Global Medical REIT (GMRE) 10-Q 7 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Nov. 06, 2023
Document Type	10-Q
Document Period End Date	Sep. 30, 2023
Entity Registrant Name	Global Medical REIT Inc.
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-37815
Entity Tax Identification Number	46-4757266
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	7373 Wisconsin Avenue, Suite 800
Entity Address, City or Town	Bethesda
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	202
Local Phone Number	524-6851
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		65,564,943
Entity Central Index Key	0001533615
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock [Member]
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	GMRE
Security Exchange Name	NYSE
Series A Preferred Stock [Member]
Title of 12(b) Security	Series A Preferred Stock, par value $0.001 per share
Trading Symbol	GMRE PrA
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Investment in real estate:
Land	$ 164,315	$ 168,308
Building	1,034,822	1,079,781
Site improvements	21,480	22,024
Tenant improvements	65,772	65,987
Acquired lease intangible assets	138,617	148,077
Investment in real estate, Total	1,425,006	1,484,177
Less: accumulated depreciation and amortization	(232,518)	(198,218)
Investment in real estate, net	1,192,488	1,285,959
Cash and cash equivalents	1,281	4,016
Restricted cash	6,331	10,439
Tenant receivables, net	7,527	8,040
Escrow deposits	9,861	7,833
Deferred assets	26,748	29,616
Derivative asset	38,379	34,705
Goodwill	5,903	5,903
Other assets	13,713	6,550
Total assets	1,302,520	1,393,261
Liabilities:
Credit Facility, net of unamortized debt issuance costs of $7,617 and $9,253 at September 30, 2023 and December 31, 2022, respectively	560,783	636,447
Notes payable, net of unamortized debt issuance costs of $337 and $452 at September 30, 2023 and December 31, 2022, respectively	56,823	57,672
Accounts payable and accrued expenses	13,300	13,819
Dividends payable	16,055	15,821
Security deposits	3,913	5,461
Other liabilities	12,138	7,363
Acquired lease intangible liability, net	5,860	7,613
Total liabilities	668,872	744,196
Equity:
Preferred stock, $0.001 par value, 10,000 shares authorized; 3,105 issued and outstanding at September 30, 2023 and December 31, 2022, respectively (liquidation preference of $77,625 at September 30, 2023 and December 31, 2022, respectively)	74,959	74,959
Common stock, $0.001 par value, 500,000 shares authorized; 65,565 shares and 65,518 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	66	66
Additional paid-in capital	722,418	721,991
Accumulated deficit	(224,375)	(198,706)
Accumulated other comprehensive income (loss)	38,379	34,674
Total Global Medical REIT Inc. stockholders' equity	611,447	632,984
Noncontrolling interest	22,201	16,081
Total equity	633,648	649,065
Total liabilities and equity	1,302,520	1,393,261
Related Party [Member]
Investment in real estate:
Due from related parties	289	200
Liabilities:
Other liabilities	$ 0	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Unamortized debt issuance costs	$ 337	$ 452
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	$ 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	65,565	65,518
Common stock, shares outstanding	65,565	65,518
Line of Credit [Member]
Unamortized debt issuance costs	$ 7,617	$ 9,253
Notes Payable, Net [Member]
Unamortized debt issuance costs	$ 337	$ 452

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue
Rental revenue	$ 35,487	$ 35,347	$ 108,003	$ 100,877
Other income	20	59	85	100
Total revenue	35,507	35,406	108,088	100,977
Expenses
General and administrative	4,367	3,961	12,633	12,494
Operating expenses	7,231	6,679	21,989	18,050
Depreciation expense	10,100	10,128	31,062	29,428
Amortization expense	4,095	4,287	12,828	12,202
Interest expense	7,170	6,963	23,909	17,166
Preacquisition expense		112	44	242
Total expenses	32,963	32,130	102,465	89,582
Income before gain on sale of investment property	2,544	3,276	5,623	11,395
Gain on sale of investment property	2,289	6,753	15,560	6,753
Net income	4,833	10,029	21,183	18,148
Less: Preferred stock dividends	(1,455)	(1,455)	(4,366)	(4,366)
Less: Net income attributable to noncontrolling interest	(240)	(517)	(1,187)	(830)
Net income (loss) attributable to common stockholders	$ 3,138	$ 8,057	$ 15,630	$ 12,952
Net income (loss) attributable to common stockholders per share - basic	$ 0.05	$ 0.12	$ 0.24	$ 0.20
Net income (loss) attributable to common stockholders per share - diluted	$ 0.05	$ 0.12	$ 0.24	$ 0.20
Weighted average shares outstanding - basic	65,565	65,518	65,545	65,443
Weighted average shares outstanding - diluted	65,565	65,518	65,545	65,443

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Condensed Consolidated Statements of Comprehensive Income
Net income	$ 4,833	$ 10,029	$ 21,183	$ 18,148
Other comprehensive (loss) income
Increase in fair value of interest rate swap agreements	2,520	20,356	3,705	43,519
Total other comprehensive (loss) income	2,520	20,356	3,705	43,519
Comprehensive income (loss)	7,353	30,385	24,888	61,667
Less: Preferred stock dividends	(1,455)	(1,455)	(4,366)	(4,366)
Less: Comprehensive loss (income) attributable to noncontrolling interest	(418)	(1,744)	(1,440)	(3,450)
Comprehensive (loss) income attributable to common stockholders	$ 5,480	$ 27,186	$ 19,082	$ 53,851

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Preferred Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]	Global Medial REIT Inc. Stockholders' Equity [Member]	Noncontrolling Interest [Member]	Total
Balances at Dec. 31, 2021	$ 65	$ 74,959	$ 711,414	$ (157,017)	$ (6,636)	$ 622,785	$ 14,792	$ 637,577
Balance (in shares) at Dec. 31, 2021	64,880	3,105
Net income				17,318		17,318	830	18,148
Issuance of shares of common stock, net	$ 1		9,978			9,979		9,979
Issuance of shares of common stock, net (in shares)	598
LTIP Units and OP Units redeemed for common stock			682			682	(682)
LTIP Units and OP Units redeemed for common stock (in shares)	40
Change in fair value of interest rate swap agreements					43,519	43,519		43,519
Stock-based compensation expense							3,615	3,615
Dividends to common stockholders				(41,251)		(41,251)		(41,251)
Dividends to preferred stockholders				(4,366)		(4,366)		(4,366)
Dividends to noncontrolling interest							(2,637)	(2,637)
Balances at Sep. 30, 2022	$ 66	$ 74,959	722,074	(185,316)	36,883	648,666	15,918	664,584
Balances (in shares) at Sep. 30, 2022	65,518	3,105
Balances at Jun. 30, 2022	$ 66	$ 74,959	722,074	(179,614)	16,527	634,012	15,097	649,109
Balance (in shares) at Jun. 30, 2022	65,518	3,105
Net income				9,512		9,512	517	10,029
Change in fair value of interest rate swap agreements					20,356	20,356		20,356
Stock-based compensation expense							1,039	1,039
Dividends to common stockholders				(13,759)		(13,759)		(13,759)
Dividends to preferred stockholders				(1,455)		(1,455)		(1,455)
Dividends to noncontrolling interest							(735)	(735)
Balances at Sep. 30, 2022	$ 66	$ 74,959	722,074	(185,316)	36,883	648,666	15,918	664,584
Balances (in shares) at Sep. 30, 2022	65,518	3,105
Balances at Dec. 31, 2022	$ 66	$ 74,959	721,991	(198,706)	34,674	632,984	16,081	649,065
Balance (in shares) at Dec. 31, 2022	65,518	3,105
Net income				19,996		19,996	1,187	21,183
LTIP Units and OP Units redeemed for common stock			427			427	(427)
LTIP Units and OP Units redeemed for common stock (in shares)	47
OP Units issued for property acquisitions							5,482	5,482
Change in fair value of interest rate swap agreements					3,705	3,705		3,705
Stock-based compensation expense							3,020	3,020
Dividends to common stockholders				(41,299)		(41,299)		(41,299)
Dividends to preferred stockholders				(4,366)		(4,366)		(4,366)
Dividends to noncontrolling interest							(3,142)	(3,142)
Balances at Sep. 30, 2023	$ 66	$ 74,959	722,418	(224,375)	38,379	611,447	22,201	633,648
Balances (in shares) at Sep. 30, 2023	65,565	3,105
Balances at Jun. 30, 2023	$ 66	$ 74,959	722,418	(213,744)	35,859	619,558	21,834	641,392
Balance (in shares) at Jun. 30, 2023	65,565	3,105
Net income				4,593		4,593	240	4,833
Change in fair value of interest rate swap agreements					2,520	2,520		2,520
Stock-based compensation expense							1,185	1,185
Dividends to common stockholders				(13,769)		(13,769)		(13,769)
Dividends to preferred stockholders				(1,455)		(1,455)		(1,455)
Dividends to noncontrolling interest							(1,058)	(1,058)
Balances at Sep. 30, 2023	$ 66	$ 74,959	$ 722,418	$ (224,375)	$ 38,379	$ 611,447	$ 22,201	$ 633,648
Balances (in shares) at Sep. 30, 2023	65,565	3,105

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Condensed Consolidated Statements of Equity
Dividends to common stockholders	$ 0.21	$ 0.21	$ 0.63	$ 0.63
Dividends to preferred stockholders	$ 0.46875	$ 0.46875	$ 1.40625	$ 1.40625

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities
Net income	$ 21,183	$ 18,148
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	31,062	29,428
Amortization of acquired lease intangible assets	12,718	12,136
Amortization of above market leases, net	812	735
Amortization of debt issuance costs and other	1,795	1,600
Stock-based compensation expense	3,020	3,615
Capitalized preacquisition and other costs charged to expense	155	344
Gain on sale of investment property	(15,560)	(6,753)
Other	285	68
Changes in operating assets and liabilities:
Tenant receivables	513	(1,312)
Deferred assets	(2,478)	(3,390)
Other assets and liabilities	(787)	(810)
Accounts payable and accrued expenses	(855)	3,560
Security deposits	(1,548)	864
Net cash provided by operating activities	50,315	58,233
Investing activities
Purchase of land, buildings, and other tangible and intangible assets and liabilities	(442)	(150,592)
Net proceeds from sale of investment property	77,929	17,889
Escrow deposits for purchase of properties		(302)
Advances made to related parties	(89)	(174)
Payment received on loan made to a tenant		1,000
Capital expenditures on existing real estate investments	(5,778)	(3,663)
Leasing commissions	(890)
Net cash used in investing activities	70,730	(135,842)
Financing activities
Net proceeds received from common equity offerings		9,979
Escrow deposits required by third party lenders	(1,038)	(1,401)
Repayment of notes payable	(964)	(873)
Proceeds from Credit Facility	38,100	127,100
Repayment of Credit Facility	(115,400)	(5,000)
Repayment of debt issue costs	(13)	(3,215)
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders	(44,207)	(43,779)
Dividends paid to preferred stockholders	(4,366)	(4,366)
Net cash provided by financing activities	(127,888)	78,445
Net (decrease) increase in cash and cash equivalents and restricted cash	(6,843)	836
Cash and cash equivalents and restricted cash-beginning of period	14,455	12,759
Cash and cash equivalents and restricted cash-end of period	7,612	13,595
Supplemental cash flow information:
Cash payments for interest	23,290	15,252
Noncash financing and investing activities:
Accrued dividends payable	16,055	15,777
Interest rate swap agreements fair value change recognized in other comprehensive income	3,705	43,519
OP Units and LTIP Units redeemed for common stock	427	682
Accrued capital expenditures included in accounts payable and accrued expenses	713	1,193
OP Units issued for property acquisitions	5,482
Proceeds from sale of an investment property held in escrow	990
Recognition of lease liability related to right of use asset	$ 4,634
Loan assumed in connection with a facility acquisition		$ 1,513

Organization

Organization	9 Months Ended
	Sep. 30, 2023
Organization
Organization	Note 1 – Organization Global Medical REIT Inc. (the “Company”) is a Maryland corporation and internally managed real estate investment trust (“REIT”) that owns and acquires healthcare facilities and leases those facilities to physician groups and regional and national healthcare systems. The Company holds its facilities and conducts its operations through a Delaware limited partnership subsidiary named Global Medical REIT L.P. (the “Operating Partnership”). The Company serves as the sole general partner of the Operating Partnership through a wholly owned subsidiary of the Company named Global Medical REIT GP LLC, a Delaware limited liability company. As of September 30, 2023, the Company was the 92.91% limited partner of the Operating Partnership, with an aggregate of 7.09% of the Operating Partnership owned by holders of long-term incentive plan units (“LTIP Units”) and third-party limited partners who contributed properties or services to the Operating Partnership in exchange for common limited partnership units (“OP Units”). ​

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Basis of presentation The accompanying condensed consolidated financial statements are unaudited and include the accounts of the Company, including the Operating Partnership and its wholly owned subsidiaries. The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required for annual consolidated financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the accompanying condensed consolidated financial statements do not include all the information and footnotes required by GAAP for complete consolidated financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2022. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair presentation of the condensed consolidated financial statements for the interim periods have been made. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company 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 directors, officers and employees of the Company and the OP Units held by third parties. Refer to Note 5 – “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 Condensed Consolidated Balance Sheets, separate from the Company’s total 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 Condensed 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 by the total number of units and shares outstanding. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and footnotes. Actual results could differ from those estimates. Investment in Real Estate The Company determines when an acquisition meets the definition of a business or alternatively should be accounted for as an asset acquisition in accordance with Accounting Standard Codification (“ASC”) Topic 805 “Business Combinations” (“ASC Topic 805”), which 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 are capitalized for asset acquisitions and expensed as incurred for business combinations. 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 that are 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. Fair value is determined based upon the guidance of ASC Topic 820, “Fair Value Measurements and Disclosures,” and generally are determined using Level 2 inputs, such as rent comparables, sales comparables, and broker indications. Although Level 3 inputs are utilized, they are minor in comparison to the Level 2 data used for the primary assumptions. The determination of fair value involves the use of significant judgment and estimates. We make estimates to determine the fair value of the tangible and intangible assets acquired and liabilities assumed using information obtained from multiple sources, including preacquisition due diligence, and we routinely utilize the assistance of a third-party appraiser. Revenue Recognition The Company’s operations primarily consist of rental revenue earned from tenants under leasing arrangements which provide for minimum rent and escalations. The leases have been accounted for as operating leases. For operating leases with contingent rental escalators, revenue is recorded based on the contractual cash rental payments due during the period. Revenue from leases with fixed annual rental escalators are recognized on a straight-line basis over the initial lease term, subject to a collectability assessment, with the difference between the contractual rental receipts and the straight-line amounts recorded as a “deferred rent receivable.” Additionally, the Company recognizes as a component of rental revenue “expense recoveries” revenue, which represents revenue recognized related to tenant reimbursement of real estate taxes, insurance, and certain other operating expenses (“tenant reimbursements”). The Company recognizes these reimbursements and related expenses on a gross basis in its Condensed Consolidated Statements of Operations. Cash and Cash Equivalents and Restricted Cash 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 related to tenant reimbursements. The following table provides a reconciliation of the Company’s cash and cash equivalents and restricted cash that sums to the total of those amounts at the end of the periods presented on the Company’s accompanying Condensed Consolidated Statements of Cash Flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, ​ 2023 2022 Cash and cash equivalents $ 1,281 $ 3,199 Restricted cash ​ ​ 6,331 ​ ​ 10,396 Total cash and cash equivalents and restricted cash $ 7,612 $ 13,595 ​ Tenant Receivables, Net The tenant receivable balance as of September 30, 2023 and December 31, 2022 was $7,527 and $8,040, respectively. The balance as of September 30, 2023 consisted of $2,142 in funds owed from the Company’s tenants for rent that the Company had earned but had not yet received, $5,181 of tenant reimbursements, $134 for a loan that was made to one of the Company’s tenants, and $70 of miscellaneous receivables. The balance as of December 31, 2022 consisted of $1,348 in funds owed from the Company’s tenants for rent that the Company had earned but had not yet received, $5,520 of tenant reimbursements, $143 for a loan that was made to one of the Company’s tenants, and $1,029 of miscellaneous receivables. Receivables arising from operating leases are accounted for in accordance with ASC Topic 842 “Leases” (“ASC Topic 842”). The Company assesses the likelihood of losses resulting from tenant defaults, or the inability of tenants to make contractual rent and tenant reimbursements at each reporting date. The Company also monitors the liquidity and creditworthiness of its tenants and operators on a continuous basis. If the likelihood of a tenant paying its lease payments is determined to no longer be probable, all tenant receivables, including deferred rent, are written off against revenue and any future revenue for that tenant is recognized only upon receipt of cash. In addition, as of September 30, 2023 and December 31, 2022, the Company had a portfolio level reserve of $350 on those leases that were probable of collection to ensure that the tenant lease receivables were not overstated. Escrow Deposits The escrow balance as of September 30, 2023 and December 31, 2022 was $9,861 and $7,833, respectively. Escrow deposits include funds held in escrow to be used for the acquisition of properties in the future and for the payment of taxes, insurance, and other amounts as stipulated by the Company’s Cantor Loan, as hereinafter defined. The escrow balance as of September 30, 2023 includes $990 in funds withheld from the proceeds paid to the Company for the sale of a portfolio of four medical office buildings in Oklahoma City, Oklahoma, in June 2023. This amount was withheld in order to fund successful claims by the buyer, if any, against the Company for any breach by the Company of its representations and warranties in the purchase agreement. The Company does not believe that the buyer will have any successful claims against the Company and therefore believes that the amount held in escrow will be released to the Company in full in December 2023. Deferred Assets The deferred assets balance as of September 30, 2023 and December 31, 2022 was $26,748 and $29,616, respectively. The balance as of September 30, 2023 consisted of $26,484 in deferred rent receivables resulting from the recognition of revenue from leases with fixed annual rental escalations on a straight-line basis and $264 of other deferred costs. The balance as of December 31, 2022 consisted of $29,467 in deferred rent receivables resulting from the recognition of revenue from leases with fixed annual rental escalations on a straight-line basis and $149 of other deferred costs. Other Assets The other assets balance as of September 30, 2023 and December 31, 2022 was $13,713 and $6,550, respectively. The balance as of September 30, 2023 consisted of $7,887 in right of use assets, $2,064 in capitalized construction in process costs, $2,154 in prepaid assets, $1,110 in net capitalized leasing commissions, and $498 in net capitalized software costs and miscellaneous assets. The balance as of December 31, 2022 consisted of $3,480 in right of use assets, $1,552 in capitalized construction in process costs, $1,380 in prepaid assets, and $138 in net capitalized software costs and miscellaneous assets. Refer to Note 8 – “Leases” for additional details on right of use assets. Derivative Instruments - Interest Rate Swaps As of September 30, 2023 and December 31, 2022, the Company's balance related to interest rate swap derivative instruments that were designated as cash flow hedges of interest rate risk was an asset of $38,379 and $34,705, respectively. In accordance with the Company’s risk management strategy, the purpose of the interest rate swaps is to manage interest rate risk for certain of the Company’s variable-rate debt. The interest rate swaps involve the Company’s receipt of variable-rate amounts from the counterparties in exchange for the Company making fixed-rate payments over the life of the agreements. The Company accounts for derivative instruments in accordance with the provisions of ASC Topic 815, “Derivatives and Hedging.” Refer to Note 4 – “Credit Facility, Notes Payable and Derivative Instruments” for additional details. Goodwill ​ As of September 30, 2023 and December 31, 2022, the Company’s goodwill balance was $5,903. Goodwill represents the excess of consideration paid over the fair value of underlying identifiable net assets of businesses acquired. Goodwill has an indefinite life and is not amortized, but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company’s policy is to perform its annual goodwill impairment evaluation as of the first day of the fourth quarter of its fiscal year. The Company has one reporting unit. ​ Assets Held for Sale and Sales of Real Estate The Company classifies a property as held for sale when the following criteria are met: (i) management, having the authority to approve action, commits to a plan to sell the property in its present condition, (ii) the sale of the property is at a price reasonable in relation to its current fair value and (iii) the sale is probable and expected to be completed within one year. At that time, the Company presents the assets and obligations associated with the real estate held for sale separately in its Condensed Consolidated Balance Sheets and ceases recording depreciation and amortization expense related to that asset. Real estate held for sale is reported at the lower of its carrying amount or its estimated fair value less estimated costs to sell. None of the Company’s properties were classified as held for sale as of September 30, 2023 or December 31, 2022. Upon the disposition of a property, the Company recognizes a gain or loss at a point in time when the Company determines control of the underlying asset has been transferred to the buyer. The Company’s performance obligation is generally satisfied at the closing of the transaction. Any continuing involvement is analyzed as a separate performance obligation in the contract, and a portion of the sales price is allocated to each performance obligation. There is significant judgment applied to estimate the amount of variable consideration, if any, identified within the sales price and assess its probability of occurrence based on current market information, historical transactions, and forecasted information that is reasonably available. For sales of real estate (or assets classified as held for sale), the Company evaluates whether the disposition is a strategic shift that will have a major effect on the Company’s operations and financial results, and, if so, it will be classified as discontinued operations in the Company’s consolidated financial statements for all periods presented. Other Liabilities The other liabilities balance as of September 30, 2023 and December 31, 2022 was $12,138 and $7,363, respectively. The balance as of September 30, 2023 consisted of $7,614 for right of use liabilities and $4,524 of prepaid rent. The balance as of December 31, 2022 consisted of $2,922 for right of use liabilities and $4,441 of prepaid rent. Refer to Note 8 – “Leases” for additional details on right of use liabilities.

Property Portfolio

Property Portfolio	9 Months Ended
	Sep. 30, 2023
Property Portfolio
Property Portfolio	Note 3 – Property Portfolio Summary of Properties Acquired and Sold During the Nine Months Ended September 30, 2023 During the nine months ended September 30, 2023, the Company completed one acquisition. For this acquisition, substantially all of the fair value was concentrated in a single identifiable asset or group of similar identifiable assets and, therefore, the acquisition represented an asset acquisition. Accordingly, transaction costs for this acquisition were capitalized. During the nine months ended September 30, 2023, the Company completed three dispositions. In March 2023, the Company sold a medical office building located in Jacksonville, Florida receiving gross proceeds of $4.4 million, resulting in a gain of $0.5 million. In June 2023 the Company sold a portfolio of four medical office buildings located in Oklahoma City, Oklahoma receiving gross proceeds of $66.0 million, resulting in a gain of $12.8 million. In August 2023, the Company sold a medical office building located in North Charleston, South Carolina receiving gross proceeds of $10.1 million, resulting in a gain of $2.3 million. A rollforward of the gross investment in land, building, improvements, and acquired lease intangible assets as of September 30, 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Site ​ Tenant ​ Acquired Lease ​ Gross Investment in ​ Land Building Improvements Improvements Intangible Assets Real Estate Balances as of December 31, 2022 ​ $ 168,308 ​ $ 1,079,781 ​ $ 22,024 ​ $ 65,987 ​ $ 148,077 ​ $ 1,484,177 Facility Acquired – Date Acquired: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redding – 4/17/23 ​ ​ 771 ​ ​ 3,798 ​ ​ 174 ​ ​ 321 ​ ​ 872 ​ ​ 5,936 Capitalized costs (1) ​ — ​ ​ 2,263 ​ ​ 515 ​ ​ 1,770 ​ ​ 172 ​ 4,720 Total Additions: ​ ​ 771 ​ ​ 6,061 ​ ​ 689 ​ ​ 2,091 ​ ​ 1,044 ​ ​ 10,656 Disposition of Jacksonville – 3/9/2023 ​ ​ (1,023) ​ ​ (2,827) ​ ​ — ​ ​ — ​ ​ — ​ ​ (3,850) Disposition of Oklahoma City – 6/30/2023 ​ ​ (2,814) ​ ​ (43,553) ​ ​ (1,127) ​ ​ (1,505) ​ ​ (9,406) ​ ​ (58,405) Disposition of North Charleston – 8/1/2023 ​ ​ (927) ​ ​ (4,640) ​ ​ (106) ​ ​ (801) ​ ​ (1,098) ​ ​ (7,572) Total Dispositions: ​ ​ (4,764) ​ ​ (51,020) ​ ​ (1,233) ​ ​ (2,306) ​ ​ (10,504) ​ ​ (69,827) Balances as of September 30, 2023 ​ $ 164,315 ​ $ 1,034,822 ​ $ 21,480 ​ $ 65,772 ​ $ 138,617 ​ $ 1,425,006 (1) Represents capital projects that were completed and placed in service during the nine months ended September 30, 2023 related to the Company’s existing facilities. ​ As of September 30, 2023, the Company had aggregate capital improvement commitments and obligations to improve, expand, and maintain the Company’s existing facilities of approximately $24,000. Many of these amounts are subject to contingencies that make it difficult to predict when they will be utilized, if at all. In accordance with the terms of the Company’s leases, capital improvement obligations in the next twelve months are expected to total approximately $9,700. Summary of Properties Acquired and Sold During the Year Ended December 31, 2022 During the year ended December 31, 2022 the Company completed 14 acquisitions. For each acquisition, substantially all of the fair value was concentrated in a single identifiable asset or group of similar identifiable assets and, therefore, each acquisition represents an asset acquisition. Accordingly, transaction costs for these acquisitions were capitalized. A rollforward of the gross investment in land, building, improvements, and acquired lease intangible assets as of December 31, 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Site Tenant Acquired Lease Gross Investment in ​ Land Building Improvements Improvements Intangible Assets Real Estate Balances as of December 31, 2021 ​ $ 152,060 ​ $ 985,091 ​ $ 19,021 ​ $ 58,900 ​ $ 127,931 ​ $ 1,343,003 Facility Acquired – Date Acquired: ​ ​ ​ ​ ​ ​ Gainesville – 2/4/22 ​ ​ 555 ​ ​ 3,899 ​ ​ 76 ​ ​ 199 ​ ​ 575 ​ ​ 5,304 Grand Rapids – 2/28/22 ​ ​ 1,238 ​ ​ 4,976 ​ ​ 221 ​ ​ 270 ​ ​ 595 ​ ​ 7,300 Sarasota – 3/29/22 ​ ​ 747 ​ ​ 3,703 ​ ​ 84 ​ ​ 331 ​ ​ 1,263 ​ ​ 6,128 Greenwood – 3/30/22 ​ ​ 929 ​ ​ 4,332 ​ ​ 194 ​ ​ 360 ​ ​ 426 ​ ​ 6,241 Fairbanks – 4/1/22 ​ ​ 1,782 ​ ​ 12,262 ​ ​ 215 ​ ​ 753 ​ ​ 7,946 ​ ​ 22,958 Rocky Point – 4/8/22 ​ ​ 613 ​ ​ 6,243 ​ ​ 223 ​ ​ 317 ​ ​ 589 ​ ​ 7,985 Fairfax – 5/11/22 ​ ​ 4,012 ​ ​ 13,238 ​ ​ 399 ​ ​ 310 ​ ​ 3,304 ​ ​ 21,263 Lee's Summit – 5/19/22 ​ ​ 1,349 ​ ​ 4,101 ​ ​ 83 ​ ​ 410 ​ ​ 674 ​ ​ 6,617 Lexington – 5/27/22 ​ ​ 1,760 ​ ​ 11,350 ​ ​ 289 ​ ​ 556 ​ ​ 3,036 ​ ​ 16,991 Toledo – 7/8/22 ​ ​ 2,999 ​ ​ 11,366 ​ ​ 581 ​ ​ 1,247 ​ ​ 2,044 ​ ​ 18,237 Lake Geneva – 7/26/22 ​ ​ 444 ​ ​ 4,612 ​ ​ 141 ​ ​ 230 ​ ​ 725 ​ ​ 6,152 Glenview – 9/1/22 ​ ​ 1,448 ​ ​ 6,258 ​ ​ 241 ​ ​ 279 ​ ​ 912 ​ ​ 9,138 Canandaigua – 9/16/22 ​ ​ 578 ​ ​ 11,118 ​ ​ 370 ​ ​ 489 ​ ​ 1,493 ​ ​ 14,048 Hermitage – 9/20/22 ​ ​ 353 ​ ​ 3,891 ​ ​ 194 ​ ​ 227 ​ ​ 674 ​ ​ 5,339 Capitalized costs (1) ​ ​ 141 ​ ​ 1,419 ​ ​ 41 ​ ​ 1,416 ​ ​ 396 ​ ​ 3,413 Total Additions: ​ 18,948 ​ 102,768 ​ 3,352 ​ 7,394 ​ 24,652 ​ 157,114 Disposition of Germantown – 7/1/22 ​ (2,700) ​ (8,078) ​ (349) ​ (307) ​ (4,506) ​ (15,940) Balances as of December 31, 2022 ​ $ 168,308 ​ $ 1,079,781 ​ $ 22,024 ​ $ 65,987 ​ $ 148,077 ​ $ 1,484,177 (1) Represents capital projects that were completed and placed in service during the year ended December 31, 2022 related to the Company’s existing facilities. ​ Lease Intangible Assets and Liabilities The following is a summary of the carrying amount of lease intangible assets and liabilities as of the dates presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2023 ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Cost Amortization Net Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ In-place leases ​ $ 77,037 ​ $ (41,487) ​ $ 35,550 Above market leases ​ 24,961 ​ (9,499) ​ 15,462 Leasing costs ​ 36,619 ​ (17,345) ​ 19,274 ​ ​ $ 138,617 ​ $ (68,331) ​ $ 70,286 Liability ​ ​ ​ ​ ​ ​ ​ ​ ​ Below market leases ​ $ 13,595 ​ $ (7,735) ​ $ 5,860 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ ​ Accumulated ​ ​ ​ ​ Cost ​ Amortization ​ Net Assets ​ ​ ​ In-place leases ​ $ 82,374 ​ $ (34,898) ​ $ 47,476 Above market leases ​ 26,054 ​ (7,321) ​ 18,733 Leasing costs ​ 39,649 ​ (14,683) ​ 24,966 ​ ​ $ 148,077 ​ $ (56,902) ​ $ 91,175 Liability ​ ​ ​ ​ ​ ​ Below market leases ​ $ 13,595 ​ $ (5,982) ​ $ 7,613 ​ The following is a summary of the acquired lease intangible amortization: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ 2023 2022 2023 2022 Amortization expense related to in-place leases ​ $ 2,809 ​ $ 3,003 ​ $ 8,850 ​ $ 8,537 ​ Amortization expense related to leasing costs ​ $ 1,230 ​ $ 1,262 ​ $ 3,868 ​ $ 3,599 ​ Decrease in rental revenue related to above market leases ​ $ 818 ​ $ 805 ​ $ 2,565 ​ $ 2,396 ​ Increase in rental revenue related to below market leases ​ $ (584) ​ $ (584) ​ $ (1,753) ​ $ (1,661) ​ ​ As of September 30, 2023, scheduled future aggregate net amortization of the acquired lease intangible assets and liabilities for each year ended December 31 is listed below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Decrease ​ Net Increase ​ ​ in Revenue ​ in Expenses 2023 (three months remaining) ​ $ (238) ​ $ 3,968 2024 ​ (1,151) ​ 14,211 2025 ​ (1,697) ​ 10,524 2026 ​ (1,803) ​ 8,701 2027 ​ ​ (1,376) ​ ​ 6,116 Thereafter ​ (3,337) ​ 11,304 Total ​ $ (9,602) ​ $ 54,824 ​ As of September 30, 2023, the weighted average amortization periods for asset lease intangibles and liability lease intangibles were 3.6 years and 2.5 years, respectively.

Credit Facility, Notes Payable

Credit Facility, Notes Payable and Derivative Instruments	9 Months Ended
	Sep. 30, 2023
Credit Facility, Notes Payable and Derivative Instruments
Credit Facility, Notes Payable and Derivative Instruments	Note 4 – Credit Facility, Notes Payable and Derivative Instruments Credit Facility The Company, the Operating Partnership, as borrower, and certain of its subsidiaries (such subsidiaries, the “Subsidiary Guarantors”) are parties to an amended and restated $900 million unsecured syndicated credit facility with JPMorgan Chase Bank, N.A. (“JPMorgan”), as administrative agent (the “Credit Facility”). The Credit Facility consists of (i) $500 million of term loans, which include (a) a $350 million term loan (“Term Loan A”) and (b) a $150 million term loan (“Term Loan B,” and, together with Term Loan A, the “Term Loans”), and (ii) a $400 million revolver (the “Revolver”). The Credit Facility also includes a $500 million accordion feature. Term Loan A matures in May 2026, Term Loan B matures in February 2028, and the Revolver matures in August 2026, with two six-month extension options. Interest rates on amounts outstanding under the Credit Facility equal the term Secured Overnight Financing Rate (“SOFR”) plus a related spread adjustment of 10 basis points and a borrowing spread based on the current pricing grid in the Credit Facility. The Company may be entitled to a temporary reduction in the interest rate of two basis points provided it meets certain to be agreed upon sustainability goals. The Operating Partnership is subject to a number of financial covenants under the Credit Facility, including, among other things, the following as of the end of each fiscal quarter, (i) a maximum consolidated unsecured leverage ratio of less than 60%, (ii) a maximum consolidated secured leverage ratio of less than 30%, (iii) a maximum consolidated secured recourse leverage ratio of less than 10%, (iv) a minimum fixed charge coverage ratio of 1.50:1.00, (v) a minimum unsecured interest coverage ratio of 1.50:1.00, (vi) a maximum consolidated leverage ratio of less than 60%, and (vii) a minimum net worth of $573 million plus 75% of all net proceeds raised through equity offerings subsequent to March 31, 2022. As of September 30, 2023, management believed it complied with all of the financial and non-financial covenants contained in the Credit Facility. The Company has entered into interest rate swaps to hedge its interest rate risk on the Term Loans through their respective maturities. For additional information related to the interest rate swaps, see the “Derivative Instruments - Interest Rate Swaps” section herein. During the nine months ended September 30, 2023, the Company borrowed $38,100 under the Credit Facility and repaid $115,400, for a net amount repaid of $77,300. During the nine months ended September 30, 2022, the Company borrowed $127,100 under the Credit Facility and repaid $5,000, for a net amount borrowed of $122,100. Interest expense incurred on the Credit Facility was $5,878 and $20,047 for the three and nine months ended September 30, 2023, respectively, and $5,689 and $13,512 for the three and nine months ended September 30, 2022, respectively. As of September 30, 2023 and December 31, 2022, the Company had the following outstanding borrowings under the Credit Facility: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 December 31, 2022 Revolver ​ $ 68,400 ​ $ 145,700 Term Loan A ​ ​ 350,000 ​ ​ 350,000 Term Loan B ​ 150,000 ​ 150,000 Less: Unamortized debt issuance costs ​ (7,617) ​ (9,253) Credit Facility, net ​ $ 560,783 ​ $ 636,447 ​ Costs incurred related to the Credit Facility, net of accumulated amortization, are netted against the Company’s “Credit Facility, net of unamortized debt issuance costs” balance in the accompanying Condensed Consolidated Balance Sheets. The Company paid $13 and $3,215 related to amendments and modifications to the Credit Facility during the nine months ended September 30, 2023 and 2022, respectively. Amortization expense incurred related to debt issuance costs was $551 and $1,649 for the three and nine months ended September 30, 2023, respectively, and $519 and $1,446 for the three and nine months ended September 30, 2022, respectively, and is included in the “Interest Expense” line item in the accompanying Condensed Consolidated Statements of Operations. Notes Payable, Net of Debt Issuance Costs The Company’s notes payable, net, includes four loans: (1) the Rosedale Loan, (2) the Dumfries Loan, (3) the Cantor Loan, and (4) the Toledo Loan, each described in detail herein. The following table sets forth the aggregate balances of these loans as of September 30, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 December 31, 2022 Notes payable ​ $ 57,160 ​ $ 58,124 Unamortized debt issuance costs ​ (337) ​ (452) Notes payable, net ​ $ 56,823 ​ $ 57,672 ​ Amortization expense incurred related to the debt issuance costs was $38 and $115 for the three and nine months ended September 30, 2023, respectively, and $39 and $116 for the three and nine months ended September 30, 2022, respectively, and is included in the “Interest Expense” line item in the accompanying Condensed Consolidated Statements of Operations. ​ Rosedale Loan On July 31, 2020, in connection with its acquisition of the Rosedale Facilities, the Company, through certain of its subsidiaries, as borrowers, entered into a loan with FVCbank with a principal balance of $14,800 (the “Rosedale Loan”). The Rosedale Loan has an annual interest rate of 3.85% and matures on July 31, 2025 with principal and interest payable monthly based on a 25-year amortization schedule. The Company, at its option, may prepay the loan. The Company made principal payments of $291 and $281 during the nine months ended September 30, 2023 and 2022, respectively. The loan balance as of September 30, 2023 and December 31, 2022 was $13,663 and $13,954, respectively. Interest expense incurred on this loan was $135 and $403 for the three and nine months ended September 30, 2023, respectively, and $139 and $414 for the three and nine months ended September 30, 2022, respectively. As of September 30, 2023, scheduled principal payments due for each year ended December 31 were as follows: ​ ​ ​ ​ 2023 (three months remaining) ​ $ 100 2024 ​ 405 2025 ​ ​ 13,158 Total ​ $ 13,663 ​ Dumfries Loan ​ On April 27, 2020, in connection with its acquisition of the Dumfries Facility, the Company, through a subsidiary, assumed a CMBS loan with a principal amount of $12,074 (the “Dumfries Loan”). The Dumfries Loan has an annual interest rate of 4.68% and matures on June 1, 2024 with principal and interest payable monthly based on a ten-year amortization schedule. Prepayment can occur only within three months prior to the maturity date and the loan can be defeased at any time prior to the prepayment period. The Company made principal payments of $225 and $214 during the nine months ended September 30, 2023 and 2022, respectively. The loan balance as of September 30, 2023 and December 31, 2022 was $11,111 and $11,336, respectively. Interest expense incurred on this loan was $132 and $393 for the three and nine months ended September 30, 2023, respectively, and $135 and $403 for the three and nine months ended September 30, 2022, respectively. As of September 30, 2023, scheduled principal payments due for each year ended December 31 were as follows: ​ ​ ​ ​ 2023 (three months remaining) ​ $ 77 2024 ​ 11,034 Total ​ $ 11,111 ​ Cantor Loan On March 31, 2016, through certain of its subsidiaries (the “GMR Loan Subsidiaries”), the Company entered into a $32,097 CMBS loan (the “Cantor Loan”). The Cantor Loan has a maturity date of April 6, 2026 and an annual interest rate of 5.22%. The Cantor Loan required interest-only payments through March 31, 2021 and thereafter principal and interest based on a 30-year ​ The Company made principal payments of $350 and $331 during the nine months ended September 30, 2023 and 2022, respectively. The loan balance as of September 30, 2023 and December 31, 2022 was $31,018 and $31,368, respectively. Interest expense incurred on this loan was $414 and $1,235 for the three and nine months ended September 30, 2023, respectively, and $420 and $1,253 for the three and nine months ended September 30, 2022, respectively. As of September 30, 2023, scheduled principal payments due for each year ended December 31 were as follows: ​ ​ ​ ​ 2023 (three months remaining) ​ $ 121 2024 ​ 492 2025 ​ 523 2026 ​ ​ 29,882 Total ​ $ 31,018 ​ Toledo Loan ​ On July 8, 2022, in connection with its acquisition of the Toledo Facility, the Company, through its subsidiary GMR Toledo LLC, assumed a loan with a principal amount of $1,513 (“the Toledo Loan”). The Toledo Loan has an annual interest rate of 5.0% with semi-annual principal and interest payments. The Company made principal payments of $98 and $47 during the nine months ended September 30, 2023 and 2022, respectively. The loan balance as of September 30, 2023 and December 31, 2022 was $1,368 and $1,466, respectively. I nterest expense incurred on this loan was ​ Derivative Instruments - Interest Rate Swaps The Company has ten interest rate swaps and three forward starting interest rate swaps that are used to manage its interest rate risk by fixing the SOFR component of the Term Loans through their maturities. A description of these swaps is below: ​ Term Loan A Swaps ​ As of September 30, 2023, six of the Company’s interest rate swaps related to Term Loan A. The combined notional value of these swaps is $350 million, with $200 million of the swaps maturing in August 2024 and the remaining $150 million maturing in April 2026. In addition, the Company has three forward starting interest rate swaps with a combined notional value of $200 million, each with a maturity date of April 2026, that will become effective on the August 2024 maturity date of the existing swaps noted above. Currently, the Term Loan A swaps fix the SOFR component of Term Loan A at a rate of 1.50% through August 2024. From August 2024 to April 2026 the SOFR component of Term Loan A will be fixed at 1.36%. ​ Term Loan B Swaps ​ As of September 30, 2023, four of the Company’s interest rate swaps related to Term Loan B with a combined notional value of $150 million that fix the SOFR component on Term Loan B through January 2028 at 2.54%. The Company records the swaps either as an asset or a liability measured at its fair value at each reporting period. When hedge accounting is applied, the change in the fair value of derivatives designated and that qualify as cash flow hedges is (i) recorded in accumulated other comprehensive loss in the equity section of the Company’s Condensed Consolidated Balance Sheets and (ii) subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transactions affect earnings. If specific hedge accounting criteria are not met, changes in the Company’s derivative instruments’ fair value are recognized currently as an adjustment to net income. ​ The Company’s interest rate swaps are not traded on an exchange. The Company’s interest rate swaps are recorded at fair value based on a variety of observable inputs including contractual terms, interest rate curves, yield curves, measure of volatility, and correlations of such inputs. The Company measures its derivatives at fair value on a recurring basis based on the expected size of future cash flows on a discounted basis and incorporates a measure of non-performance risk. The fair values are based on Level 2 inputs within the framework of ASC Topic 820. The Company considers its own credit risk, as well as the credit risk of its counterparties, when evaluating the fair value of its derivative instruments. The fair value of the Company’s interest rate swaps was an asset of $38,379 and $34,705 as of September 30, 2023 and December 31, 2022, respectively. The gross asset balances are included in the “Derivative Asset” line item on the Company’s Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022, respectively. The table below details the components of the amounts presented on the accompanying Condensed Consolidated Statements of Comprehensive Income recognized on the Company’s interest rate swaps designated as cash flow hedges for the three and nine months ended September 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2023 2022 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain ​ $ (6,801) ​ $ (20,612) ​ $ (14,824) ​ $ (41,246) Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense ​ 4,281 ​ 256 ​ 11,119 ​ (2,273) Total change in accumulated other comprehensive income ​ $ (2,520) ​ $ (20,356) ​ $ (3,705) ​ $ (43,519) ​ During the next twelve months, the Company estimates that an additional $17,226 will be reclassified as a decrease to interest expense. Additionally, during the three and nine months ended September 30, 2023, the Company recorded total interest expense in its Condensed Consolidated Statements of Operations of $7,170 and $23,909, respectively. Weighted-Average Interest Rate and Term The weighted average interest rate and term of the Company’s debt was 3.78% and 3.1 years at September 30, 2023, compared to 4.20% and 3.9 years as of December 31, 2022.

Equity

Equity	9 Months Ended
	Sep. 30, 2023
Equity
Equity	Note 5 – Equity Preferred Stock The Company’s charter authorizes the issuance of 10,000 shares of preferred stock, par value $0.001 per share. As of September 30, 2023 and December 31, 2022, there were 3,105 shares of Series A Cumulative Redeemable Preferred Stock (“Series A Preferred Stock”), issued and outstanding. The Series A Preferred Stock has a liquidation preference of $25 per share. Preferred stock dividend activity for the nine months ended September 30, 2023 is summarized in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Applicable ​ Quarterly Dividends Date Announced ​ Record Date ​ Quarter ​ Payment Date ​ Dividend ​ per Share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 7, 2022 January 15, 2023 Q4 2022 January 31, 2023 ​ $ 1,455 ​ $ 0.46875 March 10, 2023 April 15, 2023 Q1 2023 May 1, 2023 ​ $ 1,455 ​ $ 0.46875 June 9, 2023 July 15, 2023 Q2 2023 July 31, 2023 ​ $ 1,455 ​ $ 0.46875 September 8, 2023 October 15, 2023 Q3 2023 October 31, 2023 ​ $ 1,455 (1) $ 0.46875 (1) Two months of this amount, equal to $970, was accrued at September 30, 2023. The holders of the Series A Preferred Stock are entitled to receive dividend payments only when, as and if declared by the Company’s board of directors (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% of the liquidation preference of $25.00 per share (equivalent to $1.875 per share on an annual basis). The Series A Preferred Stock may be partially or fully redeemed by the Company. Dividends on the Series A Preferred Stock are cumulative and accrue whether or not (i) funds are legally available for the payment of those dividends, (ii) the Company has earnings or (iii) those dividends are declared by the Board. The quarterly dividend payment dates on the Series A Preferred Stock are January 31, April 30, July 31 and October 31 of each year. During each of the nine-month periods ended September 30, 2023 and 2022, the Company paid preferred dividends of $4,366. Common Stock The Company has 500,000 authorized shares of common stock, $0.001 par value. As of September 30, 2023 and December 31, 2022, there were 65,565 and 65,518 outstanding shares of common stock, respectively. Common stock dividend activity for the nine months ended September 30, 2023 is summarized in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Applicable ​ Dividend Dividends Date Announced ​ Record Date ​ Quarter ​ Payment Date ​ Amount (1) ​ per Share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 7, 2022 December 22, 2022 Q4 2022 January 9, 2023 ​ $ 14,642 ​ $ 0.21 March 10, 2023 March 24, 2023 Q1 2023 April 11, 2023 ​ $ 14,688 ​ $ 0.21 June 9, 2023 June 23, 2023 Q2 2023 July 11, 2023 ​ $ 14,819 ​ $ 0.21 September 8, 2023 September 22, 2023 Q3 2023 October 10, 2023 ​ $ 14,819 ​ $ 0.21 (1) Includes distributions on outstanding LTIP Units and OP Units. During the nine months ended September 30, 2023 and 2022, the Company paid total dividends on its common stock, LTIP Units and OP Units in the aggregate amount of $44,207 and $43,779, respectively. As of September 30, 2023 and December 31, 2022, the Company had accrued dividend balances of $266 and $209 for dividends payable on the aggregate annual and long-term LTIP Units that are subject to retroactive receipt of dividends on the amount of LTIP Units ultimately earned. During the nine months ended September 30, 2023, $115 of dividends were accrued and $58 of dividends were paid related to these units. During the nine months ended September 30, 2022, the dividend accrual was reversed by $7 and $471 of dividends were paid related to these units. The amount of the dividends paid to the Company’s stockholders is determined by the 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 its total assets to be less than the sum of its total liabilities plus senior liquidation preferences; or (iii) jeopardize its ability to maintain its qualification as a REIT. In March 2022, the Company and the Operating Partnership entered into a Sales Agreement with certain sales agents, pursuant to which the Company may offer and sell, from time to time, up to $300 million of its common stock (the “ATM Program”). No shares were sold under the ATM Program during the nine months ended September 30, 2023. OP Units During the nine months ended September 30, 2023, the Operating Partnership issued 577 OP Units with a value of $5,482 in connection with a facility acquisition and did not redeem any OP Units. During the year ended December 31, 2022, the Operating Partnership did not issue any OP Units and redeemed 35 OP Units for shares of the Company’s common stock with an aggregate redemption value of $600. ​ As of September 30, 2023 and December 31, 2022, there were 2,244 and 1,667 OP Units issued outstanding

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2023
Related Party Transactions
Related Party Transactions	Note 6 – Related Party Transactions Related Party Balances The amounts due from related parties as of September 30, 2023 and December 31, 2022 were $289 and $200, respectively. These balances primarily consist of taxes paid on behalf of LTIP Unit and OP Unit holders that are reimbursable to the Company. The Company had no amounts due to related parties as of September 30, 2023 and December 31, 2022. ​

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2023
Stock-Based Compensation
Stock-Based Compensation	Note 7 – Stock-Based Compensation 2016 Equity Incentive Plan The 2016 Equity Incentive Plan, as amended (the “Plan”), is intended to assist the Company and its affiliates in recruiting and retaining employees of the Company, members of the Board, executive officers of the Company, and individuals who provide services to the Company and its affiliates. The Plan is intended to permit the grant of both qualified 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). Based on the grants outstanding as of September 30, 2023, there were 844 shares of common stock that remain available to be granted under the Plan. Units subject to awards under the Plan that are forfeited, cancelled, lapsed, or otherwise expired (excluding shares withheld to satisfy exercise prices or tax withholding obligations) are available for grant. Time-Based Grants During the nine months ended September 30, 2023, the following LTIP Units were issued by the Company: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ Date ​ Description ​ Units Issued ​ Vesting Dates ​ ​ ​ ​ ​ ​ ​ February 23, 2023 ​ Final awards under the 2022 Annual Incentive Plan ​ 68 ​ 50% on February 23, 2023; and ​ ​ ​ ​ ​ ​ 50% on February 23, 2024 ​ ​ ​ ​ ​ ​ ​ February 23, 2023 ​ Time-based awards under the 2023 Long-Term Incentive Plan ​ 165 ​ 100% on February 23, 2026 ​ ​ ​ ​ ​ ​ ​ May 10, 2023 ​ Annual awards to independent directors ​ 45 ​ 100% on May 10, 2024 ​ ​ ​ ​ ​ ​ ​ May 10, 2023 ​ Discretionary awards ​ 11 ​ 33.33% on May 10, 2024; ​ ​ ​ ​ ​ ​ 33.33% on May 10, 2025; and ​ ​ ​ ​ ​ ​ 33.33% on May 10, 2026 ​ ​ ​ ​ ​ Vested units 2,270 Unvested units 486 LTIP Units outstanding as of September 30, 2023 2,756 Performance Based Awards The Board has approved annual performance-based LTIP awards (“Annual Awards”) and long-term performance-based LTIP awards (“Long-Term Awards” and together with the Annual Awards, “Performance Awards”) to the executive officers and other employees of the Company. As described below, the Annual Awards have one-year During the nine months ended September 30, 2023, certain participants forfeited an aggregate of 16 Performance Awards. Additionally, none of the 2020 Long-Term Awards were earned. A detail of the Performance Awards under the 2021, 2022 and 2023 programs as of September 30, 2023 is as follows: ​ ​ ​ ​ 2021 Long-Term Awards 67 2022 Long-Term Awards ​ 96 2023 Annual Awards (1) ​ 151 2023 Long-Term Awards (2) ​ 154 Total target performance awards as of September 30, 2023 468 (1) Approved by the Board on May 10, 2023. The number of target LTIP Units was based on the average closing price of the Company’s common stock reported on the New York Stock Exchange (“NYSE”) over the 15 trading days preceding the award date. (2) Approved by the Board on February 23, 2023. The number of target LTIP Units was based on the fair value of the Long-Term Awards as determined by an independent valuation consultant. Annual Awards The Compensation Committee of the Board (the “Compensation Committee”) and Board established performance goals for the year ending December 31, 2023, as set forth in the 2023 LTIP Annual Award Agreements (the “Performance Goals”) that will be used to determine the number of LTIP Units earned by each grantee. As of September 30, 2023, management estimated that the Performance Goals would be met at a 100% level and, accordingly, cumulative stock-based compensation expense during the three and nine months ended September 30, 2023 reflects management’s estimate that 100% of these awards will be earned. As soon as reasonably practicable following the end of the performance period, 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% of the number of his/her target LTIP Units. Any 2023 Annual Award LTIP Units that are not earned will be forfeited and cancelled. Vesting. one year Distributions. Long-Term Awards. three-year three-year Vesting. three-year one year Distributions. Stock-Based Compensation Expense Compensation expense for LTIP Unit grants, Annual Awards, and Long-Term Awards is based on the grant date fair value of the units/awards, with no subsequent remeasurement required. As the Long-Term Awards involve market-based performance conditions, the Company utilizes a Monte Carlo simulation to provide a grant date fair value for expense recognition. 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 Index over the Performance Periods. The purpose of this modeling is to use a probabilistic approach for estimating the fair value of the performance share award. The assumptions used in the Monte Carlo simulation include beginning average stock price, valuation date stock price, expected volatilities, correlation coefficients, risk-free rate of interest, and expected dividend yield. The beginning average stock price is the beginning average stock price for the Company and each member of the Index for the 15 trading days leading up to the grant date of the Long-Term Award. The valuation date stock price is the closing stock price of the Company and each of the peer companies in the Index on the grant dates of the Long-Term Awards. The expected volatilities are modeled using the historical volatilities for the Company and the members of the Index. The correlation coefficients are calculated using the same data as the historical volatilities. The risk-free rate of interest is taken from the U.S. Treasury website and relates to the expected life of the remaining performance period on valuation or revaluation. Lastly, the dividend yield assumption is 0.0%, which is mathematically equivalent to reinvesting dividends in the issuing entity, which is part of the Company’s award agreement assumptions. Below are details regarding certain of the assumptions for the Long-Term Awards using Monte Carlo simulations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 Long-Term ​ 2022 Long-Term ​ 2021 Long-Term ​ ​ Awards Awards Awards ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value ​ $ 11.67 ​ $ 16.39 ​ $ 14.86 Target awards ​ 154 ​ 96 ​ 67 Volatility ​ 43.54 % 41.65 % 42.37 % Risk-free rate ​ 4.35 % 1.72 % 0.26 % Dividend assumption ​ reinvested ​ reinvested ​ reinvested Expected term in years ​ 3 ​ 3 ​ 3 ​ The Company incurred stock compensation expense of $1,185 and $3,020 for the three and nine months ended September 30, 2023, respectively, and $1,039 and $3,615 for the three and nine months ended September 30, 2022, respectively, related to the grants awarded under the Plan. Compensation expense is included within “General and Administrative” expense in the Company’s Condensed Consolidated Statements of Operations. As of September 30, 2023, total unamortized compensation expense related to these awards of approximately $6.0 million is expected to be recognized over a weighted average remaining period of 1.5 years.

Leases

Leases	9 Months Ended
	Sep. 30, 2023
Leases
Leases	Note 8 – Leases The Company operates as both a lessor and a lessee. As a lessor, the Company is required under ASC Topic 842 to account for leases using an approach that is substantially similar to ASC Topic 840’s guidance for operating leases and other leases such as sales-type leases and direct financing leases. In addition, ASC Topic 842 requires lessors to capitalize and amortize only incremental direct leasing costs. As a lessee, the Company is required under the new standard to apply a dual approach, classifying leases, such as ground leases, as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase. This classification determines whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. ASC Topic 842 also requires lessees to record a right of use asset and a lease liability for all leases with an initial term of greater than a year regardless of their classification. The Company has also elected the practical expedient not to recognize right of use assets and lease liabilities for leases with a term of a year or less. Information as Lessor To generate positive cash flow, as a lessor, the Company leases its facilities to tenants in exchange for fixed monthly payments that cover rent, property taxes, insurance and certain cost recoveries, primarily common area maintenance (“CAM”). The Company’s leases were determined to be operating leases and have a portfolio-average-lease-years remaining of approximately 10 years. Payments from the Company’s tenants for CAM are considered nonlease components that are separated from lease components and are generally accounted for in accordance with the revenue recognition standard. However, the Company qualified for and elected the practical expedient related to combining the components because the lease component is classified as an operating lease and the timing and pattern of transfer of CAM income, which is not the predominant component, is the same as the lease component, for all asset classes. As such, consideration for CAM is accounted for as part of the overall consideration in the lease. Payments from customers for property taxes and insurance are considered non-components of the lease and therefore no consideration is allocated to them because they do not transfer a good or service to the customer. Fixed contractual payments from the Company’s leases are recognized on a straight-line basis over the terms of the respective leases. This means that, with respect to a particular lease, actual amounts billed in accordance with the lease during any given period may be higher or lower than the amount of rental revenue recognized for the period. Straight-line rental revenue is commenced when the tenant assumes control of the leased premises. Accrued straight-line rents receivable represents the amount by which straight-line rental revenue exceeds rents currently billed in accordance with lease agreements. Some of the Company’s leases are subject to annual changes in the Consumer Price Index (“CPI”). Although increases in CPI are not estimated as part of the Company’s measurement of straight-line rental revenue, for leases with base rent increases based on CPI, the amount of rent revenue recognized is adjusted in the period the changes in CPI are measured and effective. Additionally, some of the Company’s leases have extension options. Initial direct costs, primarily commissions related to the leasing of our facilities are capitalized when material as incurred. Capitalized leasing costs are amortized on a straight-line basis over the remaining useful life of the respective leases. All other costs to negotiate or arrange a lease are expensed as incurred. Lease-related receivables, which include accounts receivable and accrued straight-line rents receivable, are reduced for credit losses, if applicable. The Company regularly evaluates the collectability of its lease-related receivables. The Company’s evaluation of collectability primarily consists of reviewing past due account balances and considering such factors as the credit quality of our tenant, historical trends of the tenant and changes in tenant payment terms. If the Company’s assumptions regarding the collectability of lease-related receivables prove incorrect, the Company could experience credit losses in excess of what was recognized in rental and other revenues. The Company recognized $35,487 and $108,003 of rental revenue related to operating lease payments for the three and nine months ended September 30, 2023, respectively, and $35,347 and $100,877 of rental revenue related to operating lease payments for the three and nine months ended September 30, 2022, respectively. Of these amounts, $1,704 and $5,563 relate to variable rental revenue for the three and nine months ended September 30, 2023, respectively, and $1,950 and $5,816 relate to variable rental revenue for the three and nine months ended September 30, 2022, respectively. ​ The aggregate annual cash to be received by the Company on the noncancelable operating leases related to its portfolio as of September 30, 2023 is as follows for the subsequent years ended December 31: ​ ​ ​ ​ ​ 2023 (three months remaining) $ 29,396 2024 ​ 113,130 2025 ​ 100,853 2026 ​ 91,721 2027 ​ ​ 79,323 Thereafter ​ 316,961 Total ​ $ 731,384 ​ Information as Lessee The Company entered into a new lease agreement for its corporate headquarters in Bethesda, Maryland. The lease had a commencement date of May 1, 2023 and expires on October 31, 2034. The Company’s total lease payment obligation over the life of the lease is approximately $7 million. The Company recorded a right of use asset and liability The following table sets forth the undiscounted cash flows of our scheduled obligations for future lease payments on operating ground leases at September 30, 2023, and a reconciliation of those cash flows to the operating lease liability at September 30, 2023: ​ ​ ​ ​ 2023 (three months remaining) $ 39 2024 ​ 679 2025 ​ 740 2026 ​ 757 2027 ​ ​ 772 Thereafter ​ 10,450 Total ​ ​ 13,437 Discount ​ (5,823) Lease liability ​ $ 7,614 Tenant Concentration ​

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies
Commitments and Contingencies	Note 9 – 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. ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Summary of Significant Accounting Policies
Basis of presentation	Basis of presentation The accompanying condensed consolidated financial statements are unaudited and include the accounts of the Company, including the Operating Partnership and its wholly owned subsidiaries. The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required for annual consolidated financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the accompanying condensed consolidated financial statements do not include all the information and footnotes required by GAAP for complete consolidated financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2022. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair presentation of the condensed consolidated financial statements for the interim periods have been made.
Principles of Consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company 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 directors, officers and employees of the Company and the OP Units held by third parties. Refer to Note 5 – “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 Condensed Consolidated Balance Sheets, separate from the Company’s total 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 Condensed 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 by the total number of units and shares outstanding.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and footnotes. Actual results could differ from those estimates.
Investment in Real Estate	Investment in Real Estate The Company determines when an acquisition meets the definition of a business or alternatively should be accounted for as an asset acquisition in accordance with Accounting Standard Codification (“ASC”) Topic 805 “Business Combinations” (“ASC Topic 805”), which 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 are capitalized for asset acquisitions and expensed as incurred for business combinations. 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 that are 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. Fair value is determined based upon the guidance of ASC Topic 820, “Fair Value Measurements and Disclosures,” and generally are determined using Level 2 inputs, such as rent comparables, sales comparables, and broker indications. Although Level 3 inputs are utilized, they are minor in comparison to the Level 2 data used for the primary assumptions. The determination of fair value involves the use of significant judgment and estimates. We make estimates to determine the fair value of the tangible and intangible assets acquired and liabilities assumed using information obtained from multiple sources, including preacquisition due diligence, and we routinely utilize the assistance of a third-party appraiser.
Revenue Recognition	Revenue Recognition The Company’s operations primarily consist of rental revenue earned from tenants under leasing arrangements which provide for minimum rent and escalations. The leases have been accounted for as operating leases. For operating leases with contingent rental escalators, revenue is recorded based on the contractual cash rental payments due during the period. Revenue from leases with fixed annual rental escalators are recognized on a straight-line basis over the initial lease term, subject to a collectability assessment, with the difference between the contractual rental receipts and the straight-line amounts recorded as a “deferred rent receivable.” Additionally, the Company recognizes as a component of rental revenue “expense recoveries” revenue, which represents revenue recognized related to tenant reimbursement of real estate taxes, insurance, and certain other operating expenses (“tenant reimbursements”). The Company recognizes these reimbursements and related expenses on a gross basis in its Condensed Consolidated Statements of Operations.
Assets Held for Sale and Sales of Real Estate	Assets Held for Sale and Sales of Real Estate The Company classifies a property as held for sale when the following criteria are met: (i) management, having the authority to approve action, commits to a plan to sell the property in its present condition, (ii) the sale of the property is at a price reasonable in relation to its current fair value and (iii) the sale is probable and expected to be completed within one year. At that time, the Company presents the assets and obligations associated with the real estate held for sale separately in its Condensed Consolidated Balance Sheets and ceases recording depreciation and amortization expense related to that asset. Real estate held for sale is reported at the lower of its carrying amount or its estimated fair value less estimated costs to sell. None of the Company’s properties were classified as held for sale as of September 30, 2023 or December 31, 2022. Upon the disposition of a property, the Company recognizes a gain or loss at a point in time when the Company determines control of the underlying asset has been transferred to the buyer. The Company’s performance obligation is generally satisfied at the closing of the transaction. Any continuing involvement is analyzed as a separate performance obligation in the contract, and a portion of the sales price is allocated to each performance obligation. There is significant judgment applied to estimate the amount of variable consideration, if any, identified within the sales price and assess its probability of occurrence based on current market information, historical transactions, and forecasted information that is reasonably available. For sales of real estate (or assets classified as held for sale), the Company evaluates whether the disposition is a strategic shift that will have a major effect on the Company’s operations and financial results, and, if so, it will be classified as discontinued operations in the Company’s consolidated financial statements for all periods presented.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash 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 related to tenant reimbursements. The following table provides a reconciliation of the Company’s cash and cash equivalents and restricted cash that sums to the total of those amounts at the end of the periods presented on the Company’s accompanying Condensed Consolidated Statements of Cash Flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, ​ 2023 2022 Cash and cash equivalents $ 1,281 $ 3,199 Restricted cash ​ ​ 6,331 ​ ​ 10,396 Total cash and cash equivalents and restricted cash $ 7,612 $ 13,595
Tenant Receivables, Net	Tenant Receivables, Net The tenant receivable balance as of September 30, 2023 and December 31, 2022 was $7,527 and $8,040, respectively. The balance as of September 30, 2023 consisted of $2,142 in funds owed from the Company’s tenants for rent that the Company had earned but had not yet received, $5,181 of tenant reimbursements, $134 for a loan that was made to one of the Company’s tenants, and $70 of miscellaneous receivables. The balance as of December 31, 2022 consisted of $1,348 in funds owed from the Company’s tenants for rent that the Company had earned but had not yet received, $5,520 of tenant reimbursements, $143 for a loan that was made to one of the Company’s tenants, and $1,029 of miscellaneous receivables. Receivables arising from operating leases are accounted for in accordance with ASC Topic 842 “Leases” (“ASC Topic 842”). The Company assesses the likelihood of losses resulting from tenant defaults, or the inability of tenants to make contractual rent and tenant reimbursements at each reporting date. The Company also monitors the liquidity and creditworthiness of its tenants and operators on a continuous basis. If the likelihood of a tenant paying its lease payments is determined to no longer be probable, all tenant receivables, including deferred rent, are written off against revenue and any future revenue for that tenant is recognized only upon receipt of cash. In addition, as of September 30, 2023 and December 31, 2022, the Company had a portfolio level reserve of $350 on those leases that were probable of collection to ensure that the tenant lease receivables were not overstated.
Escrow Deposits	Escrow Deposits The escrow balance as of September 30, 2023 and December 31, 2022 was $9,861 and $7,833, respectively. Escrow deposits include funds held in escrow to be used for the acquisition of properties in the future and for the payment of taxes, insurance, and other amounts as stipulated by the Company’s Cantor Loan, as hereinafter defined. The escrow balance as of September 30, 2023 includes $990 in funds withheld from the proceeds paid to the Company for the sale of a portfolio of four medical office buildings in Oklahoma City, Oklahoma, in June 2023. This amount was withheld in order to fund successful claims by the buyer, if any, against the Company for any breach by the Company of its representations and warranties in the purchase agreement. The Company does not believe that the buyer will have any successful claims against the Company and therefore believes that the amount held in escrow will be released to the Company in full in December 2023.
Deferred Assets	Deferred Assets The deferred assets balance as of September 30, 2023 and December 31, 2022 was $26,748 and $29,616, respectively. The balance as of September 30, 2023 consisted of $26,484 in deferred rent receivables resulting from the recognition of revenue from leases with fixed annual rental escalations on a straight-line basis and $264 of other deferred costs. The balance as of December 31, 2022 consisted of $29,467 in deferred rent receivables resulting from the recognition of revenue from leases with fixed annual rental escalations on a straight-line basis and $149 of other deferred costs.
Other Assets	Other Assets The other assets balance as of September 30, 2023 and December 31, 2022 was $13,713 and $6,550, respectively. The balance as of September 30, 2023 consisted of $7,887 in right of use assets, $2,064 in capitalized construction in process costs, $2,154 in prepaid assets, $1,110 in net capitalized leasing commissions, and $498 in net capitalized software costs and miscellaneous assets. The balance as of December 31, 2022 consisted of $3,480 in right of use assets, $1,552 in capitalized construction in process costs, $1,380 in prepaid assets, and $138 in net capitalized software costs and miscellaneous assets. Refer to Note 8 – “Leases” for additional details on right of use assets.
Derivative Instruments - Interest Rate Swaps	Derivative Instruments - Interest Rate Swaps As of September 30, 2023 and December 31, 2022, the Company's balance related to interest rate swap derivative instruments that were designated as cash flow hedges of interest rate risk was an asset of $38,379 and $34,705, respectively. In accordance with the Company’s risk management strategy, the purpose of the interest rate swaps is to manage interest rate risk for certain of the Company’s variable-rate debt. The interest rate swaps involve the Company’s receipt of variable-rate amounts from the counterparties in exchange for the Company making fixed-rate payments over the life of the agreements. The Company accounts for derivative instruments in accordance with the provisions of ASC Topic 815, “Derivatives and Hedging.” Refer to Note 4 – “Credit Facility, Notes Payable and Derivative Instruments” for additional details.
Other Liabilities	Other Liabilities The other liabilities balance as of September 30, 2023 and December 31, 2022 was $12,138 and $7,363, respectively. The balance as of September 30, 2023 consisted of $7,614 for right of use liabilities and $4,524 of prepaid rent. The balance as of December 31, 2022 consisted of $2,922 for right of use liabilities and $4,441 of prepaid rent. Refer to Note 8 – “Leases” for additional details on right of use liabilities.
Goodwill	Goodwill ​ As of September 30, 2023 and December 31, 2022, the Company’s goodwill balance was $5,903. Goodwill represents the excess of consideration paid over the fair value of underlying identifiable net assets of businesses acquired. Goodwill has an indefinite life and is not amortized, but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company’s policy is to perform its annual goodwill impairment evaluation as of the first day of the fourth quarter of its fiscal year. The Company has one reporting unit.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Summary of Significant Accounting Policies
Schedule of cash and cash equivalents and restricted cash	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, ​ 2023 2022 Cash and cash equivalents $ 1,281 $ 3,199 Restricted cash ​ ​ 6,331 ​ ​ 10,396 Total cash and cash equivalents and restricted cash $ 7,612 $ 13,595

Property Portfolio (Tables)

Property Portfolio (Tables)	9 Months Ended
	Sep. 30, 2023
Property Portfolio
Schedule of Properties Acquired	For this acquisition, substantially all of the fair value was concentrated in a single identifiable asset or group of similar identifiable assets and, therefore, the acquisition represented an asset acquisition. Accordingly, transaction costs for this acquisition were capitalized. A rollforward of the gross investment in land, building, improvements, and acquired lease intangible assets as of December 31, 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Site Tenant Acquired Lease Gross Investment in ​ Land Building Improvements Improvements Intangible Assets Real Estate Balances as of December 31, 2021 ​ $ 152,060 ​ $ 985,091 ​ $ 19,021 ​ $ 58,900 ​ $ 127,931 ​ $ 1,343,003 Facility Acquired – Date Acquired: ​ ​ ​ ​ ​ ​ Gainesville – 2/4/22 ​ ​ 555 ​ ​ 3,899 ​ ​ 76 ​ ​ 199 ​ ​ 575 ​ ​ 5,304 Grand Rapids – 2/28/22 ​ ​ 1,238 ​ ​ 4,976 ​ ​ 221 ​ ​ 270 ​ ​ 595 ​ ​ 7,300 Sarasota – 3/29/22 ​ ​ 747 ​ ​ 3,703 ​ ​ 84 ​ ​ 331 ​ ​ 1,263 ​ ​ 6,128 Greenwood – 3/30/22 ​ ​ 929 ​ ​ 4,332 ​ ​ 194 ​ ​ 360 ​ ​ 426 ​ ​ 6,241 Fairbanks – 4/1/22 ​ ​ 1,782 ​ ​ 12,262 ​ ​ 215 ​ ​ 753 ​ ​ 7,946 ​ ​ 22,958 Rocky Point – 4/8/22 ​ ​ 613 ​ ​ 6,243 ​ ​ 223 ​ ​ 317 ​ ​ 589 ​ ​ 7,985 Fairfax – 5/11/22 ​ ​ 4,012 ​ ​ 13,238 ​ ​ 399 ​ ​ 310 ​ ​ 3,304 ​ ​ 21,263 Lee's Summit – 5/19/22 ​ ​ 1,349 ​ ​ 4,101 ​ ​ 83 ​ ​ 410 ​ ​ 674 ​ ​ 6,617 Lexington – 5/27/22 ​ ​ 1,760 ​ ​ 11,350 ​ ​ 289 ​ ​ 556 ​ ​ 3,036 ​ ​ 16,991 Toledo – 7/8/22 ​ ​ 2,999 ​ ​ 11,366 ​ ​ 581 ​ ​ 1,247 ​ ​ 2,044 ​ ​ 18,237 Lake Geneva – 7/26/22 ​ ​ 444 ​ ​ 4,612 ​ ​ 141 ​ ​ 230 ​ ​ 725 ​ ​ 6,152 Glenview – 9/1/22 ​ ​ 1,448 ​ ​ 6,258 ​ ​ 241 ​ ​ 279 ​ ​ 912 ​ ​ 9,138 Canandaigua – 9/16/22 ​ ​ 578 ​ ​ 11,118 ​ ​ 370 ​ ​ 489 ​ ​ 1,493 ​ ​ 14,048 Hermitage – 9/20/22 ​ ​ 353 ​ ​ 3,891 ​ ​ 194 ​ ​ 227 ​ ​ 674 ​ ​ 5,339 Capitalized costs (1) ​ ​ 141 ​ ​ 1,419 ​ ​ 41 ​ ​ 1,416 ​ ​ 396 ​ ​ 3,413 Total Additions: ​ 18,948 ​ 102,768 ​ 3,352 ​ 7,394 ​ 24,652 ​ 157,114 Disposition of Germantown – 7/1/22 ​ (2,700) ​ (8,078) ​ (349) ​ (307) ​ (4,506) ​ (15,940) Balances as of December 31, 2022 ​ $ 168,308 ​ $ 1,079,781 ​ $ 22,024 ​ $ 65,987 ​ $ 148,077 ​ $ 1,484,177
Summary of Carrying amount of intangible assets and liabilities	The following is a summary of the carrying amount of lease intangible assets and liabilities as of the dates presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2023 ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Cost Amortization Net Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ In-place leases ​ $ 77,037 ​ $ (41,487) ​ $ 35,550 Above market leases ​ 24,961 ​ (9,499) ​ 15,462 Leasing costs ​ 36,619 ​ (17,345) ​ 19,274 ​ ​ $ 138,617 ​ $ (68,331) ​ $ 70,286 Liability ​ ​ ​ ​ ​ ​ ​ ​ ​ Below market leases ​ $ 13,595 ​ $ (7,735) ​ $ 5,860 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ ​ Accumulated ​ ​ ​ ​ Cost ​ Amortization ​ Net Assets ​ ​ ​ In-place leases ​ $ 82,374 ​ $ (34,898) ​ $ 47,476 Above market leases ​ 26,054 ​ (7,321) ​ 18,733 Leasing costs ​ 39,649 ​ (14,683) ​ 24,966 ​ ​ $ 148,077 ​ $ (56,902) ​ $ 91,175 Liability ​ ​ ​ ​ ​ ​ Below market leases ​ $ 13,595 ​ $ (5,982) ​ $ 7,613
Summary of the acquired lease intangible amortization	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ 2023 2022 2023 2022 Amortization expense related to in-place leases ​ $ 2,809 ​ $ 3,003 ​ $ 8,850 ​ $ 8,537 ​ Amortization expense related to leasing costs ​ $ 1,230 ​ $ 1,262 ​ $ 3,868 ​ $ 3,599 ​ Decrease in rental revenue related to above market leases ​ $ 818 ​ $ 805 ​ $ 2,565 ​ $ 2,396 ​ Increase in rental revenue related to below market leases ​ $ (584) ​ $ (584) ​ $ (1,753) ​ $ (1,661) ​
Schedule of net amortization acquired lease intangible assets and liabilities	As of September 30, 2023, scheduled future aggregate net amortization of the acquired lease intangible assets and liabilities for each year ended December 31 is listed below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Decrease ​ Net Increase ​ ​ in Revenue ​ in Expenses 2023 (three months remaining) ​ $ (238) ​ $ 3,968 2024 ​ (1,151) ​ 14,211 2025 ​ (1,697) ​ 10,524 2026 ​ (1,803) ​ 8,701 2027 ​ ​ (1,376) ​ ​ 6,116 Thereafter ​ (3,337) ​ 11,304 Total ​ $ (9,602) ​ $ 54,824

Credit Facility, Notes Payabl_2

Credit Facility, Notes Payable and Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Payable and Revolving Credit Facility
Schedule of Outstanding borrowings	As of September 30, 2023 and December 31, 2022, the Company had the following outstanding borrowings under the Credit Facility: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 December 31, 2022 Revolver ​ $ 68,400 ​ $ 145,700 Term Loan A ​ ​ 350,000 ​ ​ 350,000 Term Loan B ​ 150,000 ​ 150,000 Less: Unamortized debt issuance costs ​ (7,617) ​ (9,253) Credit Facility, net ​ $ 560,783 ​ $ 636,447 ​
Schedule of Aggregate balances of loans payable	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 December 31, 2022 Notes payable ​ $ 57,160 ​ $ 58,124 Unamortized debt issuance costs ​ (337) ​ (452) Notes payable, net ​ $ 56,823 ​ $ 57,672
Schedule of Comprehensive Income (Loss)	The table below details the components of the amounts presented on the accompanying Condensed Consolidated Statements of Comprehensive Income recognized on the Company’s interest rate swaps designated as cash flow hedges for the three and nine months ended September 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2023 2022 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain ​ $ (6,801) ​ $ (20,612) ​ $ (14,824) ​ $ (41,246) Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense ​ 4,281 ​ 256 ​ 11,119 ​ (2,273) Total change in accumulated other comprehensive income ​ $ (2,520) ​ $ (20,356) ​ $ (3,705) ​ $ (43,519) ​
Rosedale Loan [Member]
Notes Payable and Revolving Credit Facility
Schedule of Maturities of Long-term Debt	As of September 30, 2023, scheduled principal payments due for each year ended December 31 were as follows: ​ ​ ​ ​ 2023 (three months remaining) ​ $ 100 2024 ​ 405 2025 ​ ​ 13,158 Total ​ $ 13,663
Dumfries Loan [Member]
Notes Payable and Revolving Credit Facility
Schedule of Maturities of Long-term Debt	As of September 30, 2023, scheduled principal payments due for each year ended December 31 were as follows: ​ ​ ​ ​ 2023 (three months remaining) ​ $ 77 2024 ​ 11,034 Total ​ $ 11,111
Cantor Loan [Member]
Notes Payable and Revolving Credit Facility
Schedule of Maturities of Long-term Debt	As of September 30, 2023, scheduled principal payments due for each year ended December 31 were as follows: ​ ​ ​ ​ 2023 (three months remaining) ​ $ 121 2024 ​ 492 2025 ​ 523 2026 ​ ​ 29,882 Total ​ $ 31,018

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Preferred Stock [Member]
Schedule of dividends payable	Preferred stock dividend activity for the nine months ended September 30, 2023 is summarized in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Applicable ​ Quarterly Dividends Date Announced ​ Record Date ​ Quarter ​ Payment Date ​ Dividend ​ per Share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 7, 2022 January 15, 2023 Q4 2022 January 31, 2023 ​ $ 1,455 ​ $ 0.46875 March 10, 2023 April 15, 2023 Q1 2023 May 1, 2023 ​ $ 1,455 ​ $ 0.46875 June 9, 2023 July 15, 2023 Q2 2023 July 31, 2023 ​ $ 1,455 ​ $ 0.46875 September 8, 2023 October 15, 2023 Q3 2023 October 31, 2023 ​ $ 1,455 (1) $ 0.46875 (1) Two months of this amount, equal to $970, was accrued at September 30, 2023.
Common Stock [Member]
Schedule of dividends payable	Common stock dividend activity for the nine months ended September 30, 2023 is summarized in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Applicable ​ Dividend Dividends Date Announced ​ Record Date ​ Quarter ​ Payment Date ​ Amount (1) ​ per Share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 7, 2022 December 22, 2022 Q4 2022 January 9, 2023 ​ $ 14,642 ​ $ 0.21 March 10, 2023 March 24, 2023 Q1 2023 April 11, 2023 ​ $ 14,688 ​ $ 0.21 June 9, 2023 June 23, 2023 Q2 2023 July 11, 2023 ​ $ 14,819 ​ $ 0.21 September 8, 2023 September 22, 2023 Q3 2023 October 10, 2023 ​ $ 14,819 ​ $ 0.21 (1) Includes distributions on outstanding LTIP Units and OP Units.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Stock-Based Compensation
Schedule of LTIP Unit Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ Date ​ Description ​ Units Issued ​ Vesting Dates ​ ​ ​ ​ ​ ​ ​ February 23, 2023 ​ Final awards under the 2022 Annual Incentive Plan ​ 68 ​ 50% on February 23, 2023; and ​ ​ ​ ​ ​ ​ 50% on February 23, 2024 ​ ​ ​ ​ ​ ​ ​ February 23, 2023 ​ Time-based awards under the 2023 Long-Term Incentive Plan ​ 165 ​ 100% on February 23, 2026 ​ ​ ​ ​ ​ ​ ​ May 10, 2023 ​ Annual awards to independent directors ​ 45 ​ 100% on May 10, 2024 ​ ​ ​ ​ ​ ​ ​ May 10, 2023 ​ Discretionary awards ​ 11 ​ 33.33% on May 10, 2024; ​ ​ ​ ​ ​ ​ 33.33% on May 10, 2025; and ​ ​ ​ ​ ​ ​ 33.33% on May 10, 2026
Schedule of time-based vesting LTIP unit activity	​ ​ ​ ​ Vested units 2,270 Unvested units 486 LTIP Units outstanding as of September 30, 2023 2,756
Schedule of the annual awards and long-term awards	The Board has approved annual performance-based LTIP awards (“Annual Awards”) and long-term performance-based LTIP awards (“Long-Term Awards” and together with the Annual Awards, “Performance Awards”) to the executive officers and other employees of the Company. As described below, the Annual Awards have one-year During the nine months ended September 30, 2023, certain participants forfeited an aggregate of 16 Performance Awards. Additionally, none of the 2020 Long-Term Awards were earned. A detail of the Performance Awards under the 2021, 2022 and 2023 programs as of September 30, 2023 is as follows: ​ ​ ​ ​ 2021 Long-Term Awards 67 2022 Long-Term Awards ​ 96 2023 Annual Awards (1) ​ 151 2023 Long-Term Awards (2) ​ 154 Total target performance awards as of September 30, 2023 468 (1) Approved by the Board on May 10, 2023. The number of target LTIP Units was based on the average closing price of the Company’s common stock reported on the New York Stock Exchange (“NYSE”) over the 15 trading days preceding the award date. (2) Approved by the Board on February 23, 2023. The number of target LTIP Units was based on the fair value of the Long-Term Awards as determined by an independent valuation consultant.
Schedule of of the assumptions for the long-term awards using Monte Carlo simulations	Below are details regarding certain of the assumptions for the Long-Term Awards using Monte Carlo simulations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 Long-Term ​ 2022 Long-Term ​ 2021 Long-Term ​ ​ Awards Awards Awards ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value ​ $ 11.67 ​ $ 16.39 ​ $ 14.86 Target awards ​ 154 ​ 96 ​ 67 Volatility ​ 43.54 % 41.65 % 42.37 % Risk-free rate ​ 4.35 % 1.72 % 0.26 % Dividend assumption ​ reinvested ​ reinvested ​ reinvested Expected term in years ​ 3 ​ 3 ​ 3

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2023
Leases
Schedule of aggregate annual cash to be received by the company	The aggregate annual cash to be received by the Company on the noncancelable operating leases related to its portfolio as of September 30, 2023 is as follows for the subsequent years ended December 31: ​ ​ ​ ​ ​ 2023 (three months remaining) $ 29,396 2024 ​ 113,130 2025 ​ 100,853 2026 ​ 91,721 2027 ​ ​ 79,323 Thereafter ​ 316,961 Total ​ $ 731,384
Schedule of aggregate cash payments to be made by the Company	The following table sets forth the undiscounted cash flows of our scheduled obligations for future lease payments on operating ground leases at September 30, 2023, and a reconciliation of those cash flows to the operating lease liability at September 30, 2023: ​ ​ ​ ​ 2023 (three months remaining) $ 39 2024 ​ 679 2025 ​ 740 2026 ​ 757 2027 ​ ​ 772 Thereafter ​ 10,450 Total ​ ​ 13,437 Discount ​ (5,823) Lease liability ​ $ 7,614

Organization (Details)

Organization (Details) - Global Medical REIT GP LLC [Member]	9 Months Ended
	Sep. 30, 2023
Operating Partnership	92.91%
Partnership interest	7.09%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 1,281	$ 4,016	$ 3,199
Restricted cash	6,331	10,439	10,396
Total cash and cash equivalents and restricted cash	$ 7,612	$ 14,455	$ 13,595	$ 12,759

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) building tenant item	Dec. 31, 2022 USD ($) tenant
Tenant Receivables	$ 7,527	$ 8,040
Receivables Earned But Not Received Relating To Tenant Rent	2,142	1,348
Loans receivable	134	143
Tenant reimbursements	$ 5,181	5,520
Number of tenants | tenant	268
Real estate held for sale	$ 0	0
Miscellaneous receivables	70	1,029
Reserve for leases	350	350
Escrow Deposit	9,861	7,833
Proceeds from sale of an investment property held in escrow	990
Deferred Costs and Other Assets	26,748	29,616
Deferred Rent Receivables, Net	26,484	29,467
Other Deferred Costs, Net	264	149
Other Assets	13,713	6,550
Operating Lease, Right-of-Use Asset	7,887
Prepaid Expense and Other Assets	2,154	1,380
Capitalized preacquisition costs	2,064	1,552
Capitalized leasing commissions	1,110
Capitalized software costs	498	138
Operating Lease, Right-of-Use Asset		3,480
Prepaid rent	4,524	4,441
Derivative asset	38,379	34,705
Other liabilities	12,138	7,363
Right of use liabilities	7,614	2,922
Goodwill	$ 5,903	5,903
Number of reporting units | item	1
Interest Rate Swap [Member]
Derivative asset	$ 38,379
Derivative Liabilities		$ 34,705
Building and Building Improvements [Member]
Number of properties sold | building	4
Tenant improvements [Member]
Number of tenants | tenant	1	1

Property Portfolio - Gross Inve

Property Portfolio - Gross Investment (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Beginning Balance	$ 1,484,177	$ 1,343,003
Acquisitions	10,656	157,114
Capitalized costs	4,720	3,413
Disposition	(69,827)	(15,940)
Ending Balance	1,425,006	1,484,177
Redding Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions	5,936
Jacksonville [Member]
Property, Plant and Equipment [Line Items]
Disposition	(3,850)
Gainesville Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		5,304
Grand Rapids Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		7,300
Sarasota Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		6,128
Greenwood [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		6,241
Fairbanks Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		22,958
Rocky Point Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		7,985
Fairfax Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		21,263
Lees Summit Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		6,617
Lexington Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		16,991
Toledo Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		18,237
Lake Geneva Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		6,152
Glenview Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		9,138
Canandaigua Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		14,048
Hermitage Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		5,339
North Charleston Facility [Member]
Property, Plant and Equipment [Line Items]
Disposition	(7,572)
Oklahoma City Facility [Member]
Property, Plant and Equipment [Line Items]
Disposition	(58,405)
Land [Member]
Property, Plant and Equipment [Line Items]
Beginning Balance	168,308	152,060
Acquisitions	771	18,948
Capitalized costs		141
Disposition	(4,764)	(2,700)
Ending Balance	164,315	168,308
Land [Member] | Redding Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions	771
Land [Member] | Jacksonville [Member]
Property, Plant and Equipment [Line Items]
Disposition	(1,023)
Land [Member] | Gainesville Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		555
Land [Member] | Grand Rapids Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		1,238
Land [Member] | Sarasota Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		747
Land [Member] | Greenwood [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		929
Land [Member] | Fairbanks Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		1,782
Land [Member] | Rocky Point Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		613
Land [Member] | Fairfax Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		4,012
Land [Member] | Lees Summit Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		1,349
Land [Member] | Lexington Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		1,760
Land [Member] | Toledo Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		2,999
Land [Member] | Lake Geneva Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		444
Land [Member] | Glenview Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		1,448
Land [Member] | Canandaigua Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		578
Land [Member] | Hermitage Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		353
Land [Member] | North Charleston Facility [Member]
Property, Plant and Equipment [Line Items]
Disposition	(927)
Land [Member] | Oklahoma City Facility [Member]
Property, Plant and Equipment [Line Items]
Disposition	(2,814)
Buildings
Property, Plant and Equipment [Line Items]
Beginning Balance	1,079,781	985,091
Acquisitions	6,061	102,768
Capitalized costs	2,263	1,419
Disposition	(51,020)	(8,078)
Ending Balance	1,034,822	1,079,781
Buildings | Redding Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions	3,798
Buildings | Jacksonville [Member]
Property, Plant and Equipment [Line Items]
Disposition	(2,827)
Buildings | Gainesville Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		3,899
Buildings | Grand Rapids Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		4,976
Buildings | Sarasota Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		3,703
Buildings | Greenwood [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		4,332
Buildings | Fairbanks Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		12,262
Buildings | Rocky Point Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		6,243
Buildings | Fairfax Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		13,238
Buildings | Lees Summit Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		4,101
Buildings | Lexington Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		11,350
Buildings | Toledo Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		11,366
Buildings | Lake Geneva Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		4,612
Buildings | Glenview Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		6,258
Buildings | Canandaigua Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		11,118
Buildings | Hermitage Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		3,891
Buildings | North Charleston Facility [Member]
Property, Plant and Equipment [Line Items]
Disposition	(4,640)
Buildings | Oklahoma City Facility [Member]
Property, Plant and Equipment [Line Items]
Disposition	(43,553)
Site Improvements [Member]
Property, Plant and Equipment [Line Items]
Beginning Balance	22,024	19,021
Acquisitions	689	3,352
Capitalized costs	515	41
Disposition	(1,233)	(349)
Ending Balance	21,480	22,024
Site Improvements [Member] | Redding Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions	174
Site Improvements [Member] | Gainesville Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		76
Site Improvements [Member] | Grand Rapids Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		221
Site Improvements [Member] | Sarasota Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		84
Site Improvements [Member] | Greenwood [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		194
Site Improvements [Member] | Fairbanks Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		215
Site Improvements [Member] | Rocky Point Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		223
Site Improvements [Member] | Fairfax Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		399
Site Improvements [Member] | Lees Summit Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		83
Site Improvements [Member] | Lexington Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		289
Site Improvements [Member] | Toledo Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		581
Site Improvements [Member] | Lake Geneva Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		141
Site Improvements [Member] | Glenview Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		241
Site Improvements [Member] | Canandaigua Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		370
Site Improvements [Member] | Hermitage Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		194
Site Improvements [Member] | North Charleston Facility [Member]
Property, Plant and Equipment [Line Items]
Disposition	(106)
Site Improvements [Member] | Oklahoma City Facility [Member]
Property, Plant and Equipment [Line Items]
Disposition	(1,127)
Tenant improvements [Member]
Property, Plant and Equipment [Line Items]
Beginning Balance	65,987	58,900
Acquisitions	2,091	7,394
Capitalized costs	1,770	1,416
Disposition	(2,306)	(307)
Ending Balance	65,772	65,987
Tenant improvements [Member] | Redding Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions	321
Tenant improvements [Member] | Gainesville Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		199
Tenant improvements [Member] | Grand Rapids Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		270
Tenant improvements [Member] | Sarasota Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		331
Tenant improvements [Member] | Greenwood [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		360
Tenant improvements [Member] | Fairbanks Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		753
Tenant improvements [Member] | Rocky Point Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		317
Tenant improvements [Member] | Fairfax Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		310
Tenant improvements [Member] | Lees Summit Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		410
Tenant improvements [Member] | Lexington Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		556
Tenant improvements [Member] | Toledo Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		1,247
Tenant improvements [Member] | Lake Geneva Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		230
Tenant improvements [Member] | Glenview Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		279
Tenant improvements [Member] | Canandaigua Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		489
Tenant improvements [Member] | Hermitage Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		227
Tenant improvements [Member] | North Charleston Facility [Member]
Property, Plant and Equipment [Line Items]
Disposition	(801)
Tenant improvements [Member] | Oklahoma City Facility [Member]
Property, Plant and Equipment [Line Items]
Disposition	(1,505)
Intangibles [Member]
Property, Plant and Equipment [Line Items]
Beginning Balance	148,077	127,931
Acquisitions	1,044	24,652
Capitalized costs	172	396
Disposition	(10,504)	(4,506)
Ending Balance	138,617	148,077
Intangibles [Member] | Redding Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions	872
Intangibles [Member] | Gainesville Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		575
Intangibles [Member] | Grand Rapids Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		595
Intangibles [Member] | Sarasota Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		1,263
Intangibles [Member] | Greenwood [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		426
Intangibles [Member] | Fairbanks Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		7,946
Intangibles [Member] | Rocky Point Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		589
Intangibles [Member] | Fairfax Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		3,304
Intangibles [Member] | Lees Summit Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		674
Intangibles [Member] | Lexington Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		3,036
Intangibles [Member] | Toledo Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		2,044
Intangibles [Member] | Lake Geneva Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		725
Intangibles [Member] | Glenview Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		912
Intangibles [Member] | Canandaigua Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		1,493
Intangibles [Member] | Hermitage Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		$ 674
Intangibles [Member] | North Charleston Facility [Member]
Property, Plant and Equipment [Line Items]
Disposition	(1,098)
Intangibles [Member] | Oklahoma City Facility [Member]
Property, Plant and Equipment [Line Items]
Disposition	$ (9,406)

Property Portfolio - Summary of

Property Portfolio - Summary of the carrying amount of intangible assets and liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets
Cost	$ 138,617	$ 148,077
Accumulated Amortization	(68,331)	(56,902)
Net	70,286	91,175
Liabilities
Cost	13,595	13,595
Accumulated Amortization	(7,735)	(5,982)
Net	5,860	7,613
In-place leases [Member]
Assets
Cost	77,037	82,374
Accumulated Amortization	(41,487)	(34,898)
Net	35,550	47,476
Above Market Lease intangibles [Member]
Assets
Cost	24,961	26,054
Accumulated Amortization	(9,499)	(7,321)
Net	15,462	18,733
Leasing Costs
Assets
Cost	36,619	39,649
Accumulated Amortization	(17,345)	(14,683)
Net	$ 19,274	$ 24,966

Property Portfolio - Summary _2

Property Portfolio - Summary of the acquired lease intangible amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
In-place leases [Member]
Property, Plant and Equipment [Line Items]
Finite-Lived Intangible Assets, Accumulated Amortization	$ 2,809	$ 3,003	$ 8,850	$ 8,537
Leasing Costs
Property, Plant and Equipment [Line Items]
Finite-Lived Intangible Assets, Accumulated Amortization	1,230	1,262	3,868	3,599
Above Market Lease intangibles [Member]
Property, Plant and Equipment [Line Items]
Finite-Lived Intangible Assets, Accumulated Amortization	818	805	2,565	2,396
Below Market Lease Intangible [Member]
Property, Plant and Equipment [Line Items]
Finite-Lived Intangible Assets, Accumulated Amortization	$ 584	$ 584	$ 1,753	$ 1,661

Property Portfolio - Net amorti

Property Portfolio - Net amortization of the acquired lease intangible (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Net Decrease in Revenue
2023 (three months remaining)	$ (238)
2024	(1,151)
2025	(1,697)
2026	(1,803)
2027	(1,376)
Thereafter	3,337
Total	(9,602)
Net Increase in Expenses
2023 (six months remaining)	3,968
2024	14,211
2025	10,524
2026	8,701
2027	6,116
Thereafter	11,304
Total	$ 54,824

Property Portfolio - (Details)

Property Portfolio - (Details) $ in Thousands	1 Months Ended			3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 31, 2023 USD ($)	Jun. 30, 2023 USD ($) building	Mar. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) tenant contract	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) item
Property, Plant and Equipment [Line Items]
Number of Properties Acquired						1		14
Depreciation expense				$ 10,100	$ 10,128	$ 31,062	$ 29,428
Capital improvement commitments and obligations				24,000		24,000
Capital improvement commitments and obligations, current				$ 9,700		9,700
Acquisitions						$ 10,656		$ 157,114
Debt Instrument, Term						3 years 1 month 6 days		3 years 10 months 24 days
Number of tenants | tenant						268
Weighted average remaining term				43 years		43 years
Lease Intangibles Asset [Member]
Property, Plant and Equipment [Line Items]
Finite-Lived Intangible Asset, Useful Life				3 years 7 months 6 days		3 years 7 months 6 days
Lease Intangibles Liability [Member]
Property, Plant and Equipment [Line Items]
Finite-Lived Intangible Asset, Useful Life				2 years 6 months		2 years 6 months
Land [Member]
Property, Plant and Equipment [Line Items]
Acquisitions						$ 771		$ 18,948
North Charleston Facility [Member]
Property, Plant and Equipment [Line Items]
Gain on sale of investment in real estate	$ 2,300
Gross proceeds from sale	$ 10,100
Oklahoma City Facility [Member]
Property, Plant and Equipment [Line Items]
Number of properties sold | building		4
Gain on sale of investment in real estate		$ 12,800
Gross proceeds from sale		$ 66,000
Jacksonville [Member]
Property, Plant and Equipment [Line Items]
Gain on sale of investment in real estate			$ 500
Gross proceeds from sale			$ 4,400
Greenwood [Member]
Property, Plant and Equipment [Line Items]
Acquisitions								6,241
Greenwood [Member] | Land [Member]
Property, Plant and Equipment [Line Items]
Acquisitions								929
Grand Rapids Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions								7,300
Grand Rapids Facility [Member] | Land [Member]
Property, Plant and Equipment [Line Items]
Acquisitions								1,238
Fairfax Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions								21,263
Fairfax Facility [Member] | Land [Member]
Property, Plant and Equipment [Line Items]
Acquisitions								$ 4,012

Credit Facility, Notes Payabl_3

Credit Facility, Notes Payable and Derivative Instruments - Schedule of outstanding borrowings under the Credit Facility (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Long-term Line of Credit	$ 560,783	$ 636,447
Revolving Credit Facility [Member]
Long-term Line of Credit	68,400	145,700
Term Loan A [Member]
Long-term Line of Credit	350,000	350,000
Term Loan B [Member]
Long-term Line of Credit	150,000	150,000
Line of Credit [Member]
Less: Unamortized deferred financing costs	$ (7,617)	$ (9,253)

Credit Facility, Notes Payabl_4

Credit Facility, Notes Payable and Derivative Instruments - Schedule of net of unamortized discount balances (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Credit Facility, Notes Payable and Derivative Instruments
Notes payable, gross	$ 57,160	$ 58,124
Less: Unamortized debt issuance costs	(337)	(452)
Notes payable, net	$ 56,823	$ 57,672

Credit Facility, Notes Payabl_5

Credit Facility, Notes Payable and Derivative Instruments - Scheduled Principal Payments Due On Cantor Loan Note Payable (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Jul. 31, 2020	Apr. 27, 2020	Mar. 31, 2016
Rosedale Loan [Member]
Notes Payable and Revolving Credit Facility
2023 (three months remaining)	$ 100
2024	405
2025	13,158
Total	13,663	$ 13,954	$ 14,800
Dumfries Loan [Member]
Notes Payable and Revolving Credit Facility
2023 (three months remaining)	77
2024	11,034
Total	11,111	11,336		$ 12,074
Cantor Loan [Member]
Notes Payable and Revolving Credit Facility
2023 (three months remaining)	121
2024	492
2025	523
2026	29,882
Total	$ 31,018	$ 31,368			$ 32,097

Credit Facility, Notes Payabl_6

Credit Facility, Notes Payable and Derivative Instruments - Schedule of interest rate swap agreement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Credit Facility, Notes Payable and Derivative Instruments
Amount of loss (gain) recognized in other comprehensive income (loss)	$ (6,801)	$ (20,612)	$ (14,824)	$ (41,246)
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into interest expense	4,281	256	11,119	(2,273)
Total change in accumulated other comprehensive loss (income)	$ (2,520)	$ (20,356)	$ (3,705)	$ (43,519)

Credit Facility, Notes Payabl_7

Credit Facility, Notes Payable and Derivative Instruments (Details) $ in Thousands				3 Months Ended		9 Months Ended		12 Months Ended	18 Months Ended
	Jul. 31, 2020 USD ($)	Apr. 27, 2020 USD ($)	Mar. 31, 2016 USD ($)	Sep. 30, 2023 USD ($) contract	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) contract	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2023 USD ($) contract	Jul. 08, 2022 USD ($)
Notes Payable and Revolving Credit Facility
Amortization of financing costs				$ 38	$ 39	$ 115	$ 116
Increase (Decrease) in Security Deposits						$ (1,548)	864
Proceeds from Credit Facility							127,100
Repayments of Lines of Credit							5,000
Proceeds from (Repayments of) Credit Facility							122,100
Debt Instrument, Term						3 years 1 month 6 days		3 years 10 months 24 days
Number of loans | contract				4		4			4
Note balance				$ 57,160		$ 57,160		$ 58,124	$ 57,160
Additional Interest Expense						17,226
Derivative asset				38,379		38,379		$ 34,705	$ 38,379
Interest expense				$ 7,170	6,963	$ 23,909	17,166
Weighted average interest rate basis				3.78%		3.78%		4.20%	3.78%
Interest Rate Swap [Member]
Notes Payable and Revolving Credit Facility
Number of interest rate swaps entered | contract				10		10			10
Derivative asset				$ 38,379		$ 38,379			$ 38,379
Derivative liability								$ 34,705
Forward Starting Interest Rate Swaps [Member]
Notes Payable and Revolving Credit Facility
Number of interest rate swaps entered | contract				3		3			3
Credit Facility [Member]
Notes Payable and Revolving Credit Facility
Credit Facility maximum borrowing capacity				$ 900,000		$ 900,000			$ 900,000
Financing costs paid						13	3,215
Amortization of financing costs				$ 551	519	$ 1,649	1,446
Credit facility extension option period						6 months
Maximum consolidated leverage ratio under financial covenants				60		60			60
Maximum consolidated secured recourse leverage ratio under financial covenant				10%		10%			10%
Minimum fixed charge coverage ratio under financial covenants				1.50		1.50			1.50
Minimum unsecured interest coverage ratio under financial covenant				1.50		1.50			1.50
Maximum consolidated secured leverage ratio under financial covenants				30%		30%			30%
Maximum consolidated unsecured leverage ratio under financial covenants				60%		60%			60%
Covenant compliance						As of September 30, 2023, management believed it complied with all of the financial and non-financial covenants contained in the Credit Facility.
Proceeds from Credit Facility						$ 38,100
Repayments of Lines of Credit						115,400
Proceeds from (Repayments of) Credit Facility						77,300
Interest expense				$ 5,878	5,689	20,047	13,512
Minimum Net Worth Required for Compliance				$ 573,000		$ 573,000			$ 573,000
Net Proceeds raised Through Equity Offerings, Percent									75%
Debt instrument extensions | contract						2
Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Notes Payable and Revolving Credit Facility
Temporary reduction in the interest rate if sustainability goals met				0.02%		0.02%			0.02%
Debt Instrument, Basis Spread on Variable Rate						0.10%
Revolving Credit Facility [Member]
Notes Payable and Revolving Credit Facility
Credit Facility maximum borrowing capacity				$ 400,000		$ 400,000			$ 400,000
Term Loan [Member]
Notes Payable and Revolving Credit Facility
Credit Facility maximum borrowing capacity				500,000		500,000			500,000
Term Loan A [Member]
Notes Payable and Revolving Credit Facility
Credit Facility maximum borrowing capacity				350,000		350,000			350,000
Derivative, Notional Amount				$ 350,000		$ 350,000			$ 350,000
Term Loan A [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Notes Payable and Revolving Credit Facility
Debt Instrument, Basis Spread on Variable Rate						1.50%
Term Loan A [Member] | Interest Rate Swap [Member]
Notes Payable and Revolving Credit Facility
Number of interest rate swaps entered | contract				6		6			6
Term Loan A [Member] | Interest Rate Swap Agreement One [Member]
Notes Payable and Revolving Credit Facility
Derivative, Notional Amount				$ 200,000		$ 200,000			$ 200,000
Term Loan A [Member] | Interest Rate Swap Agreement Two [Member]
Notes Payable and Revolving Credit Facility
Derivative, Notional Amount				150,000		$ 150,000			150,000
Term Loan A [Member] | Interest Rate Swap Agreement Two [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Notes Payable and Revolving Credit Facility
Debt Instrument, Basis Spread on Variable Rate						1.36%
Term Loan A [Member] | Forward Starting Interest Rate Swaps [Member]
Notes Payable and Revolving Credit Facility
Derivative, Notional Amount				$ 200,000		$ 200,000			$ 200,000
Number of interest rate swaps entered | contract				3		3			3
Term Loan B [Member]
Notes Payable and Revolving Credit Facility
Credit Facility maximum borrowing capacity				$ 150,000		$ 150,000			$ 150,000
Term Loan B [Member] | Interest Rate Swap [Member]
Notes Payable and Revolving Credit Facility
Number of interest rate swaps entered | contract				4		4			4
Term Loan B [Member] | Forward Starting Interest Rate Swaps [Member]
Notes Payable and Revolving Credit Facility
Derivative fixed rate				2.54%		2.54%			2.54%
Derivative, Notional Amount				$ 150,000		$ 150,000			$ 150,000
Rosedale Loan [Member]
Notes Payable and Revolving Credit Facility
Long term debt	$ 14,800			13,663		$ 13,663		13,954	13,663
Debt Instrument, Interest Rate, Stated Percentage	3.85%
Debt Instrument, Maturity Date						Jul. 31, 2025
Debt Instrument, Term	25 years
Principal payments made						$ 291		281
Interest expense				135	139	403	414
Dumfries Loan [Member]
Notes Payable and Revolving Credit Facility
Long term debt		$ 12,074		11,111		$ 11,111		11,336	11,111
Debt Instrument, Interest Rate, Stated Percentage		4.68%
Debt Instrument, Maturity Date						Jun. 01, 2024
Debt Instrument, Term		10 years
Principal payments made						$ 225	214
Interest expense				132	135	393	403
Cantor Loan [Member]
Notes Payable and Revolving Credit Facility
Long term debt			$ 32,097	31,018		$ 31,018		31,368	31,018
Debt Instrument, Interest Rate, Stated Percentage			5.22%
Debt Instrument, Maturity Date						Apr. 06, 2026
Prepayment period before maturity date						4 months
Debt Instrument, Term			30 years
Principal payments made						$ 350	331
Interest expense				414	420	$ 1,235	1,253
Toledo Loan [Member]
Notes Payable and Revolving Credit Facility
Debt Instrument, Interest Rate, Stated Percentage										5%
Debt Instrument, Maturity Date						Jul. 30, 2033
Principal payments made						$ 98	47
Note balance				1,368		1,368		$ 1,466	1,368	$ 1,513
Interest expense				22	$ 22	67	$ 22
Accordion [Member] | Credit Facility [Member]
Notes Payable and Revolving Credit Facility
Credit Facility maximum borrowing capacity				$ 500,000		$ 500,000			$ 500,000

Equity - Summary of Stock Divid

Equity - Summary of Stock Dividend Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 08, 2023	Jun. 09, 2023	Mar. 10, 2023	Dec. 07, 2022	Sep. 30, 2023	Dec. 31, 2022
Dividend Amount					$ 16,055	$ 15,821
Dividend Accrued					970
Preferred Stock [Member] | Dividend declared on December 7, 2022 [Member]
Date Announced				Dec. 07, 2022
Record Date				Jan. 15, 2023
Payment Date				Jan. 31, 2023
Dividend Amount				$ 1,455
Dividends per Share				$ 0.46875
Preferred Stock [Member] | Dividend declared on March 10, 2023 [Member]
Date Announced			Mar. 10, 2023
Record Date			Apr. 15, 2023
Payment Date			May 01, 2023
Dividend Amount			$ 1,455
Dividends per Share			$ 0.46875
Preferred Stock [Member] | Dividend declared on June 09, 2023 [Member]
Date Announced		Jun. 09, 2023
Record Date		Jul. 15, 2023
Payment Date		Jul. 31, 2023
Dividend Amount		$ 1,455
Dividends per Share		$ 0.46875
Preferred Stock [Member] | Dividend declared on September 8, 2023 [Member]
Date Announced	Sep. 08, 2023
Record Date	Oct. 15, 2023
Payment Date	Oct. 31, 2023
Dividend Amount					$ 1,455
Dividends per Share					$ 0.46875
Common Stock [Member] | Dividend declared on December 7, 2022 [Member]
Date Announced				Dec. 07, 2022
Record Date				Dec. 22, 2022
Payment Date				Jan. 09, 2023
Dividend Amount				$ 14,642
Dividends per Share				$ 0.21
Common Stock [Member] | Dividend declared on March 10, 2023 [Member]
Date Announced			Mar. 10, 2023
Record Date			Mar. 24, 2023
Payment Date			Apr. 11, 2023
Dividend Amount			$ 14,688
Dividends per Share			$ 0.21
Common Stock [Member] | Dividend declared on June 09, 2023 [Member]
Date Announced		Jun. 09, 2023
Record Date		Jun. 23, 2023
Payment Date		Jul. 11, 2023
Dividend Amount		$ 14,819
Dividends per Share		$ 0.21
Common Stock [Member] | Dividend declared on September 8, 2023 [Member]
Date Announced	Sep. 08, 2023
Record Date	Sep. 22, 2023
Payment Date	Oct. 10, 2023
Dividend Amount					$ 14,819
Dividends per Share					$ 0.21

Equity - Additional Information

Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Mar. 31, 2022
Preferred Stock, Shares Authorized	10,000,000		10,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.001		$ 0.001
Preferred Stock, Shares Issued	3,105,000		3,105,000
Preferred Stock, Shares Outstanding	3,105,000		3,105,000
Dividend Accrued	$ 970
Common Stock, Shares Authorized	500,000,000		500,000,000
Common Stock, Par or Stated Value Per Share	$ 0.001		$ 0.001
Common Stock, Shares, Outstanding	65,565,000		65,518,000
Proceeds		$ 9,979
Payments of dividends	$ 4,366	4,366
Payment Of Dividends Common Stock Op And Ltip Units	44,207	43,779
Dividends Payable	16,055		$ 15,821
Units redeemed			35,000
Redemptions			$ 600
OP Units issued for property acquisitions	$ 5,482
Limited Partners' Capital Account, Units Issued	2,244,000
Limited Partners' Capital Account, Units Outstanding	2,244,000		1,667,000
Limited Partners' Capital Account	$ 13,962		$ 8,480
OP [Member]
Shares issued	577,000		0
OP Units issued for property acquisitions	$ 5,482
Common Stock [Member]
Payments of dividends		471
Reversal of dividend accrual		7
Common Stock [Member] | ATM
Authorized amount under sales agreement				$ 300,000
Shares issued	0
Series A Preferred Stock [Member]
Preferred Stock, Shares Issued	3,105,000		3,105,000
Preferred Stock, Shares Outstanding	3,105,000		3,105,000
Preferred Stock, Dividend Rate, Percentage	7.50%
Preferred Stock, Liquidation Preference Per Share	$ 25		$ 25
Dividends Payable, Amount Per Share	$ 1.875
Payments of dividends	$ 4,366	$ 4,366
Long Term Incentives Plan Units Member
Dividend Accrued	115
Payments of dividends	58
Dividends Payable	$ 266		$ 209

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Due to related party	$ 12,138	$ 7,363
Related Party [Member]
Related Party Transaction [Line Items]
Due from related parties	289	200
Due to related party	$ 0	$ 0

Stock-Based Compensation - TRIP

Stock-Based Compensation - TRIP Unit Activity (Details) - shares shares in Thousands			9 Months Ended
	May 10, 2023	Feb. 23, 2023	Sep. 30, 2023
Long Term Incentives Plan Units [Member]
Number of units issued		165
Time-based awards under the 2022 Long-Term Incentive Plan [Member] | Long Term Incentives Plan Units [Member]
Number of units issued		68
Time-based awards under the 2023 Long-Term Incentive Plan [Member] | Long Term Incentives Plan Units [Member]
Vesting percentage			100%
Annual awards to independent directors [Member] | Long Term Incentives Plan Units [Member]
Vesting percentage			100%
Discretionary Awards Plan [Member] | Long Term Incentives Plan Units [Member]
Number of units issued	11
Share-based Compensation Award, Tranche One [Member] | Long-Term Awards [Member]
Vesting percentage			50%
Share-based Compensation Award, Tranche One [Member] | Long Term Incentives Plan Units [Member]
Vesting percentage			50%
Share-based Compensation Award, Tranche One [Member] | Time-based awards under the 2022 Long-Term Incentive Plan [Member] | Long Term Incentives Plan Units [Member]
Vesting percentage			50%
Share-based Compensation Award, Tranche One [Member] | Discretionary Awards Plan [Member] | Long Term Incentives Plan Units [Member]
Vesting percentage			33.33%
Share-based Compensation Award, Tranche Two [Member] | Long-Term Awards [Member]
Vesting percentage			50%
Share-based Compensation Award, Tranche Two [Member] | Long Term Incentives Plan Units [Member]
Vesting percentage			50%
Share-based Compensation Award, Tranche Two [Member] | Time-based awards under the 2022 Long-Term Incentive Plan [Member] | Long Term Incentives Plan Units [Member]
Vesting percentage			50%
Share-based Compensation Award, Tranche Two [Member] | Discretionary Awards Plan [Member] | Long Term Incentives Plan Units [Member]
Vesting percentage			33.33%
Share-based Payment Arrangement, Tranche Three [Member] | Discretionary Awards Plan [Member] | Long Term Incentives Plan Units [Member]
Vesting percentage			33.33%
Independent Directors [Member] | Annual awards to independent directors [Member] | Long Term Incentives Plan Units [Member]
Number of units issued	45

Stock-Based Compensation - Vest

Stock-Based Compensation - Vested and unvested LTIP units (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2023 shares
Stock-Based Compensation
Vested units	2,270
Unvested units	486
LTIP Units outstanding as of September 30, 2022	2,756

Stock-Based Compensation - Long

Stock-Based Compensation - Long-Term Awards (Details) shares in Thousands	Sep. 30, 2023 shares	[1]
Long-Term Awards [Member]
Total target performance awards as of March 31, 2023	468
2022 program [Member] | Long-Term Awards [Member]
Total target performance awards as of March 31, 2023	96
2023 Program [Member] | Annual Awards [Member]
Total target performance awards as of March 31, 2023	151
2023 Program [Member] | Long-Term Awards [Member]
Total target performance awards as of March 31, 2023	154
2021 Program [Member] | Long-Term Awards [Member]
Total target performance awards as of March 31, 2023	67
[1]2021 Long-Term Awards

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions Long-Term Awards (Details) - Long-Term Awards [Member] - $ / shares shares in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
2020 Program [Member]
Target awards			67
2019 Long-Term Awards
Expected term in years		3 years
2018 Long-Term Awards
Fair value			$ 14.86
Volatility			42.37%
Risk-free rate			0.26%
Dividend assumption			reinvested
Expected term in years			3 years
2022 program [Member]
Fair value	$ 11.67
Target awards	154
Volatility	43.54%
Risk-free rate	4.35%
Dividend assumption	reinvested
Expected term in years	3 years
2021 Program [Member]
Fair value		$ 16.39
Target awards		96
Volatility		41.65%
Risk-free rate		1.72%
Dividend assumption		reinvested

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Expected dividend rate			0%
Stock-based compensation expense	$ 1,185	$ 1,039	$ 3,020	$ 3,615
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 6,000		$ 6,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			1 year 6 months
2016 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	844		844
Annual Award Agreements [Member]
Period of average closing stock			15 days
Long Term Incentive Plan 2020 [Member]
Share based compensation maximum percentage of target that may be earned			0%
2021 and 2022 Programs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period			16
Long-Term Awards [Member]
Performance period			3 years
Share based compensation maximum percentage of target that may be earned			200%
Long Term Incentives Plan Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period			25
Performance period			3 years
Units redeemed			47
Long Term Incentives Plan Units [Member] | Long Term Incentive Plan [Member]
Performance period			3 years
Share Based Compensation Estimated Percentage Of Performance Goals	100%		100%
Share based compensation maximum percentage of target that may be earned			150%
Period of average closing stock			15 days
Long Term Incentives Plan Units [Member] | Annual Award Agreements [Member]
Performance period			1 year
Share-based Compensation Award, Tranche One [Member] | Long-Term Awards [Member]
Vesting percentage			50%
Share-based Compensation Award, Tranche One [Member] | Long Term Incentives Plan Units [Member]
Vesting percentage			50%
Share-based Compensation Award, Tranche Two [Member] | Long-Term Awards [Member]
Vesting percentage			50%
Share-based Compensation Award, Tranche Two [Member] | Long Term Incentives Plan Units [Member]
Performance period			1 year
Vesting percentage			50%

Leases - Aggregate annual minim

Leases - Aggregate annual minimum cash to be received by the Company on the noncancelable operating leases (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Leases
2023 (three months remaining)	$ 29,396
2024	113,130
2025	100,853
2026	91,721
2027	79,323
Thereafter	316,961
Total	$ 731,384

Leases - Scheduled obligations

Leases - Scheduled obligations for future minimum payments on operating ground leases (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Leases
2023 (three months remaining)	$ 39
2024	679
2025	740
2026	757
2027	772
Thereafter	10,450
Total	13,437
Discount	(5,823)
Lease liability	$ 7,614

Leases - Additional Information

Leases - Additional Information (Details) $ in Thousands		3 Months Ended		9 Months Ended
	May 01, 2023 USD ($)	Sep. 30, 2023 USD ($) building	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) tenant property building	Sep. 30, 2022 USD ($)
Operating Lease Average Remaining Lease Term				10 years
Variable revenue		$ 1,704	$ 1,950	$ 5,563	$ 5,816
Rental revenue		$ 35,487	35,347	$ 108,003	100,877
Weighted average remaining term		43 years		43 years
Weighted average discount rate		7.50%		7.50%
Lease Expense		$ 81	60	$ 234	169
Paid in cash		$ 43	$ 32	$ 124	$ 104
Buildings located on land that is subject to operating ground leases | building		7		7
Number of tenants | tenant				268
Number of facilities leased | property				185
Lease liability		$ 7,614		$ 7,614
Concentration Risk, Customer				During this period there were no tenants with rental revenue that exceeded 10% of the Company’s rental revenue.
Bethesda Headquarters [Member]
Weighted average discount rate	6.50%
Increase In Operating Lease Right Of Use Assets	$ 4,634
Increase In Operating Lease Liabilities	4,634
Lease liability	$ 7,000

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2022
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false