NorthStar Healthcare Income (NHHS) 10-K 18 Mar 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Mar. 17, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	000-55190
Entity Registrant Name	NORTHSTAR HEALTHCARE INCOME, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-3663988
Entity Address, Address Line One	590 Madison Avenue
Entity Address, Address Line Two	34th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	212
Local Phone Number	547-2600
Title of 12(b) Security	Common stock, par value $0.01 per share
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		193,600,468
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Certain portions of the definitive proxy statement related to the registrant’s 2022 Annual Meeting of Stockholders to be filed hereafter are incorporated by reference into Part III (Items 10, 11, 12, 13 and 14) of this Annual Report on Form 10-K
Entity Central Index Key	0001503707
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	GRANT THORNTON LLP
Auditor Location	New York, New York
Auditor Firm ID	248

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents		$ 200,473	$ 65,995
Restricted cash		10,465	27,575
Operating real estate, net		972,599	1,483,930
Investments in unconsolidated ventures		212,309	229,173
Real estate debt investment, net		0	55,864
Assets held for sale		0	5,000
Receivables, net		3,666	14,735
Goodwill and intangible assets, net		2,590	26,483
Other assets		10,771	9,681
Total assets	[1]	1,412,873	1,918,436
Liabilities
Mortgage and other notes payable, net		929,811	1,416,871
Line of credit - related party		0	35,000
Due to related party		7,338	8,318
Escrow deposits payable		1,171	3,851
Accounts payable and accrued expenses		24,671	38,393
Other liabilities		3,064	3,941
Total liabilities	[1]	966,055	1,506,374
Commitments and contingencies (Note 13)
NorthStar Healthcare Income, Inc. Stockholders’ Equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of December 31, 2021 and 2020		0	0
Common stock, $0.01 par value, 400,000,000 shares authorized, 193,120,940 and 190,409,341 shares issued and outstanding as of December 31, 2021 and 2020, respectively		1,930	1,904
Additional paid-in capital		1,720,719	1,710,023
Retained earnings (accumulated deficit)		(1,277,688)	(1,302,755)
Accumulated other comprehensive income (loss)		(486)	467
Total NorthStar Healthcare Income, Inc. stockholders’ equity		444,475	409,639
Non-controlling interests		2,343	2,423
Total equity		446,818	412,062
Total liabilities and equity		$ 1,412,873	$ 1,918,436
[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 NorthStar Healthcare Income, Inc. (together with its consolidated subsidiaries, the “Company”) is the sole general partner and owns approximately 99.99%. As of December 31, 2021, the Operating Partnership includes $238.9 million and $183.6 million 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) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
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)		193,120,940	190,409,341
Common stock, shares outstanding (in shares)		193,120,940	190,409,341
Assets	[1]	$ 1,412,873	$ 1,918,436
Liabilities	[1]	$ 966,055	$ 1,506,374
Primary Beneficiary
Ownership interest in operating partnership		99.99%
Primary Beneficiary | Northstar Healthcare Income Operating Partnership, LP
Ownership interest in operating partnership		99.99%
Assets		$ 238,900
Liabilities		$ 183,600
[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 NorthStar Healthcare Income, Inc. (together with its consolidated subsidiaries, the “Company”) is the sole general partner and owns approximately 99.99%. As of December 31, 2021, the Operating Partnership includes $238.9 million and $183.6 million 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 STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019
Property and other revenues
Resident fee income	$ 105,955		$ 118,126		$ 130,135
Rental income	137,322		157,024		161,084
Other revenue	0		198		1,959
Total property and other revenues	243,277		275,348		293,178
Interest income
Interest income on debt investments	4,667		7,674		7,703
Expenses
Property operating expenses	177,936		184,178		181,214
Interest expense	61,620		65,991		68,896
Transaction costs	54		65		122
Asset management fees - related party	11,105		17,170		19,789
General and administrative expenses	12,691		16,505		12,761
Depreciation and amortization	54,836		65,006		70,989
Impairment loss	5,386		165,968		27,554
Total expenses	323,628		514,883		381,325
Other income (loss)
Other income, net	7,278		1,840		0
Realized gain (loss) on investments and other	79,477		302		6,314
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax expense	11,071		(229,719)		(74,130)
Equity in earnings (losses) of unconsolidated ventures	15,843		(34,466)		(3,545)
Income tax benefit (expense)	(99)		(53)		(75)
Net income (loss)	26,815		(264,238)		(77,750)
Net (income) loss attributable to non-controlling interests	(1,748)		2,780		790
Net income (loss) attributable to NorthStar Healthcare Income, Inc. common stockholders	$ 25,067		$ (261,458)		$ (76,960)
Net income (loss) per share of common stock, basic (in dollars per share)	$ 0.13		$ (1.38)		$ (0.41)
Net income (loss) per share of common stock, diluted (in dollars per share)	$ 0.13		$ (1.38)		$ (0.41)
Weighted average number of shares of common stock outstanding, basic (in shares)	191,629,613	[1]	189,573,204	[1]	189,054,270
Weighted average number of shares of common stock outstanding, diluted (in shares)	191,629,613	[1]	189,573,204	[1]	189,054,270
Distributions declared per share of common stock (in dollars per share)	$ 0		$ 0		$ 0.03
Independent Directors | Restricted Stock Units (RSUs)
Other income (loss)
Number of shares granted to independent directors (in shares)	66,840
[1]	The Company has issued 66,840 restricted stock units during the year ended December 31, 2021. The impact of the restricted stock units on the diluted earnings per share calculation is de minimis for the year ended December 31, 2021.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 26,815	$ (264,238)	$ (77,750)
Other comprehensive income (loss)
Foreign currency translation adjustments related to investment in unconsolidated venture	(953)	937	1,814
Total other comprehensive income (loss)	(953)	937	1,814
Comprehensive income (loss)	25,862	(263,301)	(75,936)
Comprehensive (income) loss attributable to non-controlling interests	(1,748)	2,780	790
Comprehensive income (loss) attributable to NorthStar Healthcare Income, Inc. common stockholders	$ 24,114	$ (260,521)	$ (75,146)

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, 2018			188,495,000
Beginning Balance at Dec. 31, 2018	$ 744,374	$ 738,675	$ 1,885	$ 1,697,998	$ (958,924)	$ (2,284)	$ 5,699
Increase (Decrease) in Stockholder's Equity
Share-based payment of advisor asset management fees (in shares)			1,408,000
Share-based payment of advisor asset management fees	9,899	9,899	$ 14	9,885
Amortization of equity-based compensation (in shares)			35,000
Amortization of equity-based compensation	239	239		239
Non-controlling interests - contributions	505						505
Non-controlling interests - distributions	(294)						(294)
Shares redeemed for cash (in shares)			(1,514,000)
Shares redeemed for cash	(10,746)	(10,746)	$ (15)	(10,731)
Distributions declared	(5,413)	(5,413)			(5,413)
Proceeds from distribution reinvestment plan (shares)			687,000
Proceeds from distribution reinvestment plan	4,876	4,876	$ 7	4,869
Other comprehensive income (loss)	1,814	1,814				1,814
Net income (loss)	(77,750)	(76,960)			(76,960)		(790)
Ending Balance (in shares) at Dec. 31, 2019			189,111,000
Ending Balance at Dec. 31, 2019	667,504	662,384	$ 1,891	1,702,260	(1,041,297)	(470)	5,120
Increase (Decrease) in Stockholder's Equity
Share-based payment of advisor asset management fees (in shares)			1,600,000
Share-based payment of advisor asset management fees	9,685	9,685	$ 16	9,669
Amortization of equity-based compensation (in shares)			29,000
Amortization of equity-based compensation	169	169		169
Non-controlling interests - contributions	234						234
Non-controlling interests - distributions	(151)						(151)
Shares redeemed for cash (in shares)			(331,000)
Shares redeemed for cash	(2,078)	(2,078)	$ (3)	(2,075)
Other comprehensive income (loss)	937	937				937
Net income (loss)	$ (264,238)	(261,458)			(261,458)		(2,780)
Ending Balance (in shares) at Dec. 31, 2020	190,409,341		190,409,000
Ending Balance at Dec. 31, 2020	$ 412,062	409,639	$ 1,904	1,710,023	(1,302,755)	467	2,423
Increase (Decrease) in Stockholder's Equity
Share-based payment of advisor asset management fees (in shares)	2,700,000		2,712,000
Share-based payment of advisor asset management fees	$ 10,557	10,557	$ 26	10,531
Amortization of equity-based compensation	165	165		165
Non-controlling interests - contributions	724						724
Non-controlling interests - distributions	(2,552)						(2,552)
Other comprehensive income (loss)	(953)	(953)				(953)
Net income (loss)	$ 26,815	25,067			25,067		1,748
Ending Balance (in shares) at Dec. 31, 2021	193,120,940		193,121,000
Ending Balance at Dec. 31, 2021	$ 446,818	$ 444,475	$ 1,930	$ 1,720,719	$ (1,277,688)	$ (486)	$ 2,343

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ 26,815	$ (264,238)	$ (77,750)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Equity in (earnings) losses of unconsolidated ventures	(15,843)	34,466	3,545
Depreciation and amortization	54,836	65,006	70,989
Impairment loss	5,386	165,968	27,554
Capitalized interest for mortgage and other notes payable	0	222	193
Amortization of below market debt	3,169	3,090	3,015
Straight-line rental (income) loss, net	7,803	441	(467)
Amortization of discount/accretion of premium on investments	(697)	(125)	(113)
Amortization of deferred financing costs	1,662	1,887	1,850
Amortization of equity-based compensation	165	169	239
Paid-in-kind interest on real estate debt investment	(194)	0	0
Realized (gain) loss on investments and other	(79,477)	(302)	(6,314)
Change in allowance for uncollectible accounts	176	2,371	801
Issuance of common stock as payment for asset management fees	10,557	9,685	9,899
Changes in assets and liabilities:
Receivables	1,756	(4,233)	691
Other assets	(1,287)	4,859	(629)
Due to related party	(985)	2,853	204
Escrow deposits payable	(2,680)	559	(1,087)
Accounts payable and accrued expenses	(17,346)	8,479	(6,647)
Other liabilities	(254)	(139)	(675)
Net cash (used in) provided by operating activities	(6,438)	31,018	25,298
Cash flows from investing activities:
Capital expenditures for operating real estate	(27,773)	(15,214)	(22,323)
Sales of operating real estate	596,414	927	19,618
Repayment of real estate debt investment	74,376	0	818
Investments in unconsolidated ventures	(400)	0	(39,801)
Distributions from unconsolidated ventures	18,110	5,923	35,922
Real estate debt investment modification fee	686	0	0
Other assets	413	(51)	1,479
Net cash provided by (used in) investing activities	661,826	(8,415)	(4,287)
Cash flows from financing activities:
Borrowings from mortgage notes	26,000	0	12,800
Repayments of mortgage notes	(517,618)	(20,250)	(51,734)
Borrowings from line of credit - related party	0	35,000	0
Repayment of borrowings from line of credit - related party	(35,000)	0	0
Payment of deferred financing costs	(708)	0	(708)
Debt extinguishment costs	(8,288)	0	0
Payments under finance leases	(578)	(608)	(585)
Shares redeemed for cash	0	(2,078)	(10,746)
Distributions paid on common stock	0	0	(10,813)
Proceeds from distribution reinvestment plan	0	0	4,876
Contributions from non-controlling interests	724	234	505
Distributions to non-controlling interests	(2,552)	(151)	(294)
Net cash (used in) provided by financing activities	(538,020)	12,147	(56,699)
Net increase (decrease) in cash, cash equivalents and restricted cash	117,368	34,750	(35,688)
Cash, cash equivalents and restricted cash-beginning of period	93,570	58,820	94,508
Cash, cash equivalents and restricted cash-end of period	210,938	93,570	58,820
Supplemental disclosure of cash flow information:
Cash paid for interest	65,828	53,140	64,163
Cash paid for income taxes	100	10	28
Supplemental disclosure of non-cash investing and financing activities:
Accrued capital expenditures	3,624	1,779	2,378
Assets acquired under finance leases	144	112	0
Assets acquired under operating leases	100	0	0
Reclassification of assets held for sale	$ 0	$ 5,000	$ 0

Business and Organization

Business and Organization	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization NorthStar Healthcare Income, Inc., together with its consolidated subsidiaries (the “Company”), manages a diversified portfolio of investments in healthcare real estate, owned directly or through joint ventures, with a focus on the mid-acuity seniors housing sector, which the Company defines as assisted living (“ALF”), memory care (“MCF”), skilled nursing (“SNF”), independent living facilities (“ILF”) and continuing care retirement communities (“CCRC”), which have independent living, assisted living, skilled nursing and memory care available on one campus. Primarily through joint ventures, the Company is also invested 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 through its joint ventures also has international investments in the United Kingdom. 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 has conducted its operations, and intends to do so in the future, 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 December 31, 2021 and 2020. 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 December 31, 2021, 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 is externally managed and has no employees. On February 28, 2022, the Company’s former Sponsor, DigitalBridge Group, Inc. (NYSE: DBRG) (the “Former Sponsor”), completed the previously announced disposition of its wellness infrastructure platform (the “Sponsor Transaction”). Following completion of the Sponsor Transaction, NRF Holdco, LLC (“NRF” or the “New Sponsor”) (and together with the Company’s Former Sponsor, the Company’s Sponsor as the context requires), owns the Company’s advisor, CNI NSHC Advisors, LLC (the “Advisor”), as well as its own diversified portfolio of medical office buildings, senior housing facilities, skilled nursing facilities and specialty hospitals. NRF is wholly owned by CWP Bidco LP, an entity affiliated with Highgate, a privately held real estate investment and hospitality management company, and Aurora Health Network LLC, a privately held healthcare-focused investment firm. In addition, upon completion of the Sponsor Transaction, employees of the Company’s Former Sponsor focused on the wellness infrastructure platform became employees of the Company’s New Sponsor. The Company’s Advisor, now a subsidiary of the Company’s New Sponsor, will continue to manage the Company’s day-to-day operations pursuant to an advisory agreement. From inception through December 31, 2021, the Company raised $2.0 billion in total gross proceeds from the sale of shares of common stock in its continuous, public offerings (the “Offering”), including $232.6 million pursuant to its distribution reinvestment plan (the “DRP”). Impact of COVID-19 The world continues to experience the broad effects of the coronavirus 2019 (“COVID-19”) pandemic. Throughout the year ended December 31, 2021, the Company's healthcare real estate business and investments were challenged by declines in resident occupancy, lower labor force participation rates, which drove increased labor costs, and inflationary pressures on other operating expenses. These impacts of COVID-19 are expected to last, even as states and municipalities have eased and may further ease restrictions. The continuing impact of the COVID-19 pandemic on the Company’s operational and financial performance will depend on a variety of factors, which may differ considerably across regions and fluctuate over time. An extended recovery period increases the risk of a prolonged negative impact on the Company’s financial condition and results of operations. While the Company has the ability to meet its near term liquidity needs, general market concerns over credit and liquidity continue, and the effects of COVID-19 may also lead to heightened risk of litigation, with an ensuing increase in litigation and related costs. At this time, the progression of the global economic recovery from the broad effects of COVID-19 remains difficult for the Company to assess and estimate the future impact of COVID-19 on the Company's results of operations. Accordingly, any estimates of the effects of COVID-19 as reflected or discussed in these financial statements are based upon the Company's best estimates using information known to the Company as of the date of this Annual Report on Form 10-K, and such estimates may change, the effects of which could be material. The Company will continue to monitor the progression of the economic recovery from COVID-19 and reassess its effects on the Company’s results of operations and recoverability of value across its assets as conditions change.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Accounting The accompanying 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”). Principles of Consolidation The consolidated financial statements include the accounts of the Company, the Operating Partnership and their consolidated subsidiaries. The Company consolidates entities in which it has a controlling financial interest by first considering if an entity meets the definition of a variable interest entity (“VIE”) for which the Company is deemed to be the primary beneficiary or if the Company has the power to control an entity through majority voting interest or other arrangements. 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. 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. During the year ended December 31, 2021, the Company determined that a reconsideration event for an unconsolidated VIE did not result in a change in the evaluation that the Company is not the primary beneficiary. 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 December 31, 2021, 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. 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 December 31, 2021 is $222.1 million related to such consolidated VIEs. Included in mortgage and other notes payable, net on the Company’s consolidated balance sheet as of December 31, 2021 is $174.9 million, collateralized by the real estate assets of the related consolidated VIEs. Unconsolidated VIEs As of December 31, 2021, the Company identified unconsolidated VIEs related to its real estate equity investments with a carrying value of $212.3 million. The Company’s maximum exposure to loss as of December 31, 2021 would not exceed the carrying value of its investment in 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 December 31, 2021. During the year ended December 31, 2021, the Company contributed $0.4 million to an unconsolidated VIE. As of December 31, 2021, 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. Any estimates of the effects of COVID-19 as reflected and/or discussed in these financial statements are based upon the Company's best estimates using information known to the Company as of the date of this Annual Report on Form 10-K. Such estimates may change and the impact of which could be material. 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 operating real estate (escrows for taxes, insurance, capital expenditures, security deposits received from residents and payments required under certain lease agreements) and other escrows required by lenders of the Company’s borrowings. 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): December 31, 2021 2020 2019 Cash and cash equivalents $ 200,473 $ 65,995 $ 41,884 Restricted cash 10,465 27,575 16,936 Total cash, cash equivalents and restricted cash $ 210,938 $ 93,570 $ 58,820 Operating Real Estate Operating real estate is carried at historical cost less accumulated depreciation. 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 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 asset is available for its intended use. Lessee Accounting A leasing arrangement, a right to control the use of an identified asset for a period of time in exchange for consideration, is classified by the lessee either as a finance lease, which represents a financed purchase of the leased asset, or as an operating lease. For leases with terms greater than 12 months, a lease asset and a lease liability are recognized on the balance sheet at commencement date based on the present value of lease payments over the lease term. Lease renewal or termination options are included in the lease asset and lease liability only if it is reasonably certain that the option to extend would be exercised or the option to terminate would not be exercised. As the implicit rate in most leases are not readily determinable, the Company’s incremental borrowing rate for each lease at commencement date is used to determine the present value of lease payments. Consideration is given to the Company’s recent debt financing transactions, as well as publicly available data for instruments with similar characteristics, adjusted for the respective lease term, when estimating incremental borrowing rates. Lease expense is recognized over the lease term based on an effective interest method for finance leases and on a straight-line basis for operating leases. Right of Use (“ROU”) - Finance Assets The Company has entered into finance leases for equipment which are included in operating real estate, net The following table presents the future minimum lease payments under finance leases and the present value of the minimum lease payments, which are included in other liabilities Years Ending December 31: 2022 $ 473 2023 93 2024 60 2025 29 2026 23 Thereafter 27 Total minimum lease payments $ 705 Less: Amount representing interest (46) Present value of minimum lease payments $ 659 The weighted average interest rate related to the finance lease obligations is 6.2% with a weighted average lease term of 2.2 years. As of December 31, 2021, there were no leases that had yet to commence which would create significant rights and obligations to the Company as lessee. 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. As of December 31, 2021, the Company did not have any assets classified as held for sale. As of December 31, 2020, the Company classified two operating real estate properties within the Kansas City portfolio as held for sale, which were sold in June 2021. 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 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. Refer to “—Credit Losses on Real Estate Debt Investments and Receivables” for additional information on estimated credit loses for real estate debt investments. Goodwill, Intangible Assets and 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 The Company records acquired identified intangibles, such as the value of in-place leases, goodwill and other intangibles, based on estimated fair value at the acquisition date. The value allocated to the identified intangibles is amortized over the remaining lease term. In-place leases are amortized into depreciation and amortization expense. Impairment analysis for identified intangible assets is performed in connection with the impairment assessment of the related operating real estate. An impairment establishes a new basis for the identified intangible asset and any impairment loss recognized is not subject to subsequent reversal. Refer to “—Impairment on Operating Real Estate and Investments in Unconsolidated Ventures” for additional information. 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 in the fourth quarter 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. Identified intangible assets are recorded in deferred costs and intangible assets, net on the consolidated balance sheets. The following table presents deferred costs and intangible assets, net (dollars in thousands): December 31, 2021 December 31, 2020 Goodwill and intangible assets, net: In-place lease value, net $ 2,590 $ 4,635 Goodwill (1) — 21,387 Certificate of need intangible assets (1) — 380 Subtotal intangible assets 2,590 26,402 Deferred costs, net (1) — 81 Total $ 2,590 $ 26,483 _______________________________________ (1) Balances as of December 31, 2020 pertain to properties sold in December 2021. The Company recorded amortization expense for in-place leases and deferred costs of $1.4 million and $1.9 million for the year ended December 31, 2021 and 2020, respectively. In-place lease value, net includes a gross asset amount of $120.1 million for in-place leases related to the Company’s direct investment - net lease properties, of which $117.5 million has been amortized as of December 31, 2021. All other in-place leases related to the Company’s direct investment - operating properties have been fully amortized as of December 31, 2021. The following table presents future amortization of in-place lease value (dollars in thousands): Years Ending December 31: 2022 $ 337 2023 337 2024 337 2025 337 2026 337 Thereafter 905 Total $ 2,590 Other Assets The following table presents a summary of other assets (dollars in thousands): December 31, 2021 December 31, 2020 Other assets: Remainder interest in condominium units (1) 2,030 2,327 Prepaid expenses 4,948 3,798 Lease / rent inducements, net 3,209 2,246 Utility deposits 142 447 Other 442 863 Total $ 10,771 $ 9,681 _______________________________________ (1) Represents future interests in property subject to life estates. Revenue Recognition Operating Real Estate Rental income from operating real estate is derived from leasing of space to healthcare operators, including rent received from the Company’s net lease properties and rent, ancillary service fees and other related revenue earned from ILF residents. Rental income recognition commences when the operator 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. ILF resident agreements are generally short-term in nature and may allow for termination with 30 days’ notice. The Company also generates revenue from operating healthcare properties. Revenue related to operating healthcare properties includes resident room and care charges, ancillary fees 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. Resident agreements are generally short-term in nature and may allow for termination with 30 days’ notice. Revenue derived from our ALFs, MCFs and CCRCs is recorded in resident fee income in the consolidated statements of operations. Revenue from operators and residents is recognized at lease commencement only to the extent collection is expected to be probable in consideration of operators’ and residents’ creditworthiness. This assessment is based on several qualitative and quantitative factors, including and as appropriate, the payment history, ability to satisfy its lease obligations, the value of the underlying collateral or deposit, if any, and current economic conditions. If collection is assessed to not be probable thereafter, lease income recognized is limited to amounts collected, with the reversal of any revenue recognized to date in excess of amounts received. If collection is subsequently reassessed to be probable, revenue is adjusted to reflect the amount that would have been recognized had collection always been assessed as probable. A summary of rental income recognized for the year ended December 31, 2021 for the Company’s direct net lease properties is as follows: • The operator of the Arbors portfolio failed to remit contractual monthly rent obligations and the Company deemed it not probable that these obligations will be satisfied in the future. Beginning in February 2021, the Company recorded rental income to the extent rental payments were received. In addition, rental income was reduced by $7.4 million for the write-off of straight-line rent receivables, as full collection of contractual rent under the leases was deemed not to be probable. • In December 2021, the Company sold the Watermark Fountains net lease portfolio. The operator of the Watermark Fountains net lease portfolio remitted full contractual rent through the sale date. Effective April 15, 2021, the Company executed a lease modification that allowed the operator to defer up to $3.0 million of contractual rent payments over the remaining term of the lease, which was forgiven at the time of the sale. The Company recognized rental revenue on a straight-line basis based on the modified terms of the lease. • The operator of the Smyrna property failed to remit rental payments and accordingly no lease income was recognized. The Smyrna property was sold in May 2021. For the year ended December 31, 2021 and 2020, total property and other revenue includes variable lease revenue of $13.1 million and $14.4 million, respectively. Variable lease revenue includes ancillary services provided to operator/residents, as well as non-recurring services and fees at the Company’s operating facilities. The Company recognized grant income received from the Provider Relief Fund administered by the U.S. Department of Health and Human Services totaling $7.7 million and $1.8 million for the year ended December 31, 2021 and 2020, respectively. The grant income is classified as other income, net in the consolidated statements of operations. These grants are intended to mitigate the negative financial impact of the COVID-19 pandemic as reimbursements for expenses incurred to prevent, prepare for and respond to COVID-19 and lost revenues attributable to COVID-19. Provided that the Company attests to and complies with certain terms and conditions of the grants, the Company will not be required to repay these grants in the future. Lease Concessions Related to COVID-19 As a result of the COVID-19 pandemic, the Company engages with affected operators on a case-by-case basis to evaluate and respond to the current environment and assess the potential for flexible payment terms. For lease concessions resulting directly from the impact of COVID-19 that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee, for example, where total payments required by the modified contract will be substantially the same as or less than the original contract, the Company made a policy election to account for the concessions as though the enforceable rights and obligations for those concessions existed in the lease contracts, under a relief provided by the Financial Accounting Standards Board (“FASB”). Under the relief, the concessions will not be treated as lease modifications that are accounted for over the remaining term of the respective leases, as the Company believes this would not accurately reflect the temporary economic effect of the concessions. Instead, (i) rent deferrals that meet the criteria will be treated as if no changes were made to the lease contract, with continued recognition of lease income and receivable under the original terms of the contract; and (ii) rent forgiveness that meets the criteria will be accounted for as variable lease payments in the affected periods. Effective June 1, 2020, the Company granted a lease concession to the operator of its Watermark Fountains net lease portfolio. The concession allowed the operator to defer a portion of contractual rent payments for a 90-day period, with full contractual rent to be repaid over the 12 months following the concession period. The lease concession provided the operator relief consistent with the debt forbearance received from the lender of the properties in the portfolio. The lease concession period ended on August 31, 2020 and deferred rent was fully repaid as of September 2021. The Company sold the Watermark Fountains net lease portfolio in December 2021. 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. 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 investment is in doubt, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the principal of an 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 or legally discharged. Impairment on Operating Real Estate and Investments in Unconsolidated Ventures Due to uncertainties over the extent and duration of the economic fallout from COVID-19, it is difficult for the Company to assess and estimate the future economic effects of COVID-19 with any meaningful precision. As the future impact of COVID-19 will depend on many factors beyond the Company’s control and knowledge, the resulting effect on impairment of the Company's real estate held for investment and held for sale and investments in unconsolidated ventures may materially differ from the Company's current expectations and further impairment charges may be recorded in future periods. 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. Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal cost, with any write-down to disposal cost recorded as an impairment loss. For any increase in fair value less disposal cost subsequent to classification as held for sale, the impairment may be reversed, but only up to the amount of cumulative loss previously recognized. The Company considered the potential impact of the COVID-19 pandemic on the future net operating income of its healthcare real estate held for investment as an indicator of impairment. Fair values were estimated based upon the income capitalization approach, using net operating income for each property and applying indicative capitalization rates. During the year ended December 31, 2021, the Company recorded impairment losses totaling $5.4 million on operating real estate, consisting of $4.6 million recognized for one facility within the Winterfell portfolio, as a result of lower estimated future cash flows and market value and $0.8 million for its Smyrna net lease property, which was sold in May 2021. During the year ended December 31, 2020, the Company recorded impairment losses totaling $166.0 million on its operating real estate and held for sale 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. The Company did not impair any of its investments in unconsolidated ventures during the years ended December 31, 2021 and 2020. The underlying joint ventures recorded impairments and reserves on properties in their respective portfolios, which the Company recognized through equity in earnings (losses), of which the Company’s proportionate share totaled $1.8 million and $38.2 million for the years ended December 31, 2021 and 2020, respectively. Credit Losses on Real Estate Debt Investments and Receivables The current expected credit loss model, in estimating expected credit losses over the life of a financial instrument at the time of origination or acquisition, considers historical loss experiences, current conditions and the effects of reasonable and supportable expectations of changes in future macroeconomic conditions. The Company assesses the estimate of expected credit losses on a quarterly basis or more frequently as necessary. The Company considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. The Company measures expected credit losses of real estate debt investments and other receivables (“Financial Assets”) on a collective basis when similar risk characteristics exist. If the Company determines that a particular Financial Asset does not share risk characteristics with its other Financial Assets, the Company evaluates the Financial Asset for expected credit losses on an individual basis. When developing an estimate of expected credit losses on Financial Assets, the Company considers available information relevant to assessing the collectabil

Operating Real Estate

Operating Real Estate	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Operating Real Estate	Operating Real Estate The following table presents operating real estate, net (dollars in thousands): December 31, 2021 December 31, 2020 Land $ 121,518 $ 234,706 Land improvements 17,798 23,797 Buildings and improvements 965,630 1,389,706 Tenant improvements — 16,172 Construction in progress 8,141 2,535 Furniture, fixtures and equipment 84,813 108,055 Subtotal $ 1,197,900 $ 1,774,971 Less: Accumulated depreciation (225,301) (291,041) Operating real estate, net $ 972,599 $ 1,483,930 For the years ended December 31, 2021, 2020 and 2019 depreciation expense was $53.5 million, $63.1 million, and $62.8 million, respectively. Within the table above, buildings and improvements have been reduced by accumulated impairment losses of $149.7 million and $213.9 million as of December 31, 2021 and December 31, 2020, respectively. Impairment loss, as presented on the consolidated statements of operations, totaled $5.4 million and $166.0 million for the years ended December 31, 2021 and 2020, respectively. Refer to Note 2, “Summary of Significant Accounting Policies” for further discussion. During the year ended December 31, 2021, the Company completed property sales including its Watermark Fountains portfolios in December 2021, the Kansas City portfolio in June 2021 and a property within the Aqua portfolio in March 2021. Future Minimum Rental Income Minimum rental amounts due under leases are generally either subject to scheduled fixed increases or adjustments. The following table presents approximate future minimum rental income under noncancelable operating leases to be received over the next five years and thereafter as of December 31, 2021 (dollars in thousands): Years Ending December 31: (1) 2022 $ 10,653 2023 10,919 2024 11,192 2025 11,472 2026 11,759 Thereafter 33,845 Total $ 89,840 _______________________________________ (1) Excludes rental income from residents at ILFs that are subject to short-term leases. Net lease rental properties owned as of December 31, 2021 have current lease expirations of 2029, with certain operator renewal rights. These net lease arrangements require the operator to pay rent and substantially all the expenses of the leased property including maintenance, taxes, utilities and insurance. For certain properties, the operators pay the Company, in addition to the contractual base rent, their pro rata share of real estate taxes and operating expenses. The Company’s net lease agreements provide for periodic rental increases based on the greater of certain percentages or increase in the consumer price index. The operator of the Company’s remaining net lease portfolio failed to remit contractual monthly rent obligations during the year ended December 31, 2021 and the Company deemed it not probable that these obligations will be satisfied in the future. Beginning in February 2021, the Company recorded rental income to the extent rental payments were received.

Investments in Unconsolidated V

Investments in Unconsolidated Ventures	12 Months Ended
	Dec. 31, 2021
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 (dollars in thousands): Carrying Value (1) Portfolio Acquisition Date Ownership December 31, 2021 December 31, 2020 Trilogy Dec-2015 23.2 % $ 126,366 $ 133,896 Diversified US/UK Dec-2014 14.3 % 80,766 89,651 Eclipse May-2014 5.6 % 4,856 5,624 Envoy (2) Sep-2014 11.4 % — 2 Espresso (3) Jul-2015 36.7 % — — Subtotal $ 211,988 $ 229,173 Solstice (4) Jul-2017 20.0 % 321 — Total $ 212,309 $ 229,173 _______________________________________ (1) Includes $1.3 million, $13.4 million and $9.8 million of capitalized acquisition costs for the Company’s investments in the Eclipse, Diversified US/UK, and Trilogy joint ventures, respectively. (2) In March 2019, the Envoy joint venture completed the sale of its remaining 11 properties for a sales price of $118.0 million, which generated net proceeds to the Company totaling $4.3 million. (3) As a result of impairments and other non-cash reserves recorded by the joint venture, the Company’s carrying value of its Espresso unconsolidated investment was reduced to zero in the fourth quarter of 2018. The Company recorded the excess equity in losses related to its unconsolidated venture as a reduction to the carrying value of its mezzanine loan, which was originated to a subsidiary of the Espresso joint venture and was repaid in full August 2021. During the year ended December 31, 2021, the Company received distributions from the joint venture greater than the Company’s carrying value of its unconsolidated investment, which resulted in the Company recording a gain on the distribution totaling $4.3 million and a carrying value of zero as of December 31, 2021. (4) Represents investment in Solstice Senior Living, LLC (“Solstice”), the manager of the Winterfell portfolio. Solstice is a joint venture between affiliates of Integral Senior Living, LLC (“ISL”), a management company of ILF, ALF and MCF founded in 2000, which owns 80.0%, and the Company, which owns 20.0%. During the year ended December 31, 2021, the Company contributed an additional $0.4 million to Solstice. Years Ended December 31, 2021 2020 Portfolio Equity in Earnings (Losses) Cash Distribution Equity in Earnings (Losses) Cash Distribution Trilogy $ (2,891) $ 4,638 $ 4,495 $ 3,960 Diversified US/UK (3,676) 4,257 (35,396) 1,487 Eclipse 2,130 2,898 (3,774) 86 Envoy 740 817 (7) 390 Espresso 19,619 5,500 270 — Subtotal $ 15,922 $ 18,110 $ (34,412) $ 5,923 Solstice (79) — (54) — Total $ 15,843 $ 18,110 $ (34,466) $ 5,923 Summarized Financial Data The combined balance sheets as of December 31, 2021 and 2020 and combined statements of operations for the years ended December 31, 2021, 2020 and 2019 for the Company’s unconsolidated ventures are as follows (dollars in thousands): December 31, 2021 December 31, 2020 Years Ended December 31, 2021 2020 2019 Assets Operating real estate, net $ 4,051,899 $ 4,500,319 Total revenues $ 1,493,341 $ 1,562,284 $ 1,575,758 Other assets 1,308,236 1,261,678 Net income (loss) $ 59,321 $ (294,501) $ (17,689) Total assets $ 5,360,135 $ 5,761,997 Liabilities and equity Total liabilities $ 4,277,887 $ 4,626,761 Equity 1,082,248 1,135,236 Total liabilities and equity $ 5,360,135 $ 5,761,997

Real Estate Debt Investments

Real Estate Debt Investments	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Real Estate Debt Investments	Real Estate Debt Investments The Company’s mezzanine loan debt investment was repaid in full in August 2021. During the year ended December 31, 2021, the Company received principal repayments on its debt investment totaling $74.4 million, which included payment-in-kind interest. The borrower funded principal repayments through net proceeds generated from the sale of underlying collateral and available operating cash flow. For the year ended December 31, 2021, the mezzanine loan had a contractual interest rate of 14% and generated interest income totaling $4.7 million, which represents 100% of the Company’s interest income on debt investments as presented on the consolidated statements of operations. The following table presents the Company’s one debt investment (dollars in thousands) as of December 31, 2020: Asset Type: Principal Amount Carrying Value (1) Effective Interest Rate Mezzanine loan $ 74,182 $ 55,864 10.0 % _______________________________________ (1) As a result of impairments and other non-cash reserves recorded by the joint venture, the Company’s carrying value of its Espresso unconsolidated investment was reduced to zero in the fourth quarter of 2018. The Company has recorded the excess equity in losses related to its unconsolidated investment as a reduction to the carrying value of its mezzanine loan, which was originated to a subsidiary of the Espresso joint venture. As of December 31, 2020, the cumulative excess equity in losses included in the mezzanine loan carrying value were $18.3 million.

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Borrowings	Borrowings The following table presents the Company’s mortgage and other notes payable (dollars in thousands): December 31, 2021 December 31, 2020 Recourse vs. Non-Recourse Initial Contractual Interest Rate (1) Principal Amount (2) Carrying Value (2) Principal (2) Carrying (2) Mortgage notes payable, net Watermark Aqua Portfolio Denver, CO Non-recourse Repaid LIBOR + 2.92% $ — $ — $ 20,189 $ 20,183 Frisco, TX (3) Non-recourse Feb 2026 3.0% 26,000 25,431 18,770 18,764 Milford, OH Non-recourse Sep 2026 LIBOR + 2.68% 18,661 18,388 18,760 18,423 Rochester Portfolio Rochester, NY Non-recourse Feb 2025 4.25% 18,911 18,853 19,907 19,830 Rochester, NY (4) Non-recourse Aug 2027 LIBOR + 2.34% 101,224 100,495 101,224 100,378 Rochester, NY Non-recourse Aug 2022 LIBOR + 2.90% 11,732 11,716 12,800 12,584 Arbors Portfolio (5) Various locations Non-recourse Feb 2025 3.99% 85,369 84,799 87,302 86,521 Watermark Fountains Portfolio Various locations Non-recourse Repaid 3.92% — — 386,607 385,606 Various locations Non-recourse Repaid 5.56% — — 73,439 73,180 Winterfell Portfolio (6) Various locations Non-recourse Jun 2025 4.17% 608,810 597,460 622,045 607,526 Avamere Portfolio (7) Various locations Non-recourse Feb 2027 4.66% 69,144 68,755 70,427 69,962 Subtotal mortgage notes payable, net $ 939,851 $ 925,897 $ 1,431,470 $ 1,412,957 Other notes payable Oak Cottage Santa Barbara, CA Non-recourse (8) 6.00% 3,914 3,914 3,914 3,914 Subtotal other notes payable, net $ 3,914 $ 3,914 $ 3,914 $ 3,914 Total mortgage and other notes payable, net $ 943,765 $ 929,811 $ 1,435,384 $ 1,416,871 _______________________________________ (1) Floating-rate borrowings total $131.6 million of principal outstanding and reference one-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) In January 2021, the Company refinanced its existing mortgage note payable with a new $26.0 million mortgage note payable. The new mortgage note carries a fixed interest rate of 3.0% through February 2024, followed by the greater of the fixed rate or one-month LIBOR plus 2.80% through the initial maturity date of February 2026. (4) Composed of seven individual mortgage notes payable secured by seven healthcare real estate properties, cross-collateralized and subject to cross-default. (5) Composed of four individual mortgage notes payable secured by four healthcare real estate properties, cross-collateralized and subject to cross-default. (6) Composed of 32 individual mortgage notes payable secured by 32 healthcare real estate properties, cross-collateralized and subject to cross-default. (7) Composed of five individual mortgage notes payable secured by five healthcare real estate properties, cross-collateralized and subject to cross-default. (8) In accordance with the financing agreement, in February 2022, the Company has the option to repay the outstanding principal balance or begin to make periodic payments with the net cash flow generated by the property until the financing is repaid in full. The following table presents future scheduled principal payments on mortgage and other notes payable based on final maturity (dollars in thousands): Years Ending December 31: 2022 $ 29,495 2023 20,142 2024 20,865 2025 670,775 2026 47,451 Thereafter 155,037 Total $ 943,765 As of December 31, 2021, the operator for the Arbors portfolio failed to remit contractual rent and comply with other contractual terms of its lease agreements, which resulted in defaults under the operator’s leases, which in turn, resulted in a non-monetary default under the mortgage notes collateralized by the properties. During the year ended December 31, 2021, the Company remitted contractual debt service and is in compliance with the other contractual terms under the mortgage notes collateralized by the properties. As of December 31, 2021, a property within the Rochester portfolio did not satisfy the financial covenants under its mortgage note, which have been waived by the lender. During the year ended December 31, 2021, the Company remitted contractual debt service and is in compliance with the other contractual terms under the mortgage note, which matures in February 2025. In response to the operational challenges resulting from the COVID-19 pandemic, the Company entered into forbearance agreements to defer contractual debt service for borrowings on properties within the Aqua, Rochester, Arbors, Winterfell and Watermark Fountains portfolios. Deferred debt service has been repaid in full for all borrowings as of December 31, 2021. Line of Credit - Related Party In October 2017, the Company obtained a revolving line of credit from an affiliate of the Sponsor (the “Sponsor Line”). As of December 31, 2021, the Sponsor Line has a borrowing capacity of $35.0 million at an interest rate of 3.5% plus LIBOR. In June 2021, the maturity date was extended through June 2023. If the Company terminates its advisory agreement with the Advisor, it will no longer have access to the Sponsor Line. Upon termination of the advisory agreement for any reason, amounts drawn under the Sponsor Line, if any, would become immediately due. In April 2020, the Company borrowed $35.0 million under the Sponsor Line to improve its liquidity position in response to the uncertainties surrounding the COVID-19 pandemic. In July 2021, the Company repaid in full the outstanding borrowings. For the year ended December 31, 2021 and 2020, Sponsor Line interest totaled $0.7 million and $0.9 million, respectively. For additional information, refer to Note 14, “Subsequent Events.” The following table presents the Company’s borrowings under the Sponsor Line as of December 31, 2021 (dollars in thousands): Principal Amount Asset Type: December 31, 2021 December 31, 2020 Capacity Contractual Interest Rate Maturity Date Sponsor Line of Credit $ — $ 35,000 $ 35,000 LIBOR + 3.50% Jun 2023

Related Party Arrangements

Related Party Arrangements	12 Months Ended
	Dec. 31, 2021
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 June 2021, the advisory agreement was renewed for an additional one-year term commencing on June 30, 2021, with terms identical to those in effect through June 30, 2021, but for the following modifications: • the payment of the asset management fee entirely in the form of shares of common stock of the Company; and • effective January 1, 2022, a reduction of the asset management fee with respect to the Company’s corporate cash balance exceeding $75.0 million, subject to the terms and conditions set forth in the advisory agreement. For additional information regarding our advisory agreement, refer to Note 14, “Subsequent Events.” Fees to Advisor Asset Management Fee 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. Effective July 1, 2021, the asset management fee is paid entirely in shares of the Company’s common stock at a price per share equal to the most recently published net asset value per share, and effective January 1, 2022 the fee will be reduced if the Company’s corporate cash balance exceeds $75.0 million, subject to the terms and conditions set forth in the advisory agreement. 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. From inception through December 31, 2021, the Advisor has not received any incentive fees from the Company. Acquisition Fee 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 Effective June 30, 2020, the Advisor no longer has the potential to receive a disposition fee in connection with the sale of real estate properties or debt investments. 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 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 tables present the fees and reimbursements incurred and paid to the Advisor (dollars in thousands): Type of Fee or Reimbursement Due to Related Party as of December 31, 2020 Year Ended December 31, 2021 Due to Related Party as of December 31, 2021 Financial Statement Location Incurred Paid Fees to Advisor Entities Asset management (1) Asset management fees-related party $ 923 $ 11,105 $ (11,091) (1) $ 937 Reimbursements to Advisor Entities Operating costs (2) General and administrative expenses 7,395 14,035 (15,029) 6,401 Total $ 8,318 $ 25,140 $ (26,120) $ 7,338 _______________________________________ (1) Includes $10.6 million paid in shares of the Company’s common stock. (2) As of December 31, 2021, the Advisor did not have any unreimbursed operating costs which remained eligible to be allocated to the Company. Type of Fee or Reimbursement Due to Related Party as of December 31, 2019 Year Ended December 31, 2020 Due to Related Party as of December 31, 2020 Financial Statement Location Incurred Paid Fees to Advisor Entities (1) Asset management (2) Asset management and other fees-related party $ 1,477 $ 17,170 $ (17,724) (2) $ 923 Reimbursements to Advisor Entities Operating costs (3) General and administrative expenses 4,303 14,682 (11,590) 7,395 Total $ 5,780 $ 31,852 $ (29,314) $ 8,318 _______________________________________ (1) Effective June 30, 2020, our Advisor no longer has the potential to receive a disposition fee in connection with the sale of real estate properties or debt investments. The Company did not incur any disposition fees during the year ended December 31, 2020, nor were any such fees outstanding as of December 31, 2020. (2) Includes $9.7 million paid in shares of the Company’s common stock and a $0.3 million gain recognized on the settlement of the share-based payment. (3) As of December 31, 2020, the Advisor did not have any unreimbursed operating costs which remained eligible to be allocated to the Company. Pursuant to the advisory agreement, for the year ended December 31, 2021, the Company issued 2.7 million shares totaling $10.6 million, based on the estimated value per share on the date of each issuance, to an affiliate of the Advisor as part of its asset management fee. As of December 31, 2021, the Advisor, the Sponsor and their affiliates owned a total of 7.4 million shares, or $29.0 million of the Company’s common stock based on the Company’s most recent estimated value per share. As of December 31, 2021, the Advisor, the Sponsor and their affiliates owned 3.8% of the total outstanding shares of the Company’s common stock. Investments in Joint Ventures Solstice, the manager of the Winterfell portfolio, is a joint venture between affiliates of ISL, which owns 80.0%, and the Company, which owns 20.0%. For the year ended December 31, 2021, the Company recognized property management fee expense of $4.9 million paid to Solstice related to the Winterfell portfolio. The below table indicates the Company’s investments for which the Sponsor 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 NRF/ May 2014 5.6% Diversified US/UK NRF December 2014 14.3% In addition, the Company owns a 23.2% interest in the Trilogy joint venture, of which American Healthcare REIT, Inc. (“AHR”) and the management of Trilogy own the remaining 76.8% of the portfolio. The Former Sponsor owns a passive, non-controlling interest in AHR’s operating partnership, which was formed by the combination of Griffin American Healthcare REIT III, Inc., American Healthcare Investors, LLC and Griffin-American Healthcare REIT IV, Inc. Mezzanine Loan In July 2015, the Company originated a $75.0 million mezzanine loan to a subsidiary of the Espresso joint venture, of which the Company owns a minority interest. In August 2021, the Company received full repayment of the outstanding principal balance of the loan. Refer to Note 5, “Real Estate Debt Investments” for further discussion. Line of Credit - Related Party The Company has the Sponsor Line, which provides up to $35.0 million at an interest rate of 3.5% plus LIBOR. Refer to Note 6, “Borrowings” for further discussion.

Equity-Based Compensation

Equity-Based Compensation	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [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. Under the Plan, 2.0 million shares of restricted common stock were eligible to be issued for any equity-based awards granted under the Plan. Pursuant to the Plan, as of December 31, 2021, the Company’s independent directors were granted a total of 159,932 shares of restricted common stock and 66,840 restricted stock units totaling $1.3 million and $0.3 million, respectively, based on the share price on the date of each grant. The restricted common stock and restricted stock units granted generally vest quarterly over two years in equal installments and 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 restricted stock units are convertible, on a one-for-one basis, into shares of the Company’s common stock upon the earlier occurrence of: (i) the termination of the independent director’s service as a director; or (ii) a change in control of the Company. The Company recognized equity-based compensation expense of $230,083, $168,917 and $239,083 for the years ended December 31, 2021, 2020, and 2019 respectively. Equity-based compensation expense is recorded in general and administrative expenses in the consolidated statements of operations. Unrecognized expense related to unvested restricted common stock and restricted stock units totaled $223,167 and $193,250 as of December 31, 2021 and December 31, 2020, respectively. Unvested shares totaled 4,800 and 30,403 as of December 31, 2021 and December 31, 2020, respectively. Unvested restricted stock units totaled 50,130 as of December 31, 2021.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock The Company stopped accepting subscriptions for its Offering on December 17, 2015 and all of the shares initially registered for its 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, excluding proceeds from the DRP. 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, 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 common stock. The following table presents the estimated value per share of common stock based on when the value became effective: Effective Date Estimated Value per Share Valuation Date April 2016 $ 8.63 12/31/2015 December 2016 9.10 6/30/2016 December 2017 8.50 6/30/2017 December 2018 7.10 6/30/2018 December 2019 6.25 6/30/2019 December 2020 3.89 6/30/2020 November 2021 3.91 6/30/2021 No selling commissions or dealer manager fees were 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 year ended December 31, 2021, the Company has not issued shares of common stock pursuant to the DRP. Since inception, the Company issued 25.7 million shares of common stock, generating gross offering proceeds of $232.6 million pursuant to the DRP. Distributions Effective February 1, 2019, the Company’s board of directors determined to suspend distributions in order to preserve capital and liquidity and no distributions were declared during the years ended December 31, 2021 and 2020. The Company’s board of directors approved daily cash distributions of $0.000924658 per share of common stock for the month ending January 31, 2019. Distributions were paid to stockholders on the first business day of the following month and totaled $5.4 million, with $3.0 million distributed in cash and $2.4 million reinvested pursuant to its DRP. In order to continue to qualify as a REIT, the Company must distribute annually dividends equal to at least 90% of its REIT taxable income (with certain adjustments). For the year ended December 31, 2021, the Company generated net operating income for tax purposes, however, the Company was not required to make distributions to its stockholders in 2021 to qualify as a REIT due to a net operating loss carry-forward from 2020. The Company’s most recently filed tax return is for the year ended December 31, 2020 and includes a net operating loss carry-forward of $122.9 million. Share Repurchase Program The Company adopted the share repurchase program (the “Share Repurchase Program”) that enabled stockholders to sell their shares to the Company in limited circumstances. 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 April 2020, the Company’s board of directors determined to suspend all repurchases under the Share Repurchase Program effective April 30, 2020 in order to preserve capital and liquidity and has not repurchased any shares during the year ended December 31, 2021. For the year ended December 31, 2020, the Company repurchased 0.3 million shares of common stock for $2.1 million at an average price of $6.29 per share.

Non-controlling Interests

Non-controlling Interests	12 Months Ended
	Dec. 31, 2021
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 years ended December 31, 2021, 2020 and 2019 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 income attributable to the other non-controlling interests was $1.7 million for the year ended December 31, 2021. Net loss attributable to other non-controlling interest was $2.8 million and $0.8 million for the years ended December 31, 2020 and 2019, respectively.

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2021
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. 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 (dollars in thousands): December 31, 2021 December 31, 2020 Principal Amount Carrying Value Fair Value Principal Amount Carrying Value Fair Value Financial assets: (1) Real estate debt investments, net (2) $ — $ — $ — $ 74,182 $ 55,864 $ 74,182 Financial liabilities: (1) Mortgage and other notes payable, net $ 943,765 $ 929,811 $ 889,485 $ 1,435,384 $ 1,416,871 $ 1,354,832 Line of credit - related party (2) — — — 35,000 35,000 35,000 _______________________________________ (1) The fair value of other financial instruments not included in this table is estimated to approximate their carrying value. (2) Repaid in full during the year ended December 31, 2021. 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 The Company’s real estate debt investment’s fair value was 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. The fair value measurement of the Company’s real estate debt investment was generally based on unobservable inputs, and as such, is classified as Level 3 of the fair value hierarchy. In August 2021, the Company’s real estate debt investment was repaid in full. Mortgage and Other Notes Payable, Net and Line of Credit - Related Party 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 and LIBOR 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. Derivative Instruments For certain mortgage notes payable, the Company has interest rate caps with fair values that are de minimis as of December 31, 2021 . Nonrecurring Fair Values The Company measures fair value of certain assets on a nonrecurring basis when events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Adjustments to fair value generally result from the application of lower of amortized cost or fair value accounting for assets held for sale or otherwise, write-down of asset values due to impairment. The following table summarizes the fair value, measured at the time of impairment, of Level 3 assets which have been measured at fair value on a nonrecurring basis during the periods presented and the associated impairment losses (dollars in thousands): Years Ended December 31, 2021 2020 2019 Fair Value Impairment Losses Fair Value Impairment Losses Fair Value Impairment Losses Operating real estate, net $ 11,793 $ 5,386 $ 234,650 $ 164,215 $ 58,804 $ 27,021 Assets held for sale — 5,000 1,753 1,649 533 Operating Real Estate, Net Operating real estate that is impaired is carried at fair value at the time of impairment. Impairment was driven by various factors that impacted undiscounted future net cash flows, including declines in operating performance, market growth assumptions, and expected margins to be generated by the properties. Fair value of impaired operating real estate was estimated based upon various approaches including discounted cash flow analysis using terminal capitalization rates ranging from 6.00% to 7.75% and discount rates ranging from 7.0% to 8.75%, third party appraisals and offer prices or broker opinions of value. Assets Held For Sale

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company conducts its business through the following five segments, which are based on how management reviews and manages its business. • Direct Investments - Operating - Healthcare properties operated pursuant to management agreements with healthcare managers. • Direct Investments - Net Lease - Healthcare properties operated under net leases with an operator. • Unconsolidated Investments - Healthcare joint ventures, including properties operated under net leases with operators or pursuant to management agreements with healthcare managers, in which the Company owns a minority interest. • Debt Investments - Mortgage loans or mezzanine loans to owners of healthcare real estate. • Corporate - The corporate segment includes corporate level asset management fees - related party and general and administrative expenses. The Company primarily generates rental and resident fee income from its direct investments and interest income on real estate debt investments. Additionally, the Company reports its proportionate interest of revenues and expenses from unconsolidated investments through equity in earnings (losses) of unconsolidated ventures. The following tables present segment reporting (dollars in thousands): Direct Investments Year Ended December 31, 2021 Net Lease Operating Unconsolidated Investments Debt Corporate (1) Total Property and other revenues $ 14,708 $ 228,569 $ — $ — $ — $ 243,277 Interest income on debt investments — — — 4,667 — 4,667 Property operating expenses (29) (177,907) — — — (177,936) Interest expense (10,900) (49,979) — — (741) (61,620) Transaction costs — (54) — — — (54) Asset management fees - related party — — — — (11,105) (11,105) General and administrative expenses (192) (227) — — (12,272) (12,691) Depreciation and amortization (11,748) (43,088) — — — (54,836) Impairment loss (786) (4,600) — — — (5,386) Other income, net — 7,278 — — — 7,278 Realized gain (loss) on investments and other 10,601 64,618 4,263 — (5) 79,477 Equity in earnings (losses) of unconsolidated ventures — — 15,843 — — 15,843 Income tax expense — (99) — — — (99) Net income (loss) $ 1,654 $ 24,511 $ 20,106 $ 4,667 $ (24,123) $ 26,815 _______________________________________ (1) Includes unallocated asset management fee-related party and general and administrative expenses. Direct Investments Year Ended December 31, 2020 Net Lease Operating Unconsolidated Investments Debt Corporate (1) Total Property and other revenues $ 32,899 $ 242,250 $ — $ — $ 199 $ 275,348 Interest income on debt investments — — — 7,674 — 7,674 Property operating expenses (13) (184,165) — — — (184,178) Interest expense (11,832) (53,210) — — (949) (65,991) Transaction costs (58) (7) — — — (65) Asset management fees - related party — — — — (17,170) (17,170) General and administrative expenses (804) (296) — (19) (15,386) (16,505) Depreciation and amortization (14,940) (50,066) — — — (65,006) Impairment loss (722) (165,246) — — — (165,968) Other income, net — 1,840 — — — 1,840 Realized gain (loss) on investments and other — (13) — — 315 302 Equity in earnings (losses) of unconsolidated ventures — — (34,466) — — (34,466) Income tax benefit (expense) — (53) — — — (53) Net income (loss) $ 4,530 $ (208,966) $ (34,466) $ 7,655 $ (32,991) $ (264,238) _______________________________________ (1) Includes unallocated asset management fee-related party and general and administrative expenses. Direct Investments Year Ended December 31, 2019 Net Lease Operating Unconsolidated Investments Debt and Securities Corporate (1) Total Property and other revenues $ 33,424 $ 259,033 $ — $ 35 $ 686 $ 293,178 Interest income on debt investments — — — 7,703 — 7,703 Property operating expenses (11) (181,203) — — — (181,214) Interest expense (12,434) (56,360) — — (102) (68,896) Transaction costs — (122) — — — (122) Asset management and other fees - related party — — — — (19,789) (19,789) General and administrative expenses (268) (42) — (38) (12,413) (12,761) Depreciation and amortization (14,329) (56,660) — — — (70,989) Impairment loss (4,132) (23,422) — — — (27,554) Realized gain (loss) on investments and other 5,872 719 — — (277) 6,314 Equity in earnings (losses) of unconsolidated ventures — — (3,545) — — (3,545) Income tax benefit (expense) — (75) — — — (75) Net income (loss) $ 8,122 $ (58,132) $ (3,545) $ 7,700 $ (31,895) $ (77,750) _______________________________________ (1) Includes unallocated asset management fee-related party and general and administrative expenses. The following table presents total assets by segment (dollars in thousands): Direct Investments Total Assets: Net Lease Operating Unconsolidated Investments Debt Corporate (1) Total December 31, 2021 $ 104,809 $ 908,517 $ 212,309 $ — $ 187,238 $ 1,412,873 December 31, 2020 348,688 1,223,045 229,170 56,502 61,031 1,918,436 ______________________________________ (1) Represents primarily corporate cash and cash equivalents balances. The following table presents the operators and managers of the Company’s properties, excluding properties owned through unconsolidated joint ventures (dollars in thousands): As of December 31, 2021 Year Ended December 31, 2021 Operator / Manager Properties Under Management Units Under Management (1) Property and Other Revenues (2) % of Total Property and Other Revenues Solstice Senior Living (3) 32 4,000 $ 98,977 40.7 % Watermark Retirement Communities 14 1,753 42,447 17.4 % Avamere Health Services 5 453 17,301 7.1 % Integral Senior Living 1 44 4,556 1.9 % Arcadia Management (4) 4 572 (3,900) (1.6) % Subtotal 56 6,822 159,381 65.5 % Properties sold 17 3,630 83,896 34.5 % Total $ 243,277 100.0 % ______________________________________ (1) Represents rooms for ALFs and ILFs and beds for MCFs and SNFs, based on predominant type. (2) Includes rental income received from the Company’s net lease properties as well as rental income, ancillary service fees and other related revenue earned from ILF residents and resident fee income derived from the Company’s ALFs, MCFs and CCRCs, which includes resident room and care charges, ancillary fees and other resident service charges. (3) Solstice is a joint venture of which affiliates of ISL own 80%.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of December 31, 2021, the Company believes there are no material contingencies that would affect its results of operations, cash flows or financial position. 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. The effects of COVID-19 may also lead to heightened risk of litigation, with an ensuing increase in litigation-related costs. 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 professional liability, 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, including those that are related to the COVID-19 pandemic, that may be either uninsurable or not economically insurable.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The following is a discussion of material events which have occurred subsequent to December 31, 2021 through the issuance of the consolidated financial statements. Sponsor Transaction On February 28, 2022, the Former Sponsor completed the previously announced Sponsor Transaction, which included the Company’s Advisor and the individuals currently engaged in the management and oversight of the healthcare platform. The sale resulted in a change of the owner and control of the Advisor to NRF, but did not directly impact the ownership or control of the Company or any of the Company’s assets. Advisory Agreement In connection with the Sponsor Transaction, the Company’s advisory agreement was renewed for a one-year term commencing on February 28, 2022 upon terms identical to those in effect through February 28, 2022, but removed the Former Sponsor as the Sponsor and added NRF as the Company’s New Sponsor. Sponsor Line of Credit On February 28, 2022, the Company’s Sponsor Line was amended to extend the maturity date to February 28, 2024.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	NORTHSTAR HEALTHCARE INCOME, INC. AND SUBSIDIARIES SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2021 (Dollars in Thousands) Initial Cost Gross Amount Carried at Close of Period (2) Location City, State Encumbrances Land Building & Improvements Capitalized Subsequent to Acquisition (1) Land Building & Improvements Total Accumulated Depreciation Net Book Value Date Acquired Life on Which Depreciation is Computed Direct Investments - Operating Milford, OH 18,661 1,160 14,440 2,860 1,160 17,300 18,460 4,413 14,047 Dec-13 40 years Milford, OH — 700 — 5,646 700 5,646 6,346 566 5,780 Jul-17 40 years Frisco, TX 26,000 3,100 35,874 3,491 3,100 39,365 42,465 8,601 33,864 Feb-14 40 years Apple Valley, CA 20,522 1,168 24,625 (6,357) 1,168 18,268 19,436 4,455 14,981 Mar-16 40 years Auburn, CA 23,185 1,694 18,438 1,422 1,694 19,860 21,554 4,210 17,344 Mar-16 40 years Austin, TX 25,528 4,020 19,417 2,722 4,020 22,139 26,159 4,760 21,399 Mar-16 40 years Bakersfield, CA 16,201 1,831 21,006 1,507 1,831 22,513 24,344 4,678 19,666 Mar-16 40 years Bangor, ME 20,661 2,463 23,205 1,192 2,463 24,397 26,860 4,713 22,147 Mar-16 40 years Bellingham, WA 22,941 2,242 18,807 1,721 2,242 20,528 22,770 4,246 18,524 Mar-16 40 years Clovis, CA 18,055 1,821 21,721 1,102 1,821 22,823 24,644 4,476 20,168 Mar-16 40 years Columbia, MO 21,844 1,621 23,521 1,033 1,621 24,554 26,175 4,787 21,388 Mar-16 40 years Corpus Christi, TX 17,900 2,263 20,142 (5,153) 2,263 14,989 17,252 4,100 13,152 Mar-16 40 years East Amherst, NY 17,829 2,873 18,279 917 2,873 19,196 22,069 3,797 18,272 Mar-16 40 years El Cajon, CA 20,197 2,357 14,733 1,309 2,357 16,042 18,399 3,355 15,044 Mar-16 40 years El Paso, TX 11,750 1,610 14,103 1,486 1,610 15,589 17,199 3,200 13,999 Mar-16 40 years Fairport, NY 15,899 1,452 19,427 1,826 1,452 21,253 22,705 3,710 18,995 Mar-16 40 years Fenton, MO 23,626 2,410 22,216 1,236 2,410 23,452 25,862 4,747 21,115 Mar-16 40 years Grand Junction, CO 18,751 2,525 26,446 978 2,525 27,424 29,949 5,205 24,744 Mar-16 40 years Grand Junction, CO 9,608 1,147 12,523 1,002 1,147 13,525 14,672 2,880 11,792 Mar-16 40 years Grapevine, TX 21,492 1,852 18,143 (8,359) 1,852 9,784 11,636 3,556 8,080 Mar-16 40 years Groton, CT 16,933 3,673 21,879 (8,705) 3,673 13,174 16,847 4,501 12,346 Mar-16 40 years Guilford, CT 23,382 6,725 27,488 (22,435) 6,725 5,053 11,778 4,374 7,404 Mar-16 40 years Joliet, IL 14,349 1,473 23,427 (6,825) 1,473 16,602 18,075 4,237 13,838 Mar-16 40 years Kennewick, WA 7,387 1,168 18,933 1,264 1,168 20,197 21,365 3,964 17,401 Mar-16 40 years Las Cruces, NM 10,764 1,568 15,091 1,742 1,568 16,833 18,401 3,440 14,961 Mar-16 40 years Lees Summit, MO 26,162 1,263 20,500 1,341 1,263 21,841 23,104 4,568 18,536 Mar-16 40 years Lodi, CA 19,353 2,863 21,152 1,139 2,863 22,291 25,154 4,600 20,554 Mar-16 40 years Normandy Park, WA 15,617 2,031 16,407 (3,130) 2,031 13,277 15,308 3,617 11,691 Mar-16 40 years Palatine, IL 19,352 1,221 26,993 (11,153) 1,221 15,840 17,061 5,500 11,561 Mar-16 40 years Plano, TX 15,483 2,200 14,860 (5,095) 2,200 9,765 11,965 3,387 8,578 Mar-16 40 years Renton, WA 18,327 2,642 20,469 2,483 2,642 22,952 25,594 4,455 21,139 Mar-16 40 years Sandy, UT 15,201 2,810 19,132 (5,875) 2,810 13,257 16,067 3,731 12,336 Mar-16 40 years Santa Rosa, CA 26,889 5,409 26,183 2,443 5,409 28,626 34,035 5,547 28,488 Mar-16 40 years Sun City West, AZ 24,707 2,684 29,056 (5,097) 2,684 23,959 26,643 5,765 20,878 Mar-16 40 years Tacoma, WA 28,916 7,974 32,435 2,785 7,977 35,217 43,194 7,405 35,789 Mar-16 40 years Frisco, TX — 1,130 — 12,641 1,130 12,641 13,771 2,025 11,746 Oct-16 40 years Albany, OR 8,492 958 6,625 (3,581) 758 3,244 4,002 1,247 2,755 Feb-17 40 years Port Townsend, WA 16,236 1,613 21,460 933 996 23,010 24,006 3,833 20,173 Feb-17 40 years Roseburg, OR 12,013 699 11,589 697 459 12,526 12,985 2,116 10,869 Feb-17 40 years Sandy, OR 13,702 1,611 16,697 893 1,233 17,968 19,201 2,829 16,372 Feb-17 40 years Santa Barbara, CA 3,914 2,408 15,674 451 2,408 16,125 18,533 2,240 16,293 Feb-17 40 years Wenatchee, WA 18,700 2,540 28,971 1,117 1,534 31,094 32,628 4,543 28,085 Feb-17 40 years Churchville, NY 6,575 296 7,712 789 296 8,501 8,797 1,517 7,280 Aug-17 35 years Greece, NY — 534 18,158 (11,097) 533 7,062 7,595 1,580 6,015 Aug-17 49 years Greece, NY 26,833 1,007 31,960 2,029 1,007 33,989 34,996 4,986 30,010 Aug-17 41 years Henrietta, NY 11,881 1,153 16,812 1,409 1,152 18,222 19,374 3,382 15,992 Aug-17 36 years Penfield, NY 12,502 781 20,273 (8,053) 781 12,220 13,001 3,378 9,623 Aug-17 30 years Penfield, NY 10,918 516 9,898 736 515 10,635 11,150 1,864 9,286 Aug-17 35 years Rochester, NY 18,911 2,426 31,861 2,587 2,425 34,449 36,874 5,165 31,709 Aug-17 39 years Rochester, NY 5,341 297 12,484 (9,153) 296 3,332 3,628 2,044 1,584 Aug-17 37 years Victor, NY 27,174 1,060 33,246 2,241 1,059 35,488 36,547 5,115 31,432 Aug-17 41 years Initial Cost Gross Amount Carried at Close of Period (2) Location City, State Encumbrances Land Building & Improvements Capitalized Subsequent to Acquisition (1) Land Building & Improvements Total Accumulated Depreciation Net Book Value Date Acquired Life on Which Depreciation is Computed Victor, NY 11,732 557 13,570 17 555 13,589 14,144 1,534 12,610 Nov-17 41 years Undeveloped Land Rochester, NY — 544 — — 544 — 544 — 544 Aug-17 (3) Penfield, NY — 534 — — 534 — 534 — 534 Aug-17 (3) Direct Investments - Net Lease Bohemia, NY 22,716 4,258 27,805 160 4,258 27,965 32,223 5,854 26,369 Sep-14 40 years Hauppauge, NY 13,782 2,086 18,495 1,351 2,086 19,846 21,932 4,464 17,468 Sep-14 40 years Islandia, NY 33,866 8,437 37,198 291 8,437 37,489 45,926 8,011 37,915 Sep-14 40 years Westbury, NY 15,005 2,506 19,163 293 2,506 19,456 21,962 4,028 17,934 Sep-14 40 years Total $ 943,765 $ 123,964 $ 1,120,722 $ (46,786) $ 121,518 $ 1,076,382 $ 1,197,900 $ 225,301 $ 972,599 ______________________________________ (1) Negative amount represents impairment of operating real estate. (2) The aggregate cost for federal income tax purposes is approximately $1.5 billion. (3) Depreciation is not recorded on land. NORTHSTAR HEALTHCARE INCOME, INC. AND SUBSIDIARIES SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2021 (Dollars in Thousands) The following table presents changes in the Company’s operating real estate portfolio for the years ended December 31, 2021, 2020 and 2019 (dollars in thousands): Year Ended December 31, 2021 2020 2019 Balance at beginning of year $ 1,774,971 $ 1,931,032 $ 1,949,997 Dispositions (603,082) — (16,645) Improvements 31,397 17,036 24,701 Impairment (5,386) (165,246) (27,021) Subtotal 1,197,900 1,782,822 1,931,032 Classified as held for sale (1) — (7,851) — Balance at end of year (2) $ 1,197,900 $ 1,774,971 $ 1,931,032 _____________________________ (1) Amounts classified as held for sale during the year and remained as held for sale at the end of the year. (2) The aggregate cost of the properties is approximately $318.2 million higher for federal income tax purposes as of December 31, 2021. The following table presents changes in accumulated depreciation as of December 31, 2021, 2020 and 2019 (dollars in thousands): Year Ended December 31, 2021 2020 2019 Balance at beginning of year $ 291,041 $ 230,814 $ 171,083 Depreciation expense 53,476 63,078 62,798 Property dispositions (119,216) — (3,067) Subtotal 225,301 293,892 230,814 Classified as held for sale — (2,851) — Balance at end of year $ 225,301 $ 291,041 $ 230,814

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	NORTHSTAR HEALTHCARE INCOME, INC. AND SUBSIDIARIES SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE December 31, 2021 (Dollars in Thousands) The Company’s mezzanine loan debt investment was repaid in full in August 2021. The following table presents changes in the Company’s real estate debt investments for the years ended December 31, 2021, 2020 and 2019 (dollars in thousands): Years Ended December 31, 2021 2020 2019 Balance at beginning of year $ 55,864 $ 55,468 $ 58,600 Additions: Capitalized payment-in-kind interest 194 — — Loan modification fees (687) — — Deductions: Reclassification (1) 18,307 271 (2,427) Repayment of principal (74,376) — (818) Amortization of acquisition costs, fees, premiums and discounts 698 125 113 Balance at end of year $ — $ 55,864 $ 55,468 _______________________________________ (1) As a result of impairments and other non-cash reserves recorded by the joint venture, the Company’s carrying value of its Espresso unconsolidated investment was reduced to zero as of December 31, 2018. The Company has recorded the excess equity in losses related to its unconsolidated venture as a reduction to the carrying value of its mezzanine loan, which was originated to a subsidiary of the Espresso joint venture and was repaid in full in August 2021. During the year ended December 31, 2021, the Company received distributions from the joint venture greater than the Company’s carrying value of its unconsolidated investment, which resulted in the Company recording a gain on the distribution and a carrying value of zero as of December 31, 2021.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying 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”).
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company, the Operating Partnership and their consolidated subsidiaries. The Company consolidates entities in which it has a controlling financial interest by first considering if an entity meets the definition of a variable interest entity (“VIE”) for which the Company is deemed to be the primary beneficiary or if the Company has the power to control an entity through majority voting interest or other arrangements. 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. 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. During the year ended December 31, 2021, the Company determined that a reconsideration event for an unconsolidated VIE did not result in a change in the evaluation that the Company is not the primary beneficiary. 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 December 31, 2021, 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. 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 December 31, 2021 is $222.1 million related to such consolidated VIEs. Included in mortgage and other notes payable, net on the Company’s consolidated balance sheet as of December 31, 2021 is $174.9 million, collateralized by the real estate assets of the related consolidated VIEs. Unconsolidated VIEs As of December 31, 2021, the Company identified unconsolidated VIEs related to its real estate equity investments with a carrying value of $212.3 million. The Company’s maximum exposure to loss as of December 31, 2021 would not exceed the carrying value of its investment in 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 December 31, 2021. During the year ended December 31, 2021, the Company contributed $0.4 million
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	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. Any estimates of the effects of COVID-19 as reflected and/or discussed in these financial statements are based upon the Company's best estimates using information known to the Company as of the date of this Annual Report on Form 10-K. Such estimates may change and the impact of which could be material.
Cash, Cash Equivalents and Restricted Cash	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.
Operating Real Estate	Operating Real Estate Operating real estate is carried at historical cost less accumulated depreciation. 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 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
Lessee Accounting	Lessee Accounting A leasing arrangement, a right to control the use of an identified asset for a period of time in exchange for consideration, is classified by the lessee either as a finance lease, which represents a financed purchase of the leased asset, or as an operating lease. For leases with terms greater than 12 months, a lease asset and a lease liability are recognized on the balance sheet at commencement date based on the present value of lease payments over the lease term. Lease renewal or termination options are included in the lease asset and lease liability only if it is reasonably certain that the option to extend would be exercised or the option to terminate would not be exercised. As the implicit rate in most leases are not readily determinable, the Company’s incremental borrowing rate for each lease at commencement date is used to determine the present value of lease payments. Consideration is given to the Company’s recent debt financing transactions, as well as publicly available data for instruments with similar characteristics, adjusted for the respective lease term, when estimating incremental borrowing rates. Lease expense is recognized over the lease term based on an effective interest method for finance leases and on a straight-line basis for operating leases. Right of Use (“ROU”) - Finance Assets operating real estate, net
Assets Held for Sale	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 InvestmentsReal 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 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.
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
Identified Intangibles	Identified Intangibles The Company records acquired identified intangibles, such as the value of in-place leases, goodwill and other intangibles, based on estimated fair value at the acquisition date. The value allocated to the identified intangibles is amortized over the remaining lease term. In-place leases are amortized into depreciation and amortization expense. Impairment analysis for identified intangible assets is performed in connection with the impairment assessment of the related operating real estate. An impairment establishes a new basis for the identified intangible asset and any impairment loss recognized is not subject to subsequent reversal. Refer to “—Impairment on Operating Real Estate and Investments in Unconsolidated Ventures” for additional information. 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 in the fourth quarter 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.
Revenue Recognition	Revenue Recognition Operating Real Estate Rental income from operating real estate is derived from leasing of space to healthcare operators, including rent received from the Company’s net lease properties and rent, ancillary service fees and other related revenue earned from ILF residents. Rental income recognition commences when the operator 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. ILF resident agreements are generally short-term in nature and may allow for termination with 30 days’ notice. The Company also generates revenue from operating healthcare properties. Revenue related to operating healthcare properties includes resident room and care charges, ancillary fees 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. Resident agreements are generally short-term in nature and may allow for termination with 30 days’ notice. Revenue derived from our ALFs, MCFs and CCRCs is recorded in resident fee income in the consolidated statements of operations. Revenue from operators and residents is recognized at lease commencement only to the extent collection is expected to be probable in consideration of operators’ and residents’ creditworthiness. This assessment is based on several qualitative and quantitative factors, including and as appropriate, the payment history, ability to satisfy its lease obligations, the value of the underlying collateral or deposit, if any, and current economic conditions. If collection is assessed to not be probable thereafter, lease income recognized is limited to amounts collected, with the reversal of any revenue recognized to date in excess of amounts received. If collection is subsequently reassessed to be probable, revenue is adjusted to reflect the amount that would have been recognized had collection always been assessed as probable. A summary of rental income recognized for the year ended December 31, 2021 for the Company’s direct net lease properties is as follows: • The operator of the Arbors portfolio failed to remit contractual monthly rent obligations and the Company deemed it not probable that these obligations will be satisfied in the future. Beginning in February 2021, the Company recorded rental income to the extent rental payments were received. In addition, rental income was reduced by $7.4 million for the write-off of straight-line rent receivables, as full collection of contractual rent under the leases was deemed not to be probable. • In December 2021, the Company sold the Watermark Fountains net lease portfolio. The operator of the Watermark Fountains net lease portfolio remitted full contractual rent through the sale date. Effective April 15, 2021, the Company executed a lease modification that allowed the operator to defer up to $3.0 million of contractual rent payments over the remaining term of the lease, which was forgiven at the time of the sale. The Company recognized rental revenue on a straight-line basis based on the modified terms of the lease. • The operator of the Smyrna property failed to remit rental payments and accordingly no lease income was recognized. The Smyrna property was sold in May 2021. For the year ended December 31, 2021 and 2020, total property and other revenue includes variable lease revenue of $13.1 million and $14.4 million, respectively. Variable lease revenue includes ancillary services provided to operator/residents, as well as non-recurring services and fees at the Company’s operating facilities. The Company recognized grant income received from the Provider Relief Fund administered by the U.S. Department of Health and Human Services totaling $7.7 million and $1.8 million for the year ended December 31, 2021 and 2020, respectively. The grant income is classified as other income, net in the consolidated statements of operations. These grants are intended to mitigate the negative financial impact of the COVID-19 pandemic as reimbursements for expenses incurred to prevent, prepare for and respond to COVID-19 and lost revenues attributable to COVID-19. Provided that the Company attests to and complies with certain terms and conditions of the grants, the Company will not be required to repay these grants in the future. Lease Concessions Related to COVID-19 As a result of the COVID-19 pandemic, the Company engages with affected operators on a case-by-case basis to evaluate and respond to the current environment and assess the potential for flexible payment terms. For lease concessions resulting directly from the impact of COVID-19 that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee, for example, where total payments required by the modified contract will be substantially the same as or less than the original contract, the Company made a policy election to account for the concessions as though the enforceable rights and obligations for those concessions existed in the lease contracts, under a relief provided by the Financial Accounting Standards Board (“FASB”). Under the relief, the concessions will not be treated as lease modifications that are accounted for over the remaining term of the respective leases, as the Company believes this would not accurately reflect the temporary economic effect of the concessions. Instead, (i) rent deferrals that meet the criteria will be treated as if no changes were made to the lease contract, with continued recognition of lease income and receivable under the original terms of the contract; and (ii) rent forgiveness that meets the criteria will be accounted for as variable lease payments in the affected periods. Effective June 1, 2020, the Company granted a lease concession to the operator of its Watermark Fountains net lease portfolio. The concession allowed the operator to defer a portion of contractual rent payments for a 90-day period, with full contractual rent to be repaid over the 12 months following the concession period. The lease concession provided the operator relief consistent with the debt forbearance received from the lender of the properties in the portfolio. The lease concession period ended on August 31, 2020 and deferred rent was fully repaid as of September 2021. The Company sold the Watermark Fountains net lease portfolio in December 2021. 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.
Impairment on Operating Real Estate and Investments in Unconsolidated Ventures	Impairment on Operating Real Estate and Investments in Unconsolidated Ventures Due to uncertainties over the extent and duration of the economic fallout from COVID-19, it is difficult for the Company to assess and estimate the future economic effects of COVID-19 with any meaningful precision. As the future impact of COVID-19 will depend on many factors beyond the Company’s control and knowledge, the resulting effect on impairment of the Company's real estate held for investment and held for sale and investments in unconsolidated ventures may materially differ from the Company's current expectations and further impairment charges may be recorded in future periods. 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. Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal cost, with any write-down to disposal cost recorded as an impairment loss. For any increase in fair value less disposal cost subsequent to classification as held for sale, the impairment may be reversed, but only up to the amount of cumulative loss previously recognized. The Company considered the potential impact of the COVID-19 pandemic on the future net operating income of its healthcare real estate held for investment as an indicator of impairment. Fair values were estimated based upon the income capitalization approach, using net operating income for each property and applying indicative capitalization rates.
Credit Losses on Real Estate Debt Investments and Receivables	Credit Losses on Real Estate Debt Investments and Receivables The current expected credit loss model, in estimating expected credit losses over the life of a financial instrument at the time of origination or acquisition, considers historical loss experiences, current conditions and the effects of reasonable and supportable expectations of changes in future macroeconomic conditions. The Company assesses the estimate of expected credit losses on a quarterly basis or more frequently as necessary. The Company considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. The Company measures expected credit losses of real estate debt investments and other receivables (“Financial Assets”) on a collective basis when similar risk characteristics exist. If the Company determines that a particular Financial Asset does not share risk characteristics with its other Financial Assets, the Company evaluates the Financial Asset for expected credit losses on an individual basis. When developing an estimate of expected credit losses on Financial Assets, the Company considers available information relevant to assessing the collectability of cash flows. This information may include internal information, external information, or a combination of both relating to past events, current conditions, and reasonable and supportable forecasts. The Company considers relevant qualitative and quantitative factors that relate to the environment in which the Company operates and are specific to the borrower.
Acquisition Fees and Expenses	Acquisition Fees and ExpensesThe 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. The Company records as an expense for 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. 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.
Equity-Based Compensation	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	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, gross income and share ownership tests are met. To maintain its qualification as a REIT, the Company must annually distribute dividends equal to at least 90.0% of its REIT taxable income (with certain adjustments) 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 has assessed its tax positions for all open tax years, which include 2018 to 2021, and concluded there were no material uncertainties to be recognized. 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 services for managers/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 sheets 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
Comprehensive Income (Loss)	Comprehensive Income (Loss)
Foreign Currency	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. As of December 31, 2021 and 2020, the Company had exposure to foreign currency through an investment in an unconsolidated venture, the effects of which are reflected as a component of accumulated OCI in the consolidated statements of equity and in equity in earnings (losses) in the consolidated statements of operations.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Standards Adopted in 2021 Income Tax Accounting— In December 2019, the FASB issued Accounting Standards Update ("ASU") No. 2019-12, Simplifying the Accounting for Income Taxes . The ASU simplifies accounting for income taxes by eliminating certain exceptions to the general approach in Accounting Standards Codification (“ASC”) 740, Income Taxes , and clarifies certain aspects of the guidance for more consistent application. The simplifications relate to intraperiod tax allocations when there is a loss in continuing operations and a gain outside of continuing operations, accounting for tax law or tax rate changes and year-to-date losses in interim periods, recognition of deferred tax liability for outside basis difference when investment ownership changes, and accounting for franchise taxes that are partially based on income. The ASU also provides new guidance that clarifies the accounting for transactions resulting in a step-up in tax basis of goodwill, among other changes. Transition is generally prospective, other than the provision related to outside basis difference which is on a modified retrospective basis with cumulative effect adjusted to retained earnings at the beginning of the period adopted, and franchise tax provision which is on either full or modified retrospective. The Company adopted ASU No. 2019-12 on January 1, 2021, with no transitional impact upon adoption. Accounting for Certain Equity Investments— In January 2020, the FASB issued ASU No. 2020-01, Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 . The ASU clarifies that if as a result of an observable transaction, an equity investment under the measurement alternative is transitioned into equity method and vice versa, the investment is to be remeasured immediately before and after the transaction, respectively. The ASU also clarifies that certain forward contracts or purchased options to acquire equity securities that are not deemed to be derivatives or in-substance common stock will generally be measured using the fair value principles of ASC 321 before settlement or exercise, and that an entity should not be considering how it will account for the resulting investments upon eventual settlement or exercise. The Company adopted ASU No. 2020-01 on January 1, 2021, with no transitional impact upon adoption. Future Application of Accounting Standards Reference Rate Reform— In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The guidance in Topic 848 is optional, the election of which provides temporary relief for the accounting effects on contracts, hedging relationships and other transactions impacted by the transition from interbank offered rates (such as London Interbank Offered Rate (“LIBOR”)) that are expected to be discontinued by the end of 2021 to alternative reference rates (such as Secured Overnight Financing Rate). Modification of contractual terms to effect the reference rate reform transition on debt, leases, derivatives and other contracts is eligible for relief from modification accounting and accounted for as a continuation of the existing contract. Topic 848 is effective upon issuance through December 31, 2022, and may be applied retrospectively to January 1, 2020. The Company may elect practical expedients or exceptions as applicable over time as reference rate reform activities occur. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope . The guidance amends the scope of the recent reference rate reform guidance issued in ASU No. 2020-04. New optional expedients allow derivative instruments impacted by changes in the interest rate used for margining, discounting, or contract price alignment to qualify for certain optional relief. The guidance was effective immediately and may be applied retrospectively to January 1, 2020. The Company may elect practical expedients or exceptions as applicable over time as reference rate reform activities occur. Certain Leases with Variable Lease Payments — In July 2021, the FASB issued ASU No. 2021-05, Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments . The guidance in ASU 2021-05 amends the lease classification requirements for the lessors under certain leases containing variable payments to align with practice under ASC 840. Under the guidance, the lessor should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if both of the following criteria are met: 1) the lease would have been classified as a sales-type lease or a direct financing lease in accordance with the classification criteria in ASC 842-10-25-2 through 25-3; and 2) the lessor would have otherwise recognized a day-one loss. The amendments in ASU 2021-05 are effective for fiscal years beginning after December 15, 2021 and are not expected to have a significant impact on the Company’s consolidated financial statements. Disclosures by Business Entities about Government Assistance— In November 2021, the FASB issued ASU No. 2021-10: Disclosures by Business Entities about Government Assistance. The guidance requires expanded disclosure for transactions involving the receipt of government assistance. Required disclosures include a description of the nature of transactions with government entities, accounting policies for such transactions and their impact to the Company’s consolidated financial statements. The guidance is effective beginning January 1, 2022 and is not expected to have a significant impact on the Company’s consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
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): December 31, 2021 2020 2019 Cash and cash equivalents $ 200,473 $ 65,995 $ 41,884 Restricted cash 10,465 27,575 16,936 Total cash, cash equivalents and restricted cash $ 210,938 $ 93,570 $ 58,820
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): December 31, 2021 2020 2019 Cash and cash equivalents $ 200,473 $ 65,995 $ 41,884 Restricted cash 10,465 27,575 16,936 Total cash, cash equivalents and restricted cash $ 210,938 $ 93,570 $ 58,820
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
Schedule of Future Minimum Lease Payments for Capital Leases	The following table presents the future minimum lease payments under finance leases and the present value of the minimum lease payments, which are included in other liabilities Years Ending December 31: 2022 $ 473 2023 93 2024 60 2025 29 2026 23 Thereafter 27 Total minimum lease payments $ 705 Less: Amount representing interest (46) Present value of minimum lease payments $ 659
Summary of Deferred Costs and Intangible Assets	The following table presents deferred costs and intangible assets, net (dollars in thousands): December 31, 2021 December 31, 2020 Goodwill and intangible assets, net: In-place lease value, net $ 2,590 $ 4,635 Goodwill (1) — 21,387 Certificate of need intangible assets (1) — 380 Subtotal intangible assets 2,590 26,402 Deferred costs, net (1) — 81 Total $ 2,590 $ 26,483 _______________________________________
Schedule of Deferred Costs and Intangible Assets, Future Amortization Expense	The following table presents future amortization of in-place lease value (dollars in thousands): Years Ending December 31: 2022 $ 337 2023 337 2024 337 2025 337 2026 337 Thereafter 905 Total $ 2,590
Schedule of Other Assets	The following table presents a summary of other assets (dollars in thousands): December 31, 2021 December 31, 2020 Other assets: Remainder interest in condominium units (1) 2,030 2,327 Prepaid expenses 4,948 3,798 Lease / rent inducements, net 3,209 2,246 Utility deposits 142 447 Other 442 863 Total $ 10,771 $ 9,681 _______________________________________ (1) Represents future interests in property subject to life estates.

Operating Real Estate (Tables)

Operating Real Estate (Tables)	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Schedule of Operating Real Estate	The following table presents operating real estate, net (dollars in thousands): December 31, 2021 December 31, 2020 Land $ 121,518 $ 234,706 Land improvements 17,798 23,797 Buildings and improvements 965,630 1,389,706 Tenant improvements — 16,172 Construction in progress 8,141 2,535 Furniture, fixtures and equipment 84,813 108,055 Subtotal $ 1,197,900 $ 1,774,971 Less: Accumulated depreciation (225,301) (291,041) Operating real estate, net $ 972,599 $ 1,483,930
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity	The following table presents approximate future minimum rental income under noncancelable operating leases to be received over the next five years and thereafter as of December 31, 2021 (dollars in thousands): Years Ending December 31: (1) 2022 $ 10,653 2023 10,919 2024 11,192 2025 11,472 2026 11,759 Thereafter 33,845 Total $ 89,840 _______________________________________ (1) Excludes rental income from residents at ILFs that are subject to short-term leases.

Investments in Unconsolidated_2

Investments in Unconsolidated Ventures (Tables)	12 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The following tables present the Company’s investments in unconsolidated ventures (dollars in thousands): Carrying Value (1) Portfolio Acquisition Date Ownership December 31, 2021 December 31, 2020 Trilogy Dec-2015 23.2 % $ 126,366 $ 133,896 Diversified US/UK Dec-2014 14.3 % 80,766 89,651 Eclipse May-2014 5.6 % 4,856 5,624 Envoy (2) Sep-2014 11.4 % — 2 Espresso (3) Jul-2015 36.7 % — — Subtotal $ 211,988 $ 229,173 Solstice (4) Jul-2017 20.0 % 321 — Total $ 212,309 $ 229,173 _______________________________________ (1) Includes $1.3 million, $13.4 million and $9.8 million of capitalized acquisition costs for the Company’s investments in the Eclipse, Diversified US/UK, and Trilogy joint ventures, respectively. (2) In March 2019, the Envoy joint venture completed the sale of its remaining 11 properties for a sales price of $118.0 million, which generated net proceeds to the Company totaling $4.3 million. (3) As a result of impairments and other non-cash reserves recorded by the joint venture, the Company’s carrying value of its Espresso unconsolidated investment was reduced to zero in the fourth quarter of 2018. The Company recorded the excess equity in losses related to its unconsolidated venture as a reduction to the carrying value of its mezzanine loan, which was originated to a subsidiary of the Espresso joint venture and was repaid in full August 2021. During the year ended December 31, 2021, the Company received distributions from the joint venture greater than the Company’s carrying value of its unconsolidated investment, which resulted in the Company recording a gain on the distribution totaling $4.3 million and a carrying value of zero as of December 31, 2021. (4) Represents investment in Solstice Senior Living, LLC (“Solstice”), the manager of the Winterfell portfolio. Solstice is a joint venture between affiliates of Integral Senior Living, LLC (“ISL”), a management company of ILF, ALF and MCF founded in 2000, which owns 80.0%, and the Company, which owns 20.0%. During the year ended December 31, 2021, the Company contributed an additional $0.4 million to Solstice. Years Ended December 31, 2021 2020 Portfolio Equity in Earnings (Losses) Cash Distribution Equity in Earnings (Losses) Cash Distribution Trilogy $ (2,891) $ 4,638 $ 4,495 $ 3,960 Diversified US/UK (3,676) 4,257 (35,396) 1,487 Eclipse 2,130 2,898 (3,774) 86 Envoy 740 817 (7) 390 Espresso 19,619 5,500 270 — Subtotal $ 15,922 $ 18,110 $ (34,412) $ 5,923 Solstice (79) — (54) — Total $ 15,843 $ 18,110 $ (34,466) $ 5,923 Summarized Financial Data The combined balance sheets as of December 31, 2021 and 2020 and combined statements of operations for the years ended December 31, 2021, 2020 and 2019 for the Company’s unconsolidated ventures are as follows (dollars in thousands): December 31, 2021 December 31, 2020 Years Ended December 31, 2021 2020 2019 Assets Operating real estate, net $ 4,051,899 $ 4,500,319 Total revenues $ 1,493,341 $ 1,562,284 $ 1,575,758 Other assets 1,308,236 1,261,678 Net income (loss) $ 59,321 $ (294,501) $ (17,689) Total assets $ 5,360,135 $ 5,761,997 Liabilities and equity Total liabilities $ 4,277,887 $ 4,626,761 Equity 1,082,248 1,135,236 Total liabilities and equity $ 5,360,135 $ 5,761,997 The below table indicates the Company’s investments for which the Sponsor 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 NRF/ May 2014 5.6% Diversified US/UK NRF December 2014 14.3%

Real Estate Debt Investments (T

Real Estate Debt Investments (Tables)	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Schedule of the Company's Real Estate Debt Investments	The following table presents the Company’s one debt investment (dollars in thousands) as of December 31, 2020: Asset Type: Principal Amount Carrying Value (1) Effective Interest Rate Mezzanine loan $ 74,182 $ 55,864 10.0 % _______________________________________ (1) As a result of impairments and other non-cash reserves recorded by the joint venture, the Company’s carrying value of its Espresso unconsolidated investment was reduced to zero in the fourth quarter of 2018. The Company has recorded the excess equity in losses related to its unconsolidated investment as a reduction to the carrying value of its mezzanine loan, which was originated to a subsidiary of the Espresso joint venture. As of December 31, 2020, the cumulative excess equity in losses included in the mezzanine loan carrying value were $18.3 million.

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Summary of Borrowings	The following table presents the Company’s mortgage and other notes payable (dollars in thousands): December 31, 2021 December 31, 2020 Recourse vs. Non-Recourse Initial Contractual Interest Rate (1) Principal Amount (2) Carrying Value (2) Principal (2) Carrying (2) Mortgage notes payable, net Watermark Aqua Portfolio Denver, CO Non-recourse Repaid LIBOR + 2.92% $ — $ — $ 20,189 $ 20,183 Frisco, TX (3) Non-recourse Feb 2026 3.0% 26,000 25,431 18,770 18,764 Milford, OH Non-recourse Sep 2026 LIBOR + 2.68% 18,661 18,388 18,760 18,423 Rochester Portfolio Rochester, NY Non-recourse Feb 2025 4.25% 18,911 18,853 19,907 19,830 Rochester, NY (4) Non-recourse Aug 2027 LIBOR + 2.34% 101,224 100,495 101,224 100,378 Rochester, NY Non-recourse Aug 2022 LIBOR + 2.90% 11,732 11,716 12,800 12,584 Arbors Portfolio (5) Various locations Non-recourse Feb 2025 3.99% 85,369 84,799 87,302 86,521 Watermark Fountains Portfolio Various locations Non-recourse Repaid 3.92% — — 386,607 385,606 Various locations Non-recourse Repaid 5.56% — — 73,439 73,180 Winterfell Portfolio (6) Various locations Non-recourse Jun 2025 4.17% 608,810 597,460 622,045 607,526 Avamere Portfolio (7) Various locations Non-recourse Feb 2027 4.66% 69,144 68,755 70,427 69,962 Subtotal mortgage notes payable, net $ 939,851 $ 925,897 $ 1,431,470 $ 1,412,957 Other notes payable Oak Cottage Santa Barbara, CA Non-recourse (8) 6.00% 3,914 3,914 3,914 3,914 Subtotal other notes payable, net $ 3,914 $ 3,914 $ 3,914 $ 3,914 Total mortgage and other notes payable, net $ 943,765 $ 929,811 $ 1,435,384 $ 1,416,871 _______________________________________ (1) Floating-rate borrowings total $131.6 million of principal outstanding and reference one-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) In January 2021, the Company refinanced its existing mortgage note payable with a new $26.0 million mortgage note payable. The new mortgage note carries a fixed interest rate of 3.0% through February 2024, followed by the greater of the fixed rate or one-month LIBOR plus 2.80% through the initial maturity date of February 2026. (4) Composed of seven individual mortgage notes payable secured by seven healthcare real estate properties, cross-collateralized and subject to cross-default. (5) Composed of four individual mortgage notes payable secured by four healthcare real estate properties, cross-collateralized and subject to cross-default. (6) Composed of 32 individual mortgage notes payable secured by 32 healthcare real estate properties, cross-collateralized and subject to cross-default. (7) Composed of five individual mortgage notes payable secured by five healthcare real estate properties, cross-collateralized and subject to cross-default.
Schedule of Principal on Borrowings based on Final Maturity	The following table presents future scheduled principal payments on mortgage and other notes payable based on final maturity (dollars in thousands): Years Ending December 31: 2022 $ 29,495 2023 20,142 2024 20,865 2025 670,775 2026 47,451 Thereafter 155,037 Total $ 943,765 The following table presents the Company’s borrowings under the Sponsor Line as of December 31, 2021 (dollars in thousands): Principal Amount Asset Type: December 31, 2021 December 31, 2020 Capacity Contractual Interest Rate Maturity Date Sponsor Line of Credit $ — $ 35,000 $ 35,000 LIBOR + 3.50% Jun 2023

Related Party Arrangements (Tab

Related Party Arrangements (Tables)	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Schedule of the Fees and Reimbursements Incurred to the Advisor and Dealer Manager	The following tables present the fees and reimbursements incurred and paid to the Advisor (dollars in thousands): Type of Fee or Reimbursement Due to Related Party as of December 31, 2020 Year Ended December 31, 2021 Due to Related Party as of December 31, 2021 Financial Statement Location Incurred Paid Fees to Advisor Entities Asset management (1) Asset management fees-related party $ 923 $ 11,105 $ (11,091) (1) $ 937 Reimbursements to Advisor Entities Operating costs (2) General and administrative expenses 7,395 14,035 (15,029) 6,401 Total $ 8,318 $ 25,140 $ (26,120) $ 7,338 _______________________________________ (1) Includes $10.6 million paid in shares of the Company’s common stock. (2) As of December 31, 2021, the Advisor did not have any unreimbursed operating costs which remained eligible to be allocated to the Company. Type of Fee or Reimbursement Due to Related Party as of December 31, 2019 Year Ended December 31, 2020 Due to Related Party as of December 31, 2020 Financial Statement Location Incurred Paid Fees to Advisor Entities (1) Asset management (2) Asset management and other fees-related party $ 1,477 $ 17,170 $ (17,724) (2) $ 923 Reimbursements to Advisor Entities Operating costs (3) General and administrative expenses 4,303 14,682 (11,590) 7,395 Total $ 5,780 $ 31,852 $ (29,314) $ 8,318 _______________________________________ (1) Effective June 30, 2020, our Advisor no longer has the potential to receive a disposition fee in connection with the sale of real estate properties or debt investments. The Company did not incur any disposition fees during the year ended December 31, 2020, nor were any such fees outstanding as of December 31, 2020. (2) Includes $9.7 million paid in shares of the Company’s common stock and a $0.3 million gain recognized on the settlement of the share-based payment. (3) As of December 31, 2020, the Advisor did not have any unreimbursed operating costs which remained eligible to be allocated to the Company.
Schedule of Joint Ventures	The following tables present the Company’s investments in unconsolidated ventures (dollars in thousands): Carrying Value (1) Portfolio Acquisition Date Ownership December 31, 2021 December 31, 2020 Trilogy Dec-2015 23.2 % $ 126,366 $ 133,896 Diversified US/UK Dec-2014 14.3 % 80,766 89,651 Eclipse May-2014 5.6 % 4,856 5,624 Envoy (2) Sep-2014 11.4 % — 2 Espresso (3) Jul-2015 36.7 % — — Subtotal $ 211,988 $ 229,173 Solstice (4) Jul-2017 20.0 % 321 — Total $ 212,309 $ 229,173 _______________________________________ (1) Includes $1.3 million, $13.4 million and $9.8 million of capitalized acquisition costs for the Company’s investments in the Eclipse, Diversified US/UK, and Trilogy joint ventures, respectively. (2) In March 2019, the Envoy joint venture completed the sale of its remaining 11 properties for a sales price of $118.0 million, which generated net proceeds to the Company totaling $4.3 million. (3) As a result of impairments and other non-cash reserves recorded by the joint venture, the Company’s carrying value of its Espresso unconsolidated investment was reduced to zero in the fourth quarter of 2018. The Company recorded the excess equity in losses related to its unconsolidated venture as a reduction to the carrying value of its mezzanine loan, which was originated to a subsidiary of the Espresso joint venture and was repaid in full August 2021. During the year ended December 31, 2021, the Company received distributions from the joint venture greater than the Company’s carrying value of its unconsolidated investment, which resulted in the Company recording a gain on the distribution totaling $4.3 million and a carrying value of zero as of December 31, 2021. (4) Represents investment in Solstice Senior Living, LLC (“Solstice”), the manager of the Winterfell portfolio. Solstice is a joint venture between affiliates of Integral Senior Living, LLC (“ISL”), a management company of ILF, ALF and MCF founded in 2000, which owns 80.0%, and the Company, which owns 20.0%. During the year ended December 31, 2021, the Company contributed an additional $0.4 million to Solstice. Years Ended December 31, 2021 2020 Portfolio Equity in Earnings (Losses) Cash Distribution Equity in Earnings (Losses) Cash Distribution Trilogy $ (2,891) $ 4,638 $ 4,495 $ 3,960 Diversified US/UK (3,676) 4,257 (35,396) 1,487 Eclipse 2,130 2,898 (3,774) 86 Envoy 740 817 (7) 390 Espresso 19,619 5,500 270 — Subtotal $ 15,922 $ 18,110 $ (34,412) $ 5,923 Solstice (79) — (54) — Total $ 15,843 $ 18,110 $ (34,466) $ 5,923 Summarized Financial Data The combined balance sheets as of December 31, 2021 and 2020 and combined statements of operations for the years ended December 31, 2021, 2020 and 2019 for the Company’s unconsolidated ventures are as follows (dollars in thousands): December 31, 2021 December 31, 2020 Years Ended December 31, 2021 2020 2019 Assets Operating real estate, net $ 4,051,899 $ 4,500,319 Total revenues $ 1,493,341 $ 1,562,284 $ 1,575,758 Other assets 1,308,236 1,261,678 Net income (loss) $ 59,321 $ (294,501) $ (17,689) Total assets $ 5,360,135 $ 5,761,997 Liabilities and equity Total liabilities $ 4,277,887 $ 4,626,761 Equity 1,082,248 1,135,236 Total liabilities and equity $ 5,360,135 $ 5,761,997 The below table indicates the Company’s investments for which the Sponsor 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 NRF/ May 2014 5.6% Diversified US/UK NRF December 2014 14.3%

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Schedule of Dividend Investment Estimated Value per Share	The following table presents the estimated value per share of common stock based on when the value became effective: Effective Date Estimated Value per Share Valuation Date April 2016 $ 8.63 12/31/2015 December 2016 9.10 6/30/2016 December 2017 8.50 6/30/2017 December 2018 7.10 6/30/2018 December 2019 6.25 6/30/2019 December 2020 3.89 6/30/2020 November 2021 3.91 6/30/2021

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
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 (dollars in thousands): December 31, 2021 December 31, 2020 Principal Amount Carrying Value Fair Value Principal Amount Carrying Value Fair Value Financial assets: (1) Real estate debt investments, net (2) $ — $ — $ — $ 74,182 $ 55,864 $ 74,182 Financial liabilities: (1) Mortgage and other notes payable, net $ 943,765 $ 929,811 $ 889,485 $ 1,435,384 $ 1,416,871 $ 1,354,832 Line of credit - related party (2) — — — 35,000 35,000 35,000 _______________________________________ (1) The fair value of other financial instruments not included in this table is estimated to approximate their carrying value. (2) Repaid in full during the year ended December 31, 2021. The following table summarizes the fair value, measured at the time of impairment, of Level 3 assets which have been measured at fair value on a nonrecurring basis during the periods presented and the associated impairment losses (dollars in thousands): Years Ended December 31, 2021 2020 2019 Fair Value Impairment Losses Fair Value Impairment Losses Fair Value Impairment Losses Operating real estate, net $ 11,793 $ 5,386 $ 234,650 $ 164,215 $ 58,804 $ 27,021 Assets held for sale — 5,000 1,753 1,649 533

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Summary of Segment Reporting	The following tables present segment reporting (dollars in thousands): Direct Investments Year Ended December 31, 2021 Net Lease Operating Unconsolidated Investments Debt Corporate (1) Total Property and other revenues $ 14,708 $ 228,569 $ — $ — $ — $ 243,277 Interest income on debt investments — — — 4,667 — 4,667 Property operating expenses (29) (177,907) — — — (177,936) Interest expense (10,900) (49,979) — — (741) (61,620) Transaction costs — (54) — — — (54) Asset management fees - related party — — — — (11,105) (11,105) General and administrative expenses (192) (227) — — (12,272) (12,691) Depreciation and amortization (11,748) (43,088) — — — (54,836) Impairment loss (786) (4,600) — — — (5,386) Other income, net — 7,278 — — — 7,278 Realized gain (loss) on investments and other 10,601 64,618 4,263 — (5) 79,477 Equity in earnings (losses) of unconsolidated ventures — — 15,843 — — 15,843 Income tax expense — (99) — — — (99) Net income (loss) $ 1,654 $ 24,511 $ 20,106 $ 4,667 $ (24,123) $ 26,815 _______________________________________ (1) Includes unallocated asset management fee-related party and general and administrative expenses. Direct Investments Year Ended December 31, 2020 Net Lease Operating Unconsolidated Investments Debt Corporate (1) Total Property and other revenues $ 32,899 $ 242,250 $ — $ — $ 199 $ 275,348 Interest income on debt investments — — — 7,674 — 7,674 Property operating expenses (13) (184,165) — — — (184,178) Interest expense (11,832) (53,210) — — (949) (65,991) Transaction costs (58) (7) — — — (65) Asset management fees - related party — — — — (17,170) (17,170) General and administrative expenses (804) (296) — (19) (15,386) (16,505) Depreciation and amortization (14,940) (50,066) — — — (65,006) Impairment loss (722) (165,246) — — — (165,968) Other income, net — 1,840 — — — 1,840 Realized gain (loss) on investments and other — (13) — — 315 302 Equity in earnings (losses) of unconsolidated ventures — — (34,466) — — (34,466) Income tax benefit (expense) — (53) — — — (53) Net income (loss) $ 4,530 $ (208,966) $ (34,466) $ 7,655 $ (32,991) $ (264,238) _______________________________________ (1) Includes unallocated asset management fee-related party and general and administrative expenses. Direct Investments Year Ended December 31, 2019 Net Lease Operating Unconsolidated Investments Debt and Securities Corporate (1) Total Property and other revenues $ 33,424 $ 259,033 $ — $ 35 $ 686 $ 293,178 Interest income on debt investments — — — 7,703 — 7,703 Property operating expenses (11) (181,203) — — — (181,214) Interest expense (12,434) (56,360) — — (102) (68,896) Transaction costs — (122) — — — (122) Asset management and other fees - related party — — — — (19,789) (19,789) General and administrative expenses (268) (42) — (38) (12,413) (12,761) Depreciation and amortization (14,329) (56,660) — — — (70,989) Impairment loss (4,132) (23,422) — — — (27,554) Realized gain (loss) on investments and other 5,872 719 — — (277) 6,314 Equity in earnings (losses) of unconsolidated ventures — — (3,545) — — (3,545) Income tax benefit (expense) — (75) — — — (75) Net income (loss) $ 8,122 $ (58,132) $ (3,545) $ 7,700 $ (31,895) $ (77,750) _______________________________________ (1) Includes unallocated asset management fee-related party and general and administrative expenses.
Summary of Assets by Segment	The following table presents total assets by segment (dollars in thousands): Direct Investments Total Assets: Net Lease Operating Unconsolidated Investments Debt Corporate (1) Total December 31, 2021 $ 104,809 $ 908,517 $ 212,309 $ — $ 187,238 $ 1,412,873 December 31, 2020 348,688 1,223,045 229,170 56,502 61,031 1,918,436 ______________________________________
Schedule of Real Estate Properties	The following table presents the operators and managers of the Company’s properties, excluding properties owned through unconsolidated joint ventures (dollars in thousands): As of December 31, 2021 Year Ended December 31, 2021 Operator / Manager Properties Under Management Units Under Management (1) Property and Other Revenues (2) % of Total Property and Other Revenues Solstice Senior Living (3) 32 4,000 $ 98,977 40.7 % Watermark Retirement Communities 14 1,753 42,447 17.4 % Avamere Health Services 5 453 17,301 7.1 % Integral Senior Living 1 44 4,556 1.9 % Arcadia Management (4) 4 572 (3,900) (1.6) % Subtotal 56 6,822 159,381 65.5 % Properties sold 17 3,630 83,896 34.5 % Total $ 243,277 100.0 % ______________________________________ (1) Represents rooms for ALFs and ILFs and beds for MCFs and SNFs, based on predominant type. (2) Includes rental income received from the Company’s net lease properties as well as rental income, ancillary service fees and other related revenue earned from ILF residents and resident fee income derived from the Company’s ALFs, MCFs and CCRCs, which includes resident room and care charges, ancillary fees and other resident service charges. (3) Solstice is a joint venture of which affiliates of ISL own 80%.

Business and Organization (Deta

Business and Organization (Details) - USD ($)	12 Months Ended	83 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	400,000,000	400,000,000	400,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000	50,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Net proceeds from issuance of common stock		$ 2,000,000,000
Dividend Reinvestment Plan
Class of Stock [Line Items]
Net proceeds from issuance of common stock		$ 232,600,000
Advisor
Class of Stock [Line Items]
Non-controlling interest investment in operating partnership	$ 1,000
Special Unit Holder
Class of Stock [Line Items]
Non-controlling interest investment in operating partnership	$ 1,000
Primary Beneficiary
Class of Stock [Line Items]
Limited partnership interest in operating partnership	99.99%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details)	1 Months Ended	12 Months Ended
	Jun. 30, 2021property	Dec. 31, 2021USD ($)d	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Apr. 15, 2021USD ($)
Variable Interest Entities
Operating real estate, net		$ 972,599,000	$ 1,483,930,000
Mortgage and other notes payable, net		929,811,000	1,416,871,000
Investments in unconsolidated ventures		212,309,000	229,173,000
Payments to acquire investment in unconsolidated VIE		$ 400,000	0	$ 39,801,000
Finance Lease Liability
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Operating real estate, net
Finance leases for equipment		$ 2,500,000
Payments of finance lease obligations		$ 700,000	700,000
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]		Other liabilities
Weighted average interest rate (percent)		6.20%
Remaining lease term (years)		2 years 2 months 12 days
Number of properties sold | property	2
Identified Intangibles
Amortization expense for in-place leases and deferred costs		$ 1,400,000	1,900,000
Days notice required for lease termination | d		30
Variable lease revenues		$ 13,100,000	14,400,000
Concession period (days)		90 days
Repayment period (months)		12 months
Impairment loss		$ 5,386,000	165,968,000	27,554,000
Investments in Unconsolidated Ventures
Impairment recognized		$ 0	0
Acquisition Fees and Expenses
Acquisition fee and expense cap		6.00%
Income Taxes
Deferred tax asset		$ 13,100,000
Income tax expense		99,000	53,000	$ 75,000
Other Income
Identified Intangibles
Grant Income		7,700,000	1,800,000
Arbors Portfolio
Identified Intangibles
Write-off of straight-line rent receivable		7,400,000
Watermark Fountains Portfolio
Identified Intangibles
Deferred rent					$ 3,000,000
Winterfell
Identified Intangibles
Impairment loss		4,600,000
Smyrna Property
Identified Intangibles
Impairment loss		800,000
Leases, Acquired-in-Place
Identified Intangibles
In-place lease value, gross		120,100,000
In-place lease value, accumulated amortization		117,500,000
Variable Interest Entity, Primary Beneficiary
Variable Interest Entities
Operating real estate, net		222,100,000
Mortgage and other notes payable, net		174,900,000
Corporate Joint Venture
Investments in Unconsolidated Ventures
Impairment recognized		$ 1,800,000	$ 38,200,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents	$ 200,473	$ 65,995	$ 41,884
Restricted cash	10,465	27,575	16,936
Total cash, cash equivalents and restricted cash	$ 210,938	$ 93,570	$ 58,820	$ 94,508

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2021
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_7

Summary of Significant Accounting Policies - Future Minimum Lease Payments from Capital Leases (Details) $ in Thousands	Dec. 31, 2021USD ($)
Accounting Policies [Abstract]
2022	$ 473
2023	93
2024	60
2025	29
2026	23
Thereafter	27
Total minimum lease payments	705
Less: Amount representing interest	(46)
Present value of minimum lease payments	$ 659

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Deferred Costs and Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Goodwill and intangible assets, net:
In-place lease value, net	$ 2,590	$ 4,635
Goodwill	0	21,387
Certificate of need intangible assets	0	380
Subtotal intangible assets	2,590	26,402
Deferred costs, net	0	81
Total	$ 2,590	$ 26,483

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Schedule of Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2021USD ($)
Accounting Policies [Abstract]
2022	$ 337
2023	337
2024	337
2025	337
2026	337
Thereafter	905
Total	$ 2,590

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Other Assets and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other assets:
Remainder interest in condominium units	$ 2,030	$ 2,327
Prepaid expenses	4,948	3,798
Lease / rent inducements, net	3,209	2,246
Utility deposits	142	447
Other	442	863
Total	$ 10,771	$ 9,681

Operating Real Estate - Identif

Operating Real Estate - Identifiable Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real Estate [Abstract]
Land	$ 121,518	$ 234,706
Land improvements	17,798	23,797
Buildings and improvements	965,630	1,389,706
Tenant improvements	0	16,172
Construction in progress	8,141	2,535
Furniture, fixtures and equipment	84,813	108,055
Subtotal	1,197,900	1,774,971
Less: Accumulated depreciation	(225,301)	(291,041)
Operating real estate, net	$ 972,599	$ 1,483,930

Operating Real Estate - Narrati

Operating Real Estate - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate [Line Items]
Depreciation	$ 53.5	$ 63.1	$ 62.8
Impairment loss	5.4	166
Building and Building Improvements
Real Estate [Line Items]
Accumulated impairment	$ 149.7	$ 213.9

Operating Real Estate - Minimum

Operating Real Estate - Minimum Future Rents (Details) $ in Thousands	Dec. 31, 2021USD ($)
Real Estate [Abstract]
2022	$ 10,653
2023	10,919
2024	11,192
2025	11,472
2026	11,759
Thereafter	33,845
Total	$ 89,840

Investments in Unconsolidated_3

Investments in Unconsolidated Ventures - Changes in Carrying Value (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)facility	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Schedule of Equity Method Investments [Line Items]
Carrying value		$ 212,309	$ 229,173
Number of properties sold | facility	11
Proceeds from sale of held-for-sale property	$ 118,000
Proceeds from sale of held-for-sale property, net	$ 4,300
Payments to acquire investment in unconsolidated VIE		400	0	$ 39,801
Cash Distribution		18,110	5,923
Equity in earnings (losses) of unconsolidated ventures		15,843	(34,466)	$ (3,545)
Eclipse, Envoy, Diversified US/UK, Espresso, Trilogy
Schedule of Equity Method Investments [Line Items]
Carrying value		211,988	229,173
Cash Distribution		18,110	5,923
Equity in earnings (losses) of unconsolidated ventures		$ 15,922	(34,412)
Trilogy
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percentage)		23.20%
Carrying value		$ 126,366	133,896
Capitalized acquisition costs		9,800	9,800
Cash Distribution		4,638	3,960
Equity in earnings (losses) of unconsolidated ventures		$ (2,891)	4,495
Diversified US/UK
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percentage)		14.30%
Carrying value		$ 80,766	89,651
Capitalized acquisition costs		13,400	13,400
Cash Distribution		4,257	1,487
Equity in earnings (losses) of unconsolidated ventures		$ (3,676)	(35,396)
Eclipse
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percentage)		5.60%
Carrying value		$ 4,856	5,624
Capitalized acquisition costs		1,300	1,300
Cash Distribution		2,898	86
Equity in earnings (losses) of unconsolidated ventures		$ 2,130	(3,774)
Envoy
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percentage)		11.40%
Carrying value		$ 0	2
Cash Distribution		817	390
Equity in earnings (losses) of unconsolidated ventures		$ 740	(7)
Espresso
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percentage)		36.70%
Carrying value		$ 0	0
Gain from equity method investment, distribution		4,300
Cash Distribution		5,500	0
Equity in earnings (losses) of unconsolidated ventures		$ 19,619	270
Solstice Senior Living
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percentage)		20.00%
Carrying value		$ 321	0
Cash Distribution		0	0
Equity in earnings (losses) of unconsolidated ventures		$ (79)	$ (54)
Solstice Senior Living
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest, ownership percentage by parent (as a percentage)		80.00%
Winterfell | Solstice Senior Living
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]
Noncontrolling interest, ownership percentage by parent (as a percentage)		80.00%

Investments in Unconsolidated_4

Investments in Unconsolidated Ventures - Assets and Liabilities (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Operating real estate, net		$ 972,599	$ 1,483,930
Other assets		10,771	9,681
Total assets	[1]	1,412,873	1,918,436
Total liabilities	[1]	966,055	1,506,374
Equity		446,818	412,062	$ 667,504	$ 744,374
Total liabilities and equity		1,412,873	1,918,436
Revenues		243,277	275,348	293,178
Net income (loss)		26,815	(264,238)	(77,750)
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Operating real estate, net		4,051,899	4,500,319
Other assets		1,308,236	1,261,678
Total assets		5,360,135	5,761,997
Total liabilities		4,277,887	4,626,761
Equity		1,082,248	1,135,236
Total liabilities and equity		5,360,135	5,761,997
Revenues		1,493,341	1,562,284	1,575,758
Net income (loss)		$ 59,321	$ (294,501)	$ (17,689)
[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 NorthStar Healthcare Income, Inc. (together with its consolidated subsidiaries, the “Company”) is the sole general partner and owns approximately 99.99%. As of December 31, 2021, the Operating Partnership includes $238.9 million and $183.6 million of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. Refer to Note 2, “Summary of Significant Accounting Policies.”

Real Estate Debt Investments -

Real Estate Debt Investments - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)Investment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Repayment of real estate debt investment	$ 74,376	$ 0	$ 818
Mezzanine loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed interest rate	14.00%
Interest income	$ 4,700
Percent of interest income contributed by investment	100.00%
Number of debt instruments | Investment	1

Real Estate Debt Investments _2

Real Estate Debt Investments - Schedule of the Company's Real Estate Debt Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 55,864	$ 0
Mezzanine loans | Espresso
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	74,182
Carrying Value	$ 55,864
Effective Interest Rate	10.00%
Cumulative excess equity in losses included in mezzanine loan carrying value	$ 18,300

Borrowings - Schedule of Borrow

Borrowings - Schedule of Borrowings (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2021USD ($)	Dec. 31, 2021USD ($)debt_instrumentproperty	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Carrying Value		$ 943,765
Winterfell
Debt Instrument [Line Items]
Number of healthcare real estate properties | property		32
Mortgages and other notes payable
Debt Instrument [Line Items]
Principal Amount		$ 943,765	$ 1,435,384
Carrying Value		929,811	1,416,871
Mortgage notes payable, net
Debt Instrument [Line Items]
Principal Amount		$ 943,765	1,435,384
Mortgage notes payable, net | Rochester, NY
Debt Instrument [Line Items]
Number of debt instruments | debt_instrument		7
Number of healthcare real estate properties | property		7
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 | Avamere Portfolio
Debt Instrument [Line Items]
Number of debt instruments | debt_instrument		5
Number of healthcare real estate properties | property		5
Mortgage notes payable, net | Denver, CO Non-recourse | Denver, CO
Debt Instrument [Line Items]
Principal Amount		$ 0	20,189
Carrying Value		$ 0	20,183
Mortgage notes payable, net | Denver, CO Non-recourse | Denver, CO | LIBOR
Debt Instrument [Line Items]
Basis spread on variable interest rate		2.92%
Mortgage notes payable, net | Frisco, TX Non-recourse | Frisco, TX
Debt Instrument [Line Items]
Fixed interest rate	3.00%	3.00%
Principal Amount	$ 26,000	$ 26,000	18,770
Carrying Value		25,431	18,764
Mortgage notes payable, net | Frisco, TX Non-recourse | Frisco, TX | LIBOR
Debt Instrument [Line Items]
Basis spread on variable interest rate	2.80%
Mortgage notes payable, net | Milford, OH Non-recourse | Milford, OH
Debt Instrument [Line Items]
Principal Amount		18,661	18,760
Carrying Value		$ 18,388	18,423
Mortgage notes payable, net | Milford, OH Non-recourse | Milford, OH | LIBOR
Debt Instrument [Line Items]
Basis spread on variable interest rate		2.68%
Mortgage notes payable, net | Rochester, NY Non-recourse, February 2025 | Rochester, NY
Debt Instrument [Line Items]
Fixed interest rate		4.25%
Principal Amount		$ 18,911	19,907
Carrying Value		18,853	19,830
Mortgage notes payable, net | Rochester, NY Non-recourse, August 2027 | Rochester, NY
Debt Instrument [Line Items]
Principal Amount		101,224	101,224
Carrying Value		$ 100,495	100,378
Mortgage notes payable, net | Rochester, NY Non-recourse, August 2027 | Rochester, NY | LIBOR
Debt Instrument [Line Items]
Basis spread on variable interest rate		2.34%
Mortgage notes payable, net | Rochester NY Nonrecourse August 2022 | Rochester, NY
Debt Instrument [Line Items]
Principal Amount		$ 11,732	12,800
Carrying Value		$ 11,716	12,584
Mortgage notes payable, net | Rochester NY Nonrecourse August 2022 | Rochester, NY | LIBOR
Debt Instrument [Line Items]
Basis spread on variable interest rate		2.90%
Mortgage notes payable, net | Non-Recourse
Debt Instrument [Line Items]
Principal Amount		$ 939,851	1,431,470
Carrying Value		$ 925,897	1,412,957
Mortgage notes payable, net | Non-Recourse | Arbors Portfolio
Debt Instrument [Line Items]
Fixed interest rate		3.99%
Principal Amount		$ 85,369	87,302
Carrying Value		$ 84,799	86,521
Mortgage notes payable, net | Non-Recourse | Watermark Fountains Portfolio
Debt Instrument [Line Items]
Fixed interest rate		3.92%
Principal Amount		$ 0	386,607
Carrying Value		$ 0	385,606
Mortgage notes payable, net | Non-Recourse | Watermark Fountains Portfolio 2
Debt Instrument [Line Items]
Fixed interest rate		5.56%
Principal Amount		$ 0	73,439
Carrying Value		$ 0	73,180
Mortgage notes payable, net | Non-Recourse | Winterfell
Debt Instrument [Line Items]
Fixed interest rate		4.17%
Principal Amount		$ 608,810	622,045
Carrying Value		$ 597,460	607,526
Mortgage notes payable, net | Non-Recourse | Avamere Portfolio
Debt Instrument [Line Items]
Fixed interest rate		4.66%
Principal Amount		$ 69,144	70,427
Carrying Value		68,755	69,962
Mortgage notes payable, net | One-Month LIBOR
Debt Instrument [Line Items]
Principal Amount		131,600
Other notes payable | Non-Recourse
Debt Instrument [Line Items]
Principal Amount		3,914	3,914
Carrying Value		$ 3,914	3,914
Other notes payable | Non-Recourse | Oak Cottage
Debt Instrument [Line Items]
Fixed interest rate		6.00%
Principal Amount		$ 3,914	3,914
Carrying Value		$ 3,914	$ 3,914

Borrowings - Maturity Schedule

Borrowings - Maturity Schedule (Details) $ in Thousands	Dec. 31, 2021USD ($)
Debt Disclosure [Abstract]
2022	$ 29,495
2023	20,142
2024	20,865
2025	670,775
2026	47,451
Thereafter	155,037
Total	$ 943,765

Borrowings - Narrative (Details

Borrowings - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Apr. 30, 2020
Line of Credit Facility [Line Items]
Interest expense	$ 61,620,000	$ 65,991,000	$ 68,896,000
Digital Bridge | Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	35,000,000			$ 35,000,000
Interest expense	$ 700,000	$ 900,000
LIBOR | Digital Bridge | Line of Credit
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	3.50%

Borrowings - Schedule of Sponso

Borrowings - Schedule of Sponsor Line of Credit (Details) - Line of Credit - Digital Bridge - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Apr. 30, 2020
Debt Instrument [Line Items]
Principal Amount	$ 0	$ 35,000,000
Capacity	$ 35,000,000		$ 35,000,000
LIBOR
Debt Instrument [Line Items]
Contractual Interest Rate	3.50%

Related Party Arrangements - Ad

Related Party Arrangements - Advisor (Narrative) (Details) - Advisor - USD ($) $ in Millions	Feb. 28, 2022	Jun. 30, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Term of renewal (in years)		1 year
Threshold for asset management fee deduction			$ 75
Subsequent event
Related Party Transaction [Line Items]
Term of renewal (in years)	1 year

Related Party Arrangements - Fe

Related Party Arrangements - Fees to Advisor (Narrative) (Details) - Advisor - USD ($) $ in Millions	Jan. 01, 2018	Dec. 31, 2021
Related Party Transaction [Line Items]
Threshold for asset management fee deduction		$ 75
Asset Management Fees
Related Party Transaction [Line Items]
Monthly asset management fees as a percentage of investment amount	0.125%
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%

Related Party Arrangements - Re

Related Party Arrangements - Reimbursements to Advisor (Narrative) (Details) - Advisor - Operating Costs	12 Months Ended
	Dec. 31, 2021USD ($)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
Percentage of average invested assets reimbursable as operating costs	2.00%
Expense reimbursement period (months)	12 months
Maximum
Related Party Transaction [Line Items]
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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction, Due to Related Parties [Roll Forward]
Due to related party, beginning balance	$ 8,318	$ 5,780
Incurred	25,140	31,852
Paid	(26,120)	(29,314)
Due to related party, ending balance	7,338	8,318
Issuance of common stock as payment for asset management fees	10,600	9,700
Gain on settlement of share based payment		300
Advisor | Asset management | Asset management fees-related party
Related Party Transaction, Due to Related Parties [Roll Forward]
Due to related party, beginning balance	923	1,477
Incurred	11,105	17,170
Paid	(11,091)	(17,724)
Due to related party, ending balance	937	923
Advisor | Operating costs | General and administrative expenses
Related Party Transaction, Due to Related Parties [Roll Forward]
Due to related party, beginning balance	7,395	4,303
Incurred	14,035	14,682
Paid	(15,029)	(11,590)
Due to related party, ending balance	$ 6,401	$ 7,395

Related Party Arrangements - Is

Related Party Arrangements - Issuance of Common Stock to the Advisor (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Share-based payment of advisor asset management fees (in shares)	2,700,000
Issuance of common stock as payment for asset management fees	$ 10,600	$ 9,700
Common stock (in shares)	193,120,940	190,409,341
Common stock	$ 1,930	$ 1,904
The Advisor, the Sponsor, and affiliates
Related Party Transaction [Line Items]
Common stock (in shares)	7,400,000
Common stock	$ 29,000
Common stock, outstanding (percentage)	3.80%

Related Party Arrangements - In

Related Party Arrangements - Investments in Joint Ventures (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
Solstice Senior Living
Related Party Transaction [Line Items]
Ownership interest (as a percentage)	20.00%
Trilogy
Related Party Transaction [Line Items]
Ownership interest (as a percentage)	23.20%
Trilogy | Trilogy
Related Party Transaction [Line Items]
Ownership interest (as a percentage)	76.80%
Solstice Senior Living
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by parent (as a percentage)	80.00%
Winterfell | Solstice Senior Living
Related Party Transaction [Line Items]
Ownership interest (as a percentage)	20.00%
Winterfell | Solstice Senior Living
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by parent (as a percentage)	80.00%
Property management fee expense paid to joint venture	$ 4.9

Related Party Arrangements - Sc

Related Party Arrangements - Schedule of Joint Ventures (Details)	Dec. 31, 2021
NRF/ Formation Capital, LLC | Eclipse
Related Party Transaction [Line Items]
Ownership interest (as a percentage)	5.60%
NRF | Diversified US/UK
Related Party Transaction [Line Items]
Ownership interest (as a percentage)	14.30%

Related Party Arrangements - Or

Related Party Arrangements - Origination of Mezzanine Loan (Narrative) (Details) $ in Millions	Jul. 31, 2015USD ($)
Mezzanine loans | Variable Interest Entity, Not Primary Beneficiary
Related Party Transaction [Line Items]
VIE carrying value	$ 75

Related Party Arrangements - Li

Related Party Arrangements - Line of Credit - Related Party (Narrative) (Details) - Line of Credit - Colony NorthStar, Inc. - USD ($)	12 Months Ended
	Dec. 31, 2021	Apr. 30, 2020
Related Party Transaction [Line Items]
Maximum borrowing capacity	$ 35,000,000	$ 35,000,000
LIBOR
Related Party Transaction [Line Items]
Basis spread on variable interest rate	3.50%

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity-based compensation
Equity-based compensation expense	$ 230,083	$ 168,917	$ 239,083
Unrecognized equity-based compensation	$ 223,167	$ 193,250
Restricted stock
Equity-based compensation
Number of shares authorized	2,000,000
Restricted common shares grant vesting period	2 years
Unvested shares (in shares)	4,800	30,403
Restricted Stock Units (RSUs)
Equity-based compensation
Restricted common shares grant vesting period	2 years
Unvested shares (in shares)	50,130
Independent Directors | Restricted stock
Equity-based compensation
Number of shares granted to independent directors (in shares)	159,932
Aggregate value for restricted common shares granted to independent directors	$ 1,300,000
Independent Directors | Restricted Stock Units (RSUs)
Equity-based compensation
Number of shares granted to independent directors (in shares)	66,840
Aggregate value for restricted common shares granted to independent directors	$ 300,000

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock (Details) - USD ($) shares in Millions, $ in Billions	1 Months Ended	83 Months Ended
	Jan. 19, 2016	Dec. 31, 2021
Class of Stock [Line Items]
Value of common stock issued		$ 2
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	1 Months Ended	12 Months Ended	72 Months Ended	83 Months Ended
	Jan. 19, 2016	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2021	Nov. 30, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Apr. 30, 2016
Class of Stock [Line Items]
Value of common stock issued				$ 2,000,000,000
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)					$ 3.91	$ 3.89	$ 6.25	$ 7.10	$ 8.50	$ 9.10	$ 8.63
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)			25.7
Value of common stock issued			$ 232,600,000
Initial Distribution Support Agreement | Dividend Reinvestment Plan
Class of Stock [Line Items]
Share price (in dollars per share)		$ 9.50	$ 9.50	$ 9.50
Follow-on Distribution Reinvestment Plan
Class of Stock [Line Items]
Share price (in dollars per share)		$ 10.20	$ 10.20	$ 10.20
Percentage of offering price		95.00%	95.00%	95.00%
Follow-on Distribution Reinvestment Plan | Dividend Reinvestment Plan
Class of Stock [Line Items]
Share price (in dollars per share)		$ 9.69	$ 9.69	$ 9.69

Stockholders' Equity - Distri_2

Stockholders' Equity - Distributions (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 01, 2019	Jan. 31, 2019	Dec. 31, 2020
Equity [Abstract]
Common stock dividend declared based on daily amount per share		$ 0.000924658
Dividends	$ 5.4
Cash dividends	3
Stock dividends	$ 2.4
Operating loss carryforwards			$ 122.9

Stockholders' Equity - Share Re

Stockholders' Equity - Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Shares repurchased during period (in shares)	0	300,000
Value of shares repurchased during period		$ 2.1
Average price per share (in dollars per share)		$ 6.29

Non-controlling Interests (Deta

Non-controlling Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Noncontrolling Interest [Abstract]
Net income (loss) attributable to non-controlling interests	$ 1,748	$ (2,780)	$ (790)

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	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financial Assets
Carrying Value	$ 0	$ 55,864
Financial Liabilities
Carrying Value	929,811	1,416,871
Carrying Value	7,338	8,318	$ 5,780
Mortgage and other notes payable, net
Financial Liabilities
Principal Amount	943,765	1,435,384
Carrying Value	929,811	1,416,871
Fair Value	889,485	1,354,832
Line of Credit
Financial Liabilities
Principal Amount	0	35,000
Carrying Value	0	35,000
Fair Value	0	35,000
Real estate debt investments, net
Financial Assets
Principal Amount	0	74,182
Carrying Value	0	55,864
Fair Value	$ 0	$ 74,182

Fair Value - Nonrecurring Fair

Fair Value - Nonrecurring Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Operating real estate, net	$ 972,599	$ 1,483,930
Assets held for sale	0	5,000
Impairment loss	5,400	166,000
Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Operating real estate, net	11,793	234,650	$ 58,804
Assets held for sale	0	5,000	1,649
Nonrecurring | Level 3 | Operating Real Estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment loss	5,386	164,215	27,021
Nonrecurring | Level 3 | Assets Held-For-Sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment loss		$ 1,753	$ 533

Fair Value - Narrative (Details

Fair Value - Narrative (Details) - Discounted cash flow method - Real estate investment - Nonrecurring	Dec. 31, 2021
Minimum | Terminal capitalization rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input (percentage)	0.0600
Minimum | Discount rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input (percentage)	0.070
Maximum | Terminal capitalization rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input (percentage)	0.0775
Maximum | Discount rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input (percentage)	0.0875

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	12 Months Ended
	Dec. 31, 2021segment
Segment Reporting [Abstract]
Number of segments	5

Segment Reporting - Segment Sta

Segment Reporting - Segment Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Property and other revenues	$ 243,277	$ 275,348	$ 293,178
Interest income on debt investments	4,667	7,674	7,703
Property operating expenses	(177,936)	(184,178)	(181,214)
Interest expense	(61,620)	(65,991)	(68,896)
Transaction costs	(54)	(65)	(122)
Asset management fees - related party	(11,105)	(17,170)	(19,789)
General and administrative expenses	(12,691)	(16,505)	(12,761)
Depreciation and amortization	(54,836)	(65,006)	(70,989)
Impairment loss	(5,386)	(165,968)	(27,554)
Other income, net	7,278	1,840	0
Realized gain (loss) on investments and other	79,477	302	6,314
Equity in earnings (losses) of unconsolidated ventures	15,843	(34,466)	(3,545)
Income tax benefit (expense)	(99)	(53)	(75)
Net income (loss)	26,815	(264,238)	(77,750)
Direct Investments - Net Lease Segment
Segment Reporting Information [Line Items]
Property and other revenues	14,708	32,899	33,424
Interest income on debt investments	0	0	0
Property operating expenses	(29)	(13)	(11)
Interest expense	(10,900)	(11,832)	(12,434)
Transaction costs	0	(58)	0
Asset management fees - related party	0	0	0
General and administrative expenses	(192)	(804)	(268)
Depreciation and amortization	(11,748)	(14,940)	(14,329)
Impairment loss	(786)	(722)	(4,132)
Other income, net	0	0
Realized gain (loss) on investments and other	10,601	0	5,872
Equity in earnings (losses) of unconsolidated ventures	0	0	0
Income tax benefit (expense)	0	0	0
Net income (loss)	1,654	4,530	8,122
Direct Investments - Operating Segment
Segment Reporting Information [Line Items]
Property and other revenues	228,569	242,250	259,033
Interest income on debt investments	0	0	0
Property operating expenses	(177,907)	(184,165)	(181,203)
Interest expense	(49,979)	(53,210)	(56,360)
Transaction costs	(54)	(7)	(122)
Asset management fees - related party	0	0	0
General and administrative expenses	(227)	(296)	(42)
Depreciation and amortization	(43,088)	(50,066)	(56,660)
Impairment loss	(4,600)	(165,246)	(23,422)
Other income, net	7,278	1,840
Realized gain (loss) on investments and other	64,618	(13)	719
Equity in earnings (losses) of unconsolidated ventures	0	0	0
Income tax benefit (expense)	(99)	(53)	(75)
Net income (loss)	24,511	(208,966)	(58,132)
Unconsolidated Investments
Segment Reporting Information [Line Items]
Property and other revenues	0	0	0
Interest income on debt investments	0	0	0
Property operating expenses	0	0	0
Interest expense	0	0	0
Transaction costs	0	0	0
Asset management fees - related party	0	0	0
General and administrative expenses	0	0	0
Depreciation and amortization	0	0	0
Impairment loss	0	0	0
Other income, net	0	0
Realized gain (loss) on investments and other	4,263	0	0
Equity in earnings (losses) of unconsolidated ventures	15,843	(34,466)	(3,545)
Income tax benefit (expense)	0	0	0
Net income (loss)	20,106	(34,466)	(3,545)
Debt
Segment Reporting Information [Line Items]
Property and other revenues	0	0	35
Interest income on debt investments	4,667	7,674	7,703
Property operating expenses	0	0	0
Interest expense	0	0	0
Transaction costs	0	0	0
Asset management fees - related party	0	0	0
General and administrative expenses	0	(19)	(38)
Depreciation and amortization	0	0	0
Impairment loss	0	0	0
Other income, net	0	0
Realized gain (loss) on investments and other	0	0	0
Equity in earnings (losses) of unconsolidated ventures	0	0	0
Income tax benefit (expense)	0	0	0
Net income (loss)	4,667	7,655	7,700
Corporate
Segment Reporting Information [Line Items]
Property and other revenues	0	199	686
Interest income on debt investments	0	0	0
Property operating expenses	0	0	0
Interest expense	(741)	(949)	(102)
Transaction costs	0	0	0
Asset management fees - related party	(11,105)	(17,170)	(19,789)
General and administrative expenses	(12,272)	(15,386)	(12,413)
Depreciation and amortization	0	0	0
Impairment loss	0	0	0
Other income, net	0	0
Realized gain (loss) on investments and other	(5)	315	(277)
Equity in earnings (losses) of unconsolidated ventures	0	0	0
Income tax benefit (expense)	0	0	0
Net income (loss)	$ (24,123)	$ (32,991)	$ (31,895)

Segment Reporting - Summary of

Segment Reporting - Summary of Assets by Segment (Details) - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Assets	[1]	$ 1,412,873	$ 1,918,436
Direct Investments - Net Lease Segment
Segment Reporting Information [Line Items]
Assets		104,809	348,688
Direct Investments - Operating Segment
Segment Reporting Information [Line Items]
Assets		908,517	1,223,045
Unconsolidated Investments
Segment Reporting Information [Line Items]
Assets		212,309	229,170
Debt
Segment Reporting Information [Line Items]
Assets		0	56,502
Corporate
Segment Reporting Information [Line Items]
Assets		$ 187,238	$ 61,031
[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 NorthStar Healthcare Income, Inc. (together with its consolidated subsidiaries, the “Company”) is the sole general partner and owns approximately 99.99%. As of December 31, 2021, the Operating Partnership includes $238.9 million and $183.6 million of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. Refer to Note 2, “Summary of Significant Accounting Policies.”

Segment Reporting - Schedule of

Segment Reporting - Schedule of Properties (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)unitproperty
Real Estate Properties [Line Items]
Property and Other Revenues	$ 243,277
Arbors Portfolio
Real Estate Properties [Line Items]
Write-off of straight-line rent receivable	$ 7,400
Revenue | Customer Concentration Risk
Real Estate Properties [Line Items]
Percentage of Total Property and Other Revenues	100.00%
Solstice Senior Living
Real Estate Properties [Line Items]
Properties Under Management | property	32
Units Under Management | unit	4,000
Property and Other Revenues	$ 98,977
Solstice Senior Living | Revenue | Customer Concentration Risk
Real Estate Properties [Line Items]
Percentage of Total Property and Other Revenues	40.70%
Watermark Retirement Communities
Real Estate Properties [Line Items]
Properties Under Management | property	14
Units Under Management | unit	1,753
Property and Other Revenues	$ 42,447
Watermark Retirement Communities | Revenue | Customer Concentration Risk
Real Estate Properties [Line Items]
Percentage of Total Property and Other Revenues	17.40%
Avamere Health Services
Real Estate Properties [Line Items]
Properties Under Management | property	5
Units Under Management | unit	453
Property and Other Revenues	$ 17,301
Avamere Health Services | Revenue | Customer Concentration Risk
Real Estate Properties [Line Items]
Percentage of Total Property and Other Revenues	7.10%
Integral Senior Living
Real Estate Properties [Line Items]
Properties Under Management | property	1
Units Under Management | unit	44
Property and Other Revenues	$ 4,556
Integral Senior Living | Revenue | Customer Concentration Risk
Real Estate Properties [Line Items]
Percentage of Total Property and Other Revenues	1.90%
Arcadia Management
Real Estate Properties [Line Items]
Properties Under Management | property	4
Units Under Management | unit	572
Property and Other Revenues	$ (3,900)
Arcadia Management | Revenue | Customer Concentration Risk
Real Estate Properties [Line Items]
Percentage of Total Property and Other Revenues	(1.60%)
Subtotal
Real Estate Properties [Line Items]
Properties Under Management | property	56
Units Under Management | unit	6,822
Property and Other Revenues	$ 159,381
Subtotal | Revenue | Customer Concentration Risk
Real Estate Properties [Line Items]
Percentage of Total Property and Other Revenues	65.50%
Properties sold
Real Estate Properties [Line Items]
Properties Under Management | property	17
Units Under Management | unit	3,630
Property and Other Revenues	$ 83,896
Properties sold | Revenue | Customer Concentration Risk
Real Estate Properties [Line Items]
Percentage of Total Property and Other Revenues	34.50%
Solstice Senior Living
Real Estate Properties [Line Items]
Noncontrolling interest, ownership percentage by parent (as a percentage)	80.00%

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - Advisor	Feb. 28, 2022	Jun. 30, 2021
Subsequent Event [Line Items]
Term of renewal (in years)		1 year
Subsequent event
Subsequent Event [Line Items]
Term of renewal (in years)	1 year

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Schedule of Real Estate Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Gross amount carried at close of period, total	$ 1,197,900	$ 1,774,971	$ 1,931,032	$ 1,949,997
Accumulated depreciation	225,301	$ 291,041	$ 230,814	$ 171,083
Federal income tax basis over cost basis	1,500,000
Direct Investment - Operating Lease And Undeveloped Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	943,765
Initial cost of land	123,964
Initial cost of buildings and improvements	1,120,722
Costs capitalized subsequent to acquisition, land, buildings, and improvements	(46,786)
Gross amount carried at close of period, land	121,518
Gross amount carried at close of period, buildings and improvements	1,076,382
Gross amount carried at close of period, total	1,197,900
Accumulated depreciation	225,301
Total	972,599
Direct Investments - Operating | Milford, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,661
Initial cost of land	1,160
Initial cost of buildings and improvements	14,440
Costs capitalized subsequent to acquisition, land, buildings, and improvements	2,860
Gross amount carried at close of period, land	1,160
Gross amount carried at close of period, buildings and improvements	17,300
Gross amount carried at close of period, total	18,460
Accumulated depreciation	4,413
Total	$ 14,047
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Milford, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost of land	700
Initial cost of buildings and improvements	0
Costs capitalized subsequent to acquisition, land, buildings, and improvements	5,646
Gross amount carried at close of period, land	700
Gross amount carried at close of period, buildings and improvements	5,646
Gross amount carried at close of period, total	6,346
Accumulated depreciation	566
Total	$ 5,780
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Frisco, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 26,000
Initial cost of land	3,100
Initial cost of buildings and improvements	35,874
Costs capitalized subsequent to acquisition, land, buildings, and improvements	3,491
Gross amount carried at close of period, land	3,100
Gross amount carried at close of period, buildings and improvements	39,365
Gross amount carried at close of period, total	42,465
Accumulated depreciation	8,601
Total	$ 33,864
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Apple Valley, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 20,522
Initial cost of land	1,168
Initial cost of buildings and improvements	24,625
Costs capitalized subsequent to acquisition, land, buildings, and improvements	(6,357)
Gross amount carried at close of period, land	1,168
Gross amount carried at close of period, buildings and improvements	18,268
Gross amount carried at close of period, total	19,436
Accumulated depreciation	4,455
Total	$ 14,981
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Auburn, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 23,185
Initial cost of land	1,694
Initial cost of buildings and improvements	18,438
Costs capitalized subsequent to acquisition, land, buildings, and improvements	1,422
Gross amount carried at close of period, land	1,694
Gross amount carried at close of period, buildings and improvements	19,860
Gross amount carried at close of period, total	21,554
Accumulated depreciation	4,210
Total	$ 17,344
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Austin, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 25,528
Initial cost of land	4,020
Initial cost of buildings and improvements	19,417
Costs capitalized subsequent to acquisition, land, buildings, and improvements	2,722
Gross amount carried at close of period, land	4,020
Gross amount carried at close of period, buildings and improvements	22,139
Gross amount carried at close of period, total	26,159
Accumulated depreciation	4,760
Total	$ 21,399
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Bakersfield, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 16,201
Initial cost of land	1,831
Initial cost of buildings and improvements	21,006
Costs capitalized subsequent to acquisition, land, buildings, and improvements	1,507
Gross amount carried at close of period, land	1,831
Gross amount carried at close of period, buildings and improvements	22,513
Gross amount carried at close of period, total	24,344
Accumulated depreciation	4,678
Total	$ 19,666
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Bangor, ME
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 20,661
Initial cost of land	2,463
Initial cost of buildings and improvements	23,205
Costs capitalized subsequent to acquisition, land, buildings, and improvements	1,192
Gross amount carried at close of period, land	2,463
Gross amount carried at close of period, buildings and improvements	24,397
Gross amount carried at close of period, total	26,860
Accumulated depreciation	4,713
Total	$ 22,147
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Bellingham, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 22,941
Initial cost of land	2,242
Initial cost of buildings and improvements	18,807
Costs capitalized subsequent to acquisition, land, buildings, and improvements	1,721
Gross amount carried at close of period, land	2,242
Gross amount carried at close of period, buildings and improvements	20,528
Gross amount carried at close of period, total	22,770
Accumulated depreciation	4,246
Total	$ 18,524
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Clovis, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 18,055
Initial cost of land	1,821
Initial cost of buildings and improvements	21,721
Costs capitalized subsequent to acquisition, land, buildings, and improvements	1,102
Gross amount carried at close of period, land	1,821
Gross amount carried at close of period, buildings and improvements	22,823
Gross amount carried at close of period, total	24,644
Accumulated depreciation	4,476
Total	$ 20,168
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Columbia, MO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 21,844
Initial cost of land	1,621
Initial cost of buildings and improvements	23,521
Costs capitalized subsequent to acquisition, land, buildings, and improvements	1,033
Gross amount carried at close of period, land	1,621
Gross amount carried at close of period, buildings and improvements	24,554
Gross amount carried at close of period, total	26,175
Accumulated depreciation	4,787
Total	$ 21,388
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Corpus Christi, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 17,900
Initial cost of land	2,263
Initial cost of buildings and improvements	20,142
Costs capitalized subsequent to acquisition, land, buildings, and improvements	(5,153)
Gross amount carried at close of period, land	2,263
Gross amount carried at close of period, buildings and improvements	14,989
Gross amount carried at close of period, total	17,252
Accumulated depreciation	4,100
Total	$ 13,152
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | East Amherst, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 17,829
Initial cost of land	2,873
Initial cost of buildings and improvements	18,279
Costs capitalized subsequent to acquisition, land, buildings, and improvements	917
Gross amount carried at close of period, land	2,873
Gross amount carried at close of period, buildings and improvements	19,196
Gross amount carried at close of period, total	22,069
Accumulated depreciation	3,797
Total	$ 18,272
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | El Cajon, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 20,197
Initial cost of land	2,357
Initial cost of buildings and improvements	14,733
Costs capitalized subsequent to acquisition, land, buildings, and improvements	1,309
Gross amount carried at close of period, land	2,357
Gross amount carried at close of period, buildings and improvements	16,042
Gross amount carried at close of period, total	18,399
Accumulated depreciation	3,355
Total	$ 15,044
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | El Paso, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 11,750
Initial cost of land	1,610
Initial cost of buildings and improvements	14,103
Costs capitalized subsequent to acquisition, land, buildings, and improvements	1,486
Gross amount carried at close of period, land	1,610
Gross amount carried at close of period, buildings and improvements	15,589
Gross amount carried at close of period, total	17,199
Accumulated depreciation	3,200
Total	$ 13,999
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Fairport, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 15,899
Initial cost of land	1,452
Initial cost of buildings and improvements	19,427
Costs capitalized subsequent to acquisition, land, buildings, and improvements	1,826
Gross amount carried at close of period, land	1,452
Gross amount carried at close of period, buildings and improvements	21,253
Gross amount carried at close of period, total	22,705
Accumulated depreciation	3,710
Total	$ 18,995
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Fenton, MO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 23,626
Initial cost of land	2,410
Initial cost of buildings and improvements	22,216
Costs capitalized subsequent to acquisition, land, buildings, and improvements	1,236
Gross amount carried at close of period, land	2,410
Gross amount carried at close of period, buildings and improvements	23,452
Gross amount carried at close of period, total	25,862
Accumulated depreciation	4,747
Total	$ 21,115
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Grand Junction, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 18,751
Initial cost of land	2,525
Initial cost of buildings and improvements	26,446
Costs capitalized subsequent to acquisition, land, buildings, and improvements	978
Gross amount carried at close of period, land	2,525
Gross amount carried at close of period, buildings and improvements	27,424
Gross amount carried at close of period, total	29,949
Accumulated depreciation	5,205
Total	$ 24,744
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Grand Junction, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 9,608
Initial cost of land	1,147
Initial cost of buildings and improvements	12,523
Costs capitalized subsequent to acquisition, land, buildings, and improvements	1,002
Gross amount carried at close of period, land	1,147
Gross amount carried at close of period, buildings and improvements	13,525
Gross amount carried at close of period, total	14,672
Accumulated depreciation	2,880
Total	$ 11,792
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Grapevine, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 21,492
Initial cost of land	1,852
Initial cost of buildings and improvements	18,143
Costs capitalized subsequent to acquisition, land, buildings, and improvements	(8,359)
Gross amount carried at close of period, land	1,852
Gross amount carried at close of period, buildings and improvements	9,784
Gross amount carried at close of period, total	11,636
Accumulated depreciation	3,556
Total	$ 8,080
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Groton, CT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 16,933
Initial cost of land	3,673
Initial cost of buildings and improvements	21,879
Costs capitalized subsequent to acquisition, land, buildings, and improvements	(8,705)
Gross amount carried at close of period, land	3,673
Gross amount carried at close of period, buildings and improvements	13,174
Gross amount carried at close of period, total	16,847
Accumulated depreciation	4,501
Total	$ 12,346
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Guilford, CT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 23,382
Initial cost of land	6,725
Initial cost of buildings and improvements	27,488
Costs capitalized subsequent to acquisition, land, buildings, and improvements	(22,435)
Gross amount carried at close of period, land	6,725
Gross amount carried at close of period, buildings and improvements	5,053
Gross amount carried at close of period, total	11,778
Accumulated depreciation	4,374
Total	$ 7,404
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Joliet, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 14,349
Initial cost of land	1,473
Initial cost of buildings and improvements	23,427
Costs capitalized subsequent to acquisition, land, buildings, and improvements	(6,825)
Gross amount carried at close of period, land	1,473
Gross amount carried at close of period, buildings and improvements	16,602
Gross amount carried at close of period, total	18,075
Accumulated depreciation	4,237
Total	$ 13,838
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Kennewick, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,387
Initial cost of land	1,168
Initial cost of buildings and improvements	18,933
Costs capitalized subsequent to acquisition, land, buildings, and improvements	1,264
Gross amount carried at close of period, land	1,168
Gross amount carried at close of period, buildings and improvements	20,197
Gross amount carried at close of period, total	21,365
Accumulated depreciation	3,964
Total	$ 17,401
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Las Cruces, NM
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 10,764
Initial cost of land	1,568
Initial cost of buildings and improvements	15,091
Costs capitalized subsequent to acquisition, land, buildings, and improvements	1,742
Gross amount carried at close of period, land	1,568
Gross amount carried at close of period, buildings and improvements	16,833
Gross amount carried at close of period, total	18,401
Accumulated depreciation	3,440
Total	$ 14,961
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Lees Summit, MO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 26,162
Initial cost of land	1,263
Initial cost of buildings and improvements	20,500
Costs capitalized subsequent to acquisition, land, buildings, and improvements	1,341
Gross amount carried at close of period, land	1,263
Gross amount carried at close of period, buildings and improvements	21,841
Gross amount carried at close of period, total	23,104
Accumulated depreciation	4,568
Total	$ 18,536
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Lodi, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 19,353
Initial cost of land	2,863
Initial cost of buildings and improvements	21,152
Costs capitalized subsequent to acquisition, land, buildings, and improvements	1,139
Gross amount carried at close of period, land	2,863
Gross amount carried at close of period, buildings and improvements	22,291
Gross amount carried at close of period, total	25,154
Accumulated depreciation	4,600
Total	$ 20,554
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Normandy Park, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 15,617
Initial cost of land	2,031
Initial cost of buildings and improvements	16,407
Costs capitalized subsequent to acquisition, land, buildings, and improvements	(3,130)
Gross amount carried at close of period, land	2,031
Gross amount carried at close of period, buildings and improvements	13,277
Gross amount carried at close of period, total	15,308
Accumulated depreciation	3,617
Total	$ 11,691
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Palatine, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 19,352
Initial cost of land	1,221
Initial cost of buildings and improvements	26,993
Costs capitalized subsequent to acquisition, land, buildings, and improvements	(11,153)
Gross amount carried at close of period, land	1,221
Gross amount carried at close of period, buildings and improvements	15,840
Gross amount carried at close of period, total	17,061
Accumulated depreciation	5,500
Total	$ 11,561
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Plano, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 15,483
Initial cost of land	2,200
Initial cost of buildings and improvements	14,860
Costs capitalized subsequent to acquisition, land, buildings, and improvements	(5,095)
Gross amount carried at close of period, land	2,200
Gross amount carried at close of period, buildings and improvements	9,765
Gross amount carried at close of period, total	11,965
Accumulated depreciation	3,387
Total	$ 8,578
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Renton, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 18,327
Initial cost of land	2,642
Initial cost of buildings and improvements	20,469
Costs capitalized subsequent to acquisition, land, buildings, and improvements	2,483
Gross amount carried at close of period, land	2,642
Gross amount carried at close of period, buildings and improvements	22,952
Gross amount carried at close of period, total	25,594
Accumulated depreciation	4,455
Total	$ 21,139
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Sandy, UT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 15,201
Initial cost of land	2,810
Initial cost of buildings and improvements	19,132
Costs capitalized subsequent to acquisition, land, buildings, and improvements	(5,875)
Gross amount carried at close of period, land	2,810
Gross amount carried at close of period, buildings and improvements	13,257
Gross amount carried at close of period, total	16,067
Accumulated depreciation	3,731
Total	$ 12,336
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Santa Rosa, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 26,889
Initial cost of land	5,409
Initial cost of buildings and improvements	26,183
Costs capitalized subsequent to acquisition, land, buildings, and improvements	2,443
Gross amount carried at close of period, land	5,409
Gross amount carried at close of period, buildings and improvements	28,626
Gross amount carried at close of period, total	34,035
Accumulated depreciation	5,547
Total	$ 28,488
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Sun City West, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 24,707
Initial cost of land	2,684
Initial cost of buildings and improvements	29,056
Costs capitalized subsequent to acquisition, land, buildings, and improvements	(5,097)
Gross amount carried at close of period, land	2,684
Gross amount carried at close of period, buildings and improvements	23,959
Gross amount carried at close of period, total	26,643
Accumulated depreciation	5,765
Total	$ 20,878
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Tacoma, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 28,916
Initial cost of land	7,974
Initial cost of buildings and improvements	32,435
Costs capitalized subsequent to acquisition, land, buildings, and improvements	2,785
Gross amount carried at close of period, land	7,977
Gross amount carried at close of period, buildings and improvements	35,217
Gross amount carried at close of period, total	43,194
Accumulated depreciation	7,405
Total	$ 35,789
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Frisco, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost of land	1,130
Initial cost of buildings and improvements	0
Costs capitalized subsequent to acquisition, land, buildings, and improvements	12,641
Gross amount carried at close of period, land	1,130
Gross amount carried at close of period, buildings and improvements	12,641
Gross amount carried at close of period, total	13,771
Accumulated depreciation	2,025
Total	$ 11,746
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Albany, OR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 8,492
Initial cost of land	958
Initial cost of buildings and improvements	6,625
Costs capitalized subsequent to acquisition, land, buildings, and improvements	(3,581)
Gross amount carried at close of period, land	758
Gross amount carried at close of period, buildings and improvements	3,244
Gross amount carried at close of period, total	4,002
Accumulated depreciation	1,247
Total	$ 2,755
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Port Townsend, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 16,236
Initial cost of land	1,613
Initial cost of buildings and improvements	21,460
Costs capitalized subsequent to acquisition, land, buildings, and improvements	933
Gross amount carried at close of period, land	996
Gross amount carried at close of period, buildings and improvements	23,010
Gross amount carried at close of period, total	24,006
Accumulated depreciation	3,833
Total	$ 20,173
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Roseburg, OR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 12,013
Initial cost of land	699
Initial cost of buildings and improvements	11,589
Costs capitalized subsequent to acquisition, land, buildings, and improvements	697
Gross amount carried at close of period, land	459
Gross amount carried at close of period, buildings and improvements	12,526
Gross amount carried at close of period, total	12,985
Accumulated depreciation	2,116
Total	$ 10,869
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Sandy, OR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 13,702
Initial cost of land	1,611
Initial cost of buildings and improvements	16,697
Costs capitalized subsequent to acquisition, land, buildings, and improvements	893
Gross amount carried at close of period, land	1,233
Gross amount carried at close of period, buildings and improvements	17,968
Gross amount carried at close of period, total	19,201
Accumulated depreciation	2,829
Total	$ 16,372
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Santa Barbara, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,914
Initial cost of land	2,408
Initial cost of buildings and improvements	15,674
Costs capitalized subsequent to acquisition, land, buildings, and improvements	451
Gross amount carried at close of period, land	2,408
Gross amount carried at close of period, buildings and improvements	16,125
Gross amount carried at close of period, total	18,533
Accumulated depreciation	2,240
Total	$ 16,293
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Wenatchee, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 18,700
Initial cost of land	2,540
Initial cost of buildings and improvements	28,971
Costs capitalized subsequent to acquisition, land, buildings, and improvements	1,117
Gross amount carried at close of period, land	1,534
Gross amount carried at close of period, buildings and improvements	31,094
Gross amount carried at close of period, total	32,628
Accumulated depreciation	4,543
Total	$ 28,085
Life on which depreciation is computed (in years)	40 years
Direct Investments - Operating | Churchville, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,575
Initial cost of land	296
Initial cost of buildings and improvements	7,712
Costs capitalized subsequent to acquisition, land, buildings, and improvements	789
Gross amount carried at close of period, land	296
Gross amount carried at close of period, buildings and improvements	8,501
Gross amount carried at close of period, total	8,797
Accumulated depreciation	1,517
Total	$ 7,280
Life on which depreciation is computed (in years)	35 years
Direct Investments - Operating | Greece, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost of land	534
Initial cost of buildings and improvements	18,158
Costs capitalized subsequent to acquisition, land, buildings, and improvements	(11,097)
Gross amount carried at close of period, land	533
Gross amount carried at close of period, buildings and improvements	7,062
Gross amount carried at close of period, total	7,595
Accumulated depreciation	1,580
Total	$ 6,015
Life on which depreciation is computed (in years)	49 years
Direct Investments - Operating | Greece, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 26,833
Initial cost of land	1,007
Initial cost of buildings and improvements	31,960
Costs capitalized subsequent to acquisition, land, buildings, and improvements	2,029
Gross amount carried at close of period, land	1,007
Gross amount carried at close of period, buildings and improvements	33,989
Gross amount carried at close of period, total	34,996
Accumulated depreciation	4,986
Total	$ 30,010
Life on which depreciation is computed (in years)	41 years
Direct Investments - Operating | Henrietta, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 11,881
Initial cost of land	1,153
Initial cost of buildings and improvements	16,812
Costs capitalized subsequent to acquisition, land, buildings, and improvements	1,409
Gross amount carried at close of period, land	1,152
Gross amount carried at close of period, buildings and improvements	18,222
Gross amount carried at close of period, total	19,374
Accumulated depreciation	3,382
Total	$ 15,992
Life on which depreciation is computed (in years)	36 years
Direct Investments - Operating | Penfield, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 12,502
Initial cost of land	781
Initial cost of buildings and improvements	20,273
Costs capitalized subsequent to acquisition, land, buildings, and improvements	(8,053)
Gross amount carried at close of period, land	781
Gross amount carried at close of period, buildings and improvements	12,220
Gross amount carried at close of period, total	13,001
Accumulated depreciation	3,378
Total	$ 9,623
Life on which depreciation is computed (in years)	30 years
Direct Investments - Operating | Penfield, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 10,918
Initial cost of land	516
Initial cost of buildings and improvements	9,898
Costs capitalized subsequent to acquisition, land, buildings, and improvements	736
Gross amount carried at close of period, land	515
Gross amount carried at close of period, buildings and improvements	10,635
Gross amount carried at close of period, total	11,150
Accumulated depreciation	1,864
Total	$ 9,286
Life on which depreciation is computed (in years)	35 years
Direct Investments - Operating | Rochester, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 18,911
Initial cost of land	2,426
Initial cost of buildings and improvements	31,861
Costs capitalized subsequent to acquisition, land, buildings, and improvements	2,587
Gross amount carried at close of period, land	2,425
Gross amount carried at close of period, buildings and improvements	34,449
Gross amount carried at close of period, total	36,874
Accumulated depreciation	5,165
Total	$ 31,709
Life on which depreciation is computed (in years)	39 years
Direct Investments - Operating | Rochester, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,341
Initial cost of land	297
Initial cost of buildings and improvements	12,484
Costs capitalized subsequent to acquisition, land, buildings, and improvements	(9,153)
Gross amount carried at close of period, land	296
Gross amount carried at close of period, buildings and improvements	3,332
Gross amount carried at close of period, total	3,628
Accumulated depreciation	2,044
Total	$ 1,584
Life on which depreciation is computed (in years)	37 years
Direct Investments - Operating | Victor, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 27,174
Initial cost of land	1,060
Initial cost of buildings and improvements	33,246
Costs capitalized subsequent to acquisition, land, buildings, and improvements	2,241
Gross amount carried at close of period, land	1,059
Gross amount carried at close of period, buildings and improvements	35,488
Gross amount carried at close of period, total	36,547
Accumulated depreciation	5,115
Total	$ 31,432
Life on which depreciation is computed (in years)	41 years
Direct Investments - Operating | Victor, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 11,732
Initial cost of land	557
Initial cost of buildings and improvements	13,570
Costs capitalized subsequent to acquisition, land, buildings, and improvements	17
Gross amount carried at close of period, land	555
Gross amount carried at close of period, buildings and improvements	13,589
Gross amount carried at close of period, total	14,144
Accumulated depreciation	1,534
Total	$ 12,610
Life on which depreciation is computed (in years)	41 years
Undeveloped Land | Rochester, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost of land	544
Initial cost of buildings and improvements	0
Costs capitalized subsequent to acquisition, land, buildings, and improvements	0
Gross amount carried at close of period, land	544
Gross amount carried at close of period, buildings and improvements	0
Gross amount carried at close of period, total	544
Accumulated depreciation	0
Total	544
Undeveloped Land | Penfield, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost of land	534
Initial cost of buildings and improvements	0
Costs capitalized subsequent to acquisition, land, buildings, and improvements	0
Gross amount carried at close of period, land	534
Gross amount carried at close of period, buildings and improvements	0
Gross amount carried at close of period, total	534
Accumulated depreciation	0
Total	534
Direct Investments - Net Lease | Bohemia, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	22,716
Initial cost of land	4,258
Initial cost of buildings and improvements	27,805
Costs capitalized subsequent to acquisition, land, buildings, and improvements	160
Gross amount carried at close of period, land	4,258
Gross amount carried at close of period, buildings and improvements	27,965
Gross amount carried at close of period, total	32,223
Accumulated depreciation	5,854
Total	$ 26,369
Life on which depreciation is computed (in years)	40 years
Direct Investments - Net Lease | Hauppauge, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 13,782
Initial cost of land	2,086
Initial cost of buildings and improvements	18,495
Costs capitalized subsequent to acquisition, land, buildings, and improvements	1,351
Gross amount carried at close of period, land	2,086
Gross amount carried at close of period, buildings and improvements	19,846
Gross amount carried at close of period, total	21,932
Accumulated depreciation	4,464
Total	$ 17,468
Life on which depreciation is computed (in years)	40 years
Direct Investments - Net Lease | Islandia, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 33,866
Initial cost of land	8,437
Initial cost of buildings and improvements	37,198
Costs capitalized subsequent to acquisition, land, buildings, and improvements	291
Gross amount carried at close of period, land	8,437
Gross amount carried at close of period, buildings and improvements	37,489
Gross amount carried at close of period, total	45,926
Accumulated depreciation	8,011
Total	$ 37,915
Life on which depreciation is computed (in years)	40 years
Direct Investments - Net Lease | Westbury, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 15,005
Initial cost of land	2,506
Initial cost of buildings and improvements	19,163
Costs capitalized subsequent to acquisition, land, buildings, and improvements	293
Gross amount carried at close of period, land	2,506
Gross amount carried at close of period, buildings and improvements	19,456
Gross amount carried at close of period, total	21,962
Accumulated depreciation	4,028
Total	$ 17,934
Life on which depreciation is computed (in years)	40 years

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Schedule of Real Estate and Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at beginning of year	$ 1,774,971	$ 1,931,032	$ 1,949,997
Dispositions	(603,082)	0	(16,645)
Improvements	31,397	17,036	24,701
Impairment	(5,386)	(165,246)	(27,021)
Subtotal	1,197,900	1,782,822	1,931,032
Classified as held for sale	0	(7,851)	0
Balance at end of year	1,197,900	1,774,971	1,931,032
Amount of federal income tax basis over cost basis	318,200
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at beginning of year	291,041	230,814	171,083
Depreciation expense	53,476	63,078	62,798
Property dispositions	(119,216)	0	(3,067)
Subtotal	225,301	293,892	230,814
Classified as held for sale	0	(2,851)	0
Balance at end of year	$ 225,301	$ 291,041	$ 230,814

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate - Real Estate Rollforward (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at beginning of year	$ 55,864,000	$ 55,468,000	$ 58,600,000
Additions:
Capitalized payment-in-kind interest	194,000	0	0
Loan modification fees	(687,000)	0	0
Deductions:
Reclassification	18,307,000	271,000	(2,427,000)
Repayment of principal	(74,376,000)	0	(818,000)
Amortization of acquisition costs, fees, premiums and discounts	698,000	125,000	113,000
Balance at end of year	0	55,864,000	$ 55,468,000
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	212,309,000	$ 229,173,000
Espresso
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 0			$ 0