Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 28, 2017 | Jun. 30, 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-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 89,905,069 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 0 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Real estate investments, at cost: | ||
Land | $ 187,868 | $ 192,790 |
Buildings, fixtures and improvements | 1,872,590 | 1,885,713 |
Construction in progress | 60,055 | 21,309 |
Acquired intangible assets | 234,749 | 241,459 |
Total real estate investments, at cost | 2,355,262 | 2,341,271 |
Less: accumulated depreciation and amortization | (241,027) | (146,669) |
Total real estate investments, net | 2,114,235 | 2,194,602 |
Cash and cash equivalents | 29,225 | 24,474 |
Restricted cash | 3,962 | 4,647 |
Investment securities, at fair value | 0 | 1,078 |
Non-designated derivative assets, at fair value | 61 | 0 |
Straight-line rent receivable, net | 12,026 | 11,470 |
Prepaid expenses and other assets | 22,073 | 21,707 |
Deferred costs, net | 12,123 | 11,864 |
Total assets | 2,193,705 | 2,269,842 |
LIABILITIES AND EQUITY | ||
Mortgage notes payable, net of deferred financing costs | 142,288 | 157,305 |
Mortgage premiums and discounts, net | 466 | 2,403 |
Credit facilities | 481,500 | 430,000 |
Market lease intangible liabilities, net | 20,187 | 22,994 |
Accounts payable and accrued expenses (including $862 and $536 due to related parties as of December 31, 2016 and 2015, respectively) | 27,080 | 38,449 |
Deferred rent | 4,986 | 4,356 |
Distributions payable | 12,872 | 12,518 |
Total liabilities | 689,379 | 668,025 |
Preferred stock, $0.01 par value, 50,000,000 authorized, none issued and outstanding as of December 31, 2016 and 2015 | 0 | 0 |
Common stock, $0.01 par value, 300,000,000 shares authorized, 89,368,899 and 86,135,411 shares of common stock issued and outstanding as of December 31, 2016 and 2015, respectively | 894 | 861 |
Additional paid-in capital | 1,981,136 | 1,907,549 |
Accumulated other comprehensive income (loss) | 0 | (6) |
Accumulated deficit | (486,574) | (316,284) |
Total stockholders' equity | 1,495,456 | 1,592,120 |
Non-controlling interests | 8,870 | 9,697 |
Total equity | 1,504,326 | 1,601,817 |
Total liabilities and equity | $ 2,193,705 | $ 2,269,842 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value, in dollars per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 89,368,899 | 86,135,411 |
Common stock, shares outstanding | 89,368,899 | 86,135,411 |
Due to affiliates | $ 862 | $ 536 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | |||
Rental income | $ 103,375 | $ 93,218 | $ 23,005 |
Operating expense reimbursements | 15,876 | 12,759 | 3,585 |
Resident services and fee income | 183,177 | 140,901 | 31,849 |
Contingent purchase price consideration | 138 | 612 | 0 |
Total revenues | 302,566 | 247,490 | 58,439 |
Expenses: | |||
Property operating and maintenance | 172,077 | 125,573 | 26,717 |
Impairment on sale of real estate investments | 389 | 0 | 0 |
Operating fees to related parties | 20,583 | 12,191 | 0 |
Acquisition and transaction related | 3,163 | 14,679 | 33,623 |
General and administrative | 12,105 | 9,733 | 3,541 |
Depreciation and amortization | 98,886 | 120,924 | 28,889 |
Total expenses | 307,203 | 283,100 | 92,770 |
Operating loss | (34,331) | ||
Other income (expense): | |||
Interest expense | (19,881) | (10,356) | (3,559) |
Interest and other income | 47 | 582 | 735 |
Gain on non-designated derivative instruments | 31 | 0 | 0 |
Gain on sale of real estate investment | 1,330 | 0 | 0 |
Gain on sale of investment securities | 56 | 446 | 8 |
Total other expenses | (18,417) | (9,328) | (2,816) |
Loss before income tax | (23,054) | (44,938) | (37,147) |
Income tax benefit (expense) | 2,084 | 2,978 | (565) |
Net loss | (20,970) | (41,960) | (37,712) |
Net loss attributable to non-controlling interests | 96 | 219 | 34 |
Net loss attributable to stockholders | (20,874) | (41,741) | (37,678) |
Other comprehensive loss: | |||
Designated derivatives, fair value adjustment | 0 | 0 | 0 |
Unrealized gain (loss) on investment securities, net | 6 | (469) | 463 |
Comprehensive loss attributable to stockholders | $ (20,868) | $ (42,210) | $ (37,215) |
Basic and diluted weighted average shares outstanding (in shares) | 87,878,907 | 85,331,966 | 51,234,729 |
Basic and diluted net loss per share (in usd per share) | $ (0.24) | $ (0.49) | $ (0.74) |
Dividends declared (in usd per share) | $ 1.70 | $ 1.70 | $ 1.70 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - 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, 2013 | 7,529,789 | ||||||
Beginning Balance at Dec. 31, 2013 | $ 158,149 | $ 158,149 | $ 75 | $ 161,952 | $ 0 | $ (3,878) | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock (in shares) | 74,504,754 | ||||||
Issuance of common stock | 1,851,951 | 1,851,951 | $ 745 | 1,851,206 | |||
Common stock offering costs, commissions and dealer manager fees | (202,857) | (202,857) | (202,857) | ||||
Common stock issued through distribution reinvestment plan (in shares) | 1,750,705 | ||||||
Common stock issued through distribution reinvestment plan | 41,580 | 41,580 | $ 18 | 41,562 | |||
Common stock repurchases (in shares) | (72,431) | ||||||
Common stock repurchases | (1,768) | (1,768) | $ (1) | (1,767) | |||
Equity-based compensation (in shares) | 6,036 | ||||||
Equity-based compensation, net | 73 | 73 | 73 | ||||
Distributions declared | (87,850) | (87,850) | (87,850) | ||||
Contributions from non-controlling interest holders | 10,148 | 10,148 | |||||
Unrealized gain on investments | 463 | 463 | 463 | ||||
Net loss | (37,712) | (37,678) | (37,678) | (34) | |||
Ending Balance (in shares) at Dec. 31, 2014 | 83,718,853 | ||||||
Ending Balance at Dec. 31, 2014 | 1,732,177 | 1,722,063 | $ 837 | 1,850,169 | 463 | (129,406) | 10,114 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Common stock offering costs, commissions and dealer manager fees | $ 2 | 2 | 2 | ||||
Common stock issued through distribution reinvestment plan (in shares) | 3,300,000 | 3,305,297 | |||||
Common stock issued through distribution reinvestment plan | $ 78,502 | 78,502 | $ 33 | 78,469 | |||
Common stock repurchases (in shares) | (894,338) | ||||||
Common stock repurchases | (21,160) | (21,160) | $ (9) | (21,151) | |||
Equity-based compensation (in shares) | 5,599 | ||||||
Equity-based compensation, net | 60 | 60 | 60 | ||||
Distributions declared | (145,137) | (145,137) | (145,137) | ||||
Contributions from non-controlling interest holders | 500 | 500 | |||||
Unrealized gain on investments | (469) | (469) | (469) | ||||
Distributions to non-controlling interest holders | (698) | (698) | |||||
Net loss | (41,960) | (41,741) | (41,741) | (219) | |||
Ending Balance (in shares) at Dec. 31, 2015 | 86,135,411 | ||||||
Ending 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) | 3,200,000 | 3,234,746 | |||||
Common stock issued through distribution reinvestment plan | $ 73,630 | 73,630 | $ 33 | 73,597 | |||
Common stock repurchases (in shares) | (6,660) | ||||||
Common stock repurchases | (170) | (170) | (170) | ||||
Equity-based compensation (in shares) | 5,402 | ||||||
Equity-based compensation, net | 160 | 160 | 160 | ||||
Distributions declared | (149,416) | (149,416) | (149,416) | ||||
Unrealized gain on investments | 6 | 6 | 6 | ||||
Distributions to non-controlling interest holders | (731) | (731) | |||||
Net loss | (20,970) | (20,874) | (20,874) | (96) | |||
Ending Balance (in shares) at Dec. 31, 2016 | 89,368,899 | ||||||
Ending Balance at Dec. 31, 2016 | $ 1,504,326 | $ 1,495,456 | $ 894 | $ 1,981,136 | $ 0 | $ (486,574) | $ 8,870 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Cash Flows [Abstract] | |||
Net loss | $ (20,970) | $ (41,960) | $ (37,712) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 98,886 | 120,924 | 28,889 |
Amortization of deferred financing costs | 4,523 | 3,737 | 1,313 |
Amortization of mortgage premiums and discounts, net | (1,937) | (1,933) | (689) |
Amortization of market lease and other intangibles, net | 168 | (101) | 638 |
Bad debt expense | 15,425 | 7,291 | 0 |
Equity-based compensation | 160 | 60 | 73 |
Gain on sale of investment securities | (56) | (446) | (8) |
Gain on non-designated derivative instruments | (31) | 0 | 0 |
Gain on sales of real estate investments, net | (941) | 0 | 0 |
Changes in assets and liabilities: | |||
Straight-line rent receivable | (8,210) | (12,535) | (2,208) |
Prepaid expenses and other assets | (9,467) | (12,893) | (8,837) |
Accounts payable, accrued expenses and other liabilities | 545 | 5,203 | 10,877 |
Deferred rent | 630 | 1,333 | 2,977 |
Restricted cash | 685 | (2,869) | (1,778) |
Net cash provided by (used in) operating activities | 79,410 | 65,811 | (6,465) |
Cash flows from investing activities: | |||
Investments in real estate | (38,746) | (570,134) | (1,506,862) |
Deposits returned (paid) for unconsummated acquisitions | 0 | 1,000 | (3,650) |
Deposit received for unconsummated disposition | 100 | 0 | 0 |
Capital expenditures | (7,476) | (6,885) | (807) |
Purchases of investment securities | 0 | (93) | (20,328) |
Proceeds from sales of investment securities | 1,140 | 19,278 | 513 |
Proceeds from sales of real estate investments | 25,890 | 0 | 0 |
Net cash used in investing activities | (19,092) | (556,834) | (1,531,134) |
Cash flows from financing activities: | |||
Proceeds from credit facilities | 106,500 | 440,000 | 0 |
Repayments of credit facility borrowings | (55,000) | (10,000) | 0 |
Payments on mortgage notes payable | (15,650) | (6,389) | (535) |
Payments for undesignated derivative instruments | (30) | 0 | 0 |
Payments of deferred financing costs | (3,040) | (13,283) | (5,408) |
Proceeds from issuance of common stock | 0 | 6 | 1,853,231 |
Common stock repurchases | (12,184) | (10,413) | (541) |
Payments of offering costs and fees related to common stock issuances | 0 | (629) | (202,715) |
Distributions paid | (75,432) | (66,214) | (35,165) |
Contributions from non-controlling interest holders | 0 | 500 | 0 |
Distributions to non-controlling interest holders | (731) | (698) | 0 |
Payments to related parties | 0 | 0 | (484) |
Net cash provided by (used in) financing activities | (55,567) | 332,880 | 1,608,383 |
Net change in cash and cash equivalents | 4,751 | (158,143) | 70,784 |
Cash and cash equivalents, beginning of period | 24,474 | 182,617 | 111,833 |
Cash and cash equivalents, end of period | 29,225 | 24,474 | 182,617 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | 18,512 | 7,867 | 2,313 |
Cash paid for income taxes | 339 | 374 | 601 |
Non-cash investing and financing activities: | |||
Payable and accrued offering costs | 0 | 0 | 631 |
Accrued repurchases included in accounts payable and accrued expenses | 0 | 12,014 | 1,267 |
Assumption of mortgage notes payable used to acquire investments in real estate | 0 | 100,058 | 66,321 |
Premiums and discounts on assumed mortgage notes payable | 0 | 1,492 | 3,533 |
Liabilities assumed in real estate acquisitions | 0 | 882 | 9,040 |
Common stock issued through distribution reinvestment plan | $ 73,630 | $ 78,502 | $ 41,580 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Healthcare Trust, Inc. (including, as required by context, Healthcare Trust Operating Partnership, L.P. (the "OP") and its subsidiaries, the "Company") invests in healthcare real estate, focusing on seniors housing and medical office buildings ("MOB"), located in the United States for investment purposes. As of December 31, 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 and as of such date the Company had received cumulative proceeds of $2.0 billion from its IPO. As of December 31, 2016 , the Company has received total proceeds of $2.2 billion , net of shares repurchased under the Share Repurchase Program (as amended, the "SRP") (see Note 9 — Common Stock ) and including $195.0 million in proceeds received under the 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. 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 9 — 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 | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 — Summary of Significant Accounting Policies Basis of Accounting The accompanying consolidated financial statements of the Company are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States ("GAAP"). Reclassifications Certain prior year amounts have been reclassified to conform with the current year presentation, including amounts within rental income, resident services and fee income, cash flows from operating activities and cash flows from financing. 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. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, real estate taxes, fair value measurements and income taxes, as applicable. Real Estate Investments Investments in real estate are recorded at cost. Improvements and replacements are capitalized when they extend the useful life or improve the productive capacity of the asset. Costs of repairs and maintenance are expensed as incurred. The Company evaluates the inputs, processes and outputs of each asset acquired to determine if the transaction is a business combination or asset acquisition. If an acquisition qualifies as a business combination, the related transaction costs are recorded as an expense in the consolidated statement of operations. If an acquisition qualifies as an asset acquisition, the related transaction costs are generally capitalized and subsequently amortized over the useful life of the acquired assets. In business combinations, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities based on their respective fair values. Tangible assets may include land, land improvements, buildings and fixtures. Intangible assets may include the value of in-place leases and above- and below-market leases and other identifiable intangible assets or liabilities based on lease or property specific characteristics. In addition, any assumed mortgages receivable or payable and any assumed or issued non-controlling interests are recorded at their estimated fair values. The Company generally determines the value of construction in progress based upon the replacement cost. During the construction period, we capitalize interest, insurance and real estate taxes until the development has reached substantial completion. The fair value of the tangible assets of an acquired property with an in-place operating lease is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to the tangible assets based on the fair value of the tangible assets. The fair value of in-place leases is determined by considering estimates of carrying costs during the expected lease-up periods, current market conditions, as well as costs to execute similar leases. The fair value of above- or below-market leases is recorded based on the present value of the difference between the contractual amount to be paid pursuant to the in-place lease and the Company’s estimate of the fair market lease rate for the corresponding in-place lease, measured over the remaining term of the lease including any below-market fixed rate renewal options for below-market leases. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including real estate valuations prepared by independent valuation firms. The Company also considers information and other factors including market conditions, the industry that the tenant operates in, characteristics of the real estate, i.e. location, size, demographics, value and comparative rental rates, tenant credit profile and the importance of the location of the real estate to the operations of the tenant’s business. In allocating the fair value to assumed mortgages, amounts are recorded to debt premiums or discounts based on the present value of the estimated cash flows, which is calculated to account for either above- or below-market interest rates. In allocating non-controlling interests, amounts are recorded based on the fair value of units issued or percentage of investment contributed at the date of acquisition, as determined by the terms of the applicable agreement. Real estate investments that are intended to be sold are designated as "held for sale" on the consolidated balance sheets at the lesser of carrying amount or fair value less estimated selling costs when they meet specific criteria to be presented as held for sale. Real estate investments are no longer depreciated when they are classified as held for sale. If the disposal, or intended disposal, of certain real estate investments represents a strategic shift that has had or will have a major effect on the Company's operations and financial results, the operations of such real estate investments would be presented as discontinued operations in the consolidated statements of operations and comprehensive loss for all applicable periods. There are no real estate investments held for sale as of December 31, 2016 and 2015 . Depreciation and Amortization Depreciation is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings, 15 years for land improvements, five years for fixtures and improvements, and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests. Construction in progress, including capitalized interest, insurance and real estate taxes, is not depreciated until the development has reached substantial completion. The assumed mortgage premiums or discounts are amortized as an increase or reduction to interest expense over the remaining term of the respective mortgages. Capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. Capitalized below-market lease values are accreted as an increase to rental income over the remaining terms of the respective leases and expected below-market renewal option periods. Capitalized above-market ground lease values are accreted as a reduction of property operating expense over the remaining terms of the respective leases. Capitalized below-market ground lease values are amortized as an increase to property operating expense over the remaining terms of the respective leases and expected below-market renewal option periods. The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to expense over the remaining periods of the respective leases. Impairment of Long Lived Assets If circumstances indicate that the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If impairment exists due to the inability to recover the carrying value of a property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is the adjustment to fair value less estimated cost to dispose of the asset. Impairment assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net income. Cash and Cash Equivalents Cash and cash equivalents includes cash in bank accounts as well as investments in highly-liquid money market funds with original maturities of three months or less. As of December 31, 2016 and 2015 , approximately $10,000 and $22,000 was held in money market funds with the Company's financial institutions. The Company deposits cash with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company ("FDIC") up to an insurance limit. At December 31, 2016 and 2015 , the Company had deposits of $29.2 million and $24.5 million , of which $16.1 million and $12.2 million , respectively, were in excess of the amount insured by the FDIC. Although the Company bears risk to amounts in excess of those insured by the FDIC, it does not anticipate any losses as a result. Restricted Cash Restricted cash generally consists of resident security deposits and reserves related to real estate taxes, maintenance, structural improvements, and debt service. Investments in Securities The Company classifies its investments in debt or equity securities into one of three classes: held-to-maturity, available-for-sale or trading, as applicable. Investments in debt securities that the Company has the positive intent and ability to hold until maturity are classified as held-to-maturity and are reported at amortized cost. Debt and equity securities that are bought and held principally for the purposes of selling them in the near future are classified as trading securities. Debt and equity securities not classified as trading securities or as held-to-maturity securities are classified as available-for-sale securities and are reported at fair value, with unrealized holding gains and losses reported as a component of equity within accumulated other comprehensive income or loss. Gains or losses on securities sold are based on the specific identification method. The Company evaluates its investments in securities for impairment or other-than-temporary impairment on a quarterly basis. The Company reviews each investment individually and assesses factors that may include (i) if the carrying amount of an investment exceeds its fair value, (ii) if there has been any change in the market as a whole or in the investee’s market, (iii) if there are any plans to sell the investment in question or if the Company believes it may be forced to sell its investment, and (iv) if there have been any other factors that would indicate the possibility of the existence of an other-than-temporary impairment. The fair value of the Company’s investments in available-for-sale securities generally rise and fall based on current market conditions. If, after reviewing relevant factors surrounding an impaired security, the Company determines that it will not recover its full investment in an impaired security, the Company recognizes an other-than-temporary impairment charge in the consolidated statements of operations and comprehensive loss in the period in which the other-than-temporary impairment is determined, regardless of whether or not the Company plans to sell or believes it will be forced to sell the security in question. Deferred Costs, Net Deferred costs, net, consists of deferred financing costs and deferred leasing costs. Deferred financing costs represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method and included in interest expense on the accompanying consolidated statements of operations and comprehensive loss. Unamortized deferred financing costs are expensed if the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close. As of December 31, 2016 and 2015 , the Company had $10.7 million and $11.5 million of deferred financing costs, net of accumulated amortization of $6.7 million and $3.1 million , respectively. Deferred leasing costs, consisting primarily of lease commissions and professional fees incurred in connection with new leases, are deferred and amortized over the term of the lease. As of December 31, 2016 and 2015 , the Company had $1.4 million and $0.4 million in deferred leasing costs, net of accumulated amortization of $0.2 million and $0.1 million , respectively. Revenue Recognition The Company's rental income is primarily related to rent received from tenants in MOBs and triple-net leased healthcare facilities. Rent from tenants in the Company's MOB and triple-net leased healthcare facilities operating segments (as discussed below) is recorded in accordance with the terms of each lease on a straight-line basis over the initial term of the lease. Because many of the leases provide for rental increases at specified intervals, GAAP requires the Company to record a receivable, and include in revenues on a straight-line basis, unbilled rent receivables that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. When the Company acquires a property, the acquisition date is considered to be the commencement date for purposes of this calculation. Cost recoveries from tenants are included in operating expense reimbursement in the period the related costs are incurred, as applicable. Resident services and fee income primarily relates to rent from residents in the Company's seniors housing — operating properties ("SHOP") held using a structure permitted by the REIT Investment Diversification and Empowerment Act of 2007 and to fees for ancillary services performed for SHOP residents. Rental income from residents in the Company's SHOP operating segment is recognized as earned. Residents pay monthly rent that covers occupancy of their unit and basic services, including utilities, meals and some housekeeping services. The terms of the rent are short term in nature, primarily month-to-month. Fees for ancillary services are recorded in the period in which the services are performed. The Company defers the revenue related to lease payments received from tenants and residents in advance of their due dates. The Company continually reviews receivables related to rent and unbilled rent receivables and determines collectability by taking into consideration the tenant's payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectability of a receivable is in doubt, the Company records an increase in the allowance for uncollectible accounts on the consolidated balance sheets or records a direct write-off of the receivable in the consolidated statements of operations. Offering and Related Costs Offering and related costs include all expenses incurred in connection with the IPO. Offering costs of the Company (other than selling commissions and the dealer manager fee, as discussed in Note 10 — Related Party Transactions and Arrangements ) may be paid by the Advisor, the Former Dealer Manager or their affiliates on behalf of the Company. Offering and related costs included (i) legal, accounting, printing, mailing, and filing fees; (ii) escrow service related fees; (iii) reimbursement of the Former Dealer Manager for amounts it paid to reimburse the itemized and detailed due diligence expenses of broker-dealers; and (iv) reimbursement to the Advisor for a portion of the costs of its employees and other costs in connection with preparing supplemental sales materials and related offering activities. The Company was obligated to reimburse the Advisor or its affiliates, as applicable, for offering costs paid by them on behalf of the Company, provided that the Advisor was obligated to reimburse the Company to the extent offering costs (excluding selling commissions and the dealer manager fee) incurred by the Company in its offering exceed 2.0% of offering proceeds, net of repurchases and DRIP. As a result, these costs were only a liability of the Company to the extent aggregate selling commissions, the dealer manager fees and other organization and offering costs did not exceed 12.0% of the gross proceeds determined at the end of the IPO. As of the end of the IPO in November 2014, cumulative offering costs did not exceed 12.0% of the gross proceeds received in the IPO (See Note 10 — Related Party Transactions and Arrangements ). Equity-Based Compensation The Company has a stock-based incentive award plan for its directors, which is accounted for under the guidance of share based payments. The expense for such awards is included in general and administrative expenses and is recognized over the vesting period or when the requirements for exercise of the award have been met (See Note 12 — Equity-Based Compensation ). Income Taxes The Company elected and qualified to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986 (the "Code"), as amended, commencing with the taxable year ended December 31, 2013. If the Company continues to qualify for taxation as a REIT, it generally will not be subject to federal corporate income tax to the extent it distributes all of its REIT taxable income to its stockholders. REITs are subject to a number of organizational and operational requirements, including a requirement that the Company distribute annually at least 90% of the Company’s REIT taxable income to the Company’s stockholders. If the Company fails to continue to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, the Company will be subject to U.S. federal and state income taxes at regular corporate rates (including any applicable alternative minimum tax) beginning with the year in which it fails to qualify and may be precluded from being able to elect to be treated as a REIT for the Company’s four subsequent taxable years. The Company distributed to its stockholders 100% of its REIT taxable income for each of the years ended December 31, 2016 , 2015 and 2014 . Accordingly, no provision for federal or state income taxes related to such REIT taxable income was recorded in the Company's financial statements. Even if the Company continues to qualify for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. Certain limitations are imposed on REITs with respect to the ownership and operation of seniors housing communities. Generally, to qualify as a REIT, the Company cannot directly or indirectly operate seniors housing communities. Instead, such facilities may be either leased to a third party operator or leased to a taxable REIT subsidiary (“TRS”) and operated by a third party on behalf of the TRS. Accordingly, the Company has formed a TRS entity under the OP to lease its SHOPs and the TRS has entered into management contracts with unaffiliated third party managers to operate the facilities on its behalf. As of December 31, 2016 , the Company, through its TRS entity, owned 38 seniors housing communities. The TRS entity is a wholly-owned subsidiary of the OP. A TRS is subject to federal, state and local income taxes. The Company records net deferred tax assets to the extent the Company believes these assets will more likely than not be realized. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. In the event the Company determines that it would not be able to realize the deferred income tax assets in the future in excess of the net recorded amount, the Company establishes a valuation allowance which offsets the previously recognized income tax benefit. Deferred income taxes result from temporary differences between the carrying amounts of the TRS's assets and liabilities used for financial reporting purposes and the amounts used for income tax purposes. Significant components of the deferred tax assets and liabilities as of December 31, 2016 consisted of deferred rent and depreciation. As of December 31, 2016 , the Company had a deferred tax asset of $5.2 million with no valuation allowance. As of December 31, 2015 , the Company had a deferred tax asset of $2.9 million with no valuation allowance. The following table details the composition of the Company's tax benefit (expense) for the years ended December 31, 2016 , 2015 and 2014 , which includes federal and state income taxes incurred by the Company's TRS entity. The Company estimated its income tax benefit (expense) relating to its TRS entity using a combined federal and state rate of approximately 40.0% and 40.2% for the years ended December 31, 2016 and 2015 , respectively. These income taxes are reflected in income tax benefit (expense) on the accompanying consolidated statements of operations and comprehensive loss. Year Ended December 31, 2016 2015 2014 (In thousands) Current Deferred Current Deferred Current Deferred Federal benefit (expense) $ 2,103 $ (237 ) $ 1,667 $ 762 $ (450 ) $ — State benefit (expense) 308 (90 ) 358 191 (115 ) — Total $ 2,411 $ (327 ) $ 2,025 $ 953 $ (565 ) $ — As of December 31, 2016 and 2015 , the Company had no material uncertain income tax positions. The tax years subsequent to and including the fiscal year ended December 31, 2013 remain open to examination by the major taxing jurisdictions to which the Company is subject. The amount of distributions payable to the Company's stockholders is determined by the board of directors and is dependent on a number of factors, including funds available for distribution, financial condition, capital expenditure requirements, as applicable, and annual distribution requirements needed to qualify and maintain the Company's status as a REIT under the Code. The following table details from a tax perspective the portion of distributions classified as a return of capital, capital gain dividend income and ordinary dividend income, per share per annum, for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 2015 2014 Return of capital 86.8 % $ 1.47 97.9 % $ 1.66 93.7 % $ 1.59 Capital gain dividend income 0.5 % 0.01 0.3 % 0.01 — % — Ordinary dividend income 12.7 % 0.22 1.8 % 0.03 6.3 % 0.11 Total 100.0 % $ 1.70 100.0 % $ 1.70 100.0 % $ 1.70 Per Share Data Net income (loss) per basic share of common stock is calculated by dividing net income (loss) by the weighted-average number of shares of common stock issued and outstanding during such period. Diluted net income (loss) per share of common stock considers the effect of potentially dilutive shares of common stock outstanding during the period. Reportable Segments The Company has determined that it has three reportable segments, with activities related to investing in MOBs, triple-net leased healthcare facilities, and seniors housing communities. Management evaluates the operating performance of the Company's investments in real estate and seniors housing communities on an individual property level. 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 is evaluating the impact of the implementation of this guidance, including performing a preliminary review of all revenue streams to identify any differences in the timing, measurement or presentation of revenue recognition. The Company is continuing to evaluate the allowable methods of adoption. 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 |
Real Estate Investments
Real Estate Investments | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate Investments, Net [Abstract] | |
Real Estate Investments | Note 3 — Real Estate Investments The Company owned 163 properties as of December 31, 2016 . The Company invests in MOBs, seniors housing communities and other healthcare-related facilities primarily to expand and diversify its portfolio and revenue base. The rentable square feet or annualized straight-line rental income of Wellington at Hershey's Mill ("Wellington") and Renaissance on Peachtree ("Renaissance") represented 5% or more of the Company's total portfolio's rentable square feet or annualized straight-line rental income as of December 31, 2016 . On December 3, 2014, the Company, through a wholly owned subsidiary of the OP, completed the acquisition of the fee simple interest in Wellington, a seniors housing community located in West Chester, Pennsylvania. The seller of Wellington was First Somerset, LLC, which had no preexisting relationship with the Company. The contract purchase price of Wellington was $95.0 million and was funded with proceeds from the Company's IPO. The Company accounted for the purchase of Wellington as a business combination and incurred acquisition related costs of $2.7 million , which are reflected in the acquisition and transaction related line item of the consolidated statements of operations and comprehensive loss. On December 15, 2015, the Company, through a wholly owned subsidiary of the OP, completed the acquisition of the fee simple interest in Renaissance, a seniors housing community located in Atlanta, Georgia. The seller of Renaissance was CRP FDG Buckhead, L.L.C., which had no preexisting relationship with the Company. The contract purchase price of Renaissance was $78.6 million and was funded with proceeds from borrowings under the Company's senior secured credit facility (as amended, the "Revolving Credit Facility"). The Company accounted for the purchase of Renaissance as a business combination and incurred acquisition related costs of $1.3 million , which are reflected in the acquisition and transaction related line item of the consolidated statements of operations and comprehensive loss. The following table presents the allocation of the assets acquired and capitalized construction in progress during the year s ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, (Dollar amounts in thousands) 2016 2015 2014 Real estate investments, at cost: Land $ — $ 79,329 $ 109,679 Buildings, fixtures and improvements — 519,185 1,325,721 Construction in progress 38,746 21,309 — Total tangible assets 38,746 619,823 1,435,400 Acquired intangible assets and liabilities: In-place leases — 62,584 145,464 Market lease and other intangible assets — 3,223 34,877 Market lease liabilities — (10,064 ) (19,837 ) Total assets and liabilities acquired, net 38,746 675,566 1,595,904 Mortgage notes payable assumed to acquire real estate investments — (100,058 ) (66,321 ) Premiums on mortgages assumed — (1,492 ) (3,533 ) Other assets and liabilities, net (1) — (882 ) (9,040 ) Deposits to acquire real estate investments — (3,000 ) — OP units issued to acquire real estate investments — — (10,148 ) Cash paid for acquired real estate investments $ 38,746 $ 570,134 $ 1,506,862 Number of properties purchased — 48 111 _______________ (1) Other assets and liabilities, net includes $0.9 million in tenant security deposits assumed at acquisition for properties acquired during the year ended December 31, 2015 . Other assets and liabilities, net includes $4.2 million in tenant security deposits assumed at acquisition for properties acquired and a $4.8 million capital lease obligation incurred in conjunction with the transaction described below during the year ended December 31, 2014 . During the year ended December 31, 2014, the Company acquired leasehold interests in eight properties and has accounted for such interests as capital leases. The Company allocated $144.4 million and $34.1 million of assets at cost associated with the building leasehold interests to buildings, fixtures and improvements and in-place leases, respectively, in the table above. Additionally, the Company entered into arrangements to sublease all or a portion of the eight properties back to the seller, and assumed in-place subleases with other third-party tenants. Future minimum base rental payments due to the Company under subleases to the seller and other third-party tenants as of December 31, 2016 totaled $119.3 million . See Note 17 — Commitments and Contingencies for minimum base cash rental payments due from the Company to the seller under these leasehold interests. The following table presents future minimum base rental cash payments due to the Company over the next five years and thereafter as of December 31, 2016 . These amounts exclude contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to performance thresholds and increases in annual rent based on exceeding certain economic indexes, among other items. (In thousands) Future Minimum 2017 $ 89,354 2018 85,075 2019 78,957 2020 73,650 2021 68,597 Thereafter 395,582 Total $ 791,215 As of December 31, 2016 , 2015 and 2014 , 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 December 31, 2016 , 2015 and 2014 : December 31, State 2016 2015 2014 Florida 19.3% 18.6% 24.6% Georgia 10.2% * * Iowa 10.5% 10.1% 13.9% Pennsylvania 12.0% 11.4% 15.2% _______________ * 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: December 31, 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 $ 115,641 $ 80,299 $ 202,608 $ 82,390 $ 120,218 Intangible market lease assets 28,220 5,798 22,422 28,262 3,393 24,869 Other intangible assets 10,589 574 10,015 10,589 309 10,280 Total acquired intangible assets $ 234,749 $ 122,013 $ 112,736 $ 241,459 $ 86,092 $ 155,367 Intangible market lease liabilities $ 25,614 $ 5,427 $ 20,187 $ 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: Year Ended December 31, (In thousands) 2016 2015 2014 Amortization of in-place leases and other intangible assets (1) $ 38,754 $ 75,481 17,885 Amortization and (accretion) of above- and below-market leases, net (2) (209 ) (359 ) 604 Amortization of above- and below-market ground leases, net (3) 172 199 29 _______________ (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 and property operating and maintenance expense and adjustments to revenues for the next five years: (In thousands) 2017 2018 2019 2020 2021 In-place lease assets $ 15,539 $ 13,280 $ 10,732 $ 8,795 $ 7,251 Other intangible assets 265 265 265 265 265 Total to be added to amortization expense $ 15,804 $ 13,545 $ 10,997 $ 9,060 $ 7,516 Above-market lease assets $ (1,877 ) $ (1,357 ) $ (1,068 ) $ (741 ) $ (532 ) Below-market lease liabilities 2,089 1,860 1,580 1,423 1,274 Total to be added to rental income $ 212 $ 503 $ 512 $ 682 $ 742 Below-market ground lease assets $ 212 $ 212 $ 212 $ 212 $ 212 Above-market ground lease liabilities (40 ) (40 ) (40 ) (40 ) (40 ) Total to be added to property operating and maintenance expense $ 172 $ 172 $ 172 $ 172 $ 172 Real Estate Sales During the year ended December 31, 2016 , the Company sold Gregory Ridge Living Center ("Gregory Ridge") and Parkway Health Care Center ("Parkway"), both located in Kansas City, Missouri, and sold Redwood Radiology and Outpatient Center ("Redwood Radiology"), located in Santa Rosa, California. The following table summarizes the three properties sold during the year ended December 31, 2016 . The Company did not sell any properties during the year s ended December 31, 2015 and 2014 . 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 (360 ) Proceeds from sales of real estate investments $ 25,890 The disposals of Gregory Ridge, Parkway and Redwood Radiology did not represent a strategic shift that had 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 | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Note 4 — Investment Securities As of December 31, 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 were recorded in accumulated other comprehensive income as a component of equity on the consolidated balance sheets unless the securities were 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 year ended December 31, 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 year ended December 31, 2015 , the Company sold certain of its investments in preferred stock, common stock, 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 . |
Credit Facilities
Credit Facilities | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Credit Facilities | Note 5 — Credit Facilities Revolving Credit Facility On March 21, 2014, the Company entered into the senior secured Revolving Credit Facility in the amount of $50.0 million . On April 15, 2014 the amount available under the Revolving Credit Facility was increased to $200.0 million . The Revolving Credit Facility is secured by a pledged pool of eligible unencumbered real estate assets. On June 26, 2015, the Company entered into an amendment to the Revolving 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 Revolving Credit Facility also contains a sub-facility for letters of credit of up to $25.0 million . The Revolving Credit Facility contains an "accordion" feature to allow the Company, under certain circumstances, to increase the aggregate borrowings under the Revolving Credit Facility to a maximum of $750.0 million . The amendment to the Revolving Credit Facility included changes to amounts committed by each of the banks in the syndicate, which resulted in a write off of deferred financing costs of $0.5 million during the year ended December 31, 2015 . There were no such writeoffs of deferred financing costs during the years ended December 31, 2016 and 2014 . On February 24, 2017, the Company further amended its Revolving Credit Facility (the "February 2017 Credit Facility Amendment"), which, among other things, amended the method and inputs used in the calculation of certain financial covenants contained within the Revolving Credit Facility. The Company has the option, based upon its leverage, to have the Revolving 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% . The Base Rate is defined in the Revolving 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 Revolving 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 Revolving 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 Revolving Credit Facility and to accelerate the payment on any unpaid principal amount of all outstanding loans. As of December 31, 2016 , the balance outstanding under the Revolving Credit Facility was $421.5 million , with an effective interest rate of 2.0% . The Company's unused borrowing capacity was $75.6 million , based on assets assigned to the Revolving Credit Facility as of December 31, 2016 . Availability of borrowings is based on a pool of eligible unencumbered real estate assets. There were $430.0 million in advances outstanding as of December 31, 2015 . The Revolving Credit Facility requires the Company to meet certain financial covenants. As of December 31, 2016 , giving effect to the February 2017 Credit Facility Amendment, the Company was in compliance with the financial covenants under the Revolving Credit Facility. Master Credit Facilities 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 secured 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 secured 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 secured credit facility with KeyBank (the “KeyBank Facility”) and the secured 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 Fannie Credit Facilities are secured by six unencumbered properties, in aggregate. The Company may request future advances under the Fannie Credit Facilities by borrowing against the value of the initial mortgaged properties, as described below, or by 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 had initial interest rates of 3.15% and 3.156% , respectively, per annum. Beginning December 1, 2016, the annual interest rates under the Fannie Credit Facilities changed to vary on a monthly basis and are 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 the Company 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. As of December 31, 2016 , the balance outstanding under the Fannie Credit Facilities was $60.0 million , with an effective interest rate of 3.2% . The Company did not enter into the Credit Agreements until October 31, 2016, and as such there were no amounts outstanding as of December 31, 2015 . |
Mortgage Notes Payable
Mortgage Notes Payable | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable | Note 6 — Mortgage Notes Payable The following table reflects the Company's mortgage notes payable as of December 31, 2016 and 2015 : Portfolio Encumbered Properties Outstanding Loan Amount as of December 31, Effective Interest Rate Interest Rate Maturity 2016 2015 (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 8,602 8,720 6.39 % Fixed Sep. 2017 Plank Medical Center - Clifton Park, NY 1 3,414 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 5,904 5,992 6.07 % Fixed (1) Apr. 2019 St. Andrews Medical Park - Venice, FL 3 6,526 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 6,589 6,680 6.39 % Fixed Sep. 2017 Slingerlands Crossing Phase II - Bethlehem, NY 1 7,671 7,777 6.39 % Fixed Sep. 2017 Benedictine Cancer Center - Kingston, NY 1 6,719 6,811 6.39 % Fixed Sep. 2017 Aurora Healthcare Center Portfolio - WI 6 30,858 31,257 6.55 % Fixed Jan. 2018 Palm Valley Medical Plaza - Goodyear, AZ 1 3,428 3,525 4.21 % Fixed Jun. 2023 Medical Center V - Peoria, AZ 1 3,151 3,232 4.75 % Fixed Sep. 2023 Courtyard Fountains - Gresham, OR 1 24,820 24,999 3.82 % Fixed (2) Jan. 2020 Fox Ridge Bryant - Bryant, AR 1 7,698 7,825 3.98 % Fixed May 2047 Fox Ridge Chenal - Little Rock, AR 1 17,540 17,800 3.98 % Fixed May 2049 Fox Ridge North Little Rock - North Little Rock, AR 1 10,884 11,045 3.98 % Fixed May 2049 Gross mortgage notes payable 21 143,804 159,455 5.26 % (3) Deferred financing costs, net of accumulated amortization (1,516 ) (2,150 ) Mortgage notes payable, net of deferred financing costs $ 142,288 $ 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 began in August 2016. (3) Calculated on a weighted average basis for all mortgages outstanding as of December 31, 2016 . As of December 31, 2016 , the Company had pledged $261.8 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 December 31, 2016 : (In thousands) Future Principal Payments 2017 $ 34,832 2018 31,893 2019 13,324 2020 24,279 2021 892 Thereafter 38,584 Total $ 143,804 Some of the Company's mortgage note agreements require the compliance with certain property-level financial covenants including debt service coverage ratios. As of December 31, 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 | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 7 — 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. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. However, as of December 31, 2016 , the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company's derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The valuation of derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and implied volatilities. In addition, credit valuation adjustments, are incorporated into the fair values to account for the Company's potential nonperformance risk and the performance risk of the counterparties. As of December 31, 2015 , the Company had investments in redeemable preferred stock that were 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, 2016 and 2015 , aggregated by the level in the fair value hierarchy within which those instruments fall. (In thousands) Quoted Prices in Active Markets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Total December 31, 2016 Interest rate caps $ — $ 61 $ — $ 61 December 31, 2015 Investment securities $ 1,078 $ — $ — $ 1,078 A review of the fair value hierarchy classification is conducted on a quarterly basis. Changes in the type of inputs may result in a reclassification for certain assets. There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the year ended December 31, 2016 . The Company is required to disclose the fair value of financial instruments for which it is practicable to estimate that value. The fair values 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 approximate 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 December 31, December 31, December 31, December 31, Mortgage notes payable 3 $ 144,270 $ 144,261 $ 161,858 $ 162,654 Revolving Credit Facility 3 $ 421,500 $ 421,500 $ 430,000 $ 430,000 Fannie Credit Facilities 3 $ 60,000 $ 60,000 $ — $ — _______________________________ (1) Carrying value includes mortgage notes payable of $143.8 million and $159.5 million and mortgage premiums and discounts, net of $0.5 million and $2.4 million as of December 31, 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 Revolving Credit Facility and the Fannie Credit Facilities are considered to be reported at fair value, because their interest rates vary with changes in LIBOR. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Note 8 — Derivatives and Hedging Activities Risk Management Objective of Using Derivatives The Company may use derivative financial instruments, including interest rate swaps, caps, collars, options, floors and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company's operating and financial structure. Additionally, in using interest rate derivatives, the Company aims to add stability to interest expense and to manage its exposure to interest rate movements. The Company does not intend to utilize derivatives for speculative purposes or purposes other than interest rate risk management. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties with high credit ratings and with major financial institutions with which the Company, and its affiliates, may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations. Derivatives Not Designated as Hedges These derivatives are used to manage the Company's exposure to interest rate movements, but do not meet the strict hedge accounting requirements to be classified as hedging instruments. Changes in the fair value of derivatives not designated as hedges under a qualifying hedging relationship are recorded directly to net income (loss) As of December 31, 2016 , the Company had the following outstanding interest rate derivatives that were not designated as a hedge of interest rate risk. The Company had not entered into any derivative contracts as of December 31, 2015 . December 31, 2016 Interest Rate Derivative Number of Instruments Notional Amount (In thousands) Interest rate caps 2 $ 30 The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the balance sheet as of December 31, 2016 . The Company had not entered into any derivative contracts as of December 31, 2015 . (In thousands) Balance Sheet Location December 31, 2016 Derivatives not designated as hedging instruments: Interest rate caps Non-designated derivatives assets, at fair value $ 61 Derivatives Designated as Hedges As of December 31, 2016 and 2015 , the Company did not have any outstanding interest rate derivatives that were designated as a hedge. |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Common Stock | Note 9 — Common Stock As of December 31, 2016 and 2015 , the Company had 89.4 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, net of shares repurchased under the SRP 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 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 remained 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 is limited to a maximum of 5.0% of the Prior Year Outstanding Shares and continues 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 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 only applies to repurchase periods in calendar year 2016. On January 25, 2017, the Board further amended the Company’s SRP (the "Third SRP Amendment") changing the date on which any repurchases are to be made in respect of requests made during the calendar year 2016 to no later than March 15, 2017, rather than on or before the 31st day following December 31, 2016. All other terms of the SRP remain in effect, including that repurchases pursuant to the SRP are at the sole discretion of the Board. When a stockholder requests redemption and the redemption is approved by the Board, 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 December 31, 2016 : Number of Shares Repurchased Average Price per Share Cumulative repurchases as of December 31, 2015 (1) 968,370 $ 23.72 Year ended December 31, 2016 (2) 6,660 24.36 Cumulative repurchases as of December 31, 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. (2) As permitted under the SRP, in March 2017, the Company's board of directors authorized, with respect to repurchase requests received during the year ended December 31, 2016 , the repurchase of shares validly submitted for repurchase in an amount equal to 1.5% of the weighted average number of shares of common stock outstanding during the fiscal year ended December 31, 2015 , representing less than all the shares validly submitted for repurchase during the year ended December 31, 2016 . Accordingly, 1.3 million shares for $27.5 million at an average price per share of $21.61 (including all shares submitted for death or disability) were approved for repurchase, with repurchases to be completed in March 2017 , while repurchase requests of 2.3 million shares for $48.7 million at an average price per share of $21.27 were rejected. Repurchases completed during the year ended December 31, 2016 include 6,660 shares which 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 year s ended December 31, 2016 and 2015 , the Company issued 3.2 million and 3.3 million shares of common stock pursuant to the DRIP, generating aggregate proceeds of $73.6 million and $78.5 million , respectively. Note 13 — Accumulated Other Comprehensive Income (Loss) The following table illustrates the changes in accumulated other comprehensive income (loss) as of and for the period presented: (In thousands) Unrealized Gains (Losses) on Available-for-Sale Securities Balance, December 31, 2013 $ — Other comprehensive income, before reclassifications 471 Amounts reclassified from accumulated other comprehensive income (1) (8 ) Balance, December 31, 2014 463 Other comprehensive loss, before reclassifications (23 ) Amounts reclassified from accumulated other comprehensive income (1) (446 ) Balance, December 31, 2015 (6 ) Other comprehensive income, before reclassifications 62 Amounts reclassified from accumulated other comprehensive income (1) (56 ) Balance, December 31, 2016 $ — __________________ (1) During the year s ended December 31, 2016 , 2015 and 2014 , the Company sold its investments in securities, resulting in realized gains of $0.1 million , $0.4 million and approximately $8,000 , which are 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 | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions and Arrangements | Note 10 — Related Party Transactions and Arrangements As of December 31, 2016 and 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 March 8, 2017, the creditor trust established in connection with the RCAP bankruptcy filed suit against AR Global, the Advisor, advisors of other entities sponsored by AR Global, and AR Global’s principals (including Mr. Weil). The suit alleges, among other things, certain breaches of duties to RCAP. The Company is not named in the suit, nor are there any allegations related to the services the Advisor provides to the Company. The Advisor has informed the Company that it believes that the suit is without merit and intends to defend against it vigorously. 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 year ended December 31, 2014 , the Company incurred $175.6 million in commissions and fees to the Former Dealer Manager in connection with the sale of the Company's common stock in the IPO. During the year ended December 31, 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 to the Former Dealer Manager in connection with the sale of the Company's common stock in the IPO during the year ended December 31, 2016 . The Company did not have any amounts outstanding to the Former Dealer Manager for commissions and fees in connection with the sale of the Company's common stock in the IPO as of December 31, 2016 or 2015 . The Advisor and its affiliates received compensation and reimbursement for services provided in relation to the IPO. The Former Dealer Manager and its affiliates also received compensation and reimbursement for services in relation to the IPO, including transfer agent services which were provided by ANST. 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 incurred charges or reimbursements of $21.8 million from the Advisor and $3.3 million from the Former Dealer Manager for services relating to the IPO during the year ended December 31, 2014 . 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 year s ended December 31, 2016 and 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 December 31, 2016 and 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. Our advisory agreement provides that this 2.0% cap would apply in any offering and sale of shares pursuant to an effective registration statement filed under the Securities Act of 1933, as amended. 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 On February 17, 2017, the members of a special committee of the Board unanimously approved certain amendments to the Amended and Restated Advisory Agreement, as amended (the "Original A&R Advisory Agreement"), by and among the Company, the OP and the Advisor (the "Second A&R Advisory Agreement"). The Second A&R Advisory Agreement, which superseded the Original A&R Advisory Agreement, took effect on February 17, 2017. The initial term of the Second A&R Advisory Agreement is ten years beginning on February 17, 2017, and is automatically renewable for another ten -year term upon each ten-year anniversary unless the agreement is terminated (i) with notice of an election not to renew at least 365 days prior to the applicable tenth anniversary, (ii) in accordance with a change in control or a transition to self-management (see the section entitled "Termination Fees" included within this footnote), (iii) by 67% of the independent directors of the board of directors for with cause, without penalty, with 45 days notice or (iv) with 60 days prior written notice by the Advisor for (a) a failure to obtain a satisfactory agreement for any successor to the Company to assume and agree to perform obligations under the Second A&R Advisory Agreement or (b) any material breach of the Second A&R Advisory Agreement of any nature whatsoever by the Company. Acquisition Fees The Advisor was 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 was 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 or 0.5% of the amount advanced for a loan or other investment. Additionally, the Company reimbursed 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. As of December 31, 2016 , aggregate acquisition fees and financing fees did not exceed the 1.5% threshold. 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. As of December 31, 2016 , the total of all cumulative acquisition fees, acquisition expenses and financing coordination fees did not exceed the 4.5% threshold. With the execution of the Second A&R Advisory Agreement, the acquisition fee was terminated, however the Advisor may continue to be 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 or 0.5% of the amount advanced for a loan or other investment. Additionally, the Company reimburses the Advisor for third party acquisition expenses. Financing Coordination Fees If the Advisor provided services in connection with the origination or refinancing of any debt that the Company obtained and used to acquire properties or to make other permitted investments, or that was assumed, directly or indirectly, in connection with the acquisition of properties, the Company paid the Advisor a financing coordination fee equal to 0.75% of the amount available and/or outstanding under such financing, subject to certain limitations. The execution of the Second A&R Advisory Agreement terminated the financing coordination fee. Asset Management Fees and Variable Management/Incentive Fees 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 December 31, 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 December 31, 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 was 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 was 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 was 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. Effective February 17, 2017, the Second A&R Advisory Agreement requires the Company to pay the Advisor a base management fee, which is payable on the first business day of each month. The fixed portion of the base management fee is equal to $1.625 million per month, while the variable portion of the base management fee is equal to one-twelfth of 1.25% of the cumulative net proceeds of any equity (including convertible debt) raised subsequent to February 17, 2017 per month. The base management fee is payable to the Advisor or its assignees in cash, OP Units or shares, or a combination thereof, the form of payment to be determined at the discretion of the Advisor. In addition, the Second A&R Advisory Agreement requires the Company to pay the Advisor a variable management/incentive fee quarterly in arrears equal to (x) 15.0% of the applicable prior quarter's Core Earnings (as defined below) per share in excess of $0.375 per share plus (y) 10.0% of the applicable prior quarter's Core Earnings per share in excess of $0.47 per share. Core Earnings is defined as, for the applicable period, net income or loss, computed in accordance with GAAP, excluding non-cash equity compensation expense, the variable management/incentive fee, acquisition and transaction related fees and expenses, financing related fees and expenses, depreciation and amortization, realized gains and losses on the sale of assets, any unrealized gains or losses or other non-cash items recorded in net income or loss for the applicable period, regardless of whether such items are included in other comprehensive income or loss, or in net income, one-time events pursuant to changes in GAAP and certain non-cash charges, impairment losses on real estate related investments and other than temporary impairments of securities, amortization of deferred financing costs, amortization of tenant inducements, amortization of straight-line rent and any associated bad debt reserves, amortization of market lease intangibles, provision for loss loans, and other non-recurring revenue and expenses. The variable management/incentive fee is payable to the Advisor or its assignees in cash or shares, or a combination of both, the form of payment to be determined in the sole discretion of the Advisor. Property Management Fees 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. On February 17, 2017, the Company entered into the Amended and Restated Property Management and Leasing Agreement (the “A&R Property Management Agreement”) with the OP and the Property Manager. The A&R Property Management Agreement was entered into to reflect amendments to the original agreement between the parties and further amends the original agreement by extending the term of the agreement from one to two years, until February 15, 2019. The A&R Property Management Agreement will automatically renew for successive one-year terms unless any party provides written notice of its intention to terminate the A&R Property Management Agreement at least ninety days prior to the end of the term. The Property Manager may assign the A&R Property Management Agreement to any party with expertise in commercial real estate which has, together with its affiliates, over $100.0 million in assets under management. Other Operating Fees and Reimbursements 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, were 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: Year Ended December 31, Payable (Receivable) as of 2016 2015 2014 December 31, (In thousands) Incurred Forgiven Incurred Forgiven Incurred Forgiven 2016 2015 One-time fees and reimbursements: Acquisition fees $ — $ — $ 6,878 $ — $ 15,936 $ — $ — $ — Acquisition cost reimbursements — — 3,439 — 7,968 — — — Financing coordination fees 450 — 3,863 — 1,997 — — — Ongoing fees and reimbursements: Asset management fees (1) 17,566 — 10,889 — — — — (5 ) Property management fees 3,017 — 1,302 1,220 — 617 (163 ) (10 ) Professional fees and reimbursements 4,492 — 4,558 — 364 — 1,025 499 Strategic advisory fees — — — — 605 — — — Distributions on Class B Units 611 — 490 — 47 — — 52 Total related party operation fees and reimbursements $ 26,136 $ — $ 31,419 $ 1,220 $ 26,917 $ 617 $ 862 $ 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 December 31, 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. During the year s ended December 31, 2016 and 2015 , the Company paid reimbursements for administrative services of $4.0 million and $0.9 million , respectively. The Company did no t pay any reimbursements for administrative services for the year ended December 31, 2014 . 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 year s ended December 31, 2015 and 2014 , the Advisor elected to forgive $1.2 million and $0.6 million in fees, respectively. There were no such fees forgiven during the year ended December 31, 2016 . 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 expenses were absorbed during the year s ended December 31, 2016 , 2015 and 2014 . 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 year s ended December 31, 2016 and 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 had 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 . 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 market value of all issued and outstanding shares of common stock 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 year s ended December 31, 2016 , 2015 and 2014 . Neither the Special Limited Partner nor any of its affiliates can earn both the subordinated participation in net sales proceeds and the subordinated incentive listing distribution. Annual Subordinated Performance Fees and Brokerage Commissions The Advisor was entitled to 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 exceeded 6.0% per annum, the Advisor was 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 would have been payable only upon the sale of assets, distributions or another event which resulted in the return on stockholders' capital exceeding 6.0% per annum. No subordinated performance fees were incurred during the year s ended December 31, 2016 , 2015 or 2014 . The Advisor was entitled to a brokerage commission on the sale of property, not to exceed the lesser of (a) 2.0% of the contract sale price of the property and (b) 50.0% of the total brokerage commission paid if a third party broker was also involved; provided, however, that in no event could the real estate commissions paid to the Advisor, its affiliates and unaffiliated third parties exceed the lesser of (a) 6.0% of the contract sales price and (b) a reasonable, customary and competitive real estate commission. The brokerage commission payable to the Advisor was 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 year ended December 31, 2016 , the Company incurred and paid $0.3 million in brokerage commissions to the Advisor on the sale of three properties. No brokerage commissions were incurred or paid during the year s ended December 31, 2015 or 2014 . The Second A&R Advisory Agreement terminated the annual subordinated performance fee and brokerage commissions payable to the Advisor, (all as defined in the Original A&R Advisory Agreement) effective February 17, 2017. Subordinated Participation in Real Estate Sales The Special Limited Partner is 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 is not entitled to the subordinated participation in net sale proceeds unless the Company's investors have received their capital contributions plus 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 year s ended December 31, 2016 , 2015 and 2014 . Termination Fees Upon termination or non-renewal of the advisory agreement with the Advisor, with or without cause, the Special Limited Partner was 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 was able to 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 occurred. Under the Second A&R Advisory Agreement, upon the termination or non-renewal of the advisory agreement, as amended, the Advisor will be entitled to receive from the Company all amounts due to the Advisor, including any change in control fee and transition fee (both described below), as well as the then-present fair market value of the Advisor's interest in the Company. All fees will be due within 30 days after the effective date of the termination of the advisory agreement, as amended. Upon a change in control, the Company would pay a change in control fee equal to the product of (a) four (4) and (b) the "Subject Fees". The Subject Fees are equal to (i) the product of four (4) multiplied by the actual base management fee plus (ii) the product of four (4) multiplied by the actual variable management/incentive fee, in each of clauses (i) and (ii), payable for the fiscal quarter immediately prior to the fiscal quarter in which the change in control occurs or the transition is consummated (see below), plus (iii) without duplication, the annual increase in the base management fee resulting from the cumulative net proceeds of any equity raised in respect to the fiscal quarter immediately prior to the fiscal quarter in which the change in control occurs. Upon a transition to self-management, the Company would pay a transition fee equal to (i) $15.0 million plus (ii) the product of (a) four (4) multiplied by (b) subject fees (as defined above), provided that the transition fee shall not exceed an amount equal (i) 4.5 multiplied by (ii) subject fees. Termination of the advisory agreement, as amended, due to a change in control or transition to self-management is subject to a lockout period that end on February 14, 2019. |
Economic Dependency
Economic Dependency | 12 Months Ended |
Dec. 31, 2016 | |
Economic Dependency [Abstract] | |
Economic Dependency | Note 11 — 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 | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity-Based Compensation | Note 12 — 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, 2013 3,999 $ 22.50 Granted 3,999 22.50 Vested (800 ) 22.50 Forfeitures — — Unvested, December 31, 2014 7,198 22.50 Granted 7,998 22.50 Vested (1,066 ) 22.50 Forfeitures (2,399 ) 22.50 Unvested, December 31, 2015 11,731 22.50 Granted 6,735 22.27 Vested (7,212 ) 22.50 Forfeitures (1,333 ) 22.50 Unvested, December 31, 2016 9,921 $ 22.42 As of December 31, 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 4.0 years . Compensation expense related to restricted stock was $0.2 million , $0.1 million and approximately $27,000 during the year s ended December 31, 2016 , 2015 and 2014 , 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 year s ended December 31, 2016 and 2015 . During the year ended December 31, 2014 , the Company issued 2,037 shares in lieu of approximately $46,000 in cash. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 9 — Common Stock As of December 31, 2016 and 2015 , the Company had 89.4 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, net of shares repurchased under the SRP 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 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 remained 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 is limited to a maximum of 5.0% of the Prior Year Outstanding Shares and continues 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 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 only applies to repurchase periods in calendar year 2016. On January 25, 2017, the Board further amended the Company’s SRP (the "Third SRP Amendment") changing the date on which any repurchases are to be made in respect of requests made during the calendar year 2016 to no later than March 15, 2017, rather than on or before the 31st day following December 31, 2016. All other terms of the SRP remain in effect, including that repurchases pursuant to the SRP are at the sole discretion of the Board. When a stockholder requests redemption and the redemption is approved by the Board, 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 December 31, 2016 : Number of Shares Repurchased Average Price per Share Cumulative repurchases as of December 31, 2015 (1) 968,370 $ 23.72 Year ended December 31, 2016 (2) 6,660 24.36 Cumulative repurchases as of December 31, 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. (2) As permitted under the SRP, in March 2017, the Company's board of directors authorized, with respect to repurchase requests received during the year ended December 31, 2016 , the repurchase of shares validly submitted for repurchase in an amount equal to 1.5% of the weighted average number of shares of common stock outstanding during the fiscal year ended December 31, 2015 , representing less than all the shares validly submitted for repurchase during the year ended December 31, 2016 . Accordingly, 1.3 million shares for $27.5 million at an average price per share of $21.61 (including all shares submitted for death or disability) were approved for repurchase, with repurchases to be completed in March 2017 , while repurchase requests of 2.3 million shares for $48.7 million at an average price per share of $21.27 were rejected. Repurchases completed during the year ended December 31, 2016 include 6,660 shares which 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 year s ended December 31, 2016 and 2015 , the Company issued 3.2 million and 3.3 million shares of common stock pursuant to the DRIP, generating aggregate proceeds of $73.6 million and $78.5 million , respectively. Note 13 — Accumulated Other Comprehensive Income (Loss) The following table illustrates the changes in accumulated other comprehensive income (loss) as of and for the period presented: (In thousands) Unrealized Gains (Losses) on Available-for-Sale Securities Balance, December 31, 2013 $ — Other comprehensive income, before reclassifications 471 Amounts reclassified from accumulated other comprehensive income (1) (8 ) Balance, December 31, 2014 463 Other comprehensive loss, before reclassifications (23 ) Amounts reclassified from accumulated other comprehensive income (1) (446 ) Balance, December 31, 2015 (6 ) Other comprehensive income, before reclassifications 62 Amounts reclassified from accumulated other comprehensive income (1) (56 ) Balance, December 31, 2016 $ — __________________ (1) During the year s ended December 31, 2016 , 2015 and 2014 , the Company sold its investments in securities, resulting in realized gains of $0.1 million , $0.4 million and approximately $8,000 , which are included in gain on sale of investment securities on the consolidated statement of operations and comprehensive loss. |
Non-Controlling Interests
Non-Controlling Interests | 12 Months Ended |
Dec. 31, 2016 | |
Noncontrolling Interest [Abstract] | |
Non-Controlling Interests | Note 14 — 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 December 31, 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 year s ended December 31, 2016 and 2015 , OP Unit non-controlling interest holders were paid distributions of $0.7 million . There were no such distributions paid during the year ended December 31, 2014 . The Company has investment arrangements 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 these arrangements 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 these arrangements and therefore the entities related to these arrangements 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 of net cash flow from operations were made related to these investment arrangements during the year s ended December 31, 2015 and December 31, 2014 . As of December 31, 2016 As of December 31, 2015 Property Name (Dollar amounts in thousands) Investment Date Third Party Net Investment Amount as of December 31, 2016 Non-Controlling Ownership Percentage as of December 31, 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 Distributions (1) for the Year Ended December 31, 2016 Plaza Del Rio Medical Office Campus Portfolio - Peoria, AZ May 2015 $ 439 4.1 % $ 10,429 $ — $ 10,561 $ — $ 40 _______________ (1) Represents distributions to unaffiliated third party investors of net cash flows from operations of the properties subject to the investment arrangements. |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Note 15 — Net Loss Per Share The following is a summary of the basic and diluted net loss per share computation for the year s ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 2015 2014 Net loss attributable to stockholders (in thousands) $ (20,874 ) $ (41,741 ) $ (37,678 ) Basic and diluted weighted-average shares outstanding 87,878,907 85,331,966 51,234,729 Basic and diluted net loss per share $ (0.24 ) $ (0.49 ) $ (0.74 ) The Company had the following potentially dilutive securities as of December 31, 2016 , 2015 and 2014 , which were excluded from the calculation of diluted loss per share attributable to stockholders as the effect would have been antidilutive: December 31, 2016 2015 2014 Unvested restricted stock 9,921 11,731 7,198 OP Units 405,998 405,998 405,998 Class B units 359,250 359,250 107,885 Total common share equivalents 775,169 776,979 521,081 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 16 — Segment Reporting During the year s ended December 31, 2016 , 2015 and 2014 , 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 year s ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 (In thousands) Medical Office Buildings Triple-Net Leased Healthcare Facilities Seniors Housing — Operating Properties Consolidated Revenues: Rental income $ 65,994 $ 37,374 $ 7 $ 103,375 Operating expense reimbursements 14,927 949 — 15,876 Resident services and fee income — — 183,177 183,177 Total revenues 80,921 38,323 183,184 302,428 Property operating and maintenance 23,814 18,812 129,451 172,077 NOI $ 57,107 $ 19,511 $ 53,733 130,351 Contingent purchase price consideration 138 Impairment on sale of real estate investments (389 ) Operating fees to related parties (20,583 ) Acquisition and transaction related (3,163 ) General and administrative (12,105 ) Depreciation and amortization (98,886 ) Interest expense (19,881 ) Interest and other income 47 Gain on non-designated derivative instruments 31 Gain on sale of real estate investment 1,330 Gain on sale of investment securities 56 Income tax benefit (expense) 2,084 Net loss attributable to non-controlling interests 96 Net loss attributable to stockholders $ (20,874 ) Year Ended December 31, 2015 (In thousands) Medical Office Buildings Triple-Net Leased Healthcare Facilities Seniors Housing — Operating Properties Consolidated Revenues: Rental income $ 56,165 $ 37,053 $ — $ 93,218 Operating expense reimbursements 12,611 148 — 12,759 Resident services and fee income — — 140,901 140,901 Total revenues 68,776 37,201 140,901 246,878 Property operating and maintenance 20,334 6,706 98,533 125,573 NOI $ 48,442 $ 30,495 $ 42,368 121,305 Contingent purchase price consideration 612 Operating fees to related parties (12,191 ) Acquisition and transaction related (14,679 ) General and administrative (9,733 ) Depreciation and amortization (120,924 ) Interest expense (10,356 ) Interest and other income 582 Gain on sale of investment securities 446 Income tax benefit (expense) 2,978 Net loss attributable to non-controlling interests 219 Net loss attributable to stockholders $ (41,741 ) Year Ended December 31, 2014 (In thousands) Medical Office Buildings Triple-Net Leased Healthcare Facilities Seniors Housing — Operating Properties Consolidated Revenues: Rental income $ 13,955 $ 9,050 $ — $ 23,005 Operating expense reimbursements 3,532 53 — 3,585 Resident services and fee income — — 31,849 31,849 Total revenues 17,487 9,103 31,849 58,439 Property operating and maintenance 4,765 79 21,873 26,717 NOI $ 12,722 $ 9,024 $ 9,976 31,722 Acquisition and transaction related (33,623 ) General and administrative (3,541 ) Depreciation and amortization (28,889 ) Interest expense (3,559 ) Interest and other income 735 Gain on sale of investment securities 8 Income tax benefit (expense) (565 ) Net loss attributable to non-controlling interests 34 Net loss attributable to stockholders $ (37,678 ) The following table reconciles the segment activity to consolidated total assets as of the periods presented: December 31, (In thousands) 2016 2015 ASSETS Investments in real estate, net: Medical office buildings $ 788,023 $ 839,041 Triple-net leased healthcare facilities 418,819 447,893 Construction in progress 70,055 31,309 Seniors housing — operating properties 837,338 876,359 Total investments in real estate, net 2,114,235 2,194,602 Cash and cash equivalents 29,225 24,474 Restricted cash 3,962 4,647 Investment securities, at fair value — 1,078 Non-designated derivative assets, at fair value 61 — Straight-line rent receivable, net 12,026 11,470 Prepaid expenses and other assets 22,073 21,707 Deferred costs, net 12,123 11,864 Total assets $ 2,193,705 $ 2,269,842 The following table reconciles capital expenditures by reportable business segment, excluding corporate non-real estate expenditures, for the periods presented: Year Ended December 31, (In thousands) 2016 2015 2014 Medical office buildings $ 3,198 $ 2,129 $ 609 Triple-net leased healthcare facilities 112 540 — Seniors housing — operating properties 4,165 2,701 134 Total capital expenditures $ 7,475 $ 5,370 $ 743 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 17 — Commitments and Contingencies The Company has entered into operating and capital lease agreements related to certain acquisitions under leasehold interest 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 2017 $ 664 $ 76 2018 668 78 2019 673 80 2020 671 82 2021 658 84 Thereafter 32,571 7,764 Total minimum lease payments $ 35,905 8,164 Less: amounts representing interest (3,351 ) Total present value of minimum lease payments $ 4,813 Total rental expense from operating leases was $0.8 million , $0.4 million and $0.1 million during the year s ended December 31, 2016 , 2015 and 2014 , respectively. During the year s ended December 31, 2016 , 2015 and 2014 , interest expense related to capital leases was approximately $0.1 million , $0.1 million $0.2 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 December 31, 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 December 31, 2016 , the Company had funded $10.0 million and $60.1 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 December 31, 2016 , there were no amounts outstanding due to the Company pursuant to the loan agreement. |
Quarterly Results (Unaudited)
Quarterly Results (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results (Unaudited) | Note 18 — Quarterly Results (Unaudited) Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2016 , 2015 and 2014 : (In thousands, except for share and per share data) March 31, June 30, September 30, December 31, Total revenues $ 75,509 $ 75,857 $ 75,521 $ 75,679 Net loss attributable to stockholders $ (1,555 ) $ (3,000 ) $ (8,664 ) $ (7,655 ) Basic and diluted weighted average shares outstanding 86,658,678 87,465,569 88,285,390 89,088,233 Basic and diluted loss per share $ (0.02 ) $ (0.03 ) $ (0.10 ) $ (0.09 ) (In thousands, except for share and per share data) March 31, June 30, September 30, December 31, Total revenues $ 57,121 $ 59,516 $ 64,030 $ 66,373 Net loss attributable to stockholders $ (5,220 ) $ (13,421 ) $ (16,108 ) $ (6,992 ) Basic and diluted weighted average shares outstanding 84,250,503 84,992,633 85,705,595 86,351,934 Basic and diluted loss per share $ (0.06 ) $ (0.16 ) $ (0.19 ) $ (0.08 ) (In thousands, except for share and per share data) March 31, June 30, September 30, December 31, Total revenues $ 1,387 $ 2,869 $ 11,818 $ 42,365 Net loss attributable to stockholders $ (582 ) $ (4,147 ) $ (20,023 ) $ (12,926 ) Basic and diluted weighted average shares outstanding 13,623,545 35,127,969 71,813,126 83,381,570 Basic and diluted loss per share $ (0.04 ) $ (0.12 ) $ (0.28 ) $ (0.16 ) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 19 — Subsequent Events The Company has evaluated subsequent events through the filing of this Annual Report on Form 10-K , 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: Second Amended and Restated Advisory Agreement On February 17, 2017, the Company entered into the Second A&R Advisory Agreement with the Advisor. See Note 10 — Related Party Transactions and Arrangements for more information on the changes arising as a result from Second A&R Advisory Agreement. Amended and Restated Property Management Agreement On February 17, 2017, the Company entered into the A&R Property Management with the Property Manager. See Note 10 — Related Party Transactions and Arrangements for more information on the changes arising as a result from A&R Property Management Agreement. Amendment to Revolving Credit Facility On February 24, 2017, the Company amended its Revolving Credit Facility, which, among other things, amended the method and inputs used in the calculation of certain financial covenants contained within the Revolving Credit Facility. See Note 5 — Credit Facilities for more information on the Revolving Credit Facility. Approval of Share Repurchases On March 3, 2017, as permitted under the SRP, the Board authorized, with respect to repurchase requests received during the year ended December 31, 2016 , the repurchase of shares validly submitted for repurchase in an amount equal to 1.5% of the weighted average number of shares of common stock outstanding during the fiscal year ended December 31, 2015 , representing less than all the shares validly submitted for repurchase during the year ended December 31, 2016 . Accordingly, 1.3 million shares for $27.5 million at an average price per share of $21.61 (including all shares submitted for death or disability) were approved for repurchase, with repurchases to be completed in March 2017 . See Note 9 — Common Stock for more information on the SRP. Decrease in Monthly Distribution Rate On March 3, 2017, the Board authorized a decrease in the rate at which the Company pays monthly distributions to holders of the Company’s common stock, effective as of April 1, 2017, from $0.0046575343 per share per day, or $1.70 per share on an annualized basis, to $0.0039726027 per share per day, or $1.45 per share on an annualized basis. This represents a change in the annualized distribution yield, based on the original purchase price of $25.00 per share, from 6.8% to 5.8% . |
Real Estate and Accumulated Dep
Real Estate and Accumulated Depreciation - Schedule III | 12 Months Ended |
Dec. 31, 2016 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Real Estate and Accumulated Depreciation, Schedule III | Initial Costs Subsequent to Acquisition Property (In thousands) State Acquisition Date Encumbrances at December 31, 2016 Land Building and Improvements Building and Gross Amount at December 31,2016 (1)(2) Accumulated Depreciation (3)(4) Fresenius Medical Care - Winfield (5) AL 5/10/2013 $ — $ 151 $ 1,568 $ — $ 1,719 $ 169 Adena Health Center - Jackson (5) OH 6/28/2013 — 242 4,494 — 4,736 408 Ouachita Community Hospital - West Monroe LA 7/12/2013 — 633 5,304 — 5,937 490 CareMeridian - Littleton CO 8/8/2013 — 976 8,900 103 9,979 1,348 Oak Lawn Medical Center - Oak Lawn (5) IL 8/21/2013 — 835 7,477 — 8,312 808 Surgery Center of Temple - Temple (5) TX 8/30/2013 — 225 5,208 — 5,433 450 Greenville Health System - Greenville (5) SC 10/10/2013 — 720 3,045 — 3,765 255 Arrowhead Medical Plaza II - Glendale AZ 2/21/2014 — — 9,707 307 10,014 904 Village Center Parkway - Stockbridge GA 2/21/2014 — 1,135 2,299 131 3,565 251 Stockbridge Family Medical - Stockbridge GA 2/21/2014 — 823 1,799 11 2,633 153 Creekside MOB - Douglasville (5) GA 4/30/2014 — 2,709 5,320 603 8,632 546 Bowie Gateway Medical Center - Bowie (5) MD 5/7/2014 — 983 10,321 — 11,304 748 Campus at Crooks & Auburn Building D - Rochester Hills (5) MI 5/19/2014 — 640 4,107 — 4,747 302 Medical Center of New Windsor - New Windsor NY 5/22/2014 8,602 — 10,566 338 10,904 806 Plank Medical Center - Clifton Park NY 5/22/2014 3,414 749 3,559 25 4,333 280 Cushing Center - Schenectady NY 5/23/2014 — — 12,489 45 12,534 913 Berwyn Medical Center - Berwyn (5) IL 5/29/2014 — 1,305 7,559 — 8,864 509 Countryside Medical Arts - Safety Harbor FL 5/30/2014 5,904 915 7,663 60 8,638 560 St. Andrews Medical Park - Venice FL 5/30/2014 6,526 1,666 9,944 142 11,752 757 Campus at Crooks & Auburn Building C - Rochester Hills (5) MI 6/3/2014 — 609 3,842 130 4,581 301 Slingerlands Crossing Phase I - Bethlehem NY 6/13/2014 6,589 3,865 5,919 28 9,812 445 Slingerlands Crossing Phase II - Bethlehem NY 6/13/2014 7,671 1,707 9,715 193 11,615 715 UC Davis MOB - Elk Grove (5) CA 7/15/2014 — 1,138 7,242 26 8,406 510 Laguna Professional Center - Elk Grove (5) CA 7/15/2014 — 1,811 14,598 — 16,409 1,014 Big Spring Care Center - Humansville MO 7/31/2014 — 230 6,514 — 6,744 591 Buffalo Prairie Care Center - Buffalo MO 7/31/2014 — 230 4,098 — 4,328 412 Cassville Health Care & Rehab - Cassville MO 7/31/2014 — 250 3,774 — 4,024 324 Country Aire Retirement Estates - Lewistown MO 7/31/2014 — 400 4,546 — 4,946 483 Edgewood Manor Nursing Home - Raytown MO 7/31/2014 — 591 851 — 1,442 82 Georgian Gardens - Potosi MO 7/31/2014 — 500 6,359 — 6,859 660 Marshfield Care Center - Marshfield MO 7/31/2014 — 310 4,052 — 4,362 428 Estate at Hyde Park - Tampa (5) FL 7/31/2014 — 1,777 20,153 12 21,942 1,539 Initial Costs Subsequent to Acquisition Property (In thousands) State Acquisition Date Encumbrances at December 31, 2016 Land Building and Improvements Building and Gross Amount at December 31,2016 (1)(2) Accumulated Depreciation (3)(4) Autumn Ridge of Clarkston - Clarkston (5) MI 8/12/2014 — 655 19,834 106 20,595 1,548 Sunnybrook of Burlington - Burlington (5) IA 8/26/2014 — 518 16,651 74 17,243 1,274 Sunnybrook of Carroll - Carroll (5) IA 8/26/2014 — 473 11,150 10 11,633 779 Sunnybrook of Fairfield - Fairfield (5) IA 8/26/2014 — 340 14,028 102 14,470 1,098 Sunnybrook of Ft. Madison - Ft. Madison (5) IA 8/26/2014 — 550 9,024 57 9,631 703 Sunnybrook of Mt. Pleasant - Mt. Pleasant (5) IA 8/26/2014 — 205 10,811 156 11,172 705 Sunnybrook of Muscatine - Muscatine IA 8/26/2014 — 302 13,752 73 14,127 977 Prairie Hills at Cedar Rapids - Cedar Rapids (5) IA 8/26/2014 — 195 8,544 57 8,796 609 Prairie Hills at Clinton - Clinton (5) IA 8/26/2014 — 890 18,801 61 19,752 1,355 Prairie Hills at Des Moines - Des Moines IA 8/26/2014 — 647 13,645 48 14,340 1,072 Prairie Hills at Tipton - Tipton IA 8/26/2014 — 306 10,370 8 10,684 669 Prairie Hills at Independence - Independence (5) IA 8/26/2014 — 473 10,534 42 11,049 726 Prairie Hills at Ottumwa - Ottumwa (5) IA 8/26/2014 — 538 9,100 80 9,718 688 Sunnybrook of Burlington - Land - Burlington IA 8/26/2014 — 620 — — 620 — Benedictine Cancer Center - Kingston NY 8/27/2014 6,719 — 13,274 — 13,274 809 Buchanan Meadows - Buchanan MI 8/29/2014 — 288 6,988 — 7,276 532 Crystal Springs - Kentwood MI 8/29/2014 — 661 14,507 — 15,168 1,218 Golden Orchards - Fennville MI 8/29/2014 — 418 5,318 — 5,736 376 Lakeside Vista - Holland MI 8/29/2014 — 378 12,196 — 12,574 906 Liberty Court - Dixon IL 8/29/2014 — 119 1,957 — 2,076 162 Prestige Centre - Buchanan MI 8/29/2014 — 297 2,207 — 2,504 197 Prestige Commons - Chesterfield Twp MI 8/29/2014 — 318 5,346 — 5,664 377 Prestige Pines - Dewitt MI 8/29/2014 — 476 3,065 — 3,541 308 Prestige Place - Clare MI 8/29/2014 — 59 1,169 — 1,228 172 Prestige Point - Grand Blanc MI 8/29/2014 — 268 3,037 — 3,305 274 Prestige Way - Holt MI 8/29/2014 — 527 5,269 — 5,796 463 The Atrium - Rockford IL 8/29/2014 — 367 4,385 — 4,752 354 Waldon Woods - Wyoming MI 8/29/2014 — 527 5,696 — 6,223 581 Whispering Woods - Grand Rapids MI 8/29/2014 — 806 12,204 — 13,010 1,043 Arrowhead Medical Plaza I - Glendale AZ 9/10/2014 — — 6,377 446 6,823 402 Golden Years - Harrisonville MO 9/11/2014 — 620 8,401 — 9,021 761 Initial Costs Subsequent to Acquisition Property (In thousands) State Acquisition Date Encumbrances at December 31, 2016 Land Building and Improvements Building and Gross Amount at December 31,2016 (1)(2) Accumulated Depreciation (3)(4) Cardiovascular Consultants of Cape Girardeau Medical Office Building - Cape Girardeau (5) MO 9/18/2014 — 1,624 5,303 — 6,927 444 FOC Clinical - Mechanicsburg (5) PA 9/26/2014 — — 19,634 — 19,634 1,259 Brady MOB - Harrisburg (5) PA 9/26/2014 — — 22,485 — 22,485 1,276 Community Health MOB - Harrisburg (5) PA 9/26/2014 — — 6,170 — 6,170 359 FOC I - Mechanicsburg (5) PA 9/26/2014 — — 8,923 23 8,946 588 FOC II - Mechanicsburg (5) PA 9/26/2014 — — 16,473 — 16,473 1,064 Landis Memorial - Harrisburg (5) PA 9/26/2014 — — 32,484 — 32,484 1,850 Copper Springs Senior Living - Meridian (5) ID 9/29/2014 — 498 7,053 72 7,623 684 Addington Place of Brunswick - Brunswick (5) (f/k/a Benton House - Brunswick) GA 9/30/2014 — 1,509 14,385 19 15,913 1,097 Addington Place of Dublin - Dublin (5) (f/k/a Benton House - Dublin) GA 9/30/2014 — 403 9,254 34 9,691 771 Addington Place of Johns Creek - Johns Creek (5) (f/k/a Benton House - Johns Creek) GA 9/30/2014 — 997 11,849 75 12,921 931 Addington Place of Lee's Summit - Lee's Summit (7) (f/k/a Benton House - Lee's Summit) MO 9/30/2014 — 2,734 24,970 36 27,740 1,764 Manor on the Square - Roswell (5) (f/k/a Benton House - Roswell) GA 9/30/2014 — 1,000 8,509 111 9,620 762 Addington Place of Titusville - Titusville (5) (f/k/a Benton House - Titusville) FL 9/30/2014 — 1,379 13,827 101 15,307 1,148 Allegro at Elizabethtown - Elizabethtown (5) KY 9/30/2014 — 317 7,261 128 7,706 645 Allegro at Jupiter - Jupiter (6) FL 9/30/2014 — 3,741 49,413 115 53,269 3,506 Addington Place of College Harbor - St. Petersburg (5) (f/k/a Allegro at St Petersburg) FL 9/30/2014 — 3,791 7,950 545 12,286 909 Allegro at Stuart - Stuart (6) FL 9/30/2014 — 5,018 60,505 151 65,674 4,396 Allegro at Tarpon - Tarpon Springs (5) FL 9/30/2014 — 2,360 13,412 81 15,853 1,235 Allegro at St Petersburg - Land - St Petersburg FL 9/30/2014 — 3,045 — — 3,045 — Gateway Medical Office Building - Clarksville TN 10/3/2014 — — 16,367 501 16,868 985 757 Building - Munster (5) IN 10/17/2014 — 645 7,885 — 8,530 447 Dyer Building - Dyer (5) IN 10/17/2014 — 601 8,867 124 9,592 505 759 Building - Munster (5) IN 10/17/2014 — 1,101 8,899 — 10,000 519 761 Building - Munster (5) IN 10/17/2014 — 1,436 8,580 10 10,026 519 Schererville Building - Schererville IN 10/17/2014 — 1,260 750 201 2,211 85 Nuvista at Hillsborough - Lutz FL 10/17/2014 — 913 17,176 — 18,089 1,665 Nuvista at Wellington Green - Wellington (5) FL 10/17/2014 — 4,273 42,098 — 46,371 3,414 Initial Costs Subsequent to Acquisition Property (In thousands) State Acquisition Date Encumbrances at December 31, 2016 Land Building and Improvements Building and Gross Amount at December 31,2016 (1)(2) Accumulated Depreciation (3)(4) Mount Vernon Medical Office Building - Mount Vernon WA 11/25/2014 — — 18,519 — 18,519 1,046 Meadowbrook Senior Living - Agoura Hills (5) CA 11/25/2014 — 8,821 48,454 194 57,469 2,946 Hampton River Medical Arts Building - Hampton (5) VA 12/3/2014 — — 17,706 18 17,724 1,044 Careplex West Medical Office Building - Hampton (5) VA 12/3/2014 — 2,628 16,098 — 18,726 894 Wellington at Hershey's Mill - West Chester (5) PA 12/3/2014 — 8,531 78,409 1,012 87,952 4,739 Eye Specialty Group Medical Building - Memphis (5) TN 12/5/2014 — 775 7,223 — 7,998 395 Addington Place of Alpharetta - Alpharetta (5) (f/k/a Benton House - Alpharetta) GA 12/10/2014 — 1,604 26,055 19 27,678 1,713 Addington Place of Prairie Village - Prairie Village (7) (f/k/a Benton House - Prairie Village) KS 12/10/2014 — 1,782 21,831 19 23,632 1,478 Medical Sciences Pavilion - Harrisburg (5) PA 12/15/2014 — — 22,309 — 22,309 1,178 Bloom MOB - Harrisburg (5) PA 12/15/2014 — — 15,928 25 15,953 866 Pinnacle Center - Southaven (5) MS 12/16/2014 — 1,378 6,418 239 8,035 414 Wood Glen Nursing and Rehab Center - West Chicago IL 12/16/2014 — 1,896 16,107 — 18,003 1,308 Paradise Valley Medical Plaza - Phoenix (5) AZ 12/29/2014 — — 25,187 358 25,545 1,372 The Hospital at Craig Ranch - McKinney (f/k/a Victory Medical Center at Craig Ranch) TX 12/30/2014 — 1,596 40,389 54 42,039 2,063 Capitol Healthcare & Rehab Centre - Springfield IL 12/31/2014 — 603 21,690 — 22,293 1,707 Colonial Healthcare & Rehab Centre - Princeton IL 12/31/2014 — 173 5,872 — 6,045 602 Morton Terrace Healthcare & Rehab Centre - Morton IL 12/31/2014 — 709 5,650 — 6,359 593 Morton Villa Healthcare & Rehab Centre - Morton IL 12/31/2014 — 645 3,665 — 4,310 357 Rivershores Healthcare & Rehab Centre - Marseilles IL 12/31/2014 — 1,276 6,869 — 8,145 592 The Heights Healthcare & Rehab Centre - Peoria Heights IL 12/31/2014 — 213 7,952 — 8,165 719 Specialty Hospital - Mesa AZ 1/14/2015 — 1,977 16,146 275 18,398 862 Specialty Hospital - Sun City AZ 1/14/2015 — 2,329 15,795 274 18,398 849 Addington Place of Shoal Creek - Kansas City (7) (f/k/a Benton House - Shoal Creek) MO 2/2/2015 — 3,723 22,206 32 25,961 1,366 Aurora Health Center - Green Bay (8) WI 3/18/2015 — 1,130 1,678 — 2,808 95 Aurora Health Center - Greenville (8) WI 3/18/2015 — 259 958 — 1,217 57 Aurora Health Center - Plymouth (8) WI 3/18/2015 — 2,891 24,224 — 27,115 1,226 Aurora Health Center - Waterford (8) WI 3/18/2015 — 590 6,452 — 7,042 315 Aurora Health Center - Wautoma (8) WI 3/18/2015 — 1,955 4,361 — 6,316 222 Aurora Sheyboygan Clinic - Kiel (8) WI 3/18/2015 — 676 2,214 — 2,890 112 Initial Costs Subsequent to Acquisition Property (In thousands) State Acquisition Date Encumbrances at December 31, 2016 Land Building and Improvements Building and Gross Amount at December 31,2016 (1)(2) Accumulated Depreciation (3)(4) Arbor View Assisted Living and Memory Care - Burlington WI 3/31/2015 — 367 7,815 — 8,182 528 Advanced Orthopedic Medical Center - Richmond (5) VA 4/7/2015 — 1,523 19,229 — 20,752 893 Palm Valley Medical Plaza - Goodyear AZ 4/7/2015 3,428 1,890 4,876 42 6,808 259 Physicians Plaza of Roane County - Harriman (5) TN 4/27/2015 — 1,746 7,813 38 9,597 371 Adventist Health Lacey Medical Plaza - Hanford (5) CA 4/29/2015 — 328 13,267 9 13,604 563 Commercial Center - Peoria AZ 5/15/2015 — 959 1,076 193 2,228 63 Medical Center I - Peoria AZ 5/15/2015 — 807 1,077 500 2,384 112 Medical Center II - Peoria AZ 5/15/2015 — 945 1,304 413 2,662 94 Medical Center III - Peoria AZ 5/15/2015 — 673 1,597 78 2,348 80 Dental Arts Building - Peoria AZ 5/15/2015 — 156 152 12 320 8 Morrow Medical Center - Morrow (5) GA 6/24/2015 — 1,155 5,618 62 6,835 232 Belmar Medical Building - Lakewood (5) CO 6/29/2015 — 819 4,273 37 5,129 190 Addington Place of Northville - Northville (7) MI 6/30/2015 — 440 14,975 12 15,427 723 Medical Center V - Peoria AZ 7/10/2015 3,151 1,089 3,145 67 4,301 133 Legacy Medical Village - Plano (5) TX 7/10/2015 — 3,755 31,021 48 34,824 1,254 Conroe Medical Arts and Surgery Center - Conroe (5) TX 7/10/2015 — 1,965 12,032 56 14,053 526 Scripps Cedar Medical Center - Vista (5) CA 8/6/2015 — 1,213 14,531 — 15,744 533 NuVista Institute for Healthy Living - Jupiter FL 8/7/2015 — 10,000 — — 10,000 — Ocean Park of Brookings - Brookings OR 9/1/2015 — 861 8,367 108 9,336 378 Ramsey Woods - Cudahy WI 10/2/2015 — 930 4,990 — 5,920 218 East Coast Square North - Morehead City (5) NC 10/15/2015 — 899 4,761 — 5,660 160 East Coast Square West - Cedar Point (5) NC 10/15/2015 — 1,535 4,803 6 6,344 166 Eastside Cancer Institute - Greenville (5) SC 10/22/2015 — 1,498 6,637 — 8,135 213 Sassafras Medical Building - Erie (5) PA 10/22/2015 — 928 4,538 — 5,466 137 Sky Lakes Klamath Medical Clinic - Klamath Falls (5) OR 10/22/2015 — 433 2,604 8 3,045 82 Courtyard Fountains - Gresham OR 12/1/2015 24,820 2,476 50,534 509 53,519 1,691 Presence Healing Arts Pavilion - New Lenox IL 12/4/2015 — — 6,761 64 6,825 209 Mainland Medical Arts Pavilion - Texas City (5) TX 12/4/2015 — 320 7,823 247 8,390 252 Renaissance on Peachtree - Atlanta (5) GA 12/15/2015 — 4,535 68,605 300 73,440 2,242 Fox Ridge Senior Living at Bryant - Bryant AR 12/29/2015 7,698 1,687 12,862 75 14,624 532 Fox Ridge Senior Living at Chenal - Little Rock AR 12/29/2015 17,540 6,896 20,484 19 27,399 735 Fox Ridge Senior Living at Parkstone - North Little Rock AR 12/29/2015 10,884 — 19,190 47 19,237 624 Initial Costs Subsequent to Acquisition Property (In thousands) State Acquisition Date Encumbrances at December 31, 2016 Land Building and Improvements Building and Gross Amount at December 31,2016 (1)(2) Accumulated Depreciation (3)(4) Autumn Leaves of Clear Lake - Houston TX 12/31/2015 — 1,599 13,194 — 14,793 435 Autumn Leaves of Cy-Fair - Houston TX 12/31/2015 — 1,225 11,335 — 12,560 375 Autumn Leaves of Meyerland - Houston TX 12/31/2015 — 2,033 13,411 — 15,444 423 Autumn Leaves of The Woodlands - The Woodlands TX 12/31/2015 — 2,412 9,141 — 11,553 324 Encumbrances allocated based on note below (8) 30,858 Total $ 143,804 $ 187,868 $ 1,861,320 $ 11,270 $ 2,060,458 $ 119,014 ___________________________________ (1) Acquired intangible lease assets allocated to individual properties in the amount of $234.7 million are not reflected in the table above. (2) The tax basis of aggregate land, buildings and improvements as of December 31, 2016 is $2.1 billion (unaudited). (3) The accumulated depreciation column excludes $122.0 million of amortization associated with acquired intangible lease assets. (4) Depreciation is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings, 15 years for land improvements and five years for fixtures. (5) These unencumbered properties collateralize the Revolving Credit Facility of up to $565.0 million , which had $421.5 million of outstanding borrowings as of December 31, 2016 . (6) These properties collateralize the Capital One Credit Facility, which had $30.0 million of outstanding borrowings as of December 31, 2016 . (7) These properties collateralize the KeyBank Credit Facility, which had $30.0 million of outstanding borrowings as of December 31, 2016 . (8) These properties cross collateralize a mortgage note payable of $30.9 million as of December 31, 2016 . f/k/a — Formerly Known As A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2016 , 2015 and 2014 : December 31, (In thousands) 2016 2015 2014 Real estate investments, at cost (1) : Balance at beginning of year $ 2,078,503 $ 1,475,848 $ 39,778 Additions-Acquisitions 6,478 602,655 1,436,070 Disposals (24,523 ) — — Balance at end of the year $ 2,060,458 $ 2,078,503 $ 1,475,848 Accumulated depreciation (1) : Balance at beginning of year $ 60,575 $ 11,791 $ 814 Depreciation expense 59,478 48,784 10,977 Disposals (1,039 ) — — Balance at end of the year $ 119,014 $ 60,575 $ 11,791 ___________________________________ (1) Acquired intangible lease assets and related accumulated depreciation are not reflected in the table above. See accompanying report of independent registered public accounting firm. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting | Basis of Accounting The accompanying consolidated financial statements of the Company are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States ("GAAP"). |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified to conform with the current year presentation, including amounts within rental income, resident services and fee income, cash flows from operating activities and cash flows from financing |
Principles of Consolidation and 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. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, real estate taxes, fair value measurements and income taxes, as applicable. |
Real Estate Investments | Real Estate Investments Investments in real estate are recorded at cost. Improvements and replacements are capitalized when they extend the useful life or improve the productive capacity of the asset. Costs of repairs and maintenance are expensed as incurred. The Company evaluates the inputs, processes and outputs of each asset acquired to determine if the transaction is a business combination or asset acquisition. If an acquisition qualifies as a business combination, the related transaction costs are recorded as an expense in the consolidated statement of operations. If an acquisition qualifies as an asset acquisition, the related transaction costs are generally capitalized and subsequently amortized over the useful life of the acquired assets. In business combinations, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities based on their respective fair values. Tangible assets may include land, land improvements, buildings and fixtures. Intangible assets may include the value of in-place leases and above- and below-market leases and other identifiable intangible assets or liabilities based on lease or property specific characteristics. In addition, any assumed mortgages receivable or payable and any assumed or issued non-controlling interests are recorded at their estimated fair values. The Company generally determines the value of construction in progress based upon the replacement cost. During the construction period, we capitalize interest, insurance and real estate taxes until the development has reached substantial completion. The fair value of the tangible assets of an acquired property with an in-place operating lease is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to the tangible assets based on the fair value of the tangible assets. The fair value of in-place leases is determined by considering estimates of carrying costs during the expected lease-up periods, current market conditions, as well as costs to execute similar leases. The fair value of above- or below-market leases is recorded based on the present value of the difference between the contractual amount to be paid pursuant to the in-place lease and the Company’s estimate of the fair market lease rate for the corresponding in-place lease, measured over the remaining term of the lease including any below-market fixed rate renewal options for below-market leases. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including real estate valuations prepared by independent valuation firms. The Company also considers information and other factors including market conditions, the industry that the tenant operates in, characteristics of the real estate, i.e. location, size, demographics, value and comparative rental rates, tenant credit profile and the importance of the location of the real estate to the operations of the tenant’s business. In allocating the fair value to assumed mortgages, amounts are recorded to debt premiums or discounts based on the present value of the estimated cash flows, which is calculated to account for either above- or below-market interest rates. In allocating non-controlling interests, amounts are recorded based on the fair value of units issued or percentage of investment contributed at the date of acquisition, as determined by the terms of the applicable agreement. Real estate investments that are intended to be sold are designated as "held for sale" on the consolidated balance sheets at the lesser of carrying amount or fair value less estimated selling costs when they meet specific criteria to be presented as held for sale. Real estate investments are no longer depreciated when they are classified as held for sale. If the disposal, or intended disposal, of certain real estate investments represents a strategic shift that has had or will have a major effect on the Company's operations and financial results, the operations of such real estate investments would be presented as discontinued operations in the consolidated statements of operations and comprehensive loss for all applicable periods. |
Depreciation and Amortization | Depreciation and Amortization Depreciation is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings, 15 years for land improvements, five years for fixtures and improvements, and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests. Construction in progress, including capitalized interest, insurance and real estate taxes, is not depreciated until the development has reached substantial completion. The assumed mortgage premiums or discounts are amortized as an increase or reduction to interest expense over the remaining term of the respective mortgages. Capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. Capitalized below-market lease values are accreted as an increase to rental income over the remaining terms of the respective leases and expected below-market renewal option periods. Capitalized above-market ground lease values are accreted as a reduction of property operating expense over the remaining terms of the respective leases. Capitalized below-market ground lease values are amortized as an increase to property operating expense over the remaining terms of the respective leases and expected below-market renewal option periods. The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to expense over the remaining periods of the respective leases. |
Impairment of Long-Lived Assets | Impairment of Long Lived Assets If circumstances indicate that the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If impairment exists due to the inability to recover the carrying value of a property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is the adjustment to fair value less estimated cost to dispose of the asset. Impairment assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net income. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents includes cash in bank accounts as well as investments in highly-liquid money market funds with original maturities of three months or less. |
Restricted Cash | Restricted Cash Restricted cash generally consists of resident security deposits and reserves related to real estate taxes, maintenance, structural improvements, and debt service. |
Investments in Securities | Investments in Securities The Company classifies its investments in debt or equity securities into one of three classes: held-to-maturity, available-for-sale or trading, as applicable. Investments in debt securities that the Company has the positive intent and ability to hold until maturity are classified as held-to-maturity and are reported at amortized cost. Debt and equity securities that are bought and held principally for the purposes of selling them in the near future are classified as trading securities. Debt and equity securities not classified as trading securities or as held-to-maturity securities are classified as available-for-sale securities and are reported at fair value, with unrealized holding gains and losses reported as a component of equity within accumulated other comprehensive income or loss. Gains or losses on securities sold are based on the specific identification method. The Company evaluates its investments in securities for impairment or other-than-temporary impairment on a quarterly basis. The Company reviews each investment individually and assesses factors that may include (i) if the carrying amount of an investment exceeds its fair value, (ii) if there has been any change in the market as a whole or in the investee’s market, (iii) if there are any plans to sell the investment in question or if the Company believes it may be forced to sell its investment, and (iv) if there have been any other factors that would indicate the possibility of the existence of an other-than-temporary impairment. The fair value of the Company’s investments in available-for-sale securities generally rise and fall based on current market conditions. If, after reviewing relevant factors surrounding an impaired security, the Company determines that it will not recover its full investment in an impaired security, the Company recognizes an other-than-temporary impairment charge in the consolidated statements of operations and comprehensive loss in the period in which the other-than-temporary impairment is determined, regardless of whether or not the Company plans to sell or believes it will be forced to sell the security in question. |
Deferred Costs, Net | Deferred Costs, Net Deferred costs, net, consists of deferred financing costs and deferred leasing costs. Deferred financing costs represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method and included in interest expense on the accompanying consolidated statements of operations and comprehensive loss. Unamortized deferred financing costs are expensed if the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close. |
Revenue Recognition | Revenue Recognition The Company's rental income is primarily related to rent received from tenants in MOBs and triple-net leased healthcare facilities. Rent from tenants in the Company's MOB and triple-net leased healthcare facilities operating segments (as discussed below) is recorded in accordance with the terms of each lease on a straight-line basis over the initial term of the lease. Because many of the leases provide for rental increases at specified intervals, GAAP requires the Company to record a receivable, and include in revenues on a straight-line basis, unbilled rent receivables that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. When the Company acquires a property, the acquisition date is considered to be the commencement date for purposes of this calculation. Cost recoveries from tenants are included in operating expense reimbursement in the period the related costs are incurred, as applicable. Resident services and fee income primarily relates to rent from residents in the Company's seniors housing — operating properties ("SHOP") held using a structure permitted by the REIT Investment Diversification and Empowerment Act of 2007 and to fees for ancillary services performed for SHOP residents. Rental income from residents in the Company's SHOP operating segment is recognized as earned. Residents pay monthly rent that covers occupancy of their unit and basic services, including utilities, meals and some housekeeping services. The terms of the rent are short term in nature, primarily month-to-month. Fees for ancillary services are recorded in the period in which the services are performed. The Company defers the revenue related to lease payments received from tenants and residents in advance of their due dates. The Company continually reviews receivables related to rent and unbilled rent receivables and determines collectability by taking into consideration the tenant's payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectability of a receivable is in doubt, the Company records an increase in the allowance for uncollectible accounts on the consolidated balance sheets or records a direct write-off of the receivable in the consolidated statements of operations. |
Offering and Related Costs | Offering and Related Costs Offering and related costs include all expenses incurred in connection with the IPO. Offering costs of the Company (other than selling commissions and the dealer manager fee, as discussed in Note 10 — Related Party Transactions and Arrangements ) may be paid by the Advisor, the Former Dealer Manager or their affiliates on behalf of the Company. Offering and related costs included (i) legal, accounting, printing, mailing, and filing fees; (ii) escrow service related fees; (iii) reimbursement of the Former Dealer Manager for amounts it paid to reimburse the itemized and detailed due diligence expenses of broker-dealers; and (iv) reimbursement to the Advisor for a portion of the costs of its employees and other costs in connection with preparing supplemental sales materials and related offering activities. The Company was obligated to reimburse the Advisor or its affiliates, as applicable, for offering costs paid by them on behalf of the Company, provided that the Advisor was obligated to reimburse the Company to the extent offering costs (excluding selling commissions and the dealer manager fee) incurred by the Company in its offering exceed 2.0% of offering proceeds, net of repurchases and DRIP. As a result, these costs were only a liability of the Company to the extent aggregate selling commissions, the dealer manager fees and other organization and offering costs did not exceed 12.0% of the gross proceeds determined at the end of the IPO. As of the end of the IPO in November 2014, cumulative offering costs did not exceed 12.0% of the gross proceeds received in the IPO (See Note 10 — Related Party Transactions and Arrangements ). |
Equity-Based Compensation | Equity-Based Compensation The Company has a stock-based incentive award plan for its directors, which is accounted for under the guidance of share based payments. The expense for such awards is included in general and administrative expenses and is recognized over the vesting period or when the requirements for exercise of the award have been met (See Note 12 — Equity-Based Compensation ). |
Income Taxes | The tax years subsequent to and including the fiscal year ended December 31, 2013 remain open to examination by the major taxing jurisdictions to which the Company is subject. The amount of distributions payable to the Company's stockholders is determined by the board of directors and is dependent on a number of factors, including funds available for distribution, financial condition, capital expenditure requirements, as applicable, and annual distribution requirements needed to qualify and maintain the Company's status as a REIT under the Code. Income Taxes The Company elected and qualified to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986 (the "Code"), as amended, commencing with the taxable year ended December 31, 2013. If the Company continues to qualify for taxation as a REIT, it generally will not be subject to federal corporate income tax to the extent it distributes all of its REIT taxable income to its stockholders. REITs are subject to a number of organizational and operational requirements, including a requirement that the Company distribute annually at least 90% of the Company’s REIT taxable income to the Company’s stockholders. If the Company fails to continue to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, the Company will be subject to U.S. federal and state income taxes at regular corporate rates (including any applicable alternative minimum tax) beginning with the year in which it fails to qualify and may be precluded from being able to elect to be treated as a REIT for the Company’s four subsequent taxable years. The Company distributed to its stockholders 100% of its REIT taxable income for each of the years ended December 31, 2016 , 2015 and 2014 . Accordingly, no provision for federal or state income taxes related to such REIT taxable income was recorded in the Company's financial statements. Even if the Company continues to qualify for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. Certain limitations are imposed on REITs with respect to the ownership and operation of seniors housing communities. Generally, to qualify as a REIT, the Company cannot directly or indirectly operate seniors housing communities. Instead, such facilities may be either leased to a third party operator or leased to a taxable REIT subsidiary (“TRS”) and operated by a third party on behalf of the TRS. Accordingly, the Company has formed a TRS entity under the OP to lease its SHOPs and the TRS has entered into management contracts with unaffiliated third party managers to operate the facilities on its behalf. As of December 31, 2016 , the Company, through its TRS entity, owned 38 seniors housing communities. The TRS entity is a wholly-owned subsidiary of the OP. A TRS is subject to federal, state and local income taxes. The Company records net deferred tax assets to the extent the Company believes these assets will more likely than not be realized. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. In the event the Company determines that it would not be able to realize the deferred income tax assets in the future in excess of the net recorded amount, the Company establishes a valuation allowance which offsets the previously recognized income tax benefit. Deferred income taxes result from temporary differences between the carrying amounts of the TRS's assets and liabilities used for financial reporting purposes and the amounts used for income tax purposes. Significant components of the deferred tax assets and liabilities as of December 31, 2016 consisted of deferred rent and depreciation. As of December 31, 2016 , the Company had a deferred tax asset of $5.2 million with no valuation allowance. As of December 31, 2015 , the Company had a deferred tax asset of $2.9 million with no valuation allowance. The following table details the composition of the Company's tax benefit (expense) for the years ended December 31, 2016 , 2015 and 2014 , which includes federal and state income taxes incurred by the Company's TRS entity. The Company estimated its income tax benefit (expense) relating to its TRS entity using a combined federal and state rate of approximately 40.0% and 40.2% for the years ended December 31, 2016 and 2015 , respectively. These income taxes are reflected in income tax benefit (expense) on the accompanying consolidated statements of operations and comprehensive loss. |
Per Share Data | Per Share Data Net income (loss) per basic share of common stock is calculated by dividing net income (loss) by the weighted-average number of shares of common stock issued and outstanding during such period. Diluted net income (loss) per share of common stock considers the effect of potentially dilutive shares of common stock outstanding during the period. |
Reportable Segments | Reportable Segments The Company has determined that it has three reportable segments, with activities related to investing in MOBs, triple-net leased healthcare facilities, and seniors housing communities. Management evaluates the operating performance of the Company's investments in real estate and seniors housing communities on an individual property level. |
Recently Issued 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 is evaluating the impact of the implementation of this guidance, including performing a preliminary review of all revenue streams to identify any differences in the timing, measurement or presentation of revenue recognition. The Company is continuing to evaluate the allowable methods of adoption. 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 has begun developing an inventory of all leases as well as identifying any non-lease components in our lease arrangements. The Company is continuing to evaluate 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. In November 2016, the FASB issued guidance on the classification of restricted cash in the statement of cash flows. The amendment requires restricted cash to be included in the beginning-of-period and end-of-period total cash amounts. Therefore, transfers between cash and restricted cash will no longer be shown on the statement of cash flows. The guidance is effective for reporting periods beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact of this new guidance. In January 2017, the FASB issued guidance that revises the definition of a business. This new guidance is applicable when evaluating whether an acquisition should be treated as either a business acquisition or an asset acquisition. Under the revised guidance, when substantially all of the fair value of gross assets acquired is concentrated in a single asset or group of similar assets, the assets acquired would not be considered a business. The revised guidance is effective for reporting periods beginning after December 15, 2017, and the amendments will be applied prospectively. Early application is permitted only for transactions that have not previously been reported in issued financial statements. The Company has assessed this revised guidance and expects, based on historical acquisitions, that future properties acquired will qualify as an asset acquisition rather than a business acquisition, which would result in the capitalization of related transaction costs. The Company has not adopted this guidance as of December 31, 2016 . |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Components of Income Tax Benefit (Expense) | The following table details the composition of the Company's tax benefit (expense) for the years ended December 31, 2016 , 2015 and 2014 , which includes federal and state income taxes incurred by the Company's TRS entity. The Company estimated its income tax benefit (expense) relating to its TRS entity using a combined federal and state rate of approximately 40.0% and 40.2% for the years ended December 31, 2016 and 2015 , respectively. These income taxes are reflected in income tax benefit (expense) on the accompanying consolidated statements of operations and comprehensive loss. Year Ended December 31, 2016 2015 2014 (In thousands) Current Deferred Current Deferred Current Deferred Federal benefit (expense) $ 2,103 $ (237 ) $ 1,667 $ 762 $ (450 ) $ — State benefit (expense) 308 (90 ) 358 191 (115 ) — Total $ 2,411 $ (327 ) $ 2,025 $ 953 $ (565 ) $ — |
Summary of Distributions | The following table details from a tax perspective the portion of distributions classified as a return of capital, capital gain dividend income and ordinary dividend income, per share per annum, for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 2015 2014 Return of capital 86.8 % $ 1.47 97.9 % $ 1.66 93.7 % $ 1.59 Capital gain dividend income 0.5 % 0.01 0.3 % 0.01 — % — Ordinary dividend income 12.7 % 0.22 1.8 % 0.03 6.3 % 0.11 Total 100.0 % $ 1.70 100.0 % $ 1.70 100.0 % $ 1.70 |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 12 Months Ended |
Dec. 31, 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 year s ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, (Dollar amounts in thousands) 2016 2015 2014 Real estate investments, at cost: Land $ — $ 79,329 $ 109,679 Buildings, fixtures and improvements — 519,185 1,325,721 Construction in progress 38,746 21,309 — Total tangible assets 38,746 619,823 1,435,400 Acquired intangible assets and liabilities: In-place leases — 62,584 145,464 Market lease and other intangible assets — 3,223 34,877 Market lease liabilities — (10,064 ) (19,837 ) Total assets and liabilities acquired, net 38,746 675,566 1,595,904 Mortgage notes payable assumed to acquire real estate investments — (100,058 ) (66,321 ) Premiums on mortgages assumed — (1,492 ) (3,533 ) Other assets and liabilities, net (1) — (882 ) (9,040 ) Deposits to acquire real estate investments — (3,000 ) — OP units issued to acquire real estate investments — — (10,148 ) Cash paid for acquired real estate investments $ 38,746 $ 570,134 $ 1,506,862 Number of properties purchased — 48 111 _______________ (1) Other assets and liabilities, net includes $0.9 million in tenant security deposits assumed at acquisition for properties acquired during the year ended December 31, 2015 . Other assets and liabilities, net includes $4.2 million in tenant security deposits assumed at acquisition for properties acquired and a $4.8 million capital lease obligation incurred in conjunction with the transaction described below during the year ended December 31, 2014 . |
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 December 31, 2016 . These amounts exclude contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to performance thresholds and increases in annual rent based on exceeding certain economic indexes, among other items. (In thousands) Future Minimum 2017 $ 89,354 2018 85,075 2019 78,957 2020 73,650 2021 68,597 Thereafter 395,582 Total $ 791,215 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | 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 December 31, 2016 , 2015 and 2014 : December 31, State 2016 2015 2014 Florida 19.3% 18.6% 24.6% Georgia 10.2% * * Iowa 10.5% 10.1% 13.9% Pennsylvania 12.0% 11.4% 15.2% _______________ * 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: December 31, 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 $ 115,641 $ 80,299 $ 202,608 $ 82,390 $ 120,218 Intangible market lease assets 28,220 5,798 22,422 28,262 3,393 24,869 Other intangible assets 10,589 574 10,015 10,589 309 10,280 Total acquired intangible assets $ 234,749 $ 122,013 $ 112,736 $ 241,459 $ 86,092 $ 155,367 Intangible market lease liabilities $ 25,614 $ 5,427 $ 20,187 $ 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: Year Ended December 31, (In thousands) 2016 2015 2014 Amortization of in-place leases and other intangible assets (1) $ 38,754 $ 75,481 17,885 Amortization and (accretion) of above- and below-market leases, net (2) (209 ) (359 ) 604 Amortization of above- and below-market ground leases, net (3) 172 199 29 _______________ (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 and property operating and maintenance expense and adjustments to revenues for the next five years: (In thousands) 2017 2018 2019 2020 2021 In-place lease assets $ 15,539 $ 13,280 $ 10,732 $ 8,795 $ 7,251 Other intangible assets 265 265 265 265 265 Total to be added to amortization expense $ 15,804 $ 13,545 $ 10,997 $ 9,060 $ 7,516 Above-market lease assets $ (1,877 ) $ (1,357 ) $ (1,068 ) $ (741 ) $ (532 ) Below-market lease liabilities 2,089 1,860 1,580 1,423 1,274 Total to be added to rental income $ 212 $ 503 $ 512 $ 682 $ 742 Below-market ground lease assets $ 212 $ 212 $ 212 $ 212 $ 212 Above-market ground lease liabilities (40 ) (40 ) (40 ) (40 ) (40 ) Total to be added to property operating and maintenance expense $ 172 $ 172 $ 172 $ 172 $ 172 |
Real Estate Sales | The following table summarizes the three properties sold during the year ended December 31, 2016 . The Company did not sell any properties during the year s ended December 31, 2015 and 2014 . 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 (360 ) Proceeds from sales of real estate investments $ 25,890 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 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) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following table reflects the Company's mortgage notes payable as of December 31, 2016 and 2015 : Portfolio Encumbered Properties Outstanding Loan Amount as of December 31, Effective Interest Rate Interest Rate Maturity 2016 2015 (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 8,602 8,720 6.39 % Fixed Sep. 2017 Plank Medical Center - Clifton Park, NY 1 3,414 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 5,904 5,992 6.07 % Fixed (1) Apr. 2019 St. Andrews Medical Park - Venice, FL 3 6,526 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 6,589 6,680 6.39 % Fixed Sep. 2017 Slingerlands Crossing Phase II - Bethlehem, NY 1 7,671 7,777 6.39 % Fixed Sep. 2017 Benedictine Cancer Center - Kingston, NY 1 6,719 6,811 6.39 % Fixed Sep. 2017 Aurora Healthcare Center Portfolio - WI 6 30,858 31,257 6.55 % Fixed Jan. 2018 Palm Valley Medical Plaza - Goodyear, AZ 1 3,428 3,525 4.21 % Fixed Jun. 2023 Medical Center V - Peoria, AZ 1 3,151 3,232 4.75 % Fixed Sep. 2023 Courtyard Fountains - Gresham, OR 1 24,820 24,999 3.82 % Fixed (2) Jan. 2020 Fox Ridge Bryant - Bryant, AR 1 7,698 7,825 3.98 % Fixed May 2047 Fox Ridge Chenal - Little Rock, AR 1 17,540 17,800 3.98 % Fixed May 2049 Fox Ridge North Little Rock - North Little Rock, AR 1 10,884 11,045 3.98 % Fixed May 2049 Gross mortgage notes payable 21 143,804 159,455 5.26 % (3) Deferred financing costs, net of accumulated amortization (1,516 ) (2,150 ) Mortgage notes payable, net of deferred financing costs $ 142,288 $ 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 began in August 2016. (3) Calculated on a weighted average basis for all mortgages outstanding as of December 31, 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 December 31, 2016 : (In thousands) Future Principal Payments 2017 $ 34,832 2018 31,893 2019 13,324 2020 24,279 2021 892 Thereafter 38,584 Total $ 143,804 |
Fair Value of Financial Instr32
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 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, 2016 and 2015 , aggregated by the level in the fair value hierarchy within which those instruments fall. (In thousands) Quoted Prices in Active Markets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Total December 31, 2016 Interest rate caps $ — $ 61 $ — $ 61 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 December 31, December 31, December 31, December 31, Mortgage notes payable 3 $ 144,270 $ 144,261 $ 161,858 $ 162,654 Revolving Credit Facility 3 $ 421,500 $ 421,500 $ 430,000 $ 430,000 Fannie Credit Facilities 3 $ 60,000 $ 60,000 $ — $ — _______________________________ (1) Carrying value includes mortgage notes payable of $143.8 million and $159.5 million and mortgage premiums and discounts, net of $0.5 million and $2.4 million as of December 31, 2016 and December 31, 2015 , respectively. |
Derivatives and Hedging Activ33
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Derivative Instruments | As of December 31, 2016 , the Company had the following outstanding interest rate derivatives that were not designated as a hedge of interest rate risk. The Company had not entered into any derivative contracts as of December 31, 2015 . December 31, 2016 Interest Rate Derivative Number of Instruments Notional Amount (In thousands) Interest rate caps 2 $ 30 |
Schedule of Interest Rate Derivatives | The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the balance sheet as of December 31, 2016 . The Company had not entered into any derivative contracts as of December 31, 2015 . (In thousands) Balance Sheet Location December 31, 2016 Derivatives not designated as hedging instruments: Interest rate caps Non-designated derivatives assets, at fair value $ 61 |
Common Stock (Tables)
Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Class of Treasury Stock | 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 December 31, 2016 : Number of Shares Repurchased Average Price per Share Cumulative repurchases as of December 31, 2015 (1) 968,370 $ 23.72 Year ended December 31, 2016 (2) 6,660 24.36 Cumulative repurchases as of December 31, 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. (2) As permitted under the SRP, in March 2017, the Company's board of directors authorized, with respect to repurchase requests received during the year ended December 31, 2016 , the repurchase of shares validly submitted for repurchase in an amount equal to 1.5% of the weighted average number of shares of common stock outstanding during the fiscal year ended December 31, 2015 , representing less than all the shares validly submitted for repurchase during the year ended December 31, 2016 . Accordingly, 1.3 million shares for $27.5 million at an average price per share of $21.61 (including all shares submitted for death or disability) were approved for repurchase, with repurchases to be completed in March 2017 , while repurchase requests of 2.3 million shares for $48.7 million at an average price per share of $21.27 were rejected. Repurchases completed during the year ended December 31, 2016 include 6,660 shares which represent unaccrued repurchases for the year ended December 31, 2015 that were finalized in January 2016. |
Related Party Transactions an35
Related Party Transactions and Arrangements (Tables) | 12 Months Ended |
Dec. 31, 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: Year Ended December 31, Payable (Receivable) as of 2016 2015 2014 December 31, (In thousands) Incurred Forgiven Incurred Forgiven Incurred Forgiven 2016 2015 One-time fees and reimbursements: Acquisition fees $ — $ — $ 6,878 $ — $ 15,936 $ — $ — $ — Acquisition cost reimbursements — — 3,439 — 7,968 — — — Financing coordination fees 450 — 3,863 — 1,997 — — — Ongoing fees and reimbursements: Asset management fees (1) 17,566 — 10,889 — — — — (5 ) Property management fees 3,017 — 1,302 1,220 — 617 (163 ) (10 ) Professional fees and reimbursements 4,492 — 4,558 — 364 — 1,025 499 Strategic advisory fees — — — — 605 — — — Distributions on Class B Units 611 — 490 — 47 — — 52 Total related party operation fees and reimbursements $ 26,136 $ — $ 31,419 $ 1,220 $ 26,917 $ 617 $ 862 $ 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 December 31, 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) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of 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, 2013 3,999 $ 22.50 Granted 3,999 22.50 Vested (800 ) 22.50 Forfeitures — — Unvested, December 31, 2014 7,198 22.50 Granted 7,998 22.50 Vested (1,066 ) 22.50 Forfeitures (2,399 ) 22.50 Unvested, December 31, 2015 11,731 22.50 Granted 6,735 22.27 Vested (7,212 ) 22.50 Forfeitures (1,333 ) 22.50 Unvested, December 31, 2016 9,921 $ 22.42 |
Accumulated Other Comprehensi37
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table illustrates the changes in accumulated other comprehensive income (loss) as of and for the period presented: (In thousands) Unrealized Gains (Losses) on Available-for-Sale Securities Balance, December 31, 2013 $ — Other comprehensive income, before reclassifications 471 Amounts reclassified from accumulated other comprehensive income (1) (8 ) Balance, December 31, 2014 463 Other comprehensive loss, before reclassifications (23 ) Amounts reclassified from accumulated other comprehensive income (1) (446 ) Balance, December 31, 2015 (6 ) Other comprehensive income, before reclassifications 62 Amounts reclassified from accumulated other comprehensive income (1) (56 ) Balance, December 31, 2016 $ — __________________ (1) During the year s ended December 31, 2016 , 2015 and 2014 , the Company sold its investments in securities, resulting in realized gains of $0.1 million , $0.4 million and approximately $8,000 , which are 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) | 12 Months Ended |
Dec. 31, 2016 | |
Noncontrolling Interest [Abstract] | |
Schedule related to Investment Arrangements with Unaffiliated Third Party | The following table summarizes the activity related to investment arrangements with the unaffiliated third party. No distributions of net cash flow from operations were made related to these investment arrangements during the year s ended December 31, 2015 and December 31, 2014 . As of December 31, 2016 As of December 31, 2015 Property Name (Dollar amounts in thousands) Investment Date Third Party Net Investment Amount as of December 31, 2016 Non-Controlling Ownership Percentage as of December 31, 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 Distributions (1) for the Year Ended December 31, 2016 Plaza Del Rio Medical Office Campus Portfolio - Peoria, AZ May 2015 $ 439 4.1 % $ 10,429 $ — $ 10,561 $ — $ 40 _______________ (1) Represents distributions to unaffiliated third party investors of net cash flows from operations of the properties subject to the investment arrangements. |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 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 year s ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 2015 2014 Net loss attributable to stockholders (in thousands) $ (20,874 ) $ (41,741 ) $ (37,678 ) Basic and diluted weighted-average shares outstanding 87,878,907 85,331,966 51,234,729 Basic and diluted net loss per share $ (0.24 ) $ (0.49 ) $ (0.74 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The Company had the following potentially dilutive securities as of December 31, 2016 , 2015 and 2014 , which were excluded from the calculation of diluted loss per share attributable to stockholders as the effect would have been antidilutive: December 31, 2016 2015 2014 Unvested restricted stock 9,921 11,731 7,198 OP Units 405,998 405,998 405,998 Class B units 359,250 359,250 107,885 Total common share equivalents 775,169 776,979 521,081 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables reconcile the segment activity to consolidated net loss for the year s ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 (In thousands) Medical Office Buildings Triple-Net Leased Healthcare Facilities Seniors Housing — Operating Properties Consolidated Revenues: Rental income $ 65,994 $ 37,374 $ 7 $ 103,375 Operating expense reimbursements 14,927 949 — 15,876 Resident services and fee income — — 183,177 183,177 Total revenues 80,921 38,323 183,184 302,428 Property operating and maintenance 23,814 18,812 129,451 172,077 NOI $ 57,107 $ 19,511 $ 53,733 130,351 Contingent purchase price consideration 138 Impairment on sale of real estate investments (389 ) Operating fees to related parties (20,583 ) Acquisition and transaction related (3,163 ) General and administrative (12,105 ) Depreciation and amortization (98,886 ) Interest expense (19,881 ) Interest and other income 47 Gain on non-designated derivative instruments 31 Gain on sale of real estate investment 1,330 Gain on sale of investment securities 56 Income tax benefit (expense) 2,084 Net loss attributable to non-controlling interests 96 Net loss attributable to stockholders $ (20,874 ) Year Ended December 31, 2015 (In thousands) Medical Office Buildings Triple-Net Leased Healthcare Facilities Seniors Housing — Operating Properties Consolidated Revenues: Rental income $ 56,165 $ 37,053 $ — $ 93,218 Operating expense reimbursements 12,611 148 — 12,759 Resident services and fee income — — 140,901 140,901 Total revenues 68,776 37,201 140,901 246,878 Property operating and maintenance 20,334 6,706 98,533 125,573 NOI $ 48,442 $ 30,495 $ 42,368 121,305 Contingent purchase price consideration 612 Operating fees to related parties (12,191 ) Acquisition and transaction related (14,679 ) General and administrative (9,733 ) Depreciation and amortization (120,924 ) Interest expense (10,356 ) Interest and other income 582 Gain on sale of investment securities 446 Income tax benefit (expense) 2,978 Net loss attributable to non-controlling interests 219 Net loss attributable to stockholders $ (41,741 ) Year Ended December 31, 2014 (In thousands) Medical Office Buildings Triple-Net Leased Healthcare Facilities Seniors Housing — Operating Properties Consolidated Revenues: Rental income $ 13,955 $ 9,050 $ — $ 23,005 Operating expense reimbursements 3,532 53 — 3,585 Resident services and fee income — — 31,849 31,849 Total revenues 17,487 9,103 31,849 58,439 Property operating and maintenance 4,765 79 21,873 26,717 NOI $ 12,722 $ 9,024 $ 9,976 31,722 Acquisition and transaction related (33,623 ) General and administrative (3,541 ) Depreciation and amortization (28,889 ) Interest expense (3,559 ) Interest and other income 735 Gain on sale of investment securities 8 Income tax benefit (expense) (565 ) Net loss attributable to non-controlling interests 34 Net loss attributable to stockholders $ (37,678 ) The following table reconciles the segment activity to consolidated total assets as of the periods presented: December 31, (In thousands) 2016 2015 ASSETS Investments in real estate, net: Medical office buildings $ 788,023 $ 839,041 Triple-net leased healthcare facilities 418,819 447,893 Construction in progress 70,055 31,309 Seniors housing — operating properties 837,338 876,359 Total investments in real estate, net 2,114,235 2,194,602 Cash and cash equivalents 29,225 24,474 Restricted cash 3,962 4,647 Investment securities, at fair value — 1,078 Non-designated derivative assets, at fair value 61 — Straight-line rent receivable, net 12,026 11,470 Prepaid expenses and other assets 22,073 21,707 Deferred costs, net 12,123 11,864 Total assets $ 2,193,705 $ 2,269,842 The following table reconciles capital expenditures by reportable business segment, excluding corporate non-real estate expenditures, for the periods presented: Year Ended December 31, (In thousands) 2016 2015 2014 Medical office buildings $ 3,198 $ 2,129 $ 609 Triple-net leased healthcare facilities 112 540 — Seniors housing — operating properties 4,165 2,701 134 Total capital expenditures $ 7,475 $ 5,370 $ 743 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | 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 2017 $ 664 $ 76 2018 668 78 2019 673 80 2020 671 82 2021 658 84 Thereafter 32,571 7,764 Total minimum lease payments $ 35,905 8,164 Less: amounts representing interest (3,351 ) Total present value of minimum lease payments $ 4,813 |
Quarterly Results (Unaudited) (
Quarterly Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2016 , 2015 and 2014 : (In thousands, except for share and per share data) March 31, June 30, September 30, December 31, Total revenues $ 75,509 $ 75,857 $ 75,521 $ 75,679 Net loss attributable to stockholders $ (1,555 ) $ (3,000 ) $ (8,664 ) $ (7,655 ) Basic and diluted weighted average shares outstanding 86,658,678 87,465,569 88,285,390 89,088,233 Basic and diluted loss per share $ (0.02 ) $ (0.03 ) $ (0.10 ) $ (0.09 ) (In thousands, except for share and per share data) March 31, June 30, September 30, December 31, Total revenues $ 57,121 $ 59,516 $ 64,030 $ 66,373 Net loss attributable to stockholders $ (5,220 ) $ (13,421 ) $ (16,108 ) $ (6,992 ) Basic and diluted weighted average shares outstanding 84,250,503 84,992,633 85,705,595 86,351,934 Basic and diluted loss per share $ (0.06 ) $ (0.16 ) $ (0.19 ) $ (0.08 ) (In thousands, except for share and per share data) March 31, June 30, September 30, December 31, Total revenues $ 1,387 $ 2,869 $ 11,818 $ 42,365 Net loss attributable to stockholders $ (582 ) $ (4,147 ) $ (20,023 ) $ (12,926 ) Basic and diluted weighted average shares outstanding 13,623,545 35,127,969 71,813,126 83,381,570 Basic and diluted loss per share $ (0.04 ) $ (0.12 ) $ (0.28 ) $ (0.16 ) |
Organization (Details)
Organization (Details) $ / shares in Units, ft² in Millions | 12 Months Ended | 26 Months Ended | 39 Months Ended | 51 Months Ended | |||
Dec. 31, 2016USD ($)ft²propertystate$ / shares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($) | Nov. 30, 2014USD ($) | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2016USD ($)ft²propertystate$ / shares | Feb. 28, 2013USD ($)$ / shares | |
Class of Stock [Line Items] | |||||||
Number of real estate properties | property | 163 | 163 | |||||
Number of states properties are located in | state | 29 | 29 | |||||
Area of real estate property | ft² | 8.4 | 8.4 | |||||
Common stock, par value, in dollars per share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||
Proceeds from issuance of common stock | $ 0 | $ 6,000 | $ 1,853,231,000 | $ 2,100,000,000 | $ 2,200,000,000 | ||
Proceeds received under DRIP | $ 195,000,000 | ||||||
Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Share Price (in dollars per share) | $ / shares | $ 25 | ||||||
DRIP share price (in dollars per share) | $ / shares | $ 23.75 | $ 23.75 | |||||
Share price percentage of IPO | 95.00% | 95.00% | |||||
IPO | |||||||
Class of Stock [Line Items] | |||||||
Stock available for issuance under DRIP | $ 1,700,000,000 | ||||||
Proceeds from issuance of common stock | $ 2,000,000,000 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2016USD ($)community | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Schedule of Shares Repurchased [Line Items] | ||||
Money market funds | $ 10,000 | $ 22,000 | ||
Cash and cash equivalents | 29,225,000 | 24,474,000 | $ 182,617,000 | $ 111,833,000 |
Cash in excess of FDIC limit | 16,100,000 | 12,200,000 | ||
Deferred financing costs, net of accumulated amortization | 10,700,000 | 11,500,000 | ||
Accumulated amortization, deferred financing costs | 6,700,000 | 3,100,000 | ||
Deferred leasing costs, net | 1,400,000 | 400,000 | ||
Deferred leasing costs, accumulated amortization | $ 200,000 | 100,000 | ||
Number of senior housing communities | community | 38 | |||
Deferred tax asset, net | $ 5,200,000 | 2,900,000 | ||
Valuation allowance | $ 0 | $ 0 | ||
Effective income tax rate | 40.00% | 40.20% | ||
Maximum | ||||
Schedule of Shares Repurchased [Line Items] | ||||
Liability for offering and related costs from IPO | 2.00% | |||
Aggregate offering costs | 12.00% | |||
Building | ||||
Schedule of Shares Repurchased [Line Items] | ||||
Useful life | 40 years | |||
Land Improvements | ||||
Schedule of Shares Repurchased [Line Items] | ||||
Useful life | 15 years | |||
Fixtures and improvements | ||||
Schedule of Shares Repurchased [Line Items] | ||||
Useful life | 5 years | |||
ASU 2015-03 | Deferred costs | ||||
Schedule of Shares Repurchased [Line Items] | ||||
Deferred financing costs, net of accumulated amortization | $ (2,000,000) | |||
ASU 2015-03 | Mortgage notes payable | ||||
Schedule of Shares Repurchased [Line Items] | ||||
Deferred financing costs, net of accumulated amortization | $ 2,200,000 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||
Current federal benefit (expense) | $ 2,103 | $ 1,667 | $ (450) |
Current state benefit (expense) | 308 | 358 | (115) |
Current benefit (expense) | 2,411 | 2,025 | (565) |
Deferred federal benefit (expense) | (237) | 762 | 0 |
Deferred state benefit (expense) | (90) | 191 | 0 |
Deferred benefit (expense) | $ (327) | $ 953 | $ 0 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies (Distributions) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Dividends Payable [Line Items] | |||
Dividends, percent | 100.00% | 100.00% | 100.00% |
Dividends paid (in usd per share) | $ 1.70 | $ 1.70 | $ 1.70 |
Return of capital | |||
Dividends Payable [Line Items] | |||
Dividends, percent | 86.80% | 97.90% | 93.70% |
Dividends paid (in usd per share) | $ 1.47 | $ 1.66 | $ 1.59 |
Capital gain dividend income | |||
Dividends Payable [Line Items] | |||
Dividends, percent | 0.50% | 0.30% | 0.00% |
Dividends paid (in usd per share) | $ 0.01 | $ 0.01 | $ 0 |
Ordinary dividend income | |||
Dividends Payable [Line Items] | |||
Dividends, percent | 12.70% | 1.80% | 6.30% |
Dividends paid (in usd per share) | $ 0.22 | $ 0.03 | $ 0.11 |
Real Estate Investments (Narrat
Real Estate Investments (Narrative) (Details) $ in Thousands | Dec. 15, 2015USD ($) | Dec. 03, 2014USD ($) | Dec. 31, 2016USD ($)property | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)property |
Business Acquisition [Line Items] | |||||
Number of real estate properties | property | 163 | ||||
Acquisition and transaction related | $ 3,163 | $ 14,679 | $ 33,623 | ||
Future minimum payments | $ 8,164 | ||||
Number of properties | property | 3 | ||||
Wellington Senior Housing Community | |||||
Business Acquisition [Line Items] | |||||
Contract purchase price | $ 95,000 | ||||
Renaissance on Peachtree - Atlanta | |||||
Business Acquisition [Line Items] | |||||
Contract purchase price | $ 78,600 | ||||
2014 Acquisitions with Capital Leases | |||||
Business Acquisition [Line Items] | |||||
Number of properties purchased | property | 8 | ||||
Leasehold interests to buildings, fixtures and improvements, capital leases | $ 144,400 | ||||
Future minimum payments | $ 119,300 | ||||
In-place leases | 2014 Acquisitions with Capital Leases | |||||
Business Acquisition [Line Items] | |||||
Finite lived intangible assets acquired, capital leases | $ 34,100 | ||||
Acquisition and Transaction Related Line Items [Member] | Wellington Senior Housing Community | |||||
Business Acquisition [Line Items] | |||||
Acquisition and transaction related | $ 2,700 | ||||
Acquisition and Transaction Related Line Items [Member] | Renaissance on Peachtree - Atlanta | |||||
Business Acquisition [Line Items] | |||||
Acquisition and transaction related | $ 1,300 |
Real Estate Investments (Acquir
Real Estate Investments (Acquired Assets) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)property | Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($)property | |
Real estate investments | |||
Deposits to acquire real estate investments | $ 0 | $ 1,000 | $ (3,650) |
Tenant security deposits assumed | 900 | 4,200 | |
Capital lease obligation assumed | 4,800 | ||
Business acquisitions | |||
Real estate investments | |||
Land | 0 | 79,329 | 109,679 |
Buildings, fixtures and improvements | 0 | 519,185 | 1,325,721 |
Construction in progress | 38,746 | 21,309 | 0 |
Total tangible assets | 38,746 | 619,823 | 1,435,400 |
Market lease liabilities | 0 | (10,064) | (19,837) |
Total assets and liabilities acquired, net | 38,746 | 675,566 | 1,595,904 |
Mortgage notes payable assumed to acquire real estate investments | 0 | (100,058) | (66,321) |
Premiums on mortgages assumed | 0 | (1,492) | (3,533) |
Other assets and liabilities, net | 0 | (882) | (9,040) |
Deposits to acquire real estate investments | 0 | (3,000) | 0 |
OP units issued to acquire real estate investments | 0 | 0 | (10,148) |
Cash paid for acquired real estate investments | $ 38,746 | $ 570,134 | $ 1,506,862 |
Number of properties purchased | property | 0 | 48 | 111 |
Business acquisitions | In-place leases | |||
Real estate investments | |||
Acquired intangible assets and liabilities: | $ 0 | $ 62,584 | $ 145,464 |
Business acquisitions | Market lease and other intangible assets | |||
Real estate investments | |||
Acquired intangible assets and liabilities: | $ 0 | $ 3,223 | $ 34,877 |
Real Estate Investments (Future
Real Estate Investments (Future Minimum Payments) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Business Combinations [Abstract] | |
2,017 | $ 89,354 |
2,018 | 85,075 |
2,019 | 78,957 |
2,020 | 73,650 |
2,021 | 68,597 |
Thereafter | 395,582 |
Total | $ 791,215 |
Real Estate Investments (Geogra
Real Estate Investments (Geographic Concentrations) (Details) - Geographic Concentration Risk - Sales Revenue, Net | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Florida | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 19.30% | 18.60% | 24.60% |
Georgia | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 10.20% | ||
Iowa | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 10.50% | 10.10% | 13.90% |
Pennsylvania | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 12.00% | 11.40% | 15.20% |
Real Estate Investments (Summar
Real Estate Investments (Summary of Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Intangible assets: | ||
Gross Carrying Amount | $ 234,749 | $ 241,459 |
Accumulated Amortization | 122,013 | 86,092 |
Net Carrying Amount | 112,736 | 155,367 |
Intangible market lease liabilities | ||
Gross Carrying Amount | 25,614 | 25,613 |
Accumulated Amortization | 5,427 | 2,619 |
Net Carrying Amount | 20,187 | 22,994 |
In-place leases | ||
Intangible assets: | ||
Gross Carrying Amount | 195,940 | 202,608 |
Accumulated Amortization | 115,641 | 82,390 |
Net Carrying Amount | 80,299 | 120,218 |
Intangible market lease assets | ||
Intangible assets: | ||
Gross Carrying Amount | 28,220 | 28,262 |
Accumulated Amortization | 5,798 | 3,393 |
Net Carrying Amount | 22,422 | 24,869 |
Other intangible assets | ||
Intangible assets: | ||
Gross Carrying Amount | 10,589 | 10,589 |
Accumulated Amortization | 574 | 309 |
Net Carrying Amount | $ 10,015 | $ 10,280 |
Real Estate Investments (Summ52
Real Estate Investments (Summary of Amortization and Accretion Recognized) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of above- and below-market ground leases, net | $ 168 | $ (101) | $ 638 |
Depreciation and Amortization Expense | In-place leases and other intangible assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization/accretion of market least intangibles | 38,754 | 75,481 | 17,885 |
Rental Income | Above- and below-market leases, net | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of above- and below-market ground leases, net | (209) | (359) | 604 |
Property Operating and Maintenance Expense | Above-market ground leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization/accretion of market least intangibles | $ 172 | $ 199 | $ 29 |
Real Estate Investments (Summ53
Real Estate Investments (Summary of Intangible Assets and Liabilities Future Amortization Expense) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Amortization Expense | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, amortization expense, 2017 | $ 15,804 |
Finite-lived intangible assets, amortization expense, 2018 | 13,545 |
Finite-lived intangible assets, amortization expense, 2019 | 10,997 |
Finite-lived intangible assets, amortization expense, 2020 | 9,060 |
Finite-lived intangible assets, amortization expense, 2021 | 7,516 |
Rental Income | |
Finite-Lived Intangible Assets [Line Items] | |
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 |
Below market leases, amortization income, 2021 | 742 |
Property Operating and Maintenance Expense | |
Finite-Lived Intangible Assets [Line Items] | |
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 |
Finite-lived intangible assets, amortization expense, 2021 | 172 |
In-place leases assets | Amortization Expense | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, amortization expense, 2017 | 15,539 |
Finite-lived intangible assets, amortization expense, 2018 | 13,280 |
Finite-lived intangible assets, amortization expense, 2019 | 10,732 |
Finite-lived intangible assets, amortization expense, 2020 | 8,795 |
Finite-lived intangible assets, amortization expense, 2021 | 7,251 |
Other intangible assets | Amortization Expense | |
Finite-Lived Intangible Assets [Line Items] | |
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 |
Finite-lived intangible assets, amortization expense, 2021 | 265 |
Above-market lease assets | Rental Income | |
Finite-Lived Intangible Assets [Line Items] | |
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) |
Finite-lived intangible assets, amortization expense, 2021 | (532) |
Below-market lease liabilities | Rental Income | |
Finite-Lived Intangible Assets [Line Items] | |
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 leases, amortization income, 2021 | 1,274 |
Below-market ground lease assets | Property Operating and Maintenance Expense | |
Finite-Lived Intangible Assets [Line Items] | |
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 |
Finite-lived intangible assets, amortization expense, 2021 | 212 |
Above-market ground lease liabilities | Property Operating and Maintenance Expense | |
Finite-Lived Intangible Assets [Line Items] | |
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) |
Finite-lived intangible liability, amortization income, 2021 | $ (40) |
Real Estate Investments (Real E
Real Estate Investments (Real Estate Sales) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain (Impairment) on Sale, Net | $ 941 | $ 0 | $ 0 |
Proceeds from sales of real estate investments | 25,890 | $ 0 | $ 0 |
Disposed by sale | |||
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 | (360) | ||
Proceeds from sales of real estate investments | 25,890 | ||
Disposed by sale | Gregory Ridge Living Center - Kansas City | |||
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) | ||
Disposed by sale | Parkway Health Care Center - Kansas City | |||
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) | ||
Disposed by sale | Redwood Radiology and Outpatient Center - Santa Rosa | |||
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 (Narrativ
Investment Securities (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Investment securities, at fair value | $ 0 | $ 1,078 | |
Gain on sale of investment securities | 56 | 446 | $ 8 |
Proceeds from sales of investment securities | 1,140 | 19,278 | 513 |
Preferred stock | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost basis | 1,100 | ||
Gain on sale of investment securities | $ 100 | $ 8 | |
Preferred Stock, Common Stock, Real Estate Income Funds and Senior Notes | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost basis | 18,800 | ||
Gain on sale of investment securities | $ 400 |
Investment Securities (Schedule
Investment Securities (Schedule of Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 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 |
Credit Facilities (Details)
Credit Facilities (Details) - USD ($) | Oct. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Jul. 31, 2015 | Jun. 26, 2015 | Apr. 15, 2014 | Mar. 21, 2014 |
Line of Credit Facility [Line Items] | |||||||
Write off of deferred financing costs | $ 500,000 | ||||||
Credit facilities | $ 481,500,000 | 430,000,000 | |||||
Credit Agreements | Line of Credit | |||||||
Line of Credit Facility [Line Items] | |||||||
Initial advances | $ 30,000,000 | ||||||
KeyBank Facility | Line of Credit | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 3.15% | ||||||
Capital One Facility | Line of Credit | |||||||
Line of Credit Facility [Line Items] | |||||||
Stated interest rate | 3.156% | ||||||
Fannie Credit Facility | Interest rate caps | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate cap | 3.50% | ||||||
Fannie Credit Facility | Line of Credit | |||||||
Line of Credit Facility [Line Items] | |||||||
Prepayment premium rate | 1.00% | ||||||
London Interbank Offered Rate (LIBOR) | Fannie Credit Facility | Line of Credit | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 2.62% | ||||||
London Interbank Offered Rate (LIBOR) | Minimum | Fannie Credit Facility | Line of Credit | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 2.62% | ||||||
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 | |||||
Credit facilities | $ 421,500,000 | $ 430,000,000 | |||||
Effective Interest Rate | 2.00% | ||||||
Remaining borrowing capacity | $ 75,600,000 | ||||||
Secured Debt | Fannie Credit Facility | |||||||
Line of Credit Facility [Line Items] | |||||||
Credit facilities | $ 60,000,000 | ||||||
Effective Interest Rate | 3.20% | ||||||
Secured Debt | London Interbank Offered Rate (LIBOR) | Minimum | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 1.60% | ||||||
Secured Debt | London Interbank Offered Rate (LIBOR) | Maximum | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 2.20% | ||||||
Secured Debt | Base Rate | Minimum | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 0.35% | ||||||
Secured Debt | Base Rate | Maximum | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 0.95% | ||||||
Secured Debt | Federal Funds Effective Rate | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 0.50% | ||||||
Secured Debt | One-Month LIBOR | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 1.00% | ||||||
Letter of Credit | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum borrowing capacity | $ 25,000,000 |
Mortgage Notes Payable (Mortgag
Mortgage Notes Payable (Mortgage Notes) (Details) $ in Thousands | Dec. 31, 2016USD ($)property | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | ||
Deferred financing costs, net of accumulated amortization | $ 10,700 | $ 11,500 |
Mortgages | ||
Debt Instrument [Line Items] | ||
Encumbered Properties | property | 21 | |
Outstanding Loan Amount | $ 143,804 | 159,455 |
Effective Interest Rate | 5.26% | |
Deferred financing costs, net of accumulated amortization | $ 1,516 | 2,150 |
Mortgage notes payable, net of deferred financing costs | $ 142,288 | 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 | $ 8,602 | 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 | $ 3,414 | 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 | $ 5,904 | 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 | $ 6,526 | 6,623 |
Effective Interest Rate | 6.07% | |
Campus at Crooks & Auburn Building C - Rochester Hills, MI | 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 | $ 6,589 | 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 | $ 7,671 | 7,777 |
Effective Interest Rate | 6.39% | |
Benedictine Cancer Center - Kingston, NY | Mortgages | ||
Debt Instrument [Line Items] | ||
Encumbered Properties | property | 1 | |
Outstanding Loan Amount | $ 6,719 | 6,811 |
Effective Interest Rate | 6.39% | |
Aurora Healthcare Center Portfolio WI | Mortgages | ||
Debt Instrument [Line Items] | ||
Encumbered Properties | property | 6 | |
Outstanding Loan Amount | $ 30,858 | 31,257 |
Effective Interest Rate | 6.55% | |
Palm Valley Medical Plaza AZ | Mortgages | ||
Debt Instrument [Line Items] | ||
Encumbered Properties | property | 1 | |
Outstanding Loan Amount | $ 3,428 | 3,525 |
Effective Interest Rate | 4.21% | |
Medical Center V - Peoria, AZ | Mortgages | ||
Debt Instrument [Line Items] | ||
Encumbered Properties | property | 1 | |
Outstanding Loan Amount | $ 3,151 | 3,232 |
Effective Interest Rate | 4.75% | |
Courtyard Fountains - Gresham, OR | Mortgages | ||
Debt Instrument [Line Items] | ||
Encumbered Properties | property | 1 | |
Outstanding Loan Amount | $ 24,820 | 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 | $ 7,698 | 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 | $ 17,540 | 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 | $ 10,884 | $ 11,045 |
Effective Interest Rate | 3.98% |
Mortgage Notes Payable (Narrati
Mortgage Notes Payable (Narrative) (Details) $ in Millions | Dec. 31, 2016USD ($) |
Debt Disclosure [Abstract] | |
Real estate investments pledged as collateral | $ 261.8 |
Mortgage Notes Payable (Mortg60
Mortgage Notes Payable (Mortgage Principal Payments) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Total | $ 142,288 | $ 157,305 |
Mortgages | ||
Debt Instrument [Line Items] | ||
2,017 | 34,832 | |
2,018 | 31,893 | |
2,019 | 13,324 | |
2,020 | 24,279 | |
2,021 | 892 | |
Thereafter | 38,584 | |
Total | $ 143,804 | $ 159,500 |
Fair Value of Financial Instr61
Fair Value of Financial Instruments (Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 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 | |
Interest rate caps | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate caps | 61 | |
Interest rate caps | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate caps | 0 | |
Interest rate caps | Fair Value, Measurements, Recurring | Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate caps | 61 | |
Interest rate caps | Fair Value, Measurements, Recurring | Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate caps | $ 0 |
Fair Value of Financial Instr62
Fair Value of Financial Instruments (Level 3 Inputs) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage notes payable, net of deferred financing costs | $ 142,288 | $ 157,305 |
Mortgage premiums, net | 466 | 2,403 |
Mortgages | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage notes payable, net of deferred financing costs | 143,804 | 159,500 |
Mortgage premiums, net | 500 | 2,400 |
Significant Unobservable Inputs Level 3 | Mortgages | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value disclosure | 144,270 | 161,858 |
Significant Unobservable Inputs Level 3 | Mortgages | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value disclosure | 144,261 | 162,654 |
Significant Unobservable Inputs Level 3 | Revolving Credit Facility | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value disclosure | 421,500 | 430,000 |
Significant Unobservable Inputs Level 3 | Revolving Credit Facility | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value disclosure | 421,500 | 430,000 |
Fannie Credit Facility | Significant Unobservable Inputs Level 3 | Revolving Credit Facility | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value disclosure | 60,000 | 0 |
Fannie Credit Facility | Significant Unobservable Inputs Level 3 | Revolving Credit Facility | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value disclosure | $ 60,000 | $ 0 |
Derivatives and Hedging Activ63
Derivatives and Hedging Activities (Summary of Derivative Instruments) (Details) - Not Designated as Hedging Instrument - Interest rate caps $ in Thousands | Dec. 31, 2016USD ($)instrument |
Derivative [Line Items] | |
Number of Instruments | instrument | 2 |
Notional Amount | $ | $ 30 |
Derivatives and Hedging Activ64
Derivatives and Hedging Activities (Balance Sheet Location) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Non-designated derivatives assets, at fair value | Not Designated as Hedging Instrument | Interest rate caps | |
Derivative [Line Items] | |
Derivative | $ 61 |
Common Stock (Narrative) (Detai
Common Stock (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | 39 Months Ended | 51 Months Ended | |||||
Mar. 31, 2016 | Apr. 30, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2016 | Jun. 28, 2016 | Jan. 26, 2016 | |
Class of Stock [Line Items] | |||||||||
Common stock, shares outstanding | 89,368,899 | 86,135,411 | 86,135,411 | 89,368,899 | |||||
Proceeds from issuance of common stock | $ 0 | $ 6 | $ 1,853,231 | $ 2,100,000 | $ 2,200,000 | ||||
Dividends declared per day (in dollars per share) | $ 0.0046448087 | $ 0.0046575343 | |||||||
Dividends declared (in usd per share) | $ 1.70 | $ 1.70 | $ 1.70 | $ 1.70 | $ 1.70 | ||||
Short-term trading fee percentage | 2.00% | ||||||||
Annual authorized amount as a percentage of weighted average shares outstanding | 5.00% | 5.00% | |||||||
Authorized percent of shares outstanding for repurchase for fiscal semester | 2.50% | ||||||||
Authorized percent of shares outstanding for repurchase for fiscal year | 5.00% | 5.00% | |||||||
Common stock issued through distribution reinvestment plan (in shares) | 3,200,000 | 3,300,000 | |||||||
Common stock issued through distribution reinvestment plan | $ 73,630 | $ 78,502 | $ 41,580 | ||||||
One Year | |||||||||
Class of Stock [Line Items] | |||||||||
Share repurchase price, percentage of value | 92.50% | 92.50% | |||||||
One Year | Maximum | |||||||||
Class of Stock [Line Items] | |||||||||
Share repurchase price, percentage of value (in dollars per share) | $ 23.13 | $ 23.13 | |||||||
Share repurchase price, percentage of value | 92.50% | 92.50% | |||||||
Two Years | |||||||||
Class of Stock [Line Items] | |||||||||
Share repurchase price, percentage of value | 95.00% | 95.00% | |||||||
Two Years | Maximum | |||||||||
Class of Stock [Line Items] | |||||||||
Share repurchase price, percentage of value (in dollars per share) | $ 23.75 | $ 23.75 | |||||||
Share repurchase price, percentage of value | 95.00% | 95.00% | |||||||
Three Years | |||||||||
Class of Stock [Line Items] | |||||||||
Share repurchase price, percentage of value | 97.50% | 97.50% | |||||||
Three Years | Maximum | |||||||||
Class of Stock [Line Items] | |||||||||
Share repurchase price, percentage of value (in dollars per share) | $ 24.38 | $ 24.38 | |||||||
Share repurchase price, percentage of value | 97.50% | 97.50% | |||||||
Four Years | |||||||||
Class of Stock [Line Items] | |||||||||
Share repurchase price, percentage of value | 100.00% | 100.00% | |||||||
Four Years | Maximum | |||||||||
Class of Stock [Line Items] | |||||||||
Share repurchase price, percentage of value (in dollars per share) | $ 25 | $ 25 | |||||||
Share repurchase price, percentage of value | 100.00% | 100.00% |
Related Party Transactions an66
Related Party Transactions and Arrangements (Ownership) (Details) - USD ($) $ in Millions | Jan. 14, 2015 | Dec. 31, 2016 | Dec. 31, 2015 |
Related Party Transaction [Line Items] | |||
Common stock held by related party, in shares | 89,368,899 | 86,135,411 | |
Tax Depreciation Deduction | Advisor | |||
Related Party Transaction [Line Items] | |||
Special allocation for tax purposes excess depreciation deductions maximum | $ 10 | ||
Acuity Specialty Hospital | Sponsor and Advisor Under Common Control of Purchasing Entity | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Contract purchase price | $ 39.4 | ||
American Realty Capital Healthcare II Special Limited Partnership, LLC | Special Limited Partner | |||
Related Party Transaction [Line Items] | |||
Common stock held by related party, in shares | 8,888 | 8,888 |
Common Stock (Stock Redemption)
Common Stock (Stock Redemption) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | 39 Months Ended | 51 Months Ended | |||
Mar. 31, 2017 | Jan. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2016 | |
Class of Stock [Line Items] | |||||||
Number of Shares Repurchased (in shares) | 6,660 | 6,660 | 968,370 | 975,030 | |||
Common stock repurchases | $ 170 | $ 21,160 | $ 1,768 | ||||
Average Price per Share (in dollars per share) | $ 24.36 | $ 23.72 | $ 23.73 | ||||
Remaining number of shares authorized (in shares) | 2,288,524 | 201,367 | 201,367 | 2,288,524 | |||
Common stock unfulfilled repurchases | $ 48,700 | $ 4,640 | |||||
Unfulfilled Average Price Per Share (in dollars per share) | $ 21.27 | $ 23.04 | |||||
Percentage of weighted average share outstanding eligible for repurchase | 1.50% | ||||||
Subsequent Event [Member] | |||||||
Class of Stock [Line Items] | |||||||
Number of Shares Repurchased (in shares) | 1,300,000 | ||||||
Common stock repurchases | $ 27,500 | ||||||
Unfulfilled Average Price Per Share (in dollars per share) | $ 21.61 |
Related Party Transactions an68
Related Party Transactions and Arrangements (Fees Paid in Connection with the IPO) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Asset threshold for assignment of agreement | $ 100,000,000 | ||
Expenses incurred | $ 26,136,000 | $ 31,419,000 | $ 26,917,000 |
Maximum | |||
Related Party Transaction [Line Items] | |||
Liability for offering and related costs from IPO | 2.00% | ||
Aggregate offering costs | 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% | ||
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% | ||
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% | ||
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% | ||
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% | ||
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% | ||
Sales Commissions and Former Dealer Manager Fees | Realty Capital Securities, LLC | Former Dealer Manager | |||
Related Party Transaction [Line Items] | |||
Expenses incurred | $ 0 | (2,000) | 175,600,000 |
Compensation and Reimbursement Expenses | Realty Capital Securities, LLC | Advisor | |||
Related Party Transaction [Line Items] | |||
Expenses incurred | 0 | 0 | 21,767,000 |
Compensation and Reimbursement Expenses | Realty Capital Securities, LLC | Former Dealer Manager | |||
Related Party Transaction [Line Items] | |||
Expenses incurred | $ 0 | $ 0 | $ 3,262,000 |
Related Party Transactions an69
Related Party Transactions and Arrangements (Fees Paid in Connection With the Operations of the Company) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 01, 2015 | |
Related Party Transaction [Line Items] | ||||
Term of agreement | 10 years | |||
Renewal term | 10 years | |||
Board of directors voting percentage | 67.00% | |||
Period of notice | 45 days | |||
Share price, net (in dollars per share) | $ 22.50 | |||
Expenses forgiven | $ 0 | $ 1,220,000 | $ 617,000 | |
Advisor | ||||
Related Party Transaction [Line Items] | ||||
Class B units issued | 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% | |||
Financing advance fees as a percentage of benchmark, expected third party costs | 0.50% | |||
Total one-time operating fee rate | 4.50% | |||
Quarterly asset management fee | 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% | |||
Financing advance fees as a percentage of benchmark, expected third party costs | 0.50% | |||
Total one-time operating fee rate | 4.50% | |||
American Realty Capital Healthcare Advisors, LLC | Contract Purchase Price, All Assets Acquired | Advisor | ||||
Related Party Transaction [Line Items] | ||||
Fee cap | 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% | |||
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% | |||
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% | |||
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% | |||
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% | |||
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% | |||
American Realty Capital Healthcare Advisors, LLC | ||||
Related Party Transaction [Line Items] | ||||
Period of notice | 60 days | |||
American Realty Capital Healthcare Advisors, LLC | Cost of Assets | Advisor | ||||
Related Party Transaction [Line Items] | ||||
Asset management fee benchmark | 0.0625% | |||
Monthly Base Management Fee | American Realty Capital Healthcare Advisors, LLC | ||||
Related Party Transaction [Line Items] | ||||
Transaction amount | $ 1,625,000 | |||
Variable Portion of Base Management Fee | American Realty Capital Healthcare Advisors, LLC | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Basis of Related Party Transaction | 8.33% | |||
Quarterly Variable Management Fee, Benchmark One | American Realty Capital Healthcare Advisors, LLC | ||||
Related Party Transaction [Line Items] | ||||
Percent of Core Earnings | 15.00% | |||
Basis of core earnings (in usd per share) | $ 0.375 | |||
Quarterly Variable Management Fee, Benchmark Two | American Realty Capital Healthcare Advisors, LLC | ||||
Related Party Transaction [Line Items] | ||||
Percent of Core Earnings | 10.00% | |||
Basis of core earnings (in usd per share) | $ 0.47 | |||
Reimbursements of Administrative Services | American Realty Capital Healthcare Advisors, LLC | ||||
Related Party Transaction [Line Items] | ||||
Transaction amount | $ 4,000,000 | $ 900,000 | $ 0 |
Related Party Transactions an70
Related Party Transactions and Arrangements (Fees Paid in Connection With the Operations of the Company, Incurred, Forgiven and Payable) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Expenses incurred | $ 26,136,000 | $ 31,419,000 | $ 26,917,000 |
Expenses forgiven | 0 | 1,220,000 | 617,000 |
Payable (Receivable) | 862,000 | 536,000 | |
Acquisition fees | Nonrecurring Fees | |||
Related Party Transaction [Line Items] | |||
Expenses incurred | 0 | 6,878,000 | 15,936,000 |
Expenses forgiven | 0 | 0 | 0 |
Payable (Receivable) | 0 | 0 | |
Acquisition cost reimbursements | Nonrecurring Fees | |||
Related Party Transaction [Line Items] | |||
Expenses incurred | 0 | 3,439,000 | 7,968,000 |
Expenses forgiven | 0 | 0 | |
Payable (Receivable) | 0 | 0 | |
Financing coordination fees | Nonrecurring Fees | |||
Related Party Transaction [Line Items] | |||
Expenses incurred | 450,000 | 3,863,000 | 1,997,000 |
Expenses forgiven | 0 | 0 | 0 |
Payable (Receivable) | 0 | 0 | |
Asset management fees | Recurring Fees | |||
Related Party Transaction [Line Items] | |||
Expenses incurred | 17,566,000 | 10,889,000 | 0 |
Expenses forgiven | 0 | 0 | 0 |
Payable (Receivable) | 0 | (5,000) | |
Property management fees | Nonrecurring Fees | |||
Related Party Transaction [Line Items] | |||
Expenses forgiven | 0 | ||
Property management fees | Recurring Fees | |||
Related Party Transaction [Line Items] | |||
Expenses incurred | 3,017,000 | 1,302,000 | |
Expenses forgiven | 0 | 1,220,000 | 617,000 |
Payable (Receivable) | (163,000) | (10,000) | |
Transfer agent and other professional services | Recurring Fees | |||
Related Party Transaction [Line Items] | |||
Expenses incurred | 4,492,000 | 4,558,000 | 364,000 |
Expenses forgiven | 0 | 0 | 0 |
Payable (Receivable) | 1,025,000 | 499,000 | |
Strategic advisory fees | Recurring Fees | |||
Related Party Transaction [Line Items] | |||
Expenses incurred | 0 | 0 | 605,000 |
Expenses forgiven | 0 | 0 | 0 |
Payable (Receivable) | 0 | 0 | |
Distributions on Class B Units | Recurring Fees | |||
Related Party Transaction [Line Items] | |||
Expenses incurred | 611,000 | 490,000 | 47,000 |
Expenses forgiven | 0 | 0 | $ 0 |
Payable (Receivable) | $ 0 | $ 52,000 |
Related Party Transactions an71
Related Party Transactions and Arrangements (Fees Paid in Connection with the Liquidation or Listing of the Company's Real Estate Assets) (Details) | Mar. 17, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
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% | |||
Subordinated performance fee as a percentage of benchmark | 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% | |||
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% | |||
Distribution upon nonrenewal of advisory agreement | 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, fee cap | 10.00% | |||
Listing Fee | RCS Capital, Key Banc and Investment Banking and Capital Markets Division of Dealer Manager [Member] | ||||
Related Party Transaction [Line Items] | ||||
Listing fee earned for listing on securities exchange | $ 1,500,000 | |||
Transaction Advisory Fee | RCS Capital, Key Banc and Investment Banking and Capital Markets Division of Dealer Manager [Member] | ||||
Related Party Transaction [Line Items] | ||||
Transaction fee, percent of sale transaction | 0.25% | |||
Brokerage Commission Fees | Advisor | ||||
Related Party Transaction [Line Items] | ||||
Transaction amount | $ 300,000 | $ 0 | $ 0 | |
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% | |||
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% | |||
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% | |||
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% | |||
Change in Control Fee | ||||
Related Party Transaction [Line Items] | ||||
Fee multiplier | 4 | |||
Asset management fees | ||||
Related Party Transaction [Line Items] | ||||
Fee multiplier | 4 | |||
Variable Management - Incentive Fee | ||||
Related Party Transaction [Line Items] | ||||
Fee multiplier | 4 | |||
Transition Fee | ||||
Related Party Transaction [Line Items] | ||||
Transaction amount | $ 15,000,000 | |||
Subject Fees (Transition Fee Not in Excess of the Product) | ||||
Related Party Transaction [Line Items] | ||||
Fee multiplier | 4 | |||
Subject Fees | ||||
Related Party Transaction [Line Items] | ||||
Fee multiplier | 4.5 |
Equity-Based Compensation (Narr
Equity-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation | $ 160 | $ 60 | $ 73 | |
Director | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock issued during period, issued for services (in shares) | 0 | 0 | 2,037 | |
Stock issued during period, issued for services | $ 46 | |||
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 | |||
Restricted share vesting period | 5 years | |||
Periodic vesting percentage | 20.00% | |||
Maximum authorized amount as a percentage of shares authorized | 5.00% | |||
Number of shares authorized, in shares | 3,400,000 | |||
Nonvested awards, compensation cost not yet recognized | $ 200 | |||
Nonvested awards, compensation cost not yet recognized, period for recognition | 4 years | |||
Equity-based compensation expense | $ 200 | $ 100 | $ 27 |
Equity-Based Compensation (Summ
Equity-Based Compensation (Summary of Share-based Compensation Awards) (Details) - Restricted Share Plan - Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Number of Common Shares | |||
Beginning Balance (in shares) | 11,731 | 7,198 | 3,999 |
Granted (in shares) | 6,735 | 7,998 | 3,999 |
Vested (in shares) | (7,212) | (1,066) | (800) |
Forfeitures (in shares) | (1,333) | (2,399) | 0 |
Ending Balance (in shares) | 9,921 | 11,731 | 7,198 |
Weighted-Average Issue Price | |||
Beginning Balance, Weighted-Average Issue Price (usd per share) | $ 22.50 | $ 22.50 | $ 22.50 |
Granted, Weighted-Average Issue Price (usd per share) | 22.27 | 22.50 | 22.50 |
Vested, Weighted-Average Issue Price (usd per share) | 22.50 | 22.50 | 22.50 |
Forfeitures, Weighted-Average Issue Price (usd per share) | 22.50 | 22.50 | 0 |
Ending Balance, Weighted-Average Issue Price (usd per share) | $ 22.42 | $ 22.50 | $ 22.50 |
Accumulated Other Comprehensi74
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | $ 1,601,817 | $ 1,732,177 | $ 158,149 |
Ending Balance | 1,504,326 | 1,601,817 | 1,732,177 |
Gain on sale of investment securities | 56 | 446 | 8 |
Preferred stock | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Gain on sale of investment securities | 100 | 8 | |
Unrealized Gains (Losses) on Available-for-Sale Securities | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | (6) | 463 | 0 |
Other comprehensive income, before reclassifications | 62 | (23) | 471 |
Amounts reclassified from accumulated other comprehensive income | (56) | (446) | (8) |
Ending Balance | $ 0 | $ (6) | $ 463 |
Non-Controlling Interests (Narr
Non-Controlling Interests (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 30, 2014 | |
Noncontrolling Interest [Line Items] | ||||
Limited partner units (in units) | 90 | 90 | ||
Distributions to non-controlling interest holders | $ 731 | $ 698 | $ 0 | |
Distributions | 731 | 698 | ||
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 dollars per share) | $ 25 | |||
Distributions | 731 | $ 698 | ||
Plaza Del Rio Medical Office Campus Portfolio AZ | ||||
Noncontrolling Interest [Line Items] | ||||
Distributions | $ 40 |
Non-Controlling Interests (Summ
Non-Controlling Interests (Summary of Non-Controlling Interests) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Noncontrolling Interest [Line Items] | ||
Third party net investment amount | $ 8,870 | $ 9,697 |
Net Real Estate Assets Subject to Investment Arrangement | 2,114,235 | 2,194,602 |
Mortgage Notes Payable Subject to Investment Arrangement | 142,288 | 157,305 |
Distributions | 731 | 698 |
Non-controlling Interests | ||
Noncontrolling Interest [Line Items] | ||
Distributions | 731 | 698 |
Plaza Del Rio Medical Office Campus Portfolio AZ | ||
Noncontrolling Interest [Line Items] | ||
Distributions | 40 | |
Plaza Del Rio Medical Office Campus Portfolio AZ | Non-controlling Interests | ||
Noncontrolling Interest [Line Items] | ||
Third party net investment amount | $ 439 | |
Non-controlling ownership percentage | 4.10% | |
Net Real Estate Assets Subject to Investment Arrangement | $ 10,429 | 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 | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||
Net loss attributable to stockholders | $ (7,655) | $ (8,664) | $ (3,000) | $ (1,555) | $ (6,992) | $ (16,108) | $ (13,421) | $ (5,220) | $ (12,926) | $ (20,023) | $ (4,147) | $ (582) | $ (20,874) | $ (41,741) | $ (37,678) |
Basic and diluted weighted average shares outstanding (in shares) | 89,088,233 | 88,285,390 | 87,465,569 | 86,658,678 | 86,351,934 | 85,705,595 | 84,992,633 | 84,250,503 | 83,381,570 | 71,813,126 | 35,127,969 | 13,623,545 | 87,878,907 | 85,331,966 | 51,234,729 |
Basic and diluted net loss per share (in usd per share) | $ (0.09) | $ (0.10) | $ (0.03) | $ (0.02) | $ (0.08) | $ (0.19) | $ (0.16) | $ (0.06) | $ (0.16) | $ (0.28) | $ (0.12) | $ (0.04) | $ (0.24) | $ (0.49) | $ (0.74) |
Antidilutive securities excluded from computation of earnings per share (in shares) | 775,169 | 776,979 | 521,081 | ||||||||||||
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) | 9,921 | 11,731 | 7,198 | ||||||||||||
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 | 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 | 107,885 |
Segment Reporting (Reconciliati
Segment Reporting (Reconciliation of Segment Activity) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2016USD ($)segment | Dec. 31, 2015USD ($)segment | Dec. 31, 2014USD ($)segment | |
Segment Reporting Information [Line Items] | |||||||||||||||
Number of reportable segments | segment | 3 | 3 | 3 | ||||||||||||
Rental income | $ 103,375 | $ 93,218 | $ 23,005 | ||||||||||||
Operating expense reimbursements | 15,876 | 12,759 | 3,585 | ||||||||||||
Resident services and fee income | 183,177 | 140,901 | 31,849 | ||||||||||||
Total revenues | 302,428 | 246,878 | 58,439 | ||||||||||||
Contingent purchase price consideration | 138 | 612 | 0 | ||||||||||||
Impairment on sale of real estate investments | (389) | 0 | 0 | ||||||||||||
Property operating and maintenance | 172,077 | 125,573 | 26,717 | ||||||||||||
Net operating income | 130,351 | 121,305 | 31,722 | ||||||||||||
Operating fees to related parties | (20,583) | (12,191) | 0 | ||||||||||||
Acquisition and transaction related | (3,163) | (14,679) | (33,623) | ||||||||||||
General and administrative | (12,105) | (9,733) | (3,541) | ||||||||||||
Depreciation and amortization | (98,886) | (120,924) | (28,889) | ||||||||||||
Interest expense | (19,881) | (10,356) | (3,559) | ||||||||||||
Interest and other income | 47 | ||||||||||||||
Gain on non-designated derivative instruments | 31 | 0 | 0 | ||||||||||||
Gain on sale of real estate investment | 1,330 | 0 | 0 | ||||||||||||
Interest and other income | 582 | 735 | |||||||||||||
Gain on sale of investment securities | 56 | 446 | 8 | ||||||||||||
Income tax benefit (expense) | 2,084 | 2,978 | (565) | ||||||||||||
Net loss attributable to non-controlling interests | 96 | 219 | 34 | ||||||||||||
Net loss attributable to stockholders | $ (7,655) | $ (8,664) | $ (3,000) | $ (1,555) | $ (6,992) | $ (16,108) | $ (13,421) | $ (5,220) | $ (12,926) | $ (20,023) | $ (4,147) | $ (582) | (20,874) | (41,741) | (37,678) |
Medical Office Buildings | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Rental income | 65,994 | 56,165 | 13,955 | ||||||||||||
Operating expense reimbursements | 14,927 | 12,611 | 3,532 | ||||||||||||
Resident services and fee income | 0 | 0 | 0 | ||||||||||||
Total revenues | 80,921 | 68,776 | 17,487 | ||||||||||||
Property operating and maintenance | 23,814 | 20,334 | 4,765 | ||||||||||||
Net operating income | 57,107 | 48,442 | 12,722 | ||||||||||||
Triple-Net Leased Healthcare Facilities | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Rental income | 37,374 | 37,053 | 9,050 | ||||||||||||
Operating expense reimbursements | 949 | 148 | 53 | ||||||||||||
Resident services and fee income | 0 | 0 | 0 | ||||||||||||
Total revenues | 38,323 | 37,201 | 9,103 | ||||||||||||
Property operating and maintenance | 18,812 | 6,706 | 79 | ||||||||||||
Net operating income | 19,511 | 30,495 | 9,024 | ||||||||||||
Seniors Housing Communities | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Rental income | 7 | 0 | 0 | ||||||||||||
Operating expense reimbursements | 0 | 0 | 0 | ||||||||||||
Resident services and fee income | 183,177 | 140,901 | 31,849 | ||||||||||||
Total revenues | 183,184 | 140,901 | 31,849 | ||||||||||||
Property operating and maintenance | 129,451 | 98,533 | 21,873 | ||||||||||||
Net operating income | $ 53,733 | $ 42,368 | $ 9,976 |
Segment Reporting (Reconcilia79
Segment Reporting (Reconciliation of Segment Activity to Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ||||
Net Real Estate Assets Subject to Investment Arrangement | $ 2,114,235 | $ 2,194,602 | ||
Construction in progress | 60,055 | 21,309 | ||
Cash and cash equivalents | 29,225 | 24,474 | $ 182,617 | $ 111,833 |
Restricted cash | 3,962 | 4,647 | ||
Investment securities, at fair value | 0 | 1,078 | ||
Non-designated derivative assets, at fair value | 61 | 0 | ||
Straight-line rent receivable, net | 12,026 | 11,470 | ||
Prepaid expenses and other assets | 22,073 | 21,707 | ||
Deferred costs, net | 12,123 | 11,864 | ||
Total assets | 2,193,705 | 2,269,842 | ||
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Construction in progress | 70,055 | 31,309 | ||
Operating Segments | Medical Office Buildings | ||||
Segment Reporting Information [Line Items] | ||||
Net Real Estate Assets Subject to Investment Arrangement | 788,023 | 839,041 | ||
Operating Segments | Triple-Net Leased Healthcare Facilities | ||||
Segment Reporting Information [Line Items] | ||||
Net Real Estate Assets Subject to Investment Arrangement | 418,819 | 447,893 | ||
Operating Segments | Seniors Housing Communities | ||||
Segment Reporting Information [Line Items] | ||||
Net Real Estate Assets Subject to Investment Arrangement | $ 837,338 | $ 876,359 |
Segment Reporting (Reconcilia80
Segment Reporting (Reconciliation of Capital Expenditures by Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 7,476 | $ 6,885 | $ 807 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 7,475 | 5,370 | 743 |
Operating Segments | Medical Office Buildings | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 3,198 | 2,129 | 609 |
Operating Segments | Triple-Net Leased Healthcare Facilities | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 112 | 540 | 0 |
Operating Segments | Seniors Housing Communities | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 4,165 | $ 2,701 | $ 134 |
Commitments and Contingencies81
Commitments and Contingencies (Schedule of Future Minimum Rental Payments) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Operating Leases | |
2017, Operating Leases | $ 664 |
2018, Operating Leases | 668 |
2019, Operating Leases | 673 |
2020, Operating Leases | 671 |
2021, Operating Leases | 658 |
Thereafter, Operating Leases | 32,571 |
Total, Operating Leases | 35,905 |
Capital Leases | |
2017, Capital Leases | 76 |
2018, Capital Leases | 78 |
2019, Capital Leases | 80 |
2020, Capital Leases | 82 |
2021, Capital Leases | 84 |
Thereafter, Capital Leases | 7,764 |
Total, Capital Leases | 8,164 |
Interest, Capital Leases | (3,351) |
Total present value of minimum lease payments | $ 4,813 |
Commitments and Contingencies82
Commitments and Contingencies (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Aug. 31, 2015 | |
Loss Contingencies [Line Items] | ||||
Rent expense | $ 800,000 | $ 400,000 | $ 100,000 | |
Interest expense | 100,000 | 100,000 | $ 200,000 | |
Purchase obligation | $ 82,000,000 | |||
Construction in progress | 60,055,000 | $ 21,309,000 | ||
Line of Credit | ||||
Loss Contingencies [Line Items] | ||||
Maximum borrowing capacity | $ 2,700,000 | |||
Stated interest rate | 7.00% | |||
Land | ||||
Loss Contingencies [Line Items] | ||||
Construction in progress | 10,000,000 | |||
Construction in Progress | ||||
Loss Contingencies [Line Items] | ||||
Construction in progress | $ 60,100,000 |
Quarterly Results (Unaudited)83
Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||
Total revenues | $ 75,679 | $ 75,521 | $ 75,857 | $ 75,509 | $ 66,373 | $ 64,030 | $ 59,516 | $ 57,121 | $ 42,365 | $ 11,818 | $ 2,869 | $ 1,387 | $ 302,566 | $ 247,490 | $ 58,439 |
Net loss attributable to stockholders | $ (7,655) | $ (8,664) | $ (3,000) | $ (1,555) | $ (6,992) | $ (16,108) | $ (13,421) | $ (5,220) | $ (12,926) | $ (20,023) | $ (4,147) | $ (582) | $ (20,874) | $ (41,741) | $ (37,678) |
Basic and diluted weighted average shares outstanding (in shares) | 89,088,233 | 88,285,390 | 87,465,569 | 86,658,678 | 86,351,934 | 85,705,595 | 84,992,633 | 84,250,503 | 83,381,570 | 71,813,126 | 35,127,969 | 13,623,545 | 87,878,907 | 85,331,966 | 51,234,729 |
Basic and diluted net loss per share (in usd per share) | $ (0.09) | $ (0.10) | $ (0.03) | $ (0.02) | $ (0.08) | $ (0.19) | $ (0.16) | $ (0.06) | $ (0.16) | $ (0.28) | $ (0.12) | $ (0.04) | $ (0.24) | $ (0.49) | $ (0.74) |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 03, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Jan. 31, 2016 | Apr. 30, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2016 | Feb. 28, 2013 |
Subsequent Event [Line Items] | |||||||||||
Percentage of weighted average share outstanding eligible for repurchase | 1.50% | ||||||||||
Number of Shares Repurchased (in shares) | 6,660 | 6,660 | 968,370 | 975,030 | |||||||
Common stock repurchases | $ 170 | $ 21,160 | $ 1,768 | ||||||||
Unfulfilled Average Price Per Share (in dollars per share) | $ 21.27 | $ 23.04 | |||||||||
Dividends declared per day (in dollars per share) | $ 0.0046448087 | $ 0.0046575343 | |||||||||
Dividends declared (in usd per share) | $ 1.70 | $ 1.70 | $ 1.70 | $ 1.70 | $ 1.70 | ||||||
Dividends, percent | 6.80% | ||||||||||
Subsequent Event [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Number of Shares Repurchased (in shares) | 1,300,000 | ||||||||||
Common stock repurchases | $ 27,500 | ||||||||||
Unfulfilled Average Price Per Share (in dollars per share) | $ 21.61 | ||||||||||
Dividends declared per day (in dollars per share) | $ 0.0039726027 | ||||||||||
Dividends declared (in usd per share) | $ 1.45 | ||||||||||
Dividends, percent | 5.80% | ||||||||||
Common Stock [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Share Price (in dollars per share) | $ 25 |
Real Estate and Accumulated D85
Real Estate and Accumulated Depreciation - Schedule III (Summary of Real Estate Properties) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Jul. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 143,804 | ||||
Land | 187,868 | ||||
Building and Improvements | 1,861,320 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 11,270 | ||||
Gross Amount | 2,060,458 | $ 2,078,503 | $ 1,475,848 | $ 39,778 | |
Accumulated Depreciation | 119,014 | 60,575 | $ 11,791 | $ 814 | |
Acquired intangibles | 234,700 | ||||
Federal income taxes | 2,100,000 | ||||
Accumulated Amortization | 122,000 | ||||
Credit facilities | 481,500 | 430,000 | |||
Secured Debt | 142,288 | $ 157,305 | |||
Unencumbered Properties [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Maximum borrowing capacity | $ 565,000 | ||||
Credit facilities | $ 421,500 | ||||
Building | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life | 40 years | ||||
Land Improvements | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life | 15 years | ||||
Fixtures and improvements | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life | 5 years | ||||
Fresenius Medical Care - Winfield | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 151 | ||||
Building and Improvements | 1,568 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 1,719 | ||||
Accumulated Depreciation | 169 | ||||
Adena Health Center - Jackson | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 242 | ||||
Building and Improvements | 4,494 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 4,736 | ||||
Accumulated Depreciation | 408 | ||||
Ouachita Community Hospital - West Monroe | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 633 | ||||
Building and Improvements | 5,304 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 5,937 | ||||
Accumulated Depreciation | 490 | ||||
CareMeridian - Littleton | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 976 | ||||
Building and Improvements | 8,900 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 103 | ||||
Gross Amount | 9,979 | ||||
Accumulated Depreciation | 1,348 | ||||
Oak Lawn Medical Center - Oak Lawn | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 835 | ||||
Building and Improvements | 7,477 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 8,312 | ||||
Accumulated Depreciation | 808 | ||||
Surgery Center of Temple - Temple | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 225 | ||||
Building and Improvements | 5,208 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 5,433 | ||||
Accumulated Depreciation | 450 | ||||
Greenville Health System - Greenville | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 720 | ||||
Building and Improvements | 3,045 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 3,765 | ||||
Accumulated Depreciation | 255 | ||||
Arrowhead Medical Plaza II - Glendale | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 0 | ||||
Building and Improvements | 9,707 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 307 | ||||
Gross Amount | 10,014 | ||||
Accumulated Depreciation | 904 | ||||
Village Center Parkway - Stockbridge | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,135 | ||||
Building and Improvements | 2,299 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 131 | ||||
Gross Amount | 3,565 | ||||
Accumulated Depreciation | 251 | ||||
Stockbridge Family Medical - Stockbridge | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 823 | ||||
Building and Improvements | 1,799 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 11 | ||||
Gross Amount | 2,633 | ||||
Accumulated Depreciation | 153 | ||||
Creekside MOB - Douglasville | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 2,709 | ||||
Building and Improvements | 5,320 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 603 | ||||
Gross Amount | 8,632 | ||||
Accumulated Depreciation | 546 | ||||
Bowie Gateway Medical Center - Bowie | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 983 | ||||
Building and Improvements | 10,321 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 11,304 | ||||
Accumulated Depreciation | 748 | ||||
Campus at Crooks & Auburn Building D - Rochester Hills | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 640 | ||||
Building and Improvements | 4,107 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 4,747 | ||||
Accumulated Depreciation | 302 | ||||
Medical Center of New Windsor - New Windsor | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 8,602 | ||||
Land | 0 | ||||
Building and Improvements | 10,566 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 338 | ||||
Gross Amount | 10,904 | ||||
Accumulated Depreciation | 806 | ||||
Plank Medical Center - Clifton Park | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 3,414 | ||||
Land | 749 | ||||
Building and Improvements | 3,559 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 25 | ||||
Gross Amount | 4,333 | ||||
Accumulated Depreciation | 280 | ||||
Cushing Center - Schenectady | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 0 | ||||
Building and Improvements | 12,489 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 45 | ||||
Gross Amount | 12,534 | ||||
Accumulated Depreciation | 913 | ||||
Berwyn Medical Center - Berwyn | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,305 | ||||
Building and Improvements | 7,559 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 8,864 | ||||
Accumulated Depreciation | 509 | ||||
Countryside Medical Arts - Safety Harbor | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 5,904 | ||||
Land | 915 | ||||
Building and Improvements | 7,663 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 60 | ||||
Gross Amount | 8,638 | ||||
Accumulated Depreciation | 560 | ||||
St. Andrews Medical Park - Venice | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 6,526 | ||||
Land | 1,666 | ||||
Building and Improvements | 9,944 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 142 | ||||
Gross Amount | 11,752 | ||||
Accumulated Depreciation | 757 | ||||
Campus at Crooks & Auburn Building C - Rochester Hills, MI | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 609 | ||||
Building and Improvements | 3,842 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 130 | ||||
Gross Amount | 4,581 | ||||
Accumulated Depreciation | 301 | ||||
Slingerlands Crossing Phase I - Bethlehem | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 6,589 | ||||
Land | 3,865 | ||||
Building and Improvements | 5,919 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 28 | ||||
Gross Amount | 9,812 | ||||
Accumulated Depreciation | 445 | ||||
Slingerlands Crossing Phase II - Bethlehem | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 7,671 | ||||
Land | 1,707 | ||||
Building and Improvements | 9,715 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 193 | ||||
Gross Amount | 11,615 | ||||
Accumulated Depreciation | 715 | ||||
UC Davis MOB - Elk Grove | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,138 | ||||
Building and Improvements | 7,242 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 26 | ||||
Gross Amount | 8,406 | ||||
Accumulated Depreciation | 510 | ||||
Laguna Professional Center - Elk Grove | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,811 | ||||
Building and Improvements | 14,598 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 16,409 | ||||
Accumulated Depreciation | 1,014 | ||||
Big Spring Care Center - Humansville | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 230 | ||||
Building and Improvements | 6,514 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 6,744 | ||||
Accumulated Depreciation | 591 | ||||
Buffalo Prairie Care Center - Buffalo | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 230 | ||||
Building and Improvements | 4,098 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 4,328 | ||||
Accumulated Depreciation | 412 | ||||
Cassville Health Care & Rehab - Cassville | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 250 | ||||
Building and Improvements | 3,774 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 4,024 | ||||
Accumulated Depreciation | 324 | ||||
Country Aire Retirement Estates - Lewistown | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 400 | ||||
Building and Improvements | 4,546 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 4,946 | ||||
Accumulated Depreciation | 483 | ||||
Edgewood Manor Nursing Home - Raytown | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 591 | ||||
Building and Improvements | 851 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 1,442 | ||||
Accumulated Depreciation | 82 | ||||
Georgian Gardens - Potosi | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 500 | ||||
Building and Improvements | 6,359 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 6,859 | ||||
Accumulated Depreciation | 660 | ||||
Marshfield Care Center - Marshfield | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 310 | ||||
Building and Improvements | 4,052 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 4,362 | ||||
Accumulated Depreciation | 428 | ||||
Estate at Hyde Park - Tampa | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,777 | ||||
Building and Improvements | 20,153 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 12 | ||||
Gross Amount | 21,942 | ||||
Accumulated Depreciation | 1,539 | ||||
Autumn Ridge of Clarkston - Clarkston | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 655 | ||||
Building and Improvements | 19,834 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 106 | ||||
Gross Amount | 20,595 | ||||
Accumulated Depreciation | 1,548 | ||||
Sunnybrook of Burlington - Burlington | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 518 | ||||
Building and Improvements | 16,651 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 74 | ||||
Gross Amount | 17,243 | ||||
Accumulated Depreciation | 1,274 | ||||
Sunnybrook of Carroll - Carroll | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 473 | ||||
Building and Improvements | 11,150 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 10 | ||||
Gross Amount | 11,633 | ||||
Accumulated Depreciation | 779 | ||||
Sunnybrook of Fairfield - Fairfield | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 340 | ||||
Building and Improvements | 14,028 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 102 | ||||
Gross Amount | 14,470 | ||||
Accumulated Depreciation | 1,098 | ||||
Sunnybrook of Ft. Madison - Ft. Madison | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 550 | ||||
Building and Improvements | 9,024 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 57 | ||||
Gross Amount | 9,631 | ||||
Accumulated Depreciation | 703 | ||||
Sunnybrook of Mt. Pleasant - Mt. Pleasant | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 205 | ||||
Building and Improvements | 10,811 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 156 | ||||
Gross Amount | 11,172 | ||||
Accumulated Depreciation | 705 | ||||
Sunnybrook of Muscatine - Muscatine | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 302 | ||||
Building and Improvements | 13,752 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 73 | ||||
Gross Amount | 14,127 | ||||
Accumulated Depreciation | 977 | ||||
Prairie Hills at Cedar Rapids -Cedar Rapids | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 195 | ||||
Building and Improvements | 8,544 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 57 | ||||
Gross Amount | 8,796 | ||||
Accumulated Depreciation | 609 | ||||
Prairie Hills at Clinton - Clinton | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 890 | ||||
Building and Improvements | 18,801 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 61 | ||||
Gross Amount | 19,752 | ||||
Accumulated Depreciation | 1,355 | ||||
Prairie Hills at Des Moines - Des Moines | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 647 | ||||
Building and Improvements | 13,645 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 48 | ||||
Gross Amount | 14,340 | ||||
Accumulated Depreciation | 1,072 | ||||
Prairie Hills at Tipton - Tipton | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 306 | ||||
Building and Improvements | 10,370 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 8 | ||||
Gross Amount | 10,684 | ||||
Accumulated Depreciation | 669 | ||||
Prairie Hills at Independence - Independence | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 473 | ||||
Building and Improvements | 10,534 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 42 | ||||
Gross Amount | 11,049 | ||||
Accumulated Depreciation | 726 | ||||
Prairie Hills at Ottumwa - Ottumwa | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 538 | ||||
Building and Improvements | 9,100 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 80 | ||||
Gross Amount | 9,718 | ||||
Accumulated Depreciation | 688 | ||||
Sunnybrook of Burlington - Land - Burlington | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 620 | ||||
Building and Improvements | 0 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 620 | ||||
Accumulated Depreciation | 0 | ||||
Benedictine Cancer Center - Kingston, NY | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 6,719 | ||||
Land | 0 | ||||
Building and Improvements | 13,274 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 13,274 | ||||
Accumulated Depreciation | 809 | ||||
Buchanan Meadows - Buchanan | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 288 | ||||
Building and Improvements | 6,988 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 7,276 | ||||
Accumulated Depreciation | 532 | ||||
Crystal Springs - Kentwood | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 661 | ||||
Building and Improvements | 14,507 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 15,168 | ||||
Accumulated Depreciation | 1,218 | ||||
Golden Orchards - Fennville | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 418 | ||||
Building and Improvements | 5,318 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 5,736 | ||||
Accumulated Depreciation | 376 | ||||
Lakeside Vista - Holland | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 378 | ||||
Building and Improvements | 12,196 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 12,574 | ||||
Accumulated Depreciation | 906 | ||||
Liberty Court - Dixon | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 119 | ||||
Building and Improvements | 1,957 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 2,076 | ||||
Accumulated Depreciation | 162 | ||||
Prestige Centre - Buchanan | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 297 | ||||
Building and Improvements | 2,207 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 2,504 | ||||
Accumulated Depreciation | 197 | ||||
Prestige Commons - Chesterfield Two | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 318 | ||||
Building and Improvements | 5,346 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 5,664 | ||||
Accumulated Depreciation | 377 | ||||
Prestige Pines - Dewitt | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 476 | ||||
Building and Improvements | 3,065 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 3,541 | ||||
Accumulated Depreciation | 308 | ||||
Prestige Place - Clare | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 59 | ||||
Building and Improvements | 1,169 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 1,228 | ||||
Accumulated Depreciation | 172 | ||||
Prestige Point - Grand Blanc | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 268 | ||||
Building and Improvements | 3,037 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 3,305 | ||||
Accumulated Depreciation | 274 | ||||
Prestige Way - Holt | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 527 | ||||
Building and Improvements | 5,269 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 5,796 | ||||
Accumulated Depreciation | 463 | ||||
The Atrium - Rockford | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 367 | ||||
Building and Improvements | 4,385 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 4,752 | ||||
Accumulated Depreciation | 354 | ||||
Waldon Woods - Wyoming | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 527 | ||||
Building and Improvements | 5,696 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 6,223 | ||||
Accumulated Depreciation | 581 | ||||
Whispering Woods - Grand Rapids | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 806 | ||||
Building and Improvements | 12,204 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 13,010 | ||||
Accumulated Depreciation | 1,043 | ||||
Arrowhead Medical Plaza I - Glendale | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 0 | ||||
Building and Improvements | 6,377 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 446 | ||||
Gross Amount | 6,823 | ||||
Accumulated Depreciation | 402 | ||||
Golden Years - Harrisonville | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 620 | ||||
Building and Improvements | 8,401 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 9,021 | ||||
Accumulated Depreciation | 761 | ||||
Cardiovascular Consultants of Cape Girardeau Medical Office Building- Cape Girardeau | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,624 | ||||
Building and Improvements | 5,303 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 6,927 | ||||
Accumulated Depreciation | 444 | ||||
FOC Clinical - Mechanicsburg | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 0 | ||||
Building and Improvements | 19,634 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 19,634 | ||||
Accumulated Depreciation | 1,259 | ||||
Brady MOB - Harrisburg | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 0 | ||||
Building and Improvements | 22,485 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 22,485 | ||||
Accumulated Depreciation | 1,276 | ||||
Community Health MOB - Harrisburg | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 0 | ||||
Building and Improvements | 6,170 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 6,170 | ||||
Accumulated Depreciation | 359 | ||||
FOC I - Mechanicsburg | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 0 | ||||
Building and Improvements | 8,923 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 23 | ||||
Gross Amount | 8,946 | ||||
Accumulated Depreciation | 588 | ||||
FOC II - Mechanicsburg | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 0 | ||||
Building and Improvements | 16,473 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 16,473 | ||||
Accumulated Depreciation | 1,064 | ||||
Harrisburg Pennsylvania Hospital | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 0 | ||||
Building and Improvements | 32,484 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 32,484 | ||||
Accumulated Depreciation | 1,850 | ||||
Diamond View Assisted Living Community - Meridian | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 498 | ||||
Building and Improvements | 7,053 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 72 | ||||
Gross Amount | 7,623 | ||||
Accumulated Depreciation | 684 | ||||
Benton House - Brunswick - Brunswick | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,509 | ||||
Building and Improvements | 14,385 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 19 | ||||
Gross Amount | 15,913 | ||||
Accumulated Depreciation | 1,097 | ||||
Benton House - Dublin - Dublin | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 403 | ||||
Building and Improvements | 9,254 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 34 | ||||
Gross Amount | 9,691 | ||||
Accumulated Depreciation | 771 | ||||
Benton House - Johns Creek - Johns Creek | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 997 | ||||
Building and Improvements | 11,849 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 75 | ||||
Gross Amount | 12,921 | ||||
Accumulated Depreciation | 931 | ||||
Benton House - Lee's Summit - Lee's Summit | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 2,734 | ||||
Building and Improvements | 24,970 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 36 | ||||
Gross Amount | 27,740 | ||||
Accumulated Depreciation | 1,764 | ||||
Benton House - Roswell - Roswell | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,000 | ||||
Building and Improvements | 8,509 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 111 | ||||
Gross Amount | 9,620 | ||||
Accumulated Depreciation | 762 | ||||
Benton House - Titusville - Titusville | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,379 | ||||
Building and Improvements | 13,827 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 101 | ||||
Gross Amount | 15,307 | ||||
Accumulated Depreciation | 1,148 | ||||
Allegro at Elizabethtown - Elizabethtown | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 317 | ||||
Building and Improvements | 7,261 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 128 | ||||
Gross Amount | 7,706 | ||||
Accumulated Depreciation | 645 | ||||
Allegro at Jupiter - Jupiter | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 3,741 | ||||
Building and Improvements | 49,413 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 115 | ||||
Gross Amount | 53,269 | ||||
Accumulated Depreciation | 3,506 | ||||
Allegro at St Petersburg - St Petersburg | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 3,791 | ||||
Building and Improvements | 7,950 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 545 | ||||
Gross Amount | 12,286 | ||||
Accumulated Depreciation | 909 | ||||
Allegro at Stuart - Stuart | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 5,018 | ||||
Building and Improvements | 60,505 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 151 | ||||
Gross Amount | 65,674 | ||||
Accumulated Depreciation | 4,396 | ||||
Allegro at Tarpon - Tarpon Springs | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 2,360 | ||||
Building and Improvements | 13,412 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 81 | ||||
Gross Amount | 15,853 | ||||
Accumulated Depreciation | 1,235 | ||||
Allegro at St Petersburg - Land - St Petersburg | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 3,045 | ||||
Building and Improvements | 0 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 3,045 | ||||
Accumulated Depreciation | 0 | ||||
Gateway Medical Office Building - Clarksville | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 0 | ||||
Building and Improvements | 16,367 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 501 | ||||
Gross Amount | 16,868 | ||||
Accumulated Depreciation | 985 | ||||
757 Building - Munster | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 645 | ||||
Building and Improvements | 7,885 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 8,530 | ||||
Accumulated Depreciation | 447 | ||||
Dyer Building - Dyer | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 601 | ||||
Building and Improvements | 8,867 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 124 | ||||
Gross Amount | 9,592 | ||||
Accumulated Depreciation | 505 | ||||
759 Building - Munster | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,101 | ||||
Building and Improvements | 8,899 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 10,000 | ||||
Accumulated Depreciation | 519 | ||||
761 Building - Munster | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,436 | ||||
Building and Improvements | 8,580 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 10 | ||||
Gross Amount | 10,026 | ||||
Accumulated Depreciation | 519 | ||||
Schererville Building - Schererville | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,260 | ||||
Building and Improvements | 750 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 201 | ||||
Gross Amount | 2,211 | ||||
Accumulated Depreciation | 85 | ||||
Nuvista at Hillsborough - Lutz | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 913 | ||||
Building and Improvements | 17,176 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 18,089 | ||||
Accumulated Depreciation | 1,665 | ||||
Nuvista at Wellington Green - Wellington | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 4,273 | ||||
Building and Improvements | 42,098 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 46,371 | ||||
Accumulated Depreciation | 3,414 | ||||
Mount Vernon Medical Office Building - Mount Vernon | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 0 | ||||
Building and Improvements | 18,519 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 18,519 | ||||
Accumulated Depreciation | 1,046 | ||||
Meadowbrook Senior Living - Agoura Hills | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 8,821 | ||||
Building and Improvements | 48,454 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 194 | ||||
Gross Amount | 57,469 | ||||
Accumulated Depreciation | 2,946 | ||||
Hampton River Medical Arts Building - Hampton | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 0 | ||||
Building and Improvements | 17,706 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 18 | ||||
Gross Amount | 17,724 | ||||
Accumulated Depreciation | 1,044 | ||||
Careplex West Medical Office Building- Hampton | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 2,628 | ||||
Building and Improvements | 16,098 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 18,726 | ||||
Accumulated Depreciation | 894 | ||||
Wellington at Hershey's Mill - West Chester | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 8,531 | ||||
Building and Improvements | 78,409 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,012 | ||||
Gross Amount | 87,952 | ||||
Accumulated Depreciation | 4,739 | ||||
Eye Specialty Group Medical Building - Memphis | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 775 | ||||
Building and Improvements | 7,223 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 7,998 | ||||
Accumulated Depreciation | 395 | ||||
Benton House - Prairie Village - Prairie Village | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,782 | ||||
Building and Improvements | 21,831 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 19 | ||||
Gross Amount | 23,632 | ||||
Accumulated Depreciation | 1,478 | ||||
Benton House - Alpharetta | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,604 | ||||
Building and Improvements | 26,055 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 19 | ||||
Gross Amount | 27,678 | ||||
Accumulated Depreciation | 1,713 | ||||
Medical Sciences Pavilion - Harrisburg | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 0 | ||||
Building and Improvements | 22,309 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 22,309 | ||||
Accumulated Depreciation | 1,178 | ||||
Bloom MOB - Harrisburg | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 0 | ||||
Building and Improvements | 15,928 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 25 | ||||
Gross Amount | 15,953 | ||||
Accumulated Depreciation | 866 | ||||
Pinnacle Center - Southaven | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,378 | ||||
Building and Improvements | 6,418 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 239 | ||||
Gross Amount | 8,035 | ||||
Accumulated Depreciation | 414 | ||||
Wood Glen Nursing and Rehab Center - West Chicago | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,896 | ||||
Building and Improvements | 16,107 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 18,003 | ||||
Accumulated Depreciation | 1,308 | ||||
Paradise Valley Medical Plaza - Phoenix | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 0 | ||||
Building and Improvements | 25,187 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 358 | ||||
Gross Amount | 25,545 | ||||
Accumulated Depreciation | 1,372 | ||||
Victory Medical Center at Craig Ranch - McKinney | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,596 | ||||
Building and Improvements | 40,389 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 54 | ||||
Gross Amount | 42,039 | ||||
Accumulated Depreciation | 2,063 | ||||
Capitol Healthcare & Rehab Centre - Springfield | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 603 | ||||
Building and Improvements | 21,690 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 22,293 | ||||
Accumulated Depreciation | 1,707 | ||||
Colonial Healthcare & Rehab Centre- Princeton | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 173 | ||||
Building and Improvements | 5,872 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 6,045 | ||||
Accumulated Depreciation | 602 | ||||
Morton Terrace Healthcare & Rehab Centre - Morton | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 709 | ||||
Building and Improvements | 5,650 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 6,359 | ||||
Accumulated Depreciation | 593 | ||||
Morton Villa Healthcare & Rehab Centre - Morton | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 645 | ||||
Building and Improvements | 3,665 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 4,310 | ||||
Accumulated Depreciation | 357 | ||||
Rivershores Healthcare & Rehab Centre - Marseilles | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,276 | ||||
Building and Improvements | 6,869 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 8,145 | ||||
Accumulated Depreciation | 592 | ||||
The Heights Healthcare & Rehab Centre - Peoria Heights | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 213 | ||||
Building and Improvements | 7,952 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 8,165 | ||||
Accumulated Depreciation | 719 | ||||
Acuity Specialty Hospital - Mesa | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,977 | ||||
Building and Improvements | 16,146 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 275 | ||||
Gross Amount | 18,398 | ||||
Accumulated Depreciation | 862 | ||||
Acuity Specialty Hospital - Sun City | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 2,329 | ||||
Building and Improvements | 15,795 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 274 | ||||
Gross Amount | 18,398 | ||||
Accumulated Depreciation | 849 | ||||
Benton House - Shoal Creek - Kansas City | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 3,723 | ||||
Building and Improvements | 22,206 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 32 | ||||
Gross Amount | 25,961 | ||||
Accumulated Depreciation | 1,366 | ||||
Aurora Health Center - Green Bay | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,130 | ||||
Building and Improvements | 1,678 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 2,808 | ||||
Accumulated Depreciation | 95 | ||||
Aurora Healthcare Center, Greenville,WI | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 259 | ||||
Building and Improvements | 958 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 1,217 | ||||
Accumulated Depreciation | 57 | ||||
Aurora Healthcare Center Plymouth, WI | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 2,891 | ||||
Building and Improvements | 24,224 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 27,115 | ||||
Accumulated Depreciation | 1,226 | ||||
Aurora Healthcare Center, Waterford, WI | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 590 | ||||
Building and Improvements | 6,452 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 7,042 | ||||
Accumulated Depreciation | 315 | ||||
Aurora Healthcare Center, Wautoma, WI | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,955 | ||||
Building and Improvements | 4,361 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 6,316 | ||||
Accumulated Depreciation | 222 | ||||
Aurora Sheboyan Clinic, Kiel, WI | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 676 | ||||
Building and Improvements | 2,214 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 2,890 | ||||
Accumulated Depreciation | 112 | ||||
Arbor View Assisted Living and Memory Care - Burlington | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 367 | ||||
Building and Improvements | 7,815 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 8,182 | ||||
Accumulated Depreciation | 528 | ||||
Advanced Orthopedic Medical Center - Richmond | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,523 | ||||
Building and Improvements | 19,229 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 20,752 | ||||
Accumulated Depreciation | 893 | ||||
Palm Valley Medical Plaza AZ | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 3,428 | ||||
Land | 1,890 | ||||
Building and Improvements | 4,876 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 42 | ||||
Gross Amount | 6,808 | ||||
Accumulated Depreciation | 259 | ||||
Physicians Plaza of Roane County - Harriman | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,746 | ||||
Building and Improvements | 7,813 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 38 | ||||
Gross Amount | 9,597 | ||||
Accumulated Depreciation | 371 | ||||
Adventist Health Lacey Medical Plaza - Hanford | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 328 | ||||
Building and Improvements | 13,267 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 9 | ||||
Gross Amount | 13,604 | ||||
Accumulated Depreciation | 563 | ||||
Commerical Center - Peoria | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 959 | ||||
Building and Improvements | 1,076 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 193 | ||||
Gross Amount | 2,228 | ||||
Accumulated Depreciation | 63 | ||||
Medical Center I - Peoria | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 807 | ||||
Building and Improvements | 1,077 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 500 | ||||
Gross Amount | 2,384 | ||||
Accumulated Depreciation | 112 | ||||
Medical Center II - Peoria | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 945 | ||||
Building and Improvements | 1,304 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 413 | ||||
Gross Amount | 2,662 | ||||
Accumulated Depreciation | 94 | ||||
Medical Center III - Peoria | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 673 | ||||
Building and Improvements | 1,597 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 78 | ||||
Gross Amount | 2,348 | ||||
Accumulated Depreciation | 80 | ||||
Dental Arts Building - Peoria | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 156 | ||||
Building and Improvements | 152 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 12 | ||||
Gross Amount | 320 | ||||
Accumulated Depreciation | 8 | ||||
Morrow Medical Center - Morrow | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,155 | ||||
Building and Improvements | 5,618 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 62 | ||||
Gross Amount | 6,835 | ||||
Accumulated Depreciation | 232 | ||||
Belmar Medical Building - Lakewood | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 819 | ||||
Building and Improvements | 4,273 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 37 | ||||
Gross Amount | 5,129 | ||||
Accumulated Depreciation | 190 | ||||
Addington Place of Northville - Northville | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 440 | ||||
Building and Improvements | 14,975 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 12 | ||||
Gross Amount | 15,427 | ||||
Accumulated Depreciation | 723 | ||||
Medical Center V - Peoria, AZ | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 3,151 | ||||
Land | 1,089 | ||||
Building and Improvements | 3,145 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 67 | ||||
Gross Amount | 4,301 | ||||
Accumulated Depreciation | 133 | ||||
Legacy Medical Village - Plano | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 3,755 | ||||
Building and Improvements | 31,021 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 48 | ||||
Gross Amount | 34,824 | ||||
Accumulated Depreciation | 1,254 | ||||
Conroe Medical Arts and Surgery Center - Conroe | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,965 | ||||
Building and Improvements | 12,032 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 56 | ||||
Gross Amount | 14,053 | ||||
Accumulated Depreciation | 526 | ||||
Scripps Cedar Medical Center - Vista | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,213 | ||||
Building and Improvements | 14,531 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 15,744 | ||||
Accumulated Depreciation | 533 | ||||
NuVista Institute for Healthy Living - Jupiter | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 10,000 | ||||
Building and Improvements | 0 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 10,000 | ||||
Accumulated Depreciation | 0 | ||||
Ocean Park of Brookings - Brookings | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 861 | ||||
Building and Improvements | 8,367 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 108 | ||||
Gross Amount | 9,336 | ||||
Accumulated Depreciation | 378 | ||||
Ramsey Woods - Cudahy | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 930 | ||||
Building and Improvements | 4,990 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 5,920 | ||||
Accumulated Depreciation | 218 | ||||
East Coast Square North - Morehead City | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 899 | ||||
Building and Improvements | 4,761 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 5,660 | ||||
Accumulated Depreciation | 160 | ||||
East Coast Square West - Cedar Point | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,535 | ||||
Building and Improvements | 4,803 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 6 | ||||
Gross Amount | 6,344 | ||||
Accumulated Depreciation | 166 | ||||
Eastside Cancer Institute - Greenville | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,498 | ||||
Building and Improvements | 6,637 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 8,135 | ||||
Accumulated Depreciation | 213 | ||||
Sassafras Medical Building - Erie | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 928 | ||||
Building and Improvements | 4,538 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 5,466 | ||||
Accumulated Depreciation | 137 | ||||
Sky Lakes Klamath Medical Clinic - Klamath Falls | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 433 | ||||
Building and Improvements | 2,604 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 8 | ||||
Gross Amount | 3,045 | ||||
Accumulated Depreciation | 82 | ||||
Courtyard Fountains - Gresham, OR | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 24,820 | ||||
Land | 2,476 | ||||
Building and Improvements | 50,534 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 509 | ||||
Gross Amount | 53,519 | ||||
Accumulated Depreciation | 1,691 | ||||
Presence Healing Arts Pavilion - New Lenox | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 0 | ||||
Building and Improvements | 6,761 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 64 | ||||
Gross Amount | 6,825 | ||||
Accumulated Depreciation | 209 | ||||
Mainland Medical Arts Pavilion - Texas City | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 320 | ||||
Building and Improvements | 7,823 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 247 | ||||
Gross Amount | 8,390 | ||||
Accumulated Depreciation | 252 | ||||
Renaissance on Peachtree - Atlanta | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 4,535 | ||||
Building and Improvements | 68,605 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 300 | ||||
Gross Amount | 73,440 | ||||
Accumulated Depreciation | 2,242 | ||||
Fox Ridge Senior Living at Bryant - Bryant | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 7,698 | ||||
Land | 1,687 | ||||
Building and Improvements | 12,862 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 75 | ||||
Gross Amount | 14,624 | ||||
Accumulated Depreciation | 532 | ||||
Fox Ridge Senior Living at Chenal - Little Rock | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 17,540 | ||||
Land | 6,896 | ||||
Building and Improvements | 20,484 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 19 | ||||
Gross Amount | 27,399 | ||||
Accumulated Depreciation | 735 | ||||
Fox Ridge Senior Living at Parkstone - North Little Rock | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 10,884 | ||||
Land | 0 | ||||
Building and Improvements | 19,190 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 47 | ||||
Gross Amount | 19,237 | ||||
Accumulated Depreciation | 624 | ||||
Autumn Leaves of Clear Lake - Houston | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,599 | ||||
Building and Improvements | 13,194 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 14,793 | ||||
Accumulated Depreciation | 435 | ||||
Autumn Leaves of Cy-Fair - Houston | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,225 | ||||
Building and Improvements | 11,335 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 12,560 | ||||
Accumulated Depreciation | 375 | ||||
Autumn Leaves of Meyerland- Houston | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 2,033 | ||||
Building and Improvements | 13,411 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 15,444 | ||||
Accumulated Depreciation | 423 | ||||
Autumn Leaves of the Woodlands - The Woodlands | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 2,412 | ||||
Building and Improvements | 9,141 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 11,553 | ||||
Accumulated Depreciation | 324 | ||||
Encumbrances allocated based on notes below | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 30,858 | ||||
Land | |||||
Building and Improvements | |||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | |||||
Gross Amount | |||||
Accumulated Depreciation | |||||
Capital One Facility | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Secured Debt | 30,000 | ||||
KeyBank Facility | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Secured Debt | 30,000 | ||||
Cross Collateralized Mortgage Note Payable | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Secured Debt | $ 30,900 |
Real Estate and Accumulated D86
Real Estate and Accumulated Depreciation - Schedule III (Changes in Accumulated Depreciation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Real estate investments, at cost: | |||
Balance at beginning of year | $ 2,078,503 | $ 1,475,848 | $ 39,778 |
Additions-Acquisitions | 6,478 | 602,655 | 1,436,070 |
Disposals | (24,523) | 0 | 0 |
Balance at end of the year | 2,060,458 | 2,078,503 | 1,475,848 |
Accumulated depreciation and amortization: | |||
Balance at beginning of year | 60,575 | 11,791 | 814 |
Depreciation Expense | 59,478 | 48,784 | 10,977 |
Disposals | (1,039) | 0 | 0 |
Balance at end of the year | $ 119,014 | $ 60,575 | $ 11,791 |