Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 04, 2018 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Global Medical REIT Inc. | |
Entity Central Index Key | 1,533,615 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | GMRE | |
Entity Common Stock, Shares Outstanding | 21,630,675 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Investment in real estate: | ||
Land | $ 52,301 | $ 42,701 |
Building | 436,185 | 384,338 |
Site improvements | 5,590 | 4,808 |
Tenant improvements | 9,201 | 8,010 |
Acquired lease intangible assets | 34,034 | 31,650 |
Real Estate Investment Property, at Cost, Total | 537,311 | 471,507 |
Less: accumulated depreciation and amortization | (17,420) | (13,594) |
Investment in real estate, net | 519,891 | 457,913 |
Cash and cash equivalents | 3,351 | 5,109 |
Restricted cash | 4,050 | 2,005 |
Tenant receivables | 1,253 | 704 |
Escrow deposits | 2,508 | 1,638 |
Deferred assets | 5,171 | 3,993 |
Deferred financing costs, net | 3,105 | 2,750 |
Other assets | 527 | 459 |
Total assets | 539,856 | 474,571 |
Liabilities: | ||
Revolving credit facility | 229,150 | 164,900 |
Notes payable, net of unamortized discount of $898 and $930 at March 31, 2018 and December 31, 2017, respectively | 38,577 | 38,545 |
Accounts payable and accrued expenses | 4,125 | 2,020 |
Dividends payable | 5,826 | 5,638 |
Security deposits and other | 4,912 | 2,128 |
Due to related parties, net | 1,035 | 1,036 |
Acquired lease intangible liability, net | 1,488 | 1,291 |
Total liabilities | 285,113 | 215,558 |
Stockholders' equity: | ||
Preferred stock, $0.001 par value, 10,000 shares authorized; 3,105 issued and outstanding at March 31, 2018 and December 31, 2017 (liquidation preference of $77,625 at March 31, 2018 and December 31, 2017) | 74,959 | 74,959 |
Common stock, $0.001 par value, 500,000 shares authorized; 21,631 shares issued and outstanding at March 31, 2018 and December 31, 2017 | 22 | 22 |
Additional paid-in capital | 205,788 | 205,788 |
Accumulated deficit | (38,349) | (34,434) |
Total Global Medical REIT Inc. stockholders' equity | 242,420 | 246,335 |
Noncontrolling interest | 12,323 | 12,678 |
Total stockholders’ equity | 254,743 | 259,013 |
Total liabilities and stockholders' equity | $ 539,856 | $ 474,571 |
Consolidated Balance Sheets _Pa
Consolidated Balance Sheets [Parenthetical] - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Notes payable, net of unamortized discount | $ 898 | $ 930 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, shares issued | 3,105 | 3,105 |
Preferred stock, shares outstanding | 3,105 | 3,105 |
Preferred Stock, Liquidation Preference, Value | $ 77,625 | $ 77,625 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000 | 500,000 |
Common stock, shares issued | 21,631 | 21,631 |
Common stock, shares outstanding | 21,631 | 21,631 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Revenue | |||
Rental revenue | $ 10,488 | $ 4,629 | |
Expense recoveries | 1,068 | 0 | |
Other income | 8 | 30 | |
Total revenue | 11,564 | 4,659 | |
Expenses | |||
Acquisition fees | 117 | 942 | |
General and administrative | 1,005 | 1,595 | |
Operating expenses | 1,105 | 23 | |
Management fees - related party | 1,081 | [1] | 627 |
Depreciation expense | 2,906 | 1,346 | |
Amortization expense | 765 | 344 | |
Interest expense | 2,684 | 1,100 | |
Total expenses | 9,663 | 5,977 | |
Net income (loss) | 1,901 | (1,318) | |
Less: Preferred stock dividends | (1,455) | 0 | |
Less: Net income attributable to noncontrolling interest | (35) | 0 | |
Net income (loss) attributable to common stockholders | $ 411 | $ (1,318) | |
Net income (loss) attributable to common stockholders per share - basic and diluted | $ 0.02 | $ (0.07) | |
Weighted average shares outstanding - Basic and Diluted | 21,631 | 17,606 | |
[1] | Net amount accrued of $17 consists of $1,081 in management fee expense incurred, net of $1,064 of accrued management fees that were paid to the Advisor. This represents a cash flow operating activity. |
Consolidated Statement of Stock
Consolidated Statement of Stockholders’ Equity - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands | Total | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | GMR Equity [Member] | Noncontrolling Interest [Member] |
Balances, December 31, 2017 at Dec. 31, 2017 | $ 259,013 | $ 22 | $ 74,959 | $ 205,788 | $ (34,434) | $ 246,335 | $ 12,678 |
Balance (Shares) at Dec. 31, 2017 | 21,631 | 3,105 | |||||
Net income | 1,901 | $ 0 | $ 0 | 0 | 1,866 | 1,866 | 35 |
Stock-based compensation expense | 182 | 0 | 0 | 0 | 0 | 0 | 182 |
Dividends to common stockholders | (4,326) | 0 | 0 | 0 | (4,326) | (4,326) | 0 |
Dividends to preferred stockholders | (1,455) | 0 | 0 | 0 | (1,455) | (1,455) | 0 |
Dividends to noncontrolling interest | (414) | 0 | 0 | 0 | 0 | 0 | (414) |
LTIP Units redeemed in cash | (158) | 0 | 0 | 0 | 0 | 0 | (158) |
Balances, March 31, 2018 at Mar. 31, 2018 | $ 254,743 | $ 22 | $ 74,959 | $ 205,788 | $ (38,349) | $ 242,420 | $ 12,323 |
Balances (Shares) at Mar. 31, 2018 | 21,631 | 3,105 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | |||
Operating activities | ||||
Net income (loss) | $ 1,901 | $ (1,318) | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
Depreciation expense | 2,906 | 1,346 | ||
Amortization of acquired lease intangible assets | 765 | 344 | ||
Amortization of above (below) market leases, net | 113 | (8) | ||
Amortization of deferred financing costs | 430 | 159 | ||
Stock-based compensation expense | 182 | 420 | ||
Capitalized deal costs charged to expense | 4 | 3 | ||
Changes in operating assets and liabilities: | ||||
Tenant receivables | (549) | (135) | ||
Deferred assets | (1,178) | (383) | ||
Other assets | 86 | 0 | ||
Accounts payable and accrued expenses | 1,834 | 1,358 | ||
Security deposits and other | 2,784 | 1,380 | ||
Accrued management fees due to related party | 17 | 6 | ||
Net cash provided by operating activities | 9,295 | 3,172 | ||
Investing activities | ||||
Purchase of land, buildings, and other tangible and intangible assets and liabilities | (65,565) | (108,067) | ||
Escrow deposits for purchase of properties | (798) | (1,308) | ||
Payments for construction in process | (133) | 0 | ||
Pre-acquisition costs for purchase of properties | 246 | 126 | ||
Net cash used in investing activities | (66,250) | (109,249) | ||
Financing activities | ||||
Escrow deposits required by third party lenders | (72) | (8) | ||
Borrowings repaid to related parties | (18) | 0 | ||
Proceeds from revolving credit facility, net | 64,250 | 101,200 | ||
Payments of deferred financing costs | (753) | (1,992) | ||
Redemption of LTIP Units | (158) | 0 | ||
Dividends paid to common stockholders, and OP and LTIP Unit holders | (4,552) | (3,604) | ||
Dividends paid to preferred stockholders | (1,455) | 0 | ||
Net cash provided by financing activities | 57,242 | 95,596 | ||
Net increase (decrease) in cash and cash equivalents | 287 | (10,481) | ||
Cash and cash equivalents and restricted cashbeginning of period | 7,114 | [1] | 20,612 | |
Cash and cash equivalents and restricted cashend of period | [1] | 7,401 | 10,131 | |
Supplemental cash flow information: | ||||
Cash payments for interest | 2,245 | 830 | ||
Noncash financing and investing activities: | ||||
Accrued dividends payable | 5,710 | 3,652 | ||
Accrued pre-acquisition costs for purchase of properties and construction in process | $ 271 | $ 0 | ||
[1] | Represents the total of the amounts at the end of the periods presented on the Consolidated Statements of Cash Flows as required by ASU 2016-18. The cash and cash equivalents and restricted cash balance as of December 31, 2017 and December 31, 2016 were $7,114 and $20,612, respectively. |
Organization
Organization | 3 Months Ended |
Mar. 31, 2018 | |
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”). The Company holds its facilities and conducts its operations through a Delaware limited partnership subsidiary named Global Medical REIT L.P. (the “Operating Partnership”) and the Operating Partnership’s wholly-owned subsidiaries. The Company, through a wholly-owned subsidiary, serves as the sole general partner of the Operating Partnership. As of March 31, 2018, the Company was the 92.22 7.78 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Note 2 Summary of Significant Accounting Policies The accompanying financial statements are unaudited and include the accounts of the Company, including the Operating Partnership and its wholly-owned subsidiaries. The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“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, 2017. 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. 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 the Company’s and Advisor’s directors, officers and employees and the OP Units held by third parties. Refer to Note 5 “Stockholders’ Equity” and Note 7 “Stock-Based Compensation” 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. On January 1, 2018 the Company adopted the provisions of Accounting Standards Update (“ASU”) 2016-18, “Statement of Cash Flows (Topic 230) Restricted Cash” (“ASU 2016-18”) , As of March 31, 2018 2017 Cash and cash equivalents $ 3,351 $ 8,357 Restricted cash $ 4,050 $ 1,774 Total cash and cash equivalents and restricted cash(1) $ 7,401 $ 10,131 (1) Represents the total of the amounts at the end of the periods presented on the Consolidated Statements of Cash Flows as required by ASU 2016-18. The cash and cash equivalents and restricted cash balance as of December 31, 2017 and December 31, 2016 were $ 7,114 20,612 The Company considers all demand deposits, cashier’s checks, money market accounts, and certificates of deposit with a maturity of three months or less to be cash equivalents. Amounts included in restricted cash represent (1) certain security deposits received from tenants at the inception of their leases; (2) cash required to be held by a third-party lender as a reserve for debt service; and (3) funds held by the Company that were received from certain tenants that the Company collected to pay specific tenant expenses, such as real estate taxes and insurance, on the tenant’s behalf. The tenant receivable balance as of March 31, 2018 and December 31, 2017 was $ 1,253 704 166 1,009 78 125 579 The escrow balance as of March 31, 2018 and December 31, 2017 was $ 2,508 1,638 The deferred assets balance as of March 31, 2018 and December 31, 2017 was $ 5,171 3,993 5,014 157 3,842 151 Other assets primarily consist 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 $ 527 284 58 185 459 316 143 The security deposits and other liability balance as of March 31, 2018 and December 31, 2017 was $ 4,912 2,128 4,209 703 1,620 508 The Company’s Consolidated Statements of Operations for the three months ended March 31, 2018 and 2017 includes the expense line item “Operating Expenses.” For the three months ended March 31, 2018 this line item primarily included 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 also includes certain other operating expenses. During the three months ended March 31, 2017, the Company recorded property operating expenses in the “General and Administrative” expense line item. Accordingly, for the three months ended March 31, 2017 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. In the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 that was filed with the SEC on May 11, 2017, there were $ 1,223 1,223 In February 2016, the FASB issued ASU No. 2016-02 “Leases” (“ASU 2016-02”). This standard creates Topic 842, Leases, and supersedes FASB ASC 840, “Leases.” ASU 2016-02 requires a lessee to recognize the assets and liabilities that arise from leases (both operating and finance leases). However, for leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and lease liabilities. The main difference between the existing guidance on accounting for leases and the new standard is that operating leases will now be recorded as assets and liabilities. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for operating leases. ASU 2016-02 is expected to impact the Company’s consolidated financial statements as the Company has certain operating ground lease arrangements for which it is the lessee and therefore will be required to recognize right of use assets and related lease liabilities on its consolidated balance sheets upon adoption of this new standard. Current GAAP requires only capital leases to be recognized in the statement of financial position, and amounts related to operating leases largely are reflected in the financial statements as rent expense on the income statement and in disclosures to the financial statements. ASU 2016-02 is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2018. Early adoption is permitted. The Company anticipates that its ground leases where it is the lessor will continue to be accounted for as operating leases under the new standard. The Company does not currently anticipate significant changes in the accounting for its lease revenues. The Company will continue to evaluate the impact of adopting the new leases standard on its consolidated financial statements and related disclosures. In May 2014, with subsequent updates issued in August 2015 and March, April and May 2016, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). ASU 2014-09 was developed to enable financial statement users to better understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The update’s core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Companies are to use a five-step contract review model to ensure revenue is recognized, measured and disclosed in accordance with this principle. Those steps include the following: (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to each performance obligation in the contract, and (v) recognize revenue when or as the entity satisfies a performance obligation. The Company has identified four main revenue streams of which three of them originate from lease contracts and will be subject to Leases ASU 2016-02, Topic 842 (described above) effective for annual reporting periods (including interim periods) beginning after December 15, 2018. The Company’s revenue streams are: Revenue Recognition (ASU 2014-09, Topic 610-20): ⋅ Gain (loss) on sale of real estate properties Leases (ASU 2016-02, Topic 842): ⋅ Rental revenues ⋅ Straight line rents ⋅ Tenant recoveries Management adopted the provisions of ASU 2014-09 effective January 1, 2018 and has concluded that all of the Company’s material revenue streams fall outside of the scope of this guidance. During the quarters ended March 31, 2018 and 2017, the Company sold no real estate properties and therefore had no revenue stream from that source. The new standard may be applied retrospectively to each prior period presented or prospectively with the cumulative effect, if any, recognized as of the date of adoption. The Company selected the modified retrospective transition method as of the date of adoption effective January 1, 2018. Management concluded that the majority of total revenues consist of rental income from leasing arrangements, which is specifically excluded from the standard. The Company analyzed its remaining revenue streams and concluded there are no changes in revenue recognition with the adoption of the new standard. As such, adoption of ASU 2014-09 did not result in a cumulative adjustment recognized as of January 1, 2018, and the standard did not have a material impact on the Company’s consolidated financial statements or disclosures. |
Property Portfolio
Property Portfolio | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Note 3 Property Portfolio Implementation of New Business Combination Accounting Standard Effective January 1, 2018, the Company adopted the provisions of ASU 2017-01 “Business Combinations (Topic 805): Clarifying the Definition of a Business” (“ASU 2017-01”). ASU 2017-01 provides revised guidance to determine when an acquisition meets the definition of a business or alternatively should be accounted for as an asset acquisition. ASU 2017-01 requires that, when substantially all of the fair value of an acquisition is concentrated in a single identifiable asset or a group of similar identifiable assets, the asset or group of similar identifiable assets does not meet the definition of a business and therefore is required to be accounted for as an asset acquisition. Transaction costs will continue to be capitalized for asset acquisitions and expensed as incurred for business combinations. ASU 2017-01 will result in most, if not all, of the Company’s post January 1, 2018 acquisitions being accounted for as asset acquisitions because substantially all of the fair value of the gross assets the Company acquires are concentrated in a single asset or group of similar identifiable assets. For asset acquisitions that are “owner occupied” (meaning that the seller either is the tenant or controls the tenant) the purchase price, including capitalized acquisition costs, will be allocated to land and building based on their relative fair values with no value allocated to intangible assets or liabilities. For asset acquisitions where there is a lease in place but not “owner occupied” the Company will allocate the purchase price to tangible assets and any intangible assets acquired or liabilities assumed based on their relative fair values. Summary of Properties Acquired During the Three Months Ended March 31, 2018 During the three months ended March 31, 2018, the Company completed five acquisitions. For all five acquisitions, substantially all of the fair value of the acquisitions was concentrated in a single identifiable asset or group of similar identifiable assets and therefore all of the acquisitions represent asset acquisitions under the guidance provided by ASU 2017-01. Accordingly, transaction costs for these acquisitions were capitalized. Land Building Site & Tenant Acquired Lease Gross Investment in Balances as of January 1, 2018 $ 42,701 $ 384,338 $ 12,818 $ 31,650 $ 471,507 Facility Acquired Date Acquired: Moline / Silvis 1/24/18 - 4,895 1,216 989 7,100 Freemont 2/9/18 162 8,335 - - 8,497 Gainesville 2/23/18 625 9,885 - - 10,510 Dallas 3/1/18 6,272 17,012 - - 23,284 Orlando 3/22/18 2,543 11,720 756 1,395 16,414 Total Additions (1) 9,600 51,847 1,973 2,384 65,804 Balances as of March 31, 2018 $ 52,301 $ 436,185 $ 14,791 $ 34,034 $ 537,311 (1) An aggregate of $ 239 65,565 Depreciation expense was $ 2,906 1,346 As of March 31, 2018, the Company had aggregate capital improvement commitments to improve or expand existing tenant space of $ 19 3 The following is a summary of the acquisitions completed during the three months ended March 31, 2018. Each acquisition was accounted for as an asset acquisition in accordance with the provisions of ASU 2017-01: Moline / Silvis Facilities Moline Facility - On January 24, 2018, the Company purchased a medical office building located in Moline, Illinois, which included the seller’s interest, as ground lessee, in an existing ground lease. The ground lease has approximately 10 Silvis Facility - On January 24, 2018, the Company purchased a medical office building located in Silvis, Illinois from the same seller as the Moline facility, which included the seller’s interest, as ground lessee, in an existing ground lease. The ground lease has approximately 67 years remaining in the initial term, with no renewal options. Upon the closing of this acquisition, the Company assumed one sublease with Fresenius with approximately 13 years remaining in the initial term, with three consecutive 5-year renewal options. The aggregate purchase price for the Moline/Silvis facilities was $ 6.9 Site improvements $ 249 Building and tenant improvements 5,862 In-place leases 343 Above market lease intangibles 219 Leasing costs 427 Below market lease intangibles (229) Total purchase price $ 6,871 Fremont Facility - On February 9, 2018, the Company purchased a medical office building located in Fremont, Ohio for a purchase price of approximately $ 8.5 12 Gainesville Facility - On February 23, 2018, the Company purchased a medical office building and ambulatory surgery center located in Gainesville, Georgia for a purchase price of approximately $ 10.5 12 Dallas Facility - On March 1, 2018, the Company purchased a hospital, a three-story parking garage, and land all located in Dallas, Texas for an aggregate purchase price of $ 23.3 Orlando Facilities - On March 22, 2018, the Company purchased five medical office buildings from five affiliated sellers for an aggregate purchase price of $ 16.4 10 Land and site improvements $ 3,075 Building and tenant improvements 11,944 In-place leases 808 Above market lease intangibles 229 Leasing costs 358 Below market lease intangibles (10) Total purchase price $ 16,404 Intangible Assets and Liabilities As of March 31, 2018 Cost Accumulated Net Assets In-place leases $ 18,212 $ (2,098) $ 16,114 Above market ground lease 707 (10) 697 Above market leases 4,854 (371) 4,483 Leasing costs 10,261 (782) 9,479 $ 34,034 $ (3,261) $ 30,773 Liabilities Below market leases $ 1,628 $ (140) $ 1,488 As of December 31, 2017 Cost Accumulated Net Assets In-place leases $ 17,061 $ (1,577) $ 15,484 Above market ground lease 488 (6) 482 Above market leases 4,625 (220) 4,405 Leasing costs 9,476 (538) 8,938 $ 31,650 $ (2,341) $ 29,309 Liabilities Below market leases $ 1,389 $ (98) $ 1,291 Three Months Ended March 31, 2018 2017 Amortization expense related to in-place leases $ 521 $ 281 Amortization expense related to leasing costs $ 244 $ 63 Decrease in rental revenue related to above market ground lease $ 4 $ 1 Decrease in rental revenue related to above market leases $ 151 $ 3 Increase in rental revenue related to below market leases $ 42 $ 12 Net Decrease Net Increase 2018 (nine months remaining) $ (457) $ 2,554 2019 (610) 3,406 2020 (610) 3,406 2021 (613) 2,791 2022 (614) 2,526 Thereafter (788) 10,910 Total $ (3,692) $ 25,593 As of March 31, 2018, the weighted average amortization periods for asset lease intangibles and liability lease intangibles were 7.34 8.51 |
Notes Payable and Revolving Cre
Notes Payable and Revolving Credit Facility | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 4 Notes Payable and Revolving Credit Facility Summary of Notes Payable, Net of Discount March 31, 2018 December 31, 2017 Notes payable, gross $ 39,475 $ 39,475 Less: Unamortized debt discount (898) (930) Notes payable, net $ 38,577 $ 38,545 Costs incurred related to securing the Company’s fixed-rate debt instruments were 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 33 Cantor Loan On March 31, 2016, through certain of the Company’s wholly owned subsidiaries, the Company entered into a $ 32,097 5.22 The Company secured 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 the 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. The note balance as of March 31, 2018 and December 31, 2017 was $ 32,097 nterest expense incurred on this note for the three months ended March 31, 2018 and 2017 was $ 419 2018 $ - 2019 - 2020 - 2021 315 2022 449 Thereafter 31,333 Total $ 32,097 West Mifflin Note On September 25, 2015 3.72 September 25, 2020 7,378 nterest expense incurred on this note for the three months ended March 31, 2018 and 2017 was $ 69 2018 $ 22 2019 136 2020 7,220 Total $ 7,378 Revolving Credit Facility The Company, Operating Partnership, as borrower, and certain of its subsidiaries (such subsidiaries, the “Subsidiary Guarantors”) are parties to a syndicated revolving credit facility with BMO Harris Bank N.A. (“BMO”), as Administrative Agent (the “Revolving Credit Facility”). On March 6, 2018, the Revolving Credit Facility was amended to increase its aggregate capacity by $ 90,000 340,000 The Subsidiary Guarantors and the Company are guarantors of the obligations under the Revolving Credit Facility. The amount available to borrow from time to time under the Revolving Credit Facility is limited according to a quarterly borrowing base valuation of certain properties owned by the Subsidiary Guarantors. The initial termination date of the Revolving Credit Facility is December 2, 2019, which could be extended for one year in the case that no event of default occurs. 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. In addition, the Operating Partnership is obligated to pay a quarterly fee equal to a rate per annum equal to (x) 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 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 three months ended March 31, 2018 the Company borrowed $ 68,750 4,500 64,250 101,200 1,766 454 As of March 31, 2018 and December 31, 2017, the Company had $229,150 and $164,900 of outstanding borrowings under the Revolving Credit Facility, respectively. Deferred Financing Costs, Net Balance as of January 1, 2018, net $ 2,750 Additions Revolving Credit Facility 753 Deferred financing cost amortization expense (398) Balance as of March 31, 2018, net $ 3,105 Amortization expense incurred related to the Revolving Credit Facility deferred financing costs was $ 398 126 Weighted-Average Interest Rate and Term The weighted average interest rate and term of our debt was 3.95 2.44 2.94 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 5 Stockholders’ Equity Preferred Stock The Company’s charter authorizes the issuance of 10,000 0.001 3,105 25 Date Announced Record Date Applicable Payment Date Quarterly Amount Dividends December 15, 2017 January 15, 2018 Q4 2017 January 31, 2018 $ 1,455 $ - $ 0.46875 March 7, 2018 April 15, 2018 Q1 2018 April 30, 2018 $ 1,455 $ 970 1 $ 0.46875 1 Represents the February and March 2018 months of the total $1,455 preferred dividend payment due on April 30, 2018. The holders of the Series A Preferred Stock are entitled to receive dividend payments only when, as and if declared by the Board (or a duly authorized committee of the Board). 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 at a fixed rate per annum equal to 7.50 25 1.875 1,455 Common Stock The Company has 500,000 0.001 21,631 Date Announced Record Date Applicable Payment Date Dividend (1) Dividends December 15, 2017 December 26, 2017 Q4 2017 January 10, 2018 $ 4,552 $ 0.20 March 7, 2018 March 22, 2018 Q1 2018 April 10, 2018 $ 4,691 $ 0.20 (1) Includes dividends on granted LTIP units and OP Units issued to third parties. During the three months ended March 31, 2018 and 2017, the Company paid total dividends on its common stock, LTIP units and OP Units in the amount of $ 4,552 3,604 As of March 31, 2018 and December 31, 2017, the Company accrued $ 165 116 The amount of the dividends paid to the Company’s stockholders is determined by our Board and is dependent on a number of factors, including funds available for payment of dividends, the Company’s financial condition and capital expenditure requirements except that, in accordance with the Company’s organizational documents and Maryland law, the Company may not make dividend distributions that would: (i) cause it to be unable to pay its debts as they become due in the usual course of business; (ii) cause OP Units As of March 31, 2018 and December 31, 2017, there were 1,246 11,532 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 6 Related Party Transactions 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 “Management Agreement”). Certain material terms of the Management Agreement are summarized in the section titled “ Business Our Advisor and our Management Agreement Management Fees and Accrued Management Fees For the three months ended March 31, 2018 and 2017, management fees of $ 1,081 627 1,064 621 1,081 1,064 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 agreed to reimburse the Advisor for $ 125 Due to Related Parties, Net All related party balances are due on demand and non-interest-bearing. Due to Due (to) from Due (to) from Total Due (To) Balance as of January 1, 2018 $ (1,064) 9 19 $ (1,036) Management fee expense incurred (1) (1,081) - - (1,081) Management fees paid to Advisor (1) 1,064 - - 1,064 Borrowings repaid to Advisor (2) - 19 - 19 Borrowings from other related party - - (1) (1) Balance as of March 31, 2018 $ (1,081) 28 18 $ (1,035) (1) Net amount accrued of $ 17 (2) Amount represents amounts paid by the Company on the Advisor’s behalf. This represents a cash flow financing activity. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 7 Stock-Based Compensation 2016 Equity Incentive Plan The 2016 Equity Incentive Plan (the “Plan”) is intended to assist the Company and its affiliates in recruiting and retaining employees of the Manager, members of the Board, executive officers of the Company, and individuals who provide services to those entities or affiliates of those entities. The Plan is intended to permit the grant of both qualifying and non-qualified options, and the grant of stock appreciation rights, restricted stock, unrestricted stock, awards of restricted stock units, performance awards and other equity-based awards (including LTIP units) for up to an aggregate of 1,232 Based on the grants outstanding as of March 31, 2018, there are 444 Time-Based Grants Net LTIP units outstanding as of December 31, 2017 436 LTIP units granted (1) 36 LTIP units granted via the 2017 Performance Program Annual Awards (2) 57 LTIP units granted as 2018 time-based awards (3) 73 LTIP units redeemed in cash (4) (22) Net LTIP units outstanding as of March 31, 2018 580 (1) On March 5, 2018, the Board approved these grants, which vest 50 50 (2) This amount represents grants from the previously disclosed 2017 Annual Awards. On March 5, 2018 the Compensation Committee determined the extent to which the Company achieved the performance goals related to the 2017 Annual Awards and determined the number of LTIP units that each grantee was entitled to receive. These grants vested 50 50 (3) These grants were approved by the Board on March 5, 2018 and are subject to the terms and conditions of the 2018 LTIP Unit Award Agreements between the Company and each grantee. These grants vest in equal one-third increments on each of March 5, 2019, March 5, 2020, and March 5, 2021. (4) Represents vested LTIP units that the grantees elected to redeem, for which the Company paid $ 158 A detail of the vested and unvested LTIP units outstanding as of March 31, 2018 is as follows: Total vested units 274 Unvested units: Granted to employees of the Advisor 290 Granted to the Company’s independent directors 16 Total unvested units 306 LTIP units outstanding as of March 31, 2018 580 The Company expenses the fair value of all time-based LTIP unit grants 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.” Performance Based Awards On February 28, 2017 and March 5, 2018, the Board approved performance-based awards (the “Long-Term Awards”), comprising the 2017 long-term performance-based LTIP awards (the “2017 Program”) and 2018 long-term performance-based LTIP awards (the “2018 Program”) to the executive officers of the Company and other employees of the Company’s external manager who perform services for the Company. None of the LTIP units awarded under the 2017 Program or the 2018 Program had been earned by the participants as of March 31, 2018. As of March 31, 2018, there were 98 target Long-Term Awards under the 2017 Program and 110 target Long-Term Awards under the 2018 Program. Additionally, as disclosed in Note 11 Subsequent Events, on April 9, 2018, the Board approved the 2018 annual performance based LTIP awards. The Long-Term Awards are subject to the terms and conditions of 2017 and 2018 LTIP Long-Term Award Agreements (collectively the “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 stockholder return (“TSR”), which is determined based on a combination of appreciation in stock price and dividends paid during the performance period. 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 (2017 or 2018 depending on the program) 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 over the performance period. 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 the 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 of the Board (the “Compensation Committee”). Stock Compensation Expense The Company incurred stock compensation expense of $ 182 420 Total unamortized compensation expense related to these awards of approximately $ 2.57 2.59 |
Rental Revenue
Rental Revenue | 3 Months Ended |
Mar. 31, 2018 | |
Leases [Abstract] | |
Operating Leases of Lessor Disclosure [Text Block] | Note 8 Rental Revenue The aggregate annual minimum cash to be received by the Company on the noncancelable operating leases related to its portfolio of facilities in effect as of March 31, 2018, is as follows for the subsequent years ended December 31; as listed below. 2018 (nine months remaining) $ 31,213 2019 42,070 2020 42,780 2021 41,173 2022 40,098 Thereafter 311,854 Total $ 509,188 For the three months ended March 31, 2018, the Encompass facilities constituted approximately 13 11 8 7 6 55 4 For the three months ended March 31, 2017, the Encompass facilities constituted approximately 30 9 8 |
Land Leases
Land Leases | 3 Months Ended |
Mar. 31, 2018 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | Note 9 Land Leases The Company acquired an interest, as ground lessee, in the ground lease related to the Omaha and Clermont facilities at their dates of acquisition. During the three months ended March 31, 2018, in connection with the acquisitions of the Moline facility on January 24, 2018, the Company acquired the seller’s interest, as ground lessee, in an existing ground lease that has approximately 10 years remaining in the initial term, with 12 consecutive five-year renewal options. Additionally, in connection with the acquisition of the Silvis facility on January 24, 2018, the Company acquired the seller’s interest, as ground lessee, in an existing ground lease that has approximately 67 years remaining in the initial term, with no renewal options. The aggregate minimum cash payments to be made by the Company on these land leases in effect as of March 31, 2018, are as follows for the subsequent years ended December 31; as listed below. 2018 (nine months remaining) $ 77 2019 109 2020 109 2021 109 2022 109 Thereafter 2,234 Total $ 2,747 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
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 | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 11 Subsequent Events Annual Performance-Based Equity Awards Approved Subsequent to March 31, 2018 On April 9, 2018, the Board approved the recommendations of the Compensation Committee with respect to the granting of 2018 Annual Performance-Based LTIP Awards (the “2018 Annual Awards”) to the executive officers of the Company and other employees of the Advisor who perform services for the Company. The 2018 Annual Awards were granted pursuant to the Plan. An aggregate of 163,329 7.00 The Compensation Committee and Board established performance goals for calendar year 2018, as set forth in Exhibit A to the 2018 LTIP Annual Award Agreements (the “Performance Goals”) that will be used to determine the number of LTIP units earned by each grantee. As soon as reasonably practicable following the last day of the 2018 fiscal year, the Compensation Committee and Board will determine the extent to which the Company has achieved each of the Performance Goals (expressed as a percentage) and, based on such determination, will calculate the number of LTIP units that each grantee is entitled to receive. Each grantee may earn up to 150 Vesting. LTIP units that are earned as of the end of the applicable performance period will be subject to vesting, subject to continued employment through each vesting date, in two installments as follows: 50 50 Distributions. 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. Acquisition Completed Subsequent to March 31, 2018 Belpre Facilities On April 19, 2018, the Company, through a wholly-owned subsidiary of its Operating Partnership, closed on the acquisition of a portfolio of four medical office buildings (the “Belpre Portfolio”) and a right of first refusal to purchase a fifth, yet to be built, medical office building on the same campus. The aggregate purchase price of the Belpre Portfolio was $ 64.2 5.5 9.00 13.3 |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation The accompanying financial statements are unaudited and include the accounts of the Company, including the Operating Partnership and its wholly-owned subsidiaries. The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“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, 2017. 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. 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 the Company’s and Advisor’s directors, officers and employees and the OP Units held by third parties. Refer to Note 5 “Stockholders’ Equity” and Note 7 “Stock-Based Compensation” 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] | Cash and Cash Equivalents and Restricted Cash On January 1, 2018 the Company adopted the provisions of Accounting Standards Update (“ASU”) 2016-18, “Statement of Cash Flows (Topic 230) Restricted Cash” (“ASU 2016-18”) , As of March 31, 2018 2017 Cash and cash equivalents $ 3,351 $ 8,357 Restricted cash $ 4,050 $ 1,774 Total cash and cash equivalents and restricted cash(1) $ 7,401 $ 10,131 (1) Represents the total of the amounts at the end of the periods presented on the Consolidated Statements of Cash Flows as required by ASU 2016-18. The cash and cash equivalents and restricted cash balance as of December 31, 2017 and December 31, 2016 were $ 7,114 20,612 The Company considers all demand deposits, cashier’s checks, money market accounts, and certificates of deposit with a maturity of three months or less to be cash equivalents. Amounts included in restricted cash represent (1) certain security deposits received from tenants at the inception of their leases; (2) cash required to be held by a third-party lender as a reserve for debt service; and (3) funds held by the Company that were received from certain tenants that the Company collected to pay specific tenant expenses, such as real estate taxes and insurance, on the tenant’s behalf. |
Receivables, Policy [Policy Text Block] | Tenant Receivables The tenant receivable balance as of March 31, 2018 and December 31, 2017 was $ 1,253 704 166 1,009 78 125 579 |
Escrow Deposits [Policy Text Block] | Escrow Deposits The escrow balance as of March 31, 2018 and December 31, 2017 was $ 2,508 1,638 |
Deferred Assets [Policy Text Block] | Deferred Assets The deferred assets balance as of March 31, 2018 and December 31, 2017 was $ 5,171 3,993 5,014 157 3,842 151 |
Other Assets [Policy Text Block] | Other Assets Other assets primarily consist 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 $ 527 284 58 185 459 316 143 |
Security Deposit Liability [Policy Text Block] | Security Deposits and Other The security deposits and other liability balance as of March 31, 2018 and December 31, 2017 was $ 4,912 2,128 4,209 703 1,620 508 |
Reclassification, Policy [Policy Text Block] | Reclassification and Correction for the Three Months Ended March 31, 2017 The Company’s Consolidated Statements of Operations for the three months ended March 31, 2018 and 2017 includes the expense line item “Operating Expenses.” For the three months ended March 31, 2018 this line item primarily included 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 also includes certain other operating expenses. During the three months ended March 31, 2017, the Company recorded property operating expenses in the “General and Administrative” expense line item. Accordingly, for the three months ended March 31, 2017 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. In the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 that was filed with the SEC on May 11, 2017, there were $ 1,223 1,223 |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements Leases and Revenue Recognition In February 2016, the FASB issued ASU No. 2016-02 “Leases” (“ASU 2016-02”). This standard creates Topic 842, Leases, and supersedes FASB ASC 840, “Leases.” ASU 2016-02 requires a lessee to recognize the assets and liabilities that arise from leases (both operating and finance leases). However, for leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and lease liabilities. The main difference between the existing guidance on accounting for leases and the new standard is that operating leases will now be recorded as assets and liabilities. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for operating leases. ASU 2016-02 is expected to impact the Company’s consolidated financial statements as the Company has certain operating ground lease arrangements for which it is the lessee and therefore will be required to recognize right of use assets and related lease liabilities on its consolidated balance sheets upon adoption of this new standard. Current GAAP requires only capital leases to be recognized in the statement of financial position, and amounts related to operating leases largely are reflected in the financial statements as rent expense on the income statement and in disclosures to the financial statements. ASU 2016-02 is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2018. Early adoption is permitted. The Company anticipates that its ground leases where it is the lessor will continue to be accounted for as operating leases under the new standard. The Company does not currently anticipate significant changes in the accounting for its lease revenues. The Company will continue to evaluate the impact of adopting the new leases standard on its consolidated financial statements and related disclosures. In May 2014, with subsequent updates issued in August 2015 and March, April and May 2016, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). ASU 2014-09 was developed to enable financial statement users to better understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The update’s core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Companies are to use a five-step contract review model to ensure revenue is recognized, measured and disclosed in accordance with this principle. Those steps include the following: (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to each performance obligation in the contract, and (v) recognize revenue when or as the entity satisfies a performance obligation. The Company has identified four main revenue streams of which three of them originate from lease contracts and will be subject to Leases ASU 2016-02, Topic 842 (described above) effective for annual reporting periods (including interim periods) beginning after December 15, 2018. The Company’s revenue streams are: Revenue Recognition (ASU 2014-09, Topic 610-20): ⋅ Gain (loss) on sale of real estate properties Leases (ASU 2016-02, Topic 842): ⋅ Rental revenues ⋅ Straight line rents ⋅ Tenant recoveries Management adopted the provisions of ASU 2014-09 effective January 1, 2018 and has concluded that all of the Company’s material revenue streams fall outside of the scope of this guidance. During the quarters ended March 31, 2018 and 2017, the Company sold no real estate properties and therefore had no revenue stream from that source. The new standard may be applied retrospectively to each prior period presented or prospectively with the cumulative effect, if any, recognized as of the date of adoption. The Company selected the modified retrospective transition method as of the date of adoption effective January 1, 2018. Management concluded that the majority of total revenues consist of rental income from leasing arrangements, which is specifically excluded from the standard. The Company analyzed its remaining revenue streams and concluded there are no changes in revenue recognition with the adoption of the new standard. As such, adoption of ASU 2014-09 did not result in a cumulative adjustment recognized as of January 1, 2018, and the standard did not have a material impact on the Company’s consolidated financial statements or disclosures. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Restrictions on Cash and Cash Equivalents [Table Text Block] | Consolidated Statements of Cash Flows for the three months ended March 31, 2018 and 2017: As of March 31, 2018 2017 Cash and cash equivalents $ 3,351 $ 8,357 Restricted cash $ 4,050 $ 1,774 Total cash and cash equivalents and restricted cash(1) $ 7,401 $ 10,131 (1) Represents the total of the amounts at the end of the periods presented on the Consolidated Statements of Cash Flows as required by ASU 2016-18. The cash and cash equivalents and restricted cash balance as of December 31, 2017 and December 31, 2016 were $ 7,114 20,612 |
Property Portfolio (Tables)
Property Portfolio (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Table Text Block] | Land Building Site & Tenant Acquired Lease Gross Investment in Balances as of January 1, 2018 $ 42,701 $ 384,338 $ 12,818 $ 31,650 $ 471,507 Facility Acquired Date Acquired: Moline / Silvis 1/24/18 - 4,895 1,216 989 7,100 Freemont 2/9/18 162 8,335 - - 8,497 Gainesville 2/23/18 625 9,885 - - 10,510 Dallas 3/1/18 6,272 17,012 - - 23,284 Orlando 3/22/18 2,543 11,720 756 1,395 16,414 Total Additions (1) 9,600 51,847 1,973 2,384 65,804 Balances as of March 31, 2018 $ 52,301 $ 436,185 $ 14,791 $ 34,034 $ 537,311 (1) An aggregate of $ 239 65,565 |
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 the dates presented: As of March 31, 2018 Cost Accumulated Net Assets In-place leases $ 18,212 $ (2,098) $ 16,114 Above market ground lease 707 (10) 697 Above market leases 4,854 (371) 4,483 Leasing costs 10,261 (782) 9,479 $ 34,034 $ (3,261) $ 30,773 Liabilities Below market leases $ 1,628 $ (140) $ 1,488 As of December 31, 2017 Cost Accumulated Net Assets In-place leases $ 17,061 $ (1,577) $ 15,484 Above market ground lease 488 (6) 482 Above market leases 4,625 (220) 4,405 Leasing costs 9,476 (538) 8,938 $ 31,650 $ (2,341) $ 29,309 Liabilities Below market leases $ 1,389 $ (98) $ 1,291 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | The following is a summary of the acquired lease intangible amortization: Three Months Ended March 31, 2018 2017 Amortization expense related to in-place leases $ 521 $ 281 Amortization expense related to leasing costs $ 244 $ 63 Decrease in rental revenue related to above market ground lease $ 4 $ 1 Decrease in rental revenue related to above market leases $ 151 $ 3 Increase in rental revenue related to below market leases $ 42 $ 12 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | As of March 31, 2018, scheduled future aggregate net amortization of the acquired lease intangible assets and liabilities for each fiscal year ended December 31 is listed below: Net Decrease Net Increase 2018 (nine months remaining) $ (457) $ 2,554 2019 (610) 3,406 2020 (610) 3,406 2021 (613) 2,791 2022 (614) 2,526 Thereafter (788) 10,910 Total $ (3,692) $ 25,593 |
Silvis Facilities [Member] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table presents the details of the tangible and intangible assets acquired and liabilities assumed for this acquisition: Site improvements $ 249 Building and tenant improvements 5,862 In-place leases 343 Above market lease intangibles 219 Leasing costs 427 Below market lease intangibles (229) Total purchase price $ 6,871 |
Orlando Facilities [Member] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Land and site improvements $ 3,075 Building and tenant improvements 11,944 In-place leases 808 Above market lease intangibles 229 Leasing costs 358 Below market lease intangibles (10) Total purchase price $ 16,404 |
Notes Payable and Revolving C21
Notes Payable and Revolving Credit Facility (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Instrument [Line Items] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | The Company’s notes payable, net, includes two loans: (1) the Cantor Loan and (2) the West Mifflin Note, described below. The following table sets forth the aggregate balances of these loans as of the dates presented: March 31, 2018 December 31, 2017 Notes payable, gross $ 39,475 $ 39,475 Less: Unamortized debt discount (898) (930) Notes payable, net $ 38,577 $ 38,545 |
Schedule Of Deferred Financing Costs [Table Text Block] | A rollforward of the deferred financing cost balance as of March 31, 2018, is as follows: Balance as of January 1, 2018, net $ 2,750 Additions Revolving Credit Facility 753 Deferred financing cost amortization expense (398) Balance as of March 31, 2018, net $ 3,105 |
Cantor Loan [Member] | |
Debt Instrument [Line Items] | |
Schedule of Maturities of Long-term Debt [Table Text Block] | As of March 31, 2018, scheduled principal payments due for each fiscal year ended December 31 are listed below as follows: 2018 $ - 2019 - 2020 - 2021 315 2022 449 Thereafter 31,333 Total $ 32,097 |
West Mifflin Note Payable [Member] | |
Debt Instrument [Line Items] | |
Schedule of Maturities of Long-term Debt [Table Text Block] | As of March 31, 2018, scheduled principal payments due for each fiscal year ended December 31 are listed below as follows: 2018 $ 22 2019 136 2020 7,220 Total $ 7,378 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Common Stock [Member] | |
Schedule of Dividends Payable [Table Text Block] | Common stock dividend activity for the three months ended March 31, 2018 is summarized in the following table: Date Announced Record Date Applicable Payment Date Dividend (1) Dividends December 15, 2017 December 26, 2017 Q4 2017 January 10, 2018 $ 4,552 $ 0.20 March 7, 2018 March 22, 2018 Q1 2018 April 10, 2018 $ 4,691 $ 0.20 (1) Includes dividends on granted LTIP units and OP Units issued to third parties. |
Preferred Stock [Member] | |
Schedule of Dividends Payable [Table Text Block] | Dividend activity on our preferred stock for the three months ended March 31, 2018 is summarized in the following table: Date Announced Record Date Applicable Payment Date Quarterly Amount Dividends December 15, 2017 January 15, 2018 Q4 2017 January 31, 2018 $ 1,455 $ - $ 0.46875 March 7, 2018 April 15, 2018 Q1 2018 April 30, 2018 $ 1,455 $ 970 1 $ 0.46875 1 Represents the February and March 2018 months of the total $1,455 preferred dividend payment due on April 30, 2018. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 December 31, 2017, is as follows: Due to Due (to) from Due (to) from Total Due (To) Balance as of January 1, 2018 $ (1,064) 9 19 $ (1,036) Management fee expense incurred (1) (1,081) - - (1,081) Management fees paid to Advisor (1) 1,064 - - 1,064 Borrowings repaid to Advisor (2) - 19 - 19 Borrowings from other related party - - (1) (1) Balance as of March 31, 2018 $ (1,081) 28 18 $ (1,035) (1) Net amount accrued of $ 17 (2) Amount represents amounts paid by the Company on the Advisor’s behalf. This represents a cash flow financing activity. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
2016 Equity Incentive Plan | |
Schedule of Share-based Compensation, Activity [Table Text Block] | Net LTIP units outstanding as of December 31, 2017 436 LTIP units granted (1) 36 LTIP units granted via the 2017 Performance Program Annual Awards (2) 57 LTIP units granted as 2018 time-based awards (3) 73 LTIP units redeemed in cash (4) (22) Net LTIP units outstanding as of March 31, 2018 580 (1) On March 5, 2018, the Board approved these grants, which vest 50 50 (2) This amount represents grants from the previously disclosed 2017 Annual Awards. On March 5, 2018 the Compensation Committee determined the extent to which the Company achieved the performance goals related to the 2017 Annual Awards and determined the number of LTIP units that each grantee was entitled to receive. These grants vested 50 50 (3) These grants were approved by the Board on March 5, 2018 and are subject to the terms and conditions of the 2018 LTIP Unit Award Agreements between the Company and each grantee. These grants vest in equal one-third increments on each of March 5, 2019, March 5, 2020, and March 5, 2021. (4) Represents vested LTIP units that the grantees elected to redeem, for which the Company paid $ 158 A detail of the vested and unvested LTIP units outstanding as of March 31, 2018 is as follows: Total vested units 274 Unvested units: Granted to employees of the Advisor 290 Granted to the Company’s independent directors 16 Total unvested units 306 LTIP units outstanding as of March 31, 2018 580 |
Rental Revenue (Tables)
Rental Revenue (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 facilities in effect as of March 31, 2018, is as follows for the subsequent years ended December 31; as listed below. 2018 (nine months remaining) $ 31,213 2019 42,070 2020 42,780 2021 41,173 2022 40,098 Thereafter 311,854 Total $ 509,188 |
Land Leases (Tables)
Land Leases (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 these land leases in effect as of March 31, 2018, are as follows for the subsequent years ended December 31; as listed below. 2018 (nine months remaining) $ 77 2019 109 2020 109 2021 109 2022 109 Thereafter 2,234 Total $ 2,747 |
Organization (Details)
Organization (Details) | 3 Months Ended |
Mar. 31, 2018 | |
long-term incentive plan LTIP [Member] | |
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 7.78% |
Global Medical REIT GP LLC [Member] | |
Operating Partnership | 92.22% |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | |||||||
Mar. 31, 2017 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | ||||
Tenant Receivables | $ 1,253 | $ 704 | ||||||
Escrow Deposit | 2,508 | 1,638 | ||||||
Deferred Costs and Other Assets | 5,171 | 3,993 | ||||||
Deferred Rent Receivables, Net | 5,014 | 3,842 | ||||||
Debt Issuance Costs, Net | 3,105 | 2,750 | ||||||
Security Deposit Liability | 4,912 | 2,128 | ||||||
Receivables Earned But Not Paid Relating To Tenant Rent | 166 | 125 | ||||||
Receivables To Be Collected To Pay Specific Tenant Expenses | 1,009 | 579 | ||||||
Other Assets, Noncurrent | 527 | 459 | ||||||
Other Deferred Costs, Net | 151 | 157 | ||||||
Capitalized Costs, Acquisitions Of Property | 284 | |||||||
Prepaid Expense | 58 | |||||||
Lease Deposit Liability | 703 | 508 | ||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 10,131 | [1] | 7,401 | [1] | 7,114 | [1] | $ 20,612 | |
Other Assets, Miscellaneous, Current | 78 | |||||||
Construction in Progress, Gross | 185 | |||||||
Other Assets | 459 | |||||||
Accumulated Capitalized Interest Costs | 316 | |||||||
Prepaid Expense and Other Assets | 143 | |||||||
Revolving Credit Facility [Member] | ||||||||
Debt Issuance Costs, Net | 3,105 | 2,750 | $ 1,223 | |||||
Reclassification of Costs to Value of Facilities | $ 1,223 | |||||||
Plano Lease [Member] | ||||||||
Security Deposit Liability | $ 4,209 | $ 1,620 | ||||||
[1] | Represents the total of the amounts at the end of the periods presented on the Consolidated Statements of Cash Flows as required by ASU 2016-18. The cash and cash equivalents and restricted cash balance as of December 31, 2017 and December 31, 2016 were $7,114 and $20,612, respectively. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |||
Cash and cash equivalents | $ 3,351 | $ 5,109 | $ 8,357 | ||||
Restricted cash | 4,050 | 2,005 | 1,774 | ||||
Total cash and cash equivalents and restricted cash(1) | $ 7,401 | [1] | $ 7,114 | [1] | $ 10,131 | [1] | $ 20,612 |
[1] | Represents the total of the amounts at the end of the periods presented on the Consolidated Statements of Cash Flows as required by ASU 2016-18. The cash and cash equivalents and restricted cash balance as of December 31, 2017 and December 31, 2016 were $7,114 and $20,612, respectively. |
Property Portfolio (Gross Inves
Property Portfolio (Gross Investment) (Details) - USD ($) $ in Thousands | Mar. 02, 2018 | Apr. 19, 2018 | Feb. 23, 2018 | Mar. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||||
Beginning Balance | $ 471,507 | |||
Acquisitions | $ 64,200 | 65,804 | ||
Ending Balance | 537,311 | |||
Cape Coral Facility [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Acquisitions | 7,100 | |||
Lewisburg facility [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Acquisitions | 8,497 | |||
Las Cruces Facility [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Acquisitions | 10,510 | |||
Prescott Facility [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Acquisitions | 23,284 | |||
Clermont Facility [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Acquisitions | 16,414 | |||
Gainesville Facility [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Acquisitions | $ 10,500 | |||
Dallas Facility [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Acquisitions | $ 23,300 | |||
Land [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Beginning Balance | 42,701 | |||
Acquisitions | 9,600 | |||
Ending Balance | 52,301 | |||
Land [Member] | Moline / Silvis Facility [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Acquisitions | 0 | |||
Land [Member] | Freemont Facility [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Acquisitions | 162 | |||
Land [Member] | Gainesville Facility [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Acquisitions | 625 | |||
Land [Member] | Dallas Facility [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Acquisitions | 6,272 | |||
Land [Member] | Orlando Facility [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Acquisitions | 2,543 | |||
Building [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Beginning Balance | 384,338 | |||
Acquisitions | 51,847 | |||
Ending Balance | 436,185 | |||
Building [Member] | Moline / Silvis Facility [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Acquisitions | 4,895 | |||
Building [Member] | Freemont Facility [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Acquisitions | 8,335 | |||
Building [Member] | Gainesville Facility [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Acquisitions | 9,885 | |||
Building [Member] | Dallas Facility [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Acquisitions | 17,012 | |||
Building [Member] | Orlando Facility [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Acquisitions | 11,720 | |||
Site And Tenant Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Beginning Balance | 12,818 | |||
Acquisitions | 1,973 | |||
Ending Balance | 14,791 | |||
Site And Tenant Improvements [Member] | Moline / Silvis Facility [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Acquisitions | 1,216 | |||
Site And Tenant Improvements [Member] | Freemont Facility [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Acquisitions | 0 | |||
Site And Tenant Improvements [Member] | Gainesville Facility [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Acquisitions | 0 | |||
Site And Tenant Improvements [Member] | Dallas Facility [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Acquisitions | 0 | |||
Site And Tenant Improvements [Member] | Orlando Facility [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Acquisitions | 756 | |||
Intangibles [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Beginning Balance | 31,650 | |||
Acquisitions | 2,384 | |||
Ending Balance | 34,034 | |||
Intangibles [Member] | Moline / Silvis Facility [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Acquisitions | 989 | |||
Intangibles [Member] | Freemont Facility [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Acquisitions | 0 | |||
Intangibles [Member] | Gainesville Facility [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Acquisitions | 0 | |||
Intangibles [Member] | Dallas Facility [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Acquisitions | 0 | |||
Intangibles [Member] | Orlando Facility [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Acquisitions | $ 1,395 |
Property Portfolio (Schedule of
Property Portfolio (Schedule of Recognized Identified Assets Acquired and Liabilities Assumed) (Details) $ in Thousands | Mar. 31, 2018USD ($) |
Moline / Silvis Facility [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | $ 6,871 |
Moline / Silvis Facility [Member] | Building And Tenant Improvements [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 5,862 |
Moline / Silvis Facility [Member] | In Place Leases [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 343 |
Moline / Silvis Facility [Member] | Above Market Lease Intangibles [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 219 |
Moline / Silvis Facility [Member] | Leasing costs [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Assets | 427 |
Moline / Silvis Facility [Member] | Below Market Lease Intangible [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | (229) |
Moline / Silvis Facility [Member] | Site Improvements [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 249 |
Orlando Facility [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | 16,404 |
Orlando Facility [Member] | Land And Site Improvements [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 3,075 |
Orlando Facility [Member] | Building And Tenant Improvements [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 11,944 |
Orlando Facility [Member] | In Place Leases [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 808 |
Orlando Facility [Member] | Above Market Lease Intangibles [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 229 |
Orlando Facility [Member] | Leasing costs [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Assets | 358 |
Orlando Facility [Member] | Below Market Lease Intangible [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ (10) |
Property Portfolio (summary of
Property Portfolio (summary of the carrying amount of intangible assets and liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Cost | $ 34,034 | $ 31,650 |
Accumulated Amortization | (3,261) | (2,341) |
Net | 30,773 | 29,309 |
Liabilities | ||
Cost | 1,628 | 1,389 |
Accumulated Amortization | (140) | (98) |
Net | 1,488 | 1,291 |
In-place leases [Member] | ||
Assets | ||
Cost | 18,212 | 17,061 |
Accumulated Amortization | (2,098) | (1,577) |
Net | 16,114 | 15,484 |
Above Market Ground Lease [Member] | ||
Assets | ||
Cost | 707 | 488 |
Accumulated Amortization | (10) | (6) |
Net | 697 | 482 |
Above Market Leases [Member] | ||
Assets | ||
Cost | 4,854 | 4,625 |
Accumulated Amortization | (371) | (220) |
Net | 4,483 | 4,405 |
Leasing Costs [Member] | ||
Assets | ||
Cost | 10,261 | 9,476 |
Accumulated Amortization | (782) | (538) |
Net | $ 9,479 | $ 8,938 |
Property Portfolio (summary o33
Property Portfolio (summary of the acquired lease intangible amortization) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Leases, Acquired-in-Place [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 521 | $ 281 |
Lease Costs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 244 | 63 |
Above Market Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 151 | 3 |
Below Market Lease [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 42 | 12 |
market ground lease [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 4 | $ 1 |
Property Portfolio (net amortiz
Property Portfolio (net amortization of the acquired lease intangible) (Details) $ in Thousands | Mar. 31, 2018USD ($) |
Net Decrease in Revenue | |
2,018 | $ (457) |
2,019 | (610) |
2,020 | (610) |
2,021 | (613) |
2,022 | (614) |
Thereafter | (788) |
Total | (3,692) |
Net Increase in Expenses | |
2,018 | 2,554 |
2,019 | 3,406 |
2,020 | 3,406 |
2,021 | 2,791 |
2,022 | 2,526 |
Thereafter | 10,910 |
Total | $ 25,593 |
Property Portfolio (Details)
Property Portfolio (Details) - USD ($) $ in Thousands | Mar. 02, 2018 | Apr. 19, 2018 | Mar. 22, 2018 | Feb. 23, 2018 | Feb. 09, 2018 | Jan. 24, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||||||||
Depreciation, Total | $ 2,906 | $ 1,346 | ||||||
Property, Plant and Equipment, Additions | $ 64,200 | 65,804 | ||||||
Payments for (Proceeds from) Productive Assets | 65,565 | $ 108,067 | ||||||
Tenant Improvement Allowances Receivable | $ 19 | |||||||
Lease Intangibles Asset [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 7 years 4 months 2 days | |||||||
Lease Intangibles Liability [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 8 years 6 months 4 days | |||||||
Lubbock Facility [Member] | Operating Partnership Units [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 239 | |||||||
Moline Facility [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 10 years | |||||||
Gainesville Facility [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Lessor Leasing Arrangements, Operating Leases, Renewal Term | 5 years | |||||||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 12 years | |||||||
Property, Plant and Equipment, Additions | $ 10,500 | |||||||
Dallas Facility [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Property, Plant and Equipment, Additions | $ 23,300 | |||||||
Orlando Facilities [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Lessor Leasing Arrangements, Operating Leases, Renewal Term | 10 years | |||||||
Property, Plant and Equipment, Additions | $ 16,400 | |||||||
Lessee, Operating Lease, Description | one lease has approximately six years remaining in its initial term, with three consecutive five-year renewal options; one lease has approximately six years remaining in its initial term, with four consecutive five-year renewal options; one lease has approximately six years remaining in its initial term, with three consecutive five-year renewal options; and one lease was amended at closing to extend the remaining term to five years with four consecutive five-year renewal options. | |||||||
Moline Silvis Facilities [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | 6,900 | |||||||
Sherman, Silvis, and Gainesville Facilities [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Allowance for Tenant Improvements | $ 3,000 | |||||||
Fremont Facility [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 12 years | |||||||
Property, Plant and Equipment, Additions | $ 8,500 |
Notes Payable and Revolving C36
Notes Payable and Revolving Credit Facility (Schedule of net of unamortized discount balances) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Notes payable, gross | $ 39,475 | $ 39,475 |
Less: Unamortized debt discount | (898) | (930) |
Notes payable, net | $ 38,577 | $ 38,545 |
Notes Payable and Revolving C37
Notes Payable and Revolving Credit Facility (Scheduled Principal Payments Due On Cantor Loan Note Payable) (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2016 | Sep. 25, 2015 |
Cantor Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
2,018 | $ 0 | |||
2,019 | 0 | |||
2,020 | 0 | |||
2,021 | 315,000 | |||
2,022 | 449,000 | |||
Thereafter | 31,333,000 | |||
Total | 32,097,000 | $ 32,097,000 | ||
West Mifflin Note Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
2,018 | 22,000 | |||
2,019 | 136,000 | |||
2,020 | 7,220,000 | |||
Total | $ 7,378,000 | $ 7,378,000 | $ 7,378 |
Notes Payable and Revolving C38
Notes Payable and Revolving Credit Facility (Scheduled Principal Payments Due On West Mifflin Note Payable) (Details) - West Mifflin Note Payable [Member] - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 25, 2015 |
Debt Instrument [Line Items] | |||
2,019 | $ 136,000 | ||
2,020 | 7,220,000 | ||
Total | $ 7,378,000 | $ 7,378,000 | $ 7,378 |
Notes Payable and Revolving C39
Notes Payable and Revolving Credit Facility (Schedule of Deferred Financing Cost Balance) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Debt Instrument [Line Items] | |
Balance, net | $ 2,750 |
Balance, net | 3,105 |
Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Balance, net | 2,750 |
Additions - Revolving Credit Facility | 753 |
Deferred financing cost amortization expense | (398) |
Balance, net | $ 3,105 |
Notes Payable and Revolving C40
Notes Payable and Revolving Credit Facility (Details) - USD ($) | Sep. 25, 2017 | Dec. 02, 2016 | Sep. 25, 2015 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2017 | Mar. 06, 2018 | Mar. 05, 2018 |
Debt Instrument [Line Items] | |||||||||
Amortization of Financing Costs | $ 32,000 | $ 33,000 | |||||||
Long-term Line of Credit | 229,150,000 | $ 164,900,000 | |||||||
Increase (Decrease) in Security Deposits | $ 2,784,000 | 1,380,000 | |||||||
Debt, Weighted Average Interest Rate | 3.95% | 3.72% | |||||||
Debt Instrument, Term | 2 years 5 months 8 days | 2 years 11 months 8 days | |||||||
Long-term Debt, Gross | $ 39,475,000 | $ 39,475,000 | |||||||
Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Amortization of Financing Costs | 398,000 | 126,000 | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 340,000,000 | $ 90,000,000 | |||||||
Line of Credit Facility, Interest Rate Description | (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. | ||||||||
Line of Credit Facility, Commitment Fee Description | (x) 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. | ||||||||
Line of Credit Facility, Covenant Compliance | 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 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. | ||||||||
Other Operating Activities, Cash Flow Statement | 68,750,000 | 101,200,000 | |||||||
Increase (Decrease) in Security Deposits | 1,766,000 | 454,000 | |||||||
Repayments of Lines of Credit | 4,500,000 | ||||||||
Long-term Debt, Gross | 64,250,000 | ||||||||
Cantor Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Total | 32,097,000 | $ 32,097,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 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 (b) 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. The Company secured 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 the 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. | ||||||||
Debt Instrument, Maturity Date | Apr. 6, 2026 | ||||||||
Interest Expense, Debt | 419,000 | $ 419,000 | |||||||
West Mifflin Note Payable [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Total | $ 7,378 | 7,378,000 | $ 7,378,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.72% | ||||||||
Debt Instrument, Description | The 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. | ||||||||
Debt Instrument, Maturity Date | Sep. 25, 2015 | Sep. 25, 2020 | |||||||
Interest Expense, Debt | $ 69,000 |
Schedule of Company_s Board had
Schedule of Company’s Board had declared cash dividends on common stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2017 | ||
Dividend Amount | $ 5,826 | $ 5,638 | |
Common Stock [Member] | Dividend Declared On 151217 [Member] | |||
Date Announced | Dec. 15, 2017 | ||
Record Date | Dec. 26, 2017 | ||
Applicable Quarter | Q4 2017 | ||
Payment Date | Jan. 10, 2018 | ||
Dividend Amount | [1] | $ 4,552 | |
Dividends per Share | $ 0.20 | ||
Common Stock [Member] | Dividend Declared On 070318 [Member] | |||
Date Announced | Mar. 7, 2018 | ||
Record Date | Mar. 22, 2018 | ||
Applicable Quarter | Q1 2018 | ||
Payment Date | Apr. 10, 2018 | ||
Dividend Amount | [1] | $ 4,691 | |
Dividends per Share | $ 0.20 | ||
Preferred Stock [Member] | Dividend Declared On 151217 [Member] | |||
Date Announced | Dec. 15, 2017 | ||
Record Date | Jan. 15, 2018 | ||
Applicable Quarter | Q4 2017 | ||
Payment Date | Jan. 31, 2018 | ||
Dividend Amount | $ 1,455 | ||
Amount Accrued | $ 0 | ||
Dividends per Share | $ 0.46875 | ||
Preferred Stock [Member] | Dividend Declared On 070318 [Member] | |||
Date Announced | Mar. 7, 2018 | ||
Record Date | Apr. 15, 2018 | ||
Applicable Quarter | Q1 2018 | ||
Payment Date | Apr. 30, 2018 | ||
Dividend Amount | $ 1,455 | ||
Amount Accrued | [2] | $ 970 | |
Dividends per Share | $ 0.46875 | ||
[1] | Includes dividends on granted LTIP units and OP Units issued to third parties. | ||
[2] | Represents the February and March 2018 months of the total $1,455 preferred dividend payment due on April 30, 2018. |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Preferred Stock, Shares Authorized | 10,000 | 10,000 | |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |
Preferred Stock, Shares Issued | 3,105 | 3,105 | |
Common Stock, Shares Authorized | 500,000 | 500,000 | |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |
Common Stock, Shares, Outstanding | 21,631 | 21,631 | |
Dividends Payable | $ 5,826 | $ 5,638 | |
Preferred Stock, Liquidation Preference Per Share | $ 25 | ||
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | $ 1,455 | $ 0 | |
Payments of dividens, Common Stock, OP and LTIP Units | $ (4,552) | $ (3,604) | |
Series A Preferred Stock [Member] | |||
Preferred Stock, Shares Issued | 3,105 | 3,105 | |
Dividends Payable, Amount Per Share | $ 1.875 | ||
Preferred Stock, Liquidation Preference Per Share | $ 25 | ||
Preferred Stock, Dividend Rate, Percentage | 7.50% | ||
Operating Partnership Units [Member] | |||
Units of Partnership Interest, Amount | 11,532 | 11,532 | |
Operating Partnership Units [Member] | Measurement Date [Member] | |||
Limited Partners' Capital Account, Units Issued | 1,246 | 1,246 | |
Long Tem Incentives Plan Units [Member] | |||
Dividends Payable | $ 165 | $ 116 |
Related Party Transactions (Due
Related Party Transactions (Due to Related Parties, Net) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | |||
Related Party Transaction [Line Items] | ||||
Balance, Beginning | $ (1,036) | |||
Management fee expense incurred | (1,081) | [1] | $ (627) | |
Management fees paid to Advisor | [1] | 1,064 | ||
Loan repaid to Advisor | [2] | 19 | ||
Loan repaid to other related party | (1) | |||
Balance, Ending | (1,035) | |||
Due To Advisor Mgmt Fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Balance, Beginning | (1,064) | |||
Management fee expense incurred | [1] | (1,081) | ||
Management fees paid to Advisor | [1] | 1,064 | ||
Loan repaid to Advisor | [2] | 0 | ||
Loan repaid to other related party | 0 | |||
Balance, Ending | (1,081) | |||
Due To Advisor Other Funds [Member] | ||||
Related Party Transaction [Line Items] | ||||
Balance, Beginning | 9 | |||
Management fee expense incurred | [1] | 0 | ||
Management fees paid to Advisor | [1] | 0 | ||
Loan repaid to Advisor | [2] | 19 | ||
Loan repaid to other related party | 0 | |||
Balance, Ending | 28 | |||
Due to from Other Related party [Member] | ||||
Related Party Transaction [Line Items] | ||||
Balance, Beginning | 19 | |||
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 | (1) | |||
Balance, Ending | $ 18 | |||
[1] | Net amount accrued of $17 consists of $1,081 in management fee expense incurred, net of $1,064 of accrued management fees that were paid to the Advisor. This represents a cash flow operating activity. | |||
[2] | Amount represents amounts paid by the Company on the Advisor’s behalf. This represents a cash flow financing activity. |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | May 08, 2017 | ||
Related Party Transaction [Line Items] | ||||
Management Fee Expense | $ 1,081 | [1] | $ 627 | |
Payment for Management Fee | 1,064 | 621 | ||
Increase (Decrease) in Due to Related Parties | $ 17 | $ 6 | ||
Mr. Jamie Barber [Member] | ||||
Related Party Transaction [Line Items] | ||||
Accrued Salaries, Current | $ 125 | |||
[1] | Net amount accrued of $17 consists of $1,081 in management fee expense incurred, net of $1,064 of accrued management fees that were paid to the Advisor. This represents a cash flow operating activity. |
Stock-Based Compensation Time-b
Stock-Based Compensation Time-based vesting (Details) shares in Thousands | 3 Months Ended | |
Mar. 31, 2018shares | ||
Net LTIP units outstanding as of March 31, 2018 | 580 | |
Long Tem Incentives Plan Units [Member] | 2017 Program [Member] | ||
LTIP units granted | 57 | [1] |
Long Tem Incentives Plan Units [Member] | Equity Incentive Plan 2016 [Member] | ||
Net LTIP units outstanding as of December 31, 2017 | 436 | |
LTIP units granted | 36 | [2] |
LTIP units redeemed in cash | (22) | [3] |
Net LTIP units outstanding as of March 31, 2018 | 580 | |
Long Tem Incentives Plan Units [Member] | 2018 Time based [Membe] | ||
LTIP units granted | 73 | [4] |
[1] | This amount represents grants from the previously disclosed 2017 Annual Awards. On March 5, 2018 the Compensation Committee determined the extent to which the Company achieved the performance goals related to the 2017 Annual Awards and determined the number of LTIP units that each grantee was entitled to receive. These grants vested 50% on March 5, 2018, the determination date, and the remaining 50% vest on March 5, 2019. | |
[2] | On March 5, 2018, the Board approved these grants, which vest 50% on March 5, 2020 and 50% on March 5, 2021. | |
[3] | Represents vested LTIP units that the grantees elected to redeem, for which the Company paid $158 in cash in lieu of issuing Company stock. | |
[4] | These grants were approved by the Board on March 5, 2018 and are subject to the terms and conditions of the 2018 LTIP Unit Award Agreements between the Company and each grantee. These grants vest in equal one-third increments on each of March 5, 2019, March 5, 2020, and March 5, 2021. |
Stock-Based Compensation Vested
Stock-Based Compensation Vested and unvested LTIP units (Details) shares in Thousands | 6 Months Ended |
Mar. 31, 2018shares | |
Total vested units | 274 |
Unvested units: | |
Total unvested units | 306 |
LTIP units outstanding as of March 31, 2018 | 580 |
Advisor [Member] | |
Unvested units: | |
Granted | 290 |
Indipendent directors [Member] | |
Unvested units: | |
Granted | 16 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) shares in Thousands, $ in Thousands | Mar. 05, 2021 | Mar. 05, 2020 | Mar. 05, 2019 | Mar. 05, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 |
Share-based Compensation | $ 182 | $ 420 | |||||
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 (2017 or 2018 depending on the program) 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). | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 2,570 | $ 2,570 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 7 months 2 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | $ 158 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Description | These grants were approved by the Board on March 5, 2018 and are subject to the terms and conditions of the 2018 LTIP Unit Award Agreements between the Company and each grantee. These grants vest in equal one-third increments on each of March 5, 2019, March 5, 2020, and March 5, 2021. | ||||||
2017 Program [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | 50.00% | |||||
Long Tem Incentives Plan Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | 50.00% | |||||
Long Tem Incentives Plan Units [Member] | 2016 Equity Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 444 | 444 | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 1,232 | 1,232 | |||||
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] | 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) $ in Thousands | Mar. 31, 2018USD ($) |
2018 (nine months remaining) | $ 31,213 |
2,019 | 42,070 |
2,020 | 42,780 |
2,021 | 41,173 |
2,022 | 40,098 |
Thereafter | 311,854 |
Total | $ 509,188 |
Rental Revenue (Details)
Rental Revenue (Details) - Sales Revenue, Net [Member] | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Concentration Risk, Percentage | 4.00% | 6.00% |
Plano Facility [Member] | ||
Concentration Risk, Percentage | 9.00% | |
Tennessee facilities [Member] | ||
Concentration Risk, Percentage | 8.00% | |
All Other Facilities [Member] | ||
Concentration Risk, Percentage | 55.00% | 44.00% |
OCOM facilities [Member] | ||
Concentration Risk, Percentage | 11.00% | |
Great Bend Facility [Member] | ||
Concentration Risk, Percentage | 6.00% | |
Sherman facility [Member] | ||
Concentration Risk, Percentage | 7.00% | |
Encompass facilities [Member] | ||
Concentration Risk, Percentage | 13.00% | 30.00% |
Austin Facility [Member] | ||
Concentration Risk, Percentage | 8.00% |
Land Leases (Schedule Of Future
Land Leases (Schedule Of Future Minimum Rental Payments) (Details) $ in Thousands | Mar. 31, 2018USD ($) |
2018 (nine months remaining) | $ 77 |
2,019 | 109 |
2,020 | 109 |
2,021 | 109 |
2,022 | 109 |
Thereafter | 2,234 |
Total | $ 2,747 |
Land Leases (Details)
Land Leases (Details) | 3 Months Ended |
Mar. 31, 2018 | |
Moline Facility [Member] | |
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 10 years |
Silvis facility [Member] | |
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 67 years |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Apr. 19, 2018 | Apr. 19, 2018 | Mar. 31, 2018 | Apr. 09, 2018 | |
Subsequent Event [Line Items] | ||||
Property, Plant and Equipment, Additions | $ 64,200 | $ 65,804 | ||
2018 Long term awards [Member] | Share-based Compensation Award, Tranche One [Member] | ||||
Subsequent Event [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||
2018 Long term awards [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||
Subsequent Event [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 163,329 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 7 | |||
Subsequent Event [Member] | Share-based Compensation Award, Tranche One [Member] | ||||
Subsequent Event [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||
Subsequent Event [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||
Subsequent Event [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||
Subsequent Event [Member] | 2018 Long term awards [Member] | ||||
Subsequent Event [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 150.00% | |||
Subsequent Event [Member] | Belpre Facilities [Member] | Operating Partnership Units [Member] | ||||
Subsequent Event [Line Items] | ||||
Stock Issued During Period, Value, New Issues | $ 5,500 | |||
Shares Issued, Price Per Share | $ 9 | $ 9 | ||
Operating Lease, Weighted Average Remaining Lease Term | 13 years 3 months 18 days |