September 30, 2018 (Unaudited) December 31, 2017 Recourse vs. Non-Recourse Final Maturity Contractual Interest Rate (1) Principal Amount (2) Carrying Value (2) Principal (2) Carrying (2) Mortgage notes payable, net Peregrine Portfolio (3) Various locations Non-recourse Dec-19 LIBOR + 3.50% $ 16,652 $ 16,352 $ 23,417 $ 23,030 Watermark Aqua Portfolio Denver, CO Non-recourse Feb-21 LIBOR + 2.92% 20,945 20,841 21,193 21,053 Frisco, TX Non-recourse Mar-21 LIBOR + 3.04% 19,531 19,438 19,755 19,630 Milford, OH Non-recourse Sep-26 LIBOR + 2.68% 18,760 18,270 18,760 18,216 Rochester Portfolio Rochester, NY Non-recourse Feb-25 4.25% 21,000 20,879 21,444 21,312 Rochester, NY (4) Non-recourse Aug-27 LIBOR + 2.34% 101,224 100,136 101,224 100,061 Arbors Portfolio (5) Various locations Non-recourse Feb-25 3.99% 91,173 89,869 92,407 90,913 Watermark Fountains Portfolio (6) Various locations Non-recourse Jun-22 3.92% 401,000 398,134 410,000 406,207 Various locations Non-recourse Jun-22 5.56% 75,401 74,776 75,401 74,776 Winterfell Portfolio (7) Various locations Non-recourse Jun-25 4.17% 645,634 624,267 648,211 624,656 Bonaventure Portfolio (8) Various locations Non-recourse Feb-27 4.66% 72,466 71,829 72,466 71,771 Subtotal mortgage notes payable, net 1,483,786 1,454,791 1,504,278 1,471,625 Other notes payable Oak Cottage Santa Barbara, CA Non-recourse Feb-22 6.00% 3,500 3,500 3,500 3,500 Rochester Portfolio Rochester, NY Non-recourse Aug-19 6.00% 12,355 12,355 12,355 12,355 Subtotal other notes payable, net 15,855 15,855 15,855 15,855 Total mortgage and other notes payable, net $ 1,499,641 $ 1,470,646 $ 1,520,133 $ 1,487,480 _______________________________________ (1) Floating rate borrowings are comprised of $160.5 million principal amount at one -month London Interbank Offered Rate (“LIBOR”) and $16.7 million principal amount at three -month LIBOR. (2) The difference between principal amount and carrying value of mortgage notes payable is attributable to deferred financing costs, net for all borrowings other than the Winterfell portfolio which is attributable to below market debt intangibles. (3) Mortgage note arrangement is secured and collateralized by three healthcare real estate properties. (4) Comprised of seven individual mortgage notes payable secured by seven healthcare real estate properties, cross-collateralized and cross-defaulted. (5) Comprised of four individual mortgage notes payable secured by four healthcare real estate properties, cross-collateralized and cross-defaulted. (6) Includes $401.0 million principal amount of fixed rate borrowings, secured by 14 healthcare real estate properties, cross-collateralized and cross-defaulted as well as a supplemental financing totaling $75.4 million of principal, secured by seven healthcare real estate properties, cross-collateralized and cross-defaulted. (7) Comprised of 32 individual mortgage notes payable secured by 32 healthcare real estate properties, cross-collateralized and cross-defaulted. (8) Comprised of five individual mortgage notes payable secured by five healthcare real estate properties, cross-collateralized and cross-defaulted.
Schedule of principal on borrowings based on final maturity	The following table presents scheduled principal payments on borrowings based on final maturity as of September 30, 2018 (dollars in thousands): October 1 to December 31, 2018 $ 5,598 Years Ending December 31: 2019 52,220 2020 24,345 2021 63,943 2022 464,987 Thereafter 888,548 Total $ 1,499,641

Related Party Arrangements (Tab

Related Party Arrangements (Tables)	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Schedule of the Fees and Reimbursements Incurred to the Advisor and Dealer Manager	The following table presents the fees and reimbursements incurred to the Advisor for the nine months ended September 30, 2018 and the amount due to related party as of September 30, 2018 and December 31, 2017 (dollars in thousands): Type of Fee or Reimbursement Due to Related Party as of December 31, 2017 Nine Months Ended September 30, 2018 Due to Related Party as of September 30, 2018 (Unaudited) Financial Statement Location Incurred Paid Fees to Advisor Entities Asset management (1) Asset management and other fees-related party $ — $ 17,853 $ (17,853 ) (2) $ — Acquisition (2) Investments in unconsolidated ventures/Asset management and other fees-related party 8 (8 ) — — Reimbursements to Advisor Entities Operating costs (3) General and administrative expenses 1,038 8,621 (7,168 ) 2,491 Total $ 1,046 $ 26,466 $ (25,021 ) $ 2,491 _______________________________________ (1) Includes $7.5 million paid in shares of the Company’s common stock. (2) From inception through September 30, 2018 , the Advisor waived $0.3 million of acquisition fees related to healthcare-related securities. The Company did not incur any disposition fees during the nine months ended September 30, 2018 , nor were any such fees outstanding as of December 31, 2017 . (3) As of September 30, 2018 , the Advisor does not have any unreimbursed operating costs which remain eligible to be allocated to the Company.
Schedule of Joint Ventures	The following tables present the Company’s investments in unconsolidated ventures as of September 30, 2018 and December 31, 2017 and activity for the three and nine months ended September 30, 2018 and 2017 (dollars in thousands): Properties as of September 30, 2018 (1) Portfolio Partner Acquisition Date Ownership Purchase Price (2) Equity Investment (3) Senior Housing Facilities MOB SNF Hospitals Total Eclipse Colony Capital/Formation Capital, LLC May-2014 5.6 % $ 1,048,000 $ 23,400 44 — 32 — 76 Envoy Formation Capital, LLC/Safanad Management Limited Sep-2014 11.4 % 145,000 5,000 — — 11 — 11 Griffin - American Colony Capital Dec-2014 14.3 % 3,238,547 206,143 92 108 41 14 255 Espresso Formation Capital, LLC/Safanad Management Limited Jul-2015 36.7 % 870,000 55,146 6 — 150 — 156 Trilogy Griffin-American Healthcare REIT III, Inc./Management Team of Trilogy Investors, LLC Dec-2015 29.0 % 1,162,613 233,290 9 — 70 — 79 Subtotal 6,464,160 522,979 151 108 304 14 577 Operator Platform (4) Jul-2017 20.0 % 2 2 — — — — — Total $ 6,464,162 $ 522,981 151 108 304 14 577 _______________________________________ (1) Excludes six properties sold during the nine months ended September 30, 2018 and one property designated as held for sale as of September 30, 2018 . (2) Purchase price represents the actual or implied gross purchase price for the joint venture on the acquisition date. Purchase price is not adjusted for subsequent acquisitions or dispositions of interest. (3) Represents initial and subsequent contributions to the underlying joint venture through September 30, 2018 . During the nine months ended September 30, 2018 , the Company funded an additional capital contribution of $4.5 million into the Trilogy joint venture. The additional funding related to certain business initiatives, including the development of additional senior housing and SNFs. (4) Represents investment in Solstice Senior Living, LLC (“Solstice”). In November 2017, the Company began the transition of operations of the Winterfell portfolio from the former manager, an affiliate of Holiday Retirement, to a new manager, Solstice. Solstice is a joint venture between affiliates of Integral Senior Living, LLC (“ISL”), a leading management company of ILF, ALF and MCF founded in 2000, which owns 80.0% , and the Company, which owns 20.0% . Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Carrying Value Select Revenues and Expenses, net (1) Select Revenues and Expenses, net (1) Portfolio Equity in Earnings (Losses) Cash Distributions Equity in Earnings (Losses) Cash Distributions September 30, 2018 (Unaudited) (2) December 31, 2017 (2) Eclipse $ (69 ) $ (462 ) $ 176 $ (776 ) $ (1,229 ) $ 581 $ 12,533 $ 13,143 Envoy 339 64 283 247 (1 ) 248 4,725 5,037 Griffin - American (1,805 ) (4,688 ) 1,771 (1,261 ) (4,553 ) 1,216 124,933 134,219 Espresso 17,886 (3) 15,982 — (16,609 ) (4) (19,964 ) — 11,639 5,308 Trilogy 239 (3,659 ) 1,450 (158 ) (4,900 ) — 168,635 167,845 Subtotal 16,590 7,237 3,680 (18,557 ) (30,647 ) 2,045 322,465 325,552 Operator Platform (5) 41 — 15 — — — 73 30 Total $ 16,631 $ 7,237 $ 3,695 $ (18,557 ) $ (30,647 ) $ 2,045 $ 322,538 $ 325,582 _______________________________________ (1) Represents the net amount of the Company’s proportionate share of the following revenues and expenses: straight-line rental income (expense), (above)/below market lease and in-place lease amortization, (above)/below market debt and deferred financing costs amortization, depreciation and amortization expense, acquisition fees and transaction costs, loan loss reserves, liability extinguishment gains, impairment, as well as unrealized and realized gain (loss) from sales of real estate and investments. (2) Includes $1.3 million , $0.4 million , $13.4 million , $7.6 million , and $9.8 million of capitalized acquisition costs for the Company’s investments in the Eclipse, Envoy, Griffin-American, Espresso and Trilogy joint ventures, respectively. During the three months ended September 30, 2018 , the Company expensed, through equity in earnings, the capitalized acquisition costs for the Company’s investment in the Envoy joint venture, which reduced the carrying value. (3) Includes a liability extinguishment gain recorded by the joint venture, of which the Company’s proportionate share totaled $14.1 million . Refer to “Credit Losses and Impairment on Investments” in Note 2, “Summary of Significant Accounting Policies” for additional discussion. (4) Includes a loan loss reserve recorded by the joint venture, of which the Company’s proportionate share totaled $15.8 million . Refer to “Credit Losses and Impairment on Investments” in Note 2, “Summary of Significant Accounting Policies” for additional discussion. (5) Represents the Company’s investment in Solstice. Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017 Select Revenues and Expenses, net (1) Select Revenues and Expenses, net (1) Portfolio Equity in Earnings (Losses) Cash Distributions Equity in Earnings (Losses) Cash Distributions Eclipse $ 11 $ (1,304 ) $ 621 $ (1,186 ) $ (2,660 ) $ 985 Envoy (29 ) (300 ) 283 419 (1 ) 427 Griffin - American (3,692 ) (13,500 ) 4,193 (5,795 ) (15,228 ) 6,913 Espresso 6,331 (2) 2,296 — (19,258 ) (3) (27,032 ) 3,307 Trilogy 1,137 (11,244 ) 4,816 (5,414 ) (17,637 ) — Subtotal $ 3,758 $ (24,052 ) $ 9,913 $ (31,234 ) $ (62,558 ) $ 11,632 Operator Platform (4) 149 — 107 — — — Total $ 3,907 $ (24,052 ) $ 10,020 $ (31,234 ) $ (62,558 ) $ 11,632 _______________________________________ (1) Represents the net amount of the Company’s proportionate share of the following revenues and expenses: straight-line rental income (expense), (above)/below market lease and in-place lease amortization, (above)/below market debt and deferred financing costs amortization, depreciation and amortization expense, acquisition fees and transaction costs, loan loss reserves, liability extinguishment gains, impairment, as well as unrealized and realized gain (loss) from sales of real estate and investments. (2) Includes a liability extinguishment gain recorded by the joint venture, of which the Company’s proportionate share totaled $14.1 million . Refer to “Credit Losses and Impairment on Investments” in Note 2, “Summary of Significant Accounting Policies” for additional discussion. (3) Includes a loan loss reserve recorded by the joint venture, of which the Company’s proportionate share totaled $15.8 million . Refer to “Credit Losses and Impairment on Investments” in Note 2, “Summary of Significant Accounting Policies” for additional discussion. (4) Represents the Company’s investment in Solstice. The below table indicates the Company’s investments for which Colony Capital is also an equity partner in the joint venture. Each investment was approved by the Company’s board of directors, including all of its independent directors. Refer to Note 4, “Investments in Unconsolidated Ventures” for further discussion of these investments: Portfolio Partner(s) Acquisition Date Ownership Eclipse Colony Capital/Formation Capital, LLC May-2014 5.6% Griffin-American Colony Capital Dec-2014 14.3%

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Schedule of Dividends Declared	The following table presents distributions declared for the nine months ended September 30, 2018 (dollars in thousands): Distributions (1) Period Cash DRP Total 2018 January $ 2,603 $ 2,767 $ 5,370 February 2,384 2,448 4,832 March 2,697 2,661 5,358 April 2,629 2,572 5,201 May 2,731 2,626 5,357 June 2,668 2,524 5,192 July 2,803 2,578 5,381 August 2,813 2,550 5,363 September 2,758 2,439 5,197 Total $ 24,086 $ 23,165 $ 47,251 _________________________________________________ (1) Represents distributions declared for the period, even though such distributions are actually paid to stockholders in the month following such period.

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table presents financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2017 by level within the fair value hierarchy (dollars in thousands): December 31, 2017 Level 1 Level 2 Level 3 Total Financial Assets Senior housing mortgage loans held in a securitization trust, at fair value $ — $ — $ 545,048 $ 545,048 Financial Liabilities Senior housing mortgage obligations issued by a securitization trust, at fair value $ — $ 512,772 $ — $ 512,772
Change in Assets Measured at Fair Value on a Recurring Basis Using Level 3 Inputs	The following table presents the changes in fair value of financial assets which are measured at fair value on a recurring basis using Level 3 inputs to determine fair value for the nine months ended September 30, 2018 and year ended December 31, 2017 (dollars in thousands): Nine Months Ended September 30, 2018 (Unaudited) Year Ended December 31, 2017 Beginning balance $ 545,048 $ 553,707 Purchases/contributions — — Paydowns/distributions (4,058 ) Derecognition (545,048 ) — Unrealized gain (loss) — (4,601 ) Ending balance $ — $ 545,048
Change in Liabilities Measured at Fair Value on a Recurring Basis Using Level 3 Inputs	The following table presents the changes in fair value of financial liabilities which are measured at fair value on a recurring basis using Level 3 inputs to determine fair value for the year ended December 31, 2017 (dollars in thousands): Year Ended December 31, 2017 Beginning balance $ 522,933 Transfers to Level 2 (1) (522,933 ) Paydowns/distributions — Sale of investment — Unrealized (gain) loss — Ending balance $ — _______________________________________ (1) Transfers to Level 2 from Level 3 represent a fair value measurement from a third-party pricing service or broker quotations that have become more observable during the period. Transfers are assumed to occur at the beginning of the year.
Schedule of the Principal Amount, Carrying Value and Fair Value of Certain Financial Assets and Liabilities	The following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of September 30, 2018 and December 31, 2017 (dollars in thousands): September 30, 2018 (Unaudited) December 31, 2017 Principal Amount Carrying Value Fair Value Principal Amount Carrying Value Fair Value Financial assets: (1) Real estate debt investments, net $ 75,000 $ 74,725 $ 75,000 $ 75,000 $ 74,650 $ 75,000 Financial liabilities: (1) Mortgage and other notes payable, net $ 1,499,641 $ 1,470,646 $ 1,445,360 $ 1,520,133 $ 1,487,480 $ 1,480,407 _______________________________________ (1) The fair value of other financial instruments not included in this table is estimated to approximate their carrying value.

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2018
Segment Reporting [Abstract]
Schedule of Real Estate Properties	The following table presents the operators and tenants of the Company’s properties, excluding properties owned through unconsolidated joint ventures as of September 30, 2018 (dollars in thousands): Nine Months Ended September 30, 2018 Operator / Tenant Properties Under Management Units Under Management (1) Property and Other Revenues % of Total Property and Other Revenues Watermark Retirement Communities 29 5,225 $ 115,463 52.4 % Solstice Senior Living (2) 32 4,000 79,350 36.0 % Avamere Health Services (3) 5 453 12,541 5.7 % Arcadia Management 4 572 7,961 3.6 % Integral Senior Living (2) 3 162 3,852 1.7 % Peregrine Senior Living 2 114 1,114 0.5 % Senior Lifestyle Corporation (4) 2 115 (195 ) (0.1 )% Other (5) — — 464 0.2 % Total 77 10,641 $ 220,550 100.0 % ______________________________________ (1) Represents rooms for ALF and ILF and beds for MCF and SNF, based on predominant type. (2) Solstice Senior Living, LLC is a joint venture of which affiliates of Integral Senior Living own 80%. (3) Effective February 2018, properties under the management of Bonaventure were transitioned to Avamere Health Services. (4) As a result of the tenant failing to remit rental payments, the Company accelerated the amortization of capitalized lease inducements. (5) Represents interest income earned on corporate-level cash accounts.
Summary of Segment Reporting	The following tables present segment reporting for the three months ended September 30, 2018 and 2017 (dollars in thousands): Statement of Operations: Three Months Ended September 30, 2018 (1) Real Estate Equity Real Estate Debt Corporate (2) Total Rental and resident fee income $ 72,455 $ — $ — $ 72,455 Net interest income on debt and securities — 1,943 — 1,943 Other revenue 846 — 169 1,015 Property operating expenses (47,355 ) — — (47,355 ) Interest expense (17,595 ) — (82 ) (17,677 ) Other expenses related to securitization trust — — — — Transaction costs — — — — Asset management and other fees - related party — — (5,951 ) (5,951 ) General and administrative expenses (232 ) (10 ) (2,576 ) (2,818 ) Depreciation and amortization (25,629 ) — — (25,629 ) Impairment loss — — — — Unrealized gain (loss) on senior housing mortgage loans and debt held in securitization trust, net — — — — Realized gain (loss) on investments and other 726 — — 726 Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense) (16,784 ) 1,933 (8,440 ) (23,291 ) Equity in earnings (losses) of unconsolidated ventures 16,631 — — 16,631 Income tax benefit (expense) (10 ) — — (10 ) Net income (loss) $ (163 ) $ 1,933 $ (8,440 ) $ (6,670 ) _______________________________________ (1) For the three months ended September 30, 2018 , the Company did not have activity in the healthcare-related securities segment as a result of having sold the Class B certificates of its consolidated Investing VIE in March 2018 and no longer having to consolidate the related interest income and interest expense on the consolidated statements of operations. (2) Includes unallocated asset management fee-related party and general and administrative expenses. Three Months Ended September 30, 2017 Real Estate Equity Real Estate Debt Healthcare-Related Securities Corporate (1) Subtotal Investing VIE (2) Total Rental and resident fee income $ 73,740 $ — $ — $ — $ 73,740 $ — $ 73,740 Net interest income on debt and securities — 1,940 1,025 (3) (389 ) (3) 2,576 981 3,557 Other revenue 541 — — 120 661 — 661 Property operating expenses (42,981 ) — — — (42,981 ) — (42,981 ) Interest expense (15,687 ) — — — (15,687 ) — (15,687 ) Other expenses related to securitization trust — — — — — (981 ) (981 ) Transaction costs (3,814 ) — — — (3,814 ) — (3,814 ) Asset management and other fees - related party — — — (13,299 ) (13,299 ) — (13,299 ) General and administrative expenses (262 ) (12 ) — (2,767 ) (3,041 ) — (3,041 ) Depreciation and amortization (24,454 ) — — — (24,454 ) — (24,454 ) Unrealized gain (loss) on senior housing mortgage loans and debt held in securitization trust, net — — (5 ) 389 384 — 384 Realized gain (loss) on investments and other — — — — — — — Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense) (12,917 ) 1,928 1,020 (15,946 ) (25,915 ) — (25,915 ) Equity in earnings (losses) of unconsolidated ventures (18,557 ) — — — (18,557 ) — (18,557 ) Income tax benefit (expense) (15 ) — — — (15 ) — (15 ) Net income (loss) $ (31,489 ) $ 1,928 $ 1,020 $ (15,946 ) $ (44,487 ) $ — $ (44,487 ) _______________________________________ (1) Includes unallocated asset management fee-related party and general and administrative expenses. (2) Investing VIEs are not considered to be a segment that the Company conducts its business through, however U.S. GAAP requires the Company, as the primary beneficiary, to present the assets and liabilities of the securitization trust on its consolidated balance sheets and recognize the related interest income and interest expense, as net interest income on the consolidated statements of operations. Though U.S. GAAP requires this presentation, the Company views its investment in the securitization trust as a net investment in healthcare-related securities. (3) Represents income earned from the healthcare-related securities purchased at a discount, recognized using the effective interest method had the transaction been recorded as an available for sale security, at amortized cost. During the three months ended September 30, 2017, $0.4 million was attributable to discount accretion income and was eliminated in consolidation in the corporate segment. The following tables present segment reporting for the nine months ended September 30, 2018 and 2017 (dollars in thousands): Statement of Operations: Nine Months Ended September 30, 2018 Real Estate Equity Real Estate Debt Healthcare-Related Securities Corporate (1) Subtotal Investing VIE (2) Total Rental and resident fee income $ 217,858 $ — $ — $ — $ 217,858 $ — $ 217,858 Net interest income on debt and securities — 5,763 828 (3) (314 ) (3) 6,277 811 7,088 Other revenue 2,228 — — 464 2,692 — 2,692 Property operating expenses (141,510 ) — — — (141,510 ) — (141,510 ) Interest expense (52,215 ) — — (193 ) (52,408 ) — (52,408 ) Other expenses related to securitization trust — — — — — (811 ) (811 ) Transaction costs (806 ) — — — (806 ) — (806 ) Asset management and other fees - related party — — — (17,845 ) (17,845 ) — (17,845 ) General and administrative expenses (734 ) (29 ) (5 ) (9,159 ) (9,927 ) — (9,927 ) Depreciation and amortization (81,943 ) — — — (81,943 ) — (81,943 ) Impairment loss (5,239 ) — — — (5,239 ) — (5,239 ) Unrealized gain (loss) on senior housing mortgage loans and debt held in securitization trust, net — — (314 ) 314 — — — Realized gain (loss) on investments and other 726 — 3,495 — 4,221 — 4,221 Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense) (61,635 ) 5,734 4,004 (26,733 ) (78,630 ) — (78,630 ) Equity in earnings (losses) of unconsolidated ventures 3,907 — — — 3,907 — 3,907 Income tax benefit (expense) (40 ) — — — (40 ) — (40 ) Net income (loss) $ (57,768 ) $ 5,734 $ 4,004 $ (26,733 ) $ (74,763 ) $ — $ (74,763 ) _______________________________________ (1) Includes unallocated asset management fee-related party and general and administrative expenses. (2) Investing VIEs are not considered to be a segment that the Company conducts its business through, however U.S. GAAP requires the Company, as the primary beneficiary, to present the assets and liabilities of the securitization trust on its consolidated balance sheets and recognize the related interest income and interest expense, as net interest income on the consolidated statements of operations. Though U.S. GAAP requires this presentation, the Company views its investment in the securitization trust as a net investment in healthcare-related securities. (3) Represents income earned from the healthcare-related securities purchased at a discount, recognized using the effective interest method had the transaction been recorded as an available for sale security, at amortized cost. During the nine months ended September 30, 2018 , $0.3 million was attributable to discount accretion income and was eliminated in consolidation in the corporate segment. Nine Months Ended September 30, 2017 Real Estate Equity Real Estate Debt Healthcare-Related Securities Corporate (1) Subtotal Investing VIE (2) Total Rental and resident fee income $ 207,249 $ — $ — $ — $ 207,249 $ — $ 207,249 Net interest income on debt and securities — 5,755 3,016 (3) (1,122 ) (3) 7,649 2,947 10,596 Other revenue 1,595 — — 596 2,191 — 2,191 Property operating expenses (118,526 ) — — — (118,526 ) — (118,526 ) Interest expense (44,479 ) — — — (44,479 ) — (44,479 ) Other expenses related to securitization trust — — — — — (2,947 ) (2,947 ) Transaction costs (6,778 ) — — — (6,778 ) — (6,778 ) Asset management and other fees - related party — — — (32,716 ) (32,716 ) — (32,716 ) General and administrative expenses (682 ) (39 ) — (7,671 ) (8,392 ) — (8,392 ) Depreciation and amortization (69,223 ) — — — (69,223 ) — (69,223 ) Unrealized gain (loss) on senior housing mortgage loans and debt held in securitization trust, net — — (14 ) 1,122 1,108 — 1,108 Realized gain (loss) on investments and other 118 — — — 118 — 118 Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense) (30,726 ) 5,716 3,002 (39,791 ) (61,799 ) — (61,799 ) Equity in earnings (losses) of unconsolidated ventures (31,234 ) — — — (31,234 ) — (31,234 ) Income tax benefit (expense) (56 ) — — — (56 ) — (56 ) Net income (loss) $ (62,016 ) $ 5,716 $ 3,002 $ (39,791 ) $ (93,089 ) $ — $ (93,089 ) _______________________________________ (1) Includes unallocated asset management fee-related party and general and administrative expenses. (2) Investing VIEs are not considered to be a segment through which the Company conducts business, however U.S. GAAP requires the Company, as the primary beneficiary, to present the assets and liabilities of the securitization trust on its consolidated balance sheets and recognize the related interest income and interest expense, as net interest income on the consolidated statements of operations. Though U.S. GAAP requires this presentation, the Company views its investment in the securitization trust as a net investment in healthcare-related securities. (3) Represents income earned from the healthcare-related securities purchased at a discount, recognized using the effective interest method had the transaction been recorded as an available for sale security, at amortized cost. During the nine months ended September 30, 2017, $1.1 million was attributable to discount accretion income and was eliminated in consolidation in the corporate segment.
Summary of Assets by Segment	The following table presents total assets by segment as of September 30, 2018 and December 31, 2017 (dollars in thousands): Total Assets: Real Estate Equity (1) Real Estate Debt Healthcare-Related Securities Corporate (2) Subtotal Investing VIEs (3) Total September 30, 2018 (Unaudited) $ 2,245,420 $ 75,350 $ — $ 29,304 $ 2,350,074 $ — $ 2,350,074 December 31, 2017 2,339,873 75,296 32,484 3,925 2,451,578 547,175 2,998,753 _______________________________________ (1) Includes investments in unconsolidated joint ventures totaling $322.5 million and $325.6 million as of September 30, 2018 and December 31, 2017 , respectively. (2) Represents corporate cash and cash equivalent balances. These balances are partially offset by elimination of healthcare-related securities in consolidation as of December 31, 2017 . (3) Investing VIEs are not considered to be a segment through which the Company conducts business, however U.S. GAAP requires the Company, as the primary beneficiary, to present the assets and liabilities of the securitization trust on its consolidated balance sheets and recognize the related interest income and interest expense, as net interest income on the consolidated statements of operations. Though U.S. GAAP requires this presentation, the Company’s management and chief decision makers view the Company’s investment in the securitization trust as a net investment in healthcare-related securities. As such, the Company has presented the statements of operations and balance sheets within this note in a manner consistent with the views of the Company’s management and chief decision makers.

Business and Organization (Deta

Business and Organization (Details)	Feb. 02, 2015USD ($)shares	Sep. 30, 2018USD ($)employee$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Jan. 19, 2016USD ($)shares	Nov. 09, 2018USD ($)	Dec. 31, 2015shares
Class of Stock [Line Items]
Common stock, shares authorized (in shares) | shares		400,000,000	400,000,000
Common stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares) | shares		50,000,000	50,000,000
Preferred stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01
Proceeds from initial offering | $	$ 1,100,000,000
Number of shares issued (in shares) | shares	108,600,000
Follow-on public offering | $				$ 700,000,000
Number of employees | employee		0
Subsequent event
Class of Stock [Line Items]
Net proceeds from issuance of common stock | $					$ 2,000,000,000
Dividend Reinvestment Plan
Class of Stock [Line Items]
Number of shares issued (in shares) | shares	2,000,000			4,200,000
Shares available (in shares) | shares						30,000,000
Dividend Reinvestment Plan | Subsequent event
Class of Stock [Line Items]
Net proceeds from issuance of common stock | $					$ 225,300,000
Follow-on Primary Offering
Class of Stock [Line Items]
Number of shares issued (in shares) | shares				64,900,000
Primary Beneficiary
Class of Stock [Line Items]
Limited partnership interest in operating partnership		99.99%
Advisor
Class of Stock [Line Items]
Non-controlling interest investment in operating partnership | $		$ 1,000	$ 1,000
Special Unit Holder
Class of Stock [Line Items]
Non-controlling interest investment in operating partnership | $		$ 1,000	$ 1,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Variable Interest Entities
VIE carrying value	$ 322,500		$ 322,500
Capital Lease Obligations
Capital leases for equipment	$ 2,900		$ 2,900
Lease amortization period (in years)	7 years		7 years
Identified Intangibles
Impairment of goodwill			$ 700
In-place lease and deferred cost amortization expense	$ 10,700	$ 9,900	$ 37,300	$ 30,000
Acquisition Fees and Expenses
Acquisition fee and expense cap	6.00%		6.00%
Credit Losses and Impairment on Investments
Impairment on consolidated operating real estate and assets held for sale, excluding impairment of goodwill			$ 4,500
Impairment loss on real estate held for sale			2,100
Impairment of real estate, tenant operations deterioration			$ 2,400		$ 5,000
Period past due for suspension of income recognition (in days)			90 days
Investments in Unconsolidated Ventures
Impairment recognized			$ 15,800		11,400
Gain on the extinguishment of liability			14,100
Income Taxes
Deferred tax asset	$ 10,300		10,300
Income tax benefit (expense)	10	$ 15	40	$ 56	$ 56
Variable Interest Entity, Primary Beneficiary | Operating Real Estate
Variable Interest Entities
Assets of consolidated VIEs	615,900		615,900
Variable Interest Entity, Primary Beneficiary | Mortgage Notes Payable
Variable Interest Entities
Liabilities of consolidated VIEs	$ 468,400		$ 468,400
Capital Lease
Capital Lease Obligations
Lease obligation interest rate	5.40%		5.40%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Estimated Useful Lives (Details)	9 Months Ended
	Sep. 30, 2018
Building | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	30 years
Building | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	50 years
Land improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	9 years
Land improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	15 years
Furniture and fixtures | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years
Furniture and fixtures | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	14 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Future Minimum Lease Payments from Capital Leases (Details) $ in Thousands	Sep. 30, 2018USD ($)
Accounting Policies [Abstract]
October 1 to December 31, 2018	$ 164
2,019	588
2,020	549
2,021	510
2,022	418
Thereafter	25
Total minimum lease payments	2,254
Less: Amount representing interest	(188)
Present value of minimum lease payments	$ 2,066

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Deferred Costs and Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Deferred costs and intangible assets, net:
In-place lease value, net	$ 24,489	$ 61,593
Goodwill	21,387	22,112
Other intangible assets	380	380
Subtotal intangible assets	46,256	84,085
Deferred costs, net	747	635
Total	$ 47,003	$ 84,720

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Schedule of Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2018USD ($)
Accounting Policies [Abstract]
October 1 to December 31, 2018	$ 9,999
2,019	8,428
2,020	2,093
2,021	1,871
2,022	593
Thereafter	2,252
Total	$ 25,236

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Other Assets and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Other assets:
Healthcare facility regulatory reserve deposit	$ 6,000	$ 6,000
Remainder interest in condominium units	3,025	3,704
Prepaid expenses	2,767	3,352
Lease inducements, net	0	1,691
Utility deposits	356	503
Construction deposit	0	993
Other	1,038	1,231
Total	$ 13,186	$ 17,474

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Cash and cash equivalents	$ 37,983	$ 50,046
Restricted cash	25,515	30,442
Total cash, cash equivalents and restricted cash	$ 63,498	$ 80,488	$ 56,015	$ 251,892

Summary of Significant Accou_11

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Cash Flows After Adoption of ASU (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Net cash provided by (used in) operating activities	$ 20,000	$ 15,442
Net cash provided by (used in) investing activities	34,691	(306,023)
Net cash provided by (used in) financing activities	$ (71,681)	94,704
As Previously Reported
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Net cash provided by (used in) operating activities		11,708
Net cash provided by (used in) investing activities		(305,331)
Net cash provided by (used in) financing activities		$ 97,916

Operating Real Estate - Identif

Operating Real Estate - Identifiable Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Real Estate [Abstract]
Land	$ 237,340	$ 239,580
Land improvements	22,190	21,908
Buildings and improvements	1,598,894	1,608,180
Tenant improvements	11,284	8,291
Construction in progress	13,754	5,376
Furniture, fixtures and equipment	88,552	83,017
Subtotal	1,972,014	1,966,352
Less: Accumulated depreciation	(157,165)	(113,924)
Operating real estate, net	$ 1,814,849	$ 1,852,428

Operating Real Estate - Narrati

Operating Real Estate - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended		12 Months Ended
	Aug. 31, 2018	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Business Combination, Separately Recognized Transactions [Line Items]
Impairment loss		$ 7,400		$ 5,000
Proceeds from sale of operating real estate property	$ 12,000	$ 11,784	$ 0
Repayment of mortgage note payable	9,000
Net proceeds to the joint venture	$ 2,700
Ownership interest (as a percentage)		97.00%
Watermark Retirement Communities
Business Combination, Separately Recognized Transactions [Line Items]
Ownership interest (as a percentage)		3.00%

Investments in Unconsolidated_3

Investments in Unconsolidated Ventures - Summary of Unconsolidated Ventures (Details) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended		28 Months Ended
	Mar. 31, 2018USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2018USD ($)facility	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)propertyfacility	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Mar. 31, 2018USD ($)	Jul. 31, 2017USD ($)	Jul. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	May 31, 2014USD ($)
Schedule of Equity Method Investments [Line Items]
Number of properties sold | property					6
Number of properties held for sale | property					1
Payments to acquire interest in joint venture					$ 4,470	$ 9,099
Ownership percentage			97.00%		97.00%
Equity in Earnings (Losses)			$ 16,631	$ (18,557)	$ 3,907	(31,234)	$ (31,234)
Select Revenues and Expenses, net			7,237	(30,647)	(24,052)	(62,558)
Cash Distributions			3,695	2,045	10,020	11,632
Carry Value, total			$ 322,538		322,538		325,582
Impairment recognized					15,800		11,400
Gain on the extinguishment of liability					$ 14,100
Eclipse
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percentage)			5.60%		5.60%
Purchase Price														$ 1,048,000
Equity Investment			$ 23,400		$ 23,400
Properties as of September 30, 2018 | facility			76		76
Equity in Earnings (Losses)			$ (69)	(776)	$ 11	(1,186)
Select Revenues and Expenses, net			(462)	(1,229)	(1,304)	(2,660)
Cash Distributions			176	581	621	985
Carrying Value			12,533		12,533		13,143
Capitalized acquisition costs			$ 1,300		$ 1,300
Eclipse | Senior Housing Facilities
Schedule of Equity Method Investments [Line Items]
Properties as of September 30, 2018 | facility			44		44
Eclipse | MOB
Schedule of Equity Method Investments [Line Items]
Properties as of September 30, 2018 | facility			0		0
Eclipse | SNF
Schedule of Equity Method Investments [Line Items]
Properties as of September 30, 2018 | facility			32		32
Eclipse | Hospitals
Schedule of Equity Method Investments [Line Items]
Properties as of September 30, 2018 | facility			0		0
Envoy
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percentage)			11.40%		11.40%
Purchase Price													$ 145,000
Equity Investment			$ 5,000		$ 5,000
Properties as of September 30, 2018 | facility			11		11
Equity in Earnings (Losses)			$ 339	247	$ (29)	419
Select Revenues and Expenses, net			64	(1)	(300)	(1)
Cash Distributions			283	248	283	427
Carrying Value			4,725		4,725		5,037
Capitalized acquisition costs			$ 400		$ 400
Envoy | Senior Housing Facilities
Schedule of Equity Method Investments [Line Items]
Properties as of September 30, 2018 | facility			0		0
Envoy | MOB
Schedule of Equity Method Investments [Line Items]
Properties as of September 30, 2018 | facility			0		0
Envoy | SNF
Schedule of Equity Method Investments [Line Items]
Properties as of September 30, 2018 | facility			11		11
Envoy | Hospitals
Schedule of Equity Method Investments [Line Items]
Properties as of September 30, 2018 | facility			0		0
Griffin - American
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percentage)			14.30%		14.30%
Purchase Price												$ 3,238,547
Equity Investment			$ 206,143		$ 206,143
Properties as of September 30, 2018 | facility			255		255
Equity in Earnings (Losses)			$ (1,805)	(1,261)	$ (3,692)	(5,795)
Select Revenues and Expenses, net			(4,688)	(4,553)	(13,500)	(15,228)
Cash Distributions			1,771	1,216	4,193	6,913
Carrying Value			124,933		124,933		134,219
Capitalized acquisition costs			$ 13,400		$ 13,400
Griffin - American | Senior Housing Facilities
Schedule of Equity Method Investments [Line Items]
Properties as of September 30, 2018 | facility			92		92
Griffin - American | MOB
Schedule of Equity Method Investments [Line Items]
Properties as of September 30, 2018 | facility			108		108
Griffin - American | SNF
Schedule of Equity Method Investments [Line Items]
Properties as of September 30, 2018 | facility			41		41
Griffin - American | Hospitals
Schedule of Equity Method Investments [Line Items]
Properties as of September 30, 2018 | facility			14		14
Espresso
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percentage)			36.70%		36.70%
Purchase Price											$ 870,000
Equity Investment			$ 55,146		$ 55,146
Properties as of September 30, 2018 | facility			156		156
Equity in Earnings (Losses)			$ 17,886	(16,609)	$ 6,331	(19,258)
Select Revenues and Expenses, net			15,982	(19,964)	2,296	(27,032)
Cash Distributions			0	0	0	3,307
Carrying Value			11,639		11,639		5,308
Capitalized acquisition costs			$ 7,600		$ 7,600
Espresso | Senior Housing Facilities
Schedule of Equity Method Investments [Line Items]
Properties as of September 30, 2018 | facility			6		6
Espresso | MOB
Schedule of Equity Method Investments [Line Items]
Properties as of September 30, 2018 | facility			0		0
Espresso | SNF
Schedule of Equity Method Investments [Line Items]
Properties as of September 30, 2018 | facility			150		150
Espresso | Hospitals
Schedule of Equity Method Investments [Line Items]
Properties as of September 30, 2018 | facility			0		0
Trilogy
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percentage)		29.00%	29.00%		29.00%
Purchase Price		$ 1,162,613
Equity Investment			$ 233,290		$ 233,290
Properties as of September 30, 2018 | facility			79		79
Payments to acquire interest in joint venture	$ 4,500	$ 201,700					8,300	$ 18,800	$ 233,300
Equity in Earnings (Losses)			$ 239	(158)	$ 1,137	(5,414)
Select Revenues and Expenses, net			(3,659)	(4,900)	(11,244)	(17,637)
Cash Distributions			1,450	0	4,816	0
Carrying Value			168,635		168,635		167,845
Capitalized acquisition costs			$ 9,800		$ 9,800
Trilogy | Senior Housing Facilities
Schedule of Equity Method Investments [Line Items]
Properties as of September 30, 2018 | facility			9		9
Trilogy | MOB
Schedule of Equity Method Investments [Line Items]
Properties as of September 30, 2018 | facility			0		0
Trilogy | SNF
Schedule of Equity Method Investments [Line Items]
Properties as of September 30, 2018 | facility			70		70
Trilogy | Hospitals
Schedule of Equity Method Investments [Line Items]
Properties as of September 30, 2018 | facility			0		0
Eclipse, Envoy, Griffin-American, Espresso, Trilogy
Schedule of Equity Method Investments [Line Items]
Purchase Price			$ 6,464,160		$ 6,464,160
Equity Investment			$ 522,979		$ 522,979
Properties as of September 30, 2018 | facility			577		577
Equity in Earnings (Losses)			$ 16,590	(18,557)	$ 3,758	(31,234)
Select Revenues and Expenses, net			7,237	(30,647)	(24,052)	(62,558)
Cash Distributions			3,680	2,045	9,913	11,632
Carrying Value			$ 322,465		$ 322,465		325,552
Eclipse, Envoy, Griffin-American, Espresso, Trilogy | Senior Housing Facilities
Schedule of Equity Method Investments [Line Items]
Properties as of September 30, 2018 | facility			151		151
Eclipse, Envoy, Griffin-American, Espresso, Trilogy | MOB
Schedule of Equity Method Investments [Line Items]
Properties as of September 30, 2018 | facility			108		108
Eclipse, Envoy, Griffin-American, Espresso, Trilogy | SNF
Schedule of Equity Method Investments [Line Items]
Properties as of September 30, 2018 | facility			304		304
Eclipse, Envoy, Griffin-American, Espresso, Trilogy | Hospitals
Schedule of Equity Method Investments [Line Items]
Properties as of September 30, 2018 | facility			14		14
Operator Platform
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percentage)			20.00%		20.00%
Purchase Price										$ 2
Equity Investment			$ 2		$ 2
Properties as of September 30, 2018 | facility			0		0
Equity in Earnings (Losses)			$ 41	0	$ 149	0
Select Revenues and Expenses, net			0	0	0	0
Cash Distributions			15	$ 0	107	$ 0
Carrying Value			$ 73		$ 73		$ 30
Operator Platform | Senior Housing Facilities
Schedule of Equity Method Investments [Line Items]
Properties as of September 30, 2018 | facility			0		0
Operator Platform | MOB
Schedule of Equity Method Investments [Line Items]
Properties as of September 30, 2018 | facility			0		0
Operator Platform | SNF
Schedule of Equity Method Investments [Line Items]
Properties as of September 30, 2018 | facility			0		0
Operator Platform | Hospitals
Schedule of Equity Method Investments [Line Items]
Properties as of September 30, 2018 | facility			0		0
Eclipse, Envoy, Griffin-American, Espresso, Trilogy, Operator Platform
Schedule of Equity Method Investments [Line Items]
Purchase Price			$ 6,464,162		$ 6,464,162
Equity Investment			$ 522,981		$ 522,981
Total | facility			577		577
Eclipse, Envoy, Griffin-American, Espresso, Trilogy, Operator Platform | Senior Housing Facilities
Schedule of Equity Method Investments [Line Items]
Total | facility			151		151
Eclipse, Envoy, Griffin-American, Espresso, Trilogy, Operator Platform | MOB
Schedule of Equity Method Investments [Line Items]
Total | facility			108		108
Eclipse, Envoy, Griffin-American, Espresso, Trilogy, Operator Platform | SNF
Schedule of Equity Method Investments [Line Items]
Total | facility			304		304
Eclipse, Envoy, Griffin-American, Espresso, Trilogy, Operator Platform | Hospitals
Schedule of Equity Method Investments [Line Items]
Total | facility			14		14
Winterfell
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percentage)										20.00%
Winterfell | Solstice Senior Living
Schedule of Equity Method Investments [Line Items]
Ownership percentage										80.00%

Real Estate Debt Investments -

Real Estate Debt Investments - Schedule of the Company's Real Estate Debt Investment (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 74,725	$ 74,650
Mezzanine loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value		$ 74,650
Mezzanine loans | Weighted Average
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Rate	10.00%
Unlevered Current Yield	10.30%
Espresso | Mezzanine Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 75,000
Carrying Value	$ 74,725

Real Estate Debt Investments _2

Real Estate Debt Investments - Narrative (Details)	9 Months Ended
	Sep. 30, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Number of days past contractual debt service payments loan categorized as a weaker credit quality debt investment	90 days
Percent of interest income contributed by investment	100.00%

Healthcare-Related Securities -

Healthcare-Related Securities - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 31, 2016USD ($)loan	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Realized gain (loss) on investments and other		$ 726	$ 0	$ 4,221	$ 118	$ 118
Percent of interest income contributed by investment				100.00%
Class B Certificates
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Realized gain (loss) on investments and other				$ 3,500
Freddie Mac 2016-KS06 Mortgage Trust
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Maximum exposure to loss						$ 32,300
Freddie Mac 2016-KS06 Mortgage Trust | Variable Interest Entity, Primary Beneficiary
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Securitization trust	$ 575,100
Count | loan	41
Mortgage loans weighted average maturity (in years)	9 years 9 months
Freddie Mac 2016-KS06 Mortgage Trust | Securitization Bonds | Variable Interest Entity, Primary Beneficiary
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Securitization trust	$ 517,600
Freddie Mac 2016-KS06 Mortgage Trust | Class B Certificates | Variable Interest Entity, Primary Beneficiary
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Par value	57,500
Discount	$ 27,000
Discount, percent	47.00%
Fixed interest rate	4.47%
Bond equivalent yield, percent	13.10%

Healthcare-Related Securities_2

Healthcare-Related Securities - Assets and Liabilities Recorded on the Balance Sheet Related to Securitized Trust Consolidated as a VIE (Details) - Freddie Mac 2016-KS06 Mortgage Trust - Primary Beneficiary $ in Thousands	Dec. 31, 2017USD ($)
Senior housing mortgage loans held in a securitization trust, at fair value
Assets
Assets	$ 545,048
Receivables
Assets
Assets	2,127
Total assets
Assets
Assets	547,175
Senior housing mortgage obligations issued by a securitization trust, at fair value
Liabilities
Liabilities	512,772
Accounts payable and accrued expenses
Liabilities
Liabilities	1,918
Total liabilities
Liabilities
Liabilities	$ 514,690

Healthcare-Related Securities_3

Healthcare-Related Securities - Activity Reported on the Statement of Operations Related to the Securitization Investing VIE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Variable Interest Entity [Line Items]
Interest expense on mortgage obligations issued by a securitization trust	$ 0	$ (4,919)	$ (3,824)		$ (14,662)
Net interest income	1,943	3,557	7,088		10,596
Other expenses related to securitization trust	0	981	811	$ 2,947	2,947
Unrealized gain (loss) on senior housing mortgage loans and debt held in securitization trust, net	0	384	0	1,108	1,108
Net income (loss) attributable to NorthStar Healthcare Income, Inc. common stockholders	(6,604)	(44,390)	(74,366)		$ (93,062)
Freddie Mac 2016-KS06 Mortgage Trust | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Interest income on mortgage loans held in a securitized trust	0	6,536	5,149	19,503
Interest expense on mortgage obligations issued by a securitization trust	0	(4,919)	(3,824)	(14,662)
Net interest income	0	1,617	1,325	4,841
Other expenses related to securitization trust	0	981	(811)	2,947
Unrealized gain (loss) on senior housing mortgage loans and debt held in securitization trust, net	0	384	0	1,108
Net income (loss) attributable to NorthStar Healthcare Income, Inc. common stockholders	$ 0	$ 1,020	$ 514	$ 3,002

Borrowings - Schedule of Borrow

Borrowings - Schedule of Borrowings (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)propertydebt_instrument	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Carrying Value	$ 1,499,641
Watermark Fountains Portfolio
Debt Instrument [Line Items]
Number of healthcare real estate properties | property	14
Winterfell
Debt Instrument [Line Items]
Number of healthcare real estate properties | property	32
Mortgage notes payable, net
Debt Instrument [Line Items]
Principal Amount	$ 1,499,641	$ 1,520,133
Carrying Value	$ 1,470,646	1,487,480
Mortgage notes payable, net | Arbors Portfolio
Debt Instrument [Line Items]
Number of debt instruments | debt_instrument	4
Number of healthcare real estate properties | property	4
Mortgage notes payable, net | Winterfell
Debt Instrument [Line Items]
Number of debt instruments | debt_instrument	32
Mortgage notes payable, net | Bonaventure Portfolio
Debt Instrument [Line Items]
Number of debt instruments | debt_instrument	5
Number of healthcare real estate properties | property	5
Mortgage notes payable, net | Rochester
Debt Instrument [Line Items]
Number of debt instruments | debt_instrument	7
Number of healthcare real estate properties | property	7
Mortgage notes payable, net | Non-Recourse
Debt Instrument [Line Items]
Principal Amount	$ 1,483,786	1,504,278
Carrying Value	1,454,791	1,471,625
Mortgage notes payable, net | Non-Recourse | Peregrine Senior Living
Debt Instrument [Line Items]
Principal Amount	16,652	23,417
Carrying Value	$ 16,352	23,030
Number of properties securing debt | property	3
Mortgage notes payable, net | Non-Recourse | Peregrine Senior Living | LIBOR
Debt Instrument [Line Items]
Contractual Interest Rate	3.50%
Mortgage notes payable, net | Non-Recourse | Arbors Portfolio
Debt Instrument [Line Items]
Lease obligation interest rate	3.99%
Principal Amount	$ 91,173	92,407
Carrying Value	$ 89,869	90,913
Mortgage notes payable, net | Non-Recourse | Watermark Fountains Portfolio
Debt Instrument [Line Items]
Lease obligation interest rate	3.92%
Principal Amount	$ 401,000	410,000
Carrying Value	$ 398,134	406,207
Mortgage notes payable, net | Non-Recourse | Watermark Fountains Portfolio 2
Debt Instrument [Line Items]
Lease obligation interest rate	5.56%
Principal Amount	$ 75,401	75,401
Carrying Value	$ 74,776	74,776
Number of healthcare real estate properties | property	7
Mortgage notes payable, net | Non-Recourse | Winterfell
Debt Instrument [Line Items]
Lease obligation interest rate	4.17%
Principal Amount	$ 645,634	648,211
Carrying Value	$ 624,267	624,656
Mortgage notes payable, net | Non-Recourse | Bonaventure Portfolio
Debt Instrument [Line Items]
Lease obligation interest rate	4.66%
Principal Amount	$ 72,466	72,466
Carrying Value	71,829	71,771
Mortgage notes payable, net | Denver, CO Non-recourse | Denver, CO
Debt Instrument [Line Items]
Principal Amount	20,945	21,193
Carrying Value	$ 20,841	21,053
Mortgage notes payable, net | Denver, CO Non-recourse | Denver, CO | LIBOR
Debt Instrument [Line Items]
Contractual Interest Rate	2.92%
Mortgage notes payable, net | Frisco, TX Non-recourse | Frisco, TX
Debt Instrument [Line Items]
Principal Amount	$ 19,531	19,755
Carrying Value	$ 19,438	19,630
Mortgage notes payable, net | Frisco, TX Non-recourse | Frisco, TX | LIBOR
Debt Instrument [Line Items]
Contractual Interest Rate	3.04%
Mortgage notes payable, net | Milford, OH Non-recourse | Milford, OH
Debt Instrument [Line Items]
Principal Amount	$ 18,760	18,760
Carrying Value	$ 18,270	18,216
Mortgage notes payable, net | Milford, OH Non-recourse | Milford, OH | LIBOR
Debt Instrument [Line Items]
Contractual Interest Rate	2.68%
Mortgage notes payable, net | Rochester, NY Non-recourse, February 2025 | Rochester, NY
Debt Instrument [Line Items]
Lease obligation interest rate	4.25%
Principal Amount	$ 21,000	21,444
Carrying Value	20,879	21,312
Mortgage notes payable, net | Rochester, NY Non-recourse, August 2027 | Rochester, NY
Debt Instrument [Line Items]
Principal Amount	101,224	101,224
Carrying Value	$ 100,136	100,061
Mortgage notes payable, net | Rochester, NY Non-recourse, August 2027 | Rochester, NY | LIBOR
Debt Instrument [Line Items]
Contractual Interest Rate	2.34%
Mortgage notes payable, net | One-Month LIBOR
Debt Instrument [Line Items]
Principal Amount	$ 160,500
Mortgage notes payable, net | Three-Month LIBOR
Debt Instrument [Line Items]
Principal Amount	16,700
Other notes payable | Non-Recourse
Debt Instrument [Line Items]
Principal Amount	15,855	15,855
Carrying Value	$ 15,855	15,855
Other notes payable | Non-Recourse | Oak Cottage
Debt Instrument [Line Items]
Lease obligation interest rate	6.00%
Principal Amount	$ 3,500	3,500
Carrying Value	$ 3,500	3,500
Other notes payable | Non-Recourse | Rochester
Debt Instrument [Line Items]
Lease obligation interest rate	6.00%
Principal Amount	$ 12,355	12,355
Carrying Value	$ 12,355	$ 12,355

Borrowings - Maturity Schedule

Borrowings - Maturity Schedule (Details) $ in Thousands	Sep. 30, 2018USD ($)
Debt Disclosure [Abstract]
October 1 to December 31, 2018	$ 5,598
2,019	52,220
2,020	24,345
2,021	63,943
2,022	464,987
Thereafter	888,548
Total	$ 1,499,641

Borrowings - Narrative (Details

Borrowings - Narrative (Details) - Line of Credit - USD ($)	1 Months Ended		9 Months Ended	12 Months Ended
	Dec. 31, 2017	Oct. 31, 2017	Sep. 30, 2018	Dec. 31, 2017	Oct. 01, 2017
Colony NorthStar, Inc.
Line of Credit Facility [Line Items]
Repayments of Lines of Credit			$ 25,000,000
Maximum borrowing capacity		$ 15,000,000			$ 35,000,000
Expiration term (in years)		1 year
Line of credit extension term (in months)		6 months
Proceeds drawn under line of credit				$ 25,000,000
Key Bank
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 25,000,000			$ 25,000,000
Credit facility term (in years)			3 years
LIBOR | Colony NorthStar, Inc.
Line of Credit Facility [Line Items]
Interest rate		3.50%
Minimum | LIBOR | Key Bank
Line of Credit Facility [Line Items]
Interest rate	2.50%
Maximum | LIBOR | Key Bank
Line of Credit Facility [Line Items]
Interest rate	3.50%

Related Party Arrangements - Ad

Related Party Arrangements - Advisor (Narrative) (Details)	1 Months Ended
	Jun. 30, 2018
Advisor
Related Party Transaction [Line Items]
Term of renewal (in years)	1 year

Related Party Arrangements - Fe

Related Party Arrangements - Fees to Advisor (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2017	Sep. 30, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Due to related party	$ 1,046	$ 2,491	$ 1,046
Advisor | Asset Management Fees
Related Party Transaction [Line Items]
Monthly asset management fees as a percentage of investment amount	0.125%		0.08333%
Asset acquisition fee as a percentage of principal amount funded to originate debt, including acquisition expenses and any financing attributable to the investment		1.50%	1.00%
Due to related party		$ 2,500
Share repurchase program period (in years)		2 years
Advisor | Incentive Fee
Related Party Transaction [Line Items]
Incentive fee distributions, percent of net cash flows		15.00%
Incentive fee distributions, minimum non-compounded annual pre-tax return on invested capital		6.75%
Advisor | Asset Acquisition Fee
Related Party Transaction [Line Items]
Asset acquisition fee as a percentage of principal amount funded to originate debt, including acquisition expenses and any financing attributable to the investment			1.00%
Asset acquisition fee as a percentage of each real estate property acquired by the company, including acquisition expenses and any financing attributable to the investment			2.25%
Advisor | Asset Disposition Fee
Related Party Transaction [Line Items]
Due to related party	$ 0	$ 0	$ 0
Asset disposition fee as a percentage of contract sales price of property sold		2.00%
Asset disposition fee as a percentage of contract sales price of debt investment sold		1.00%
Asset disposition fee as a percentage of the debt investment prior to such transaction		1.00%

Related Party Arrangements - Re

Related Party Arrangements - Reimbursements to Advisor (Narrative) (Details) - Advisor - Operating Costs	9 Months Ended
	Sep. 30, 2018USD ($)quarter
Related Party Transaction [Line Items]
Reimbursement of personnel costs related to executive officers and other personnel involved in activities for which the Advisor receives an acquisition fee or disposition fee | $	$ 0
Number of preceding fiscal quarters | quarter	4
Reimbursement expense period	12 months
Maximum
Related Party Transaction [Line Items]
Percentage of average invested assets reimbursable as operating costs	2.00%
Percentage of net income, without reduction for any additions to reserves for depreciation, loan losses or other similar non-cash reserves and excluding any gain from the sale of the company's assets	25.00%

Related Party Arrangements - Su

Related Party Arrangements - Summary of Fees and Reimbursements (Details) - USD ($) $ in Thousands	9 Months Ended	96 Months Ended
	Sep. 30, 2018	Sep. 30, 2018
Related Party Transaction, Due to Related Parties [Roll Forward]
Due to related party, beginning balance	$ 1,046
Incurred	26,466
Paid	(25,021)
Due to related party, ending balance	2,491	$ 2,491
Issuance of common stock as payment for asset management fees	7,500
Advisor | Asset management
Related Party Transaction, Due to Related Parties [Roll Forward]
Due to related party, ending balance	2,500	2,500
Advisor | Asset management | Asset management and other fees-related party
Related Party Transaction, Due to Related Parties [Roll Forward]
Due to related party, beginning balance	0
Incurred	17,853
Paid	(17,853)
Due to related party, ending balance	0	0
Advisor | Acquisition | Investments in unconsolidated ventures/Asset management and other fees-related party
Related Party Transaction, Due to Related Parties [Roll Forward]
Due to related party, beginning balance	8
Incurred	(8)
Paid	0
Due to related party, ending balance	0	0
Advisor | Operating costs | General and administrative expenses
Related Party Transaction, Due to Related Parties [Roll Forward]
Due to related party, beginning balance	1,038
Incurred	8,621
Paid	(7,168)
Due to related party, ending balance	2,491	2,491
Advisor | Acquisition Fee Expense Waived | Investments in unconsolidated ventures/Asset management and other fees-related party
Related Party Transaction, Due to Related Parties [Roll Forward]
Incurred unreimbursed offering costs		300
Advisor | Asset Disposition Fee
Related Party Transaction, Due to Related Parties [Roll Forward]
Due to related party, beginning balance	0
Due to related party, ending balance	$ 0	$ 0

Related Party Arrangements - Is

Related Party Arrangements - Issuance of Common Stock to the Advisor (Narrative) (Details) shares in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2018USD ($)shares
Related Party Transaction [Line Items]
Issuance of common stock as payment for asset management fees | $	$ 7.5
Common Stock
Related Party Transaction [Line Items]
Share-based payment of advisor asset management fees (in shares) | shares	882

Related Party Arrangements - Sc

Related Party Arrangements - Schedule of Joint Ventures (Details)	Sep. 30, 2018
Eclipse
Related Party Transaction [Line Items]
Ownership interest (as a percentage)	5.60%
Griffin - American
Related Party Transaction [Line Items]
Ownership interest (as a percentage)	14.30%
Colony NorthStar, Inc. | Eclipse
Related Party Transaction [Line Items]
Ownership interest (as a percentage)	5.60%
Colony NorthStar, Inc. | Griffin - American
Related Party Transaction [Line Items]
Ownership interest (as a percentage)	14.30%

Related Party Arrangements - In

Related Party Arrangements - Investments in Joint Ventures (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended		9 Months Ended		12 Months Ended		28 Months Ended
	Mar. 31, 2018	Dec. 31, 2015	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Mar. 31, 2018	Dec. 31, 2014
Related Party Transaction [Line Items]
Investment portfolio			$ 1,814,849		$ 1,852,428
Payments to acquire interest in joint venture			$ 4,470	$ 9,099
American Healthcare Investors, LLC | Sponsor
Related Party Transaction [Line Items]
Ownership interest (as a percentage)								43.00%
American Healthcare Investors, LLC | Mr. James F. Flaherty III
Related Party Transaction [Line Items]
Ownership interest (as a percentage)								12.30%
The Trilogy Portfolio
Related Party Transaction [Line Items]
Ownership interest (as a percentage)		29.00%	29.00%
Investment portfolio		$ 1,200,000
Payments to acquire interest in joint venture	$ 4,500	$ 201,700			$ 8,300	$ 18,800	$ 233,300

Related Party Arrangements - Or

Related Party Arrangements - Origination of Mezzanine Loan (Narrative) (Details) - USD ($)	1 Months Ended
	Jul. 31, 2015	Sep. 30, 2018
Related Party Transaction [Line Items]
VIE carrying value		$ 322,500,000
Mezzanine loans
Related Party Transaction [Line Items]
VIE carrying value	$ 75,000,000
Mezzanine loans | Espresso
Related Party Transaction [Line Items]
Fixed rate	10.00%

Related Party Arrangements - Co

Related Party Arrangements - Colony NorthStar Line of Credit (Narrative) (Details) - Line of Credit - Colony NorthStar, Inc. - USD ($)	1 Months Ended
	Oct. 31, 2017	Oct. 01, 2017
Related Party Transaction [Line Items]
Maximum borrowing capacity	$ 15,000,000	$ 35,000,000
LIBOR
Related Party Transaction [Line Items]
Interest rate	3.50%

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Equity-based compensation
Equity-based compensation expense		$ 45	$ 47	$ 129	$ 146
Unrecognized equity-based compensation		$ 200		$ 200		$ 200
Restricted stock
Equity-based compensation
Restricted common shares grant vesting period	4 years			2 years
Unvested shares (in shares)		25,947		25,947		19,248
Independent Directors | Restricted stock
Equity-based compensation
Number of shares granted to independent directors (in shares)				96,625.1805882353
Aggregate value for restricted common shares granted to independent directors		$ 900		$ 900

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock (Details) - USD ($) shares in Millions, $ in Billions	Feb. 02, 2015	Sep. 30, 2018
Class of Stock [Line Items]
Number of shares issued (in shares)	108.6
Common Stock
Class of Stock [Line Items]
Number of shares issued (in shares)		173.4
Value of common stock issued		$ 1.7

Stockholders' Equity - Distribu

Stockholders' Equity - Distribution Reinvestment Plan (Details) - USD ($) $ / shares in Units, shares in Millions	Feb. 02, 2015	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2018	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2015	Nov. 30, 2015
Class of Stock [Line Items]
Share price (in dollars per share)						$ 9.10
Number of shares issued (in shares)	108.6
Common Stock
Class of Stock [Line Items]
Number of shares issued (in shares)				173.4
Value of common stock issued				$ 1,700,000,000
Dividend Reinvestment Plan
Class of Stock [Line Items]
Share price (in dollars per share)							$ 8.63
Share repurchase price (in dollars per share)					$ 8.50
Selling commissions or dealer manager fees paid		$ 0
Notice period served by board of directors to amend or terminate DRP (in days)		10 days
Dividend Reinvestment Plan | Common Stock
Class of Stock [Line Items]
Number of shares issued (in shares)		3.1	7.4	24.2
Value of common stock issued		$ 26,300,000	$ 67,200,000	$ 220,400,000
Initial Distribution Support Agreement | Dividend Reinvestment Plan
Class of Stock [Line Items]
Share price (in dollars per share)								$ 9.50
Follow-on Distribution Reinvestment Plan
Class of Stock [Line Items]
Share price (in dollars per share)								$ 10.20
Percentage of offering price								95.00%
Follow-on Distribution Reinvestment Plan | Dividend Reinvestment Plan
Class of Stock [Line Items]
Share price (in dollars per share)								$ 9.69

Stockholders' Equity - Distri_2

Stockholders' Equity - Distributions (Details) - $ / shares	3 Months Ended	9 Months Ended	87 Months Ended
	Dec. 31, 2017	Sep. 30, 2018	Dec. 31, 2017
Equity [Abstract]
Daily amount of distribution accrued per share (in dollars per share)	$ 0.000924658		$ 0.00184932
Annualized distribution (in dollars per share)		$ 0.3375	$ 0.675

Stockholder's Equity - Dividend

Stockholder's Equity - Dividends Declared (Details) - USD ($) $ in Thousands	1 Months Ended									9 Months Ended
	Sep. 30, 2018	Aug. 31, 2018	Jul. 31, 2018	Jun. 30, 2018	May 31, 2018	Apr. 30, 2018	Mar. 31, 2018	Feb. 28, 2018	Jan. 31, 2018	Sep. 30, 2018	Sep. 30, 2017
Distributions
Cash	$ 2,758	$ 2,813	$ 2,803	$ 2,668	$ 2,731	$ 2,629	$ 2,697	$ 2,384	$ 2,603	$ 24,086
DRP	2,439	2,550	2,578	2,524	2,626	2,572	2,661	2,448	2,767	23,165
Total	$ 5,197	$ 5,363	$ 5,381	$ 5,192	$ 5,357	$ 5,201	$ 5,358	$ 4,832	$ 5,370	$ 47,251	$ 94,030

Stockholders' Equity - Share Re

Stockholders' Equity - Share Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2017	Sep. 30, 2018	Dec. 31, 2017
Equity [Abstract]
Holding period of shares required for repurchase (in years)		1 year
Value of shares repurchased during period	$ 8	$ 23.8	$ 52.8
Weighted average number of shares of common stock outstanding (as a percentage)			5.00%
Estimated value per share (in dollars per share)		$ 8.50
Ninety percent of estimated value per share (in dollars per share)		$ 7.65
Shares repurchased during period (in shares)		3	5.7
Average price per share (in dollars per share)		$ 7.86	$ 9.22
Share repurchase program, unfulfilled requests (in shares)		12
Share repurchase program, unfulfilled requests		$ 101.8

Non-controlling Interests (Deta

Non-controlling Interests (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Noncontrolling Interest [Line Items]
Comprehensive (income) loss attributable to non-controlling interests	$ 66,000	$ 97,000	$ 397,000	$ 27,000	$ 27,000
Noncontrolling interests in Operating Company
Noncontrolling Interest [Line Items]
Comprehensive (income) loss attributable to non-controlling interests	$ 0	$ 0	$ 0	$ 0

Fair Value - Schedule of Fair V

Fair Value - Schedule of Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Financial Assets
Senior housing mortgage loans held in a securitization trust, at fair value	$ 0	$ 545,048
Financial Liabilities
Senior housing mortgage obligations issued by a securitization trust, at fair value	$ 0	512,772
Recurring
Financial Assets
Senior housing mortgage loans held in a securitization trust, at fair value		545,048
Financial Liabilities
Senior housing mortgage obligations issued by a securitization trust, at fair value		512,772
Recurring | Level 1
Financial Assets
Senior housing mortgage loans held in a securitization trust, at fair value		0
Financial Liabilities
Senior housing mortgage obligations issued by a securitization trust, at fair value		0
Recurring | Level 2
Financial Assets
Senior housing mortgage loans held in a securitization trust, at fair value		0
Financial Liabilities
Senior housing mortgage obligations issued by a securitization trust, at fair value		512,772
Recurring | Level 3
Financial Assets
Senior housing mortgage loans held in a securitization trust, at fair value		545,048
Financial Liabilities
Senior housing mortgage obligations issued by a securitization trust, at fair value		$ 0

Fair Value - Narrative (Details

Fair Value - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Sep. 30, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key unobservable inputs, weighted average yield, percentage	13.10%
Key unobservable inputs, weighted average life (in years)	9 years 7 months
Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets accounted for at fair value on a non-recurring basis		$ 0
Liabilities accounted for at fair value on a recurring basis		0
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities accounted for at fair value on a recurring basis		$ 0

Fair Value - Change in Assets M

Fair Value - Change in Assets Measured at Fair Value on a Recurring Basis Using Level 3 Inputs (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 545,048	$ 553,707
Purchases/contributions	0	0
Paydowns/distributions		(4,058)
Derecognition	(545,048)	0
Unrealized gain (loss)	0	(4,601)
Ending balance	$ 0	$ 545,048

Fair Value - Change in Liabilit

Fair Value - Change in Liabilities Measured at Fair Value on a Recurring Basis Using Level 3 Inputs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 522,933
Transfers to Level 2	(522,933)
Paydowns/distributions	0
Sale of investment	0
Unrealized (gain) loss	0
Ending balance	$ 0

Fair Value - Schedule of the Pr

Fair Value - Schedule of the Principal Amount, Carrying Value and Fair Value of Certain Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Financial Assets
Carrying Value	$ 74,725	$ 74,650
Fair Value	0	545,048	$ 553,707
Financial Liabilities
Carrying Value	1,470,646	1,487,480
Real estate debt investments, net
Financial Assets
Principal Amount	75,000	75,000
Carrying Value	74,725	74,650
Fair Value	75,000	75,000
Mortgage and other notes payable, net
Financial Liabilities
Principal Amount	1,499,641	1,520,133
Carrying Value	1,470,646	1,487,480
Fair Value	$ 1,445,360	$ 1,480,407

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	9 Months Ended
	Sep. 30, 2018segment
Segment Reporting [Abstract]
Number of segments	4

Segment Reporting - Schedule of

Segment Reporting - Schedule of Properties (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)propertyunit
Real Estate Properties [Line Items]
Properties Under Management | property	77
Units Under Management | unit	10,641
Property and Other Revenues | $	$ 220,550
Revenue
Real Estate Properties [Line Items]
Percentage of Total Property and Other Revenues	100.00%
Watermark Retirement Communities
Real Estate Properties [Line Items]
Properties Under Management | property	29
Units Under Management | unit	5,225
Property and Other Revenues | $	$ 115,463
Watermark Retirement Communities | Revenue
Real Estate Properties [Line Items]
Percentage of Total Property and Other Revenues	52.40%
Solstice Senior Living
Real Estate Properties [Line Items]
Properties Under Management | property	32
Units Under Management | unit	4,000
Property and Other Revenues | $	$ 79,350
Solstice Senior Living | Revenue
Real Estate Properties [Line Items]
Percentage of Total Property and Other Revenues	36.00%
Avamere Health Services
Real Estate Properties [Line Items]
Properties Under Management | property	5
Units Under Management | unit	453
Property and Other Revenues | $	$ 12,541
Avamere Health Services | Revenue
Real Estate Properties [Line Items]
Percentage of Total Property and Other Revenues	5.70%
Arcadia Management
Real Estate Properties [Line Items]
Properties Under Management | property	4
Units Under Management | unit	572
Property and Other Revenues | $	$ 7,961
Arcadia Management | Revenue
Real Estate Properties [Line Items]
Percentage of Total Property and Other Revenues	3.60%
Integral Senior Living
Real Estate Properties [Line Items]
Properties Under Management | property	3
Units Under Management | unit	162
Property and Other Revenues | $	$ 3,852
Integral Senior Living | Revenue
Real Estate Properties [Line Items]
Percentage of Total Property and Other Revenues	1.70%
Peregrine Senior Living
Real Estate Properties [Line Items]
Properties Under Management | property	2
Units Under Management | unit	114
Property and Other Revenues | $	$ 1,114
Peregrine Senior Living | Revenue
Real Estate Properties [Line Items]
Percentage of Total Property and Other Revenues	0.50%
Senior Lifestyle Corporation
Real Estate Properties [Line Items]
Properties Under Management | property	2
Units Under Management | unit	115
Property and Other Revenues | $	$ (195)
Senior Lifestyle Corporation | Revenue
Real Estate Properties [Line Items]
Percentage of Total Property and Other Revenues	(0.10%)
Other
Real Estate Properties [Line Items]
Properties Under Management | property	0
Units Under Management | unit	0
Property and Other Revenues | $	$ 464
Other | Revenue
Real Estate Properties [Line Items]
Percentage of Total Property and Other Revenues	0.20%

Segment Reporting - Segment Sta

Segment Reporting - Segment Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Segment Reporting Information [Line Items]
Rental and resident fee income	$ 72,455	$ 73,740	$ 217,858	$ 207,249
Net interest income on debt and securities	1,943	3,557	7,088	10,596
Other revenue	1,015	661	2,692	2,191	$ 2,191
Cost of goods and services sold	(47,355)	(42,981)	(141,510)	(118,526)	(118,526)
Interest expense	(17,677)	(15,687)	(52,408)	(44,479)	(44,479)
Other expenses related to securitization trust	0	(981)	(811)	(2,947)	(2,947)
Transaction costs	0	(3,814)	(806)	(6,778)	(6,778)
Asset management and other fees - related party	(5,951)	(13,299)	(17,845)	(32,716)	(32,716)
General and administrative expenses	(2,818)	(3,041)	(9,927)	(8,392)	(8,392)
Depreciation and amortization	(25,629)	(24,454)	(81,943)	(69,223)	(69,223)
Impairment loss	0	0	(5,239)	0	0
Unrealized gain (loss) on senior housing mortgage loans and debt held in securitization trust, net	0	384	0	1,108	1,108
Realized gain (loss) on investments and other	726	0	4,221	118	118
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)	(23,291)	(25,915)	(78,630)	(61,799)	(61,799)
Equity in earnings (losses) of unconsolidated ventures	16,631	(18,557)	3,907	(31,234)	(31,234)
Income tax benefit (expense)	(10)	(15)	(40)	(56)	(56)
Net income (loss)	(6,670)	(44,487)	(74,763)	(93,089)	$ (93,089)
Discount accretion income			75	68
Operating Segments
Segment Reporting Information [Line Items]
Rental and resident fee income		73,740	217,858	207,249
Net interest income on debt and securities		2,576	6,277	7,649
Other revenue		661	2,692	2,191
Cost of goods and services sold		(42,981)	(141,510)	(118,526)
Interest expense		(15,687)	(52,408)	(44,479)
Other expenses related to securitization trust		0	0	0
Transaction costs		(3,814)	(806)	(6,778)
Asset management and other fees - related party		(13,299)	(17,845)	(32,716)
General and administrative expenses		(3,041)	(9,927)	(8,392)
Depreciation and amortization		(24,454)	(81,943)	(69,223)
Impairment loss			(5,239)
Unrealized gain (loss) on senior housing mortgage loans and debt held in securitization trust, net		384	0	1,108
Realized gain (loss) on investments and other		0	4,221	118
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)		(25,915)	(78,630)	(61,799)
Equity in earnings (losses) of unconsolidated ventures		(18,557)	3,907	(31,234)
Income tax benefit (expense)		(15)	(40)	(56)
Net income (loss)		(44,487)	(74,763)	(93,089)
Operating Segments | Real Estate Equity
Segment Reporting Information [Line Items]
Rental and resident fee income	72,455	73,740	217,858	207,249
Net interest income on debt and securities	0	0	0	0
Other revenue	846	541	2,228	1,595
Cost of goods and services sold	(47,355)	(42,981)	(141,510)	(118,526)
Interest expense	(17,595)	(15,687)	(52,215)	(44,479)
Other expenses related to securitization trust	0	0	0	0
Transaction costs	0	(3,814)	(806)	(6,778)
Asset management and other fees - related party	0	0	0	0
General and administrative expenses	(232)	(262)	(734)	(682)
Depreciation and amortization	(25,629)	(24,454)	(81,943)	(69,223)
Impairment loss	0		(5,239)
Unrealized gain (loss) on senior housing mortgage loans and debt held in securitization trust, net	0	0	0	0
Realized gain (loss) on investments and other	726	0	726	118
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)	(16,784)	(12,917)	(61,635)	(30,726)
Equity in earnings (losses) of unconsolidated ventures	16,631	(18,557)	3,907	(31,234)
Income tax benefit (expense)	(10)	(15)	(40)	(56)
Net income (loss)	(163)	(31,489)	(57,768)	(62,016)
Operating Segments | Real Estate Debt
Segment Reporting Information [Line Items]
Rental and resident fee income	0	0	0	0
Net interest income on debt and securities	1,943	1,940	5,763	5,755
Other revenue	0	0	0	0
Cost of goods and services sold	0	0	0	0
Interest expense	0	0	0	0
Other expenses related to securitization trust	0	0	0	0
Transaction costs	0	0	0	0
Asset management and other fees - related party	0	0	0	0
General and administrative expenses	(10)	(12)	(29)	(39)
Depreciation and amortization	0	0	0	0
Impairment loss	0		0
Unrealized gain (loss) on senior housing mortgage loans and debt held in securitization trust, net	0	0	0	0
Realized gain (loss) on investments and other	0	0	0	0
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)	1,933	1,928	5,734	5,716
Equity in earnings (losses) of unconsolidated ventures	0	0	0	0
Income tax benefit (expense)	0	0	0	0
Net income (loss)	1,933	1,928	5,734	5,716
Operating Segments | Healthcare-Related Securities
Segment Reporting Information [Line Items]
Rental and resident fee income		0	0	0
Net interest income on debt and securities		1,025	828	3,016
Other revenue		0	0	0
Cost of goods and services sold		0	0	0
Interest expense		0	0	0
Other expenses related to securitization trust		0	0	0
Transaction costs		0	0	0
Asset management and other fees - related party		0	0	0
General and administrative expenses		0	(5)	0
Depreciation and amortization		0	0	0
Impairment loss			0
Unrealized gain (loss) on senior housing mortgage loans and debt held in securitization trust, net		(5)	(314)	(14)
Realized gain (loss) on investments and other		0	3,495	0
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)		1,020	4,004	3,002
Equity in earnings (losses) of unconsolidated ventures		0	0	0
Income tax benefit (expense)		0	0	0
Net income (loss)		1,020	4,004	3,002
Operating Segments | Corporate
Segment Reporting Information [Line Items]
Rental and resident fee income	0	0	0	0
Net interest income on debt and securities	0	(389)	(314)	(1,122)
Other revenue	169	120	464	596
Cost of goods and services sold	0	0	0	0
Interest expense	(82)	0	(193)	0
Other expenses related to securitization trust	0	0	0	0
Transaction costs	0	0	0	0
Asset management and other fees - related party	(5,951)	(13,299)	(17,845)	(32,716)
General and administrative expenses	(2,576)	(2,767)	(9,159)	(7,671)
Depreciation and amortization	0	0	0	0
Impairment loss	0		0
Unrealized gain (loss) on senior housing mortgage loans and debt held in securitization trust, net	0	389	314	1,122
Realized gain (loss) on investments and other	0	0	0	0
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)	(8,440)	(15,946)	(26,733)	(39,791)
Equity in earnings (losses) of unconsolidated ventures	0	0	0	0
Income tax benefit (expense)	0	0	0	0
Net income (loss)	$ (8,440)	(15,946)	(26,733)	(39,791)
Investing VIE
Segment Reporting Information [Line Items]
Rental and resident fee income		0	0	0
Net interest income on debt and securities		981	811	2,947
Other revenue		0	0	0
Cost of goods and services sold		0	0	0
Interest expense		0	0	0
Other expenses related to securitization trust		(981)	(811)	(2,947)
Transaction costs		0	0	0
Asset management and other fees - related party		0	0	0
General and administrative expenses		0	0	0
Depreciation and amortization		0	0	0
Impairment loss			0
Unrealized gain (loss) on senior housing mortgage loans and debt held in securitization trust, net		0	0	0
Realized gain (loss) on investments and other		0	0	0
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)		0	0	0
Equity in earnings (losses) of unconsolidated ventures		0	0	0
Income tax benefit (expense)		0	0	0
Net income (loss)		0	0	0
Discount accretion income		$ 400	$ 300	$ 1,100

Segment Reporting - Summary of

Segment Reporting - Summary of Assets by Segment (Details) - USD ($) $ in Thousands		Sep. 30, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Assets	[1]	$ 2,350,074	$ 2,998,753
Investments in unconsolidated ventures		322,538	325,582
Operating Segments
Segment Reporting Information [Line Items]
Assets		2,350,074	2,451,578
Operating Segments | Real Estate Equity
Segment Reporting Information [Line Items]
Assets		2,245,420	2,339,873
Investments in unconsolidated ventures		322,500	325,600
Operating Segments | Real Estate Debt
Segment Reporting Information [Line Items]
Assets		75,350	75,296
Operating Segments | Healthcare-Related Securities
Segment Reporting Information [Line Items]
Assets		0	32,484
Operating Segments | Corporate
Segment Reporting Information [Line Items]
Assets		29,304	3,925
Investing VIE
Segment Reporting Information [Line Items]
Assets		$ 0	$ 547,175
[1]	Represents the consolidated assets and liabilities of NorthStar Healthcare Income Operating Partnership, LP (the “Operating Partnership”). The Operating Partnership is a consolidated variable interest entity (“VIE”), of which the Company is the sole general partner and owns approximately 99.99%. As of September 30, 2018, the Operating Partnership includes $0.7 billion and $0.5 billion of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. Refer to Note 2, “Summary of Significant Accounting Policies.”

Commitment and Contingencies (D

Commitment and Contingencies (Details) $ in Millions	Nov. 30, 2017USD ($)
Commitments and Contingencies Disclosure [Abstract]
Contingent consideration payable	$ 1.8

Subsequent Events - Distributio

Subsequent Events - Distribution Reinvestment Plan (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	1 Months Ended	3 Months Ended	9 Months Ended		87 Months Ended
	Nov. 08, 2018	Dec. 31, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Subsequent Event [Line Items]
Proceeds from distribution reinvestment plan			$ 26,342	$ 50,593
Daily amount of distribution accrued per share (in dollars per share)		$ 0.000924658			$ 0.00184932
Subsequent event
Subsequent Event [Line Items]
Number of shares issued (in shares)	0.6
Proceeds from distribution reinvestment plan	$ 4,900
Daily amount of distribution accrued per share (in dollars per share)	$ 0.000924658

Subsequent Events - Share Repur

Subsequent Events - Share Repurchases (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Nov. 08, 2018	Dec. 31, 2017	Sep. 30, 2018	Dec. 31, 2017
Subsequent Event [Line Items]
Shares repurchased during period (in shares)			(3)	(5.7)
Value of shares repurchased during period		$ (8)	$ (23.8)	$ (52.8)
Weighted average price of shares repurchased (in dollars per share)			$ 7.86	$ 9.22
Share repurchase program, unfulfilled requests (in shares)			12
Share repurchase program, unfulfilled requests			$ 101.8
Estimated value per share (in dollars per share)			$ 8.50
Subsequent event
Subsequent Event [Line Items]
Shares repurchased during period (in shares)	(0.2)
Value of shares repurchased during period	$ (2.1)
Weighted average price of shares repurchased (in dollars per share)	$ 8.50

Subsequent Events - Distribut_2

Subsequent Events - Distributions (Details) - $ / shares	1 Months Ended	3 Months Ended	87 Months Ended
	Nov. 08, 2018	Dec. 31, 2017	Dec. 31, 2017
Subsequent Event [Line Items]
Daily amount of distribution accrued per share (in dollars per share)		$ 0.000924658	$ 0.00184932
Subsequent event
Subsequent Event [Line Items]
Daily amount of distribution accrued per share (in dollars per share)	$ 0.000924658

Subsequent Events - Disposition

Subsequent Events - Dispositions (Details) $ in Millions	1 Months Ended
	Oct. 31, 2018USD ($)	Sep. 30, 2018facility	Dec. 31, 2015
Subsequent event
Subsequent Event [Line Items]
Gross proceeds from sale of interest | $	$ 48
Trilogy
Subsequent Event [Line Items]
Ownership interest (as a percentage)		29.00%	29.00%
Properties as of September 30, 2018 | facility		79
Trilogy | Subsequent event
Subsequent Event [Line Items]
Ownership interest sold (as a percentage)	20.00%
Investment ownership interest sold (as a percentage)	6.00%
Ownership interest (as a percentage)	23.00%
Envoy
Subsequent Event [Line Items]
Ownership interest (as a percentage)		11.40%
Properties as of September 30, 2018 | facility		11
Envoy | Subsequent event
Subsequent Event [Line Items]
Payments to acquire interest in joint venture | $	$ 116