National Healthcare Properties (NHPBP) 10-Q 10 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 31, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	Healthcare Trust, Inc.
Entity Central Index Key	1,561,032
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		88,837,166

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Real estate investments, at cost:
Land	$ 187,868	$ 192,790
Buildings, fixtures and improvements	1,871,126	1,885,713
Construction in progress	43,070	21,309
Acquired intangible assets	234,749	241,459
Total real estate investments, at cost	2,336,813	2,341,271
Less: accumulated depreciation and amortization	(218,077)	(146,669)
Total real estate investments, net	2,118,736	2,194,602
Cash and cash equivalents	50,434	24,474
Restricted cash	4,571	4,647
Investment securities, at fair value	0	1,078
Straight-line rent receivable, net	13,875	11,470
Prepaid expenses and other assets	22,202	21,707
Deferred costs, net	10,307	11,864
Total assets	2,220,125	2,269,842
LIABILITIES AND EQUITY
Mortgage notes payable	142,627	157,305
Mortgage premiums, net	918	2,403
Credit facility	476,500	430,000
Market lease intangible liabilities, net	20,775	22,994
Accounts payable and accrued expenses (including $1,152 and $970 due to related parties as of September 30, 2015 and December 31, 2014, respectively)	28,607	38,449
Deferred rent	5,790	4,356
Distributions payable	12,346	12,518
Total liabilities	687,563	668,025
Preferred stock, $0.01 par value, 50,000,000 authorized, none issued and outstanding as of September 30, 2015 and December 31, 2014	0	0
Common stock, $0.01 par value, 300,000,000 shares authorized, 85,818,405 and 83,718,853 shares of common stock issued and outstanding as of September 30, 2015 and December 31, 2014, respectively	886	861
Additional paid-in capital	1,963,398	1,907,549
Accumulated other comprehensive income (loss)	0	(6)
Accumulated deficit	(440,846)	(316,284)
Total stockholders' equity	1,523,438	1,592,120
Non-controlling interests	9,124	9,697
Total equity	1,532,562	1,601,817
Total liabilities and equity	$ 2,220,125	$ 2,269,842

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Due to affiliates	$ 674	$ 536
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	88,574,565	86,135,411
Common stock, shares outstanding (in shares)	88,574,565	86,135,411

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues:
Rental income	$ 24,980	$ 24,495	$ 77,984	$ 68,282
Operating expense reimbursement	4,196	3,487	11,677	9,344
Resident services and fee income	46,428	36,011	137,084	103,004
Contingent purchase price consideration	(83)	37	142	487
Total revenues	75,521	64,030	226,887	181,117
Expenses:
Property operating	44,041	33,506	123,527	89,612
Impairment on sale of real estate investments	0	0	389	0
Operating fees to related parties	5,199	4,312	15,526	7,722
Acquisition and transaction related	958	3,315	3,059	8,502
General and administrative	2,874	2,442	9,277	7,574
Depreciation and amortization	27,347	34,162	76,245	97,193
Total expenses	80,419	77,737	228,023	210,603
Operating loss	(4,898)	(13,707)	(1,136)	(29,486)
Other income (expense):
Interest expense	(4,923)	(3,081)	(14,783)	(6,838)
Income from investment securities and interest income	2	66	45	555
Gain on sale of real estate investment	1,330	0	1,330	0
Gain on sale of investment securities	56	160	56	446
Total other expense	(3,535)	(2,855)	(13,352)	(5,837)
Loss before income tax and non-controlling interests	(8,433)	(16,562)	(14,488)	(35,323)
Income tax benefit (expense)	(260)	369	1,215	387
Net loss	(8,693)	(16,193)	(13,273)	(34,936)
Net loss attributable to non-controlling interests	29	85	54	187
Net loss attributable to stockholders	(8,664)	(16,108)	(13,219)	(34,749)
Other comprehensive loss:
Unrealized loss on investment securities, net	(43)	(177)	6	(507)
Comprehensive loss	$ (8,707)	$ (16,285)	$ (13,213)	$ (35,256)
Basic and diluted weighted-average shares outstanding (in shares)	88,285,390	85,705,595	87,472,855	84,988,240
Basic and diluted net loss per share (in usd per share)	$ (0.10)	$ (0.19)	$ (0.15)	$ (0.41)
Distributions declared per share (in usd per share)	$ 0.43	$ 0.43	$ 1.27	$ 1.27

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - 9 months ended Sep. 30, 2016 - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income	Accumulated Deficit	Non-controlling Interests
Beginning Balance (in shares) at Dec. 31, 2015			86,135,411
Beginning balance at Dec. 31, 2015	$ 1,601,817	$ 1,592,120	$ 861	$ 1,907,549	$ (6)	$ (316,284)	$ 9,697
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued through distribution reinvestment plan (in shares)	2,400,000		2,441,759
Common stock issued through distribution reinvestment plan	$ 55,971	55,971	$ 25	55,946
Common stock repurchases (in shares)			(6,660)
Common stock repurchases	(170)	(170)		(170)
Equity-based compensation, net	73	73		73
Distributions declared	(111,343)	(111,343)				(111,343)
Distributions to non-controlling interest holders	(519)						(519)
Unrealized loss on investments	6	6			6
Net loss	(13,273)	(13,219)				(13,219)	(54)
Ending Balance (in shares) at Sep. 30, 2016			88,574,565
Ending balance at Sep. 30, 2016	$ 1,532,562	$ 1,523,438	$ 886	$ 1,963,398	$ 0	$ (440,846)	$ 9,124

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net loss	$ (13,273)	$ (34,936)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	76,245	97,193
Amortization of deferred financing costs	3,373	2,676
Amortization of mortgage premiums	(1,485)	(1,402)
Accretion of below-market lease liability and amortization of above-market lease assets, net	113	(119)
Bad debt expense	8,157	3,766
Equity-based compensation	73	36
Gain on sale of investment securities	(56)	(446)
Gain on sale of real estate investments, net	(941)	0
Changes in assets and liabilities:
Straight-line rent receivable	(6,534)	(7,296)
Prepaid expenses and other assets	(5,146)	(8,141)
Accounts payable and accrued expenses	1,897	7,007
Deferred rent and other liabilities	1,434	(736)
Restricted cash	76	(1,169)
Net cash used in operating activities	63,933	56,433
Cash flows from investing activities:
Investment in real estate and other assets	(21,761)	(312,992)
Deposits paid for real estate acquisitions	0	(3,150)
Deposit received for unconsummated disposition	100	0
Capital expenditures	(5,727)	(4,984)
Purchase of investment securities	0	(93)
Proceeds from sales of investment securities	1,140	19,278
Proceeds from sale of real estate investments	26,065	0
Net cash used in investing activities	(183)	(301,941)
Cash flows from financing activities:
Proceeds from credit facility	46,500	185,000
Payments of mortgage notes payable	(15,085)	(6,023)
Payments of deferred financing costs	(958)	(12,407)
Proceeds from issuance of common stock	0	6
Common stock repurchases	(12,184)	(5,921)
Payments of offering costs and fees related to common stock issuances	0	(629)
Distributions paid	(55,544)	(49,358)
Contributions from non-controlling interest holders	0	500
Distributions to non-controlling interest holders	(519)	(526)
Net cash provided by financing activities	(37,790)	110,642
Net change in cash	25,960	(134,866)
Cash and cash equivalents, beginning of period	24,474	182,617
Cash and cash equivalents, end of period	50,434	47,751
Supplemental Disclosures:
Cash paid for interest	13,883	5,170
Cash paid for taxes	339	312
Non-Cash Financing Activities:
Unfulfilled repurchase requests included in accounts payable, accrued expenses and other liabilities	0	4,472
Assumption of mortgage notes payable used to acquire investments in real estate	0	38,387
Premiums on assumed mortgage notes payable	0	2,834
Liabilities assumed in real estate acquisitions	0	604
Common stock issued through distribution reinvestment plan	$ 55,971	$ 58,848

Organization

Organization	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Healthcare Trust, Inc. (including, as required by context, Healthcare Trust Operating Partnership, LP (the "OP") and its subsidiaries, the "Company") invests in healthcare real estate, such as seniors housing and medical office buildings ("MOB"), located in the United States for investment purposes. As of September 30, 2016 , the Company owned 163 properties located in 29 states and comprised of 8.4 million rentable square feet. The Company, which was incorporated on October 15, 2012, is a Maryland corporation that elected and qualified to be taxed as a real estate investment trust for U.S. federal income tax purposes ("REIT") beginning with its taxable year ended December 31, 2013. Substantially all of the Company's business is conducted through the OP. In February 2013, the Company commenced its initial public offering (the "IPO") on a "reasonable best efforts" basis of up to $1.7 billion of common stock, $0.01 par value per share, at a price of $25.00 per share, subject to certain volume and other discounts. The Company closed its IPO in November 2014. As of September 30, 2016 , the Company had received $2.2 billion from its IPO and from proceeds received under the distribution reinvestment plan ("DRIP"). In 2015, the Company’s board of directors (the "Board") determined that it was in the Company’s best interest to evaluate strategic alternatives, including a listing on a national securities exchange. In April 2016, the Board, led by its independent directors, announced that it had initiated a strategic review process (the "Strategic Review") to identify, examine, and consider a range of strategic alternatives available to the Company with the objective of maximizing shareholder value. The Board formed a special committee (the "Special Committee") to evaluate various options in connection with the Strategic Review. The Special Committee engaged Morgan Stanley & Co. LLC ("Morgan Stanley") and KeyBanc Capital Markets ("KeyBanc") as financial advisors, with Morgan Stanley as lead advisor. The Board also formed a separate special committee to address conflicts of interest. The Board retained Gibson, Dunn & Crutcher LLP ("Gibson") as special legal counsel in connection with the Strategic Review. On October 6, 2016, the Company announced that the Special Committee had concluded the Strategic Review and recommended that the Company continue to execute its business plan and focus on managing and strengthening its assets. The Special Committee and the committee to address conflicts of interest were terminated by the Board. On April 7, 2016 (the "NAV Pricing Date"), the Board approved an estimate of per share net asset value ("NAV"). Subsequent valuations will occur periodically, at the discretion of the Board, provided that such estimates will be made at least annually. Pursuant to the DRIP, the Company's stockholders can elect to reinvest distributions by purchasing shares of the Company's common stock. Prior to the NAV Pricing Date, the Company offered shares pursuant to the DRIP at $23.75 per share, which was 95% of the initial offering price of shares of common stock in the IPO. Effective April 7, 2016, the Company began offering shares pursuant to the DRIP at the then-current NAV approved by the Board (see Note 8 — Common Stock ). The Company has no employees. Healthcare Trust Advisors, LLC (the "Advisor") has been retained by the Company to manage the Company's affairs on a day-to-day basis. The Company has retained Healthcare Trust Properties, LLC (the "Property Manager") to serve as the Company's property manager. The Advisor and Property Manager are under common control with AR Global Investments, LLC (the successor business to AR Capital, LLC, "AR Global"), the parent of the Company's sponsor, American Realty Capital VII, LLC (the "Sponsor"), as a result of which they are related parties, and each have received or will receive compensation, fees and expense reimbursements from the Company for services related to managing its business. The Advisor, Healthcare Trust Special Limited Partnership, LLC (the "Special Limited Partner") and Property Manager also have received or will receive compensation, fees and expense reimbursements related to the investment and management of the Company's assets.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The accompanying unaudited consolidated financial statements of the Company included herein were prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair presentation of results for the interim periods. All intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three and nine months ended September 30, 2016 are not necessarily indicative of the results for the entire year or any subsequent interim period. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2015 , which are included in the Company's Annual Report on Form 10-K filed with the SEC on March 11, 2016 . There have been no significant changes to the Company's significant accounting policies during the nine months ended September 30, 2016 other than the updates described below. Reclassifications Certain prior year amounts within rental income, resident services and fee income, contingent purchase price consideration, interest and other income, cash flows from operating activities and cash flows from financing activities have been reclassified to conform with the current year presentation. Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and consolidated joint venture arrangements in which the Company has controlling financial interests. The portions of the consolidated joint venture arrangements not owned by the Company are presented as non-controlling interests as of and during the period consolidated. All inter-company accounts and transactions have been eliminated in consolidation. The Company evaluates its relationships and investments to determine if it has variable interests. A variable interest is an investment or other interest that will absorb portions of an entity's expected losses or receive portions of the entity's expected residual returns. If the Company determines that it has a variable interest in an entity, it evaluates whether such interest is in a variable interest entity ("VIE"). A VIE is broadly defined as an entity where either (1) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity's economic performance or (2) the equity investment at risk is insufficient to finance that entity's activities without additional subordinated financial support. The Company consolidates any VIEs when it is determined to be the primary beneficiary of the VIE's operations. A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the entity's economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but are not limited to, the Company's ability to direct the activities that most significantly impact the entity's economic performance, its form of ownership interest, its representation on the entity's governing body, the size and seniority of its investment, its ability and the rights of other investors to participate in policy making decisions and to replace the manager of and/or liquidate the entity. The Company continually evaluates the need to consolidate joint ventures based on standards set forth in GAAP. In determining whether the Company has a controlling interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, power to make decisions and contractual and substantive participating rights of the partners/members as well as whether the entity is a VIE for which the Company is the primary beneficiary. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the Company's assets and liabilities are held by the OP. Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued revised guidance relating to revenue recognition. Under the revised guidance, an entity is required to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The revised guidance was to become effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption was not permitted under GAAP. The revised guidance allows entities to apply the full retrospective or modified retrospective transition method upon adoption. In July 2015, the FASB deferred the effective date of the revised guidance by one year to annual reporting periods beginning after December 15, 2017, although entities will be allowed to early adopt the guidance as of the original effective date. The Company has not yet selected a transition method and is currently evaluating the impact of this new guidance. In January 2015, the FASB issued updated guidance that eliminates from GAAP the concept of an event or transaction that is unusual in nature and occurs infrequently being treated as an extraordinary item. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Any amendments may be applied either prospectively or retrospectively to all prior periods presented in the financial statements. Early adoption was permitted provided that the guidance was applied from the beginning of the fiscal year of adoption. The Company elected to adopt this new guidance as of September 30, 2015. The adoption of this guidance did not have a material impact on the Company's financial position, results of operations and cash flows. In February 2015, the FASB amended the accounting for consolidation of certain legal entities. The amendments modify the evaluation of whether certain legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership and affect the consolidation analysis of reporting entities that are involved with VIEs (particularly those that have fee arrangements and related party relationships). The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption was permitted, including adoption in an interim period. The Company has elected to adopt this guidance effective January 1, 2016. The Company has evaluated the impact of the adoption of this new guidance on its consolidated financial statements and has determined that the OP is considered a VIE. However, the Company meets the disclosure exemption criteria as the Company is the primary beneficiary of the VIE and the Company’s partnership interest in a business and the assets of the OP can be used for purposes other than settling its obligations, such as paying distributions. As such, this standard did not have a material impact on the Company's consolidated financial statements. In April 2015, the FASB amended the presentation of debt issuance costs on the balance sheet. The amendment requires that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying amount of that debt liability. In August 2015, the FASB added that, for line of credit arrangements, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line, regardless of whether or not there are any outstanding borrowings. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption was permitted for financial statements that have not previously been issued. The Company has elected to adopt this guidance effective January 1, 2016. The adoption of this revised guidance resulted in the reclassification of $2.0 million and $2.2 million of deferred financing costs related to the Company's mortgage notes payable from deferred costs, net to mortgage notes payable, net of deferred financing costs in the Company's consolidated balance sheets as of December 31, 2015. In September 2015, the FASB issued an update that eliminates the requirement to adjust provisional amounts from a business combination and the related impact on earnings by restating prior period financial statements for measurement period adjustments. The new guidance requires that the cumulative impact of measurement period adjustments on current and prior periods, including the prior period impact on depreciation, amortization and other income statement items and their related tax effects, shall be recognized in the period the adjustment amount is determined. The cumulative adjustment would be reflected within the respective financial statement line items affected. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption was permitted. The Company elected to adopt this guidance as of September 30, 2015. The adoption of this guidance did not have a material impact to the Company's financial position, results of operations and cash flows. In January 2016, the FASB issued an update that amends the recognition and measurement of financial instruments. The new guidance revises an entity’s accounting related to equity investments and the presentation of certain fair value changes for financial liabilities measured at fair value. Among other things, it also amends the presentation and disclosure requirements associated with the fair value of financial instruments. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is not permitted for most of the amendments in the update. The Company is currently evaluating the impact of this new guidance. In February 2016, the FASB issued an update that sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The revised guidance is effective on January 1, 2019. Early adoption is permitted. The Company is currently evaluating the impact of this new guidance. In March 2016, the FASB issued guidance which requires an entity to determine whether the nature of its promise to provide goods or services to a customer is performed in a principal or agent capacity and to recognize revenue in a gross or net manner based on its principal/agent designation. This guidance is effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact of this new guidance. In March 2016, the FASB issued an update that changes the accounting for certain aspects of share-based compensation. Among other things, the revised guidance allows companies to make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. The revised guidance is effective for reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company has adopted the provisions of this guidance beginning January 1, 2016 and determined that there is no impact to the Company’s consolidated financial position, results of operations and cash flows. The Company's policy is to account for forfeitures as they occur. In August 2016, the FASB issued guidance on how certain transactions should be classified and presented in the statement of cash flows as either operating, investing or financing activities. Among other things, the update provides specific guidance on where to classify debt prepayment and extinguishment costs, payments for contingent consideration made after a business combination and distributions received from equity method investments. The revised guidance is effective for reporting periods beginning after December 15, 2017. Early adoption is permitted. We are currently evaluating the impact of this new guidance. In October 2016, the FASB issued guidance where a reporting entity will need to evaluate if it should consolidate a VIE. The amendments change the evaluation of whether a reporting entity is the primary beneficiary of a VIE by changing how a single decision maker of a VIE treats indirect interests in the entity held through related parties that are under common control with the reporting entity. The revised guidance is effective for reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company is currently evaluating the impact of this new guidance.

Real Estate Investments

Real Estate Investments	9 Months Ended
	Sep. 30, 2016
Real Estate Investments, Net [Abstract]
Real Estate Investments	Real Estate Investments The Company owned 163 properties as of September 30, 2016 . The Company invests in medical office buildings ("MOB"), seniors housing communities and other healthcare-related facilities primarily to expand and diversify its portfolio and revenue base. The following table presents the allocation of the assets acquired and capitalized construction in progress during the nine months ended September 30, 2016 and 2015 . Nine Months Ended September 30, (Dollar amounts in thousands) 2016 2015 Real estate investments, at cost: Land $ — $ 49,921 Buildings, fixtures and improvements — 257,516 Construction in progress 21,761 17,977 Total tangible assets 21,761 325,414 Acquired intangibles: In-place leases — 38,885 Market lease and other intangible assets — 1,653 Market lease liabilities — (8,135 ) Total assets and liabilities acquired, net 21,761 357,817 Mortgage notes payable assumed to acquire real estate investments — (38,387 ) Premiums on mortgages assumed — (2,834 ) Other assets and liabilities, net — (604 ) Deposits for real estate acquisitions — (3,000 ) Cash paid for acquired real estate investments $ 21,761 $ 312,992 Number of properties purchased — 31 The following table presents future minimum base rental cash payments due to the Company over the next five years and thereafter as of September 30, 2016 . These amounts exclude contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes, among other items. (In thousands) Future Minimum October 1, 2016 — December 31, 2016 $ 23,503 2017 88,552 2018 83,867 2019 77,503 2020 72,181 Thereafter 447,168 Total $ 792,774 As of September 30, 2016 and 2015 , the Company did not have any tenants (including for this purpose, all affiliates of such tenants) whose annualized rental income on a straight-line basis represented 10% or greater of total annualized rental income for the portfolio on a straight-line basis. The following table lists the states where the Company had concentrations of properties where annualized rental income on a straight-line basis represented 10% or more of consolidated annualized rental income on a straight-line basis for all properties as of September 30, 2016 and 2015 : September 30, State 2016 2015 Florida 17.6% 22.0% Georgia 10.9% * Iowa * 11.9% Pennsylvania 11.0% 13.3% _______________ * State's annualized rental income on a straight-line basis was not greater than 10% of total annualized rental income for all portfolio properties as of the period specified. Intangible Assets and Liabilities Acquired intangible assets and liabilities consisted of the following as of the periods presented: September 30, 2016 December 31, 2015 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 195,940 $ 108,294 $ 87,646 $ 202,608 $ 82,390 $ 120,218 Intangible market lease assets 28,221 5,205 23,016 28,262 3,393 24,869 Other intangible assets 10,588 506 10,082 10,589 309 10,280 Total acquired intangible assets $ 234,749 $ 114,005 $ 120,744 $ 241,459 $ 86,092 $ 155,367 Intangible market lease liabilities $ 25,213 $ 4,438 $ 20,775 $ 25,613 $ 2,619 $ 22,994 The following table discloses amounts recognized within the consolidated statements of operations and comprehensive loss related to amortization of in-place leases and other intangible assets, amortization and accretion of above- and below-market lease assets and liabilities, net and the accretion of above-market ground leases, for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2016 2015 2016 2015 Amortization of in-place leases and other intangible assets (1) $ 12,595 $ 24,833 $ 31,343 $ 65,189 Amortization and (accretion) of above- and below-market leases, net (2) (44 ) (110 ) (171 ) (282 ) Accretion of above-market ground leases (3) 43 50 129 150 _______________ (1) Reflected within depreciation and amortization expense (2) Reflected within rental income (3) Reflected within property operating and maintenance expense The following table provides the projected amortization expense and adjustments to revenues for the next five years: (In thousands) October 1, 2016 — December 31, 2016 2017 2018 2019 2020 In-place lease assets $ 7,204 $ 15,573 $ 13,302 $ 10,732 $ 8,795 Other intangible assets 66 265 265 265 265 Total to be added to amortization expense $ 7,270 $ 15,838 $ 13,567 $ 10,997 $ 9,060 Above-market lease assets $ (541 ) $ (1,877 ) $ (1,357 ) $ (1,068 ) $ (741 ) Below-market lease liabilities 582 2,089 1,860 1,580 1,423 Total to be added to rental income $ 41 $ 212 $ 503 $ 512 $ 682 Below-market ground lease assets $ 53 $ 212 $ 212 $ 212 $ 212 Above-market ground lease liabilities (10 ) (40 ) (40 ) (40 ) (40 ) Total to be added to property operating and maintenance expense $ 43 $ 172 $ 172 $ 172 $ 172 Real Estate Sales During the nine months ended September 30, 2016 , the Company sold Gregory Ridge Living Center ("Gregory Ridge") and Parkway Health Care Center ("Parkway"), both located in Kansas City, Missouri. During the three and nine months ended September 30, 2016 , the Company sold Redwood Radiology and Outpatient Center ("Redwood Radiology") located in Santa Rosa, California. The following table summarizes the three properties sold during the nine months ended September 30, 2016 . The Company did not sell any properties during the three and nine months ended September 30, 2015 . Property (In thousands) Disposition Date Contract Sale Price Gain (Impairment) on Sale, Net Gregory Ridge Living Center - Kansas City, MO June 1, 2016 $ 4,300 $ (126 ) Parkway Health Care Center - Kansas City, MO June 1, 2016 4,450 (263 ) Redwood Radiology and Outpatient Center - Santa Rosa, CA September 30, 2016 17,500 1,330 Total 26,250 $ 941 Less: disposal costs (1) (185 ) Proceeds from sale of real estate investments $ 26,065 _______________ (1) As of September 30, 2016 , the Company had $0.2 million of unpaid brokerage commissions. The disposals of Gregory Ridge, Parkway and Redwood Radiology did not represent a strategic shift that has a major effect on the Company’s operations and financial results. Accordingly, the results of operations of Gregory Ridge, Parkway and Redwood Radiology remain classified within continuing operations for all periods presented until the respective dates of disposal of Gregory Ridge, Parkway and Redwood Radiology.

Investment Securities

Investment Securities	9 Months Ended
	Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract]
Investment Securities	Investment Securities As of September 30, 2016 , the company had no investment securities. As of December 31, 2015 , the Company had investment securities with an aggregate fair value of $1.1 million . These investments were considered available-for-sale securities and, therefore, increases or decreases in the fair value of these investments are recorded in accumulated other comprehensive income as a component of equity on the consolidated balance sheets unless the securities are considered to be other than temporarily impaired, at which time the losses would be reclassified to expense. The following table details the unrealized gains and losses on investment securities as of December 31, 2015 : (In thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2015 Equity securities $ 1,084 $ 19 $ (25 ) $ 1,078 During the three and nine months ended September 30, 2016 , the Company sold its investments in preferred stock with a cost basis and sale price of $1.1 million , which resulted in a realized gain on sale of investment of $0.1 million . During the three months ended September 30, 2015 , the Company sold certain of its investments in preferred stock, common stock and real estate income funds with a cost basis of $14.9 million for $15.1 million , which resulted in a realized gain on sale of investment of $0.2 million . During the nine months ended September 30, 2015 , the Company sold certain of its investments in preferred stock, common stock and real estate income funds and its investment in a senior note with a cost basis of $18.8 million for $19.3 million , which resulted in a realized gain on sale of investment of $0.4 million .

Revolving Credit Facility

Revolving Credit Facility	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Revolving Credit Facility	Revolving Credit Facility On March 21, 2014, the Company entered into a senior secured credit facility in the amount of $50.0 million (the "Credit Facility"). On April 15, 2014 the amount available under the Credit Facility was increased to $200.0 million . On June 26, 2015, the Company entered into an amendment to the Credit Facility which, among other things, allowed for borrowings of up to $500.0 million . On July 31, 2015, the available borrowings were increased to $565.0 million . The Credit Facility also contains a subfacility for letters of credit of up to $25.0 million . The Credit Facility contains an "accordion" feature to allow the Company, under certain circumstances, to increase the aggregate borrowings under the Credit Facility to a maximum of $750.0 million . The Company has the option, based upon its leverage, to have the Credit Facility priced at either: (a) LIBOR, plus an applicable margin that ranges from 1.60% to 2.20% ; or (b) the Base Rate, plus an applicable margin that ranges from 0.35% to 0.95% . Base Rate is defined in the Credit Facility as the greater of (i) the fluctuating annual rate of interest announced from time to time by the lender as its “prime rate,” (ii) 0.5% above the federal funds effective rate or (iii) the applicable one-month LIBOR plus 1.0% . The Credit Facility provides for monthly interest payments for each Base Rate loan and periodic payments for each LIBOR loan, based upon the applicable LIBOR loan period, with all principal outstanding being due on the maturity date of March 21, 2019. The Credit Facility may be prepaid at any time, in whole or in part, without premium or penalty (subject to standard breakage costs). In the event of a default, the lender has the right to terminate its obligations under the Credit Facility and to accelerate the payment on any unpaid principal amount of all outstanding loans. As of September 30, 2016 , the balance outstanding under the Credit Facility was $476.5 million , with an effective interest rate of 2.0% . The Company's unused borrowing capacity was $41.5 million , based on assets assigned to the Credit Facility as of September 30, 2016 . Availability of borrowings is based on a pool of eligible unencumbered real estate assets. There was $430.0 million in advances outstanding as of December 31, 2015 . The Credit Facility requires the Company to meet certain financial covenants, including the maintenance of certain financial ratios (such as specified debt to equity and debt service coverage ratios) as well as the maintenance of a minimum net worth. As of September 30, 2016 , the Company was in compliance with the financial covenants under the Credit Facility.

Mortgage Notes Payable

Mortgage Notes Payable	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Mortgage Notes Payable	Mortgage Notes Payable The following table reflects the Company's mortgage notes payable as of September 30, 2016 and December 31, 2015 : Outstanding Loan Amount as of Effective Interest Rate Portfolio Encumbered Properties September 30, 2016 December 31, 2015 Interest Rate Maturity (In thousands) (In thousands) Bowie Gateway Medical Center - Bowie, MD — $ — $ 5,969 6.18 % Fixed Sep. 2016 Medical Center of New Windsor - New Windsor, NY 1 8,633 8,720 6.39 % Fixed Sep. 2017 Plank Medical Center - Clifton Park, NY 1 3,427 3,461 6.39 % Fixed Sep. 2017 Cushing Center - Schenectady, NY — — 4,184 5.71 % Fixed Feb. 2016 Countryside Medical Arts - Safety Harbor, FL 1 5,927 5,992 6.07 % Fixed (1) Apr. 2019 St. Andrews Medical Park - Venice, FL 3 6,551 6,623 6.07 % Fixed (1) Apr. 2019 Campus at Crooks & Auburn Building C - Rochester Hills, MI — — 3,555 5.91 % Fixed Apr. 2016 Slingerlands Crossing Phase I - Bethlehem, NY 1 6,613 6,680 6.39 % Fixed Sep. 2017 Slingerlands Crossing Phase II - Bethlehem, NY 1 7,699 7,777 6.39 % Fixed Sep. 2017 Benedictine Cancer Center - Kingston, NY 1 6,743 6,811 6.39 % Fixed Sep. 2017 Aurora Healthcare Center Portfolio - WI 6 30,963 31,257 6.55 % Fixed Jan. 2018 Palm Valley Medical Plaza - Goodyear, AZ 1 3,453 3,525 4.21 % Fixed Jun. 2023 Medical Center V - Peoria, AZ 1 3,171 3,232 4.75 % Fixed Sep. 2023 Courtyard Fountains - Gresham, OR 1 24,930 24,999 3.82 % Fixed (2) Jan. 2020 Fox Ridge Bryant - Bryant, AR 1 7,730 7,825 3.98 % Fixed May 2047 Fox Ridge Chenal - Little Rock, AR 1 17,606 17,800 3.98 % Fixed May 2049 Fox Ridge North Little Rock - North Little Rock, AR 1 10,925 11,045 3.98 % Fixed May 2047 Gross mortgage notes payable 21 144,371 159,455 5.26 % (3) Deferred financing costs, net of accumulated amortization (1,744 ) (2,150 ) Mortgage notes payable, net of deferred financing costs $ 142,627 $ 157,305 _______________ (1) Fixed interest rate through May 10, 2017. Interest rate changes to variable rate starting in June 2017. (2) Interest only payments through July 1, 2016. Principal and interest payments starting in August 2016. (3) Calculated on a weighted average basis for all mortgages outstanding as of September 30, 2016 . As of September 30, 2016 , the Company had pledged $261.7 million in real estate as collateral for these mortgage notes payable. This real estate is not available to satisfy other debts and obligations unless first satisfying the mortgage notes payable on the properties. Except as noted above, the Company makes payments of principal and interest on all of its mortgage notes payable on a monthly basis. The following table summarizes the scheduled aggregate principal payments on mortgage notes payable for the five years subsequent to September 30, 2016 : (In thousands) Future Principal Payments October 1, 2016 — December 31, 2016 $ 567 2017 34,832 2018 31,893 2019 13,324 2020 24,279 Thereafter 39,476 Total $ 144,371 Some of the Company's mortgage note agreements require the compliance with certain property-level financial covenants including debt service coverage ratios. As of September 30, 2016 , the Company was in compliance with the financial covenants under its mortgage note agreements.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments GAAP establishes a hierarchy of valuation techniques based on the observability of inputs used in measuring financial instruments at fair value. GAAP establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below: Level 1 — Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability. Level 3 — Unobservable inputs that reflect the entity's own assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare. The Company has or had investments in common stock, redeemable preferred stock, real estate income funds and a senior note that are traded in active markets and therefore, due to the availability of quoted market prices in active markets, the Company has classified these investments as Level 1 in the fair value hierarchy. The following table presents information about the Company's assets measured at fair value on a recurring basis as of December 31, 2015 , aggregated by the level in the fair value hierarchy within which those instruments fall. The Company did not own any assets measured at fair value on a recurring basis as of September 30, 2016 . (In thousands) Quoted Prices in Active Markets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Total December 31, 2015 Investment securities $ 1,078 $ — $ — $ 1,078 The Company is required to disclose the fair value of financial instruments for which it is practicable to estimate that value. The fair value of short-term financial instruments such as cash and cash equivalents, restricted cash, straight-line rent receivable, net, prepaid expenses and other assets, deferred costs, net, accounts payable and accrued expenses, deferred rent and distributions payable approximates their carrying value on the consolidated balance sheets due to their short-term nature. The fair values of the Company's remaining financial instruments that are not reported at fair value on the consolidated balance sheets are reported below: Carrying Amount (1) at Fair Value at Carrying Amount (1) at Fair Value at (In thousands) Level September 30, September 30, December 31, December 31, Mortgage notes payable 3 $ 145,289 $ 149,198 $ 161,858 $ 162,654 Credit Facility 3 $ 476,500 $ 476,500 $ 430,000 $ 430,000 _______________________________ (1) Carrying value includes gross mortgage notes payable of $144.4 million and $159.5 million and mortgage premiums and discounts, net of $0.9 million and $2.4 million as of September 30, 2016 and December 31, 2015 , respectively. The fair value of the mortgage notes payable is estimated using a discounted cash flow analysis, based on the Advisor's experience with similar types of borrowing arrangements. Advances under the Credit Facility are considered to be reported at fair value, because the Credit Facility's interest rate varies with changes in LIBOR.

Common Stock

Common Stock	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Common Stock	Common Stock As of September 30, 2016 and December 31, 2015 , the Company had 88.6 million and 86.1 million shares of common stock outstanding, respectively, including unvested restricted shares and shares issued pursuant to the DRIP and had received total proceeds of $2.2 billion and $2.1 billion , respectively, including proceeds from shares issued pursuant to the DRIP. In April 2013, the Board authorized, and the Company declared, a distribution payable on a monthly basis to stockholders of record on a daily basis at a rate equal to $0.0046575343 per day, which is equivalent to $1.70 per annum, per share of common stock, which began in May 2013. In March 2016, the Board ratified the existing distribution amount equivalent to $1.70 per annum, and, for calendar year 2016, affirmed a change to the daily distribution payable to stockholders of record each day during the applicable period to $0.0046448087 per day per share of common stock to accurately reflect that 2016 is a leap year. Distributions are payable by the 5th day following each month end to stockholders of record at the close of business each day during the prior month. Distribution payments are dependent on the availability of funds. The Board may reduce the amount of distributions paid or suspend distribution payments at any time and therefore distribution payments are not assured. Share Repurchase Program The Board has adopted a Share Repurchase Program (as amended, the "SRP") which enables stockholders to sell their shares to the Company in limited circumstances. The SRP permits investors to sell their shares back to the Company after they have held them for at least one year, subject to the significant conditions and limitations described below. Prior to the time that the Company’s shares are listed on a national securities exchange and until the NAV Pricing Date (other than with respect to a repurchase request that was made in connection with a stockholder's death or disability), the repurchase price per share depended on the length of time investors held such shares, as follows: after one year from the purchase date — the lower of $23.13 or 92.5% of the amount they actually paid for each share; after two years from the purchase date — the lower of $23.75 or 95.0% of the amount they actually paid for each share; after three years from the purchase date — the lower of $24.38 or 97.5% of the amount they actually paid for each share; and after four years from the purchase date — the lower of $25.00 or 100.0% of the amount they actually paid for each share (in each case, as adjusted for any stock distributions, combinations, splits and recapitalizations). In cases of requests for death and disability, the repurchase price was be equal to the price actually paid for each share. In accordance with the First SRP Amendment (described below) and beginning with the NAV Pricing Date, the price per share that the Company will pay to repurchase its shares will be equal to its NAV multiplied by a percentage equal to (i) 92.5% , if the person seeking repurchase has held his or her shares for a period greater than one year and less than two years; (ii) 95.0% , if the person seeking repurchase has held his or her shares for a period greater than two years and less than three years; (iii) 97.5% , if the person seeking repurchase has held his or her shares for a period greater than three years and less than four years; or (iv) 100.0% , if the person seeking repurchase has held his or her shares for a period greater than four years. In cases of requests for death and disability, the repurchase prices will be equal to NAV at the time of repurchase. Subject to limited exceptions, stockholders who redeem their shares of our common stock within the first four months from the date of purchase will be subject to a short-term trading fee of 2% of the aggregate NAV per share of the shares of common stock received. Repurchases of shares of the Company's common stock, when requested, are at the sole discretion of the Board. Until the First SRP Amendment (described below), the Company limited the number of shares repurchased during any calendar year to 5% of the weighted average number of shares of common stock outstanding on December 31st of the previous calendar year. In addition, the Company was only authorized to repurchase shares in a given quarter up to the amount of proceeds received from its DRIP in that same quarter. On January 26, 2016, the Board approved and amended the SRP (the "First SRP Amendment") to supersede and replace the existing SRP. Under the First SRP Amendment, repurchases of shares of the Company's common stock, when requested, are at the sole discretion of the Board and generally will be made semiannually (each six-month period ending June 30 or December 31, a “fiscal semester”). Repurchases for any fiscal semester will be limited to a maximum of 2.5% of the weighted average number of shares of common stock outstanding during the previous fiscal year (the "Prior Year Outstanding Shares"), with a maximum for any fiscal year of 5.0% of the Prior Year Outstanding Shares. In addition, the Company is only authorized to repurchase shares in a given fiscal semester up to the amount of proceeds received from its DRIP in that same fiscal semester. If the NAV Pricing Date occurs during any fiscal semester, any repurchase requests received during such fiscal semester will be paid at the applicable NAV then in effect. On June 28, 2016, the Board further amended the Company’s SRP (the "Second SRP Amendment") to provide for one twelve-month repurchase period for calendar year 2016 (the “2016 Repurchase Period”) instead of two semi-annual periods ending June 30 and December 31. The annual limit on repurchases under the SRP remains unchanged and continues to be limited to a maximum of 5.0% of the Prior Year Outstanding Shares and is subject to the terms and limitations set forth in the SRP. Accordingly, the 2016 Repurchase Period will be limited to a maximum of 5.0% of the Prior Year Outstanding Shares and continue to be subject to the terms and conditions set forth in the SRP, as amended. Following calendar year 2016, the repurchase periods will return to two semi-annual periods and applicable limitations set forth in the SRP. The Second SRP Amendment also provides, for calendar year 2016 only, that any amendments, suspensions or terminations of the SRP will become effective on the day following the Company’s public announcement of such amendments, suspension or termination. The Second SRP Amendment became effective on July 30, 2016 and will only apply to repurchase periods in calendar year 2016. When a stockholder requests redemption and the redemption is approved, the Company will reclassify such obligation from equity to a liability based on the settlement value of the obligation. Shares purchased under the SRP will have the status of authorized but unissued shares. The following table reflects the number of shares repurchased cumulatively through September 30, 2016 : Number of Shares Repurchased Average Price per Share Cumulative repurchases as of December 31, 2015 (1) 968,370 $ 23.72 Nine months ended September 30, 2016 (2) 6,660 24.36 Cumulative repurchases as of September 30, 2016 (2) 975,030 $ 23.73 _____________________________ (1) Excludes rejected repurchases of 201,367 shares for $4.6 million at an average price per share of $23.04 , which were unfulfilled as of December 31, 2015 and remain rejected as of September 30, 2016 . There were no other rejected share repurchase requests for the period from October 15, 2012 (date of inception) to September 30, 2016 . (2) Excludes 2.4 million shares that have been requested for repurchase and are not yet fulfilled as of September 30, 2016 . These shares, and all additional shares requested prior to December 31, 2016, will be considered for repurchase, to the extent the requests are not withdrawn by December 31, 2016. All requested shares will be subject to the annual limitations set forth in the SRP. The 6,660 shares above represent unaccrued repurchases for the year ended December 31, 2015 that were finalized in January 2016. Distribution Reinvestment Plan Pursuant to the DRIP, stockholders may elect to reinvest distributions by purchasing shares of common stock in lieu of receiving cash. No dealer manager fees or selling commissions are paid with respect to shares purchased under the DRIP. The shares purchased pursuant to the DRIP have the same rights and are treated in the same manner as the shares issued pursuant to the IPO. The Board may designate that certain cash or other distributions be excluded from reinvestment pursuant to the DRIP. The Company has the right to amend any aspect of the DRIP or terminate the DRIP with ten days' notice to participants. Shares issued under the DRIP are recorded as equity in the accompanying consolidated balance sheet in the period distributions are declared. During the nine months ended September 30, 2016 and 2015 , the Company issued 2.4 million and 2.5 million shares of common stock pursuant to the DRIP, generating aggregate proceeds of $56.0 million and $58.8 million , respectively. Accumulated Other Comprehensive Income The following table illustrates the changes in accumulated other comprehensive income as of and for the period presented: (In thousands) Unrealized Gains (Losses) on Available-for-Sale Securities Balance, December 31, 2015 $ (6 ) Other comprehensive income, before reclassifications 62 Amounts reclassified from accumulated other comprehensive income (1) (56 ) Balance, September 30, 2016 $ — __________________ (1) During the nine months ended September 30, 2016 , the Company sold its investments in preferred stock which resulted in a realized gain of $0.1 million , which is included in gain on sale of investment securities on the consolidated statement of operations and comprehensive loss.

Related Party Transactions and

Related Party Transactions and Arrangements	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Related Party Transactions and Arrangements As of September 30, 2016 and December 31, 2015 , the Special Limited Partner owned 8,888 shares of the Company's outstanding common stock. The Advisor and its affiliates may incur and pay costs and fees on behalf of the Company. Realty Capital Securities, LLC (the "Former Dealer Manager") served as the dealer manager of the IPO. American National Stock Transfer, LLC ("ANST"), a subsidiary of the parent company of the Former Dealer Manager, provided other general professional services through January 2016. RCS Capital Corporation ("RCAP"), the parent company of the Former Dealer Manager and certain of its affiliates that provided the Company with services, filed for Chapter 11 bankruptcy protection in January 2016, prior to which it was also under common control with AR Global, the parent of the Company's Sponsor. In May 2016, RCAP and its affiliated debtors emerged from bankruptcy under the new name Aretec Group, Inc. On January 14, 2015, the Company purchased the Specialty Hospital portfolio from American Realty Capital Healthcare Trust, Inc. ("HCT") for a contract purchase price of $39.4 million . At the time of such purchase, the Sponsor and the Advisor and the sponsor and advisor of HCT were under common control. The limited partnership agreement of the OP provides for a special allocation, solely for tax purposes, of excess depreciation deductions of up to $10.0 million to the Company's Advisor, a limited partner of the OP. In connection with this special allocation, the Company's Advisor has agreed to restore a deficit balance in its capital account in the event of a liquidation of the OP and has agreed to provide a guaranty or indemnity of indebtedness of the OP. Fees Paid in Connection with the IPO The Former Dealer Manager was paid fees in connection with the sale of the Company's common stock in the IPO. The Company paid the Former Dealer Manager a selling commission of up to 7.0% of the per share purchase price of offering proceeds before reallowance of commissions earned by participating broker-dealers. In addition, the Company paid the Former Dealer Manager up to 3.0% of the gross proceeds from the sale of shares, before reallowance to participating broker-dealers, as a dealer manager fee. The Former Dealer Manager was permitted to reallow its dealer manager fee to participating broker-dealers. A participating broker-dealer could elect to receive a fee equal to 7.5% of the gross proceeds from the sale of shares by such participating broker-dealer, with 2.5% thereof paid at the time of such sale and 1.0% thereof paid on each anniversary of the closing of such sale up to and including the fifth anniversary of the closing of such sale. If this option had been elected, the dealer manager fee would have been reduced to 2.5% of gross proceeds. During the nine months ended September 30, 2015 , the Company received approximately $2,000 from the Former Dealer Manager for an unconsummated share transaction. The Company did not incur any commissions or fees in connection with the sale of the Company's common stock in the IPO from the Former Dealer Manager during the three and nine months ended September 30, 2016 and the three months ended September 30, 2015 . The Company did not have any amounts outstanding to the Former Dealer Manager for fees in connection with the sale of the Company's common stock in the IPO as of September 30, 2016 or December 31, 2015 . The Advisor and its affiliates received compensation and reimbursement for services relating to the IPO, including transfer agent services provided by an affiliate of the Former Dealer Manager. All offering costs incurred by the Company or its affiliated entities on behalf of the Company were charged to additional paid-in capital on the accompanying balance sheet during the IPO. The Company did not incur any charges or reimbursements for services relating to the IPO from the Advisor or any of its affiliates during the three and nine months ended September 30, 2016 or 2015 . The Company did not have any amounts outstanding to the Advisor or any of its affiliates for charges or reimbursements for services relating to the IPO as of September 30, 2016 or December 31, 2015 . The Company was responsible for paying offering and related costs from the IPO, excluding commissions and dealer manager fees, up to a maximum of 2.0% of gross proceeds received from the IPO, measured at the end of the IPO. Offering costs, excluding selling commissions and dealer manager fees, in excess of the 2.0% cap as of the end of the IPO were to be the Advisor's responsibility. As of the end of the IPO, offering and related costs, excluding selling commissions and dealer manager fees, did not exceed 2.0% of gross proceeds received from the IPO. In aggregate, offering costs including selling commissions and dealer manager fees were the Company's responsibility up to a maximum of 12.0% of the gross proceeds received from the IPO as determined at the end of the IPO. As of the end of the IPO in November 2014, offering costs were less than 12.0% of the gross proceeds received in the IPO. Fees Paid in Connection With the Operations of the Company The Advisor is paid an acquisition fee equal to 1.0% of the contract purchase price of each acquired property and 1.0% of the amount advanced for a loan or other investment. The Advisor is also reimbursed for services provided for which it incurs investment-related expenses, or insourced expenses. The amount reimbursed for insourced expenses may not exceed 0.5% of the contract purchase price of each acquired property and 0.5% of the amount advanced for a loan or other investment. Additionally, the Company reimburses the Advisor for third party acquisition expenses. The aggregate amount of acquisition fees and financing coordination fees (as described below) may not exceed 1.5% of the contract purchase price and the amount advanced for a loan or other investment for all the assets acquired. In no event will the total of all acquisition fees, acquisition expenses and any financing coordination fees payable with respect to the Company's portfolio of investments or reinvestments exceed 4.5% of the contract purchase price of the Company's portfolio to be measured at the close of the acquisition phase or 4.5% of the amount advanced for all loans or other investments. If the Advisor provides services in connection with the origination or refinancing of any debt that the Company obtains and uses to acquire properties or to make other permitted investments, or that is assumed, directly or indirectly, in connection with the acquisition of properties, the Company will pay the Advisor a financing coordination fee equal to 0.75% of the amount available and/or outstanding under such financing, subject to certain limitations. Until March 31, 2015, for its asset management services, the Company issued the Advisor an asset management subordinated participation by causing the OP to issue (subject to periodic approval by the Board) to the Advisor performance-based restricted, forfeitable partnership units of the OP designated as "Class B Units." The Class B Units were intended to be profit interests and vest, and are no longer subject to forfeiture, at such time as: (x) the value of the OP's assets plus all distributions made equals or exceeds the total amount of capital contributed by investors plus a 6.0% cumulative, pre-tax, non-compounded annual return thereon (the "economic hurdle"); (y) any one of the following occurs: (1) a listing; (2) an other liquidity event or (3) the termination of the advisory agreement by an affirmative vote of a majority of the Company's independent directors without cause; and (z) the Advisor is still providing advisory services to the Company (the "performance condition"). Unvested Class B Units will be forfeited immediately if: (a) the advisory agreement is terminated for any reason other than a termination without cause; or (b) the advisory agreement is terminated by an affirmative vote of a majority of the Company's independent directors without cause before the economic hurdle has been met. When approved by the Board, the Class B Units were issued to the Advisor quarterly in arrears pursuant to the terms of the limited partnership agreement of the OP. The number of Class B Units issued in any quarter was equal to: (i) the excess of (A) the product of (y) the cost of assets multiplied by (z) 0.1875% over (B) any amounts payable as an oversight fee (as described below) for such calendar quarter; divided by (ii) the value of one share of common stock as of the last day of such calendar quarter, which is equal initially to $22.50 (the IPO price minus the selling commissions and dealer manager fees). The value of issued Class B Units will be determined and expensed when the Company deems the achievement of the performance condition to be probable. As of September 30, 2016 , the Company cannot determine the probability of achieving the performance condition. The Advisor receives distributions on vested and unvested Class B Units equal to the distribution rate received on the Company's common stock. Such distributions on issued Class B Units are included in general and administrative expenses in the consolidated statement of operations and comprehensive loss until the performance condition is considered probable to occur. As of September 30, 2016 , the Board had approved the issuance of 359,250 Class B Units to the Advisor in connection with this arrangement. On May 12, 2015, the Company, the OP and the Advisor entered into an amendment (the “Amendment”) to the advisory agreement, which, among other things, provided that the Company would cease causing the OP to issue Class B Units in the OP to the Advisor or its assignees related to any period ending after March 31, 2015. Effective April 1, 2015, the Company began paying an asset management fee to the Advisor or its assignees as compensation for services rendered in connection with the management of the Company’s assets. The asset management fee is payable on the first business day of each month in the amount of 0.0625% multiplied by the lesser of (a) cost of assets or (b) fair value of assets for the preceding monthly period. The asset management fee is payable to the Advisor or its assignees in cash, in shares, or a combination of both, the form of payment to be determined in the sole discretion of the Advisor. For the purposes of the payment of any fees in shares (a) prior to the NAV Pricing Date, each share was valued at $22.50 , (b) after the NAV Pricing Date and prior to any listing on a national securities exchange, if it occurs, each share will be valued at the then-current NAV per share and (c) at all other times, each share shall be valued by the Board in good faith at the fair market value. Unless the Company contracts with a third party, the Company pays the Property Manager a property management fee of 1.5% of gross revenues from the Company's stand-alone single-tenant net leased properties and 2.5% of gross revenues from all other types of properties, respectively. The Company also reimburses the Property Manager for property level expenses. If the Company contracts directly with third parties for such services, the Company will pay them customary market fees and will pay the Property Manager an oversight fee of up to 1.0% of the gross revenues of the property managed. In no event will the Company pay the Property Manager or any affiliate of the Property Manager both a property management fee and an oversight fee with respect to any particular property. Effective June 1, 2013, the Company entered into an agreement with the Former Dealer Manager to provide strategic advisory services and investment banking services required in the ordinary course of the Company's business, such as performing financial analysis, evaluating publicly traded comparable companies and assisting in developing a portfolio composition strategy, a capitalization structure to optimize future liquidity options and structuring operations. Strategic advisory fees were amortized over the estimated remaining term of the IPO and, as such, have been fully amortized as of December 31, 2014. The Former Dealer Manager and its affiliates also previously provided transfer agency services, as well as transaction management and other professional services. These fees were included in general and administrative expenses in the accompanying consolidated statement of operations and comprehensive loss. The following table details amounts incurred, forgiven and payable in connection with the Company's operations-related services described above as of and for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, Payable (Receivable) as of 2016 2015 2016 2015 September 30, December 31, (In thousands) Incurred Forgiven Incurred Forgiven Incurred Forgiven Incurred Forgiven 2016 2015 One-time fees and reimbursements: Acquisition fees $ — $ — $ 1,719 $ — $ — $ — $ 3,707 $ — $ — $ — Acquisition cost reimbursements — — 859 — — — 1,853 — — — Financing coordination fees — — 512 — — — 3,400 — — — Ongoing fees and reimbursements: Asset management fees (1) 4,396 — 3,656 — 13,177 — 7,066 — — (5 ) Property management fees 803 — 656 — 2,349 — 656 1,220 — (10 ) Professional fees and reimbursements 1,090 — 1,085 — 2,999 — 3,156 — 499 499 Distributions on Class B Units 153 — 154 — 457 — 336 — — 52 Total related party operation fees and reimbursements $ 6,442 $ — $ 8,641 $ — $ 18,982 $ — $ 20,174 $ 1,220 $ 499 $ 536 _______________ (1) Prior to April 1, 2015, the Company caused the OP to issue (subject to periodic approval by the Board) to the Advisor restricted performance based Class B Units for asset management services. As of September 30, 2016 , the Board had approved the issuance of 359,250 Class B Units to the Advisor in connection with this arrangement. Effective April 1, 2015, in connection with the Amendment, the Company began paying an asset management fee to the Advisor or its assignees in cash, in shares, or a combination of both and no longer issues any Class B Units. The Company reimburses the Advisor's costs of providing administrative services, subject to the limitation that the Company did not reimburse the Advisor for any amount by which the Company's operating expenses at the end of the four preceding fiscal quarters exceeded the greater of (a) 2.0% of average invested assets and (b) 25.0% of net income other than any additions to reserves for depreciation, bad debt or other similar non-cash expenses and excluding any gain from the sale of assets for that period (the "2%/25% Limitation"), unless the Company's independent directors determined that such excess was justified based on unusual and nonrecurring factors which they deemed sufficient, in which case the excess amount could be reimbursed to the Advisor in subsequent periods. Additionally, the Company reimburses the Advisor for personnel costs; however, the Company may not reimburse the Advisor for personnel costs in connection with services for which the Advisor receives acquisition fees, acquisition expenses or real estate commissions or for persons serving as executive officers of the Company. The 2%/25% Limitation was removed from the advisory agreement in connection with the amendment and restatement of to the advisory agreement in June 2015. In order to improve operating cash flows and the ability to pay distributions from operating cash flows, the Advisor may elect to forgive and absorb certain fees. Because the Advisor may forgive or absorb certain fees, cash flow from operations that would have been paid to the Advisor may be available to pay distributions to stockholders. The fees that are forgiven are not deferrals and, accordingly, will not be paid to the Advisor in the future. During the nine months ended September 30, 2015 , the Advisor elected to forgive $1.2 million in fees. There were no such fees forgiven during the three and nine months ended September 30, 2016 and the three months ended September 30, 2015 . In certain instances, to improve the Company's working capital, the Advisor may elect to absorb a portion of the Company's property operating and general and administrative costs, which the Company will not repay. No such fees were absorbed during the three and nine months ended September 30, 2016 or 2015 . The predecessor to AR Global was a party to a services agreement with RCS Advisory Services, LLC, a subsidiary of the parent company of the Former Dealer Manager (“RCS Advisory”), pursuant to which RCS Advisory and its affiliates provided the Company and certain other companies sponsored by AR Global with services (including, without limitation, transaction management, compliance, due diligence, event coordination and marketing services, among others) on a time and expenses incurred basis or at a flat rate based on services performed. The predecessor to AR Global instructed RCS Advisory to stop providing such services in November 2015 and no services have since been provided by RCS Advisory. The Company was also party to a transfer agency agreement with ANST, a subsidiary of the parent company of the Former Dealer Manager, pursuant to which ANST provided the Company with transfer agency services (including broker and stockholder servicing, transaction processing, year-end IRS reporting and other services), and supervisory services overseeing the transfer agency services performed by DST Systems, Inc., a third-party transfer agent ("DST"). AR Global received written notice from ANST on February 10, 2016 that it would wind down operations by the end of the month and would withdraw as the transfer agent effective February 29, 2016. On February 26, 2016, the Company entered into a definitive agreement with DST to provide the Company directly with transfer agency services (including broker and stockholder servicing, transaction processing, year-end IRS reporting and other services). Fees and Participations Paid in Connection with a Listing or the Liquidation of the Company's Real Estate Assets Fees Incurred in Connection with a Listing In 2015, the Board determined that it was in the Company’s best interest to evaluate strategic alternatives, including a listing on a national securities exchange. Accordingly, in March 2015, the Company formally engaged KeyBanc and RCS Capital ("RCS Capital"), the investment banking and capital markets division of the Former Dealer Manager, and in May 2015, the Company formally engaged BMO Capital Markets Corp. ("BMO"), as financial advisors. Pursuant to the agreements with KeyBanc, BMO and RCS Capital, they each would have received a listing advisory fee equal to $1.5 million if the Company's shares were listed on a national securities exchange. In the event of a sale or acquisition transaction, KeyBanc, BMO and RCS Capital each would have received a proposed transaction fee equal to 0.25% of the value of the transaction. The agreements with KeyBanc, RCS Capital and BMO were terminated in January 2016. No fees were incurred in connection with these agreements during the three and nine months ended September 30, 2016 or 2015 . The Board, led by its independent directors, announced in April 2016 that it had initiated the Strategic Review. On October 6, 2016, the Company announced that the Special Committee concluded the Strategic Review and recommended that the Company continue to execute its business plan and focus on managing and strengthening its assets. See Note 1 — Organization . Other Liquidation Related Fees and Participations The Company will pay the Advisor an annual subordinated performance fee calculated on the basis of the Company's total return to stockholders, payable annually in arrears, such that for any year in which the Company's total return on stockholders' capital exceeds 6.0% per annum, the Advisor will be entitled to 15.0% of the excess total return but not to exceed 10.0% of the aggregate total return for such year. This fee will be paid only upon the sale of assets, distributions or other event which results in the return on stockholders' capital exceeding 6.0% per annum. No subordinated performance fees were incurred during the three and nine months ended September 30, 2016 or 2015 . The Company may pay the Advisor a brokerage commission on the sale of property, not to exceed the lesser of 2.0% of the contract sale price of the property and 50.0% of the total brokerage commission paid if a third party broker is also involved; provided, however, that in no event may the real estate commissions paid to the Advisor, its affiliates and unaffiliated third parties exceed the lesser of 6.0% of the contract sales price and a reasonable, customary and competitive real estate commission, in each case, payable to the Advisor if the Advisor or its affiliates, subject to approval by a majority of the independent directors upon a finding that the Advisor provided a substantial amount of services in connection with the sale. During the three months ended September 30, 2016 , the Company incurred $0.1 million in brokerage commissions on the sale of one property and during the nine months ended September 30, 2016 , the Company incurred $0.3 million in brokerage commissions on the sale of three properties. As of September 30, 2016 , the Company had $0.2 million of brokerage commissions payable to the Advisor. No such fees were incurred during the three and nine months ended September 30, 2015 . The Special Limited Partner will be entitled to receive a subordinated participation in the net sales proceeds of the sale of real estate assets from the OP equal to 15.0% of remaining net sale proceeds after return of capital contributions to investors plus payment to investors of a 6.0% cumulative, pre-tax non-compounded annual return on the capital contributed by investors. The Special Limited Partner will not be entitled to the subordinated participation in net sale proceeds unless the Company's investors have received a 6.0% cumulative, pre-tax non-compounded annual return on their capital contributions. No such participation in net sales proceeds became due and payable during the three and nine months ended September 30, 2016 or 2015 . If the common stock of the Company is listed on a national exchange, the Special Limited Partner will be entitled to receive a subordinated incentive listing distribution from the OP equal to 15.0% of the amount by which the adjusted market value of real estate assets plus distributions exceeds the aggregate capital contributed by investors plus an amount equal to a 6.0% cumulative, pre-tax non-compounded annual return to investors. The Special Limited Partner will not be entitled to the subordinated incentive listing distribution unless investors have received a 6.0% cumulative, pre-tax non-compounded annual return on their capital contributions. No such distribution was incurred during the three and nine months ended September 30, 2016 or 2015 . Neither the Special Limited Partner nor any of its affiliates can earn both the subordinated participation in the net sales proceeds and the subordinated incentive listing distribution. Upon termination or non-renewal of the advisory agreement with the Advisor, with or without cause, the Special Limited Partner will be entitled to receive distributions from the OP equal to 15.0% of the amount by which the sum of the Company's market value plus distributions exceeds the sum of the aggregate capital contributed by investors plus an amount equal to an annual 6.0% cumulative, pre-tax, non-compounded annual return to investors. The Special Limited Partner may elect to defer its right to receive a subordinated distribution upon termination until either a listing on a national securities exchange or other liquidity event occurs.

Economic Dependency

Economic Dependency	9 Months Ended
	Sep. 30, 2016
Economic Dependency [Abstract]
Economic Dependency	Economic Dependency Under various agreements, the Company has engaged or will engage the Advisor, its affiliates and entities under common control with the Advisor to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company and asset acquisition and disposition decisions, as well as other administrative responsibilities for the Company including accounting services and investor relations. As a result of these relationships, the Company is dependent upon the Advisor and its affiliates. In the event that the Advisor and its affiliates are unable to provide the Company with the respective services, the Company will be required to find alternative providers of these services.

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity-Based Compensation	Equity-Based Compensation Restricted Share Plan The Company has an employee and director incentive restricted share plan (the "RSP"), which provides for the automatic grant of 1,333 restricted shares of common stock to each of the independent directors, without any further approval by the Board or the stockholders, after initial election to the Board and after each annual stockholder meeting, with such shares vesting annually beginning with the one year anniversary of initial election to the Board and the date of the next annual meeting, respectively. Restricted stock issued to independent directors will vest over a five -year period in increments of 20.0% per annum. The RSP provides the Company with the ability to grant awards of restricted shares to the Company's directors, officers and employees (if the Company ever has employees), employees of the Advisor and its affiliates, employees of entities that provide services to the Company, directors of the Advisor or of entities that provide services to the Company, certain consultants to the Company and the Advisor and its affiliates or to entities that provide services to the Company. The total number of common shares granted under the RSP may not exceed 5.0% of the Company's outstanding shares of common stock on a fully diluted basis at any time and in any event will not exceed 3.4 million shares (as such number may be adjusted for stock splits, stock dividends, combinations and similar events). Restricted share awards entitle the recipient to receive shares of common stock from the Company under terms that provide for vesting over a specified period of time. For restricted share awards granted prior to July 1, 2015, such awards would typically be forfeited with respect to the unvested shares upon the termination of the recipient's employment or other relationship with the Company. For restricted share awards granted on or after July 1, 2015, such awards provide for accelerated vesting of the portion of the unvested shares scheduled to vest in the year of the recipient's voluntary termination or the failure to be re-elected to the Board. Restricted shares may not, in general, be sold or otherwise transferred until restrictions are removed and the shares have vested. Holders of restricted shares may receive cash distributions prior to the time that the restrictions on the restricted shares have lapsed. Any distributions payable in shares of common stock shall be subject to the same restrictions as the underlying restricted shares. The following table reflects restricted share award activity for the period presented: Number of Common Shares Weighted-Average Issue Price Unvested, December 31, 2015 11,731 $ 22.50 Granted 5,388 22.27 Vested (3,199 ) 22.50 Forfeitures (1,333 ) 22.50 Unvested, September 30, 2016 12,587 $ 22.50 As of September 30, 2016 , the Company had $0.2 million of unrecognized compensation cost related to unvested restricted share awards granted under the Company's RSP. That cost is expected to be recognized over a weighted-average period of 3.4 years . Compensation expense related to restricted stock was approximately $43,000 and $30,000 during the three months ended September 30, 2016 and 2015 , respectively. Compensation expense related to restricted stock was approximately $73,000 and $36,000 during the nine months ended September 30, 2016 and 2015 , respectively. Compensation expense related to restricted stock is recorded as general and administrative expense in the accompanying consolidated statement of operations and comprehensive loss. Other Share-Based Compensation The Company may issue common stock in lieu of cash to pay fees earned by the Company's directors at the respective director's election. There are no restrictions on the shares issued since these payments in lieu of cash relate to fees earned for services performed. No such shares were issued during the three and nine months ended September 30, 2016 or 2015 .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Accumulated Other Comprehensive Income	Common Stock As of September 30, 2016 and December 31, 2015 , the Company had 88.6 million and 86.1 million shares of common stock outstanding, respectively, including unvested restricted shares and shares issued pursuant to the DRIP and had received total proceeds of $2.2 billion and $2.1 billion , respectively, including proceeds from shares issued pursuant to the DRIP. In April 2013, the Board authorized, and the Company declared, a distribution payable on a monthly basis to stockholders of record on a daily basis at a rate equal to $0.0046575343 per day, which is equivalent to $1.70 per annum, per share of common stock, which began in May 2013. In March 2016, the Board ratified the existing distribution amount equivalent to $1.70 per annum, and, for calendar year 2016, affirmed a change to the daily distribution payable to stockholders of record each day during the applicable period to $0.0046448087 per day per share of common stock to accurately reflect that 2016 is a leap year. Distributions are payable by the 5th day following each month end to stockholders of record at the close of business each day during the prior month. Distribution payments are dependent on the availability of funds. The Board may reduce the amount of distributions paid or suspend distribution payments at any time and therefore distribution payments are not assured. Share Repurchase Program The Board has adopted a Share Repurchase Program (as amended, the "SRP") which enables stockholders to sell their shares to the Company in limited circumstances. The SRP permits investors to sell their shares back to the Company after they have held them for at least one year, subject to the significant conditions and limitations described below. Prior to the time that the Company’s shares are listed on a national securities exchange and until the NAV Pricing Date (other than with respect to a repurchase request that was made in connection with a stockholder's death or disability), the repurchase price per share depended on the length of time investors held such shares, as follows: after one year from the purchase date — the lower of $23.13 or 92.5% of the amount they actually paid for each share; after two years from the purchase date — the lower of $23.75 or 95.0% of the amount they actually paid for each share; after three years from the purchase date — the lower of $24.38 or 97.5% of the amount they actually paid for each share; and after four years from the purchase date — the lower of $25.00 or 100.0% of the amount they actually paid for each share (in each case, as adjusted for any stock distributions, combinations, splits and recapitalizations). In cases of requests for death and disability, the repurchase price was be equal to the price actually paid for each share. In accordance with the First SRP Amendment (described below) and beginning with the NAV Pricing Date, the price per share that the Company will pay to repurchase its shares will be equal to its NAV multiplied by a percentage equal to (i) 92.5% , if the person seeking repurchase has held his or her shares for a period greater than one year and less than two years; (ii) 95.0% , if the person seeking repurchase has held his or her shares for a period greater than two years and less than three years; (iii) 97.5% , if the person seeking repurchase has held his or her shares for a period greater than three years and less than four years; or (iv) 100.0% , if the person seeking repurchase has held his or her shares for a period greater than four years. In cases of requests for death and disability, the repurchase prices will be equal to NAV at the time of repurchase. Subject to limited exceptions, stockholders who redeem their shares of our common stock within the first four months from the date of purchase will be subject to a short-term trading fee of 2% of the aggregate NAV per share of the shares of common stock received. Repurchases of shares of the Company's common stock, when requested, are at the sole discretion of the Board. Until the First SRP Amendment (described below), the Company limited the number of shares repurchased during any calendar year to 5% of the weighted average number of shares of common stock outstanding on December 31st of the previous calendar year. In addition, the Company was only authorized to repurchase shares in a given quarter up to the amount of proceeds received from its DRIP in that same quarter. On January 26, 2016, the Board approved and amended the SRP (the "First SRP Amendment") to supersede and replace the existing SRP. Under the First SRP Amendment, repurchases of shares of the Company's common stock, when requested, are at the sole discretion of the Board and generally will be made semiannually (each six-month period ending June 30 or December 31, a “fiscal semester”). Repurchases for any fiscal semester will be limited to a maximum of 2.5% of the weighted average number of shares of common stock outstanding during the previous fiscal year (the "Prior Year Outstanding Shares"), with a maximum for any fiscal year of 5.0% of the Prior Year Outstanding Shares. In addition, the Company is only authorized to repurchase shares in a given fiscal semester up to the amount of proceeds received from its DRIP in that same fiscal semester. If the NAV Pricing Date occurs during any fiscal semester, any repurchase requests received during such fiscal semester will be paid at the applicable NAV then in effect. On June 28, 2016, the Board further amended the Company’s SRP (the "Second SRP Amendment") to provide for one twelve-month repurchase period for calendar year 2016 (the “2016 Repurchase Period”) instead of two semi-annual periods ending June 30 and December 31. The annual limit on repurchases under the SRP remains unchanged and continues to be limited to a maximum of 5.0% of the Prior Year Outstanding Shares and is subject to the terms and limitations set forth in the SRP. Accordingly, the 2016 Repurchase Period will be limited to a maximum of 5.0% of the Prior Year Outstanding Shares and continue to be subject to the terms and conditions set forth in the SRP, as amended. Following calendar year 2016, the repurchase periods will return to two semi-annual periods and applicable limitations set forth in the SRP. The Second SRP Amendment also provides, for calendar year 2016 only, that any amendments, suspensions or terminations of the SRP will become effective on the day following the Company’s public announcement of such amendments, suspension or termination. The Second SRP Amendment became effective on July 30, 2016 and will only apply to repurchase periods in calendar year 2016. When a stockholder requests redemption and the redemption is approved, the Company will reclassify such obligation from equity to a liability based on the settlement value of the obligation. Shares purchased under the SRP will have the status of authorized but unissued shares. The following table reflects the number of shares repurchased cumulatively through September 30, 2016 : Number of Shares Repurchased Average Price per Share Cumulative repurchases as of December 31, 2015 (1) 968,370 $ 23.72 Nine months ended September 30, 2016 (2) 6,660 24.36 Cumulative repurchases as of September 30, 2016 (2) 975,030 $ 23.73 _____________________________ (1) Excludes rejected repurchases of 201,367 shares for $4.6 million at an average price per share of $23.04 , which were unfulfilled as of December 31, 2015 and remain rejected as of September 30, 2016 . There were no other rejected share repurchase requests for the period from October 15, 2012 (date of inception) to September 30, 2016 . (2) Excludes 2.4 million shares that have been requested for repurchase and are not yet fulfilled as of September 30, 2016 . These shares, and all additional shares requested prior to December 31, 2016, will be considered for repurchase, to the extent the requests are not withdrawn by December 31, 2016. All requested shares will be subject to the annual limitations set forth in the SRP. The 6,660 shares above represent unaccrued repurchases for the year ended December 31, 2015 that were finalized in January 2016. Distribution Reinvestment Plan Pursuant to the DRIP, stockholders may elect to reinvest distributions by purchasing shares of common stock in lieu of receiving cash. No dealer manager fees or selling commissions are paid with respect to shares purchased under the DRIP. The shares purchased pursuant to the DRIP have the same rights and are treated in the same manner as the shares issued pursuant to the IPO. The Board may designate that certain cash or other distributions be excluded from reinvestment pursuant to the DRIP. The Company has the right to amend any aspect of the DRIP or terminate the DRIP with ten days' notice to participants. Shares issued under the DRIP are recorded as equity in the accompanying consolidated balance sheet in the period distributions are declared. During the nine months ended September 30, 2016 and 2015 , the Company issued 2.4 million and 2.5 million shares of common stock pursuant to the DRIP, generating aggregate proceeds of $56.0 million and $58.8 million , respectively. Accumulated Other Comprehensive Income The following table illustrates the changes in accumulated other comprehensive income as of and for the period presented: (In thousands) Unrealized Gains (Losses) on Available-for-Sale Securities Balance, December 31, 2015 $ (6 ) Other comprehensive income, before reclassifications 62 Amounts reclassified from accumulated other comprehensive income (1) (56 ) Balance, September 30, 2016 $ — __________________ (1) During the nine months ended September 30, 2016 , the Company sold its investments in preferred stock which resulted in a realized gain of $0.1 million , which is included in gain on sale of investment securities on the consolidated statement of operations and comprehensive loss.

Non-controlling Interests

Non-controlling Interests	9 Months Ended
	Sep. 30, 2016
Noncontrolling Interest [Abstract]
Non-controlling Interests	Non-controlling Interests The Company is the sole general partner and holds substantially all of the units of limited partner interests in the OP ("OP Units"). As of September 30, 2016 and 2015 , the Advisor held 90 OP Units, which represents a nominal percentage of the aggregate OP ownership. In November 2014, the Company partially funded the purchase of an MOB from an unaffiliated third party by causing the OP to issue 405,908 OP Units, with a value of $10.1 million , or $25.00 per unit, to the unaffiliated third party. A holder of OP Units has the right to distributions and has the right to convert OP Units for the cash value of a corresponding number of shares of the Company's common stock or, at the option of the OP, a corresponding number of shares of the Company's common stock, in accordance with the limited partnership agreement of the OP, provided, however, that such OP Units must have been outstanding for at least one year. The remaining rights of the limited partners in the OP are limited, however, and do not include the ability to replace the general partner or to approve the sale, purchase or refinancing of the OP's assets. During the three months ended September 30, 2016 and 2015 , OP Unit non-controlling interest holders were paid distributions of $0.2 million . During the nine months ended September 30, 2016 and 2015 , OP Unit non-controlling interest holders were paid distributions of $0.5 million . The Company has an investment arrangement with an unaffiliated third party whereby such investor receives an ownership interest in certain of the Company's property-owning subsidiaries and is entitled to receive a proportionate share of the net operating cash flow derived from the subsidiaries' property. Upon disposition of a property subject to non-controlling interest, the investor will receive a proportionate share of the net proceeds from the sale of the property. The investor has no recourse to any other assets of the Company. Due to the nature of the Company's involvement with the arrangement and the significance of its investment in relation to the investment of the third party, the Company has determined that it controls each entity in this arrangement and therefore the entities related to this arrangement are consolidated within the Company's financial statements. A non-controlling interest is recorded for the investor's ownership interest in the properties. The following table summarizes the activity related to investment arrangements with the unaffiliated third party. No distributions were made related to these investment arrangements during the three and nine months ended September 30, 2016 and 2015 . As of September 30, 2016 As of December 31, 2015 Property Name (Dollar amounts in thousands) Investment Date Third Party Net Investment Amount as of September 30, 2016 Non-Controlling Ownership Percentage as of September 30, 2016 Net Real Estate Assets Subject to Investment Arrangement Mortgage Notes Payable Subject to Investment Arrangement Net Real Estate Assets Subject to Investment Arrangement Mortgage Notes Payable Subject to Investment Arrangement Plaza Del Rio Medical Office Campus Portfolio - Peoria, AZ May 2015 $ 478 4.1 % $ 10,537 $ — $ 10,561 $ —

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share The following is a summary of the basic and diluted net loss per share computation for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net loss attributable to stockholders (in thousands) $ (8,664 ) $ (16,108 ) $ (13,219 ) $ (34,749 ) Basic and diluted weighted-average shares outstanding 88,285,390 85,705,595 87,472,855 84,988,240 Basic and diluted net loss per share $ (0.10 ) $ (0.19 ) $ (0.15 ) $ (0.41 ) The Company had the following potentially dilutive securities as of September 30, 2016 and 2015 , which were excluded from the calculation of diluted loss per share attributable to stockholders as the effect would have been antidilutive: September 30, 2016 2015 Unvested restricted stock 12,587 9,065 OP Units 405,998 405,998 Class B units 359,250 359,250 Total common share equivalents 777,835 774,313

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting During the three and nine months ended September 30, 2016 and 2015 , the Company operated in three reportable business segments for management and internal financial reporting purposes: medical office buildings, triple-net leased healthcare facilities, and seniors housing — operating properties ("SHOP"). The Company evaluates performance and makes resource allocations based on its three business segments. The medical office building segment primarily consists of MOBs leased to healthcare-related tenants under long-term leases, which may require such tenants to pay a pro rata share of property-related expenses. The triple-net leased healthcare facilities segment primarily consists of investments in seniors housing communities, hospitals, inpatient rehabilitation facilities and skilled nursing facilities under long-term leases, under which tenants are generally responsible to directly pay property-related expenses. The SHOP segment consists of direct investments in seniors housing communities, primarily providing assisted living, independent living and memory care services, which are operated through engaging independent third-party managers. There were no intersegment sales or transfers during the periods presented. The Company evaluates the performance of the combined properties in each segment based on net operating income ("NOI"). NOI is defined as total revenues, excluding contingent purchase price consideration, less property operating and maintenance expense. NOI excludes all other items of expense and income included in the financial statements in calculating net income (loss). The Company uses NOI to assess and compare property level performance and to make decisions concerning the operation of the properties. The Company believes that NOI is useful as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating expenses and acquisition activity on an unleveraged basis, providing perspective not immediately apparent from net income (loss). NOI excludes certain components from net income (loss) in order to provide results that are more closely related to a property's results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by the Company may not be comparable to NOI reported by other REITs that define NOI differently. The Company believes that in order to facilitate a clear understanding of the Company's operating results, NOI should be examined in conjunction with net income (loss) as presented in the Company's consolidated financial statements. NOI should not be considered as an alternative to net income (loss) as an indication of the Company's performance or to cash flows as a measure of the Company's liquidity or ability to make distributions. The following tables reconcile the segment activity to consolidated net loss for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 (In thousands) Medical Office Buildings Triple-Net Leased Healthcare Facilities Seniors Housing — Operating Properties Consolidated Medical Office Buildings Triple-Net Leased Healthcare Facilities Seniors Housing — Operating Properties Consolidated Revenues: Rental income $ 16,590 $ 8,387 $ 3 $ 24,980 $ 49,709 $ 28,271 $ 4 $ 77,984 Operating expense reimbursements 3,825 371 — 4,196 11,253 424 — 11,677 Resident services and fee income — — 46,428 46,428 — — 137,084 137,084 Total revenues 20,415 8,758 46,431 75,604 60,962 28,695 137,088 226,745 Property operating and maintenance 6,254 5,158 32,629 44,041 17,922 8,915 96,690 123,527 NOI $ 14,161 $ 3,600 $ 13,802 31,563 $ 43,040 $ 19,780 $ 40,398 103,218 Contingent purchase price consideration (83 ) 142 Impairment on sale of real estate investments — (389 ) Operating fees to related parties (5,199 ) (15,526 ) Acquisition and transaction related (958 ) (3,059 ) General and administrative (2,874 ) (9,277 ) Depreciation and amortization (27,347 ) (76,245 ) Interest expense (4,923 ) (14,783 ) Interest and other income 2 45 Gain on sale of real estate investment 1,330 1,330 Gain on sale of investment securities 56 56 Income tax benefit (expense) (260 ) 1,215 Net loss attributable to non-controlling interests 29 54 Net loss attributable to stockholders $ (8,664 ) $ (13,219 ) Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 (In thousands) Medical Office Buildings Triple-Net Leased Healthcare Facilities Seniors Housing — Operating Properties Consolidated Medical Office Buildings Triple-Net Leased Healthcare Facilities Seniors Housing — Operating Properties Consolidated Revenues: Rental income $ 15,258 $ 9,237 $ — $ 24,495 $ 39,976 $ 28,306 $ — $ 68,282 Operating expense reimbursements 3,452 35 — 3,487 9,221 123 — 9,344 Resident services and fee income — — 36,011 36,011 — — 103,004 103,004 Total revenues 18,710 9,272 36,011 63,993 49,197 28,429 103,004 180,630 Property operating and maintenance 5,728 2,400 25,378 33,506 14,855 3,097 71,660 89,612 NOI $ 12,982 $ 6,872 $ 10,633 30,487 $ 34,342 $ 25,332 $ 31,344 91,018 Contingent purchase price consideration 37 487 Operating fees to related parties (4,312 ) (7,722 ) Acquisition and transaction related (3,315 ) (8,502 ) General and administrative (2,442 ) (7,574 ) Depreciation and amortization (34,162 ) (97,193 ) Interest expense (3,081 ) (6,838 ) Interest and other income 66 555 Gain on sale of investment securities 160 446 Income tax benefit (expense) 369 387 Net loss attributable to non-controlling interests 85 187 Net loss attributable to stockholders $ (16,108 ) $ (34,749 ) The following table reconciles the segment activity to consolidated total assets as of the periods presented: September 30, December 31, (In thousands) 2016 2015 ASSETS Investments in real estate, net: Medical office buildings $ 796,865 $ 839,041 Triple-net leased healthcare facilities 422,802 447,893 Construction in progress 53,070 31,309 Seniors housing — operating properties 845,999 876,359 Total investments in real estate, net 2,118,736 2,194,602 Cash and cash equivalents 50,434 24,474 Restricted cash 4,571 4,647 Investment securities, at fair value — 1,078 Straight-line rent receivable, net 13,875 11,470 Prepaid expenses and other assets 22,202 21,707 Deferred costs, net 10,307 11,864 Total assets $ 2,220,125 $ 2,269,842 The following table reconciles capital expenditures by reportable business segment, excluding corporate non-real estate expenditures, for the periods presented: Nine Months Ended September 30, (In thousands) 2016 2015 Medical office buildings $ 2,720 $ 1,343 Triple-net leased healthcare facilities 103 523 Seniors housing — operating properties 2,904 1,670 Total capital expenditures $ 5,727 $ 3,536

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company has entered into operating and capital lease agreements related to certain acquisitions under leasehold interests arrangements. The following table reflects the minimum base cash rental payments due from the Company over the next five years and thereafter under these arrangements, including the present value of the net minimum payment due under capital leases. These amounts exclude contingent rent payments, as applicable, that may be payable based on provisions related to increases in annual rent based on exceeding certain economic indexes among other items. Future Minimum Base Rent Payments (In thousands) Operating Leases Capital Leases October 1, 2016 — December 31, 2016 $ 168 $ 19 2017 664 76 2018 668 78 2019 673 80 2020 671 82 Thereafter 33,228 7,847 Total minimum lease payments $ 36,072 8,182 Less: amounts representing interest (3,372 ) Total present value of minimum lease payments $ 4,810 Total rental expense from operating leases was $0.2 million and $0.6 million during the three and nine months ended September 30, 2016 , respectively. Total rental expense from operating leases was $0.1 million and $0.3 million during the three and nine months ended September 30, 2015 , respectively. During the three and nine months ended September 30, 2016 and 2015 , interest expense related to capital leases was approximately $21,000 and $0.1 million , respectively. Litigation and Regulatory Matters In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. There are no material legal or regulatory proceedings pending or known to be contemplated against the Company or its properties. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. As of September 30, 2016 , the Company had not been notified by any governmental authority of any non-compliance, liability or other claim, and is not aware of any other environmental condition that it believes will have a material adverse effect on the results of operations. Development Project Funding In August 2015, the Company entered into an asset purchase agreement and development agreement to acquire land and construction in progress, and subsequently fund the remaining construction, of a skilled nursing facility in Jupiter, Florida for $82.0 million . As of September 30, 2016 , the Company had funded $10.0 million and $43.1 million for the land and construction in progress, respectively. Concurrent with the acquisition, the Company entered into a loan agreement and lease agreement with an affiliate of the project developer. The loan agreement is intended to provide working capital to the tenant during the initial operating period of the facility and allows for borrowings of up to $2.7 million from the Company on a non-revolving basis. Any outstanding principal balances under the loan will bear interest at 7.0% per year, payable on the first day of each fiscal quarter. As of September 30, 2016 , there were no amounts outstanding due to the Company pursuant to the loan agreement.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and determined that there have not been any events that have occurred that would require adjustments to disclosures in the consolidated financial statements except for the following: Conclusion of Strategic Review In April 2016, the Board, led by its independent directors, announced that it had initiated the Strategic Review. On October 6, 2016, the Company announced that the Special Committee had concluded the Strategic Review. Refer to Note 1 — Organization for more information on the conclusion of the Strategic Review. Changes in Board of Directors On October 6, 2016, William M. Kahane resigned from the Board. Mr. Kahane did not resign pursuant to any disagreement with the Company. Following Mr. Kahane’s resignation, the Board appointed Edward M. Weil, Jr. to serve as a member of the Board, effective as of that same date. On October 11, 2016, Randolph C. Read resigned from the Board, including his roles as non-executive chairman, audit committee member and nominating and corporate governance committee member. Mr. Read did not resign pursuant to any disagreement with the Company. Simultaneously with Mr. Read’s resignation, the Board appointed Leslie D. Michelson, then a member of the Board, to serve as non-executive chairman of the Board, effective as of that same date. Following approval by the Board, 3,480 unvested restricted shares of common stock owned by Mr. Read became vested simultaneously with his resignation as a member of the Board. Following Mr. Read’s resignation on October 11, 2016, the Company entered into a consulting agreement (the “Consulting Agreement”) with International Capital Markets Group, Inc. (“ICMG”), a company controlled by Mr. Read. The Consulting Agreement provides for ICMG to provide strategic consulting services to the Company at the request of the new non-executive chairman of the Board, Leslie D. Michelson. For the performance of these services, the Company has agreed to pay ICMG approximately $38,000 on October 21, 2016, approximately $25,000 on November 21, 2016 and approximately $25,000 on December 31, 2016. The Company also has agreed to reimburse ICMG for expenses incurred. Master Credit Facility Financing On October 31, 2016, the Company, through wholly-owned subsidiaries of the OP, entered into a master credit facility agreement (the “KeyBank Credit Agreement”) relating to a credit facility with KeyBank National Association (“KeyBank”) and a master credit facility agreement (the “Capital One Credit Agreement” and, together with the KeyBank Credit Agreement, the “Credit Agreements”) relating to a credit facility with Capital One Multifamily Finance, LLC (“Capital One”). The Credit Agreements and related loan documents were issued through Fannie Mae’s (“Lender”) Multifamily MBS program and assigned by Capital One and KeyBank to the Lender at closing. The Credit Agreements provide for initial aggregate borrowings of $60.0 million . The credit facility with KeyBank (the “KeyBank Facility”) and the credit facility with Capital One (the “Capital One Facility”, and together with the KeyBank Facility, the “Fannie Credit Facilities”) each provide for an initial $30.0 million of advances. The Company may request future advances under the Fannie Credit Facilities by borrowing against the value of the initial mortgaged properties or adding eligible properties to the collateral pool, subject to customary conditions, including satisfaction of minimum debt service coverage and maximum loan-to-value tests. The initial advances under the Fannie Credit Facilities will mature on November 1, 2026. Until December 1, 2016, borrowings under the KeyBank Facility and the Capital One Facility will initially bear interest at 3.15% and 3.156% , respectively, per annum. Beginning December 1, 2016 the Fannie Credit Facilities will bear an annual interest rate that will vary on a monthly basis and will be equal to the sum of the current One Month LIBOR and 2.62% , with a floor of 2.62% . “One Month LIBOR” means the London Inter-Bank Offered Rate for one month U.S. dollar-denominated deposits. Effective October 31, 2016, in conjunction with the execution of the Fannie Credit Facilities, the OP entered into two interest rate cap agreements (the "IR Caps") with an unrelated third party, which cap interest paid on amounts outstanding under the Fannie Credit Facilities to a maximum of 3.5% . The IR Caps terminate on November 1, 2019. The Credit Agreements require borrowers to enter into replacement interest rate cap or swap agreements upon termination of the IR Caps to the extent any variable rate loans are outstanding on the date of termination. The KeyBank Facility is initially secured by first-priority mortgages on four of the Company’s seniors housing properties located in Michigan, Missouri and Kansas. The Capital One Facility is initially secured by first-priority mortgages on two of the Company’s seniors housing properties located in Florida. Each of the security agreements securing the Fannie Credit Facilities are cross-defaulted and cross-collateralized with the other security agreements securing the Fannie Credit Facilities. The Fannie Credit Facilities are non-recourse, subject to standard “bad boy” carve-outs and environmental indemnities, which obligations are guaranteed by the OP on an unsecured basis. The initial advances under the Fannie Credit Facilities may not be prepaid until November 1, 2017, after which they may be prepaid in full or in part through July 31, 2026 with payment of a 1% prepayment premium, and may be freely prepaid in full or in part thereafter. The Credit Agreements provide for optional acceleration by Lender upon an event of default. The Credit Agreements contain customary events of default, including the breach of transfer prohibitions, principal or interest payment defaults and bankruptcy-related defaults. Upon an event of default under the Credit Agreements, payment of any unpaid amounts under the applicable Fannie Credit Facility may be accelerated by Lender and Lender may exercise its rights with respect to the applicable pool of seniors housing properties securing the Fannie Credit Facilities.

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Reclassifications	Reclassifications Certain prior year amounts within rental income, resident services and fee income, contingent purchase price consideration, interest and other income, cash flows from operating activities and cash flows from financing activities have been reclassified to conform with the current year presentation.
Principles of Consolidation	Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and consolidated joint venture arrangements in which the Company has controlling financial interests. The portions of the consolidated joint venture arrangements not owned by the Company are presented as non-controlling interests as of and during the period consolidated. All inter-company accounts and transactions have been eliminated in consolidation. The Company evaluates its relationships and investments to determine if it has variable interests. A variable interest is an investment or other interest that will absorb portions of an entity's expected losses or receive portions of the entity's expected residual returns. If the Company determines that it has a variable interest in an entity, it evaluates whether such interest is in a variable interest entity ("VIE"). A VIE is broadly defined as an entity where either (1) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity's economic performance or (2) the equity investment at risk is insufficient to finance that entity's activities without additional subordinated financial support. The Company consolidates any VIEs when it is determined to be the primary beneficiary of the VIE's operations. A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the entity's economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but are not limited to, the Company's ability to direct the activities that most significantly impact the entity's economic performance, its form of ownership interest, its representation on the entity's governing body, the size and seniority of its investment, its ability and the rights of other investors to participate in policy making decisions and to replace the manager of and/or liquidate the entity. The Company continually evaluates the need to consolidate joint ventures based on standards set forth in GAAP. In determining whether the Company has a controlling interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, power to make decisions and contractual and substantive participating rights of the partners/members as well as whether the entity is a VIE for which the Company is the primary beneficiary. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the Company's assets and liabilities are held by the OP.
Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and consolidated joint venture arrangements in which the Company has controlling financial interests. The portions of the consolidated joint venture arrangements not owned by the Company are presented as non-controlling interests as of and during the period consolidated. All inter-company accounts and transactions have been eliminated in consolidation. The Company evaluates its relationships and investments to determine if it has variable interests. A variable interest is an investment or other interest that will absorb portions of an entity's expected losses or receive portions of the entity's expected residual returns. If the Company determines that it has a variable interest in an entity, it evaluates whether such interest is in a variable interest entity ("VIE"). A VIE is broadly defined as an entity where either (1) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity's economic performance or (2) the equity investment at risk is insufficient to finance that entity's activities without additional subordinated financial support. The Company consolidates any VIEs when it is determined to be the primary beneficiary of the VIE's operations. A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the entity's economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but are not limited to, the Company's ability to direct the activities that most significantly impact the entity's economic performance, its form of ownership interest, its representation on the entity's governing body, the size and seniority of its investment, its ability and the rights of other investors to participate in policy making decisions and to replace the manager of and/or liquidate the entity. The Company continually evaluates the need to consolidate joint ventures based on standards set forth in GAAP. In determining whether the Company has a controlling interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, power to make decisions and contractual and substantive participating rights of the partners/members as well as whether the entity is a VIE for which the Company is the primary beneficiary. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the Company's assets and liabilities are held by the OP.
Recent Accounting Pronouncements	Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued revised guidance relating to revenue recognition. Under the revised guidance, an entity is required to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The revised guidance was to become effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption was not permitted under GAAP. The revised guidance allows entities to apply the full retrospective or modified retrospective transition method upon adoption. In July 2015, the FASB deferred the effective date of the revised guidance by one year to annual reporting periods beginning after December 15, 2017, although entities will be allowed to early adopt the guidance as of the original effective date. The Company has not yet selected a transition method and is currently evaluating the impact of this new guidance. In January 2015, the FASB issued updated guidance that eliminates from GAAP the concept of an event or transaction that is unusual in nature and occurs infrequently being treated as an extraordinary item. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Any amendments may be applied either prospectively or retrospectively to all prior periods presented in the financial statements. Early adoption was permitted provided that the guidance was applied from the beginning of the fiscal year of adoption. The Company elected to adopt this new guidance as of September 30, 2015. The adoption of this guidance did not have a material impact on the Company's financial position, results of operations and cash flows. In February 2015, the FASB amended the accounting for consolidation of certain legal entities. The amendments modify the evaluation of whether certain legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership and affect the consolidation analysis of reporting entities that are involved with VIEs (particularly those that have fee arrangements and related party relationships). The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption was permitted, including adoption in an interim period. The Company has elected to adopt this guidance effective January 1, 2016. The Company has evaluated the impact of the adoption of this new guidance on its consolidated financial statements and has determined that the OP is considered a VIE. However, the Company meets the disclosure exemption criteria as the Company is the primary beneficiary of the VIE and the Company’s partnership interest in a business and the assets of the OP can be used for purposes other than settling its obligations, such as paying distributions. As such, this standard did not have a material impact on the Company's consolidated financial statements. In April 2015, the FASB amended the presentation of debt issuance costs on the balance sheet. The amendment requires that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying amount of that debt liability. In August 2015, the FASB added that, for line of credit arrangements, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line, regardless of whether or not there are any outstanding borrowings. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption was permitted for financial statements that have not previously been issued. The Company has elected to adopt this guidance effective January 1, 2016. The adoption of this revised guidance resulted in the reclassification of $2.0 million and $2.2 million of deferred financing costs related to the Company's mortgage notes payable from deferred costs, net to mortgage notes payable, net of deferred financing costs in the Company's consolidated balance sheets as of December 31, 2015. In September 2015, the FASB issued an update that eliminates the requirement to adjust provisional amounts from a business combination and the related impact on earnings by restating prior period financial statements for measurement period adjustments. The new guidance requires that the cumulative impact of measurement period adjustments on current and prior periods, including the prior period impact on depreciation, amortization and other income statement items and their related tax effects, shall be recognized in the period the adjustment amount is determined. The cumulative adjustment would be reflected within the respective financial statement line items affected. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption was permitted. The Company elected to adopt this guidance as of September 30, 2015. The adoption of this guidance did not have a material impact to the Company's financial position, results of operations and cash flows. In January 2016, the FASB issued an update that amends the recognition and measurement of financial instruments. The new guidance revises an entity’s accounting related to equity investments and the presentation of certain fair value changes for financial liabilities measured at fair value. Among other things, it also amends the presentation and disclosure requirements associated with the fair value of financial instruments. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is not permitted for most of the amendments in the update. The Company is currently evaluating the impact of this new guidance. In February 2016, the FASB issued an update that sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The revised guidance is effective on January 1, 2019. Early adoption is permitted. The Company is currently evaluating the impact of this new guidance. In March 2016, the FASB issued guidance which requires an entity to determine whether the nature of its promise to provide goods or services to a customer is performed in a principal or agent capacity and to recognize revenue in a gross or net manner based on its principal/agent designation. This guidance is effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact of this new guidance. In March 2016, the FASB issued an update that changes the accounting for certain aspects of share-based compensation. Among other things, the revised guidance allows companies to make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. The revised guidance is effective for reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company has adopted the provisions of this guidance beginning January 1, 2016 and determined that there is no impact to the Company’s consolidated financial position, results of operations and cash flows. The Company's policy is to account for forfeitures as they occur. In August 2016, the FASB issued guidance on how certain transactions should be classified and presented in the statement of cash flows as either operating, investing or financing activities. Among other things, the update provides specific guidance on where to classify debt prepayment and extinguishment costs, payments for contingent consideration made after a business combination and distributions received from equity method investments. The revised guidance is effective for reporting periods beginning after December 15, 2017. Early adoption is permitted. We are currently evaluating the impact of this new guidance. In October 2016, the FASB issued guidance where a reporting entity will need to evaluate if it should consolidate a VIE. The amendments change the evaluation of whether a reporting entity is the primary beneficiary of a VIE by changing how a single decision maker of a VIE treats indirect interests in the entity held through related parties that are under common control with the reporting entity. The revised guidance is effective for reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company is currently evaluating the impact of this new guidance.

Real Estate Investments (Tables

Real Estate Investments (Tables)	9 Months Ended
	Sep. 30, 2016
Real Estate Investments, Net [Abstract]
Schedule of Business Acquisitions, by Acquisition	The following table presents the allocation of the assets acquired and capitalized construction in progress during the nine months ended September 30, 2016 and 2015 . Nine Months Ended September 30, (Dollar amounts in thousands) 2016 2015 Real estate investments, at cost: Land $ — $ 49,921 Buildings, fixtures and improvements — 257,516 Construction in progress 21,761 17,977 Total tangible assets 21,761 325,414 Acquired intangibles: In-place leases — 38,885 Market lease and other intangible assets — 1,653 Market lease liabilities — (8,135 ) Total assets and liabilities acquired, net 21,761 357,817 Mortgage notes payable assumed to acquire real estate investments — (38,387 ) Premiums on mortgages assumed — (2,834 ) Other assets and liabilities, net — (604 ) Deposits for real estate acquisitions — (3,000 ) Cash paid for acquired real estate investments $ 21,761 $ 312,992 Number of properties purchased — 31
Schedule of Future Minimum Rental Payments for Operating Leases	The following table presents future minimum base rental cash payments due to the Company over the next five years and thereafter as of September 30, 2016 . These amounts exclude contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes, among other items. (In thousands) Future Minimum October 1, 2016 — December 31, 2016 $ 23,503 2017 88,552 2018 83,867 2019 77,503 2020 72,181 Thereafter 447,168 Total $ 792,774
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas	s of September 30, 2016 and 2015 , the Company did not have any tenants (including for this purpose, all affiliates of such tenants) whose annualized rental income on a straight-line basis represented 10% or greater of total annualized rental income for the portfolio on a straight-line basis. The following table lists the states where the Company had concentrations of properties where annualized rental income on a straight-line basis represented 10% or more of consolidated annualized rental income on a straight-line basis for all properties as of September 30, 2016 and 2015 : September 30, State 2016 2015 Florida 17.6% 22.0% Georgia 10.9% * Iowa * 11.9% Pennsylvania 11.0% 13.3% _______________ * State's annualized rental income on a straight-line basis was not greater than 10% of total annualized rental income for all portfolio properties as of the period specified.
Schedule of Acquired Finite-Lived Intangible Assets by Major Class	Acquired intangible assets and liabilities consisted of the following as of the periods presented: September 30, 2016 December 31, 2015 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 195,940 $ 108,294 $ 87,646 $ 202,608 $ 82,390 $ 120,218 Intangible market lease assets 28,221 5,205 23,016 28,262 3,393 24,869 Other intangible assets 10,588 506 10,082 10,589 309 10,280 Total acquired intangible assets $ 234,749 $ 114,005 $ 120,744 $ 241,459 $ 86,092 $ 155,367 Intangible market lease liabilities $ 25,213 $ 4,438 $ 20,775 $ 25,613 $ 2,619 $ 22,994
Schedule of Finite-Lived Intangible Assets	The following table discloses amounts recognized within the consolidated statements of operations and comprehensive loss related to amortization of in-place leases and other intangible assets, amortization and accretion of above- and below-market lease assets and liabilities, net and the accretion of above-market ground leases, for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2016 2015 2016 2015 Amortization of in-place leases and other intangible assets (1) $ 12,595 $ 24,833 $ 31,343 $ 65,189 Amortization and (accretion) of above- and below-market leases, net (2) (44 ) (110 ) (171 ) (282 ) Accretion of above-market ground leases (3) 43 50 129 150 _______________ (1) Reflected within depreciation and amortization expense (2) Reflected within rental income (3) Reflected within property operating and maintenance expense
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table provides the projected amortization expense and adjustments to revenues for the next five years: (In thousands) October 1, 2016 — December 31, 2016 2017 2018 2019 2020 In-place lease assets $ 7,204 $ 15,573 $ 13,302 $ 10,732 $ 8,795 Other intangible assets 66 265 265 265 265 Total to be added to amortization expense $ 7,270 $ 15,838 $ 13,567 $ 10,997 $ 9,060 Above-market lease assets $ (541 ) $ (1,877 ) $ (1,357 ) $ (1,068 ) $ (741 ) Below-market lease liabilities 582 2,089 1,860 1,580 1,423 Total to be added to rental income $ 41 $ 212 $ 503 $ 512 $ 682 Below-market ground lease assets $ 53 $ 212 $ 212 $ 212 $ 212 Above-market ground lease liabilities (10 ) (40 ) (40 ) (40 ) (40 ) Total to be added to property operating and maintenance expense $ 43 $ 172 $ 172 $ 172 $ 172
Real Estate Sales	The following table summarizes the three properties sold during the nine months ended September 30, 2016 . The Company did not sell any properties during the three and nine months ended September 30, 2015 . Property (In thousands) Disposition Date Contract Sale Price Gain (Impairment) on Sale, Net Gregory Ridge Living Center - Kansas City, MO June 1, 2016 $ 4,300 $ (126 ) Parkway Health Care Center - Kansas City, MO June 1, 2016 4,450 (263 ) Redwood Radiology and Outpatient Center - Santa Rosa, CA September 30, 2016 17,500 1,330 Total 26,250 $ 941 Less: disposal costs (1) (185 ) Proceeds from sale of real estate investments $ 26,065 _______________ (1) As of September 30, 2016 , the Company had $0.2 million of unpaid brokerage commissions.

Investment Securities (Tables)

Investment Securities (Tables)	9 Months Ended
	Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-sale Securities Reconciliation	The following table details the unrealized gains and losses on investment securities as of December 31, 2015 : (In thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2015 Equity securities $ 1,084 $ 19 $ (25 ) $ 1,078

Mortgage Notes Payable (Tables)

Mortgage Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following table reflects the Company's mortgage notes payable as of September 30, 2016 and December 31, 2015 : Outstanding Loan Amount as of Effective Interest Rate Portfolio Encumbered Properties September 30, 2016 December 31, 2015 Interest Rate Maturity (In thousands) (In thousands) Bowie Gateway Medical Center - Bowie, MD — $ — $ 5,969 6.18 % Fixed Sep. 2016 Medical Center of New Windsor - New Windsor, NY 1 8,633 8,720 6.39 % Fixed Sep. 2017 Plank Medical Center - Clifton Park, NY 1 3,427 3,461 6.39 % Fixed Sep. 2017 Cushing Center - Schenectady, NY — — 4,184 5.71 % Fixed Feb. 2016 Countryside Medical Arts - Safety Harbor, FL 1 5,927 5,992 6.07 % Fixed (1) Apr. 2019 St. Andrews Medical Park - Venice, FL 3 6,551 6,623 6.07 % Fixed (1) Apr. 2019 Campus at Crooks & Auburn Building C - Rochester Hills, MI — — 3,555 5.91 % Fixed Apr. 2016 Slingerlands Crossing Phase I - Bethlehem, NY 1 6,613 6,680 6.39 % Fixed Sep. 2017 Slingerlands Crossing Phase II - Bethlehem, NY 1 7,699 7,777 6.39 % Fixed Sep. 2017 Benedictine Cancer Center - Kingston, NY 1 6,743 6,811 6.39 % Fixed Sep. 2017 Aurora Healthcare Center Portfolio - WI 6 30,963 31,257 6.55 % Fixed Jan. 2018 Palm Valley Medical Plaza - Goodyear, AZ 1 3,453 3,525 4.21 % Fixed Jun. 2023 Medical Center V - Peoria, AZ 1 3,171 3,232 4.75 % Fixed Sep. 2023 Courtyard Fountains - Gresham, OR 1 24,930 24,999 3.82 % Fixed (2) Jan. 2020 Fox Ridge Bryant - Bryant, AR 1 7,730 7,825 3.98 % Fixed May 2047 Fox Ridge Chenal - Little Rock, AR 1 17,606 17,800 3.98 % Fixed May 2049 Fox Ridge North Little Rock - North Little Rock, AR 1 10,925 11,045 3.98 % Fixed May 2047 Gross mortgage notes payable 21 144,371 159,455 5.26 % (3) Deferred financing costs, net of accumulated amortization (1,744 ) (2,150 ) Mortgage notes payable, net of deferred financing costs $ 142,627 $ 157,305 _______________ (1) Fixed interest rate through May 10, 2017. Interest rate changes to variable rate starting in June 2017. (2) Interest only payments through July 1, 2016. Principal and interest payments starting in August 2016. (3) Calculated on a weighted average basis for all mortgages outstanding as of September 30, 2016 .
Schedule of Maturities of Long-term Debt	The following table summarizes the scheduled aggregate principal payments on mortgage notes payable for the five years subsequent to September 30, 2016 : (In thousands) Future Principal Payments October 1, 2016 — December 31, 2016 $ 567 2017 34,832 2018 31,893 2019 13,324 2020 24,279 Thereafter 39,476 Total $ 144,371

Fair Value of Financial Instr28

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis	The following table presents information about the Company's assets measured at fair value on a recurring basis as of December 31, 2015 , aggregated by the level in the fair value hierarchy within which those instruments fall. The Company did not own any assets measured at fair value on a recurring basis as of September 30, 2016 . (In thousands) Quoted Prices in Active Markets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Total December 31, 2015 Investment securities $ 1,078 $ — $ — $ 1,078
Fair Value, by Balance Sheet Grouping	The fair values of the Company's remaining financial instruments that are not reported at fair value on the consolidated balance sheets are reported below: Carrying Amount (1) at Fair Value at Carrying Amount (1) at Fair Value at (In thousands) Level September 30, September 30, December 31, December 31, Mortgage notes payable 3 $ 145,289 $ 149,198 $ 161,858 $ 162,654 Credit Facility 3 $ 476,500 $ 476,500 $ 430,000 $ 430,000 _______________________________ (1) Carrying value includes gross mortgage notes payable of $144.4 million and $159.5 million and mortgage premiums and discounts, net of $0.9 million and $2.4 million as of September 30, 2016 and December 31, 2015 , respectively.

Common Stock (Tables)

Common Stock (Tables)	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Class of Treasury Stock	The following table reflects the number of shares repurchased cumulatively through September 30, 2016 : Number of Shares Repurchased Average Price per Share Cumulative repurchases as of December 31, 2015 (1) 968,370 $ 23.72 Nine months ended September 30, 2016 (2) 6,660 24.36 Cumulative repurchases as of September 30, 2016 (2) 975,030 $ 23.73 _____________________________ (1) Excludes rejected repurchases of 201,367 shares for $4.6 million at an average price per share of $23.04 , which were unfulfilled as of December 31, 2015 and remain rejected as of September 30, 2016 . There were no other rejected share repurchase requests for the period from October 15, 2012 (date of inception) to September 30, 2016 . (2) Excludes 2.4 million shares that have been requested for repurchase and are not yet fulfilled as of September 30, 2016 . These shares, and all additional shares requested prior to December 31, 2016, will be considered for repurchase, to the extent the requests are not withdrawn by December 31, 2016. All requested shares will be subject to the annual limitations set forth in the SRP. The 6,660 shares above represent unaccrued repurchases for the year ended December 31, 2015 that were finalized in January 2016.

Related Party Transactions an30

Related Party Transactions and Arrangements (Tables)	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services	The following table details amounts incurred, forgiven and payable in connection with the Company's operations-related services described above as of and for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, Payable (Receivable) as of 2016 2015 2016 2015 September 30, December 31, (In thousands) Incurred Forgiven Incurred Forgiven Incurred Forgiven Incurred Forgiven 2016 2015 One-time fees and reimbursements: Acquisition fees $ — $ — $ 1,719 $ — $ — $ — $ 3,707 $ — $ — $ — Acquisition cost reimbursements — — 859 — — — 1,853 — — — Financing coordination fees — — 512 — — — 3,400 — — — Ongoing fees and reimbursements: Asset management fees (1) 4,396 — 3,656 — 13,177 — 7,066 — — (5 ) Property management fees 803 — 656 — 2,349 — 656 1,220 — (10 ) Professional fees and reimbursements 1,090 — 1,085 — 2,999 — 3,156 — 499 499 Distributions on Class B Units 153 — 154 — 457 — 336 — — 52 Total related party operation fees and reimbursements $ 6,442 $ — $ 8,641 $ — $ 18,982 $ — $ 20,174 $ 1,220 $ 499 $ 536 _______________ (1) Prior to April 1, 2015, the Company caused the OP to issue (subject to periodic approval by the Board) to the Advisor restricted performance based Class B Units for asset management services. As of September 30, 2016 , the Board had approved the issuance of 359,250 Class B Units to the Advisor in connection with this arrangement. Effective April 1, 2015, in connection with the Amendment, the Company began paying an asset management fee to the Advisor or its assignees in cash, in shares, or a combination of both and no longer issues any Class B Units.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Restricted Share Award Activity	The following table reflects restricted share award activity for the period presented: Number of Common Shares Weighted-Average Issue Price Unvested, December 31, 2015 11,731 $ 22.50 Granted 5,388 22.27 Vested (3,199 ) 22.50 Forfeitures (1,333 ) 22.50 Unvested, September 30, 2016 12,587 $ 22.50

Accumulated Other Comprehensi32

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income	The following table illustrates the changes in accumulated other comprehensive income as of and for the period presented: (In thousands) Unrealized Gains (Losses) on Available-for-Sale Securities Balance, December 31, 2015 $ (6 ) Other comprehensive income, before reclassifications 62 Amounts reclassified from accumulated other comprehensive income (1) (56 ) Balance, September 30, 2016 $ — __________________ (1) During the nine months ended September 30, 2016 , the Company sold its investments in preferred stock which resulted in a realized gain of $0.1 million , which is included in gain on sale of investment securities on the consolidated statement of operations and comprehensive loss.

Non-controlling Interests (Tabl

Non-controlling Interests (Tables)	9 Months Ended
	Sep. 30, 2016
Noncontrolling Interest [Abstract]
Non-controlling Interest	The following table summarizes the activity related to investment arrangements with the unaffiliated third party. No distributions were made related to these investment arrangements during the three and nine months ended September 30, 2016 and 2015 . As of September 30, 2016 As of December 31, 2015 Property Name (Dollar amounts in thousands) Investment Date Third Party Net Investment Amount as of September 30, 2016 Non-Controlling Ownership Percentage as of September 30, 2016 Net Real Estate Assets Subject to Investment Arrangement Mortgage Notes Payable Subject to Investment Arrangement Net Real Estate Assets Subject to Investment Arrangement Mortgage Notes Payable Subject to Investment Arrangement Plaza Del Rio Medical Office Campus Portfolio - Peoria, AZ May 2015 $ 478 4.1 % $ 10,537 $ — $ 10,561 $ —

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following is a summary of the basic and diluted net loss per share computation for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net loss attributable to stockholders (in thousands) $ (8,664 ) $ (16,108 ) $ (13,219 ) $ (34,749 ) Basic and diluted weighted-average shares outstanding 88,285,390 85,705,595 87,472,855 84,988,240 Basic and diluted net loss per share $ (0.10 ) $ (0.19 ) $ (0.15 ) $ (0.41 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The Company had the following potentially dilutive securities as of September 30, 2016 and 2015 , which were excluded from the calculation of diluted loss per share attributable to stockholders as the effect would have been antidilutive: September 30, 2016 2015 Unvested restricted stock 12,587 9,065 OP Units 405,998 405,998 Class B units 359,250 359,250 Total common share equivalents 777,835 774,313

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following tables reconcile the segment activity to consolidated net loss for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 (In thousands) Medical Office Buildings Triple-Net Leased Healthcare Facilities Seniors Housing — Operating Properties Consolidated Medical Office Buildings Triple-Net Leased Healthcare Facilities Seniors Housing — Operating Properties Consolidated Revenues: Rental income $ 16,590 $ 8,387 $ 3 $ 24,980 $ 49,709 $ 28,271 $ 4 $ 77,984 Operating expense reimbursements 3,825 371 — 4,196 11,253 424 — 11,677 Resident services and fee income — — 46,428 46,428 — — 137,084 137,084 Total revenues 20,415 8,758 46,431 75,604 60,962 28,695 137,088 226,745 Property operating and maintenance 6,254 5,158 32,629 44,041 17,922 8,915 96,690 123,527 NOI $ 14,161 $ 3,600 $ 13,802 31,563 $ 43,040 $ 19,780 $ 40,398 103,218 Contingent purchase price consideration (83 ) 142 Impairment on sale of real estate investments — (389 ) Operating fees to related parties (5,199 ) (15,526 ) Acquisition and transaction related (958 ) (3,059 ) General and administrative (2,874 ) (9,277 ) Depreciation and amortization (27,347 ) (76,245 ) Interest expense (4,923 ) (14,783 ) Interest and other income 2 45 Gain on sale of real estate investment 1,330 1,330 Gain on sale of investment securities 56 56 Income tax benefit (expense) (260 ) 1,215 Net loss attributable to non-controlling interests 29 54 Net loss attributable to stockholders $ (8,664 ) $ (13,219 ) Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 (In thousands) Medical Office Buildings Triple-Net Leased Healthcare Facilities Seniors Housing — Operating Properties Consolidated Medical Office Buildings Triple-Net Leased Healthcare Facilities Seniors Housing — Operating Properties Consolidated Revenues: Rental income $ 15,258 $ 9,237 $ — $ 24,495 $ 39,976 $ 28,306 $ — $ 68,282 Operating expense reimbursements 3,452 35 — 3,487 9,221 123 — 9,344 Resident services and fee income — — 36,011 36,011 — — 103,004 103,004 Total revenues 18,710 9,272 36,011 63,993 49,197 28,429 103,004 180,630 Property operating and maintenance 5,728 2,400 25,378 33,506 14,855 3,097 71,660 89,612 NOI $ 12,982 $ 6,872 $ 10,633 30,487 $ 34,342 $ 25,332 $ 31,344 91,018 Contingent purchase price consideration 37 487 Operating fees to related parties (4,312 ) (7,722 ) Acquisition and transaction related (3,315 ) (8,502 ) General and administrative (2,442 ) (7,574 ) Depreciation and amortization (34,162 ) (97,193 ) Interest expense (3,081 ) (6,838 ) Interest and other income 66 555 Gain on sale of investment securities 160 446 Income tax benefit (expense) 369 387 Net loss attributable to non-controlling interests 85 187 Net loss attributable to stockholders $ (16,108 ) $ (34,749 ) The following table reconciles the segment activity to consolidated total assets as of the periods presented: September 30, December 31, (In thousands) 2016 2015 ASSETS Investments in real estate, net: Medical office buildings $ 796,865 $ 839,041 Triple-net leased healthcare facilities 422,802 447,893 Construction in progress 53,070 31,309 Seniors housing — operating properties 845,999 876,359 Total investments in real estate, net 2,118,736 2,194,602 Cash and cash equivalents 50,434 24,474 Restricted cash 4,571 4,647 Investment securities, at fair value — 1,078 Straight-line rent receivable, net 13,875 11,470 Prepaid expenses and other assets 22,202 21,707 Deferred costs, net 10,307 11,864 Total assets $ 2,220,125 $ 2,269,842 The following table reconciles capital expenditures by reportable business segment, excluding corporate non-real estate expenditures, for the periods presented: Nine Months Ended September 30, (In thousands) 2016 2015 Medical office buildings $ 2,720 $ 1,343 Triple-net leased healthcare facilities 103 523 Seniors housing — operating properties 2,904 1,670 Total capital expenditures $ 5,727 $ 3,536

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Contractual Obligation, Fiscal Year Maturity Schedule	Future Minimum Base Rent Payments (In thousands) Operating Leases Capital Leases October 1, 2016 — December 31, 2016 $ 168 $ 19 2017 664 76 2018 668 78 2019 673 80 2020 671 82 Thereafter 33,228 7,847 Total minimum lease payments $ 36,072 8,182 Less: amounts representing interest (3,372 ) Total present value of minimum lease payments $ 4,810

Organization (Narrative) (Detai

Organization (Narrative) (Details) $ / shares in Units, ft² in Millions	9 Months Ended		39 Months Ended	48 Months Ended
	Sep. 30, 2016USD ($)ft²propertystate$ / shares	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)$ / shares	Sep. 30, 2016USD ($)ft²propertystate$ / shares	Feb. 28, 2013USD ($)$ / shares
Class of Stock [Line Items]
Number of Properties | property	163			163
Number of states properties are located in | state	29			29
Rentable square feet | ft²	8.4			8.4
Common stock, par value (in usd per share)	$ 0.01		$ 0.01	$ 0.01	$ 0.01
Proceeds from issuance of common stock | $	$ 0	$ 6,000	$ 2,100,000,000	$ 2,200,000,000
Common Stock
Class of Stock [Line Items]
Share Price (in usd per share)					$ 25
Share price, dividend reinvestment plan (in usd per share)	$ 23.75			$ 23.75
Share price percentage of IPO	95.00%			95.00%
IPO
Class of Stock [Line Items]
Stock available for issuance, IPO (in shares) | $					$ 1,700,000,000

Summary of Significant Accoun38

Summary of Significant Accounting Policies (Narrative) (Details) - Accounting Standards Update 2015-03 - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Mortgage notes payable
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred finance costs	$ 2	$ 2.2
Deferred costs, net
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred finance costs	$ (2)	$ (2.2)

Real Estate Investments (Narrat

Real Estate Investments (Narrative) (Details)	9 Months Ended
	Sep. 30, 2016property
Real Estate Investments, Net [Abstract]
Number of Properties	163
Number of properties sold	3

Real Estate Investments (Acquir

Real Estate Investments (Acquired Assets) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)property	Sep. 30, 2015USD ($)property
Real estate investments
Deposits for real estate acquisitions	$ 0	$ (3,150)
Cash paid for acquired real estate investments	21,761	312,992
Individual business acquisitions
Real estate investments
Land	0	49,921
Buildings, fixtures and improvements	0	257,516
Construction in progress	21,761	17,977
Total tangible assets	21,761	325,414
Market lease liabilities	0	(8,135)
Total assets and liabilities acquired, net	21,761	357,817
Mortgage notes payable assumed to acquire real estate investments	0	(38,387)
Premiums on mortgages assumed	0	(2,834)
Other assets and liabilities, net	0	(604)
Deposits for real estate acquisitions	0	(3,000)
Cash paid for acquired real estate investments	$ 21,761	$ 312,992
Number of properties purchased | property	0	31
Individual business acquisitions | In-place leases
Real estate investments
Acquired intangibles	$ 0	$ 38,885
Individual business acquisitions | Market lease and other intangible assets
Real estate investments
Acquired intangibles	$ 0	$ 1,653

Real Estate Investments (Future

Real Estate Investments (Future Minimum Payments) (Details) $ in Thousands	Sep. 30, 2016USD ($)
Real Estate Investments, Net [Abstract]
October 1, 2016 — December 31, 2016	$ 23,503
2,017	88,552
2,018	83,867
2,019	77,503
2,020	72,181
Thereafter	447,168
Total	$ 792,774

Real Estate Investments (Geogra

Real Estate Investments (Geographic Concentrations) (Details) - Sales Revenue, Net - Geographic Concentration Risk	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Florida
Concentration Risk [Line Items]
Concentration risk, percentage	17.60%	22.00%
Georgia
Concentration Risk [Line Items]
Concentration risk, percentage	10.90%
Iowa
Concentration Risk [Line Items]
Concentration risk, percentage		11.90%
Pennsylvania
Concentration Risk [Line Items]
Concentration risk, percentage	11.00%	13.30%

Real Estate Investments (Summar

Real Estate Investments (Summary of Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Intangible assets:
Gross Carrying Amount	$ 234,749	$ 241,459
Accumulated Amortization	114,005	86,092
Net Carrying Amount	120,744	155,367
Intangible market lease liabilities
Gross Carrying Amount	25,213	25,613
Accumulated Amortization	4,438	2,619
Net Carrying Amount	20,775	22,994
In-place leases
Intangible assets:
Gross Carrying Amount	195,940	202,608
Accumulated Amortization	108,294	82,390
Net Carrying Amount	87,646	120,218
Intangible market lease assets
Intangible assets:
Gross Carrying Amount	28,221	28,262
Accumulated Amortization	5,205	3,393
Net Carrying Amount	23,016	24,869
Other intangible assets
Intangible assets:
Gross Carrying Amount	10,588	10,589
Accumulated Amortization	506	309
Net Carrying Amount	$ 10,082	$ 10,280

Real Estate Investments (Summ44

Real Estate Investments (Summary of Amortization and Accretion Recognized) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Finite-Lived Intangible Assets [Line Items]
Accretion of Below-Market Lease Liabilities and Amortization of Above-Market Lease Assets, Net			$ 113	$ (119)
Depreciation and Amortization Expense | In-place Leases and Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Amortization of market least intangibles	$ 12,595	$ 24,833	31,343	65,189
Rental Income | Above and Below Market Leases
Finite-Lived Intangible Assets [Line Items]
Accretion of Below-Market Lease Liabilities and Amortization of Above-Market Lease Assets, Net	(44)	(110)	(171)	(282)
Property Operating and Maintenance Expense | Above-market ground lease liabilities
Finite-Lived Intangible Assets [Line Items]
Amortization of market least intangibles	$ 43	$ 50	$ 129	$ 150

Real Estate Investments (Summ45

Real Estate Investments (Summary of Intangible Assets and Liabilities Future Amortization Expense) (Details) $ in Thousands	Sep. 30, 2016USD ($)
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, amortization expense, October 1, 2016 - December 31, 2016	$ 43
Finite-lived intangible assets, amortization expense, 2017	172
Finite-lived intangible assets, amortization expense, 2018	172
Finite-lived intangible assets, amortization expense, 2019	172
Finite-lived intangible assets, amortization expense, 2020	172
Amortization Expense
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, amortization expense, October 1, 2016 - December 31, 2016	7,270
Finite-lived intangible assets, amortization expense, 2017	15,838
Finite-lived intangible assets, amortization expense, 2018	13,567
Finite-lived intangible assets, amortization expense, 2019	10,997
Finite-lived intangible assets, amortization expense, 2020	9,060
Rental Income
Finite-Lived Intangible Assets [Line Items]
Below market leases, amortization income, October 1, 2016 - December 31, 2016	41
Below market leases, amortization income, 2017	212
Below market leases, amortization income, 2018	503
Below market leases, amortization income, 2019	512
Below market leases, amortization income, 2020	682
In-place leases | Amortization Expense
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, amortization expense, October 1, 2016 - December 31, 2016	7,204
Finite-lived intangible assets, amortization expense, 2017	15,573
Finite-lived intangible assets, amortization expense, 2018	13,302
Finite-lived intangible assets, amortization expense, 2019	10,732
Finite-lived intangible assets, amortization expense, 2020	8,795
Other intangible assets | Amortization Expense
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, amortization expense, October 1, 2016 - December 31, 2016	66
Finite-lived intangible assets, amortization expense, 2017	265
Finite-lived intangible assets, amortization expense, 2018	265
Finite-lived intangible assets, amortization expense, 2019	265
Finite-lived intangible assets, amortization expense, 2020	265
Above-market lease assets | Rental Income
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, amortization expense, October 1, 2016 - December 31, 2016	(541)
Finite-lived intangible assets, amortization expense, 2017	(1,877)
Finite-lived intangible assets, amortization expense, 2018	(1,357)
Finite-lived intangible assets, amortization expense, 2019	(1,068)
Finite-lived intangible assets, amortization expense, 2020	(741)
Below-market lease liabilities | Rental Income
Finite-Lived Intangible Assets [Line Items]
Below market leases, amortization income, October 1, 2016 - December 31, 2016	582
Below market leases, amortization income, 2017	2,089
Below market leases, amortization income, 2018	1,860
Below market leases, amortization income, 2019	1,580
Below market leases, amortization income, 2020	1,423
Below-market ground lease assets | Property Operating and Maintenance Expense
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, amortization expense, October 1, 2016 - December 31, 2016	53
Finite-lived intangible assets, amortization expense, 2017	212
Finite-lived intangible assets, amortization expense, 2018	212
Finite-lived intangible assets, amortization expense, 2019	212
Finite-lived intangible assets, amortization expense, 2020	212
Above-market ground lease liabilities | Property Operating and Maintenance Expense
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible liability, amortization income, October 1, 2016 - December 31, 2016	(10)
Finite-lived intangible liability, amortization income, 2017	(40)
Finite-lived intangible liability, amortization income, 2018	(40)
Finite-lived intangible liability, amortization income, 2019	(40)
Finite-lived intangible liability, amortization income, 2020	$ (40)

Real Estate Investments (Real E

Real Estate Investments (Real Estate Sales) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (Impairment) on Sale, Net	$ 941	$ 0
Proceeds from sale of real estate investments	26,065	$ 0
Unpaid brokerage commissions	674		$ 536
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Sale Price	26,250
Gain (Impairment) on Sale, Net	941
Less: disposal costs	(185)
Proceeds from sale of real estate investments	26,065
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Gregory Ridge Living Center - Kansas City [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Sale Price	4,300
Gain (Impairment) on Sale, Net	(126)
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Parkway Health Care Center - Kansas City [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Sale Price	4,450
Gain (Impairment) on Sale, Net	(263)
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Redwood Radiology and Outpatient Center - Santa Rosa [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Sale Price	17,500
Gain (Impairment) on Sale, Net	$ 1,330

Investment Securities (Schedule

Investment Securities (Schedule of Investments) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Fair Value	$ 0	$ 1,078
Equity securities
Schedule of Available-for-sale Securities [Line Items]
Cost		1,084
Gross Unrealized Gains		19
Gross Unrealized Losses		(25)
Fair Value		$ 1,078

Investment Securities (Narrativ

Investment Securities (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Investment securities, at fair value	$ 0		$ 0		$ 1,078
Gain on sale of investment securities	56	$ 160	56	$ 446
Proceeds from sales of investment securities			1,140	19,278
Preferred Stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	1,100		1,100
Gain on sale of investment securities	$ 100		100
Preferred Stock, Common Stock, and Real Estate Income Funds
Schedule of Available-for-sale Securities [Line Items]
Amortized cost		14,900		14,900
Gain on sale of investment securities		200
Proceeds from sales of investment securities		15,100		1,100
Preferred Stock, Common Stock, Real Estate Income Funds and Senior Notes
Schedule of Available-for-sale Securities [Line Items]
Amortized cost		$ 18,800		18,800
Gain on sale of investment securities				$ 400
Proceeds from sales of investment securities			$ 1,100

Revolving Credit Facility (Narr

Revolving Credit Facility (Narrative) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015	Jul. 31, 2015	Jun. 26, 2015	Apr. 15, 2014	Mar. 21, 2014
Line of Credit Facility [Line Items]
Outstanding balance	$ 476,500,000	$ 430,000,000
Letter of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 25,000,000
Secured Debt
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 565,000,000	500,000,000		$ 50,000,000
Maximum borrowing capacity under accordion feature				$ 750,000,000	$ 200,000,000
Outstanding balance	$ 476,500,000	$ 430,000,000
Effective Interest Rate	2.00%
Unused borrowing capacity	$ 41,500,000
Federal Funds Effective Rate | Secured Debt
Line of Credit Facility [Line Items]
Interest rate	0.50%
One-Month LIBOR | Secured Debt
Line of Credit Facility [Line Items]
Interest rate	1.00%
Minimum | London Interbank Offered Rate (LIBOR) | Secured Debt
Line of Credit Facility [Line Items]
Interest rate	1.60%
Minimum | Base Rate | Secured Debt
Line of Credit Facility [Line Items]
Interest rate	0.35%
Maximum | London Interbank Offered Rate (LIBOR) | Secured Debt
Line of Credit Facility [Line Items]
Interest rate	2.20%
Maximum | Base Rate | Secured Debt
Line of Credit Facility [Line Items]
Interest rate	0.95%

Mortgage Notes Payable (Mortgag

Mortgage Notes Payable (Mortgage Notes) (Details) $ in Thousands	Sep. 30, 2016USD ($)property	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Real estate investment, at cost relating to notes payable	$ 261,700
Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property	21
Outstanding loan amount	$ 144,371	$ 159,455
Effective Interest Rate	5.26%
Deferred financing costs, net of accumulated amortization	$ (1,744)	(2,150)
Mortgage notes payable, net of deferred financing costs	$ 142,627	157,305
Bowie Gateway Medical Center - Bowie, MD | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property	0
Outstanding loan amount	$ 0	5,969
Effective Interest Rate	6.18%
Medical Center of New Windsor - New Windsor, NY | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property	1
Outstanding loan amount	$ 8,633	8,720
Effective Interest Rate	6.39%
Plank Medical Center - Clifton Park, NY | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property	1
Outstanding loan amount	$ 3,427	3,461
Effective Interest Rate	6.39%
Cushing Center - Schenectady, NY | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property	0
Outstanding loan amount	$ 0	4,184
Effective Interest Rate	5.71%
Countryside Medical Arts - Safety Harbor, FL | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property	1
Outstanding loan amount	$ 5,927	5,992
Effective Interest Rate	6.07%
St. Andrews Medical Park, Venice, FL | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property	3
Outstanding loan amount	$ 6,551	6,623
Effective Interest Rate	6.07%
Campus at Crooks & Auburn Building C - Rochester Hills | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property	0
Outstanding loan amount	$ 0	3,555
Effective Interest Rate	5.91%
Slingerlands Crossing Phase I - Bethlehem, NY | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property	1
Outstanding loan amount	$ 6,613	6,680
Effective Interest Rate	6.39%
Slingerlands Crossing Phase II - Bethlehem, NY | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property	1
Outstanding loan amount	$ 7,699	7,777
Effective Interest Rate	6.39%
Benedictine Cancer Center - Kingston | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property	1
Outstanding loan amount	$ 6,743	6,811
Effective Interest Rate	6.39%
Aurora Healthcare Center Portfolio - WI | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property	6
Outstanding loan amount	$ 30,963	31,257
Effective Interest Rate	6.55%
Palm Valley Medical Plaza - Goodyear, AZ | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property	1
Outstanding loan amount	$ 3,453	3,525
Effective Interest Rate	4.21%
Medical Center V - Peoria, AZ | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property	1
Outstanding loan amount	$ 3,171	3,232
Effective Interest Rate	4.75%
Courtyard Fountains - Gresham, OR | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property	1
Outstanding loan amount	$ 24,930	24,999
Effective Interest Rate	3.82%
Fox Ridge Senior Living at Bryant - Bryant | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property	1
Outstanding loan amount	$ 7,730	7,825
Effective Interest Rate	3.98%
Fox Ridge Senior Living at Chenal - Little Rock | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property	1
Outstanding loan amount	$ 17,606	17,800
Effective Interest Rate	3.98%
Fox Ridge Senior Living at Parkstone - North Little Rock | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property	1
Outstanding loan amount	$ 10,925	$ 11,045
Effective Interest Rate	3.98%

Mortgage Notes Payable (Mortg51

Mortgage Notes Payable (Mortgage Principal Payments) (Details) - Mortgages - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
October 1, 2016 — December 31, 2016	$ 567
2,017	34,832
2,018	31,893
2,019	13,324
2,020	24,279
Thereafter	39,476
Total	$ 144,371	$ 159,455

Fair Value of Financial Instr52

Fair Value of Financial Instruments (Investments) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities, at fair value	$ 0	$ 1,078
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities, at fair value		1,078
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities, at fair value		1,078
Fair Value, Measurements, Recurring | Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities, at fair value		0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities, at fair value		$ 0

Fair Value of Financial Instr53

Fair Value of Financial Instruments (Carrying Amounts and Fair Values of Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	$ 142,627	$ 157,305
Mortgage premiums, net	918	2,403
Mortgages
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	144,400	159,500
Mortgage premiums, net	900	2,400
Significant Unobservable Inputs Level 3 | Mortgages | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	145,289	161,858
Significant Unobservable Inputs Level 3 | Mortgages | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	149,198	162,654
Significant Unobservable Inputs Level 3 | Credit Facility | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	476,500	430,000
Significant Unobservable Inputs Level 3 | Credit Facility | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	$ 476,500	$ 430,000

Common Stock (Schedule of Stock

Common Stock (Schedule of Stock by Class) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended		39 Months Ended	48 Months Ended
	Mar. 31, 2016	Apr. 30, 2013	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015	Sep. 30, 2016	Jun. 28, 2016	Jan. 26, 2016
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)			88,574,565		88,574,565		86,135,411	88,574,565
Proceeds from issuance of common stock					$ 0	$ 6	$ 2,100,000	$ 2,200,000
Dividends declared per day (in usd per share)	$ 0.0046448087	$ 0.0046575343
Common stock dividends (in usd per share)	$ 1.70	$ 1.70	$ 0.43	$ 0.43	$ 1.27	$ 1.27
Short Term Trading Fee Percentage					2.00%
Annual authorized amount as a percentage			5.00%		5.00%			5.00%
Percentage of weighted average outstanding stock for fiscal semester										2.50%
Percentage of weighted average outstanding stock for fiscal year									5.00%	5.00%
Common stock issued through distribution reinvestment plan (in shares)					2,400,000	2,500,000
Common stock issued through distribution reinvestment plan					$ 55,971	$ 58,848
One Year
Class of Stock [Line Items]
Share repurchase price percent			92.50%		92.50%			92.50%
One Year | Maximum
Class of Stock [Line Items]
Share repurchase price (in usd per share)			$ 23.13		$ 23.13			$ 23.13
Share repurchase price percent			92.50%		92.50%			92.50%
Two Years
Class of Stock [Line Items]
Share repurchase price percent			95.00%		95.00%			95.00%
Two Years | Maximum
Class of Stock [Line Items]
Share repurchase price (in usd per share)			$ 23.75		$ 23.75			$ 23.75
Share repurchase price percent			95.00%		95.00%			95.00%
Three Years
Class of Stock [Line Items]
Share repurchase price percent			97.50%		97.50%			97.50%
Three Years | Maximum
Class of Stock [Line Items]
Share repurchase price (in usd per share)			$ 24.38		$ 24.38			$ 24.38
Share repurchase price percent			97.50%		97.50%			97.50%
Four Years
Class of Stock [Line Items]
Share repurchase price percent			100.00%		100.00%			100.00%
Four Years | Maximum
Class of Stock [Line Items]
Share repurchase price (in usd per share)			$ 25		$ 25			$ 25
Share repurchase price percent			100.00%		100.00%			100.00%

Common Stock (Cumulative Share

Common Stock (Cumulative Share Repurchases) (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended	39 Months Ended	48 Months Ended
	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2016
Equity [Abstract]
Number of Shares Repurchased (in shares)	6,660	968,370	975,030
Average Price per Share (in usd per share)	$ 24.36	$ 23.72	$ 23.73
Remaining number of shares authorized (in shares)	201,367		201,367
Rejected repurchases remaining value	$ 4.6
Unfulfilled treasury stock (in usd per share)	$ 23.04
Number of shares in unfulfilled requests (in shares)	2,400,000		2,400,000

Related Party Transactions an56

Related Party Transactions and Arrangements (Narrative) (Details) - USD ($) $ in Millions	Jan. 14, 2015	Sep. 30, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)		88,574,565	86,135,411
Tax Depreciation Deduction | Advisor
Related Party Transaction [Line Items]
Excess depreciation deductions maximum		$ 10
Acuity Specialty Hospital | Sponsor and Advisor Under Common Control of Purchasing Entity | Affiliated Entity
Related Party Transaction [Line Items]
Purchase price	$ 39.4
American Realty Capital Healthcare II Special Limited Partnership, LLC | Special Limited Partner
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)		8,888	8,888

Related Party Transactions an57

Related Party Transactions and Arrangements (Fees Paid in Connection with the IPO) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Maximum
Related Party Transaction [Line Items]
Offering costs excluding selling commissions and dealer manager fees	2.00%		2.00%
REIT liability, as a percentage of gross common stock proceeds	12.00%		12.00%
Realty Capital Securities, LLC | Gross Proceeds, Common Stock | Maximum | Former Dealer Manager
Related Party Transaction [Line Items]
Sales commissions as a percentage of benchmark	7.00%		7.00%
Option One | Realty Capital Securities, LLC | Gross Proceeds, Common Stock | Maximum | Former Dealer Manager
Related Party Transaction [Line Items]
Dealer manager fee earned by related party	3.00%		3.00%
Gross Proceeds, Common Stock | Option Two | Gross Proceeds, Common Stock | Maximum | Participating Broker-Dealer
Related Party Transaction [Line Items]
Brokerage fee as a percentage of benchmark	7.50%		7.50%
Sales Commissions | Selling Commission Fee Paid Upfront | Option Two | Gross Proceeds, Common Stock | Maximum | Participating Broker-Dealer
Related Party Transaction [Line Items]
Brokerage fee as a percentage of benchmark	2.50%		2.50%
Sales Commissions | Fee Paid at Anniversary of Sale | Option Two | Gross Proceeds, Common Stock | Maximum | Participating Broker-Dealer
Related Party Transaction [Line Items]
Brokerage fee as a percentage of benchmark	1.00%		1.00%
Dealer Manager Fees | Option Two | Realty Capital Securities, LLC | Gross Proceeds, Common Stock | Former Dealer Manager
Related Party Transaction [Line Items]
Sales commissions as a percentage of benchmark	2.50%		2.50%
Sales Commissions and Dealer Manager Fees | Realty Capital Securities, LLC | Former Dealer Manager
Related Party Transaction [Line Items]
Expenses incurred	$ 0	$ 0	$ 0	$ (2,000)

Related Party Transactions an58

Related Party Transactions and Arrangements (Fees Paid in Connection With the Operations of the Company) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	May 12, 2015	Apr. 01, 2015
Related Party Transaction [Line Items]
Equity instruments, net of selling commissions (in usd per share)		$ 22.50		$ 22.50	$ 22.50
Expenses forgiven	$ 0	$ 0	$ 0	$ 1,200,000
Advisor
Related Party Transaction [Line Items]
Shares approved for issuance (in shares)			359,250
American Realty Capital Healthcare Advisors, LLC | Contract Purchase Price | Advisor
Related Party Transaction [Line Items]
Acquisition fees as a percentage of benchmark	1.00%		1.00%
Reimbursed fees to related party, percentage of benchmark	0.50%		0.50%
Related party transaction, total one-time operating fees earned by related party, percentage of benchmark, fee cap	4.50%		4.50%
Quarterly asset management earned by related party, percentage of benchmark		0.1875%		0.1875%
American Realty Capital Healthcare Advisors, LLC | Advance on Loan or Other Investment | Advisor
Related Party Transaction [Line Items]
Acquisition fees as a percentage of benchmark	1.00%		1.00%
Reimbursed fees to related party, percentage of benchmark	0.50%		0.50%
Related party transaction, total one-time operating fees earned by related party, percentage of benchmark, fee cap	4.50%		4.50%
American Realty Capital Healthcare Advisors, LLC | Contract Purchase Price, All Assets Acquired | Advisor
Related Party Transaction [Line Items]
Acquisition fees and financing coordination fees, fee cap earned by related party, percentage of benchmark	1.50%		1.50%
American Realty Capital Healthcare Advisors, LLC | Amount Available or Outstanding Under Financing Arrangement | Advisor
Related Party Transaction [Line Items]
Financing coordination fees	0.75%		0.75%
American Realty Capital Healthcare Advisors, LLC | Pre-tax Non-compounded Return on Capital Contribution | Advisor
Related Party Transaction [Line Items]
Cumulative capital investment return to investors as a percentage of benchmark	6.00%		6.00%
American Realty Capital Healthcare Advisors, LLC | Gross Revenue, Stand-alone Single-tenant Net Leased Properties | Advisor
Related Party Transaction [Line Items]
Property management fees	1.50%		1.50%
American Realty Capital Healthcare Advisors, LLC | Gross Revenue, Excluding Stand-alone Single-tenant Net Leased Properties | Advisor
Related Party Transaction [Line Items]
Property management fees	2.50%		2.50%
Maximum | American Realty Capital Healthcare Advisors, LLC | Average Invested Assets | Advisor
Related Party Transaction [Line Items]
Operating expenses as a percentage of benchmark	2.00%		2.00%
Maximum | American Realty Capital Healthcare Advisors, LLC | Net Income, Excluding Additions to Non-cash Reserves and Gains on Sales of Assets | Advisor
Related Party Transaction [Line Items]
Operating expenses as a percentage of benchmark	25.00%		25.00%
Maximum | American Realty Capital Healthcare Advisors, LLC | Gross Revenue, Managed Properties | Advisor
Related Party Transaction [Line Items]
Oversight fees earned by related party	1.00%		1.00%
American Realty Capital Healthcare Advisors, LLC | Cost of Assets | Advisor
Related Party Transaction [Line Items]
Asset management fees earned, percentage of benchmark						0.0625%

Related Party Transactions an59

Related Party Transactions and Arrangements (Fees Paid in Connection With the Operations of the Company, Incurred, Forgiven and Payable) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Expenses forgiven	$ 0	$ 0	$ 0	$ 1,200,000
Total related party operation fees and reimbursements
Related Party Transaction [Line Items]
Expenses incurred	6,442,000	8,641,000	18,982,000	20,174,000
Expenses forgiven	0	0	0	1,220,000
Payable (Receivable)	499,000		499,000		$ 536,000
Nonrecurring Fees | Acquisition fees and related cost reimbursements
Related Party Transaction [Line Items]
Expenses incurred	0	1,719,000	0	3,707,000
Expenses forgiven	0	0	0	0
Payable (Receivable)	0		0		0
Nonrecurring Fees | Acquisition cost reimbursements
Related Party Transaction [Line Items]
Expenses incurred	0	859,000	0	1,853,000
Expenses forgiven	0	0	0	0
Payable (Receivable)	0		0		0
Nonrecurring Fees | Financing coordination fees
Related Party Transaction [Line Items]
Expenses incurred	0	512,000	0	3,400,000
Expenses forgiven	0	0	0	0
Payable (Receivable)	0		0		0
Recurring Fees | Asset management Fees
Related Party Transaction [Line Items]
Expenses incurred	4,396,000	3,656,000	13,177,000	7,066,000
Expenses forgiven	0	0	0	0
Payable (Receivable)	0		0		(5,000)
Recurring Fees | Property management and leasing fees
Related Party Transaction [Line Items]
Expenses incurred	803,000	656,000	2,349,000	656,000
Expenses forgiven	0	0	0	1,220,000
Payable (Receivable)	0		0		(10,000)
Recurring Fees | Transfer agent and other professional services
Related Party Transaction [Line Items]
Expenses incurred	1,090,000	1,085,000	2,999,000	3,156,000
Expenses forgiven	0	0	0	0
Payable (Receivable)	499,000		499,000		499,000
Recurring Fees | Distributions on Class B Units
Related Party Transaction [Line Items]
Expenses incurred	153,000	154,000	457,000	336,000
Expenses forgiven	0	$ 0	0	$ 0
Payable (Receivable)	$ 0		$ 0		$ 52,000

Related Party Transactions an60

Related Party Transactions and Arrangements (Fees and Participations Paid in Connection with the Liquidation or Listing of the Company's Real Estate Assets) (Details) - USD ($)	Mar. 17, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Due to affiliates		$ 674,000		$ 674,000		$ 536,000
American Realty Capital Healthcare Advisors, LLC | Pre-tax Non-compounded Return on Capital Contribution | Advisor
Related Party Transaction [Line Items]
Cumulative capital investment return to investors as a percentage of benchmark		6.00%		6.00%
Subordinated performance fee as a percentage of benchmark		15.00%		15.00%
Healthcare Trust Special Limited Partnership, LLC | Net Sale Proceeds, after Return of Capital Contributions and Annual Targeted Investor Return | Special Limited Partner
Related Party Transaction [Line Items]
Subordinated performance fee as a percentage of benchmark		15.00%		15.00%
Healthcare Trust Special Limited Partnership, LLC | Excess of Adjusted Market Value of Real Estate Assets Plus Distributions Over Aggregate Contributed Investor Capital | Special Limited Partner
Related Party Transaction [Line Items]
Subordinated participation fees as a percentage of benchmark		15.00%		15.00%
Distribution upon nonrenewal of advisory agreement		15.00%		15.00%
Maximum | American Realty Capital Healthcare Advisors, LLC | Aggregate Total Return of Year Fee is Incurred | Advisor
Related Party Transaction [Line Items]
Subordinated performance fee earned by related party, fee cap		10.00%		10.00%
Brokerage Commission Fees | Advisor
Related Party Transaction [Line Items]
Transaction amount		$ 100,000	$ 0	$ 300,000	$ 0
Due to affiliates		$ 200,000		$ 200,000
Brokerage Commission Fees | Option One | Maximum | American Realty Capital Healthcare Advisors, LLC | Contract Sales Price | Advisor
Related Party Transaction [Line Items]
Real estate commissions as a percentage of benchmark		2.00%		2.00%
Brokerage Commission Fees | Option Two | Maximum | American Realty Capital Healthcare Advisors, LLC | Contract Sales Price | Advisor
Related Party Transaction [Line Items]
Real estate commissions as a percentage of benchmark		50.00%		50.00%
Real Estate Commissions | Maximum | American Realty Capital Healthcare Advisors, LLC | Contract Sales Price | Advisor
Related Party Transaction [Line Items]
Real estate commissions as a percentage of benchmark		6.00%		6.00%
Annual Targeted Investor Return | Healthcare Trust Special Limited Partnership, LLC | Pre-tax Non-compounded Return on Capital Contribution | Special Limited Partner
Related Party Transaction [Line Items]
Cumulative capital investment return to investors as a percentage of benchmark		6.00%		6.00%
RCS Capital, KeyBanc and Investment Banking and Capital Markets Division of Dealer Manager | Listing Fee
Related Party Transaction [Line Items]
Listing fee earned for listing on national securities exchange	$ 1,500,000
RCS Capital, KeyBanc and Investment Banking and Capital Markets Division of Dealer Manager | Transaction Advisory Fee
Related Party Transaction [Line Items]
Transaction fee as percent of sale transaction		0.25%		0.25%

Equity-Based Compensation (Narr

Equity-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation			$ 73	$ 36
Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during period, issued for services (in shares)	0	0	0	0
Restricted Share Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted automatically upon election to board of directors, in shares	1,333		1,333
Restricted share vesting period			5 years
Periodic vesting percentage	20.00%		20.00%
Maximum authorized amount as a percentage of shares authorized			5.00%
Number of shares authorized, in shares	3,400,000		3,400,000
Nonvested awards, compensation cost not yet recognized	$ 200		$ 200
Nonvested awards, compensation cost not yet recognized, period for recognition			3 years 4 months 24 days
Equity-based compensation	$ 43	$ 30	$ 73	$ 36

Equity-Based Compensation (Summ

Equity-Based Compensation (Summary of Activity) (Details) - Restricted Share Plan - Restricted Stock	9 Months Ended
	Sep. 30, 2016$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning Balance, Unvested (in shares) | shares	11,731
Granted (in shares) | shares	5,388
Vested (in shares) | shares	(3,199)
Forfeitures (in shares) | shares	(1,333)
Ending Balance, Unvested (in shares) | shares	12,587
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning Balance, Unvested, Weighted-Average Issue Price (in usd per share) | $ / shares	$ 22.50
Granted, Weighted-Average Issue Price (in usd per share) | $ / shares	22.27
Vested, Weighted-Average Issue Price (in usd per share) | $ / shares	22.50
Forfeitures, Weighted-Average Issued (in usd per share) | $ / shares	22.50
Ending Balance, Unvested, Weighted-Average Issue Price (in usd per share) | $ / shares	$ 22.50

Accumulated Other Comprehensi63

Accumulated Other Comprehensive Income (Summary of Changes in AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			$ (6)
Ending balance	$ 0		0
Gain on sale of investment securities	56	$ 160	56	$ 446
Unrealized Gains (Losses) on Available-for-Sale Securities [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(6)
Other comprehensive income, before reclassifications			62
Amounts reclassified from accumulated other comprehensive income			(56)
Ending balance	0		0
Preferred Stock [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Gain on sale of investment securities	$ 100		$ 100

Non-controlling Interests (Deta

Non-controlling Interests (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Nov. 30, 2014
Noncontrolling Interest [Line Items]
Limited partner units (in units)	90	90	90	90
Distributions to non-controlling interest holders	$ 200	$ 200	$ 519	$ 526
Non-controlling Interests
Noncontrolling Interest [Line Items]
Limited partner units (in units)					405,908
Units issued to purchase building					$ 10,100
Units issued to fund purchase of A Building (in usd per share)					$ 25

Non-controlling Interests (Summ

Non-controlling Interests (Summary of Non-controlling Interests) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Noncontrolling Interest [Line Items]
Non-controlling interests	$ 9,124	$ 9,697
Net Real Estate Assets Subject to Investment Arrangement	2,118,736	2,194,602
Mortgage Notes Payable Subject to Investment Arrangement	142,627	157,305
Plaza Del Rio Medical Office Campus - Portfolio, AZ | Non-controlling Interests
Noncontrolling Interest [Line Items]
Non-controlling interests	$ 478
Non-controlling ownership percentage	4.10%
Net Real Estate Assets Subject to Investment Arrangement	$ 10,537	10,561
Mortgage Notes Payable Subject to Investment Arrangement	$ 0	$ 0

Net Loss Per Share (Details)

Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]
Net loss attributable to stockholders	$ (8,664)	$ (16,108)	$ (13,219)	$ (34,749)
Basic and diluted weighted-average shares outstanding (in shares)	88,285,390	85,705,595	87,472,855	84,988,240
Basic and diluted net loss per share (in usd per share)	$ (0.10)	$ (0.19)	$ (0.15)	$ (0.41)
Antidilutive securities excluded from computation of earnings per share (in shares)			777,835	774,313
Restricted Stock
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)			12,587	9,065
OP Units
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)			405,998	405,998
Class B Units
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)			359,250	359,250

Segment Reporting (Reconciliati

Segment Reporting (Reconciliation of Segment Activity) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)segment	Sep. 30, 2015USD ($)segment
Segment Reporting Information [Line Items]
Number of reportable segments | segment			3	3
Rental income	$ 24,980	$ 24,495	$ 77,984	$ 68,282
Operating expense reimbursement	4,196	3,487	11,677	9,344
Resident services and fee income	46,428	36,011	137,084	103,004
Total revenues	75,604	63,993	226,745	180,630
Property operating	44,041	33,506	123,527	89,612
Net operating income	31,563	30,487	103,218	91,018
Contingent purchase price consideration	(83)	37	142	487
Impairment on sale of real estate investments	0	0	(389)	0
Operating fees to affiliate	(5,199)	(4,312)	(15,526)	(7,722)
Acquisition and transaction related	(958)	(3,315)	(3,059)	(8,502)
General and administrative	(2,874)	(2,442)	(9,277)	(7,574)
Depreciation and amortization	(27,347)	(34,162)	(76,245)	(97,193)
Interest expense	(4,923)	(3,081)	(14,783)	(6,838)
Income from investment securities and other income	2	66	45	555
Gain on sale of real estate investment	1,330	0	1,330	0
Gain on sale of investment securities	56	160	56	446
Income tax benefit (expense)	(260)	369	1,215	387
Net loss attributable to non-controlling interests	29	85	54	187
Net loss attributable to stockholders	(8,664)	(16,108)	(13,219)	(34,749)
Operating Segments | Medical Office Buildings
Segment Reporting Information [Line Items]
Rental income	16,590	15,258	49,709	39,976
Operating expense reimbursement	3,825	3,452	11,253	9,221
Resident services and fee income	0	0	0	0
Total revenues	20,415	18,710	60,962	49,197
Property operating	6,254	5,728	17,922	14,855
Net operating income	14,161	12,982	43,040	34,342
Operating Segments | Triple-Net Leased Healthcare Facilities
Segment Reporting Information [Line Items]
Rental income	8,387	9,237	28,271	28,306
Operating expense reimbursement	371	35	424	123
Resident services and fee income	0	0	0	0
Total revenues	8,758	9,272	28,695	28,429
Property operating	5,158	2,400	8,915	3,097
Net operating income	3,600	6,872	19,780	25,332
Operating Segments | Seniors Housing Communities
Segment Reporting Information [Line Items]
Rental income	3	0	4	0
Operating expense reimbursement	0	0	0	0
Resident services and fee income	46,428	36,011	137,084	103,004
Total revenues	46,431	36,011	137,088	103,004
Property operating	32,629	25,378	96,690	71,660
Net operating income	$ 13,802	$ 10,633	$ 40,398	$ 31,344

Segment Reporting (Reconcilia68

Segment Reporting (Reconciliation of Segment Activity to Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Investments in real estate:	$ 2,118,736	$ 2,194,602
Construction in progress	43,070	21,309
Cash and cash equivalents	50,434	24,474	$ 47,751	$ 182,617
Restricted cash	4,571	4,647
Investment securities, at fair value	0	1,078
Straight-line rent receivable, net	13,875	11,470
Prepaid expenses and other assets	22,202	21,707
Deferred costs, net	10,307	11,864
Total assets	2,220,125	2,269,842
Operating Segments
Segment Reporting Information [Line Items]
Construction in progress	53,070	31,309
Operating Segments | Medical Office Buildings
Segment Reporting Information [Line Items]
Investments in real estate:	796,865	839,041
Operating Segments | Triple-Net Leased Healthcare Facilities
Segment Reporting Information [Line Items]
Investments in real estate:	422,802	447,893
Operating Segments | Seniors Housing Communities
Segment Reporting Information [Line Items]
Investments in real estate:	$ 845,999	$ 876,359

Segment Reporting (Reconcilia69

Segment Reporting (Reconciliation of Capital Expenditures by Segment) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Segment Reporting Information [Line Items]
Total capital expenditures	$ 5,727	$ 4,984
Operating Segments
Segment Reporting Information [Line Items]
Total capital expenditures	5,727	3,536
Operating Segments | Medical Office Buildings
Segment Reporting Information [Line Items]
Total capital expenditures	2,720	1,343
Operating Segments | Triple-Net Leased Healthcare Facilities
Segment Reporting Information [Line Items]
Total capital expenditures	103	523
Operating Segments | Seniors Housing Communities
Segment Reporting Information [Line Items]
Total capital expenditures	$ 2,904	$ 1,670

Commitments and Contingencies70

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Rent expense	$ 200	$ 100	$ 600	$ 300
Interest expense	$ 21	$ 21	$ 100	$ 100

Commitments and Contingencies71

Commitments and Contingencies (Schedule of Future Minimum Rental Payments) (Details) $ in Thousands	Sep. 30, 2016USD ($)
Operating Leases
October 1, 2016 — December 31, 2016	$ 168
2017, Operating Leases	664
2018, Operating Leases	668
2019, Operating Leases	673
2020, Operating Leases	671
Thereafter, Operating Leases	33,228
Total, Operating Leases	36,072
Capital Leases
October 1, 2016 — December 31, 2016	19
2017, Capital Leases	76
2018, Capital Leases	78
2019, Capital Leases	80
2020, Capital Leases	82
Thereafter, Capital Leases	7,847
Total, Capital Leases	8,182
Interest, Capital Leases	(3,372)
Total present value of minimum lease payments	$ 4,810

Commitments and Contingencies72

Commitments and Contingencies (Development Project Funding) (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015	Aug. 31, 2015
Long-term Purchase Commitment [Line Items]
Asset purchase and development agreement			$ 82,000,000
Construction in progress	$ 43,070,000	$ 21,309,000
Land
Long-term Purchase Commitment [Line Items]
Construction in progress	10,000,000
Construction in Progress
Long-term Purchase Commitment [Line Items]
Construction in progress	$ 43,100,000
Credit Facility
Long-term Purchase Commitment [Line Items]
Maximum borrowing capacity			$ 2,700,000
Stated rate			7.00%

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) - Subsequent Event - USD ($)	Dec. 31, 2016	Nov. 21, 2016	Oct. 31, 2016	Oct. 21, 2016	Oct. 11, 2016
Credit Agreements | Credit Facility
Subsequent Event [Line Items]
Maximum borrowing capacity			$ 60,000,000
Initial advances			$ 30,000,000
KeyBank Facility | Credit Facility
Subsequent Event [Line Items]
Interest rate			3.15%
Capital One Facility | Credit Facility
Subsequent Event [Line Items]
Stated rate			3.156%
Fannie Credit Facility | Interest Rate Cap
Subsequent Event [Line Items]
Interest rate cap			3.50%
Fannie Credit Facility | Credit Facility
Subsequent Event [Line Items]
Prepayment premium percent			1.00%
London Interbank Offered Rate (LIBOR) | Fannie Credit Facility | Credit Facility
Subsequent Event [Line Items]
Interest rate			2.62%
Minimum | London Interbank Offered Rate (LIBOR) | Fannie Credit Facility | Credit Facility
Subsequent Event [Line Items]
Interest rate			2.62%
Consulting Agreement | International Capital Markets Group Inc
Subsequent Event [Line Items]
Transaction amount	$ 25,000	$ 25,000		$ 38,000
Randolph C. Read | Restricted Stock
Subsequent Event [Line Items]
Vested (in shares)					3,480