Global Medical REIT (GMRE) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 05, 2024
Document Type	10-Q
Document Period End Date	Sep. 30, 2024
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		66,803,348
Entity Central Index Key	0001533615
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
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, 2024	Dec. 31, 2023
Investment in real estate:
Land	$ 168,110	$ 164,315
Building	1,041,006	1,035,705
Site improvements	22,946	21,974
Tenant improvements	66,933	66,358
Acquired lease intangible assets	137,886	138,617
Investment in real estate, Total	1,436,881	1,426,969
Less: accumulated depreciation and amortization	(283,941)	(247,503)
Investment in real estate, net	1,152,940	1,179,466
Cash and cash equivalents	5,723	1,278
Restricted cash	2,066	5,446
Tenant receivables, net	8,122	6,762
Escrow deposits	1,694	673
Deferred assets	27,685	27,132
Derivative asset	14,967	25,125
Goodwill	5,903	5,903
Other Assets	23,091	15,722
Total assets	1,242,595	1,267,700
Liabilities:
Credit Facility, net of unamortized debt issuance costs of $5,418 and $7,067 at September 30, 2024 and December 31, 2023, respectively	614,382	585,333
Notes payable, net of unamortized debt issuance costs of $31 and $66 at September 30, 2024 and December 31, 2023, respectively	14,493	25,899
Accounts payable and accrued expenses	13,350	12,781
Dividends payable	16,534	16,134
Security deposits	3,222	3,688
Other liabilities	12,370	12,770
Acquired lease intangible liability, net	3,638	5,281
Total liabilities	677,989	661,886
Equity:
Preferred stock, $0.001 par value, 10,000 shares authorized; 3,105 issued and outstanding at September 30, 2024 and December 31, 2023, respectively (liquidation preference of $77,625 at September 30, 2024 and December 31, 2023, respectively)	74,959	74,959
Common stock, $0.001 par value, 500,000 shares authorized; 66,803 shares and 65,565 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	67	66
Additional paid-in capital	733,626	722,418
Accumulated deficit	(281,067)	(238,984)
Accumulated other comprehensive income (loss)	14,967	25,125
Total Global Medical REIT Inc. stockholders' equity	542,552	583,584
Noncontrolling interest	22,054	22,230
Total equity	564,606	605,814
Total liabilities and equity	1,242,595	1,267,700
Related Party [Member]
Investment in real estate:
Due from related parties	404	193
Liabilities:
Other liabilities	$ 0	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Unamortized debt issuance costs	$ 31	$ 66
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	66,803	65,565
Common stock, shares outstanding	66,803	65,565
Line of Credit [Member]
Unamortized debt issuance costs	$ 5,418	$ 7,067
Notes Payable, Net [Member]
Unamortized debt issuance costs	$ 31	$ 66

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue
Rental revenue	$ 34,175	$ 35,487	$ 103,458	$ 108,003
Other income	89	20	166	85
Total revenue	34,264	35,507	103,624	108,088
Expenses
General and administrative	4,381	4,367	13,416	12,633
Operating expenses	7,437	7,231	22,056	21,989
Depreciation expense	9,993	10,100	30,233	31,062
Amortization expense	3,649	4,095	11,487	12,828
Interest expense	7,236	7,170	21,119	23,909
Preacquisition expense				44
Total expenses	32,696	32,963	98,311	102,465
Income before gain on sale of investment property	1,568	2,544	5,313	5,623
Gain on sale of investment property	1,823	2,289	(1,560)	15,560
Net income	3,391	4,833	3,753	21,183
Less: Preferred stock dividends	(1,455)	(1,455)	(4,366)	(4,366)
Less: Net income attributable to noncontrolling interest	(145)	(240)	50	(1,187)
Net income (loss) attributable to common stockholders	$ 1,791	$ 3,138	$ (563)	$ 15,630
Net income (loss) attributable to common stockholders per share - basic	$ 0.03	$ 0.05	$ (0.01)	$ 0.24
Net income (loss) attributable to common stockholders per share - diluted	$ 0.03	$ 0.05	$ (0.04)	$ 0.19
Weighted average shares outstanding - basic	65,737	65,565	65,633	65,545
Weighted average shares outstanding - diluted	65,737	65,565	65,580	65,534

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Condensed Consolidated Statements of Comprehensive Income
Net income	$ 3,391	$ 4,833	$ 3,753	$ 21,183
Other comprehensive (loss) income
Increase in fair value of interest rate swap agreements	(12,705)	2,520	(10,158)	3,705
Total other comprehensive (loss) income	(12,705)	2,520	(10,158)	3,705
Comprehensive income (loss)	(9,314)	7,353	(6,405)	24,888
Less: Preferred stock dividends	(1,455)	(1,455)	(4,366)	(4,366)
Less: Comprehensive loss (income) attributable to noncontrolling interest	807	(418)	817	(1,440)
Comprehensive (loss) income attributable to common stockholders	$ (9,962)	$ 5,480	$ (9,954)	$ 19,082

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, 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 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
Balances at Dec. 31, 2023	$ 66	$ 74,959	722,418	(238,984)	25,125	583,584	22,230	605,814
Balances (in shares) at Dec. 31, 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
Balances at Dec. 31, 2023	$ 66	$ 74,959	722,418	(238,984)	25,125	583,584	22,230	605,814
Balance (in shares) at Dec. 31, 2023	65,565	3,105
Net income				3,803		3,803	(50)	3,753
Issuance of shares of common stock, net	$ 1		10,895			10,896		10,896
Issuance of shares of common stock, net (in shares)	1,204
LTIP Units and OP Units redeemed for common stock			313			313	(313)
LTIP Units and OP Units redeemed for common stock (in shares)	34
Change in fair value of interest rate swap agreements					(10,158)	(10,158)		(10,158)
Stock-based compensation expense							3,826	3,826
Dividends to common stockholders				(41,520)		(41,520)		(41,520)
Dividends to preferred stockholders				(4,366)		(4,366)		(4,366)
Dividends to noncontrolling interest							(3,639)	(3,639)
Balances at Sep. 30, 2024	$ 67	$ 74,959	733,626	(281,067)	14,967	542,552	22,054	564,606
Balances (in shares) at Sep. 30, 2024	66,803	3,105
Balances at Jun. 30, 2024	$ 66	$ 74,959	722,627	(268,885)	27,672	556,439	21,933	578,372
Balance (in shares) at Jun. 30, 2024	65,588	3,105
Net income				3,246		3,246	145	3,391
Issuance of shares of common stock, net	$ 1		10,895			10,896		10,896
Issuance of shares of common stock, net (in shares)	1,204
LTIP Units and OP Units redeemed for common stock			104			104	(104)
LTIP Units and OP Units redeemed for common stock (in shares)	11
Change in fair value of interest rate swap agreements					(12,705)	(12,705)		(12,705)
Stock-based compensation expense							1,274	1,274
Dividends to common stockholders				(13,973)		(13,973)		(13,973)
Dividends to preferred stockholders				(1,455)		(1,455)		(1,455)
Dividends to noncontrolling interest							(1,194)	(1,194)
Balances at Sep. 30, 2024	$ 67	$ 74,959	$ 733,626	$ (281,067)	$ 14,967	$ 542,552	$ 22,054	$ 564,606
Balances (in shares) at Sep. 30, 2024	66,803	3,105

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
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, 2024	Sep. 30, 2023
Operating activities
Net income	$ 3,753	$ 21,183
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	30,233	31,062
Amortization of acquired lease intangible assets	11,174	12,718
Amortization of above market leases, net	782	812
Amortization of debt issuance costs and other	1,684	1,795
Stock-based compensation expense	3,826	3,020
Capitalized preacquisition and other costs charged to expense	93	155
Reserve for uncollectible accounts	822
Loss (gain) on sale of investment properties	1,560	(15,560)
Other	129	285
Changes in operating assets and liabilities:
Tenant receivables	(2,182)	513
Deferred assets	(1,008)	(2,478)
Other assets and liabilities	(1,030)	(787)
Accounts payable and accrued expenses	153	(855)
Security deposits	(466)	(1,548)
Net cash provided by operating activities	49,523	50,315
Investing activities
Purchase of land, buildings, and other tangible and intangible assets and liabilities	(31,279)	(442)
Net proceeds from sale of investment property	19,230	77,929
Escrow deposits for purchase of properties	(1,252)
Advances made to related parties	(211)	(89)
Capital expenditures on existing real estate investments	(9,972)	(5,778)
Leasing commissions	(2,935)	(890)
Net cash used in investing activities	(26,419)	70,730
Financing activities
Net proceeds received from common equity offerings	10,896
Escrow deposits required by third party lenders	231	(1,038)
Repayment of notes payable	(11,441)	(964)
Proceeds from Credit Facility	82,800	38,100
Repayment of Credit Facility	(55,400)	(115,400)
Payment of debt issuance costs		(13)
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders	(44,759)	(44,207)
Dividends paid to preferred stockholders	(4,366)	(4,366)
Net cash provided by financing activities	(22,039)	(127,888)
Net (decrease) increase in cash and cash equivalents and restricted cash	1,065	(6,843)
Cash and cash equivalents and restricted cash-beginning of period	6,724	14,455
Cash and cash equivalents and restricted cash-end of period	7,789	7,612
Supplemental cash flow information:
Cash payments for interest	19,525	23,290
Noncash financing and investing activities:
Accrued dividends payable	16,534	16,055
Interest rate swap agreements fair value change recognized in other comprehensive income	(10,158)	3,705
OP Units and LTIP Units redeemed for common stock	313	427
Accrued capital expenditures included in accounts payable and accrued expenses	$ 1,956	713
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

Organization

Organization	9 Months Ended
	Sep. 30, 2024
Organization
Organization	Note 1 – Organization Global Medical REIT Inc. (the “Company”) is a Maryland corporation and internally managed real estate investment trust (“REIT”) that 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, 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, Global Medical REIT GP LLC, a Delaware limited liability company. As of September 30, 2024, the Company was the 92.51% limited partner of the Operating Partnership, with an aggregate of 7.49% 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, 2024
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, 2023. 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 affiliates 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 certain security deposits received from tenants at the inception of their leases and funds held by the Company related to certain 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, ​ 2024 2023 Cash and cash equivalents $ 5,723 $ 1,281 Restricted cash ​ ​ 2,066 ​ ​ 6,331 Total cash and cash equivalents and restricted cash $ 7,789 $ 7,612 ​ Tenant Receivables, Net The tenant receivable balance as of September 30, 2024 and December 31, 2023 was $8,122 and $6,762, respectively. The balance as of September 30, 2024 consisted of $3,473 in funds owed from the Company’s tenants for rent that the Company had earned but had not yet received, $4,043 of tenant reimbursements, $122 for a loan that was made to one of the Company’s tenants, and $484 of miscellaneous receivables. The balance as of December 31, 2023 consisted of $2,062 in funds owed from the Company’s tenants for rent that the Company had earned but had not yet received, $4,372 of tenant reimbursements, $131 for a loan that was made to one of the Company’s tenants, and $197 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, 2024 and December 31, 2023, 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, 2024 and December 31, 2023 was $1,694 and $673, 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 and insurance. Deferred Assets The deferred assets balance as of September 30, 2024 and December 31, 2023 was $27,685 and $27,132, respectively. The balance as of September 30, 2024 consisted of $27,567 in deferred rent receivables resulting from the recognition of revenue from leases with fixed annual rental escalations on a straight-line basis and $118 of other deferred costs. The balance as of December 31, 2023 consisted of $26,757 in deferred rent receivables resulting from the recognition of revenue from leases with fixed annual rental escalations on a straight-line basis and $375 of other deferred costs. Other Assets The other assets balance as of September 30, 2024 and December 31, 2023 was $23,091 and $15,722, respectively. The balance as of September 30, 2024 consisted of $7,362 in right of use assets, $8,473 in capitalized construction in process costs, $2,434 in prepaid assets, $4,431 in net capitalized leasing commissions, and $391 in net capitalized software costs and miscellaneous assets. The balance as of December 31, 2023 consisted of $7,627 in right of use assets, $3,346 in capitalized construction in process costs, $1,379 in prepaid assets, $2,894 in net capitalized leasing commissions, and $476 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, 2024 and December 31, 2023, 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 $14,967 and $25,125, 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, 2024 and December 31, 2023, 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, 2024 or December 31, 2023. 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, 2024 and December 31, 2023 was $12,370 and $12,770, respectively. The balance as of September 30, 2024 consisted of $7,544 for right of use liabilities and $4,826 of prepaid rent. The balance as of December 31, 2023 consisted of $7,680 for right of use liabilities and $5,090 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, 2024
Property Portfolio
Property Portfolio	Note 3 – Property Portfolio Summary of Properties Acquired and Sold During the Nine Months Ended September 30, 2024 During the nine months ended September 30, 2024, the Company completed five acquisitions. These acquisitions were made pursuant to a May 2024 purchase agreement to acquire a 15-property portfolio. For these acquisitions, substantially all of the fair value was concentrated in a single identifiable asset or group of similar identifiable assets and, therefore, these acquisitions represent an asset acquisition. Accordingly, transaction costs for these acquisitions were capitalized. The Company completed the acquisition of the remaining 10 properties in the 15-property portfolio in October 2024. ​ During the nine months ended September 30, 2024, the Company completed three dispositions. In June 2024, the Company sold an in-patient rehabilitation facility located in Mishawaka, Indiana receiving gross proceeds of $8.1 million, resulting in a loss of $3.4 million. In July 2024, the Company sold a medical office building located in Panama City, Florida receiving gross proceeds of $11.0 million, resulting in a gain of $1.7 million. In September 2024, the Company sold a medical office building located in Panama City Beach, Florida receiving gross proceeds of $1.1 million, resulting in a gain of $0.1 million. A rollforward of the gross investment in land, building, improvements, and acquired lease intangible assets as of September 30, 2024 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Site ​ Tenant ​ Acquired Lease ​ Gross Investment in ​ Land Building Improvements Improvements Intangible Assets Real Estate Balances as of December 31, 2023 ​ $ 164,315 ​ $ 1,035,705 ​ $ 21,974 ​ $ 66,358 ​ $ 138,617 ​ $ 1,426,969 Facility Acquired – Date Acquired: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minot – 7/11/24 ​ ​ 935 ​ ​ 7,324 ​ ​ 144 ​ ​ 103 ​ ​ 676 ​ ​ 9,182 Clinton – 7/11/24 ​ ​ 938 ​ ​ 4,829 ​ ​ 188 ​ ​ 256 ​ ​ 657 ​ ​ 6,868 Westland– 7/11/24 ​ ​ 921 ​ ​ 3,630 ​ ​ 157 ​ ​ 99 ​ ​ 540 ​ ​ 5,347 Cerritos – 7/11/24 ​ ​ 3,424 ​ ​ 1,244 ​ ​ 107 ​ ​ 106 ​ ​ 392 ​ ​ 5,273 Spartanburg – 7/11/24 ​ ​ 890 ​ ​ 2,613 ​ ​ 168 ​ ​ 390 ​ ​ 517 ​ ​ 4,578 Capitalized costs (1) ​ — ​ ​ 3,552 ​ ​ 469 ​ ​ 2,344 ​ ​ — ​ 6,365 Total Additions: ​ ​ 7,108 ​ ​ 23,192 ​ ​ 1,233 ​ ​ 3,298 ​ ​ 2,782 ​ ​ 37,613 Disposition of Mishawaka - 6/27/24 ​ ​ (1,924) ​ ​ (10,084) ​ ​ (75) ​ ​ (1,798) ​ ​ (2,223) ​ ​ (16,104) Disposition of Panama City - 7/12/24 ​ ​ (1,117) ​ ​ (7,201) ​ ​ (165) ​ ​ (841) ​ ​ (1,141) ​ ​ (10,465) Disposition of Panama City Beach - 9/19/24 ​ ​ (272) ​ ​ (606) ​ ​ (21) ​ ​ (84) ​ ​ (149) ​ ​ (1,132) Total Dispositions: ​ ​ (3,313) ​ ​ (17,891) ​ ​ (261) ​ ​ (2,723) ​ ​ (3,513) ​ ​ (27,701) Balances as of September 30, 2024 ​ $ 168,110 ​ $ 1,041,006 ​ $ 22,946 ​ $ 66,933 ​ $ 137,886 ​ $ 1,436,881 (1) Represents capital projects that were completed and placed in service during the nine months ended September 30, 2024 related to the Company’s existing facilities. ​ As of September 30, 2024, the Company had aggregate capital improvement commitments and obligations to improve, expand, and maintain the Company’s existing facilities of approximately $22,500. 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 $14,500. Summary of Properties Acquired and Sold During the Year Ended December 31, 2023 During the year ended December 31, 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, this acquisition represents an asset acquisition. Accordingly, transaction costs for this acquisition were capitalized. During the year ended December 31, 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 December 31, 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) ​ — ​ ​ 3,146 ​ ​ 1,009 ​ ​ 2,356 ​ ​ 172 ​ 6,683 Total Additions: ​ ​ 771 ​ ​ 6,944 ​ ​ 1,183 ​ ​ 2,677 ​ ​ 1,044 ​ ​ 12,619 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 December 31, 2023 ​ $ 164,315 ​ $ 1,035,705 ​ $ 21,974 ​ $ 66,358 ​ $ 138,617 ​ $ 1,426,969 (1) Represents capital projects that were completed and placed in service during the year ended December 31, 2023 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, 2024 ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Cost Amortization Net Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ In-place leases ​ $ 77,121 ​ $ (50,465) ​ $ 26,656 Above market leases ​ 24,724 ​ (12,529) ​ 12,195 Leasing costs ​ 36,041 ​ (21,098) ​ 14,943 ​ ​ $ 137,886 ​ $ (84,092) ​ $ 53,794 Liability ​ ​ ​ ​ ​ ​ ​ ​ ​ Below market leases ​ $ 13,595 ​ $ (9,957) ​ $ 3,638 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ ​ Accumulated ​ ​ ​ ​ Cost ​ Amortization ​ Net Assets ​ ​ ​ In-place leases ​ $ 77,037 ​ $ (44,249) ​ $ 32,788 Above market leases ​ 24,961 ​ (10,318) ​ 14,643 Leasing costs ​ 36,619 ​ (18,556) ​ 18,063 ​ ​ $ 138,617 ​ $ (73,123) ​ $ 65,494 Liability ​ ​ ​ ​ ​ ​ Below market leases ​ $ 13,595 ​ $ (8,314) ​ $ 5,281 ​ The following is a summary of the acquired lease intangible amortization: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ 2024 2023 2024 2023 Amortization expense related to in-place leases ​ $ 2,431 ​ $ 2,809 ​ $ 7,707 ​ $ 8,850 ​ Amortization expense related to leasing costs ​ $ 1,114 ​ $ 1,230 ​ $ 3,467 ​ $ 3,868 ​ Decrease in rental revenue related to above market leases ​ $ 793 ​ $ 818 ​ $ 2,425 ​ $ 2,565 ​ Increase in rental revenue related to below market leases ​ $ (511) ​ $ (584) ​ $ (1,643) ​ $ (1,753) ​ ​ As of September 30, 2024, 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 2024 (three months remaining) ​ $ (357) ​ $ 3,136 2025 ​ (1,705) ​ 11,045 2026 ​ (1,800) ​ 9,127 2027 ​ (1,377) ​ 6,302 2028 ​ ​ (1,093) ​ ​ 4,998 Thereafter ​ (2,225) ​ 6,991 Total ​ $ (8,557) ​ $ 41,599 ​ As of September 30, 2024, the weighted average amortization periods for asset lease intangibles and liability lease intangibles were 3.3 years and 2.2 years, respectively.

Credit Facility, Notes Payable

Credit Facility, Notes Payable and Derivative Instruments	9 Months Ended
	Sep. 30, 2024
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 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, 2024, 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, 2024, the Company borrowed $82,800 under the Credit Facility and repaid $55,400, for a net amount borrowed of $27,400. 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. Interest expense incurred on the Credit Facility was $6,526 and $18,766 for the three and nine months ended September 30, 2024, respectively, and $5,878 and $20,047 for the three and nine months ended September 30, 2023, respectively. As of September 30, 2024 and December 31, 2023, the Company had the following outstanding borrowings under the Credit Facility: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 December 31, 2023 Revolver ​ $ 119,800 ​ $ 92,400 Term Loan A ​ ​ 350,000 ​ ​ 350,000 Term Loan B ​ 150,000 ​ 150,000 Credit Facility, gross ​ ​ 619,800 ​ ​ 592,400 Less: Unamortized debt issuance costs ​ (5,418) ​ (7,067) Credit Facility, net ​ $ 614,382 ​ $ 585,333 ​ 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 related to amendments and modifications to the Credit Facility during the nine months ended September 30, 2023. Amortization expense incurred related to debt issuance costs was $550 and $1,649 for the three and nine months ended September 30, 2024, respectively, and $551 and $1,649 for the three and nine months ended September 30, 2023, 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, through certain of its wholly owned subsidiaries, entered into or assumed loans in connection with the acquisitions of the Rosedale, Dumfries, and Toledo facilities. The Dumfries loan matured and was paid in full in June 2024. As of September 30, 2024 and December 31, 2023, the Company had the following outstanding borrowings under these loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 December 31, 2023 Rosedale loan (1) ​ $ 13,261 ​ $ 13,563 Dumfries loan (2) ​ ​ — ​ ​ 11,034 Toledo loan (3) ​ ​ 1,263 ​ ​ 1,368 Notes payable, gross ​ ​ 14,524 ​ ​ 25,965 Unamortized debt issuance costs ​ (31) ​ (66) Notes payable, net ​ $ 14,493 ​ $ 25,899 (1) The Rosedale loan has an annual interest rate of 3.85% and matures on July 31, 2025 . (2) The Dumfries loan had an annual interest rate of 4.68% and matured on June 1, 2024 . (3) The Toledo loan has an annual interest rate of 5.0% and matures on July 30, 2033 . ​ Amortization expense incurred related to debt issuance costs was $9 and $35 for the three and nine months ended September 30, 2024, respectively, and $38 and $115 for the three and nine months ended September 30, 2023, respectively, and is included in the “Interest Expense” line item in the accompanying Condensed Consolidated Statements of Operations. The Company made principal payments of $11,441 and $964 during the nine months ended September 30, 2024 and 2023, respectively. Interest expense incurred on these loans was $151 and $669 for the three and nine months ended September 30, 2024, respectively, and $703 and $2,098 for the three and nine months ended September 30, 2023, respectively. As of September 30, 2024, scheduled principal payments due for each year ended December 31 were as follows: ​ ​ ​ ​ 2024 (three months remaining) ​ $ 103 2025 ​ ​ 13,268 2026 ​ ​ 117 2027 ​ ​ 124 2028 ​ ​ 131 Thereafter ​ ​ 781 Total ​ $ 14,524 ​ Derivative Instruments - Interest Rate Swaps The Company has nine 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, 2024, five of the Company’s interest rate swaps related to Term Loan A with a combined notional value of $350 million that fix the SOFR ​ Term Loan B Swaps ​ As of September 30, 2024, 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 income 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. As of September 30, 2024 and December 31, 2023, all of the Company’s swaps meet the criteria for hedge accounting. ​ 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 $14,967 and $25,125 as of September 30, 2024 and December 31, 2023, respectively. The balances are included in the “Derivative Asset” line item on the Company’s Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023, respectively. The table below details the components of the amounts presented on the accompanying Condensed Consolidated Statements of Comprehensive (Loss) Income recognized on the Company’s interest rate swaps designated as cash flow hedges for the three and nine months ended September 30, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2024 2023 2024 2023 Amount of loss (gain) recognized in other comprehensive (loss) income ​ $ 8,197 ​ $ (6,801) ​ $ (3,233) ​ $ (14,824) Amount of gain reclassified from accumulated other comprehensive income into interest expense ​ 4,508 ​ 4,281 ​ 13,391 ​ 11,119 Total change in accumulated other comprehensive income ​ $ 12,705 ​ $ (2,520) ​ $ 10,158 ​ $ (3,705) ​ During the next twelve months, the Company estimates that an additional $10,224 will be reclassified as a decrease to interest expense. Additionally, during the three and nine months ended September 30, 2024, the Company recorded total interest expense in its Condensed Consolidated Statements of Operations of $7,236 and $21,119, respectively. Weighted-Average Interest Rate and Term The weighted average interest rate and term of the Company’s debt was 3.79% and 2.2 years at September 30, 2024, compared to 3.83% and 2.9 years as of December 31, 2023.

Equity

Equity	9 Months Ended
	Sep. 30, 2024
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, 2024 and December 31, 2023, 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, 2024 is summarized in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Applicable ​ Quarterly Dividends Date Announced ​ Record Date ​ Quarter ​ Payment Date ​ Dividend ​ per Share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 12, 2023 January 15, 2024 Q4 2023 January 31, 2024 ​ $ 1,455 ​ $ 0.46875 March 7, 2024 ​ April 15, 2024 ​ Q1 2024 ​ April 30, 2024 ​ $ 1,455 ​ $ 0.46875 June 6, 2024 ​ July 15, 2024 ​ Q2 2024 ​ July 31, 2024 ​ $ 1,455 ​ $ 0.46875 September 5, 2024 ​ October 15, 2024 ​ Q3 2024 ​ October 31, 2024 ​ $ 1,455 (1) $ 0.46875 (1) Two months of this amount, equal to $970, was accrued at September 30, 2024. 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, 2024 and 2023, 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, 2024 and December 31, 2023, there were 66,803 and 65,565 outstanding shares of common stock, respectively. Common stock dividend activity for the nine months ended September 30, 2024 is summarized in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Applicable ​ Dividend Dividends Date Announced ​ Record Date ​ Quarter ​ Payment Date ​ Amount (1) ​ per Share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 12, 2023 December 27, 2023 Q4 2023 January 9, 2024 ​ $ 14,819 ​ $ 0.21 March 7, 2024 March 22, 2024 Q1 2024 April 9, 2024 ​ $ 14,901 ​ $ 0.21 June 6, 2024 June 21, 2024 Q2 2024 July 9, 2024 ​ $ 14,912 ​ $ 0.21 September 5, 2024 September 20, 2024 Q3 2024 October 8, 2024 ​ $ 15,109 ​ $ 0.21 (1) Includes distributions on outstanding LTIP Units and OP Units. During the nine months ended September 30, 2024 and 2023, the Company paid total dividends on its common stock, LTIP Units and OP Units in the aggregate amount of $44,759 and $44,207, respectively. As of September 30, 2024 and December 31, 2023, the Company had accrued dividend balances of $455 and $345 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, 2024, $237 of dividends were accrued and $127 of dividends were paid related to these units. During the nine months ended September 30, 2023, $115 of dividends were accrued and $58 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. Capital Raising Activity In January 2024, the Company and the Operating Partnership implemented a $300 million “at-the-market” equity offering program, pursuant to which the Company may offer and sell (including through forward sales), from time to time, shares of its common stock. During the three and nine months ended September 30, 2024, the Company generated gross proceeds of $11,990 through ATM equity issuances of 1,204 shares of the Company’s common stock at an average offering price of $9.95 per share. OP Units During the nine months ended September 30, 2024, the Operating Partnership did not issue or redeem The OP Unit value at issuance and redemption is based on the Company’s closing share price on the date of the respective transaction and is included as a component of noncontrolling interest equity in the Company’s Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023. As of September 30, 2024 and December 31, 2023, there were 2,244 OP Units issued and outstanding. The Company has sufficient shares of common stock authorized pursuant to its charter to cover the redemption of outstanding OP Units.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions
Related Party Transactions	Note 6 – Related Party Transactions Related Party Balances The amounts due from related parties as of September 30, 2024 and December 31, 2023 were $404 and $193, 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, 2024 and December 31, 2023. ​

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2024
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, 2024, there were 1,903 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, 2024, the Company granted the following LTIP Units: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ Date ​ Description ​ Units Issued ​ Vesting Dates ​ ​ ​ ​ ​ ​ ​ February 21, 2024 ​ Final awards under the 2023 Annual Incentive Plan ​ 151 ​ 50% on February 21, 2024; and ​ ​ ​ ​ ​ ​ 50% on February 21, 2025 ​ ​ ​ ​ ​ ​ ​ February 21, 2024 ​ Time-based awards under the 2024 Long-Term Incentive Plan ​ 238 ​ 100% on February 21, 2027 ​ ​ ​ ​ ​ ​ ​ May 15, 2024 ​ Annual awards to independent directors ​ 47 ​ 100% vest on May 15, 2025 ​ ​ ​ ​ ​ ​ ​ June 10, 2024 ​ Discretionary grant ​ 8 ​ 33.33% on June 10, 2025; ​ ​ ​ ​ ​ ​ 33.33% on June 10, 2026; and ​ ​ ​ ​ ​ ​ 33.33% on June 10, 2027; ​ ​ ​ ​ ​ Vested units 2,558 Unvested units 605 LTIP Units outstanding as of September 30, 2024 3,163 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, 2024, certain participants forfeited an aggregate of three Performance Awards. A detail of the Performance Awards under the 2022, 2023 and 2024 programs as of September 30, 2024 is as follows: ​ ​ ​ ​ 2022 Long-Term Awards 96 2023 Long-Term Awards ​ 154 2024 Annual Awards (1) ​ 149 2024 Long-Term Awards (2) ​ 228 Total target Performance Awards as of September 30, 2024 627 (1) Approved by the Board on February 21, 2024. 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 over the 15 trading days preceding the award date. (2) Approved by the Board on February 21, 2024. 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 the Board established performance goals for the year ending December 31, 2024, as set forth in the 2024 LTIP Annual Award Agreements (the “Performance Goals”) that will be used to determine the number of LTIP Units earned by each grantee. Cumulative stock-based compensation expense during the three and nine months ended September 30, 2024 reflects management’s estimate of the probability of the number of these awards that will be earned. As soon as reasonably practicable following the end of the performance period, the Compensation Committee and the 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 2024 Annual Award LTIP Units that are not earned will be forfeited and cancelled. Vesting. one year Distributions. Long-Term Awards. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 Long-Term ​ 2023 Long-Term ​ 2022 Long-Term ​ ​ Awards Awards Awards ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value ​ $ 9.37 ​ $ 11.67 ​ $ 16.39 Target awards ​ 228 ​ 154 ​ 96 Volatility ​ 28.12 % 43.54 % 41.65 % Risk-free rate ​ 4.38 % 4.35 % 1.72 % Dividend assumption ​ reinvested ​ reinvested ​ reinvested Expected term in years ​ 3 ​ 3 ​ 3 ​ The Company incurred stock compensation expense of $1,274 and $3,826 for the three and nine months ended September 30, 2024, respectively, and $1,185 and $3,020 for the three and nine months ended September 30, 2023, 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, 2024, total unamortized compensation expense related to these awards of approximately $6.9 million is expected to be recognized over a weighted average remaining period of 1.8 years.

Leases

Leases	9 Months Ended
	Sep. 30, 2024
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 $34,175 and $103,458 of rental revenue related to operating lease payments for the three and nine months ended September 30, 2024, respectively, and $35,487 and $108,003 of rental revenue related to operating lease payments for the three and nine months ended September 30, 2023, respectively. Of these amounts, $1,891 and $5,817 relate to variable rental revenue for the three and nine months ended September 30, 2024, respectively, and $1,704 and $5,563 relate to variable rental revenue for the three and nine months ended September 30, 2023, respectively. ​ The aggregate annual cash to be received by the Company on the noncancelable operating leases related to its portfolio as of September 30, 2024 is as follows for the subsequent years ended December 31: ​ ​ ​ ​ ​ 2024 (three months remaining) $ 28,421 2025 ​ 110,977 2026 ​ 103,569 2027 ​ 91,633 2028 ​ ​ 81,427 Thereafter ​ 293,344 Total ​ $ 709,371 ​ Information as Lessee 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, 2024, and a reconciliation of those cash flows to the operating lease liability at September 30, 2024: ​ ​ ​ ​ 2024 (three months remaining) $ 181 2025 ​ 740 2026 ​ 757 2027 ​ 772 2028 ​ ​ 794 Thereafter ​ 9,657 Total ​ ​ 12,901 Discount ​ (5,357) Lease liability ​ $ 7,544 ​ Tenant Concentration ​

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
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.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
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

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
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, 2023. 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 affiliates 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, 2024 or December 31, 2023. 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 certain security deposits received from tenants at the inception of their leases and funds held by the Company related to certain 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, ​ 2024 2023 Cash and cash equivalents $ 5,723 $ 1,281 Restricted cash ​ ​ 2,066 ​ ​ 6,331 Total cash and cash equivalents and restricted cash $ 7,789 $ 7,612
Tenant Receivables, Net	Tenant Receivables, Net The tenant receivable balance as of September 30, 2024 and December 31, 2023 was $8,122 and $6,762, respectively. The balance as of September 30, 2024 consisted of $3,473 in funds owed from the Company’s tenants for rent that the Company had earned but had not yet received, $4,043 of tenant reimbursements, $122 for a loan that was made to one of the Company’s tenants, and $484 of miscellaneous receivables. The balance as of December 31, 2023 consisted of $2,062 in funds owed from the Company’s tenants for rent that the Company had earned but had not yet received, $4,372 of tenant reimbursements, $131 for a loan that was made to one of the Company’s tenants, and $197 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, 2024 and December 31, 2023, 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, 2024 and December 31, 2023 was $1,694 and $673, 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 and insurance.
Deferred Assets	Deferred Assets The deferred assets balance as of September 30, 2024 and December 31, 2023 was $27,685 and $27,132, respectively. The balance as of September 30, 2024 consisted of $27,567 in deferred rent receivables resulting from the recognition of revenue from leases with fixed annual rental escalations on a straight-line basis and $118 of other deferred costs. The balance as of December 31, 2023 consisted of $26,757 in deferred rent receivables resulting from the recognition of revenue from leases with fixed annual rental escalations on a straight-line basis and $375 of other deferred costs.
Other Assets	Other Assets The other assets balance as of September 30, 2024 and December 31, 2023 was $23,091 and $15,722, respectively. The balance as of September 30, 2024 consisted of $7,362 in right of use assets, $8,473 in capitalized construction in process costs, $2,434 in prepaid assets, $4,431 in net capitalized leasing commissions, and $391 in net capitalized software costs and miscellaneous assets. The balance as of December 31, 2023 consisted of $7,627 in right of use assets, $3,346 in capitalized construction in process costs, $1,379 in prepaid assets, $2,894 in net capitalized leasing commissions, and $476 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, 2024 and December 31, 2023, 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 $14,967 and $25,125, 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, 2024 and December 31, 2023 was $12,370 and $12,770, respectively. The balance as of September 30, 2024 consisted of $7,544 for right of use liabilities and $4,826 of prepaid rent. The balance as of December 31, 2023 consisted of $7,680 for right of use liabilities and $5,090 of prepaid rent. Refer to Note 8 – “Leases” for additional details on right of use liabilities.
Goodwill	Goodwill ​ As of September 30, 2024 and December 31, 2023, 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, 2024
Summary of Significant Accounting Policies
Schedule of cash and cash equivalents and restricted cash	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, ​ 2024 2023 Cash and cash equivalents $ 5,723 $ 1,281 Restricted cash ​ ​ 2,066 ​ ​ 6,331 Total cash and cash equivalents and restricted cash $ 7,789 $ 7,612

Property Portfolio (Tables)

Property Portfolio (Tables)	9 Months Ended
	Sep. 30, 2024
Property Portfolio
Schedule of Properties Acquired	A rollforward of the gross investment in land, building, improvements, and acquired lease intangible assets as of September 30, 2024 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Site ​ Tenant ​ Acquired Lease ​ Gross Investment in ​ Land Building Improvements Improvements Intangible Assets Real Estate Balances as of December 31, 2023 ​ $ 164,315 ​ $ 1,035,705 ​ $ 21,974 ​ $ 66,358 ​ $ 138,617 ​ $ 1,426,969 Facility Acquired – Date Acquired: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minot – 7/11/24 ​ ​ 935 ​ ​ 7,324 ​ ​ 144 ​ ​ 103 ​ ​ 676 ​ ​ 9,182 Clinton – 7/11/24 ​ ​ 938 ​ ​ 4,829 ​ ​ 188 ​ ​ 256 ​ ​ 657 ​ ​ 6,868 Westland– 7/11/24 ​ ​ 921 ​ ​ 3,630 ​ ​ 157 ​ ​ 99 ​ ​ 540 ​ ​ 5,347 Cerritos – 7/11/24 ​ ​ 3,424 ​ ​ 1,244 ​ ​ 107 ​ ​ 106 ​ ​ 392 ​ ​ 5,273 Spartanburg – 7/11/24 ​ ​ 890 ​ ​ 2,613 ​ ​ 168 ​ ​ 390 ​ ​ 517 ​ ​ 4,578 Capitalized costs (1) ​ — ​ ​ 3,552 ​ ​ 469 ​ ​ 2,344 ​ ​ — ​ 6,365 Total Additions: ​ ​ 7,108 ​ ​ 23,192 ​ ​ 1,233 ​ ​ 3,298 ​ ​ 2,782 ​ ​ 37,613 Disposition of Mishawaka - 6/27/24 ​ ​ (1,924) ​ ​ (10,084) ​ ​ (75) ​ ​ (1,798) ​ ​ (2,223) ​ ​ (16,104) Disposition of Panama City - 7/12/24 ​ ​ (1,117) ​ ​ (7,201) ​ ​ (165) ​ ​ (841) ​ ​ (1,141) ​ ​ (10,465) Disposition of Panama City Beach - 9/19/24 ​ ​ (272) ​ ​ (606) ​ ​ (21) ​ ​ (84) ​ ​ (149) ​ ​ (1,132) Total Dispositions: ​ ​ (3,313) ​ ​ (17,891) ​ ​ (261) ​ ​ (2,723) ​ ​ (3,513) ​ ​ (27,701) Balances as of September 30, 2024 ​ $ 168,110 ​ $ 1,041,006 ​ $ 22,946 ​ $ 66,933 ​ $ 137,886 ​ $ 1,436,881 (1) Represents capital projects that were completed and placed in service during the nine months ended September 30, 2024 related to the Company’s existing facilities. A rollforward of the gross investment in land, building, improvements, and acquired lease intangible assets as of December 31, 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) ​ — ​ ​ 3,146 ​ ​ 1,009 ​ ​ 2,356 ​ ​ 172 ​ 6,683 Total Additions: ​ ​ 771 ​ ​ 6,944 ​ ​ 1,183 ​ ​ 2,677 ​ ​ 1,044 ​ ​ 12,619 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 December 31, 2023 ​ $ 164,315 ​ $ 1,035,705 ​ $ 21,974 ​ $ 66,358 ​ $ 138,617 ​ $ 1,426,969 (1) Represents capital projects that were completed and placed in service during the year ended December 31, 2023 related to the Company’s existing facilities.
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, 2024 ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Cost Amortization Net Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ In-place leases ​ $ 77,121 ​ $ (50,465) ​ $ 26,656 Above market leases ​ 24,724 ​ (12,529) ​ 12,195 Leasing costs ​ 36,041 ​ (21,098) ​ 14,943 ​ ​ $ 137,886 ​ $ (84,092) ​ $ 53,794 Liability ​ ​ ​ ​ ​ ​ ​ ​ ​ Below market leases ​ $ 13,595 ​ $ (9,957) ​ $ 3,638 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ ​ Accumulated ​ ​ ​ ​ Cost ​ Amortization ​ Net Assets ​ ​ ​ In-place leases ​ $ 77,037 ​ $ (44,249) ​ $ 32,788 Above market leases ​ 24,961 ​ (10,318) ​ 14,643 Leasing costs ​ 36,619 ​ (18,556) ​ 18,063 ​ ​ $ 138,617 ​ $ (73,123) ​ $ 65,494 Liability ​ ​ ​ ​ ​ ​ Below market leases ​ $ 13,595 ​ $ (8,314) ​ $ 5,281
Summary of the acquired lease intangible amortization	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ 2024 2023 2024 2023 Amortization expense related to in-place leases ​ $ 2,431 ​ $ 2,809 ​ $ 7,707 ​ $ 8,850 ​ Amortization expense related to leasing costs ​ $ 1,114 ​ $ 1,230 ​ $ 3,467 ​ $ 3,868 ​ Decrease in rental revenue related to above market leases ​ $ 793 ​ $ 818 ​ $ 2,425 ​ $ 2,565 ​ Increase in rental revenue related to below market leases ​ $ (511) ​ $ (584) ​ $ (1,643) ​ $ (1,753) ​
Schedule of net amortization acquired lease intangible assets and liabilities	As of September 30, 2024, 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 2024 (three months remaining) ​ $ (357) ​ $ 3,136 2025 ​ (1,705) ​ 11,045 2026 ​ (1,800) ​ 9,127 2027 ​ (1,377) ​ 6,302 2028 ​ ​ (1,093) ​ ​ 4,998 Thereafter ​ (2,225) ​ 6,991 Total ​ $ (8,557) ​ $ 41,599

Credit Facility, Notes Payabl_2

Credit Facility, Notes Payable and Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Payable and Revolving Credit Facility
Schedule of Outstanding borrowings	As of September 30, 2024 and December 31, 2023, the Company had the following outstanding borrowings under the Credit Facility: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 December 31, 2023 Revolver ​ $ 119,800 ​ $ 92,400 Term Loan A ​ ​ 350,000 ​ ​ 350,000 Term Loan B ​ 150,000 ​ 150,000 Credit Facility, gross ​ ​ 619,800 ​ ​ 592,400 Less: Unamortized debt issuance costs ​ (5,418) ​ (7,067) Credit Facility, net ​ $ 614,382 ​ $ 585,333 ​
Schedule of Aggregate balances of loans payable	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 December 31, 2023 Rosedale loan (1) ​ $ 13,261 ​ $ 13,563 Dumfries loan (2) ​ ​ — ​ ​ 11,034 Toledo loan (3) ​ ​ 1,263 ​ ​ 1,368 Notes payable, gross ​ ​ 14,524 ​ ​ 25,965 Unamortized debt issuance costs ​ (31) ​ (66) Notes payable, net ​ $ 14,493 ​ $ 25,899
Schedule of Comprehensive Income (Loss)	The table below details the components of the amounts presented on the accompanying Condensed Consolidated Statements of Comprehensive (Loss) Income recognized on the Company’s interest rate swaps designated as cash flow hedges for the three and nine months ended September 30, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2024 2023 2024 2023 Amount of loss (gain) recognized in other comprehensive (loss) income ​ $ 8,197 ​ $ (6,801) ​ $ (3,233) ​ $ (14,824) Amount of gain reclassified from accumulated other comprehensive income into interest expense ​ 4,508 ​ 4,281 ​ 13,391 ​ 11,119 Total change in accumulated other comprehensive income ​ $ 12,705 ​ $ (2,520) ​ $ 10,158 ​ $ (3,705) ​
Rosedale Loan [Member]
Notes Payable and Revolving Credit Facility
Schedule of Maturities of Long-term Debt	As of September 30, 2024, scheduled principal payments due for each year ended December 31 were as follows: ​ ​ ​ ​ 2024 (three months remaining) ​ $ 103 2025 ​ ​ 13,268 2026 ​ ​ 117 2027 ​ ​ 124 2028 ​ ​ 131 Thereafter ​ ​ 781 Total ​ $ 14,524

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Preferred Stock [Member]
Schedule of dividends payable	Preferred stock dividend activity for the nine months ended September 30, 2024 is summarized in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Applicable ​ Quarterly Dividends Date Announced ​ Record Date ​ Quarter ​ Payment Date ​ Dividend ​ per Share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 12, 2023 January 15, 2024 Q4 2023 January 31, 2024 ​ $ 1,455 ​ $ 0.46875 March 7, 2024 ​ April 15, 2024 ​ Q1 2024 ​ April 30, 2024 ​ $ 1,455 ​ $ 0.46875 June 6, 2024 ​ July 15, 2024 ​ Q2 2024 ​ July 31, 2024 ​ $ 1,455 ​ $ 0.46875 September 5, 2024 ​ October 15, 2024 ​ Q3 2024 ​ October 31, 2024 ​ $ 1,455 (1) $ 0.46875 (1) Two months of this amount, equal to $970, was accrued at September 30, 2024.
Common Stock [Member]
Schedule of dividends payable	Common stock dividend activity for the nine months ended September 30, 2024 is summarized in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Applicable ​ Dividend Dividends Date Announced ​ Record Date ​ Quarter ​ Payment Date ​ Amount (1) ​ per Share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 12, 2023 December 27, 2023 Q4 2023 January 9, 2024 ​ $ 14,819 ​ $ 0.21 March 7, 2024 March 22, 2024 Q1 2024 April 9, 2024 ​ $ 14,901 ​ $ 0.21 June 6, 2024 June 21, 2024 Q2 2024 July 9, 2024 ​ $ 14,912 ​ $ 0.21 September 5, 2024 September 20, 2024 Q3 2024 October 8, 2024 ​ $ 15,109 ​ $ 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, 2024
Stock-Based Compensation
Schedule of LTIP Unit Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ Date ​ Description ​ Units Issued ​ Vesting Dates ​ ​ ​ ​ ​ ​ ​ February 21, 2024 ​ Final awards under the 2023 Annual Incentive Plan ​ 151 ​ 50% on February 21, 2024; and ​ ​ ​ ​ ​ ​ 50% on February 21, 2025 ​ ​ ​ ​ ​ ​ ​ February 21, 2024 ​ Time-based awards under the 2024 Long-Term Incentive Plan ​ 238 ​ 100% on February 21, 2027 ​ ​ ​ ​ ​ ​ ​ May 15, 2024 ​ Annual awards to independent directors ​ 47 ​ 100% vest on May 15, 2025 ​ ​ ​ ​ ​ ​ ​ June 10, 2024 ​ Discretionary grant ​ 8 ​ 33.33% on June 10, 2025; ​ ​ ​ ​ ​ ​ 33.33% on June 10, 2026; and ​ ​ ​ ​ ​ ​ 33.33% on June 10, 2027;
Schedule of time-based vesting LTIP unit activity	​ ​ ​ ​ Vested units 2,558 Unvested units 605 LTIP Units outstanding as of September 30, 2024 3,163
Schedule of the annual awards and long-term awards	During the nine months ended September 30, 2024, certain participants forfeited an aggregate of three Performance Awards. A detail of the Performance Awards under the 2022, 2023 and 2024 programs as of September 30, 2024 is as follows: ​ ​ ​ ​ 2022 Long-Term Awards 96 2023 Long-Term Awards ​ 154 2024 Annual Awards (1) ​ 149 2024 Long-Term Awards (2) ​ 228 Total target Performance Awards as of September 30, 2024 627 (1) Approved by the Board on February 21, 2024. 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 over the 15 trading days preceding the award date. (2) Approved by the Board on February 21, 2024. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 Long-Term ​ 2023 Long-Term ​ 2022 Long-Term ​ ​ Awards Awards Awards ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value ​ $ 9.37 ​ $ 11.67 ​ $ 16.39 Target awards ​ 228 ​ 154 ​ 96 Volatility ​ 28.12 % 43.54 % 41.65 % Risk-free rate ​ 4.38 % 4.35 % 1.72 % Dividend assumption ​ reinvested ​ reinvested ​ reinvested Expected term in years ​ 3 ​ 3 ​ 3

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 is as follows for the subsequent years ended December 31: ​ ​ ​ ​ ​ 2024 (three months remaining) $ 28,421 2025 ​ 110,977 2026 ​ 103,569 2027 ​ 91,633 2028 ​ ​ 81,427 Thereafter ​ 293,344 Total ​ $ 709,371
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, 2024, and a reconciliation of those cash flows to the operating lease liability at September 30, 2024: ​ ​ ​ ​ 2024 (three months remaining) $ 181 2025 ​ 740 2026 ​ 757 2027 ​ 772 2028 ​ ​ 794 Thereafter ​ 9,657 Total ​ ​ 12,901 Discount ​ (5,357) Lease liability ​ $ 7,544

Organization (Details)

Organization (Details) - Global Medical REIT GP LLC [Member]	9 Months Ended
	Sep. 30, 2024
Operating Partnership	92.51%
Partnership interest	7.49%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 5,723	$ 1,278	$ 1,281
Restricted cash	2,066	5,446	6,331
Total cash and cash equivalents and restricted cash	$ 7,789	$ 6,724	$ 7,612	$ 14,455

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) tenant item property	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) tenant contract
Tenant Receivables	$ 8,122		$ 6,762
Receivables Earned But Not Received Relating To Tenant Rent	3,473		2,062
Loans receivable	122		131
Tenant reimbursements	$ 4,043		4,372
Number of tenants | tenant	275
Real estate held for sale	$ 0		0
Miscellaneous receivables	484		197
Reserve for leases	350		350
Escrow deposit	$ 1,694		$ 673
Proceeds from sale of an investment property held in escrow		$ 990
Number of properties sold	30		3
Deferred Costs and Other Assets	$ 27,685		$ 27,132
Deferred Rent Receivables, Net	27,567		26,757
Other Deferred Costs, Net	118		375
Other Assets	23,091		15,722
Operating Lease, Right-of-Use Asset	7,362
Prepaid Expense and Other Assets	2,434		1,379
Capitalized preacquisition costs	8,473		3,346
Capitalized leasing commissions	4,431		2,894
Capitalized software costs	391		476
Operating Lease, Right-of-Use Asset			7,627
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability		$ 4,634
Prepaid rent	4,826		5,090
Derivative asset	14,967		25,125
Other liabilities	12,370		12,770
Right of use liabilities	7,544		7,680
Goodwill	$ 5,903		5,903
Number of reporting units | item	1
Interest Rate Swap [Member]
Derivative asset	$ 14,967
Derivative Liabilities			$ 25,125
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, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Beginning Balance	$ 1,426,969	$ 1,484,177
Acquisitions	37,613	12,619
Capitalized costs	6,365	6,683
Disposition	(27,701)	(69,827)
Ending Balance	1,436,881	1,426,969
Redding Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		5,936
Mishawaka [Member]
Property, Plant and Equipment [Line Items]
Disposition	(16,104)
Panama City [Member]
Property, Plant and Equipment [Line Items]
Disposition	(10,465)
Panama City Beach Facility [Member]
Property, Plant and Equipment [Line Items]
Disposition	(1,132)
Jacksonville [Member]
Property, Plant and Equipment [Line Items]
Disposition		(3,850)
Clinton Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions	6,868
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)
Minot Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions	9,182
Westland Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions	5,347
Cerritos Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions	5,273
Spartanburg Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions	4,578
Land [Member]
Property, Plant and Equipment [Line Items]
Beginning Balance	164,315	168,308
Acquisitions	7,108	771
Disposition	(3,313)	(4,764)
Ending Balance	168,110	164,315
Land [Member] | Redding Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		771
Land [Member] | Mishawaka [Member]
Property, Plant and Equipment [Line Items]
Disposition	(1,924)
Land [Member] | Panama City [Member]
Property, Plant and Equipment [Line Items]
Disposition	(1,117)
Land [Member] | Panama City Beach Facility [Member]
Property, Plant and Equipment [Line Items]
Disposition	(272)
Land [Member] | Jacksonville [Member]
Property, Plant and Equipment [Line Items]
Disposition		(1,023)
Land [Member] | Clinton Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions	938
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)
Land [Member] | Minot Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions	935
Land [Member] | Westland Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions	921
Land [Member] | Cerritos Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions	3,424
Land [Member] | Spartanburg Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions	890
Buildings
Property, Plant and Equipment [Line Items]
Beginning Balance	1,035,705	1,079,781
Acquisitions	23,192	6,944
Capitalized costs	3,552	3,146
Disposition	(17,891)	(51,020)
Ending Balance	1,041,006	1,035,705
Buildings | Redding Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		3,798
Buildings | Mishawaka [Member]
Property, Plant and Equipment [Line Items]
Disposition	(10,084)
Buildings | Panama City [Member]
Property, Plant and Equipment [Line Items]
Disposition	(7,201)
Buildings | Panama City Beach Facility [Member]
Property, Plant and Equipment [Line Items]
Disposition	(606)
Buildings | Jacksonville [Member]
Property, Plant and Equipment [Line Items]
Disposition		(2,827)
Buildings | Clinton Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions	4,829
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)
Buildings | Minot Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions	7,324
Buildings | Westland Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions	3,630
Buildings | Cerritos Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions	1,244
Buildings | Spartanburg Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions	2,613
Site Improvements [Member]
Property, Plant and Equipment [Line Items]
Beginning Balance	21,974	22,024
Acquisitions	1,233	1,183
Capitalized costs	469	1,009
Disposition	(261)	(1,233)
Ending Balance	22,946	21,974
Site Improvements [Member] | Redding Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		174
Site Improvements [Member] | Mishawaka [Member]
Property, Plant and Equipment [Line Items]
Disposition	(75)
Site Improvements [Member] | Panama City [Member]
Property, Plant and Equipment [Line Items]
Disposition	(165)
Site Improvements [Member] | Panama City Beach Facility [Member]
Property, Plant and Equipment [Line Items]
Disposition	(21)
Site Improvements [Member] | Clinton Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions	188
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)
Site Improvements [Member] | Minot Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions	144
Site Improvements [Member] | Westland Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions	157
Site Improvements [Member] | Cerritos Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions	107
Site Improvements [Member] | Spartanburg Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions	168
Tenant improvements [Member]
Property, Plant and Equipment [Line Items]
Beginning Balance	66,358	65,987
Acquisitions	3,298	2,677
Capitalized costs	2,344	2,356
Disposition	(2,723)	(2,306)
Ending Balance	66,933	66,358
Tenant improvements [Member] | Redding Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		321
Tenant improvements [Member] | Mishawaka [Member]
Property, Plant and Equipment [Line Items]
Disposition	(1,798)
Tenant improvements [Member] | Panama City [Member]
Property, Plant and Equipment [Line Items]
Disposition	(841)
Tenant improvements [Member] | Panama City Beach Facility [Member]
Property, Plant and Equipment [Line Items]
Disposition	(84)
Tenant improvements [Member] | Clinton Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions	256
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)
Tenant improvements [Member] | Minot Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions	103
Tenant improvements [Member] | Westland Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions	99
Tenant improvements [Member] | Cerritos Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions	106
Tenant improvements [Member] | Spartanburg Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions	390
Intangibles [Member]
Property, Plant and Equipment [Line Items]
Beginning Balance	138,617	148,077
Acquisitions	2,782	1,044
Capitalized costs		172
Disposition	(3,513)	(10,504)
Ending Balance	137,886	138,617
Intangibles [Member] | Redding Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions		872
Intangibles [Member] | Mishawaka [Member]
Property, Plant and Equipment [Line Items]
Disposition	(2,223)
Intangibles [Member] | Panama City [Member]
Property, Plant and Equipment [Line Items]
Disposition	(1,141)
Intangibles [Member] | Panama City Beach Facility [Member]
Property, Plant and Equipment [Line Items]
Disposition	(149)
Intangibles [Member] | Clinton Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions	657
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)
Intangibles [Member] | Minot Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions	676
Intangibles [Member] | Westland Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions	540
Intangibles [Member] | Cerritos Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions	392
Intangibles [Member] | Spartanburg Facility [Member]
Property, Plant and Equipment [Line Items]
Acquisitions	$ 517

Property Portfolio - Summary of

Property Portfolio - Summary of the carrying amount of intangible assets and liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Cost	$ 137,886	$ 138,617
Accumulated Amortization	(84,092)	(73,123)
Net	53,794	65,494
Liabilities
Cost	13,595	13,595
Accumulated Amortization	(9,957)	(8,314)
Net	3,638	5,281
In-place leases [Member]
Assets
Cost	77,121	77,037
Accumulated Amortization	(50,465)	(44,249)
Net	26,656	32,788
Above Market Lease intangibles [Member]
Assets
Cost	24,724	24,961
Accumulated Amortization	(12,529)	(10,318)
Net	12,195	14,643
Leasing Costs
Assets
Cost	36,041	36,619
Accumulated Amortization	(21,098)	(18,556)
Net	$ 14,943	$ 18,063

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
In-place leases [Member]
Property, Plant and Equipment [Line Items]
Finite-Lived Intangible Assets, Accumulated Amortization	$ 2,431	$ 2,809	$ 7,707	$ 8,850
Leasing Costs
Property, Plant and Equipment [Line Items]
Finite-Lived Intangible Assets, Accumulated Amortization	1,114	1,230	3,467	3,868
Above Market Lease intangibles [Member]
Property, Plant and Equipment [Line Items]
Finite-Lived Intangible Assets, Accumulated Amortization	793	818	2,425	2,565
Below Market Lease Intangible [Member]
Property, Plant and Equipment [Line Items]
Finite-Lived Intangible Assets, Accumulated Amortization	$ 511	$ 584	$ 1,643	$ 1,753

Property Portfolio - Net amorti

Property Portfolio - Net amortization of the acquired lease intangible (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Net Decrease in Revenue
2024 (six months remaining)	$ (357)
2025	(1,705)
2026	(1,800)
2027	(1,377)
2028	(1,093)
Thereafter	2,225
Total	(8,557)
Net Increase in Expenses
2024 (six months remaining)	3,136
2025	11,045
2026	9,127
2027	6,302
2028	4,998
Thereafter	6,991
Total	$ 41,599

Property Portfolio - (Details)

Property Portfolio - (Details) $ in Thousands

1 Months Ended

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Oct. 31, 2024 property

Sep. 30, 2024 USD ($)

Jul. 31, 2024 USD ($)

Jun. 30, 2024 USD ($)

Aug. 31, 2023 USD ($)

Jun. 30, 2023 USD ($) building

Mar. 31, 2023 USD ($)

Sep. 30, 2024 USD ($)

Sep. 30, 2023 USD ($)

Oct. 31, 2024 property

Sep. 30, 2024 USD ($) tenant property

Sep. 30, 2023 USD ($)

Dec. 31, 2023 USD ($) contract item

Property, Plant and Equipment [Line Items]

Number of Properties Acquired

50

1

Depreciation expense

$ 9,993

$ 10,100

$ 30,233

$ 31,062

Capital improvement commitments and obligations

$ 22,500

22,500

22,500

Capital improvement commitments and obligations, current

$ 14,500

$ 14,500

14,500

Acquisitions

$ 37,613

$ 12,619

Debt Instrument, Term

2 years 2 months 12 days

2 years 10 months 24 days

Number of tenants | tenant

275

Weighted average remaining term

42 years

42 years

42 years

Number of properties sold

30

3

Gain on sale of investment in real estate

$ 100

$ 1,700

$ (3,400)

Gross proceeds from sale

$ 1,100

$ 11,000

$ 8,100

Lease Intangibles Asset [Member]

Property, Plant and Equipment [Line Items]

Finite-Lived Intangible Asset, Useful Life

3 years 3 months 18 days

3 years 3 months 18 days

3 years 3 months 18 days

Lease Intangibles Liability [Member]

Property, Plant and Equipment [Line Items]

Finite-Lived Intangible Asset, Useful Life

2 years 2 months 12 days

2 years 2 months 12 days

2 years 2 months 12 days

Land [Member]

Property, Plant and Equipment [Line Items]

Acquisitions

$ 7,108

$ 771

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 medical offices | 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

Clinton Facility [Member]

Property, Plant and Equipment [Line Items]

Acquisitions

6,868

Clinton Facility [Member] | Land [Member]

Property, Plant and Equipment [Line Items]

Acquisitions

$ 938

Subsequent Event | Property Purchase Agreement [Member]

Property, Plant and Equipment [Line Items]

Number of Properties Acquired | property

100

150

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, 2024	Dec. 31, 2023
Credit Facility, gross	$ 619,800	$ 592,400
Less: Unamortized deferred financing costs	(5,418)	(7,067)
Credit Facility, net	614,382	585,333
Revolving Credit Facility [Member]
Credit Facility, gross	119,800	92,400
Term Loan A [Member]
Credit Facility, gross	350,000	350,000
Term Loan B [Member]
Credit Facility, gross	$ 150,000	$ 150,000

Credit Facility, Notes Payabl_4

Credit Facility, Notes Payable and Derivative Instruments - Schedule of net of unamortized discount balances (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Notes Payable and Revolving Credit Facility
Notes payable, gross	$ 14,524	$ 25,965
Less: Unamortized debt issuance costs	(31)	(66)
Notes payable, net	14,493	25,899
Rosedale Loan [Member]
Notes Payable and Revolving Credit Facility
Notes payable, gross	$ 13,261	$ 13,563
Interest rate	3.85%	3.85%
Loan, maturity date	Jul. 31, 2025	Jul. 31, 2025
Dumfries Loan [Member]
Notes Payable and Revolving Credit Facility
Notes payable, gross		$ 11,034
Interest rate	4.68%	4.68%
Loan, maturity date	Jun. 01, 2024	Jun. 01, 2024
Toledo Loan [Member]
Notes Payable and Revolving Credit Facility
Notes payable, gross	$ 1,263	$ 1,368
Interest rate	5%	5%
Loan, maturity date	Jul. 30, 2033	Jul. 30, 2033

Credit Facility, Notes Payabl_5

Credit Facility, Notes Payable and Derivative Instruments - Scheduled Principal Payments Due On Cantor Loan Note Payable (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Credit Facility, Notes Payable and Derivative Instruments
2024 (three months remaining)	$ 103
2025	13,268
2026	117
2027	124
2028	131
Thereafter	781
Total	$ 14,524

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Credit Facility, Notes Payable and Derivative Instruments
Amount of loss (gain) recognized in other comprehensive income (loss)	$ 8,197	$ (6,801)	$ (3,233)	$ (14,824)
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into interest expense	4,508	4,281	13,391	11,119
Total change in accumulated other comprehensive loss (income)	$ 12,705	$ (2,520)	$ 10,158	$ (3,705)

Credit Facility, Notes Payabl_7

Credit Facility, Notes Payable and Derivative Instruments (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended	30 Months Ended
	Sep. 30, 2024 USD ($) contract	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) contract	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) contract
Notes Payable and Revolving Credit Facility
Long term debt	$ 14,524		$ 14,524			$ 14,524
Increase (Decrease) in Security Deposits			$ (466)	$ (1,548)
Debt Instrument, Term			2 years 2 months 12 days		2 years 10 months 24 days
Note balance	14,524		$ 14,524		$ 25,965	14,524
Additional Interest Expense			10,224
Derivative asset	14,967		14,967		$ 25,125	$ 14,967
Interest expense	$ 7,236	$ 7,170	$ 21,119	23,909
Weighted average interest rate basis	3.79%		3.79%		3.83%	3.79%
Interest Rate Swap [Member]
Notes Payable and Revolving Credit Facility
Number of interest rate swaps entered | contract	9		9			9
Derivative asset	$ 14,967		$ 14,967			$ 14,967
Derivative liability					$ 25,125
Credit Facility [Member]
Notes Payable and Revolving Credit Facility
Credit Facility maximum borrowing capacity	900,000		900,000			$ 900,000
Amortization of financing costs	550	551	$ 1,649	1,649
Credit facility extension option period			6 months
Interest expense	$ 6,526	5,878	$ 18,766	20,047
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, 2024, management believed it complied with all of the financial and non-financial covenants contained in the Credit Facility.
Proceeds from Credit Facility			$ 82,800	38,100
Repayments of Lines of Credit			55,400	115,400
Proceeds from (Repayments of) Credit Facility			27,400	77,300
Line Of Credit Cash Paid Other				13
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
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%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			us-gaap:SecuredOvernightFinancingRateSofrMember
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
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			us-gaap:SecuredOvernightFinancingRateSofrMember
Term Loan A [Member] | Interest Rate Swap [Member]
Notes Payable and Revolving Credit Facility
Number of interest rate swaps entered | contract	5		5			5
Term Loan A [Member] | Interest Rate Swap Agreement Two [Member]
Notes Payable and Revolving Credit Facility
Debt Instrument, Basis Spread on Variable Rate			1.36%
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
Interest rate	3.85%		3.85%		3.85%	3.85%
Loan, maturity date			Jul. 31, 2025		Jul. 31, 2025
Note balance	$ 13,261		$ 13,261		$ 13,563	$ 13,261
Dumfries Loan [Member]
Notes Payable and Revolving Credit Facility
Interest rate	4.68%		4.68%		4.68%	4.68%
Loan, maturity date			Jun. 01, 2024		Jun. 01, 2024
Note balance					$ 11,034
Toledo Loan [Member]
Notes Payable and Revolving Credit Facility
Interest rate	5%		5%		5%	5%
Loan, maturity date			Jul. 30, 2033		Jul. 30, 2033
Note balance	$ 1,263		$ 1,263		$ 1,368	$ 1,263
Accordion [Member] | Credit Facility [Member]
Notes Payable and Revolving Credit Facility
Credit Facility maximum borrowing capacity	500,000		500,000			$ 500,000
Notes Payable [Member]
Notes Payable and Revolving Credit Facility
Amortization of financing costs	9	38	35	115
Interest expense	$ 151	$ 703	669	2,098
Principal payments made			$ 11,441	$ 964

Equity - Summary of Stock Divid

Equity - Summary of Stock Dividend Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 05, 2024	Jun. 06, 2024	Mar. 07, 2024	Dec. 12, 2023	Sep. 30, 2024	Dec. 31, 2023
Dividend Amount					$ 16,534	$ 16,134
Dividend Accrued					970
Preferred Stock [Member] | O 2023 Q4 Dividends [Member]
Date Announced				Dec. 12, 2023
Record Date				Jan. 15, 2024
Payment Date				Jan. 31, 2024
Dividend Amount				$ 1,455
Dividends per Share				$ 0.46875
Preferred Stock [Member] | O 2024 Q1 Dividends [Member]
Date Announced			Mar. 07, 2024
Record Date			Apr. 15, 2024
Payment Date			Apr. 30, 2024
Dividend Amount			$ 1,455
Dividends per Share			$ 0.46875
Preferred Stock [Member] | O 2024 Q2 Dividends [Member]
Date Announced		Jun. 06, 2024
Record Date		Jul. 15, 2024
Payment Date		Jul. 31, 2024
Dividend Amount		$ 1,455
Dividends per Share		$ 0.46875
Preferred Stock [Member] | O 2024 Q3 Dividends [Member]
Date Announced	Sep. 05, 2024
Record Date	Oct. 15, 2024
Payment Date	Oct. 31, 2024
Dividend Amount					$ 1,455
Dividends per Share					$ 0.46875
Common Stock [Member] | O 2023 Q4 Dividends [Member]
Date Announced				Dec. 12, 2023
Record Date				Dec. 27, 2023
Payment Date				Jan. 09, 2024
Dividend Amount				$ 14,819
Dividends per Share				$ 0.21
Common Stock [Member] | O 2024 Q1 Dividends [Member]
Date Announced			Mar. 07, 2024
Record Date			Mar. 22, 2024
Payment Date			Apr. 09, 2024
Dividend Amount			$ 14,901
Dividends per Share			$ 0.21
Common Stock [Member] | O 2024 Q2 Dividends [Member]
Date Announced		Jun. 06, 2024
Record Date		Jun. 21, 2024
Payment Date		Jul. 09, 2024
Dividend Amount		$ 14,912
Dividends per Share		$ 0.21
Common Stock [Member] | O 2024 Q3 Dividends [Member]
Date Announced	Sep. 05, 2024
Record Date	Sep. 20, 2024
Payment Date	Oct. 08, 2024
Dividend Amount					$ 15,109
Dividends per Share					$ 0.21

Equity - Additional Information

Equity - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Jan. 31, 2024
Preferred Stock, Shares Authorized	10,000,000	10,000,000		10,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001		$ 0.001
Preferred Stock, Shares Issued	3,105,000	3,105,000		3,105,000
Preferred Stock, Shares Outstanding	3,105,000	3,105,000		3,105,000
Dividend Accrued	$ 970,000	$ 970,000
Common Stock, Shares Authorized	500,000,000	500,000,000		500,000,000
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001		$ 0.001
Common Stock, Shares, Outstanding	66,803,000	66,803,000		65,565,000
Proceeds		$ 10,896,000
Payments of dividends		4,366,000	$ 4,366,000
Payment Of Dividends Common Stock Op And Ltip Units		44,759,000	44,207,000
Dividends Payable	$ 16,534,000	$ 16,534,000		$ 16,134,000
OP Units issued for property acquisitions			5,482,000
Limited Partners' Capital Account, Units Issued	2,244,000	2,244,000		2,244,000
Limited Partners' Capital Account, Units Outstanding	2,244,000	2,244,000		2,244,000
OP [Member]
Shares issued				577,000
Units redeemed		0		0
OP Units issued for property acquisitions		$ 0		$ 5,482,000
At The Market [Member] | ATM
Authorized amount under sales agreement					$ 300,000,000
Proceeds	$ 11,990,000	$ 11,990,000
Offering price (Dollars per share)	$ 9.95	$ 9.95
Common Stock [Member] | At The Market [Member] | ATM
Shares issued	1,204,000	1,204,000
Series A Preferred Stock [Member]
Preferred Stock, Shares Issued	3,105,000	3,105,000		3,105,000
Preferred Stock, Shares Outstanding	3,105,000	3,105,000		3,105,000
Preferred Stock, Dividend Rate, Percentage		7.50%
Preferred Stock, Liquidation Preference Per Share	$ 25	$ 25		$ 25
Dividends Payable, Amount Per Share	$ 1.875	$ 1.875
Payments of dividends		$ 4,366,000	4,366,000
Long Term Incentives Plan Units Member
Dividend Accrued	$ 237,000	237,000	115,000
Payments of dividends		127,000	$ 58,000
Dividends Payable	$ 455,000	$ 455,000		$ 345,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Due to related party	$ 12,370	$ 12,770
Related Party [Member]
Related Party Transaction [Line Items]
Due from related parties	404	193
Due to related party	$ 0	$ 0

Stock-Based Compensation - TRIP

Stock-Based Compensation - TRIP Unit Activity (Details) - shares shares in Thousands				9 Months Ended
	Jun. 10, 2024	May 15, 2024	Feb. 21, 2024	Sep. 30, 2024
Time-based awards under the 2023 Long-Term Incentive Plan [Member] | Long Term Incentives Plan Units [Member]
Number of units issued			151
Time-based awards under the 2024 Long-Term Incentive Plan [Member] | Long Term Incentives Plan Units [Member]
Number of units issued			238
Vesting percentage				100%
Annual awards to independent directors [Member] | Long Term Incentives Plan Units [Member]
Number of units issued		47
Vesting percentage				100%
Discretionary Awards Plan [Member] | Long Term Incentives Plan Units [Member]
Number of units issued	8
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 2023 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 2023 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%

Stock-Based Compensation - Vest

Stock-Based Compensation - Vested and unvested LTIP units (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2024 shares
Stock-Based Compensation
Vested units	2,558
Unvested units	605
LTIP Units outstanding as of September 30, 2022	3,163

Stock-Based Compensation - Long

Stock-Based Compensation - Long-Term Awards (Details) shares in Thousands	Sep. 30, 2024 shares	[1]
Long-Term Awards [Member]
Total target performance awards as of March 31, 2023	627
2022 program [Member] | Long-Term Awards [Member]
Total target performance awards as of March 31, 2023	154
2023 Program [Member] | Annual Awards [Member]
Total target performance awards as of March 31, 2023	149
2023 Program [Member] | Long-Term Awards [Member]
Total target performance awards as of March 31, 2023	228
2021 Program [Member] | Long-Term Awards [Member]
Total target performance awards as of March 31, 2023	96
[1]2022 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, 2024	Dec. 31, 2023	Dec. 31, 2022
2020 Program [Member]
Target awards			96
2019 Long-Term Awards
Expected term in years		3 years
2018 Long-Term Awards
Fair value			$ 16.39
Volatility			41.65%
Risk-free rate			1.72%
Dividend assumption			reinvested
Expected term in years			3 years
2022 program [Member]
Fair value	$ 9.37
Target awards	228
Volatility	28.12%
Risk-free rate	4.38%
Dividend assumption	reinvested
Expected term in years	3 years
2021 Program [Member]
Fair value		$ 11.67
Target awards		154
Volatility		43.54%
Risk-free rate		4.35%
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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Expected dividend rate			0%
Stock-based compensation expense	$ 1,274	$ 1,185	$ 3,826	$ 3,020
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 6,900		$ 6,900
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			1 year 9 months 18 days
2016 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	1,903		1,903
Annual Award Agreements [Member]
Period of average closing stock			15 days
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			3
Performance period			3 years
Units redeemed			34
Long Term Incentives Plan Units [Member] | Long Term Incentive Plan [Member]
Performance period			3 years
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, 2024 USD ($)
Leases
2024 (three months remaining)	$ 28,421
2025	110,977
2026	103,569
2027	91,633
2028	81,427
Thereafter	293,344
Total	$ 709,371

Leases - Scheduled obligations

Leases - Scheduled obligations for future minimum payments on operating ground leases (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases
2024 (three months remaining)	$ 181
2025	740
2026	757
2027	772
2028	794
Thereafter	9,657
Total	12,901
Discount	(5,357)
Lease liability	$ 7,544

Leases - Additional Information

Leases - Additional Information (Details) $ in Thousands		3 Months Ended		9 Months Ended
	May 01, 2023 USD ($)	Sep. 30, 2024 USD ($) building	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) tenant building property	Sep. 30, 2023 USD ($)
Operating Lease Average Remaining Lease Term				10 years
Variable revenue		$ 1,891	$ 1,704	$ 5,817	$ 5,563
Rental revenue		$ 34,175	35,487	$ 103,458	108,003
Weighted average remaining term		42 years		42 years
Weighted average discount rate		7.50%		7.50%
Lease Expense		$ 51	81	$ 161	234
Paid in cash		$ 58	$ 43	$ 110	$ 124
Buildings located on land that is subject to operating ground leases | building		7		7
Number of tenants | tenant				275
Number of facilities leased | property				187
Lease liability		$ 7,544		$ 7,544
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 Liabilities	$ 4,634