Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 03, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Global Medical REIT Inc. | |
Entity Central Index Key | 1,533,615 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | GMRE | |
Entity Common Stock, Shares Outstanding | 21,630,675 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Investment in real estate: | ||
Land | $ 36,839,127 | $ 17,785,001 |
Building | 349,041,480 | 179,253,398 |
Site improvements | 3,992,974 | 1,465,273 |
Tenant improvements | 5,095,651 | 1,186,014 |
Acquired lease intangible assets | 27,308,632 | 7,187,041 |
Real Estate Investment Property, at Cost, Total | 422,277,864 | 206,876,727 |
Less: accumulated depreciation and amortization | (10,142,823) | (3,366,680) |
Investment in real estate, net | 412,135,041 | 203,510,047 |
Cash | 6,776,501 | 19,671,131 |
Restricted cash | 2,040,026 | 941,344 |
Tenant receivables | 616,741 | 212,435 |
Escrow deposits | 1,297,665 | 1,212,177 |
Deferred assets | 2,923,494 | 704,537 |
Deferred financing costs, net | 2,977,981 | 927,085 |
Other assets | 160,214 | 140,374 |
Total assets | 428,927,663 | 227,319,130 |
Liabilities: | ||
Revolving credit facility | 126,100,000 | 27,700,000 |
Notes payable, net of unamortized discount of $963,184 and $1,061,602 at September 30, 2017 and December 31, 2016, respectively | 38,511,716 | 38,413,298 |
Notes payable to related parties | 0 | 421,000 |
Accounts payable and accrued expenses | 2,433,549 | 573,997 |
Dividends payable | 4,767,037 | 3,604,037 |
Security deposits and other | 2,206,145 | 719,592 |
Due to related parties, net | 802,286 | 580,911 |
Acquired lease intangible liability, net | 1,080,123 | 277,917 |
Total liabilities | 175,900,856 | 72,290,752 |
Stockholders' equity: | ||
Preferred stock, $0.001 par value, 10,000,000 shares authorized; 3,105,000 and no shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively (liquidation preference of $77,625,000 and $0, respectively) | 74,959,003 | 0 |
Common stock, $0.001 par value, 500,000,000 shares authorized; 21,630,675 and 17,605,675 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively | 21,631 | 17,606 |
Additional paid-in capital | 207,268,720 | 171,997,396 |
Accumulated deficit | (29,914,472) | (16,986,624) |
Total Global Medical REIT Inc. stockholders' equity | 252,334,882 | 155,028,378 |
Noncontrolling interest | 691,925 | 0 |
Total equity | 253,026,807 | 155,028,378 |
Total liabilities and stockholders' equity | $ 428,927,663 | $ 227,319,130 |
Consolidated Balance Sheets _Pa
Consolidated Balance Sheets [Parenthetical] - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Notes payable, net of unamortized discount | $ 963,184 | $ 1,061,602 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 3,105,000 | 0 |
Preferred stock, shares outstanding | 3,105,000 | 0 |
Preferred Stock, Liquidation Preference, Value | $ 77,625,000 | $ 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 21,630,675 | 17,605,675 |
Common stock, shares outstanding | 21,630,675 | 17,605,675 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Revenue | |||||
Rental revenue | $ 7,921,913 | $ 1,932,425 | $ 19,217,710 | $ 4,994,172 | |
Expense recoveries | 443,816 | 0 | 1,141,455 | 0 | |
Other income | 23,134 | 70,225 | 111,502 | 93,196 | |
Total revenue | 8,388,863 | 2,002,650 | 20,470,667 | 5,087,368 | |
Expenses | |||||
Acquisition fees | 651,645 | 0 | 2,130,187 | 0 | |
Acquisition fees - related party | 0 | 0 | 0 | 754,000 | |
General and administrative | 989,526 | 1,720,651 | 4,418,115 | 2,962,730 | |
Operating expenses | 464,514 | 1,025 | 1,234,247 | 15,685 | |
Management fees - related party | 803,804 | 627,147 | 2,059,325 | [1] | 807,147 |
Depreciation expense | 2,175,668 | 585,449 | 5,372,308 | 1,528,281 | |
Amortization expense | 523,487 | 0 | 1,326,395 | 0 | |
Interest expense | 2,174,683 | 1,051,204 | 5,265,262 | 3,443,113 | |
Total expenses | 7,783,327 | 3,985,476 | 21,805,839 | 9,510,956 | |
Net income (loss) | 605,536 | (1,982,826) | (1,335,172) | (4,423,588) | |
Less: Preferred stock dividends | (258,750) | 0 | (258,750) | 0 | |
Less: Net loss attributable to noncontrolling interest | 34,482 | 0 | 34,482 | 0 | |
Net income (loss) attributable to common stockholders | $ 381,268 | $ (1,982,826) | $ (1,559,440) | $ (4,423,588) | |
Net income (loss) attributable to common stockholders per share - basic and diluted | $ 0.02 | $ (0.11) | $ (0.08) | $ (0.68) | |
Weighted average shares outstanding - basic and diluted | 21,522,251 | 17,371,743 | 18,938,367 | 6,514,230 | |
[1] | Net amount accrued of $183,096 consists of $2,059,325 in management fee expense incurred, net of $1,876,229 of accrued management fees that were paid to the Advisor. This represents a cash flow operating activity. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | ||
Operating activities | |||
Net loss | $ (1,335,172) | $ (4,423,588) | |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Depreciation expense | 5,372,308 | 1,528,281 | |
Amortization of deferred financing costs | 840,214 | 215,449 | |
Amortization of acquired lease intangible assets | 1,326,395 | 0 | |
Amortization of above (below) market leases, net | 13,970 | 0 | |
Stock-based compensation expense | 1,480,724 | 830,827 | |
Advisory expense settled in OP Units | 77,497 | 0 | |
Changes in operating assets and liabilities: | |||
Restricted cash | (1,144,705) | (438,189) | |
Tenant receivables | (404,306) | (177,369) | |
Deferred assets | (2,218,957) | (222,324) | |
Other assets | (21,890) | 0 | |
Accounts payable and accrued expenses | 1,622,426 | (267,627) | |
Security deposits and other | 1,486,553 | 597,593 | |
Accrued management fees due to related party | 183,096 | 297,147 | |
Net cash provided by (used in) operating activities | 7,278,153 | (2,059,800) | |
Investing activities | |||
Purchase of land, buildings, and other tangible and intangible assets and liabilities | (213,535,461) | (68,690,495) | |
Escrow deposits for purchase of properties | (60,000) | 394,310 | |
Loans repayments from (made to) related party | 38,428 | [1] | (39,000) |
Pre-acquisition costs for purchase of properties | 51,459 | 0 | |
Net cash used in investing activities | (213,505,574) | (68,335,185) | |
Financing activities | |||
Net proceeds received from preferred stock offering | 75,146,720 | 0 | |
Net proceeds received from common equity offerings | 33,794,625 | 137,358,367 | |
Change in restricted cash | 46,023 | 80,040 | |
Escrow deposits required by third party lenders | (25,488) | (843,636) | |
Loans (repaid to) from related party | (149) | 29,986 | |
Repayment of convertible debenture, due to related party | 0 | (10,000,000) | |
Proceeds from notes payable from acquisitions | 0 | 41,320,900 | |
Payments on notes payable from acquisitions | 0 | (24,011,168) | |
Proceeds from note payable from related party | 0 | 450,000 | |
Repayment of note payable from related party | (421,000) | (450,000) | |
Proceeds from revolving credit facility, net | 98,400,000 | 0 | |
Payments of deferred financing costs | (2,792,692) | (1,090,079) | |
Dividends paid to stockholders | (10,815,248) | (285,703) | |
Net cash provided by financing activities | 193,332,791 | 142,558,707 | |
Net (decrease) increase in cash and cash equivalents | (12,894,630) | 72,163,722 | |
Cash and cash equivalentsbeginning of period | 19,671,131 | 9,184,270 | |
Cash and cash equivalentsend of period | 6,776,501 | 81,347,992 | |
Supplemental cash flow information: | |||
Cash payments for interest | 3,928,208 | 3,696,467 | |
Noncash financing and investing activities: | |||
Accrued dividends payable | 4,767,037 | 3,592,786 | |
Stock Issued | 0 | 30,030,134 | |
Accrued preferred stock offering costs | 187,717 | 0 | |
Reclassification of common stock offering costs to additional paid-in capital | 443,499 | 1,681,259 | |
Reclassification of preferred stock offering costs to preferred stock balance | 220,809 | 0 | |
Accrued capitalized offering costs | 49,409 | 0 | |
Operating Partnership Units [Member] | |||
Noncash financing and investing activities: | |||
Stock Issued | $ 1,000,000 | $ 0 | |
[1] | Amount represents the net repayment of previous loans made by the Company to related parties. This represents a cash flow investing activity. |
Organization
Organization | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1 Organization Global Medical REIT Inc. (the “Company”) is a Maryland corporation engaged primarily in the acquisition of licensed, state-of-the-art, purpose-built healthcare facilities and the leasing of these facilities to strong clinical operators with leading market share. The Company is externally managed and advised by Inter-American Management, LLC (the “Advisor”), a Delaware limited liability company and affiliate of the Company. ZH International Holdings Limited (formerly known as Heng Fai Enterprises, Ltd.) a Hong Kong limited liability company that is engaged in real estate development, investments, management and sales, hospitality management and investments, and REIT management, is an 85 15 The Company holds its facilities and conducts its operations through a Delaware limited partnership subsidiary named Global Medical REIT L.P. (the “Operating Partnership”). The Company serves as the sole general partner of the Operating Partnership through a wholly-owned subsidiary of the Company named Global Medical REIT GP LLC (the “GP”), a Delaware limited liability company, which owns an approximate 0.01 97.64 1.82 0.53 The Company elected to be taxed as a REIT for U.S. federal income tax purposes commencing with its taxable year ended December 31, 2016. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Note 2 Summary of Significant Accounting Policies The accompanying consolidated financial statements are unaudited and are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the accompanying financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended December 31, 2016. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair presentation of the financial statements for the interim periods have been made. The accompanying consolidated financial statements include the accounts of the Company, including the Operating Partnership and its wholly-owned subsidiaries, and the interests in the Operating Partnership held by LTIP unit holders and OP Unit holders. The Company presents the portion of any equity it does not own but controls (and thus consolidates) as noncontrolling interest. Noncontrolling interest in the Company includes the LTIP units that have been granted to directors, employees and affiliates of the Company and the OP Units held by third parties. Refer to Note 5 “Stockholders’ Equity” and Note 7 “Stock-Based Compensation” and for additional information regarding the OP Units and LTIP units. The Company classifies noncontrolling interest as a component of consolidated equity on its Consolidated Balance Sheets, separate from the Company’s total stockholders’ equity. The Company’s net income or loss is allocated to noncontrolling interests based on the respective ownership or voting percentage in the Operating Partnership associated with such noncontrolling interests and is removed from consolidated income or loss on the Consolidated Statements of Operations in order to derive net income or loss attributable to common stockholders. The noncontrolling ownership percentage is calculated by dividing the aggregate number of LTIP units and OP Units held by the total number of units outstanding. Any future issuances of additional LTIP units or OP Units would change the noncontrolling ownership interest. The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and footnotes. Actual results could differ from those estimates. The restricted cash balance as of September 30, 2017 and December 31, 2016 was $ 2,040,026 941,344 337,242 83,125 383,265 319,500 238,579 The tenant receivable balance as of September 30, 2017 and December 31, 2016 was $ 616,741 212,435 113,400 503,341 50,922 161,513 Escrow deposits include funds held in escrow to be used for the acquisition of properties in the future and for the payment of taxes, insurance, and other amounts as stipulated by the Company’s Cantor Loan, as hereinafter defined. The escrow balance as of September 30, 2017 and December 31, 2016 was $ 1,297,665 1,212,177 The deferred assets balance as of September 30, 2017 and December 31, 2016 was $ 2,923,494 704,537 146,759 704,537 Other assets primarily consists of capitalized costs related to the Company’s property acquisitions. Costs that are incurred prior to the completion of the acquisition of a property are capitalized if all of the following conditions are met: (a) the costs are directly identifiable with the specific property, (b) the costs would be capitalized if the property were already acquired, and (c) acquisition of the property is probable. These costs are included with the value of the acquired property upon completion of the acquisition. The costs are charged to expense when it is probable that the acquisition will not be completed. The other assets balance was $ 160,214 138,324 21,890 140,374 The security deposits and other liability balance as of September 30, 2017 and December 31, 2016 was $ 2,206,145 719,592 1,619,679 586,466 319,500 400,092 The Company uses the treasury stock method to compute diluted net income or loss attributable to common stockholders per share. Basic net income or loss per share of common stock is computed by dividing net income or loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net income or loss per share of common stock is computed by dividing net income or loss attributable to common stockholders by the sum of the weighted average number of shares of common stock outstanding plus any potential dilutive shares for the period. The Company considered the requirements of the two-class method when computing earnings per share and determined that there would be no difference in its reported results if the two-class method was utilized. The Company reclassified the line item “Acquired Lease Intangible Assets, Net” on its Consolidated Balance Sheets as of December 31, 2016, to present the gross intangible assets acquired as part of its business combination transactions as a separate line item within the category “Investment in Real Estate” and also reclassified the related accumulated amortization balance on the intangible assets acquired to the line item “Accumulated Depreciation and Amortization.” This reclassification was made to conform to the Company’s presentation of those balances as of September 30, 2017. The Company’s Consolidated Statements of Operations for the three and nine months ended September 30, 2017 and 2016 includes the expense line item “Operating Expenses” which primarily includes both reimbursable property operating expenses that the Company pays on behalf of certain of its tenants, including real estate taxes and insurance, non-reimbursable property operating expenses, and other operating expenses. Reimbursements of tenant operating expenses are recorded on a gross basis (i.e., the Company recognizes an equivalent increase in revenue (expense recoveries) and expense (operating expenses)). Prior to the third quarter of 2017, the Company recorded property operating expenses in the “General and Administrative” expense line item. Accordingly for prior periods these expenses have been reclassified from the “General and Administrative” expense line item into the “Operating Expenses” line item within the Company’s Consolidated Statements of Operations. |
Property Portfolio
Property Portfolio | 9 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Note 3 Property Portfolio Summary of Properties Acquired During the nine months ended September 30, 2017, the Company completed 16 acquisitions. Land Building Site & Tenant Improvements Acquired Lease Intangibles Gross Investment in Real Estate Balances as of January 1, 2017 $ 17,785,001 $ 179,253,398 $ 2,651,287 $ 7,187,041 $ 206,876,727 Facility Acquired Date Acquired: Cape Coral 1/10/17 353,349 7,016,511 - - 7,369,860 Lewisburg 1/12/17 471,184 5,819,137 504,726 504,953 7,300,000 Las Cruces 2/1/17 397,148 4,618,258 - - 5,015,406 Prescott 2/9/17 790,637 3,821,417 - - 4,612,054 Clermont 3/1/17 - 4,361,028 205,922 867,678 5,434,628 Sandusky 3/10/17 409,204 3,997,607 - - 4,406,811 Great Bend 3/31/17 836,929 23,800,758 - - 24,637,687 Oklahoma City 3/31/17 2,086,885 37,713,709 1,876,730 7,822,676 49,500,000 Sandusky 4/21/17 97,804 978,035 - - 1,075,839 Brockport 6/27/17 412,838 6,885,477 491,427 1,294,763 9,084,505 Flower Mound 6/27/17 580,763 2,922,164 381,859 406,757 4,291,543 Sherman facility 6/30/17 1,600,711 25,011,110 - - 26,611,821 Sandusky facility 8/15/17 55,734 1,214,999 - - 1,270,733 Lubbock facility 8/18/17 1,302,651 5,041,964 947,227 908,158 8,200,000 Germantown 8/30/17 2,700,468 8,078,246 656,111 4,505,425 15,940,250 Austin 9/25/17 6,957,821 28,507,662 1,373,336 3,811,181 40,650,000 Total Additions1: 19,054,126 169,788,082 6,437,338 20,121,591 215,401,137 Balances as of September 30, 2017 $ 36,839,127 $ 349,041,480 $ 9,088,625 $ 27,308,632 $ 422,277,864 1 The Lubbock facility acquisition included approximately $ 1,000,000 865,676 213,535,461 Depreciation expense was $ 2,175,668 5,372,308 585,449 1,528,281 A summary description of the four acquisitions that were completed during the three months ended September 30, 2017 is as follows: Austin Facility On September 25, 2017, the Company closed on the acquisition of the Central Texas Rehabilitation Hospital (the “Rehab Hospital”) and approximately 1.27 40.65 Upon the closing of the acquisition of the Austin Facility, the Company assumed the Austin Seller’s interest, as lessor, in the absolute triple-net lease (the “Austin Facility Lease”) with CTRH, LLC. Accounting Treatment The Company accounted for the acquisition of the Austin Facility as a business combination in accordance with the provisions of Accounting Standards Codification (“ASC”) Topic 805 - Business Combinations. Land and site improvements $ 7,222,455 Building and tenant improvements 29,616,364 Above market lease intangible 245,686 In-place leases 1,680,282 Leasing costs 1,885,213 Total purchase price $ 40,650,000 The above allocation is preliminary and subject to revision within the measurement period, not to exceed one year from the date of the acquisition. Germantown Facility On August 30, 2017, the Company purchased a medical office building located in Germantown, Tennessee (the “Germantown Facility”) from Brierbrook Partners, LLC (“Brierbrook”) for a purchase price of $ 15.94 Accounting Treatment The Company accounted for the acquisition of the Germantown Facility as a business combination in accordance with the provisions of ASC Topic 805 - Business Combinations. Land and site improvements $ 3,049,683 Building and tenant improvements 8,385,142 Above market lease intangible 3,284,388 In-place leases 586,812 Leasing costs 634,225 Total purchase price $ 15,940,250 The above allocation is preliminary and subject to revision within the measurement period, not to exceed one year from the date of the acquisition. Lubbock Facility On August 18, 2017, the Company purchased a medical office building located in Lubbock, Texas (the “Lubbock Facility”) from Cardiac Partners Development, LP, for a purchase price of $ 8.2 Accounting Treatment The Company accounted for the acquisition of the Lubbock Facility as a business combination in accordance with the provisions of ASC Topic 805 - Business Combinations. Land and site improvements $ 1,566,487 Building and tenant improvements 5,725,355 In-place leases 414,189 Leasing costs 493,969 Total purchase price $ 8,200,000 The above allocation is preliminary and subject to revision within the measurement period, not to exceed one year from the date of the acquisition. Sandusky Facility (Ballville Property) On August 15, 2017, the Company purchased a medical office building located in Ballville, Ohio (the “Ballville Property”) from NOMS Property, LLC, for a purchase price of $ 1.3 Unaudited Pro Forma Financial Information for the Three and Nine Months Ended September 30, 2017 and September 30, 2016 Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (unaudited) (unaudited) Revenue $ 9,425,057 $ 4,909,852 $ 25,736,802 $ 13,808,974 Net income (loss) $ 653,952 $ (2,047,241) $ (1,053,239) $ (4,616,832) Net income (loss) attributable to common stockholders $ 428,546 $ (2,047,241) $ (1,284,133) $ (4,616,832) Income (loss) attributable to common stockholders per share basic and diluted $ 0.02 $ (0.12) $ (0.07) $ (0.71) Weighted average shares outstanding basic and diluted 21,522,251 17,371,743 18,938,367 6,514,230 Intangible Assets and Liabilities As of September 30, 2017 Accumulated Cost Amortization Net Assets In-place leases $ 14,590,650 $ (1,056,983) $ 13,533,667 Above market ground lease 487,978 (3,972) 484,006 Above market leases 4,363,022 (73,911) 4,289,111 Leasing costs 7,866,982 (311,734) 7,555,248 $ 27,308,632 $ (1,446,600) $ 25,862,032 Liabilities Below market leases $ 1,145,030 $ (64,907) $ 1,080,123 The following is a summary of the carrying amount of intangible assets and liabilities as of December 31, 2016: As of December 31, 2016 Accumulated Cost Amortization Net Assets In-place leases $ 5,826,556 $ (34,789) $ 5,791,767 Above market leases 74,096 (443) 73,653 Leasing costs 1,286,389 (7,533) 1,278,856 $ 7,187,041 $ (42,765) $ 7,144,276 Liabilities Below market leases $ 279,354 $ (1,437) $ 277,917 Three Months Ended Nine Months Ended September 30, 2017 September 30, 2017 Amortization expense related to in-place leases $ 388,409 $ 1,022,194 Amortization expense related to leasing costs $ 135,078 $ 304,201 Decrease of rental revenue related to above market ground lease $ 1,702 $ 3,972 Decrease of rental revenue related to above market leases $ 55,757 $ 73,468 Increase of rental revenue related to below market leases $ 32,443 $ 63,470 Net Decrease in Revenue Net Increase in Expenses 2017 $ (113,108) $ 650,590 2018 (452,433) 2,602,359 2019 (452,433) 2,602,359 2020 (452,433) 2,602,359 2021 (455,278) 1,987,746 Thereafter (1,767,309) 10,643,502 Total $ (3,692,994) $ 21,088,915 As of September 30, 2017, the weighted average amortization period for asset lease intangibles and liability lease intangibles were 8.12 8.32 |
Notes Payable Related to Acquis
Notes Payable Related to Acquisitions and Revolving Credit Facility | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 4 Notes Payable Related to Acquisitions and Revolving Credit Facility Summary of Notes Payable Related to Acquisitions, Net of Debt Discount September 30, 2017 December 31, 2016 Notes payable related to acquisitions, gross $ 39,474,900 $ 39,474,900 Less: Unamortized debt discount (963,184) (1,061,602) Notes payable related to acquisitions, net $ 38,511,716 $ 38,413,298 Costs incurred related to securing the Company’s fixed-rate debt instruments have been capitalized as a debt discount, net of accumulated amortization, and are netted against the Company’s Notes Payable balance in the accompanying Consolidated Balance Sheets. Amortization expense incurred related to the debt discount was $ 32,806 98,418 62,604 215,449 Cantor Loan On March 31, 2016, the Company, through certain of its subsidiaries, entered into a $ 32,097,400 9,223,500 The Cantor Loan has a maturity date of April 6, 2026 5.22 The Company is securing the payment of the Cantor Loan with the assets, including property, facilities, and rents, held by the GMR Loan Subsidiaries and has agreed to guarantee certain customary recourse obligations, including findings of fraud, gross negligence, or breach of environmental covenants by GMR Loan Subsidiaries. The GMR Loan Subsidiaries will be required to maintain a monthly debt service coverage ratio of 1.35:1.00 for all of the collateral properties in the aggregate. No principal payments were made on the Cantor Loan during the three and nine months ended September 30, 2017. The note balance as of September 30, 2017 and December 31, 2016 was $ 32,097,400 428,180 1,270,578 Interest expense incurred on this note was $ 428,179 851,704 2017 $ - 2018 - 2019 - 2020 - 2021 - Thereafter 32,097,400 Total $ 32,097,400 West Mifflin Note In order to finance a portion of the purchase price for the West Mifflin facility, on September 25, 2015 the Company (through its wholly owned subsidiary GMR Pittsburgh LLC, as borrower) entered into a Term Loan and Security Agreement with Capital One (the “West Mifflin Note”) to borrow $ 7,377,500 3.72 September 25, 2020 7,377,500 Interest expense incurred on the West Mifflin Note was $ 70,136 208,882 70,136 209,645 2017 $ - 2018 22,044 2019 136,007 2020 7,219,449 Total $ 7,377,500 Revolving Credit Facility As of September 30, 2017 and December 31, 2016, the Company had $ 126,100,000 27,700,000 250,000,000 On December 2, 2016, the Company, the Operating Partnership, as borrower, and certain subsidiaries (GMR Asheville LLC, GMR Watertown LLC, GMR Sandusky LLC, GMR East Orange LLC, GMR Omaha LLC, and GMR Reading LLC) (such subsidiaries, the “Subsidiary Guarantors”) of the Operating Partnership entered into a senior revolving credit facility (the “Credit Facility”) with BMO Harris Bank N.A., as Administrative Agent (“BMO”), which initially provided up to $ 75,000,000 125,000,000 200,000,000 50,000,000 250,000,000 50,000,000 Amounts outstanding under the Revolving Credit Facility bear annual interest at a floating rate that is based, at the Operating Partnership’s option, on (i) adjusted LIBOR plus 2.00% to 3.00% or (ii) a base rate plus 1.00% to 2.00%, in each case, depending upon the Company’s consolidated leverage ratio 0.20% if the average daily unused commitments are less than 50% of the commitments then in effect and (y) 0.30% if the average daily unused commitments are greater than or equal to 50% of the commitments then in effect and determined based on the average daily unused commitments during such previous quarter. The Operating Partnership is subject to ongoing compliance with a number of customary affirmative and negative covenants, including limitations with respect to liens, indebtedness, distributions, mergers, consolidations, investments, restricted payments and asset sales. The Operating Partnership must also maintain (i) a maximum consolidated leverage ratio, commencing with the fiscal quarter ending December 31, 2016 and as of the end of each fiscal quarter thereafter, of less than (y) 0.65:1.00 for each fiscal quarter ending prior to October 1, 2019 and (z) thereafter, 0.60:1.00, (ii) a minimum fixed charge coverage ratio of 1.50:1.00, (iii) a minimum net worth of $119,781,219 plus 75% of all net proceeds raised through subsequent equity offerings and (iv) a ratio of total secured recourse debt to total asset value of not greater than 0.10:1.00. During the nine months ended September 30, 2017, the Company borrowed $ 205,400,000 107,000,000 98,400,000 1,335,730 2,945,588 Deferred Financing Costs, Net Balance as of January 1, 2017, net $ 927,085 Additions Revolving Credit Facility 1 2,792,692 Deferred financing cost amortization expense (741,796) Balance as of September 30, 2017, net $ 2,977,981 1 This amount includes $ 1,223,359 Amortization expense incurred related to the Revolving Credit Facility deferred financing costs were $ 307,831 741,796 Weighted-Average Interest Rate and Term The Company’s weighted average interest rate and term of its debt was 3.84 3.43 4.29 6.04 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 5 Stockholders’ Equity Preferred Stock General On September 15, 2017, the Company closed on the issuance of 3,105,000 0.001 25 405,000 25 77,625,000 2,445,188 220,809 74,959,003 75,146,720 Preferred Stock Dividends Holders of the Company’s Series A Preferred Stock will be entitled to receive dividend payments only when, as and if declared by the Board of Directors of the Company (the “Board”)(or a duly authorized committee of the Board). Any such dividends will accrue or be payable in cash from the original issue date, on a cumulative basis, quarterly in arrears on each dividend payment date. Additionally, dividends will be payable at a fixed rate per annum equal to 7.50 25 1.875 The quarterly dividend payment dates are January 31, April 30, July 31 and October 31 of each year, commencing on October 31, 2017. The initial dividend is scheduled to be paid on October 31, 2017 to holders of record as of October 15, 2017 0.2396 743,598 Common Stock General On June 30, 2017, the Company closed a public underwritten offering of its common shares and on July 20, 2017 the Company closed on the over-allotment option granted to the underwriters. These transactions resulted in an aggregate of 4,025,000 9 36,225,000 1,986,876 443,499 33,794,625 Dividends Applicable Date Announced Record Date Quarter Payment Date Dividend Amount 1 Dividends per Share September 14, 2016 September 27, 2016 Q3 2016 October 11, 2016 $ 3,592,786 $ 0.20 December 14, 2016 December 27, 2016 Q4 2016 January 10, 2017 $ 3,604,037 $ 0.20 March 20, 2017 March 27, 2017 Q1 2017 April 10, 2017 $ 3,603,485 $ 0.20 June 16, 2017 June 27, 2017 Q2 2017 July 10, 2017 $ 3,607,726 $ 0.20 September 8, 2017 September 26, 2017 Q3 2017 October 9, 2017 $ 4,416,164 2 $ 0.20 1 Includes dividends on granted LTIP units and OP Units issued to third parties. 2 This amount was accrued as of September 30, 2017 and paid on October 9, 2017. For additional details refer to Note 11 “Subsequent Events.” During the nine months ended September 30, 2017, the Company paid total dividends in the amount of $ 10,815,248 285,703 In accordance with the terms of the Company’s 2017 Annual Equity Bonus and Long-Term Equity Award Plan as disclosed in Note 7 “Stock-Based Compensation,” as of September 30, 2017 the Company accrued a dividend of $ 0.20 92,123 OP Units As of September 30, 2017, there were 117,941 1,077,497 109,608 9.14 1,000,000 8,333 9.30 77,497 250,000 10 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 6 Related Party Transactions Initial Management Agreement On November 10, 2014, the Company entered into a management agreement, with an effective date of April 1, 2014, with t 2.0 30,000 807,147 510,000 754,000 Amended Management Agreement Upon completion of the Company’s initial public offering on July 1, 2016, the Company and the Advisor entered into an amended and restated management agreement (the “Amended Management Agreement”). Certain material terms of the Amended Management Agreement are summarized below: Term and Termination The Amended Management Agreement has an initial term of three years expiring on the third anniversary of the closing date of the initial public offering but will automatically renew for an unlimited number of successive one-year periods thereafter, unless the agreement is not renewed or is terminated in accordance with its terms. If the Board decides to terminate or not renew the Amended Management Agreement, the Company will generally be required to pay the Advisor a termination fee equal to three times the sum of the average annual base management fee and the average annual incentive compensation with respect to the previous eight fiscal quarters ending on the last day of the fiscal quarter prior to termination. Subsequent to the initial term, the Company may terminate the Amended Management Agreement only under certain circumstances. Base Management Fee The Company pays its Advisor a base management fee in an amount equal to 1.5 For purposes of calculating the base management fee, the Company’s stockholders’ equity means: (a) the sum of (1) the Company stockholders’ equity as of March 31, 2016, (2) the aggregate amount of the conversion price (including interest) for the conversion of the Company’s outstanding convertible debentures into common stock and OP Units upon completion of the initial public offering, and (3) the net proceeds from (or equity value assigned to) all issuances of equity and equity equivalent securities (including common stock, common stock equivalents, preferred stock, LTIP units and OP Units issued by the Company or the Operating Partnership) in the initial public offering, or in any subsequent offering (allocated on a pro rata daily basis for such issuances during the fiscal quarter of any such issuance), less (b) any amount that the Company pays to repurchase shares of its common stock or equity securities of the Operating Partnership. Stockholders’ equity also excludes (1) any unrealized gains and losses and other non-cash items (including depreciation and amortization) that have impacted stockholders’ equity as reported in the Company’s financial statements prepared in accordance with GAAP, and (2) one-time events pursuant to changes in GAAP, and certain non-cash items not otherwise described above, in each case after discussions between the Advisor and its independent directors and approval by a majority of the Company’s independent directors. As a result, the Company’s stockholders’ equity, for purposes of calculating the base management fee, could be greater or less than the amount of stockholders’ equity shown on its financial statements. The base management fee of the Advisor shall be calculated within 30 days after the end of each quarter and such calculation shall be promptly delivered to the Company. The Company is obligated to pay the quarterly installment of the base management fee calculated for that quarter in cash within five business days after delivery to the Company of the written statement of the Advisor setting forth the computation of the base management fee for such quarter. Incentive Compensation Fee The Company pays its Advisor an incentive fee with respect to each calendar quarter (or part thereof that the management agreement is in effect) in arrears. The incentive fee is an amount, not less than zero, equal to the difference between (1) the product of (x) 20% and (y) the difference between (i) the Company’s AFFO (as defined below) for the previous 12-month period, and (ii) the product of (A) the weighted average of the issue price of equity securities issued in the initial public offering and in future offerings and transactions, multiplied by the weighted average number of all shares of common stock outstanding on a fully-diluted basis (including any restricted stock units, any restricted shares of common stock, OP Units, LTIP units, and shares of common stock underlying awards granted under the 2016 Equity Incentive Plan (the “2016 Plan”) or any future plan in the previous 12-month period, and (B) 8%, and (2) the sum of any incentive fee paid to the Advisor with respect to the first three calendar quarters of such previous 12-month period; provided, however, that no incentive fee is payable with respect to any calendar quarter unless AFFO is greater than zero for the four most recently completed calendar quarters, or the number of completed calendar quarters since the closing date of the offering, whichever is less. For purposes of calculating the incentive fee during the first 12 months after completion of the offering, AFFO will be determined by annualizing the applicable period following completion of the offering. Per the terms of the Amended Management Agreement, AFFO is calculated by adjusting the Company’s funds from operations, or FFO, by adding back acquisition and disposition costs, stock based compensation expenses, amortization of deferred financing costs and any other non-recurring or non-cash expenses, which are costs that do not relate to the operating performance of the Company’s properties, and subtracting loss on extinguishment of debt, straight line rent adjustment, recurring tenant improvements, recurring leasing commissions and recurring capital expenditures. To date the Company has not incurred or paid an incentive fee. Management Fee Expense Incurred and Accrued Management Fees For the three and nine months ended September 30, 2017, management fees of $ 803,804 2,059,325 1,876,229 627,147 807,147 510,000 803,805 620,709 Allocated General and Administrative Expenses Effective May 8, 2017, the Company and the Advisor entered into an agreement pursuant to which, for a period of one year commencing on May 8, 2017, the Company has agreed to reimburse the Advisor for $ 125,000 Note Payable to Majority Stockholder In prior years the Company received funds from its former majority stockholder ZH USA, LLC in the form of a non-interest bearing, due on demand note payable, which is classified as “Note payable to related parties” on the accompanying Consolidated Balance Sheets. The Company repaid this loan in full during the nine months ended September 30, 2017 and accordingly the balance of this note was zero and $ 421,000 Due to Related Parties, Net Due to Advisor Mgmt. Fees Due to Advisor Other Funds Due (to) from Other Related Party Total Due (To) From Related Parties, Balance as of January 1, 2017 $ (620,709) (586) 40,384 (580,911) Management fee expense incurred 1 (2,059,325) - - (2,059,325) Management fees paid to Advisor 1 1,876,229 - - 1,876,229 Loan repaid to Advisor 2 - 149 - 149 Loan repaid to other related party 3 - - (38,428) (38,428) Balance as of September 30, 2017 $ (803,805) (437) 1,956 (802,286) 1 Net amount accrued of $ 183,096 2,059,325 1,876,229 2 Amount represents the partial repayment of expenses that were previously paid by the Advisor on the Company’s behalf. This represents a cash flow financing activity. 3 Amount represents the net repayment of previous loans made by the Company to related parties. This represents a cash flow investing activity. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 7 Stock-Based Compensation 2017 Program Performance Based Awards On February 28, 2017, the Board approved the recommendations of the Compensation Committee of the Board (the “Compensation Committee”) with respect to the awarding of 2017 annual performance-based equity incentive award targets in the form of LTIP units (the “Annual Awards”) and long-term performance-based LTIP awards (the “Long-Term Awards”) to the executive officers of the Company and other employees of the Company’s external manager who perform services for the Company (the “2017 Program”). Additionally, the Board approved the recommendations of the Compensation Committee with respect to awarding Annual Awards and Long-Term Awards to two executive officers of the Company whose employment commenced on August 23, 2017 and May 8, 2017, respectively. None of the LTIP units awarded under the 2017 Program have been earned by the participants as of September 30, 2017. The 2017 Program is a part of the Company’s 2016 Plan and therefore the Annual Awards and Long-Term Awards were awarded pursuant to the 2016 Plan. The purpose of the 2016 Plan is to attract and retain qualified persons upon whom, in large measure, the Company’s sustained progress, growth and profitability depend, to motivate the participants to achieve long-term company goals and to more closely align the participants’ interests with those of the Company’s other stockholders by providing them with a proprietary interest in the Company’s growth and performance. The Company’s executive officers, employees, employees of its advisor and its affiliates, consultants and non-employee directors are eligible to participate in the 2016 Plan. Annual Long-Term Total Awards on February 28, 2017 97,243 147,081 244,324 Awards on August 23, 2017 and May 8, 2017 8,224 17,754 25,978 Total 2017 Program LTIP units awarded as of September 30, 2017 105,467 164,835 270,302 2017 Program LTIP units forfeited (19,338) (58,668) (78,006) Net 2017 Program LTIP awards as of September 30, 2017 86,129 106,167 192,296 As of September 30, 2017, all 192,296 Annual Awards . The Annual Awards are subject to the terms and conditions of LTIP Annual Award Agreements (“LTIP Annual Award Agreements”) between the Company and each grantee. The Compensation Committee established various operating performance goals for calendar year 2017, as set forth in Exhibit A to the LTIP Annual Award Agreements (the “Performance Goals”), that will be used to determine the actual number of LTIP units earned by each grantee under each LTIP Annual Award Agreement. During the three months ended September 30, 2017, management made a determination that the Annual Award payout trend as of September 30, 2017 was 55 86,129 47,371 The Company expenses the fair value of all unit awards in accordance with the fair value recognition requirements of ASC Topic 718, Compensation-Stock Compensation, for “employees,” and ASC Topic 505, Equity, for “non-employees.” As the Annual Awards were granted to non-employees, in accordance with the provisions of ASC Topic 505, the Annual Awards utilize the grant date fair value for expense recognition; however, the accounting after the measurement date requires a fair value re-measurement each reporting period until the awards vest. Since these are performance based awards with no market condition, the closing price on the valuation date and revaluation date will be used for expense recognition purposes. Long-Term Awards . The Long-Term Awards are subject to the terms and conditions of LTIP Long-Term Award Agreements (“LTIP Long-Term Award Agreements”) between the Company and each grantee. The number of LTIP units that each grantee is entitled to earn under the LTIP Long-Term Award Agreements will be determined following the conclusion of a three-year performance period based on the Company’s total shareholder return, which is determined based on a combination of appreciation in stock price and dividends paid during the performance period (“TSR”). Each grantee may earn up to 200 The number of LTIP units earned under the Long-Term Awards will be determined as soon as reasonably practicable following the end of the three-year performance period based on the Company’s TSR on an absolute basis (as to 75% of the Long-Term Award) and relative to the SNL Healthcare REIT Index (as to 25% of the Long-Term Award). As the Long-Term Awards were granted to non-employees and involved market-based performance conditions, in accordance with the provisions of ASC Topic 505, the Long-Term Awards utilize a Monte Carlo simulation to provide a grant date fair value for expense recognition; however, the accounting after the measurement date requires a fair value re-measurement each reporting period until the awards vest. The fair value re-measurement will be performed by calculating a Monte Carlo produced fair value at the conclusion of each reporting period until vesting. The Monte Carlo simulation is a generally accepted statistical technique used, in this instance, to simulate a range of possible future stock prices for the Company and the members of the SNL Healthcare REIT Index (the “Index”) over the Performance Period (February 28, 2017 to February 27, 2020; May 8, 2017 to May 7, 2020; and August 23, 2017 to August 22, 2020, respectively). The purpose of this modeling is to use a probabilistic approach for estimating the fair value of the performance share award for purposes of accounting under ASC Topic 718. ASC Topic 505 does not provide guidance on how to derive a fair value, so the valuation defaults to that described in ASC Topic 718. The assumptions used in the Monte Carlo simulation include beginning average stock price, valuation date stock price, expected volatilities, correlation coefficients, risk-free rate of interest, and expected dividend yield. The beginning average stock price is the beginning average stock price for the Company and each member of the Index for the five trading days leading up to the grant date. The valuation date stock price is the closing stock price of the Company and each of the peer companies in the Index on the grant date for the grant date fair value, and the closing stock price on September 30, 2017 for revaluation. The expected volatilities are modeled using the historical volatilities for the Company and the members of the Index. The correlation coefficients are calculated using the same data as the historical volatilities. The risk-free rate of interest is taken from the U.S. Treasury website, and relates to the expected life of the remaining performance period on valuation or revaluation. Lastly, the dividend yield assumption is 0.0 Vesting. LTIP units that are earned as of the end of the applicable performance period will be subject to forfeiture restrictions that will lapse (“vesting”), subject to continued employment through each vesting date, in two installments as follows: 50 50 Distributions. Pursuant to both the LTIP Annual Award Agreements and LTIP Long-Term Award Agreements, distributions equal to the dividends declared and paid by the Company will accrue during the applicable performance period on the maximum number of LTIP units that the grantee could earn and will be paid with respect to all of the earned LTIP units at the conclusion of the applicable performance period, in cash or by the issuance of additional LTIP units at the discretion of the Compensation Committee 2016 Plan Time Based Grants (excludes 2017 Program - Performance Based Awards) Total 2016 Plan LTIP units granted as of January 1, 2017 414,504 Additional LTIP units granted 27,179 Total 2016 Plan LTIP units granted as of September 30, 2017 441,683 2016 Plan LTIP units forfeited (38,733) Net 2016 Plan LTIP units granted and outstanding as of September 30, 2017 402,950 Of the 27,179 11,204 15,975 Of the 402,950 60,400 68,900 13,750 72,488 215,538 The remaining unvested 187,412 171,437 36 53 15,975 Under the 2016 Plan a total of 1,232,397 637,151 Detail of Compensation Expense Recognized For The Three and Nine Months Ended September 30, 2017 The Company incurred compensation expense of $ 340,287 1,480,724 Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 2016 Plan Time Based Grants: Service LTIPs non-employee $ 258,033 $ 933,143 Service LTIPs employee 56,567 123,967 2017 Program Performance Based Award Targets: Annual Awards non-employee (22,107) 238,835 Long-Term Awards non-employee 47,794 184,779 Total compensation expense $ 340,287 $ 1,480,724 Total unamortized compensation expense related to these units of approximately $ 1.9 1.23 |
Rental Revenue
Rental Revenue | 9 Months Ended |
Sep. 30, 2017 | |
Leases [Abstract] | |
Operating Leases of Lessor Disclosure [Text Block] | Note 8 Rental Revenue 2017 $ 8,035,103 2018 32,516,357 2019 33,166,395 2020 33,811,627 2021 32,003,983 Thereafter 251,225,055 Total $ 390,758,520 For the three months ended September 30, 2017, the HealthSouth facilities constituted approximately 18 15 10 8 6 5 38 4 For the nine months ended September 30, 2017, the HealthSouth facilities constituted approximately 22 12 7 6 5 35 4 For the three months ended September 30, 2016, the Omaha facility constituted approximately 22 18 17 11 15 8 6 3 For the nine months ended September 30, 2016, the Omaha facility constituted approximately 26 21 17 13 12 3 4 |
Omaha and Clermont Land Leases
Omaha and Clermont Land Leases | 9 Months Ended |
Sep. 30, 2017 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | Note 9 Omaha and Clermont Land Leases The Omaha facility land lease expires in 2033, subject to future renewal options by the Company. Under the terms of the Omaha land lease, annual rents increase 12.5 18,153 54,461 18,153 54,461 On March 1, 2017, the Company acquired an interest, as ground lessee, in the ground lease that covers and affects certain real property located in Clermont, Florida, along with the seller’s right, title and interest arising under the ground lease in and to the medical building located upon the land. The ground lease expense is a pass-through to the tenant so no expense related to this ground lease is recorded on the Company’s Consolidated Statements of Operations. The Clermont ground lease commenced in 2012 and has an initial term of seventy-five years. 2017 $ 18,626 2018 78,245 2019 81,987 2020 81,987 2021 81,987 Thereafter 1,883,702 Total $ 2,226,534 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 10 - Commitments and Contingencies Litigation The Company is not presently subject to any material litigation nor, to its knowledge, is any material litigation threatened against the Company, which if determined unfavorably to the Company, would have a material adverse effect on the Company’s financial position, results of operations, or cash flows. 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 financial position, results of operations, or cash flows. Additionally, the Company is not aware of any material environmental liability or any unasserted claim or assessment with respect to an environmental liability that management believes would require additional disclosure or the recording of a loss contingency. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 11 Subsequent Events Common Stock Dividend Paid On October 9, 2017 the Company paid the third quarter 2017 dividend that was announced on September 18, 2017 in the amount of $4,416,164. Preferred Stock Dividend Paid The initial preferred stock dividend was paid on October 31, 2017 to holders of record as of October 15, 2017, for the pro rata dividend from, and including, the original issue date to, and including, October 30, 2017, in the pro rata amount of $0.2396 per share for a total dividend amount of $743,598. LTIP Award On October 11, 2017 the Board approved the grant of 32,787 LTIP units to the Company’s Chief Executive Officer. The LTIP units were granted under the 2016 Plan and vest over a period of two years, on October 11, 2018 and October 11, 2019. |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation The accompanying consolidated financial statements are unaudited and are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the accompanying financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended December 31, 2016. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair presentation of the financial statements for the interim periods have been made. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company, including the Operating Partnership and its wholly-owned subsidiaries, and the interests in the Operating Partnership held by LTIP unit holders and OP Unit holders. The Company presents the portion of any equity it does not own but controls (and thus consolidates) as noncontrolling interest. Noncontrolling interest in the Company includes the LTIP units that have been granted to directors, employees and affiliates of the Company and the OP Units held by third parties. Refer to Note 5 “Stockholders’ Equity” and Note 7 “Stock-Based Compensation” and for additional information regarding the OP Units and LTIP units. The Company classifies noncontrolling interest as a component of consolidated equity on its Consolidated Balance Sheets, separate from the Company’s total stockholders’ equity. The Company’s net income or loss is allocated to noncontrolling interests based on the respective ownership or voting percentage in the Operating Partnership associated with such noncontrolling interests and is removed from consolidated income or loss on the Consolidated Statements of Operations in order to derive net income or loss attributable to common stockholders. The noncontrolling ownership percentage is calculated by dividing the aggregate number of LTIP units and OP Units held by the total number of units outstanding. Any future issuances of additional LTIP units or OP Units would change the noncontrolling ownership interest. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and footnotes. Actual results could differ from those estimates. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash The restricted cash balance as of September 30, 2017 and December 31, 2016 was $ 2,040,026 941,344 337,242 83,125 383,265 319,500 238,579 |
Receivables, Policy [Policy Text Block] | Tenant Receivables The tenant receivable balance as of September 30, 2017 and December 31, 2016 was $ 616,741 212,435 113,400 503,341 50,922 161,513 |
Escrow Deposits [Policy Text Block] | Escrow Deposits Escrow deposits include funds held in escrow to be used for the acquisition of properties in the future and for the payment of taxes, insurance, and other amounts as stipulated by the Company’s Cantor Loan, as hereinafter defined. The escrow balance as of September 30, 2017 and December 31, 2016 was $ 1,297,665 1,212,177 |
Deferred Assets [Policy Text Block] | Deferred Assets The deferred assets balance as of September 30, 2017 and December 31, 2016 was $ 2,923,494 704,537 146,759 704,537 |
Other Assets [Policy Text Block] | Other Assets Other assets primarily consists of capitalized costs related to the Company’s property acquisitions. Costs that are incurred prior to the completion of the acquisition of a property are capitalized if all of the following conditions are met: (a) the costs are directly identifiable with the specific property, (b) the costs would be capitalized if the property were already acquired, and (c) acquisition of the property is probable. These costs are included with the value of the acquired property upon completion of the acquisition. The costs are charged to expense when it is probable that the acquisition will not be completed. The other assets balance was $ 160,214 138,324 21,890 140,374 |
Security Deposit Liability [Policy Text Block] | Security Deposits and Other The security deposits and other liability balance as of September 30, 2017 and December 31, 2016 was $ 2,206,145 719,592 1,619,679 586,466 319,500 400,092 |
Earnings Per Share, Policy [Policy Text Block] | Net Income (Loss) Attributable to Common Stockholders Per Share The Company uses the treasury stock method to compute diluted net income or loss attributable to common stockholders per share. Basic net income or loss per share of common stock is computed by dividing net income or loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net income or loss per share of common stock is computed by dividing net income or loss attributable to common stockholders by the sum of the weighted average number of shares of common stock outstanding plus any potential dilutive shares for the period. The Company considered the requirements of the two-class method when computing earnings per share and determined that there would be no difference in its reported results if the two-class method was utilized. |
Reclassification, Policy [Policy Text Block] | Reclassification The Company reclassified the line item “Acquired Lease Intangible Assets, Net” on its Consolidated Balance Sheets as of December 31, 2016, to present the gross intangible assets acquired as part of its business combination transactions as a separate line item within the category “Investment in Real Estate” and also reclassified the related accumulated amortization balance on the intangible assets acquired to the line item “Accumulated Depreciation and Amortization.” This reclassification was made to conform to the Company’s presentation of those balances as of September 30, 2017. The Company’s Consolidated Statements of Operations for the three and nine months ended September 30, 2017 and 2016 includes the expense line item “Operating Expenses” which primarily includes both reimbursable property operating expenses that the Company pays on behalf of certain of its tenants, including real estate taxes and insurance, non-reimbursable property operating expenses, and other operating expenses. Reimbursements of tenant operating expenses are recorded on a gross basis (i.e., the Company recognizes an equivalent increase in revenue (expense recoveries) and expense (operating expenses)). Prior to the third quarter of 2017, the Company recorded property operating expenses in the “General and Administrative” expense line item. Accordingly for prior periods these expenses have been reclassified from the “General and Administrative” expense line item into the “Operating Expenses” line item within the Company’s Consolidated Statements of Operations. |
Property Portfolio (Tables)
Property Portfolio (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Table Text Block] | A rollforward of the gross investment in land, building and improvements as of September 30, 2017, resulting from these acquisitions is as follows: Land Building Site & Tenant Improvements Acquired Lease Intangibles Gross Investment in Real Estate Balances as of January 1, 2017 $ 17,785,001 $ 179,253,398 $ 2,651,287 $ 7,187,041 $ 206,876,727 Facility Acquired Date Acquired: Cape Coral 1/10/17 353,349 7,016,511 - - 7,369,860 Lewisburg 1/12/17 471,184 5,819,137 504,726 504,953 7,300,000 Las Cruces 2/1/17 397,148 4,618,258 - - 5,015,406 Prescott 2/9/17 790,637 3,821,417 - - 4,612,054 Clermont 3/1/17 - 4,361,028 205,922 867,678 5,434,628 Sandusky 3/10/17 409,204 3,997,607 - - 4,406,811 Great Bend 3/31/17 836,929 23,800,758 - - 24,637,687 Oklahoma City 3/31/17 2,086,885 37,713,709 1,876,730 7,822,676 49,500,000 Sandusky 4/21/17 97,804 978,035 - - 1,075,839 Brockport 6/27/17 412,838 6,885,477 491,427 1,294,763 9,084,505 Flower Mound 6/27/17 580,763 2,922,164 381,859 406,757 4,291,543 Sherman facility 6/30/17 1,600,711 25,011,110 - - 26,611,821 Sandusky facility 8/15/17 55,734 1,214,999 - - 1,270,733 Lubbock facility 8/18/17 1,302,651 5,041,964 947,227 908,158 8,200,000 Germantown 8/30/17 2,700,468 8,078,246 656,111 4,505,425 15,940,250 Austin 9/25/17 6,957,821 28,507,662 1,373,336 3,811,181 40,650,000 Total Additions1: 19,054,126 169,788,082 6,437,338 20,121,591 215,401,137 Balances as of September 30, 2017 $ 36,839,127 $ 349,041,480 $ 9,088,625 $ 27,308,632 $ 422,277,864 1 The Lubbock facility acquisition included approximately $ 1,000,000 865,676 213,535,461 |
Business Acquisition, Pro Forma Information [Table Text Block] | The following table illustrates the unaudited pro forma consolidated revenue, net income (loss), and income (loss) per share as if the facilities that the Company acquired during the nine months ended September 30, 2017 that were accounted for as business combinations (the Austin, Germantown, Lubbock, Flower Mound, Brockport, OCOM, Clermont and Lewisburg facilities) had occurred on January 1, 2016. The following summary of pro forma financial information is for the three and nine months ended September 30, 2017 and 2016: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (unaudited) (unaudited) Revenue $ 9,425,057 $ 4,909,852 $ 25,736,802 $ 13,808,974 Net income (loss) $ 653,952 $ (2,047,241) $ (1,053,239) $ (4,616,832) Net income (loss) attributable to common stockholders $ 428,546 $ (2,047,241) $ (1,284,133) $ (4,616,832) Income (loss) attributable to common stockholders per share basic and diluted $ 0.02 $ (0.12) $ (0.07) $ (0.71) Weighted average shares outstanding basic and diluted 21,522,251 17,371,743 18,938,367 6,514,230 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | The following is a summary of the carrying amount of intangible assets and liabilities as of September 30, 2017: As of September 30, 2017 Accumulated Cost Amortization Net Assets In-place leases $ 14,590,650 $ (1,056,983) $ 13,533,667 Above market ground lease 487,978 (3,972) 484,006 Above market leases 4,363,022 (73,911) 4,289,111 Leasing costs 7,866,982 (311,734) 7,555,248 $ 27,308,632 $ (1,446,600) $ 25,862,032 Liabilities Below market leases $ 1,145,030 $ (64,907) $ 1,080,123 The following is a summary of the carrying amount of intangible assets and liabilities as of December 31, 2016: As of December 31, 2016 Accumulated Cost Amortization Net Assets In-place leases $ 5,826,556 $ (34,789) $ 5,791,767 Above market leases 74,096 (443) 73,653 Leasing costs 1,286,389 (7,533) 1,278,856 $ 7,187,041 $ (42,765) $ 7,144,276 Liabilities Below market leases $ 279,354 $ (1,437) $ 277,917 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | The following is a summary of the acquired lease intangible amortization for the three and nine months ended September 30, 2017. The Company had no intangible assets or liabilities as of September 30, 2016 and therefore no amortization was incurred during the three and nine months ended September 30, 2016. Three Months Ended Nine Months Ended September 30, 2017 September 30, 2017 Amortization expense related to in-place leases $ 388,409 $ 1,022,194 Amortization expense related to leasing costs $ 135,078 $ 304,201 Decrease of rental revenue related to above market ground lease $ 1,702 $ 3,972 Decrease of rental revenue related to above market leases $ 55,757 $ 73,468 Increase of rental revenue related to below market leases $ 32,443 $ 63,470 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | As of September 30, 2017, scheduled future aggregate net amortization of acquired lease intangible assets and liabilities for each fiscal year ended December 31 are listed below: Net Decrease in Revenue Net Increase in Expenses 2017 $ (113,108) $ 650,590 2018 (452,433) 2,602,359 2019 (452,433) 2,602,359 2020 (452,433) 2,602,359 2021 (455,278) 1,987,746 Thereafter (1,767,309) 10,643,502 Total $ (3,692,994) $ 21,088,915 |
Austin Facility [Member] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table presents the preliminary purchase price allocation for the assets acquired as part of the acquisition: Land and site improvements $ 7,222,455 Building and tenant improvements 29,616,364 Above market lease intangible 245,686 In-place leases 1,680,282 Leasing costs 1,885,213 Total purchase price $ 40,650,000 |
Germantown Facility [Member] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table presents the preliminary purchase price allocation for the assets acquired as part of the acquisition: Land and site improvements $ 3,049,683 Building and tenant improvements 8,385,142 Above market lease intangible 3,284,388 In-place leases 586,812 Leasing costs 634,225 Total purchase price $ 15,940,250 |
Lubbock Facility [Member] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table presents the preliminary purchase price allocation for the assets acquired as part of the acquisition: Land and site improvements $ 1,566,487 Building and tenant improvements 5,725,355 In-place leases 414,189 Leasing costs 493,969 Total purchase price $ 8,200,000 |
Notes Payable Related to Acqu19
Notes Payable Related to Acquisitions and Revolving Credit Facility (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Instrument [Line Items] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | The Company’s notes payable related to acquisitions, net, includes two loans: (1) the Cantor Loan and (2) the West Mifflin Note, described in detail below. The following table sets forth the aggregate balances of these loans as of September 30, 2017 and December 31, 2016. September 30, 2017 December 31, 2016 Notes payable related to acquisitions, gross $ 39,474,900 $ 39,474,900 Less: Unamortized debt discount (963,184) (1,061,602) Notes payable related to acquisitions, net $ 38,511,716 $ 38,413,298 |
Schedule Of Deferred Financing Costs [Table Text Block] | Costs incurred related to securing the Company’s Revolving Credit Facility have been capitalized as a deferred financing asset, net of accumulated amortization, in the accompanying Consolidated Balance Sheets. A rollforward of the deferred financing cost balance as of September 30, 2017, is as follows: Balance as of January 1, 2017, net $ 927,085 Additions Revolving Credit Facility 1 2,792,692 Deferred financing cost amortization expense (741,796) Balance as of September 30, 2017, net $ 2,977,981 |
Cantor Loan [Member] | |
Debt Instrument [Line Items] | |
Schedule of Maturities of Long-term Debt [Table Text Block] | As of September 30, 2017, scheduled principal payments due for each fiscal year ended December 31 are listed below as follows: 2017 $ - 2018 - 2019 - 2020 - 2021 - Thereafter 32,097,400 Total $ 32,097,400 |
West Mifflin Note Payable [Member] | |
Debt Instrument [Line Items] | |
Schedule of Maturities of Long-term Debt [Table Text Block] | As of September 30, 2017, scheduled principal payments due for each fiscal year ended December 31 are listed below as follows: 2017 $ - 2018 22,044 2019 136,007 2020 7,219,449 Total $ 7,377,500 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Dividends Payable [Table Text Block] | Since July 2016, the Company’s Board had declared cash dividends on its common stock as summarized in the following table. Applicable Date Announced Record Date Quarter Payment Date Dividend Amount 1 Dividends per Share September 14, 2016 September 27, 2016 Q3 2016 October 11, 2016 $ 3,592,786 $ 0.20 December 14, 2016 December 27, 2016 Q4 2016 January 10, 2017 $ 3,604,037 $ 0.20 March 20, 2017 March 27, 2017 Q1 2017 April 10, 2017 $ 3,603,485 $ 0.20 June 16, 2017 June 27, 2017 Q2 2017 July 10, 2017 $ 3,607,726 $ 0.20 September 8, 2017 September 26, 2017 Q3 2017 October 9, 2017 $ 4,416,164 2 $ 0.20 1 Includes dividends on granted LTIP units and OP Units issued to third parties. 2 This amount was accrued as of September 30, 2017 and paid on October 9, 2017. For additional details refer to Note 11 “Subsequent Events.” |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | A rollforward of the due (to) from related parties balance, net, as of September 30, 2017, is as follows: Due to Advisor Mgmt. Fees Due to Advisor Other Funds Due (to) from Other Related Party Total Due (To) From Related Parties, Balance as of January 1, 2017 $ (620,709) (586) 40,384 (580,911) Management fee expense incurred 1 (2,059,325) - - (2,059,325) Management fees paid to Advisor 1 1,876,229 - - 1,876,229 Loan repaid to Advisor 2 - 149 - 149 Loan repaid to other related party 3 - - (38,428) (38,428) Balance as of September 30, 2017 $ (803,805) (437) 1,956 (802,286) 1 Net amount accrued of $ 183,096 2,059,325 1,876,229 2 Amount represents the partial repayment of expenses that were previously paid by the Advisor on the Company’s behalf. This represents a cash flow financing activity. 3 Amount represents the net repayment of previous loans made by the Company to related parties. This represents a cash flow investing activity. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | A detail of compensation expense recognized during the three and nine months ended September 30, 2017, is as follows: Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 2016 Plan Time Based Grants: Service LTIPs non-employee $ 258,033 $ 933,143 Service LTIPs employee 56,567 123,967 2017 Program Performance Based Award Targets: Annual Awards non-employee (22,107) 238,835 Long-Term Awards non-employee 47,794 184,779 Total compensation expense $ 340,287 $ 1,480,724 |
Two Thousand Seventeen Program [Member] | |
Schedule of Share-based Compensation, Activity [Table Text Block] | The LTIP unit award targets under the 2017 Program and subsequent activity during the nine months ended September 30, 2017, is as follows: Annual Long-Term Total Awards on February 28, 2017 97,243 147,081 244,324 Awards on August 23, 2017 and May 8, 2017 8,224 17,754 25,978 Total 2017 Program LTIP units awarded as of September 30, 2017 105,467 164,835 270,302 2017 Program LTIP units forfeited (19,338) (58,668) (78,006) Net 2017 Program LTIP awards as of September 30, 2017 86,129 106,167 192,296 |
Equity Incentive Plan 2016 [Member] | |
Schedule of Share-based Compensation, Activity [Table Text Block] | The LTIP units granted under the 2016 Plan (excluding 2017 Program awards) during the nine months ended September 30, 2017, are as follows: Total 2016 Plan LTIP units granted as of January 1, 2017 414,504 Additional LTIP units granted 27,179 Total 2016 Plan LTIP units granted as of September 30, 2017 441,683 2016 Plan LTIP units forfeited (38,733) Net 2016 Plan LTIP units granted and outstanding as of September 30, 2017 402,950 |
Rental Revenue (Tables)
Rental Revenue (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Leases [Abstract] | |
Schedule of Future Lease Payments Receivables [Table Text Block] | The aggregate annual minimum cash to be received by the Company on the noncancelable operating leases related to its portfolio of medical facilities in effect as of September 30, 2017, are as follows for the subsequent years ended December 31 as listed below. 2017 $ 8,035,103 2018 32,516,357 2019 33,166,395 2020 33,811,627 2021 32,003,983 Thereafter 251,225,055 Total $ 390,758,520 |
Omaha and Clermont Land Leases
Omaha and Clermont Land Leases (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The aggregate minimum cash payments to be made by the Company on the Omaha land lease and the Clermont land lease in effect as of September 30, 2017, are as follows for the subsequent years ended December 31; as listed below. 2017 $ 18,626 2018 78,245 2019 81,987 2020 81,987 2021 81,987 Thereafter 1,883,702 Total $ 2,226,534 |
Organization (Details)
Organization (Details) | 9 Months Ended |
Sep. 30, 2017 | |
Limited Liability Company LLC Or Limited Partnership LP Ownership Interest, Held By Third Parties | 0.53% |
Inter-American Management, LLC [Member] | Chief Executive Officer [Member] | |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 15.00% |
long-term incentive plan LTIP [Member] | |
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 1.82% |
Global Medical REIT GP LLC [Member] | |
Operating Partnership | 97.64% |
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 0.01% |
ZH International Holdings Limited [Member] | Inter-American Management, LLC [Member] | |
Aggregate of Company's outstanding common stock in percentage | 85.00% |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Restricted Cash and Cash Equivalents | $ 2,040,026 | $ 941,344 |
Tenant Receivables | 616,741 | 212,435 |
Escrow Deposit | 1,297,665 | 1,212,177 |
Deferred Costs and Other Assets | 2,923,494 | 704,537 |
Cash Acquired And Held As Reserve For Debt Service | 337,242 | 383,265 |
Security Deposit Liability | 2,206,145 | 719,592 |
Receivables Earned But Not Paid Relating To Tenant Rent | 113,400 | 50,922 |
Receivables To Be Collected To Pay Specific Tenant Expenses | 503,341 | 161,513 |
Other Assets, Noncurrent | 160,214 | 140,374 |
Other Deferred Costs, Net | 146,759 | 704,537 |
Capitalized Costs, Acquisitions Of Property | 138,324 | 140,374 |
Prepaid Expense | 21,890 | |
Lease Deposit Liability | 586,466 | 400,092 |
Plano Lease [Member] | ||
Security Deposit Liability | $ 1,619,679 | $ 319,500 |
Property Portfolio (Gross Inves
Property Portfolio (Gross Investment) (Details) | 9 Months Ended | |
Sep. 30, 2017USD ($) | ||
Property, Plant and Equipment [Line Items] | ||
Beginning Balance | $ 206,876,727 | |
Acquisitions | 215,401,137 | [1] |
Ending Balance | 422,277,864 | |
Cape Coral Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 7,369,860 | |
Lewisburg facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 7,300,000 | |
Las Cruces Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 5,015,406 | |
Prescott Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 4,612,054 | |
Clermont Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 5,434,628 | |
Sandusky Facility Acquisition One [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 4,406,811 | |
Great Bend Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 24,637,687 | |
Oklahoma City Facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 49,500,000 | |
Sandusky Facility Acquisition Two [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 1,075,839 | |
Brockport Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 9,084,505 | |
Flower Mound Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 4,291,543 | |
Sherman facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 26,611,821 | |
Sandusky Facility Acquisition Three [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 1,270,733 | |
Lubbock Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 8,200,000 | |
Germantown Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 15,940,250 | |
Austin Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 40,650,000 | |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Beginning Balance | 17,785,001 | |
Acquisitions | 19,054,126 | [1] |
Ending Balance | 36,839,127 | |
Land [Member] | Cape Coral Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 353,349 | |
Land [Member] | Lewisburg facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 471,184 | |
Land [Member] | Las Cruces Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 397,148 | |
Land [Member] | Prescott Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 790,637 | |
Land [Member] | Clermont Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 0 | |
Land [Member] | Sandusky Facility Acquisition One [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 409,204 | |
Land [Member] | Great Bend Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 836,929 | |
Land [Member] | Oklahoma City Facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 2,086,885 | |
Land [Member] | Sandusky Facility Acquisition Two [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 97,804 | |
Land [Member] | Brockport Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 412,838 | |
Land [Member] | Flower Mound Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 580,763 | |
Land [Member] | Sherman facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 1,600,711 | |
Land [Member] | Sandusky Facility Acquisition Three [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 55,734 | |
Land [Member] | Lubbock Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 1,302,651 | |
Land [Member] | Germantown Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 2,700,468 | |
Land [Member] | Austin Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 6,957,821 | |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Beginning Balance | 179,253,398 | |
Acquisitions | 169,788,082 | [1] |
Ending Balance | 349,041,480 | |
Building [Member] | Cape Coral Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 7,016,511 | |
Building [Member] | Lewisburg facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 5,819,137 | |
Building [Member] | Las Cruces Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 4,618,258 | |
Building [Member] | Prescott Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 3,821,417 | |
Building [Member] | Clermont Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 4,361,028 | |
Building [Member] | Sandusky Facility Acquisition One [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 3,997,607 | |
Building [Member] | Great Bend Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 23,800,758 | |
Building [Member] | Oklahoma City Facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 37,713,709 | |
Building [Member] | Sandusky Facility Acquisition Two [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 978,035 | |
Building [Member] | Brockport Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 6,885,477 | |
Building [Member] | Flower Mound Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 2,922,164 | |
Building [Member] | Sherman facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 25,011,110 | |
Building [Member] | Sandusky Facility Acquisition Three [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 1,214,999 | |
Building [Member] | Lubbock Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 5,041,964 | |
Building [Member] | Germantown Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 8,078,246 | |
Building [Member] | Austin Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 28,507,662 | |
Building And Tenant Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Beginning Balance | 2,651,287 | |
Acquisitions | 6,437,338 | [1] |
Ending Balance | 9,088,625 | |
Building And Tenant Improvements [Member] | Cape Coral Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 0 | |
Building And Tenant Improvements [Member] | Lewisburg facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 504,726 | |
Building And Tenant Improvements [Member] | Las Cruces Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 0 | |
Building And Tenant Improvements [Member] | Prescott Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 0 | |
Building And Tenant Improvements [Member] | Clermont Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 205,922 | |
Building And Tenant Improvements [Member] | Sandusky Facility Acquisition One [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 0 | |
Building And Tenant Improvements [Member] | Great Bend Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 0 | |
Building And Tenant Improvements [Member] | Oklahoma City Facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 1,876,730 | |
Building And Tenant Improvements [Member] | Sandusky Facility Acquisition Two [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 0 | |
Building And Tenant Improvements [Member] | Brockport Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 491,427 | |
Building And Tenant Improvements [Member] | Flower Mound Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 381,859 | |
Building And Tenant Improvements [Member] | Sherman facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 0 | |
Building And Tenant Improvements [Member] | Sandusky Facility Acquisition Three [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 0 | |
Building And Tenant Improvements [Member] | Lubbock Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 947,227 | |
Building And Tenant Improvements [Member] | Germantown Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 656,111 | |
Building And Tenant Improvements [Member] | Austin Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 1,373,336 | |
Intangibles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Beginning Balance | 7,187,041 | |
Acquisitions | 20,121,591 | [1] |
Ending Balance | 27,308,632 | |
Intangibles [Member] | Cape Coral Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 0 | |
Intangibles [Member] | Lewisburg facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 504,953 | |
Intangibles [Member] | Las Cruces Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 0 | |
Intangibles [Member] | Prescott Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 0 | |
Intangibles [Member] | Clermont Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 867,678 | |
Intangibles [Member] | Sandusky Facility Acquisition One [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 0 | |
Intangibles [Member] | Great Bend Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 0 | |
Intangibles [Member] | Oklahoma City Facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 7,822,676 | |
Intangibles [Member] | Sandusky Facility Acquisition Two [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 0 | |
Intangibles [Member] | Brockport Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 1,294,763 | |
Intangibles [Member] | Flower Mound Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 406,757 | |
Intangibles [Member] | Sherman facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 0 | |
Intangibles [Member] | Sandusky Facility Acquisition Three [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 0 | |
Intangibles [Member] | Lubbock Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 908,158 | |
Intangibles [Member] | Germantown Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | 4,505,425 | |
Intangibles [Member] | Austin Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisitions | $ 3,811,181 | |
[1] | The Lubbock facility acquisition included approximately $1,000,000 of OP Units issued as part of the total consideration. Additionally, an aggregate of $865,676 of intangible liabilities were acquired from the acquisitions that occurred during the nine months ended September 30, 2017, resulting in total gross investments funded using cash of $213,535,461. |
Property Portfolio (Schedule of
Property Portfolio (Schedule of Recognized Identified Assets Acquired and Liabilities Assumed) (Details) | Sep. 30, 2017USD ($) |
Austin Facility [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | $ 40,650,000 |
Austin Facility [Member] | Land And Site Improvements [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 7,222,455 |
Austin Facility [Member] | Building And Tenant Improvements [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 29,616,364 |
Austin Facility [Member] | Above Market Leases [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 245,686 |
Austin Facility [Member] | In Place Leases [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,680,282 |
Austin Facility [Member] | Leasing costs [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Assets | 1,885,213 |
Germantown Facility [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | 15,940,250 |
Germantown Facility [Member] | Land And Site Improvements [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 3,049,683 |
Germantown Facility [Member] | Building And Tenant Improvements [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 8,385,142 |
Germantown Facility [Member] | Above Market Leases [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 3,284,388 |
Germantown Facility [Member] | In Place Leases [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 586,812 |
Germantown Facility [Member] | Leasing costs [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Assets | 634,225 |
Lubbock Facility [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | 8,200,000 |
Lubbock Facility [Member] | Land And Site Improvements [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,566,487 |
Lubbock Facility [Member] | Building And Tenant Improvements [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 5,725,355 |
Lubbock Facility [Member] | In Place Leases [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 414,189 |
Lubbock Facility [Member] | Leasing costs [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Assets | $ 493,969 |
Property Portfolio (Schedule 29
Property Portfolio (Schedule of pro forma consolidated revenue, net loss, and earnings per share) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenue | $ 9,425,057 | $ 4,909,852 | $ 25,736,802 | $ 13,808,974 |
Net income (loss) | 653,952 | (2,047,241) | (1,053,239) | (4,616,832) |
Net income (loss) attributable to common stockholders | $ 428,546 | $ (2,047,241) | $ (1,284,133) | $ (4,616,832) |
Income (loss) attributable to common stockholders per share - basic and diluted | $ 0.02 | $ (0.12) | $ (0.07) | $ (0.71) |
Weighted average shares outstanding | 21,522,251 | 17,371,743 | 18,938,367 | 6,514,230 |
Property Portfolio (summary of
Property Portfolio (summary of the carrying amount of intangible assets and liabilities) (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Cost | $ 27,308,632 | $ 7,187,041 |
Accumulated Amortization | (1,446,600) | (42,765) |
Net | 25,862,032 | 7,144,276 |
Liabilities | ||
Cost | 1,145,030 | 279,354 |
Accumulated Amortization | (64,907) | (1,437) |
Net | 1,080,123 | 277,917 |
In-place leases [Member] | ||
Assets | ||
Cost | 14,590,650 | 5,826,556 |
Accumulated Amortization | (1,056,983) | (34,789) |
Net | 13,533,667 | 5,791,767 |
Above Market Ground Lease [Member] | ||
Assets | ||
Cost | 487,978 | |
Accumulated Amortization | (3,972) | |
Net | 484,006 | |
Above Market Leases [Member] | ||
Assets | ||
Cost | 4,363,022 | 74,096 |
Accumulated Amortization | (73,911) | (443) |
Net | 4,289,111 | 73,653 |
Leasing Costs [Member] | ||
Assets | ||
Cost | 7,866,982 | 1,286,389 |
Accumulated Amortization | (311,734) | (7,533) |
Net | $ 7,555,248 | $ 1,278,856 |
Property Portfolio (summary o31
Property Portfolio (summary of the acquired lease intangible amortization) (Details) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Sep. 30, 2017 | |
Leases, Acquired-in-Place [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 388,409 | $ 1,022,194 |
Lease Costs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 135,078 | 304,201 |
Above Market Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 55,757 | 73,468 |
Below Market Lease [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 32,443 | 63,470 |
market ground lease [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 1,702 | $ 3,972 |
Property Portfolio (net amortiz
Property Portfolio (net amortization of the acquired lease intangible) (Details) | Sep. 30, 2017USD ($) |
Net Increase (Decrease) in Revenue | |
2,017 | $ (113,108) |
2,018 | (452,433) |
2,019 | (452,433) |
2,020 | (452,433) |
2,021 | (455,278) |
Thereafter | (1,767,309) |
Total | (3,692,994) |
Net Increase in Expenses | |
2,017 | 650,590 |
2,018 | 2,602,359 |
2,019 | 2,602,359 |
2,020 | 2,602,359 |
2,021 | 1,987,746 |
Thereafter | 10,643,502 |
Total | $ 21,088,915 |
Property Portfolio (Details)
Property Portfolio (Details) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 25, 2017USD ($)a | Aug. 30, 2017USD ($) | Aug. 18, 2017USD ($) | Aug. 15, 2017USD ($) | |
Property, Plant and Equipment [Line Items] | ||||||||
Depreciation, Total | $ 2,175,668 | $ 585,449 | $ 5,372,308 | $ 1,528,281 | ||||
Below Market Lease, Acquired | 865,676 | |||||||
Payments for (Proceeds from) Productive Assets | $ 213,535,461 | $ 68,690,495 | ||||||
Lease Intangibles Asset [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 8 years 1 month 13 days | |||||||
Lease Intangibles Liability [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 8 years 3 months 25 days | |||||||
Sandusky Facilities [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | $ 1,300,000 | |||||||
Lubbock Facility [Member] | Operating Partnership Units [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 1,000,000 | |||||||
Austin Facility [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | $ 40,650,000 | |||||||
Area of Land | a | 1.27 | |||||||
Germantown Facility [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | $ 15,940,000 | |||||||
Lubock Facility [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | $ 8,200,000 |
Notes Payable Related to Acqu34
Notes Payable Related to Acquisitions and Revolving Credit Facility (Schedule of net of unamortized discount balances) (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Notes payable related to acquisitions, gross | $ 39,474,900 | $ 39,474,900 |
Less: Unamortized debt discount | (963,184) | (1,061,602) |
Notes payable related to acquisitions, net | $ 38,511,716 | $ 38,413,298 |
Scheduled Principal Payments Du
Scheduled Principal Payments Due On Cantor Loan Note Payable (Details) - Cantor Loan [Member] - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Debt Instrument [Line Items] | |||
2,017 | $ 0 | ||
2,018 | 0 | ||
2,019 | 0 | ||
2,020 | 0 | ||
2,021 | 0 | ||
Thereafter | 32,097,400 | ||
Total | $ 32,097,400 | $ 32,097,400 | $ 32,097,400 |
Notes Payable Related to Acqu36
Notes Payable Related to Acquisitions and Revolving Credit Facility (Scheduled Principal Payments Due On West Mifflin Note Payable) (Details) - West Mifflin Note Payable [Member] - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 25, 2015 |
Debt Instrument [Line Items] | |||
2,017 | $ 0 | ||
2,018 | 22,044 | ||
2,019 | 136,007 | ||
2,020 | 7,219,449 | ||
Total | $ 7,377,500 | $ 7,377,500 | $ 7,377,500 |
Notes Payable Related to Acqu37
Notes Payable Related to Acquisitions and Revolving Credit Facility (Schedule of Deferred Financing Cost Balance) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2017 | Sep. 30, 2017 | ||
Debt Instrument [Line Items] | |||
Balance as of January 1, 2017, net | $ 927,085 | $ 927,085 | |
Additions - Revolving Credit Facility | 1,223,359 | ||
Balance as of September 30, 2017, net | 2,977,981 | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Balance as of January 1, 2017, net | $ 927,085 | 927,085 | |
Additions - Revolving Credit Facility | [1] | 2,792,692 | |
Deferred financing cost amortization expense | (741,796) | ||
Balance as of September 30, 2017, net | $ 2,977,981 | ||
[1] | This amount includes $1,223,359 of costs incurred in connection with the Company’s Revolving Credit Facility that were erroneously expensed and included in the “General and Administrative Expense” line item within the Company’s Consolidated Statement of Operations for the three months ended March 31, 2017. During the six-month period ended June 30, 2017, the Company corrected this error by removing the $1,223,359 from expense and capitalizing it as “Deferred Financing Costs, Net” on the Company’s Consolidated Balance Sheet as of June 30, 2017. See Note 2 “Summary of Significant Accounting Policies.” |
Notes Payable Related to Acqu38
Notes Payable Related to Acquisitions and Revolving Credit Facility (Details) - USD ($) | Mar. 03, 2017 | Sep. 30, 2017 | Dec. 02, 2016 | Mar. 31, 2016 | Sep. 25, 2015 | Sep. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||||||||||||
Amortization of Financing Costs | $ 32,806 | $ 62,604 | $ 98,418 | $ 215,449 | ||||||||
Long-term Line of Credit | $ 126,100,000 | $ 126,100,000 | 126,100,000 | $ 27,700,000 | ||||||||
Increase (Decrease) in Security Deposits | $ 1,486,553 | 597,593 | ||||||||||
Debt Related Commitment Fees and Debt Issuance Costs | $ 1,223,359 | |||||||||||
Debt, Weighted Average Interest Rate | 3.84% | 3.84% | 3.84% | 4.29% | ||||||||
Debt Instrument, Term | 3 years 5 months 5 days | 6 years 14 days | ||||||||||
Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Amortization of Financing Costs | $ 307,831 | $ 741,796 | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | $ 75,000,000 | 200,000,000 | 200,000,000 | ||||||||
Line Of Credit Facility Additional Capacity | $ 125,000,000 | |||||||||||
Line of Credit Facility, Interest Rate Description | adjusted LIBOR plus 2.00% to 3.00% or (ii) a base rate plus 1.00% to 2.00%, in each case, depending upon the Companys consolidated leverage ratio | |||||||||||
Line of Credit Facility, Commitment Fee Description | 0.20% if the average daily unused commitments are less than 50% of the commitments then in effect and (y) 0.30% if the average daily unused commitments are greater than or equal to 50% of the commitments then in effect and determined based on the average daily unused commitments during such previous quarter. | |||||||||||
Proceeds from Lines of Credit | 50,000,000 | |||||||||||
Line of Credit Facility, Additional Borrowing Capacity | $ 50,000,000 | |||||||||||
Other Operating Activities, Cash Flow Statement | 205,400,000 | |||||||||||
Long-term Line of Credit | 126,100,000 | 126,100,000 | 126,100,000 | $ 27,700,000 | ||||||||
Increase (Decrease) in Security Deposits | 1,335,730 | 2,945,588 | ||||||||||
Debt Related Commitment Fees and Debt Issuance Costs | [1] | 2,792,692 | ||||||||||
Repayments of Lines of Credit | $ 250,000,000 | 107,000,000 | ||||||||||
Cantor Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of Long-term Debt, Total | $ 9,223,500 | |||||||||||
Long-term Debt, Total | $ 32,097,400 | $ 32,097,400 | $ 32,097,400 | $ 32,097,400 | 32,097,400 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.22% | 5.22% | 5.22% | |||||||||
Debt Instrument, Description | Prepayment can only occur within four months prior to the maturity date, except that after the earlier of (a) two years after the loan is placed in a securitized mortgage pool, or (ii) May 6, 2020, the Cantor Loan can be fully and partially defeased upon payment of amounts due under the Cantor Loan and payment of a defeasance amount that is sufficient to purchase U.S. government securities equal to the scheduled payments of principal, interest, fees, and any other amounts due related to a full or partial defeasance under the Cantor Loan. | |||||||||||
Debt Instrument, Maturity Date | Apr. 6, 2026 | |||||||||||
Debt Instrument, Covenant Description | maintain a monthly debt service coverage ratio of 1.35:1.00 for all of the collateral properties in the aggregate. | |||||||||||
Interest Expense, Debt | $ 428,180 | 428,179 | $ 1,270,578 | 851,704 | ||||||||
West Mifflin Note Payable [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt, Total | $ 7,377,500 | $ 7,377,500 | 7,377,500 | $ 7,377,500 | $ 7,377,500 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.72% | |||||||||||
Debt Instrument, Description | The West Mifflin Note has an early termination fee of two percent if prepaid prior to September 25, 2018. The West Mifflin Note requires a quarterly fixed charge coverage ratio of at least 1:1, a quarterly minimum debt yield of 0.09:1.00, and annualized Operator EBITDAR (as defined in the note) measured on a quarterly basis of not less than $6,000,000. | |||||||||||
Debt Instrument, Maturity Date | Sep. 25, 2020 | |||||||||||
Interest Expense, Debt | $ 70,136 | $ 70,136 | $ 208,882 | $ 209,645 | ||||||||
[1] | This amount includes $1,223,359 of costs incurred in connection with the Company’s Revolving Credit Facility that were erroneously expensed and included in the “General and Administrative Expense” line item within the Company’s Consolidated Statement of Operations for the three months ended March 31, 2017. During the six-month period ended June 30, 2017, the Company corrected this error by removing the $1,223,359 from expense and capitalizing it as “Deferred Financing Costs, Net” on the Company’s Consolidated Balance Sheet as of June 30, 2017. See Note 2 “Summary of Significant Accounting Policies.” |
Schedule of Company_s Board had
Schedule of Company’s Board had declared cash dividends on common stock (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2017 | Dec. 31, 2016 | ||
Dividend Amount | $ 4,767,037 | $ 3,604,037 | |
Dividend Declared On 140916 [Member] | |||
Date Announced | Sep. 14, 2016 | ||
Record Date | Sep. 27, 2016 | ||
Applicable Quarter | Q3 2016 | ||
Payment Date | Oct. 11, 2016 | ||
Dividend Amount | [1] | $ 3,592,786 | |
Dividends per Share | $ 0.20 | ||
Dividend Declared On 141216 [Member] | |||
Date Announced | Dec. 14, 2016 | ||
Record Date | Dec. 27, 2016 | ||
Applicable Quarter | Q4 2016 | ||
Payment Date | Jan. 10, 2017 | ||
Dividend Amount | [1] | $ 3,604,037 | |
Dividends per Share | $ 0.20 | ||
Dividend Declared On 200317 [Member] | |||
Date Announced | Mar. 20, 2017 | ||
Record Date | Mar. 27, 2017 | ||
Applicable Quarter | Q1 2017 | ||
Payment Date | Apr. 10, 2017 | ||
Dividend Amount | [1] | $ 3,603,485 | |
Dividends per Share | $ 0.20 | ||
Dividend Declared On 160617 [Member] | |||
Date Announced | Jun. 16, 2017 | ||
Record Date | Jun. 27, 2017 | ||
Applicable Quarter | Q2 2017 | ||
Payment Date | Jul. 10, 2017 | ||
Dividend Amount | [1] | $ 3,607,726 | |
Dividends per Share | $ 0.20 | ||
Dividend Declared On 080917 [Member] | |||
Date Announced | Sep. 8, 2017 | ||
Record Date | Sep. 26, 2017 | ||
Applicable Quarter | Q3 2017 | ||
Payment Date | Oct. 9, 2017 | ||
Dividend Amount | [1],[2] | $ 4,416,164 | |
Dividends per Share | $ 0.20 | ||
[1] | Includes dividends on granted LTIP units and OP Units issued to third parties. | ||
[2] | This amount was accrued as of September 30, 2017 and paid on October 9, 2017. For additional details refer to Note 11 “Subsequent Events.” |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | Aug. 01, 2017 | Oct. 31, 2017 | Sep. 15, 2017 | Aug. 18, 2017 | Jun. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |||||||
Dividends Payable | $ 4,767,037 | $ 3,604,037 | |||||||
Payments of Dividends, Total | 10,815,248 | $ 285,703 | |||||||
Proceeds from Issuance of Common Stock | $ 33,794,625 | 137,358,367 | |||||||
Preferred Stock, Dividend Rate, Percentage | 25.00% | ||||||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 443,499 | ||||||||
Stock Issued | $ 0 | 30,030,134 | |||||||
Preferred Stock, Value, Issued | 74,959,003 | $ 0 | |||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 75,146,720 | $ 0 | |||||||
Series A Preferred Stock [Member] | |||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | ||||||||
Stock Issued During Period, Shares, New Issues | 3,105,000 | ||||||||
Stock Issued During Period, Value, New Issues | $ 77,625,000 | ||||||||
Payments of Stock Issuance Costs | $ 220,809 | ||||||||
Dividends Payable, Amount Per Share | $ 1.875 | ||||||||
Preferred Stock, Liquidation Preference Per Share | $ 25 | ||||||||
Preferred Stock, Redemption Price Per Share | $ 25 | ||||||||
Preferred Stock, Dividend Rate, Percentage | 7.50% | ||||||||
Preferred Stock, Value, Issued | $ 74,959,003 | ||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 75,146,720 | $ 75,146,720 | |||||||
Operating Partnership Units [Member] | |||||||||
Shares Issued, Price Per Share | $ 9.30 | $ 9.14 | |||||||
Limited Partners' Capital Account, Units Issued | 117,941 | ||||||||
Units of Partnership Interest, Amount | 77,497 | 1,077,497 | |||||||
Stock Issued During Period, Shares, Acquisitions | 109,608 | ||||||||
Stock Issued | $ 1,000,000 | ||||||||
Stock Issued During Period, Shares, Issued for Services | 8,333 | ||||||||
Accrued Professional Fees | $ 250,000 | ||||||||
Share Price | $ 10 | ||||||||
Long Tem Incentives Plan Units [Member] | |||||||||
Dividends Payable | $ 92,123 | ||||||||
Dividends Payable, Amount Per Share | $ 0.20 | ||||||||
Subsequent Event [Member] | |||||||||
Dividends Payable, Amount Per Share | $ 0.2396 | ||||||||
Dividends Payable, Date of Record | Oct. 15, 2017 | ||||||||
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | $ 743,598 | ||||||||
Over-Allotment Option [Member] | |||||||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 1,986,876 | ||||||||
Over-Allotment Option [Member] | Series A Preferred Stock [Member] | |||||||||
Stock Issued During Period, Shares, New Issues | 405,000 | ||||||||
Payments of Stock Issuance Costs | $ 2,445,188 | ||||||||
Underwritten Public Offering [Member] | |||||||||
Stock Issued During Period, Shares, New Issues | 4,025,000 | ||||||||
Stock Issued During Period, Value, New Issues | $ 36,225,000 | ||||||||
Shares Issued, Price Per Share | $ 9 | $ 9 | |||||||
Proceeds from Issuance of Common Stock | $ 33,794,625 |
Related Party Transactions (Due
Related Party Transactions (Due to Related Parties, Net) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |||
Related Party Transaction [Line Items] | ||||||
Balance, Beginning | $ (580,911) | |||||
Management fee expense incurred | $ (803,804) | $ (627,147) | (2,059,325) | [1] | $ (807,147) | |
Management fees paid to Advisor | [1] | 1,876,229 | ||||
Loan repaid to Advisor | [2] | 149 | ||||
Loan repaid to other related party | (38,428) | [3] | $ 39,000 | |||
Balance, Ending | (802,286) | (802,286) | ||||
Due To Advisor Mgmt Fees [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Balance, Beginning | (620,709) | |||||
Management fee expense incurred | [1] | (2,059,325) | ||||
Management fees paid to Advisor | [1] | 1,876,229 | ||||
Loan repaid to Advisor | [2] | 0 | ||||
Loan repaid to other related party | [3] | 0 | ||||
Balance, Ending | (803,805) | (803,805) | ||||
Due To Advisor Other Funds [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Balance, Beginning | (586) | |||||
Management fee expense incurred | [1] | 0 | ||||
Management fees paid to Advisor | [1] | 0 | ||||
Loan repaid to Advisor | [2] | 149 | ||||
Loan repaid to other related party | [3] | 0 | ||||
Balance, Ending | (437) | (437) | ||||
Due to from Other Related party [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Balance, Beginning | 40,384 | |||||
Management fee expense incurred | [1] | 0 | ||||
Management fees paid to Advisor | [1] | 0 | ||||
Loan repaid to Advisor | [2] | 0 | ||||
Loan repaid to other related party | [3] | (38,428) | ||||
Balance, Ending | $ 1,956 | $ 1,956 | ||||
[1] | Net amount accrued of $183,096 consists of $2,059,325 in management fee expense incurred, net of $1,876,229 of accrued management fees that were paid to the Advisor. This represents a cash flow operating activity. | |||||
[2] | Amount represents the partial repayment of expenses that were previously paid by the Advisor on the Company’s behalf. This represents a cash flow financing activity. | |||||
[3] | Amount represents the net repayment of previous loans made by the Company to related parties. This represents a cash flow investing activity. |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | Nov. 10, 2014 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | May 08, 2017 | |
Related Party Transaction [Line Items] | ||||||||
Property Management Fee, Percent Fee | 1.50% | |||||||
Management Fee Expense | $ 803,804 | $ 627,147 | $ 2,059,325 | [1] | $ 807,147 | |||
Payment for Management Fee | 1,876,229 | 510,000 | ||||||
Business Combination, Acquisition Related Costs | 651,645 | $ 0 | 2,130,187 | 0 | ||||
Notes Payable, Related Parties | $ 0 | 0 | $ 421,000 | |||||
Increase (Decrease) in Due to Related Parties | 183,096 | 297,147 | ||||||
Mr. Jamie Barber [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Accrued Salaries, Current | $ 125,000 | |||||||
Inter-American Management, LLC [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Property Management Fee, Percent Fee | 2.00% | |||||||
Management Fee Payable | $ 30,000 | |||||||
Management Fee Expense | 807,147 | |||||||
Payment for Management Fee | 510,000 | |||||||
Business Combination, Acquisition Related Costs | $ 754,000 | |||||||
Due to from Other Related party [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Payment for Management Fee | 803,805 | $ 620,709 | ||||||
Advisor [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Management Fee Expense | 2,059,325 | |||||||
Payment for Management Fee | $ 1,876,229 | |||||||
[1] | Net amount accrued of $183,096 consists of $2,059,325 in management fee expense incurred, net of $1,876,229 of accrued management fees that were paid to the Advisor. This represents a cash flow operating activity. |
Schedule Of LTIP unit award tar
Schedule Of LTIP unit award targets under the 2017 Program and subsequent activity (Details) - Two Thousand Seventeen Program [Member] | 9 Months Ended |
Sep. 30, 2017shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 270,302 |
2017 Program LTIP units forfeited | (78,006) |
Net 2017 Program LTIP awards as of September 30, 2017 | 192,296 |
Grant One [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 244,324 |
Grant Two [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 25,978 |
Annual Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 105,467 |
2017 Program LTIP units forfeited | (19,338) |
Net 2017 Program LTIP awards as of September 30, 2017 | 86,129 |
Annual Awards [Member] | Grant One [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 97,243 |
Annual Awards [Member] | Grant Two [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 8,224 |
Long-Term Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 164,835 |
2017 Program LTIP units forfeited | (58,668) |
Net 2017 Program LTIP awards as of September 30, 2017 | 106,167 |
Long-Term Awards [Member] | Grant One [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 147,081 |
Long-Term Awards [Member] | Grant Two [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 17,754 |
Schedule Of Future 2017 Stock-B
Schedule Of Future 2017 Stock-Based Compensation (Details) - shares | May 08, 2017 | May 18, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Equity Incentive Plan 2016 [Member] | Granted [Member] | ||||
Total LTIP units to be granted/awarded | 11,204 | 15,975 | 27,179 | |
Long Tem Incentives Plan Units [Member] | Granted [Member] | ||||
Total LTIP units to be granted/awarded | 27,179 | |||
Long Tem Incentives Plan Units [Member] | Equity Incentive Plan 2016 [Member] | ||||
Total LTIP units to be granted/awarded | 441,683 | 414,504 | ||
LTIP units forfeited | (38,733) | |||
LTIP units granted and outstanding | 402,950 |
2016 Plan Detail of Compensatio
2016 Plan Detail of Compensation Expense Recognized (Details) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Sep. 30, 2017 | |
Allocated Share-based Compensation Expense | $ 340,287 | $ 1,480,724 |
Non Employee Long Tem Incentives Plan Units [Member] | 2016 Equity Incentive Plan [Member] | ||
Allocated Share-based Compensation Expense | 258,033 | 933,143 |
Employee Long Tem Incentives Plan Units [Member] | 2016 Equity Incentive Plan [Member] | ||
Allocated Share-based Compensation Expense | 56,567 | 123,967 |
Annual Awards [Member] | 2017 Program [Member] | ||
Allocated Share-based Compensation Expense | (22,107) | 238,835 |
Long-Term Awards [Member] | 2017 Program [Member] | ||
Allocated Share-based Compensation Expense | $ 47,794 | $ 184,779 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) | May 08, 2017 | Jul. 31, 2017 | May 18, 2017 | Dec. 02, 2016 | Jul. 02, 2016 | Sep. 30, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award, Employee Subscription Rate After Performance Period | The number of LTIP units earned under the Long-Term Awards will be determined as soon as reasonably practicable following the end of the three-year performance period based on the Companys TSR on an absolute basis (as to 75% of the Long-Term Award) and relative to the SNL Healthcare REIT Index (as to 25% of the Long-Term Award). | |||||||
Allocated Share-based Compensation Expense | $ 340,287 | $ 1,480,724 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 1,900,000 | $ 1,900,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 2 months 23 days | |||||||
ASC Topic 505 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 171,437 | |||||||
ASC Topic 505 [Member] | Minimum [Member] | ||||||||
Deferred Compensation Arrangement with Individual, Requisite Service Period | 36 months | |||||||
ASC Topic 505 [Member] | Maximum [Member] | ||||||||
Deferred Compensation Arrangement with Individual, Requisite Service Period | 53 months | |||||||
ASC Topic 718 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 15,975 | |||||||
2016 Equity Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 402,950 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 637,151 | 637,151 | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 1,232,397 | 1,232,397 | ||||||
2016 Equity Incentive Plan [Member] | Granted june 2017 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 11,204 | 15,975 | 27,179 | |||||
2017 Program [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 192,296 | 192,296 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 270,302 | |||||||
Long Tem Incentives Plan Units [Member] | Granted june 2017 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 27,179 | |||||||
Long Tem Incentives Plan Units [Member] | 2016 Equity Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 402,950 | 402,950 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 68,900 | 187,412 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 441,683 | 414,504 | ||||||
Long Tem Incentives Plan Units [Member] | 2016 Equity Incentive Plan [Member] | Director [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 13,750 | |||||||
Long Tem Incentives Plan Units [Member] | 2016 Equity Incentive Plan [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 72,488 | |||||||
Long Tem Incentives Plan Units [Member] | 2016 Equity Incentive Plan [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 60,400 | 215,538 | ||||||
Long Tem Incentives Plan Units [Member] | 2017 Program [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 192,296 | 192,296 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 86,129 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 55.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 47,371 | 47,371 | ||||||
Long-Term Awards [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||||||
Long-Term Awards [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||
Long-Term Awards [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||
Long-Term Awards [Member] | 2017 Program [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 106,167 | 106,167 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 164,835 | |||||||
Long-Term Awards [Member] | Long Term Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 200.00% | 200.00% |
Rental Revenue (Schedule of Fut
Rental Revenue (Schedule of Future Lease Payments Receivables) (Details) | Sep. 30, 2017USD ($) |
2,017 | $ 8,035,103 |
2,018 | 32,516,357 |
2,019 | 33,166,395 |
2,020 | 33,811,627 |
2,021 | 32,003,983 |
Thereafter | 251,225,055 |
Total | $ 390,758,520 |
Rental Revenue (Details)
Rental Revenue (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Sales Revenue, Net [Member] | ||||
Concentration Risk, Percentage | 4.00% | 4.00% | ||
Plano Facility [Member] | Sales Revenue, Net [Member] | ||||
Concentration Risk, Percentage | 5.00% | 17.00% | 6.00% | 17.00% |
Omaha facility [Member] | Sales Revenue, Net [Member] | ||||
Concentration Risk, Percentage | 6.00% | 22.00% | 7.00% | 26.00% |
Tennessee facilities [Member] | Sales Revenue, Net [Member] | ||||
Concentration Risk, Percentage | 18.00% | 6.00% | 21.00% | |
Pittsburgh facility [Member] | Sales Revenue, Net [Member] | ||||
Concentration Risk, Percentage | 13.00% | |||
All Other Facilities [Member] | Sales Revenue, Net [Member] | ||||
Concentration Risk, Percentage | 38.00% | 35.00% | ||
Asheville facility [Member] | Sales Revenue, Net [Member] | ||||
Concentration Risk, Percentage | 3.00% | |||
West Mifflin And Asheville Facilities [Member] | Sales Revenue, Net [Member] | ||||
Concentration Risk, Percentage | 11.00% | |||
Melbourne Facility [Member] | Sales Revenue, Net [Member] | ||||
Concentration Risk, Percentage | 15.00% | 12.00% | ||
Westland Facility [Member] | Sales Revenue, Net [Member] | ||||
Concentration Risk, Percentage | 6.00% | 4.00% | ||
Reading Facility [Member] | ||||
Concentration Risk, Percentage | 8.00% | |||
Reading Facility [Member] | Sales Revenue, Net [Member] | ||||
Concentration Risk, Percentage | 3.00% | |||
HealthSouth Facilities [Member] | Sales Revenue, Net [Member] | ||||
Concentration Risk, Percentage | 18.00% | 22.00% | ||
OCOM facilities [Member] | Sales Revenue, Net [Member] | ||||
Concentration Risk, Percentage | 15.00% | 12.00% | ||
Great Bend Facility [Member] | Sales Revenue, Net [Member] | ||||
Concentration Risk, Percentage | 8.00% | 7.00% | ||
Marina Towers Fcility [Member] | Sales Revenue, Net [Member] | ||||
Concentration Risk, Percentage | 5.00% | |||
Sherman facility [Member] | Sales Revenue, Net [Member] | ||||
Concentration Risk, Percentage | 10.00% |
Omaha and Clermont Land Lease49
Omaha and Clermont Land Leases (Schedule Of Future Minimum Rental Payments) (Details) | Sep. 30, 2017USD ($) |
2,017 | $ 18,626 |
2,018 | 78,245 |
2,019 | 81,987 |
2,020 | 81,987 |
2,021 | 81,987 |
Thereafter | 1,883,702 |
Total | $ 2,226,534 |
Omaha and Clermont Land Lease50
Omaha and Clermont Land Leases (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Percentage of annual lease rent | 12.50% | |||
Operating Leases, Rent Expense, Net, Total | $ 18,153 | $ 18,153 | $ 54,461 | $ 54,461 |
Clermont Land Lease [Member] | ||||
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 75 years |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Oct. 11, 2017 | Oct. 09, 2017 | Oct. 31, 2017 | Sep. 30, 2017 |
Long Tem Incentives Plan Units [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividends Payable, Amount Per Share | $ 0.20 | |||
Long Tem Incentives Plan Units [Member] | Two Thousand Seventeen Program [Member] | ||||
Subsequent Event [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 55.00% | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividends Payable, Date Declared | Sep. 18, 2017 | |||
Dividends Payable, Amount Per Share | $ 0.2396 | |||
Dividends Payable, Date of Record | Oct. 15, 2017 | |||
Payments of Ordinary Dividends, Common Stock | $ 4,416,164 | |||
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | $ 743,598 | |||
Subsequent Event [Member] | Long Tem Incentives Plan Units [Member] | Equity Incentive Plan 2016 [Member] | Chief Executive Officer [Member] | ||||
Subsequent Event [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 32,787 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years |