Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 28, 2019 | Jun. 30, 2018 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Healthcare Trust, Inc. | ||
Entity Central Index Key | 0001561032 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 91,879,977 | ||
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, 2018 | Dec. 31, 2017 |
Real estate investments, at cost: | ||
Land | $ 209,284 | $ 201,427 |
Buildings, fixtures and improvements | 2,006,745 | 1,955,940 |
Construction in progress | 80,598 | 72,007 |
Acquired intangible assets | 256,452 | 256,678 |
Total real estate investments, at cost | 2,553,079 | 2,486,052 |
Less: accumulated depreciation and amortization | (381,909) | (309,711) |
Total real estate investments, net | 2,171,170 | 2,176,341 |
Cash and cash equivalents | 77,264 | 94,177 |
Restricted cash | 14,094 | 8,411 |
Assets held for sale | 52,397 | 37,822 |
Derivative assets, at fair value | 4,633 | 2,550 |
Straight-line rent receivable, net | 17,351 | 15,327 |
Prepaid expenses and other assets (including $154 due from related parties as of December 31, 2018) | 28,785 | 22,099 |
Deferred costs, net | 11,752 | 15,134 |
Total assets | 2,377,446 | 2,371,861 |
LIABILITIES AND EQUITY | ||
Mortgage notes payable, net | 462,839 | 406,630 |
Credit facilities | 602,622 | 534,869 |
Market lease intangible liabilities, net | 17,104 | 18,829 |
Accounts payable and accrued expenses (including $764 and $1,637 due to related parties as of December 31, 2018 and December 31, 2017, respectively) | 40,298 | 38,112 |
Deferred rent | 7,011 | 6,201 |
Distributions payable | 6,638 | 11,161 |
Total liabilities | 1,136,512 | 1,015,802 |
Stockholders' Equity | ||
Preferred stock, $0.01 par value, 50,000,000 authorized, none issued and outstanding as of December 31, 2018 and December 31, 2017 | 0 | 0 |
Common stock, $0.01 par value, 300,000,000 shares authorized, 91,963,532 and 91,002,766 shares of common stock issued and outstanding as of December 31, 2018 and December 31, 2017, respectively | 919 | 910 |
Additional paid-in capital | 2,031,967 | 2,009,197 |
Accumulated other comprehensive income | 4,582 | 2,473 |
Accumulated deficit | (804,331) | (665,026) |
Total stockholders' equity | 1,233,137 | 1,347,554 |
Non-controlling interests | 7,797 | 8,505 |
Total equity | 1,240,934 | 1,356,059 |
Total liabilities and equity | $ 2,377,446 | $ 2,371,861 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
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 | 91,963,532 | 91,002,766 |
Common stock, shares outstanding (in shares) | 91,963,532 | 91,002,766 |
Prepaid expenses and other assets, due to related parties | $ 154 | |
Accounts payable, due to related parties | $ 764 | $ 1,637 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues: | |||
Rental income | $ 102,708 | $ 95,152 | $ 103,375 |
Contingent purchase price consideration | 0 | 0 | 138 |
Total revenues | 362,406 | 311,173 | 302,566 |
Operating expenses: | |||
Property operating and maintenance | 220,997 | 186,277 | 172,077 |
Impairment charges | 20,655 | 18,993 | 389 |
Operating fees to related parties | 23,071 | 22,257 | 20,583 |
Acquisition and transaction related | 302 | 2,986 | 3,163 |
General and administrative | 17,275 | 15,673 | 12,105 |
Depreciation and amortization | 83,212 | 77,641 | 98,886 |
Total expenses | 365,512 | 323,827 | 307,203 |
Operating loss before (loss) gain on sale of real estate investments | (3,106) | (12,654) | (4,637) |
(Loss) gain on sale of real estate investments | (70) | 438 | 1,330 |
Operating loss | (3,176) | (12,216) | (3,307) |
Other income (expense): | |||
Interest expense | (49,471) | (30,264) | (19,881) |
Interest and other income | 23 | 306 | 47 |
(Loss) gain on non-designated derivatives | (157) | (198) | 31 |
Gain on asset acquisition | 0 | 307 | 0 |
Gain on sale of investment securities | 0 | 0 | 56 |
Total other expenses | (49,605) | (29,849) | (19,747) |
Loss before income taxes | (52,781) | (42,065) | (23,054) |
Income tax (expense) benefit | (197) | (647) | 2,084 |
Net loss | (52,978) | (42,712) | (20,970) |
Net loss attributable to non-controlling interests | 216 | 164 | 96 |
Net loss attributable to stockholders | (52,762) | (42,548) | (20,874) |
Other comprehensive income (loss): | |||
Unrealized gain on designated derivative | 2,109 | 2,473 | 0 |
Unrealized loss on investment securities, net | 0 | 0 | 6 |
Comprehensive loss attributable to stockholders | $ (50,653) | $ (40,075) | $ (20,868) |
Basic and diluted weighted average shares outstanding (in shares) | 91,118,929 | 89,802,174 | 87,878,907 |
Basic and diluted net loss per share (in usd per share) | $ (0.58) | $ (0.47) | $ (0.24) |
Dividends declared (in usd per share) | $ 0.95 | $ 1.51 | $ 1.70 |
Operating expense reimbursements | |||
Revenues: | |||
Revenues | $ 20,858 | $ 16,605 | $ 15,876 |
Resident services and fee income | |||
Revenues: | |||
Revenues | $ 238,840 | $ 199,416 | $ 183,177 |
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, 2015 | 86,135,411 | ||||||
Beginning balance at Dec. 31, 2015 | $ 1,601,817 | $ 1,592,120 | $ 861 | $ 1,907,549 | $ (6) | $ (316,284) | $ 9,697 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Common stock issued through distribution reinvestment plan (in shares) | 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) | ||||
Share-based compensation (in shares) | 5,402 | ||||||
Share-based compensation, net | 160 | 160 | 160 | ||||
Distributions declared | (149,416) | (149,416) | (149,416) | ||||
Distributions to non-controlling interest holders | (731) | (731) | |||||
Unrealized gain on investments | 6 | 6 | 6 | ||||
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) | ||||||
Common stock repurchases | (33,627) | (33,599) | $ (16) | (33,583) | (28) | ||
Share-based compensation (in shares) | 375,000 | ||||||
Share-based compensation, net | 470 | 470 | $ 4 | 466 | |||
Distributions declared | (135,904) | (135,904) | (135,904) | ||||
Noncontrolling Interest, Increase From Contribution | 472 | 472 | |||||
Distributions to non-controlling interest holders | (645) | (645) | |||||
Unrealized gain on investments | 2,473 | 2,473 | 2,473 | ||||
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 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Common stock issued through distribution reinvestment plan (in shares) | 1,700,000 | 1,720,633 | |||||
Common stock issued through distribution reinvestment plan | $ 35,737 | 35,737 | $ 17 | 35,720 | |||
Common stock repurchases (in shares) | (759,867) | ||||||
Common stock repurchases | (14,202) | (14,202) | $ (8) | (14,194) | |||
Share-based compensation, net | 1,244 | 1,244 | 1,244 | ||||
Distributions declared | (86,543) | (86,543) | (86,543) | ||||
Distributions to non-controlling interest holders | (492) | (492) | |||||
Unrealized gain on investments | 2,109 | 2,109 | 2,109 | ||||
Net loss | (52,978) | (52,762) | (52,762) | (216) | |||
Ending Balance (in shares) at Dec. 31, 2018 | 91,963,532 | ||||||
Ending balance at Dec. 31, 2018 | $ 1,240,934 | $ 1,233,137 | $ 919 | $ 2,031,967 | $ 4,582 | $ (804,331) | $ 7,797 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net loss | $ (52,978) | $ (42,712) | $ (20,970) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 83,212 | 77,641 | 98,886 |
Amortization of deferred financing costs | 8,633 | 6,170 | 4,523 |
Amortization of mortgage premiums and discounts, net | (263) | (1,576) | (1,937) |
Amortization of market lease and other intangibles, net | 255 | 236 | 168 |
Bad debt expense | 14,797 | 12,413 | 15,425 |
Equity-based compensation | 1,244 | 470 | 160 |
Gain on sale of investment securities | 0 | 0 | (56) |
Loss (gain) on non-designated derivative instruments | 157 | 198 | (31) |
Loss (gain) on sales of real estate investments, net | 70 | (438) | (941) |
Impairment of held-for-use investments | 20,655 | 18,993 | 0 |
Changes in assets and liabilities: | |||
Straight-line rent receivable | (7,744) | (6,242) | (8,210) |
Prepaid expenses and other assets | (16,888) | (10,345) | (9,467) |
Accounts payable, accrued expenses and other liabilities | 2,191 | 8,688 | 545 |
Deferred rent | 810 | 471 | 630 |
Net cash provided by operating activities | 54,151 | 63,967 | 78,725 |
Cash flows from investing activities: | |||
Investments in real estate | (128,056) | (188,928) | (38,746) |
Deposits returned for unconsummated acquisitions | 0 | 50 | 0 |
Deposit received for unconsummated disposition | 0 | 1,125 | 100 |
Capital expenditures | (12,910) | (8,278) | (7,476) |
Proceeds from sales of investment securities | 0 | 0 | 1,140 |
Proceeds from sales of real estate investments | 25,903 | 757 | 25,890 |
Proceeds from asset acquisition | 0 | 865 | 0 |
Net cash used in investing activities | (115,063) | (194,409) | (19,092) |
Cash flows from financing activities: | |||
Proceeds from credit facilities | 147,753 | 380,170 | 106,500 |
Repayments of credit facility borrowings | (80,000) | (326,800) | (55,000) |
Proceeds from mortgage notes payable | 118,700 | 336,897 | 0 |
Payments on mortgage notes payable | (63,263) | (65,335) | (15,650) |
Payments for undesignated derivative instruments | (131) | (214) | (30) |
Payments of deferred financing costs | (3,354) | (14,388) | (3,040) |
Common stock repurchases | (14,202) | (33,599) | (12,184) |
Distributions paid | (55,329) | (76,717) | (75,432) |
Contributions from non-controlling interest holders | 0 | 472 | 0 |
Distributions to non-controlling interest holders | (492) | (643) | (731) |
Net cash provided by (used in) financing activities | 49,682 | 199,843 | (55,567) |
Net change in cash, cash equivalents and restricted cash | (11,230) | 69,401 | 4,066 |
Cash, cash equivalents and restricted cash, beginning of year | 102,588 | 33,187 | 29,121 |
Cash, cash equivalents and restricted cash, end of year | 91,358 | 102,588 | 33,187 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | 43,266 | 26,097 | 18,512 |
Cash paid for income taxes | 407 | 28 | 339 |
Non-cash investing and financing activities: | |||
Common stock issued through distribution reinvestment plan | 35,737 | 61,206 | 73,630 |
Assumption of mortgage notes payable used to acquire investments in real estate | 0 | 4,897 | 0 |
Liabilities assumed in real estate acquisitions | 0 | 1,056 | 0 |
Asset acquisition (inflows/outflows from operations) | 0 | 416 | 0 |
Asset acquisition (inflows/outflows from investing activity) | 0 | (723) | 0 |
Gain on asset acquisition | $ 0 | $ 307 | $ 0 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | — 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, 2018 , the Company owned 191 properties (all references to number of properties and square footage are unaudited) located in 31 states and comprised of 9.1 million rentable square feet. The Company, which was incorporated on October 15, 2012, is a Maryland corporation that elected 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, 2018 , the Company has received total proceeds of $2.3 billion , net of shares repurchased under the Share Repurchase Program (as amended, the "SRP") (see Note 8 — Common Stock ) and including $292.0 million in proceeds received under the Company's distribution reinvestment plan (the "DRIP"). On April 7, 2016 (the "Original NAV Pricing Date"), the board of directors of the Company (the "Board") approved an estimate of per share net asset value ("NAV"). On March 29, 2018, the Board approved an updated estimate of per-share net asset value ("Estimated Per-Share NAV") as of December 31, 2017. 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 Original 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"), and these related parties receive compensation, fees and expense reimbursements from the Company for services related to managing its business and investments. Healthcare Trust Special Limited Partnership, LLC (the "Special Limited Partner"), which is also under common control with AR Global, also has an interest in the Company through ownership of interests in the OP. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 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. 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 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, the Company capitalizes 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 $52.4 million and $37.8 million in real estate investments held for sale as of December 31, 2018 and 2017 , respectively. 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 , approximately $17.9 million was invested in money market funds. The Company did not have any cash invested in money market funds at December 31, 2018 . 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, 2018 and 2017 , the Company had deposits of $77.3 million and $94.2 million , of which $58.9 million and $79.9 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 Prior Credit Facility (as defined in Note 5), Fannie Mae Master Credit Facilities (as defined in Note 5), and deferred leasing costs. Deferred financing costs represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing the Prior Credit Facility and Fannie Mae Master Credit Facilities. 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, 2018 and 2017 , the Company had $8.6 million and $12.9 million of deferred financing costs, net of accumulated amortization of $17.4 million and $11.4 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, 2018 and 2017 , the Company had $3.1 million and $2.3 million in deferred leasing costs, net of accumulated amortization of $0.9 million and $0.5 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 ("SHOPs") 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 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. 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 to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986 (the "Code"), as amended, commencing with the taxable year ended December 31, 2013. If the Company continues to qualify for taxation as a REIT, it generally will not be subject to federal corporate income tax to the extent it distributes all of its REIT taxable income to its stockholders. REITs are subject to a number of organizational and operational requirements, including a requirement that the Company distribute annually at least 90% of the Company’s REIT taxable income to the Company’s stockholders. If the Company fails to continue to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, the Company will be subject to U.S. federal and state income taxes at regular corporate rates (including any applicable alternative minimum tax) beginning with the year in which it fails to qualify and may be precluded from being able to elect to be treated as a REIT for the Company’s four subsequent taxable years. The Company distributed to its stockholders 100% of its REIT taxable income for each of the years ended December 31, 2018 , 2017 and 2016 . 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 properties. Generally, to qualify as a REIT, the Company cannot directly or indirectly operate seniors housing properties. 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, 2018 , the Company, through its TRS entity, owned 58 seniors housing properties. 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, 2018 consisted of deferred rent and net operating losses. As of December 31, 2018 , the Company had a deferred tax asset of $4.1 million with no valuation allowance. As of December 31, 2017 , the Company had a deferred tax asset of $4.4 million with no valuation allowance. The following table details the composition of the Company's tax (expense) benefit for the years ended December 31, 2018 , 2017 and 2016 , which includes federal and state income taxes incurred by the Company's TRS entity. The Company estimated its income tax (expense) benefit relating to its TRS entity using a combined federal and state rate of approximately 26.6% and 40.1% for the years ended December 31, 2018 and 2017 , respectively. These income taxes are reflected in income tax (expense) benefit on the accompanying consolidated statements of operations and comprehensive loss. Year Ended December 31, 2018 2017 2016 (In thousands) Current Deferred Current Deferred Current Deferred Federal (expense) benefit $ (272 ) $ 399 $ 811 $ (1,597 ) $ 2,103 $ (237 ) State (expense) benefit (353 ) 29 (3 ) 142 308 (90 ) Total $ (625 ) $ 428 $ 808 $ (1,455 ) $ 2,411 $ (327 ) As of December 31, 2018 and 2017 , 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 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, 2018 , 2017 and 2016 : Year Ended December 31, 2018 2017 2016 Return of capital 100.0 % $ 0.95 99.7 % $ 1.50 86.8 % $ 1.47 Capital gain dividend income — % — 0.3 % 0.01 0.5 % 0.01 Ordinary dividend income — % — — % — 12.7 % 0.22 Total 100.0 % $ 0.95 100.0 % $ 1.51 100.0 % $ 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 properties. Management evaluates the operating performance of the Company's investments in real estate and seniors housing properties on an individual property level. Recently Issued Accounting Pronouncements Adopted as of January 1, 2018 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 under the modified retrospective approach and it did not have an impact on the Company's consolidated financial statements. See above for further information on the Company's Revenue Recognition Accounting Policies under 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 impact to the Company's consolidated financial statements. 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 adopted the new guidance on January 1, 2018 and it did not have an impact on its consolidated 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 the 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 and it did not have an impact on its financial statements. 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 and it did not have an impact on its consolidated financial statements. 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. Pending Adoption as of December 31, 2018 ASU No. 2016-02 — Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02"). The most significant changes in ASU 2016-02 is recognition of right-of-use ("ROU") assets and lease liabilities by lessees for those leases classified as operating leases, with less significant changes for lessors. Also, beginning in the first quarter of 2019, the new guidance requires additional disclosures that help enable users of the financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The Company elected the practical expedient package that allows the Company: (a) to not reassess whether any expired or existing contracts entered into prior to January 1, 2019 are or contain leases; (b) to not reassess the lease classification for any expired or existing leases entered into prior to January 1, 2019; and (c) to not reassess initial direct costs for any expired or existing leases entered into prior to January 1, 2019. In addition, the Company elected to not record on its consolidated balance sheets leases whose term is less than 12 months at lease inception. ASU 2016-02 originally required a modified retrospective method of adoption, however, ASU 2018-11, Leases (Topic 842): Targeted Improvements ("ASU 2018-11"), provides companies with an additional transition option that would permit the application of ASU 2016-02 as of the adoption date rather than to all periods presented. The Company assessed the impact of adoption from both a lessor and lessee perspective, which is discussed in more detail below, and adopted the new guidance prospectively on January 1, 2019, as allowed under ASU 2018-11. Lessor Accounting ASU 2016-02 originally stated that companies would be required to bifurcate certain lease revenues between lease and non-lease components, however, ASU 2018-11 allows lessors a practical expedient, which the Company has elected, by class of underlying assets to account for lease and non-lease components as a single lease component if certain criteria are met. Resident leases within our SHOPs segment contain service elements. We expect to elect the practical expedient to account for our resident leases as a single lease component. Additionally, only incremental direct leasing costs may be capitalized under this new guidance, which is consistent with the Company’s existing policies. Upon adoption, the new guidance did not impact the Company's revenue recognition pattern or have any other impacts on its leases in place as of January 1, 2019 in which it is the lessor. Lessee Accounting Under ASU 2016-02, companies are required to record a ROU asset and a lease liability for all leases with a term greater than 12 months equal to the present value of the remaining lease payments as of the adoption date of the new standard. Since our leases do not provide an implicit rate, the Company will use its incremental borrowing rate in determining the present value of lease payments. The new standard also 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, as well as the balance sheet classification of the ROU asset. Leases with a term of 12 months or less will be accounted for similar to previous guidance for operating leases. The Company is a lessee for 19 of its properties in which it has ground leases as of December 31, 2018. Since the Company has elected the practical expedients described above, it determined that 11 of these leases would continue to be classified as operating leases under the new standard. As a result, the Company expects to record a ROU asset and lease liability of approximately $9.0 million to $ 11.0 million , which is equal to the present value of the remaining lease payments as of January 1, 2019. Future lease expense after adoption will continue to be recorded on a straight-line basis as required for operating leases. Other Recently Issued Accounting Pronouncements 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 pro |
Real Estate Investments
Real Estate Investments | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate Investments, Net [Abstract] | |
Real Estate Investments | Real Estate Investments The Company owned 191 properties as of December 31, 2018 . The Company invests in MOBs, seniors housing properties 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 liabilities assumed, as well as capitalized construction in progress during the years ended December 31, 2018 , 2017 and 2016 : Year Ended December 31, (Dollar amounts in thousands) 2018 2017 2016 Real estate investments, at cost: Land $ 14,417 $ 18,501 $ — Buildings, fixtures and improvements 98,236 135,344 — Construction in progress 8,591 11,952 38,746 Total tangible assets 121,244 165,797 38,746 Intangible assets and liabilities: In-place leases (1) 6,823 21,546 — Market lease and other intangible assets (1) 275 2,472 — Market lease liabilities (1) (286 ) (888 ) — Total intangible assets and liabilities 6,812 23,130 — Mortgage notes payable, net — (4,897 ) — Other liabilities assumed in the Asset Acquisition, net (2) — (1,056 ) — Consideration paid for acquired real estate investments $ 128,056 $ 182,974 $ 38,746 Number of properties purchased 14 23 — _______________ (1) Weighted-average remaining amortization periods for acquired intangible assets and liabilities for the year ended December 31, 2018 were 9.6 years, consisting of in-place leases which were 9.8 years, market lease and other intangible assets which were 9.0 years, and market lease liabilities which were 6.8 years. (2) 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 Company's acquisition from American Realty Capital Healthcare Trust III, Inc. ("HT III") of 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 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, 2018 . 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 2019 $ 96,178 2020 91,848 2021 85,563 2022 77,205 2023 65,504 Thereafter 284,929 Total $ 701,227 As of December 31, 2018 , 2017 and 2016 , 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 on a straight-line basis for the portfolio. 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, 2018 , 2017 and 2016 : December 31, State 2018 2017 2016 Florida 16.6% 17.5% 19.3% Georgia 10.1% 10.7% 10.2% Iowa * * 10.5% Michigan 13.1% 11.6% * Pennsylvania 10.2% 10.8% 12.0% * 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, 2018 December 31, 2017 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 214,953 $ 144,669 $ 70,284 $ 215,453 $ 130,749 $ 84,704 Market lease assets 30,910 9,970 20,940 30,636 7,853 22,783 Other intangible assets 10,589 1,103 9,486 10,589 838 9,751 Total acquired intangible assets $ 256,452 $ 155,742 $ 100,710 $ 256,678 $ 139,440 $ 117,238 Intangible liabilities: Market lease liabilities $ 26,241 $ 9,137 $ 17,104 $ 25,956 $ 7,127 $ 18,829 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) 2018 2017 2016 Amortization of in-place leases and other intangible assets (1) $ 18,851 $ 17,369 $ 38,754 Accretion of above- and below-market leases, net (2) (39 ) (308 ) (209 ) Amortization of above- and below-market ground leases, net (3) 147 172 172 _______________ (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) 2019 2020 2021 2022 2023 In-place lease assets $ 14,270 $ 12,268 $ 10,030 $ 8,205 $ 6,346 Other intangible assets 568 414 414 414 414 Total to be added to amortization expense $ 14,838 $ 12,682 $ 10,444 $ 8,619 $ 6,760 Above-market lease assets $ (1,625 ) $ (1,287 ) $ (934 ) $ (583 ) $ (238 ) Below-market lease liabilities 1,694 1,537 1,387 1,347 1,215 Total to be added to rental income $ 69 $ 250 $ 453 $ 764 $ 977 Below-market ground lease assets $ 222 $ 222 $ 214 $ 212 $ 212 Above-market ground lease liabilities (65 ) (65 ) (65 ) (63 ) (46 ) Total to be added to property operating and maintenance expense $ 157 $ 157 $ 149 $ 149 $ 166 Transfer of Operations On June 8, 2017, the Company's TRS 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. (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 On November 6, 2018, the Company entered into the final amendment to its January 2017 agreement (as amended to date, the "Amended Missouri SNF PSA") to sell eight skilled nursing facility properties in Missouri (the "Missouri SNF Properties") that were previously classified as held-for-sale, for an aggregate contract purchase price of $27.5 million. In connection with the Amended Missouri SNF PSA, the Company recognized an impairment charge of approximately $11.9 million on the Missouri SNF Properties in the third quarter of 2018 which is included on the consolidated statement of operations and comprehensive loss. The sale of these properties pursuant to the Amended Missouri SNF PSA, which occurred in the fourth quarter of 2018, resulted in a loss of $0.1 million for the year ended December 31, 2018, which is reflected within (loss) gain on sale of real estate investment in the consolidated statements of operations and comprehensive loss. The following table summarizes the properties sold during the years ended December 31, 2018, 2017 and 2016: Property (In thousands) Disposition Date Contract Sale Price Gain (Loss/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 Missouri SNF Properties December 5, 2018 27,500 (11,989 ) Total $ 54,575 $ (10,610 ) The sales of Gregory Ridge Living Center, Parkway Health Center Care Center, Redwood Radiology and Outpatient Center, the Dental Arts Building and the Missouri SNF Properties 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, the Dental Arts Building and the Missouri SNF Properties 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. During the third quarter of 2018, the Company reconsidered the intended holding period for six MOB properties within the state of New York (the "New York Six MOBs") due to various market conditions and the potential to reinvest in properties generating a higher yield. On July 26, 2018, the Company entered into a purchase and sale agreement for the sale of the New York Six MOBs, for an aggregate contract sale price of approximately $68.0 million. On September 25, 2018, the Company amended the purchase and sale agreement to decrease the aggregate contract sale price to $58.8 million. In connection with this amendment, the Company recognized an impairment charge of approximately $6.4 million on the New York Six MOBs during the third quarter of 2018, which is included on the consolidated statement of operations and comprehensive loss. The disposition of five of the New York Six MOBs closed on February 6, 2019 for a contract sales price of $ 45.0 million . See Note 18 — Subsequent Events for more information. Although the Company believes the disposition of the remaining New York Six MOB is probable, there can be no assurance that the disposition will be consummated, on its current terms, or at all, or that the Company will be able to reinvest the net proceeds in an accretive manner. 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, 2018 : December 31, (In thousands) 2018 2017 Land $ 5,285 $ 3,131 Buildings, fixtures and improvements 47,112 34,691 Assets held for sale $ 52,397 $ 37,822 The Company also has liabilities associated with the held-for-sale New York Six MOBs of $3.5 million which is presented within Market lease intangible liabilities, net, and $0.5 million which is presented within Accounts Payable and Accrued Expenses on the Consolidated Balance Sheet as of December 31, 2018. Impairment of Held for Use Real Estate Investments As of December 31, 2018 , the Company owned held for use properties for which the Company had reconsidered the projected cash flows due to various performance indicators. 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 and assessments of terminal values. 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 one of these held for use properties, the Company used a non-binding letter of intent to estimate future cash flows expected to be generated. The Company made certain assumptions in this approach as well, mainly that the sale of the property would close at the value derived from the non-binding letter of intent and within a specified time in the future. There can be no guarantee that the sale of this property would close under these terms, or at all. As a result of its consideration of impairment, the Company determined that the carrying value of the held for use property noted above exceeded its estimated fair values and recognized an aggregate impairment charge of $2.4 million, which is included in impairment charges on the consolidated statement of operations for the year ended December 31, 2018 . 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. The LaSalle Tenant The Company is currently exploring options to replace tenants at four properties in Texas (collectively, the "LaSalle Tenant"). In January 2018, the Company entered into an agreement with the LaSalle Tenant in which the Company agreed to forbear from exercising legal remedies, including staying a lawsuit against the tenant, as long as the tenant pays the amounts due for rent and property taxes on an updated payment schedule pursuant to a forbearance agreement. The LaSalle Tenant is currently in default of the forbearance agreement and owes the Company $4.2 million of rent, property taxes, late fees, and interest receivable thereunder. The Company has the entire receivable balance and related income from the LaSalle Tenant fully reserved as of December 31, 2018 . The Company incurred $5.0 million of bad debt expense, including straight-line rent write-offs, related to the LaSalle Tenant during the year ended December 31, 2018 , which is included in property operating and maintenance expense on the consolidated statement of operations. The NuVista Tenants The Company had tenants and former tenants at two of its properties in Florida (collectively, the "NuVista Tenants") that have been in default under their leases since July 2017 and collectively owe the Company $9.4 million of rent, property taxes, late fees, and interest receivable under their leases as of December 31, 2018 . There can be no guarantee on the collectibility of these receivables, and as such, the Company has the entire receivable balance and related income from the NuVista Tenants fully reserved as of December 31, 2018 . The Company also incurred $6.0 million of bad debt expense related to the NuVista Tenants during the year ended December 31, 2018 and incurred $5.3 million of bad debt expense related to the NuVista Tenants during the year ended December 31, 2017, respectively which are included in property operating and maintenance expense on the consolidated statement of operations. The NuVista Tenants are related to Palm Health Partners, LLC ("Palm"), the developer of the Company's development property in Jupiter, Florida which is also currently in default to the Company (see Note 16 — Commitments and Contingencies for more information on the status of the relationship with Palm). At one of the properties which is leased to the NuVista Tenants, located in Wellington, Florida, the Company filed litigation against the tenant pursuing eviction proceedings against the NuVista Tenant and appointed a court ordered receiver in order to replace the NuVista Tenant with a new tenant and operator at the property. During the pendency of the litigation, the Company and the tenant entered into an agreement (the “OTA”) pursuant to which the Company and the tenant agreed to cooperate in transitioning operations at the property to a third party operator selected by the Company. Following the tenant’s failure to cooperate in transitioning the operations in accordance with the OTA, the Company filed a motion in the existing litigation seeking to enforce the OTA. On February 19, 2019, the court entered an agreed order whereby the tenant agreed to cooperate in transitioning operations to a manager of the Company's choosing. There can be no assurance as to when this transition will be completed, and even then, there can be no assurance it will be completed during that time period, or at all. The court also entered into a final judgment with respect to monetary damages in the amount of $8.8 million , although there can be no assurance that the Company will recover any such amount. The Company has fully reserved for these monetary damages. The other property which was occupied by the NuVista Tenants, located in Lutz, Florida, transitioned to the SHOP segment as of January 1, 2018. In connection with this transition, the Company replaced the NuVista Tenant as a tenant with a TRS, and has engaged a third party to operate the property. This structure is permitted by RIDEA, under which a REIT may lease qualified healthcare properties on an arm's length basis to a TRS if the property is operated on behalf of such subsidiary by an entity who qualifies as an eligible independent contractor. During the third quarter of 2018, the new operator obtained a Medicare license. Prior to the operator obtaining this Medicare license, the Company was unable to bill Medicare for services performed and accumulated receivables. The Company was able to bill and collect the majority of these receivables during the year ended December 31, 2018 ; however, $0.7 million of these receivables are not collectible. The Company has reserved for the uncollectible receivables, resulting in bad debt expense during the year ended December 31, 2018 , which is included in property operating and maintenance expense on the consolidated statement of operations. There can be no assurance as to the collectibility of these Medicare receivables. |
Mortgage Notes Payable, Net
Mortgage Notes Payable, Net | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable, Net | Mortgage Notes Payable, Net The following table reflects the Company's mortgage notes payable as of December 31, 2018 and 2017 : Portfolio Encumbered Properties (1) Outstanding Loan Amount as of December 31, Effective Interest Rate as of December 31, Interest Rate 2018 2017 2018 2017 Maturity (In thousands) (In thousands) Countryside Medical Arts - Safety Harbor, FL 1 $ 5,690 $ 5,773 6.20 % 4.98% Variable Apr. 2019 St. Andrews Medical Park - Venice, FL 3 6,289 6,381 6.20 % 4.98% Variable Apr. 2019 Palm Valley Medical Plaza - Goodyear, AZ 1 3,222 3,327 4.15 % 4.15% Fixed Jun. 2023 Medical Center V - Peoria, AZ 1 2,977 3,066 4.75 % 4.75% Fixed Sep. 2023 Courtyard Fountains - Gresham, OR 1 23,905 24,372 3.87 % 3.87% Fixed Jan. 2020 Fox Ridge Bryant - Bryant, AR 1 7,427 7,565 3.98 % 3.98% Fixed May 2047 Fox Ridge Chenal - Little Rock, AR 1 16,988 17,270 3.98 % 3.98% Fixed May 2049 Fox Ridge North Little Rock - North Little Rock, AR 1 10,541 10,716 3.98 % 3.98% Fixed May 2049 Philip Professional Center - Lawrenceville, GA 2 4,793 4,895 4.00 % 4.00% Fixed Oct. 2019 Capital One MOB Loan 32 250,000 250,000 4.44 % 4.44% Fixed (3) Jun. 2022 Bridge Loan 16 20,271 82,000 4.87 % 4.13% Variable Dec. 2019 Multi-Property CMBS Loan 21 118,700 — 4.60 % —% Fixed May 2028 Gross mortgage notes payable 81 470,803 415,365 4.48 % 4.31% (2) Deferred financing costs, net of accumulated amortization (4) (6,591 ) (7,625 ) Mortgage premiums and discounts, net (1,373 ) (1,110 ) Mortgage notes payable, net $ 462,839 $ 406,630 _______________ (1) Does not include real estate assets mortgaged to secure advances under the Fannie Mae Master Credit Facilities (as defined below) or eligible unencumbered real estate assets comprising the borrowing base of the Prior Credit Facility (as defined in Note 5 — Credit Facilities). The equity interests and related rights in the Company's wholly owned subsidiaries that directly own or lease the real estate assets comprising the borrowing base have been pledged for the benefit of the lenders thereunder (see Note 5 — Credit Facilities for additional details). (2) Calculated on a weighted average basis for all mortgages outstanding as of December 31, 2018 . (3) Variable rate loan which is fixed as a result of entering into interest rate swap agreements (see Note 7 — Derivatives and Hedging Activities for additional details). (4) Deferred financing costs represent commitment fees, legal fees and other costs associated with obtaining financing. These costs are amortized to interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are generally expensed when 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, 2018 , the Company had pledged $1.0 billion 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 secured by these properties. The Company makes payments of principal and interest, or interest only, depending upon the specific requirements of each mortgage note, 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, 2018 , the Company was in compliance with these financial covenants. Capital One 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 $82.0 million (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 Prior Credit Facility (as defined in Note 5) 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. On March 2, 2018, the Company used $64.2 million of advances under a Fannie Mae Master Credit Facility with Capital One, National Association ("Capital One") to prepay a portion of the Bridge Loan (see Note 5 — Credit Facilities for more information). Concurrent with this prepayment, the seven mortgaged properties that were identified for refinancing at the time the Bridge Loan was entered into, were added to the collateral pool securing the Fannie Mae Master Credit Facility with Capital One. Multi-Property CMBS Loan On April 10, 2018, the Company, entered into a $118.7 million loan agreement (the “Multi-Property CMBS Loan”) with KeyBank National Association ("KeyBank"). The Multi-Property CMBS Loan requires monthly interest-only payments, with the principal balance due on the maturity date. The Multi-Property CMBS Loan permits KeyBank to securitize the entire Multi-Property CMBS Loan or any portion thereof. At the closing of the Multi-Property CMBS Loan, the net proceeds after accrued interest and closing costs were used to (i) repay approximately $80.0 million of indebtedness under the Revolving Credit Facility, under which 14 of the properties were included as part of the borrowing base prior to the Multi-Property CMBS Loan, (ii) fund approximately $3.8 million in deposits required to be made at closing into reserve accounts required under the loan agreement. The remaining $33.0 million net proceeds available to the Company to be used for general corporate purposes, including future acquisitions. Future Principal Payments The following table summarizes the scheduled aggregate principal payments on mortgage notes payable for the five years subsequent to December 31, 2018 : (In thousands) Future Principal Payments 2019 $ 38,348 2020 24,279 2021 892 2022 250,929 2023 6,056 Thereafter 150,299 Total $ 470,803 |
Credit Facilities
Credit Facilities | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Credit Facilities | — Credit Facilities The Company had the following credit facilities outstanding as of December 31, 2018 and 2017 : Outstanding Facility Amount as of Effective Interest Rate Credit Facility Encumbered Properties (1) December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Interest Rate Maturity (In thousands) (In thousands) Prior Credit Facility 69 (2) $ 243,300 $ 239,700 4.62 % 3.33 % Variable Mar. 2019 Fannie Mae Master Credit Facilities: Capital One Facility 12 (3) 216,614 152,461 4.83 % 3.88 % Variable (6) Nov. 2026 KeyBank Facility 10 (4) 142,708 142,708 4.88 % 3.89 % Variable (6) Nov. 2026 Total Fannie Mae Master Credit Facilities 359,322 295,169 Total Credit Facilities 91 $ 602,622 $ 534,869 4.76 % (5) 3.63 % (5) (1) Encumbered as of December 31, 2018 . (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 Prior Credit Facility have been pledged for the benefit of the lenders thereunder. (3) Secured by first-priority mortgages on 12 of the Company’s seniors housing properties located in Florida, Georgia, Iowa and Michigan as of December 31, 2018 . (4) Secured by first-priority mortgages on 10 of the Company’s seniors housing properties located in Michigan, Missouri, Kansas, California, Florida, Georgia and Iowa as of December 31, 2018 . (5) Calculated on a weighted average basis for all amounts outstanding as of December 31, 2018 and 2017 . (6) Variable rate loan which is capped as a result of entering into interest rate cap agreements (see Note 7 — Derivatives and Hedging Activities for additional details). Credit Facility On March 21, 2014, the Company entered into a senior secured revolving credit facility (as amended from time to time, the “Prior Credit Facility”). On March 13, 2019, the Company entered into a new senior secured credit facility (the ‘‘New Credit Facility’’) by amending and restating the Prior Credit Facility prior to its maturity on March 21, 2019. See Note 18 — Subsequent Events for further details. The Prior Credit Facility was secured by a pledged pool of the equity interests and related rights in the Company's wholly owned subsidiaries that directly own or lease eligible unencumbered real estate assets comprising the borrowing base thereunder. The Prior Credit Facility allowed for committed borrowings of up to $565.0 million . The Prior Credit Facility also contained a sub-facility for letters of credit of up to $25.0 million and an "accordion" feature to allow the Company, under certain circumstances and at the discretion of the participating lenders, to increase the aggregate borrowings under the Revolving Credit Facility to a maximum of $750.0 million . The Company had the option to have the Prior Credit Facility priced at either: (a) LIBOR, plus an applicable margin that ranges, depending on the Company's leverage, from 1.60% to 2.20% ; or (b) the Base Rate (as defined in the Prior Credit Facility), plus an applicable margin that ranges, depending on the Company's leverage, from 0.35% to 0.95% . The Base Rate is defined in the Prior 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% . At the closing of the Multi-Property CMBS Loan (see Note 4 — Mortgage Notes Payable, Net ), the net proceeds after accrued interest and closing costs were used primarily to repay approximately $80.0 million of indebtedness under the Prior Credit Facility, under which 14 of the properties were included as part of the borrowing base prior to the Multi-Property CMBS Loan. During May, September and November of 2018, the Company added 10 , five and 13 properties to the borrowing base of the Prior Credit Facility, respectively. The Company's unused borrowing capacity was $17.8 million , based on assets assigned to the Prior Credit Facility as of December 31, 2018 . Availability of borrowings is based on a pool of eligible unencumbered real estate assets. The Prior Credit Facility required the Company to meet certain financial covenants. As of December 31, 2018 , the Company was in compliance with the financial covenants under the Prior 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 "KeyBank Facility") with KeyBank and a master credit facility agreement with Capital One (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 KeyBank 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 (an affiliate of Capital One). Advances made under the Fannie Mae Master Credit Agreements are assigned by Capital One and KeyBank to Fannie Mae at closing for inclusion in Fannie Mae’s Multifamily MBS program. 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 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% (see Note 7 — Derivatives and Hedging Activities for additional disclosure regarding the Company's derivatives). 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. During the year ended December 31, 2017, the Company increased its advances under the Capital One Facility and the KeyBank Facility to $ 152.5 million and $ 142.7 million , respectively. On March 2, 2018, the Company increased its advances under the Capital One Facility by $ 64.2 million . The advance was secured by the addition of seven mortgaged properties subject to the Capital One Facility. All of the $ 61.7 million of net proceeds, after closing costs, of the advance was used by the Company to prepay a portion of the Bridge Loan (see Note 4 —Mortgage Notes Payable, Net ). |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | — Fair Value of Financial Instruments GAAP establishes a hierarchy of valuation techniques based on the observability of inputs used in measuring financial instruments at fair value. GAAP establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below: Level 1 — Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability. Level 3 — Unobservable inputs that reflect the entity's own assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare. Derivative Instruments 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, 2018 and 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. Real Estate Investments - Held for Use The Company also had impaired real estate investments held for use, which were carried at fair value on a non-recurring basis on the consolidated balance sheet as of December 31, 2018 . As of December 31, 2018 , the Company owned held for use properties for which the Company had reconsidered the projected cash flows due to various performance indicators. 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. As a result of this evaluation and its consideration of impairment, the Company determined that the carrying value of one held for use property exceeded its estimated undiscounted cash flows. The Company primarily used a non-binding letter of intent to estimate the undiscounted cash flows expected to be generated for this one held for use property, which is an observable input. As a result, the impaired property that the Company evaluated using this approach is classified in Level 2 of the fair value hierarchy. Real Estate Investments - Held for Sale The Company has impaired real estate investments held for sale, which are carried at fair value on a non-recurring basis on the consolidated balance sheets as of December 31, 2018 and 2017. Impaired real estate investments held for sale were valued using the sale price from the applicable PSA less costs to sell, which is an observable input. As a result, the Company’s impaired real estate investments held for sale are classified in Level 2 of the fair value hierarchy. The following table presents information about the Company's assets measured at fair value on a recurring basis as of December 31, 2018 and 2017 , 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, 2018 Derivative assets, at fair value Recurring $ — $ 4,633 $ — $ 4,633 Impaired real estate investments held for use Non-recurring — 3,341 — 3,341 Impaired real estate investments held for sale Non-recurring — 4,611 — 4,611 Total $ — $ 12,585 $ — $ 12,585 December 31, 2017 Derivative assets, at fair value Recurring $ — $ 2,550 $ — $ 2,550 Impaired real estate investments held for sale Non-recurring — 1,323 — 1,323 $ — $ 3,873 $ — $ 3,873 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, 2018 and 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: December 31, 2018 December 31, 2017 (In thousands) Level Carrying Amount (1) Fair Value at Carrying Amount (1) Fair Value at Gross mortgage notes payable and mortgage premium and discounts, net 3 $ 469,430 $ 472,585 $ 414,255 $ 411,749 Prior Credit Facility 3 $ 243,300 $ 243,300 $ 239,700 $ 239,700 Fannie Mae Master Credit Facilities 3 $ 359,322 $ 360,675 $ 295,169 $ 296,151 _______________________________ (1) Carrying value includes mortgage notes payable of $470.8 million and $415.4 million and mortgage premiums and discounts, net of $1.4 million and $1.1 million as of December 31, 2018 and 2017 , 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 Prior Credit Facility and the Fannie Mae Master Credit Facilities are considered to be reported at fair value, because their interest rates vary with changes in LIBOR and there has not been a significant change in credit risk of the Company or credit markets since origination. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | — 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 or costs associated with the Company's operating and financial structure as well as to hedge specific anticipated transactions. 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. 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, 2018 and 2017 : (In thousands) Balance Sheet Location December 31, 2018 December 31, 2017 Derivatives designated as hedging instruments: Interest rate swaps Derivative assets, at fair value $ 4,582 $ 2,473 Derivatives not designated as hedging instruments: Interest rate caps Derivative assets, at fair value $ 51 $ 77 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 2018 and 2017, such derivatives were used to hedge the variable cash flows associated with variable-rate debt. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During 2018 and 2017, such derivatives were used to hedge the variable cash flows associated with variable-rate debt. The ineffective portion of the change in fair value of the derivatives, if any, would be 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 January 1, 2019 through December 31, 2019, the Company estimates that $1.6 million will be reclassified from other comprehensive loss as a decrease to interest expense. As of December 31, 2018 and 2017 , the Company had the following derivatives that were designated as cash flow hedges of interest rate risk: December 31, 2018 December 31, 2017 Interest Rate Derivative Number of Instruments Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Interest rate swaps 2 $ 250,000 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 12 months ended December 31, 2018 and 2017 : Year Ended December 31, (In thousands) 2018 2017 Amount of gain recognized in accumulated other comprehensive income on interest rate derivatives (effective portion) $ 2,367 $ 1,674 Amount of gain (loss) reclassified from accumulated other comprehensive income into income as interest expense (effective portion) $ 258 $ (799 ) Non-Designated Derivatives 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) and were a loss of $0.2 million , a loss of $0.2 million and a gain of $31,000 for the years ended December 31, 2018, 2017 and 2016, respectively. The Company had the following outstanding interest rate derivatives that were not designated as a hedges in qualifying hedging relationships as of as of December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 Interest Rate Derivatives Number of Instruments Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Interest rate caps 7 $ 359,322 6 $ 295,169 Offsetting Derivatives The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of December 31, 2018 and 2017 . The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the consolidated balance sheet. Gross Amounts Not Offset in the Consolidated Balance Sheet (In thousands) Gross Amounts of Recognized Assets Gross Amounts of Recognized (Liabilities) Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amount December 31, 2018 $ 4,633 — — $ 4,633 — — $ 4,633 December 31, 2017 $ 2,550 — — $ 2,550 — — $ 2,550 Credit-risk-related Contingent Features The Company has agreements in place with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. As of December 31, 2018 , there were no derivatives in a net liability position. As a result, there is no termination value associated with the settlement of the Company’s obligations under the agreement, and the Company has not posted any collateral related to the agreement. |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Common Stock | — Common Stock As of December 31, 2018 and 2017 , the Company had 92.0 million and 91.0 million shares of common stock outstanding, respectively, including unvested restricted shares and shares issued pursuant to the DRIP, net of share repurchases. 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. On February 20, 2018, the Board authorized a further decrease in the rate at which the Company pays monthly distributions to stockholders, effective as of March 1, 2018, to a rate equivalent to $0.85 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 29, 2018, the Board approved an Estimated Per-Share NAV as of December 31, 2017 , which was published on April 4, 2018. The Company intends to publish an updated Estimated Per-Share NAV as of December 31, 2018 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, the Company's stockholders can elect to reinvest distributions by purchasing shares of the Company's common stock at the then-current Estimated Per-Share NAV approved by the Board. Share Repurchase Program Under the SRP, as amended from time to time, stockholders are able 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. Beginning on April 7, 2016 (the "Original NAV Pricing Date"), the price per share that the Company will pay to repurchase its shares would have been prior to amendment and restatement of the SRP effective in July 2017 as described below, equal to its Estimated Per-Share NAV multiplied by a percentage equal to: • 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; • 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; • 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 • 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 price is equal to Estimated Per-Share NAV at the time of repurchase. Repurchases of shares of the Company's common stock, when requested, are at the sole discretion of the Board. Until the First SRP Amendment (as defined 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 an updated Estimated Per Share NAV is published during any fiscal semester, any repurchase requests received during such fiscal semester will be paid at the applicable Estimated Per-Share NAV then in effect. 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 the Company's common stock or received their shares from the Company (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. On March 13, 2018, the Company announced a tender offer (the "Tender Offer") to purchase up to 2.0 million shares of the Company's common stock for cash at a purchase price equal to $ 13.15 per share with the proration period and withdrawal rights expiring on April 12, 2018. The Company suspended the SRP during the pendency of the Tender Offer. On June 29, 2018, the Company announced that the Board unanimously determined to reactivate the SRP, effective June 30, 2018. In connection with reactivating the SRP, the Board approved all repurchase requests received during the period from January 1, 2018 through the suspension of the SRP on March 13, 2018 (see table below for additional details). On January 29, 2019, the Company announced that the Board approved an amendment to the SRP changing the date on which any repurchases are to be made in respect of requests made during the period commencing March 13, 2018 up to and including December 31, 2018 to no later than March 31, 2019, rather than on or before the 31st day following December 31, 2018. This SRP amendment became effective on January 30, 2019 (see Note 18 — Subsequent Events for more information). When a stockholder requests redemption and 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 repurchased under the SRP have the status of authorized but unissued shares. The following table reflects the number of shares repurchased cumulatively through December 31, 2018 : Number of Shares Repurchased Average Price per Share Cumulative repurchases as of December 31, 2017 (1) 2,529,798 $ 22.43 Year ended December 31, 2018 (2) 758,458 18.73 Cumulative repurchases as of December 31, 2018 3,288,256 21.56 _____________________________ (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. (2) Includes (i) 373,967 shares repurchased during January 2018 with respect to requests received following the death or qualifying disability of stockholders during the six months ended December 31, 2017 for approximately $8.0 million at a weighted average price per share of $21.45 , and (ii) 155,904 shares that were repurchased for $3.2 million at an average price per share of $20.25 on July 31, 2018, representing 100% of the repurchase requests made following the death or qualifying disability of stockholders during the period from January 1, 2018 through the suspension of the SRP on March 13, 2018. No repurchase requests received during the SRP suspension were accepted. Tender Offer On March 13, 2018, the Company announced the Tender Offer to purchase up to 2.0 million shares of the Company’s common stock for cash at a purchase price equal to $13.15 per share with the proration period and withdrawal rights expiring on April 12, 2018. The Company made the Tender Offer in response to an unsolicited offer to stockholders commenced on February 27, 2018. On April 4, 2018 and April 16, 2018, the Tender Offer was amended to reduce the number of shares the Company was offering to purchase to 230,000 shares and extend the expiration date to May 1, 2018. The Tender Offer expired in accordance with its terms on May 1, 2018. During May 2018, in accordance with the terms of the Tender Offer, the Company accepted for purchase 229,999 shares for a total cost of approximately $3.0 million . 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 all other shares of outstanding common stock. 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 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 years ended December 31, 2018 and 2017 , the Company issued 1.7 million and 2.8 million shares of common stock pursuant to the DRIP, generating aggregate proceeds of $35.7 million and $61.2 million , respectively. 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 Designated Derivative 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 Other comprehensive income, before reclassifications 2,367 Amounts reclassified from accumulated other comprehensive income (258 ) Balance, December 31, 2018 $ 4,582 __________________ (1) During the year ended December 31, 2016, the Company sold its investments in securities, resulting in realized gains of $0.1 million , which is included in gain on sale of investment securities on the consolidated statement of operations and comprehensive loss. |
Related Party Transactions and
Related Party Transactions and Arrangements | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions and Arrangements | Related Party Transactions and Arrangements As of December 31, 2018 and 2017 , 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, 2018 and 2017 , the Advisor held 90 partnership units in the OP designated as "OP Units" ("OP Units"). 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 Advisor, a limited partner of the OP. In connection with this special allocation, the 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 Incurred 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 and a restatement of the then effective 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, amended and restated the previously effective advisory agreement (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, 2018 , 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, 2018 , 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 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 the limited partnership agreement of the OP and the 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) another 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, 2018 , 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, 2018 , 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 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 equity and certain convertible debt but excluding proceeds from the DRIP) 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 and the value of any OP Unit or share to be determined by the Advisor acting in good faith on the basis of such quotations and other information as it considers, in its reasonable judgment, appropriate. 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 (1) the product of fully diluted shares of common stock outstanding multiplied by (2) (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 (in each case after discussions between the Advisor and the independent directors and approved by a majority of the independent directors). 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 and the value of any share to be determined by the Advisor acting in good faith on the basis of such quotations and other information as it considers, in its reasonable judgment, appropriate. 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 17, 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 90 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. On April 10, 2018, in connection with the Multi-Property CMBS Loan, the Company and the OP entered into an amendment to the A&R Property Management Agreement confirming, consistent with the intent of the parties, that the borrowers under the Multi-Property CMBS Loan and other subsidiaries of the OP that actually own or lease the Company’s properties are the direct obligors under the arrangements pursuant to which the Company’s properties are actually managed by either the Property Manager or a third party overseen by the Property Manager pursuant to the A&R Property Management Agreement. 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. This reimbursement includes reasonable overhead expenses for employees of the Advisor or its affiliates directly involved in the performance of services on behalf of the Company, including the reimbursements of rent expense at certain properties that are both occupied by employees of the Advisor or its affiliates and owned by affiliates of the Advisor. During the years ended December 31, 2018 , 2017 , and 2016 the Company incurred $8.9 million , $7.6 million , and $4.5 million of reimbursement expenses from the Advisor for providing administrative services, respectively. The Advisor may elect to forgive and absorb certain fees. Because the Advisor may forgive or absorb certain fees, cash flow from operations that would have been paid to the Advisor may be available to pay distributions to stockholders. The fees that are forgiven are not deferrals and, accordingly, will not be paid to the Advisor in the future. There were no such fees forgiven during the years ended December 31, 2018 , 2017 and 2016. In certain instances, to improve the Company's working capital, the Advisor may elect to absorb a portion of the Company's property operating and general and administrative costs, which the Company will not repay. There were no such fees were absorbed during the years ended December 31, 2018 , 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. As of December 31, 2017, a portion of these fees and reimbursements were already paid and the Company had recorded a $0.7 million receivable due from the Advisor. As of December 31, 2018 , there was no remaining receivable or payable due from the Advisor. The $1.7 million payable in deferred fees and reimbursements were repaid during April 2018. 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 2018 2017 2016 December 31, (In thousands) Incurred (1) Incurred (1) Incurred (1) 2018 2017 One-time fees and reimbursements: Acquisition cost reimbursements $ 176 $ 124 $ — $ 32 $ 36 Financing coordination fees — — 450 — — Due (from) to HT III related to the Asset Purchase (2) — — — (154 ) 196 Ongoing fees and reimbursements: Asset management fees (3) 19,500 19,189 17,566 — — Property management fees 3,571 3,068 3,017 58 66 Professional fees and other reimbursements 8,883 7,553 4,492 674 1,339 (4) Distributions on Class B Units 340 543 611 — — Total related party operation fees and reimbursements $ 32,470 $ 30,477 $ 26,136 $ 610 $ 1,637 _______________ (1) There were no fees or reimbursements forgiven during the years ended December 31, 2018, 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. The Company had a $154,000 net receivable and a $196,000 net payable related to the Asset Purchase included in the consolidated balance sheet as of December 31, 2018 and 2017, respectively. 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, 2018 , the Board had approved the issuance of 359,250 Class B Units to the Advisor in connection with this arrangement. Effective April 1, 2015, 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. (4) Balance includes costs which were incurred and accrued due to American National Stock Transfer, LLC, a subsidiary of RCS Capital Corporation (“RCAP”), which at that time and prior to its bankruptcy filing was under common control with our Advisor. RCAP was also the parent company of the Realty Capital Securities, LLC, the dealer manager in the Company’s initial public offering. Fees and Participations Incurred in Connection with a Listing or the Liquidation of the Company's Real Estate Assets Subordinated Participation 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 years ended December 31, 2018 , 2017 and 2016 . The Special Limited Partner and its affiliates can earn only the subordinated incentive listing distribution, or the subordinated participation in net sales proceeds or the subordinated incentive termination distribution described below. 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 years ended December 31, 2018 , 2017 or 2016 . 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 years ended December 31, 2018 , 2017 and 2016 . 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 years ended December 31, 2018 , 2017 and 2016 . The Special Limited Partner and its affiliates can earn only the subordinated participation in net sales proceeds, the subordinated incentive listing distribution described above or the subordinated incentive termination distribution described below. Subordinated Participation in Connection with a Termination of the Advisory Agreement 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. The Special Limited Partner and its affiliates can earn only the subordinated incentive termination distribution, or the subordinated participation in net sales proceeds or the subordinated incentive listing distribution described above. Termination Fees Payable to the Advisor 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 termination by either party in connection with a change of control (as defined in the Second A&R Advisory Agreement), the Company would pay the Advisor a change of control fee equal to the product of four (4) and the "Subject Fees." Upon a termination by the Company in connection with transition to self-management, the Company would pay the Advisor a transition fee equal to (i) $15.0 million plus (ii) the product of four multiplied by the Subject Fees, provided that the transition fee shall not exceed an amount equal (i) 4.5 multiplied by (ii) the Subject Fees. The Subject Fees are equal to (i) the product of four multiplied by the actual base management fee plus (ii) the product of four 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 to self-management is consummated, as applicable, plus (iii) without duplication, the annual increase in the base management fee resulting from the cumulative net proceeds of any equity raised (but excluding proceeds from the DRIP) in respect to the fiscal quarter immediately prior to the fiscal quarter in which the change in control occurs or the transition to self-management is consummated, as applicable. The right to termination of the Second A&R Advisory Agreement in connection with a change of control or transition to self-management is subject to a lockout period that requires the notice of any termination in connection with a change of control or transition to self-management to be delivered after February 14, 2019. American Realty Capital Healthcare Trust III, Inc. Asset Purchase On December 22, 2017, the Company, the OP and its subsidiary, ARHC TRS Holdco II, LLC, completed the Asset Purchase, purchasing all of the membership interests in indirect subsidiaries of HT III that own the 19 properties which comprised substantially all of HT III’s assets, pursuant to the Purchase Agreement, dated as of June 16, 2017. HT III was sponsored and advised by an affiliate of the Advisor. The Company had a $154,000 net receivable and a $196,000 net payable to HT III included on its consolidated balance sheet as of December 31, 2018 and 2017 . On December 22, 2017, the Company borrowed approximately $45.0 million of loans (the “Advance”) under the Prior 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 Prior 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 the Company into an escrow account in accordance with the Purchase Agreement. This escrow amount was released in full to HT III in installments over a period of 14 months following the closing, with the final installment being released in March 2019. No indemnification claims were made under the Purchase Agreement. In addition, the Company incurred $1.2 million in closing and other transaction costs. |
Economic Dependency
Economic Dependency | 12 Months Ended |
Dec. 31, 2018 | |
Economic Dependency [Abstract] | |
Economic Dependency | Economic Dependency Under various agreements, the Company has engaged or will engage the Advisor, its affiliates and entities under common control with the Advisor to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company and asset acquisition and disposition decisions, as well as other administrative responsibilities for the Company including accounting services and investor relations. As a result of these relationships, the Company is dependent upon the Advisor and its affiliates. In the event that the Advisor and its affiliates are unable to provide the Company with the respective services, the Company will be required to find alternative providers of these services. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Share-Based Compensation Restricted Share Plan The Company has adopted an employee and director incentive restricted share plan (as amended from time to time, the "RSP"), which provides the Company with the ability to grant awards of restricted shares of common stock ("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 shares of common stock that may be subject to awards 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). Prior to August 2017, the RSP provided for an 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, 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 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 and 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 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, 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 Granted — — Vested (60,268 ) 21.78 Forfeitures — — Unvested, December 31, 2018 322,242 21.41 As of December 31, 2018 , the Company had $6.9 million of unrecognized compensation cost related to unvested restricted share awards granted under the RSP. That cost is expected to be recognized over a weighted-average period of 5.2 years . Compensation expense related to restricted shares was $1.2 million , $0.5 million and approximately $0.2 million during the year s ended December 31, 2018 , 2017 and 2016 , respectively. Compensation expense related to restricted shares 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 years ended December 31, 2018 and 2017 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | — Common Stock As of December 31, 2018 and 2017 , the Company had 92.0 million and 91.0 million shares of common stock outstanding, respectively, including unvested restricted shares and shares issued pursuant to the DRIP, net of share repurchases. 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. On February 20, 2018, the Board authorized a further decrease in the rate at which the Company pays monthly distributions to stockholders, effective as of March 1, 2018, to a rate equivalent to $0.85 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 29, 2018, the Board approved an Estimated Per-Share NAV as of December 31, 2017 , which was published on April 4, 2018. The Company intends to publish an updated Estimated Per-Share NAV as of December 31, 2018 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, the Company's stockholders can elect to reinvest distributions by purchasing shares of the Company's common stock at the then-current Estimated Per-Share NAV approved by the Board. Share Repurchase Program Under the SRP, as amended from time to time, stockholders are able 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. Beginning on April 7, 2016 (the "Original NAV Pricing Date"), the price per share that the Company will pay to repurchase its shares would have been prior to amendment and restatement of the SRP effective in July 2017 as described below, equal to its Estimated Per-Share NAV multiplied by a percentage equal to: • 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; • 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; • 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 • 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 price is equal to Estimated Per-Share NAV at the time of repurchase. Repurchases of shares of the Company's common stock, when requested, are at the sole discretion of the Board. Until the First SRP Amendment (as defined 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 an updated Estimated Per Share NAV is published during any fiscal semester, any repurchase requests received during such fiscal semester will be paid at the applicable Estimated Per-Share NAV then in effect. 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 the Company's common stock or received their shares from the Company (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. On March 13, 2018, the Company announced a tender offer (the "Tender Offer") to purchase up to 2.0 million shares of the Company's common stock for cash at a purchase price equal to $ 13.15 per share with the proration period and withdrawal rights expiring on April 12, 2018. The Company suspended the SRP during the pendency of the Tender Offer. On June 29, 2018, the Company announced that the Board unanimously determined to reactivate the SRP, effective June 30, 2018. In connection with reactivating the SRP, the Board approved all repurchase requests received during the period from January 1, 2018 through the suspension of the SRP on March 13, 2018 (see table below for additional details). On January 29, 2019, the Company announced that the Board approved an amendment to the SRP changing the date on which any repurchases are to be made in respect of requests made during the period commencing March 13, 2018 up to and including December 31, 2018 to no later than March 31, 2019, rather than on or before the 31st day following December 31, 2018. This SRP amendment became effective on January 30, 2019 (see Note 18 — Subsequent Events for more information). When a stockholder requests redemption and 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 repurchased under the SRP have the status of authorized but unissued shares. The following table reflects the number of shares repurchased cumulatively through December 31, 2018 : Number of Shares Repurchased Average Price per Share Cumulative repurchases as of December 31, 2017 (1) 2,529,798 $ 22.43 Year ended December 31, 2018 (2) 758,458 18.73 Cumulative repurchases as of December 31, 2018 3,288,256 21.56 _____________________________ (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. (2) Includes (i) 373,967 shares repurchased during January 2018 with respect to requests received following the death or qualifying disability of stockholders during the six months ended December 31, 2017 for approximately $8.0 million at a weighted average price per share of $21.45 , and (ii) 155,904 shares that were repurchased for $3.2 million at an average price per share of $20.25 on July 31, 2018, representing 100% of the repurchase requests made following the death or qualifying disability of stockholders during the period from January 1, 2018 through the suspension of the SRP on March 13, 2018. No repurchase requests received during the SRP suspension were accepted. Tender Offer On March 13, 2018, the Company announced the Tender Offer to purchase up to 2.0 million shares of the Company’s common stock for cash at a purchase price equal to $13.15 per share with the proration period and withdrawal rights expiring on April 12, 2018. The Company made the Tender Offer in response to an unsolicited offer to stockholders commenced on February 27, 2018. On April 4, 2018 and April 16, 2018, the Tender Offer was amended to reduce the number of shares the Company was offering to purchase to 230,000 shares and extend the expiration date to May 1, 2018. The Tender Offer expired in accordance with its terms on May 1, 2018. During May 2018, in accordance with the terms of the Tender Offer, the Company accepted for purchase 229,999 shares for a total cost of approximately $3.0 million . 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 all other shares of outstanding common stock. 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 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 years ended December 31, 2018 and 2017 , the Company issued 1.7 million and 2.8 million shares of common stock pursuant to the DRIP, generating aggregate proceeds of $35.7 million and $61.2 million , respectively. 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 Designated Derivative 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 Other comprehensive income, before reclassifications 2,367 Amounts reclassified from accumulated other comprehensive income (258 ) Balance, December 31, 2018 $ 4,582 __________________ (1) During the year ended December 31, 2016, the Company sold its investments in securities, resulting in realized gains of $0.1 million , which is included in gain on sale of investment securities on the consolidated statement of operations and comprehensive loss. |
Non-Controlling Interests
Non-Controlling Interests | 12 Months Ended |
Dec. 31, 2018 | |
Noncontrolling Interest [Abstract] | |
Non-Controlling Interests | Non-Controlling Interests Non-Controlling Interests in the Operating Partnership The Company is the sole general partner and holds substantially all of the OP Units. As of December 31, 2018 and 2017 , the Advisor held 90 OP Units, which represents a nominal percentage of the aggregate ownership in the OP. 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. After holding the OP Units for a period of one year, a holder of OP Units has the right to redeem OP Units for, at the option of the OP, the cash value of a corresponding number of shares of the Company's common stock or a corresponding number of shares of the Company's common stock. 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 years ended December 31, 2018 , 2017 and 2016 , OP Unit non-controlling interest holders were paid distributions of $0.5 million , $0.6 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 As of December 31, As of December 31, As of December 31, Year Ended December 31, Property Name (Dollar amounts in thousands) Investment Date 2018 2018 2018 2017 2018 2017 2016 Plaza Del Rio Medical Office Campus Portfolio May 2015 $ 324 1.9 % $ 14,747 $ 10,784 $ 87 $ 52 $ 40 UnityPoint Clinic Portfolio (2) December 2017 $ 488 5.0 % $ 9,241 $ 9,639 $ — $ — $ — _____________ (1) One property within the Plaza Del Rio Medical Office Campus Portfolio was mortgaged as part of the Multi-Property CMBS Loan. See Note 4 - Mortgage Notes Payable for additional information. (2) Assumed as part of the 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, 2018 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Loss Per Share The following is a summary of the basic and diluted net loss per share computation for the years ended December 31, 2018 , 2017 and 2016 : Year Ended December 31, 2018 2017 2016 Net loss attributable to stockholders (in thousands) $ (52,762 ) $ (42,548 ) $ (20,874 ) Basic and diluted weighted-average shares outstanding 91,118,929 89,802,174 87,878,907 Basic and diluted net loss per share $ (0.58 ) $ (0.47 ) $ (0.24 ) The Company had the following potentially dilutive securities as of December 31, 2018 , 2017 and 2016 , which were excluded from the calculation of diluted loss per share attributable to stockholders as the effect would have been antidilutive: December 31, 2018 2017 2016 Unvested restricted shares (1) 358,071 130,339 9,921 OP Units (2) 405,998 405,998 405,998 Class B Units (3) 359,250 359,250 359,250 Total weighted average antidilutive common share equivalents 1,123,319 895,587 775,169 _____________ (1) Weighted average number of antidilutive unvested restricted shares outstanding for the periods presented. There were 322,242 , 382,510 and 9,921 unvested restricted shares outstanding as of December 31, 2018 , 2017 and 2016 , respectively. (2) Weighted average number of antidilutive OP Units outstanding for the periods presented. There were 405,998 OP Units outstanding as of December 31, 2018 , 2017 and 2016 . (3) Weighted average number of antidilutive Class B Units outstanding for the periods presented. There were 359,250 Class B Units outstanding as of December 31, 2018 , 2017 and 2016 . |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | — Segment Reporting During the years ended December 31, 2018 , 2017 and 2016 , the Company operated in three reportable business segments for management and internal financial reporting purposes: MOBs, triple-net leased healthcare facilities, and SHOPs. 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 properties, 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 properties, 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. Net Operating Income 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 pay distributions. Transition Properties As described in more detail below, the number of the Company's properties as of December 31, 2018 includes 18 properties that were transitioned from the Company's triple-net leased healthcare facilities segment to the Company's SHOP segment during the period from January 1, 2017 through December 31, 2018 (collectively the "Transition Properties"). For purposes of the segment reporting below, the Company made an adjustment to include the Transition Properties as part of the SHOP segment and exclude them entirely from the triple-net leased healthcare facilities segment. 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 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. 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 RIDEA structure. 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's subsidiaries. The following tables reconcile the segment activity, adjusted for the Transition Properties, to consolidated net loss for the years ended December 31, 2018 and 2017 : Year Ended December 31, 2018 (In thousands) Medical Office Buildings Triple-Net Leased Healthcare Facilities Seniors Housing — Operating Properties Consolidated Revenues: Rental income $ 79,210 $ 23,484 $ 14 $ 102,708 Operating expense reimbursements 19,893 965 — 20,858 Resident services and fee income — — 238,840 238,840 Total revenues 99,103 24,449 238,854 362,406 Property operating and maintenance 30,295 13,777 176,925 220,997 NOI $ 68,808 $ 10,672 $ 61,929 141,409 Impairment charges (20,655 ) Operating fees to related parties (23,071 ) Acquisition and transaction related (302 ) General and administrative (17,275 ) Depreciation and amortization (83,212 ) Interest expense (49,471 ) Interest and other income 23 Loss on non-designated derivatives (157 ) Loss on sale of real estate investment (70 ) Income tax expense (197 ) Net income attributable to non-controlling interests 216 Net loss attributable to stockholders $ (52,762 ) 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 $ 21,023 $ 6,739 $ 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 22,169 206,154 311,173 Property operating and maintenance 24,137 12,789 149,351 186,277 NOI $ 58,713 $ 9,380 $ 56,803 124,896 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 ) The following table reconciles the segment activity to consolidated net loss for the year ended December 31, 2016 : 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 ) The following table reconciles the segment activity to consolidated total assets as of the periods presented: December 31, (In thousands) 2018 2017 ASSETS Investments in real estate, net: Medical office buildings $ 878,703 $ 897,264 Triple-net leased healthcare facilities 289,686 294,727 Construction in progress 90,829 82,007 Seniors housing — operating properties 911,952 902,343 Total investments in real estate, net 2,171,170 2,176,341 Cash and cash equivalents 77,264 94,177 Restricted cash 14,094 8,411 Assets held for sale 52,397 37,822 Derivative assets, at fair value 4,633 2,550 Straight-line rent receivable, net 17,351 15,327 Prepaid expenses and other assets 28,785 22,099 Deferred costs, net 11,752 15,134 Total assets $ 2,377,446 $ 2,371,861 The following table reconciles capital expenditures by reportable business segment for the periods presented: Year Ended December 31, (In thousands) 2018 2017 2016 Medical office buildings $ 7,582 $ 4,037 $ 3,198 Triple-net leased healthcare facilities 1,152 154 112 Seniors housing — operating properties 4,176 4,810 4,166 Total capital expenditures $ 12,910 $ 9,001 $ 7,476 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company has entered into operating and capital lease agreements related to certain acquisitions under leasehold 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 2019 $ 780 $ 80 2020 781 82 2021 774 84 2022 790 86 2023 760 88 Thereafter 34,344 7,590 Total minimum lease payments $ 38,229 8,010 Less: amounts representing interest (3,202 ) Total present value of minimum lease payments $ 4,808 Total rental expense from operating leases was $0.9 million , $0.8 million and $0.8 million during the years ended December 31, 2018 , 2017 and 2016 , respectively. During the three years ended December 31, 2018 , 2017 and 2016 , interest expense related to capital leases was approximately $85,000 , $85,000 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, 2018 , 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, 2018 , the Company had funded $90.6 million , including $10.0 million for the land and $80.6 million for construction in progress. As a result, the Company believes that it has satisfied its funding commitments for the construction. As of December 31, 2018 , the Company had funded $8.6 million in excess of its $72.0 million funding commitment for the construction. The Company has and may continue to, at its election, provide additional funding to ensure completion of the construction. To the extent the Company funds additional monies for the completion of the development, Palm, the developer of the facility, is responsible for reimbursing the Company for any amounts funded. Entities related to Palm, referred to herein as the NuVista Tenants, are, however, in default to the Company under leases at other properties in the Company's portfolio (see Note 3 — Real Estate Investments for more information). The Company currently does not expect that Palm will reimburse the Company for construction overruns funded and there can be no assurance that they will do so, in whole or in part. Palm is also responsible for completing the development and obtaining a final certificate of occupancy for the facility (the "CO"). However, Palm is in default of the development agreement and has ceased providing services under the development agreement. There is no assurance as to when and if Palm will comply with its obligations, and this has resulted in delays in obtaining the CO. The Company is currently working to obtain the CO, but there can be no assurance as to how long this process will take, or if the Company will be able to complete it at all. Under the development agreement, the targeted completion date was December 31, 2016. Additionally, the estimated rent commencement date was expected to be no later than April 1, 2017 with the Jupiter Tenant, entities related to Palm operating the property as the tenants. The Company does not expect entities related to Palm to become the tenant and is working to find a replacement tenant once it obtains the CO, although there can be no assurance the Company will be able to do so on a timely basis, or at all. Pursuant to an agreement between the Company and the Jupiter Tenant, the Jupiter Tenant agreed to transfer all contracts, licenses and permits (including all operational permissions and certificates of need) to a replacement tenant designated by the Company. Until a replacement tenant is identified, there can be no assurance that this transfer will take place or that the Jupiter Tenant will comply with its obligations when required to do so. Moreover, until the CO is obtained and a replacement tenant is identified, the Company will not receive income from the property, and the amount of cash the Company is able to generate to fund distributions to its stockholders will continue to be adversely affected. Concurrent with the acquisition, the Company entered into a loan agreement and lease agreement with an affiliate of Palm. 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, 2018 and 2017, there were no amounts outstanding under the loan agreement as operations at the facility have not yet started. |
Quarterly Results (Unaudited)
Quarterly Results (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results (Unaudited) | Quarterly Results (Unaudited) Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2018 and 2017 : Quarter Ended (In thousands, except for share and per share data) March 31, June 30, September 30, December 31, Total revenues $ 89,438 $ 90,957 $ 90,191 $ 91,820 Net loss attributable to stockholders $ (5,991 ) $ (6,950 ) $ (29,607 ) $ (10,214 ) Basic and diluted weighted average shares outstanding 90,783,065 90,978,411 90,203,311 91,520,444 Basic and diluted net loss per share $ (0.07 ) $ (0.08 ) $ (0.33 ) $ (0.11 ) 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 ) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 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: New York Five Disposition The disposition of five of the New York Six MOBs closed on February 6, 2019 for a contract sales price of $ 45.0 million . The net proceeds after closing costs and the repayment of debt, including prepayment penalties, was $ 26.6 million . Amendment to Share Repurchase Program On January 28, 2019, the Board approved an amendment to the Company’s existing SRP changing the date on which any repurchases are to be made in respect of requests made during the period commencing March 13, 2018 up to and including December 31, 2018 to no later than March 31, 2019, rather than on or before the 31st day following December 31, 2018. This SRP amendment will become effective on January 30, 2019. All other terms of the SRP remain in effect, including that repurchases pursuant to the SRP are at the sole discretion of the Board. New Credit Facility On March 13, 2019, the Company entered into the New Credit Facility by amending and restating the Prior Credit Facility prior to its maturity on March 21, 2019. The total commitments under our New Credit Facility are $ 630.0 million and include an uncommitted “accordion feature” whereby, upon our request, but at the sole discretion of the participating lenders, the commitments under our New Credit Facility may be increased by up to an additional $ 370.0 million up to a total of $ 1.0 billion . The New Credit Facility consists of two components, the Revolving Credit Facility and our Term Loan. The Revolving Credit Facility is interest-only and matures on March 13, 2023, subject to one one-year extension at our option. The Term Loan is interest-only and matures on March 13, 2024. The amount available for borrowings under the New Credit Facility is based on the lesser of (1) a percentage of the value of the pool of eligible unencumbered real estate assets comprising the borrowing base, and (2) a maximum amount permitted to maintain a minimum debt service coverage ratio with respect to the borrowing base, in each case, as of the determination date. At the closing under the New Credit Facility, the Company had a total borrowing capacity thereunder of $ 263.1 million based on the value of the borrowing base thereunder. Of this amount, $233.6 million was outstanding including $150.0 million outstanding under the Term Loan, $83.6 million outstanding under the Revolving Credit Facility and $29.5 million remained available for future borrowings under the Revolving Credit Facility. Like the Prior Credit Facility, the New Credit Facility is secured by a pledged pool of 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 thereunder. After the closing of the New Credit Facility, the 65 properties that had comprised the borrowing base under the Prior Credit Facility comprised the borrowing base under the New Credit Facility. At the closing under the New Credit Facility, the Revolving Credit Facility and the Term Loan bore interest at a weighted average rate per annum equal to 4.61% . Prior to the closing of the New Credit Facility, the Prior Credit Facility bore interest at a rate per annum equal to 4.62% . The New Credit Facility contains customary representations, warranties, as well as affirmative and negative covenants. As of December 31, 2018, the Company was in compliance with the financial covenants under the Prior Credit Facility, and, as of the date of the closing thereunder, the Company was in compliance with the financial covenants under the New Credit Facility. |
Real Estate and Accumulated Dep
Real Estate and Accumulated Depreciation - Schedule III | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Real Estate and Accumulated Depreciation, Schedule III | Initial Costs Subsequent to Acquisition Property State Acquisition Date Encumbrances at December 31, 2018 Land Building and Improvements Building and Gross Amount at December 31,2018 (1) (2) Accumulated Depreciation (3) (4) Fresenius Medical Care - Winfield, AL (5) AL 5/10/2013 $ — $ 152 $ 1,568 $ — $ 1,720 $ 261 Adena Health Center - Jackson, OH (5) OH 6/28/2013 — 242 4,494 — 4,736 641 Ouachita Community Hospital - West Monroe, LA (5) LA 7/12/2013 — 633 5,304 — 5,937 769 CareMeridian - Littleton, CO (5) CO 8/8/2013 — 976 8,900 103 9,979 2,084 Oak Lawn Medical Center - Oak Lawn, IL IL 8/21/2013 5,343 835 7,477 — 8,312 1,250 Surgery Center of Temple - Temple, TX TX 8/30/2013 3,141 225 5,208 — 5,433 721 Greenville Health System - Greenville, SC (5) SC 10/10/2013 — 720 3,045 — 3,765 412 Arrowhead Medical Plaza II - Glendale, AZ AZ 2/21/2014 7,540 — 9,707 1,078 10,785 1,643 Village Center Parkway - Stockbridge, GA GA 2/21/2014 2,434 1,135 2,299 131 3,565 446 Stockbridge Family Medical - Stockbridge, GA GA 2/21/2014 1,781 823 1,799 11 2,633 264 Creekside MOB - Douglasville, GA GA 4/30/2014 6,018 2,709 5,320 603 8,632 1,070 Bowie Gateway Medical Center - Bowie, MD MD 5/7/2014 7,390 983 10,321 — 11,304 1,309 Campus at Crooks & Auburn Building D - Rochester Hills, MI MI 5/19/2014 2,613 640 4,107 151 4,898 546 Berwyn Medical Center - Berwyn, IL (5) IL 5/29/2014 — 1,305 7,559 — 8,864 904 Countryside Medical Arts - Safety Harbor, FL FL 5/30/2014 5,690 915 7,663 60 8,638 994 St. Andrews Medical Park - Venice, FL FL 5/30/2014 6,289 1,666 9,944 386 11,996 1,397 Campus at Crooks & Auburn Building C - Rochester Hills, MI MI 6/3/2014 2,877 609 3,842 152 4,603 552 UC Davis MOB - Elk Grove, CA CA 7/15/2014 6,282 1,138 7,242 235 8,615 961 Laguna Professional Center - Elk Grove, CA CA 7/15/2014 8,887 1,811 14,598 218 16,627 1,876 Estate at Hyde Park - Tampa, FL (7) FL 7/31/2014 20,116 1,777 20,153 168 22,098 2,819 Autumn Ridge of Clarkston - Clarkston, MI (7) MI 8/12/2014 19,245 655 19,834 118 20,607 2,838 Sunnybrook of Burlington - Burlington, IA (6) IA 8/26/2014 12,783 518 16,651 97 17,266 2,381 Sunnybrook of Carroll - Carroll, IA (6) IA 8/26/2014 6,144 473 11,150 103 11,726 1,458 Sunnybrook of Fairfield - Fairfield, IA IA 8/26/2014 1,867 340 14,028 109 14,477 2,063 Sunnybrook of Ft. Madison - Ft. Madison, IA IA 8/26/2014 1,113 263 3,898 28 4,189 185 Sunnybrook of Mt. Pleasant - Mt. Pleasant, IA IA 8/26/2014 1,417 205 10,811 230 11,246 1,336 Sunnybrook of Muscatine - Muscatine, IA (6) IA 8/26/2014 11,989 302 13,752 111 14,165 1,837 Prairie Hills at Cedar Rapids -Cedar Rapids, IA (7) IA 8/26/2014 8,014 195 8,544 74 8,813 1,137 Prairie Hills at Clinton - Clinton, IA (6) IA 8/26/2014 10,759 890 18,801 66 19,757 2,525 Initial Costs Subsequent to Acquisition Property State Acquisition Date Encumbrances at December 31, 2018 Land Building and Improvements Building and Gross Amount at December 31,2018 (1) (2) Accumulated Depreciation (3) (4) Prairie Hills at Des Moines - Des Moines, IA (6) IA 8/26/2014 5,418 647 13,645 130 14,422 2,003 Prairie Hills at Tipton - Tipton, IA IA 8/26/2014 1,113 306 10,370 26 10,702 1,243 Prairie Hills at Independence - Independence, IA IA 8/26/2014 1,372 473 10,534 73 11,080 1,358 Prairie Hills at Ottumwa - Ottumwa, IA IA 8/26/2014 1,305 538 9,100 86 9,724 1,292 Sunnybrook of Burlington - Land - Burlington, IA IA 8/26/2014 — 620 — — 620 — Buchanan Meadows - Buchanan, MI (6) MI 8/29/2014 4,234 288 6,988 134 7,410 990 Crystal Springs - Kentwood, MI (f/k/a Addington Place of Grand Rapids) MI 8/29/2014 1,462 661 14,507 74 15,242 2,272 Golden Orchards - Fennville, MI MI 8/29/2014 787 418 5,318 66 5,802 712 Lakeside Vista - Holland, MI (6) MI 8/29/2014 6,128 378 12,196 126 12,700 1,695 Liberty Court - Dixon, IL (5) IL 8/29/2014 — 119 1,957 25 2,101 303 Prestige Centre - Buchanan, MI MI 8/29/2014 450 297 2,207 10 2,514 365 Prestige Commons - Chesterfield Twp, MI MI 8/29/2014 641 318 5,346 78 5,742 709 Prestige Pines - Dewitt, MI (f/k/a Addington Place of DeWitt) MI 8/29/2014 934 476 3,065 142 3,683 573 Prestige Place - Clare, MI (5) MI 8/29/2014 — 59 1,169 29 1,257 321 Prestige Point - Grand Blanc, MI (f/k/a Addington Place of Grand Blanc) MI 8/29/2014 — 73 734 58 865 45 Prestige Way - Holt, MI (5) MI 8/29/2014 — 151 1,339 32 1,522 72 The Atrium - Rockford, IL IL 8/29/2014 — 164 1,746 20 1,930 85 Waldon Woods - Wyoming, MI MI 8/29/2014 — 205 1,915 88 2,208 126 Whispering Woods - Grand Rapids, MI (f/k/a Addington Place of East Paris) (5) MI 8/29/2014 — 806 12,204 586 13,596 2,021 Arrowhead Medical Plaza I - Glendale, AZ AZ 9/10/2014 4,571 — 6,377 713 7,090 835 Cardiovascular Consultants of Cape Girardeau Medical Office Building- Cape Girardeau, MO (5) MO 9/18/2014 — 1,624 5,303 — 6,927 838 FOC Clinical - Mechanicsburg, PA PA 9/26/2014 13,408 — 19,634 — 19,634 2,378 Brady MOB - Harrisburg, PA PA 9/26/2014 14,622 — 22,485 — 22,485 2,411 Community Health MOB - Harrisburg, PA PA 9/26/2014 3,985 — 6,170 — 6,170 677 FOC I - Mechanicsburg, PA PA 9/26/2014 5,859 — 8,923 155 9,078 1,141 FOC II - Mechanicsburg, PA PA 9/26/2014 11,508 — 16,473 132 16,605 2,011 Initial Costs Subsequent to Acquisition Property State Acquisition Date Encumbrances at December 31, 2018 Land Building and Improvements Building and Gross Amount at December 31,2018 (1) (2) Accumulated Depreciation (3) (4) Landis Memorial - Harrisburg, PA (5) PA 9/26/2014 — — 32,484 — 32,484 3,494 Copper Springs Senior Living - Meridian, ID (5) ID 9/29/2014 — 498 7,053 130 7,681 1,302 Addington Place of Brunswick - Brunswick, GA GA 9/30/2014 1,464 1,509 14,385 25 15,919 2,080 Addington Place of Dublin - Dublin, GA GA 9/30/2014 1,239 403 9,254 55 9,712 1,466 Addington Place of Johns Creek - Johns Creek, GA (7) GA 9/30/2014 10,139 997 11,849 104 12,950 1,777 Addington Place of Lee's Summit - Lee's Summit, MO (7) MO 9/30/2014 17,187 2,734 24,970 60 27,764 3,342 Manor on the Square - Roswell, GA (5) GA 9/30/2014 — 1,000 8,505 216 9,721 1,486 Addington Place of Titusville - Titusville, FL (6) FL 9/30/2014 12,423 1,379 13,827 177 15,383 2,198 Allegro at Elizabethtown - Elizabethtown, KY KY 9/30/2014 1,001 317 7,261 173 7,751 1,238 Allegro at Jupiter - Jupiter, FL (6) FL 9/30/2014 34,370 3,741 49,413 163 53,317 6,660 Addington Place of College Harbour - St Petersburg, FL (5) FL 9/30/2014 — 3,791 7,950 1,183 12,924 1,845 Allegro at Stuart - Stuart, FL (6) FL 9/30/2014 49,069 5,018 60,505 314 65,837 8,355 Allegro at Tarpon - Tarpon Springs, FL (7) FL 9/30/2014 7,350 2,360 13,412 365 16,137 2,358 Allegro at St Petersburg - Land - St Petersburg, FL FL 9/30/2014 — 3,045 — — 3,045 — Gateway Medical Office Building - Clarksville, TN TN 10/3/2014 11,481 — 16,367 730 17,097 1,938 757 Building - Munster, IN (5) IN 10/17/2014 — 645 7,885 — 8,530 859 Dyer Building - Dyer, IN (5) IN 10/17/2014 — 601 8,867 158 9,626 982 759 Building - Munster, IN IN 10/17/2014 6,440 1,101 8,899 — 10,000 997 761 Building - Munster, IN IN 10/17/2014 6,797 1,436 8,580 48 10,064 1,000 Schererville Building - Schererville, IN IN 10/17/2014 — 1,260 750 201 2,211 181 Nuvista at Hillsborough - Lutz, FL (f/k/a Lutz Health and Rehabilitation Center) FL 10/17/2014 — 913 17,176 160 18,249 3,203 Nuvista at Wellington Green - Wellington, FL (5) FL 10/17/2014 — 4,273 42,098 — 46,371 6,565 Mount Vernon Medical Office Building - Mount Vernon, WA WA 11/25/2014 11,085 — 18,519 — 18,519 2,050 Initial Costs Subsequent to Acquisition Property State Acquisition Date Encumbrances at December 31, 2018 Land Building and Improvements Building and Gross Amount at December 31,2018 (1) (2) Accumulated Depreciation (3) (4) Meadowbrook Senior Living - Agoura Hills, CA (7) CA 11/25/2014 19,167 8,821 48,454 772 58,047 5,860 Hampton River Medical Arts Building - Hampton, VA VA 12/3/2014 15,678 — 17,706 146 17,852 2,074 Careplex West Medical Office Building- Hampton, VA VA 12/3/2014 10,663 2,628 16,098 — 18,726 1,752 Wellington at Hershey's Mill - West Chester, PA (5) PA 12/3/2014 — 8,531 80,076 89 88,696 9,634 Eye Specialty Group Medical Building - Memphis, TN TN 12/5/2014 5,332 775 7,223 — 7,998 774 Addington Place of Alpharetta - Alpharetta, GA (7) GA 12/10/2014 14,812 1,604 26,055 21 27,680 3,364 Addington Place of Prairie Village - Prairie Village, KS KS 12/10/2014 2,633 1,782 21,831 33 23,646 2,905 Medical Sciences Pavilion - Harrisburg, PA PA 12/15/2014 13,461 — 22,309 — 22,309 2,308 Bloom MOB - Harrisburg, PA PA 12/15/2014 11,217 — 15,928 166 16,094 1,734 Pinnacle Center - Southaven, MS MS 12/16/2014 4,223 1,378 6,418 301 8,097 845 Wood Glen Nursing and Rehab Center - West Chicago,IL (5) IL 12/16/2014 — 1,896 16,107 — 18,003 2,616 Paradise Valley Medical Plaza - Phoenix, AZ AZ 12/29/2014 12,405 — 25,187 601 25,788 2,827 The Hospital at Craig Ranch - McKinney, TX TX 12/30/2014 — 1,596 40,389 716 42,701 4,218 Capitol Healthcare & Rehab Centre - Springfield, IL (5) IL 12/31/2014 — 603 21,690 35 22,328 3,419 Colonial Healthcare & Rehab Centre- Princeton, IL (5) IL 12/31/2014 — 173 5,871 — 6,044 1,205 Morton Terrace Healthcare & Rehab Centre - Morton, IL (5) IL 12/31/2014 — 709 5,649 — 6,358 1,185 Morton Villa Healthcare & Rehab Centre - Morton, IL (5) IL 12/31/2014 — 645 3,665 109 4,419 720 Rivershores Healthcare & Rehab Centre - Marseilles, IL (5) IL 12/31/2014 — 1,276 6,868 — 8,144 1,184 The Heights Healthcare & Rehab Centre - Peoria Heights, IL (5) IL 12/31/2014 — 214 7,952 — 8,166 1,438 Specialty Hospital - Mesa, AZ AZ 1/14/2015 — 1,977 16,146 566 18,689 1,767 Specialty Hospital - Sun City, AZ AZ 1/14/2015 — 2,329 15,795 274 18,398 1,725 Addington Place of Shoal Creek - Kansas City, MO (7) MO 2/2/2015 13,391 3,723 22,206 112 26,041 2,820 Aurora Healthcare Center - Green Bay, WI (5) WI 3/18/2015 — 1,130 1,678 — 2,808 203 Aurora Healthcare Center - Greenville, WI (5) WI 3/18/2015 — 259 958 — 1,217 123 Aurora Healthcare Center - Plymouth, WI WI 3/18/2015 17,038 2,891 24,224 — 27,115 2,627 Aurora Healthcare Center - Waterford, WI (5) WI 3/18/2015 — 590 6,452 — 7,042 675 Aurora Healthcare Center - Wautoma, WI (5) WI 3/18/2015 — 1,955 4,361 — 6,316 475 Initial Costs Subsequent to Acquisition Property State Acquisition Date Encumbrances at December 31, 2018 Land Building and Improvements Building and Gross Amount at December 31,2018 (1) (2) Accumulated Depreciation (3) (4) Aurora Sheboyan Clinic - Kiel, WI (5) WI 3/18/2015 — 676 2,214 — 2,890 239 Arbor View Assisted Living and Memory Care - Burlington, WI (5) WI 3/31/2015 — 367 7,815 38 8,220 1,133 Advanced Orthopedic Medical Center - Richmond, VA VA 4/7/2015 11,666 1,523 19,229 — 20,752 1,914 Palm Valley Medical Plaza - Goodyear, AZ AZ 4/7/2015 3,222 1,890 4,876 156 6,922 569 Physicians Plaza of Roane County - Harriman, TN TN 4/27/2015 6,293 1,746 7,813 61 9,620 821 Adventist Health Lacey Medical Plaza - Hanford, CA CA 4/29/2015 8,499 328 13,267 51 13,646 1,245 Commercial Center - Peoria, AZ AZ 5/15/2015 2,111 959 1,076 428 2,463 200 Medical Center I - Peoria, AZ AZ 5/15/2015 1,689 807 1,077 1,364 3,248 376 Medical Center II - Peoria, AZ AZ 5/15/2015 — 945 1,304 4,863 7,112 382 Medical Center III - Peoria, AZ AZ 5/15/2015 2,137 673 1,597 642 2,912 338 Morrow Medical Center - Morrow, GA GA 6/24/2015 4,334 1,155 5,618 234 7,007 553 Belmar Medical Building - Lakewood, CO CO 6/29/2015 3,770 819 4,273 134 5,226 438 Addington Place of Northville - Northville, MI (7) MI 6/30/2015 13,287 440 14,975 180 15,595 1,701 Medical Center V - Peoria, AZ AZ 7/10/2015 2,977 1,089 3,200 114 4,403 323 Legacy Medical Village - Plano, TX TX 7/10/2015 19,637 3,755 31,097 274 35,126 2,966 Conroe Medical Arts and Surgery Center - Conroe, TX TX 7/10/2015 9,343 1,965 12,198 274 14,437 1,303 Scripps Cedar Medical Center - Vista, CA CA 8/6/2015 10,082 1,213 14,531 41 15,785 1,286 NuVista Institute for Healthy Living - Jupiter, FL FL 8/7/2015 — 10,000 — 80,826 90,826 — Ocean Park of Brookings - Brookings, OR OR 9/1/2015 1,474 589 5,381 (2,532 ) 3,438 — Ramsey Woods - Cudahy (5) WI 10/2/2015 — 930 4,990 13 5,933 569 East Coast Square North - Morehead City, NC NC 10/15/2015 3,933 899 4,761 7 5,667 418 East Coast Square West - Cedar Point, NC NC 10/15/2015 5,254 1,535 4,803 6 6,344 431 Eastside Cancer Institute - Greenville, SC (5) SC 10/22/2015 — 1,498 6,637 34 8,169 582 Sassafras Medical Building - Erie, PA PA 10/22/2015 2,315 928 4,538 — 5,466 371 Sky Lakes Klamath Medical Clinic - Klamath Falls, OR (5) OR 10/22/2015 — 433 2,604 18 3,055 223 Courtyard Fountains - Gresham, OR OR 12/1/2015 23,906 2,476 50,534 700 53,710 4,840 Presence Healing Arts Pavilion - New Lenox, IL IL 12/4/2015 5,966 — 6,761 76 6,837 600 Mainland Medical Arts Pavilion - Texas City, TX TX 12/4/2015 6,174 320 7,823 398 8,541 759 Initial Costs Subsequent to Acquisition Property State Acquisition Date Encumbrances at December 31, 2018 Land Building and Improvements Building and Gross Amount at December 31,2018 (1) (2) Accumulated Depreciation (3) (4) Renaissance on Peachtree - Atlanta, GA (6) GA 12/15/2015 50,821 4,535 68,605 813 73,953 6,478 Fox Ridge Senior Living at Bryant - Bryant, AR AR 12/29/2015 7,427 1,687 12,862 244 14,793 1,646 Fox Ridge Senior Living at Chenal - Little Rock, AR AR 12/29/2015 16,988 6,896 20,484 105 27,485 2,226 Fox Ridge Senior Living at Parkstone - North Little Rock, AR AR 12/29/2015 10,541 — 19,190 266 19,456 1,900 Autumn Leaves of Clear Lake - Houston, TX TX 12/31/2015 — 1,599 13,194 — 14,793 1,308 Autumn Leaves of Cy-Fair - Houston, TX TX 12/31/2015 — 1,225 11,335 — 12,560 1,127 Autumn Leaves of Meyerland- Houston, TX TX 12/31/2015 — 2,033 13,411 — 15,444 1,273 Autumn Leaves of the Woodlands - The Woodlands, TX TX 12/31/2015 — 2,413 9,141 — 11,554 971 High Desert Medical Group Medical Office Building - Lancaster, CA CA 4/7/2017 7,480 1,459 9,300 — 10,759 532 Northside Hospital Medical Office Building - Canton, GA GA 7/13/2017 8,014 3,408 8,191 30 11,629 334 West Michigan Surgery Center - Big Rapids, MI (5) MI 8/18/2017 — 258 5,677 — 5,935 201 Camellia Walk Assisted Living and Memory Care - Evans, GA (6) GA 9/28/2017 12,476 1,855 17,361 8 19,224 753 Cedarhurst of Collinsville - Collinsville, IL (5) IL 12/22/2017 — 1,228 8,638 40 9,906 268 Beaumont Medical Center - Warren, MI (5) MI 12/22/2017 — 1,078 9,525 17 10,620 265 DaVita Dialysis - Hudson, FL (5) FL 12/22/2017 — 226 1,979 — 2,205 53 DaVita Bay Breeze - Largo, FL (5) FL 12/22/2017 — 399 896 — 1,295 29 Greenfield Medical Center - Gilbert, AZ (5) AZ 12/22/2017 — 1,476 4,131 6 5,613 118 RAI Care Center - Clearwater, FL (5) FL 12/22/2017 — 624 3,156 — 3,780 84 Illinois CancerCare - Galesburg, IL (5) IL 12/22/2017 — 290 2,457 — 2,747 74 UnityPoint Clinic - Muscatine, IA IA 12/22/2017 — 570 4,541 — 5,111 130 Lee Memorial Health System Outpatient Center - Ft. Meyers, FL (5) FL 12/22/2017 — 439 4,374 — 4,813 121 Arcadian Cove Assisted Living - Richmond, KY (5) KY 12/22/2017 — 481 3,923 9 4,413 136 Decatur Medical Office Building - Decatur, GA (5) GA 12/22/2017 — 695 3,273 — 3,968 98 Madison Medical Plaza - Joliet, IL (5) IL 12/22/2017 — — 16,855 — 16,855 422 Woodlake Office Center - Woodbury, MN MN 12/22/2017 8,638 1,017 10,688 — 11,705 291 Rockwall Medical Plaza - Rockwall, TX (5) TX 12/22/2017 — 1,097 4,571 27 5,695 126 Buckeye Health Center - Cleveland, OH (5) OH 12/22/2017 — 389 4,367 6 4,762 116 UnityPoint Clinic - Moline, IL IL 12/22/2017 — 396 2,880 — 3,276 82 VA Outpatient Clinic - Galesburg, IL (5) IL 12/22/2017 — 359 1,852 — 2,211 60 Initial Costs Subsequent to Acquisition Property State Acquisition Date Encumbrances at December 31, 2018 Land Building and Improvements Building and Gross Amount at December 31,2018 (1) (2) Accumulated Depreciation (3) (4) Philip Professional Center - Lawrenceville, GA GA 12/22/2017 4,793 757 6,710 532 7,999 182 Texas Children's Hospital - Houston, TX (5) TX 3/5/2018 — 1,368 4,791 67 6,226 145 Florida Medical - Somerset (5) FL 3/26/2018 — 61 1,577 — 1,638 43 Florida Medical - Heartcare (5) FL 3/26/2018 — 586 2,266 — 2,852 69 Florida Medical - Tampa Palms (5) FL 3/26/2018 — 141 1,631 — 1,772 46 Florida Medical - Wesley Chapel (5) FL 3/26/2018 — 485 2,346 — 2,831 73 Aurora Health Center - Milwaukee, WI (5) WI 4/17/2018 — 1,014 4,408 — 5,422 131 Vascular Surgery Associates (5) FL 5/11/2018 — 902 6,071 — 6,973 139 Glendale MOB-Farmington Hills MI (5) MI 8/28/2018 — 504 12,833 — 13,337 130 Crittenton Washington MOB (5) WI 9/12/2018 — 640 4,477 — 5,117 59 Crittenton Sterling Heights MOB (5) WI 9/12/2018 — 1,398 2,961 — 4,359 43 Advocate Aurora MOB - Elkhorn, WI (5) WI 9/24/2018 — 181 10,265 — 10,446 85 Pulmonary & Critical Care Medicine Assoc - Lemoyne, PA (5) PA 11/13/2018 — 621 5,229 — 5,850 34 Dignity Emerus Craig Road - North Las Vegas, NV (5) NV 11/15/2018 — 3,807 22,803 — 26,610 103 Dignity Emerus Blue Diamond Road - Las Vegas, NV (5) NV 11/15/2018 — 2,182 16,594 — 18,776 75 Encumbrances based on the notes below (8) 250,584 Total $ 1,073,425 $ 208,999 $ 1,981,840 $ 105,788 $ 2,296,627 $ 226,167 ___________________________________ (1) Acquired intangible lease assets allocated to individual properties in the amount of $256.5 million are not reflected in the table above. (2) The tax basis of aggregate land, buildings and improvements as of December 31, 2018 is $2.2 billion (unaudited). (3) The accumulated depreciation column excludes $155.7 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 were part of the borrowing base of the Prior Credit Facility, which had $243.3 million of outstanding borrowings as of December 31, 2018 . The equity interests and related rights in the Company's wholly owned subsidiaries that directly own or lease the real estate assets comprising the borrowing base have been pledged for the benefit of the lenders thereunder (see Note 5 — Credit Facilities for additional details). (6) These properties collateralize the Capital One Credit Facility, which had $216.6 million of outstanding borrowings as of December 31, 2018 . (7) These properties collateralize the KeyBank Credit Facility, which had $142.7 million of outstanding borrowings as of December 31, 2018 . (8) Includes $243.3 million of outstanding borrowings under the Prior Credit Facility and $7.3 million in mortgage notes outstanding that are encumbered by assets classified as held-for-sale, which are excluded from the table above. f/k/a — Formerly Known As A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2018 , 2017 and 2016 : December 31, (In thousands) 2018 2017 2016 Real estate investments, at cost (1) : Balance at beginning of year $ 2,229,374 $ 2,060,458 $ 2,078,503 Additions-Acquisitions 121,244 169,741 6,478 Disposals (2) (53,991 ) (825 ) (24,523 ) Balance at end of the year $ 2,296,627 $ 2,229,374 $ 2,060,458 Accumulated depreciation (1) : Balance at beginning of year $ 170,271 $ 119,014 $ 60,575 Depreciation expense 62,595 51,268 59,478 Disposals (2) (6,699 ) (11 ) (1,039 ) Balance at end of the year $ 226,167 $ 170,271 $ 119,014 ___________________________________ (1) Acquired intangible lease assets and related accumulated depreciation are not reflected in the table above. (2) Includes amounts relating to dispositions, impairment charges and assets transferred to held-for-sale. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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. |
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 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, the Company capitalizes 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 Prior Credit Facility (as defined in Note 5), Fannie Mae Master Credit Facilities (as defined in Note 5), and deferred leasing costs. Deferred financing costs represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing the Prior Credit Facility and Fannie Mae Master Credit Facilities. 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 ("SHOPs") 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 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. |
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 | 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 and is dependent on a number of factors, including funds available for distribution, financial condition, capital expenditure requirements, as applicable, and annual distribution requirements needed to qualify and maintain the Company's status as a REIT under the Code. Income Taxes The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986 (the "Code"), as amended, commencing with the taxable year ended December 31, 2013. If the Company continues to qualify for taxation as a REIT, it generally will not be subject to federal corporate income tax to the extent it distributes all of its REIT taxable income to its stockholders. REITs are subject to a number of organizational and operational requirements, including a requirement that the Company distribute annually at least 90% of the Company’s REIT taxable income to the Company’s stockholders. If the Company fails to continue to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, the Company will be subject to U.S. federal and state income taxes at regular corporate rates (including any applicable alternative minimum tax) beginning with the year in which it fails to qualify and may be precluded from being able to elect to be treated as a REIT for the Company’s four subsequent taxable years. The Company distributed to its stockholders 100% of its REIT taxable income for each of the years ended December 31, 2018 , 2017 and 2016 . 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 properties. Generally, to qualify as a REIT, the Company cannot directly or indirectly operate seniors housing properties. 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, 2018 , the Company, through its TRS entity, owned 58 seniors housing properties. 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, 2018 consisted of deferred rent and net operating losses. As of December 31, 2018 , the Company had a deferred tax asset of $4.1 million with no valuation allowance. As of December 31, 2017 , the Company had a deferred tax asset of $4.4 million with no valuation allowance. The following table details the composition of the Company's tax (expense) benefit for the years ended December 31, 2018 , 2017 and 2016 , which includes federal and state income taxes incurred by the Company's TRS entity. The Company estimated its income tax (expense) benefit relating to its TRS entity using a combined federal and state rate of approximately 26.6% and 40.1% for the years ended December 31, 2018 and 2017 , respectively. These income taxes are reflected in income tax (expense) benefit on the accompanying consolidated statements of operations and comprehensive loss. |
Per Share Data | Per Share Data Net income (loss) per basic share of common stock is calculated by dividing net income (loss) by the weighted-average number of shares of common stock issued and outstanding during such period. Diluted net income (loss) per share of common stock considers the effect of potentially dilutive shares of common stock outstanding during the period. |
Reportable Segments | Reportable Segments The Company has determined that it has three reportable segments, with activities related to investing in MOBs, triple-net leased healthcare facilities, and seniors housing properties. Management evaluates the operating performance of the Company's investments in real estate and seniors housing properties on an individual property level. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Adopted as of January 1, 2018 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 under the modified retrospective approach and it did not have an impact on the Company's consolidated financial statements. See above for further information on the Company's Revenue Recognition Accounting Policies under 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 impact to the Company's consolidated financial statements. 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 adopted the new guidance on January 1, 2018 and it did not have an impact on its consolidated 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 the 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 and it did not have an impact on its financial statements. 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 and it did not have an impact on its consolidated financial statements. 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. Pending Adoption as of December 31, 2018 ASU No. 2016-02 — Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02"). The most significant changes in ASU 2016-02 is recognition of right-of-use ("ROU") assets and lease liabilities by lessees for those leases classified as operating leases, with less significant changes for lessors. Also, beginning in the first quarter of 2019, the new guidance requires additional disclosures that help enable users of the financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The Company elected the practical expedient package that allows the Company: (a) to not reassess whether any expired or existing contracts entered into prior to January 1, 2019 are or contain leases; (b) to not reassess the lease classification for any expired or existing leases entered into prior to January 1, 2019; and (c) to not reassess initial direct costs for any expired or existing leases entered into prior to January 1, 2019. In addition, the Company elected to not record on its consolidated balance sheets leases whose term is less than 12 months at lease inception. ASU 2016-02 originally required a modified retrospective method of adoption, however, ASU 2018-11, Leases (Topic 842): Targeted Improvements ("ASU 2018-11"), provides companies with an additional transition option that would permit the application of ASU 2016-02 as of the adoption date rather than to all periods presented. The Company assessed the impact of adoption from both a lessor and lessee perspective, which is discussed in more detail below, and adopted the new guidance prospectively on January 1, 2019, as allowed under ASU 2018-11. Lessor Accounting ASU 2016-02 originally stated that companies would be required to bifurcate certain lease revenues between lease and non-lease components, however, ASU 2018-11 allows lessors a practical expedient, which the Company has elected, by class of underlying assets to account for lease and non-lease components as a single lease component if certain criteria are met. Resident leases within our SHOPs segment contain service elements. We expect to elect the practical expedient to account for our resident leases as a single lease component. Additionally, only incremental direct leasing costs may be capitalized under this new guidance, which is consistent with the Company’s existing policies. Upon adoption, the new guidance did not impact the Company's revenue recognition pattern or have any other impacts on its leases in place as of January 1, 2019 in which it is the lessor. Lessee Accounting Under ASU 2016-02, companies are required to record a ROU asset and a lease liability for all leases with a term greater than 12 months equal to the present value of the remaining lease payments as of the adoption date of the new standard. Since our leases do not provide an implicit rate, the Company will use its incremental borrowing rate in determining the present value of lease payments. The new standard also 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, as well as the balance sheet classification of the ROU asset. Leases with a term of 12 months or less will be accounted for similar to previous guidance for operating leases. The Company is a lessee for 19 of its properties in which it has ground leases as of December 31, 2018. Since the Company has elected the practical expedients described above, it determined that 11 of these leases would continue to be classified as operating leases under the new standard. As a result, the Company expects to record a ROU asset and lease liability of approximately $9.0 million to $ 11.0 million , which is equal to the present value of the remaining lease payments as of January 1, 2019. Future lease expense after adoption will continue to be recorded on a straight-line basis as required for operating leases. Other Recently Issued Accounting Pronouncements 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. On July 25, 2018, the FASB proposed an amendment to ASU 2016-13 to clarify that operating lease receivables recorded by lessors (including unbilled straight-line rent) are explicitly excluded from the scope of ASU 2016-13. The new guidance is effective for reporting periods beginning after December 15, 2019, with early adoption permitted for reporting periods beginning after December 15, 2018. The Company is currently evaluating the impact of this new guidance. 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 stockholders 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. 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 adopted the new guidance on January 1, 2019 and it did not have an impact on its consolidated financial statements. 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 Company has adopted ASU 2017-12 on January 1, 2019, as required under the guidance, using a modified retrospective transition method and the adoption did not have a material impact on its consolidated financial statements. In July 2018, the FASB issued ASU 2018-07, Compensation- Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting as an amendment and update expanding the scope of Topic 718. The amendment specifies that Topic 718 now applies to all share-based payment transactions, even non-employee awards, in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. Under the new guidance, awards to nonemployees are measured on the grant date, rather than on the earlier of the performance commitment date or the date at which the nonemployee’s performance is complete. Also, the awards would be measured by estimating the fair value of the equity instruments to be issued, rather than the fair value of the goods or services received or the fair value of the equity instruments issued, whichever can be measured more reliably. In addition, entities may use the expected term to measure nonemployee awards or elect to use the contractual term as the expected term, on an award-by-award basis. The new guidance is effective for the Company in annual periods beginning after December 15, 2018, and interim periods within those annual periods. As of December 31, 2018 the Company did not have any nonemployee awards outstanding that would be impacted by the new guidance, however the Company will apply this new guidance prospectively to grants of nonemployee awards, if any. The Company has adopted ASU 2018-07 on January 1, 2019. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Components of Income Tax Benefit (Expense) | The following table details the composition of the Company's tax (expense) benefit for the years ended December 31, 2018 , 2017 and 2016 , which includes federal and state income taxes incurred by the Company's TRS entity. The Company estimated its income tax (expense) benefit relating to its TRS entity using a combined federal and state rate of approximately 26.6% and 40.1% for the years ended December 31, 2018 and 2017 , respectively. These income taxes are reflected in income tax (expense) benefit on the accompanying consolidated statements of operations and comprehensive loss. Year Ended December 31, 2018 2017 2016 (In thousands) Current Deferred Current Deferred Current Deferred Federal (expense) benefit $ (272 ) $ 399 $ 811 $ (1,597 ) $ 2,103 $ (237 ) State (expense) benefit (353 ) 29 (3 ) 142 308 (90 ) Total $ (625 ) $ 428 $ 808 $ (1,455 ) $ 2,411 $ (327 ) |
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, 2018 , 2017 and 2016 : Year Ended December 31, 2018 2017 2016 Return of capital 100.0 % $ 0.95 99.7 % $ 1.50 86.8 % $ 1.47 Capital gain dividend income — % — 0.3 % 0.01 0.5 % 0.01 Ordinary dividend income — % — — % — 12.7 % 0.22 Total 100.0 % $ 0.95 100.0 % $ 1.51 100.0 % $ 1.70 |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate Investments, Net [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The following table presents the allocation of the assets acquired and liabilities assumed, as well as capitalized construction in progress during the years ended December 31, 2018 , 2017 and 2016 : Year Ended December 31, (Dollar amounts in thousands) 2018 2017 2016 Real estate investments, at cost: Land $ 14,417 $ 18,501 $ — Buildings, fixtures and improvements 98,236 135,344 — Construction in progress 8,591 11,952 38,746 Total tangible assets 121,244 165,797 38,746 Intangible assets and liabilities: In-place leases (1) 6,823 21,546 — Market lease and other intangible assets (1) 275 2,472 — Market lease liabilities (1) (286 ) (888 ) — Total intangible assets and liabilities 6,812 23,130 — Mortgage notes payable, net — (4,897 ) — Other liabilities assumed in the Asset Acquisition, net (2) — (1,056 ) — Consideration paid for acquired real estate investments $ 128,056 $ 182,974 $ 38,746 Number of properties purchased 14 23 — _______________ (1) Weighted-average remaining amortization periods for acquired intangible assets and liabilities for the year ended December 31, 2018 were 9.6 years, consisting of in-place leases which were 9.8 years, market lease and other intangible assets which were 9.0 years, and market lease liabilities which were 6.8 years. (2) 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 Company's acquisition from American Realty Capital Healthcare Trust III, Inc. ("HT III") of 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 Advisor. See Note 9 — Related Party Transactions and Arrangements for additional information. 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. (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 |
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, 2018 . 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 2019 $ 96,178 2020 91,848 2021 85,563 2022 77,205 2023 65,504 Thereafter 284,929 Total $ 701,227 |
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, 2018 , 2017 and 2016 : December 31, State 2018 2017 2016 Florida 16.6% 17.5% 19.3% Georgia 10.1% 10.7% 10.2% Iowa * * 10.5% Michigan 13.1% 11.6% * Pennsylvania 10.2% 10.8% 12.0% * 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, 2018 December 31, 2017 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 214,953 $ 144,669 $ 70,284 $ 215,453 $ 130,749 $ 84,704 Market lease assets 30,910 9,970 20,940 30,636 7,853 22,783 Other intangible assets 10,589 1,103 9,486 10,589 838 9,751 Total acquired intangible assets $ 256,452 $ 155,742 $ 100,710 $ 256,678 $ 139,440 $ 117,238 Intangible liabilities: Market lease liabilities $ 26,241 $ 9,137 $ 17,104 $ 25,956 $ 7,127 $ 18,829 |
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) 2018 2017 2016 Amortization of in-place leases and other intangible assets (1) $ 18,851 $ 17,369 $ 38,754 Accretion of above- and below-market leases, net (2) (39 ) (308 ) (209 ) Amortization of above- and below-market ground leases, net (3) 147 172 172 _______________ (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) 2019 2020 2021 2022 2023 In-place lease assets $ 14,270 $ 12,268 $ 10,030 $ 8,205 $ 6,346 Other intangible assets 568 414 414 414 414 Total to be added to amortization expense $ 14,838 $ 12,682 $ 10,444 $ 8,619 $ 6,760 Above-market lease assets $ (1,625 ) $ (1,287 ) $ (934 ) $ (583 ) $ (238 ) Below-market lease liabilities 1,694 1,537 1,387 1,347 1,215 Total to be added to rental income $ 69 $ 250 $ 453 $ 764 $ 977 Below-market ground lease assets $ 222 $ 222 $ 214 $ 212 $ 212 Above-market ground lease liabilities (65 ) (65 ) (65 ) (63 ) (46 ) Total to be added to property operating and maintenance expense $ 157 $ 157 $ 149 $ 149 $ 166 |
Real Estate Sales | 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, 2018 : December 31, (In thousands) 2018 2017 Land $ 5,285 $ 3,131 Buildings, fixtures and improvements 47,112 34,691 Assets held for sale $ 52,397 $ 37,822 The following table summarizes the properties sold during the years ended December 31, 2018, 2017 and 2016: Property (In thousands) Disposition Date Contract Sale Price Gain (Loss/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 Missouri SNF Properties December 5, 2018 27,500 (11,989 ) Total $ 54,575 $ (10,610 ) |
Mortgage Notes Payable, Net (Ta
Mortgage Notes Payable, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following table reflects the Company's mortgage notes payable as of December 31, 2018 and 2017 : Portfolio Encumbered Properties (1) Outstanding Loan Amount as of December 31, Effective Interest Rate as of December 31, Interest Rate 2018 2017 2018 2017 Maturity (In thousands) (In thousands) Countryside Medical Arts - Safety Harbor, FL 1 $ 5,690 $ 5,773 6.20 % 4.98% Variable Apr. 2019 St. Andrews Medical Park - Venice, FL 3 6,289 6,381 6.20 % 4.98% Variable Apr. 2019 Palm Valley Medical Plaza - Goodyear, AZ 1 3,222 3,327 4.15 % 4.15% Fixed Jun. 2023 Medical Center V - Peoria, AZ 1 2,977 3,066 4.75 % 4.75% Fixed Sep. 2023 Courtyard Fountains - Gresham, OR 1 23,905 24,372 3.87 % 3.87% Fixed Jan. 2020 Fox Ridge Bryant - Bryant, AR 1 7,427 7,565 3.98 % 3.98% Fixed May 2047 Fox Ridge Chenal - Little Rock, AR 1 16,988 17,270 3.98 % 3.98% Fixed May 2049 Fox Ridge North Little Rock - North Little Rock, AR 1 10,541 10,716 3.98 % 3.98% Fixed May 2049 Philip Professional Center - Lawrenceville, GA 2 4,793 4,895 4.00 % 4.00% Fixed Oct. 2019 Capital One MOB Loan 32 250,000 250,000 4.44 % 4.44% Fixed (3) Jun. 2022 Bridge Loan 16 20,271 82,000 4.87 % 4.13% Variable Dec. 2019 Multi-Property CMBS Loan 21 118,700 — 4.60 % —% Fixed May 2028 Gross mortgage notes payable 81 470,803 415,365 4.48 % 4.31% (2) Deferred financing costs, net of accumulated amortization (4) (6,591 ) (7,625 ) Mortgage premiums and discounts, net (1,373 ) (1,110 ) Mortgage notes payable, net $ 462,839 $ 406,630 _______________ (1) Does not include real estate assets mortgaged to secure advances under the Fannie Mae Master Credit Facilities (as defined below) or eligible unencumbered real estate assets comprising the borrowing base of the Prior Credit Facility (as defined in Note 5 — Credit Facilities). The equity interests and related rights in the Company's wholly owned subsidiaries that directly own or lease the real estate assets comprising the borrowing base have been pledged for the benefit of the lenders thereunder (see Note 5 — Credit Facilities for additional details). (2) Calculated on a weighted average basis for all mortgages outstanding as of December 31, 2018 . (3) Variable rate loan which is fixed as a result of entering into interest rate swap agreements (see Note 7 — Derivatives and Hedging Activities for additional details). (4) Deferred financing costs represent commitment fees, legal fees and other costs associated with obtaining financing. These costs are amortized to interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are generally expensed when 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. |
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, 2018 : (In thousands) Future Principal Payments 2019 $ 38,348 2020 24,279 2021 892 2022 250,929 2023 6,056 Thereafter 150,299 Total $ 470,803 |
Credit Facilities Credit Facili
Credit Facilities Credit Facilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Credit Facilities | The Company had the following credit facilities outstanding as of December 31, 2018 and 2017 : Outstanding Facility Amount as of Effective Interest Rate Credit Facility Encumbered Properties (1) December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Interest Rate Maturity (In thousands) (In thousands) Prior Credit Facility 69 (2) $ 243,300 $ 239,700 4.62 % 3.33 % Variable Mar. 2019 Fannie Mae Master Credit Facilities: Capital One Facility 12 (3) 216,614 152,461 4.83 % 3.88 % Variable (6) Nov. 2026 KeyBank Facility 10 (4) 142,708 142,708 4.88 % 3.89 % Variable (6) Nov. 2026 Total Fannie Mae Master Credit Facilities 359,322 295,169 Total Credit Facilities 91 $ 602,622 $ 534,869 4.76 % (5) 3.63 % (5) (1) Encumbered as of December 31, 2018 . (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 Prior Credit Facility have been pledged for the benefit of the lenders thereunder. (3) Secured by first-priority mortgages on 12 of the Company’s seniors housing properties located in Florida, Georgia, Iowa and Michigan as of December 31, 2018 . (4) Secured by first-priority mortgages on 10 of the Company’s seniors housing properties located in Michigan, Missouri, Kansas, California, Florida, Georgia and Iowa as of December 31, 2018 . (5) Calculated on a weighted average basis for all amounts outstanding as of December 31, 2018 and 2017 . (6) Variable rate loan which is capped as a result of entering into interest rate cap agreements (see Note 7 — Derivatives and Hedging Activities for additional details). |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 , 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, 2018 Derivative assets, at fair value Recurring $ — $ 4,633 $ — $ 4,633 Impaired real estate investments held for use Non-recurring — 3,341 — 3,341 Impaired real estate investments held for sale Non-recurring — 4,611 — 4,611 Total $ — $ 12,585 $ — $ 12,585 December 31, 2017 Derivative assets, at fair value Recurring $ — $ 2,550 $ — $ 2,550 Impaired real estate investments held for sale Non-recurring — 1,323 — 1,323 $ — $ 3,873 $ — $ 3,873 |
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: December 31, 2018 December 31, 2017 (In thousands) Level Carrying Amount (1) Fair Value at Carrying Amount (1) Fair Value at Gross mortgage notes payable and mortgage premium and discounts, net 3 $ 469,430 $ 472,585 $ 414,255 $ 411,749 Prior Credit Facility 3 $ 243,300 $ 243,300 $ 239,700 $ 239,700 Fannie Mae Master Credit Facilities 3 $ 359,322 $ 360,675 $ 295,169 $ 296,151 _______________________________ (1) Carrying value includes mortgage notes payable of $470.8 million and $415.4 million and mortgage premiums and discounts, net of $1.4 million and $1.1 million as of December 31, 2018 and 2017 , respectively. |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Balance Sheet Location | 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, 2018 and 2017 : (In thousands) Balance Sheet Location December 31, 2018 December 31, 2017 Derivatives designated as hedging instruments: Interest rate swaps Derivative assets, at fair value $ 4,582 $ 2,473 Derivatives not designated as hedging instruments: Interest rate caps Derivative assets, at fair value $ 51 $ 77 |
Summary of Derivative Instruments | As of December 31, 2018 and 2017 , the Company had the following derivatives that were designated as cash flow hedges of interest rate risk: December 31, 2018 December 31, 2017 Interest Rate Derivative Number of Instruments Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Interest rate swaps 2 $ 250,000 2 $ 250,000 s of December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 Interest Rate Derivatives Number of Instruments Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Interest rate caps 7 $ 359,322 6 $ 295,169 |
Schedule of Derivatives Included in AOCI | 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 12 months ended December 31, 2018 and 2017 : Year Ended December 31, (In thousands) 2018 2017 Amount of gain recognized in accumulated other comprehensive income on interest rate derivatives (effective portion) $ 2,367 $ 1,674 Amount of gain (loss) reclassified from accumulated other comprehensive income into income as interest expense (effective portion) $ 258 $ (799 ) |
Offsetting Assets | The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of December 31, 2018 and 2017 . The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the consolidated balance sheet. Gross Amounts Not Offset in the Consolidated Balance Sheet (In thousands) Gross Amounts of Recognized Assets Gross Amounts of Recognized (Liabilities) Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amount December 31, 2018 $ 4,633 — — $ 4,633 — — $ 4,633 December 31, 2017 $ 2,550 — — $ 2,550 — — $ 2,550 |
Common Stock (Tables)
Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Class of Treasury Stock | The following table reflects the number of shares repurchased cumulatively through December 31, 2018 : Number of Shares Repurchased Average Price per Share Cumulative repurchases as of December 31, 2017 (1) 2,529,798 $ 22.43 Year ended December 31, 2018 (2) 758,458 18.73 Cumulative repurchases as of December 31, 2018 3,288,256 21.56 _____________________________ (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. (2) Includes (i) 373,967 shares repurchased during January 2018 with respect to requests received following the death or qualifying disability of stockholders during the six months ended December 31, 2017 for approximately $8.0 million at a weighted average price per share of $21.45 , and (ii) 155,904 shares that were repurchased for $3.2 million at an average price per share of $20.25 on July 31, 2018, representing 100% of the repurchase requests made following the death or qualifying disability of stockholders during the period from January 1, 2018 through the suspension of the SRP on March 13, 2018. No repurchase requests received during the SRP suspension were accepted. |
Related Party Transactions an_2
Related Party Transactions and Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 2018 2017 2016 December 31, (In thousands) Incurred (1) Incurred (1) Incurred (1) 2018 2017 One-time fees and reimbursements: Acquisition cost reimbursements $ 176 $ 124 $ — $ 32 $ 36 Financing coordination fees — — 450 — — Due (from) to HT III related to the Asset Purchase (2) — — — (154 ) 196 Ongoing fees and reimbursements: Asset management fees (3) 19,500 19,189 17,566 — — Property management fees 3,571 3,068 3,017 58 66 Professional fees and other reimbursements 8,883 7,553 4,492 674 1,339 (4) Distributions on Class B Units 340 543 611 — — Total related party operation fees and reimbursements $ 32,470 $ 30,477 $ 26,136 $ 610 $ 1,637 _______________ (1) There were no fees or reimbursements forgiven during the years ended December 31, 2018, 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. The Company had a $154,000 net receivable and a $196,000 net payable related to the Asset Purchase included in the consolidated balance sheet as of December 31, 2018 and 2017, respectively. 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, 2018 , the Board had approved the issuance of 359,250 Class B Units to the Advisor in connection with this arrangement. Effective April 1, 2015, 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. (4) Balance includes costs which were incurred and accrued due to American National Stock Transfer, LLC, a subsidiary of RCS Capital Corporation (“RCAP”), which at that time and prior to its bankruptcy filing was under common control with our Advisor. RCAP was also the parent company of the Realty Capital Securities, LLC, the dealer manager in the Company’s initial public offering. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Restricted Share Award Activity | The following table reflects restricted share award activity for the period presented: Number of Common Shares Weighted-Average Issue Price Unvested, December 31, 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 Granted — — Vested (60,268 ) 21.78 Forfeitures — — Unvested, December 31, 2018 322,242 21.41 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 Designated Derivative 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 Other comprehensive income, before reclassifications 2,367 Amounts reclassified from accumulated other comprehensive income (258 ) Balance, December 31, 2018 $ 4,582 __________________ (1) During the year ended December 31, 2016, the Company sold its investments in securities, resulting in realized gains of $0.1 million , which is included in gain on sale of investment securities on the consolidated statement of operations and comprehensive loss. |
Non-Controlling Interests (Tabl
Non-Controlling Interests (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 As of December 31, As of December 31, As of December 31, Year Ended December 31, Property Name (Dollar amounts in thousands) Investment Date 2018 2018 2018 2017 2018 2017 2016 Plaza Del Rio Medical Office Campus Portfolio May 2015 $ 324 1.9 % $ 14,747 $ 10,784 $ 87 $ 52 $ 40 UnityPoint Clinic Portfolio (2) December 2017 $ 488 5.0 % $ 9,241 $ 9,639 $ — $ — $ — _____________ (1) One property within the Plaza Del Rio Medical Office Campus Portfolio was mortgaged as part of the Multi-Property CMBS Loan. See Note 4 - Mortgage Notes Payable for additional information. (2) Assumed as part of the 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, 2018 | |
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 years ended December 31, 2018 , 2017 and 2016 : Year Ended December 31, 2018 2017 2016 Net loss attributable to stockholders (in thousands) $ (52,762 ) $ (42,548 ) $ (20,874 ) Basic and diluted weighted-average shares outstanding 91,118,929 89,802,174 87,878,907 Basic and diluted net loss per share $ (0.58 ) $ (0.47 ) $ (0.24 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The Company had the following potentially dilutive securities as of December 31, 2018 , 2017 and 2016 , which were excluded from the calculation of diluted loss per share attributable to stockholders as the effect would have been antidilutive: December 31, 2018 2017 2016 Unvested restricted shares (1) 358,071 130,339 9,921 OP Units (2) 405,998 405,998 405,998 Class B Units (3) 359,250 359,250 359,250 Total weighted average antidilutive common share equivalents 1,123,319 895,587 775,169 _____________ (1) Weighted average number of antidilutive unvested restricted shares outstanding for the periods presented. There were 322,242 , 382,510 and 9,921 unvested restricted shares outstanding as of December 31, 2018 , 2017 and 2016 , respectively. (2) Weighted average number of antidilutive OP Units outstanding for the periods presented. There were 405,998 OP Units outstanding as of December 31, 2018 , 2017 and 2016 . (3) Weighted average number of antidilutive Class B Units outstanding for the periods presented. There were 359,250 Class B Units outstanding as of December 31, 2018 , 2017 and 2016 . |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables reconcile the segment activity, adjusted for the Transition Properties, to consolidated net loss for the years ended December 31, 2018 and 2017 : Year Ended December 31, 2018 (In thousands) Medical Office Buildings Triple-Net Leased Healthcare Facilities Seniors Housing — Operating Properties Consolidated Revenues: Rental income $ 79,210 $ 23,484 $ 14 $ 102,708 Operating expense reimbursements 19,893 965 — 20,858 Resident services and fee income — — 238,840 238,840 Total revenues 99,103 24,449 238,854 362,406 Property operating and maintenance 30,295 13,777 176,925 220,997 NOI $ 68,808 $ 10,672 $ 61,929 141,409 Impairment charges (20,655 ) Operating fees to related parties (23,071 ) Acquisition and transaction related (302 ) General and administrative (17,275 ) Depreciation and amortization (83,212 ) Interest expense (49,471 ) Interest and other income 23 Loss on non-designated derivatives (157 ) Loss on sale of real estate investment (70 ) Income tax expense (197 ) Net income attributable to non-controlling interests 216 Net loss attributable to stockholders $ (52,762 ) 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 $ 21,023 $ 6,739 $ 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 22,169 206,154 311,173 Property operating and maintenance 24,137 12,789 149,351 186,277 NOI $ 58,713 $ 9,380 $ 56,803 124,896 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 ) The following table reconciles the segment activity to consolidated net loss for the year ended December 31, 2016 : 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 ) The following table reconciles the segment activity to consolidated total assets as of the periods presented: December 31, (In thousands) 2018 2017 ASSETS Investments in real estate, net: Medical office buildings $ 878,703 $ 897,264 Triple-net leased healthcare facilities 289,686 294,727 Construction in progress 90,829 82,007 Seniors housing — operating properties 911,952 902,343 Total investments in real estate, net 2,171,170 2,176,341 Cash and cash equivalents 77,264 94,177 Restricted cash 14,094 8,411 Assets held for sale 52,397 37,822 Derivative assets, at fair value 4,633 2,550 Straight-line rent receivable, net 17,351 15,327 Prepaid expenses and other assets 28,785 22,099 Deferred costs, net 11,752 15,134 Total assets $ 2,377,446 $ 2,371,861 The following table reconciles capital expenditures by reportable business segment for the periods presented: Year Ended December 31, (In thousands) 2018 2017 2016 Medical office buildings $ 7,582 $ 4,037 $ 3,198 Triple-net leased healthcare facilities 1,152 154 112 Seniors housing — operating properties 4,176 4,810 4,166 Total capital expenditures $ 12,910 $ 9,001 $ 7,476 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 2019 $ 780 $ 80 2020 781 82 2021 774 84 2022 790 86 2023 760 88 Thereafter 34,344 7,590 Total minimum lease payments $ 38,229 8,010 Less: amounts representing interest (3,202 ) Total present value of minimum lease payments $ 4,808 |
Quarterly Results (Unaudited) (
Quarterly Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 : Quarter Ended (In thousands, except for share and per share data) March 31, June 30, September 30, December 31, Total revenues $ 89,438 $ 90,957 $ 90,191 $ 91,820 Net loss attributable to stockholders $ (5,991 ) $ (6,950 ) $ (29,607 ) $ (10,214 ) Basic and diluted weighted average shares outstanding 90,783,065 90,978,411 90,203,311 91,520,444 Basic and diluted net loss per share $ (0.07 ) $ (0.08 ) $ (0.33 ) $ (0.11 ) 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 ) |
Organization (Details)
Organization (Details) $ / shares in Units, ft² in Millions | 26 Months Ended | 75 Months Ended | |||||||
Nov. 30, 2014USD ($) | Dec. 31, 2018USD ($)property | Dec. 31, 2018ft² | Dec. 31, 2018$ / shares | Dec. 31, 2018encumbered_property | Dec. 31, 2018state | Dec. 31, 2017$ / shares | Apr. 07, 2016$ / shares | Feb. 28, 2013USD ($)$ / shares | |
Class of Stock [Line Items] | |||||||||
Number of real estate properties | 191 | 91 | |||||||
Number of states properties are located in | state | 31 | ||||||||
Area of real estate property | ft² | 9.1 | ||||||||
Common stock, par value, in dollars per share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Proceeds from issuance of common stock | $ 2,300,000,000 | ||||||||
Proceeds received under DRIP | $ 292,000,000 | ||||||||
Common Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Share Price (in dollars per share) | $ / shares | $ 25 | ||||||||
DRIP share price (in dollars per share) | $ / shares | $ 23.75 | ||||||||
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 Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | ||||||
Dec. 31, 2018propertysegment | Dec. 31, 2017USD ($)segment | Dec. 31, 2016segment | Jan. 01, 2019USD ($)property | Dec. 31, 2018USD ($) | Dec. 31, 2018encumbered_property | Sep. 30, 2018property | |
Schedule of Shares Repurchased [Line Items] | |||||||
Assets held for sale | $ 37,822,000 | $ 52,397,000 | |||||
Money market funds | 17,900,000 | 0 | |||||
Cash and cash equivalents | 94,177,000 | 77,264,000 | |||||
Cash in excess of FDIC limit | 79,900,000 | 58,900,000 | |||||
Deferred financing costs, net of accumulated amortization (4) | 12,900,000 | 8,600,000 | |||||
Accumulated amortization, deferred financing costs | 11,400,000 | 17,400,000 | |||||
Deferred leasing costs, net | 2,300,000 | 3,100,000 | |||||
Deferred leasing costs, accumulated amortization | 500,000 | 900,000 | |||||
Number of senior housing communities | property | 58 | ||||||
Deferred tax asset, net | 4,400,000 | 4,100,000 | |||||
Valuation allowance | $ 0 | $ 0 | |||||
Effective income tax rate | 26.60% | 40.10% | |||||
Number of reportable segments | segment | 3 | 3 | 3 | ||||
Number of real estate properties | 191 | 91 | |||||
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 | ||||||
Subsequent Event | Accounting Standards Update 2016-02 | |||||||
Schedule of Shares Repurchased [Line Items] | |||||||
Number of real estate properties | property | 11 | ||||||
Subsequent Event | Accounting Standards Update 2016-02 | Minimum | |||||||
Schedule of Shares Repurchased [Line Items] | |||||||
Operating lease, right-of-use asset | $ 9,000,000 | ||||||
Operating lease, liability | 9,000,000 | ||||||
Subsequent Event | Accounting Standards Update 2016-02 | Maximum | |||||||
Schedule of Shares Repurchased [Line Items] | |||||||
Operating lease, right-of-use asset | 11,000,000 | ||||||
Operating lease, liability | $ 11,000,000 | ||||||
Ground Lease | |||||||
Schedule of Shares Repurchased [Line Items] | |||||||
Number of real estate properties | property | 19 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||
Current federal (expense) benefit | $ (272) | $ 811 | $ 2,103 |
Current state (expense) benefit | (353) | (3) | 308 |
Current (expense) benefit | (625) | 808 | 2,411 |
Deferred federal (expense) benefit | 399 | (1,597) | (237) |
Deferred state (expense) benefit | 29 | 142 | (90) |
Deferred (expense) benefit | $ 428 | $ (1,455) | $ (327) |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Distributions) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Dividends Payable [Line Items] | |||
Dividends, percent | 100.00% | 100.00% | 100.00% |
Dividends paid (in usd per share) | $ 0.95 | $ 1.51 | $ 1.70 |
Return of capital | |||
Dividends Payable [Line Items] | |||
Dividends, percent | 100.00% | 99.70% | 86.80% |
Dividends paid (in usd per share) | $ 0.95 | $ 1.50 | $ 1.47 |
Capital gain dividend income | |||
Dividends Payable [Line Items] | |||
Dividends, percent | 0.00% | 0.30% | 0.50% |
Dividends paid (in usd per share) | $ 0 | $ 0.01 | $ 0.01 |
Ordinary dividend income | |||
Dividends Payable [Line Items] | |||
Dividends, percent | 0.00% | 0.00% | 12.70% |
Dividends paid (in usd per share) | $ 0 | $ 0 | $ 0.22 |
Real Estate Investments (Narrat
Real Estate Investments (Narrative) (Details) | Nov. 01, 2017USD ($)triple_net_lease | Jun. 08, 2017property | Mar. 19, 2019USD ($) | Sep. 30, 2018USD ($)property | Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Feb. 06, 2019USD ($)property | Dec. 31, 2018USD ($) | Dec. 31, 2018encumbered_property | Nov. 06, 2018USD ($)property | Sep. 25, 2018USD ($) | Jul. 26, 2018USD ($) |
Business Acquisition [Line Items] | |||||||||||||
Number of real estate properties | 191 | 91 | |||||||||||
Impairment charges | $ (20,655,000) | $ (18,993,000) | $ (389,000) | ||||||||||
(Loss) gain on sale of real estate investments | (70,000) | 438,000 | 1,330,000 | ||||||||||
Bad debt expense | 14,797,000 | 12,413,000 | $ 15,425,000 | ||||||||||
Transfer of Operations | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of properties purchased | property | 12 | ||||||||||||
Held-for-sale | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Impairment charges | (2,400,000) | ||||||||||||
Disposed by sale | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Contract Sale Price | $ 54,575,000 | ||||||||||||
Medical Office Buildings | Held-for-sale | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of real estate properties | property | 6 | ||||||||||||
Contract Sale Price | $ 58,800,000 | $ 68,000,000 | |||||||||||
Impairment charges | $ (6,400,000) | ||||||||||||
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 | ||||||||||||
Skilled Nursing Facilities | Held-for-sale | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of real estate properties | property | 8 | ||||||||||||
Contract Sale Price | $ 27,500,000 | ||||||||||||
Impairment charges | $ (11,900,000) | ||||||||||||
(Loss) gain on sale of real estate investments | $ (100,000) | ||||||||||||
Previously Possessed and Controlled by Receiver | Skilled Nursing Facilities | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of real estate properties | triple_net_lease | 6 | ||||||||||||
Subsequent Event | Medical Office Buildings | Disposed by sale | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of real estate properties | property | 5 | ||||||||||||
Contract Sale Price | $ 45,000,000 | ||||||||||||
LaSalle Tenant | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of real estate properties | property | 4 | ||||||||||||
Accounts receivable, net | 4,200,000 | ||||||||||||
Bad debt expense | $ 5,000,000 | ||||||||||||
NuVista | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of real estate properties | property | 2 | ||||||||||||
Accounts receivable, net | 9,400,000 | ||||||||||||
Bad debt expense | $ 6,000,000 | $ 5,300,000 | |||||||||||
NuVista | Subsequent Event | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Litigation settlement, amount awarded from other party | $ 8,800,000 | ||||||||||||
Medicare Receivable | NuVista | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Bad debt expense | $ 700,000 | ||||||||||||
Market Lease Liabilities | Medical Office Buildings | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Accounts payable and accrued expenses | 3,500,000 | ||||||||||||
Accounts Payable and Accrued Liabilities | Medical Office Buildings | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Accounts payable and accrued expenses | $ 500,000 |
Real Estate Investments (Acquir
Real Estate Investments (Acquired Assets) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($)property | |
Real estate investments, at cost: | |||
Weighted-average remaining amortization periods | 9 years 7 months 12 days | ||
In-place leases | |||
Real estate investments, at cost: | |||
Weighted-average remaining amortization periods | 9 years 9 months 12 days | ||
Market lease and other intangible assets | |||
Real estate investments, at cost: | |||
Weighted-average remaining amortization periods | 9 years 12 days | ||
Market Lease Liabilities | |||
Real estate investments, at cost: | |||
Weighted-average remaining amortization periods | 6 years 9 months 12 days | ||
Business acquisitions | |||
Real estate investments, at cost: | |||
Land | $ 14,417 | $ 18,501 | $ 0 |
Buildings, fixtures and improvements | 98,236 | 135,344 | 0 |
Construction in progress | 8,591 | 11,952 | 38,746 |
Total tangible assets | 121,244 | 165,797 | 38,746 |
Below-market lease liabilities | (286) | (888) | 0 |
Total intangible assets and liabilities | 6,812 | 23,130 | 0 |
Mortgage notes payable, net | 0 | (4,897) | 0 |
Other liabilities assumed in the Asset Acquisition, net (2) | 0 | (1,056) | 0 |
Consideration paid for acquired real estate investments | $ 128,056 | $ 182,974 | $ 38,746 |
Number of properties purchased | property | 14 | 23 | 0 |
Business acquisitions | In-place leases | |||
Real estate investments, at cost: | |||
In-place leases | $ 6,823 | $ 21,546 | $ 0 |
Business acquisitions | Market lease and other intangible assets | |||
Real estate investments, at cost: | |||
In-place leases | $ 275 | $ 2,472 | $ 0 |
American Realty Capital Healthcare Trust III | |||
Real estate investments, at cost: | |||
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, 2018USD ($) |
Business Combinations [Abstract] | |
2019 | $ 96,178 |
2020 | 91,848 |
2021 | 85,563 |
2022 | 77,205 |
2023 | 65,504 |
Thereafter | 284,929 |
Total | $ 701,227 |
Real Estate Investments (Geogra
Real Estate Investments (Geographic Concentrations) (Details) - Geographic Concentration Risk - Sales Revenue, Net | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Florida | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 16.60% | 17.50% | 19.30% |
Georgia | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 10.10% | 10.70% | 10.20% |
Iowa | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 10.50% | ||
Michigan | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 13.10% | 11.60% | |
Pennsylvania | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 10.20% | 10.80% | 12.00% |
Real Estate Investments (Summar
Real Estate Investments (Summary of Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Intangible assets: | ||
Gross Carrying Amount | $ 256,452 | $ 256,678 |
Accumulated Amortization | 155,742 | 139,440 |
Net Carrying Amount | 100,710 | 117,238 |
Market lease liabilities | ||
Gross Carrying Amount | 26,241 | 25,956 |
Accumulated Amortization | 9,137 | 7,127 |
Net Carrying Amount | 17,104 | 18,829 |
In-place leases | ||
Intangible assets: | ||
Gross Carrying Amount | 214,953 | 215,453 |
Accumulated Amortization | 144,669 | 130,749 |
Net Carrying Amount | 70,284 | 84,704 |
Market lease assets | ||
Intangible assets: | ||
Gross Carrying Amount | 30,910 | 30,636 |
Accumulated Amortization | 9,970 | 7,853 |
Net Carrying Amount | 20,940 | 22,783 |
Other intangible assets | ||
Intangible assets: | ||
Gross Carrying Amount | 10,589 | 10,589 |
Accumulated Amortization | 1,103 | 838 |
Net Carrying Amount | $ 9,486 | $ 9,751 |
Real Estate Investments (Summ_2
Real Estate Investments (Summary of Amortization and Accretion Recognized) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Accretion of above- and below-market leases, net | $ 255 | $ 236 | $ 168 |
Depreciation and Amortization Expense | In-place leases and other intangible assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization/accretion of market least intangibles | 18,851 | 17,369 | 38,754 |
Rental Income | Above- and below-market leases, net | |||
Finite-Lived Intangible Assets [Line Items] | |||
Accretion of above- and below-market leases, net | (39) | (308) | (209) |
Property Operating and Maintenance Expense | Above-market ground leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization/accretion of market least intangibles | $ 147 | $ 172 | $ 172 |
Real Estate Investments (Summ_3
Real Estate Investments (Summary of Intangible Assets and Liabilities Future Amortization Expense) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Amortization Expense | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, amortization expense, 2019 | $ 14,838 |
Finite-lived intangible assets, amortization expense, 2020 | 12,682 |
Finite-lived intangible assets, amortization expense, 2021 | 10,444 |
Finite-lived intangible assets, amortization expense, 2022 | 8,619 |
Finite-lived intangible assets, amortization expense, 2023 | 6,760 |
Rental Income | |
Finite-Lived Intangible Assets [Line Items] | |
Below market leases, amortization income, 2019 | 69 |
Below market leases, amortization income, 2020 | 250 |
Below market leases, amortization income, 2021 | 453 |
Below market leases, amortization income, 2022 | 764 |
Below market leases, amortization income, 2023 | 977 |
Property Operating and Maintenance Expense | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, amortization expense, 2019 | 157 |
Finite-lived intangible assets, amortization expense, 2020 | 157 |
Finite-lived intangible assets, amortization expense, 2021 | 149 |
Finite-lived intangible assets, amortization expense, 2022 | 149 |
Finite-lived intangible assets, amortization expense, 2023 | 166 |
In-place lease assets | Amortization Expense | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, amortization expense, 2019 | 14,270 |
Finite-lived intangible assets, amortization expense, 2020 | 12,268 |
Finite-lived intangible assets, amortization expense, 2021 | 10,030 |
Finite-lived intangible assets, amortization expense, 2022 | 8,205 |
Finite-lived intangible assets, amortization expense, 2023 | 6,346 |
Other intangible assets | Amortization Expense | |
Finite-Lived Intangible Assets [Line Items] | |
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 |
Finite-lived intangible assets, amortization expense, 2023 | 414 |
Above-market lease assets | Rental Income | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, amortization expense, 2019 | (1,625) |
Finite-lived intangible assets, amortization expense, 2020 | (1,287) |
Finite-lived intangible assets, amortization expense, 2021 | (934) |
Finite-lived intangible assets, amortization expense, 2022 | (583) |
Finite-lived intangible assets, amortization expense, 2023 | (238) |
Below-market lease liabilities | Rental Income | |
Finite-Lived Intangible Assets [Line Items] | |
Below market leases, amortization income, 2019 | 1,694 |
Below market leases, amortization income, 2020 | 1,537 |
Below market leases, amortization income, 2021 | 1,387 |
Below market leases, amortization income, 2022 | 1,347 |
Below market leases, amortization income, 2023 | 1,215 |
Below-market ground lease assets | Property Operating and Maintenance Expense | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, amortization expense, 2019 | 222 |
Finite-lived intangible assets, amortization expense, 2020 | 222 |
Finite-lived intangible assets, amortization expense, 2021 | 214 |
Finite-lived intangible assets, amortization expense, 2022 | 212 |
Finite-lived intangible assets, amortization expense, 2023 | 212 |
Above-market ground lease liabilities | Property Operating and Maintenance Expense | |
Finite-Lived Intangible Assets [Line Items] | |
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) |
Finite-lived intangible liability, amortization income, 2023 | $ (46) |
Real Estate Investments (Transf
Real Estate Investments (Transfer of Operations) (Details) - USD ($) $ in Thousands | Jun. 08, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||
Gain on acquisition | $ 0 | $ 307 | $ 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 (Real E
Real Estate Investments (Real Estate Sales) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain (Loss/Impairment) on Sale, Net | $ (70) | $ 438 | $ 941 |
Disposed by sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain (Loss/Impairment) on Sale, Net | (10,610) | ||
Contract Sale Price | 54,575 | ||
Disposed by sale | Gregory Ridge Living Center - Kansas City, MO | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain (Loss/Impairment) on Sale, Net | (126) | ||
Contract Sale Price | 4,300 | ||
Disposed by sale | Parkway Health Center Care Center - Kansas City, MO | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain (Loss/Impairment) on Sale, Net | (263) | ||
Contract Sale Price | 4,450 | ||
Disposed by sale | Redwood Radiology and Outpatient Center - Santa Rosa, CA | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain (Loss/Impairment) on Sale, Net | 1,330 | ||
Contract Sale Price | 17,500 | ||
Disposed by sale | Dental Arts Building - Peoria, AZ | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain (Loss/Impairment) on Sale, Net | 438 | ||
Contract Sale Price | 825 | ||
Disposed by sale | Missouri SNF Properties | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain (Loss/Impairment) on Sale, Net | (11,989) | ||
Contract Sale Price | $ 27,500 |
Real Estate Investments (Held f
Real Estate Investments (Held for Sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | $ 52,397 | $ 37,822 |
Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Land | 5,285 | 3,131 |
Buildings, fixtures and improvements | 47,112 | 34,691 |
Assets held for sale | $ 52,397 | $ 37,822 |
Mortgage Notes Payable, Net (Mo
Mortgage Notes Payable, Net (Mortgage Notes) (Details) $ in Thousands | Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($) |
Debt Instrument [Line Items] | ||
Effective Interest Rate | 4.76% | 3.63% |
Deferred financing costs, net of accumulated amortization (4) | $ (8,600) | $ (12,900) |
Mortgages | ||
Debt Instrument [Line Items] | ||
Encumbered properties | property | 81 | |
Outstanding loan amount | $ 470,803 | $ 415,365 |
Effective Interest Rate | 4.48% | 4.31% |
Deferred financing costs, net of accumulated amortization (4) | $ (6,591) | $ (7,625) |
Mortgage premiums and discounts, net | (1,373) | (1,110) |
Mortgage notes payable, net | $ 462,839 | 406,630 |
Countryside Medical Arts - Safety Harbor, FL | Mortgages | ||
Debt Instrument [Line Items] | ||
Encumbered properties | property | 1 | |
Outstanding loan amount | $ 5,690 | $ 5,773 |
Effective Interest Rate | 6.20% | 4.98% |
St. Andrews Medical Park - Venice, FL | Mortgages | ||
Debt Instrument [Line Items] | ||
Encumbered properties | property | 3 | |
Outstanding loan amount | $ 6,289 | $ 6,381 |
Effective Interest Rate | 6.20% | 4.98% |
Palm Valley Medical Plaza - Goodyear, AZ | Mortgages | ||
Debt Instrument [Line Items] | ||
Encumbered properties | property | 1 | |
Outstanding loan amount | $ 3,222 | $ 3,327 |
Effective Interest Rate | 4.15% | 4.15% |
Medical Center V - Peoria, AZ | Mortgages | ||
Debt Instrument [Line Items] | ||
Encumbered properties | property | 1 | |
Outstanding loan amount | $ 2,977 | $ 3,066 |
Effective Interest Rate | 4.75% | 4.75% |
Courtyard Fountains - Gresham, OR | Mortgages | ||
Debt Instrument [Line Items] | ||
Encumbered properties | property | 1 | |
Outstanding loan amount | $ 23,905 | $ 24,372 |
Effective Interest Rate | 3.87% | 3.87% |
Fox Ridge Bryant - Bryant, AR | Mortgages | ||
Debt Instrument [Line Items] | ||
Encumbered properties | property | 1 | |
Outstanding loan amount | $ 7,427 | $ 7,565 |
Effective Interest Rate | 3.98% | 3.98% |
Fox Ridge Chenal - Little Rock, AR | Mortgages | ||
Debt Instrument [Line Items] | ||
Encumbered properties | property | 1 | |
Outstanding loan amount | $ 16,988 | $ 17,270 |
Effective Interest Rate | 3.98% | 3.98% |
Fox Ridge North Little Rock - North Little Rock, AR | Mortgages | ||
Debt Instrument [Line Items] | ||
Encumbered properties | property | 1 | |
Outstanding loan amount | $ 10,541 | $ 10,716 |
Effective Interest Rate | 3.98% | 3.98% |
Philip Professional Center - Lawrenceville, GA | Mortgages | ||
Debt Instrument [Line Items] | ||
Encumbered properties | property | 2 | |
Outstanding loan amount | $ 4,793 | $ 4,895 |
Effective Interest Rate | 4.00% | 4.00% |
Capital One MOB Loan | Mortgages | ||
Debt Instrument [Line Items] | ||
Encumbered properties | property | 32 | |
Outstanding loan amount | $ 250,000 | $ 250,000 |
Effective Interest Rate | 4.44% | 4.44% |
Bridge Loan | Mortgages | ||
Debt Instrument [Line Items] | ||
Encumbered properties | property | 16 | |
Outstanding loan amount | $ 20,271 | $ 82,000 |
Effective Interest Rate | 4.87% | 4.13% |
Multi-Property CMBS Loan | Mortgages | ||
Debt Instrument [Line Items] | ||
Encumbered properties | property | 21 | |
Outstanding loan amount | $ 118,700 | $ 0 |
Effective Interest Rate | 4.60% | 0.00% |
Mortgage Notes Payable, Net (Na
Mortgage Notes Payable, Net (Narrative) (Details) | Apr. 10, 2018USD ($)property | Mar. 02, 2018USD ($) | Dec. 28, 2017encumbered_property | Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018 | Dec. 31, 2018USD ($) | Dec. 31, 2018encumbered_property | Dec. 31, 2018unencumbered_property |
Debt Instrument [Line Items] | ||||||||||
Real estate investments pledged as collateral | $ 1,000,000,000 | |||||||||
Number of real estate properties | 191 | 91 | ||||||||
Repayments of credit facility borrowings | $ 80,000,000 | $ 326,800,000 | $ 55,000,000 | |||||||
Proceeds from credit facilities | $ 147,753,000 | 380,170,000 | $ 106,500,000 | |||||||
Mortgages | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Outstanding loan amount | 415,365,000 | 470,803,000 | ||||||||
Encumbered properties | property | 81 | |||||||||
Mortgages | Capital One MOB Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Outstanding loan amount | 250,000,000 | 250,000,000 | ||||||||
Fixed rate | 4.381% | |||||||||
Prepayment penalty, initial twelve months | 2.00% | |||||||||
Prepayment penalty, year two | 1.00% | |||||||||
Encumbered properties | property | 32 | |||||||||
Mortgages | Capital One 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 | 82,000,000 | 20,271,000 | ||||||||
Number of real estate properties | encumbered_property | 23 | |||||||||
Encumbered properties | property | 16 | |||||||||
Repayments of credit facility borrowings | $ 35,000,000 | |||||||||
Proceeds from credit facilities | $ 64,200,000 | |||||||||
Mortgages | Bridge Loan | London Interbank Offered Rate (LIBOR) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 2.50% | |||||||||
Mortgages | Multi-Property CMBS Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Outstanding loan amount | $ 0 | 118,700,000 | ||||||||
Encumbered properties | property | 21 | |||||||||
Debt instrument, face amount | $ 118,700,000 | |||||||||
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 | 63,000,000 | |||||||||
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 | $ 19,000,000 | |||||||||
Encumbered properties | encumbered_property | 16 | |||||||||
Unencumbered properties | unencumbered_property | 12 | |||||||||
Prior Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of real estate properties | property | 69 | |||||||||
Prior Credit Facility | Mortgages | Multi-Property CMBS Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of real estate properties | property | 14 | |||||||||
Repayments of credit facility borrowings | $ 80,000,000 | |||||||||
Payments for deposits | 3,800,000 | |||||||||
Proceeds from loans | $ 33,000,000 |
Mortgage Notes Payable, Net (_2
Mortgage Notes Payable, Net (Mortgage Principal Payments) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Total | $ 462,839 | $ 406,630 |
Mortgages | ||
Debt Instrument [Line Items] | ||
2019 | 38,348 | |
2020 | 24,279 | |
2021 | 892 | |
2022 | 250,929 | |
2023 | 6,056 | |
Thereafter | 150,299 | |
Total | $ 470,803 | $ 415,400 |
Credit Facilities (Summary of C
Credit Facilities (Summary of Credit Facilities) (Details) $ in Thousands | Dec. 31, 2018property | Dec. 31, 2018 | Dec. 31, 2018USD ($) | Dec. 31, 2018encumbered_property | Dec. 31, 2017USD ($) |
Line of Credit Facility [Line Items] | |||||
Number of real estate properties | 191 | 91 | |||
Credit facilities | $ 602,622 | $ 534,869 | |||
Effective Interest Rate | 4.76% | 3.63% | |||
Prior Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Number of real estate properties | property | 69 | ||||
Credit facilities | $ 239,700 | ||||
Effective Interest Rate | 4.62% | 3.33% | |||
Fannie Mae Master Credit Facilities: | Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Credit facilities | $ 359,322 | $ 295,169 | |||
Fannie Mae Master Credit Facilities: | Capital One Facility | Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Number of real estate properties | property | 12 | ||||
Credit facilities | $ 152,461 | ||||
Effective Interest Rate | 4.83% | 3.88% | |||
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 | ||||
Effective Interest Rate | 4.88% | 3.89% |
Credit Facilities (Narrative) (
Credit Facilities (Narrative) (Details) | Apr. 10, 2018USD ($)property | Mar. 02, 2018USD ($) | Dec. 28, 2017encumbered_property | Dec. 22, 2017USD ($) | Nov. 30, 2018encumbered_property | Sep. 30, 2018encumbered_property | May 31, 2018encumbered_property | Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Mar. 13, 2019USD ($)property | Dec. 31, 2018USD ($) | Dec. 31, 2018encumbered_property | Oct. 31, 2016instrument | Aug. 31, 2015USD ($) |
Line of Credit Facility [Line Items] | |||||||||||||||
Number of real estate properties | 191 | 91 | |||||||||||||
Repayments of credit facility borrowings | $ 80,000,000 | $ 326,800,000 | $ 55,000,000 | ||||||||||||
Credit facilities | 534,869,000 | $ 602,622,000 | |||||||||||||
Proceeds from credit facilities | 147,753,000 | 380,170,000 | $ 106,500,000 | ||||||||||||
KeyBank Facility | Prior Credit Facility | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Proceeds from credit facilities | $ 45,000,000 | ||||||||||||||
Multi-Property CMBS Loan | Mortgages | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Debt instrument, face amount | $ 118,700,000 | ||||||||||||||
Bridge Loan | Mortgages | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Number of real estate properties | encumbered_property | 23 | ||||||||||||||
Repayments of credit facility borrowings | $ 35,000,000 | ||||||||||||||
Proceeds from credit facilities | $ 64,200,000 | ||||||||||||||
Fannie Credit Facility | Interest rate caps | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Number of Instruments | instrument | 2 | ||||||||||||||
Interest rate cap | 3.50% | ||||||||||||||
London Interbank Offered Rate (LIBOR) | Bridge Loan | Mortgages | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Interest rate | 2.50% | ||||||||||||||
Line of Credit | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Maximum borrowing capacity | $ 2,700,000 | ||||||||||||||
Line of Credit | Fannie Mae Master Credit Facilities: | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Credit facilities | 295,169,000 | 359,322,000 | |||||||||||||
Secured Debt | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Maximum borrowing capacity | 565,000,000 | ||||||||||||||
Maximum borrowing capacity under accordion feature | 750,000,000 | ||||||||||||||
Remaining borrowing capacity | 17,800,000 | ||||||||||||||
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 | ||||||||||||||
Prior Credit Facility | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Number of real estate properties | property | 69 | ||||||||||||||
Credit facilities | 239,700,000 | ||||||||||||||
Prior Credit Facility | Multi-Property CMBS Loan | Mortgages | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Number of real estate properties | property | 14 | ||||||||||||||
Repayments of credit facility borrowings | $ 80,000,000 | ||||||||||||||
Real estate properties encumbered by debt during period | encumbered_property | 13 | 5 | 10 | ||||||||||||
Bridge Loan | Fannie Mae Master Credit Facility | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Repayments of credit facility borrowings | $ 61,700,000 | ||||||||||||||
Capital One Facility | Line of Credit | Fannie Mae Master Credit Facilities: | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Number of real estate properties | property | 12 | ||||||||||||||
Credit facilities | 152,461,000 | ||||||||||||||
KeyBank Facility | Line of Credit | Fannie Mae Master Credit Facilities: | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Number of real estate properties | property | 10 | ||||||||||||||
Credit facilities | $ 142,708,000 | ||||||||||||||
Subsequent Event | Secured Debt | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Maximum borrowing capacity | $ 630,000,000 | ||||||||||||||
Remaining borrowing capacity | 29,500,000 | ||||||||||||||
Credit facilities | $ 233,600,000 | ||||||||||||||
Subsequent Event | Prior Credit Facility | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Number of real estate properties | property | 65 | ||||||||||||||
Credit facilities | $ 83,600,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Fair Value Hierarchy) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, at fair value | $ 4,633 | $ 2,550 |
Total | 12,585 | 3,873 |
Quoted Prices in Active Markets Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, at fair value | 0 | 0 |
Total | 0 | 0 |
Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, at fair value | 4,633 | 2,550 |
Total | 12,585 | 3,873 |
Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, at fair value | 0 | 0 |
Total | 0 | 0 |
Held-for-use | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired real estate investments held for sale | 3,341 | |
Held-for-use | Quoted Prices in Active Markets Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired real estate investments held for sale | 0 | |
Held-for-use | Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired real estate investments held for sale | 3,341 | |
Held-for-use | Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired real estate investments held for sale | 0 | |
Impaired real estate investments held for sale | Held-for-sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired real estate investments held for sale | 4,611 | 1,323 |
Impaired real estate investments 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 real estate investments held for sale | 0 | 0 |
Impaired real estate investments 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 real estate investments held for sale | 4,611 | 1,323 |
Impaired real estate investments 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 real estate investments held for sale | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Level 3 Inputs) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage notes payable, net | $ 462,839 | $ 406,630 |
Mortgages | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage notes payable, net | 470,803 | 415,400 |
Mortgage premiums and discounts, net | (1,373) | (1,110) |
Significant Unobservable Inputs Level 3 | Mortgages | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value disclosure | 469,430 | 414,255 |
Significant Unobservable Inputs Level 3 | Mortgages | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value disclosure | 472,585 | 411,749 |
Significant Unobservable Inputs Level 3 | Revolving Credit Facility | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value disclosure | 243,300 | 239,700 |
Significant Unobservable Inputs Level 3 | Revolving Credit Facility | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value disclosure | 243,300 | 239,700 |
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 | 359,322 | 295,169 |
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 | $ 360,675 | $ 296,151 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)instrument | Dec. 31, 2017USD ($)instrument | Dec. 31, 2016USD ($) | |
Derivative [Line Items] | |||
(Loss) gain on non-designated derivatives | $ (157) | $ (198) | $ 31 |
Designated as Hedging Instrument | Interest rate swaps | |||
Derivative [Line Items] | |||
Number of Instruments | instrument | 2 | 2 | |
Interest Expense | Designated as Hedging Instrument | Interest rate contract | |||
Derivative [Line Items] | |||
Cash flow hedge reclassification in next twelve months | $ 1,600 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities (Balance Sheet Location) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | $ 4,633 | $ 2,550 |
Derivative assets, at fair value | Designated as Hedging Instrument | Interest rate swaps | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 4,582 | 2,473 |
Derivative assets, at fair value | Not Designated as Hedging Instrument | Interest rate caps | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | $ 51 | $ 77 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities (Summary of Derivative Instruments) (Details) $ in Thousands | Dec. 31, 2018USD ($)instrument | Dec. 31, 2017USD ($)instrument |
Designated as Hedging Instrument | Interest rate swaps | ||
Derivative [Line Items] | ||
Number of Instruments | instrument | 2 | 2 |
Notional Amount | $ | $ 250,000 | $ 250,000 |
Not Designated as Hedging Instrument | Interest rate caps | ||
Derivative [Line Items] | ||
Number of Instruments | instrument | 7 | 6 |
Notional Amount | $ | $ 359,322 | $ 295,169 |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities (Derivatives Included in AOCI) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | |||
Amount of gain recognized in accumulated other comprehensive income on interest rate derivatives (effective portion) | $ 2,109 | $ 2,473 | $ 0 |
Designated as Hedging Instrument | Interest rate swaps | |||
Derivative [Line Items] | |||
Amount of gain recognized in accumulated other comprehensive income on interest rate derivatives (effective portion) | 2,367 | 1,674 | |
Amount of gain (loss) reclassified from accumulated other comprehensive income into income as interest expense (effective portion) | $ 258 | $ (799) |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities (Offsetting Derivatives) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross Amounts of Recognized Assets | $ 4,633 | $ 2,550 |
Gross Amounts of Recognized (Liabilities) | 0 | 0 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Derivative Asset | 4,633 | 2,550 |
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amount | $ 4,633 | $ 2,550 |
Common Stock (Narrative) (Detai
Common Stock (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 16, 2018 | Mar. 13, 2018 | Mar. 01, 2018 | Apr. 01, 2017 | Jul. 31, 2018 | May 31, 2018 | Jan. 31, 2018 | Apr. 30, 2013 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2018 | Jan. 26, 2016 |
Class of Stock [Line Items] | |||||||||||||||
Common stock, shares outstanding (in shares) | 91,963,532 | 91,002,766 | 91,002,766 | 91,963,532 | |||||||||||
Dividends declared (in usd per share) | $ 0.85 | $ 1.45 | $ 1.70 | $ 0.95 | $ 1.51 | $ 1.70 | |||||||||
Authorized amount | 5.00% | 5.00% | |||||||||||||
Percentage of weighted average outstanding stock for fiscal semester | 2.50% | ||||||||||||||
Percentage of weighted average outstanding stock for fiscal year | 5.00% | ||||||||||||||
Weighted-Average Price per Share (in usd per share) | $ 20.25 | $ 21.45 | $ 21.47 | $ 18.73 | $ 21.61 | $ 22.43 | $ 21.56 | ||||||||
Number of Shares Repurchased (in shares) | 155,904 | 373,967 | 267,723 | 758,458 | 1,554,768 | 2,529,798 | 3,288,256 | ||||||||
Stock repurchase, value | $ 3,000 | ||||||||||||||
Common stock issued through distribution reinvestment plan (in shares) | 1,700,000 | 2,800,000 | |||||||||||||
Common stock issued through distribution reinvestment plan | $ 35,737 | $ 61,206 | $ 73,630 | ||||||||||||
One Year | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Share repurchase price percent | 92.50% | 92.50% | |||||||||||||
Two Years | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Share repurchase price percent | 95.00% | 95.00% | |||||||||||||
Three Years | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Share repurchase price percent | 97.50% | 97.50% | |||||||||||||
Four Years | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Share repurchase price percent | 100.00% | 100.00% | |||||||||||||
Tender Offer | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Shares authorized for repurchase (in shares) | 2,000,000 | ||||||||||||||
Weighted-Average Price per Share (in usd per share) | $ 13.15 | ||||||||||||||
Reduction in shares authorized for repurchase (in shares) | 230,000 | ||||||||||||||
Number of Shares Repurchased (in shares) | 229,999 |
Common Stock (Stock Redemption)
Common Stock (Stock Redemption) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | 63 Months Ended | 75 Months Ended | |||
Jul. 31, 2018 | Jan. 31, 2018 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | ||||||||
Number of Shares Repurchased (in shares) | 155,904 | 373,967 | 267,723 | 758,458 | 1,554,768 | 2,529,798 | 3,288,256 | |
Common stock repurchases | $ 3,200 | $ 8,000 | $ 5,700 | $ 14,202 | $ 33,599 | $ 12,184 | ||
Weighted-Average Price per Share (in usd per share) | $ 20.25 | $ 21.45 | $ 21.47 | $ 18.73 | $ 21.61 | $ 22.43 | $ 21.56 | |
Rejected repurchases (in shares) | 2,300,000 | |||||||
Rejected repurchases | $ 48,700 | |||||||
Rejected repurchases (in usd per share) | $ 21.27 |
Related Party Transactions an_3
Related Party Transactions and Arrangements (Ownership) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | ||
Common stock held by related party (in shares) | 91,963,532 | 91,002,766 |
Limited partner units (in units) | 90 | 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 | 8,888 |
Related Party Transactions an_4
Related Party Transactions and Arrangements (Fees Paid in Connection With the Operations of the Company) (Details) - USD ($) | Feb. 17, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | 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 | |||
Asset threshold for assignment of agreement | $ 100,000,000 | ||||
Expenses forgiven | $ 0 | $ 0 | $ 0 | ||
Advisor | |||||
Related Party Transaction [Line Items] | |||||
Shares approved for issuance (in shares) | 359,250 | ||||
American Realty Capital Healthcare Advisors, LLC | Contract Purchase Price | Advisor | |||||
Related Party Transaction [Line Items] | |||||
Acquisition fees as a percentage of benchmark | 1.00% | ||||
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% | ||||
Second Amended and Restated Advisory Agreement | |||||
Related Party Transaction [Line Items] | |||||
Period of notice of termination | 365 days | ||||
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] | |||||
Basis of core earnings, percent | 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] | |||||
Basis of core earnings, percent | 10.00% | ||||
Basis of core earnings (in usd per share) | $ 0.47 | ||||
Amended and Restated Property Management and Leasing Agreement | |||||
Related Party Transaction [Line Items] | |||||
Renewal term | 1 year | ||||
Period of notice of termination | 90 days | ||||
Amended and Restated Property Management and Leasing Agreement | Maximum | |||||
Related Party Transaction [Line Items] | |||||
Term of agreement | 2 years | ||||
Amended and Restated Property Management and Leasing Agreement | Minimum | |||||
Related Party Transaction [Line Items] | |||||
Term of agreement | 1 year | ||||
Reimbursements of Administrative Services | American Realty Capital Healthcare Advisors, LLC | |||||
Related Party Transaction [Line Items] | |||||
Transaction amount | $ 8,900,000 | 7,600,000 | $ 4,492,000 | ||
Professional Fees and Reimbursements | Advisor | |||||
Related Party Transaction [Line Items] | |||||
Deferred cash payment | 1,700,000 | ||||
Due from Affiliates | $ 0 | $ 700,000 |
Related Party Transactions an_5
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||
Expenses incurred | $ 32,470 | $ 30,477 | $ 26,136 |
Payable (receivable) | 610 | 1,637 | |
Acquisition cost reimbursements | |||
Related Party Transaction [Line Items] | |||
Expenses incurred | 176 | 124 | 0 |
Payable (receivable) | 32 | 36 | |
Financing coordination fees | |||
Related Party Transaction [Line Items] | |||
Expenses incurred | 0 | 0 | 450 |
Payable (receivable) | 0 | 0 | |
Due to (from) HT III related to asset purchase | |||
Related Party Transaction [Line Items] | |||
Expenses incurred | 0 | 0 | 0 |
Payable (receivable) | (154) | 196 | |
Asset management fees | |||
Related Party Transaction [Line Items] | |||
Expenses incurred | 19,500 | 19,189 | 17,566 |
Payable (receivable) | 0 | 0 | |
Property management fees | |||
Related Party Transaction [Line Items] | |||
Expenses incurred | 3,571 | 3,068 | 3,017 |
Payable (receivable) | 58 | 66 | |
Transfer agent and other professional services | |||
Related Party Transaction [Line Items] | |||
Expenses incurred | 8,883 | 7,553 | 4,492 |
Payable (receivable) | 674 | 1,339 | |
Distributions on Class B Units | |||
Related Party Transaction [Line Items] | |||
Expenses incurred | 340 | 543 | $ 611 |
Payable (receivable) | $ 0 | $ 0 | |
Advisor | |||
Related Party Transaction [Line Items] | |||
Shares approved for issuance (in shares) | 359,250 |
Related Party Transactions an_6
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, 2018USD ($) | |
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 | 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% |
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% |
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% |
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% |
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% |
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 |
Change in Control Fee | |
Related Party Transaction [Line Items] | |
Fee multiplier | 4 |
Variable Management - Incentive Fee | |
Related Party Transaction [Line Items] | |
Fee multiplier | 4 |
Related Party Transactions an_7
Related Party Transactions and Arrangements (American Realty Capital Healthcare Trust III Asset Purchase) (Details) $ in Thousands | Dec. 22, 2017USD ($)property | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Related Party Transaction [Line Items] | ||||
Payable (receivable) | $ (610) | $ (1,637) | ||
Proceeds from credit facilities | 147,753 | 380,170 | $ 106,500 | |
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 | |||
Prior Credit Facility | KeyBank Facility | ||||
Related Party Transaction [Line Items] | ||||
Number of properties purchased | property | 15 | |||
Proceeds from credit facilities | $ 45,000 | |||
Prior Credit Facility | KeyBank Facility | Healthcare Trust III Asset Acquisition | ||||
Related Party Transaction [Line Items] | ||||
Number of properties purchased | property | 14 | |||
Healthcare Trust III Asset Acquisition | ||||
Related Party Transaction [Line Items] | ||||
Payable (receivable) | $ 154 | $ (196) |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restricted Share Plan | Unvested restricted shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum authorized amount as a percentage of shares authorized | 5.00% | |||
Number of shares authorized (in shares) | 3,400,000 | |||
Shares granted automatically upon election to board of directors (in shares) | 1,333 | |||
Restricted share vesting period | 5 years | |||
Granted (in shares) | 0 | 380,592 | 6,735 | |
Nonvested awards, compensation cost not yet recognized | $ 6,900,000 | |||
Nonvested awards, compensation cost not yet recognized, period for recognition | 5 years 2 months 12 days | |||
Share-based compensation expense | $ 1,200,000 | $ 500,000 | $ 200,000 | |
Amended and Restated RSP | Unvested restricted shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Benchmark basis for issuance | $ 30,000 | |||
Board chairman | Amended and Restated RSP | Unvested restricted shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted share vesting period | 7 years | |||
Granted (in shares) | 300,000 | |||
Independent directors | Amended and Restated RSP | Unvested restricted shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted share vesting period | 5 years | |||
Granted (in shares) | 25,000 | |||
Director | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock issued during period, issued for services (in shares) | 0 | 0 |
Share-Based Compensation (Summa
Share-Based Compensation (Summary of Share-based Compensation Awards) (Details) - Restricted Share Plan - Unvested restricted shares - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Number of Common Shares | |||
Beginning Balance (in shares) | 382,510 | 9,921 | 11,731 |
Granted (in shares) | 0 | 380,592 | 6,735 |
Vested (in shares) | (60,268) | (2,411) | (7,212) |
Forfeitures (in shares) | 0 | (5,592) | (1,333) |
Ending Balance (in shares) | 322,242 | 382,510 | 9,921 |
Weighted-Average Issue Price | |||
Beginning Balance, Weighted-Average Issue Price (usd per share) | $ 21.47 | $ 22.42 | $ 22.50 |
Granted, Weighted-Average Issue Price (usd per share) | 0 | 21.45 | 22.27 |
Vested, Weighted-Average Issue Price (usd per share) | 21.78 | 22.40 | 22.50 |
Forfeitures, Weighted-Average Issue Price (usd per share) | 0 | 21.45 | 22.50 |
Ending Balance, Weighted-Average Issue Price (usd per share) | $ 21.41 | $ 21.47 | $ 22.42 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | $ 1,356,059 | $ 1,504,326 | $ 1,601,817 |
Ending balance | 1,240,934 | 1,356,059 | 1,504,326 |
Gain on sale of investment securities | 0 | 0 | 56 |
Preferred stock | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Gain on sale of investment securities | 100 | ||
Unrealized Gains (Losses) on Designated Derivative | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 2,473 | 0 | (6) |
Other comprehensive income, before reclassifications | 2,367 | 2,473 | 62 |
Amounts reclassified from accumulated other comprehensive income | (258) | 0 | (56) |
Ending balance | $ 4,582 | $ 2,473 | $ 0 |
Non-Controlling Interests (Narr
Non-Controlling Interests (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Nov. 30, 2014 | |
Noncontrolling Interest [Line Items] | ||||
Limited partner units (in units) | 90 | 90 | ||
Distributions to non-controlling interest holders | $ 492 | $ 643 | $ 731 | |
Non-controlling Interests | ||||
Noncontrolling Interest [Line Items] | ||||
Limited partner units (in units) | 405,908 | |||
Units issued to purchase building | $ 10,100 | |||
Units issued to fund purchase of A Building (in dollars per share) | $ 25 |
Non-Controlling Interests (Summ
Non-Controlling Interests (Summary of Non-Controlling Interests) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Noncontrolling Interest [Line Items] | |||
Third party net investment amount | $ 7,797 | $ 8,505 | |
Net Real Estate Assets Subject to Investment Arrangement | 2,171,170 | 2,176,341 | |
Distributions | 492 | 645 | $ 731 |
Non-controlling Interests | |||
Noncontrolling Interest [Line Items] | |||
Distributions | 492 | 645 | 731 |
Plaza Del Rio Medical Office Campus Portfolio AZ | Non-controlling Interests | |||
Noncontrolling Interest [Line Items] | |||
Third party net investment amount | $ 324 | ||
Non-controlling ownership percentage | 1.90% | ||
Net Real Estate Assets Subject to Investment Arrangement | $ 14,747 | 10,784 | |
Distributions | 87 | 52 | $ 40 |
UnityPoint Clinic Portfolio | Non-controlling Interests | |||
Noncontrolling Interest [Line Items] | |||
Third party net investment amount | $ 488 | ||
Non-controlling ownership percentage | 5.00% | ||
Net Real Estate Assets Subject to Investment Arrangement | $ 9,241 | 9,639 | |
Distributions | $ 0 | $ 0 |
Net Loss Per Share (Details)
Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | ||||||||||||
Net loss attributable to stockholders | $ (10,214) | $ (29,607) | $ (6,950) | $ (5,991) | $ (7,557) | $ (24,136) | $ (4,716) | $ (6,139) | $ (52,762) | $ (42,548) | $ (20,874) | |
Basic and diluted weighted average shares outstanding (in shares) | 91,520,444 | 90,203,311 | 90,978,411 | 90,783,065 | 90,403,032 | 89,821,799 | 89,335,489 | 89,639,676 | 91,118,929 | 89,802,174 | 87,878,907 | |
Basic and diluted net loss per share (in usd per share) | $ (0.11) | $ (0.33) | $ (0.08) | $ (0.07) | $ (0.08) | $ (0.27) | $ (0.05) | $ (0.07) | $ (0.58) | $ (0.47) | $ (0.24) | |
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) | 1,123,319 | 895,587 | 775,169 | |||||||||
Limited partner units (in units) | 90 | 90 | 90 | 90 | ||||||||
Class B units (in units) | 359,250 | 359,250 | 359,250 | 359,250 | 359,250 | |||||||
Unvested restricted shares | ||||||||||||
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) | 358,071 | 130,339 | 9,921 | |||||||||
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 | |||||||||
Restricted Share Plan | Unvested restricted shares | ||||||||||||
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||||||
Unvested restricted stock (in shares) | 322,242 | 382,510 | 322,242 | 382,510 | 9,921 | 11,731 | ||||||
Advisor | American Realty Capital Healthcare III Advisors, LLC | ||||||||||||
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||||||
Limited partner units (in units) | 405,998 | 405,998 | 405,998 | 405,998 | 405,998 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | Jun. 08, 2017property | Dec. 31, 2018segment | Dec. 31, 2017segment | Dec. 31, 2016segment |
Segment Reporting [Abstract] | ||||
Number of reportable segments | segment | 3 | 3 | 3 | |
Transfer of Operations | ||||
Segment Reporting Information [Line Items] | ||||
Number of properties purchased | property | 12 |
Segment Reporting (Reconciliati
Segment Reporting (Reconciliation of Segment Activity) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues: | |||||||||||
Rental income | $ 102,708 | $ 95,152 | $ 103,375 | ||||||||
Contingent purchase price consideration | 0 | 0 | 138 | ||||||||
Total revenues | $ 91,820 | $ 90,191 | $ 90,957 | $ 89,438 | $ 81,720 | $ 79,072 | $ 75,766 | $ 74,615 | 362,406 | 311,173 | 302,566 |
Property operating and maintenance | 220,997 | 186,277 | 172,077 | ||||||||
NOI | 141,409 | 124,896 | 130,489 | ||||||||
Impairment charges | (20,655) | (18,993) | (389) | ||||||||
Operating fees to related parties | (23,071) | (22,257) | (20,583) | ||||||||
Acquisition and transaction related | (302) | (2,986) | (3,163) | ||||||||
General and administrative | (17,275) | (15,673) | (12,105) | ||||||||
Depreciation and amortization | (83,212) | (77,641) | (98,886) | ||||||||
Interest expense | (49,471) | (30,264) | (19,881) | ||||||||
Interest and other income | 23 | 306 | 47 | ||||||||
(Loss) gain on non-designated derivatives | (157) | (198) | 31 | ||||||||
(Loss) gain on sale of real estate investments | (70) | 438 | 1,330 | ||||||||
Gain on asset acquisition | 0 | 307 | 0 | ||||||||
Gain on sale of investment securities | 0 | 0 | 56 | ||||||||
Income tax (expense) benefit | (197) | (647) | 2,084 | ||||||||
Net loss attributable to non-controlling interests | 216 | 164 | 96 | ||||||||
Net loss attributable to stockholders | $ (10,214) | $ (29,607) | $ (6,950) | $ (5,991) | $ (7,557) | $ (24,136) | $ (4,716) | $ (6,139) | (52,762) | (42,548) | (20,874) |
Medical Office Buildings | |||||||||||
Revenues: | |||||||||||
Rental income | 79,210 | 67,390 | 65,994 | ||||||||
Contingent purchase price consideration | 0 | ||||||||||
Total revenues | 99,103 | 82,850 | 80,921 | ||||||||
Property operating and maintenance | 30,295 | 24,137 | 23,816 | ||||||||
NOI | 68,808 | 58,713 | 57,105 | ||||||||
Triple-Net Leased Healthcare Facilities | |||||||||||
Revenues: | |||||||||||
Rental income | 23,484 | 21,023 | 37,374 | ||||||||
Contingent purchase price consideration | 0 | ||||||||||
Total revenues | 24,449 | 22,169 | 38,323 | ||||||||
Property operating and maintenance | 13,777 | 12,789 | 18,810 | ||||||||
NOI | 10,672 | 9,380 | 19,513 | ||||||||
Seniors Housing Communities | |||||||||||
Revenues: | |||||||||||
Rental income | 14 | 6,739 | 7 | ||||||||
Contingent purchase price consideration | 138 | ||||||||||
Total revenues | 238,854 | 206,154 | 183,322 | ||||||||
Property operating and maintenance | 176,925 | 149,351 | 129,451 | ||||||||
NOI | 61,929 | 56,803 | 53,871 | ||||||||
Operating expense reimbursements | |||||||||||
Revenues: | |||||||||||
Revenues | 20,858 | 16,605 | 15,876 | ||||||||
Operating expense reimbursements | Medical Office Buildings | |||||||||||
Revenues: | |||||||||||
Revenues | 19,893 | 15,460 | 14,927 | ||||||||
Operating expense reimbursements | Triple-Net Leased Healthcare Facilities | |||||||||||
Revenues: | |||||||||||
Revenues | 965 | 1,146 | 949 | ||||||||
Operating expense reimbursements | Seniors Housing Communities | |||||||||||
Revenues: | |||||||||||
Revenues | 0 | (1) | 0 | ||||||||
Resident services and fee income | |||||||||||
Revenues: | |||||||||||
Revenues | 238,840 | 199,416 | 183,177 | ||||||||
Resident services and fee income | Medical Office Buildings | |||||||||||
Revenues: | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Resident services and fee income | Triple-Net Leased Healthcare Facilities | |||||||||||
Revenues: | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Resident services and fee income | Seniors Housing Communities | |||||||||||
Revenues: | |||||||||||
Revenues | $ 238,840 | $ 199,416 | $ 183,177 |
Segment Reporting (Reconcilia_2
Segment Reporting (Reconciliation of Segment Activity to Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Real estate investments, at cost: | ||
Investments in real estate, net: | $ 2,171,170 | $ 2,176,341 |
Construction in progress | 90,829 | 82,007 |
Cash and cash equivalents | 77,264 | 94,177 |
Restricted cash | 14,094 | 8,411 |
Assets held for sale | 52,397 | 37,822 |
Derivative assets, at fair value | 4,633 | 2,550 |
Straight-line rent receivable, net | 17,351 | 15,327 |
Prepaid expenses and other assets | 28,785 | 22,099 |
Deferred costs, net | 11,752 | 15,134 |
Total assets | 2,377,446 | 2,371,861 |
Medical Office Buildings | ||
Real estate investments, at cost: | ||
Investments in real estate, net: | 878,703 | 897,264 |
Triple-Net Leased Healthcare Facilities | ||
Real estate investments, at cost: | ||
Investments in real estate, net: | 289,686 | 294,727 |
Seniors Housing Communities | ||
Real estate investments, at cost: | ||
Investments in real estate, net: | $ 911,952 | $ 902,343 |
Segment Reporting (Reconcilia_3
Segment Reporting (Reconciliation of Capital Expenditures by Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 12,910 | $ 8,278 | $ 7,476 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 12,910 | 9,001 | 7,476 |
Operating Segments | Medical Office Buildings | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 7,582 | 4,037 | 3,198 |
Operating Segments | Triple-Net Leased Healthcare Facilities | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 1,152 | 154 | 112 |
Operating Segments | Seniors Housing Communities | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 4,176 | $ 4,810 | $ 4,166 |
Commitments and Contingencies_2
Commitments and Contingencies (Schedule of Future Minimum Rental Payments) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases | |
2019, Operating Leases | $ 780 |
2020, Operating Leases | 781 |
2021, Operating Leases | 774 |
2022, Operating Leases | 790 |
2023, Operating Leases | 760 |
Thereafter, Operating Leases | 34,344 |
Total, Operating Leases | 38,229 |
Capital Leases | |
2019, Capital Leases | 80 |
2020, Capital Leases | 82 |
2021, Capital Leases | 84 |
2022, Capital Leases | 86 |
2023, Capital Leases | 88 |
Thereafter, Capital Leases | 7,590 |
Total, Capital Leases | 8,010 |
Interest, Capital Leases | (3,202) |
Total present value of minimum lease payments | $ 4,808 |
Commitments and Contingencies_3
Commitments and Contingencies (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Aug. 31, 2015 | |
Loss Contingencies [Line Items] | ||||
Rent expense | $ 900,000 | $ 800,000 | $ 800,000 | |
Interest expense | 85,000 | 85,000 | $ 84,000 | |
Purchase obligation | $ 82,000,000 | |||
Amount funded | 90,600,000 | |||
Construction in progress | 80,598,000 | $ 72,007,000 | ||
Funding in excess of original obligation | 8,600,000 | |||
Funding commitment | 72,000,000 | |||
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 | $ 80,600,000 |
Quarterly Results (Unaudited)_2
Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 91,820 | $ 90,191 | $ 90,957 | $ 89,438 | $ 81,720 | $ 79,072 | $ 75,766 | $ 74,615 | $ 362,406 | $ 311,173 | $ 302,566 |
Net loss attributable to stockholders | $ (10,214) | $ (29,607) | $ (6,950) | $ (5,991) | $ (7,557) | $ (24,136) | $ (4,716) | $ (6,139) | $ (52,762) | $ (42,548) | $ (20,874) |
Basic and diluted weighted average shares outstanding (in shares) | 91,520,444 | 90,203,311 | 90,978,411 | 90,783,065 | 90,403,032 | 89,821,799 | 89,335,489 | 89,639,676 | 91,118,929 | 89,802,174 | 87,878,907 |
Basic and diluted net loss per share (in usd per share) | $ (0.11) | $ (0.33) | $ (0.08) | $ (0.07) | $ (0.08) | $ (0.27) | $ (0.05) | $ (0.07) | $ (0.58) | $ (0.47) | $ (0.24) |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) | Feb. 06, 2019USD ($)property | Dec. 31, 2018property | Mar. 13, 2019USD ($)property | Dec. 31, 2018 | Dec. 31, 2018USD ($) | Dec. 31, 2018encumbered_property | Dec. 31, 2017USD ($) |
Subsequent Event [Line Items] | |||||||
Document Type | 10-K | ||||||
Number of real estate properties | 191 | 91 | |||||
Credit facilities | $ 602,622,000 | $ 534,869,000 | |||||
Effective Interest Rate | 4.76% | 3.63% | |||||
Prior Credit Facility | |||||||
Subsequent Event [Line Items] | |||||||
Number of real estate properties | property | 69 | ||||||
Credit facilities | $ 239,700,000 | ||||||
Effective Interest Rate | 4.62% | 3.33% | |||||
Prior Credit Facility | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Number of real estate properties | property | 65 | ||||||
Credit facilities | $ 83,600,000 | ||||||
Secured Debt | |||||||
Subsequent Event [Line Items] | |||||||
Maximum borrowing capacity | 565,000,000 | ||||||
Remaining borrowing capacity | 17,800,000 | ||||||
Secured Debt | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Maximum borrowing capacity | 630,000,000 | ||||||
Current borrowing capacity | 263,100,000 | ||||||
Credit facilities | 233,600,000 | ||||||
Remaining borrowing capacity | 29,500,000 | ||||||
Term Loan | |||||||
Subsequent Event [Line Items] | |||||||
Effective Interest Rate | 4.61% | ||||||
Term Loan | Secured Debt | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Credit facilities | 150,000,000 | ||||||
Disposed by sale | |||||||
Subsequent Event [Line Items] | |||||||
Contract Sale Price | $ 54,575,000 | ||||||
Medical Office Buildings | Disposed by sale | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Number of real estate properties | property | 5 | ||||||
Contract Sale Price | $ 45,000,000 | ||||||
Net proceeds from sale | $ 26,600,000 | ||||||
Minimum | Secured Debt | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Accordion feature, increase limit | 370,000,000 | ||||||
Maximum | Secured Debt | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Accordion feature, increase limit | $ 1,000,000,000 |
Real Estate and Accumulated D_2
Real Estate and Accumulated Depreciation - Schedule III (Summary of Real Estate Properties) (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Aug. 31, 2015 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 1,073,425,000 | ||||
Land | 208,999,000 | ||||
Building and Improvements | 1,981,840,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 105,788,000 | ||||
Gross Amount | 2,296,627,000 | $ 2,229,374,000 | $ 2,060,458,000 | $ 2,078,503,000 | |
Accumulated Depreciation | 226,167,000 | 170,271,000 | $ 119,014,000 | $ 60,575,000 | |
Acquired intangibles | 256,500,000 | ||||
Federal income taxes | 2,200,000,000 | ||||
Accumulated Amortization | 155,700,000 | ||||
Secured Debt | $ 462,839,000 | $ 406,630,000 | |||
Building | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life | 40 years | ||||
Land Improvements | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life | 15 years | ||||
Fixtures and improvements | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life | 5 years | ||||
Fresenius Medical Care - Winfield, AL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 152,000 | ||||
Building and Improvements | 1,568,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 1,720,000 | ||||
Accumulated Depreciation | 261,000 | ||||
Adena Health Center - Jackson, OH | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 242,000 | ||||
Building and Improvements | 4,494,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 4,736,000 | ||||
Accumulated Depreciation | 641,000 | ||||
Ouachita Community Hospital - West Monroe, LA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 633,000 | ||||
Building and Improvements | 5,304,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 5,937,000 | ||||
Accumulated Depreciation | 769,000 | ||||
CareMeridian - Littleton, CO | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 976,000 | ||||
Building and Improvements | 8,900,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 103,000 | ||||
Gross Amount | 9,979,000 | ||||
Accumulated Depreciation | 2,084,000 | ||||
Oak Lawn Medical Center - Oak Lawn, IL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 5,343,000 | ||||
Land | 835,000 | ||||
Building and Improvements | 7,477,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 8,312,000 | ||||
Accumulated Depreciation | 1,250,000 | ||||
Surgery Center of Temple - Temple, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 3,141,000 | ||||
Land | 225,000 | ||||
Building and Improvements | 5,208,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 5,433,000 | ||||
Accumulated Depreciation | 721,000 | ||||
Greenville Health System - Greenville, SC | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 720,000 | ||||
Building and Improvements | 3,045,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 3,765,000 | ||||
Accumulated Depreciation | 412,000 | ||||
Arrowhead Medical Plaza II - Glendale, AZ | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 7,540,000 | ||||
Land | 0 | ||||
Building and Improvements | 9,707,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,078,000 | ||||
Gross Amount | 10,785,000 | ||||
Accumulated Depreciation | 1,643,000 | ||||
Village Center Parkway - Stockbridge, GA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 2,434,000 | ||||
Land | 1,135,000 | ||||
Building and Improvements | 2,299,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 131,000 | ||||
Gross Amount | 3,565,000 | ||||
Accumulated Depreciation | 446,000 | ||||
Stockbridge Family Medical - Stockbridge, GA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 1,781,000 | ||||
Land | 823,000 | ||||
Building and Improvements | 1,799,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 11,000 | ||||
Gross Amount | 2,633,000 | ||||
Accumulated Depreciation | 264,000 | ||||
Creekside MOB - Douglasville, GA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 6,018,000 | ||||
Land | 2,709,000 | ||||
Building and Improvements | 5,320,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 603,000 | ||||
Gross Amount | 8,632,000 | ||||
Accumulated Depreciation | 1,070,000 | ||||
Bowie Gateway Medical Center - Bowie, MD | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 7,390,000 | ||||
Land | 983,000 | ||||
Building and Improvements | 10,321,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 11,304,000 | ||||
Accumulated Depreciation | 1,309,000 | ||||
Campus at Crooks & Auburn Building D - Rochester Hills, MI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 2,613,000 | ||||
Land | 640,000 | ||||
Building and Improvements | 4,107,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 151,000 | ||||
Gross Amount | 4,898,000 | ||||
Accumulated Depreciation | 546,000 | ||||
Berwyn Medical Center - Berwyn, IL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,305,000 | ||||
Building and Improvements | 7,559,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 8,864,000 | ||||
Accumulated Depreciation | 904,000 | ||||
Countryside Medical Arts - Safety Harbor, FL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 5,690,000 | ||||
Land | 915,000 | ||||
Building and Improvements | 7,663,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 60,000 | ||||
Gross Amount | 8,638,000 | ||||
Accumulated Depreciation | 994,000 | ||||
St. Andrews Medical Park - Venice, FL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 6,289,000 | ||||
Land | 1,666,000 | ||||
Building and Improvements | 9,944,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 386,000 | ||||
Gross Amount | 11,996,000 | ||||
Accumulated Depreciation | 1,397,000 | ||||
Campus at Crooks & Auburn Building C - Rochester Hills, MI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 2,877,000 | ||||
Land | 609,000 | ||||
Building and Improvements | 3,842,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 152,000 | ||||
Gross Amount | 4,603,000 | ||||
Accumulated Depreciation | 552,000 | ||||
UC Davis MOB - Elk Grove, CA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 6,282,000 | ||||
Land | 1,138,000 | ||||
Building and Improvements | 7,242,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 235,000 | ||||
Gross Amount | 8,615,000 | ||||
Accumulated Depreciation | 961,000 | ||||
Laguna Professional Center - Elk Grove, CA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 8,887,000 | ||||
Land | 1,811,000 | ||||
Building and Improvements | 14,598,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 218,000 | ||||
Gross Amount | 16,627,000 | ||||
Accumulated Depreciation | 1,876,000 | ||||
Estate at Hyde Park - Tampa, FL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 20,116,000 | ||||
Land | 1,777,000 | ||||
Building and Improvements | 20,153,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 168,000 | ||||
Gross Amount | 22,098,000 | ||||
Accumulated Depreciation | 2,819,000 | ||||
Autumn Ridge of Clarkston - Clarkston, MI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 19,245,000 | ||||
Land | 655,000 | ||||
Building and Improvements | 19,834,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 118,000 | ||||
Gross Amount | 20,607,000 | ||||
Accumulated Depreciation | 2,838,000 | ||||
Sunnybrook of Burlington - Burlington, IA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 12,783,000 | ||||
Land | 518,000 | ||||
Building and Improvements | 16,651,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 97,000 | ||||
Gross Amount | 17,266,000 | ||||
Accumulated Depreciation | 2,381,000 | ||||
Sunnybrook of Carroll - Carroll, IA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 6,144,000 | ||||
Land | 473,000 | ||||
Building and Improvements | 11,150,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 103,000 | ||||
Gross Amount | 11,726,000 | ||||
Accumulated Depreciation | 1,458,000 | ||||
Sunnybrook of Fairfield - Fairfield, IA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 1,867,000 | ||||
Land | 340,000 | ||||
Building and Improvements | 14,028,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 109,000 | ||||
Gross Amount | 14,477,000 | ||||
Accumulated Depreciation | 2,063,000 | ||||
Sunnybrook of Ft. Madison - Ft. Madison, IA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 1,113,000 | ||||
Land | 263,000 | ||||
Building and Improvements | 3,898,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 28,000 | ||||
Gross Amount | 4,189,000 | ||||
Accumulated Depreciation | 185,000 | ||||
Sunnybrook of Mt. Pleasant - Mt. Pleasant, IA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 1,417,000 | ||||
Land | 205,000 | ||||
Building and Improvements | 10,811,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 230,000 | ||||
Gross Amount | 11,246,000 | ||||
Accumulated Depreciation | 1,336,000 | ||||
Sunnybrook of Muscatine - Muscatine, IA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 11,989,000 | ||||
Land | 302,000 | ||||
Building and Improvements | 13,752,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 111,000 | ||||
Gross Amount | 14,165,000 | ||||
Accumulated Depreciation | 1,837,000 | ||||
Prairie Hills at Cedar Rapids -Cedar Rapids, IA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 8,014,000 | ||||
Land | 195,000 | ||||
Building and Improvements | 8,544,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 74,000 | ||||
Gross Amount | 8,813,000 | ||||
Accumulated Depreciation | 1,137,000 | ||||
Prairie Hills at Clinton - Clinton, IA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 10,759,000 | ||||
Land | 890,000 | ||||
Building and Improvements | 18,801,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 66,000 | ||||
Gross Amount | 19,757,000 | ||||
Accumulated Depreciation | 2,525,000 | ||||
Prairie Hills at Des Moines - Des Moines, IA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 5,418,000 | ||||
Land | 647,000 | ||||
Building and Improvements | 13,645,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 130,000 | ||||
Gross Amount | 14,422,000 | ||||
Accumulated Depreciation | 2,003,000 | ||||
Prairie Hills at Tipton - Tipton, IA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 1,113,000 | ||||
Land | 306,000 | ||||
Building and Improvements | 10,370,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 26,000 | ||||
Gross Amount | 10,702,000 | ||||
Accumulated Depreciation | 1,243,000 | ||||
Prairie Hills at Independence - Independence, IA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 1,372,000 | ||||
Land | 473,000 | ||||
Building and Improvements | 10,534,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 73,000 | ||||
Gross Amount | 11,080,000 | ||||
Accumulated Depreciation | 1,358,000 | ||||
Prairie Hills at Ottumwa - Ottumwa, IA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 1,305,000 | ||||
Land | 538,000 | ||||
Building and Improvements | 9,100,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 86,000 | ||||
Gross Amount | 9,724,000 | ||||
Accumulated Depreciation | 1,292,000 | ||||
Sunnybrook of Burlington - Land - Burlington, IA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 620,000 | ||||
Building and Improvements | 0 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 620,000 | ||||
Accumulated Depreciation | 0 | ||||
Buchanan Meadows - Buchanan, MI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 4,234,000 | ||||
Land | 288,000 | ||||
Building and Improvements | 6,988,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 134,000 | ||||
Gross Amount | 7,410,000 | ||||
Accumulated Depreciation | 990,000 | ||||
Crystal Springs - Kentwood, MI (f/k/a Addington Place of Grand Rapids) | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 1,462,000 | ||||
Land | 661,000 | ||||
Building and Improvements | 14,507,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 74,000 | ||||
Gross Amount | 15,242,000 | ||||
Accumulated Depreciation | 2,272,000 | ||||
Golden Orchards - Fennville, MI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 787,000 | ||||
Land | 418,000 | ||||
Building and Improvements | 5,318,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 66,000 | ||||
Gross Amount | 5,802,000 | ||||
Accumulated Depreciation | 712,000 | ||||
Lakeside Vista - Holland, MI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 6,128,000 | ||||
Land | 378,000 | ||||
Building and Improvements | 12,196,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 126,000 | ||||
Gross Amount | 12,700,000 | ||||
Accumulated Depreciation | 1,695,000 | ||||
Liberty Court - Dixon, IL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 119,000 | ||||
Building and Improvements | 1,957,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 25,000 | ||||
Gross Amount | 2,101,000 | ||||
Accumulated Depreciation | 303,000 | ||||
Prestige Centre - Buchanan, MI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 450,000 | ||||
Land | 297,000 | ||||
Building and Improvements | 2,207,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 10,000 | ||||
Gross Amount | 2,514,000 | ||||
Accumulated Depreciation | 365,000 | ||||
Prestige Commons - Chesterfield Twp, MI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 641,000 | ||||
Land | 318,000 | ||||
Building and Improvements | 5,346,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 78,000 | ||||
Gross Amount | 5,742,000 | ||||
Accumulated Depreciation | 709,000 | ||||
Prestige Pines - Dewitt, MI (f/k/a Addington Place of DeWitt) | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 934,000 | ||||
Land | 476,000 | ||||
Building and Improvements | 3,065,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 142,000 | ||||
Gross Amount | 3,683,000 | ||||
Accumulated Depreciation | 573,000 | ||||
Prestige Place - Clare, MI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 59,000 | ||||
Building and Improvements | 1,169,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 29,000 | ||||
Gross Amount | 1,257,000 | ||||
Accumulated Depreciation | 321,000 | ||||
Prestige Point - Grand Blanc, MI (f/k/a Addington Place of Grand Blanc) | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 73,000 | ||||
Building and Improvements | 734,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 58,000 | ||||
Gross Amount | 865,000 | ||||
Accumulated Depreciation | 45,000 | ||||
Prestige Way - Holt, MI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 151,000 | ||||
Building and Improvements | 1,339,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 32,000 | ||||
Gross Amount | 1,522,000 | ||||
Accumulated Depreciation | 72,000 | ||||
The Atrium - Rockford, IL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 164,000 | ||||
Building and Improvements | 1,746,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 20,000 | ||||
Gross Amount | 1,930,000 | ||||
Accumulated Depreciation | 85,000 | ||||
Waldon Woods - Wyoming, MI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 205,000 | ||||
Building and Improvements | 1,915,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 88,000 | ||||
Gross Amount | 2,208,000 | ||||
Accumulated Depreciation | 126,000 | ||||
Whispering Woods - Grand Rapids, MI (f/k/a Addington Place of East Paris) | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 806,000 | ||||
Building and Improvements | 12,204,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 586,000 | ||||
Gross Amount | 13,596,000 | ||||
Accumulated Depreciation | 2,021,000 | ||||
Arrowhead Medical Plaza I - Glendale, AZ | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 4,571,000 | ||||
Land | 0 | ||||
Building and Improvements | 6,377,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 713,000 | ||||
Gross Amount | 7,090,000 | ||||
Accumulated Depreciation | 835,000 | ||||
Cardiovascular Consultants of Cape Girardeau Medical Office Building- Cape Girardeau, MO | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,624,000 | ||||
Building and Improvements | 5,303,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 6,927,000 | ||||
Accumulated Depreciation | 838,000 | ||||
FOC Clinical - Mechanicsburg, PA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 13,408,000 | ||||
Land | 0 | ||||
Building and Improvements | 19,634,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 19,634,000 | ||||
Accumulated Depreciation | 2,378,000 | ||||
Brady MOB - Harrisburg, PA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 14,622,000 | ||||
Land | 0 | ||||
Building and Improvements | 22,485,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 22,485,000 | ||||
Accumulated Depreciation | 2,411,000 | ||||
Community Health MOB - Harrisburg, PA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 3,985,000 | ||||
Land | 0 | ||||
Building and Improvements | 6,170,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 6,170,000 | ||||
Accumulated Depreciation | 677,000 | ||||
FOC I - Mechanicsburg, PA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 5,859,000 | ||||
Land | 0 | ||||
Building and Improvements | 8,923,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 155,000 | ||||
Gross Amount | 9,078,000 | ||||
Accumulated Depreciation | 1,141,000 | ||||
FOC II - Mechanicsburg, PA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 11,508,000 | ||||
Land | 0 | ||||
Building and Improvements | 16,473,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 132,000 | ||||
Gross Amount | 16,605,000 | ||||
Accumulated Depreciation | 2,011,000 | ||||
Landis Memorial - Harrisburg, PA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 0 | ||||
Building and Improvements | 32,484,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 32,484,000 | ||||
Accumulated Depreciation | 3,494,000 | ||||
Copper Springs Senior Living - Meridian, ID | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 498,000 | ||||
Building and Improvements | 7,053,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 130,000 | ||||
Gross Amount | 7,681,000 | ||||
Accumulated Depreciation | 1,302,000 | ||||
Addington Place of Brunswick - Brunswick, GA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 1,464,000 | ||||
Land | 1,509,000 | ||||
Building and Improvements | 14,385,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 25,000 | ||||
Gross Amount | 15,919,000 | ||||
Accumulated Depreciation | 2,080,000 | ||||
Addington Place of Dublin - Dublin, GA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 1,239,000 | ||||
Land | 403,000 | ||||
Building and Improvements | 9,254,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 55,000 | ||||
Gross Amount | 9,712,000 | ||||
Accumulated Depreciation | 1,466,000 | ||||
Addington Place of Johns Creek - Johns Creek, GA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 10,139,000 | ||||
Land | 997,000 | ||||
Building and Improvements | 11,849,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 104,000 | ||||
Gross Amount | 12,950,000 | ||||
Accumulated Depreciation | 1,777,000 | ||||
Addington Place of Lee's Summit - Lee's Summit, MO | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 17,187,000 | ||||
Land | 2,734,000 | ||||
Building and Improvements | 24,970,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 60,000 | ||||
Gross Amount | 27,764,000 | ||||
Accumulated Depreciation | 3,342,000 | ||||
Manor on the Square - Roswell, GA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,000,000 | ||||
Building and Improvements | 8,505,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 216,000 | ||||
Gross Amount | 9,721,000 | ||||
Accumulated Depreciation | 1,486,000 | ||||
Addington Place of Titusville - Titusville, FL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 12,423,000 | ||||
Land | 1,379,000 | ||||
Building and Improvements | 13,827,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 177,000 | ||||
Gross Amount | 15,383,000 | ||||
Accumulated Depreciation | 2,198,000 | ||||
Allegro at Elizabethtown - Elizabethtown, KY | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 1,001,000 | ||||
Land | 317,000 | ||||
Building and Improvements | 7,261,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 173,000 | ||||
Gross Amount | 7,751,000 | ||||
Accumulated Depreciation | 1,238,000 | ||||
Allegro at Jupiter - Jupiter, FL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 34,370,000 | ||||
Land | 3,741,000 | ||||
Building and Improvements | 49,413,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 163,000 | ||||
Gross Amount | 53,317,000 | ||||
Accumulated Depreciation | 6,660,000 | ||||
Addington Place of College Harbour - St Petersburg, FL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 3,791,000 | ||||
Building and Improvements | 7,950,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,183,000 | ||||
Gross Amount | 12,924,000 | ||||
Accumulated Depreciation | 1,845,000 | ||||
Allegro at Stuart - Stuart, FL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 49,069,000 | ||||
Land | 5,018,000 | ||||
Building and Improvements | 60,505,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 314,000 | ||||
Gross Amount | 65,837,000 | ||||
Accumulated Depreciation | 8,355,000 | ||||
Allegro at Tarpon - Tarpon Springs, FL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 7,350,000 | ||||
Land | 2,360,000 | ||||
Building and Improvements | 13,412,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 365,000 | ||||
Gross Amount | 16,137,000 | ||||
Accumulated Depreciation | 2,358,000 | ||||
Allegro at St Petersburg - Land - St Petersburg, FL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 3,045,000 | ||||
Building and Improvements | 0 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 3,045,000 | ||||
Accumulated Depreciation | 0 | ||||
Gateway Medical Office Building - Clarksville, TN | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 11,481,000 | ||||
Land | 0 | ||||
Building and Improvements | 16,367,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 730,000 | ||||
Gross Amount | 17,097,000 | ||||
Accumulated Depreciation | 1,938,000 | ||||
757 Building - Munster, IN | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 645,000 | ||||
Building and Improvements | 7,885,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 8,530,000 | ||||
Accumulated Depreciation | 859,000 | ||||
Dyer Building - Dyer, IN | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 601,000 | ||||
Building and Improvements | 8,867,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 158,000 | ||||
Gross Amount | 9,626,000 | ||||
Accumulated Depreciation | 982,000 | ||||
759 Building - Munster, IN | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 6,440,000 | ||||
Land | 1,101,000 | ||||
Building and Improvements | 8,899,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 10,000,000 | ||||
Accumulated Depreciation | 997,000 | ||||
761 Building - Munster, IN | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 6,797,000 | ||||
Land | 1,436,000 | ||||
Building and Improvements | 8,580,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 48,000 | ||||
Gross Amount | 10,064,000 | ||||
Accumulated Depreciation | 1,000,000 | ||||
Schererville Building - Schererville, IN | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,260,000 | ||||
Building and Improvements | 750,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 201,000 | ||||
Gross Amount | 2,211,000 | ||||
Accumulated Depreciation | 181,000 | ||||
Nuvista at Hillsborough - Lutz, FL (f/k/a Lutz Health and Rehabilitation Center) | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 913,000 | ||||
Building and Improvements | 17,176,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 160,000 | ||||
Gross Amount | 18,249,000 | ||||
Accumulated Depreciation | 3,203,000 | ||||
Nuvista at Wellington Green - Wellington, FL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 4,273,000 | ||||
Building and Improvements | 42,098,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 46,371,000 | ||||
Accumulated Depreciation | 6,565,000 | ||||
Mount Vernon Medical Office Building - Mount Vernon, WA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 11,085,000 | ||||
Land | 0 | ||||
Building and Improvements | 18,519,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 18,519,000 | ||||
Accumulated Depreciation | 2,050,000 | ||||
Meadowbrook Senior Living - Agoura Hills, CA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 19,167,000 | ||||
Land | 8,821,000 | ||||
Building and Improvements | 48,454,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 772,000 | ||||
Gross Amount | 58,047,000 | ||||
Accumulated Depreciation | 5,860,000 | ||||
Hampton River Medical Arts Building - Hampton, VA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 15,678,000 | ||||
Land | 0 | ||||
Building and Improvements | 17,706,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 146,000 | ||||
Gross Amount | 17,852,000 | ||||
Accumulated Depreciation | 2,074,000 | ||||
Careplex West Medical Office Building- Hampton, VA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 10,663,000 | ||||
Land | 2,628,000 | ||||
Building and Improvements | 16,098,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 18,726,000 | ||||
Accumulated Depreciation | 1,752,000 | ||||
Wellington at Hershey's Mill - West Chester, PA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 8,531,000 | ||||
Building and Improvements | 80,076,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 89,000 | ||||
Gross Amount | 88,696,000 | ||||
Accumulated Depreciation | 9,634,000 | ||||
Eye Specialty Group Medical Building - Memphis, TN | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 5,332,000 | ||||
Land | 775,000 | ||||
Building and Improvements | 7,223,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 7,998,000 | ||||
Accumulated Depreciation | 774,000 | ||||
Addington Place of Alpharetta - Alpharetta, GA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 14,812,000 | ||||
Land | 1,604,000 | ||||
Building and Improvements | 26,055,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 21,000 | ||||
Gross Amount | 27,680,000 | ||||
Accumulated Depreciation | 3,364,000 | ||||
Addington Place of Prairie Village - Prairie Village, KS | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 2,633,000 | ||||
Land | 1,782,000 | ||||
Building and Improvements | 21,831,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 33,000 | ||||
Gross Amount | 23,646,000 | ||||
Accumulated Depreciation | 2,905,000 | ||||
Medical Sciences Pavilion - Harrisburg, PA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 13,461,000 | ||||
Land | 0 | ||||
Building and Improvements | 22,309,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 22,309,000 | ||||
Accumulated Depreciation | 2,308,000 | ||||
Bloom MOB - Harrisburg, PA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 11,217,000 | ||||
Land | 0 | ||||
Building and Improvements | 15,928,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 166,000 | ||||
Gross Amount | 16,094,000 | ||||
Accumulated Depreciation | 1,734,000 | ||||
Pinnacle Center - Southaven, MS | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 4,223,000 | ||||
Land | 1,378,000 | ||||
Building and Improvements | 6,418,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 301,000 | ||||
Gross Amount | 8,097,000 | ||||
Accumulated Depreciation | 845,000 | ||||
Wood Glen Nursing and Rehab Center - West Chicago,IL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,896,000 | ||||
Building and Improvements | 16,107,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 18,003,000 | ||||
Accumulated Depreciation | 2,616,000 | ||||
Paradise Valley Medical Plaza - Phoenix, AZ | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 12,405,000 | ||||
Land | 0 | ||||
Building and Improvements | 25,187,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 601,000 | ||||
Gross Amount | 25,788,000 | ||||
Accumulated Depreciation | 2,827,000 | ||||
The Hospital at Craig Ranch - McKinney, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,596,000 | ||||
Building and Improvements | 40,389,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 716,000 | ||||
Gross Amount | 42,701,000 | ||||
Accumulated Depreciation | 4,218,000 | ||||
Capitol Healthcare & Rehab Centre - Springfield, IL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 603,000 | ||||
Building and Improvements | 21,690,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 35,000 | ||||
Gross Amount | 22,328,000 | ||||
Accumulated Depreciation | 3,419,000 | ||||
Colonial Healthcare & Rehab Centre- Princeton, IL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 173,000 | ||||
Building and Improvements | 5,871,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 6,044,000 | ||||
Accumulated Depreciation | 1,205,000 | ||||
Morton Terrace Healthcare & Rehab Centre - Morton, IL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 709,000 | ||||
Building and Improvements | 5,649,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 6,358,000 | ||||
Accumulated Depreciation | 1,185,000 | ||||
Morton Villa Healthcare & Rehab Centre - Morton, IL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 645,000 | ||||
Building and Improvements | 3,665,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 109,000 | ||||
Gross Amount | 4,419,000 | ||||
Accumulated Depreciation | 720,000 | ||||
Rivershores Healthcare & Rehab Centre - Marseilles, IL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,276,000 | ||||
Building and Improvements | 6,868,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 8,144,000 | ||||
Accumulated Depreciation | 1,184,000 | ||||
The Heights Healthcare & Rehab Centre - Peoria Heights, IL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 214,000 | ||||
Building and Improvements | 7,952,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 8,166,000 | ||||
Accumulated Depreciation | 1,438,000 | ||||
Specialty Hospital - Mesa, AZ | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,977,000 | ||||
Building and Improvements | 16,146,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 566,000 | ||||
Gross Amount | 18,689,000 | ||||
Accumulated Depreciation | 1,767,000 | ||||
Specialty Hospital - Sun City, AZ | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 2,329,000 | ||||
Building and Improvements | 15,795,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 274,000 | ||||
Gross Amount | 18,398,000 | ||||
Accumulated Depreciation | 1,725,000 | ||||
Addington Place of Shoal Creek - Kansas City, MO | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 13,391,000 | ||||
Land | 3,723,000 | ||||
Building and Improvements | 22,206,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 112,000 | ||||
Gross Amount | 26,041,000 | ||||
Accumulated Depreciation | 2,820,000 | ||||
Aurora Healthcare Center - Green Bay, WI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,130,000 | ||||
Building and Improvements | 1,678,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 2,808,000 | ||||
Accumulated Depreciation | 203,000 | ||||
Aurora Healthcare Center - Greenville, WI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 259,000 | ||||
Building and Improvements | 958,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 1,217,000 | ||||
Accumulated Depreciation | 123,000 | ||||
Aurora Healthcare Center - Plymouth, WI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 17,038,000 | ||||
Land | 2,891,000 | ||||
Building and Improvements | 24,224,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 27,115,000 | ||||
Accumulated Depreciation | 2,627,000 | ||||
Aurora Healthcare Center - Waterford, WI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 590,000 | ||||
Building and Improvements | 6,452,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 7,042,000 | ||||
Accumulated Depreciation | 675,000 | ||||
Aurora Healthcare Center - Wautoma, WI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,955,000 | ||||
Building and Improvements | 4,361,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 6,316,000 | ||||
Accumulated Depreciation | 475,000 | ||||
Aurora Sheboyan Clinic - Kiel, WI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 676,000 | ||||
Building and Improvements | 2,214,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 2,890,000 | ||||
Accumulated Depreciation | 239,000 | ||||
Arbor View Assisted Living and Memory Care - Burlington, WI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 367,000 | ||||
Building and Improvements | 7,815,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 38,000 | ||||
Gross Amount | 8,220,000 | ||||
Accumulated Depreciation | 1,133,000 | ||||
Advanced Orthopaedic Medical Center - Richmond, VA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 11,666,000 | ||||
Land | 1,523,000 | ||||
Building and Improvements | 19,229,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 20,752,000 | ||||
Accumulated Depreciation | 1,914,000 | ||||
Palm Valley Medical Plaza - Goodyear, AZ | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 3,222,000 | ||||
Land | 1,890,000 | ||||
Building and Improvements | 4,876,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 156,000 | ||||
Gross Amount | 6,922,000 | ||||
Accumulated Depreciation | 569,000 | ||||
Physicians Plaza of Roane County - Harriman, TN | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 6,293,000 | ||||
Land | 1,746,000 | ||||
Building and Improvements | 7,813,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 61,000 | ||||
Gross Amount | 9,620,000 | ||||
Accumulated Depreciation | 821,000 | ||||
Adventist Health Lacey Medical Plaza - Hanford, CA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 8,499,000 | ||||
Land | 328,000 | ||||
Building and Improvements | 13,267,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 51,000 | ||||
Gross Amount | 13,646,000 | ||||
Accumulated Depreciation | 1,245,000 | ||||
Commerical Center - Peoria, AZ | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 2,111,000 | ||||
Land | 959,000 | ||||
Building and Improvements | 1,076,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 428,000 | ||||
Gross Amount | 2,463,000 | ||||
Accumulated Depreciation | 200,000 | ||||
Medical Center I - Peoria, AZ | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 1,689,000 | ||||
Land | 807,000 | ||||
Building and Improvements | 1,077,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,364,000 | ||||
Gross Amount | 3,248,000 | ||||
Accumulated Depreciation | 376,000 | ||||
Medical Center II - Peoria, AZ | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 945,000 | ||||
Building and Improvements | 1,304,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 4,863,000 | ||||
Gross Amount | 7,112,000 | ||||
Accumulated Depreciation | 382,000 | ||||
Medical Center III - Peoria, AZ | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 2,137,000 | ||||
Land | 673,000 | ||||
Building and Improvements | 1,597,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 642,000 | ||||
Gross Amount | 2,912,000 | ||||
Accumulated Depreciation | 338,000 | ||||
Morrow Medical Center - Morrow, GA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 4,334,000 | ||||
Land | 1,155,000 | ||||
Building and Improvements | 5,618,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 234,000 | ||||
Gross Amount | 7,007,000 | ||||
Accumulated Depreciation | 553,000 | ||||
Belmar Medical Building - Lakewood, CO | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 3,770,000 | ||||
Land | 819,000 | ||||
Building and Improvements | 4,273,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 134,000 | ||||
Gross Amount | 5,226,000 | ||||
Accumulated Depreciation | 438,000 | ||||
Addington Place of Northville - Northville, MI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 13,287,000 | ||||
Land | 440,000 | ||||
Building and Improvements | 14,975,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 180,000 | ||||
Gross Amount | 15,595,000 | ||||
Accumulated Depreciation | 1,701,000 | ||||
Medical Center V - Peoria, AZ | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 2,977,000 | ||||
Land | 1,089,000 | ||||
Building and Improvements | 3,200,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 114,000 | ||||
Gross Amount | 4,403,000 | ||||
Accumulated Depreciation | 323,000 | ||||
Legacy Medical Village - Plano, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 19,637,000 | ||||
Land | 3,755,000 | ||||
Building and Improvements | 31,097,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 274,000 | ||||
Gross Amount | 35,126,000 | ||||
Accumulated Depreciation | 2,966,000 | ||||
Conroe Medical Arts and Surgery Center - Conroe, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 9,343,000 | ||||
Land | 1,965,000 | ||||
Building and Improvements | 12,198,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 274,000 | ||||
Gross Amount | 14,437,000 | ||||
Accumulated Depreciation | 1,303,000 | ||||
Scripps Cedar Medical Center - Vista, CA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 10,082,000 | ||||
Land | 1,213,000 | ||||
Building and Improvements | 14,531,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 41,000 | ||||
Gross Amount | 15,785,000 | ||||
Accumulated Depreciation | 1,286,000 | ||||
NuVista Institute for Healthy Living - Jupiter, FL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 10,000,000 | ||||
Building and Improvements | 0 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 80,826,000 | ||||
Gross Amount | 90,826,000 | ||||
Accumulated Depreciation | 0 | ||||
Ocean Park of Brookings - Brookings, OR | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 1,474,000 | ||||
Land | 589,000 | ||||
Building and Improvements | 5,381,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (2,532,000) | ||||
Gross Amount | 3,438,000 | ||||
Accumulated Depreciation | 0 | ||||
Ramsey Woods - Cudahy | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 930,000 | ||||
Building and Improvements | 4,990,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 13,000 | ||||
Gross Amount | 5,933,000 | ||||
Accumulated Depreciation | 569,000 | ||||
East Coast Square North - Morehead City, NC | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 3,933,000 | ||||
Land | 899,000 | ||||
Building and Improvements | 4,761,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 7,000 | ||||
Gross Amount | 5,667,000 | ||||
Accumulated Depreciation | 418,000 | ||||
East Coast Square West - Cedar Point, NC | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 5,254,000 | ||||
Land | 1,535,000 | ||||
Building and Improvements | 4,803,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 6,000 | ||||
Gross Amount | 6,344,000 | ||||
Accumulated Depreciation | 431,000 | ||||
Eastside Cancer Institute - Greenville, SC | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,498,000 | ||||
Building and Improvements | 6,637,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 34,000 | ||||
Gross Amount | 8,169,000 | ||||
Accumulated Depreciation | 582,000 | ||||
Sassafras Medical Building - Erie, PA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 2,315,000 | ||||
Land | 928,000 | ||||
Building and Improvements | 4,538,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 5,466,000 | ||||
Accumulated Depreciation | 371,000 | ||||
Sky Lakes Klamath Medical Clinic - Klamath Falls, OR | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 433,000 | ||||
Building and Improvements | 2,604,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 18,000 | ||||
Gross Amount | 3,055,000 | ||||
Accumulated Depreciation | 223,000 | ||||
Courtyard Fountains - Gresham, OR | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 23,906,000 | ||||
Land | 2,476,000 | ||||
Building and Improvements | 50,534,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 700,000 | ||||
Gross Amount | 53,710,000 | ||||
Accumulated Depreciation | 4,840,000 | ||||
Presence Healing Arts Pavilion - New Lenox, IL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 5,966,000 | ||||
Land | 0 | ||||
Building and Improvements | 6,761,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 76,000 | ||||
Gross Amount | 6,837,000 | ||||
Accumulated Depreciation | 600,000 | ||||
Mainland Medical Arts Pavilion - Texas City, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 6,174,000 | ||||
Land | 320,000 | ||||
Building and Improvements | 7,823,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 398,000 | ||||
Gross Amount | 8,541,000 | ||||
Accumulated Depreciation | 759,000 | ||||
Renaissance on Peachtree - Atlanta, GA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 50,821,000 | ||||
Land | 4,535,000 | ||||
Building and Improvements | 68,605,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 813,000 | ||||
Gross Amount | 73,953,000 | ||||
Accumulated Depreciation | 6,478,000 | ||||
Fox Ridge Senior Living at Bryant - Bryant, AR | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 7,427,000 | ||||
Land | 1,687,000 | ||||
Building and Improvements | 12,862,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 244,000 | ||||
Gross Amount | 14,793,000 | ||||
Accumulated Depreciation | 1,646,000 | ||||
Fox Ridge Senior Living at Chenal - Little Rock, AR | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 16,988,000 | ||||
Land | 6,896,000 | ||||
Building and Improvements | 20,484,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 105,000 | ||||
Gross Amount | 27,485,000 | ||||
Accumulated Depreciation | 2,226,000 | ||||
Fox Ridge Senior Living at Parkstone - North Little Rock, AR | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 10,541,000 | ||||
Land | 0 | ||||
Building and Improvements | 19,190,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 266,000 | ||||
Gross Amount | 19,456,000 | ||||
Accumulated Depreciation | 1,900,000 | ||||
Autumn Leaves of Clear Lake - Houston, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,599,000 | ||||
Building and Improvements | 13,194,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 14,793,000 | ||||
Accumulated Depreciation | 1,308,000 | ||||
Autumn Leaves of Cy-Fair - Houston, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,225,000 | ||||
Building and Improvements | 11,335,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 12,560,000 | ||||
Accumulated Depreciation | 1,127,000 | ||||
Autumn Leaves of Meyerland- Houston, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 2,033,000 | ||||
Building and Improvements | 13,411,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 15,444,000 | ||||
Accumulated Depreciation | 1,273,000 | ||||
Autumn Leaves of the Woodlands - The Woodlands, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 2,413,000 | ||||
Building and Improvements | 9,141,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 11,554,000 | ||||
Accumulated Depreciation | 971,000 | ||||
High Desert Medical Group Medical Office Building - Lancaster, CA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 7,480,000 | ||||
Land | 1,459,000 | ||||
Building and Improvements | 9,300,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 10,759,000 | ||||
Accumulated Depreciation | 532,000 | ||||
Northside Hospital Medical Office Building - Canton, GA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 8,014,000 | ||||
Land | 3,408,000 | ||||
Building and Improvements | 8,191,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 30,000 | ||||
Gross Amount | 11,629,000 | ||||
Accumulated Depreciation | 334,000 | ||||
West Michigan Surgery Center - Big Rapids, MI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 258,000 | ||||
Building and Improvements | 5,677,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 5,935,000 | ||||
Accumulated Depreciation | 201,000 | ||||
Camellia Walk Assisted Living and Memory Care - Evans, GA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 12,476,000 | ||||
Land | 1,855,000 | ||||
Building and Improvements | 17,361,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 8,000 | ||||
Gross Amount | 19,224,000 | ||||
Accumulated Depreciation | 753,000 | ||||
Cedarhurst of Collinsville - Collinsville, IL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,228,000 | ||||
Building and Improvements | 8,638,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 40,000 | ||||
Gross Amount | 9,906,000 | ||||
Accumulated Depreciation | 268,000 | ||||
Beaumont Medical Center - Warren, MI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,078,000 | ||||
Building and Improvements | 9,525,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 17,000 | ||||
Gross Amount | 10,620,000 | ||||
Accumulated Depreciation | 265,000 | ||||
DaVita Dialysis - Hudson, FL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 226,000 | ||||
Building and Improvements | 1,979,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 2,205,000 | ||||
Accumulated Depreciation | 53,000 | ||||
DaVita Bay Breeze - Largo, FL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 399,000 | ||||
Building and Improvements | 896,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 1,295,000 | ||||
Accumulated Depreciation | 29,000 | ||||
Greenfield Medical Center - Gilbert, AZ | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,476,000 | ||||
Building and Improvements | 4,131,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 6,000 | ||||
Gross Amount | 5,613,000 | ||||
Accumulated Depreciation | 118,000 | ||||
RAI Care Center - Clearwater, FL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 624,000 | ||||
Building and Improvements | 3,156,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 3,780,000 | ||||
Accumulated Depreciation | 84,000 | ||||
Illinois CancerCare - Galesburg, IL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 290,000 | ||||
Building and Improvements | 2,457,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 2,747,000 | ||||
Accumulated Depreciation | 74,000 | ||||
UnityPoint Clinic - Muscatine, IA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 570,000 | ||||
Building and Improvements | 4,541,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 5,111,000 | ||||
Accumulated Depreciation | 130,000 | ||||
Lee Memorial Health System Outpatient Center - Ft. Meyers, FL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 439,000 | ||||
Building and Improvements | 4,374,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 4,813,000 | ||||
Accumulated Depreciation | 121,000 | ||||
Lee Memorial Health System Outpatient Center - Ft. Meyers, FL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 481,000 | ||||
Building and Improvements | 3,923,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 9,000 | ||||
Gross Amount | 4,413,000 | ||||
Accumulated Depreciation | 136,000 | ||||
Decatur Medical Office Building - Decatur, GA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 695,000 | ||||
Building and Improvements | 3,273,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 3,968,000 | ||||
Accumulated Depreciation | 98,000 | ||||
Madison Medical Plaza - Joliet, IL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 0 | ||||
Building and Improvements | 16,855,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 16,855,000 | ||||
Accumulated Depreciation | 422,000 | ||||
Woodlake Office Center - Woodbury, MN | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 8,638,000 | ||||
Land | 1,017,000 | ||||
Building and Improvements | 10,688,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 11,705,000 | ||||
Accumulated Depreciation | 291,000 | ||||
Rockwall Medical Plaza - Rockwall, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,097,000 | ||||
Building and Improvements | 4,571,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 27,000 | ||||
Gross Amount | 5,695,000 | ||||
Accumulated Depreciation | 126,000 | ||||
Buckeye Health Center - Cleveland, OH | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 389,000 | ||||
Building and Improvements | 4,367,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 6,000 | ||||
Gross Amount | 4,762,000 | ||||
Accumulated Depreciation | 116,000 | ||||
UnityPoint Clinic - Moline, IL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 396,000 | ||||
Building and Improvements | 2,880,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 3,276,000 | ||||
Accumulated Depreciation | 82,000 | ||||
VA Outpatient Clinic - Galesburg, IL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 359,000 | ||||
Building and Improvements | 1,852,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 2,211,000 | ||||
Accumulated Depreciation | 60,000 | ||||
Philip Professional Center - Lawrenceville, GA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 4,793,000 | ||||
Land | 757,000 | ||||
Building and Improvements | 6,710,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 532,000 | ||||
Gross Amount | 7,999,000 | ||||
Accumulated Depreciation | 182,000 | ||||
Texas Children's Hospital - Houston, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,368,000 | ||||
Building and Improvements | 4,791,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 67,000 | ||||
Gross Amount | 6,226,000 | ||||
Accumulated Depreciation | 145,000 | ||||
Florida Medical - Somerset | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 61,000 | ||||
Building and Improvements | 1,577,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 1,638,000 | ||||
Accumulated Depreciation | 43,000 | ||||
Florida Medical - Heartcare | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 586,000 | ||||
Building and Improvements | 2,266,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 2,852,000 | ||||
Accumulated Depreciation | 69,000 | ||||
Florida Medical - Tampa Palms | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 141,000 | ||||
Building and Improvements | 1,631,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 1,772,000 | ||||
Accumulated Depreciation | 46,000 | ||||
Florida Medical - Wesley Chapel | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 485,000 | ||||
Building and Improvements | 2,346,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 2,831,000 | ||||
Accumulated Depreciation | 73,000 | ||||
Aurora Health Center - Milwaukee, WI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,014,000 | ||||
Building and Improvements | 4,408,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 5,422,000 | ||||
Accumulated Depreciation | 131,000 | ||||
Vascular Surgery Associates | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 902,000 | ||||
Building and Improvements | 6,071,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 6,973,000 | ||||
Accumulated Depreciation | 139,000 | ||||
Glendale MOB-Farmington Hills MI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 504,000 | ||||
Building and Improvements | 12,833,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 13,337,000 | ||||
Accumulated Depreciation | 130,000 | ||||
Crittenton Washington MOB | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 640,000 | ||||
Building and Improvements | 4,477,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 5,117,000 | ||||
Accumulated Depreciation | 59,000 | ||||
Crittenton Sterling Heights MOB | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 1,398,000 | ||||
Building and Improvements | 2,961,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 4,359,000 | ||||
Accumulated Depreciation | 43,000 | ||||
Advocate Aurora MOB - Elkhorn, WI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 181,000 | ||||
Building and Improvements | 10,265,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 10,446,000 | ||||
Accumulated Depreciation | 85,000 | ||||
Pulmonary & Critical Care Medicine Assoc - Lemoyne, PA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 621,000 | ||||
Building and Improvements | 5,229,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 5,850,000 | ||||
Accumulated Depreciation | 34,000 | ||||
Dignity Emerus Craig Road - North Las Vegas, NV | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 3,807,000 | ||||
Building and Improvements | 22,803,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 26,610,000 | ||||
Accumulated Depreciation | 103,000 | ||||
Dignity Emerus Blue Diamond Road - Las Vegas, NV | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land | 2,182,000 | ||||
Building and Improvements | 16,594,000 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | ||||
Gross Amount | 18,776,000 | ||||
Accumulated Depreciation | 75,000 | ||||
Prior Credit Facility | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 250,584,000 | ||||
Prior Credit Facility | Unencumbered Properties | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Maximum borrowing capacity | 243,300,000 | ||||
Prior Credit Facility | Encumbered Assets Held for Sale | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Maximum borrowing capacity | 7,300,000 | ||||
Line of Credit | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Maximum borrowing capacity | $ 2,700,000 | ||||
KeyBank Facility | Line of Credit | Master Credit Facility | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Secured Debt | 142,708,000 | ||||
Capital One Facility | Line of Credit | Master Credit Facility | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Secured Debt | $ 216,614,000 |
Real Estate and Accumulated D_3
Real Estate and Accumulated Depreciation - Schedule III (Changes in Accumulated Depreciation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Real estate investments, at cost: | |||
Balance at beginning of year | $ 2,229,374 | $ 2,060,458 | $ 2,078,503 |
Additions-Acquisitions | 121,244 | 169,741 | 6,478 |
Disposals | (53,991) | (825) | (24,523) |
Balance at end of the year | 2,296,627 | 2,229,374 | 2,060,458 |
Accumulated depreciation: | |||
Balance at beginning of year | 170,271 | 119,014 | 60,575 |
Depreciation expense | 62,595 | 51,268 | 59,478 |
Disposals | (6,699) | (11) | (1,039) |
Balance at end of the year | $ 226,167 | $ 170,271 | $ 119,014 |