Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 28, 2018 | Jun. 30, 2017 | |
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 | Non-accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 90,676,939 | ||
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, 2017 | Dec. 31, 2016 |
Real estate investments, at cost: | ||
Land | $ 201,427 | $ 187,868 |
Buildings, fixtures and improvements | 1,955,940 | 1,872,590 |
Construction in progress | 72,007 | 60,055 |
Acquired intangible assets | 256,678 | 234,749 |
Total real estate investments, at cost | 2,486,052 | 2,355,262 |
Less: accumulated depreciation and amortization | (309,711) | (241,027) |
Total real estate investments, net | 2,176,341 | 2,114,235 |
Cash and cash equivalents | 94,177 | 29,225 |
Restricted cash | 8,411 | 3,962 |
Assets held for sale | 37,822 | 0 |
Derivative assets, at fair value | 2,550 | 61 |
Straight-line rent receivable, net | 15,327 | 12,026 |
Prepaid expenses and other assets | 22,099 | 22,073 |
Deferred costs, net | 15,134 | 12,123 |
Total assets | 2,371,861 | 2,193,705 |
LIABILITIES AND EQUITY | ||
Mortgage notes payable, net | 406,630 | 142,754 |
Credit facilities | 534,869 | 481,500 |
Market lease intangible liabilities, net | 18,829 | 20,187 |
Accounts payable and accrued expenses (including $1,637 and $862 due to related parties as of December 31, 2017 and December 31, 2016, respectively) | 38,112 | 27,080 |
Deferred rent | 6,201 | 4,986 |
Distributions payable | 11,161 | 12,872 |
Total liabilities | 1,015,802 | 689,379 |
Stockholders' Equity | ||
Preferred stock, $0.01 par value, 50,000,000 authorized, none issued and outstanding as of December 31, 2017 and December 31, 2016 | 0 | 0 |
Common stock, $0.01 par value, 300,000,000 shares authorized, 91,002,766 and 89,368,899 shares of common stock issued and outstanding as of December 31, 2017 and December 31, 2016, respectively | 910 | 894 |
Additional paid-in capital | 2,009,197 | 1,981,136 |
Accumulated other comprehensive income | 2,473 | 0 |
Accumulated deficit | (665,026) | (486,574) |
Total stockholders' equity | 1,347,554 | 1,495,456 |
Non-controlling interests | 8,505 | 8,870 |
Total equity | 1,356,059 | 1,504,326 |
Total liabilities and equity | $ 2,371,861 | $ 2,193,705 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
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 | 91,002,766 | 89,368,899 |
Common stock, shares outstanding | 91,002,766 | 89,368,899 |
Due to affiliates | $ 1,637 | $ 862 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | |||
Rental income | $ 95,152 | $ 103,375 | $ 93,218 |
Operating expense reimbursements | 16,605 | 15,876 | 12,759 |
Resident services and fee income | 199,416 | 183,177 | 140,901 |
Contingent purchase price consideration | 0 | 138 | 612 |
Total revenues | 311,173 | 302,566 | 247,490 |
Operating expenses: | |||
Property operating and maintenance | 186,277 | 172,077 | 125,573 |
Impairment charges | 18,993 | 389 | 0 |
Operating fees to related parties | 22,257 | 20,583 | 12,191 |
Acquisition and transaction related | 2,986 | 3,163 | 14,679 |
General and administrative | 15,673 | 12,105 | 9,733 |
Depreciation and amortization | 77,641 | 98,886 | 120,924 |
Total expenses | 323,827 | 307,203 | 283,100 |
Operating loss | (12,654) | (4,637) | (35,610) |
Other income (expense): | |||
Interest expense | (30,264) | (19,881) | (10,356) |
Interest and other income | 306 | 47 | 582 |
Gain (loss) on non-designated derivatives | (198) | 31 | 0 |
Gain on sale of real estate investment | 438 | 1,330 | 0 |
Gain on asset acquisition | 307 | 0 | 0 |
Gain on sale of investment securities | 0 | 56 | 446 |
Total other expenses | (29,411) | (18,417) | (9,328) |
Loss before income taxes | (42,065) | (23,054) | (44,938) |
Income tax (expense) benefit | (647) | 2,084 | 2,978 |
Net loss | (42,712) | (20,970) | (41,960) |
Net loss attributable to non-controlling interests | 164 | 96 | 219 |
Net loss attributable to stockholders | (42,548) | (20,874) | (41,741) |
Other comprehensive income (loss): | |||
Unrealized gain on designated derivative | 2,473 | 0 | 0 |
Unrealized gain (loss) on investment securities, net | 0 | 6 | (469) |
Comprehensive loss attributable to stockholders | $ (40,075) | $ (20,868) | $ (42,210) |
Basic and diluted weighted average shares outstanding (in shares) | 89,802,174 | 87,878,907 | 85,331,966 |
Basic and diluted net loss per share (in usd per share) | $ (0.47) | $ (0.24) | $ (0.49) |
Dividends declared (in usd per share) | $ 1.51 | $ 1.70 | $ 1.70 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN 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, 2014 | 83,718,853 | ||||||
Beginning 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) | 3,305,297 | ||||||
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 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Common stock issued through distribution reinvestment plan (in shares) | 2,800,000 | 2,813,635 | |||||
Common stock issued through distribution reinvestment plan | $ 61,206 | 61,206 | $ 28 | 61,178 | |||
Common stock repurchases (in shares) | (1,554,768) | (1,554,768) | |||||
Common stock repurchases | $ (33,627) | (33,599) | $ (16) | (33,583) | (28) | ||
Equity-based compensation (in shares) | 375,000 | ||||||
Equity-based compensation, net | 470 | 470 | $ 4 | 466 | |||
Distributions declared | (135,904) | (135,904) | (135,904) | ||||
Noncontrolling Interest, Increase From Contribution | 472 | 472 | |||||
Unrealized gain on investments | 2,473 | 2,473 | 2,473 | ||||
Distributions to non-controlling interest holders | (645) | (645) | |||||
Net loss | (42,712) | (42,548) | (42,548) | (164) | |||
Ending Balance (in shares) at Dec. 31, 2017 | 91,002,766 | ||||||
Ending Balance at Dec. 31, 2017 | $ 1,356,059 | $ 1,347,554 | $ 910 | $ 2,009,197 | $ 2,473 | $ (665,026) | $ 8,505 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | 51 Months Ended | 63 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2017 | |
Statement of Cash Flows [Abstract] | ||||||
Net loss | $ (42,712) | $ (20,970) | $ (41,960) | |||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||
Depreciation and amortization | 77,641 | 98,886 | 120,924 | |||
Amortization of deferred financing costs | 6,170 | 4,523 | 3,737 | |||
Amortization of mortgage premiums and discounts, net | (1,576) | (1,937) | (1,933) | |||
Amortization of market lease and other intangibles, net | 236 | 168 | (101) | |||
Bad debt expense | 12,413 | 15,425 | 7,291 | |||
Equity-based compensation | 470 | 160 | 60 | |||
Gain on sale of investment securities | 0 | (56) | (446) | |||
Gain on non-designated derivative instruments | 198 | (31) | 0 | |||
Gain on sales of real estate investments, net | (438) | (941) | 0 | |||
Impairment of held-for-use investments | 18,993 | 0 | 0 | |||
Changes in assets and liabilities: | ||||||
Straight-line rent receivable | (6,242) | (8,210) | (12,535) | |||
Prepaid expenses and other assets | (10,345) | (9,467) | (12,893) | |||
Accounts payable, accrued expenses and other liabilities | 8,688 | 545 | 5,203 | |||
Deferred rent | 471 | 630 | 1,333 | |||
Net cash provided by operating activities | 63,967 | 78,725 | 68,680 | |||
Cash flows from investing activities: | ||||||
Investments in real estate | (188,928) | (38,746) | (570,134) | |||
Deposits returned for unconsummated acquisitions | (50) | 0 | (1,000) | |||
Deposit received for unconsummated disposition | 1,125 | 100 | 0 | |||
Capital expenditures | (8,278) | (7,476) | (6,885) | |||
Purchases of investment securities | 0 | 0 | (93) | |||
Proceeds from sales of investment securities | 0 | 1,140 | 19,278 | |||
Proceeds from sales of real estate investments | 757 | 25,890 | 0 | |||
Proceeds from asset acquisition | 865 | 0 | 0 | |||
Net cash used in investing activities | (194,409) | (19,092) | (556,834) | |||
Cash flows from financing activities: | ||||||
Proceeds from credit facilities | 380,170 | 106,500 | 440,000 | |||
Repayments of credit facility borrowings | (326,800) | (55,000) | (10,000) | |||
Proceeds from mortgage notes payable | 336,897 | 0 | 0 | |||
Payments on mortgage notes payable | (65,335) | (15,650) | (6,389) | |||
Payments for undesignated derivative instruments | (214) | (30) | 0 | |||
Payments of deferred financing costs | (14,388) | (3,040) | (13,283) | |||
Proceeds from issuance of common stock | 0 | 0 | 6 | $ 2,200,000 | $ 2,200,000 | |
Common stock repurchases | (33,599) | (12,184) | (10,413) | |||
Payments of offering costs and fees related to common stock issuances | 0 | 0 | (629) | |||
Distributions paid | (76,717) | (75,432) | (66,214) | |||
Contributions from non-controlling interest holders | 472 | 0 | 500 | |||
Distributions to non-controlling interest holders | (643) | (731) | (698) | |||
Net cash provided by (used in) financing activities | 199,843 | (55,567) | 332,880 | |||
Net change in cash, cash equivalents and restricted cash | 69,401 | 4,066 | (155,274) | |||
Cash, cash equivalents and restricted cash, beginning of year | $ 29,121 | 33,187 | 29,121 | 184,395 | ||
Cash, cash equivalents and restricted cash, end of year | 102,588 | 33,187 | 29,121 | $ 33,187 | $ 102,588 | |
Supplemental disclosures of cash flow information: | ||||||
Cash paid for interest | 18,512 | 26,097 | 7,867 | |||
Cash paid for income taxes | 339 | 28 | 374 | |||
Accrued repurchases included in accounts payable and accrued expenses | ||||||
Common stock issued through distribution reinvestment plan | 73,630 | 61,206 | 73,630 | 78,502 | ||
Accrued repurchases included in accounts payable and accrued expenses | $ 0 | 0 | 12,014 | |||
Assumption of mortgage notes payable used to acquire investments in real estate | 4,897 | 0 | 100,058 | |||
Premiums and discounts on assumed mortgage notes payable | 0 | 0 | 1,492 | |||
Liabilities assumed in real estate acquisitions | 1,056 | 0 | 882 | |||
Asset acquisition (inflows/outflows from operations) | 416 | 0 | 0 | |||
Asset acquisition (inflows/outflows from investing activity) | (723) | 0 | 0 | |||
Gain on asset acquisition | $ 307 | $ 0 | $ 0 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Note 1 — 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, 2017 , the Company owned 185 properties located in 30 states and comprised of 9.0 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, 2017 , 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 8 — Common Stock ) and including $256.3 million in proceeds received under the DRIP. On April 7, 2016 (the "NAV Pricing Date"), the Board approved an estimate of per share net asset value ("NAV"). On March 30, 2017, the Board approved an updated estimate of per-share net asset value ("Estimated Per-Share NAV") as of December 31, 2016. Subsequent valuations will occur periodically, at the discretion of the Board, provided that such estimates will be made at least annually. Pursuant to the DRIP, the Company's stockholders can elect to reinvest distributions by purchasing shares of the Company's common stock. Prior to the NAV Pricing Date, the Company offered shares pursuant to the DRIP at $23.75 per share, which was 95% of the initial offering price of shares of common stock in the IPO. Effective April 7, 2016, the Company began offering shares pursuant to the DRIP at the then-current NAV approved by the Board (see Note 8 — Common Stock ). The Company has no employees. Healthcare Trust Advisors, LLC (the "Advisor") has been retained by the Company to manage the Company's affairs on a day-to-day basis. The Company has retained Healthcare Trust Properties, LLC (the "Property Manager") to serve as the Company's property manager. The Advisor and Property Manager are under common control with AR Global Investments, LLC (the successor business to AR Capital, LLC, "AR Global"), the parent of the Company's sponsor, American Realty Capital VII, LLC (the "Sponsor"), as a result of which they are related parties, and each have received or will receive compensation, fees and expense reimbursements from the Company for services related to managing its business. The Advisor, Healthcare Trust Special Limited Partnership, LLC (the "Special Limited Partner") and Property Manager also have received or will receive compensation, fees and expense reimbursements related to the investment and management of the Company's assets. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
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. In asset acquisitions, the Company allocates the purchase price as well as other costs of acquisition, such as transaction costs, to tangible and identifiable intangible assets or liabilities based on the basis of relative fair values. This cost accumulation model is unique to asset acquisitions and differs from business combinations as there is no goodwill recognized. 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 were $37.8 million in real estate investments held for sale as of December 31, 2017 . There were no real estate investments held for sale as of December 31, 2016 . 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, 2017 and 2016 , approximately $17.9 million and $10,000 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, 2017 and 2016 , the Company had deposits of $94.2 million and $29.2 million , of which $79.9 million and $16.1 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. Deferred Costs, Net Deferred costs, net, consists of deferred financing costs related to the Company's Revolving Credit Facility 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, 2017 and 2016 , the Company had $12.9 million and $10.7 million of deferred financing costs, net of accumulated amortization of $11.4 million and $6.7 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, 2017 and 2016 , the Company had $2.3 million and $1.4 million in deferred leasing costs, net of accumulated amortization of $0.5 million and $0.2 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 ("RIDEA") 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 9 — 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 9 — 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 11 — Share-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. On December 22, 2017, the Tax Cuts and Jobs Act was signed into law by the U.S. President. The Company is not aware of any provision in the final tax reform legislation or any pending tax legislation that would adversely affect its ability to operate as a REIT or to qualify as a REIT for U.S. federal income tax purposes. However, new legislation, as well as new regulations, administrative interpretations, or court decisions may be introduced, enacted, or promulgated from time to time, that could change the tax laws or interpretations of the tax laws regarding qualification as a REIT, or the federal income tax consequences of that qualification, in a manner that is adverse to the Company's qualification as a REIT. 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, 2017 , 2016 and 2015 . 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, 2017 , the Company, through its TRS entity, owned 52 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 as well as net operating losses. Significant components of the deferred tax assets and liabilities as of December 31, 2017 consisted of deferred rent and net operating losses. As of December 31, 2017 , the Company had a deferred tax asset of $4.4 million with no valuation allowance. As of December 31, 2016 , the Company had a deferred tax asset of $5.2 million with no valuation allowance. The reduction in the deferred tax asset is primarily due to the reduction in the federal corporate tax rate under the December 22, 2017 Tax Cuts and Jobs Act. The following table details the composition of the Company's tax benefit (expense) for the years ended December 31, 2017 , 2016 and 2015 , 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 40.1% and 40.0% for the years ended December 31, 2017 and 2016 , respectively. The Company estimated its deferred income tax benefit (expense) relating to its TRS entity using a combined federal and state rate of approximately 27.2% and 40.0% for the years ended December 31, 2017 and December 31, 2016, 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, 2017 2016 2015 (In thousands) Current Deferred Current Deferred Current Deferred Federal benefit (expense) $ (811 ) $ 1,597 $ 2,103 $ (237 ) $ 1,667 $ 762 State benefit (expense) 3 (142 ) 308 (90 ) 358 191 Total $ (808 ) $ 1,455 $ 2,411 $ (327 ) $ 2,025 $ 953 As of December 31, 2017 and 2016 , 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, 2017 , 2016 and 2015 : Year Ended December 31, 2017 2016 2015 Return of capital 99.7 % $ 1.50 86.8 % $ 1.47 97.9 % $ 1.66 Capital gain dividend income 0.3 % 0.01 0.5 % 0.01 0.3 % 0.01 Ordinary dividend income — % — 12.7 % 0.22 1.8 % 0.03 Total 100.0 % $ 1.51 100.0 % $ 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 Adopted as of December 31, 2017 In March 2016, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Updated ("ASU") ASU 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships . Under the new guidance, the novation of a derivative contract in a hedge accounting relationship does not, in and of itself, require dedesignation of that hedge accounting relationship. The hedge accounting relationship could continue uninterrupted if all of the other hedge accounting criteria are met, including the expectation that the hedge will be highly effective when the creditworthiness of the new counterparty to the derivative contract is considered. The guidance is effective for fiscal years beginning after December 15, 2016, and interim periods therein. The Company has adopted the provisions of this guidance effective January 1, 2017, and has applied the provisions prospectively. The adoption of this guidance did not have an impact on the Company's consolidated financial statements. In March 2016, the FASB issued an update on ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The guidance 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. The Company has adopted the provisions of this guidance effective January 1, 2017, and has applied the provisions prospectively. The adoption of this guidance has not had a material impact on the Company's consolidated financial position, results of operations or cash flows. In October 2016, the Financial Accounting Standards Board (“FASB”) issued accounting standards update ("ASU") No. 2016-17, Consolidation (Topic 810): Interests Held Through Related Parties That Are Under Common Control , which provides guidance relating to interests held through related parties that are under common control, 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 Company has adopted the provisions of this guidance beginning January 1, 2017, and the adoption did not have an impact on the Company's consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which provides 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 amendments are effective for fiscal years beginning after December 15, 2017, with early adoption permitted, including adoption in an interim period. The Company adopted this guidance effective December 31, 2017, using a retrospective transition method. As a result, the Company adjusted it statements of cash flows for the years ended December 31, 2016 and 2015 to include $4.0 million and $4.6 million of restricted cash, respectively, in the beginning and ending cash balances. In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which simplifies subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. The amendments in this update modify the concept of impairment from the condition that exists to when the carrying amount of a reporting unit exceeds its fair value. An entity no longer will determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. The revised guidance is effective for reporting periods beginning after December 15, 2019, and the amendments will be applied prospectively. Early application is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company early adopted the new guidance effective January 1, 2017 and the adoption had no impact on the Company's consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805) : Clarifying the Definition of a Business, which revises the definition of a business. Amongst other things, this new guidance is applicable when evaluating whether an acquisition (disposal) should be treated as either a business acquisition (disposal) or an asset acquisition (disposal). 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. The Company has adopted the provisions of this guidance effective January 1, 2017. The Company's acquisitions have historically been classified as asset acquisitions, and as a result, future transaction costs are more likely to be capitalized since the Company expects most of its future acquisitions to be classified as asset acquisitions under this new standard. All of the Company's acquisitions during 2017 have been classified as asset acquisitions. Pending Adoption as of December 31, 2017 In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606 ), and has since issued several additional amendments thereto (collectively referred to herein as "ASC 606"). ASC 606 establishes a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. Under ASC 606, 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. ASC 606 is effective for fiscal years, and interim periods within those fiscal years, beginni |
Real Estate Investments
Real Estate Investments | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate Investments, Net [Abstract] | |
Real Estate Investments | Note 3 — Real Estate Investments The Company owned 185 properties as of December 31, 2017 . The Company invests in MOBs, seniors housing communities and other healthcare-related facilities primarily to expand and diversify its portfolio and revenue base. The following table presents the allocation of the assets acquired and capitalized construction in progress during the year s ended December 31, 2017 , 2016 and 2015 : Year Ended December 31, (Dollar amounts in thousands) 2017 (2) 2016 2015 Real estate investments, at cost: Land $ 18,501 $ — $ 79,329 Buildings, fixtures and improvements 135,344 — 519,185 Construction in progress 11,952 38,746 21,309 Total tangible assets 165,797 38,746 619,823 Intangible assets and liabilities: In-place leases 21,546 — 62,584 Market lease and other intangible assets 2,472 — 3,223 Market lease liabilities (888 ) — (10,064 ) Total intangible assets and liabilities 23,130 — 55,743 Mortgage notes payable, net (4,897 ) — (101,550 ) Other assets acquired and (liabilities assumed) in the Asset Acquisition, net (1) (1,056 ) — (3,882 ) Consideration paid for acquired real estate investments $ 182,974 $ 38,746 $ 570,134 Number of properties purchased 23 — 48 _______________ (1) Includes liabilities of $0.8 million in accounts payable and accrued expenses, $0.5 million in non-controlling interests and $0.1 million in deferred rent and includes assets of $0.2 million in cash and $0.2 million in restricted cash related to the 19 properties acquired from HT III. (2) Includes the purchase all of the membership interests in indirect subsidiaries of American Realty Capital Healthcare Trust III, Inc. (HT III) that owned the 19 properties comprising substantially all of HT III’s assets, pursuant to a purchase agreement, dated as of June 16, 2017. HT III is sponsored and advised by an affiliate of the Company’s advisor. See Note 9 — Related Party Transactions and Arrangements for additional information. 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, 2017 . 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 2018 $ 93,064 2019 89,753 2020 84,681 2021 79,190 2022 72,700 Thereafter 340,964 Total $ 760,352 As of December 31, 2017 , 2016 and 2015 , the Company did not have any tenants (including for this purpose, all affiliates of such tenants) whose annualized rental income on a straight-line basis represented 10% or greater of total annualized rental income for the portfolio on a straight-line basis. The following table lists the states where the Company had concentrations of properties where annualized rental income on a straight-line basis represented 10% or more of consolidated annualized rental income on a straight-line basis for all properties as of December 31, 2017 , 2016 and 2015 : December 31, State 2017 2016 2015 Florida 17.5% 19.3% 18.6% Georgia 10.7% 10.2% * Iowa * 10.5% 10.1% Michigan 11.6% * * Pennsylvania 10.8% 12.0% 11.4% _______________ * 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, 2017 December 31, 2016 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 215,453 $ 130,749 $ 84,704 $ 195,940 $ 115,641 $ 80,299 Market lease assets 30,636 7,853 22,783 28,220 5,798 22,422 Other intangible assets 10,589 838 9,751 10,589 574 10,015 Total acquired intangible assets $ 256,678 $ 139,440 $ 117,238 $ 234,749 $ 122,013 $ 112,736 Intangible liabilities: Market lease liabilities $ 25,956 $ 7,127 $ 18,829 $ 25,614 $ 5,427 $ 20,187 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) 2017 2016 2015 Amortization of in-place leases and other intangible assets (1) $ 17,369 $ 38,754 $ 75,481 Amortization and (accretion) of above- and below-market leases, net (2) (308 ) (209 ) (359 ) Amortization of above- and below-market ground leases, net (3) 172 172 199 _______________ (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) 2018 2019 2020 2021 2022 In-place lease assets $ 18,157 $ 14,110 $ 11,951 $ 9,613 $ 7,792 Other intangible assets 612 568 414 414 414 Total to be added to amortization expense $ 18,769 $ 14,678 $ 12,365 $ 10,027 $ 8,206 Above-market lease assets $ (1,889 ) $ (1,600 ) $ (1,261 ) $ (909 ) $ (558 ) Below-market lease liabilities 1,926 1,646 1,489 1,339 1,309 Total to be added to rental income $ 37 $ 46 $ 228 $ 430 $ 751 Below-market ground lease assets $ 212 $ 212 $ 212 $ 212 $ 212 Above-market ground lease liabilities (65 ) (65 ) (65 ) (65 ) (63 ) Total to be added to property operating and maintenance expense $ 147 $ 147 $ 147 $ 147 $ 149 Transfer of Operations On June 8, 2017, the Company's taxable REIT subsidiary acquired 12 operating entities that leased 12 healthcare facilities previously included in the Company's triple-net leased healthcare facilities segment. Concurrently with the acquisition of the 12 operating entities, the Company transitioned the management of the healthcare facilities to a third-party management company that manages other healthcare facilities in the Company's SHOP segment. As a part of the transition, the Company's subsidiary property companies executed leases with the acquired operating entities and the acquired operating entities executed management agreements with the management company under a structure permitted by the RIDEA. As part of the transition of operations, the Company now controls the operating entities that hold the operating licenses for the healthcare facilities. The Company determined the transition of operations to be an asset acquisition and accounted for such transfer accordingly. At closing of the transfer of operations, the Company assumed the following assets and liabilities which are included in the consolidated balance sheet within the line items as shown below. The amounts below reflect the fair values of these assets and liabilities, as of the transfer closing date, to the appropriate financial statement line as shown below during the year ended December 31, 2017 . (In thousands) June 8, 2017 Buildings, fixtures and improvements $ 723 Cash and cash equivalents 865 Prepaid expenses and other assets 651 Total assets acquired $ 2,239 Accounts payable and accrued expenses $ 1,188 Deferred rent 744 Total liabilities acquired $ 1,932 Gain on acquisition $ 307 Real Estate Sales During the year ended December 31, 2017 , the Company sold the Dental Arts Building located in Peoria, Arizona for an aggregate contract sales price of $0.8 million , exclusive of closing costs. The sale of this property resulted in a gain of $0.4 million for the year ended December 31, 2017 , which is reflected within gain on sale of real estate investment in the consolidated statements of operations and comprehensive loss. 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. The sale of these properties resulted in an impairment charge of $0.4 million for the year ended December 31, 2016 , which is reflected within impairment charges in the consolidated statements of operations and comprehensive loss. During the year ended December 31, 2016 , the Company sold Redwood Radiology and Outpatient Center ("Redwood Radiology") located in Santa Rosa, California for an aggregate contract price of $17.5 million . The sale of this property resulted in a gain of $1.3 million for the year ended December 31, 2016 , which is reflected within gain on sale of real estate investments in the consolidated statements of operations and comprehensive loss. The following table summarizes the four properties sold during the years ended December 31, 2017 and 2016 : 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 Center 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 Dental Arts Building - Peoria, AZ May 16, 2017 825 438 Total 27,075 $ 1,379 Less: disposal costs (428 ) Proceeds from sales of real estate investments $ 26,647 The sales of Gregory Ridge, Parkway, Redwood Radiology, and the Dental Arts Building did not represent a strategic shift that has a major effect on the Company’s operations and financial results. Accordingly, the results of operations of Gregory Ridge, Parkway, Redwood Radiology, and the Dental Arts Building remain classified within continuing operations for all periods presented until the respective sale dates. Assets Held For Sale When assets are identified by management as held for sale, the Company stops recognizing depreciation and amortization expense on the identified assets and estimates the sales price, net of costs to sell, of those assets. If the carrying amount of the assets classified as held for sale exceeds the estimated net sales price, the Company records an impairment charge equal to the amount by which the carrying amount of the assets exceeds the Company's estimate of the net sales price of the assets. The following table details the major classes of assets associated with the properties that have been classified as held for sale as of December 31, 2017 : (In thousands) December 31, 2017 Real estate held for sale, at cost: Land $ 3,131 Buildings, fixtures and improvements 38,596 Total real estate held for sale, at cost 41,727 Less accumulated depreciation and amortization (3,870 ) Real estate assets held for sale, net 37,857 Impairment charges related to properties reclassified as held for sale (35 ) Assets held for sale $ 37,822 Missouri SNF Properties In January 2017, the Company entered into an agreement to sell eight of its skilled nursing facility properties in Missouri (the "Missouri SNF Properties") for an aggregate contract purchase price of $42.0 million if closing occurred in 2017, and $44 million if closing occurred in 2018 (including any amendments thereto, the "Missouri SNF PSA"). Subsequently, in February 2017, the due diligence period of the Missouri SNF PSA expired and, concurrently with the expiration of the due diligence period, the Company stopped recognizing depreciation and amortization expense and reclassified the Missouri SNF Properties as held for sale on the consolidated balance sheet. The Missouri SNF PSA provided for an extended closing period to include seven closing adjournment periods, each requiring a non-refundable deposit through the final closing adjournment date, September 28, 2018. The Company does not have a material relationship with the potential buyer, and the disposition will not be an affiliated transaction. Although the Company believes the disposition of the Missouri SNF Properties is probable, there can be no assurance that the disposition will be consummated per the terms of the Missouri SNF PSA or at all. In connection with the Missouri SNF Properties being classified as held for sale, the Company recognized an impairment charge of approximately $35,000 on one of the eight Missouri SNF Properties. In February 2017, the Company's then-existing operator entered into an agreement to transfer the operations of the Missouri SNF Properties to a new operator (the "Missouri SNF OTA"). The Missouri SNF OTA permanently transferred all aspects of operations to the new operator effective March 1, 2017 and was not dependent on closing on the sale of the Missouri SNF Properties as outlined in the Missouri SNF PSA. On March 1, 2017, in connection with the new operator assuming the leases of the Missouri SNF Properties from the old operator pursuant to the Missouri SNF OTA, the Company paid its third-party broker a leasing commission of $0.4 million . The Company capitalized this cost to deferred costs, net and amortized the cost through December 31, 2017, the expected disposition date of the Missouri SNF Properties under the Missouri SNF PSA. Additionally, on March 1, 2017, in connection with the Missouri SNF PSA and Missouri SNF OTA, the Company reached an agreement with the prior tenants of the Missouri SNF Properties to provide a one-time payment of $2.8 million by the Company to a creditor of the prior tenants in order to close on the transfer of operations of the Missouri SNF Properties. This payment was made in March 2017 and is included in the Company's acquisition and transaction related expenses in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2017 . On November 13, 2017, the Company received copies of notices, each dated November 1, 2017, from the Missouri Department of Health and Senior Services, Division of Regulation and Licensure, Section for Long-Term Care Regulation ("DHSS"), addressed to two of the eight tenants of the Missouri SNF Properties, stating that such tenants’ licenses to operate the facilities will be null and void on December 1, 2017. The notices provide the tenants the right to file an administrative appeal of the license revocations within fifteen days after the date of the mailing of the notices. On November 15, 2017, the tenants filed with the Administrative Hearing Commission of the State of Missouri (the “Commission”) a complaint appealing the decision by the DHSS to revoke the tenants’ operating licenses and a motion to stay the revocation. On November 22, 2017, the subject tenants and the DHSS entered into an Agreement for Entry of Stay Order With Conditions and the Commission granted the motion for stay subject to the conditions set forth in the aforementioned Agreement, pending an evidentiary hearing or formal settlement. On November 13, 2017, the Company received copies of notices, each dated November 1, 2017, from the DHSS addressed to the six of the eight tenants of the Missouri SNF Properties, stating that the applications for regular license for the applicable Missouri SNF Properties were denied and, further, that such tenants would no longer be authorized to operate the applicable Missouri SNF Properties upon expiration of the then current operating permits on November 30, 2017. The applicable tenants subsequently filed a petition for injunctive relief in the Circuit Court of Cole County, Missouri (the “Circuit Court”). On November 27, 2017, the subject tenants and the DHSS entered into an Agreement for Issuance of Regular Licenses With Conditions. On November 28, 2017, the Circuit Court granted the subject tenants’ petition, enjoined the DHSS from denying the tenants’ applications for regular licenses and required the DHSS to issue regular licenses with expiration dates no earlier than May 28, 2018, pending a hearing on the merits before the Commission or formal settlement, and subject to the aforementioned Agreement. On December 13, 2017, the Company entered into a second amendment to the Missouri SNF PSA (the "Second Amendment to the Missouri SNF PSA") which reduced the contract purchase price from $42.0 million to $40.0 million . The Company has agreed to finance the reduced contract purchase price through a $7.5 million loan which is evidenced by a personally guaranteed promissory note. This loan to the purchaser matures two years after closing and accrues interest at 6.0% per annum. The closing date was amended to occur on or before the sixtieth day following the date on which all of the tenants have received a permanent license to operate the Missouri SNF Properties, but in no event later than September 30, 2018 (the "Missouri SNF Closing Date"). Simultaneous with the entry into the Second Amendment to the Missouri SNF PSA, the Company and the tenants of the Missouri SNF properties entered into a Third Amendment to the leases of the Missouri SNF properties, which reduced the rent through the Missouri SNF Closing Date which will be restored to its prior rate in the event that the sale does not occur. On December 13, 2017, pursuant to the Second Amendment to the Missouri SNF PSA, the tenant deposited $583,000 of the $1.4 million earnest money deposit. On December 14, 2017, the Company funded the remaining $792,000 earnest money deposit. Impairment of Held for Use Real Estate Investments As of December 31, 2017 , the Company owned 49 held for use properties for which the Company had reconsidered the projected cash flows due to continued declining performance. As a result, the Company evaluated the impact on its ability to recover the carrying value of such properties based on the expected cash flows over its intended holding period. The Company primarily used an undiscounted cash flow approach to estimate the future cash flows expected to be generated. The Company made certain assumptions in this approach including, among others, the market and economic conditions, expected cash flow projections, intended holding periods, assessment of terminal values, property capitalization rates, and discount rates. As these factors are difficult to predict and are subject to future events that may alter management's assumptions, the future cash flows estimated by management in its impairment analysis may not be achieved, and actual losses for impairment may be realized in the future. For some of the held for use properties noted above, the Company used a broker opinion of value to estimate future cash flows expected to be generated. The Company made certain assumptions in this approach as well, mainly that the sale of these properties would close at this value and within a specified time in the future. There can be no guarantee that the sales of these properties will close under these terms or at all. As a result of its consideration of impairment, the Company determined that the carrying value of six held for use properties noted above exceeded their estimated fair values and recognized an aggregate impairment charge of $19.0 million , which is included on the consolidated statement of operations and comprehensive loss for year ended December 31, 2017 . The estimated fair value of the remaining properties evaluated was greater than their carrying value. Illinois Skilled Nursing Facility Portfolio Leases On November 1, 2017, the Company, through wholly owned subsidiaries of the OP, entered into separate triple-net leases for seven skilled nursing facilities located in the state of Illinois. The operators under the new leases are affiliates of Aperion Care, Inc., an operator of over thirty skilled nursing, rehabilitation and long term care facilities located in the states of Illinois, Indiana, and Missouri. Six of the seven skilled nursing facilities had previously been under the possession and control of a receiver pursuant to a consensual order appointing receiver issued by the United States District Court for the Northern District of Illinois, Eastern Division on November 1, 2016. On November 1, 2017, the Court ordered the termination of the receiver’s possession and control of the skilled nursing facilities and the transition of operations to the operators under the new leases. Each of the seven new leases have an initial term of ten years and are guaranteed by Aperion Care, Inc. and certain affiliated individuals and trusts. In connection with the execution of the leases, the OP agreed to indemnify and hold harmless the tenants under the new leases with respect to all claims, demands, obligations, losses, liabilities, damages, recoveries, and deficiencies that such tenants may suffer as a result of the prior tenants’ failure to discharge certain tax liabilities or to pay certain assessments, recoupments, claims, fines or penalties accrued or payable with respect to the facilities that accrued between December 31, 2014 and October 31, 2017. The OP’s indemnity obligation is capped at $2.5 million and expires on the earlier of the date of termination of a lease or April 1, 2020. |
Mortgage Notes Payable, Net
Mortgage Notes Payable, Net | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable, Net | Note 4 — Mortgage Notes Payable, Net The following table reflects the Company's mortgage notes payable as of December 31, 2017 and 2016 : Portfolio Encumbered Properties (1) Outstanding Loan Amount as of December 31, Effective Interest Rate Interest Rate Maturity 2017 2016 (In thousands) (In thousands) Medical Center of New Windsor - New Windsor, NY — $ — $ 8,602 — % Fixed Sep. 2017 Plank Medical Center - Clifton Park, NY — — 3,414 — % Fixed Sep. 2017 Countryside Medical Arts - Safety Harbor, FL 1 5,773 5,904 4.98 % Variable (2) Apr. 2019 St. Andrews Medical Park - Venice, FL 3 6,381 6,526 4.98 % Variable (2) Apr. 2019 Slingerlands Crossing Phase I - Bethlehem, NY — — 6,589 — % Fixed Sep. 2017 Slingerlands Crossing Phase II - Bethlehem, NY — — 7,671 — % Fixed Sep. 2017 Benedictine Cancer Center - Kingston, NY — — 6,719 — % Fixed Sep. 2017 Aurora Healthcare Center Portfolio - WI — — 30,858 — % Fixed Jan. 2018 Palm Valley Medical Plaza - Goodyear, AZ 1 3,327 3,428 4.15 % Fixed Jun. 2023 Medical Center V - Peoria, AZ 1 3,066 3,151 4.75 % Fixed Sep. 2023 Courtyard Fountains - Gresham, OR 1 24,372 24,820 3.87 % Fixed (3) Jan. 2020 Fox Ridge Bryant - Bryant, AR 1 7,565 7,698 3.98 % Fixed May 2047 Fox Ridge Chenal - Little Rock, AR 1 17,270 17,540 3.98 % Fixed May 2049 Fox Ridge North Little Rock - North Little Rock, AR 1 10,716 10,884 3.98 % Fixed May 2049 Philip Professional Center - Lawrenceville, GA 2 4,895 — 4.00 % Fixed Oct. 2019 MOB Loan 32 250,000 — 4.44 % Fixed (5) June 2022 Bridge Loan 23 82,000 — 4.13 % Variable Dec. 2019 Gross mortgage notes payable 67 415,365 143,804 4.31 % (4) Deferred financing costs, net of accumulated amortization (7,625 ) (1,516 ) Mortgage premiums and discounts, net (1,110 ) 466 Mortgage notes payable, net $ 406,630 $ 142,754 _______________ (1) Does not include eligible unencumbered real estate assets comprising the borrowing base of the Revolving Credit Facility. The equity interests and related rights in our wholly owned subsidiaries that directly own or lease these real estate assets have been pledged for the benefit of the lenders thereunder. See Note 5 — Credit Facilities. (2) Fixed interest rate through May 10, 2017. Interest rate changes to variable rate starting in June 2017. (3) Interest only payments through July 1, 2016. Principal and interest payments began in August 2016. (4) Calculated on a weighted average basis for all mortgages outstanding as of December 31, 2017 . (5) Variable rate loan which is fixed as a result of entering into interest rate swap agreements. Note 7 — Derivatives and Hedging Activities . As of December 31, 2017 , the Company had pledged $912.9 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. 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, 2017 , the Company was in compliance with the financial covenants under its mortgage note agreements. MOB Loan On June 30, 2017, Capital One, National Association ("Capital One, NA"), as administrative agent and lender, and certain other lenders (collectively, the "MOB Lenders"), made a loan in the aggregate amount of $250.0 million (the “MOB Loan”) to certain subsidiaries of the OP. In connection with the MOB Loan, the OP entered into a Guaranty of Recourse Obligations (the “Guaranty”) and a Hazardous Materials Indemnity Agreement (the “Environmental Indemnity”) in favor of Capital One, NA and the MOB Lenders. Pursuant to the Guaranty, the OP has guaranteed, among other things, specified losses arising from certain actions of any of the OP's subsidiaries, including fraud, willful misrepresentation, certain intentional acts, misapplication of funds, physical waste, and failure to pay taxes. The Guaranty requires the Company to maintain a certain minimum of shareholders’ equity on its balance sheet. Pursuant to the Environmental Indemnity, the OP and the Company's subsidiaries that directly own or lease the mortgaged properties have indemnified the MOB Lenders against losses, costs or liabilities related to certain environmental matters. The MOB Loan bears interest at a variable rate equal to LIBOR plus 2.5% and requires the Company to pay interest on a monthly basis with the principal balance due on the maturity date of June 30, 2022. In connection with the closing of the MOB Loan, the OP executed two interest rate swaps on the full amount of the MOB Loan, fixing the interest rate exposure at 4.38% . See Note 7 — Derivatives and Hedging Activities for additional information on the Company's outstanding derivatives. The Company may pre-pay the MOB Loan, in whole or in part, at any time, with payment of a prepayment premium equal to (a) 2.0% of principal outstanding if prepayment is made during the first 12 months of the MOB Loan and (b) 1.0% of principal outstanding if prepayment is made during the second 12 months of the MOB Loan. Thereafter, no prepayment premium is applicable. Bridge Loan On December 28, 2017, 23 wholly owned subsidiaries (the “Borrowers”) of the OP entered into a loan agreement (the “Loan Agreement”) with Capital One, National Association (“Capital One”), as administrative agent and lender. The Loan Agreement provides for a $82 million loan (the “Loan”) with a floating interest rate equal to one-month LIBOR plus 2.5% per annum and a maturity date of December 28, 2019. Subject to meeting certain conditions, including a minimum debt yield and debt service coverage ratio, the Borrowers have the right to extend the maturity date for one year. The Loan may be prepaid at any time in whole or in part, subject to certain conditions and limitations. Upon repayment of all or any part of the principal of the Loan, whether as a prepayment or as a repayment at maturity, the Borrowers are obligated to pay to an exit fee of: (i) 2.0% of the principal amount with respect to the aggregate of approximately $63.0 million principal amount allocated under the Loan to the seven mortgaged properties that have been identified for refinancing through Fannie Mae or Freddie Mac, and (ii) 1.0% of the principal amount with respect to the aggregate of approximately $19 million principal amount allocated under the Loan to the other sixteen mortgaged properties. No exit fee will be due or payable: (i) with respect to any portion of the Loan refinanced through Fannie Mae’s Multifamily MBS program with Capital One or one of its affiliates acting as agent, originator or seller, (ii) with respect to any portion of the Loan that is not refinanced through Fannie Mae’s Multifamily MBS program due to the program no longer being available under applicable law or because the applicable mortgaged property being refinanced does not qualify for financing through the program, or (iii) with respect to any prepayment in connection with a casualty or a condemnation. At the closing of the Loan, the net proceeds were primarily used to repay $35.0 million outstanding under the Company’s senior secured revolving credit facility (the “Revolver”) related to 12 of the mortgaged properties that had been included in the pool of eligible unencumbered real estate assets comprising the borrowing base under the Revolver, with the balance available for general corporate purposes. Future Principal Payments The following table summarizes the scheduled aggregate principal payments on mortgage notes payable for the five years subsequent to December 31, 2017 : (In thousands) Future Principal Payments 2018 $ 83,534 2019 18,078 2020 24,278 2021 892 2022 250,928 Thereafter 37,655 Total $ 415,365 |
Credit Facilities
Credit Facilities | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Credit Facilities | Note 5 — Credit Facilities The Company has the following credit facilities outstanding as of December 31, 2017 and 2016 : Outstanding Facility Amount as of Effective Interest Rate Credit Facility Encumbered Properties (1) December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016 Maturity (In thousands) (In thousands) Revolving Credit Facility 54 (2) $ 239,700 $ 421,500 3.33 % 2.39 % Mar. 2019 Fannie Mae Master Credit Facilities: Capital One Facility 5 (3) 152,461 30,000 3.88 % 3.24 % Nov. 2026 KeyBank Facility 10 (4) 142,708 30,000 3.89 % 3.24 % Nov. 2026 Total Fannie Mae Master Credit Facilities 295,169 60,000 Total Credit Facilities 69 $ 534,869 $ 481,500 3.63 % (5) 2.50 % (5) _______________ (1) Encumbered as of December 31, 2017 . (2) The equity interests and related rights in the Company's wholly owned subsidiaries that directly own or lease the eligible unencumbered real estate assets comprising the borrowing base of the Revolving Credit Facility have been pledged for the benefit of the lenders thereunder. (3) Secured by first-priority mortgages on five of the Company’s seniors housing properties located in Florida, Iowa and Georgia as of December 31, 2017 . (4) Secured by first-priority mortgages on ten of the Company’s seniors housing properties located in Michigan, Missouri, Kansas, California, Florida, Georgia and Iowa as of December 31, 2017 . (5) Calculated on a weighted average basis for all credit facilities outstanding as of December 31, 2017 and 2016 . 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, 2017 and 2016 . 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. On October 20, 2017, the Revolving Credit Facility was amended with respect to provisions relating to, among other things, the definition of Modified FFO (as defined in the Credit Agreement) and stockholder distributions. The amendment also added a covenant regarding minimum liquidity. 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. The Company's unused borrowing capacity was $27.6 million , based on assets assigned to the Revolving Credit Facility as of December 31, 2017 . Availability of borrowings is based on a pool of eligible unencumbered real estate assets. The Revolving Credit Facility requires the Company to meet certain financial covenants. As of December 31, 2017 , giving effect to the February 2017 Credit Facility Amendment, the Company was in compliance with the financial covenants under the Revolving Credit Facility. Fannie Mae 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 (the "Key Bank 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 “Fannie Mae Master Credit Agreements”) for a secured credit facility (the "Capital One Facility"; the Capital One Facility and the Key Bank Facility are referred to herein individually as a "Fannie Mae Master Credit Facility" and together as the "Fannie Mae Master Credit Facilities") with Capital One Multifamily Finance, LLC (“Capital One”). The Fannie Mae Master 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. Each Fannie Mae Master Credit Facility provided for an initial $30.0 million of advances. The Fannie Mae Master Credit Facilities were initially secured by six properties, in aggregate. The Company may request future advances under the Fannie Mae Master 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 Mae Master Credit Facilities will mature on November 1, 2026. Beginning December 1, 2016, the annual interest rates under the Fannie Mae Master 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% . Prior to December 1, 2016, borrowings under the KeyBank Facility and the Capital One Facility bore interest at rates of 3.15% and 3.16% , respectively, per annum. Effective October 31, 2016, in conjunction with the execution of the Fannie Mae Master Credit Facilities, the OP entered into two interest rate cap agreements (the "IR Caps") with an unrelated third party, which caps interest paid on amounts outstanding under the Fannie Mae Master Credit Facilities at a maximum of 3.5% . The IR Caps terminate on November 1, 2019. The Fannie Mae Master 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. See Note 7 — Derivatives and Hedging Activities for further disclosure over the Company's derivatives. The KeyBank Facility was 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 was initially secured by first-priority mortgages on two of the Company’s seniors housing properties located in Florida. Each Fannie Mae Master Credit Facility is cross-defaulted and cross-collateralized with the other notes and security agreements securing such Fannie Mae Master Credit Facility. The Fannie Mae Master Credit Facilities are non-recourse, subject to standard carve-outs and environmental indemnities, which obligations are guaranteed by the OP on an unsecured basis. The initial advances under the Fannie Mae Master Credit Facilities, commencing on November 1, 2017 became pre-payable 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 Fannie Mae Master Credit Agreements provide for optional acceleration by the Lender upon an event of default. The Fannie Mae Master Credit Agreements contain customary events of default, including the breach of transfer prohibitions, principal or interest payment defaults and bankruptcy-related defaults. On March 30, 2017, the Company increased its advances under the Capital One Facility by $53.4 million (the "2017 Capital One Advance"). The 2017 Capital One Advance was secured by the value of the initial mortgaged properties securing the Capital One Facility. In connection with the 2017 Capital One Advance, the OP entered into an additional interest rate cap agreement (the "2017 Capital One IR Cap") with an unrelated third party, which caps interest paid on amounts outstanding on the 2017 Capital One Advance at a maximum of 3.5% . The 2017 Capital One IR Cap terminates on April 1, 2020. See Note 7 — Derivatives and Hedging Activities for further disclosure over the Company's derivatives. On April 26, 2017, the Company increased its advances under the KeyBank Facility by $28.7 million (the "April 2017 KeyBank Advance"). The April 2017 KeyBank Advance was secured by the value of the initial mortgaged properties subject to the KeyBank Facility. In connection with the April 2017 KeyBank Advance, the OP entered into an additional interest rate cap agreement (the "April 2017 KeyBank IR Cap") with an unrelated third party, which caps interest paid on amounts outstanding on the April 2017 KeyBank Advance at a maximum of 3.5% . The April 2017 KeyBank IR Cap terminates on November 1, 2019. See Note 7 — Derivatives and Hedging Activities for further disclosure over the Company's derivatives. On October 26, 2017, the Company increased its advances under the KeyBank Facility by $84.0 million (the "October 2017 KeyBank Advance") and its advances under the Capital One Facility by $69.0 million . The October 2017 KeyBank Advance was secured by the addition of six mortgaged properties subject to the KeyBank Facility. The October 2017 Capital One Advance was secured by the addition of the three mortgaged properties to the Capital One Facility. The Company used approximately $102.0 million of the additional advances to pay down the Revolving Credit Facility and expects to utilize the balance for future acquisitions and general corporate purposes. Upon an event of default under each Fannie Mae Master Credit Agreement, payment of any unpaid amounts under the applicable Fannie Mae Master 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 applicable Fannie Mae Master Credit Facility. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 6 — 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, 2017 , 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. The following table presents information about the Company's assets measured at fair value on a recurring basis as of December 31, 2017 and 2016 , aggregated by the level in the fair value hierarchy within which those instruments fall. (In thousands) Basis of Measurement Quoted Prices in Active Markets Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Total December 31, 2017 Derivatives, net Recurring $ — $ 2,550 $ — $ 2,550 Impaired assets held for sale Non-recurring — 1,323 — 1,323 Total $ — $ 3,873 $ — $ 3,873 December 31, 2016 Derivatives, net Recurring $ — $ 61 $ — $ 61 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, 2017 . 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, Gross mortgage notes payable and mortgage premium and discounts, net 3 $ 414,255 $ 411,749 $ 144,270 $ 144,261 Revolving Credit Facility 3 $ 239,700 $ 239,700 $ 421,500 $ 421,500 Fannie Credit Facilities 3 $ 295,169 $ 296,151 $ 60,000 $ 60,000 _______________________________ (1) Carrying value includes mortgage notes payable of $415.4 million and $143.8 million and mortgage premiums and discounts, net of $(1.1) million and $0.5 million as of December 31, 2017 and December 31, 2016 , 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, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Note 7 — 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 Designated as Cash Flow Hedges of Interest Rate Risk The Company currently has two interest rate swaps that are designated as cash flow hedges. The interest rate swaps are used as part of the Company's interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. During 2017, such derivatives were used to hedge the variable cash flows associated with variable-rate debt. The Company tests the effectiveness of its designated hedges. The effective portion of the changes in fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive loss. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. Amounts reported in accumulated other comprehensive loss related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the period, from December 31, 2017 through December 31, 2018, the Company estimates that $278 thousand will be reclassified from other comprehensive loss as an increase to interest expense. As of December 31, 2017 , the Company had the following derivatives that were designated as cash flow hedges of interest rate risk. The Company did not have any derivatives designated as cash flow hedges as of December 31, 2016 . December 31, 2017 Interest Rate Derivative Number of Instruments Notional Amount (In thousands) Interest rate swaps 2 $ 250,000 The table below details the location in the financial statements of the loss recognized on interest rate derivatives designated as cash flow hedges for the twelve months ended December 31, 2017 . The Company did not have any derivatives designated as cash flow hedges as of December 31, 2016 . Year Ended December 31, (In thousands) 2017 2016 Amount of gain (loss) recognized into accumulated other comprehensive income on designated derivatives (effective portion) $ 1,674 $ — Amount of gain (loss) reclassified out of accumulated other comprehensive income on designated derivatives (effective portion) $ (799 ) $ — 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, 2017 and 2016 , the Company had the following outstanding interest rate derivatives that were not designated as a hedge of interest rate risk. December 31, 2017 December 31, 2016 Interest Rate Derivative Number of Instruments Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Interest rate caps 6 $ 295,169 2 $ 60,000 Balance Sheet Classification The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2017 and December 31, 2016 : (In thousands) Balance Sheet Location December 31, 2017 December 31, 2016 Derivatives designated as hedging instruments: Interest rate swaps Derivative assets, at fair value $ 2,473 $ — Derivatives not designated as hedging instruments: Interest rate caps Derivative assets, at fair value $ 77 $ 61 Credit-risk-related Contingent Features The Company has an ISDA Master Agreement in place with each of its interest rate swap counterparties that contains a cross-default provision. Under this cross-default provision, if the Company defaults on its loan obligations in an amount equal to $50.0 million or more and such default results in an acceleration of the Company’s obligation to repay such borrowed amounts, an event of default with respect to the Company under these ISDA Master Agreements will be triggered and give the Company’s derivative counterparties the right to terminate their derivatives transactions with the Company. Generally, a default related to obligations for borrowed money that is caused solely due to a technical or administrative error that has been remedied within three (3) business days after notice of such default will not result in an event of default under the Company’s ISDA Master Agreements. As of December 31, 2017 , there were no derivatives with a fair value in a net liability position, including accrued interest but excluding any adjustment for nonperformance risk related to these agreements. As of December 31, 2017 , the Company has not posted any collateral related to these agreements and was not in breach of any agreement provisions. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value. |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Common Stock | Note 8 — Common Stock As of December 31, 2017 and 2016 , the Company had 91.0 million and 89.4 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 $2.2 billion , respectively, including proceeds from shares issued pursuant to the DRIP. In April 2013, the Company's board of directors (the "Board") authorized, and the Company began paying distributions on a monthly basis at a rate equivalent to $1.70 per annum, per share of common stock, which began in May 2013. In March 2017, the Board authorized a decrease in the rate at which the Company pays monthly distributions to stockholders, effective as of April 1, 2017, to a rate equivalent to $1.45 per annum per share of common stock. 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 further reduce the amount of distributions paid or suspend distribution payments at any time and therefore distribution payments are not assured. On March 30, 2017, the Board approved an Estimated Per-Share NAV equal to $21.45 as of December 31, 2016 . We intend to publish an updated Estimated Per-Share NAV as of December 31, 2017 shortly following the filing of this Annual Report on Form 10-K and, thereafter, periodically at the discretion of the Board, provided that such estimates will be made at least once annually. Pursuant to the DRIP, our stockholders can elect to reinvest distributions by purchasing shares of our common stock at the then-current Estimated Per-Share NAV approved by the Board. 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 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. On June 14, 2017, the Board approved and adopted an amended and restated SRP that superseded and replaced the existing SRP, effective as of July 14, 2017. Under the amended and restated SRP, subject to certain conditions, only repurchase requests made following the death or qualifying disability of stockholders that purchased shares of our common stock or received their shares from us (directly or indirectly) through one or more non-cash transactions would be considered for repurchase. Other terms and provisions of the amended and restated SRP remained consistent with the existing SRP. 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, 2017 : Number of Shares Repurchased Average Price per Share Cumulative repurchases as of December 31, 2016 975,030 $ 23.73 Year ended December 31, 2017 (1) 1,554,768 $ 21.61 Cumulative repurchases as of December 31, 2017 2,529,798 $ 22.43 _____________________________ (1) Includes 1,554,768 shares repurchased during the year ended December 31, 2017 for approximately $33.6 million at a weighted average price per share of $21.61 . Excludes rejected repurchases received during 2016 with respect to 2.3 million shares for $48.7 million at a weighted average price per share of $21.27 . In July 2017, following the effectiveness of the amendment and restatement of the SRP, the Board approved 100% of the repurchase requests made following the death or qualifying disability of stockholders during the period from January 1, 2017 to September 30, 2017, which was equal to 267,723 shares repurchased for approximately $5.7 million at an average price per share of $21.47 . No repurchases have been or will be made with respect to requests received during 2017 that are not valid requests in accordance with the amended and restated SRP. 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, 2017 and 2016 , the Company issued 2.8 million and 3.2 million shares of common stock pursuant to the DRIP, generating aggregate proceeds of $61.2 million and $73.6 million , respectively. Until April 7, 2016 (the "Original NAV Pricing Date"), the first date the Company published an Estimated Per-Share NAV, the Company offered shares pursuant to the DRIP at $23.75 , which was 95.0% of the initial offering price of shares of common stock in the IPO. Effective on the Original NAV Pricing Date, the Company began offering shares pursuant to the DRIP at the then-current Estimated Per-Share NAV approved by the Board. Effective March 30, 2017, the Company began offering shares pursuant to the DRIP at the Estimated Per-Share NAV as of December 31, 2016 . Note 12 — Accumulated Other Comprehensive Income The following table illustrates the changes in accumulated other comprehensive income as of and for the periods presented: (In thousands) Unrealized Gains (Losses) on Available-for-Sale Securities 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 — Other comprehensive income, before reclassifications 2,473 Amounts reclassified from accumulated other comprehensive income — Balance, December 31, 2017 $ 2,473 __________________ (1) During the year s ended December 31, 2016 and 2015 , the Company sold its investments in securities, resulting in realized gains of $0.1 million and approximately $0.4 million , 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, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions and Arrangements | Note 9 — Related Party Transactions and Arrangements As of December 31, 2017 and 2016 , 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. As of December 31, 2017 and 2016 , the Advisor held 90 partnership units in the OP designated as "OP Units" ("OP Units"). 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 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, a member of the Board). 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. 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, 2015 , 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, 2016 , the Company received approximately $2,000 from the Former Dealer Manager for an unconsummated share transaction. The Company did no t 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, 2017 . 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, 2017 or 2016 . 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, 2015 . 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, 2017 and 2016 . 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, 2017 and 2016 . 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 Second A&R Advisory 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 titled "Termination Fees" included within this footnote), (iii) by 67% of the independent directors of the Board for 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 Under the Original A&R Advisory Agreement and until February 17, 2017, 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 incurred investment-related expenses, or insourced expenses. The amount reimbursed for insourced expenses was not permitted to 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) could 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, 2017 , aggregate acquisition fees and financing fees did not exceed the 1.5% threshold. In no event was 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 permitted to 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, 2017 , the total of all cumulative acquisition fees, acquisition expenses and financing coordination fees did not exceed the 4.5% threshold. The Second A&R Advisory Agreement, does not provide for an acquisition fee, 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 Under the Original A&R Advisory Agreement and until February 17, 2017, 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 Second A&R Advisory Agreement does not provide for a financing coordination fee. Asset Management Fees and Variable Management/Incentive Fees Under an advisory agreement that was superseded by the Original A&R Advisory Agreement and 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 partnership units of the OP designated as "Class B Units" ("Class B Units"). The Class B Units were intended to be profit interests and vest, and no longer are 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. Subject to approval 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 was initially equal 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, 2017 , the Company cannot determine the probability of achieving the performance condition. The Advisor receives cash distributions on each issued Class B Units equal to the distribution rate received on the Company's common stock. Such distributions on 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, 2017 , 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 with respect 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 Original NAV Pricing Date, each share was valued at $22.50 , (b) after the Original NAV Pricing Date and prior to any listing on a national securities exchange, if it occurs, each share will be valued at the then-current Estimated Per-Share NAV 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 incurred by the Property Manager. 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. Professional Fees and Other Reimbursements The Company reimburses the Advisor's costs of providing administrative services. Until June 2015, reimbursement of these expenses was 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. This limitation ceased to exist after June 2015, when the Original A&R Advisory Agreement became effective. Additionally, the Company reimburses the Advisor for personnel costs, excluding any compensation paid to individuals who also serve as the Company's executive officers, or the executive officers of the Advisor, the Property Manager or their respective affiliates. During the year s ended December 31, 2017 , 2016 , and 2015 the Company incurred $7.6 million , $4.5 million , and $4.6 million of reimbursement expenses from the Advisor for providing administrative services, respectively. The Advisor elected to forgive and absorb $1.2 million in fees during the year ended December 31, 2015 . The fees that were forgiven are not deferrals and, accordingly, will not be paid to the Advisor in the future. There were no such fees forgiven during the year s ended December 31, 2017 and 2016 . The Advisor elected to, without interest accrual, defer cash payment of $1.7 million in certain fees and reimbursements due to the Advisor as of December 31, 2017 . These deferred fees and reimbursements are due to the Advisor upon demand within two business days' written notice and no later than June 30, 2018. As a portion of these fees and reimbursements were already paid as of December 31, 2017 , the Company has recorded a $0.7 million receivable due from the Advisor as of December 31, 2017 . The $1.7 million payable associated with the deferral is presented net of the $0.7 million receivable in the table below. There were no such deferred fees or reimbursements as of December 31, 2016 . 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 2017 2016 2015 December 31, (In thousands) Incurred (1) Incurred (1) Incurred Forgiven 2017 2016 One-time fees and reimbursements: Acquisition fees $ — $ — $ 6,878 $ — $ — $ — Acquisition cost reimbursements 124 — 3,439 — 36 — Financing coordination fees — 450 3,863 — — — Due to (from) HT III related to asset purchase (2) — — — — 196 — Ongoing fees and reimbursements: Asset management fees (3) 19,189 17,566 10,889 — — — Property management fees 3,068 3,017 1,302 1,220 66 (163 ) Professional fees and reimbursements 7,553 4,492 4,558 — 1,339 1,025 Distributions on Class B Units 543 611 490 — — — Total related party operation fees and reimbursements $ 30,477 $ 26,136 $ 31,419 $ 1,220 $ 1,637 $ 862 _______________ (1) There were no fees or reimbursements forgiven during the years ended December 31, 2017 or 2016. (2) On December 22, 2017, the Company purchased substantially all the assets of American Realty Capital Healthcare Trust III, Inc. Certain proration estimates were included within the Closing. The purchase agreement calls for a final purchase price adjustment. As of December 31, 2017 , the Company has a net payable to American Realty Capital Healthcare Trust III, Inc. included on its Consolidated Balance Sheet. Please see below for additional information related to the asset purchase. (3) 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, 2017 , 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 predecessor to AR Global was a party to a services agreement with RCS Advisory Services, LLC (“RCS Advisory”), a subsidiary of RCAP, 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 RCAP, 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. ("DST"), a third-party transfer agent. 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 Incurred in Connection with a Listing or the Liquidation of the Company's Real Estate Assets Fees Incurred in Connection with a Listing 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, 2017 , 2016 and 2015 . 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 Under the Original A&R Advisory Agreement and until February 17, 2017, 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, 2017 , 2016 or 2015 . Under the Original A&R Advisory Agreement and until February 17, 2017, 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. No such fees were incurred during the year s ended December 31, 2017 , 2016 and 2015 . The Second A&R Advisory Agreement does not provide for 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 and no such fees or commissions were incurred prior thereto. 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, 2017 , 2016 and 2015 . 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 described above. Termination Fees Under the operating partnership agreement of the OP, upon termination or non-renewal of the advisory agreement with the Advisor, with or without cause, the Special Limited Partner is 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 is 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 occurs. Under the Second A&R Advisory Agreement, upon the termination or non-renewal of the agreement, 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 Second A&R Advisory Agreement. 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 Second A&R Advisory Agreement due to a change in control or transition to self-management is subject to a lockout period that ends on February 14, 2019. American Realty Capital Healthcare Trust III, Inc. Asset Purchase On December 22, 2017, the Company, Healthcare Trust Operating Partnership, L.P., the Company's operating partnership, and its subsidiary, ARHC TRS Holdco II, LLC, purchased all of the membership interests in indirect subsidiaries of American Realty Capital Healthcare Trust III, Inc. (“HT III”) that own the 19 properties comprising substantially all of HT III’s assets (the “Asset Purchase”), pursuant to a purchase agreement (the “Purchase Agreement”), dated as of June 16, 2017. HT III is sponsored and advised by an affiliate of the Company’s advisor. On December 22, 2017, the Company borrowed approximately $45.0 million of loans (the “Advance”) under the Revolving Credit Facility. Concurrently with the occurrence of the Advance, the Company added 15 properties, including 14 of the 19 properties purchased in the Asset Purchase, to the pool of eligible unencumbered real estate assets comprising the borrowing base under the Revolving Credit Facility. The Advance was used to fund a portion of the amount required to complete the Asset Purchase. At the closing of the Asset Purchase, the Company paid HT III $108.4 million , representing the purchase price under the Purchase Agreement of $120.0 million , less (i) $0.7 million reflecting prorations and closing adjustments in accordance with the Purchase Agreement, (ii) $4.9 million reflecting the outstanding principal amount of the loan secured by HT III’s Philip Center property assumed by the Company at the closing in accordance with the Purchase Agreement, and (iii) $6.0 million deposited by |
Economic Dependency
Economic Dependency | 12 Months Ended |
Dec. 31, 2017 | |
Economic Dependency [Abstract] | |
Economic Dependency | Note 10 — 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. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Note 11 — Share-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). For restricted share awards granted as annual automatic awards 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 as annual automatic awards 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 are, in general and in accordance with the terms of the applicable award agreement, subject to acceleration of vesting and forfeiture under certain circumstances related to termination of service (with or without cause) and changes of control. 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. Prior to August 2017, the RSP provided for an automatic grant of 1,333 restricted shares to each of the independent directors, without any further approval by the Board or the stockholders, on the date of his or her initial election to the Board and thereafter on the date of each annual stockholder meeting. The restricted shares awards granted as annual automatic awards prior to August 2017 were subject to vesting over a five -year period following the date of grant. In August 2017, the Board amended the RSP to provide that the number of restricted shares comprising the automatic annual award to each of the independent directors would be equal to the quotient of $30,000 divided by the then-current Estimated Per-Share NAV. These restricted shares vest annually over a five -year period in increments of 20.0% per annum beginning with the one-year anniversary of initial election to the Board and the date of the next annual meeting, respectively. In September 2017, the Board subsequently amended and restated the RSP to eliminate the automatic annual awards and to make other revisions related to the implementation of a new independent director equity compensation program. As part of this new independent director equity compensation program, the Board approved a one-time grant of restricted share awards to the independent directors as follows: (i) 300,000 restricted shares to the chairman, with one-seventh of the shares vesting annually in equal increments over a seven -year period with initial vesting on August 4, 2018; and (ii) 25,000 restricted shares to each of the three other independent directors, with one-fifth of the shares vesting annually in equal increments over a five -year period with initial vesting on August 4, 2018. In connection with these one-time grants, the restricted shares awards granted as automatic annual awards in connection with the Company’s 2017 annual meeting of stockholders on July 21, 2017 were forfeited. 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, 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 Granted 380,592 21.45 Vested (2,411 ) 22.40 Forfeitures (5,592 ) 21.45 Unvested, December 31, 2017 382,510 $ 21.47 As of December 31, 2017 , the Company had $8.2 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 6.2 years . Compensation expense related to restricted stock was $0.5 million , $0.2 million and approximately $0.1 million during the year s ended December 31, 2017 , 2016 and 2015 , respectively. Compensation expense related to restricted stock is recorded as general and administrative expense in the accompanying consolidated statement of operations and comprehensive loss. Other Share-Based Compensation The Company may issue common stock in lieu of cash to pay fees earned by the Company's directors at the respective director's election. There are no restrictions on the shares issued since these payments in lieu of cash relate to fees earned for services performed. No such shares were issued during the year s ended December 31, 2017 and 2016 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Note 8 — Common Stock As of December 31, 2017 and 2016 , the Company had 91.0 million and 89.4 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 $2.2 billion , respectively, including proceeds from shares issued pursuant to the DRIP. In April 2013, the Company's board of directors (the "Board") authorized, and the Company began paying distributions on a monthly basis at a rate equivalent to $1.70 per annum, per share of common stock, which began in May 2013. In March 2017, the Board authorized a decrease in the rate at which the Company pays monthly distributions to stockholders, effective as of April 1, 2017, to a rate equivalent to $1.45 per annum per share of common stock. 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 further reduce the amount of distributions paid or suspend distribution payments at any time and therefore distribution payments are not assured. On March 30, 2017, the Board approved an Estimated Per-Share NAV equal to $21.45 as of December 31, 2016 . We intend to publish an updated Estimated Per-Share NAV as of December 31, 2017 shortly following the filing of this Annual Report on Form 10-K and, thereafter, periodically at the discretion of the Board, provided that such estimates will be made at least once annually. Pursuant to the DRIP, our stockholders can elect to reinvest distributions by purchasing shares of our common stock at the then-current Estimated Per-Share NAV approved by the Board. 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 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. On June 14, 2017, the Board approved and adopted an amended and restated SRP that superseded and replaced the existing SRP, effective as of July 14, 2017. Under the amended and restated SRP, subject to certain conditions, only repurchase requests made following the death or qualifying disability of stockholders that purchased shares of our common stock or received their shares from us (directly or indirectly) through one or more non-cash transactions would be considered for repurchase. Other terms and provisions of the amended and restated SRP remained consistent with the existing SRP. 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, 2017 : Number of Shares Repurchased Average Price per Share Cumulative repurchases as of December 31, 2016 975,030 $ 23.73 Year ended December 31, 2017 (1) 1,554,768 $ 21.61 Cumulative repurchases as of December 31, 2017 2,529,798 $ 22.43 _____________________________ (1) Includes 1,554,768 shares repurchased during the year ended December 31, 2017 for approximately $33.6 million at a weighted average price per share of $21.61 . Excludes rejected repurchases received during 2016 with respect to 2.3 million shares for $48.7 million at a weighted average price per share of $21.27 . In July 2017, following the effectiveness of the amendment and restatement of the SRP, the Board approved 100% of the repurchase requests made following the death or qualifying disability of stockholders during the period from January 1, 2017 to September 30, 2017, which was equal to 267,723 shares repurchased for approximately $5.7 million at an average price per share of $21.47 . No repurchases have been or will be made with respect to requests received during 2017 that are not valid requests in accordance with the amended and restated SRP. 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, 2017 and 2016 , the Company issued 2.8 million and 3.2 million shares of common stock pursuant to the DRIP, generating aggregate proceeds of $61.2 million and $73.6 million , respectively. Until April 7, 2016 (the "Original NAV Pricing Date"), the first date the Company published an Estimated Per-Share NAV, the Company offered shares pursuant to the DRIP at $23.75 , which was 95.0% of the initial offering price of shares of common stock in the IPO. Effective on the Original NAV Pricing Date, the Company began offering shares pursuant to the DRIP at the then-current Estimated Per-Share NAV approved by the Board. Effective March 30, 2017, the Company began offering shares pursuant to the DRIP at the Estimated Per-Share NAV as of December 31, 2016 . Note 12 — Accumulated Other Comprehensive Income The following table illustrates the changes in accumulated other comprehensive income as of and for the periods presented: (In thousands) Unrealized Gains (Losses) on Available-for-Sale Securities 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 — Other comprehensive income, before reclassifications 2,473 Amounts reclassified from accumulated other comprehensive income — Balance, December 31, 2017 $ 2,473 __________________ (1) During the year s ended December 31, 2016 and 2015 , the Company sold its investments in securities, resulting in realized gains of $0.1 million and approximately $0.4 million , 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, 2017 | |
Noncontrolling Interest [Abstract] | |
Non-Controlling Interests | Note 13 — Non-Controlling Interests Non-Controlling Interests in the Operating Partnership 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, 2017 and 2016 , 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, 2017 , 2016 and 2015 , OP Unit non-controlling interest holders were paid distributions of $0.6 million , $0.7 million , and $0.7 million respectively. Non-Controlling Interests in Property Owning Subsidiaries The Company also has investment arrangements with other unaffiliated third parties whereby such investors receive an ownership interest in certain of the Company's property-owning subsidiaries and are 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 unaffiliated third parties. Third Party Net Investment Amount Non-Controlling Ownership Percentage Net Real Estate Assets Subject to Investment Arrangement (1) Distributions (2) Property Name (Dollar amounts in thousands) Investment Date As of December 31, 2017 As of December 31, 2017 As of December 31, 2017 As of December 31, 2016 For the Year Ended December 31, 2017 For the Year Ended December 31, 2016 Plaza Del Rio Medical Office Campus Portfolio May 2015 $ 412 4.1 % $ 10,784 $ 10,429 $ 52 $ 40 UnityPoint Clinic Portfolio (3) December 2017 $ 473 5.0 % $ 9,639 $ — $ — $ — _____________ (1) There are no mortgage notes payable subject to these investment arrangements. (2) Represents distributions to unaffiliated third party investors of net cash flows from operations of the properties subject to the investment arrangements. (3) Assumed as part of the HT III Asset Purchase. See Note 9 - Related Party Transactions and Arrangements for further information on the Asset Purchase. |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Note 14 — 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, 2017 , 2016 and 2015 : Year Ended December 31, 2017 2016 2015 Net loss attributable to stockholders (in thousands) $ (42,548 ) $ (20,874 ) $ (41,741 ) Basic and diluted weighted-average shares outstanding 89,802,174 87,878,907 85,331,966 Basic and diluted net loss per share $ (0.47 ) $ (0.24 ) $ (0.49 ) The Company had the following potentially dilutive securities as of December 31, 2017 , 2016 and 2015 , which were excluded from the calculation of diluted loss per share attributable to stockholders as the effect would have been antidilutive: December 31, 2017 2016 2015 Unvested restricted stock 130,339 9,921 11,731 OP Units 405,998 405,998 405,998 Class B units 359,250 359,250 359,250 Total common share equivalents 895,587 775,169 776,979 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 15 — Segment Reporting During the year s ended December 31, 2017 , 2016 and 2015 , the Company operated in three reportable business segments for management and internal financial reporting purposes: medical office buildings, triple-net leased healthcare facilities, and seniors housing — operating properties ("SHOP"). The Company evaluates performance and makes resource allocations based on its three business segments. The medical office building segment primarily consists of MOBs leased to healthcare-related tenants under long-term leases, which may require such tenants to pay a pro rata share of property-related expenses. The triple-net leased healthcare facilities segment primarily consists of investments in seniors housing communities, hospitals, inpatient rehabilitation facilities and skilled nursing facilities under long-term leases, under which tenants are generally responsible to directly pay property-related expenses. The SHOP segment consists of direct investments in seniors housing communities, primarily providing assisted living, independent living and memory care services, which are operated through engaging independent third-party managers. There were no intersegment sales or transfers during the periods presented. On June 8, 2017, the Company's taxable REIT subsidiary, through 12 separately executed membership interest or stock transfer agreements, acquired 12 operating entities that leased 12 healthcare facilities included in the Company's triple-net leased healthcare facilities segment. Concurrently with the acquisition of the 12 operating entities, the Company transitioned the management of the healthcare facilities to a third-party management company that manages other healthcare facilities in the Company's SHOP operating segment. See Note 3 — Real Estate Investments for additional disclosure. The segment reporting results of these 12 operating entities is included in the Company's triple-net leased healthcare facilities segment through June 8, 2017. Subsequent to June 8, 2017, these operating entities are operated under the RIDEA structure and are included in the Company's SHOP segment. 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, 2017 , 2016 and 2015 : Year Ended December 31, 2017 (In thousands) Medical Office Buildings Triple-Net Leased Healthcare Facilities Seniors Housing — Operating Properties Consolidated Revenues: Rental income $ 67,390 $ 25,133 $ 2,629 $ 95,152 Operating expense reimbursements 15,460 1,146 (1 ) 16,605 Resident services and fee income — — 199,416 199,416 Total revenues 82,850 26,279 202,044 311,173 Property operating and maintenance 24,137 19,944 142,196 186,277 NOI $ 58,713 $ 6,335 $ 59,848 124,896 Impairment charges (18,993 ) Operating fees to related parties (22,257 ) Acquisition and transaction related (2,986 ) General and administrative (15,673 ) Depreciation and amortization (77,641 ) Interest expense (30,264 ) Interest and other income 306 Loss on non-designated derivatives (198 ) Gain on sale of real estate investment 438 Gain on asset acquisition 307 Income tax expense (647 ) Net income attributable to non-controlling interests 164 Net loss attributable to stockholders $ (42,548 ) 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 Contingent purchase price consideration — — 138 138 Total revenues 80,921 38,323 183,322 302,566 Property operating and maintenance 23,816 18,810 129,451 172,077 NOI $ 57,105 $ 19,513 $ 53,871 130,489 Impairment charges (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 derivatives 31 Gain on sale of real estate investment 1,330 Gain on sale of investment securities 56 Income tax benefit 2,084 Net income 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 $ 29,597 $ 7,456 $ 93,218 Operating expense reimbursements 12,611 148 — 12,759 Resident services and fee income — — 140,901 140,901 Contingent purchase price consideration — — 612 612 Total revenues 68,776 29,745 148,969 247,490 Property operating and maintenance 97,005 6,695 21,873 125,573 NOI $ (28,229 ) $ 23,050 $ 127,096 121,917 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 2,978 Net income attributable to non-controlling interests 219 Net loss attributable to stockholders $ (41,741 ) The following table reconciles the segment activity to consolidated total assets as of the periods presented: December 31, (In thousands) 2017 2016 ASSETS Investments in real estate, net: Medical office buildings $ 897,264 $ 788,023 Triple-net leased healthcare facilities 294,727 418,819 Construction in progress 82,007 70,055 Seniors housing — operating properties 902,343 837,338 Total investments in real estate, net 2,176,341 2,114,235 Cash and cash equivalents 94,177 29,225 Restricted cash 8,411 3,962 Assets held for sale 37,822 — Derivative assets, at fair value 2,550 61 Straight-line rent receivable, net 15,327 12,026 Prepaid expenses and other assets 22,099 22,073 Deferred costs, net 15,134 12,123 Total assets $ 2,371,861 $ 2,193,705 The following table reconciles capital expenditures by reportable business segment for the periods presented: Year Ended December 31, (In thousands) 2017 2016 2015 Medical office buildings $ 4,037 $ 3,198 $ 2,129 Triple-net leased healthcare facilities 154 112 540 Seniors housing — operating properties 4,810 4,166 2,701 Total capital expenditures $ 9,001 $ 7,476 $ 5,370 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 16 — 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 2018 $ 774 $ 78 2019 780 80 2020 780 82 2021 774 84 2022 790 86 Thereafter 35,103 7,678 Total minimum lease payments $ 39,001 8,088 Less: amounts representing interest (3,266 ) Total present value of minimum lease payments $ 4,822 Total rental expense from operating leases was $0.8 million , $0.8 million and $0.4 million during the year s ended December 31, 2017 , 2016 and 2015 , respectively. During the three year s ended December 31, 2017 , 2016 and 2015 , interest expense related to capital leases was approximately $85,000 , $84,000 and $84,000 , 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, 2017 , 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 development property in Jupiter, Florida for $82.0 million . As of December 31, 2017 , the Company had funded $10.0 million and $72.0 million for the land and construction in progress, respectively. As a result, the Company believes that it has satisfied its funding commitments for the construction. The Company has and may continue to, at its election, provide additional funding to ensure completion of the construction. 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, 2017 , 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, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results (Unaudited) | Note 17 — Quarterly Results (Unaudited) Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2017 and 2016 : Quarter Ended (In thousands, except for share and per share data) March 31, June 30, September 30, December 31, Total revenues $ 74,615 $ 75,766 $ 79,072 $ 81,720 Net loss attributable to stockholders $ (6,139 ) $ (4,716 ) $ (24,136 ) $ (7,557 ) Basic and diluted weighted average shares outstanding 89,639,676 89,335,489 89,821,799 90,403,032 Basic and diluted net loss per share $ (0.07 ) $ (0.05 ) $ (0.27 ) $ (0.08 ) Quarter Ended (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 net loss per share $ (0.02 ) $ (0.03 ) $ (0.10 ) $ (0.09 ) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 18 — 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: SHOP Transitions On January 1, 2018, the Company transitioned six properties in its triple-net leased healthcare facilities segment to operating properties under a structure permitted by the REIT Investment Diversification and Empowerment Act of 2007 ("RIDEA"). The properties consist of two assisted living facilities located in Burlington and Cudahy, Wisconsin, two assisted living facilities located in Dixon and Rockford, Illinois, an assisted living facility located in Richmond, Kentucky and a skilled nursing facility located in Lutz, Florida. The prior tenants of the six properties transferred the operations of the properties to newly-formed subsidiaries of the Company and third-party managers engaged by those Company subsidiaries pursuant to market operations transfer agreements. The Company’s subsidiaries simultaneously entered into new management agreements with the third-party managers, who will operate and manage the facilities on behalf of the Company subsidiaries. Approval of Share Repurchases On January 23, 2018, as permitted under the SRP, the Board authorized, with respect to repurchase requests received during the year ended December 31, 2017 , the repurchase of shares validly submitted for repurchase in an amount equal to 100% of the repurchase requests made following the death or qualifying disability of stockholders during the period from July 1, 2017 to December 31, 2017 . Accordingly, 373,967 shares for $8.0 million at an average price per share of 21.45 (including all shares submitted for death or disability) were approved for repurchase, with repurchases to be completed in January 2018 . See Note 8 — Common Stock for more information on the SRP. Decrease in Monthly Distribution Rate On February 20, 2018, the Company's board of directors unanimously authorized a change in the rate at which the Company pays monthly distributions to holders of the Company’s common stock, effective as of March 1, 2018, from $0.0039726027 per share per day, or $1.45 per share on an annualized basis, to $0.0023287671 per share per day, or $0.85 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 5.8% to 3.4% , or a change from 6.76% to 3.96% based on the Company’s most recent estimated value per share as of December 31, 2016 of $21.45 per share. March 2018 Fannie Mae Financing On March 2, 2018, Healthcare Trust, Inc. (the “Company”), through wholly owned subsidiaries of its operating partnership, Healthcare Trust Operating Partnership, L.P. (the “OP”), incurred approximately $64.2 million in aggregate additional indebtedness pursuant to its master credit facility agreement with Capital One Multifamily Finance, LLC. As of March 2, 2018, approximately $216.7 million was outstanding under the Fannie Mae Master Credit Facility. All of the $61.7 million of the net proceeds, after closing costs, of the Advance was used by the Company to prepay a portion of the Bridge Loan. The Advance bears interest at a rate of one-month LIBOR plus a 2.32% margin and matures on November 1, 2026. Monthly debt service payments on the Advance will be interest-only for forty-eight ( 48 ) months and principal and interest thereafter based on a 30-year amortization schedule. The Advance is prepayable in whole or in part after a one -year lockout period with a premium of 1% and, on or after July 31, 2026, without any premium. Tender Offer On March 13, 2018, the Company announced a tender offering to purchase up to 2,000,000 shares of the Company’s common stock, par value $0.01 per share, for cash at a purchase price equal to $13.15 per share, or $26.3 million in the aggregate, on the terms and conditions set forth in the 8-K filed with the SEC on March 13, 2018. The tender offering, proration period and withdrawal rights will expire at 11:59 p.m. Eastern Time, on April 12, 2018. The Company is making the Offer in response to an unsolicited offer to stockholders commenced on February 27, 2018. |
Real Estate and Accumulated Dep
Real Estate and Accumulated Depreciation - Schedule III | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 Land Building and Improvements Building and Gross Amount at December 31,2017 (1)(2) Accumulated Depreciation (3)(4) Fresenius Medical Care - Winfield (5) AL 5/10/2013 $ 749 $ 151 $ 1,568 $ — $ 1,719 $ 215 Adena Health Center - Jackson (5) OH 6/28/2013 2,124 242 4,494 — 4,736 524 Ouachita Community Hospital - West Monroe LA 7/12/2013 2,666 633 5,304 — 5,937 629 CareMeridian - Littleton CO 8/8/2013 — 976 8,900 103 9,979 1,751 Oak Lawn Medical Center - Oak Lawn (5) IL 8/21/2013 4,018 835 7,477 — 8,312 1,045 Surgery Center of Temple - Temple (5) TX 8/30/2013 3,141 225 5,208 — 5,433 586 Greenville Health System - Greenville (5) SC 10/10/2013 1,677 720 3,045 — 3,765 333 Arrowhead Medical Plaza II - Glendale AZ 2/21/2014 — — 9,707 916 10,623 1,249 Village Center Parkway - Stockbridge GA 2/21/2014 — 1,135 2,299 131 3,565 349 Stockbridge Family Medical - Stockbridge GA 2/21/2014 — 823 1,799 11 2,633 208 Creekside MOB - Douglasville (5) GA 4/30/2014 6,018 2,709 5,320 603 8,632 808 Bowie Gateway Medical Center - Bowie (5) MD 5/7/2014 7,390 983 10,321 — 11,304 1,028 Campus at Crooks & Auburn Building D - Rochester Hills (5) MI 5/19/2014 2,613 640 4,107 19 4,766 419 Medical Center of New Windsor - New Windsor NY 5/22/2014 4,521 — 10,566 326 10,892 1,129 Plank Medical Center - Clifton Park NY 5/22/2014 1,767 749 3,559 44 4,352 395 Cushing Center - Schenectady NY 5/23/2014 7,285 — 12,489 37 12,526 1,269 Berwyn Medical Center - Berwyn (5) IL 5/29/2014 4,367 1,305 7,559 — 8,864 707 Countryside Medical Arts - Safety Harbor FL 5/30/2014 5,773 915 7,663 60 8,638 777 St. Andrews Medical Park - Venice FL 5/30/2014 6,381 1,666 9,944 223 11,833 1,069 Campus at Crooks & Auburn Building C - Rochester Hills (5) MI 6/3/2014 2,877 609 3,842 140 4,591 426 Slingerlands Crossing Phase I - Bethlehem NY 6/13/2014 4,135 3,865 5,919 27 9,811 619 Slingerlands Crossing Phase II - Bethlehem NY 6/13/2014 4,749 1,707 9,715 105 11,527 1,000 UC Davis MOB - Elk Grove (5) CA 7/15/2014 6,807 1,138 7,242 234 8,614 716 Laguna Professional Center - Elk Grove (5) CA 7/15/2014 7,620 1,811 14,598 218 16,627 1,449 Estate at Hyde Park - Tampa (5) FL 7/31/2014 20,116 1,777 20,153 17 21,947 2,178 Autumn Ridge of Clarkston - Clarkston (5) MI 8/12/2014 19,245 655 19,834 106 20,595 2,193 Sunnybrook of Burlington - Burlington (5) IA 8/26/2014 12,783 518 16,651 16 17,185 1,828 Sunnybrook of Carroll - Carroll (5) IA 8/26/2014 6,344 473 11,150 9 11,632 1,116 Sunnybrook of Fairfield - Fairfield (5) IA 8/26/2014 1,750 340 14,028 24 14,392 1,581 Sunnybrook of Ft. Madison - Ft. Madison (5) IA 8/26/2014 1,044 263 3,898 3 4,164 37 Initial Costs Subsequent to Acquisition Property (In thousands) State Acquisition Date Encumbrances at December 31, 2017 Land Building and Improvements Building and Gross Amount at December 31,2017 (1)(2) Accumulated Depreciation (3)(4) Sunnybrook of Mt. Pleasant - Mt. Pleasant (5) IA 8/26/2014 1,329 205 10,811 223 11,239 1,019 Sunnybrook of Muscatine - Muscatine IA 8/26/2014 9,324 302 13,752 102 14,156 1,406 Prairie Hills at Cedar Rapids - Cedar Rapids (5) IA 8/26/2014 8,014 195 8,544 72 8,811 872 Prairie Hills at Clinton - Clinton (5) IA 8/26/2014 11,750 890 18,801 103 19,794 1,940 Prairie Hills at Des Moines - Des Moines IA 8/26/2014 5,418 647 13,645 59 14,351 1,535 Prairie Hills at Tipton - Tipton IA 8/26/2014 1,044 306 10,370 8 10,684 955 Prairie Hills at Independence - Independence (5) IA 8/26/2014 1,286 473 10,534 55 11,062 1,042 Prairie Hills at Ottumwa - Ottumwa (5) IA 8/26/2014 1,223 538 9,100 87 9,725 990 Sunnybrook of Burlington - Land - Burlington IA 8/26/2014 — 620 — — 620 — Benedictine Cancer Center - Kingston NY 8/27/2014 4,369 — 13,274 — 13,274 1,155 Buchanan Meadows - Buchanan MI 8/29/2014 3,917 288 6,988 26 7,302 760 Crystal Springs - Kentwood MI 8/29/2014 1,371 661 14,507 53 15,221 1,743 Golden Orchards - Fennville MI 8/29/2014 738 418 5,318 64 5,800 539 Lakeside Vista - Holland MI 8/29/2014 7,723 378 12,196 75 12,649 1,297 Liberty Court - Dixon IL 8/29/2014 — 119 1,957 — 2,076 232 Prestige Centre - Buchanan MI 8/29/2014 422 297 2,207 6 2,510 281 Prestige Commons - Chesterfield Twp MI 8/29/2014 601 318 5,346 41 5,705 541 Prestige Pines - Dewitt MI 8/29/2014 875 476 3,065 27 3,568 440 Prestige Place - Clare MI 8/29/2014 — 59 1,169 17 1,245 246 Prestige Point - Grand Blanc MI 8/29/2014 — 73 734 4 811 1 Prestige Way - Holt MI 8/29/2014 — 151 1,339 — 1,490 14 The Atrium - Rockford IL 8/29/2014 — 164 1,746 — 1,910 17 Waldon Woods - Wyoming MI 8/29/2014 — 205 1,915 14 2,134 15 Whispering Woods - Grand Rapids MI 8/29/2014 — 806 12,204 555 13,565 1,519 Arrowhead Medical Plaza I - Glendale AZ 9/10/2014 — — 6,377 797 7,174 609 Cardiovascular Consultants of Cape Girardeau Medical Office Building - Cape Girardeau (5) MO 9/18/2014 3,316 1,624 5,303 — 6,927 641 FOC Clinical - Mechanicsburg (5) PA 9/26/2014 13,408 — 19,634 — 19,634 1,819 Brady MOB - Harrisburg (5) PA 9/26/2014 14,622 — 22,485 — 22,485 1,844 Community Health MOB - Harrisburg (5) PA 9/26/2014 3,985 — 6,170 — 6,170 518 FOC I - Mechanicsburg (5) PA 9/26/2014 5,859 — 8,923 114 9,037 860 Initial Costs Subsequent to Acquisition Property (In thousands) State Acquisition Date Encumbrances at December 31, 2017 Land Building and Improvements Building and Gross Amount at December 31,2017 (1)(2) Accumulated Depreciation (3)(4) FOC II - Mechanicsburg (5) PA 9/26/2014 11,508 — 16,473 — 16,473 1,537 Landis Memorial - Harrisburg (5) PA 9/26/2014 16,603 — 32,484 — 32,484 2,672 Copper Springs Senior Living - Meridian (5) ID 9/29/2014 3,394 498 7,053 81 7,632 993 Addington Place of Brunswick - Brunswick (5) (f/k/a Benton House - Brunswick) GA 9/30/2014 1,371 1,509 14,385 25 15,919 1,588 Addington Place of Dublin - Dublin (5) (f/k/a Benton House - Dublin) GA 9/30/2014 1,160 403 9,254 51 9,708 1,118 Addington Place of Johns Creek - Johns Creek (5) (f/k/a Benton House - Johns Creek) GA 9/30/2014 10,139 997 11,849 99 12,945 1,352 Addington Place of Lee's Summit - Lee's Summit (7) (f/k/a Benton House - Lee's Summit) MO 9/30/2014 17,187 2,734 24,970 52 27,756 2,553 Manor on the Square - Roswell (5) (f/k/a Benton House - Roswell) GA 9/30/2014 4,095 1,000 8,505 194 9,699 1,121 Addington Place of Titusville - Titusville (5) (f/k/a Benton House - Titusville) FL 9/30/2014 11,971 1,379 13,827 110 15,316 1,674 Allegro at Elizabethtown - Elizabethtown (5) KY 9/30/2014 938 317 7,261 148 7,726 941 Allegro at Jupiter - Jupiter (6) FL 9/30/2014 38,559 3,741 49,413 138 53,292 5,082 Addington Place of College Harbor - St. Petersburg (5) (f/k/a Allegro at St Petersburg) FL 9/30/2014 6,064 3,791 7,950 850 12,591 1,361 Allegro at Stuart - Stuart (6) FL 9/30/2014 42,524 5,018 60,505 231 65,754 6,375 Allegro at Tarpon - Tarpon Springs (5) FL 9/30/2014 7,350 2,360 13,412 138 15,910 1,793 Allegro at St Petersburg - Land - St Petersburg FL 9/30/2014 — 3,045 — — 3,045 — Gateway Medical Office Building - Clarksville TN 10/3/2014 11,481 — 16,367 501 16,868 1,455 757 Building - Munster (5) IN 10/17/2014 3,706 645 7,885 — 8,530 653 Dyer Building - Dyer (5) IN 10/17/2014 3,907 601 8,867 125 9,593 743 759 Building - Munster (5) IN 10/17/2014 6,440 1,101 8,899 — 10,000 758 761 Building - Munster (5) IN 10/17/2014 4,997 1,436 8,580 10 10,026 759 Schererville Building - Schererville IN 10/17/2014 — 1,260 750 201 2,211 133 Nuvista at Hillsborough - Lutz FL 10/17/2014 — 913 17,176 — 18,089 2,433 Nuvista at Wellington Green - Wellington (5) FL 10/17/2014 20,673 4,273 42,098 — 46,371 4,990 Mount Vernon Medical Office Building - Mount Vernon WA 11/25/2014 11,085 — 18,519 — 18,519 1,548 Meadowbrook Senior Living - Agoura Hills (5) CA 11/25/2014 19,167 8,821 48,454 459 57,734 4,389 Hampton River Medical Arts Building - Hampton (5) VA 12/3/2014 15,678 — 17,706 89 17,795 1,552 Careplex West Medical Office Building - Hampton (5) VA 12/3/2014 10,663 2,628 16,098 — 18,726 1,323 Initial Costs Subsequent to Acquisition Property (In thousands) State Acquisition Date Encumbrances at December 31, 2017 Land Building and Improvements Building and Gross Amount at December 31,2017 (1)(2) Accumulated Depreciation (3)(4) Wellington at Hershey's Mill - West Chester (5) PA 12/3/2014 37,056 8,531 80,076 — 88,607 7,170 Eye Specialty Group Medical Building - Memphis (5) TN 12/5/2014 5,332 775 7,223 — 7,998 585 Addington Place of Alpharetta - Alpharetta (5) (f/k/a Benton House - Alpharetta) GA 12/10/2014 2,467 1,604 26,055 22 27,681 2,538 Addington Place of Prairie Village - Prairie Village (7) (f/k/a Benton House - Prairie Village) KS 12/10/2014 14,812 1,782 21,831 27 23,640 2,191 Medical Sciences Pavilion - Harrisburg (5) PA 12/15/2014 13,461 — 22,309 146 22,455 1,743 Bloom MOB - Harrisburg (5) PA 12/15/2014 11,217 — 15,928 — 15,928 1,301 Pinnacle Center - Southaven (5) MS 12/16/2014 4,223 1,378 6,418 290 8,086 625 Wood Glen Nursing and Rehab Center - West Chicago IL 12/16/2014 — 1,896 16,107 — 18,003 1,962 Paradise Valley Medical Plaza - Phoenix (5) AZ 12/29/2014 12,405 — 25,187 599 25,786 2,094 The Hospital at Craig Ranch - McKinney (f/k/a Victory Medical Center at Craig Ranch) TX 12/30/2014 — 1,596 40,389 182 42,167 3,114 Capitol Healthcare & Rehab Centre - Springfield IL 12/31/2014 — 603 21,690 35 22,328 2,561 Colonial Healthcare & Rehab Centre - Princeton IL 12/31/2014 — 173 5,871 — 6,044 904 Morton Terrace Healthcare & Rehab Centre - Morton IL 12/31/2014 — 709 5,649 — 6,358 889 Morton Villa Healthcare & Rehab Centre - Morton IL 12/31/2014 — 645 3,665 109 4,419 536 Rivershores Healthcare & Rehab Centre - Marseilles IL 12/31/2014 — 1,276 6,868 — 8,144 888 The Heights Healthcare & Rehab Centre - Peoria Heights IL 12/31/2014 — 213 7,952 — 8,165 1,078 Specialty Hospital - Mesa AZ 1/14/2015 — 1,977 16,146 284 18,407 1,306 Specialty Hospital - Sun City AZ 1/14/2015 — 2,329 15,795 274 18,398 1,287 Addington Place of Shoal Creek - Kansas City (7) (f/k/a Benton House - Shoal Creek) MO 2/2/2015 13,391 3,723 22,206 82 26,011 2,084 Aurora Health Center - Green Bay WI 3/18/2015 1,121 1,130 1,678 — 2,808 149 Aurora Health Center - Greenville WI 3/18/2015 488 259 958 — 1,217 90 Aurora Health Center - Plymouth WI 3/18/2015 10,863 2,891 24,224 — 27,115 1,927 Aurora Health Center - Waterford WI 3/18/2015 2,828 590 6,452 — 7,042 495 Aurora Health Center - Wautoma WI 3/18/2015 2,535 1,955 4,361 — 6,316 349 Aurora Sheyboygan Clinic - Kiel WI 3/18/2015 1,160 676 2,214 — 2,890 175 Arbor View Assisted Living and Memory Care - Burlington WI 3/31/2015 — 367 7,815 — 8,182 830 Advanced Orthopedic Medical Center - Richmond (5) VA 4/7/2015 11,666 1,523 19,229 — 20,752 1,403 Palm Valley Medical Plaza - Goodyear AZ 4/7/2015 3,327 1,890 4,876 101 6,867 410 Initial Costs Subsequent to Acquisition Property (In thousands) State Acquisition Date Encumbrances at December 31, 2017 Land Building and Improvements Building and Gross Amount at December 31,2017 (1)(2) Accumulated Depreciation (3)(4) Physicians Plaza of Roane County - Harriman (5) TN 4/27/2015 4,330 1,746 7,813 40 9,599 595 Adventist Health Lacey Medical Plaza - Hanford (5) CA 4/29/2015 8,502 328 13,267 35 13,630 903 Commercial Center - Peoria AZ 5/15/2015 2,111 959 1,076 425 2,460 123 Medical Center I - Peoria AZ 5/15/2015 1,689 807 1,077 842 2,726 220 Medical Center II - Peoria AZ 5/15/2015 — 945 1,304 929 3,178 270 Medical Center III - Peoria AZ 5/15/2015 — 673 1,597 497 2,767 183 Morrow Medical Center - Morrow (5) GA 6/24/2015 2,925 1,155 5,618 6 6,779 389 Belmar Medical Building - Lakewood (5) CO 6/29/2015 2,422 819 4,273 41 5,133 314 Addington Place of Northville - Northville (7) MI 6/30/2015 13,287 440 14,975 — 15,415 1,209 Medical Center V - Peoria AZ 7/10/2015 3,066 1,089 3,200 91 4,380 227 Legacy Medical Village - Plano (5) TX 7/10/2015 19,637 3,755 31,097 165 35,017 2,103 Conroe Medical Arts and Surgery Center - Conroe (5) TX 7/10/2015 9,343 1,965 12,198 237 14,400 936 Scripps Cedar Medical Center - Vista (5) CA 8/6/2015 10,082 1,213 14,531 11 15,755 908 NuVista Institute for Healthy Living - Jupiter FL 8/7/2015 — 10,000 — 72,007 82,007 — Ocean Park of Brookings - Brookings OR 9/1/2015 1,381 589 5,381 53 6,023 48 Ramsey Woods - Cudahy WI 10/2/2015 — 930 4,990 — 5,920 393 East Coast Square North - Morehead City (5) NC 10/15/2015 2,535 899 4,761 — 5,660 289 East Coast Square West - Cedar Point (5) NC 10/15/2015 3,218 1,535 4,803 6 6,344 298 Eastside Cancer Institute - Greenville (5) SC 10/22/2015 3,355 1,498 6,637 — 8,135 396 Sassafras Medical Building - Erie (5) PA 10/22/2015 2,389 928 4,538 — 5,466 254 Sky Lakes Klamath Medical Clinic - Klamath Falls (5) OR 10/22/2015 1,268 433 2,604 18 3,055 152 Courtyard Fountains - Gresham OR 12/1/2015 24,372 2,476 50,534 621 53,631 3,264 Presence Healing Arts Pavilion - New Lenox IL 12/4/2015 — — 6,761 71 6,832 405 Mainland Medical Arts Pavilion - Texas City (5) TX 12/4/2015 4,096 320 7,823 300 8,443 503 Renaissance on Peachtree - Atlanta (5) GA 12/15/2015 50,821 4,535 68,605 576 73,716 4,345 Fox Ridge Senior Living at Bryant - Bryant AR 12/29/2015 7,535 1,687 12,862 159 14,708 1,084 Fox Ridge Senior Living at Chenal - Little Rock AR 12/29/2015 17,270 6,896 20,484 78 27,458 1,479 Fox Ridge Senior Living at Parkstone - North Little Rock AR 12/29/2015 10,716 — 19,190 102 19,292 1,260 Initial Costs Subsequent to Acquisition Property (In thousands) State Acquisition Date Encumbrances at December 31, 2017 Land Building and Improvements Building and Gross Amount at December 31,2017 (1)(2) Accumulated Depreciation (3)(4) Autumn Leaves of Clear Lake - Houston TX 12/31/2015 — 1,599 13,194 — 14,793 872 Autumn Leaves of Cy-Fair - Houston TX 12/31/2015 — 1,225 11,335 — 12,560 752 Autumn Leaves of Meyerland - Houston TX 12/31/2015 — 2,033 13,411 — 15,444 849 Autumn Leaves of The Woodlands - The Woodlands TX 12/31/2015 — 2,412 9,141 — 11,553 647 High Desert Medical Group Medical Office Building - Lancaster CA 4/07/2017 4,876 1,459 9,300 — 10,759 228 Northside Hospital Medical Office Building - Canton GA 7/13/2017 5,276 3,408 8,191 — 11,599 111 West Michigan Surgery Center - Big Rapids MI 8/18/2017 — 258 5,677 — 5,935 50 Camellia Walk Assisted Living and Memory Care - Evans GA 9/28/2017 11,971 1,855 17,361 — 19,216 149 Cedarhurst of Collinsville - Collinsville IL 12/22/2017 4,168 1,228 8,638 — 9,866 — Beaumont Medical Center - Warren MI 12/22/2017 4,945 1,078 9,525 — 10,603 — DaVita Dialysis - Hudson FL 12/22/2017 981 226 1,979 — 2,205 — DaVita Bay Breeze - Largo FL 12/22/2017 595 399 896 — 1,295 — Greenfield Medical Center - Gilbert AZ 12/22/2017 2,552 1,476 4,131 — 5,607 — RAI Care Center - Clearwater FL 12/22/2017 1,707 624 3,156 — 3,780 — Illinois CancerCare - Galesburg IL 12/22/2017 935 290 2,457 — 2,747 — UnityPoint Clinic - Muscatine IA 12/22/2017 — 570 4,541 — 5,111 — Lee Memorial Health System Outpatient Center - Ft. Meyers FL 12/22/2017 1,909 439 4,374 — 4,813 — Arcadian Cove Assisted Living - Richmond KY 12/22/2017 — 481 3,923 — 4,404 — Decatur Medical Office Building - Decatur GA 12/22/2017 1,838 695 3,273 — 3,968 — Madison Medical Plaza - Joliet IL 12/22/2017 7,624 — 16,855 — 16,855 — Woodlake Office Center - Woodbury MN 12/22/2017 5,376 1,017 10,688 — 11,705 — Rockwall Medical Plaza - Rockwall TX 12/22/2017 2,437 1,097 4,571 — 5,668 — Buckeye Health Center - Cleveland OH 12/22/2017 2,817 389 4,367 — 4,756 — UnityPoint Clinic - Moline IL 12/22/2017 — 396 2,880 — 3,276 — VA Outpatient Clinic - Galesburg IL 12/22/2017 1,416 359 1,852 — 2,211 — Philip Professional Center - Lawrenceville GA 12/22/2017 4,895 757 6,710 — 7,467 — Total $ 950,234 $ 201,427 $ 1,939,110 $ 88,837 $ 2,229,374 $ 170,271 ___________________________________ (1) Acquired intangible lease assets allocated to individual properties in the amount of $256.7 million are not reflected in the table above. (2) The tax basis of aggregate land, buildings and improvements as of December 31, 2017 is $2.2 billion (unaudited). (3) The accumulated depreciation column excludes $139.4 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 $239.7 million of outstanding borrowings as of December 31, 2017 . (6) These properties collateralize the Capital One Credit Facility, which had $152.5 million of outstanding borrowings as of December 31, 2017 . (7) These properties collateralize the KeyBank Credit Facility, which had $142.7 million of outstanding borrowings as of December 31, 2017 . f/k/a — Formerly Known As A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2017 , 2016 and 2015 : December 31, (In thousands) 2017 2016 2015 Real estate investments, at cost (1) : Balance at beginning of year $ 2,060,458 $ 2,078,503 $ 1,475,848 Additions-Acquisitions 169,741 6,478 602,655 Disposals (825 ) (24,523 ) — Balance at end of the year $ 2,229,374 $ 2,060,458 $ 2,078,503 Accumulated depreciation (1) : Balance at beginning of year $ 119,014 $ 60,575 $ 11,791 Depreciation expense 51,268 59,478 48,784 Disposals (11 ) (1,039 ) — Balance at end of the year $ 170,271 $ 119,014 $ 60,575 ___________________________________ (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 Accoun26
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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. In asset acquisitions, the Company allocates the purchase price as well as other costs of acquisition, such as transaction costs, to tangible and identifiable intangible assets or liabilities based on the basis of relative fair values. This cost accumulation model is unique to asset acquisitions and differs from business combinations as there is no goodwill recognized. 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. |
Deferred Costs, Net | Deferred Costs, Net Deferred costs, net, consists of deferred financing costs related to the Company's Revolving Credit Facility 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 ("RIDEA") 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 9 — 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 9 — 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 11 — Share-Based Compensation ). |
Income Taxes | 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. On December 22, 2017, the Tax Cuts and Jobs Act was signed into law by the U.S. President. The Company is not aware of any provision in the final tax reform legislation or any pending tax legislation that would adversely affect its ability to operate as a REIT or to qualify as a REIT for U.S. federal income tax purposes. However, new legislation, as well as new regulations, administrative interpretations, or court decisions may be introduced, enacted, or promulgated from time to time, that could change the tax laws or interpretations of the tax laws regarding qualification as a REIT, or the federal income tax consequences of that qualification, in a manner that is adverse to the Company's qualification as a REIT. 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, 2017 , 2016 and 2015 . 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, 2017 , the Company, through its TRS entity, owned 52 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 as well as net operating losses. Significant components of the deferred tax assets and liabilities as of December 31, 2017 consisted of deferred rent and net operating losses. As of December 31, 2017 , the Company had a deferred tax asset of $4.4 million with no valuation allowance. As of December 31, 2016 , the Company had a deferred tax asset of $5.2 million with no valuation allowance. The reduction in the deferred tax asset is primarily due to the reduction in the federal corporate tax rate under the December 22, 2017 Tax Cuts and Jobs Act. The following table details the composition of the Company's tax benefit (expense) for the years ended December 31, 2017 , 2016 and 2015 , 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 40.1% and 40.0% for the years ended December 31, 2017 and 2016 , respectively. The Company estimated its deferred income tax benefit (expense) relating to its TRS entity using a combined federal and state rate of approximately 27.2% and 40.0% for the years ended December 31, 2017 and December 31, 2016, respectively. These income taxes are reflected in income tax benefit (expense) on the accompanying consolidated statements of operations and comprehensive loss. 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. |
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 Adopted as of December 31, 2017 In March 2016, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Updated ("ASU") ASU 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships . Under the new guidance, the novation of a derivative contract in a hedge accounting relationship does not, in and of itself, require dedesignation of that hedge accounting relationship. The hedge accounting relationship could continue uninterrupted if all of the other hedge accounting criteria are met, including the expectation that the hedge will be highly effective when the creditworthiness of the new counterparty to the derivative contract is considered. The guidance is effective for fiscal years beginning after December 15, 2016, and interim periods therein. The Company has adopted the provisions of this guidance effective January 1, 2017, and has applied the provisions prospectively. The adoption of this guidance did not have an impact on the Company's consolidated financial statements. In March 2016, the FASB issued an update on ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The guidance 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. The Company has adopted the provisions of this guidance effective January 1, 2017, and has applied the provisions prospectively. The adoption of this guidance has not had a material impact on the Company's consolidated financial position, results of operations or cash flows. In October 2016, the Financial Accounting Standards Board (“FASB”) issued accounting standards update ("ASU") No. 2016-17, Consolidation (Topic 810): Interests Held Through Related Parties That Are Under Common Control , which provides guidance relating to interests held through related parties that are under common control, 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 Company has adopted the provisions of this guidance beginning January 1, 2017, and the adoption did not have an impact on the Company's consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which provides 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 amendments are effective for fiscal years beginning after December 15, 2017, with early adoption permitted, including adoption in an interim period. The Company adopted this guidance effective December 31, 2017, using a retrospective transition method. As a result, the Company adjusted it statements of cash flows for the years ended December 31, 2016 and 2015 to include $4.0 million and $4.6 million of restricted cash, respectively, in the beginning and ending cash balances. In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which simplifies subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. The amendments in this update modify the concept of impairment from the condition that exists to when the carrying amount of a reporting unit exceeds its fair value. An entity no longer will determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. The revised guidance is effective for reporting periods beginning after December 15, 2019, and the amendments will be applied prospectively. Early application is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company early adopted the new guidance effective January 1, 2017 and the adoption had no impact on the Company's consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805) : Clarifying the Definition of a Business, which revises the definition of a business. Amongst other things, this new guidance is applicable when evaluating whether an acquisition (disposal) should be treated as either a business acquisition (disposal) or an asset acquisition (disposal). 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. The Company has adopted the provisions of this guidance effective January 1, 2017. The Company's acquisitions have historically been classified as asset acquisitions, and as a result, future transaction costs are more likely to be capitalized since the Company expects most of its future acquisitions to be classified as asset acquisitions under this new standard. All of the Company's acquisitions during 2017 have been classified as asset acquisitions. Pending Adoption as of December 31, 2017 In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606 ), and has since issued several additional amendments thereto (collectively referred to herein as "ASC 606"). ASC 606 establishes a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. Under ASC 606, 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. ASC 606 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. A reporting entity may apply the amendments in ASC 606 using either a modified retrospective approach, by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption or a full retrospective approach. The Company adopted this guidance effective January 1, 2018, for all future financial statements issued, under the modified retrospective approach and it did not have an impact on the Company's consolidated financial statements. The Company has progressed in its project plan in evaluating its various revenue streams in order to identify any differences in the timing, measurement or presentation of revenue recognition under ASC 606 and ASU 2016-02, Leases (Topic 842) ("ASC 842"). Based on the Company’s evaluation of its various revenue streams, the Company believes that certain elements of resident services and fees in its seniors housing - operating properties ("SHOP") segment as well as gains on the sale of real estate could be impacted by the adoption of ASC 606, however, this guidance will not have a significant impact on our Consolidated Financial Statements. Resident services and fees that may be affected by ASC 606 are generated through services the Company provides to residents of its seniors housing communities that are in addition to the residents’ contractual rights to occupy living and common-area space at the communities, such as care, meals, transportation, and activities. ASC 606 requires an entity to recognize revenue to depict the transfer of 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. While these revenue streams are subject to the application of ASC 606, the Company believes that the timing of revenue recognition will be consistent with the current accounting model because the revenues associated with these services are generally recognized on a monthly basis. As it relates to gains on the sale of real estate, the Company expects that this standard will have an impact on the timing of gains on certain sales of real estate as a result of more transactions generally qualifying as sales of real estate and revenue being recognized at an earlier date than under current accounting guidance. Specifically, the Company expects that this would impact partial sales of real estate in situations where the Company no longer retains a controlling financial interest. If the Company were to enter into partial sales of real estate, the Company would derecognize the real estate asset consistent with the principles outlined in ASC 606 and any retained non-controlling ownership interest would be measured at fair value consistent with the guidance on noncash consideration in ASC 606. In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The revised guidance amends the recognition and measurement of financial instruments. The new guidance significantly 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 Company adopted this guidance effective January 1, 2018, using the modified retrospective transition method, and there was no material impact to the Company's consolidated financial statements. In February 2016, the FASB issued ASC 842, which originally stated that companies would be required to bifurcate certain lease revenues between lease and non-lease components, however, the FASB issued an exposure draft in January 2018 (2018 Exposure Draft) which, if adopted as written, would allow lessors a practical expedient by class of underlying assets to account for lease and non-lease components as a single lease component if certain criteria are met. Additionally, only incremental direct leasing costs may be capitalized under this new guidance, which is consistent with the Company’s existing policies. ASU 842 originally required a modified retrospective method of adoption, however, the 2018 Exposure Draft indicates that companies may be permitted to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The pronouncement allows some optional practical expedients. From a lessor perspective the Company expects that the new standard will impact the presentation of lease and non-lease components of revenue such as rent, and operating expense reimbursements including common area maintenance, taxes, and insurance from leases for which the Company is a lessor. The Company does not expect this guidance to impact its existing lessor revenue recognition pattern. The Company is a lessee for 19 of its properties for which it has ground leases as of December 31, 2017 . For these leases, the Company will be required to record a right-of-use asset and lease liability equal to the present value of the remaining lease payments upon adoption of this update. The new standard requires lessees to apply a dual lease classification 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 Company is continuing to evaluate any differences in the timing, measurement, or presentation of lessor revenues as well as the impact of the new lessee accounting model on the Company’s consolidated financial position, results of operations and disclosures. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which changes how entities measure credit losses for financial assets carried at amortized cost. The update eliminates the requirement that a credit loss must be probable before it can be recognized and instead requires an entity to recognize the current estimate of all expected credit losses. Additionally, the update requires credit losses on available-for-sale debt securities to be carried as an allowance rather than as a direct write-down of the asset. The amendments become effective for reporting periods beginning after December 15, 2019. Early adoption is permitted for reporting periods beginning after December 15, 2018. The Company is currently evaluating the impact of this new guidance. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which provides 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 Company will apply the new guidance beginning in the first quarter of 2018, with reclassification of prior period amounts, where applicable, and it does not expect the provisions to have a significant impact on its statement of cash flows. In February 2017, the FASB issued ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Assets Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets, which provides guidance related to partial sales of non-financial assets, eliminates rules specifically addressing the sales of real estate, clarifies the definition of in substance non-financial assets, removes exception to the financial asset derecognition model and clarifies the accounting for contributions of non-financial assets to joint ventures. The Company adopted this guidance effective January 1, 2018 using the modified transition method. The Company expects that any future sales of real estate in which the Company retains a non-controlling interest in the property would result in the full gain amount being recognized at the time of the partial sale. Historically, the Company has not retained any interest in properties it has sold. In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting, which provides guidance that clarifies which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The update states that modification accounting should be used unless the fair value of the award, the vesting terms of the award, and the classification of the award as either equity or liability, all do not change as a result of the modification. The Company adopted this guidance effective January 1, 2018 using the modified retrospective transition method. The Company expects that any future modifications to the Company's issued share-based awards will be accounted for using modification accounting, unless the modification meets all of the exception criteria noted above. As a result, the modification would be treated as an exchange of the original award for a new award, with any incremental fair value being treated as additional compensation cost. In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815) : (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Non-Controlling Interests with a Scope Exception guidance that changes the method to determine the classification of certain financial instruments with a down round feature as liabilities or equity instruments and clarify existing disclosure requirements for equity-classified instruments. A down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity’s own stock. As a result, a freestanding equity-linked financial instrument no longer would be accounted for as a derivative liability, rather, an entity that presents earnings per share is required to recognize the effect of the down round feature when it is triggered. That effect is treated as a dividend and as a reduction of income available to common shareholders in basic EPS. Convertible instruments with embedded conversion options that have down round features are now subject to the specialized guidance for contingent beneficial conversion features. The revised guidance is effective for annual periods and interim periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted, including adoption in an interim period. Adoption should be applied retrospectively to outstanding financial instruments with a down round feature with a cumulative-effect adjustment to the statement of financial position. The Company is currently evaluating the impact of this new guidance. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The transition guidance provides companies with the option of early adopting the new standard using a modified retrospective transition method in any interim period after issuance of the update, or alternatively requires adoption for fiscal years beginning after December 15, 2018. This adoption method will require the Company to recognize the cumulative effect of initially applying the ASU as an adjustment to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that the Company adopts the update. The Company is currently assessing the potential impacts of this new standard. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 , 2016 and 2015 , 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 40.1% and 40.0% for the years ended December 31, 2017 and 2016 , respectively. The Company estimated its deferred income tax benefit (expense) relating to its TRS entity using a combined federal and state rate of approximately 27.2% and 40.0% for the years ended December 31, 2017 and December 31, 2016, 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, 2017 2016 2015 (In thousands) Current Deferred Current Deferred Current Deferred Federal benefit (expense) $ (811 ) $ 1,597 $ 2,103 $ (237 ) $ 1,667 $ 762 State benefit (expense) 3 (142 ) 308 (90 ) 358 191 Total $ (808 ) $ 1,455 $ 2,411 $ (327 ) $ 2,025 $ 953 |
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, 2017 , 2016 and 2015 : Year Ended December 31, 2017 2016 2015 Return of capital 99.7 % $ 1.50 86.8 % $ 1.47 97.9 % $ 1.66 Capital gain dividend income 0.3 % 0.01 0.5 % 0.01 0.3 % 0.01 Ordinary dividend income — % — 12.7 % 0.22 1.8 % 0.03 Total 100.0 % $ 1.51 100.0 % $ 1.70 100.0 % $ 1.70 |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate Investments, Net [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | At closing of the transfer of operations, the Company assumed the following assets and liabilities which are included in the consolidated balance sheet within the line items as shown below. The amounts below reflect the fair values of these assets and liabilities, as of the transfer closing date, to the appropriate financial statement line as shown below during the year ended December 31, 2017 . (In thousands) June 8, 2017 Buildings, fixtures and improvements $ 723 Cash and cash equivalents 865 Prepaid expenses and other assets 651 Total assets acquired $ 2,239 Accounts payable and accrued expenses $ 1,188 Deferred rent 744 Total liabilities acquired $ 1,932 Gain on acquisition $ 307 The following table presents the allocation of the assets acquired and capitalized construction in progress during the year s ended December 31, 2017 , 2016 and 2015 : Year Ended December 31, (Dollar amounts in thousands) 2017 (2) 2016 2015 Real estate investments, at cost: Land $ 18,501 $ — $ 79,329 Buildings, fixtures and improvements 135,344 — 519,185 Construction in progress 11,952 38,746 21,309 Total tangible assets 165,797 38,746 619,823 Intangible assets and liabilities: In-place leases 21,546 — 62,584 Market lease and other intangible assets 2,472 — 3,223 Market lease liabilities (888 ) — (10,064 ) Total intangible assets and liabilities 23,130 — 55,743 Mortgage notes payable, net (4,897 ) — (101,550 ) Other assets acquired and (liabilities assumed) in the Asset Acquisition, net (1) (1,056 ) — (3,882 ) Consideration paid for acquired real estate investments $ 182,974 $ 38,746 $ 570,134 Number of properties purchased 23 — 48 _______________ (1) Includes liabilities of $0.8 million in accounts payable and accrued expenses, $0.5 million in non-controlling interests and $0.1 million in deferred rent and includes assets of $0.2 million in cash and $0.2 million in restricted cash related to the 19 properties acquired from HT III. (2) Includes the purchase all of the membership interests in indirect subsidiaries of American Realty Capital Healthcare Trust III, Inc. (HT III) that owned the 19 properties comprising substantially all of HT III’s assets, pursuant to a purchase agreement, dated as of June 16, 2017. HT III is sponsored and advised by an affiliate of the Company’s advisor. See Note 9 — Related Party Transactions and Arrangements for additional information. |
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, 2017 . 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 2018 $ 93,064 2019 89,753 2020 84,681 2021 79,190 2022 72,700 Thereafter 340,964 Total $ 760,352 |
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, 2017 , 2016 and 2015 : December 31, State 2017 2016 2015 Florida 17.5% 19.3% 18.6% Georgia 10.7% 10.2% * Iowa * 10.5% 10.1% Michigan 11.6% * * Pennsylvania 10.8% 12.0% 11.4% _______________ * 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, 2017 December 31, 2016 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 215,453 $ 130,749 $ 84,704 $ 195,940 $ 115,641 $ 80,299 Market lease assets 30,636 7,853 22,783 28,220 5,798 22,422 Other intangible assets 10,589 838 9,751 10,589 574 10,015 Total acquired intangible assets $ 256,678 $ 139,440 $ 117,238 $ 234,749 $ 122,013 $ 112,736 Intangible liabilities: Market lease liabilities $ 25,956 $ 7,127 $ 18,829 $ 25,614 $ 5,427 $ 20,187 |
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) 2017 2016 2015 Amortization of in-place leases and other intangible assets (1) $ 17,369 $ 38,754 $ 75,481 Amortization and (accretion) of above- and below-market leases, net (2) (308 ) (209 ) (359 ) Amortization of above- and below-market ground leases, net (3) 172 172 199 _______________ (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) 2018 2019 2020 2021 2022 In-place lease assets $ 18,157 $ 14,110 $ 11,951 $ 9,613 $ 7,792 Other intangible assets 612 568 414 414 414 Total to be added to amortization expense $ 18,769 $ 14,678 $ 12,365 $ 10,027 $ 8,206 Above-market lease assets $ (1,889 ) $ (1,600 ) $ (1,261 ) $ (909 ) $ (558 ) Below-market lease liabilities 1,926 1,646 1,489 1,339 1,309 Total to be added to rental income $ 37 $ 46 $ 228 $ 430 $ 751 Below-market ground lease assets $ 212 $ 212 $ 212 $ 212 $ 212 Above-market ground lease liabilities (65 ) (65 ) (65 ) (65 ) (63 ) Total to be added to property operating and maintenance expense $ 147 $ 147 $ 147 $ 147 $ 149 |
Real Estate Sales | The following table summarizes the four properties sold during the years ended December 31, 2017 and 2016 : 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 Center 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 Dental Arts Building - Peoria, AZ May 16, 2017 825 438 Total 27,075 $ 1,379 Less: disposal costs (428 ) Proceeds from sales of real estate investments $ 26,647 The following table details the major classes of assets associated with the properties that have been classified as held for sale as of December 31, 2017 : (In thousands) December 31, 2017 Real estate held for sale, at cost: Land $ 3,131 Buildings, fixtures and improvements 38,596 Total real estate held for sale, at cost 41,727 Less accumulated depreciation and amortization (3,870 ) Real estate assets held for sale, net 37,857 Impairment charges related to properties reclassified as held for sale (35 ) Assets held for sale $ 37,822 |
Mortgage Notes Payable, Net (Ta
Mortgage Notes Payable, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following table reflects the Company's mortgage notes payable as of December 31, 2017 and 2016 : Portfolio Encumbered Properties (1) Outstanding Loan Amount as of December 31, Effective Interest Rate Interest Rate Maturity 2017 2016 (In thousands) (In thousands) Medical Center of New Windsor - New Windsor, NY — $ — $ 8,602 — % Fixed Sep. 2017 Plank Medical Center - Clifton Park, NY — — 3,414 — % Fixed Sep. 2017 Countryside Medical Arts - Safety Harbor, FL 1 5,773 5,904 4.98 % Variable (2) Apr. 2019 St. Andrews Medical Park - Venice, FL 3 6,381 6,526 4.98 % Variable (2) Apr. 2019 Slingerlands Crossing Phase I - Bethlehem, NY — — 6,589 — % Fixed Sep. 2017 Slingerlands Crossing Phase II - Bethlehem, NY — — 7,671 — % Fixed Sep. 2017 Benedictine Cancer Center - Kingston, NY — — 6,719 — % Fixed Sep. 2017 Aurora Healthcare Center Portfolio - WI — — 30,858 — % Fixed Jan. 2018 Palm Valley Medical Plaza - Goodyear, AZ 1 3,327 3,428 4.15 % Fixed Jun. 2023 Medical Center V - Peoria, AZ 1 3,066 3,151 4.75 % Fixed Sep. 2023 Courtyard Fountains - Gresham, OR 1 24,372 24,820 3.87 % Fixed (3) Jan. 2020 Fox Ridge Bryant - Bryant, AR 1 7,565 7,698 3.98 % Fixed May 2047 Fox Ridge Chenal - Little Rock, AR 1 17,270 17,540 3.98 % Fixed May 2049 Fox Ridge North Little Rock - North Little Rock, AR 1 10,716 10,884 3.98 % Fixed May 2049 Philip Professional Center - Lawrenceville, GA 2 4,895 — 4.00 % Fixed Oct. 2019 MOB Loan 32 250,000 — 4.44 % Fixed (5) June 2022 Bridge Loan 23 82,000 — 4.13 % Variable Dec. 2019 Gross mortgage notes payable 67 415,365 143,804 4.31 % (4) Deferred financing costs, net of accumulated amortization (7,625 ) (1,516 ) Mortgage premiums and discounts, net (1,110 ) 466 Mortgage notes payable, net $ 406,630 $ 142,754 _______________ (1) Does not include eligible unencumbered real estate assets comprising the borrowing base of the Revolving Credit Facility. The equity interests and related rights in our wholly owned subsidiaries that directly own or lease these real estate assets have been pledged for the benefit of the lenders thereunder. See Note 5 — Credit Facilities. (2) Fixed interest rate through May 10, 2017. Interest rate changes to variable rate starting in June 2017. (3) Interest only payments through July 1, 2016. Principal and interest payments began in August 2016. (4) Calculated on a weighted average basis for all mortgages outstanding as of December 31, 2017 . (5) Variable rate loan which is fixed as a result of entering into interest rate swap agreements. Note 7 — Derivatives and Hedging Activities . |
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, 2017 : (In thousands) Future Principal Payments 2018 $ 83,534 2019 18,078 2020 24,278 2021 892 2022 250,928 Thereafter 37,655 Total $ 415,365 |
Credit Facilities Credit Facili
Credit Facilities Credit Facilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Credit Facilities | The Company has the following credit facilities outstanding as of December 31, 2017 and 2016 : Outstanding Facility Amount as of Effective Interest Rate Credit Facility Encumbered Properties (1) December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016 Maturity (In thousands) (In thousands) Revolving Credit Facility 54 (2) $ 239,700 $ 421,500 3.33 % 2.39 % Mar. 2019 Fannie Mae Master Credit Facilities: Capital One Facility 5 (3) 152,461 30,000 3.88 % 3.24 % Nov. 2026 KeyBank Facility 10 (4) 142,708 30,000 3.89 % 3.24 % Nov. 2026 Total Fannie Mae Master Credit Facilities 295,169 60,000 Total Credit Facilities 69 $ 534,869 $ 481,500 3.63 % (5) 2.50 % (5) _______________ (1) Encumbered as of December 31, 2017 . (2) The equity interests and related rights in the Company's wholly owned subsidiaries that directly own or lease the eligible unencumbered real estate assets comprising the borrowing base of the Revolving Credit Facility have been pledged for the benefit of the lenders thereunder. (3) Secured by first-priority mortgages on five of the Company’s seniors housing properties located in Florida, Iowa and Georgia as of December 31, 2017 . (4) Secured by first-priority mortgages on ten of the Company’s seniors housing properties located in Michigan, Missouri, Kansas, California, Florida, Georgia and Iowa as of December 31, 2017 . (5) Calculated on a weighted average basis for all credit facilities outstanding as of December 31, 2017 and 2016 . |
Fair Value of Financial Instr31
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 , aggregated by the level in the fair value hierarchy within which those instruments fall. (In thousands) Basis of Measurement Quoted Prices in Active Markets Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Total December 31, 2017 Derivatives, net Recurring $ — $ 2,550 $ — $ 2,550 Impaired assets held for sale Non-recurring — 1,323 — 1,323 Total $ — $ 3,873 $ — $ 3,873 December 31, 2016 Derivatives, net Recurring $ — $ 61 $ — $ 61 |
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, Gross mortgage notes payable and mortgage premium and discounts, net 3 $ 414,255 $ 411,749 $ 144,270 $ 144,261 Revolving Credit Facility 3 $ 239,700 $ 239,700 $ 421,500 $ 421,500 Fannie Credit Facilities 3 $ 295,169 $ 296,151 $ 60,000 $ 60,000 _______________________________ (1) Carrying value includes mortgage notes payable of $415.4 million and $143.8 million and mortgage premiums and discounts, net of $(1.1) million and $0.5 million as of December 31, 2017 and December 31, 2016 , respectively. |
Derivatives and Hedging Activ32
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Derivative Instruments | As of December 31, 2017 , the Company had the following derivatives that were designated as cash flow hedges of interest rate risk. The Company did not have any derivatives designated as cash flow hedges as of December 31, 2016 . December 31, 2017 Interest Rate Derivative Number of Instruments Notional Amount (In thousands) Interest rate swaps 2 $ 250,000 As of December 31, 2017 and 2016 , the Company had the following outstanding interest rate derivatives that were not designated as a hedge of interest rate risk. December 31, 2017 December 31, 2016 Interest Rate Derivative Number of Instruments Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Interest rate caps 6 $ 295,169 2 $ 60,000 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The table below details the location in the financial statements of the loss recognized on interest rate derivatives designated as cash flow hedges for the twelve months ended December 31, 2017 . The Company did not have any derivatives designated as cash flow hedges as of December 31, 2016 . Year Ended December 31, (In thousands) 2017 2016 Amount of gain (loss) recognized into accumulated other comprehensive income on designated derivatives (effective portion) $ 1,674 $ — Amount of gain (loss) reclassified out of accumulated other comprehensive income on designated derivatives (effective portion) $ (799 ) $ — |
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 consolidated balance sheets as of December 31, 2017 and December 31, 2016 : (In thousands) Balance Sheet Location December 31, 2017 December 31, 2016 Derivatives designated as hedging instruments: Interest rate swaps Derivative assets, at fair value $ 2,473 $ — Derivatives not designated as hedging instruments: Interest rate caps Derivative assets, at fair value $ 77 $ 61 |
Common Stock (Tables)
Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 : Number of Shares Repurchased Average Price per Share Cumulative repurchases as of December 31, 2016 975,030 $ 23.73 Year ended December 31, 2017 (1) 1,554,768 $ 21.61 Cumulative repurchases as of December 31, 2017 2,529,798 $ 22.43 _____________________________ (1) Includes 1,554,768 shares repurchased during the year ended December 31, 2017 for approximately $33.6 million at a weighted average price per share of $21.61 . Excludes rejected repurchases received during 2016 with respect to 2.3 million shares for $48.7 million at a weighted average price per share of $21.27 . In July 2017, following the effectiveness of the amendment and restatement of the SRP, the Board approved 100% of the repurchase requests made following the death or qualifying disability of stockholders during the period from January 1, 2017 to September 30, 2017, which was equal to 267,723 shares repurchased for approximately $5.7 million at an average price per share of $21.47 . No repurchases have been or will be made with respect to requests received during 2017 that are not valid requests in accordance with the amended and restated SRP. |
Related Party Transactions an34
Related Party Transactions and Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 2017 2016 2015 December 31, (In thousands) Incurred (1) Incurred (1) Incurred Forgiven 2017 2016 One-time fees and reimbursements: Acquisition fees $ — $ — $ 6,878 $ — $ — $ — Acquisition cost reimbursements 124 — 3,439 — 36 — Financing coordination fees — 450 3,863 — — — Due to (from) HT III related to asset purchase (2) — — — — 196 — Ongoing fees and reimbursements: Asset management fees (3) 19,189 17,566 10,889 — — — Property management fees 3,068 3,017 1,302 1,220 66 (163 ) Professional fees and reimbursements 7,553 4,492 4,558 — 1,339 1,025 Distributions on Class B Units 543 611 490 — — — Total related party operation fees and reimbursements $ 30,477 $ 26,136 $ 31,419 $ 1,220 $ 1,637 $ 862 _______________ (1) There were no fees or reimbursements forgiven during the years ended December 31, 2017 or 2016. (2) On December 22, 2017, the Company purchased substantially all the assets of American Realty Capital Healthcare Trust III, Inc. Certain proration estimates were included within the Closing. The purchase agreement calls for a final purchase price adjustment. As of December 31, 2017 , the Company has a net payable to American Realty Capital Healthcare Trust III, Inc. included on its Consolidated Balance Sheet. Please see below for additional information related to the asset purchase. (3) 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, 2017 , 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. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Restricted Share Award Activity | Number of Common Shares Weighted-Average Issue Price 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 Granted 380,592 21.45 Vested (2,411 ) 22.40 Forfeitures (5,592 ) 21.45 Unvested, December 31, 2017 382,510 $ 21.47 |
Accumulated Other Comprehensi36
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table illustrates the changes in accumulated other comprehensive income as of and for the periods presented: (In thousands) Unrealized Gains (Losses) on Available-for-Sale Securities 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 — Other comprehensive income, before reclassifications 2,473 Amounts reclassified from accumulated other comprehensive income — Balance, December 31, 2017 $ 2,473 __________________ (1) During the year s ended December 31, 2016 and 2015 , the Company sold its investments in securities, resulting in realized gains of $0.1 million and approximately $0.4 million , 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, 2017 | |
Noncontrolling Interest [Abstract] | |
Schedule related to Investment Arrangements with Unaffiliated Third Party | The following table summarizes the activity related to investment arrangements with unaffiliated third parties. Third Party Net Investment Amount Non-Controlling Ownership Percentage Net Real Estate Assets Subject to Investment Arrangement (1) Distributions (2) Property Name (Dollar amounts in thousands) Investment Date As of December 31, 2017 As of December 31, 2017 As of December 31, 2017 As of December 31, 2016 For the Year Ended December 31, 2017 For the Year Ended December 31, 2016 Plaza Del Rio Medical Office Campus Portfolio May 2015 $ 412 4.1 % $ 10,784 $ 10,429 $ 52 $ 40 UnityPoint Clinic Portfolio (3) December 2017 $ 473 5.0 % $ 9,639 $ — $ — $ — _____________ (1) There are no mortgage notes payable subject to these investment arrangements. (2) Represents distributions to unaffiliated third party investors of net cash flows from operations of the properties subject to the investment arrangements. (3) Assumed as part of the HT III Asset Purchase. See Note 9 - Related Party Transactions and Arrangements for further information on the Asset Purchase. |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 , 2016 and 2015 : Year Ended December 31, 2017 2016 2015 Net loss attributable to stockholders (in thousands) $ (42,548 ) $ (20,874 ) $ (41,741 ) Basic and diluted weighted-average shares outstanding 89,802,174 87,878,907 85,331,966 Basic and diluted net loss per share $ (0.47 ) $ (0.24 ) $ (0.49 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The Company had the following potentially dilutive securities as of December 31, 2017 , 2016 and 2015 , which were excluded from the calculation of diluted loss per share attributable to stockholders as the effect would have been antidilutive: December 31, 2017 2016 2015 Unvested restricted stock 130,339 9,921 11,731 OP Units 405,998 405,998 405,998 Class B units 359,250 359,250 359,250 Total common share equivalents 895,587 775,169 776,979 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 , 2016 and 2015 : Year Ended December 31, 2017 (In thousands) Medical Office Buildings Triple-Net Leased Healthcare Facilities Seniors Housing — Operating Properties Consolidated Revenues: Rental income $ 67,390 $ 25,133 $ 2,629 $ 95,152 Operating expense reimbursements 15,460 1,146 (1 ) 16,605 Resident services and fee income — — 199,416 199,416 Total revenues 82,850 26,279 202,044 311,173 Property operating and maintenance 24,137 19,944 142,196 186,277 NOI $ 58,713 $ 6,335 $ 59,848 124,896 Impairment charges (18,993 ) Operating fees to related parties (22,257 ) Acquisition and transaction related (2,986 ) General and administrative (15,673 ) Depreciation and amortization (77,641 ) Interest expense (30,264 ) Interest and other income 306 Loss on non-designated derivatives (198 ) Gain on sale of real estate investment 438 Gain on asset acquisition 307 Income tax expense (647 ) Net income attributable to non-controlling interests 164 Net loss attributable to stockholders $ (42,548 ) 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 Contingent purchase price consideration — — 138 138 Total revenues 80,921 38,323 183,322 302,566 Property operating and maintenance 23,816 18,810 129,451 172,077 NOI $ 57,105 $ 19,513 $ 53,871 130,489 Impairment charges (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 derivatives 31 Gain on sale of real estate investment 1,330 Gain on sale of investment securities 56 Income tax benefit 2,084 Net income 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 $ 29,597 $ 7,456 $ 93,218 Operating expense reimbursements 12,611 148 — 12,759 Resident services and fee income — — 140,901 140,901 Contingent purchase price consideration — — 612 612 Total revenues 68,776 29,745 148,969 247,490 Property operating and maintenance 97,005 6,695 21,873 125,573 NOI $ (28,229 ) $ 23,050 $ 127,096 121,917 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 2,978 Net income attributable to non-controlling interests 219 Net loss attributable to stockholders $ (41,741 ) The following table reconciles the segment activity to consolidated total assets as of the periods presented: December 31, (In thousands) 2017 2016 ASSETS Investments in real estate, net: Medical office buildings $ 897,264 $ 788,023 Triple-net leased healthcare facilities 294,727 418,819 Construction in progress 82,007 70,055 Seniors housing — operating properties 902,343 837,338 Total investments in real estate, net 2,176,341 2,114,235 Cash and cash equivalents 94,177 29,225 Restricted cash 8,411 3,962 Assets held for sale 37,822 — Derivative assets, at fair value 2,550 61 Straight-line rent receivable, net 15,327 12,026 Prepaid expenses and other assets 22,099 22,073 Deferred costs, net 15,134 12,123 Total assets $ 2,371,861 $ 2,193,705 The following table reconciles capital expenditures by reportable business segment for the periods presented: Year Ended December 31, (In thousands) 2017 2016 2015 Medical office buildings $ 4,037 $ 3,198 $ 2,129 Triple-net leased healthcare facilities 154 112 540 Seniors housing — operating properties 4,810 4,166 2,701 Total capital expenditures $ 9,001 $ 7,476 $ 5,370 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 2018 $ 774 $ 78 2019 780 80 2020 780 82 2021 774 84 2022 790 86 Thereafter 35,103 7,678 Total minimum lease payments $ 39,001 8,088 Less: amounts representing interest (3,266 ) Total present value of minimum lease payments $ 4,822 |
Quarterly Results (Unaudited) (
Quarterly Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 : Quarter Ended (In thousands, except for share and per share data) March 31, June 30, September 30, December 31, Total revenues $ 74,615 $ 75,766 $ 79,072 $ 81,720 Net loss attributable to stockholders $ (6,139 ) $ (4,716 ) $ (24,136 ) $ (7,557 ) Basic and diluted weighted average shares outstanding 89,639,676 89,335,489 89,821,799 90,403,032 Basic and diluted net loss per share $ (0.07 ) $ (0.05 ) $ (0.27 ) $ (0.08 ) Quarter Ended (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 net loss per share $ (0.02 ) $ (0.03 ) $ (0.10 ) $ (0.09 ) |
Organization (Details)
Organization (Details) $ / shares in Units, ft² in Millions | 12 Months Ended | 26 Months Ended | 51 Months Ended | 63 Months Ended | ||||||||
Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($) | Nov. 30, 2014USD ($) | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2017USD ($)property | Dec. 31, 2017ft² | Dec. 31, 2017$ / shares | Dec. 31, 2017encumbered_property | Dec. 31, 2017state | Apr. 07, 2016$ / shares | Feb. 28, 2013USD ($)$ / shares | |
Class of Stock [Line Items] | ||||||||||||
Number of real estate properties | 185 | 185 | 69 | |||||||||
Number of states properties are located in | state | 30 | |||||||||||
Area of real estate property | ft² | 9 | |||||||||||
Common stock, par value, in dollars per share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||
Share Price (in dollars per share) | $ / shares | $ 21.45 | $ 21.45 | 25 | |||||||||
Proceeds from issuance of common stock | $ | $ 0 | $ 0 | $ 6,000 | $ 2,200,000,000 | $ 2,200,000,000 | |||||||
Proceeds received under DRIP | $ | $ 256,300,000 | |||||||||||
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 | |||||||||||
Share price percentage of IPO | 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 Accoun43
Summary of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2017USD ($)segmentcommunity | Dec. 31, 2016USD ($) | |
Schedule of Shares Repurchased [Line Items] | ||
Assets held for sale | $ 37,822,000 | $ 0 |
Money market funds | 17,900,000 | 10,000 |
Cash and cash equivalents | 94,177,000 | 29,225,000 |
Cash in excess of FDIC limit | 79,900,000 | 16,100,000 |
Deferred financing costs, net of accumulated amortization | 12,900,000 | 10,700,000 |
Accumulated amortization, deferred financing costs | 11,400,000 | 6,700,000 |
Deferred leasing costs, net | 2,300,000 | 1,400,000 |
Deferred leasing costs, accumulated amortization | $ 500,000 | 200,000 |
Number of senior housing communities | community | 52 | |
Deferred tax asset, net | $ 4,400,000 | 5,200,000 |
Valuation allowance | $ 0 | $ 0 |
Effective income tax rate | 40.10% | 40.00% |
Effective income tax rate, deferred | 27.20% | |
Number of reportable segments | segment | 3 | |
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 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies (Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Current federal benefit (expense) | $ (811) | $ 2,103 | $ 1,667 |
Current state benefit (expense) | 3 | 308 | 358 |
Current benefit (expense) | (808) | 2,411 | 2,025 |
Deferred federal benefit (expense) | 1,597 | (237) | 762 |
Deferred state benefit (expense) | (142) | (90) | 191 |
Deferred benefit (expense) | $ 1,455 | $ (327) | $ 953 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Distributions) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Dividends Payable [Line Items] | |||
Dividends, percent | 100.00% | 100.00% | 100.00% |
Dividends paid (in usd per share) | $ 1.51 | $ 1.70 | $ 1.70 |
Return of capital | |||
Dividends Payable [Line Items] | |||
Dividends, percent | 99.70% | 86.80% | 97.90% |
Dividends paid (in usd per share) | $ 1.50 | $ 1.47 | $ 1.66 |
Capital gain dividend income | |||
Dividends Payable [Line Items] | |||
Dividends, percent | 0.30% | 0.50% | 0.30% |
Dividends paid (in usd per share) | $ 0 | $ 0.01 | $ 0.01 |
Ordinary dividend income | |||
Dividends Payable [Line Items] | |||
Dividends, percent | 0.00% | 12.70% | 1.80% |
Dividends paid (in usd per share) | $ 0 | $ 0.22 | $ 0.03 |
Real Estate Investments (Narrat
Real Estate Investments (Narrative) (Details) | Dec. 13, 2017USD ($) | Nov. 01, 2017USD ($)triple_net_lease | Jun. 08, 2017property | Mar. 01, 2017USD ($) | Jan. 31, 2017USD ($)property | Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017impaired_property | Dec. 31, 2017encumbered_property | Feb. 28, 2017period |
Business Acquisition [Line Items] | |||||||||||||
Properties sold | property | 8 | ||||||||||||
Number of real estate properties | 185 | 69 | |||||||||||
Gain (Impairment) on Sale, Net | $ 438,000 | $ 941,000 | $ 0 | ||||||||||
Real estate properties impaired | property | 1 | ||||||||||||
Deposit received for unconsummated disposition | $ 1,125,000 | 100,000 | 0 | ||||||||||
Impairment charges | (18,993,000) | $ (389,000) | $ 0 | ||||||||||
Transfer of Operations | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of properties purchased | property | 12 | ||||||||||||
Disposed by sale | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Contract Sale Price | 27,075,000 | ||||||||||||
Gain (Impairment) on Sale, Net | $ 1,379,000 | ||||||||||||
Held-for-sale | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of real estate properties | 49 | 6 | |||||||||||
Impairment charges related to properties reclassified as held for sale | $ 35,000 | ||||||||||||
Impairment charges | $ (19,000,000) | ||||||||||||
Dental Arts Building - Peoria, AZ | Disposed by sale | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Contract Sale Price | 825,000 | ||||||||||||
Gain (Impairment) on Sale, Net | 438,000 | ||||||||||||
Redwood Radiology and Outpatient Center - Santa Rosa | Disposed by sale | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Contract Sale Price | 17,500,000 | ||||||||||||
Gain (Impairment) on Sale, Net | 1,330,000 | ||||||||||||
SNF Properties | Held-for-sale | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Contract price | $ 40,000,000 | $ 42,000,000 | |||||||||||
Closing adjournment periods | period | 7 | ||||||||||||
Leasing brokerage commission | $ 400,000 | ||||||||||||
Creditor trust contributions | $ 2,800,000 | ||||||||||||
Financing by the Company | $ 7,500,000 | ||||||||||||
Stated rate on financing | 6.00% | ||||||||||||
Deposit received for unconsummated disposition | $ 583,000 | ||||||||||||
Earnest money deposit on disposition | 1,375,000 | ||||||||||||
Earnest money deposit funded by the Company | $ 792,000 | ||||||||||||
Scenario, Forecast | SNF Properties | Held-for-sale | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Contract price | $ 44,000,000 | ||||||||||||
Skilled Nursing Facilities | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of real estate properties | triple_net_lease | 7 | ||||||||||||
Term of contract | 10 years | ||||||||||||
Indemnity obligation | $ 2,500,000 | ||||||||||||
Previously Possessed and Controlled by Receiver | Skilled Nursing Facilities | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of real estate properties | triple_net_lease | 6 |
Real Estate Investments (Acquir
Real Estate Investments (Acquired Assets) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($)property | Dec. 31, 2015USD ($)property | |
Business acquisitions | |||
Real estate investments | |||
Land | $ 18,501 | $ 0 | $ 79,329 |
Buildings, fixtures and improvements | 135,344 | 0 | 519,185 |
Construction in progress | 11,952 | 38,746 | 21,309 |
Total tangible assets | 165,797 | 38,746 | 619,823 |
Market lease liabilities | (888) | 0 | (10,064) |
Total intangible assets and liabilities | 23,130 | 0 | 55,743 |
Mortgage notes payable, net | (4,897) | 0 | (101,550) |
Other assets and liabilities, net | (1,056) | 0 | (3,882) |
Consideration paid for acquired real estate investments | $ 182,974 | $ 38,746 | $ 570,134 |
Number of properties purchased | property | 23 | 0 | 48 |
Business acquisitions | In-place leases | |||
Real estate investments | |||
Intangible assets and liabilities: | $ 21,546 | $ 0 | $ 62,584 |
Business acquisitions | Market lease and other intangible assets | |||
Real estate investments | |||
Intangible assets and liabilities: | $ 2,472 | $ 0 | $ 3,223 |
American Realty Capital Healthcare Trust III | |||
Real estate investments | |||
Number of properties purchased | property | 19 | ||
Accounts payable and accrued expenses | $ (800) | ||
Non-controlling interests | (500) | ||
Deferred rent | (100) | ||
Cash | 200 | ||
Restricted cash | $ 200 |
Real Estate Investments (Future
Real Estate Investments (Future Minimum Payments) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Business Combinations [Abstract] | |
2,018 | $ 93,064 |
2,019 | 89,753 |
2,020 | 84,681 |
2,021 | 79,190 |
2,022 | 72,700 |
Thereafter | 340,964 |
Total | $ 760,352 |
Real Estate Investments (Geogra
Real Estate Investments (Geographic Concentrations) (Details) - Geographic Concentration Risk - Sales Revenue, Net | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Florida | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 17.50% | 19.30% | 18.60% |
Georgia | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 10.70% | 10.20% | |
Iowa | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 10.50% | 10.10% | |
Pennsylvania | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 10.80% | 12.00% | 11.40% |
Michigan | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 11.60% |
Real Estate Investments (Summar
Real Estate Investments (Summary of Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Intangible assets: | ||
Gross Carrying Amount | $ 256,678 | $ 234,749 |
Accumulated Amortization | 139,440 | 122,013 |
Net Carrying Amount | 117,238 | 112,736 |
Market lease liabilities | ||
Gross Carrying Amount | 25,956 | 25,614 |
Accumulated Amortization | 7,127 | 5,427 |
Net Carrying Amount | 18,829 | 20,187 |
In-place leases | ||
Intangible assets: | ||
Gross Carrying Amount | 215,453 | 195,940 |
Accumulated Amortization | 130,749 | 115,641 |
Net Carrying Amount | 84,704 | 80,299 |
Intangible market lease assets | ||
Intangible assets: | ||
Gross Carrying Amount | 30,636 | 28,220 |
Accumulated Amortization | 7,853 | 5,798 |
Net Carrying Amount | 22,783 | 22,422 |
Other intangible assets | ||
Intangible assets: | ||
Gross Carrying Amount | 10,589 | 10,589 |
Accumulated Amortization | 838 | 574 |
Net Carrying Amount | $ 9,751 | $ 10,015 |
Real Estate Investments (Summ51
Real Estate Investments (Summary of Amortization and Accretion Recognized) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of above- and below-market ground leases, net | $ 236 | $ 168 | $ (101) |
Depreciation and Amortization Expense | In-place leases and other intangible assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization/accretion of market least intangibles | 17,369 | 38,754 | 75,481 |
Rental Income | Above- and below-market leases, net | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of above- and below-market ground leases, net | (308) | (209) | (359) |
Property Operating and Maintenance Expense | Above-market ground leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization/accretion of market least intangibles | $ 172 | $ 172 | $ 199 |
Real Estate Investments (Summ52
Real Estate Investments (Summary of Intangible Assets and Liabilities Future Amortization Expense) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Amortization Expense | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, amortization expense, 2018 | $ 18,769 |
Finite-lived intangible assets, amortization expense, 2019 | 14,678 |
Finite-lived intangible assets, amortization expense, 2020 | 12,365 |
Finite-lived intangible assets, amortization expense, 2021 | 10,027 |
Finite-lived intangible assets, amortization expense, 2022 | 8,206 |
Rental Income | |
Finite-Lived Intangible Assets [Line Items] | |
Below market leases, amortization income, 2018 | 37 |
Below market leases, amortization income, 2019 | 46 |
Below market leases, amortization income, 2020 | 228 |
Below market leases, amortization income, 2021 | 430 |
Below market leases, amortization income, 2022 | 751 |
Property Operating and Maintenance Expense | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, amortization expense, 2018 | 147 |
Finite-lived intangible assets, amortization expense, 2019 | 147 |
Finite-lived intangible assets, amortization expense, 2020 | 147 |
Finite-lived intangible assets, amortization expense, 2021 | 147 |
Finite-lived intangible assets, amortization expense, 2022 | 149 |
In-place leases assets | Amortization Expense | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, amortization expense, 2018 | 18,157 |
Finite-lived intangible assets, amortization expense, 2019 | 14,110 |
Finite-lived intangible assets, amortization expense, 2020 | 11,951 |
Finite-lived intangible assets, amortization expense, 2021 | 9,613 |
Finite-lived intangible assets, amortization expense, 2022 | 7,792 |
Other intangible assets | Amortization Expense | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, amortization expense, 2018 | 612 |
Finite-lived intangible assets, amortization expense, 2019 | 568 |
Finite-lived intangible assets, amortization expense, 2020 | 414 |
Finite-lived intangible assets, amortization expense, 2021 | 414 |
Finite-lived intangible assets, amortization expense, 2022 | 414 |
Above-market lease assets | Rental Income | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, amortization expense, 2018 | (1,889) |
Finite-lived intangible assets, amortization expense, 2019 | (1,600) |
Finite-lived intangible assets, amortization expense, 2020 | (1,261) |
Finite-lived intangible assets, amortization expense, 2021 | (909) |
Finite-lived intangible assets, amortization expense, 2022 | (558) |
Below-market lease liabilities | Rental Income | |
Finite-Lived Intangible Assets [Line Items] | |
Below market leases, amortization income, 2018 | 1,926 |
Below market leases, amortization income, 2019 | 1,646 |
Below market leases, amortization income, 2020 | 1,489 |
Below market leases, amortization income, 2021 | 1,339 |
Below market leases, amortization income, 2022 | 1,309 |
Below-market ground lease assets | Property Operating and Maintenance Expense | |
Finite-Lived Intangible Assets [Line Items] | |
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 |
Finite-lived intangible assets, amortization expense, 2022 | 212 |
Above-market ground lease liabilities | Property Operating and Maintenance Expense | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible liability, amortization income, 2018 | (65) |
Finite-lived intangible liability, amortization income, 2019 | (65) |
Finite-lived intangible liability, amortization income, 2020 | (65) |
Finite-lived intangible liability, amortization income, 2021 | (65) |
Finite-lived intangible liability, amortization income, 2022 | $ (63) |
Real Estate Investments (Real E
Real Estate Investments (Real Estate Sales) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain (Impairment) on Sale, Net | $ 438 | $ 941 | $ 0 |
Proceeds from sales of real estate investments | 757 | $ 25,890 | $ 0 |
Disposed by sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Contract Sale Price | 27,075 | ||
Gain (Impairment) on Sale, Net | 1,379 | ||
Less: disposal costs | (428) | ||
Proceeds from sales of real estate investments | 26,647 | ||
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 | ||
Disposed by sale | Dental Arts Building - Peoria, AZ | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Contract Sale Price | 825 | ||
Gain (Impairment) on Sale, Net | $ 438 |
Real Estate Investments (Transf
Real Estate Investments (Transfer of Operations) (Details) - USD ($) $ in Thousands | Jun. 08, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||||
Gain on acquisition | $ 307 | $ 0 | $ 0 | |
Transfer of Operations | ||||
Business Acquisition [Line Items] | ||||
Buildings, fixtures and improvements | $ 723 | |||
Cash and cash equivalents | 865 | |||
Prepaid expenses and other assets | 651 | |||
Total assets acquired | 2,239 | |||
Accounts payable and accrued expenses | 1,188 | |||
Deferred rent | 744 | |||
Total liabilities acquired | 1,932 | |||
Gain on acquisition | $ 307 |
Real Estate Investments (Held f
Real Estate Investments (Held for Sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Real estate held for sale, at cost: | ||
Assets held for sale | $ 37,822 | $ 0 |
Held-for-sale | ||
Real estate held for sale, at cost: | ||
Land | 3,131 | |
Buildings, fixtures and improvements | 38,596 | |
Total real estate held for sale, at cost | 41,727 | |
Less accumulated depreciation and amortization | (3,870) | |
Real estate assets held for sale, net | 37,857 | |
Impairment charges related to properties reclassified as held for sale | (35) | |
Assets held for sale | $ 37,822 |
Mortgage Notes Payable, Net (Mo
Mortgage Notes Payable, Net (Mortgage Notes) (Details) $ in Thousands | Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | ||
Effective Interest Rate | 3.63% | 2.50% |
Deferred financing costs, net of accumulated amortization | $ 12,900 | $ 10,700 |
Mortgages | ||
Debt Instrument [Line Items] | ||
Encumbered Properties | property | 67 | |
Outstanding Loan Amount | $ 415,365 | 143,804 |
Effective Interest Rate | 4.31% | |
Deferred financing costs, net of accumulated amortization | $ 7,625 | 1,516 |
Mortgage premiums and discounts, net | (1,110) | 466 |
Mortgage notes payable, net | $ 406,630 | 142,754 |
Medical Center of New Windsor - New Windsor, NY | Mortgages | ||
Debt Instrument [Line Items] | ||
Encumbered Properties | property | 0 | |
Outstanding Loan Amount | $ 0 | 8,602 |
Effective Interest Rate | 0.00% | |
Plank Medical Center - Clifton Park, NY | Mortgages | ||
Debt Instrument [Line Items] | ||
Encumbered Properties | property | 0 | |
Outstanding Loan Amount | $ 0 | 3,414 |
Effective Interest Rate | 0.00% | |
Countryside Medical Arts - Safety Harbor, FL | Mortgages | ||
Debt Instrument [Line Items] | ||
Encumbered Properties | property | 1 | |
Outstanding Loan Amount | $ 5,773 | 5,904 |
Effective Interest Rate | 4.98% | |
St. Andrews Medical Park - Venice, FL | Mortgages | ||
Debt Instrument [Line Items] | ||
Encumbered Properties | property | 3 | |
Outstanding Loan Amount | $ 6,381 | 6,526 |
Effective Interest Rate | 4.98% | |
Slingerlands Crossing Phase I - Bethlehem, NY | Mortgages | ||
Debt Instrument [Line Items] | ||
Encumbered Properties | property | 0 | |
Outstanding Loan Amount | $ 0 | 6,589 |
Effective Interest Rate | 0.00% | |
Slingerlands Crossing Phase II - Bethlehem, NY | Mortgages | ||
Debt Instrument [Line Items] | ||
Encumbered Properties | property | 0 | |
Outstanding Loan Amount | $ 0 | 7,671 |
Effective Interest Rate | 0.00% | |
Benedictine Cancer Center - Kingston, NY | Mortgages | ||
Debt Instrument [Line Items] | ||
Encumbered Properties | property | 0 | |
Outstanding Loan Amount | $ 0 | 6,719 |
Effective Interest Rate | 0.00% | |
Aurora Healthcare Center Portfolio - WI | Mortgages | ||
Debt Instrument [Line Items] | ||
Encumbered Properties | property | 0 | |
Outstanding Loan Amount | $ 0 | 30,858 |
Effective Interest Rate | 0.00% | |
Palm Valley Medical Plaza - Goodyear, AZ | Mortgages | ||
Debt Instrument [Line Items] | ||
Encumbered Properties | property | 1 | |
Outstanding Loan Amount | $ 3,327 | 3,428 |
Effective Interest Rate | 4.15% | |
Medical Center V - Peoria, AZ | Mortgages | ||
Debt Instrument [Line Items] | ||
Encumbered Properties | property | 1 | |
Outstanding Loan Amount | $ 3,066 | 3,151 |
Effective Interest Rate | 4.75% | |
Courtyard Fountains - Gresham, OR | Mortgages | ||
Debt Instrument [Line Items] | ||
Encumbered Properties | property | 1 | |
Outstanding Loan Amount | $ 24,372 | 24,820 |
Effective Interest Rate | 3.87% | |
Fox Ridge Bryant - Bryant, AR | Mortgages | ||
Debt Instrument [Line Items] | ||
Encumbered Properties | property | 1 | |
Outstanding Loan Amount | $ 7,565 | 7,698 |
Effective Interest Rate | 3.98% | |
Fox Ridge Chenal - Little Rock, AR | Mortgages | ||
Debt Instrument [Line Items] | ||
Encumbered Properties | property | 1 | |
Outstanding Loan Amount | $ 17,270 | 17,540 |
Effective Interest Rate | 3.98% | |
Fox Ridge North Little Rock - North Little Rock, AR | Mortgages | ||
Debt Instrument [Line Items] | ||
Encumbered Properties | property | 1 | |
Outstanding Loan Amount | $ 10,716 | 10,884 |
Effective Interest Rate | 3.98% | |
Philip Professional Center - Lawrenceville, GA | Mortgages | ||
Debt Instrument [Line Items] | ||
Encumbered Properties | property | 2 | |
Outstanding Loan Amount | $ 4,895 | 0 |
Effective Interest Rate | 4.00% | |
MOB Loan | Mortgages | ||
Debt Instrument [Line Items] | ||
Encumbered Properties | property | 32 | |
Outstanding Loan Amount | $ 250,000 | 0 |
Effective Interest Rate | 4.44% | |
Bridge Loan | Mortgages | ||
Debt Instrument [Line Items] | ||
Encumbered Properties | property | 23 | |
Outstanding Loan Amount | $ 82,000 | $ 0 |
Effective Interest Rate | 4.13% |
Mortgage Notes Payable, Net (Na
Mortgage Notes Payable, Net (Narrative) (Details) $ in Thousands | Oct. 26, 2017USD ($) | Sep. 30, 2017 | Dec. 31, 2017USD ($)propertyencumbered_property | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | |||||
Repayments of credit facility borrowings | $ 326,800 | $ 55,000 | $ 10,000 | ||
Real estate investments pledged as collateral | 912,900 | ||||
Mortgages | |||||
Debt Instrument [Line Items] | |||||
Outstanding Loan Amount | $ 415,365 | 143,804 | |||
Encumbered Properties | property | 67 | ||||
Mortgages | MOB Loan | |||||
Debt Instrument [Line Items] | |||||
Outstanding Loan Amount | $ 250,000 | 0 | |||
Fixed rate | 4.38% | ||||
Prepayment penalty, initial twelve months | 2.00% | ||||
Prepayment penalty, year two | 1.00% | ||||
Encumbered Properties | property | 32 | ||||
Mortgages | MOB Loan | London Interbank Offered Rate (LIBOR) | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 2.50% | ||||
Mortgages | Bridge Loan | |||||
Debt Instrument [Line Items] | |||||
Outstanding Loan Amount | $ 82,000 | $ 0 | |||
Encumbered Properties | property | 23 | ||||
Repayments of credit facility borrowings | $ 102,000 | $ 35,000 | |||
Mortgages | Bridge Loan | One-Month LIBOR | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 2.50% | ||||
Bridge Loan | Bridge Loan - Fannie Mae Or Freddie Mac Refinancing | |||||
Debt Instrument [Line Items] | |||||
Exit fee, percent | 2.00% | ||||
Exit fee percent, applicable principal amount | $ 63,000 | ||||
Encumbered Properties | encumbered_property | 7 | ||||
Bridge Loan | Bridge Loan - Mortgaged Properties | |||||
Debt Instrument [Line Items] | |||||
Exit fee, percent | 1.00% | ||||
Exit fee percent, applicable principal amount | $ 19,000 | ||||
Encumbered Properties | encumbered_property | 16 |
Mortgage Notes Payable, Net (58
Mortgage Notes Payable, Net (Mortgage Principal Payments) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Total | $ 406,630 | $ 142,754 |
Mortgages | ||
Debt Instrument [Line Items] | ||
2,018 | 83,534 | |
2,019 | 18,078 | |
2,020 | 24,278 | |
2,021 | 892 | |
2,022 | 250,928 | |
Thereafter | 37,655 | |
Total | $ 415,365 | $ 143,800 |
Credit Facilities (Summary of C
Credit Facilities (Summary of Credit Facilities) (Details) $ in Thousands | Dec. 31, 2017property | Dec. 31, 2017USD ($) | Dec. 31, 2017 | Dec. 31, 2017encumbered_property | Dec. 31, 2016USD ($) |
Line of Credit Facility [Line Items] | |||||
Number of real estate properties | 185 | 69 | |||
Credit facilities | $ 534,869 | $ 481,500 | |||
Effective Interest Rate | 3.63% | 2.50% | |||
Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Number of real estate properties | property | 54 | ||||
Credit facilities | 239,700 | $ 421,500 | |||
Effective Interest Rate | 3.33% | 2.39% | |||
Fannie Mae Master Credit Facilities: | Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Number of real estate properties | property | 6 | ||||
Credit facilities | 295,169 | $ 60,000 | |||
Fannie Mae Master Credit Facilities: | Capital One Facility | Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Number of real estate properties | property | 5 | ||||
Credit facilities | 152,461 | $ 30,000 | |||
Effective Interest Rate | 3.88% | 3.24% | |||
Fannie Mae Master Credit Facilities: | KeyBank Facility | Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Number of real estate properties | property | 10 | ||||
Credit facilities | $ 142,708 | $ 30,000 | |||
Effective Interest Rate | 3.89% | 3.24% |
Credit Facilities (Narrative) (
Credit Facilities (Narrative) (Details) | Oct. 26, 2017USD ($) | Oct. 31, 2016USD ($)instrument | Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($)instrument | Dec. 31, 2015USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017 | Dec. 31, 2017encumbered_property | Dec. 31, 2017instrument | Apr. 26, 2017USD ($) | Mar. 30, 2017USD ($) | Aug. 31, 2015USD ($) | Jun. 26, 2015USD ($) | Apr. 15, 2014USD ($) | Mar. 21, 2014USD ($) |
Line of Credit Facility [Line Items] | |||||||||||||||
Write off of deferred financing costs | $ 0 | $ 500,000 | |||||||||||||
Credit facilities | $ 481,500,000 | $ 534,869,000 | |||||||||||||
Effective Interest Rate | 2.50% | 3.63% | |||||||||||||
Number of real estate properties | 185 | 69 | |||||||||||||
Repayments of credit facility borrowings | $ 326,800,000 | $ 55,000,000 | $ 10,000,000 | ||||||||||||
Mortgages | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Effective Interest Rate | 4.31% | ||||||||||||||
Bridge Loan | Mortgages | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Effective Interest Rate | 4.13% | ||||||||||||||
Repayments of credit facility borrowings | $ 102,000,000 | $ 35,000,000 | |||||||||||||
Credit Agreements | Line of Credit | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Initial advances | $ 30,000,000 | ||||||||||||||
Capital One Facility | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Increase in borrowing advances | $ 53,400,000 | ||||||||||||||
Capital One Facility | Revolving Credit Facility | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Increase in borrowing advances | 69,000,000 | ||||||||||||||
Capital One Facility | Line of Credit | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Stated interest rate | 3.16% | ||||||||||||||
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% | ||||||||||||||
KeyBank Facility | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Increase in borrowing advances | $ 28,700,000 | ||||||||||||||
KeyBank Facility | Revolving Credit Facility | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Increase in borrowing advances | $ 84,000,000 | ||||||||||||||
KeyBank Facility | Line of Credit | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Interest rate | 3.15% | ||||||||||||||
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% | ||||||||||||||
One-Month LIBOR | Bridge Loan | Mortgages | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Interest rate | 2.50% | ||||||||||||||
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 | |||||||||||||
Remaining borrowing capacity | 27,600,000 | ||||||||||||||
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 | ||||||||||||||
Line of Credit | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Maximum borrowing capacity | $ 2,700,000 | ||||||||||||||
Stated interest rate | 7.00% | ||||||||||||||
Line of Credit | Fannie Mae Master Credit Facilities: | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Credit facilities | $ 60,000,000 | 295,169,000 | |||||||||||||
Number of real estate properties | property | 6 | ||||||||||||||
Not Designated as Hedging Instrument | Interest rate swaps | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Number of Instruments | instrument | 2 | ||||||||||||||
Not Designated as Hedging Instrument | Interest rate caps | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Number of Instruments | instrument | 2 | 6 | |||||||||||||
KeyBank Facility | Line of Credit | Fannie Mae Master Credit Facilities: | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Credit facilities | $ 30,000,000 | 142,708,000 | |||||||||||||
Effective Interest Rate | 3.24% | 3.89% | |||||||||||||
Number of real estate properties | property | 10 | ||||||||||||||
Capital One Facility | Line of Credit | Fannie Mae Master Credit Facilities: | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Credit facilities | $ 30,000,000 | $ 152,461,000 | |||||||||||||
Effective Interest Rate | 3.24% | 3.88% | |||||||||||||
Number of real estate properties | property | 5 | ||||||||||||||
Michigan, Missouri and Kansas | KeyBank Facility | Line of Credit | Fannie Mae Master Credit Facilities: | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Number of real estate properties | property | 4 | ||||||||||||||
Florida | Capital One Facility | Line of Credit | Fannie Mae Master Credit Facilities: | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Number of real estate properties | property | 2 |
Fair Value of Financial Instr61
Fair Value of Financial Instruments (Fair Value Hierarchy) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, net | $ 2,550 | $ 61 |
Total | 3,873 | |
Quoted Prices in Active Markets Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, net | 0 | 0 |
Total | 0 | |
Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, net | 2,550 | 61 |
Total | 3,873 | |
Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, net | 0 | $ 0 |
Total | 0 | |
Impaired assets held for sale | Held-for-sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired assets held for sale | 1,323 | |
Impaired assets held for sale | Held-for-sale | Quoted Prices in Active Markets Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired assets held for sale | 0 | |
Impaired assets held for sale | Held-for-sale | Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired assets held for sale | 1,323 | |
Impaired assets held for sale | Held-for-sale | Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired assets held for sale | $ 0 |
Fair Value of Financial Instr62
Fair Value of Financial Instruments (Level 3 Inputs) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage notes payable, net | $ 406,630 | $ 142,754 |
Mortgages | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage notes payable, net | 415,365 | 143,800 |
Mortgage premiums and discounts, net | (1,110) | 466 |
Significant Unobservable Inputs Level 3 | Mortgages | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value disclosure | 414,255 | 144,270 |
Significant Unobservable Inputs Level 3 | Mortgages | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value disclosure | 411,749 | 144,261 |
Significant Unobservable Inputs Level 3 | Revolving Credit Facility | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value disclosure | 239,700 | 421,500 |
Significant Unobservable Inputs Level 3 | Revolving Credit Facility | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value disclosure | 239,700 | 421,500 |
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 | 295,169 | 60,000 |
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 | $ 296,151 | $ 60,000 |
Derivatives and Hedging Activ63
Derivatives and Hedging Activities (Narrative) (Details) $ in Thousands | Dec. 31, 2017USD ($)instrument |
ISDA Master Agreement 2002 | |
Derivative [Line Items] | |
Cap on indebtedness | $ 50,000 |
Designated as Hedging Instrument | Interest rate swaps | |
Derivative [Line Items] | |
Number of Instruments | instrument | 2 |
Interest Expense | Designated as Hedging Instrument | Interest rate contract | |
Derivative [Line Items] | |
Gain (loss) to be reclassified next twelve months | $ (278) |
Derivatives and Hedging Activ64
Derivatives and Hedging Activities (Summary of Derivative Instruments) (Details) $ in Thousands | Dec. 31, 2017USD ($)instrument | Dec. 31, 2016USD ($)instrument | Oct. 31, 2016instrument |
Designated as Hedging Instrument | Interest rate swaps | |||
Derivative [Line Items] | |||
Number of Instruments | 2 | ||
Notional Amount | $ | $ 250,000 | ||
Not Designated as Hedging Instrument | Interest rate swaps | |||
Derivative [Line Items] | |||
Number of Instruments | 2 | ||
Not Designated as Hedging Instrument | Interest rate caps | |||
Derivative [Line Items] | |||
Number of Instruments | 6 | 2 | |
Notional Amount | $ | $ 295,169 | $ 60,000 |
Derivatives and Hedging Activ65
Derivatives and Hedging Activities (Derivatives Included in AOCI) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | |||
Amount of gain (loss) recognized into accumulated other comprehensive income on designated derivatives (effective portion) | $ 2,473,000 | $ 0 | $ 0 |
Designated as Hedging Instrument | Interest rate swaps | |||
Derivative [Line Items] | |||
Amount of gain (loss) recognized into accumulated other comprehensive income on designated derivatives (effective portion) | 1,674,000 | 0 | |
Amount of gain (loss) reclassified out of accumulated other comprehensive income on designated derivatives (effective portion) | $ (799,000) | $ 0 |
Derivatives and Hedging Activ66
Derivatives and Hedging Activities (Balance Sheet Location) (Details) - Derivative assets, at fair value - Not Designated as Hedging Instrument - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative | $ 2,473 | $ 0 |
Interest rate caps | ||
Derivative [Line Items] | ||
Derivative | $ 77 | $ 61 |
Common Stock (Narrative) (Detai
Common Stock (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 01, 2017 | Apr. 30, 2013 | Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2017 | Jun. 28, 2016 | Apr. 07, 2016 | Jan. 26, 2016 |
Class of Stock [Line Items] | |||||||||||
Common stock, shares outstanding | 91,002,766 | 89,368,899 | 89,368,899 | 91,002,766 | |||||||
Proceeds from issuance of common stock | $ 0 | $ 0 | $ 6 | $ 2,200,000 | $ 2,200,000 | ||||||
Dividends declared (in usd per share) | $ 1.45 | $ 1.70 | $ 1.51 | $ 1.70 | $ 1.70 | ||||||
Share repurchase price, percentage of value (in dollars per share) | $ 21.45 | $ 21.45 | |||||||||
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) | 2,800,000 | 3,200,000 | |||||||||
Common stock issued through distribution reinvestment plan | $ 73,630 | $ 61,206 | $ 73,630 | $ 78,502 | |||||||
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% | |||||||||
Common Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
DRIP share price (in dollars per share) | $ 23.75 | ||||||||||
Share price percentage of IPO | 95.00% |
Related Party Transactions an68
Related Party Transactions and Arrangements (Ownership) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Related Party Transaction [Line Items] | ||
Common stock held by related party, in shares | 91,002,766 | 89,368,899 |
Limited partner units (in units) | 90 | |
Tax Depreciation Deduction | Advisor | ||
Related Party Transaction [Line Items] | ||
Special allocation for tax purposes excess depreciation deductions maximum | $ 10 | |
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 |
Common Stock (Stock Redemption)
Common Stock (Stock Redemption) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | 51 Months Ended | 63 Months Ended | ||
Jan. 31, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | |||||||
Number of Shares Repurchased (in shares) | 1,554,768 | 975,030 | 2,529,798 | ||||
Average Price per Share (in dollars per share) | $ 21.61 | $ 23.73 | $ 22.43 | ||||
Common stock repurchases (in shares) | 1,554,768 | ||||||
Common stock repurchases | $ 33,627 | $ 170 | $ 21,160 | ||||
Rejected repurchases (in shares) | 2,300,000 | ||||||
Rejected repurchases | $ 48,700 | ||||||
Rejected repurchases (in usd per share) | $ 21.27 | ||||||
Shares approved for repurchase (in shares) | 267,723 | ||||||
Shares approved for repurchase | $ 5,700 | ||||||
Shares approved for repurchase (in usd per share) | $ 21.47 | ||||||
Subsequent Event | |||||||
Accounting Policies [Abstract] | |||||||
Average Price per Share (in dollars per share) | $ 21.45 | ||||||
Common stock repurchases (in shares) | 373,967 | ||||||
Common stock repurchases | $ 8,000 | ||||||
Class of Stock [Line Items] | |||||||
Percent of repurchases approved | 100.00% |
Related Party Transactions an70
Related Party Transactions and Arrangements (Fees Paid in Connection with the IPO) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Asset threshold for assignment of agreement | $ 100,000,000 | ||
Expenses incurred | $ 30,477,000 | $ 26,136,000 | $ 31,419,000 |
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 | 21,767,000 | ||
Compensation and Reimbursement Expenses | Realty Capital Securities, LLC | Former Dealer Manager | |||
Related Party Transaction [Line Items] | |||
Expenses incurred | $ 3,262,000 |
Related Party Transactions an71
Related Party Transactions and Arrangements (Fees Paid in Connection With the Operations of the Company) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | 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 | $ 22.50 | ||
Expenses forgiven | $ 0 | $ 0 | $ 1,220,000 | |
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 | |||
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 | $ 7,600,000 | $ 4,500,000 | $ 4,558,000 |
Related Party Transactions an72
Related Party Transactions and Arrangements (Fees Paid in Connection With the Operations of the Company, Incurred, Forgiven and Payable) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Expenses incurred | $ 30,477 | $ 26,136 | $ 31,419 |
Expenses forgiven | 0 | 0 | 1,220 |
Payable (Receivable) | 1,637 | 862 | |
Acquisition fees | |||
Related Party Transaction [Line Items] | |||
Expenses incurred | 0 | 0 | 6,878 |
Expenses forgiven | 0 | 0 | 0 |
Payable (Receivable) | 0 | 0 | |
Acquisition cost reimbursements | |||
Related Party Transaction [Line Items] | |||
Expenses incurred | 124 | 0 | 3,439 |
Expenses forgiven | 0 | 0 | 0 |
Payable (Receivable) | 36 | 0 | |
Financing coordination fees | |||
Related Party Transaction [Line Items] | |||
Expenses incurred | 0 | 450 | 3,863 |
Expenses forgiven | 0 | 0 | 0 |
Payable (Receivable) | 0 | 0 | |
Due to (from) HT III related to asset purchase | |||
Related Party Transaction [Line Items] | |||
Expenses incurred | 0 | 0 | 0 |
Expenses forgiven | 0 | 0 | 0 |
Payable (Receivable) | 196 | 0 | |
Asset management fees | |||
Related Party Transaction [Line Items] | |||
Expenses incurred | 19,189 | 17,566 | 10,889 |
Expenses forgiven | 0 | 0 | 0 |
Payable (Receivable) | 0 | 0 | |
Property management fees | |||
Related Party Transaction [Line Items] | |||
Expenses incurred | 3,068 | 3,017 | 1,302 |
Expenses forgiven | 0 | 0 | 1,220 |
Payable (Receivable) | 66 | (163) | |
Transfer agent and other professional services | |||
Related Party Transaction [Line Items] | |||
Expenses incurred | 7,553 | 4,492 | 4,558 |
Expenses forgiven | 0 | 0 | 0 |
Payable (Receivable) | 1,339 | 1,025 | |
Distributions on Class B Units | |||
Related Party Transaction [Line Items] | |||
Expenses incurred | 543 | 611 | 490 |
Expenses forgiven | 0 | 0 | $ 0 |
Payable (Receivable) | 0 | $ 0 | |
Certain Fees And Reimbursements | |||
Related Party Transaction [Line Items] | |||
Payable (Receivable) | 1,700 | ||
Advisor | |||
Related Party Transaction [Line Items] | |||
Payable (Receivable) | $ 700 |
Related Party Transactions an73
Related Party Transactions and Arrangements (Fees Paid in Connection with the Liquidation or Listing of the Company's Real Estate Assets) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
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% |
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 |
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 |
Related Party Transactions an74
Related Party Transactions and Arrangements (American Realty Capital Healthcare Trust III Asset Purchase) (Details) $ in Thousands | Dec. 22, 2017USD ($)property | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Related Party Transaction [Line Items] | ||||
Proceeds from credit facilities | $ 380,170 | $ 106,500 | $ 440,000 | |
Payable (Receivable) | 1,637 | 862 | ||
Healthcare Trust III Asset Acquisition | ||||
Related Party Transaction [Line Items] | ||||
Number of properties purchased | property | 19 | |||
Payments towards asset acquisition | $ 108,400 | |||
Contract purchase price | 120,000 | |||
Closing adjustments | 700 | |||
Debt assumed in transaction | 4,900 | |||
Escrow deposit | $ 6,000 | |||
Installment period | 14 months | |||
Transaction costs | $ 1,200 | |||
Revolving Credit Facility | KeyBank Facility | ||||
Related Party Transaction [Line Items] | ||||
Number of properties purchased | property | 15 | |||
Proceeds from credit facilities | $ 45,000 | |||
Revolving Credit Facility | KeyBank Facility | Healthcare Trust III Asset Acquisition | ||||
Related Party Transaction [Line Items] | ||||
Number of properties purchased | property | 14 | |||
Financing coordination fees | ||||
Related Party Transaction [Line Items] | ||||
Payable (Receivable) | $ 0 | $ 0 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - Restricted Stock - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017 | Aug. 30, 2017 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Aug. 31, 2017 | |
Restricted Share Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares granted automatically upon election to board of directors, in shares | 1,333 | 1,333 | 1,333 | ||||
Restricted share vesting period | 5 years | 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 | $ 8,200,000 | ||||||
Nonvested awards, compensation cost not yet recognized, period for recognition | 6 years 2 months 12 days | ||||||
Equity-based compensation expense | $ 500,000 | $ 200,000 | $ 100,000 | ||||
Granted (in shares) | 380,592 | 6,735 | 7,998 | ||||
Amended and Restated RSP | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Benchmark basis for issuance | $ 30,000 | ||||||
Independent directors | Restricted Share Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted share vesting period | 5 years | ||||||
Independent directors | Amended and Restated RSP | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted share vesting period | 5 years | ||||||
Granted (in shares) | 25,000 | ||||||
Board chairman | Amended and Restated RSP | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted share vesting period | 7 years | ||||||
Granted (in shares) | 300,000 | ||||||
Tranche one | Independent directors | Restricted Share Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting percentage | 20.00% |
Share-Based Compensation (Summa
Share-Based Compensation (Summary of Share-based Compensation Awards) (Details) - Restricted Share Plan - Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Number of Common Shares | |||
Beginning Balance (in shares) | 9,921 | 11,731 | 7,198 |
Granted (in shares) | 380,592 | 6,735 | 7,998 |
Vested (in shares) | (2,411) | (7,212) | (1,066) |
Forfeitures (in shares) | (5,592) | (1,333) | (2,399) |
Ending Balance (in shares) | 382,510 | 9,921 | 11,731 |
Weighted-Average Issue Price | |||
Beginning Balance, Weighted-Average Issue Price (usd per share) | $ 22.42 | $ 22.50 | $ 22.50 |
Granted, Weighted-Average Issue Price (usd per share) | 21.45 | 22.27 | 22.50 |
Vested, Weighted-Average Issue Price (usd per share) | 22.40 | 22.50 | 22.50 |
Forfeitures, Weighted-Average Issue Price (usd per share) | 21.45 | 22.50 | 22.50 |
Ending Balance, Weighted-Average Issue Price (usd per share) | $ 21.47 | $ 22.42 | $ 22.50 |
Accumulated Other Comprehensi77
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | $ 1,504,326 | $ 1,601,817 | $ 1,732,177 |
Ending Balance | 1,356,059 | 1,504,326 | 1,601,817 |
Gain on sale of investment securities | 0 | 56 | 446 |
Preferred stock | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Gain on sale of investment securities | 100 | 400 | |
Unrealized Gains (Losses) on Available-for-Sale Securities | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | 0 | (6) | 463 |
Other comprehensive income, before reclassifications | 2,473 | 62 | (23) |
Amounts reclassified from accumulated other comprehensive income | 0 | (56) | (446) |
Ending Balance | $ 2,473 | $ 0 | $ (6) |
Non-Controlling Interests (Narr
Non-Controlling Interests (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 30, 2014 | |
Noncontrolling Interest [Line Items] | ||||
Limited partner units (in units) | 90 | |||
Distributions to non-controlling interest holders | $ 643,000 | $ 731,000 | $ 698,000 | |
Distributions | 645,000 | 731,000 | 698,000 | |
Non-controlling Interests | ||||
Noncontrolling Interest [Line Items] | ||||
Limited partner units (in units) | 405,908 | |||
Units issued to purchase building | $ 10,100,000 | |||
Units issued to fund purchase of A Building (in dollars per share) | $ 25 | |||
Distributions | 645,000 | 731,000 | $ 698,000 | |
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] | ||||
Distributions | $ 52,000 |
Non-Controlling Interests (Summ
Non-Controlling Interests (Summary of Non-Controlling Interests) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Noncontrolling Interest [Line Items] | |||
Third party net investment amount | $ 8,505,000 | $ 8,870,000 | |
Net Real Estate Assets Subject to Investment Arrangement | 2,176,341,000 | 2,114,235,000 | |
Mortgage Notes Payable Subject to Investment Arrangement | 406,630,000 | 142,754,000 | |
Distributions | 645,000 | 731,000 | $ 698,000 |
Non-controlling Interests | |||
Noncontrolling Interest [Line Items] | |||
Distributions | 645,000 | 731,000 | $ 698,000 |
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 | $ 412,000 | ||
Non-controlling ownership percentage | 4.10% | ||
Net Real Estate Assets Subject to Investment Arrangement | $ 10,784,000 | 10,429,000 | |
Distributions | 52,000 | ||
UnityPoint Clinic Portfolio | |||
Noncontrolling Interest [Line Items] | |||
Distributions | 0 | ||
UnityPoint Clinic Portfolio | Non-controlling Interests | |||
Noncontrolling Interest [Line Items] | |||
Third party net investment amount | $ 473,000 | ||
Non-controlling ownership percentage | 5.00% | ||
Net Real Estate Assets Subject to Investment Arrangement | $ 9,639,000 | $ 0 | |
Distributions | $ 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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net loss attributable to stockholders | $ (7,557) | $ (24,136) | $ (4,716) | $ (6,139) | $ (7,655) | $ (8,664) | $ (3,000) | $ (1,555) | $ (42,548) | $ (20,874) | $ (41,741) |
Basic and diluted weighted average shares outstanding (in shares) | 90,403,032 | 89,821,799 | 89,335,489 | 89,639,676 | 89,088,233 | 88,285,390 | 87,465,569 | 86,658,678 | 89,802,174 | 87,878,907 | 85,331,966 |
Basic and diluted net loss per share (in usd per share) | $ (0.08) | $ (0.27) | $ (0.05) | $ (0.07) | $ (0.09) | $ (0.10) | $ (0.03) | $ (0.02) | $ (0.47) | $ (0.24) | $ (0.49) |
Antidilutive securities excluded from computation of earnings per share (in shares) | 895,587 | 775,169 | 776,979 | ||||||||
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) | 130,339 | 9,921 | 11,731 | ||||||||
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 | 359,250 |
Segment Reporting (Reconciliati
Segment Reporting (Reconciliation of Segment Activity) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)segment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of reportable segments | segment | 3 | ||||||||||
Rental income | $ 95,152 | $ 103,375 | $ 93,218 | ||||||||
Operating expense reimbursements | 16,605 | 15,876 | 12,759 | ||||||||
Resident services and fee income | 199,416 | 183,177 | 140,901 | ||||||||
Contingent purchase price consideration | 0 | 138 | 612 | ||||||||
Total revenues | 311,173 | 302,566 | 247,490 | ||||||||
Impairment charges | (18,993) | (389) | 0 | ||||||||
Property operating and maintenance | 186,277 | 172,077 | 125,573 | ||||||||
Net operating income | 124,896 | 130,489 | 121,917 | ||||||||
Operating fees to related parties | (22,257) | (20,583) | (12,191) | ||||||||
Acquisition and transaction related | (2,986) | (3,163) | (14,679) | ||||||||
General and administrative | (15,673) | (12,105) | (9,733) | ||||||||
Depreciation and amortization | (77,641) | (98,886) | (120,924) | ||||||||
Interest expense | (30,264) | (19,881) | (10,356) | ||||||||
Interest and other income | 306 | 47 | |||||||||
Gain (loss) on non-designated derivatives | (198) | 31 | 0 | ||||||||
Gain on sale of real estate investment | 438 | 1,330 | 0 | ||||||||
Gain on asset acquisition | 307 | 0 | 0 | ||||||||
Interest and other income | 582 | ||||||||||
Gain on sale of investment securities | 0 | 56 | 446 | ||||||||
Income tax (expense) benefit | (647) | 2,084 | 2,978 | ||||||||
Net loss attributable to non-controlling interests | 164 | 96 | 219 | ||||||||
Net loss attributable to stockholders | $ (7,557) | $ (24,136) | $ (4,716) | $ (6,139) | $ (7,655) | $ (8,664) | $ (3,000) | $ (1,555) | (42,548) | (20,874) | (41,741) |
Medical Office Buildings | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Rental income | 67,390 | 65,994 | 56,165 | ||||||||
Operating expense reimbursements | 15,460 | 14,927 | 12,611 | ||||||||
Resident services and fee income | 0 | 0 | 0 | ||||||||
Contingent purchase price consideration | 0 | 0 | |||||||||
Total revenues | 82,850 | 80,921 | 68,776 | ||||||||
Property operating and maintenance | 24,137 | 23,816 | 97,005 | ||||||||
Net operating income | 58,713 | 57,105 | (28,229) | ||||||||
Triple-Net Leased Healthcare Facilities | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Rental income | 25,133 | 37,374 | 29,597 | ||||||||
Operating expense reimbursements | 1,146 | 949 | 148 | ||||||||
Resident services and fee income | 0 | 0 | 0 | ||||||||
Contingent purchase price consideration | 0 | 0 | |||||||||
Total revenues | 26,279 | 38,323 | 29,745 | ||||||||
Property operating and maintenance | 19,944 | 18,810 | 6,695 | ||||||||
Net operating income | 6,335 | 19,513 | 23,050 | ||||||||
Seniors Housing Communities | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Rental income | 2,629 | 7 | 7,456 | ||||||||
Operating expense reimbursements | (1) | 0 | 0 | ||||||||
Resident services and fee income | 199,416 | 183,177 | 140,901 | ||||||||
Contingent purchase price consideration | 138 | 612 | |||||||||
Total revenues | 202,044 | 183,322 | 148,969 | ||||||||
Property operating and maintenance | 142,196 | 129,451 | 21,873 | ||||||||
Net operating income | $ 59,848 | $ 53,871 | $ 127,096 |
Segment Reporting (Reconcilia82
Segment Reporting (Reconciliation of Segment Activity to Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | ||
Net Real Estate Assets Subject to Investment Arrangement | $ 2,176,341 | $ 2,114,235 |
Construction in progress | 82,007 | 70,055 |
Construction in progress | 72,007 | 60,055 |
Cash and cash equivalents | 94,177 | 29,225 |
Restricted cash | 8,411 | 3,962 |
Assets held for sale | 37,822 | 0 |
Derivative assets, at fair value | 2,550 | 61 |
Straight-line rent receivable, net | 15,327 | 12,026 |
Prepaid expenses and other assets | 22,099 | 22,073 |
Deferred costs, net | 15,134 | 12,123 |
Total assets | 2,371,861 | 2,193,705 |
Medical Office Buildings | ||
Segment Reporting Information [Line Items] | ||
Net Real Estate Assets Subject to Investment Arrangement | 897,264 | 788,023 |
Triple-Net Leased Healthcare Facilities | ||
Segment Reporting Information [Line Items] | ||
Net Real Estate Assets Subject to Investment Arrangement | 294,727 | 418,819 |
Seniors Housing Communities | ||
Segment Reporting Information [Line Items] | ||
Net Real Estate Assets Subject to Investment Arrangement | $ 902,343 | $ 837,338 |
Segment Reporting (Reconcilia83
Segment Reporting (Reconciliation of Capital Expenditures by Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 8,278 | $ 7,476 | $ 6,885 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 9,001 | 7,476 | 5,370 |
Operating Segments | Medical Office Buildings | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 4,037 | 3,198 | 2,129 |
Operating Segments | Triple-Net Leased Healthcare Facilities | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 154 | 112 | 540 |
Operating Segments | Seniors Housing Communities | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 4,810 | $ 4,166 | $ 2,701 |
Commitments and Contingencies84
Commitments and Contingencies (Schedule of Future Minimum Rental Payments) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Operating Leases | |
2018, Operating Leases | $ 774 |
2019, Operating Leases | 780 |
2020, Operating Leases | 780 |
2021, Operating Leases | 774 |
2022, Operating Leases | 790 |
Thereafter, Operating Leases | 35,103 |
Total, Operating Leases | 39,001 |
Capital Leases | |
2018, Capital Leases | 78 |
2019, Capital Leases | 80 |
2020, Capital Leases | 82 |
2021, Capital Leases | 84 |
2022, Capital Leases | 86 |
Thereafter, Capital Leases | 7,678 |
Total, Capital Leases | 8,088 |
Interest, Capital Leases | (3,266) |
Total present value of minimum lease payments | $ 4,822 |
Commitments and Contingencies85
Commitments and Contingencies (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Aug. 31, 2015 | |
Loss Contingencies [Line Items] | ||||
Rent expense | $ 800,000 | $ 800,000 | $ 400,000 | |
Interest expense | 85,000 | 84,000 | $ 84,000 | |
Purchase obligation | $ 82,000,000 | |||
Construction in progress | 72,007,000 | $ 60,055,000 | ||
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 | $ 72,000,000 |
Quarterly Results (Unaudited)86
Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 81,720 | $ 79,072 | $ 75,766 | $ 74,615 | $ 75,679 | $ 75,521 | $ 75,857 | $ 75,509 | $ 311,173 | $ 302,566 | $ 247,490 |
Net loss attributable to stockholders | $ (7,557) | $ (24,136) | $ (4,716) | $ (6,139) | $ (7,655) | $ (8,664) | $ (3,000) | $ (1,555) | $ (42,548) | $ (20,874) | $ (41,741) |
Basic and diluted weighted average shares outstanding (in shares) | 90,403,032 | 89,821,799 | 89,335,489 | 89,639,676 | 89,088,233 | 88,285,390 | 87,465,569 | 86,658,678 | 89,802,174 | 87,878,907 | 85,331,966 |
Basic and diluted net loss per share (in usd per share) | $ (0.08) | $ (0.27) | $ (0.05) | $ (0.07) | $ (0.09) | $ (0.10) | $ (0.03) | $ (0.02) | $ (0.47) | $ (0.24) | $ (0.49) |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 02, 2018 | Mar. 01, 2018 | Apr. 01, 2017 | Jan. 31, 2018 | Apr. 30, 2013 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2017 | Mar. 13, 2018 | Feb. 28, 2013 |
Subsequent Event [Line Items] | ||||||||||||
Common stock repurchases (in shares) | 1,554,768 | |||||||||||
Common stock repurchases | $ 33,627 | $ 170 | $ 21,160 | |||||||||
Average Price per Share (in dollars per share) | $ 21.61 | $ 23.73 | $ 22.43 | |||||||||
Dividends declared per day (in dollars per share) | 0.0039726027 | |||||||||||
Dividends declared (in usd per share) | $ 1.45 | $ 1.70 | $ 1.51 | $ 1.70 | $ 1.70 | |||||||
Share Price (in dollars per share) | $ 21.45 | $ 21.45 | $ 25 | |||||||||
Proceeds from credit facilities | $ 380,170 | $ 106,500 | $ 440,000 | |||||||||
Credit facilities | 534,869 | 481,500 | $ 481,500 | $ 534,869 | ||||||||
Repayments of credit facility borrowings | $ 326,800 | $ 55,000 | $ 10,000 | |||||||||
Common stock, par value, in dollars per share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | 0.01 | |||||||
Subsequent Event | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Percent of repurchases approved | 100.00% | |||||||||||
Common stock repurchases (in shares) | 373,967 | |||||||||||
Common stock repurchases | $ 8,000 | |||||||||||
Average Price per Share (in dollars per share) | $ 21.45 | |||||||||||
Dividends declared per day (in dollars per share) | $ 0.0023287671 | |||||||||||
Dividends declared (in usd per share) | $ 0.85 | |||||||||||
Common Stock | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Dividends, percent | 5.80% | |||||||||||
Share Price (in dollars per share) | $ 25 | |||||||||||
Common Stock | Subsequent Event | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Dividends, percent | 3.40% | |||||||||||
Most Recent NAV Valuation | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Dividends, percent | 6.76% | |||||||||||
Most Recent NAV Valuation | Subsequent Event | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Dividends, percent | 3.96% | |||||||||||
Fannie Mae Master Credit Facility | Subsequent Event | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Proceeds from credit facilities | $ 64,200 | |||||||||||
Credit facilities | 216,700 | |||||||||||
Fannie Mae Master Credit Facility | Bridge Loan | Subsequent Event | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Repayments of credit facility borrowings | $ 61,700 | |||||||||||
Interest only period | 48 months | |||||||||||
Prepayment lockout period | 1 year | |||||||||||
Prepayment penalty percent | 1.00% | |||||||||||
One-Month LIBOR | Fannie Mae Master Credit Facility | Bridge Loan | Subsequent Event | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Interest rate | 2.32% | |||||||||||
Tender Offer | Subsequent Event | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Share Price (in dollars per share) | $ 13.15 | |||||||||||
Shares authorized (in shares) | 2,000,000 | |||||||||||
Common stock, par value, in dollars per share | $ 0.01 | |||||||||||
Authorized amount | $ 26,300 |
Real Estate and Accumulated D88
Real Estate and Accumulated Depreciation - Schedule III (Summary of Real Estate Properties) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jul. 31, 2015 | Dec. 31, 2014 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 950,234 | ||||
Land | 201,427 | ||||
Building and Improvements | 1,939,110 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 88,837 | ||||
Gross Amount | 2,229,374 | $ 2,060,458 | $ 2,078,503 | $ 1,475,848 | |
Accumulated Depreciation | 170,271 | 119,014 | $ 60,575 | $ 11,791 | |
Acquired intangibles | 256,700 | ||||
Federal income taxes | 2,200,000 | ||||
Accumulated Amortization | 139,400 | ||||
Credit facilities | 534,869 | 481,500 | |||
Secured Debt | 406,630 | $ 142,754 | |||
Unencumbered Properties | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Maximum borrowing capacity | $ 565,000 | ||||
Credit facilities | $ 239,700 | ||||
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 | $ 749 | ||||
Land | 151 | ||||
Building and Improvements | 1,568 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 1,719 | ||||
Accumulated Depreciation | 215 | ||||
Adena Health Center - Jackson | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 2,124 | ||||
Land | 242 | ||||
Building and Improvements | 4,494 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 4,736 | ||||
Accumulated Depreciation | 524 | ||||
Ouachita Community Hospital - West Monroe | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 2,666 | ||||
Land | 633 | ||||
Building and Improvements | 5,304 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 5,937 | ||||
Accumulated Depreciation | 629 | ||||
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 | 1,751 | ||||
Oak Lawn Medical Center - Oak Lawn | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 4,018 | ||||
Land | 835 | ||||
Building and Improvements | 7,477 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 8,312 | ||||
Accumulated Depreciation | 1,045 | ||||
Surgery Center of Temple - Temple | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 3,141 | ||||
Land | 225 | ||||
Building and Improvements | 5,208 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 5,433 | ||||
Accumulated Depreciation | 586 | ||||
Greenville Health System - Greenville | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 1,677 | ||||
Land | 720 | ||||
Building and Improvements | 3,045 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 3,765 | ||||
Accumulated Depreciation | 333 | ||||
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 | 916 | ||||
Gross Amount | 10,623 | ||||
Accumulated Depreciation | 1,249 | ||||
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 | 349 | ||||
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 | 208 | ||||
Creekside MOB - Douglasville | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 6,018 | ||||
Land | 2,709 | ||||
Building and Improvements | 5,320 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 603 | ||||
Gross Amount | 8,632 | ||||
Accumulated Depreciation | 808 | ||||
Bowie Gateway Medical Center - Bowie | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 7,390 | ||||
Land | 983 | ||||
Building and Improvements | 10,321 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 11,304 | ||||
Accumulated Depreciation | 1,028 | ||||
Campus at Crooks & Auburn Building D - Rochester Hills | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 2,613 | ||||
Land | 640 | ||||
Building and Improvements | 4,107 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 19 | ||||
Gross Amount | 4,766 | ||||
Accumulated Depreciation | 419 | ||||
Medical Center of New Windsor - New Windsor | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 4,521 | ||||
Land | 0 | ||||
Building and Improvements | 10,566 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 326 | ||||
Gross Amount | 10,892 | ||||
Accumulated Depreciation | 1,129 | ||||
Plank Medical Center - Clifton Park | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 1,767 | ||||
Land | 749 | ||||
Building and Improvements | 3,559 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 44 | ||||
Gross Amount | 4,352 | ||||
Accumulated Depreciation | 395 | ||||
Cushing Center - Schenectady | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 7,285 | ||||
Land | 0 | ||||
Building and Improvements | 12,489 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 37 | ||||
Gross Amount | 12,526 | ||||
Accumulated Depreciation | 1,269 | ||||
Berwyn Medical Center - Berwyn | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 4,367 | ||||
Land | 1,305 | ||||
Building and Improvements | 7,559 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 8,864 | ||||
Accumulated Depreciation | 707 | ||||
Countryside Medical Arts - Safety Harbor | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 5,773 | ||||
Land | 915 | ||||
Building and Improvements | 7,663 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 60 | ||||
Gross Amount | 8,638 | ||||
Accumulated Depreciation | 777 | ||||
St. Andrews Medical Park - Venice | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 6,381 | ||||
Land | 1,666 | ||||
Building and Improvements | 9,944 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 223 | ||||
Gross Amount | 11,833 | ||||
Accumulated Depreciation | 1,069 | ||||
Campus at Crooks & Auburn Building C - Rochester Hills, MI | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 2,877 | ||||
Land | 609 | ||||
Building and Improvements | 3,842 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 140 | ||||
Gross Amount | 4,591 | ||||
Accumulated Depreciation | 426 | ||||
Slingerlands Crossing Phase I - Bethlehem | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 4,135 | ||||
Land | 3,865 | ||||
Building and Improvements | 5,919 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 27 | ||||
Gross Amount | 9,811 | ||||
Accumulated Depreciation | 619 | ||||
Slingerlands Crossing Phase II - Bethlehem | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 4,749 | ||||
Land | 1,707 | ||||
Building and Improvements | 9,715 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 105 | ||||
Gross Amount | 11,527 | ||||
Accumulated Depreciation | 1,000 | ||||
UC Davis MOB - Elk Grove | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 6,807 | ||||
Land | 1,138 | ||||
Building and Improvements | 7,242 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 234 | ||||
Gross Amount | 8,614 | ||||
Accumulated Depreciation | 716 | ||||
Laguna Professional Center - Elk Grove | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 7,620 | ||||
Land | 1,811 | ||||
Building and Improvements | 14,598 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 218 | ||||
Gross Amount | 16,627 | ||||
Accumulated Depreciation | 1,449 | ||||
Estate at Hyde Park - Tampa | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 20,116 | ||||
Land | 1,777 | ||||
Building and Improvements | 20,153 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 17 | ||||
Gross Amount | 21,947 | ||||
Accumulated Depreciation | 2,178 | ||||
Autumn Ridge of Clarkston - Clarkston | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 19,245 | ||||
Land | 655 | ||||
Building and Improvements | 19,834 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 106 | ||||
Gross Amount | 20,595 | ||||
Accumulated Depreciation | 2,193 | ||||
Sunnybrook of Burlington - Burlington | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 12,783 | ||||
Land | 518 | ||||
Building and Improvements | 16,651 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 16 | ||||
Gross Amount | 17,185 | ||||
Accumulated Depreciation | 1,828 | ||||
Sunnybrook of Carroll - Carroll | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 6,344 | ||||
Land | 473 | ||||
Building and Improvements | 11,150 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 9 | ||||
Gross Amount | 11,632 | ||||
Accumulated Depreciation | 1,116 | ||||
Sunnybrook of Fairfield - Fairfield | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 1,750 | ||||
Land | 340 | ||||
Building and Improvements | 14,028 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 24 | ||||
Gross Amount | 14,392 | ||||
Accumulated Depreciation | 1,581 | ||||
Sunnybrook of Ft. Madison - Ft. Madison | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 1,044 | ||||
Land | 263 | ||||
Building and Improvements | 3,898 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 3 | ||||
Gross Amount | 4,164 | ||||
Accumulated Depreciation | 37 | ||||
Sunnybrook of Mt. Pleasant - Mt. Pleasant | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 1,329 | ||||
Land | 205 | ||||
Building and Improvements | 10,811 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 223 | ||||
Gross Amount | 11,239 | ||||
Accumulated Depreciation | 1,019 | ||||
Sunnybrook of Muscatine - Muscatine | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 9,324 | ||||
Land | 302 | ||||
Building and Improvements | 13,752 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 102 | ||||
Gross Amount | 14,156 | ||||
Accumulated Depreciation | 1,406 | ||||
Prairie Hills at Cedar Rapids -Cedar Rapids | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 8,014 | ||||
Land | 195 | ||||
Building and Improvements | 8,544 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 72 | ||||
Gross Amount | 8,811 | ||||
Accumulated Depreciation | 872 | ||||
Prairie Hills at Clinton - Clinton | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 11,750 | ||||
Land | 890 | ||||
Building and Improvements | 18,801 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 103 | ||||
Gross Amount | 19,794 | ||||
Accumulated Depreciation | 1,940 | ||||
Prairie Hills at Des Moines - Des Moines | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 5,418 | ||||
Land | 647 | ||||
Building and Improvements | 13,645 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 59 | ||||
Gross Amount | 14,351 | ||||
Accumulated Depreciation | 1,535 | ||||
Prairie Hills at Tipton - Tipton | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 1,044 | ||||
Land | 306 | ||||
Building and Improvements | 10,370 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 8 | ||||
Gross Amount | 10,684 | ||||
Accumulated Depreciation | 955 | ||||
Prairie Hills at Independence - Independence | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 1,286 | ||||
Land | 473 | ||||
Building and Improvements | 10,534 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 55 | ||||
Gross Amount | 11,062 | ||||
Accumulated Depreciation | 1,042 | ||||
Prairie Hills at Ottumwa - Ottumwa | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 1,223 | ||||
Land | 538 | ||||
Building and Improvements | 9,100 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 87 | ||||
Gross Amount | 9,725 | ||||
Accumulated Depreciation | 990 | ||||
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 | 4,369 | ||||
Land | 0 | ||||
Building and Improvements | 13,274 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 13,274 | ||||
Accumulated Depreciation | 1,155 | ||||
Buchanan Meadows - Buchanan | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 3,917 | ||||
Land | 288 | ||||
Building and Improvements | 6,988 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 26 | ||||
Gross Amount | 7,302 | ||||
Accumulated Depreciation | 760 | ||||
Crystal Springs - Kentwood | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 1,371 | ||||
Land | 661 | ||||
Building and Improvements | 14,507 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 53 | ||||
Gross Amount | 15,221 | ||||
Accumulated Depreciation | 1,743 | ||||
Golden Orchards - Fennville | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 738 | ||||
Land | 418 | ||||
Building and Improvements | 5,318 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 64 | ||||
Gross Amount | 5,800 | ||||
Accumulated Depreciation | 539 | ||||
Lakeside Vista - Holland | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 7,723 | ||||
Land | 378 | ||||
Building and Improvements | 12,196 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 75 | ||||
Gross Amount | 12,649 | ||||
Accumulated Depreciation | 1,297 | ||||
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 | 232 | ||||
Prestige Centre - Buchanan | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 422 | ||||
Land | 297 | ||||
Building and Improvements | 2,207 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 6 | ||||
Gross Amount | 2,510 | ||||
Accumulated Depreciation | 281 | ||||
Prestige Commons - Chesterfield Two | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 601 | ||||
Land | 318 | ||||
Building and Improvements | 5,346 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 41 | ||||
Gross Amount | 5,705 | ||||
Accumulated Depreciation | 541 | ||||
Prestige Pines - Dewitt | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 875 | ||||
Land | 476 | ||||
Building and Improvements | 3,065 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 27 | ||||
Gross Amount | 3,568 | ||||
Accumulated Depreciation | 440 | ||||
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 | 17 | ||||
Gross Amount | 1,245 | ||||
Accumulated Depreciation | 246 | ||||
Prestige Point - Grand Blanc | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 73 | ||||
Building and Improvements | 734 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 4 | ||||
Gross Amount | 811 | ||||
Accumulated Depreciation | 1 | ||||
Prestige Way - Holt | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 151 | ||||
Building and Improvements | 1,339 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 1,490 | ||||
Accumulated Depreciation | 14 | ||||
The Atrium - Rockford | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 164 | ||||
Building and Improvements | 1,746 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 1,910 | ||||
Accumulated Depreciation | 17 | ||||
Waldon Woods - Wyoming | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 205 | ||||
Building and Improvements | 1,915 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 14 | ||||
Gross Amount | 2,134 | ||||
Accumulated Depreciation | 15 | ||||
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 | 555 | ||||
Gross Amount | 13,565 | ||||
Accumulated Depreciation | 1,519 | ||||
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 | 797 | ||||
Gross Amount | 7,174 | ||||
Accumulated Depreciation | 609 | ||||
Cardiovascular Consultants of Cape Girardeau Medical Office Building- Cape Girardeau | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 3,316 | ||||
Land | 1,624 | ||||
Building and Improvements | 5,303 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 6,927 | ||||
Accumulated Depreciation | 641 | ||||
FOC Clinical - Mechanicsburg | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 13,408 | ||||
Land | 0 | ||||
Building and Improvements | 19,634 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 19,634 | ||||
Accumulated Depreciation | 1,819 | ||||
Brady MOB - Harrisburg | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 14,622 | ||||
Land | 0 | ||||
Building and Improvements | 22,485 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 22,485 | ||||
Accumulated Depreciation | 1,844 | ||||
Community Health MOB - Harrisburg | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 3,985 | ||||
Land | 0 | ||||
Building and Improvements | 6,170 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 6,170 | ||||
Accumulated Depreciation | 518 | ||||
FOC I - Mechanicsburg | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 5,859 | ||||
Land | 0 | ||||
Building and Improvements | 8,923 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 114 | ||||
Gross Amount | 9,037 | ||||
Accumulated Depreciation | 860 | ||||
FOC II - Mechanicsburg | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 11,508 | ||||
Land | 0 | ||||
Building and Improvements | 16,473 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 16,473 | ||||
Accumulated Depreciation | 1,537 | ||||
Harrisburg Pennsylvania Hospital | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 16,603 | ||||
Land | 0 | ||||
Building and Improvements | 32,484 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 32,484 | ||||
Accumulated Depreciation | 2,672 | ||||
Diamond View Assisted Living Community - Meridian | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 3,394 | ||||
Land | 498 | ||||
Building and Improvements | 7,053 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 81 | ||||
Gross Amount | 7,632 | ||||
Accumulated Depreciation | 993 | ||||
Benton House - Brunswick - Brunswick | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 1,371 | ||||
Land | 1,509 | ||||
Building and Improvements | 14,385 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 25 | ||||
Gross Amount | 15,919 | ||||
Accumulated Depreciation | 1,588 | ||||
Benton House - Dublin - Dublin | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 1,160 | ||||
Land | 403 | ||||
Building and Improvements | 9,254 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 51 | ||||
Gross Amount | 9,708 | ||||
Accumulated Depreciation | 1,118 | ||||
Benton House - Johns Creek - Johns Creek | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 10,139 | ||||
Land | 997 | ||||
Building and Improvements | 11,849 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 99 | ||||
Gross Amount | 12,945 | ||||
Accumulated Depreciation | 1,352 | ||||
Benton House - Lee's Summit - Lee's Summit | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 17,187 | ||||
Land | 2,734 | ||||
Building and Improvements | 24,970 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 52 | ||||
Gross Amount | 27,756 | ||||
Accumulated Depreciation | 2,553 | ||||
Benton House - Roswell - Roswell | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 4,095 | ||||
Land | 1,000 | ||||
Building and Improvements | 8,505 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 194 | ||||
Gross Amount | 9,699 | ||||
Accumulated Depreciation | 1,121 | ||||
Benton House - Titusville - Titusville | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 11,971 | ||||
Land | 1,379 | ||||
Building and Improvements | 13,827 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 110 | ||||
Gross Amount | 15,316 | ||||
Accumulated Depreciation | 1,674 | ||||
Allegro at Elizabethtown - Elizabethtown | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 938 | ||||
Land | 317 | ||||
Building and Improvements | 7,261 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 148 | ||||
Gross Amount | 7,726 | ||||
Accumulated Depreciation | 941 | ||||
Allegro at Jupiter - Jupiter | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 38,559 | ||||
Land | 3,741 | ||||
Building and Improvements | 49,413 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 138 | ||||
Gross Amount | 53,292 | ||||
Accumulated Depreciation | 5,082 | ||||
Allegro at St Petersburg - St Petersburg | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 6,064 | ||||
Land | 3,791 | ||||
Building and Improvements | 7,950 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 850 | ||||
Gross Amount | 12,591 | ||||
Accumulated Depreciation | 1,361 | ||||
Allegro at Stuart - Stuart | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 42,524 | ||||
Land | 5,018 | ||||
Building and Improvements | 60,505 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 231 | ||||
Gross Amount | 65,754 | ||||
Accumulated Depreciation | 6,375 | ||||
Allegro at Tarpon - Tarpon Springs | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 7,350 | ||||
Land | 2,360 | ||||
Building and Improvements | 13,412 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 138 | ||||
Gross Amount | 15,910 | ||||
Accumulated Depreciation | 1,793 | ||||
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 | 11,481 | ||||
Land | 0 | ||||
Building and Improvements | 16,367 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 501 | ||||
Gross Amount | 16,868 | ||||
Accumulated Depreciation | 1,455 | ||||
757 Building - Munster | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 3,706 | ||||
Land | 645 | ||||
Building and Improvements | 7,885 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 8,530 | ||||
Accumulated Depreciation | 653 | ||||
Dyer Building - Dyer | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 3,907 | ||||
Land | 601 | ||||
Building and Improvements | 8,867 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 125 | ||||
Gross Amount | 9,593 | ||||
Accumulated Depreciation | 743 | ||||
759 Building - Munster | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 6,440 | ||||
Land | 1,101 | ||||
Building and Improvements | 8,899 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 10,000 | ||||
Accumulated Depreciation | 758 | ||||
761 Building - Munster | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 4,997 | ||||
Land | 1,436 | ||||
Building and Improvements | 8,580 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 10 | ||||
Gross Amount | 10,026 | ||||
Accumulated Depreciation | 759 | ||||
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 | 133 | ||||
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 | 2,433 | ||||
Nuvista at Wellington Green - Wellington | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 20,673 | ||||
Land | 4,273 | ||||
Building and Improvements | 42,098 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 46,371 | ||||
Accumulated Depreciation | 4,990 | ||||
Mount Vernon Medical Office Building - Mount Vernon | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 11,085 | ||||
Land | 0 | ||||
Building and Improvements | 18,519 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 18,519 | ||||
Accumulated Depreciation | 1,548 | ||||
Meadowbrook Senior Living - Agoura Hills | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 19,167 | ||||
Land | 8,821 | ||||
Building and Improvements | 48,454 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 459 | ||||
Gross Amount | 57,734 | ||||
Accumulated Depreciation | 4,389 | ||||
Hampton River Medical Arts Building - Hampton | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 15,678 | ||||
Land | 0 | ||||
Building and Improvements | 17,706 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 89 | ||||
Gross Amount | 17,795 | ||||
Accumulated Depreciation | 1,552 | ||||
Careplex West Medical Office Building- Hampton | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 10,663 | ||||
Land | 2,628 | ||||
Building and Improvements | 16,098 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 18,726 | ||||
Accumulated Depreciation | 1,323 | ||||
Wellington at Hershey's Mill - West Chester | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 37,056 | ||||
Land | 8,531 | ||||
Building and Improvements | 80,076 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 88,607 | ||||
Accumulated Depreciation | 7,170 | ||||
Eye Specialty Group Medical Building - Memphis | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 5,332 | ||||
Land | 775 | ||||
Building and Improvements | 7,223 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 7,998 | ||||
Accumulated Depreciation | 585 | ||||
Benton House - Prairie Village - Prairie Village | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 14,812 | ||||
Land | 1,782 | ||||
Building and Improvements | 21,831 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 27 | ||||
Gross Amount | 23,640 | ||||
Accumulated Depreciation | 2,191 | ||||
Benton House - Alpharetta | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 2,467 | ||||
Land | 1,604 | ||||
Building and Improvements | 26,055 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 22 | ||||
Gross Amount | 27,681 | ||||
Accumulated Depreciation | 2,538 | ||||
Medical Sciences Pavilion - Harrisburg | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 13,461 | ||||
Land | 0 | ||||
Building and Improvements | 22,309 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 146 | ||||
Gross Amount | 22,455 | ||||
Accumulated Depreciation | 1,743 | ||||
Bloom MOB - Harrisburg | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 11,217 | ||||
Land | 0 | ||||
Building and Improvements | 15,928 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 15,928 | ||||
Accumulated Depreciation | 1,301 | ||||
Pinnacle Center - Southaven | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 4,223 | ||||
Land | 1,378 | ||||
Building and Improvements | 6,418 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 290 | ||||
Gross Amount | 8,086 | ||||
Accumulated Depreciation | 625 | ||||
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 | 1,962 | ||||
Paradise Valley Medical Plaza - Phoenix | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 12,405 | ||||
Land | 0 | ||||
Building and Improvements | 25,187 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 599 | ||||
Gross Amount | 25,786 | ||||
Accumulated Depreciation | 2,094 | ||||
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 | 182 | ||||
Gross Amount | 42,167 | ||||
Accumulated Depreciation | 3,114 | ||||
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 | 35 | ||||
Gross Amount | 22,328 | ||||
Accumulated Depreciation | 2,561 | ||||
Colonial Healthcare & Rehab Centre- Princeton | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 173 | ||||
Building and Improvements | 5,871 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 6,044 | ||||
Accumulated Depreciation | 904 | ||||
Morton Terrace Healthcare & Rehab Centre - Morton | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 709 | ||||
Building and Improvements | 5,649 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 6,358 | ||||
Accumulated Depreciation | 889 | ||||
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 | 109 | ||||
Gross Amount | 4,419 | ||||
Accumulated Depreciation | 536 | ||||
Rivershores Healthcare & Rehab Centre - Marseilles | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,276 | ||||
Building and Improvements | 6,868 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 8,144 | ||||
Accumulated Depreciation | 888 | ||||
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 | 1,078 | ||||
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 | 284 | ||||
Gross Amount | 18,407 | ||||
Accumulated Depreciation | 1,306 | ||||
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 | 1,287 | ||||
Benton House - Shoal Creek - Kansas City | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 13,391 | ||||
Land | 3,723 | ||||
Building and Improvements | 22,206 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 82 | ||||
Gross Amount | 26,011 | ||||
Accumulated Depreciation | 2,084 | ||||
Aurora Health Center - Green Bay | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 1,121 | ||||
Land | 1,130 | ||||
Building and Improvements | 1,678 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 2,808 | ||||
Accumulated Depreciation | 149 | ||||
Aurora Healthcare Center, Greenville,WI | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 488 | ||||
Land | 259 | ||||
Building and Improvements | 958 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 1,217 | ||||
Accumulated Depreciation | 90 | ||||
Aurora Healthcare Center Plymouth, WI | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 10,863 | ||||
Land | 2,891 | ||||
Building and Improvements | 24,224 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 27,115 | ||||
Accumulated Depreciation | 1,927 | ||||
Aurora Healthcare Center, Waterford, WI | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 2,828 | ||||
Land | 590 | ||||
Building and Improvements | 6,452 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 7,042 | ||||
Accumulated Depreciation | 495 | ||||
Aurora Healthcare Center, Wautoma, WI | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 2,535 | ||||
Land | 1,955 | ||||
Building and Improvements | 4,361 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 6,316 | ||||
Accumulated Depreciation | 349 | ||||
Aurora Sheboyan Clinic, Kiel, WI | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 1,160 | ||||
Land | 676 | ||||
Building and Improvements | 2,214 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 2,890 | ||||
Accumulated Depreciation | 175 | ||||
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 | 830 | ||||
Advanced Orthopedic Medical Center - Richmond | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 11,666 | ||||
Land | 1,523 | ||||
Building and Improvements | 19,229 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 20,752 | ||||
Accumulated Depreciation | 1,403 | ||||
Palm Valley Medical Plaza - Goodyear, AZ | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 3,327 | ||||
Land | 1,890 | ||||
Building and Improvements | 4,876 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 101 | ||||
Gross Amount | 6,867 | ||||
Accumulated Depreciation | 410 | ||||
Physicians Plaza of Roane County - Harriman | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 4,330 | ||||
Land | 1,746 | ||||
Building and Improvements | 7,813 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 40 | ||||
Gross Amount | 9,599 | ||||
Accumulated Depreciation | 595 | ||||
Adventist Health Lacey Medical Plaza - Hanford | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 8,502 | ||||
Land | 328 | ||||
Building and Improvements | 13,267 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 35 | ||||
Gross Amount | 13,630 | ||||
Accumulated Depreciation | 903 | ||||
Commerical Center - Peoria | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 2,111 | ||||
Land | 959 | ||||
Building and Improvements | 1,076 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 425 | ||||
Gross Amount | 2,460 | ||||
Accumulated Depreciation | 123 | ||||
Medical Center I - Peoria | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 1,689 | ||||
Land | 807 | ||||
Building and Improvements | 1,077 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 842 | ||||
Gross Amount | 2,726 | ||||
Accumulated Depreciation | 220 | ||||
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 | 929 | ||||
Gross Amount | 3,178 | ||||
Accumulated Depreciation | 270 | ||||
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 | 497 | ||||
Gross Amount | 2,767 | ||||
Accumulated Depreciation | 183 | ||||
Morrow Medical Center - Morrow | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 2,925 | ||||
Land | 1,155 | ||||
Building and Improvements | 5,618 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 6 | ||||
Gross Amount | 6,779 | ||||
Accumulated Depreciation | 389 | ||||
Belmar Medical Building - Lakewood | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 2,422 | ||||
Land | 819 | ||||
Building and Improvements | 4,273 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 41 | ||||
Gross Amount | 5,133 | ||||
Accumulated Depreciation | 314 | ||||
Addington Place of Northville - Northville | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 13,287 | ||||
Land | 440 | ||||
Building and Improvements | 14,975 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 15,415 | ||||
Accumulated Depreciation | 1,209 | ||||
Medical Center V - Peoria, AZ | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 3,066 | ||||
Land | 1,089 | ||||
Building and Improvements | 3,200 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 91 | ||||
Gross Amount | 4,380 | ||||
Accumulated Depreciation | 227 | ||||
Legacy Medical Village - Plano | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 19,637 | ||||
Land | 3,755 | ||||
Building and Improvements | 31,097 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 165 | ||||
Gross Amount | 35,017 | ||||
Accumulated Depreciation | 2,103 | ||||
Conroe Medical Arts and Surgery Center - Conroe | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 9,343 | ||||
Land | 1,965 | ||||
Building and Improvements | 12,198 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 237 | ||||
Gross Amount | 14,400 | ||||
Accumulated Depreciation | 936 | ||||
Scripps Cedar Medical Center - Vista | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 10,082 | ||||
Land | 1,213 | ||||
Building and Improvements | 14,531 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 11 | ||||
Gross Amount | 15,755 | ||||
Accumulated Depreciation | 908 | ||||
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 | 72,007 | ||||
Gross Amount | 82,007 | ||||
Accumulated Depreciation | 0 | ||||
Ocean Park of Brookings - Brookings | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 1,381 | ||||
Land | 589 | ||||
Building and Improvements | 5,381 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 53 | ||||
Gross Amount | 6,023 | ||||
Accumulated Depreciation | 48 | ||||
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 | 393 | ||||
East Coast Square North - Morehead City | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 2,535 | ||||
Land | 899 | ||||
Building and Improvements | 4,761 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 5,660 | ||||
Accumulated Depreciation | 289 | ||||
East Coast Square West - Cedar Point | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 3,218 | ||||
Land | 1,535 | ||||
Building and Improvements | 4,803 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 6 | ||||
Gross Amount | 6,344 | ||||
Accumulated Depreciation | 298 | ||||
Eastside Cancer Institute - Greenville | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 3,355 | ||||
Land | 1,498 | ||||
Building and Improvements | 6,637 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 8,135 | ||||
Accumulated Depreciation | 396 | ||||
Sassafras Medical Building - Erie | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 2,389 | ||||
Land | 928 | ||||
Building and Improvements | 4,538 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 5,466 | ||||
Accumulated Depreciation | 254 | ||||
Sky Lakes Klamath Medical Clinic - Klamath Falls | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 1,268 | ||||
Land | 433 | ||||
Building and Improvements | 2,604 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 18 | ||||
Gross Amount | 3,055 | ||||
Accumulated Depreciation | 152 | ||||
Courtyard Fountains - Gresham, OR | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 24,372 | ||||
Land | 2,476 | ||||
Building and Improvements | 50,534 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 621 | ||||
Gross Amount | 53,631 | ||||
Accumulated Depreciation | 3,264 | ||||
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 | 71 | ||||
Gross Amount | 6,832 | ||||
Accumulated Depreciation | 405 | ||||
Mainland Medical Arts Pavilion - Texas City | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 4,096 | ||||
Land | 320 | ||||
Building and Improvements | 7,823 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 300 | ||||
Gross Amount | 8,443 | ||||
Accumulated Depreciation | 503 | ||||
Renaissance on Peachtree - Atlanta | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 50,821 | ||||
Land | 4,535 | ||||
Building and Improvements | 68,605 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 576 | ||||
Gross Amount | 73,716 | ||||
Accumulated Depreciation | 4,345 | ||||
Fox Ridge Bryant - Bryant, AR | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 7,535 | ||||
Land | 1,687 | ||||
Building and Improvements | 12,862 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 159 | ||||
Gross Amount | 14,708 | ||||
Accumulated Depreciation | 1,084 | ||||
Fox Ridge Chenal - Little Rock, AR | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 17,270 | ||||
Land | 6,896 | ||||
Building and Improvements | 20,484 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 78 | ||||
Gross Amount | 27,458 | ||||
Accumulated Depreciation | 1,479 | ||||
Fox Ridge North Little Rock - North Little Rock, AR | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 10,716 | ||||
Land | 0 | ||||
Building and Improvements | 19,190 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 102 | ||||
Gross Amount | 19,292 | ||||
Accumulated Depreciation | 1,260 | ||||
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 | 872 | ||||
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 | 752 | ||||
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 | 849 | ||||
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 | 647 | ||||
High Desert Medical Group Medical Office Building - Lancaster | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 4,876 | ||||
Land | 1,459 | ||||
Building and Improvements | 9,300 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 10,759 | ||||
Accumulated Depreciation | 228 | ||||
Northside Hospital Medical Office Building - Canton | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 5,276 | ||||
Land | 3,408 | ||||
Building and Improvements | 8,191 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 11,599 | ||||
Accumulated Depreciation | 111 | ||||
West Michigan Surgery Center - Big Rapids | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 258 | ||||
Building and Improvements | 5,677 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 5,935 | ||||
Accumulated Depreciation | 50 | ||||
Camellia Walk Assisted Living and Memory Care - Evans | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 11,971 | ||||
Land | 1,855 | ||||
Building and Improvements | 17,361 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 19,216 | ||||
Accumulated Depreciation | 149 | ||||
Cedarhurst of Collinsville - Collinsville | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 4,168 | ||||
Land | 1,228 | ||||
Building and Improvements | 8,638 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 9,866 | ||||
Accumulated Depreciation | 0 | ||||
Beaumont Medical Center - Warren | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 4,945 | ||||
Land | 1,078 | ||||
Building and Improvements | 9,525 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 10,603 | ||||
Accumulated Depreciation | 0 | ||||
DaVita Dialysis - Hudson | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 981 | ||||
Land | 226 | ||||
Building and Improvements | 1,979 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 2,205 | ||||
Accumulated Depreciation | 0 | ||||
DaVita Bay Breeze - Largo | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 595 | ||||
Land | 399 | ||||
Building and Improvements | 896 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 1,295 | ||||
Accumulated Depreciation | 0 | ||||
Greenfield Medical Center - Gilbert | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 2,552 | ||||
Land | 1,476 | ||||
Building and Improvements | 4,131 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 5,607 | ||||
Accumulated Depreciation | 0 | ||||
RAI Care Center - Clearwater | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 1,707 | ||||
Land | 624 | ||||
Building and Improvements | 3,156 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 3,780 | ||||
Accumulated Depreciation | 0 | ||||
Illinois CancerCare - Galesburg | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 935 | ||||
Land | 290 | ||||
Building and Improvements | 2,457 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 2,747 | ||||
Accumulated Depreciation | 0 | ||||
UnityPoint Clinic - Muscatine | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 570 | ||||
Building and Improvements | 4,541 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 5,111 | ||||
Accumulated Depreciation | 0 | ||||
Lee Memorial Health System Outpatient Center - Ft. Meyers | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 1,909 | ||||
Land | 439 | ||||
Building and Improvements | 4,374 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 4,813 | ||||
Accumulated Depreciation | 0 | ||||
Arcadian Cove Assisted Living - Richmond | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 481 | ||||
Building and Improvements | 3,923 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 4,404 | ||||
Accumulated Depreciation | 0 | ||||
Decatur Medical Office Building - Decatur | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 1,838 | ||||
Land | 695 | ||||
Building and Improvements | 3,273 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 3,968 | ||||
Accumulated Depreciation | 0 | ||||
Madison Medical Plaza - Joliet | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 7,624 | ||||
Land | 0 | ||||
Building and Improvements | 16,855 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 16,855 | ||||
Accumulated Depreciation | 0 | ||||
Woodlake Office Center - Woodbury | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 5,376 | ||||
Land | 1,017 | ||||
Building and Improvements | 10,688 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 11,705 | ||||
Accumulated Depreciation | 0 | ||||
Rockwall Medical Plaza - Rockwall | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 2,437 | ||||
Land | 1,097 | ||||
Building and Improvements | 4,571 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 5,668 | ||||
Accumulated Depreciation | 0 | ||||
Buckeye Health Center - Cleveland | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 2,817 | ||||
Land | 389 | ||||
Building and Improvements | 4,367 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 4,756 | ||||
Accumulated Depreciation | 0 | ||||
UnityPoint Clinic - Moline | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 396 | ||||
Building and Improvements | 2,880 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 3,276 | ||||
Accumulated Depreciation | 0 | ||||
VA Outpatient Clinic - Galesburg | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 1,416 | ||||
Land | 359 | ||||
Building and Improvements | 1,852 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 2,211 | ||||
Accumulated Depreciation | 0 | ||||
Philip Professional Center - Lawrenceville, GA | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 4,895 | ||||
Land | 757 | ||||
Building and Improvements | 6,710 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 7,467 | ||||
Accumulated Depreciation | 0 | ||||
Capital One Facility | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Secured Debt | 152,500 | ||||
KeyBank Facility | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Secured Debt | $ 142,700 |
Real Estate and Accumulated D89
Real Estate and Accumulated Depreciation - Schedule III (Changes in Accumulated Depreciation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real estate investments, at cost: | |||
Balance at beginning of year | $ 2,060,458 | $ 2,078,503 | $ 1,475,848 |
Additions-Acquisitions | 169,741 | 6,478 | 602,655 |
Disposals | (825) | (24,523) | 0 |
Balance at end of the year | 2,229,374 | 2,060,458 | 2,078,503 |
Accumulated depreciation and amortization: | |||
Balance at beginning of year | 119,014 | 60,575 | 11,791 |
Depreciation expense | 51,268 | 59,478 | 48,784 |
Disposals | (11) | (1,039) | 0 |
Balance at end of the year | $ 170,271 | $ 119,014 | $ 60,575 |