National Healthcare Properties (NHPBP) 10-Q 12 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Nov. 09, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-39153
Entity Registrant Name	Healthcare Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	38-3888962
Entity Address, Address Line One	650 Fifth Ave.
Entity Address, Address Line Two	30th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	212
Local Phone Number	415-6500
Title of 12(b) Security	7.375% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share
Trading Symbol	HTIA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		99,281,753
Entity Central Index Key	0001561032
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Investments in real estate, net:
Land	$ 206,463,000	$ 212,651,000
Buildings, fixtures and improvements	2,145,217,000	2,133,057,000
Construction in progress	1,417,000	0
Acquired intangible assets	291,471,000	276,015,000
Total real estate investments, at cost	2,644,568,000	2,621,723,000
Less: accumulated depreciation and amortization	(555,107,000)	(512,775,000)
Total real estate investments, net	2,089,461,000	2,108,948,000
Assets held for sale	0	90,000
Cash and cash equivalents	29,784,000	72,357,000
Restricted cash	26,081,000	17,989,000
Derivative assets, at fair value	65,000	13,000
Straight-line rent receivable, net	23,994,000	23,322,000
Operating lease right-of-use assets	13,790,000	13,912,000
Prepaid expenses and other assets (including $1,152 and $1,278 due from related parties as of September 30, 2021 and December 31, 2020, respectively)	30,411,000	34,932,000
Deferred costs, net	14,987,000	15,332,000
Total assets	2,228,573,000	2,286,895,000
LIABILITIES AND EQUITY
Mortgage notes payable, net	542,575,000	542,698,000
Credit facilities, net	626,423,000	674,551,000
Market lease intangible liabilities, net	10,729,000	10,803,000
Derivative liabilities, at fair value	21,829,000	38,389,000
Accounts payable and accrued expenses (including $317 and $299 due to related parties as of September 30, 2021 and December 31, 2020)	41,702,000	42,271,000
Operating lease liabilities	9,054,000	9,155,000
Deferred rent	6,415,000	6,914,000
Distributions payable	1,879,000	742,000
Total liabilities	1,260,606,000	1,325,523,000
7.375% Series A cumulative redeemable perpetual preferred stock, $0.01 par value, 4,740,000 and 2,210,000 authorized as of September 30, 2021 and December 31, 2020, respectively; 3,977,144 issued and outstanding as of September 30, 2021 and 1,610,000 issued and outstanding as of December 31, 2020	40,000	16,000
Common stock, $0.01 par value, 300,000,000 shares authorized, 99,281,753 shares (including 1,434,440 shares paid as a stock dividend on October 15, 2021) and 95,040,783 shares (including 1,265,037 shares paid as a stock dividend on January 15, 2021) issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	978,000	938,000
Additional paid-in capital	2,222,023,000	2,104,261,000
Accumulated other comprehensive loss	(22,478,000)	(39,673,000)
Distributions in excess of accumulated earnings	(1,239,361,000)	(1,108,557,000)
Total stockholders’ equity	961,202,000	956,985,000
Non-controlling interests	6,765,000	4,387,000
Total equity	967,967,000	961,372,000
Total liabilities and equity	$ 2,228,573,000	$ 2,286,895,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Prepaid expenses and other assets, due from related parties	$ 1,152	$ 1,278
Accounts payable and accrued expenses, due to related parties	$ 317	$ 299
Preferred stock, dividend rate, percentage	7.375%	7.375%
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	4,740,000	2,210,000
Preferred stock, shares issued (in shares)	3,977,144	1,610,000
Preferred stock, shares outstanding (in shares)	3,977,144	1,610,000
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	99,281,753	95,040,783
Common stock, shares outstanding (in shares)	99,281,753	95,040,783
Distributions declared in common stock (in shares)	6,754,203

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Revenue from tenants		$ 82,006	$ 95,835	$ 246,602	$ 290,734
Operating expenses:
Property operating and maintenance		51,218	61,678	152,133	183,189
Impairment charges		26,642	1,011	33,601	32,842
Operating fees to related parties		6,045	5,984	17,851	17,969
Acquisition and transaction related		2,198	175	2,453	680
General and administrative		4,723	3,162	13,318	14,622
Depreciation and amortization		19,786	20,211	59,390	60,589
Total expenses		110,612	92,221	278,746	309,891
Operating income (loss) before gain on sale of real estate investments		(28,606)	3,614	(32,144)	(19,157)
Gains on sale of real estate investments		0	0	2,284	2,306
Operating income (loss)		(28,606)	3,614	(29,860)	(16,851)
Other income (expense):
Interest expense		(11,775)	(12,840)	(36,016)	(38,677)
Interest and other income		4	2	60	43
Loss on non-designated derivatives		(33)	(69)	(32)	(45)
Total other expenses		(11,804)	(12,907)	(35,988)	(38,679)
Loss before income taxes		(40,410)	(9,293)	(65,848)	(55,530)
Income tax expense		(55)	(78)	(162)	(78)
Net loss		(40,465)	(9,371)	(66,010)	(55,608)
Net loss (income) attributable to non-controlling interests		331	(397)	229	(223)
Allocation for preferred stock		(1,834)	(732)	(4,402)	(2,224)
Net loss attributable to common stockholders		(41,968)	(10,500)	(70,183)	(58,055)
Other comprehensive income (loss):
Unrealized gain (loss) on designated derivatives		3,139	2,845	17,190	(36,775)
Comprehensive loss attributable to common stockholders		$ (38,829)	$ (7,655)	$ (52,993)	$ (94,830)
Weighted-average shares outstanding - Basic (in shares)	[1]	99,097,121	99,026,440	99,068,356	98,799,334
Weighted-average shares outstanding - Diluted (in shares)	[1]	99,097,121	99,026,440	99,068,356	98,799,334
Net loss per common share attributable to common stockholders - Basic (in usd per share)	[1]	$ (0.42)	$ (0.11)	$ (0.71)	$ (0.59)
Net loss per common share attributable to common stockholders - Diluted (in usd per share)		$ (0.42)	$ (0.11)	$ (0.71)	$ (0.59)
[1]	Retroactively adjusted for the effects of the Stock Dividends (see Note 1 ).

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Total Stockholders Equity	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Distributions in excess of accumulated earnings	Non-controlling Interests
Beginning Balance (in shares) at Dec. 31, 2019			1,610,000	92,356,664
Beginning balance at Dec. 31, 2019	$ 1,106,744	$ 1,101,334	$ 16	$ 923	$ 2,078,628	$ (7,043)	$ (971,190)	$ 5,410
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Preferred Stock, net	$ (191)	(191)			(191)
Common stock issued through distribution reinvestment plan (in shares)	900,000			875,896
Common stock issued through distribution reinvestment plan	$ 14,604	14,604		$ 9	14,595
Common stock repurchases (in shares)				(705,101)
Common stock repurchases	(10,546)	(10,546)		$ (7)	(10,539)
Share-based compensation, net	1,011	1,011			1,011
Distributions to non-controlling interest holders	(201)							(201)
Distributions declared in common stock	(39,269)	(39,269)					(39,269)
Distributions declared on preferred stock	(2,224)	(2,224)					(2,224)
Net loss	(55,608)	(55,831)					(55,831)	223
Unrealized gain (loss) on designated derivative	(37,336)	(37,336)				(37,336)
Rebalancing of ownership percentage	0	882			321	561		(882)
Ending Balance (in shares) at Sep. 30, 2020			1,610,000	92,527,459
Ending balance at Sep. 30, 2020	976,984	972,434	$ 16	$ 925	2,083,825	(43,818)	(1,068,514)	4,550
Beginning Balance (in shares) at Jun. 30, 2020			1,610,000	92,398,190
Beginning balance at Jun. 30, 2020	982,306	977,511	$ 16	$ 924	2,081,074	(46,489)	(1,058,014)	4,795
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Preferred Stock, net	175	175			175
Common stock issued through distribution reinvestment plan (in shares)				129,269
Common stock issued through distribution reinvestment plan	2,015	2,015		$ 1	2,014
Share-based compensation, net	335	335			335
Distributions to non-controlling interest holders	(28)							(28)
Distributions declared on preferred stock	(732)	(732)					(732)
Net loss	(9,371)	(9,768)					(9,768)	397
Unrealized gain (loss) on designated derivative	2,284	2,284				2,284
Rebalancing of ownership percentage	0	614			227	387		(614)
Ending Balance (in shares) at Sep. 30, 2020			1,610,000	92,527,459
Ending balance at Sep. 30, 2020	976,984	972,434	$ 16	$ 925	2,083,825	(43,818)	(1,068,514)	4,550
Beginning Balance (in shares) at Dec. 31, 2020			1,610,000	93,775,746
Beginning balance at Dec. 31, 2020	$ 961,372	956,985	$ 16	$ 938	2,104,261	(39,673)	(1,108,557)	4,387
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Preferred stock, net (in shares)	0		2,367,144
Issuance of Preferred Stock, net	$ 56,289	56,289	$ 24		56,265
Common stock issued through distribution reinvestment plan (in shares)	0
Common stock issued through distribution reinvestment plan	$ 0
Share-based compensation, net	$ 996	996			996
Distributions to non-controlling interest holders								(46)
Distributions declared in common stock (in shares)	6,754,203			4,071,567
Distributions declared in common stock	$ 0	0		$ 40	60,581		(60,621)
Distributions declared on preferred stock	(4,402)	(4,402)					(4,402)
Issuance of Preferred OP Units	2,578							2,578
Net loss	(66,010)	(65,781)					(65,781)	(229)
Unrealized gain (loss) on designated derivative	17,190	17,190				17,190
Rebalancing of ownership percentage	0	(75)			(80)	5		75
Ending Balance (in shares) at Sep. 30, 2021			3,977,144	97,847,313
Ending balance at Sep. 30, 2021	967,967	961,202	$ 40	$ 978	2,222,023	(22,478)	(1,239,361)	6,765
Beginning Balance (in shares) at Jun. 30, 2021			3,962,144	96,434,080
Beginning balance at Jun. 30, 2021	$ 1,004,217	999,866	$ 40	$ 964	2,201,383	(25,621)	(1,176,900)	4,351
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Preferred stock, net (in shares)	0		15,000
Issuance of Preferred Stock, net	$ 45	45	$ 0		45
Share-based compensation, net	334	334			334
Distributions to non-controlling interest holders	(46)							(46)
Distributions declared in common stock (in shares)				1,413,233
Distributions declared in common stock	0	0		$ 14	20,479		(20,493)
Distributions declared on preferred stock	(1,834)	(1,834)					(1,834)
Issuance of Preferred OP Units	2,578							2,578
Net loss	(40,465)	(40,134)					(40,134)	(331)
Unrealized gain (loss) on designated derivative	3,138	3,138				3,138
Rebalancing of ownership percentage	0	(213)			(218)	5		213
Ending Balance (in shares) at Sep. 30, 2021			3,977,144	97,847,313
Ending balance at Sep. 30, 2021	$ 967,967	$ 961,202	$ 40	$ 978	$ 2,222,023	$ (22,478)	$ (1,239,361)	$ 6,765

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Stockholders' Equity [Abstract]
Distribution declared on common stock (in usd per share)	$ 0.21		$ 0.63	$ 0.42
Distributions declared on preferred stock (in usd per share)	$ 0.46	$ 0.46	$ 1.38	$ 1.38

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net loss	$ (66,010,000)	$ (55,608,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	59,390,000	60,589,000
Amortization of deferred financing costs	3,221,000	3,255,000
Amortization of terminated swap	634,000	633,000
Amortization of mortgage premiums and discounts, net	42,000	45,000
Accretion of market lease and other intangibles, net	(100,000)	(111,000)
Bad debt expense	655,000	2,365,000
Equity-based compensation	996,000	1,011,000
Gain on sale of real estate investments, net	(2,284,000)	(2,306,000)
Loss on non-designated derivative instruments	32,000	45,000
Impairment charges	33,601,000	32,842,000
Changes in assets and liabilities:
Straight-line rent receivable	(669,000)	(2,289,000)
Prepaid expenses and other assets	(165,000)	(3,117,000)
Accounts payable, accrued expenses and other liabilities	(2,840,000)	6,343,000
Deferred rent	(499,000)	(1,914,000)
Net cash provided by operating activities	26,004,000	41,783,000
Cash flows from investing activities:
Property acquisitions and development costs	(146,146,000)	(90,985,000)
Capital expenditures and other assets acquired	(11,501,000)	(17,629,000)
Deposits for real estate investments	0	(1,480,000)
Proceeds from sales of real estate investments	94,461,000	8,294,000
Net cash used in investing activities	(63,186,000)	(101,800,000)
Cash flows from financing activities:
Payments on credit facilities	(174,074,000)	0
Proceeds from credit facilities	125,000,000	95,000,000
Payments on mortgage notes payable	(942,000)	(672,000)
Payments for derivative instruments	(85,000)	(34,000)
Payments of deferred financing costs	(173,000)	(2,461,000)
Proceeds from sale of preferred stock, net	56,901,000	0
Preferred stock issuance costs	(615,000)	(366,000)
Common stock repurchases	0	(10,539,000)
Distributions paid on common stock	0	(31,354,000)
Dividends paid on preferred stock	(3,311,000)	(1,657,000)
Distributions to non-controlling interest holders	0	(201,000)
Net cash provided by financing activities	2,701,000	47,716,000
Net change in cash, cash equivalents and restricted cash	(34,481,000)	(12,301,000)
Cash, cash equivalents and restricted cash, beginning of period	90,346,000	111,599,000
Cash, cash equivalents and restricted cash, end of period	55,865,000	99,298,000
Cash, cash equivalents, end of period	29,784,000	82,233,000
Restricted cash, end of period	26,081,000	17,065,000
Cash, cash equivalents and restricted cash, end of period	55,865,000	99,298,000
Supplemental disclosures of cash flow information:
Cash paid for interest	32,490,000	34,173,000
Cash paid for income taxes	311,000	315,000
Non-cash investing and financing activities:
Common stock issued through stock dividends	60,621,000	0
Common stock issued through distribution reinvestment plan	0	14,604,000
Mortgage assumed in acquisition	0	13,883,000
Preferred Series A Unit issuance in connection with a property acquisition	$ 2,578,000	$ 0

Organization

Organization	9 Months Ended
	Sep. 30, 2021
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”), is an externally managed real estate investment trust for U.S. federal income tax purposes (“REIT”) that focuses on acquiring and managing a diversified portfolio of healthcare-related real estate, focused on medical office buildings (“MOBs”), healthcare properties leased on a triple-net basis (“NNN properties”) and senior housing operating properties (“SHOPs”). As of September 30, 2021, the Company owned 201 properties located in 33 states and comprised of 9.3 million rentable square feet. Substantially all of the Company’s business is conducted through the OP and its wholly owned subsidiaries. The Company’s advisor, Healthcare Trust Advisors, LLC (the “Advisor”) manages our day-to-day business with the assistance of our property manager, Healthcare Trust Properties, LLC (the “Property Manager”). The Company’s Advisor and Property Manager are under common control with AR Global Investments, LLC (“AR Global”), and these related parties receive compensation and fees for providing services to us. The Company also reimburses these entities for certain expenses they incur in providing these services to the Company. 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. As of September 30, 2021, the Company owned 54 seniors housing properties under the REIT Investment Diversification and Empowerment Act (“RIDEA”) structure in its SHOP segment. Under RIDEA, a REIT may lease qualified healthcare properties on an arm’s length basis to a taxable REIT subsidiary (“TRS”) if the property is operated on behalf of such subsidiary by a person who qualifies as an eligible independent contractor. Since October 2020, the Company has declared and paid quarterly dividends solely in shares of its common stock during the periods described in more detail below (the “Stock Dividends”). Stock Dividends paid in October 2020 and January 2021 were equal to 0.01349 shares of common stock on each share of outstanding common stock. The Stock Dividends paid in April 2021, July 2021 and October 2021 were equal to 0.014655 shares of common stock on each share of outstanding common stock. Dividends payable entirely in shares of common stock are treated in a fashion similar to a stock split for accounting purposes specifically related to per-share calculations for the current and prior periods. The Company has issued an aggregate of 6,754,203 shares in respect to the Stock Dividends. No other additional shares of common stock were issued during the three and nine months ended September 30, 2021. References made to weighted-average shares and per-share amounts in the accompanying consolidated statements of operations and comprehensive income have been retroactively adjusted to reflect the increase of 0.07299 shares for every share outstanding resulting from the Stock Dividends, and are noted as such throughout the accompanying financial statements and notes. On April 1, 2021, the Company published a new estimate of per-share net asset value (“Estimated Per-Share NAV”) as of December 31, 2020. The Company’s previous Estimated Per-Share NAV was as of December 31, 2019. The Estimated Per-Share NAV published on April 1, 2021 reflects the October 2020 Stock Dividend the Company issued and took into consideration the January 2021 Stock Dividend the Company issued but has not been adjusted to reflect the April 2021, July 2021 and October 2021 Stock Dividends the Company issued and will not be adjusted for any Stock Dividends the Company issues in the future until the board of directors (the “Board”) determines a new Estimated Per-Share NAV. Issuing dividends in additional shares of common stock will, all things equal, cause the value of each share to decline because the number of shares outstanding increases when shares of common stock are issued in respect of a stock dividend; however, because each stockholder will receive the same number of new shares, the total value of a common stockholder’s investment, all things equal, will not change assuming no sales or other transfers. The Company intends to publish Estimated Per-Share NAV periodically at the discretion of the Board, provided that such estimates will be made at least once annually.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The accompanying unaudited consolidated financial statements of the Company included herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to this Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair statement of results for the interim periods. The results of operations for the three and nine months ended September 30, 2021 and 2020 are not necessarily indicative of the results for the entire year or any subsequent interim periods. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2020, which are included in the Company’s Annual Report on Form 10-K filed with the SEC on March 30, 2021. Except for those required by new accounting pronouncements discussed below, there have been no significant changes to the Company’s significant accounting policies during the nine months ended September 30, 2021. Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“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, impairments, fair value measurements and income taxes, as applicable. Impacts of the COVID-19 Pandemic During the first quarter of 2020, the global COVID-19 pandemic that has spread around the world and to every state in the United States commenced. The pandemic has had and could continue to have an adverse impact on economic and market conditions, including a global economic slowdown and recession that may continue for some time. The rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and market conditions. The Company believes the estimates and assumptions underlying its consolidated financial statements are reasonable and supportable based on the information available as of September 30, 2021, however uncertainty over the ultimate impact COVID-19 will continue to have on the global economy generally, and the Company’s business in particular, makes any estimates and assumptions as of September 30, 2021 inherently less certain than they would be absent the current and potential impacts of COVID-19. Actual results may ultimately differ from those estimates. Starting in March 2020, the COVID-19 pandemic and measures to prevent its spread began to affect the Company in a number of ways. In the Company’s SHOP portfolio, occupancy had trended lower since March 2020 and the declines only recently began to level off in June 2021. Government policies and implementation of infection control best practices materially limited or closed communities to new resident move-ins which has affected the Company’s ability to fill vacancies. The Company has also experienced lower inquiry volumes and reduced in-person tours during the pandemic. In addition, starting in mid-March 2020, operating costs began to rise materially, including for services, labor and personal protective equipment and other supplies, as the Company’s operators took appropriate actions to protect residents and caregivers. At the SHOP facilities, the Company bears these cost increases. These trends accelerated beginning in the second quarter of 2020, and continued into 2021. There can be no assurance, however, that future developments in the course of the pandemic will not cause further adverse impacts to the Company’s occupancy and cost levels, and these trends may continue to impact the Company and have a material adverse effect on the Company’s revenues and income in the other quarters. The financial stability and overall health of the Company’s tenants is critical to its business. The negative effects that the global pandemic has had on the economy includes the closure or reduction in occupancy activity at some of the Company’s MOBs and other healthcare-related facilities as well as restrictions on activity and access for many of the Company’s seniors housing properties. The economic impact of the pandemic has impacted the ability of some of the Company’s tenants to pay their monthly rent either temporarily or in the long term. The Company experienced delays in rent collections in the second, third and fourth quarters of 2020, although collections have been approximately 100% of original cash rent for the MOB and NNN segments throughout the nine months ended September 30, 2021. The Company has taken a proactive approach to achieve mutually agreeable solutions with its tenants and in some cases, during the year ended December 31, 2020, the Company executed lease amendments providing for deferral of rent. During the nine months ended September 30, 2021, the Company did not enter into any rent deferral agreements with any of its tenants, and all amounts previously deferred under prior rent deferral agreements have been collected. For accounting purposes, in accordance with ASC 842: Leases, normally a company would be required to assess a lease modification to determine if the lease modification should be treated as a separate lease and if not, modification accounting would be applied which would require a company to reassess the classification of the lease (including leases for which the prior classification under ASC 840 was retained as part of the election to apply the package of practical expedients allowed upon the adoption of ASC 842, which doesn’t apply to leases subsequently modified). However, in light of the COVID-19 pandemic in which many leases are being modified, the FASB and SEC have provided relief that allows companies to make a policy election as to whether they treat COVID-19 related lease amendments as a provision included in the pre-concession arrangement, and therefore, not a lease modification, or to treat the lease amendment as a modification. In order to be considered COVID-19 related, cash flows must be substantially the same or less than those prior to the concession. For COVID-19 relief qualified changes, there are two methods to potentially account for such rent deferrals or abatements under the relief, (1) as if the changes were originally contemplated in the lease contract or (2) as if the deferred payments are variable lease payments contained in the lease contract. For all other lease changes that did not qualify for FASB relief, the Company is required to apply modification accounting including assessing classification under ASC 842. Some, but not all of the Company’s lease modifications qualify for the FASB relief. In accordance with the relief provisions, instead of treating these qualifying leases as modifications, the Company has elected to treat the modifications as if previously contained in the lease and recast rents receivable prospectively (if necessary). Under that accounting, for modifications that were deferrals only, there would be no impact on overall rental revenue and for any abatement amounts that reduced total rent to be received, the impact would be recognized ratably over the remaining life of the lease. For leases not qualifying for this relief, the Company has applied modification accounting and determined that there were no changes in the current classification of its leases impacted by negotiations with its tenants. Revenue Recognition The Company’s revenues, which are derived primarily from lease contracts, include rent received from tenants in MOBs and triple-net leased healthcare facilities. As of September 30, 2021, these leases had a weighted average remaining lease term of 5.0 years. Rent from tenants in the Company’s MOB and triple-net leased healthcare facilities operating segments 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, straight-line basis accounting requires the Company to record a receivable for, and include in revenue from tenants 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. For new leases after acquisition, the commencement date is considered to be the date the tenant takes control of the space. For lease modifications, the commencement date is considered to be the date the lease modification is executed. The Company defers the revenue related to lease payments received from tenants in advance of their due dates. Pursuant to certain of the Company’s lease agreements, tenants are required to reimburse the Company for certain property operating expenses, in addition to paying base rent, whereas under certain other lease agreements, the tenants are directly responsible for all operating costs of the respective properties. Under ASC 842, the Company has elected to report combined lease and non-lease components in a single line “Revenue from tenants.” For expenses paid directly by the tenant, under the Company reflects them on a net basis. The Company’s revenues also include resident services and fee income primarily related to rent derived from lease contracts with residents in the Company’s SHOPs held using a structure permitted under the REIT Investment and Diversification and Empowerment Act of 2007 and to fees for ancillary services performed for SHOP residents, which are generally variable in nature. Rental income from residents in the Company’s SHOP segment is recognized as earned when services are provided. Residents pay monthly rent that covers occupancy of their unit and basic services, including utilities, meals and some housekeeping services. The terms of the leases are short term in nature, primarily month-to-month. Also included in revenue from tenants is fees for ancillary revenue from non-residents of $2.7 million and $10.0 million, for the nine months ended September 30, 2021 and 2020, respectively. Included in these amounts during the nine months ended September 30, 2021 and 2020 are $1.6 million and $7.8 million, respectively, which represent fees for ancillary services generated at the Company’s properties in Lutz, Florida, and Wellington, Florida. These properties were sold in December 2020 and May 2021, respectively. 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. Pursuant to certain of the Company’s lease agreements, tenants are required to reimburse the Company for certain property operating expenses related to non-SHOP assets (recorded in revenue from tenants), in addition to paying base rent, whereas under certain other lease agreements, the tenants are directly responsible for all operating costs of the respective properties. The following table presents future base rent payments on a cash basis due to the Company over the periods indicated over the next five years and thereafter. These amounts exclude tenant reimbursements and contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes, among other items. These amounts also exclude SHOP leases which are short term in nature. As of September 30, 2021: (In thousands) Future 2021 (remainder) $ 26,811 2022 104,418 2023 92,746 2024 84,584 2025 74,035 Thereafter 280,006 Total $ 662,600 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. Under the leasing standards, the Company is required to assess, based on credit risk only, if it is probable that the Company will collect virtually all of the lease payments at lease commencement date and it must continue to reassess collectability periodically thereafter based on new facts and circumstances affecting the credit risk of the tenant. Partial reserves, or the ability to assume partial recovery are no longer permitted. If the Company determines that it is probable it will collect virtually all of the lease payments (rent and common area maintenance), the lease will continue to be accounted for on an accrual basis (i.e., straight-line). However, if the Company determines it is not probable that it will collect virtually all of the lease payments, the lease will be accounted for on a cash basis and a full reserve would be recorded on previously accrued amounts in cases where it was subsequently concluded that collection was not probable. Cost recoveries from tenants are included in operating revenue from tenants in accordance with new accounting rules, on the accompanying consolidated statements of operations and comprehensive income (loss) in the period the related costs are incurred, as applicable. The Company recorded a reduction of revenue of $0.4 million for uncollectable amounts for the three months ended September 30, 2021. During the nine months ended September 30, 2021 the Company recorded a reduction of revenue of $0.7 million for uncollectable amounts. During the three and nine months ended September 30, 2020, the Company recorded a reduction of revenue of $1.0 million and $2.4 million for uncollectable amounts, respectively. Investments in Real Estate 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. At the time an asset is acquired, the Company evaluates the inputs, processes and outputs of the 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 statements of operations and comprehensive loss. 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. See the “ Purchase Price Allocation” section in this Note for a discussion of the initial accounting for investments in real estate. Disposal of real estate investments that represent a strategic shift in operations that will have a major effect on the Company's operations and financial results are required to be presented as discontinued operations in the consolidated statements of operations. No properties were presented as discontinued operations during the quarters ended September 30, 2021 and 2020. Properties that are intended to be sold are to be 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, most significantly that the sale is probable within one year. The Company evaluates probability of sale based on specific facts including whether a sales agreement is in place and the buyer has made significant non-refundable deposits. Properties are no longer depreciated when they are classified as held for sale. There were no real estate investments held for sale as of September 30, 2021. There were $0.1 million real estate investments held for sale as of December 31, 2020. (see Note 3 — Real Estate Investments, Net for additional information). In accordance with the lease accounting standard, all of the Company’s leases as lessor prior to adoption were accounted for as operating leases. The Company evaluates new leases originated after the adoption date (by the Company or by a predecessor lessor/owner) pursuant to the new guidance where a lease for some or all of a building is classified by a lessor as a sales-type lease if the significant risks and rewards of ownership reside with the tenant. This situation is met if, among other things, there is an automatic transfer of title during the lease, a bargain purchase option, the non-cancelable lease term is for more than major part of remaining economic useful life of the asset (e.g., equal to or greater than 75%), if the present value of the minimum lease payments represents substantially all (e.g., equal to or greater than 90%) of the leased property’s fair value at lease inception, or if the asset so specialized in nature that it provides no alternative use to the lessor (and therefore would not provide any future value to the lessor) after the lease term. Further, such new leases would be evaluated to consider whether they would be failed sale-leaseback transactions and accounted for as financing transactions by the lessor. For the nine months ended September 30, 2021 and the three-year period ended December 31, 2020, the Company has no leases as a lessor that would be considered as sales-type leases or financings under sale-leaseback rules. The Company is also the lessee under certain land leases which will continue to be classified as operating leases under transition elections unless subsequently modified. These leases are reflected on the balance sheet as of September 30, 2021 and December 31, 2020, and the rent expense is reflected on a straight-line basis over the lease term in the consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2021 and 2020. 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. Purchase Price Allocation In both a business combination and an asset acquisition, 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, fixtures and tenant improvements on an as if vacant basis. Intangible assets may include the value of in-place leases and above- and below-market leases and other identifiable 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 (in a business combination) are recorded at their estimated fair values. 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 the fair value to any assumed or issued non-controlling interests, amounts are recorded at their fair value at the close of business on the acquisition date. In a business combination, the difference between the purchase price and the fair value of identifiable net assets acquired is either recorded as goodwill or as a bargain purchase gain. In an asset acquisition, the difference between the acquisition price (including capitalized transaction costs) and the fair value of identifiable net assets acquired is allocated to the non-current assets. All acquisitions during the nine months ended September 30, 2021 and 2020 were asset acquisitions. For acquired properties with leases classified as operating leases, the Company allocates the purchase price to tangible and identifiable intangible assets acquired and liabilities assumed, based on their respective fair values. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data. The Company also considers information obtained about each property as a result of the Company’s pre-acquisition due diligence in estimating the fair value of the tangible and intangible assets acquired and intangible liabilities assumed. Tangible assets include land, land improvements, buildings, fixtures and tenant improvements on an as-if vacant basis. The Company utilizes various estimates, processes and information to determine the as-if vacant property value. The Company estimates the fair value using data from appraisals, comparable sales, discounted cash flow analysis and other methods. Fair value estimates are also made using significant assumptions such as capitalization rates, fair market lease rates, discount rates and land values per square foot. Identifiable intangible assets include amounts allocated to acquired leases for above- and below-market lease rates and the value of in-place leases. Factors considered in the analysis of the in-place lease intangibles include an estimate of carrying costs during the expected lease-up period for each property, taking into account current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at contract rates during the expected lease-up period, which typically ranges from six Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining initial term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The aggregate value of intangible assets related to customer relationship, as applicable, is measured based on the Company’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the tenant. Characteristics considered by the Company in determining these values include the nature and extent of its existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, among other factors. The Company did not record any intangible asset amounts related to customer relationships during the nine months ended September 30, 2021 or 2020. Impairment of Long-Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the property 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 an impairment exists, due to the inability to recover the carrying value of a property, the Company would recognize an impairment loss in the consolidated statement of operations and comprehensive income 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 recorded would equal the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net earnings. 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, 7 to 10 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 value of certain other intangibles such as certificates of need in certain jurisdictions are amortized over the expected period of benefit (generally the life of the related building). 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. The value of customer relationship intangibles, if any, is amortized to expense over the initial term and any renewal periods in the respective leases, but in no event does the amortization period for intangible assets exceed the remaining depreciable life of the building. If a tenant terminates its lease, the unamortized portion of the in-place lease value and customer relationship intangibles is charged to expense. Assumed mortgage premiums or discounts are amortized as an increase or reduction to interest expense over the remaining terms of the respective mortgages. 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 U.S. federal corporate income tax to the extent it distributes all of its REIT taxable income (which does not equal net income as calculated in accordance with GAAP) 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, state and local income taxes at regular corporate rates 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, 2020, 2019 and 2018. Accordingly, no provision for U.S. 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 as a REIT, it may be subject to certain state and local taxes on its income and property, and U.S. 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 TRS and operated by a third party on behalf of the TRS. Accordingly, the Company has formed a TRS that is wholly-owned by the OP to lease its SHOPs and the TRS has entered into management contracts with unaffiliated third-party operators to operate the facilities on its behalf. As of September 30, 2021, the Company owned 54 seniors housing properties which are leased and operated through its TRS. The TRS is a wholly-owned subsidiary of the OP. A TRS is subject to U.S. 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 (including modifying intercompany leases with the TRS) 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 asset. 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 loss carryforwards. Because of the TRS's recent operating history of losses and the on-going impacts of the COVID-19 pandemic on the results of operations of the Company’s SHOP assets, the Company is not able to conclude that it is more likely than not it will realize the future benefit of its deferred tax assets; thus the Company has provided a 100% valuation allowance of $3.6 million as of September 30, 2021. If and when the Company believes it is more likely than not that it will recover its deferred tax assets, the Company will reverse the valuation allowance as an income tax benefit in its consolidated statements of comprehensive income (loss). As of December 31, 2020, the Company had a deferred tax asset of $4.6 million with a full valuation allowance. Accounting for Leases Lessor Accounting As a lessor of real estate, the Company has elected, by class of underlying assets, to account for lease and non-lease components (such as tenant reimbursements of property operating expenses) as a single lease component as an operating lease because (a) the non-lease components have the same timing and pattern of transfer as the associated lease component; and (b) the lease component, if accounted for separately, would be classified as an operating lease. Additionally, only incremental direct leasing costs may be capitalized under the accounting guidance. Indirect leasing costs in connection with new or extended tenant leases, if any, are being expensed. Lessee Accounting For lessees, the accounting standard requires the application of a dual lease classification approach, classifying leases as either operating or finance leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. Lease expense for operating leases is recognized on a straight-line basis over the term of the lease, while lease expense for finance leases is recognized based on an effective interest method over the term of the lease. Also, lessees must recognize a right-of-use asset (“ROU”) and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Further, certain transactions where at inception of the lease the buyer-le

Real Estate Investments, Net

Real Estate Investments, Net	9 Months Ended
	Sep. 30, 2021
Real Estate Investments, Net [Abstract]
Real Estate Investments, Net	Real Estate Investments, Net Property Acquisitions The Company invests in MOBs, seniors housing properties and other healthcare-related facilities primarily to expand and diversify its portfolio and revenue base. The Company owned 201 properties as of September 30, 2021. During the nine months ended September 30, 2021, the Company, through wholly owned subsidiaries of the OP, completed the acquisition of eight multi-tenant MOBs and six single-tenant MOBs for an aggregate contract purchase price of $147.4 million. All acquisitions in the nine months ended September 30, 2021 and 2020 were considered asset acquisitions for accounting purposes. The following table presents the allocation of real estate assets acquired and liabilities assumed during the nine months ended September 30, 2021 and 2020: Nine Months Ended September 30, (In thousands) 2021 2020 Real estate investments, at cost: Land $ 9,131 $ 6,900 Buildings, fixtures and improvements 113,244 86,687 Total tangible assets 122,375 93,587 Acquired intangibles: In-place leases and other intangible assets (1) 26,811 9,385 Market lease and other intangible assets (1) 554 472 Market lease liabilities (1) (1,016) (362) Total intangible assets and liabilities 26,349 9,495 Mortgage notes payable, net — (13,883) Other assets acquired and liabilities assumed in the Asset Acquisition, net — 1,786 Issuance of Preferred OP Units (2) (2,578) — Cash paid for real estate investments, including acquisitions $ 146,146 $ 90,985 Number of properties purchased 14 8 ______ (1) Weighted-average remaining amortization periods for in-place leases, above-market leases and below-market leases acquired during the nine months ended September 30, 2021 were 11.5 years, 7.5 years and 3.7 years, respectively, as of each property’s acquisition date. (2) See Note 8 —Stockholder’s Equity for additional information. Significant Tenants As of September 30, 2021 and 2020, the Company did not have any tenants (including for this purpose, all affiliates of such tenants) whose annualized rental income on a straight-line basis represented 10% or greater of total annualized rental income for the portfolio on a straight-line basis. The following table lists the states where the Company had concentrations of properties where annualized rental income on a straight-line basis represented 10% or more of consolidated annualized rental income on a straight-line basis for all properties as of September 30, 2021 and 2020: September 30, State 2021 2020 Florida (1) 12.0% 22.3% Michigan (2) * 10.4% Pennsylvania 11.8% * _________ * 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 date specified. (1) In May 2021, the Company’s skilled nursing facility in Wellington, Florida, and the Company’s development property in Jupiter, Florida were sold. In December 2020, the Company’s skilled nursing facility in Lutz, Florida was sold. (2) During the year ended December 31, 2020, the Company sold 11 SHOPs located in Michigan, seven of which were transferred to the buyer during the fourth quarter of 2020 and the remaining four of which were transferred to the buyer during the first quarter of 2021. Intangible Assets and Liabilities 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 amortization and accretion of above-and below-market ground leases, for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2021 2020 2021 2020 Amortization of in-place leases and other intangible assets (1) $ 3,804 $ 3,637 $ 11,114 $ 11,176 Accretion of above-and below-market leases, net (2) $ (117) $ (33) $ (269) $ (250) Amortization of above-and below-market ground leases, net (3) $ 53 $ 40 $ 161 $ 119 ________ (1) Reflected within depreciation and amortization expense. (2) Reflected within rental income. (3) Reflected within property operating and maintenance expense. The following table provides the projected amortization expense and adjustments to revenues for the next five years: (In thousands) 2021 (remainder) 2022 2023 2024 2025 In-place lease assets $ 3,966 $ 14,794 $ 12,676 $ 10,755 $ 9,167 Other intangible assets 3 10 10 10 10 Total to be added to amortization expense $ 3,969 $ 14,804 $ 12,686 $ 10,765 $ 9,177 Above-market lease assets $ (251) $ (807) $ (453) $ (375) $ (321) Below-market lease liabilities 397 1,600 1,487 1,269 1,077 Total to be added to revenue from tenants $ 146 $ 793 $ 1,034 $ 894 $ 756 Dispositions During the second quarter of 2021, the Company sold its skilled nursing facility in Wellington, Florida and its development property in Jupiter, Florida, which resulted in gains on sale of $0.1 million and $2.4 million, respectively. These gains are included in the consolidated statement of operations for the nine months ended September 30, 2021. During the first quarter of 2021, the Company transferred four SHOP properties located in Michigan to the buyer at a second closing, and $0.8 million held in escrow was released to the buyer. This amount had been placed in escrow at the first closing of the transaction during the year ended December 31, 2020 when the purchase price for all 11 properties sold in the transaction was received from the buyer. The Company recorded a loss on sale of $0.2 million related to this transaction in the nine months ended September 30, 2021. During the first quarter of 2020 the Comp any sold one MOB p roperty which resulted i n a gain on sale of $2.3 million. This property sold for a contract price of $8.6 million. This gain is included on the consolidated statement of operations for the nine months ended September 30, 2020 . Impairments The following table presents impairments recorded during the three months ended September 30, 2021 and 2020. Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2021 2020 2021 2020 Assets held for sale $ — $ 1,011 $ — $ 19,049 Assets held for use 26,642 — 33,601 13,793 Total $ 26,642 $ 1,011 $ 33,601 $ 32,842 For additional information on impairments related to assets held for sale and assets held for use, see the “Assets Held for Sale and Related Impairments” and “Assets Held for Use and Related Impairments” sections below. Assets Held for Sale and Related Impairments When assets are identified by management as held for sale, the Company reflects them separately on its balance sheet and 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. For held-for-sale properties, the Company predominately uses the contract sale price as fair market value. Balance Sheet Details - Assets Held for Sale The following table details the major classes of assets associated with the properties that are classified as held for sale as of December 31, 2020: (In thousands) December 31, 2020 Land $ 145 Buildings, fixtures and improvements (55) Assets held for sale $ 90 There were no assets held for sale as of September 30, 2021. During the year ended December 31, 2020, the Company sold 11 SHOPs located in Michigan, seven of which were transferred to the buyer during the fourth quarter of 2020 and the remaining four of which were transferred to the buyer in the first quarter of 2021. These four properties were included in assets held for sale as of December 31, 2020. Held for Sale Impairments - 2020 The impairments related to assets held for sale in the three and nine months ended September 30, 2020 related to an amendment to the purchase and sale agreement for the Company’s properties in Michigan which changed the properties being sold and the sales price. Assets Held for Use and Related Impairments When circumstances indicate the carrying value of a property classified as held for use may not be recoverable, the Company reviews the property for impairment. For the Company, the most common triggering events are (i) concerns regarding the tenant (i.e., credit or expirations) in the Company’s single tenant properties or significant vacancy in the Company’s multi-tenant properties and (ii) changes to the Company’s expected holding period as a result of business decisions or non-recourse debt maturities. If a triggering event is identified, the Company considers the projected cash flows due to various performance indicators, and where appropriate, the Company evaluates the impact on its ability to recover the carrying value of the properties based on the expected cash flows on an undiscounted basis over its intended holding period. The Company makes 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. Where more than one possible scenario exists, the Company uses a probability weighted approach in estimating cash flows. 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. If the undiscounted cash flows over the expected hold period are less than the carrying value, the Company reflects an impairment charge to write the asset down to its fair value. The Company owns held for use properties for which the Company may from time to time reconsider the projected cash flows due to various performance indicators, and where appropriate, the Company evaluates 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 makes 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. Where more than one possible scenario exists, the Company uses a probability weighted approach. 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. As of December 31, 2019, the Company was actively considering plans to sell three assets in Florida including the then recently completed development project in Jupiter, Florida and the Company’s two skilled nursing facilities in Lutz, Florida and Wellington, Florida. The Company began marketing the properties in 2020, and in August 2020, the Company entered into definitive purchase and sale agreements (“PSAs”) to sell the completed development project in Jupiter, Florida for $65.0 million and the Company’s two skilled nursing facilities in Lutz, Florida and Wellington, Florida for $20.0 million and $33.0 million, respectively. The property in Lutz, Florida was sold in December 2020. On May 14, 2021, the Company completed the sale of the completed development project in Jupiter, Florida and the skilled nursing facility in Wellington, Florida. In connection with these sales, the Company recognized a gain on these sales of $2.4 million and $0.1 million , respectively, in the second quarter of 2021, which is included in in the consolidated statement of operations and comprehensive loss for the nine months ended September 30, 2021. The Company previously recorded an impairment charge in the first quarter of 2021 on the s killed nursing facility in Wellington, Florida (see below). Held For Use Impairments - 2021 On April 30, 2021, the Company amended the PSA which reduced the sales price of the skilled nursing facility in Wellington, Florida to $30.7 million. In connection with this amendment to the PSA, the Company determined that the fair value had declined as of March 31, 2021 and the Company recognized an impairment charge of $0.9 million during the first quarter of 2021, which is included in the consolidated statement of operations and comprehensive loss for the nine months ended September 30, 2021. During the second quarter of 2021, the Company began to actively consider plans to sell a NNN property located in Sun City, Arizona. As a result of changes to the Company’s expected holding period, the Company determined that projected cash flows, on an undiscounted basis over its intended holding period, did not recover the carrying value of the property. During July 2021, the Company entered into a non-binding letter of intent to sell the property and as a result, the Company determined that the fair market value of the property had declined and recorded an impairment charge of $6.1 million during the second quarter of 2021, which is included in the consolidated statement of operations and comprehensive loss for the nine months ended September 30, 2021. The LaSalle Properties On July 1, 2020, the Company transitioned four triple-net leased properties in Texas (collectively, the “LaSalle Properties”) from the triple-net leased healthcare facilities segment to the SHOP segment. The LaSalle Properties are now leased to the Company’s TRS and operated and managed on the Company’s behalf by a third-party operator. During 2019, The LaSalle Group Inc., a guarantor of certain of the lease obligations of prior tenants (collectively, the “LaSalle Tenant”), filed for voluntarily relief under chapter 11 of the United States Bankruptcy Code. The Company has filed proofs of claims related to amounts previously awarded to it from the bankruptcy proceeding, however, the Company has no amounts due from the LaSalle Tenant in its consolidated balance sheets as of September 30, 2021 and December 2020 as the Company does not believe recovery is likely against the LaSalle Tenant. During the third quarter of 2021, the Company began to actively market the LaSalle Properties for sale. As a result of changes to the Company’s expected holding period, the Company determined that projected cash flows, on an undiscounted basis over its intended holding period, did not recover the carrying value of the properties and concluded that the fair market value of the properties had declined. The fair value measurement was determined by estimated discounted cash flows using three significant unobservable inputs, including the cash flow discount rate, terminal capitalization rate, and the estimated stabilized occupancy range. The Company recorded an impairment charge of $26.6 million during the three months ended September 30, 2021 which is included in the consolidated statement of operations and comprehensive income. While the Company has begun marketing the properties for a potential sale, there can be no assurance these properties will be sold on favorable terms, or at all. Held For Use Impairments - 2020

Mortgage Notes Payable, Net

Mortgage Notes Payable, Net	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Mortgage Notes Payable, Net	Mortgage Notes Payable, Net The following table reflects the Company’s mortgage notes payable as of September 30, 2021 and December 31, 2020: Outstanding Loan Amount as of Effective Interest Rate as of Portfolio Encumbered Properties (1) September 30, December 31, 2020 September 30, December 31, 2020 Interest Rate Maturity (In thousands) (In thousands) Palm Valley Medical Plaza - Goodyear, AZ 1 $ 2,908 $ 2,998 4.15 % 4.15 % Fixed Jun. 2023 Medical Center V - Peoria, AZ 1 2,710 2,786 4.75 % 4.75 % Fixed Sep. 2023 Fox Ridge Bryant - Bryant, AR 1 7,017 7,133 3.98 % 3.98 % Fixed May 2047 Fox Ridge Chenal - Little Rock, AR 1 16,120 16,390 2.95 % 3.98 % Fixed May 2049 Fox Ridge North Little Rock - North Little Rock, AR 1 10,002 10,170 2.95 % 3.98 % Fixed May 2049 Capital One MOB Loan 41 378,500 378,500 3.71 % 3.71 % Fixed (3) Dec. 2026 Multi-Property CMBS Loan 21 118,700 118,700 4.60 % 4.60 % Fixed May 2028 Shiloh - Illinois 1 13,461 13,684 4.34 % 4.34 % Fixed March 2026 Gross mortgage notes payable 68 549,418 550,361 3.89 % 3.94 % (2) Deferred financing costs, net of accumulated amortization (4) (5,414) (6,191) Mortgage premiums and discounts, net (1,429) (1,472) Mortgage notes payable, net $ 542,575 $ 542,698 _____________ (1) Does not include real estate assets mortgaged to secure advances under the Fannie Mae Master Credit Facilities or eligible unencumbered real estate assets comprising the borrowing base of the Credit Facility (as defined below) . 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 September 30, 2021 and December 31, 2020. For the LIBOR based loans, LIBOR in effect at the balance sheet date was utilized. For the Capital One MOB Loan, the effective rate does not include the effect of amortizing the amount paid to terminate the previous pay-fixed swap. See Note 7 — Derivatives and Hedging Activities for additional details. (3) Variable rate loan, based on 30-day LIBOR, which is economically fixed as a result of entering into “pay-fixed” interest rate swap agreements (the Company designates its “pay-fixed” interest rate swaps against all 30-day LIBOR debt, see Note 7 — Derivatives and Hedging Activities for additional details). In connection with the amendment to this loan in December 2019 (see additional details below), the Company terminated the previous interest rate swap agreements and entered into new 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 September 30, 2021, the Company had pledged $0.9 billion in total real estate investments, at cost, as collateral for its $0.5 billion of gross 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 compliance with certain property-level financial covenants, including debt service coverage ratios. As of September 30, 2021, the Company was in compliance with these financial covenants. See Note 5 — Credit Facilities - Future Principal Payment and LIBOR Transition for schedule of principal payment requirements of the Company’s Mortgage Notes and Credit Facilities and discussion of the expected cessation of LIBOR publication. Fox Ridge Refinancing

Credit Facilities

Credit Facilities	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Credit Facilities	Credit Facilities The Company had the following credit facilities outstanding as of September 30, 2021 and December 31, 2020: Outstanding Facility Effective Interest Rate (10) Credit Facility Encumbered Properties (1) September 30, December 31, 2020 September 30, December 31, 2020 Interest Rate Maturity (In thousands) (In thousands) Credit Facility: Revolving Credit Facility $ 124,600 $ 173,674 3.37 % 3.21 % Variable (8) Mar. 2023 (9) Term Loan 150,000 150,000 5.02 % 4.95 % Fixed (6) Mar. 2024 Deferred financing costs (3,352) (4,298) Term Loan, net 146,648 145,702 Total Credit Facility 100 (2) $ 271,248 $ 319,376 Fannie Mae Master Credit Facilities: Capital One Facility 11 (3) $ 212,467 $ 212,467 2.50 % 2.60 % Variable (7) Nov. 2026 KeyBank Facility 10 (4) 142,708 142,708 2.55 % 2.65 % Variable (7) Nov. 2026 Total Fannie Mae Master Credit Facilities 21 $ 355,175 $ 355,175 Total Credit Facilities 121 $ 626,423 $ 674,551 3.28 % 3.29 % (5) _______________ (1) Encumbered properties are as of September 30, 2021. (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 Credit Facility (as defined below) have been pledged for the benefit of the lenders thereunder. (3) Secured by first-priority mortgages on 11 of the Company’s seniors housing properties located in Florida, Georgia, Iowa and Michigan as of September 30, 2021 with a carrying value of $345 million. (4) Secured by first-priority mortgages on ten of the Company’s seniors housing properties located in Michigan, Missouri, Kansas, California, Florida, Georgia and Iowa as of September 30, 2021 with a carrying value of $254 million. (5) Calculated on a weighted average basis for all credit facilities outstanding as of September 30, 2021 and December 31, 2020. (6) Variable rate loan, based on LIBOR, all of which was economically fixed as a result of entering into “pay-fixed” interest rate swap agreements (the Company designates its “pay-fixed” interest rate swaps against all 30-day LIBOR debt, see Note 7 — Derivatives and Hedging Activities for additional details). (7) 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). (8) Variable rate loan, based on LIBOR, with $50 million of principal amount economically fixed as of September 30, 2021 and December 31, 2020, respectively, as a result of entering into “pay-fixed” interest rate swap agreements ( see Note 7 — Derivatives and Hedging Activities for additional details). (9) The company has the option to extend maturity one year to March 2024 subject to certain conditions. (10) Effective interest rate below for variable rate debt gives effect to any “Pay-fixed” swap entered into by the Company. If not hedged, the effective interest rate below represents the variable rate (or contractual floor if appropriate) and the applicable margin in effect as of the March 31, 2020. Interest rate caps are not considered unless the cap is currently in effect. As of September 30, 2021, the carrying value of our real estate investments at cost was $2.6 billion, with $0.9 billion of this asset value pledged as collateral for mortgage notes payable, $0.6 billion of this asset value pledged to secure advances under the Fannie Mae Master Credit Facilities and $1.0 billion of this asset value comprising the borrowing base of the Credit Facility. These real estate assets are not available to satisfy other debts and obligations, or to serve as collateral with respect to new indebtedness, unless, as applicable, the existing indebtedness associated with the property is satisfied or the property is removed from the borrowing base of the Credit Facility, which would impact availability thereunder Unencumbered real estate investments, at cost as of September 30, 2021 was $0.1 billion, although there can be no assurance as to the amount of liquidity the Company would be able to generate from using these unencumbered assets as collateral for mortgage loans or adding them to the borrowing base of the Company’s Credit Facility. Credit Facility On March 13, 2019, the Company entered into an amended and restated senior secured credit facility (the “Credit Facility”), which consists of two components, a revolving credit facility (the “Revolving Credit Facility”) and a term loan (the “Term Loan”). In both March and August 2020, the Credit Facility was further amended, and the terms of the Credit Facility giving effect to those amendments are generally described below. The Revolving Credit Facility is interest-only and matures on March 13, 2023, subject to a one-year extension at the Company’s option. The Term Loan is interest-only and matures on March 13, 2024. The total commitments under the Credit Facility are $630.0 million, including $480.0 million under the Revolving Credit Facility. The Credit Facility includes an uncommitted “accordion feature” that may be used to increase the commitments under either component of the Credit Facility by up to an additional $370.0 million to a total of $1.0 billion. The amount available for future borrowings under the Credit Facility is based on either the value of the pool of eligible unencumbered real estate assets comprising the borrowing base, or a minimum debt service coverage ratio with respect to the borrowing base. The equity interests and related rights in the Company’s wholly owned subsidiaries that directly own or lease the eligible unencumbered real estate assets comprising the borrowing base of the Revolving Credit Facility have been pledged for the benefit of the lenders thereunder. As of September 30, 2021, $150.0 million was outstanding under the Term Loan, and $124.6 million was outstanding under the Revolving Credit Facility. The unused borrowing availability under the Revolving Credit Facility was $166.5 million. The Company is required to maintain a combination of cash, cash equivalents and availability for future borrowings under the Revolving Credit Facility totaling at least $50.0 million. Pursuant to the terms of the Company’s amended Credit Facility certain other restrictions and conditions described below will no longer apply starting in a quarter in which the Company makes an election and, as of the day prior to the commencement of the applicable quarter, the Company has a combination of cash, cash equivalents and availability for future borrowings under the Revolving Credit Facility totaling at least $100.0 million, giving effect to the aggregate amount of distributions projected to be paid by the Company during the applicable quarter, and the Company’s ratio of consolidated total indebtedness to consolidated total asset value (expressed as a percentage) is less than 62.5% and, as added by the third amendment, the Covenant Relief Period (as defined below) has terminated (the “Commencement Quarter”). The fiscal quarter ended June 30, 2021 was the first quarter that could have been the Commencement Quarter. The Company satisfied the conditions during the quarter ended September 30, 2021 in order to elect the quarter ending December 31, 2021 as the Commencement Quarter, but did not, however make the election to do so. During the period from August 10, 2020 until the first day of the Commencement Quarter, the Company must use all the net cash proceeds from any capital event (such as an asset sale, financing or equity issuance) to repay amounts outstanding under the Revolving Credit Facility. The Company may reborrow any amounts so repaid if all relevant conditions are met, including sufficient availability for future borrowings. There can be no assurance these conditions will be met. In addition, commencing on August 10, 2020 and until the Commencement Quarter, the Company has the option to have amounts outstanding under the Revolving Credit Facility bear interest at an annual rate equal to either: (i) LIBOR, plus an applicable margin that ranges, depending on the Company’s leverage, from 1.85% to 2.60%; or (ii) the Base Rate (as defined in the Credit Facility), plus an applicable margin that ranges, depending on the Company’s leverage, from 0.60% to 1.35%. Commencing on the first day of the Commencement Quarter, the Company will have the option to have amounts outstanding under the Revolving Credit Facility bear interest at an annual rate equal to either: (a) LIBOR, plus an applicable margin that ranges, depending on the Company’s leverage, from 1.60% to 2.35%; or (b) the Base Rate, plus an applicable margin that ranges, depending on the Company’s leverage, from 0.35% to 1.10%. As of September 30, 2021 the Company had elected to use the LIBOR option for all of our borrowings under the Credit Facility. Further, commencing on August 10, 2020 and until the Commencement Quarter, the Company has the option to have amounts outstanding under the Term Loan bear interest at an annual rate equal to either: (i) LIBOR, plus an applicable margin that ranges, depending on the Company’s leverage, from 1.80% to 2.55%; or (ii) the Base Rate, plus an applicable margin that ranges, depending on the Company’s leverage, from 0.55% to 1.30%. Commencing on the first day of the Commencement Quarter, the Company will have the option to have amounts outstanding under the Term Loan bear interest at an annual rate equal to either: (a) LIBOR, plus an applicable margin that ranges, depending on the Company’s leverage, from 1.55% to 2.30%; or (b) the Base Rate, plus an applicable margin that ranges, depending on the Company’s leverage, from 0.30% to 1.05%. Pursuant to the terms of the Company’s Credit Facility, the “floor” on LIBOR was increased from 0.00% to 0.25%. As of September 30, 2021, the Revolving Credit Facility and the Term Loan had an effective interest rate per annum equal to 3.37% and 5.02%, respectively. Until the Commencement Quarter, the Company may not pay distributions to holders of common stock in cash or any other cash distributions (including repurchases of shares of the Company’s common stock), subject to certain exceptions. These exceptions include paying dividends on the 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share (“Series A Preferred Stock”) and the 7.125% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share (“Series B Preferred Stock”) or any other preferred stock the Company may issue and paying any cash distributions necessary to maintain its status as a REIT. The Company may not pay any cash distributions (including dividends on Series A Preferred Stock and Series B Preferred Stock) if a default or event of default exists or would result therefrom. Beginning in the Commencement Quarter, the Company will be able to pay cash distributions to holders of common stock, subject to the restrictions described below. The Company may pay cash distributions beginning in the Commencement Quarter and the aggregate distributions (as defined in the Credit Facility and including dividends on Series A Preferred Stock and Series B Preferred Stock) for any period of four fiscal quarters may not exceed 95% of Modified FFO (as defined in the Credit Facility) for the same period based only on fiscal quarters after the Commencement Quarter. In addition, beginning in the Commencement Quarter, the Company will be permitted to repurchase up to $50.0 million of shares of its common stock (including amounts previously repurchased during the term of the Revolving Credit Facility) if, after giving effect to the repurchases, the Company maintains cash and cash equivalents of at least $30.0 million and the Company’s ratio of consolidated total indebtedness to consolidated total asset value (expressed as a percentage) is less than 55.0%. The Credit Facility prohibits the Company from exceeding a maximum ratio of consolidated total indebtedness to consolidated total asset value, and requires the Company to maintain a minimum ratio of adjusted consolidated EBITDA to consolidated fixed charges and a minimum consolidated tangible net worth. The maximum ratio of consolidated total indebtedness to consolidated total asset value was 67.5% for the period from July 1, 2020 through June 30, 2021 and is 65% thereafter unless and until the Commencement Quarter, following which that ratio will be 62.5%. The minimum ratio of adjusted consolidated EBITDA to consolidated fixed charges (the “Fixed Charge Coverage Ratio”) was 1.50 to 1.00 for the period from July 1, 2020 through March 31, 2021, 1.55 to 1.00 for the period from April 1, 2021 through June 30, 2021, and 1.60 to 1.00 thereafter, provided that from November 12, 2021 until the earlier of December 31, 2022 and such earlier date as the Company elects to terminate this relief (such period, the “Covenant Relief Period”), the Fixed Charge Coverage Ratio that the Company must satisfy based on the four most recently ended fiscal quarters will be reduced to 1.50:1.00. The minimum consolidated tangible net worth is the sum of (i) $1.2 million, plus (ii) 75% of any net offering proceeds (as defined in the Credit Facility) since the Credit Facility closed in March 2019. The Company would have been in default of the covenant contained in the Credit Facility requiring the Company to maintain a certain minimum Fixed Charge Coverage Ratio for the four fiscal quarter period ended September 30, 2021. Pursuant to the terms of the third amendment entered into on November 12, 2021 by the Company, the agent and the requisite lenders under the Credit Facility, the lenders waived any defaults or event of defaults under the covenant requiring the Company to maintain a Fixed Charge Coverage Ratio of 1.60 to 1.00 for the quarter ended September 30, 2021 and any further defaults of Events of Default (as described in the Credit Facility) resulting from the breach of the Fixed Charge Coverage Ratio covenant. In addition, as described above, the Fixed Charge Coverage Ratio the Company is required to maintain was amended for the Covenant Relief Period. There can be no assurance the Company’s lenders will consent to any amendments or waivers that may become necessary to comply with the terms of the Credit Facility in the future. Based upon the Company’s current expectations, the Company believes its operating results during the next 12 months will allow it to comply with the amended covenants under the 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 relating to a secured credit facility with KeyBank (the “KeyBank Facility”) and a master credit facility agreement with Capital One for a secured credit facility with Capital One Multifamily Finance LLC, an affiliate of Capital One (the “Capital One Credit 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”). Advances made under these 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 LIBOR interest paid (not giving effect to the applicable margin) on amounts outstanding under the Fannie Mae Master Credit Facilities at a maximum of 3.5%. On October 2019, the Company replaced two maturing interest rate cap agreements, effective November 1, 2019 for a total notional amount of $88.7 million. The two interest rate caps agreements extend three existing interest rate caps set to mature on the same date and are not designated as hedges ( see Note 7 — Derivatives and Hedging Activities for additional disclosure regarding the Company’s derivatives). In November 2020, in conjunction with the sale and transfer of four SHOPs in Michigan, one of which was encumbered under the Fannie Mae Master Credit Facility with Capital One, $4.2 million was repaid to Capital One upon the release of the property. The Company may request future advances under the Fannie Mae Master Credit Facilities by borrowing against the value of the initial mortgaged properties, 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. Future Principal Payments The following table summarizes the scheduled aggregate principal payments for the five years subsequent to September 30, 2021 and thereafter, on all of the Company’s outstanding debt (mortgage notes payable and credit facilities): Future Principal (In thousands) Mortgage Notes Payable Credit Facilities Total 2021 (remainder) $ 326 $ 130 $ 456 2022 1,331 2,820 4,151 2023 6,469 4,497 10,966 2024 1,178 129,097 130,275 2025 1,221 154,497 155,718 Thereafter 538,893 338,734 877,627 Total $ 549,418 $ 629,775 $ 1,179,193 LIBOR Transition In July 2017, the Financial Conduct Authority (which regulates LIBOR) announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. As a result, the Federal Reserve Board and the Federal Reserve Bank of New York organized the Alternative Reference Rates Committee, which identified the Secured Overnight Financing Rate (“SOFR”) as its preferred alternative to LIBOR in derivatives and other financial contracts. On March 5, 2021, the Financial Conduct Authority confirmed a partial extension of this deadline announcing that it will cease the publication of the one-week and two-month USD LIBOR settings immediately following December 31, 2021. The remaining USD LIBOR settings will continue to be published through June 30, 2023. The Company is not able to predict when there will be sufficient liquidity in the SOFR market. The Company is monitoring and evaluating the risks related to changes in LIBOR availability, which include potential changes in interest paid on debt and amounts received and paid on interest rate swaps. In addition, the value of debt or derivative instruments tied to LIBOR will also be impacted as LIBOR is limited and discontinued and contracts must be transitioned to a new alternative rate. While the Company’s expects LIBOR to be available in substantially its current form until at least the end of 2021, it is possible that LIBOR will become unavailable prior to that time. This could occur, for example, if a sufficient number of banks decline to make submissions to the LIBOR administrator. To transition from LIBOR under the

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2021
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 assets and liabilities 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. Financial Instruments Measured at Fair Value on a Recurring Basis 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 September 30, 2021, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The valuation of derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and implied volatilities. In addition, credit valuation adjustments, are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the counterparties. The following table presents information about the Company’s assets and liabilities measured at fair value as of September 30, 2021 and December 31, 2020, aggregated by the level in the fair value hierarchy within which those instruments fall. (In thousands) Quoted Prices in Active Markets Significant Significant Unobservable Inputs Total September 30, 2021 Derivative assets, at fair value $ — $ 65 $ — $ 65 Derivative liabilities, at fair value — (21,829) — (21,829) Total $ — $ (21,764) $ — $ (21,764) December 31, 2020 Derivative assets, at fair value $ — $ 13 $ — $ 13 Derivative liabilities, at fair value — (38,389) — (38,389) Total $ — $ (38,376) $ — $ (38,376) 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 nine months ended September 30, 2021. Real Estate Investments Measured at Fair Value on a Non-Recurring Basis 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 September 30, 2021. As of September 30, 2021, the Company owned four held for use properties in Texas and one held for use property in Sun City, Arizona, for which the Company had reconsidered its expected holding period and which are marketed for sale. As a result, the Company evaluated the impact on its ability to recover the carrying value of the properties and recorded impairment charges to write these properties down to their estimated fair values. The Company had also previously written down other held for use properties which have subsequently been sold. The Company used the income approach for the four held for use properties in Texas to estimate the future cash flows on an undiscounted basis expected to be generated over a ten-year holding period and concluded that the carrying value was not recoverable. The fair value measurement was determined by estimated discounted cash flows using three significant unobservable inputs, including the cash flow discount rate, terminal capitalization rate, and the estimated stabilized occupancy range. The Company used a sales approach for the one held for use property in Sun City Arizona to estimate the future cash flows on an undiscounted basis expected to be generated from the sale and concluded that the fair market value of the properties had declined. Impaired real estate investments held for use are generally classified in Level 3 of the fair value hierarchy. See Note 3 — Real Estate investments, Net - “Assets Held for Use and Related Impairments” for additional details. Real Estate Investments - Held for Sale The Company has impaired real estate investments held for sale, which are carried at net realizable value on a non-recurring basis on the consolidated balance sheets as of December 31, 2020. Impaired real estate investments held for sale are generally classified in Level 3 of the fair value hierarchy. Financial Instruments not Measured at Fair Value 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: September 30, 2021 December 31, 2020 (In thousands) Level Carrying Amount Fair Value Carrying Amount Fair Value Gross mortgage notes payable and mortgage premium and discounts, net 3 $ 547,989 $ 552,941 $ 548,889 $ 549,553 Credit Facility 3 $ 274,600 $ 271,782 $ 323,674 $ 319,558 Fannie Mae Master Credit Facilities 3 $ 355,175 $ 353,102 $ 355,175 $ 354,073

Derivatives and Hedging Activit

Derivatives and Hedging Activities	9 Months Ended
	Sep. 30, 2021
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 and/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 its 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 September 30, 2021 and December 31, 2020: (In thousands) Balance Sheet Location September 30, December 31, 2020 Derivatives designated as hedging instruments: Interest rate “pay-fixed” swaps Derivative liabilities, at fair value $ 21,829 $ 38,389 Derivatives not designated as hedging instruments: Interest rate caps Derivative assets, at fair value $ 65 $ 13 Cash Flow Hedges of Interest Rate Risk The Company currently has nine 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 the first quarter of 2021 and the year ended December 31, 2020, such derivatives were used to hedge the variable cash flows associated with variable-rate debt. The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive loss and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. In connection with the refinancing of the $250.0 million loan made by Capital One, National Association and certain other lenders to certain subsidiaries of the OP on June 30, 2017 (the “MOB Loan”) during the fourth quarter of 2019, the Company terminated two interest rate swaps with an aggregate notional amount of $250.0 million for a payment of approximately $2.2 million. Following these terminations, $2.2 million was recorded in AOCI and is being recorded as an adjustment to interest expense over the term of the two terminated swaps and the MOB Loan prior to its refinancing. Of the amount recorded in AOCI following these terminations, $0.2 million and $0.6 million was recorded as an increase to interest expense for the three and nine months ended September 30, 2021 and approximately $0.6 million remained in AOCI as of September 30, 2021. 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 next 12 months, from October 1, 2021 through September 30, 2022, the Company estimates that $10.6 million will be reclassified from other comprehensive loss as an increase to interest expense. As of September 30, 2021 and December 31, 2020, the Company had the following derivatives that were designated as cash flow hedges of interest rate risk: September 30, 2021 December 31, 2020 Interest Rate Derivatives Number of Instruments Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Interest rate “pay-fixed” swaps 9 $ 578,500 9 $ 578,500 The table below details the location in the financial statements of the gain (loss) recognized on interest rate derivatives designated as cash flow hedges for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2021 2020 2021 2020 Amount of gain (loss) recognized in accumulated other comprehensive loss on interest rate derivatives $ 353 $ (405) $ 8,980 $ (42,631) Amount of (loss) gain reclassified from accumulated other comprehensive income into income as interest expense $ (2,786) $ (2,689) $ (8,210) $ (5,295) Total amount of interest expense presented in the consolidated statements of operations and comprehensive gain (loss) $ (11,775) $ (12,840) $ (36,016) $ (38,677) 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 loss and were a loss of $33,000 and $32,000 for the three and nine months ended September 30, 2021, respectively, and a loss of $69,000 and $45,000 for the three and nine months ended September 30, 2020, respectively. The Company paid $85,000 to enter into an interest rate cap contract during the nine months ended September 30, 2021 with an effective date of April 1, 2021 and notional value of $60.0 million to replace an expiring interest rate cap contract with a similar notional value. The Company had the following outstanding interest rate derivatives that were not designated as hedges in qualified hedging relationships as of September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 Interest Rate Derivatives Number of Instruments Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Interest rate caps 6 $ 355,175 6 $ 359,322 Offsetting Derivatives The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of September 30, 2021 and December 31, 2020. 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 September 30, 2021 $ 65 $ — $ — $ 65 $ — $ — $ 65 September 30, 2021 $ — $ (21,829) $ — $ (21,829) $ — $ — $ (21,829) December 31, 2020 $ 13 $ — $ — $ 13 $ — $ — $ 13 December 31, 2020 $ — $ (38,389) $ — $ (38,389) $ — $ — $ (38,389) 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 September 30, 2021, the fair value of derivatives in a net liability position including accrued interest but excluding any adjustment for nonperformance risk related to these agreements was $22.6 million. As of September 30, 2021, the Company is not required to post any collateral related to these agreements and was not in breach of any agreement provisions. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value of $21.8 million at September 30, 2021.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock As of September 30, 2021 and December 31, 2020, the Company had 97,847,313 and 93,775,746 shares of common stock outstanding, respectively, including unvested restricted shares and shares issued pursuant to the Company’s distribution reinvestment plan (“DRIP”), net of share repurchases. These include shares issued as Stock Dividends during 2020 and 2021. References made to weighted-average shares and per-share amounts in the consolidated statements of operations and comprehensive income have been retroactively adjusted to reflect the increase of 0.07299 shares for every outstanding share outstanding due to the Stock Dividends (including the October 2021 Stock Dividend), and are noted as such throughout the accompanying financial statements and notes. See Note 1 — Organization for additional information. On April 1, 2021, the Company published a new estimate of per-share net asset value (“Estimated Per-Share NAV”) as of December 31, 2020, which was approved by the Board on March 31, 2021. The Company intends to publish Estimated Per-Share NAV periodically at the discretion of the Board, provided that such estimates will be made at least once annually. Tender Offer On January 9, 2020, the Company announced a tender offer (the “2020 Tender Offer”) to purchase up to 200,000 shares of its common stock for cash at a purchase price equal to $8.50 per share with the proration period and withdrawal rights that expired on February 7, 2020. The Company made the 2020 Tender Offer in response to an unsolicited offer to stockholders commenced on December 31, 2019. The 2020 Tender Offer expired in accordance with the terms on February 7, 2020. In accordance with the 2020 Tender Offer, the Company accepted for purchase 200,000 shares for a total cost of approximately $1.7 million, which was funded with available cash. Share Repurchase Program Under the Company’s share repurchase program (as amended from time to time, the “SRP”), qualifying 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 significant conditions and limitations. Repurchases of shares of the Company’s common stock, when requested, are at the sole discretion of the Board. Under the SRP, subject to certain conditions, only repurchase requests made following the death or qualifying disability of stockholders that purchased sha res of the Company’s common stock or received their shares from the Company (directly or indirectly) through one or more non-cash transactions are considered for repurchase. Additionally, pursuant to the SRP, the repurchase price per share equals 100% of the Estimated Per-Share NAV in effect on the last day of the fiscal semester, or the six-month period ending June 30 or December 31. On February 26, 2020, the Company repurchased 505,101 shares of common stock for approximately $8.8 million, at an average price per share of $17.50 pursuant to the SRP. The repurchases reflect all repurchase requests made in good order following the death or qualifying disability of stockholders during the period commencing July 1, 2019 up to and including December 31, 2019. Pursuant to the SRP, repurchases were to be ma de in respect of requests made during the periods when the SRP was active during the active periods under the SRP during the six months ending June 30, 2020 - the period from January 1, 2020 to January 8, 2020 and the period from February 26, 2020 up to and including June 30, 2020 - no later than July 31, 2020. On August 13, 2020, in order to strategically maintain the Company’s liquidity in light of the continued impact of COVID-19 pandemic and to comply with an amendment to the Credit Facility described in Note 5 — Credit Facilities , which restricts the Company from repurchasing shares until no earlier than the Commencement Quarter (which has not occurred), on August 6, 2020, the Board determined that, effective on August 12, 2020, repurchases under the SRP would be suspended. The Board has also rejected all repurchase requests made during the period from January 1, 2020 until the effectiveness of the suspension of the SRP. No further repurchase requests under the SRP may be made unless and until the SRP is reactivated. No assurances can be made as to when or if the SRP will be reactivated. 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 table below reflects the number of shares repurchased and the average price per share, under the SRP and does not include any repurchases under tender offers (see above), cumulatively through September 30, 2021. Number of Shares Repurchased Average Price per Share Cumulative repurchases as of December 31, 2020 4,896,620 $ 20.60 Nine months ended September 30, 2021 — — Cumulative repurchases as of September 30, 2021 4,896,620 20.60 Distribution Reinvestment Plan Pursuant to the DRIP, stockholders may elect to reinvest distributions paid in cash by the Company into shares of common stock. 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 of the 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 nine months ended September 30, 2021, the Company did not issue any shares of common stock pursuant to the DRIP and during the nine months ended September 30, 2020, the Company issued 0.9 million shares of common stock pursuant to the DRIP, generating aggregate proceeds of $14.6 million. Because shares of common stock are only offered and sold pursuant to the DRIP in connection with the reinvestment of distributions paid in cash, participants in the DRIP will not be able to reinvest in shares thereunder for so long as the Company pays distributions in stock instead of cash. Stockholder Rights Plan In May 2020, the Company announced that the Board had approved a stockholder rights plan. In December 2020, the Company issued a dividend of one common share purchase right for each share of its common stock outstanding as authorized by its board of directors in its discretion. Preferred Stock The Company is authorized to issue up to 50,000,000 shares of preferred stock. In connection with an underwritten offering in December 2019 (see details below), the Company classified and designated 1,610,000 shares of its authorized preferred stock as authorized shares of its Series A Preferred Stock. In September 2020, the Board authorized the classification of 600,000 additional shares of the Company’s preferred stock as Series A Preferred Stock in connection with the Preferred Stock Equity Line (as defined below) and in May 2021, the Board authorized the classification of 2,530,000 additional shares of the Company’s preferred stock as Series A Preferred Stock in connection with the offering in May 2021 (described below). The Company had 3,977,144 and 1,610,000 shares of Series A Preferred Stock issued and outstanding as of September 30, 2021 and December 31, 2020, respectively. In connection with an underwritten offering in October 2021 (see Note 17 — Subsequent Events ), the Company classified and designated 3,680,000 shares of its authorized preferred stock on October 4, 2021 as authorized shares of its 7.125% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share (“Series B Preferred Stock”). Series A Preferred Stock Preferred Stock Equity Line with B. Riley Principal Capital, LLC On September 15, 2020, the Company entered into a preferred stock purchase agreement and registration rights agreement with B. Riley Principal Capital, LLC (“B. Riley”), pursuant to which the Company has the right from time to time to sell up to an aggregate of $15.0 million of shares of its Series A Preferred Stock to B. Riley until December 31, 2023, on the terms and subject to the conditions set forth in the purchase agreement. This arrangement is also referred to as the “Preferred Stock Equity Line.” The Company controls the timing and amount of any sales to B. Riley under the Preferred Stock Equity Line, and B. Riley is obligated to make purchases of up to 3,500 shares of Series A Preferred Stock each time (as may be increased by mutual agreement by the parties) in accordance with the purchase agreement, upon certain terms and conditions being met. The Company sold 15,000 shares of Series A Preferred Stock under the Preferred Stock Equity Line during the three and nine months ended September 30, 2021, resulting in gross proceeds of $0.4 million and net proceeds of $0.3 million after fees and commissions. In total, the Company incurred $1.2 million in costs related to establishing the Preferred Stock Equity Line which were all initially recorded in prepaid expenses and other assets on our consolidated balance sheet. Upon receiving proceeds under the Preferred Stock Equity Line in the third quarter of 2021, the Company reclassified $30,000 of these prepaid costs to additional paid in capital in the Company’s consolidated statement of changes in equity as a reduction of the gross proceeds received under the Preferred Stock Equity Line. Subsequent to September 30, 2021, the Company determined that it was not probable that additional proceeds would be received from the Preferred Stock Equity Line and later terminated the Preferred Stock Equity Line. As a result, the Company expensed the remaining balance of prepaid costs within acquisition and transaction related costs on the consolidated statement of operations and comprehensive income during the three months ended September 30, 2021. The Company did not sell any Series A Preferred Stock under the Preferred Stock Equity Line during the year ended December 31, 2020. Series A Preferred Stock Add-On Offering On May 11, 2021, the Company completed an underwritten public offering of 2,352,144 shares (which includes 152,144 shares issued and sold pursuant to the underwriters’ exercise of their option to purchase additional shares) of its Series A Preferred Stock for net proceeds of $56.2 million after deducting the underwriters’ discount, structuring fee and other offering costs aggregating to $2.5 million. Pursuant to the terms of the Credit Facility, all proceeds were used to repay amounts outstanding under the Credit Facility. Series A Preferred Units In September 2021, the Company partially funded the purchase of an MOB from an unaffiliated third party by causing the OP to issue 100,000 partnership units in the OP designated as “Series A Preferred Units”. These were recorded at fair value on the date of the acquisition at $2.6 million and were included as part of the consideration paid for the acquisition. Additionally, these are considered a non-controlling interest for the Company and were recorded as an increase in non-controlling interests on the consolidated balance sheet (see Note 13 — Non-controlling Interests for additional information). Series B Preferred Stock Underwritten Offering — Series B Preferred Stock On October 6, 2021, the Company completed the initial issuance and sale of its Series B Preferred Stock and on October 12, 2021 the underwriters in the offering exercised their option to purchase additional shares of Series B Preferred Stock. For additional information, see Note 17 — Subsequent Events. Distributions and Dividends Common Stock In April 2013, 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 From March 1, 2018 until June 30, 2020, the Company paid monthly distributions to stockholders at a rate equivalent to $0.85 per annum per share of common stock. Distributions were payable by the 5th day following each month end to stockholders of record at the close of business each day during the prior month.

Related Party Transactions and

Related Party Transactions and Arrangements	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Related Party Transactions and Arrangements As of September 30, 2021 and December 31, 2020, the Special Limited Partner owned 9,400 and 9,008 shares, respectively, 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 September 30, 2021 and December 31, 2020, the Advisor held 90 partnership units in the OP designated as “Common OP Units”. The limited partnership agreement of the OP (as amended from time to time, the “LPA”) allows for the 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 expires February 17, 2027, 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 of control (as defined in the Second A&R Advisory Agreement) or a transition to self-management, (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. On July 25, 2019, the Company entered into Amendment No. 1 to the Second Amended and Restated Advisory Agreement (the “Advisory Agreement Amendment”) among the Company, the OP, and the Advisor. The Advisory Agreement Amendment was unanimously approved by the Company’s independent directors. Additional information on the Advisory Agreement Amendment is included later in this footnote under “—Professional Fees and Other Reimbursements.” Acquisition Expense Reimbursements The Advisor may 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. Under the Second A&R Advisory Agreement, total acquisition expenses may not exceed 4.5% of the contract purchase price of the Company’s portfolio or 4.5% of the amount advanced for all loans or other investments. This threshold has not been exceeded through September 30, 2021. Asset Management Fees and Variable Management/Incentive Fees Under the LPA 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 LPA. 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 price in the Company’s initial public offering of common stock minus the selling commissions and dealer manager fees). The value of issued Class B Units will be determined and expensed when the Company deems the achievement of the Performance Condition to be probable. As of September 30, 2021, the Company determined that achieving the Performance Condition was not yet considered probable for accounting purposes. The Advisor receives cash distributions on each issued Class B Unit equivalent to the cash distribution paid, if any, on the Company’s common stock in an amount retroactively adjusted to reflect the Stock Dividends, other stock dividends and other similar events. These 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. The Board has previously approved the issuance of 359,250 Class B Units to the Advisor in connection with this arrangement. The Board determined in February 2018 that Economic Hurdle had been satisfied, however none of the events have occurred, including a listing of the Company’s common stock on a national securities exchange, which would have satisfied the other vesting requirement of the Class B Units. Therefore, no expense has ever been recognized in connection with the Class B Units. On May 12, 2015, the Company, the OP and the Advisor entered into an amendment to the then-current 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 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) issued by the Company and its subsidiaries 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. No variable management incentive fee was incurred for the three or nine months ended September 30, 2021 or 2020. Property Management Fees Unless the Company contracts with a third party, the Company pays the Property Manager a property management fee on a monthly basis, equal to 1.5% of gross revenues from the Company’s stand-alone single-tenant net leased properties managed and 2.5% of gross revenues from all other types of properties managed, plus market-based leasing commissions applicable to the geographic location of the property. The Company also reimburses the Property Manager for property level expenses incurred by the Property Manager. The Property Manager may charge a separate fee for the one-time initial rent-up or leasing-up of newly constructed properties in an amount not to exceed the fee customarily charged in arm’s length transactions by others rendering similar services in the same geographic area for similar properties, and the Property Manager is allowed to receive a higher property management fee in certain cases if approved by our Board of Directors (including a majority of the independent directors). If the Company contracts directly with third parties for such services, the Company will pay the third party customary market fees and will pay the Property Manager an oversight fee of 1.0% of the gross revenues of the property managed by the third party. 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. If the Property Manager provides services other than those specified in the Property Management Agreement, the Company will pay the Property Manager a monthly fee equal to no more than that which the Company would pay to a third party that is not an affiliate of the Company or the Property Manager to provide the services. 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 automatically renews 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. Neither party provided notice of intent to terminate. The current term of the A&R Property Management Agreement expires February 17, 2021. 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 a further 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 own or lease the Company’s properties are the direct obligors under the arrangements pursuant to which the Company’s properties are 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 including personnel costs, except for costs to the extent that the employees perform services for which the Advisor receives a separate fee. 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 reimbursement 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 three and nine months ended September 30, 2021 the Company incurred $2.1 million and $6.1 million of reimbursement expenses from the Advisor for providing administrative services, respectively. During the three and nine months ended September 30, 2020, the Company incurred $0.7 million and $5.4 million of reimbursement expenses from the Advisor for providing administrative services, respectively. These reimbursement expenses are included in general and administrative expense on the consolidated statements of operations and comprehensive income (loss). On July 25, 2019, the Company entered into the Advisory Agreement Amendment. Under the Second A&R Advisory Agreement, including prior to the Advisory Agreement Amendment, the Company has been required to reimburse the Advisor for, among other things, reasonable salaries and wages, benefits and overhead of all employees of the Advisor or its affiliates, except for costs of employees to the extent that the employees perform services for which the Advisor receives a separate fee. The Advisory Agreement Amendment clarifies that, with respect to executive officers of the Advisor, the Company is required to reimburse the Advisor or its affiliates for the reasonable salaries and wages, benefits and overhead of the Company’s executive officers, other than for any executive officer that is also a partner, member or equity owner of AR Global, an affiliate of the Advisor. Further, under the Advisory Agreement Amendment, the aggregate amount of expenses relating to salaries, wages and benefits, including for executive officers and all other employees of the Advisor or its affiliates (the “Capped Reimbursement Amount”), is limited to the greater of: (a) a fixed component (the “Fixed Component”) and (b) a variable component (the “Variable Component”). Both the Fixed Component and the Variable Component increase by an annual cost of living adjustment equal to the greater of (x) 3.0% and (y) the CPI, as defined in the amendment for the prior year ended December 31st. Initially, for the year ended December 31, 2019; (a) the Fixed Component was equal to $6.8 million and (b) the Variable Component was equal to (i) the sum of the total real estate investments, at cost as recorded on the balance sheet dated as of the last day of each fiscal quarter (the “Real Estate Cost”) in the year divided by four, which amount is then (ii) multiplied by 0.29%. If the Company sells real estate investments aggregating an amount equal to or more than 25.0% of Real Estate Cost, in one or a series of related dispositions in which the proceeds of the disposition(s) are not reinvested in Investments (as defined in the Advisory Agreement Amendment), then within 12 months following the disposition(s), the advisory agreement requires the Advisor and the Company to negotiate in good faith to reset the Fixed Component; provided that if the proceeds of the disposition(s) are paid to shareholders of the Company as a special distribution or used to repay loans with no intent of subsequently re-financing and re-investing the proceeds thereof in Investments, the advisory agreement requires these negotiations within 90 days thereof, in each case taking into account reasonable projections of reimbursable costs in light of the Company’s reduced assets. The Company paid approximately $2.5 million in 2019 to the Advisor or its affiliates as reimbursement for bonuses of employees of the Advisor or its affiliates who provided administrative services during the calendar year 2019, prorated for the time spent working on matters relating to the Company. The Company does not reimburse the Advisor or its affiliates for any bonus amounts relating to time dedicated to the Company by Edward M. Weil, Jr., the Company’s Chief Executive Officer. The Advisor formally awarded 2019 bonuses to employees of the Advisor or its affiliates in September 2020 (the “2019 Bonus Awards”). The original $2.5 million estimate for bonuses recorded and paid to the Advisor in 2019 exceeded the cash portion of the 2019 Bonus Awards to be paid to employees of the Advisor or its affiliates and to be reimbursed by the Company by $1.2 million. As a result, during the three months ended September 30, 2020, the Company recorded a receivable from the Advisor of $1.2 million in prepaid expenses and other assets on the consolidated balance sheet and a corresponding reduction in general and administrative expenses. Pursuant to authorization by the independent members of the Company’s board of directors, the $1.2 million receivable is being paid back to the Company over a 10-month period from January 2021 through October 2021. As of September 30, 2021, $1.0 million of this amount has been received from the Advisor. During the second quarter of 2021, the Advisor finalized the amounts and form of the 2020 bonuses previously estimated (the “2020 Bonus Awards”) to be paid to the employees of the Advisor or its affiliates who provided administrative services during such calendar year, prorated for the time spent working on matters relating to the Company. The 2020 Bonus Awards are paid over a ten-month period from June 2021 to April 2022. The final amounts exceeded the amounts previously paid by the Company to the Advisor for estimated 2020 bonuses by approximately $1.0 million for the following reasons (i) forfeitures of bonuses related to employees of the Advisor or its affiliates who were terminated or resigned prior to payment (including the Company’s former chief financial officer) and (ii) a general reduction in final bonuses for remaining personnel due to on-going negative impacts of the COVID-19 pandemic. As a result, during the second quarter of 2021, the Company recorded a receivable from the Advisor of $1.0 million, which is recorded in prepaid expenses and other assets on the consolidated balance sheet and a corresponding reduction in general administrative expenses. Pursuant to authorization by the independent members of the Company’s board of directors, the $1.0 million receivable is required to be repaid to the Company on a pro rata basis over a six-month period from November 2021 through April 2022. Reimbursements for the cash portion of 2020 bonuses paid by the Advisor to employees of the Advisor or its affiliates were expensed and reimbursed on a monthly basis during 2020, and 2021 bonuses continue to be expensed and reimbursed on a monthly basis during 2021 in accordance with estimates provided by the Advisor. Generally, prior to the 2019 Bonus Awards, employee bonuses have been formally awarded to employees of the Advisor or its affiliates in March as an all - cash award and paid out by the Advisor in the year subsequent to the year in which services were rendered to the Company. Summary of fees, expenses and related payables The following table details amounts incurred, forgiven and payable in connection with the Company’s operations-related services described above as of and for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, Payable (Receivable) as of 2021 2020 2021 2020 (In thousands) Incurred Incurred Incurred Incurred September 30, December 31, 2020 Non-recurring fees and reimbursements: Acquisition cost reimbursements $ 12 $ — $ 67 $ 70 $ 27 $ 11 Ongoing fees and reimbursements: Asset management fees 5,175 4,997 15,268 14,991 — — Property management and fees (including leasing commissions) 994 987 2,814 2,978 91 288 Professional fees and other reimbursements (1) 2,050 2,243 7,318 6,172 199 (61) Professional fees credit due from Advisor — (1,217) (1,030) (1,217) (1,152) (3) (1,217) (3) Distributions on Class B Units (2) — 26 — 178 — — Total related party operation fees and reimbursements $ 8,231 $ 7,036 $ 24,437 $ 23,172 $ (835) $ (979) ___________ (1) Included in general and administrative expenses in the consolidated statements of operations. Includes $1.6 million and $4.8 million for the three and nine months ended September 30, 2021, respectively, and $1.4 million and $5.1 million for the three and nine months ended September 30, 2020, respectively, subject to the Capped Reimbursement Amount. (2) Prior to April 1, 2015, the Company caused the OP to issue to the Advisor restricted performance based Class B Units for asset management services. As of September 30, 2021, the Board had approved the issuance of, and the OP had issued 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. (3) Balance includes a receivable of $0.1 million and $1.2 million as of September 30, 2021 and December 31, 2020, respectively, from the Advisor related to the overpayment of 2019 Bonus Awards, which, pursuant to authorization by the independent members of the Company’s board of directors, is being paid back to the Company over a ten Fees and Participations Incurred in Connection with a Listing or the Liquidation of the Company’s Real Estate Assets Fees Incurred in Connection with a Listing If the common stock of the Company is listed on a national exchange, the Special Limited Partner will be entitled to receive a promissory note as evidence of its right 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 plus an amount equal to a 6.0% cumulative, pre-tax non-compounded annual return to investors in the Company’s initial public offering of common stock. No such distribution was incurred during the nine months ended September 30, 2021 or 2020. If the Special Limited Partner or any of its affiliates receives the subordinated incentive listing distribution the Special Limited Partner and its affiliates will no longer be entitled to receive the subordinated participation in net sales proceeds or the subordinated incentive termination distribution described below. Subordinated Participation in Net Sales Proceeds Upon a liquidation or sale of all or substantially all of the Company’s assets, including through a merger or sale of stock, the Special Limited Partner will be entitled to receive a subordinated participation in the net sales proceeds of the sale of real estate assets from the OP equal to 15.0% of remaining net sale proceeds after return of capital contributions to investors in the Company’s initial public offering of common stock plus payment to investors of a 6.0% cumulative, pre-tax non-compounded annual return on the capital contributed by investors. No such participation in net sales proceeds became due and payable during the nine months ended September 30, 2021 or 2020. Any amount of net sales proceeds paid to the Special Limited Partner or any of its affiliates prior to the Company’s listing or termination or non-renewal of the advisory agreement with the Advisor, as applicable, will reduce dollar for dollar the amount of the subordinated incentive listing distribution described above and subordinated incentive termination distribution described below. Termination Fees Under the operating partnership agreement of the OP, upon termination or non-renewal of the advisory agreement with the Advisor, with or without cause, the Special Limited Partner will be entitled to receive a promissory note as evidence of its right to receive subordinated termination 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 plus an amount equal to an annual 6.0% cumulative, pre-tax, non-compounded annual return to investors in the Company’s initial public offering of common stock. 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. If the Special Limited Partner or any of its affiliates receives the subordinated incentive termination distribution, the Special Limited Partner and its affiliates will no longer be entitled to receive the subordinated participation in net sales proceeds or the subordinated incentive listing distribution described above. 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 of 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 a 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 to 4.5 multiplied by 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 of control occurs or the transition to self-management, as applicable, is consummated, 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 of control occurs or the transition to self-management, as applicable, is consummated.

Economic Dependency

Economic Dependency	9 Months Ended
	Sep. 30, 2021
Economic Dependency [Abstract]
Economic Dependency	Economic Dependency Under various agreements, the Company has engaged or will engage the Advisor, its affiliates and entities under common control with the Advisor to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company and asset acquisition and disposition decisions, as well as other administrative responsibilities for the Company including accounting services and investor relations. As a result of these relationships, the Company is dependent upon the Advisor and its affiliates. In the event that the Advisor and its affiliates are unable to provide the Company with the respective services, the Company will be required to find alternative providers of these services.

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-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 3.5 million shares (as such number may be further adjusted for stock splits, stock dividends, combinations and similar events). Restricted shares vest on a straight-line basis over periods of three The following table reflects the amount of restricted shares outstanding as of September 30, 2021 and activity for the period presented: Number of Shares of Common Stock Weighted Average Issue Price Unvested, December 31, 2020 215,384 $ 21.11 Stock dividend 9,352 14.89 Vested (67,327) 20.00 Unvested, September 30, 2021 157,409 $ 21.22 As of September 30, 2021, the Company had $3.0 million of unrecognized compensation cost related to unvested restricted share awards granted under the RSP. This cost will be recognized over a weighted-average period of 2.6 years. Compensation expense related to restricted shares was approximately $0.3 million and $1.0 million for the three and nine months ended September 30, 2021, respectively, and $0.4 million and $1.0 million for the three and nine months ended September 30, 2020 respectively. Other Share-Based Compensation

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The following table illustrates the changes in accumulated other comprehensive loss as of and for the period presented: (In thousands) Unrealized Gain(loss) on Designated Derivative Balance, December 31, 2020 $ (39,673) Other comprehensive gain (loss), before reclassifications 8,980 Amount of gain (loss) reclassified from accumulated other comprehensive gain (loss) 8,210 Rebalancing of ownership percentage 5 Balance, September 30, 2021 $ (22,478) Accumulated other comprehensive (loss) income predominately relates to the unrealized gains (losses) on designated derivatives, however, as previously discussed in Note 7 — Derivatives and Hedging Activities , a previously designated hedge was terminated and the termination costs are being amortized over the term of the hedged item. The unamortized portion of the terminated swap still remaining in accumulated other comprehensive (loss) income is $0.6 million as of September 30, 2021.

Non-controlling Interests

Non-controlling Interests	9 Months Ended
	Sep. 30, 2021
Noncontrolling Interest [Abstract]
Non-controlling Interests	Non-controlling Interests Non-controlling interests on the Company’s consolidated balance sheet is comprised of the following: Balance as of (In thousands) September 30, 2021 December 31, 2020 Series A Preferred Units held by third parties $2,578 $— Common OP Units held by third parties 3,823 4,016 Total Non-controlling Interests in the Operating Partnership 6,401 4,016 Non-controlling Interests in property owning subsidiaries 364 371 Total Non-controlling interests $6,765 $4,387 Non-Controlling Interests in the Operating Partnership For preferred and common shares issued by the Company, the Company typically issued mirror securities with substantially equivalent economic rights between the Company and the Operating Partnership. The securities held by the Company are eliminated in consolidation. Common OP Units The Company is the sole general partner and holds substantially all of the Common OP Units. As of September 30, 2021 and December 31, 2020, the Advisor held 90 Common OP Units, which represents a nominal percentage of the aggregate ownership in the OP. In November 2014, the Company partially funded the purchase of a MOB from an unaffiliated third party by causing the OP to issue 405,908 Common OP Units, with a value of $10.1 million, or $25.00 per unit, to the unaffiliated third party. A holder of Common OP Units has the right to receive cash distributions equivalent to the cash distributions, if any, on the Company’s common stock in an amount retroactively adjusted to reflect the Stock Dividends, other stock dividends and other similar events. After holding the Common OP Units for a period of one year, a holder of Common OP Units has the right to redeem Common OP Units for, at the option of the OP, the corresponding number of shares of the Company’s common stock, as retroactively adjusted for the Stock Dividends, other stock dividends and other similar events, or the cash equivalent. The remaining rights of the limited partners in the Common 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. Dur ing the nine months ended September 30, 2020, OP Unit non-controlling interest holders were paid distribu tions of $0.2 million. No distributions were paid to non-controlling interest holders during the nine months ended September 30, 2021. The 405,998 Common OP Units outstanding as of September 30, 2021 would be redeemable for 435,630 shares of common stock, giving effect to adjustments for the impact of the Stock Dividends through October 2021. Series A Preferred Units The Company is the sole general partner and holds substantially all of the Series A Preferred Units. In September 2021, the Company partially funded the purchase of a MOB from an unaffiliated third party by causing the OP to issue 100,000 Series A Preferred Units, with a face value of $25.00 per unit, which were recorded at a fair value of $2.6 million, or $25.78 per unit, to the unaffiliated third party. A holder of Series A Preferred Units has the right to receive cash distributions equivalent to the cash distributions, if any, on the Company’s Series A Preferred Stock. After holding the Series A Preferred Units for a period of one year, a holder of Series A Preferred Units has the right to redeem Series A Preferred Units for, at the option of the OP, the corresponding number of shares of the Company’s Series A Preferred Stock, or the cash equivalent. 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. No distributions were paid to non-controlling interest holders during the nine months ended September 30, 2021. 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. On November 4, 2020, the Company purchased all of the outstanding the membership interests in the joint venture that owns the UnityPoint Clinics in Muscatine, Iowa and Moline, Illinois for approximately $0.6 million, funded with cash on hand. Following this transaction, the properties were wholly owned by the Company and added to the borrowing base under the Credit Facility. The following table summarizes the activity related to investment arrangements with the unaffiliated third parties: Distributions Distributions Third Party Net Investment Amount Non-Controlling Ownership Percentage Net Real Estate Assets Subject to Investment Arrangement Three Months Ended September 30, Nine Months Ended September 30, Property Name (Dollar amounts in thousands) Investment Date September 30, 2021 September 30, 2021 September 30, 2021 As of December 31, 2020 2021 2020 2021 2020 Plaza Del Rio Medical Office Campus Portfolio (1) May 2015 $ 364 2.3 % $ 13,008 $ 12,790 — — — — _______ (1) One property within the Plaza Del Rio Medical Office Campus Portfolio was pledged to secure the Multi-Property CMBS Loan. See Note 4 - Mortgage Notes Payable for additional information.

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2021
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 periods presented and has been retroactively adjusted to reflect the Stock Dividends (see Note 1 — Organization for additional details): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net loss attributable to common stockholders (in thousands) $ (41,968) $ (10,500) $ (70,183) $ (58,055) Basic and diluted weighted-average shares outstanding (1) 99,097,121 99,026,440 99,068,356 98,799,334 Basic and diluted net loss per share (1) $ (0.42) $ (0.11) $ (0.71) $ (0.59) (1) Retroactively adjusted for the effects of the Stock Dividends (see Note 1 — Organization for additional details). Diluted net loss per share assumes the conversion of all common stock equivalents into an equivalent number of shares of common stock, unless the effect is antidilutive. The Company considers unvested restricted shares, Common OP Units and Class B Units to be common share equivalents. Series A Preferred Units are non-participating. The Company had the following common stock equivalents on a weighted-average basis that were excluded from the calculation of diluted net loss per share attributable to stockholders as their effect would have been antidilutive. The amounts in the table below have been retroactively adjusted to reflect the Stock Dividends (see Note 1 — Organization for additional details): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Unvested restricted shares (1) 187,108 253,806 228,019 282,801 Common OP Units (2) 435,636 435,636 435,636 435,636 Class B Units (3) 385,475 385,475 385,475 385,475 Total weighted average antidilutive common stock equivalents 1,008,219 1,074,917 1,049,130 1,103,912 ________ (1) Weighted average number of antidilutive unvested restricted shares outstanding for the periods presented. Th ere were 157,409 and 216,187 unvested restricted shares outstanding as of September 30, 2021 and 2020, respectively. (2) Weighted average number of antidilutive Common OP Units presented as shares outstanding for the periods presented, at the current redemption rate reflecting adjustments for the effect of the Stock Dividends. There were 405,998 Common OP Units outstanding as of September 30, 2021 and 2020. The securities held by the Company are eliminated in consolidation. (3) Weighted average number of antidilutive Class B Units presented as shares outstanding for the periods presented, at the current redemption rate reflecting adjustments for the effect of the Stock Dividends. There were 359,250 Class B Units outstanding as of September 30, 2021 and 2020. These Class B Units are unvested as of September 30, 2021 and 2020 (see Note 9 — Related Party Transactions

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting During the nine months ended September 30, 2021 and 2020, 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 operators. Some of the Company’s properties move between its operating segments, for example if they are converted from being triple-net leased to third parties in the triple-net leased healthcare facilities segment to being leased to the TRS and operated and managed on the Company’s behalf by a third-party operator in the SHOP segment. When transfers between segments occur, the Company reclassifies the operating results of the transferred properties to their current segment for both the current and all historical periods in order to present a consistent group of property results. See Note 3 — Real Estate Investments, Net - “Impairments” and “Held for Use Assets” to our consolidated financial statements included in this Quarterly Report on Form 10-Q for additional information. Over the last three years, the Company has had properties transfer between operating segments. Upon such transfers the Company retroactively restates the historical operating results for each segment for all periods presented in that filing and, thereafter, the Company will restate other later prior periods when they are subsequently reported in later filings for comparative purposes. As a result, the Company provides transition disclosure adjustments only for properties that have transitioned since the prior numbers were previously reported. The Company transitioned its four LaSalle Properties on July 1, 2020, from its triple-net leased healthcare facilities segment to its SHOP segment (collectively, the “Transition Properties”). See Note 3 — Real Estate Investments for further information about these properties and the transition. The results of operations from the Transition Properties are presented within the SHOP segment for the nine months ended September 30, 2021 and 2020. The LaSalle Properties are now leased to the Company’s TRS and operated and managed on the Company’s behalf by a third-party operator. As previously reported, this segment transition has been applied retrospectively to historical periods beginning with the quarter ended September 30, 2020. 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 from tenants 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. The following tables reconcile the segment activity, retroactively adjusted for the Transition Properties to consolidated net loss for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2021 2021 (In thousands) Medical Office Buildings Triple-Net Leased Healthcare Facilities Seniors Housing — Operating Properties Consolidated Medical Office Buildings Triple-Net Leased Healthcare Facilities (1) Seniors Housing — Operating Properties (1) Consolidated Revenue from tenants $ 27,036 $ 3,777 $ 51,193 $ 82,006 $ 79,839 $ 10,913 $ 155,850 $ 246,602 Property operating and maintenance 8,359 444 42,415 51,218 23,980 1,993 126,160 152,133 NOI $ 18,677 $ 3,333 $ 8,778 30,788 $ 55,859 $ 8,920 $ 29,690 94,469 Impairment charges (26,642) (33,601) Operating fees to related parties (6,045) (17,851) Acquisition and transaction related (2,198) (2,453) General and administrative (4,723) (13,318) Depreciation and amortization (19,786) (59,390) Interest expense (11,775) (36,016) Interest and other income 4 60 Gain on sale of real estate investments — 2,284 Loss on non-designated derivatives (33) (32) Income tax expense (55) (162) Net income attributable to non-controlling interests 331 229 Allocation for preferred stock (1,834) (4,402) Net loss attributable to stockholders $ (41,968) $ (70,183) Three Months Ended September 30, Nine Months Ended September 30, 2020 2020 (In thousands) Medical Office Buildings Triple-Net Leased Healthcare Facilities (1) Seniors Housing — Operating Properties (1) Consolidated Medical Office Buildings Triple-Net Leased Healthcare Facilities (1) Seniors Housing — Operating Properties (1) Consolidated Revenue from tenants $ 25,810 $ 4,304 $ 65,721 $ 95,835 $ 77,970 $ 11,934 $ 200,830 $ 290,734 Property operating and maintenance 8,066 828 52,784 61,678 23,106 1,850 158,233 183,189 NOI $ 17,744 $ 3,476 $ 12,937 34,157 $ 54,864 $ 10,084 $ 42,597 107,545 Impairment charges (1,011) (32,842) Operating fees to related parties (5,984) (17,969) Acquisition and transaction related (175) (680) General and administrative (3,162) (14,622) Depreciation and amortization (20,211) (60,589) Interest expense (12,840) (38,677) Interest and other income 2 43 Gain on sale of real estate investments — 2,306 Loss on non-designated derivatives (69) (45) Income tax benefit (expense) (78) (78) Net loss attributable to non-controlling interests (397) (223) Allocation for preferred stock (732) (2,224) Net loss attributable to stockholders $ (10,500) $ (58,055) _______________ (1) The results of operations from the Transition Properties are presented within the SHOP segment for the three and nine months ended September 30, 2020. The following table reconciles the segment activity to consolidated total assets as of the periods presented: (In thousands) September 30, 2021 December 31, 2020 ASSETS Investments in real estate, net: Medical office buildings $ 1,006,298 $ 883,471 Triple-net leased healthcare facilities 169,850 238,427 Construction in progress 1,417 — Seniors housing — operating properties (1) 911,896 987,050 Total investments in real estate, net 2,089,461 2,108,948 Assets held for sale — 90 Cash and cash equivalents 29,784 72,357 Restricted cash 26,081 17,989 Derivative assets, at fair value 65 13 Straight-line rent receivable, net 23,994 23,322 Operating lease right-of-use assets 13,790 13,912 Prepaid expenses and other assets 30,411 34,932 Deferred costs, net 14,987 15,332 Total assets $ 2,228,573 $ 2,286,895 _____________ (1) The Transition Properties are presented within the SHOP segment as of September 30, 2021 and December 31, 2020. The following table reconciles capital expenditures by reportable business segment, excluding corporate non-real estate expenditures, for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2021 2020 2021 2020 Medical office buildings $ 2,100 $ 1,026 $ 3,710 $ 3,898 Triple-net leased healthcare facilities — 9 73 67 Seniors housing — operating properties (1) 2,246 2,937 7,718 13,664 Total capital expenditures $ 4,346 $ 3,972 $ 11,501 $ 17,629 ______________________

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of September 30, 2021, the Company had eight operating and six direct financing lease agreements. The eight operating leases have durations, including assumed renewals, ranging from 21.1 years to 86.0 years, excluding an adjacent parking lot lease with a term of 3.0 years. The Company did not enter into any additional ground leases during the three and nine months ended September 30, 2021. As of September 30, 2021, the Company’s balance sheet included ROU assets and liabilities of $13.8 million and $9.1 million, respectively, which are included in operating lease right-of-use assets and operating lease liabilities, respectively. In determining operating ROU assets and lease liabilities for the Company’s existing operating leases upon the adoption of the new lease guidance as well as for new operating leases in the current period, the Company was required to estimate an appropriate incremental borrowing rate on a fully-collateralized basis for the terms of the leases. Because the terms of the Company’s ground leases are significantly longer than the terms of borrowings available to the Company on a fully-collateralized basis, the Company’s estimate of this rate required significant judgment. The Company’s ground operating leases have a weighted-average remaining lease term, including assumed renewals, of 40.8 years and a weighted-average discount rate of 7.37% as of September 30, 2021. For the three and nine months ended September 30, 2021, the Company paid cash of $0.2 million and $0.7 million, respectively, and for amounts included in the measurement of lease liabilities and recorded expense of $0.2 million and $0.7 million, respectively, on a straight-line basis in accordance with the current accounting guidance. The Company paid cash of $0.2 million and $0.5 million, respectively, for amounts included in the measurement of lease liabilities and recorded expense of $0.2 million and $0.7 million, respectively, for the three and nine months ended September 30, 2020. The lease expense is recorded in property operating expenses in the consolidated statements of operations and comprehensive loss. The following table reflects the base cash rental payments due from the Company as of September 30, 2021: Future Base Rent Payments (In thousands) Operating Leases Direct Financing Leases (1) 2021 (remainder) $ 176 $ 21 2022 712 86 2023 715 88 2024 702 90 2025 658 92 Thereafter 28,442 7,344 Total minimum lease payments 31,405 7,721 Less: amounts representing interest (22,351) (2,962) Total present value of minimum lease payments $ 9,054 $ 4,759 _______ (1) The Direct Finance Lease liability is included in Accounts Payable and accrued expenses Litigation and Regulatory Matters In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. There are no material legal or regulatory proceedings pending or known to be contemplated against the Company or its properties. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. As of September 30, 2021, 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.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsThe Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and determined that there have not been any events that have occurred that would require adjustments to disclosures in the consolidated financial statements except for the following: Dividend Declaration On October 1, 2021, the Company announced the declaration of the Stock Dividend of 0.014655 shares of the Company’s common stock, on each share of the Company’s outstanding common stock. The Stock Dividend was issued on October 15, 2021 to holders of record of the Company’s common stock at the close of business on October 12, 2021. Underwritten Offering — Series B Preferred Stock On October 6, 2021, the Company completed the initial issuance and sale of 3,200,000 shares of its 7.125% Series B Preferred Stock in an underwritten public offering at a public offering price equal to the liquidation preference of $25.00 per share. The offering generated gross proceeds of $80.0 million and net proceeds of $77.2 million, after deducting underwriting discounts. On October 12, 2021 the underwriters in the offering exercised their option to purchase additional shares of Series B Preferred Stock and the Company sold 430,000 shares Series B Preferred Stock, which generated gross proceeds of $10.8 million and resulted in net proceeds of $10.4 million after deducting underwriting discounts. Pursuant to the terms of the Credit Facility, all proceeds were used to repay amounts outstanding under the Credit Facility. Subject to the terms and conditions set forth in the Credit Facility, we may then draw on the Credit Facility to borrow any amounts so repaid. Preferred Stock Equity Line Termination In November 2021, the Company terminated its $15.0 million Preferred Stock Equity Line. Credit Facility Amendment On November 12, 2021 the Company entered into the third amendment to the agreement governing or Credit Facility. See Note 5 — Credit Facilities .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited consolidated financial statements of the Company included herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to this Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair statement of results for the interim periods. The results of operations for the three and nine months ended September 30, 2021 and 2020 are not necessarily indicative of the results for the entire year or any subsequent interim periods.These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2020, which are included in the Company’s Annual Report on Form 10-K filed with the SEC on March 30, 2021. Except for those required by new accounting pronouncements discussed below, there have been no significant changes to the Company’s significant accounting policies during the nine months ended September 30, 2021. Impacts of the COVID-19 Pandemic During the first quarter of 2020, the global COVID-19 pandemic that has spread around the world and to every state in the United States commenced. The pandemic has had and could continue to have an adverse impact on economic and market conditions, including a global economic slowdown and recession that may continue for some time. The rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and market conditions. The Company believes the estimates and assumptions underlying its consolidated financial statements are reasonable and supportable based on the information available as of September 30, 2021, however uncertainty over the ultimate impact COVID-19 will continue to have on the global economy generally, and the Company’s business in particular, makes any estimates and assumptions as of September 30, 2021 inherently less certain than they would be absent the current and potential impacts of COVID-19. Actual results may ultimately differ from those estimates. Starting in March 2020, the COVID-19 pandemic and measures to prevent its spread began to affect the Company in a number of ways. In the Company’s SHOP portfolio, occupancy had trended lower since March 2020 and the declines only recently began to level off in June 2021. Government policies and implementation of infection control best practices materially limited or closed communities to new resident move-ins which has affected the Company’s ability to fill vacancies. The Company has also experienced lower inquiry volumes and reduced in-person tours during the pandemic. In addition, starting in mid-March 2020, operating costs began to rise materially, including for services, labor and personal protective equipment and other supplies, as the Company’s operators took appropriate actions to protect residents and caregivers. At the SHOP facilities, the Company bears these cost increases. These trends accelerated beginning in the second quarter of 2020, and continued into 2021. There can be no assurance, however, that future developments in the course of the pandemic will not cause further adverse impacts to the Company’s occupancy and cost levels, and these trends may continue to impact the Company and have a material adverse effect on the Company’s revenues and income in the other quarters. The financial stability and overall health of the Company’s tenants is critical to its business. The negative effects that the global pandemic has had on the economy includes the closure or reduction in occupancy activity at some of the Company’s MOBs and other healthcare-related facilities as well as restrictions on activity and access for many of the Company’s seniors housing properties. The economic impact of the pandemic has impacted the ability of some of the Company’s tenants to pay their monthly rent either temporarily or in the long term. The Company experienced delays in rent collections in the second, third and fourth quarters of 2020, although collections have been approximately 100% of original cash rent for the MOB and NNN segments throughout the nine months ended September 30, 2021. The Company has taken a proactive approach to achieve mutually agreeable solutions with its tenants and in some cases, during the year ended December 31, 2020, the Company executed lease amendments providing for deferral of rent. During the nine months ended September 30, 2021, the Company did not enter into any rent deferral agreements with any of its tenants, and all amounts previously deferred under prior rent deferral agreements have been collected.
Principles of Consolidation	Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“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, impairments, fair value measurements and income taxes, as applicable.
Accounting for Leases, Lessor Accounting	For all other lease changes that did not qualify for FASB relief, the Company is required to apply modification accounting including assessing classification under ASC 842. Some, but not all of the Company’s lease modifications qualify for the FASB relief. In accordance with the relief provisions, instead of treating these qualifying leases as modifications, the Company has elected to treat the modifications as if previously contained in the lease and recast rents receivable prospectively (if necessary). Under that accounting, for modifications that were deferrals only, there would be no impact on overall rental revenue and for any abatement amounts that reduced total rent to be received, the impact would be recognized ratably over the remaining life of the lease. For leases not qualifying for this relief, the Company has applied modification accounting and determined that there were no changes in the current classification of its leases impacted by negotiations with its tenants. Accounting for Leases Lessor Accounting As a lessor of real estate, the Company has elected, by class of underlying assets, to account for lease and non-lease components (such as tenant reimbursements of property operating expenses) as a single lease component as an operating lease because (a) the non-lease components have the same timing and pattern of transfer as the associated lease component; and (b) the lease component, if accounted for separately, would be classified as an operating lease. Additionally, only incremental direct leasing costs may be capitalized under the accounting guidance. Indirect leasing costs in connection with new or extended tenant leases, if any, are being expensed.
Accounting for Leases, Lessee Accounting	For all other lease changes that did not qualify for FASB relief, the Company is required to apply modification accounting including assessing classification under ASC 842. Some, but not all of the Company’s lease modifications qualify for the FASB relief. In accordance with the relief provisions, instead of treating these qualifying leases as modifications, the Company has elected to treat the modifications as if previously contained in the lease and recast rents receivable prospectively (if necessary). Under that accounting, for modifications that were deferrals only, there would be no impact on overall rental revenue and for any abatement amounts that reduced total rent to be received, the impact would be recognized ratably over the remaining life of the lease. For leases not qualifying for this relief, the Company has applied modification accounting and determined that there were no changes in the current classification of its leases impacted by negotiations with its tenants.Lessee AccountingFor lessees, the accounting standard requires the application of a dual lease classification approach, classifying leases as either operating or finance leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. Lease expense for operating leases is recognized on a straight-line basis over the term of the lease, while lease expense for finance leases is recognized based on an effective interest method over the term of the lease. Also, lessees must recognize a right-of-use asset (“ROU”) and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Further, certain transactions where at inception of the lease the buyer-lessor accounted for the transaction as a purchase of real estate and a new lease, may now be required to have symmetrical accounting to the seller-lessee if the transaction was not a qualified sale-leaseback and accounted for as a financing transaction.
Revenue Recognition	Revenue Recognition The Company’s revenues, which are derived primarily from lease contracts, include rent received from tenants in MOBs and triple-net leased healthcare facilities. As of September 30, 2021, these leases had a weighted average remaining lease term of 5.0 years. Rent from tenants in the Company’s MOB and triple-net leased healthcare facilities operating segments 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, straight-line basis accounting requires the Company to record a receivable for, and include in revenue from tenants 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. For new leases after acquisition, the commencement date is considered to be the date the tenant takes control of the space. For lease modifications, the commencement date is considered to be the date the lease modification is executed. The Company defers the revenue related to lease payments received from tenants in advance of their due dates. Pursuant to certain of the Company’s lease agreements, tenants are required to reimburse the Company for certain property operating expenses, in addition to paying base rent, whereas under certain other lease agreements, the tenants are directly responsible for all operating costs of the respective properties. Under ASC 842, the Company has elected to report combined lease and non-lease components in a single line “Revenue from tenants.” For expenses paid directly by the tenant, under the Company reflects them on a net basis. The Company’s revenues also include resident services and fee income primarily related to rent derived from lease contracts with residents in the Company’s SHOPs held using a structure permitted under the REIT Investment and Diversification and Empowerment Act of 2007 and to fees for ancillary services performed for SHOP residents, which are generally variable in nature. Rental income from residents in the Company’s SHOP segment is recognized as earned when services are provided. Residents pay monthly rent that covers occupancy of their unit and basic services, including utilities, meals and some housekeeping services. The terms of the leases are short term in nature, primarily month-to-month. Also included in revenue from tenants is fees for ancillary revenue from non-residents of $2.7 million and $10.0 million, for the nine months ended September 30, 2021 and 2020, respectively. Included in these amounts during the nine months ended September 30, 2021 and 2020 are $1.6 million and $7.8 million, respectively, which represent fees for ancillary services generated at the Company’s properties in Lutz, Florida, and Wellington, Florida. These properties were sold in December 2020 and May 2021, respectively. 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. Pursuant to certain of the Company’s lease agreements, tenants are required to reimburse the Company for certain property operating expenses related to non-SHOP assets (recorded in revenue from tenants), in addition to paying base rent, whereas under certain other lease agreements, the tenants are directly responsible for all operating costs of the respective properties. The following table presents future base rent payments on a cash basis due to the Company over the periods indicated over the next five years and thereafter. These amounts exclude tenant reimbursements and contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes, among other items. These amounts also exclude SHOP leases which are short term in nature. As of September 30, 2021: (In thousands) Future 2021 (remainder) $ 26,811 2022 104,418 2023 92,746 2024 84,584 2025 74,035 Thereafter 280,006 Total $ 662,600
Investments in Real Estate	Investments in Real Estate 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. At the time an asset is acquired, the Company evaluates the inputs, processes and outputs of the 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 statements of operations and comprehensive loss. 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. See the “ Purchase Price Allocation” section in this Note for a discussion of the initial accounting for investments in real estate. Disposal of real estate investments that represent a strategic shift in operations that will have a major effect on the Company's operations and financial results are required to be presented as discontinued operations in the consolidated statements of operations. No properties were presented as discontinued operations during the quarters ended September 30, 2021 and 2020. Properties that are intended to be sold are to be 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, most significantly that the sale is probable within one year. The Company evaluates probability of sale based on specific facts including whether a sales agreement is in place and the buyer has made significant non-refundable deposits. Properties are no longer depreciated when they are classified as held for sale. There were no real estate investments held for sale as of September 30, 2021. There were $0.1 million real estate investments held for sale as of December 31, 2020. (see Note 3 — Real Estate Investments, Net for additional information). In accordance with the lease accounting standard, all of the Company’s leases as lessor prior to adoption were accounted for as operating leases. The Company evaluates new leases originated after the adoption date (by the Company or by a predecessor lessor/owner) pursuant to the new guidance where a lease for some or all of a building is classified by a lessor as a sales-type lease if the significant risks and rewards of ownership reside with the tenant. This situation is met if, among other things, there is an automatic transfer of title during the lease, a bargain purchase option, the non-cancelable lease term is for more than major part of remaining economic useful life of the asset (e.g., equal to or greater than 75%), if the present value of the minimum lease payments represents substantially all (e.g., equal to or greater than 90%) of the leased property’s fair value at lease inception, or if the asset so specialized in nature that it provides no alternative use to the lessor (and therefore would not provide any future value to the lessor) after the lease term. Further, such new leases would be evaluated to consider whether they would be failed sale-leaseback transactions and accounted for as financing transactions by the lessor. For the nine months ended September 30, 2021 and the three-year period ended December 31, 2020, the Company has no leases as a lessor that would be considered as sales-type leases or financings under sale-leaseback rules. The Company is also the lessee under certain land leases which will continue to be classified as operating leases under transition elections unless subsequently modified. These leases are reflected on the balance sheet as of September 30, 2021 and December 31, 2020, and the rent expense is reflected on a straight-line basis over the lease term in the consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2021 and 2020. 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.
Purchase Price Allocation	Purchase Price Allocation In both a business combination and an asset acquisition, 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, fixtures and tenant improvements on an as if vacant basis. Intangible assets may include the value of in-place leases and above- and below-market leases and other identifiable 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 (in a business combination) are recorded at their estimated fair values. 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 the fair value to any assumed or issued non-controlling interests, amounts are recorded at their fair value at the close of business on the acquisition date. In a business combination, the difference between the purchase price and the fair value of identifiable net assets acquired is either recorded as goodwill or as a bargain purchase gain. In an asset acquisition, the difference between the acquisition price (including capitalized transaction costs) and the fair value of identifiable net assets acquired is allocated to the non-current assets. All acquisitions during the nine months ended September 30, 2021 and 2020 were asset acquisitions. For acquired properties with leases classified as operating leases, the Company allocates the purchase price to tangible and identifiable intangible assets acquired and liabilities assumed, based on their respective fair values. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data. The Company also considers information obtained about each property as a result of the Company’s pre-acquisition due diligence in estimating the fair value of the tangible and intangible assets acquired and intangible liabilities assumed. Tangible assets include land, land improvements, buildings, fixtures and tenant improvements on an as-if vacant basis. The Company utilizes various estimates, processes and information to determine the as-if vacant property value. The Company estimates the fair value using data from appraisals, comparable sales, discounted cash flow analysis and other methods. Fair value estimates are also made using significant assumptions such as capitalization rates, fair market lease rates, discount rates and land values per square foot. Identifiable intangible assets include amounts allocated to acquired leases for above- and below-market lease rates and the value of in-place leases. Factors considered in the analysis of the in-place lease intangibles include an estimate of carrying costs during the expected lease-up period for each property, taking into account current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at contract rates during the expected lease-up period, which typically ranges from six Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining initial term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The aggregate value of intangible assets related to customer relationship, as applicable, is measured based on the Company’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the tenant. Characteristics considered by the Company in determining these values include the nature and extent of its existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, among other factors. The Company did not record any intangible asset amounts related to customer relationships during the nine months ended September 30, 2021 or 2020.
Impairment of Long-Lived Assets	Impairment of Long-Lived AssetsWhen circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the property 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 an impairment exists, due to the inability to recover the carrying value of a property, the Company would recognize an impairment loss in the consolidated statement of operations and comprehensive income 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 recorded would equal the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net earnings.
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, 7 to 10 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 value of certain other intangibles such as certificates of need in certain jurisdictions are amortized over the expected period of benefit (generally the life of the related building). 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. The value of customer relationship intangibles, if any, is amortized to expense over the initial term and any renewal periods in the respective leases, but in no event does the amortization period for intangible assets exceed the remaining depreciable life of the building. If a tenant terminates its lease, the unamortized portion of the in-place lease value and customer relationship intangibles is charged to expense. Assumed mortgage premiums or discounts are amortized as an increase or reduction to interest expense over the remaining terms of the respective mortgages.
Income Taxes	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 U.S. federal corporate income tax to the extent it distributes all of its REIT taxable income (which does not equal net income as calculated in accordance with GAAP) 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, state and local income taxes at regular corporate rates 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, 2020, 2019 and 2018. Accordingly, no provision for U.S. 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 as a REIT, it may be subject to certain state and local taxes on its income and property, and U.S. 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 TRS and operated by a third party on behalf of the TRS. Accordingly, the Company has formed a TRS that is wholly-owned by the OP to lease its SHOPs and the TRS has entered into management contracts with unaffiliated third-party operators to operate the facilities on its behalf. As of September 30, 2021, the Company owned 54 seniors housing properties which are leased and operated through its TRS. The TRS is a wholly-owned subsidiary of the OP. A TRS is subject to U.S. 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 (including modifying intercompany leases with the TRS) 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 asset. 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 loss carryforwards. Because of the TRS's recent operating history of losses and the on-going impacts of the COVID-19 pandemic on the results of operations of the Company’s SHOP assets, the Company is not able to conclude that it is more likely than not it will realize the future benefit of its deferred tax assets; thus the Company has provided a 100% valuation allowance of $3.6 million as of September 30, 2021. If and when the Company believes it is more likely than not that it will recover its deferred tax assets, the Company will reverse the valuation allowance as an income tax benefit in its consolidated statements of comprehensive income (loss). As of December 31, 2020, the Company had a deferred tax asset of $4.6 million with a full valuation allowance.
CARES Act Grants	CARES Act Grants On March 27, 2020, Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law and provides funding to Medicare providers in order to provide financial relief during the COVID-19 pandemic. Funds provided under the program were to be used for the preparation, prevention, and medical response to COVID-19, and were designated to reimburse providers for healthcare related expenses and lost revenues attributable to COVID-19. The Company did not receive any funding from the CARES Act during the three months ended September 30, 2021. During the nine months ended September 30, 2021, the Company received $5.1 million in funding from CARES Act grants. Previously, the Company received $3.6 million in grants during the year ended December 31, 2020, $0.5 million and $3.6 million of which was received in the three and nine months ended September 30, 2020, respectively. Subsequent to September 30, 2021, the Company applied for additional relief funds under the CARES Act, however, there can be no assurance that any funds requested will actually be received.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Adopted as of January 1, 2020: In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement . The objective of ASU 2018-13 is to improve the effectiveness of disclosures in the notes to the financial statements by removing, modifying, and adding certain fair value disclosure requirements to facilitate clear communication of the information required by generally accepted accounting principles. The amended guidance is effective for the Company beginning on January 1, 2020. The Company adopted the new guidance on January 1, 2020 and determined it did not have a material impact on its consolidated financial statements. 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 amended standard 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 the Company beginning on January 1, 2020. The Company adopted the new guidance on January 1, 2020 and determined it did not have a material impact on its consolidated financial statements. Not yet Adopted as of September 30, 2021 In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Topic 470) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Topic 815). The new standard reduces the number of accounting models for convertible debt instruments and convertible preferred stock, and amends the guidance for the derivatives scope exception for contracts in an entity's own equity. The standard also amends and makes targeted improvements to the related earnings per share guidance. The ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The standard allows for either modified or full retrospective transition methods. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). Topic 848 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in Topic 848 is optional and may be elected over the period March 12, 2020 through December 31, 2022 as reference rate reform activities occur. During the year ended December 31, 2020, the Company elected to apply the hedge accounting expedients related to (i) the assertion that our hedged forecasted transactions remain probable and (ii) the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of our derivatives, which will be consistent with our past presentation. The Company will continue to evaluate the impact of the guidance and may apply other elections, as applicable, as additional changes in the market occur.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Schedule of Future Base Rent Payments	The following table presents future base rent payments on a cash basis due to the Company over the periods indicated over the next five years and thereafter. These amounts exclude tenant reimbursements and contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes, among other items. These amounts also exclude SHOP leases which are short term in nature. As of September 30, 2021: (In thousands) Future 2021 (remainder) $ 26,811 2022 104,418 2023 92,746 2024 84,584 2025 74,035 Thereafter 280,006 Total $ 662,600

Real Estate Investments, Net (T

Real Estate Investments, Net (Tables)	9 Months Ended
	Sep. 30, 2021
Real Estate Investments, Net [Abstract]
Schedule of Business Acquisitions, by Acquisition	The following table presents the allocation of real estate assets acquired and liabilities assumed during the nine months ended September 30, 2021 and 2020: Nine Months Ended September 30, (In thousands) 2021 2020 Real estate investments, at cost: Land $ 9,131 $ 6,900 Buildings, fixtures and improvements 113,244 86,687 Total tangible assets 122,375 93,587 Acquired intangibles: In-place leases and other intangible assets (1) 26,811 9,385 Market lease and other intangible assets (1) 554 472 Market lease liabilities (1) (1,016) (362) Total intangible assets and liabilities 26,349 9,495 Mortgage notes payable, net — (13,883) Other assets acquired and liabilities assumed in the Asset Acquisition, net — 1,786 Issuance of Preferred OP Units (2) (2,578) — Cash paid for real estate investments, including acquisitions $ 146,146 $ 90,985 Number of properties purchased 14 8 ______ (1) Weighted-average remaining amortization periods for in-place leases, above-market leases and below-market leases acquired during the nine months ended September 30, 2021 were 11.5 years, 7.5 years and 3.7 years, respectively, as of each property’s acquisition date. (2) See Note 8 —Stockholder’s Equity for additional information.
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 September 30, 2021 and 2020: September 30, State 2021 2020 Florida (1) 12.0% 22.3% Michigan (2) * 10.4% Pennsylvania 11.8% * _________ * 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 date specified. (1) In May 2021, the Company’s skilled nursing facility in Wellington, Florida, and the Company’s development property in Jupiter, Florida were sold. In December 2020, the Company’s skilled nursing facility in Lutz, Florida was sold.
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 amortization and accretion of above-and below-market ground leases, for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2021 2020 2021 2020 Amortization of in-place leases and other intangible assets (1) $ 3,804 $ 3,637 $ 11,114 $ 11,176 Accretion of above-and below-market leases, net (2) $ (117) $ (33) $ (269) $ (250) Amortization of above-and below-market ground leases, net (3) $ 53 $ 40 $ 161 $ 119 ________ (1) Reflected within depreciation and amortization expense. (2) Reflected within rental income.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table provides the projected amortization expense and adjustments to revenues for the next five years: (In thousands) 2021 (remainder) 2022 2023 2024 2025 In-place lease assets $ 3,966 $ 14,794 $ 12,676 $ 10,755 $ 9,167 Other intangible assets 3 10 10 10 10 Total to be added to amortization expense $ 3,969 $ 14,804 $ 12,686 $ 10,765 $ 9,177 Above-market lease assets $ (251) $ (807) $ (453) $ (375) $ (321) Below-market lease liabilities 397 1,600 1,487 1,269 1,077 Total to be added to revenue from tenants $ 146 $ 793 $ 1,034 $ 894 $ 756
Real Estate Sales	The following table presents impairments recorded during the three months ended September 30, 2021 and 2020. Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2021 2020 2021 2020 Assets held for sale $ — $ 1,011 $ — $ 19,049 Assets held for use 26,642 — 33,601 13,793 Total $ 26,642 $ 1,011 $ 33,601 $ 32,842 The following table details the major classes of assets associated with the properties that are classified as held for sale as of December 31, 2020: (In thousands) December 31, 2020 Land $ 145 Buildings, fixtures and improvements (55) Assets held for sale $ 90 There were no assets held for sale as of September 30, 2021.

Mortgage Notes Payable, Net (Ta

Mortgage Notes Payable, Net (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following table reflects the Company’s mortgage notes payable as of September 30, 2021 and December 31, 2020: Outstanding Loan Amount as of Effective Interest Rate as of Portfolio Encumbered Properties (1) September 30, December 31, 2020 September 30, December 31, 2020 Interest Rate Maturity (In thousands) (In thousands) Palm Valley Medical Plaza - Goodyear, AZ 1 $ 2,908 $ 2,998 4.15 % 4.15 % Fixed Jun. 2023 Medical Center V - Peoria, AZ 1 2,710 2,786 4.75 % 4.75 % Fixed Sep. 2023 Fox Ridge Bryant - Bryant, AR 1 7,017 7,133 3.98 % 3.98 % Fixed May 2047 Fox Ridge Chenal - Little Rock, AR 1 16,120 16,390 2.95 % 3.98 % Fixed May 2049 Fox Ridge North Little Rock - North Little Rock, AR 1 10,002 10,170 2.95 % 3.98 % Fixed May 2049 Capital One MOB Loan 41 378,500 378,500 3.71 % 3.71 % Fixed (3) Dec. 2026 Multi-Property CMBS Loan 21 118,700 118,700 4.60 % 4.60 % Fixed May 2028 Shiloh - Illinois 1 13,461 13,684 4.34 % 4.34 % Fixed March 2026 Gross mortgage notes payable 68 549,418 550,361 3.89 % 3.94 % (2) Deferred financing costs, net of accumulated amortization (4) (5,414) (6,191) Mortgage premiums and discounts, net (1,429) (1,472) Mortgage notes payable, net $ 542,575 $ 542,698 _____________ (1) Does not include real estate assets mortgaged to secure advances under the Fannie Mae Master Credit Facilities or eligible unencumbered real estate assets comprising the borrowing base of the Credit Facility (as defined below) . 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 September 30, 2021 and December 31, 2020. For the LIBOR based loans, LIBOR in effect at the balance sheet date was utilized. For the Capital One MOB Loan, the effective rate does not include the effect of amortizing the amount paid to terminate the previous pay-fixed swap. See Note 7 — Derivatives and Hedging Activities for additional details. (3) Variable rate loan, based on 30-day LIBOR, which is economically fixed as a result of entering into “pay-fixed” interest rate swap agreements (the Company designates its “pay-fixed” interest rate swaps against all 30-day LIBOR debt, see Note 7 — Derivatives and Hedging Activities for additional details). In connection with the amendment to this loan in December 2019 (see additional details below), the Company terminated the previous interest rate swap agreements and entered into new 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.

Credit Facilities (Tables)

Credit Facilities (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Credit Facilities	The Company had the following credit facilities outstanding as of September 30, 2021 and December 31, 2020: Outstanding Facility Effective Interest Rate (10) Credit Facility Encumbered Properties (1) September 30, December 31, 2020 September 30, December 31, 2020 Interest Rate Maturity (In thousands) (In thousands) Credit Facility: Revolving Credit Facility $ 124,600 $ 173,674 3.37 % 3.21 % Variable (8) Mar. 2023 (9) Term Loan 150,000 150,000 5.02 % 4.95 % Fixed (6) Mar. 2024 Deferred financing costs (3,352) (4,298) Term Loan, net 146,648 145,702 Total Credit Facility 100 (2) $ 271,248 $ 319,376 Fannie Mae Master Credit Facilities: Capital One Facility 11 (3) $ 212,467 $ 212,467 2.50 % 2.60 % Variable (7) Nov. 2026 KeyBank Facility 10 (4) 142,708 142,708 2.55 % 2.65 % Variable (7) Nov. 2026 Total Fannie Mae Master Credit Facilities 21 $ 355,175 $ 355,175 Total Credit Facilities 121 $ 626,423 $ 674,551 3.28 % 3.29 % (5) _______________ (1) Encumbered properties are as of September 30, 2021. (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 Credit Facility (as defined below) have been pledged for the benefit of the lenders thereunder. (3) Secured by first-priority mortgages on 11 of the Company’s seniors housing properties located in Florida, Georgia, Iowa and Michigan as of September 30, 2021 with a carrying value of $345 million. (4) Secured by first-priority mortgages on ten of the Company’s seniors housing properties located in Michigan, Missouri, Kansas, California, Florida, Georgia and Iowa as of September 30, 2021 with a carrying value of $254 million. (5) Calculated on a weighted average basis for all credit facilities outstanding as of September 30, 2021 and December 31, 2020. (6) Variable rate loan, based on LIBOR, all of which was economically fixed as a result of entering into “pay-fixed” interest rate swap agreements (the Company designates its “pay-fixed” interest rate swaps against all 30-day LIBOR debt, see Note 7 — Derivatives and Hedging Activities for additional details). (7) 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). (8) Variable rate loan, based on LIBOR, with $50 million of principal amount economically fixed as of September 30, 2021 and December 31, 2020, respectively, as a result of entering into “pay-fixed” interest rate swap agreements ( see Note 7 — Derivatives and Hedging Activities for additional details). (9) The company has the option to extend maturity one year to March 2024 subject to certain conditions. (10) Effective interest rate below for variable rate debt gives effect to any “Pay-fixed” swap entered into by the Company. If not hedged, the effective interest rate below represents the variable rate (or contractual floor if appropriate) and the applicable margin in effect as of the March 31, 2020. Interest rate caps are not considered unless the cap is currently in effect.
Schedule of Maturities of Long-term Debt	The following table summarizes the scheduled aggregate principal payments for the five years subsequent to September 30, 2021 and thereafter, on all of the Company’s outstanding debt (mortgage notes payable and credit facilities): Future Principal (In thousands) Mortgage Notes Payable Credit Facilities Total 2021 (remainder) $ 326 $ 130 $ 456 2022 1,331 2,820 4,151 2023 6,469 4,497 10,966 2024 1,178 129,097 130,275 2025 1,221 154,497 155,718 Thereafter 538,893 338,734 877,627 Total $ 549,418 $ 629,775 $ 1,179,193

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Summary of Recurring Fair Value Measurements	The following table presents information about the Company’s assets and liabilities measured at fair value as of September 30, 2021 and December 31, 2020, aggregated by the level in the fair value hierarchy within which those instruments fall. (In thousands) Quoted Prices in Active Markets Significant Significant Unobservable Inputs Total September 30, 2021 Derivative assets, at fair value $ — $ 65 $ — $ 65 Derivative liabilities, at fair value — (21,829) — (21,829) Total $ — $ (21,764) $ — $ (21,764) December 31, 2020 Derivative assets, at fair value $ — $ 13 $ — $ 13 Derivative liabilities, at fair value — (38,389) — (38,389) Total $ — $ (38,376) $ — $ (38,376)
Summary of Fair Value by Balance Sheet	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: September 30, 2021 December 31, 2020 (In thousands) Level Carrying Amount Fair Value Carrying Amount Fair Value Gross mortgage notes payable and mortgage premium and discounts, net 3 $ 547,989 $ 552,941 $ 548,889 $ 549,553 Credit Facility 3 $ 274,600 $ 271,782 $ 323,674 $ 319,558 Fannie Mae Master Credit Facilities 3 $ 355,175 $ 353,102 $ 355,175 $ 354,073

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2021
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 September 30, 2021 and December 31, 2020: (In thousands) Balance Sheet Location September 30, December 31, 2020 Derivatives designated as hedging instruments: Interest rate “pay-fixed” swaps Derivative liabilities, at fair value $ 21,829 $ 38,389 Derivatives not designated as hedging instruments: Interest rate caps Derivative assets, at fair value $ 65 $ 13
Summary of Derivative Instruments	As of September 30, 2021 and December 31, 2020, the Company had the following derivatives that were designated as cash flow hedges of interest rate risk: September 30, 2021 December 31, 2020 Interest Rate Derivatives Number of Instruments Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Interest rate “pay-fixed” swaps 9 $ 578,500 9 $ 578,500 September 30, 2021 December 31, 2020 Interest Rate Derivatives Number of Instruments Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Interest rate caps 6 $ 355,175 6 $ 359,322
Schedule of Derivatives Included in AOCI	The table below details the location in the financial statements of the gain (loss) recognized on interest rate derivatives designated as cash flow hedges for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2021 2020 2021 2020 Amount of gain (loss) recognized in accumulated other comprehensive loss on interest rate derivatives $ 353 $ (405) $ 8,980 $ (42,631) Amount of (loss) gain reclassified from accumulated other comprehensive income into income as interest expense $ (2,786) $ (2,689) $ (8,210) $ (5,295) Total amount of interest expense presented in the consolidated statements of operations and comprehensive gain (loss) $ (11,775) $ (12,840) $ (36,016) $ (38,677)
Offsetting Assets	The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of September 30, 2021 and December 31, 2020. 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 September 30, 2021 $ 65 $ — $ — $ 65 $ — $ — $ 65 September 30, 2021 $ — $ (21,829) $ — $ (21,829) $ — $ — $ (21,829) December 31, 2020 $ 13 $ — $ — $ 13 $ — $ — $ 13 December 31, 2020 $ — $ (38,389) $ — $ (38,389) $ — $ — $ (38,389)

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Class of Treasury Stock	The table below reflects the number of shares repurchased and the average price per share, under the SRP and does not include any repurchases under tender offers (see above), cumulatively through September 30, 2021. Number of Shares Repurchased Average Price per Share Cumulative repurchases as of December 31, 2020 4,896,620 $ 20.60 Nine months ended September 30, 2021 — — Cumulative repurchases as of September 30, 2021 4,896,620 20.60

Related Party Transactions an_2

Related Party Transactions and Arrangements (Tables)	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services	The following table details amounts incurred, forgiven and payable in connection with the Company’s operations-related services described above as of and for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, Payable (Receivable) as of 2021 2020 2021 2020 (In thousands) Incurred Incurred Incurred Incurred September 30, December 31, 2020 Non-recurring fees and reimbursements: Acquisition cost reimbursements $ 12 $ — $ 67 $ 70 $ 27 $ 11 Ongoing fees and reimbursements: Asset management fees 5,175 4,997 15,268 14,991 — — Property management and fees (including leasing commissions) 994 987 2,814 2,978 91 288 Professional fees and other reimbursements (1) 2,050 2,243 7,318 6,172 199 (61) Professional fees credit due from Advisor — (1,217) (1,030) (1,217) (1,152) (3) (1,217) (3) Distributions on Class B Units (2) — 26 — 178 — — Total related party operation fees and reimbursements $ 8,231 $ 7,036 $ 24,437 $ 23,172 $ (835) $ (979) ___________ (1) Included in general and administrative expenses in the consolidated statements of operations. Includes $1.6 million and $4.8 million for the three and nine months ended September 30, 2021, respectively, and $1.4 million and $5.1 million for the three and nine months ended September 30, 2020, respectively, subject to the Capped Reimbursement Amount. (2) Prior to April 1, 2015, the Company caused the OP to issue to the Advisor restricted performance based Class B Units for asset management services. As of September 30, 2021, the Board had approved the issuance of, and the OP had issued 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. (3) Balance includes a receivable of $0.1 million and $1.2 million as of September 30, 2021 and December 31, 2020, respectively, from the Advisor related to the overpayment of 2019 Bonus Awards, which, pursuant to authorization by the independent members of the Company’s board of directors, is being paid back to the Company over a ten

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Restricted Share Award Activity	The following table reflects the amount of restricted shares outstanding as of September 30, 2021 and activity for the period presented: Number of Shares of Common Stock Weighted Average Issue Price Unvested, December 31, 2020 215,384 $ 21.11 Stock dividend 9,352 14.89 Vested (67,327) 20.00 Unvested, September 30, 2021 157,409 $ 21.22

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income	The following table illustrates the changes in accumulated other comprehensive loss as of and for the period presented: (In thousands) Unrealized Gain(loss) on Designated Derivative Balance, December 31, 2020 $ (39,673) Other comprehensive gain (loss), before reclassifications 8,980 Amount of gain (loss) reclassified from accumulated other comprehensive gain (loss) 8,210 Rebalancing of ownership percentage 5 Balance, September 30, 2021 $ (22,478)

Non-controlling Interests (Tabl

Non-controlling Interests (Tables)	9 Months Ended
	Sep. 30, 2021
Noncontrolling Interest [Abstract]
Schedule of Noncontrolling Interest on Balance Sheet	Non-controlling interests on the Company’s consolidated balance sheet is comprised of the following: Balance as of (In thousands) September 30, 2021 December 31, 2020 Series A Preferred Units held by third parties $2,578 $— Common OP Units held by third parties 3,823 4,016 Total Non-controlling Interests in the Operating Partnership 6,401 4,016 Non-controlling Interests in property owning subsidiaries 364 371 Total Non-controlling interests $6,765 $4,387
Summary of Non-controlling Interest	The following table summarizes the activity related to investment arrangements with the unaffiliated third parties: Distributions Distributions Third Party Net Investment Amount Non-Controlling Ownership Percentage Net Real Estate Assets Subject to Investment Arrangement Three Months Ended September 30, Nine Months Ended September 30, Property Name (Dollar amounts in thousands) Investment Date September 30, 2021 September 30, 2021 September 30, 2021 As of December 31, 2020 2021 2020 2021 2020 Plaza Del Rio Medical Office Campus Portfolio (1) May 2015 $ 364 2.3 % $ 13,008 $ 12,790 — — — — _______ (1) One property within the Plaza Del Rio Medical Office Campus Portfolio was pledged to secure the Multi-Property CMBS Loan. See Note 4 - Mortgage Notes Payable for additional information.

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Summary of Basic and Diluted Net Loss Per Share Computation	The following is a summary of the basic and diluted net loss per share computation for the periods presented and has been retroactively adjusted to reflect the Stock Dividends (see Note 1 — Organization for additional details): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net loss attributable to common stockholders (in thousands) $ (41,968) $ (10,500) $ (70,183) $ (58,055) Basic and diluted weighted-average shares outstanding (1) 99,097,121 99,026,440 99,068,356 98,799,334 Basic and diluted net loss per share (1) $ (0.42) $ (0.11) $ (0.71) $ (0.59) (1) Retroactively adjusted for the effects of the Stock Dividends (see Note 1 — Organization
Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share	The Company had the following common stock equivalents on a weighted-average basis that were excluded from the calculation of diluted net loss per share attributable to stockholders as their effect would have been antidilutive. The amounts in the table below have been retroactively adjusted to reflect the Stock Dividends (see Note 1 — Organization for additional details): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Unvested restricted shares (1) 187,108 253,806 228,019 282,801 Common OP Units (2) 435,636 435,636 435,636 435,636 Class B Units (3) 385,475 385,475 385,475 385,475 Total weighted average antidilutive common stock equivalents 1,008,219 1,074,917 1,049,130 1,103,912 ________ (1) Weighted average number of antidilutive unvested restricted shares outstanding for the periods presented. Th ere were 157,409 and 216,187 unvested restricted shares outstanding as of September 30, 2021 and 2020, respectively. (2) Weighted average number of antidilutive Common OP Units presented as shares outstanding for the periods presented, at the current redemption rate reflecting adjustments for the effect of the Stock Dividends. There were 405,998 Common OP Units outstanding as of September 30, 2021 and 2020. The securities held by the Company are eliminated in consolidation. (3) Weighted average number of antidilutive Class B Units presented as shares outstanding for the periods presented, at the current redemption rate reflecting adjustments for the effect of the Stock Dividends. There were 359,250 Class B Units outstanding as of September 30, 2021 and 2020. These Class B Units are unvested as of September 30, 2021 and 2020 (see Note 9 — Related Party Transactions

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following tables reconcile the segment activity, retroactively adjusted for the Transition Properties to consolidated net loss for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2021 2021 (In thousands) Medical Office Buildings Triple-Net Leased Healthcare Facilities Seniors Housing — Operating Properties Consolidated Medical Office Buildings Triple-Net Leased Healthcare Facilities (1) Seniors Housing — Operating Properties (1) Consolidated Revenue from tenants $ 27,036 $ 3,777 $ 51,193 $ 82,006 $ 79,839 $ 10,913 $ 155,850 $ 246,602 Property operating and maintenance 8,359 444 42,415 51,218 23,980 1,993 126,160 152,133 NOI $ 18,677 $ 3,333 $ 8,778 30,788 $ 55,859 $ 8,920 $ 29,690 94,469 Impairment charges (26,642) (33,601) Operating fees to related parties (6,045) (17,851) Acquisition and transaction related (2,198) (2,453) General and administrative (4,723) (13,318) Depreciation and amortization (19,786) (59,390) Interest expense (11,775) (36,016) Interest and other income 4 60 Gain on sale of real estate investments — 2,284 Loss on non-designated derivatives (33) (32) Income tax expense (55) (162) Net income attributable to non-controlling interests 331 229 Allocation for preferred stock (1,834) (4,402) Net loss attributable to stockholders $ (41,968) $ (70,183) Three Months Ended September 30, Nine Months Ended September 30, 2020 2020 (In thousands) Medical Office Buildings Triple-Net Leased Healthcare Facilities (1) Seniors Housing — Operating Properties (1) Consolidated Medical Office Buildings Triple-Net Leased Healthcare Facilities (1) Seniors Housing — Operating Properties (1) Consolidated Revenue from tenants $ 25,810 $ 4,304 $ 65,721 $ 95,835 $ 77,970 $ 11,934 $ 200,830 $ 290,734 Property operating and maintenance 8,066 828 52,784 61,678 23,106 1,850 158,233 183,189 NOI $ 17,744 $ 3,476 $ 12,937 34,157 $ 54,864 $ 10,084 $ 42,597 107,545 Impairment charges (1,011) (32,842) Operating fees to related parties (5,984) (17,969) Acquisition and transaction related (175) (680) General and administrative (3,162) (14,622) Depreciation and amortization (20,211) (60,589) Interest expense (12,840) (38,677) Interest and other income 2 43 Gain on sale of real estate investments — 2,306 Loss on non-designated derivatives (69) (45) Income tax benefit (expense) (78) (78) Net loss attributable to non-controlling interests (397) (223) Allocation for preferred stock (732) (2,224) Net loss attributable to stockholders $ (10,500) $ (58,055) _______________ (1) The results of operations from the Transition Properties are presented within the SHOP segment for the three and nine months ended September 30, 2020. The following table reconciles the segment activity to consolidated total assets as of the periods presented: (In thousands) September 30, 2021 December 31, 2020 ASSETS Investments in real estate, net: Medical office buildings $ 1,006,298 $ 883,471 Triple-net leased healthcare facilities 169,850 238,427 Construction in progress 1,417 — Seniors housing — operating properties (1) 911,896 987,050 Total investments in real estate, net 2,089,461 2,108,948 Assets held for sale — 90 Cash and cash equivalents 29,784 72,357 Restricted cash 26,081 17,989 Derivative assets, at fair value 65 13 Straight-line rent receivable, net 23,994 23,322 Operating lease right-of-use assets 13,790 13,912 Prepaid expenses and other assets 30,411 34,932 Deferred costs, net 14,987 15,332 Total assets $ 2,228,573 $ 2,286,895 _____________ (1) The Transition Properties are presented within the SHOP segment as of September 30, 2021 and December 31, 2020. The following table reconciles capital expenditures by reportable business segment, excluding corporate non-real estate expenditures, for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2021 2020 2021 2020 Medical office buildings $ 2,100 $ 1,026 $ 3,710 $ 3,898 Triple-net leased healthcare facilities — 9 73 67 Seniors housing — operating properties (1) 2,246 2,937 7,718 13,664 Total capital expenditures $ 4,346 $ 3,972 $ 11,501 $ 17,629 ______________________

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Summary of Operating Lease Maturities	The following table reflects the base cash rental payments due from the Company as of September 30, 2021: Future Base Rent Payments (In thousands) Operating Leases Direct Financing Leases (1) 2021 (remainder) $ 176 $ 21 2022 712 86 2023 715 88 2024 702 90 2025 658 92 Thereafter 28,442 7,344 Total minimum lease payments 31,405 7,721 Less: amounts representing interest (22,351) (2,962) Total present value of minimum lease payments $ 9,054 $ 4,759 _______ Accounts Payable and accrued expenses
Summary of Finance Lease Maturities	The following table reflects the base cash rental payments due from the Company as of September 30, 2021: Future Base Rent Payments (In thousands) Operating Leases Direct Financing Leases (1) 2021 (remainder) $ 176 $ 21 2022 712 86 2023 715 88 2024 702 90 2025 658 92 Thereafter 28,442 7,344 Total minimum lease payments 31,405 7,721 Less: amounts representing interest (22,351) (2,962) Total present value of minimum lease payments $ 9,054 $ 4,759 _______ Accounts Payable and accrued expenses

Organization (Narrative) (Detai

Organization (Narrative) (Details) ft² in Millions	Oct. 15, 2021shares	Oct. 01, 2021shares	Jan. 15, 2021shares	Oct. 01, 2020shares	Oct. 31, 2021shares	Jul. 31, 2021shares	Apr. 30, 2021shares	Jan. 31, 2021shares	Oct. 31, 2020shares	Sep. 30, 2021stateshares	Sep. 30, 2021stateshares	Sep. 30, 2021ft²	Sep. 30, 2021property	Sep. 30, 2021encumbered_property
Class of Stock [Line Items]
Number of properties													201	121
Number of states properties are located in | state										33	33
Rentable square feet | ft²												9.3
Number of senior housing communities | property													54
Stock dividends (in shares)				0.01349		0.014655	0.014655	0.01349	0.01349		0.07299
Share increase from stock dividends (in shares)			1,265,037								6,754,203
Stock issued during period, shares, new issues (in shares)										0	0
Subsequent Event
Class of Stock [Line Items]
Stock dividends (in shares)		0.014655			0.014655
Share increase from stock dividends (in shares)	1,434,440

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Narrative) (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021USD ($)property	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)property	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Lessee, Lease, Description [Line Items]
Rent collections percent			100.00%
Remaining lease term			5 years
Bad debt expense	$ 400,000	$ 1,000,000	$ 655,000	$ 2,365,000
Assets held for sale	$ 0		$ 0		$ 90,000
Number of senior housing communities | property	54		54
Deferred tax asset	$ 3,600,000		$ 3,600,000		4,600,000
Additional CARES Act funding	$ 0	$ 500,000	$ 5,100,000	3,600,000
Minimum
Lessee, Lease, Description [Line Items]
Lease intangibles, lease-up period			6 months
Maximum
Lessee, Lease, Description [Line Items]
Lease intangibles, lease-up period			24 months
Building
Lessee, Lease, Description [Line Items]
Property, plant and equipment, useful life			40 years
Land Improvements
Lessee, Lease, Description [Line Items]
Property, plant and equipment, useful life			15 years
Furniture and Fixtures | Minimum
Lessee, Lease, Description [Line Items]
Property, plant and equipment, useful life			7 years
Furniture and Fixtures | Maximum
Lessee, Lease, Description [Line Items]
Property, plant and equipment, useful life			10 years
Seniors Housing Communities
Lessee, Lease, Description [Line Items]
Ancillary revenue			$ 2,700,000	10,000,000
Seniors Housing Communities | Lutz, Florida and Wellington, Florida
Lessee, Lease, Description [Line Items]
Ancillary revenue			$ 1,600,000	$ 7,800,000
COVID-19 Pandemic
Lessee, Lease, Description [Line Items]
Grants receivable					$ 3,600,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Lessor Maturity Schedule) (Details) $ in Thousands	Sep. 30, 2021USD ($)
Future  Base Rent Payments
2021 (remainder)	$ 26,811
2022	104,418
2023	92,746
2024	84,584
2025	74,035
Thereafter	280,006
Total	$ 662,600

Real Estate Investments, Net (N

Real Estate Investments, Net (Narrative) (Details) $ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2021USD ($)property

Jun. 30, 2021USD ($)

Mar. 31, 2021USD ($)property

Sep. 30, 2020USD ($)

Mar. 31, 2020USD ($)property

Sep. 30, 2021USD ($)property

Sep. 30, 2020USD ($)

Sep. 30, 2021encumbered_property

Apr. 30, 2021USD ($)

Dec. 31, 2020property

Nov. 30, 2020property

Aug. 31, 2020USD ($)property

Jul. 01, 2020property

Dec. 31, 2019property

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of properties

201

201

121

Property acquisitions and development costs

$ 146,146

$ 90,985

Gain (loss) on sale of real estate investments

$ 0

$ 0

$ 2,300

2,284

2,306

Impairment charges

26,642

$ 6,100

$ 900

1,011

33,601

32,842

Assets held for sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Impairment charges

0

$ 1,011

$ 0

19,049

Multi-tenant MOB

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of properties purchased | property

8

Single Tenant MOB

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of properties purchased | property

6

Medical office buildings

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Property acquisitions and development costs

$ 147,400

Medical office buildings | Discontinued Operations, Disposed of by Sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of properties disposed | property

1

Aggregate contract sale price

$ 8,600

Wellington, Florida

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Gain (loss) on sale of real estate investments

100

Wellington, Florida | Seniors Housing Communities | Assets held for sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Aggregate contract sale price

$ 30,700

Prospective consideration for letters of intent

$ 33,000

Jupiter, Florida

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Gain (loss) on sale of real estate investments

$ 2,400

Impairment charges

$ 13,800

Michigan | Seniors Housing Communities

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Gain (loss) on sale of real estate investments

$ (200)

Escrow deposits

$ 800

Michigan | Seniors Housing Communities | Assets held for sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of properties held for sale | property

4

4

Number of properties transferred to buyer | property

4

7

4

Michigan | Seniors Housing Communities | Disposal Group, Disposed of by Sale, Not Discontinued Operations

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of properties held for sale | property

11

FLORIDA | Assets held for sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of properties held for sale | property

3

Prospective consideration for letters of intent

$ 65,000

FLORIDA | Seniors Housing Communities | Assets held for sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of properties held for sale | property

2

2

Lutz, Florida | Seniors Housing Communities | Assets held for sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Prospective consideration for letters of intent

$ 20,000

Texas

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of properties | property

4

Impairment charges

$ 26,600

Real Estate Investments, Net (A

Real Estate Investments, Net (Acquired Assets) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)property	Sep. 30, 2020USD ($)property
Investments in real estate, net:
Issuance of Preferred OP Units	$ (2,578)	$ 0
In-place lease assets
Investments in real estate, net:
Weighted-average remaining amortization periods	11 years 6 months
Above-market lease assets
Investments in real estate, net:
Weighted-average remaining amortization periods	7 years 6 months
Below Market Leases
Investments in real estate, net:
Weighted-average remaining amortization periods	3 years 8 months 12 days
Individual business acquisitions
Investments in real estate, net:
Land	$ 9,131	6,900
Buildings, fixtures and improvements	113,244	86,687
Total tangible assets	122,375	93,587
Market lease liabilities	(1,016)	(362)
Total intangible assets and liabilities	26,349	9,495
Mortgage notes payable, net	0	(13,883)
Other assets acquired and liabilities assumed in the Asset Acquisition, net	0	1,786
Cash paid for real estate investments, including acquisitions	$ 146,146	$ 90,985
Number of properties purchased | property	14	8
Individual business acquisitions | In-place lease assets
Investments in real estate, net:
In-place leases, market leases, and other intangible assets	$ 26,811	$ 9,385
Individual business acquisitions | Above-market lease assets
Investments in real estate, net:
In-place leases, market leases, and other intangible assets	$ 554	$ 472

Real Estate Investments, Net (G

Real Estate Investments, Net (Geographic Concentrations) (Details) - property	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2021	Dec. 31, 2020	Nov. 30, 2020	Aug. 31, 2020	Dec. 31, 2019
Revenue Benchmark | Geographic Concentration Risk | Florida
Concentration Risk [Line Items]
Concentration risk, percentage	12.00%	22.30%
Revenue Benchmark | Geographic Concentration Risk | Michigan
Concentration Risk [Line Items]
Concentration risk, percentage		10.40%
Revenue Benchmark | Geographic Concentration Risk | Pennsylvania
Concentration Risk [Line Items]
Concentration risk, percentage	11.80%
Assets held for sale | Florida
Concentration Risk [Line Items]
Number of properties held for sale							3
Seniors Housing Communities | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Michigan
Concentration Risk [Line Items]
Number of properties held for sale				11
Seniors Housing Communities | Assets held for sale | Florida
Concentration Risk [Line Items]
Number of properties held for sale						2	2
Seniors Housing Communities | Assets held for sale | Michigan
Concentration Risk [Line Items]
Number of properties held for sale			4	4
Number of properties transferred to buyer			4	7	4

Real Estate Investments, Net (S

Real Estate Investments, Net (Summary of Amortization and Accretion Recognized) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Accretion of above-and below-market leases, net			$ (100)	$ (111)
Depreciation and Amortization Expense | In-place Leases and Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Amortization of market least intangibles	$ 3,804	$ 3,637	11,114	11,176
Rental Income | Above and Below Market Leases
Finite-Lived Intangible Assets [Line Items]
Accretion of above-and below-market leases, net	(117)	(33)	(269)	(250)
Property Operating and Maintenance Expense | Above market ground leases
Finite-Lived Intangible Assets [Line Items]
Amortization of market least intangibles	$ 53	$ 40	$ 161	$ 119

Real Estate Investments, Net _2

Real Estate Investments, Net (Summary of Intangible Assets and Liabilities Future Amortization Expense) (Details) $ in Thousands	Sep. 30, 2021USD ($)
Amortization Expense
Finite-Lived Intangible Assets [Line Items]
2021 (remainder)	$ 3,969
2022	14,804
2023	12,686
2024	10,765
2025	9,177
Rental Income
Finite-Lived Intangible Assets [Line Items]
Below market leases, amortization income, remainder 2021	146
Below market leases, amortization income, 2022	793
Below market leases, amortization income, 2023	1,034
Below market leases, amortization income, 2024	894
Below market leases, amortization income, 2025	756
In-place lease assets | Amortization Expense
Finite-Lived Intangible Assets [Line Items]
2021 (remainder)	3,966
2022	14,794
2023	12,676
2024	10,755
2025	9,167
Other intangible assets | Amortization Expense
Finite-Lived Intangible Assets [Line Items]
2021 (remainder)	3
2022	10
2023	10
2024	10
2025	10
Above-market lease assets | Rental Income
Finite-Lived Intangible Assets [Line Items]
2021 (remainder)	(251)
2022	(807)
2023	(453)
2024	(375)
2025	(321)
Below-market lease liabilities | Rental Income
Finite-Lived Intangible Assets [Line Items]
Below market leases, amortization income, remainder 2021	397
Below market leases, amortization income, 2022	1,600
Below market leases, amortization income, 2023	1,487
Below market leases, amortization income, 2024	1,269
Below market leases, amortization income, 2025	$ 1,077

Real Estate Investments, Net (I

Real Estate Investments, Net (Impairments) (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges	$ 26,642	$ 6,100	$ 900	$ 1,011	$ 33,601	$ 32,842
Assets held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges	0			1,011	0	19,049
Assets held for use
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges	$ 26,642			$ 0	$ 33,601	$ 13,793

Real Estate Investments, Net (P

Real Estate Investments, Net (Properties Sold and Assets Held-for-sale) (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 0	$ 90,000
Assets held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Land		145,000
Buildings, fixtures and improvements		(55,000)
Assets held for sale	$ 0	$ 90,000

Mortgage Notes Payable, Net (Mo

Mortgage Notes Payable, Net (Mortgage Notes) (Details)	Sep. 30, 2021USD ($)property	Jan. 29, 2021	Jan. 28, 2021	Dec. 31, 2020USD ($)	Jun. 30, 2017USD ($)
Debt Instrument [Line Items]
Outstanding loan amount	$ 1,179,193,000
Effective interest rate	3.28%			3.29%
Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property	68
Outstanding loan amount	$ 549,418,000			$ 550,361,000
Effective interest rate	3.89%			3.94%
Deferred financing costs	$ (5,414,000)			$ (6,191,000)
Mortgage premiums and discounts, net	(1,429,000)			(1,472,000)
Mortgage notes payable, net	$ 542,575,000			542,698,000
Mortgages | Capital One MOB Loan
Debt Instrument [Line Items]
Encumbered Properties | property	41
Outstanding loan amount	$ 378,500,000			$ 378,500,000	$ 250,000,000
Effective interest rate	3.71%			3.71%
Mortgages | Multi-Property CMBS Loan
Debt Instrument [Line Items]
Encumbered Properties | property	21
Outstanding loan amount	$ 118,700,000			$ 118,700,000
Effective interest rate	4.60%			4.60%
Mortgages | Shiloh - Illinois
Debt Instrument [Line Items]
Encumbered Properties | property	1
Outstanding loan amount	$ 13,461,000			$ 13,684,000
Effective interest rate	4.34%			4.34%
Mortgages | Palm Valley Medical Plaza - Goodyear, AZ
Debt Instrument [Line Items]
Encumbered Properties | property	1
Outstanding loan amount	$ 2,908,000			$ 2,998,000
Effective interest rate	4.15%			4.15%
Mortgages | Medical Center V - Peoria, AZ
Debt Instrument [Line Items]
Encumbered Properties | property	1
Outstanding loan amount	$ 2,710,000			$ 2,786,000
Effective interest rate	4.75%			4.75%
Mortgages | Fox Ridge Bryant - Bryant, AR
Debt Instrument [Line Items]
Encumbered Properties | property	1
Outstanding loan amount	$ 7,017,000			$ 7,133,000
Effective interest rate	3.98%			3.98%
Mortgages | Fox Ridge Chenal - Little Rock, AR
Debt Instrument [Line Items]
Encumbered Properties | property	1
Outstanding loan amount	$ 16,120,000			$ 16,390,000
Effective interest rate	2.95%	2.95%	3.98%	3.98%
Mortgages | Fox Ridge North Little Rock - North Little Rock, AR
Debt Instrument [Line Items]
Encumbered Properties | property	1
Outstanding loan amount	$ 10,002,000			$ 10,170,000
Effective interest rate	2.95%	2.95%	3.98%	3.98%

Mortgage Notes Payable, Net (Na

Mortgage Notes Payable, Net (Narrative) (Details) $ in Thousands	Sep. 30, 2021USD ($)	Jan. 29, 2021mortgage	Jan. 28, 2021	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Real estate investment, at cost relating to notes payable	$ 900,000
Outstanding loan amount	$ 1,179,193
Mortgages receiving interest rate reductions | mortgage		2
Effective interest rate	3.28%			3.29%
Mortgages
Debt Instrument [Line Items]
Outstanding loan amount	$ 549,418			$ 550,361
Effective interest rate	3.89%			3.94%
Mortgages | Fox Ridge Chenal - Little Rock, AR
Debt Instrument [Line Items]
Outstanding loan amount	$ 16,120			$ 16,390
Effective interest rate	2.95%	2.95%	3.98%	3.98%
Mortgages | Fox Ridge North Little Rock - North Little Rock, AR
Debt Instrument [Line Items]
Outstanding loan amount	$ 10,002			$ 10,170
Effective interest rate	2.95%	2.95%	3.98%	3.98%

Credit Facilities (Summary of C

Credit Facilities (Summary of Credit Facilities) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2021property	Sep. 30, 2021	Sep. 30, 2021encumbered_property	Dec. 31, 2020USD ($)
Line of Credit Facility [Line Items]
Number of properties		201		121
Outstanding balance	$ 626,423				$ 674,551
Effective interest rate			3.28%		3.29%
Credit Facility
Line of Credit Facility [Line Items]
Outstanding balance	271,248				$ 319,376
Credit Facility | Fannie Mae Master Credit Facilities
Line of Credit Facility [Line Items]
Number of properties | property		21
Outstanding balance	355,175				355,175
Credit Facility | Fannie Mae Master Credit Facilities | Capital One Facility
Line of Credit Facility [Line Items]
Number of properties | property		11
Outstanding balance	212,467				$ 212,467
Effective interest rate			2.50%		2.60%
Debt instrument, collateral amount	345,000
Credit Facility | Fannie Mae Master Credit Facilities | KeyBank Facility
Line of Credit Facility [Line Items]
Number of properties | property		10
Outstanding balance	142,708				$ 142,708
Effective interest rate			2.55%		2.65%
Debt instrument, collateral amount	254,000
Credit Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Number of properties | property		100
Outstanding balance	124,600				$ 173,674
Effective interest rate			3.37%		3.21%
Debt, percentage bearing fixed interest, amount	50,000				$ 50,000
Term Loan | Credit Facility
Line of Credit Facility [Line Items]
Outstanding balance	150,000				150,000
Deferred financing costs	(3,352)				(4,298)
Outstanding balance, net	$ 146,648				$ 145,702
Effective interest rate			5.02%		4.95%
Term Loan | Revolving Credit Facility
Line of Credit Facility [Line Items]
Maturity extension	1 year

Credit Facilities (Narrative) (

Credit Facilities (Narrative) (Details)	Aug. 10, 2020USD ($)	Mar. 13, 2019USD ($)	Nov. 30, 2020USD ($)property	Sep. 30, 2021USD ($)$ / shares	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)property$ / shares	Mar. 31, 2021property	Aug. 09, 2020	Nov. 01, 2019USD ($)instrument	Oct. 31, 2016instrument
Line of Credit Facility [Line Items]
Total real estate investments, at cost				$ 2,644,568,000		$ 2,621,723,000
Real estate investment, at cost relating to notes payable				900,000,000
Outstanding balance				626,423,000		$ 674,551,000
Long-term debt, covenant requirements, amount				$ 50,000,000
Effective interest rate				3.28%		3.29%
Preferred stock, dividend rate, percentage				7.375%		7.375%
Preferred stock, par value (in usd per share) | $ / shares				$ 0.01		$ 0.01
Long-term debt, covenant requirements, distribution in excess of modified funds from operations, percent	95.00%
Stock repurchase program, maximum authorized amount	$ 50,000,000
Notional amount									$ 88,700,000
Payments on credit facilities				$ 174,074,000	$ 0
Series A Cumulative Redeemable Perpetual Preferred Stock
Line of Credit Facility [Line Items]
Preferred stock, dividend rate, percentage				7.375%
Preferred stock, par value (in usd per share) | $ / shares				$ 0.01
Series B Cumulative Redeemable Perpetual Preferred Stock
Line of Credit Facility [Line Items]
Preferred stock, dividend rate, percentage				7.125%
Preferred stock, par value (in usd per share) | $ / shares				$ 0.01
Seniors Housing Communities | Michigan | Assets held for sale
Line of Credit Facility [Line Items]
Number of properties transferred to buyer | property			4			7	4
Commencement Quarter
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity base percent				62.50%
Covenant Period July 1, 2020 through June 30, 2021
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity base percent	67.50%
Covenant Period From July 1, 2021 through Commencement Quarter
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity base percent	65.00%
Covenant Period After Commencement Quarter
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity base percent	62.50%
Covenant Period From April 1, 2021 through June 30, 2021
Line of Credit Facility [Line Items]
Fixed charge coverage ratio	1
LIBOR | Commencement Quarter
Line of Credit Facility [Line Items]
Debt instrument, LIBOR floor interest rate	0.25%							0.00%
Unencumbered Properties
Line of Credit Facility [Line Items]
Total real estate investments, at cost				$ 100,000,000
Secured Debt
Line of Credit Facility [Line Items]
Unused borrowing capacity				166,500,000
Credit Facility
Line of Credit Facility [Line Items]
Outstanding balance				$ 271,248,000		$ 319,376,000
Minimum | Covenant Period July 1, 2020 through March 31, 2021
Line of Credit Facility [Line Items]
Fixed charge coverage ratio	1.50
Minimum | Covenant Period From April 1, 2021 through June 30, 2021
Line of Credit Facility [Line Items]
Fixed charge coverage ratio	1.55
Minimum | Covenant Period After June 30, 2021
Line of Credit Facility [Line Items]
Fixed charge coverage ratio	1.60
Minimum | Covenant Period After November 12, 2021
Line of Credit Facility [Line Items]
Fixed charge coverage ratio				1.50
Minimum | Secured Debt
Line of Credit Facility [Line Items]
Line of credit, increase		$ 370,000,000
Maximum | Secured Debt
Line of Credit Facility [Line Items]
Line of credit, increase		$ 1,000,000,000
Fannie Mae Master Credit Facilities
Line of Credit Facility [Line Items]
Total real estate investments, at cost				$ 600,000,000
Payments on credit facilities			$ 4,200,000
Fannie Mae Master Credit Facilities | Credit Facility
Line of Credit Facility [Line Items]
Outstanding balance				355,175,000		355,175,000
New Credit Facilities
Line of Credit Facility [Line Items]
Total real estate investments, at cost				1,000,000,000
New Credit Facilities | Day Prior to Commencement Quarter
Line of Credit Facility [Line Items]
Long-term debt, covenant requirements, amount				100,000,000
New Credit Facilities | Commencement Quarter
Line of Credit Facility [Line Items]
Long-term debt, covenant requirements, amount	$ 30,000,000
New Credit Facilities | Minimum | Commencement Quarter
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity base percent	55.00%
Term Loan
Line of Credit Facility [Line Items]
Line of credit facility, extension period		1 year
Maximum borrowing capacity		$ 480,000,000
Term Loan | Credit Facility
Line of Credit Facility [Line Items]
Outstanding balance				$ 150,000,000		$ 150,000,000
Effective interest rate				5.02%		4.95%
Term Loan | Minimum | LIBOR | Commencement Quarter
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.55%
Term Loan | Minimum | LIBOR | Covenant Period August 10, 2020
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.80%
Term Loan | Minimum | Base Rate | Commencement Quarter
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.30%
Term Loan | Minimum | Base Rate | Covenant Period August 10, 2020
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.55%
Term Loan | Maximum | LIBOR | Commencement Quarter
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.30%
Term Loan | Maximum | LIBOR | Covenant Period August 10, 2020
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.55%
Term Loan | Maximum | Base Rate | Commencement Quarter
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.05%
Term Loan | Maximum | Base Rate | Covenant Period August 10, 2020
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.30%
Credit Facility
Line of Credit Facility [Line Items]
Minimum net worth required for compliance	$ 1,200,000
Debt instrument, covenants, percent of net offering proceeds	75.00%
Credit Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 630,000,000
Outstanding balance				$ 124,600,000		$ 173,674,000
Effective interest rate				3.37%		3.21%
Credit Facility | Minimum | Revolving Credit Facility | LIBOR | Commencement Quarter
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.60%
Credit Facility | Minimum | Revolving Credit Facility | LIBOR | Covenant Period August 10, 2020
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.85%
Credit Facility | Minimum | Revolving Credit Facility | Base Rate | Commencement Quarter
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.35%
Credit Facility | Minimum | Revolving Credit Facility | Base Rate | Covenant Period August 10, 2020
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.60%
Credit Facility | Maximum | Revolving Credit Facility | LIBOR | Commencement Quarter
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.35%
Credit Facility | Maximum | Revolving Credit Facility | LIBOR | Covenant Period August 10, 2020
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.60%
Credit Facility | Maximum | Revolving Credit Facility | Base Rate | Commencement Quarter
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.10%
Credit Facility | Maximum | Revolving Credit Facility | Base Rate | Covenant Period August 10, 2020
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.35%
Interest rate caps | Fannie Credit Facility
Line of Credit Facility [Line Items]
Number of instruments | instrument									2	2
Interest rate cap										3.50%

Credit Facilities (Future Princ

Credit Facilities (Future Principal Payments of Outstanding Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
2021 (remainder)	$ 456
2022	4,151
2023	10,966
2024	130,275
2025	155,718
Thereafter	877,627
Total	1,179,193
Mortgages
Debt Instrument [Line Items]
2021 (remainder)	326
2022	1,331
2023	6,469
2024	1,178
2025	1,221
Thereafter	538,893
Total	549,418	$ 550,361
Credit Facility
Debt Instrument [Line Items]
2021 (remainder)	130
2022	2,820
2023	4,497
2024	129,097
2025	154,497
Thereafter	338,734
Total	$ 629,775

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Assets Measured at Fair Value) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	$ 65	$ 13
Derivative liabilities, at fair value	(21,829)	(38,389)
Total	(21,764)	(38,376)
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
Derivative liabilities, 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	65	13
Derivative liabilities, at fair value	(21,829)	(38,389)
Total	(21,764)	(38,376)
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
Derivative liabilities, at fair value	0	0
Total	$ 0	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments (Narrative) (Details) - Disposal Group, Held-for-use, Not Discontinued Operations	9 Months Ended
	Sep. 30, 2021property
Texas
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of properties held for use	4
Undiscounted holding period	10 years
Sun City, Arizona
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of properties held for use	1

Fair Value of Financial Instr_5

Fair Value of Financial Instruments (Carrying Amounts and Fair Values of Debt) (Details) - Significant Unobservable Inputs Level 3 - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Gross mortgage notes payable and mortgage premium and discounts, net | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	$ 547,989	$ 548,889
Gross mortgage notes payable and mortgage premium and discounts, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	552,941	549,553
Credit Facility | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	274,600	323,674
Credit Facility | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	271,782	319,558
Fannie Credit Facility | Credit Facility | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	355,175	355,175
Fannie Credit Facility | Credit Facility | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	$ 353,102	$ 354,073

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities (Balance Sheet Classification) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Gross Amounts of Recognized (Liabilities)	$ 0	$ 0
Gross Amounts of Recognized Assets	65	13
Derivative liabilities, at fair value | Derivatives designated as hedging instruments: | Interest rate “pay-fixed” swaps
Derivative [Line Items]
Gross Amounts of Recognized (Liabilities)	21,829	38,389
Derivative assets, at fair value | Derivatives not designated as hedging instruments: | Interest rate caps
Derivative [Line Items]
Gross Amounts of Recognized Assets	$ 65	$ 13

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities (Narrative) (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021USD ($)instrument	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)instrument	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)instrument	Dec. 31, 2020USD ($)instrument	Nov. 01, 2019USD ($)	Jun. 30, 2017USD ($)
Derivative [Line Items]
Outstanding loan amount	$ 1,179,193,000		$ 1,179,193,000
Notional amount							$ 88,700,000
Loss on non-designated derivative instruments	33,000	$ 69,000	32,000	$ 45,000
Derivative, net liability position, aggregate fair value	22,600,000		22,600,000
Aggregate termination value	21,800,000		21,800,000
Mortgages
Derivative [Line Items]
Outstanding loan amount	$ 549,418,000		$ 549,418,000			$ 550,361,000
Derivatives designated as hedging instruments: | Interest rate “pay-fixed” swaps
Derivative [Line Items]
Number of instruments | instrument	9		9			9
Number of instruments terminated | instrument					2
Notional amount	$ 578,500,000		$ 578,500,000			$ 578,500,000
Proceeds from sale of interest rate cash flow hedge					$ 2,200,000
Derivatives designated as hedging instruments: | Interest Rate Contract
Derivative [Line Items]
Cash flow hedge reclassification current			600,000
Derivatives designated as hedging instruments: | Interest Expense | Interest Rate Contract
Derivative [Line Items]
Cash flow hedge reclassification current	200,000		600,000
Cash flow hedge reclassification in next twelve months	10,600,000		10,600,000
Capital One MOB Loan | Mortgages
Derivative [Line Items]
Outstanding loan amount	378,500,000		378,500,000			$ 378,500,000		$ 250,000,000
Capital One MOB Loan | Interest rate “pay-fixed” swaps
Derivative [Line Items]
Notional amount	$ 60,000,000		60,000,000
Payment for purchase of interest rate cap contract			$ 85,000
Capital One MOB Loan | Derivatives designated as hedging instruments: | Interest rate “pay-fixed” swaps
Derivative [Line Items]
Notional amount					250,000,000
Capital One MOB Loan | Derivatives designated as hedging instruments: | Interest Expense | Interest Rate Contract
Derivative [Line Items]
Cash flow hedge reclassification current					$ 2,200,000

Derivatives and Hedging Activ_5

Derivatives and Hedging Activities (Summary of Derivative Instruments) (Details)	Sep. 30, 2021USD ($)instrument	Dec. 31, 2020USD ($)instrument	Nov. 01, 2019USD ($)
Derivative [Line Items]
Notional Amount			$ 88,700,000
Derivatives designated as hedging instruments: | Interest rate “pay-fixed” swaps
Derivative [Line Items]
Number of Instruments | instrument	9	9
Notional Amount	$ 578,500,000	$ 578,500,000
Derivatives not designated as hedging instruments: | Interest rate caps
Derivative [Line Items]
Number of Instruments | instrument	6	6
Notional Amount	$ 355,175,000	$ 359,322,000

Derivatives and Hedging Activ_6

Derivatives and Hedging Activities (Derivatives Included in AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative [Line Items]
Amount of gain (loss) recognized in accumulated other comprehensive loss on interest rate derivatives	$ 3,139	$ 2,845	$ 17,190	$ (36,775)
Total amount of interest expense presented in the consolidated statements of operations and comprehensive gain (loss)	(11,775)	(12,840)	(36,016)	(38,677)
Interest rate “pay-fixed” swaps
Derivative [Line Items]
Amount of gain (loss) recognized in accumulated other comprehensive loss on interest rate derivatives	353	(405)	8,980	(42,631)
Amount of (loss) gain reclassified from accumulated other comprehensive income into income as interest expense	$ (2,786)	$ (2,689)	$ (8,210)	$ (5,295)

Derivatives and Hedging Activ_7

Derivatives and Hedging Activities (Offsetting Derivatives) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Assets	$ 65	$ 13
Gross Amounts of Recognized (Liabilities)	(21,829)	(38,389)
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Amounts of Assets presented in the Consolidated Balance Sheet	65	13
Net Amounts of Assets presented in the Consolidated Balance Sheet	(21,829)	(38,389)
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments	0	0
Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Received	0	0
Net Amount	65	13
Net Amount	$ (21,829)	$ (38,389)

Stockholders' Equity (Schedule

Stockholders' Equity (Schedule of Stock by Class) (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 12, 2021	Oct. 06, 2021	Oct. 04, 2021	Oct. 01, 2021	May 11, 2021	Oct. 01, 2020	Feb. 26, 2020	Jan. 09, 2020	Mar. 01, 2018	Apr. 01, 2017	Oct. 31, 2021	Jul. 31, 2021	Apr. 30, 2021	Jan. 31, 2021	Oct. 31, 2020	Apr. 30, 2013	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2020	Sep. 30, 2021	Jun. 30, 2021	May 14, 2021	Sep. 15, 2020	Jun. 30, 2020	May 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Stock dividends (in shares)						0.01349						0.014655	0.014655	0.01349	0.01349				0.07299
Per share price (in usd per share)							$ 17.50												$ 0			$ 20.60	$ 20.60
Number of shares repurchased (in shares)							505,101												0			4,896,620	4,896,620
Stock repurchase, value							$ 8,800	$ 1,700
DRIP period of notice to alter agreement																			10 days
Common stock issued through distribution reinvestment plan (in shares)																			0	900,000
Common stock issued through distribution reinvestment plan																				$ 14,600
Number or rights per share (in shares)																												1
Preferred stock, shares authorized (in shares)																	4,740,000		4,740,000		2,210,000	2,210,000	4,740,000
Preferred stock, additional shares authorized (in shares)																		600,000		600,000
Preferred stock, shares issued (in shares)																	3,977,144		3,977,144		1,610,000	1,610,000	3,977,144
Preferred stock, shares outstanding (in shares)																	3,977,144		3,977,144		1,610,000	1,610,000	3,977,144
Preferred stock, dividend rate, percentage																			7.375%		7.375%
Preferred stock, par value (in usd per share)																	$ 0.01		$ 0.01		$ 0.01	$ 0.01	$ 0.01
Stock issued during period, shares, new issues (in shares)																	0		0
Distribution declared on common stock (in usd per share)						$ 0.85			$ 0.85	$ 1.45						$ 1.70	$ 0.21		$ 0.63	$ 0.42
Series B Cumulative Redeemable Perpetual Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage																			7.125%
Preferred stock, par value (in usd per share)																	$ 0.01		$ 0.01				$ 0.01
Subsequent Event
Class of Stock [Line Items]
Stock dividends (in shares)				0.014655							0.014655
Subsequent Event | Series B Cumulative Redeemable Perpetual Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage		7.125%	7.125%
Preferred stock, par value (in usd per share)			$ 0.01
Common Stock
Class of Stock [Line Items]
Shares outstanding (in shares)																	97,847,313	92,527,459	97,847,313	92,527,459	93,775,746	93,775,746	97,847,313	96,434,080			92,398,190		92,356,664
Common stock issued through distribution reinvestment plan (in shares)																		129,269		875,896
Non-controlling Interests
Class of Stock [Line Items]
Number of Preferred OP Units issued (in shares)																	100,000		100,000				100,000
Value of preferred OP Units																	$ 2,600		$ 2,600				$ 2,600
Tender Offer
Class of Stock [Line Items]
Shares authorized for repurchase (in shares)								200,000
Per share price (in usd per share)								$ 8.50
Number of shares repurchased (in shares)								200,000
Maximum
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)																													50,000,000
Public Stock Offering
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)																									2,530,000				1,610,000
Public Stock Offering | Subsequent Event
Class of Stock [Line Items]
Preferred stock, number of shares issued in public offering (in shares)		3,200,000
Public Stock Offering | Subsequent Event | Series B Cumulative Redeemable Perpetual Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)			3,680,000
Preferred Stock Equity Line
Class of Stock [Line Items]
Preferred stock offering, authorized value																										$ 15,000
Preferred stock offering, maximum shares per offer (in shares)																										3,500
Stock issued during period, shares, new issues (in shares)																	15,000		15,000
Proceeds from issuance of equity																	$ 400		$ 400
Proceeds received on offering																	300		300
Stock issuance cost																	1,200		$ 1,200				$ 1,200
APIC, issuance costs																	$ 30
Public Offering
Class of Stock [Line Items]
Proceeds received on offering					$ 56,200
Preferred stock, number of shares issued in public offering (in shares)					2,352,144
Underwriters discount on offering					$ 2,500
Over-Allotment Option
Class of Stock [Line Items]
Preferred stock, number of shares issued in public offering (in shares)					152,144
Over-Allotment Option | Subsequent Event
Class of Stock [Line Items]
Preferred stock, number of shares issued in public offering (in shares)	430,000

Stockholders' Equity (Cumulativ

Stockholders' Equity (Cumulative Share Repurchases) (Details) - $ / shares	Feb. 26, 2020	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2021
Equity [Abstract]
Number of Shares Repurchased (in shares)	505,101	0	4,896,620	4,896,620
Weighted-Average Price per Share (in usd per share)	$ 17.50	$ 0	$ 20.60	$ 20.60

Related Party Transactions an_3

Related Party Transactions and Arrangements (Narrative) (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)	99,281,753	95,040,783
Limited partner units (in shares)	90	90
Tax Depreciation Deduction | Advisor
Related Party Transaction [Line Items]
Excess depreciation deductions maximum	$ 10,000,000
American Realty Capital Healthcare II Special Limited Partnership, LLC | Special Limited Partner
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)	9,400	9,008

Related Party Transactions an_4

Related Party Transactions and Arrangements (Fees Paid in Connection With the Operations of the Company) (Details) $ / shares in Units, $ in Thousands	Jul. 25, 2019USD ($)	Feb. 17, 2017USD ($)	Sep. 30, 2021USD ($)$ / shares	Jun. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)$ / sharesshares	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Related Party Transaction [Line Items]
Renewal period		10 years
Percent of board approval required for early termination		67.00%
Period to terminate early with board approval		45 days
Equity instruments, net of selling commissions (in usd per share) | $ / shares			$ 22.50			$ 22.50
Advisor
Related Party Transaction [Line Items]
Shares approved for issuance (in shares) | shares						359,250
Capped Reimbursement Amount
Related Party Transaction [Line Items]
Fixed component			$ 1,600		$ 1,400	$ 4,800	$ 5,100
American Realty Capital Healthcare Advisors, LLC | Advisor
Related Party Transaction [Line Items]
Assets under management threshold						$ 100,000
American Realty Capital Healthcare Advisors, LLC | Advance on Loan or Other Investment | Advisor
Related Party Transaction [Line Items]
Reimbursed fees to related party, percentage of benchmark			0.50%			0.50%
Financing advance fees as a percentage of benchmark, expected company portfolio cost			4.50%			4.50%
American Realty Capital Healthcare Advisors, LLC | Contract Purchase Price | Advisor
Related Party Transaction [Line Items]
Quarterly asset management earned by related party, percentage of benchmark			0.1875%			0.1875%
American Realty Capital Healthcare Advisors, LLC | Gross Revenue, Stand-alone Single-tenant Net Leased Properties | Advisor
Related Party Transaction [Line Items]
Property management fees			1.50%			1.50%
American Realty Capital Healthcare Advisors, LLC | Gross Revenue, Excluding Stand-alone Single-tenant Net Leased Properties | Advisor
Related Party Transaction [Line Items]
Property management fees			2.50%			2.50%
Maximum | American Realty Capital Healthcare Advisors, LLC | Gross Revenue, Managed Properties | Advisor
Related Party Transaction [Line Items]
Oversight fees earned by related party			1.00%			1.00%
American Realty Capital Healthcare Advisors, LLC
Related Party Transaction [Line Items]
Period to terminate early with board approval		60 days
Second Amended and Restated Advisory Agreement
Related Party Transaction [Line Items]
Period of notice of termination		365 days
Annual Targeted Investor Return | Healthcare Trust Special Limited Partnership, LLC | Pre-tax Non-compounded Return on Capital Contribution | Special Limited Partner
Related Party Transaction [Line Items]
Cumulative capital investment return to investors as a percentage of benchmark			6.00%			6.00%
Monthly Base Management Fee | American Realty Capital Healthcare Advisors, LLC
Related Party Transaction [Line Items]
Transaction amount		$ 1,625
Base management fee of net proceeds		1.25%
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, share basis (in usd per share) | $ / shares						$ 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, share basis (in usd per share) | $ / shares						$ 0.47
Amended and Restated Property Management and Leasing Agreement
Related Party Transaction [Line Items]
Renewal period		1 year
Period of notice of termination		90 days
Reimbursements of Administrative Services | American Realty Capital Healthcare Advisors, LLC
Related Party Transaction [Line Items]
Transaction amount			$ 2,100		700	$ 6,100	5,400
Third Amended And Restated Advisory Agreement | American Realty Capital Healthcare Advisors, LLC | Advisor
Related Party Transaction [Line Items]
Contingent good faith negotiations of fixed component, term	12 months
Third Amended And Restated Advisory Agreement | American Realty Capital Healthcare Advisors, LLC | Advisor And Company
Related Party Transaction [Line Items]
Contingent good faith negotiations of fixed component, term	90 days
Third Amended And Restated Advisory Agreement | American Realty Capital Healthcare Advisors, LLC | Cost Of Living
Related Party Transaction [Line Items]
Cost of living percent multiplier	0.030
Third Amended And Restated Advisory Agreement | American Realty Capital Healthcare Advisors, LLC | Capped Reimbursement Amount
Related Party Transaction [Line Items]
Fixed component	$ 6,800
Third Amended And Restated Advisory Agreement | American Realty Capital Healthcare Advisors, LLC | Real Estate Cost
Related Party Transaction [Line Items]
Fee multiplier	4
Real estate cost percent multiplier	0.0029
Reduction of real estate cost percent	0.250
Reimbursements of Employee Bonuses of the Advisor | American Realty Capital Healthcare Advisors, LLC
Related Party Transaction [Line Items]
Transaction amount								$ 2,500
2019 Bonus Awards
Related Party Transaction [Line Items]
Receivable			$ 1,200		$ 1,200	$ 1,200	$ 1,200	$ 1,200
Related party term of agreement						10 months
2019 Bonus Awards | Advisor
Related Party Transaction [Line Items]
Amounts received						$ 1,000
2020 Bonus Awards
Related Party Transaction [Line Items]
Related party term of agreement						10 months
2020 Bonus Awards | Advisor
Related Party Transaction [Line Items]
Transaction amount				$ 1,000
Related party term of agreement						6 months

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	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Total related party operation fees and reimbursements
Related Party Transaction [Line Items]
Expenses incurred	$ 8,231	$ 7,036	$ 24,437	$ 23,172
Payable (Receivable)	(835)		(835)		$ (979)
Acquisition cost reimbursements
Related Party Transaction [Line Items]
Expenses incurred	12	0	67	70
Payable (Receivable)	27		27		11
Asset management fees
Related Party Transaction [Line Items]
Expenses incurred	5,175	4,997	15,268	14,991
Payable (Receivable)	0		0		0
Property management and fees (including leasing commissions)
Related Party Transaction [Line Items]
Expenses incurred	994	987	2,814	2,978
Payable (Receivable)	91		91		288
Professional fees and other reimbursements
Related Party Transaction [Line Items]
Expenses incurred	2,050	2,243	7,318	6,172
Payable (Receivable)	199		199		(61)
Professional fees credit due from Advisor
Related Party Transaction [Line Items]
Revenues incurred	0	(1,217)	(1,030)	(1,217)
Payable (Receivable)	(1,152)		(1,152)		(1,217)
Distributions on Class B Units
Related Party Transaction [Line Items]
Expenses incurred	0	26	0	178
Payable (Receivable)	0		0		0
2019 Bonus Awards
Related Party Transaction [Line Items]
Payable (Receivable)	1,200	1,200	$ 1,200	1,200		$ 1,200
Related party term of agreement			10 months
2020 Bonus Awards
Related Party Transaction [Line Items]
Related party term of agreement			10 months
Advisor
Related Party Transaction [Line Items]
Shares approved for issuance (in shares)			359,250
Advisor | 2019 Bonus Awards
Related Party Transaction [Line Items]
Due from affiliates	100		$ 100		$ 1,200
Advisor | 2020 Bonus Awards
Related Party Transaction [Line Items]
Due from affiliates	1,000		$ 1,000
Related party term of agreement			6 months
Capped Reimbursement Amount
Related Party Transaction [Line Items]
Fixed component	$ 1,600	$ 1,400	$ 4,800	$ 5,100

Related Party Transactions an_6

Related Party Transactions and Arrangements (Fees and Participations Paid in Connection with the Liquidation or Listing of the Company's Real Estate Assets) (Details)	9 Months Ended
	Sep. 30, 2021USD ($)
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 incentive listing distribution	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%
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%
Second Amended and Restated Advisory Agreement | Affiliated Entity | Advisor
Related Party Transaction [Line Items]
Fee payment period	30 days
Asset management fees
Related Party Transaction [Line Items]
Fee multiplier	4
Transition Fee
Related Party Transaction [Line Items]
Transaction amount	$ 15,000,000
Subject Fees (Transition Fee Not in Excess of the Product)
Related Party Transaction [Line Items]
Fee multiplier	4
Subject Fees (Transition Fee Not in Excess of the Product) | Maximum
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

Equity-Based Compensation (Narr

Equity-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during period, issued for services (in shares)			0	0
Restricted Share Plan | Unvested Restricted Stock
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)	3,500,000		3,500,000
Nonvested awards, compensation cost not yet recognized	$ 3		$ 3
Nonvested awards, compensation cost not yet recognized, period for recognition			2 years 7 months 6 days
Share-based payment arrangement, expense	$ 0.3	$ 0.4	$ 1	$ 1
Restricted Share Plan | Unvested Restricted Stock | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share vesting period			3 years
Restricted Share Plan | Unvested Restricted Stock | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share vesting period			5 years

Equity-Based Compensation (Summ

Equity-Based Compensation (Summary of Activity) (Details) - Restricted Share Plan - Unvested Restricted Stock	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Number of Shares of Common Stock
Beginning Balance (in shares) | shares	215,384
Stock dividend (in shares) | shares	9,352
Vested (in shares) | shares	(67,327)
Ending Balance (in shares) | shares	157,409
Weighted Average Issue Price
Beginning balance (in usd per share) | $ / shares	$ 21.11
Stock dividend (in usd per share) | $ / shares	14.89
Vested (in usd per share) | $ / shares	20
Ending balance (in usd per share) | $ / shares	$ 21.22

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Summary of Changes in AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,004,217	$ 982,306	$ 961,372	$ 1,106,744
Rebalancing of ownership percentage	0	0	0	0
Ending balance	967,967	976,984	967,967	976,984
Interest Rate Contract | Derivatives designated as hedging instruments:
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Unamortized portion remaining in accumulated other comprehensive (loss) income			600
Unrealized Gain(loss) on Designated Derivative
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(39,673)
Other comprehensive gain (loss), before reclassifications			8,980
Amount of gain (loss) reclassified from accumulated other comprehensive gain (loss)			8,210
Ending balance	(22,478)		(22,478)
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(25,621)	(46,489)	(39,673)	(7,043)
Rebalancing of ownership percentage	5	387	5	561
Ending balance	$ (22,478)	$ (43,818)	$ (22,478)	$ (43,818)

Non-controlling Interests - Bal

Non-controlling Interests - Balance Sheet Breakdown (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Noncontrolling Interest [Line Items]
Total Non-controlling Interests in the Operating Partnership	$ 6,401	$ 4,016
Non-controlling Interests in property owning subsidiaries	364	371
Total Non-controlling interests	6,765	4,387
Series A Preferred Unit
Noncontrolling Interest [Line Items]
Total Non-controlling Interests in the Operating Partnership	2,578	0
Common OP Unit
Noncontrolling Interest [Line Items]
Total Non-controlling Interests in the Operating Partnership	$ 3,823	$ 4,016

Non-controlling Interests (Narr

Non-controlling Interests (Narrative) (Details) - USD ($)	Nov. 04, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Nov. 30, 2014
Noncontrolling Interest [Line Items]
Limited partner units (in shares)		90		90
Distributions to non-controlling interest holders		$ 0	$ 201,000
OP Units
Noncontrolling Interest [Line Items]
Redeemable amount of shares (in shares)		435,630
UnityPoint Clinic Portfolio
Noncontrolling Interest [Line Items]
Payments to noncontrolling interests	$ 600,000
Non-controlling Interests
Noncontrolling Interest [Line Items]
Limited partner units (in shares)		405,998			405,908
Units issued					$ 10,100,000
Units issued (in usd per share)					$ 25
Limited partner units, redemption period		1 year
Number of Preferred OP Units issued (in shares)		100,000
Preferred unit, face value (in usd per share)		$ 25
Value of preferred OP Units		$ 2,600,000
Preferred units issued (in usd per share)		$ 25.78
Preferred units, redemption period		1 year

Non-controlling Interests (Summ

Non-controlling Interests (Summary of Non-controlling Interests) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Noncontrolling Interest [Line Items]
Third Party Net Investment Amount	$ 6,765		$ 6,765		$ 4,387
Net Real Estate Assets Subject to Investment Arrangement	2,089,461		2,089,461		2,108,948
Distributions	46	$ 28		$ 201
Non-controlling Interests
Noncontrolling Interest [Line Items]
Distributions	46	28	46	201
Plaza Del Rio Medical Office Campus Portfolio - Peoria, AZ | Non-controlling Interests
Noncontrolling Interest [Line Items]
Third Party Net Investment Amount	364		364
Net Real Estate Assets Subject to Investment Arrangement	13,008		13,008		$ 12,790
Distributions	$ 0	$ 0	$ 0	$ 0
Healthcare Trust Operating Partnership, L.P. | Plaza Del Rio Medical Office Campus Portfolio - Peoria, AZ | Non-controlling Interests
Noncontrolling Interest [Line Items]
Non-Controlling Ownership Percentage	2.30%		2.30%

Net Loss Per Share (Summary of

Net Loss Per Share (Summary of Basic and Diluted Net Loss Per Share Computation) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net loss attributable to common stockholders		$ (41,968)	$ (10,500)	$ (70,183)	$ (58,055)
Basic weighted-average shares outstanding (in shares)	[1]	99,097,121	99,026,440	99,068,356	98,799,334
Diluted weighted-average shares outstanding (in shares)	[1]	99,097,121	99,026,440	99,068,356	98,799,334
Basic net loss per share (in usd per share)	[1]	$ (0.42)	$ (0.11)	$ (0.71)	$ (0.59)
Diluted net loss per share (in usd per share)		$ (0.42)	$ (0.11)	$ (0.71)	$ (0.59)
[1]	Retroactively adjusted for the effects of the Stock Dividends (see Note 1 ).

Net Loss Per Share (Summary o_2

Net Loss Per Share (Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
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)	1,008,219	1,074,917	1,049,130	1,103,912
Limited partner units (in shares)	90		90		90
Class B units (in shares)	359,250	359,250	359,250	359,250
Unvested Restricted Stock
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	187,108	253,806	228,019	282,801
Common 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)	435,636	435,636	435,636	435,636
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)	385,475	385,475	385,475	385,475
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 shares)	405,998	405,998	405,998	405,998
Unvested Restricted Stock | Restricted Share Plan
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]
Unvested restricted stock (in shares)	157,409	216,187	157,409	216,187	215,384

Segment Reporting (Narrative) (

Segment Reporting (Narrative) (Details)	9 Months Ended
	Sep. 30, 2021propertysegment	Sep. 30, 2020segment	Sep. 30, 2021encumbered_property	Jul. 01, 2020property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of reportable segments | segment	3	3
Number of properties	201		121
Transition Property | LaSalle Tenant
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property				4

Segment Reporting (Reconciliati

Segment Reporting (Reconciliation of Segment Activity) (Details) - USD ($) $ in Thousands	3 Months Ended					9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Revenue from tenants	$ 82,006			$ 95,835		$ 246,602	$ 290,734
Property operating and maintenance	51,218			61,678		152,133	183,189
Net operating income	30,788			34,157		94,469	107,545
Impairment charges	(26,642)	$ (6,100)	$ (900)	(1,011)		(33,601)	(32,842)
Operating fees to related parties	(6,045)			(5,984)		(17,851)	(17,969)
Acquisition and transaction related	(2,198)			(175)		(2,453)	(680)
General and administrative	(4,723)			(3,162)		(13,318)	(14,622)
Depreciation and amortization	(19,786)			(20,211)		(59,390)	(60,589)
Interest expense	(11,775)			(12,840)		(36,016)	(38,677)
Interest and other income	4			2		60	43
Gains on sale of real estate investments	0			0	$ 2,300	2,284	2,306
Loss on non-designated derivative instruments	(33)			(69)		(32)	(45)
Income tax expense	(55)			(78)		(162)	(78)
Net loss (income) attributable to non-controlling interests	331			(397)		229	(223)
Allocation for preferred stock	(1,834)			(732)		(4,402)	(2,224)
Net loss attributable to common stockholders	(41,968)			(10,500)		(70,183)	(58,055)
Medical office buildings
Segment Reporting Information [Line Items]
Revenue from tenants	27,036			25,810		79,839	77,970
Property operating and maintenance	8,359			8,066		23,980	23,106
Net operating income	18,677			17,744		55,859	54,864
Triple-net leased healthcare facilities
Segment Reporting Information [Line Items]
Revenue from tenants	3,777			4,304		10,913	11,934
Property operating and maintenance	444			828		1,993	1,850
Net operating income	3,333			3,476		8,920	10,084
Seniors housing - operating properties
Segment Reporting Information [Line Items]
Revenue from tenants	51,193			65,721		155,850	200,830
Property operating and maintenance	42,415			52,784		126,160	158,233
Net operating income	$ 8,778			$ 12,937		$ 29,690	$ 42,597

Segment Reporting (Reconcilia_2

Segment Reporting (Reconciliation of Segment Activity to Assets) (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Investments in real estate, net:
Construction in progress	$ 1,417,000	$ 0
Investments in real estate:	2,089,461,000	2,108,948,000
Assets held for sale	0	90,000
Cash and cash equivalents	29,784,000	72,357,000	$ 82,233,000
Restricted cash	26,081,000	17,989,000	$ 17,065,000
Derivative assets, at fair value	65,000	13,000
Straight-line rent receivable, net	23,994,000	23,322,000
Operating lease right-of-use assets	13,790,000	13,912,000
Prepaid expenses and other assets	30,411,000	34,932,000
Deferred costs, net	14,987,000	15,332,000
Total assets	2,228,573,000	2,286,895,000
Medical office buildings
Investments in real estate, net:
Investments in real estate:	1,006,298,000	883,471,000
Triple-net leased healthcare facilities
Investments in real estate, net:
Investments in real estate:	169,850,000	238,427,000
Seniors housing - operating properties
Investments in real estate, net:
Investments in real estate:	$ 911,896,000	$ 987,050,000

Segment Reporting (Reconcilia_3

Segment Reporting (Reconciliation of Capital Expenditures by Segment) (Details) - Operating Segments - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Total capital expenditures	$ 4,346	$ 3,972	$ 11,501	$ 17,629
Medical office buildings
Segment Reporting Information [Line Items]
Total capital expenditures	2,100	1,026	3,710	3,898
Triple-net leased healthcare facilities
Segment Reporting Information [Line Items]
Total capital expenditures	0	9	73	67
Seniors housing - operating properties
Segment Reporting Information [Line Items]
Total capital expenditures	$ 2,246	$ 2,937	$ 7,718	$ 13,664

Commitments and Contingencies_2

Commitments and Contingencies (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)lease	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Lessee, Lease, Description [Line Items]
Number of operating lease contracts | lease			8
Number of finance lease contracts | lease			6
Renewal term of lease excluded			3 years
Operating lease right-of-use assets	$ 13,790		$ 13,790		$ 13,912
Operating lease liabilities	$ 9,054		$ 9,054		$ 9,155
Remaining lease term	40 years 9 months 18 days		40 years 9 months 18 days
Weighted average discount rate, percent	7.37%		7.37%
Operating lease payments	$ 200	$ 200	$ 700	$ 500
Operating lease liability	$ 200	$ 200	$ 700	$ 700
Minimum
Lessee, Lease, Description [Line Items]
Renewal term			21 years 1 month 6 days
Maximum
Lessee, Lease, Description [Line Items]
Renewal term			86 years

Commitments and Contingencies_3

Commitments and Contingencies (Schedule of Future Minimum Rental Payments) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Operating Leases
2021 (remainder)	$ 176
2022	712
2023	715
2024	702
2025	658
Thereafter	28,442
Total minimum lease payments	31,405
Less: amounts representing interest	(22,351)
Total present value of minimum lease payments	9,054	$ 9,155
Direct Financing Leases
2021 (remainder)	21
2022	86
2023	88
2024	90
2025	92
Thereafter	7,344
Total minimum lease payments	7,721
Less: amounts representing interest	(2,962)
Total present value of minimum lease payments	$ 4,759
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Accounts payable and accrued expenses (including $317 and $299 due to related parties as of September 30, 2021 and December 31, 2020)

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands

Oct. 12, 2021

Oct. 06, 2021

Oct. 04, 2021

Oct. 01, 2021

May 11, 2021

Oct. 01, 2020

Oct. 31, 2021

Jul. 31, 2021

Apr. 30, 2021

Jan. 31, 2021

Oct. 31, 2020

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Dec. 31, 2020

Nov. 12, 2021

Subsequent Event [Line Items]

Stock dividends (in shares)

0.01349

0.014655

0.014655

0.01349

0.01349

0.07299

Preferred stock, dividend rate, percentage

7.375%

7.375%

Net proceeds

$ 45

$ 175

$ 56,289

$ (191)

Series B Cumulative Redeemable Perpetual Preferred Stock

Subsequent Event [Line Items]

Preferred stock, dividend rate, percentage

7.125%

Over-Allotment Option

Subsequent Event [Line Items]

Preferred stock, number of shares issued in public offering (in shares)

152,144

Subsequent Event

Subsequent Event [Line Items]

Stock dividends (in shares)

0.014655

0.014655

Subsequent Event | Series B Cumulative Redeemable Perpetual Preferred Stock

Subsequent Event [Line Items]

Preferred stock, dividend rate, percentage

7.125%

7.125%

Subsequent Event | Public Stock Offering

Subsequent Event [Line Items]

Preferred stock, number of shares issued in public offering (in shares)

3,200,000

Preferred stock, liquidation preference (in usd per share)

$ 25

Gross proceeds

$ 80,000

Net proceeds

$ 77,200

Subsequent Event | Over-Allotment Option

Subsequent Event [Line Items]

Preferred stock, number of shares issued in public offering (in shares)

430,000

Gross proceeds

$ 10,800

Net proceeds

$ 10,400

Subsequent Event | Preferred Stock Equity Line

Subsequent Event [Line Items]

Terminated value

$ 15,000