Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 11, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
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 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 100,735,691 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement to be delivered to stockholders in connection with the registrant’s 2021 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K. The registrant intends to file its proxy statement within 120 days after its fiscal year end. | ||
Entity Central Index Key | 0001561032 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Series A Preferred Stock | |||
Document Information [Line Items] | |||
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 | ||
Series B Preferred Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 7.125% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share | ||
Trading Symbol | HTIB | ||
Security Exchange Name | NASDAQ |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Firm ID | 238 |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | New York, New York |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Real estate investments, at cost: | ||
Land | $ 206,392,000 | $ 212,651,000 |
Buildings, fixtures and improvements | 2,117,896,000 | 2,133,057,000 |
Acquired intangible assets | 288,372,000 | 276,015,000 |
Total real estate investments, at cost | 2,612,660,000 | 2,621,723,000 |
Less: accumulated depreciation and amortization | (562,733,000) | (512,775,000) |
Total real estate investments, net | 2,049,927,000 | 2,108,948,000 |
Assets held for sale | 0 | 90,000 |
Cash and cash equivalents | 59,738,000 | 72,357,000 |
Restricted cash | 25,644,000 | 17,989,000 |
Derivative assets, at fair value | 174,000 | 13,000 |
Straight-line rent receivable, net | 23,858,000 | 23,322,000 |
Operating lease right-of-use assets | 7,914,000 | 13,912,000 |
Prepaid expenses and other assets (including $929 and $1,278 due from related parties as of December 31, 2021 and 2020, respectively) | 32,564,000 | 34,932,000 |
Deferred costs, net | 14,581,000 | 15,332,000 |
Total assets | 2,214,400,000 | 2,286,895,000 |
LIABILITIES AND EQUITY | ||
Mortgage notes payable, net | 584,239,000 | 542,698,000 |
Credit facilities, net | 502,051,000 | 674,551,000 |
Market lease intangible liabilities, net | 10,943,000 | 10,803,000 |
Derivative liabilities, at fair value | 13,903,000 | 38,389,000 |
Accounts payable and accrued expenses (including $47 and $299 due to related parties as of December 31, 2021 and 2020, respectively) | 42,709,000 | 42,271,000 |
Operating lease liabilities | 8,130,000 | 9,155,000 |
Deferred rent | 8,619,000 | 6,914,000 |
Distributions payable | 3,406,000 | 742,000 |
Total liabilities | 1,174,000,000 | 1,325,523,000 |
Stockholders’ Equity | ||
Common stock, $0.01 par value, 300,000,000 shares authorized, 99,281,754 shares and 93,775,746 shares issued and outstanding as of December 31, 2021 and 2020, respectively | 993,000 | 938,000 |
Additional paid-in capital | 2,329,839,000 | 2,104,261,000 |
Accumulated other comprehensive loss | (14,341,000) | (39,673,000) |
Distributions in excess of accumulated earnings | (1,282,871,000) | (1,108,557,000) |
Total stockholders’ equity | 1,033,696,000 | 956,985,000 |
Non-controlling interests | 6,704,000 | 4,387,000 |
Total equity | 1,040,400,000 | 961,372,000 |
Total liabilities and equity | 2,214,400,000 | 2,286,895,000 |
Series A Preferred Stock | ||
Stockholders’ Equity | ||
Cumulative redeemable perpetual preferred stock | 40,000 | 16,000 |
Series B Preferred Stock | ||
Stockholders’ Equity | ||
Cumulative redeemable perpetual preferred stock | $ 36,000 | $ 0 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Prepaid expenses and other assets, due from related parties | $ 929 | $ 1,278 |
Accounts payable and accrued expenses, due to related parties | $ 47 | $ 299 |
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) | 99,281,754 | 93,775,746 |
Common stock, shares outstanding (in shares) | 99,281,754 | 93,775,746 |
Series A Preferred Stock | ||
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 | 4,740,000 |
Preferred stock, shares issued (in shares) | 3,977,144 | 1,610,000 |
Preferred stock, shares outstanding (in shares) | 3,977,144 | 1,610,000 |
Series B Preferred Stock | ||
Preferred stock, dividend rate, percentage | 7.125% | |
Preferred stock, par value (in usd per share) | $ 0.01 | |
Preferred stock, shares authorized (in shares) | 3,680,000 | 0 |
Preferred stock, shares issued (in shares) | 3,630,000 | 0 |
Preferred stock, shares outstanding (in shares) | 3,630,000 | 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Income Statement [Abstract] | ||||
Revenue from tenants | $ 329,355 | $ 381,612 | $ 374,914 | |
Operating expenses: | ||||
Property operating and maintenance | 205,813 | 243,548 | 234,185 | |
Impairment charges | 40,951 | 36,446 | 55,969 | |
Operating fees to related parties | 24,206 | 23,922 | 23,414 | |
Acquisition and transaction related | 2,714 | 173 | 362 | |
General and administrative | 16,828 | 21,572 | 20,530 | |
Depreciation and amortization | 79,926 | 81,053 | 81,032 | |
Total expenses | 370,438 | 406,714 | 415,492 | |
Operating loss before gain on sale of real estate investments | (41,083) | (25,102) | (40,578) | |
Gain on sale of real estate investments | 3,648 | 5,230 | 8,790 | |
Operating loss | (37,435) | (19,872) | (31,788) | |
Other income (expense): | ||||
Interest expense | (47,900) | (51,519) | (56,059) | |
Interest and other income | 61 | 44 | 7 | |
Gain (loss) on non-designated derivatives | 37 | (102) | (68) | |
Total other expenses | (47,802) | (51,577) | (56,120) | |
Loss before income taxes | (85,237) | (71,449) | (87,908) | |
Income tax expense | (203) | (4,061) | (399) | |
Net loss | (85,440) | (75,510) | (88,307) | |
Net loss (income) attributable to non-controlling interests | 260 | (303) | 393 | |
Allocation for preferred stock | (7,762) | (2,968) | (173) | |
Net loss attributable to common stockholders | (92,942) | (78,781) | (88,087) | |
Other comprehensive income (loss): | ||||
Unrealized gain (loss) on designated derivatives | 25,332 | (32,630) | (11,625) | |
Comprehensive loss attributable to common stockholders | $ (67,610) | $ (111,411) | $ (99,712) | |
Weighted-average common shares outstanding - Basic (in shares) | [1] | 100,534,438 | 100,312,245 | 100,093,694 |
Weighted-average common shares outstanding - Diluted (in shares) | [1] | 100,534,438 | 100,312,245 | 100,093,694 |
Net loss per common share attributable to common stockholders - Basic (in usd per share) | [1] | $ (0.92) | $ (0.79) | $ (0.88) |
Net loss per common share attributable to common stockholders - Diluted (in usd per share) | [1] | $ (0.92) | $ (0.79) | $ (0.88) |
[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 | Series A Preferred Stock | Series B Preferred Stock | Cumulative Effect, Period of Adoption, Adjustment | Total Stockholders’ Equity | Total Stockholders’ EquitySeries A Preferred Stock | Total Stockholders’ EquitySeries B Preferred Stock | Total Stockholders’ EquityCumulative Effect, Period of Adoption, Adjustment | Preferred StockSeries A Preferred Stock | Preferred StockSeries B Preferred Stock | Common Stock | Additional Paid-in Capital | Additional Paid-in CapitalSeries A Preferred Stock | Additional Paid-in CapitalSeries B Preferred Stock | Accumulated Other Comprehensive Income (Loss) | Distributions in Excess of Accumulated Earnings | Distributions in Excess of Accumulated EarningsSeries A Preferred Stock | Distributions in Excess of Accumulated EarningsSeries B Preferred Stock | Distributions in Excess of Accumulated EarningsCumulative Effect, Period of Adoption, Adjustment | Non-controlling Interests |
Beginning Balance (in shares) at Dec. 31, 2018 | 0 | 0 | 91,963,532 | |||||||||||||||||
Beginning balance at Dec. 31, 2018 | $ 1,240,934 | $ (87) | $ 1,233,137 | $ (87) | $ 0 | $ 0 | $ 919 | $ 2,031,967 | $ 4,582 | $ (804,331) | $ (87) | $ 7,797 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Issuance of preferred stock, net (in shares) | 1,610,000 | |||||||||||||||||||
Issuance of preferred stock, net | $ 37,617 | $ 37,617 | $ 16 | $ 37,601 | ||||||||||||||||
Common stock issued through distribution reinvestment plan (in shares) | 1,500,000 | 1,481,395 | ||||||||||||||||||
Common stock issued through distribution reinvestment plan | $ 27,210 | 27,210 | $ 15 | 27,195 | ||||||||||||||||
Common stock repurchases (in shares) | (1,103,263) | |||||||||||||||||||
Common stock repurchases | (21,113) | (21,113) | $ (11) | (21,102) | ||||||||||||||||
Share-based compensation, net (in shares) | 15,000 | |||||||||||||||||||
Share-based compensation, net | 1,319 | 1,319 | 1,319 | |||||||||||||||||
Distributions declared on common stock | (78,685) | (78,685) | (78,685) | |||||||||||||||||
Allocation for preferred stock | (173) | (173) | (173) | |||||||||||||||||
Distributions to non-controlling interest holders | (346) | (346) | ||||||||||||||||||
Unrealized loss on designated derivative | (11,625) | (11,625) | (11,625) | |||||||||||||||||
Net loss | (88,307) | (87,914) | (87,914) | (393) | ||||||||||||||||
Rebalancing of ownership percentage | 1,648 | 1,648 | (1,648) | |||||||||||||||||
Ending Balance (in shares) at Dec. 31, 2019 | 1,610,000 | 0 | 92,356,664 | |||||||||||||||||
Ending balance at Dec. 31, 2019 | $ 1,106,744 | 1,101,334 | $ 16 | $ 0 | $ 923 | 2,078,628 | (7,043) | (971,190) | 5,410 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Issuance of preferred stock, net | (59) | (59) | (59) | |||||||||||||||||
Common stock issued through distribution reinvestment plan (in shares) | 900,000 | 875,986 | ||||||||||||||||||
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 (in shares) | 0 | |||||||||||||||||||
Share-based compensation, net | 1,345 | 1,345 | 1,345 | |||||||||||||||||
Distributions declared in common stock (in shares) | 1,248,197 | |||||||||||||||||||
Distributions declared in common stock | 0 | 0 | $ 13 | 19,646 | (19,659) | |||||||||||||||
Distributions declared on common stock | (38,839) | (38,839) | (38,839) | |||||||||||||||||
Allocation for preferred stock | (2,968) | (2,968) | (2,968) | |||||||||||||||||
Distributions to non-controlling interest holders | (201) | (201) | ||||||||||||||||||
Unrealized loss on designated derivative | (32,615) | (32,615) | (32,615) | |||||||||||||||||
Buyout of NCI | (583) | (88) | (88) | (495) | ||||||||||||||||
Net loss | (75,510) | (75,813) | (75,813) | 303 | ||||||||||||||||
Rebalancing of ownership percentage | 0 | 630 | 645 | (15) | (630) | |||||||||||||||
Ending Balance (in shares) at Dec. 31, 2020 | 1,610,000 | 0 | 93,775,746 | |||||||||||||||||
Ending balance at Dec. 31, 2020 | $ 961,372 | 956,985 | $ 16 | $ 0 | $ 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 | 3,630,000 | |||||||||||||||||
Issuance of preferred stock, net | 56,265 | $ 86,819 | 56,265 | $ 86,819 | $ 24 | $ 36 | $ 56,241 | $ 86,783 | ||||||||||||
Common stock issued through distribution reinvestment plan | $ 0 | |||||||||||||||||||
Share-based compensation, net | $ 1,329 | 1,329 | 1,329 | |||||||||||||||||
Distributions declared in common stock (in shares) | 6,754,203 | 5,506,008 | ||||||||||||||||||
Distributions declared in common stock | $ 0 | 0 | $ 55 | 81,316 | (81,371) | |||||||||||||||
Allocation for preferred stock | (7,762) | $ (6,236) | $ (1,527) | $ (6,236) | $ (1,527) | $ (6,236) | $ (1,527) | |||||||||||||
Distributions to non-controlling interest holders | (92) | (92) | ||||||||||||||||||
Issuance of Series A Preferred OP Units | 2,578 | 2,578 | ||||||||||||||||||
Unrealized loss on designated derivative | 25,332 | 25,332 | 25,332 | |||||||||||||||||
Net loss | (85,440) | (85,180) | (85,180) | (260) | ||||||||||||||||
Rebalancing of ownership percentage | 0 | (91) | (91) | 91 | ||||||||||||||||
Ending Balance (in shares) at Dec. 31, 2021 | 3,977,144 | 3,630,000 | 99,281,754 | |||||||||||||||||
Ending balance at Dec. 31, 2021 | $ 1,040,400 | $ 1,033,696 | $ 40 | $ 36 | $ 993 | $ 2,329,839 | $ (14,341) | $ (1,282,871) | $ 6,704 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Distributions declared per share (in usd per share) | $ 0.42 | $ 0.83 | |
Preferred stock distributions declared per share (in usd per share) | 1.84 | $ 0.11 | |
Distributions declared in common stock (in usd per share) | $ 0.85 | $ 0.21 | |
Series A Preferred Stock | |||
Preferred stock distributions declared per share (in usd per share) | 1.57 | ||
Series B Preferred Stock | |||
Preferred stock distributions declared per share (in usd per share) | $ 0.42 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net loss | $ (85,440) | $ (75,510) | $ (88,307) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 79,926 | 81,053 | 81,032 |
Amortization (including write-offs) of deferred financing costs | 4,427 | 4,059 | 9,171 |
Amortization of terminated swap | 846 | 846 | 0 |
Amortization of mortgage premiums and discounts, net | 55 | 60 | (162) |
(Accretion) amortization of market lease and other intangibles, net | (198) | (80) | (4) |
Bad debt expense | 1,094 | 2,708 | 6,464 |
Equity-based compensation | 1,329 | 1,345 | 1,319 |
Loss (gain) on non-designated derivative instruments | (37) | 102 | 68 |
(Gain) loss on sales of real estate investments, net | (3,648) | (5,230) | (8,790) |
Impairment charges | 40,951 | 36,446 | 55,969 |
Deferred tax valuation allowance | (483) | 4,641 | 0 |
Changes in assets and liabilities: | |||
Straight-line rent receivable | (761) | (2,409) | (3,831) |
Prepaid expenses and other assets | (2,139) | (63) | (9,667) |
Accounts payable, accrued expenses and other liabilities | 1,252 | (4,554) | 2,632 |
Deferred rent | 1,705 | (1,607) | 1,510 |
Net cash provided by operating activities | 38,879 | 41,807 | 47,404 |
Cash flows from investing activities: | |||
Property acquisitions and development costs | (159,300) | (94,984) | (91,998) |
Capital expenditures and other assets acquired | (19,071) | (21,892) | (16,719) |
Proceeds from sales of real estate investments | 130,449 | 34,385 | 62,468 |
Net cash used in investing activities | (47,922) | (82,491) | (46,249) |
Cash flows from financing activities: | |||
Payments on credit facilities | (298,804) | (26,091) | (368,300) |
Proceeds from credit facilities | 125,000 | 95,000 | 225,618 |
Proceeds from term loan | 0 | 0 | 150,000 |
Proceeds from mortgage notes payable | 42,750 | 0 | 136,513 |
Payments on mortgage notes payable | (1,264) | (1,048) | (67,797) |
Payments for derivative instruments | (85) | (97) | (2,147) |
Payments of deferred financing costs | (1,490) | (2,241) | (19,532) |
Common stock repurchases | 0 | (10,539) | (21,113) |
Distributions paid on common stock | 0 | (31,354) | (51,427) |
Dividends paid on preferred stock | (5,144) | (2,399) | 0 |
Buyout of non-controlling interest holders | 0 | (583) | 0 |
Distributions to non-controlling interest holders | (46) | (201) | (346) |
Net cash, provided by financing activities | 4,079 | 19,431 | 19,086 |
Net change in cash, cash equivalents and restricted cash | (4,964) | (21,253) | 20,241 |
Cash, cash equivalents and restricted cash, beginning of year | 90,346 | 111,599 | 91,358 |
Cash, cash equivalents and restricted cash, end of year | 85,382 | 90,346 | 111,599 |
Cash and cash equivalents | 59,738 | 72,357 | 95,691 |
Restricted cash | 25,644 | 17,989 | 15,908 |
Cash, cash equivalents and restricted cash, end of period | 85,382 | 90,346 | 111,599 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | 42,815 | 47,878 | 47,621 |
Cash paid for income taxes | 311 | 315 | 447 |
Non-cash investing and financing activities: | |||
Common stock issued through distribution reinvestment plan | 0 | 14,604 | 27,210 |
Common stock issued through stock dividends | 81,371 | 19,659 | 0 |
Accrued capital expenditures (payable) | 0 | 1,287 | 0 |
Accrued offering costs on Series B Preferred Stock | 78 | 0 | 0 |
Mortgage assumed in acquisition | 0 | 13,883 | 0 |
Series A Preferred Stock | |||
Cash flows from financing activities: | |||
Proceeds from issuance of Preferred Stock, net | 56,265 | (1,016) | 37,617 |
Series B Preferred Stock | |||
Cash flows from financing activities: | |||
Proceeds from issuance of Preferred Stock, net | $ 86,897 | $ 0 | $ 0 |
Organization
Organization | 12 Months Ended |
Dec. 31, 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 and other healthcare-related buildings (“MOBs”), and senior housing operating properties (“SHOPs”). Prior to December 31, 2021, the Company reported in three reportable segments, see Note 15 —Segment Reporting for additional information. As of December 31, 2021, the Company owned 202 properties located in 33 states and comprised of 9.2 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 December 31, 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. The Company operates in two reportable business segments for management and internal financial reporting purposes: MOBs and SHOPs. In its MOB operating segment, the Company owns, manages, and leases single and multi-tenant MOBs where tenants are required to pay their pro rata share of property operating expenses, which may be subject to expense exclusions and floors, in addition to base rent. The Property Manager or third party managers manage the Company’s MOBs. In its SHOP segment, the Company invests in seniors housing properties using the RIDEA structure. As of December 31, 2021, the Company had six eligible independent contractors operating 54 SHOPs (not including two land parcels). All of the Company’s properties across both business segments are located throughout the United States. 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 issued 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 issued in April 2021, July 2021, October 2021 and January 2022 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 year ended December 31, 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 0.08871 shares for every share outstanding resulting from the Stock Dividends, and are noted as such throughout the accompanying financial statements and notes. On March 31, 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 March 31, 2021 has not been adjusted since publication and will not be adjusted until the board of directors (the “Board”) determines a new Estimated Per-Share NAV which is expected in early April 2022. 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 | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Accounting The accompanying consolidated financial statements of the Company are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“GAAP”). Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All inter-company 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. Out-of-Period Adjustments During the year ended December 31, 2019, the Company identified certain historical errors in its tax provision and its net deferred taxes asset as well as its statements of operations and comprehensive income (loss), consolidated statements of changes in equity, and statements of cash flows since 2014, which impacted the quarterly financial statements and annual periods previously issued. Specifically, the Company had overstated intercompany rent on certain leases with the taxable REIT subsidiary (“TRS”) and reflected a portion of depreciation on REIT assets in the TRS’s tax provision, thereby overstating previously recorded tax benefits, deferred tax assets and net incom e by $0.8 million, $0.3 million and $0.2 million for the years ended December 31, 2018, 2017 and for Pre-2017 periods, respectively. The intercompany rent and allocation of depreciation only affected the tax provision and did not affect the pre-tax consolidated financial results. The Company concluded that the errors noted above were not material for the period ended December 31, 2019 or any prior periods and has adjusted the amounts on a cumulative basis in 2019. During the year ended December 31, 2019, the Company did not record quarterly interest expense related to borrowings under the Revolving Credit Facility (as defined below) that were borrowed and repaid during the fourth quarter of 2019. The amount of interest expense and related payable that should have been recorded was $0.3 million . In 2020, the Company identified that the cumulative interest payable balance was understated, and as a result a true up entry was recorded to record the payable and related expense, resulting in an out of period adjustment . The Company concluded that the errors noted above were not material for the period ended December 31, 2019 or any prior periods and has adjusted the amounts on a cumulative basis in 2020. 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 COVID-19 pandemic has had, and another pandemic in the future could have, impacts across many sectors and areas of the global economy and financial markets, leading to significant adverse impacts on economic activity including volatility in financial markets. The impact of the COVID-19 pandemic has evolved rapidly. In many states and cities where our properties are located, measures including “shelter-in-place” or “stay-at-home” orders issued by local, state and federal authorities for much of 2020 and early part of 2021 and social distancing measures have resulted in closure and limitations on the operations of many businesses and organizations. While strict “shelter-in-place” and similar orders have generally been lifted, continued limitations on indoor occupancy or other restrictions applicable to in-person operations have been and may in future be re-instituted in some jurisdictions as rates of infection increase in those locations, including in light of the current spread of the Delta and Omicron variants and other potentially more contagious variants of the SARS-CoV-2 virus. As the COVID-19 pandemic continues, it is highly uncertain to what extent and when any such continuing restrictions will be lifted in various jurisdictions and could depend on numerous factors, including vaccination rates among the population, the effectiveness of COVID-19 vaccines against these variants and the response by governmental bodies and regulators. Our tenants and SHOP properties operate businesses that require in-person interactions with their patients and residents. Even for businesses that have not closed or have closed and reopened, concern regarding the transmission of COVID-19 has impacted, and will likely continue to impact, the willingness of persons to, among other things, live in or use facilities at our properties, and impact the revenues generated by our tenants which may further impact the ability of our tenants to pay their rent obligations to us when due. The Company believes the estimates and assumptions underlying its consolidated financial statements are reasonable and supportable based on the information available as of December 31, 2021, however uncertainty over the ultimate impact COVID-19 will have on the global economy generally, and the Company’s business in particular, makes any estimates and assumptions as of December 31, 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. The Company has taken precautionary steps to increase liquidity and preserve financial flexibility in light of the uncertainty resulting from the COVID-19 pandemic. These steps include borrowing an additional $95.0 million under the Credit Facility (as defined below) in March 2020. A portion of the $95.0 million in borrowings was used for general corporate purposes and for acquisitions. In August 2020 and November 2021, the Company amended the Credit Facility as part of its efforts to continue addressing the adverse impacts of the COVID-19 pandemic. For additional information on the Credit Facility amendment see Note 5 — Credit Facilities. The COVID-19 pandemic has impacted global economic activity. Our ability to lease space and negotiate and maintain favorable rents and the results of operations at our SHOPs could also continue to be negatively impacted by a prolonged recession in the U.S. economy as could the rates charged to residents at our SHOPs. Moreover, the demand for leasing space at our MOB properties could decline further negatively impacting occupancy percentage, revenue and net income. Additionally, downturns or stagnation the U.S. housing market as a result of an economic downturn could adversely affect the ability, or perceived ability, of seniors to afford the resident fees and services at our seniors housing properties. Starting in March 2020, the COVID-19 pandemic and measures to prevent its spread began to affect us in a number of ways that vary by operating segment. COVID-19 Impact — MOB Segment The financial stability and overall health of our tenants is critical to our business. The negative effects that the global pandemic has had on the economy includes the closure or reduction in occupancy activity at some of our MOBs. The economic impact of the pandemic has impacted the ability of some of our tenants to pay their monthly rent either temporarily or in the long term. We 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 segment throughout the year ended December 31, 2021. We have taken a proactive approach to achieve mutually agreeable solutions with its tenants and in some cases, during the year ended December 31, 2020, we executed lease amendments providing for deferral of rent. During the year ended December 31, 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. COVID-19 Impact — SHOP Segment 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 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 generally bears these cost increases, which were partially offset by funds received under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), and to a lesser extent, cost recoveries for personal protective equipment from residents. See below for additional information on the CARES Act. These trends accelerated beginning in the second quarter of 2020, continued into early 2021 until stabilizing in the third quarter, and are expected to improve in 2022. Future developments in the course of the pandemic may 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 its revenues and income in the other quarters. While the development of COVID vaccines may limit that effect, the effectiveness of vaccines and the willingness to receive vaccines are highly uncertain and cannot be predicted with confidence. The financial impact of the COVID-19 pandemic on the Company has been partially offset by funds received under the CARES Act. The Company received $5.1 million and $3.6 million in these funds during the years ended December 31, 2021 and 2020, respectively. The Company considers these funds to be a grant contribution from the government. The full amounts received were recognized as a reduction of property operating expenses in our consolidated statement of operations for the years ended December 31, 2021 and 2020, respectively, to partially offset the incurred COVID-19 expenses. In addition, the Company has applied for additional funds, however, those applications have not yet been approved. There can be no assurance that the program will be extended or any further amounts received under currently effective or potential future government programs. Revenue Recognition The Company’s revenues, which are derived primarily from lease contracts, include rent received from tenants in its MOBs. As of December 31, 2021, these leases had a weighted average remaining lease term of 4.9 years. Rent from tenants in the Company’s MOB operating segment (as discussed below) is recorded in accordance with the terms of each lease on a straight-line basis over the initial term of the lease. Because many of the leases provide for rental increases at specified intervals, 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. Tenant revenue also includes operating expense reimbursements which generally increase with the increase in property operating and maintenance expenses in our MOB segment. In addition to base rent, dependent on the specific lease, tenants are generally required to pay either (i) their pro rata share of property operating and maintenance expenses, which may be subject to expense exclusions and floors or (ii) the their share of increases in property operating and maintenance expenses to the extent they exceed the properties’ expenses for the base year of the respective leases. 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 both ASC 842 and 840, the Company has reflected 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. Residents pay monthly rent that covers occupancy of their unit and basic services, including utilities, meals and some housekeeping services. The terms of the rent are short term in nature, primarily month-to-month. Also included in revenue from tenants is fees for ancillary revenue from non-residents of $3.5 million $13.3 million, and $15.4 million for the years ended December 31, 2021, 2020, and 2019, respectively. Fees for ancillary services are recorded in the period in which the services are performed. The decline in ancillary revenue since the year ended December 31, 2019 is primarily due to the Company’s dispositions of its SNF properties in Lutz and Wellington, Florida, which were sold in November 2020 and May 2021, respectively. 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 as of December 31, 2021 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. (In thousands) Future 2022 $ 105,694 2023 94,047 2024 85,918 2025 75,192 2026 67,200 Thereafter 221,313 Total $ 649,364 The Company continually reviews receivables related to rent and unbilled rents receivable 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 (see the “Recently Issued Accounting Pronouncements” section below), 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 beginning on January 1, 2019, 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. Under ASC 842, which was adopted effective on January 1, 2019, uncollectable amounts are reflected as reductions in revenue. Under ASC 840, the Company recorded such amounts as bad debt expense as part of property operating expenses. During the years ended December 31, 2021, 2020 and 2019 such amounts were $1.1 million, $2.7 million and $6.5 million, respectively, which include bad debt expense related to the NuVista and LaSalle Tenants (see Note 3 — Real Estate Investment, Net to the consolidated financial statements included in this Annual Report on Form 10-K for additional information). 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 years ended December 31, 2021, 2020 and 2019. 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 December 31, 2021 and there were $0.1 million in real estate investments held for sale as of December 31, 2020 (see Note 3 — Real Estate Investments, Net to the consolidated financial statements included in this Annual Report on Form 10-K for additional information). As more fully discussed in this Note under Recently Issued Accounting Pronouncements - ASU No. 2016-02 Leases , all of the Company’s leases as lessor prior to adoption were accounted for as operating leases and they continue to be accounted for as operating leases under the transition guidance. 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 three-year period ended December 31, 2019, 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 were previously classified prior to adoption of lease accounting and will continue to be classified as operating leases under transition elections unless subsequently modified. These leases are reflected on the balance sheet as of December 31, 2021 and 2020, and the rent expense is reflected on a straight-line basis over the lease term in the consolidated statements of operations for the years ended December 31, 2021, 2020, and 2019. 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 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 years ended December 31, 2021, 2020 and 2019 were accounted for as 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 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 acquire 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 years ended December 31, 2021 and 2020. Gain on Dispositions of Real Estate Investments Gains on sales of rental real estate after January 1, 2018 are not considered sales to customers and will generally be recognized pursuant to the provisions included in ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”). Gain on sales of real estate prior to January 1, 2018 are recognized pursuant to the provisions included in ASC 360-20, Real Estate Sales (“ASC 360-20”). The specific timing of a sale was measured against various criteria in and ASC 360-20 related to the terms of the transaction and any continuing involvement in the form of management or financial assistance associated with the properties. If the sales criteria for the full accrual method are not met, depending on the circumstances, the Company may not record a sale or it may record a sale but may defer some or all of the gain recognition. If the criteria for full accrual are not met, the Company may account for the transaction by applying the finance, leasing, profit sharing, deposit, installment or cost recovery methods, as appropriate, until the sales criteria for the full accrual method are met. 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 (loss) 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. Reportable Segments As of December 31, 2021, the Company has determined that it has two reportable segments, with activities related to investing |
Real Estate Investments, Net
Real Estate Investments, Net | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate [Abstract] | |
Real Estate Investments, Net | Real Estate Investments, Net Property Acquisitions and Development Costs The Company invests in healthcare-related facilities, primarily MOBs and seniors housing properties which expand and diversify its portfolio and revenue base. The Company owned 202 properties as of December 31, 2021. During the year ended December 31, 2021, the Company, through wholly-owned subsidiaries of the OP, completed its acquisitions of five multi-tenant MOBs and 12 single tenant MOBs for an aggregate contract purchase price of $160.2 million. All acquisitions in 2021, 2020 and 2019 were considered asset acquisitions for accounting purposes. The following table presents the allocation of the assets acquired and liabilities assumed, as well as development costs during the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, (In thousands) 2021 2020 2019 Real estate investments, at cost: Land $ 12,848 $ 7,665 $ 6,356 Buildings, fixtures and improvements 121,376 90,699 68,903 Development costs — — 5,721 Total tangible assets 134,224 98,364 80,980 Acquired intangibles: In-place leases and other intangible assets (1) 28,499 10,369 11,777 Market lease and other intangible assets (1) 794 496 724 Market lease liabilities (1) (1,639) (362) (1,483) Total intangible assets and liabilities 27,654 10,503 11,018 Mortgage notes payable, net — (13,883) — Issuance of Series A Preferred OP Units (2,578) — — Cash paid for real estate investments, including acquisitions $ 159,300 $ 94,984 $ 91,998 Number of properties purchased 17 9 9 _______________ (1) Weighted-average remaining amortization periods for in-place leases, above-market leases and below market leases acquired were 11.2, 10.2 years and 8.5 years, respectively, as of December 31, 2021. Weighted-average remaining amortization periods for in-place leases and above-market leases acquired were 1.7 years, 7.7 years and 7.4 years, respectively, as of December 31, 2020. Significant Tenants As of December 31, 2021, 2020 and 2019, the Company did not have any tenants (including for this purpose, all affiliates of such tenants) whose annualized rental income on a straight-line basis represented 10% or greater of total annualized rental income on a straight-line basis for the portfolio. The following table lists the states where the Company had concentrations of properties where annualized rental income on a straight-line basis represented 10% or more of consolidated annualized rental income on a straight-line basis for all properties as of December 31, 2021, 2020 and 2019: December 31, State 2021 2020 2019 Florida (1) 17.7% 20.6% 25.2% Michigan (2) * * 10.9% Pennsylvania * 10.4 * _______________ * State’s annualized rental income on a straight-line basis was not greater than 10% of total annualized rental income for all portfolio properties as of the period specified. (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 four of which were transferred to the buyer during the first quarter of 2021. Intangible Assets and Liabilities Acquired intangible assets and liabilities consisted of the following as of the periods presented: December 31, 2021 December 31, 2020 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 264,741 $ 183,073 $ 81,668 $ 241,097 $ 172,648 $ 68,449 Market lease assets 14,164 11,212 2,952 14,116 10,845 3,271 Other intangible assets 9,467 1,006 8,461 20,802 1,171 19,631 Total acquired intangible assets $ 288,372 $ 195,291 $ 93,081 $ 276,015 $ 184,664 $ 91,351 Intangible liabilities: Market lease liabilities $ 23,472 $ 12,529 $ 10,943 $ 22,109 $ 11,306 $ 10,803 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 of above-and below-market ground leases, for the periods presented: Year Ended December 31, (In thousands) 2021 2020 2019 Amortization of in-place leases and other intangible assets (1) $ 15,071 $ 15,121 $ 15,559 Accretion of above-and below-market leases, net (2) $ (422) $ (257) $ (247) Amortization of above-and below-market ground leases, net (3) $ 214 $ 178 $ 86 ________ (1) Reflected within depreciation and amortization expense. (2) Reflected within revenue from tenants. (3) Reflected within property operating and maintenance expense. Upon adoption of ASC 842 effective January 1, 2019, intangible balances related to ground leases were reclassified to be included as part of the Operating lease right-of-use assets presented on the consolidated balance sheet with no change to placement of the amortization expense of such balances. Refer to Note 2 — Summary of Significant Accounting Policies for additional details. The following table provides the projected amortization and adjustments to revenue from tenants for the next five years: (In thousands) 2022 2023 2024 2025 2026 In-place lease assets $ 14,324 $ 12,227 $ 10,691 $ 9,103 $ 8,052 Other intangible assets 10 10 10 10 10 Total to be added to amortization expense $ 14,334 $ 12,237 $ 10,701 $ 9,113 $ 8,062 Above-market lease assets $ (814) $ (468) $ (389) $ (336) $ (302) Below-market lease liabilities 1,625 1,512 1,294 1,103 941 Total to be added to revenue from tenants $ 811 $ 1,044 $ 905 $ 767 $ 639 Dispositions The following table summarizes the properties sold during the years ended December 31, 2021, 2020 and 2019: (In thousands) Disposition Date Contract Sale Price Gain (Loss) 2021 Dispositions: Hampton River Portfolio (two properties) December 21, 2021 $ 37,800 $ 1,323 NuVista Jupiter (1) May 14, 2021 65,000 2,383 Wellington Green (2) May 14, 2021 30,750 114 Michigan SHOPs (four properties) (3) January 15, 2021 — (172) Totals $ 133,550 $ 3,648 2020 Dispositions: Lutz (4) December 15, 2020 $ 20,000 $ 3,832 Michigan SHOPs (seven properties) (3) November 2, 2020 11,750 (908) Cape Girardeau March 19, 2020 8,600 2,306 Totals $ 40,350 $ 5,230 2019 Dispositions: New York Six MOBs (one property) August 22, 2019 $ 13,600 $ 2,883 Ocean Park (5) August 1, 2019 3,600 (152) New York Six MOBs (five properties) February 6, 2019 45,000 6,059 Totals $ 62,200 $ 8,790 ______ (1) Impairment charges of $14.6 million and $19.8 million were recorded during the years ended December 31, 2020 and 2019, respectively. (2) Impairment charges of $0.9 million, $2.3 million and $9.9 million were recorded during the years ended December 31, 2021, 2020 and 2019, respectively. (3) Impairment charges of $19.6 million and $22.6 million were recorded during the years ended December 31, 2020 and 2019, respectively. The contract sales price for all 11 properties was received in November of 2020. Loss on sale amounts relate to the properties transferred at the respective dates. (4) Impairment charges of $3.6 million were recorded during the year ended December 31, 2019. (5) Impairment charges of $19,000 were recorded during the year ended December 31, 2019. The sales of the properties noted above did not represent a strategic shift that has a major effect on the Company’s operations and financial results. Accordingly, the results of operations of these properties remain classified within continuing operations for all periods presented until the respective sale dates. 2021 Dispositions During the fourth quarter of 2021, the Company sold two MOBs in Virginia for an aggregate contract purchase price of $37.8 million, which resulted in gains on sale of $1.3 million. These gains are included in the consolidated statement of operations for the year ended December 31, 2021. No impairments were previously recorded on these properties. 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 year ended December 31, 2021. The Company had previously recorded impairments on these properties (see dispositions table above). 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 year ended December 31, 2021. The Company had previously recorded impairments on these properties (see dispositions table above). 2020 Dispositions On December 16 2020, the Company completed the sale of its skilled nursing facility in Lutz, Florida for a contract purchase price of $20.0 million, resulting in a gain on sale of real estate investments of $3.8 million recorded in the consolidated statement of operations and comprehensive loss for the year ended December 31, 2021. At closing, $17.6 million of net proceeds were used to repay amounts outstanding under the Revolving Credit Facility. The Company had previously recorded impairments on these properties (see dispositions table above). On November 2, 2020 the initial closing under the PSA pursuant to which the Company had agreed to sell 11 Michigan SHOPs occurred. The contract purchase price for the 11 Michigan SHOPs was $11.8 million, resulting in a loss on sale of $0.9 million on the consolidated statement of operations and comprehensive loss for the year ended December 31, 2021. At the initial closing, the Company received payment of the full $11.8 million sales price for all 11 of the Michigan SHOPs, less $0.8 million held in escrow, and transferred seven of the properties to the buyer. The remaining four properties were transferred to the buyer a second closing separate closings in the first quarter of 2021 when the $0.8 million held in escrow was released to the buyer. Of the properties transferred at the initial closing, four had been part of the borrowing base under the Credit Facility, one was part of the collateral pool under the Fannie Mae Master Credit Facility with Capital One and two were unencumbered. Of the properties transferred at the second closing, three were part of the borrowing base under the Credit Facility until the initial closing and one was unencumbered. At the initial closing, $4.2 million of the net proceeds was used to repay amounts outstanding under the Fannie Mae Master Credit Facility with Capital One, $4.4 million of the net proceeds were used to repay amounts outstanding under the Revolving Credit Facility, with the remainder used for closing costs. For the avoidance of any doubt, all impairments related to the disposal of the 11 Michigan SHOP assets were recognized in the year ended December 31, 2020. The Company had previously recorded impairments on these properties (see dispositions table above). On March 19, 2020 the Company disposed of one MOB property for a contract purchase price of $8.6 million, resulting in a gain on sale of $2.3 million. 2019 Dispositions On February 6, 2019, the Company sold five of the MOB properties within the State of New York (the “New York Six MOBs”) for a contract sales price of $45.0 million, resulting in a gain on sale of real estate investments of $6.1 million which is included on the Consolidated Statement of Operations for the year ended December 31, 2019. The Company had reconsidered the intended holding period for all six of the New York Six MOBs due to various market conditions and the potential to reinvest in properties generating a higher yield. On July 26, 2018, the Company had originally entered into a PSA for the sale of the New York Six MOBs, for an aggregate contract sale price of approximately $68.0 million and subsequently, on September 25, 2018, the Company further amended the PSA to decrease the aggregate contract sale price to $58.8 million. The one remaining New York Six MOB was sold for a contract sales price of $13.6 million on August 22, 2019, resulting in a gain on sale of real estate investments of $2.9 million recorded in the consolidated statement of operations and comprehensive loss for the year ended December 31, 2019. No impairments were previously recorded on these properties. During the first quarter of 2019, the Company reconsidered the intended holding period for one of its SHOPs located in Brookings, OR (“Ocean Park”) due to various market conditions and the potential to reinvest in properties generating a higher yield. On March 21, 2019, the Company entered into a PSA for the sale of Ocean Park, for an aggregate contract sale price of approximately $3.6 million. On April 1, 2019, the Company amended the purchase and sale agreement to decrease the aggregate contract sale price to $3.5 million. In connection with this amendment, the Company recognized an impairment charge of approximately $19,000 on Ocean Park during the second quarter of 2019, which is included on the consolidated statement of operations and comprehensive loss. On August 1, 2019, the Company closed its disposition of Ocean Park resulting in a loss on sale of real estate investments of $0.2 million recorded in the consolidated statement of operations and comprehensive loss for the year ended December 31, 2019. Impairments The following is a summary of impairments taken during the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, (In thousands) 2021 2020 2019 Assets held for sale $ — $ 19,570 $ 22,634 Assets held for use 40,951 16,876 33,335 Total $ 40,951 $ 36,446 $ 55,969 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 There were no properties classified as held for sale as of December 31, 2021. The following table details the major classes of assets associated with the properties that have been classified as held for sale as of December 31, 2020: December 31, (In thousands) 2020 (1) Land $ 145 Buildings, fixtures and improvements (55) Assets held for sale $ 90 _____ (1) Assets held for sale as of December 31, 2020 relates to four Michigan SHOPs. In January 2020, the Company entered into a PSA for the sale of a portfolio of 14 SHOPs located in Michigan (the “Michigan SHOPs”) as a single portfolio for $71.8 million. Accordingly, all 14 of these SHOPs were classified as held for sale as of December 31, 2019. During April, 2020, the PSA was amended so that only 11 of the Michigan SHOPs were to be sold pursuant to this PSA for $11.8 million. As a result of the amended PSA from April 2020, the three remaining Michigan SHOPs at that time no longer qualified as held for sale and were reclassified to assets held for use at their original carrying values as of March 31, 2020 and an additional $0.7 million in catch-up depreciation was recorded in the third quarter of 2020. In addition, the original deposit made by the buyer was reduced from $1.0 million to $0.3 million. In October 2020, the PSA was amended to provide that the full $11.8 million sales price for all 11 Michigan SHOPs would be paid at an initial closing which occurred in November 2020, when seven of the properties were transferred to the buyer with the remaining four properties scheduled to be transferred to the buyer at a second closing, which occurred in the first quarter of 2021. This amendment to the PSA also provided that $0.8 million of the sales price would be held in escrow and returned to the buyer at the second closing; provided that, if the PSA is terminated before the second closing closings due to a material default by the buyer, the Company will receive the escrowed amount. This amount was returned to the buyer at final closing. As a result, it represented an effective reduction in the sale price and the Company reflected an additional impairment loss to reflect this. The Company determined that the four Michigan SHOPs should be classified as held for sale as of December 31, 2020. As of December 31, 2020, of the four Michigan SHOPs that were classified as held for sale, three Michigan SHOPs were part of the borrowing base of the Credit Facility and one was unencumbered. Held for Sale Impairments - 2020 As a result of the amendment to the PSA in April 2020, in which the number of properties under sale was reduced from 14 to 11, and in which the total consideration was reduced from $71.8 million to $11.8 million, the Company recorded an additional impairment charge of $19.6 million for the year ended December 31, 2020 related to the Michigan SHOP assets held for sale. Held for Sale Impairments - 2019 During the year ended December 31, 2019 the Company recorded an impairment charge of $22.6 million related to assets held for sale, representing the amount by which the carrying amount of the Michigan SHOPs exceeded the Company’s estimate, at that time, of the net sales price of the Michigan SHOPs. 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 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, during the three months ended June 30, 2020, the Company received multiple bids and accepted a non-binding letter of intent from a prospective buyer to purchase 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. During August 2020, the Company entered into PSAs with the buyer on the terms generally set forth in the letter of intent. The property in Lutz, Florida was sold in December 2020 (see “Dispositions” above) and the property in Jupiter, Florida and the property in Wellington, Florida were sold in May 2021. The Company used the proceeds of the sales to repay amounts outstanding under its Revolving Credit Facility. 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 year ended December 31, 2021. During the second quarter of 2021, the Company began to actively consider plans to sell a 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 year ended December 31, 2021. The LaSalle Tenant On July 1, 2020, the Company transitioned four triple-net leased properties in Texas (collectively, the “LaSalle Properties”) from the former triple-net leased healthcare facilities segment to the SHOP segment, and 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 December 31, 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, and a non-binding letter of intent was signed in the fourth quarter for an aggregate contract sales price of $12.4 million. 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 properties were impaired. 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 $34.0 million during the year ended December 31, 2021 which is included in the consolidated statement of operations and comprehensive income. There can be no assurance that the sale of these properties will close on the terms contained in the purchase and sale agreement, if at all. Held for Use Impairments — 2020 During the year ended December 31, 2020, as a result of the Company’s marketing efforts during the COVID-19 pandemic which concluded with a PSA in August 2020, the Company recorded an additional impairment charge of $16.9 million on its completed development project in Jupiter, Florida and its skilled nursing facility in Wellington, Florida. The impairment charge represents the amount by which the carrying amount of the properties exceeded the Company’s estimate of the net sales price set forth in the PSA described above. Held for Use Impairments — 2019 |
Mortgage Notes Payable, Net
Mortgage Notes Payable, Net | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable, Net | Mortgage Notes Payable, Net The following table reflects the Company’s mortgage notes payable as of December 31, 2021 and 2020: Portfolio Encumbered Properties Outstanding Loan Amount as of December 31, Effective Interest Rate (1) as of December 31, Interest Rate 2021 2020 2021 2020 Maturity (In thousands) (In thousands) Palm Valley Medical Plaza - Goodyear, AZ 1 $ 2,879 $ 2,998 4.15 % 4.15% Fixed Jun. 2023 Medical Center V - Peoria, AZ 1 2,684 2,786 4.75 % 4.75% Fixed Sep. 2023 Fox Ridge Bryant - Bryant, AR 1 6,977 7,133 3.98 % 3.98% Fixed May 2047 Fox Ridge Chenal - Little Rock, AR 1 16,024 16,390 2.95 % 3.98% Fixed May 2049 Fox Ridge North Little Rock - North Little Rock, AR 1 9,943 10,170 2.95 % 3.98% Fixed May 2049 Capital One MOB Loan 41 378,500 378,500 3.71 % 3.71% Fixed (2) Dec. 2026 Multi-Property CMBS Loan 21 118,700 118,700 4.60 % 4.60% Fixed May 2028 Shiloh - Illinois (3) 1 13,384 13,684 4.34 % 4.34% Fixed March 2026 BMO CMBS 9 42,750 — 2.89 % —% Fixed Dec. 2031 Gross mortgage notes payable 77 591,841 550,361 3.82 % 3.94% Deferred financing costs, net of accumulated amortization (4) (6,186) (6,191) Mortgage premiums and discounts, net (1,416) (1,472) Mortgage notes payable, net $ 584,239 $ 542,698 __________ (1) Calculated on a weighted average basis for all mortgages outstanding as of December 31, 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. (2) Variable rate loan, based on 30-day LIBOR, which is fixed as a result of entering into “pay-fixed” interest rate swap agreements. 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). (3) The Company assumed this fixed rate mortgage when it acquired a property during the year ended December 31, 2020. (4) Deferred financing costs represent commitment fees, legal fees and other costs associated with obtaining financing. These costs are amortized to interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close. As of December 31, 2021, the Company had pledged $925.3 million in real estate investments, at cost, as collateral for its $591.8 million 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 December 31, 2021, the Company was in compliance with these financial covenants. See Note 5 — Credit Facilities for additional details - 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. BMO MOB Loan On November 15, 2021, the Company, entered into a $42.8 million loan agreement (the “BMO MOB Loan”) with Bank of Montreal (“BMO”). The BMO MOB Loan requires monthly interest-only payments, with the principal balance due on the maturity date. The BMO MOB Loan permits BMO to securitize the entire BMO MOB Loan or any portion thereof. At the closing of the BMO MOB Loan, the net proceeds after accrued interest and closing costs were used to (i) repay approximately $37.0 million of indebtedness under the Revolving Credit Facility, under which nine of the properties were included as part of the borrowing base prior to the BMO MOB Loan, (ii) fund approximately $2.5 million in deposits required to be made at closing into reserve accounts required under the loan agreement. The remaining $2.4 million net proceeds available to the Company are to be used for general corporate purposes, including future acquisitions. Fox Ridge Refinancing On January 29, 2021, the Company entered into interest rate reduction modifications (the “Fox Ridge Modifications”) for two of its mortgages secured by the Fox Ridge Chenal and Fox Ridge North Little Rock properties which reduced the interest rate on both mortgages. Prior to the Fox Ridge Modifications, the mortgages bore interest at an effective rate of 3.98% per annum which was reduced to an effective rate of 2.95% per annum. Capital One MOB Loan On June 30, 2017, Capital One, National Association (“Capital One”), as administrative agent and lender, and certain other lenders (collectively, the “MOB Lenders”), made a loan in the aggregate amount of $250.0 million (the “MOB Loan”) to certain subsidiaries of the OP. On December 20, 2019, the Company, through certain subsidiaries of the OP, entered into an amendment and restatement of the MOB Loan originally dated as of June 30, 2017 among the OP’s subsidiaries and Capital One, as administrative agent and lender, and certain other lenders. As a result, the principal amount outstanding increased from approximately $242.0 million to $378.5 million the number of properties mortgaged as collateral for the loan increased from 31 properties (all medical office buildings) to 41 properties (29 medical office buildings that continued to serve as collateral for the loan as well as an additional ten medical office buildings and two triple net leased hospitals). At the closing of the amendment and restatement of the MOB Loan, after payment of closing costs and swap termination fees, the Company received $127.7 million in net refinancing proceeds in excess of the approximately $242.0 million principal amount outstanding prior to the closing. Of these excess proceeds, approximately $63.5 million were used to repay amounts outstanding under the Revolving Credit Facility (as defined below) in order to obtain a release of 12 of the mortgaged properties from the borrowing base thereunder, and approximately $61.5 million of the remaining proceeds were used to repay additional amounts outstanding under the Revolving Credit Facility. Prior to the amendment and restatement of the MOB Loan, the MOB Loan bore interest at a variable rate equal to LIBOR plus 2.5% per annum. Subsequent to the amendment and restatement of the MOB Loan, the MOB Loan bears interest at a variable rate equal to LIBOR plus 2.0% per annum. The MOB Loan requires the Company to pay interest on a monthly basis with the principal balance due on the maturity date which was extended from June 30, 2022 to December 20, 2026 after the amendment and restatement of the MOB Loan. In connection with the amendment and restatement of the MOB Loan, the OP terminated two interest rate swaps and executed one interest rate swap on the new amount of the MOB Loan, fixing the interest rate exposure at 3.66%. See Note 7 — Derivatives and Hedging Activities for additional information on the Company’s outstanding derivatives. The Company may pre-pay the MOB Loan, in whole or in part, at any time, with payment of a prepayment premium equal to (a) 3.0% for prepayments made prior to December 31, 2020, (b) 2.0% for prepayments made between January 1, 2021 and December 31, 2021, and (c) 1.0% for prepayments made between January 1, 2022 and December 31, 2022. Thereafter, no prepayment premium is required. In addition, mortgaged properties may be released or replaced subject to certain conditions and limitations, including prepayment of not more than 110% of the principal amount allocated to the property together with any applicable prepayment premium and maintenance, giving effect to the release or replacement, of a minimum of either 25 mortgaged properties or $283.9 million principal amount outstanding, a minimum debt yield and a minimum debt service coverage ratio. In connection with the amendment to the MOB Loan, the OP entered into an amended and restated guaranty of recourse obligations (the “Guaranty”) and an amended and restated hazardous materials indemnity agreement (the “Environmental Indemnity”) for the benefit of Capital One as administrative agent for the lenders on substantially identical terms to the guaranty and environmental indemnity entered into in connection with the original loan agreement entered into in June 2017. Pursuant to the Guaranty, the OP has guaranteed, among other things, specified losses arising from certain actions of any of the OP’s subsidiaries, including fraud, willful misrepresentation, certain intentional acts, misapplication of funds, physical waste, and failure to pay taxes. The Guaranty requires the Company to maintain a certain minimum of shareholders’ equity on its balance sheet. Pursuant to the Environmental Indemnity, the OP and the Company’s subsidiaries that directly own or lease the mortgaged properties have indemnified the MOB Lenders against losses, costs or liabilities related to certain environmental matters. The amendment and restatement of the MOB Loan was considered an extinguishment of the old loan and a new loan agreement. Accordingly, fees and expense for the new loan have been capitalized and the unamortized fees relating to the old loan of approximately $3.0 million were written off as a charge to interest expense in the statement of operations for the year ended December 31, 2019. Multi-Property CMBS Loan On April 10, 2018, the Company, entered into a $118.7 million loan agreement (the “Multi-Property CMBS Loan”) with KeyBank National Association (“KeyBank”). The Multi-Property CMBS Loan requires monthly interest-only payments, with the principal balance due on the maturity date. The Multi-Property CMBS Loan permits KeyBank to securitize the entire Multi-Property CMBS Loan or any portion thereof. |
Credit Facilities, Net
Credit Facilities, Net | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Credit Facilities, Net | — Credit Facilities, Net The Company had the following credit facilities outstanding as of December 31, 2021 and 2020: Outstanding Facility Amount as of December 31, Effective Interest Rate as of December 31, (9)(10) Credit Facility Encumbered Properties (1) 2021 2020 2021 2020 Interest Rate Maturity (In thousands) (In thousands) Credit Facility: Revolving Credit Facility $ — $ 173,674 — % 3.21 % Variable Mar. 2023 (8) Term Loan 150,000 150,000 4.11 % 4.95 % Variable (6) Mar. 2024 Deferred financing costs (2,994) (4,298) Term Loan, net 147,006 145,702 Total Credit Facility 92 (2) $ 147,006 $ 319,376 Fannie Mae Master Credit Facilities: Capital One Facility 11 (3) $ 212,417 $ 212,467 2.51 % 2.60 % Variable (7) Nov. 2026 KeyBank Facility 10 (4) 142,628 142,708 2.56 % 2.65 % Variable (7) Nov. 2026 Total Fannie Mae Master Credit Facilities 21 $ 355,045 $ 355,175 Total Credit Facilities 113 $ 502,051 $ 674,551 3.00 % (5) 3.29 % (5) _______ (1) Encumbered properties are as of December 31, 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 December 31, 2021 with a carrying value of $346.2 million. (4) Secured by first-priority mortgages on ten of the Company’s seniors housing properties located in, Missouri, Kansas, California, Florida, Georgia and Iowa as of December 31, 2021 with carrying value of $255.0 million. (5) Calculated on a weighted average basis for all credit facilities outstanding as of December 31, 2021 and 2020, respectively. For the LIBOR based loans that have not been fixed, the LIBOR rate in effect at the balance sheet date was utilized. For LIBOR based loans that have been fixed, the effective rate after consideration of the interest rate swap was utilized. See Note 7 — Derivatives and Hedging Activities for additional details. (6) Variable rate loan, based on LIBOR, all of which was fixed as a result of entering into “pay-fixed” interest rate swap agreements (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) The company has the option to extend maturity one year to March 2024 subject to certain conditions. (9) Effective interest rate below for variable rate debt gives effect to any “Pay-fixed” swap entered into by the Company allocated to the loan for presentation purposes. If no “Pay-fixed” swaps are allocated, the effective interest rate below represents the variable rate (or contractual floor if appropriate) and the applicable margin in effect as of December 31, 2021 and 2020. Interest rate caps are not considered unless the cap is currently in effect. (10) The Company has interest “Pay-fixed” swaps which are designated as cash flow hedges on outstanding combined borrowings. To present average rates in the table above, the Company historically allocated the $50.0 million notional amount of a “Pay-fixed” swap to its Revolving Credit Facility with any remaining notional amounts applied to its Capital One Fannie Mae Facility. As of December 31, 2021, all $50.0 million of the “Pay-fixed” swap was allocated to the Capital One Fannie Mae Facility because there were no outstanding borrowings under the Revolving Credit Facility. As of December 31, 2020, all $50.0 million of the ‘Pay-fixed” swap was allocated to the Revolving Credit Facility. All other “Pay-fixed” swaps were allocated to the Capital One MOB mortgage loan and the Term Loan consistently for both December 31, 2021 and 2020. As of December 31, 2021, the carrying value of our real estate investments, at cost was $2.6 billion, with $0.9 billion of this amount pledged as collateral for mortgage notes payable, $0.6 billion of this amount pledged to secure advances under the Fannie Mae Master Credit Facilities and $1.0 billion of this amount 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 December 31, 2021 was $110.4 million, 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 our Credit Facility. Pursuant to the August 10, 2020 amendment to the Credit Facility, any acquired properties must be added to the borrowing base of the Credit Facility, and any net proceeds from the dispositions of any unencumbered properties must be used to repay amounts outstanding under the Revolving 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 Revolving Credit Facility is based on either the value of the pool of eligible unencumbered real estate assets comprising the borrowing base, or satisfying 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 December 31, 2021, $150.0 million was outstanding under the Term Loan, and no amounts were outstanding under the Revolving Credit Facility. The unused borrowing availability under the Revolving Credit Facility was $236.6 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 the Covenant Relief Period 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 December 31, 2021 in order to elect the quarter ending March 31, 2022 as the Commencement Quarter, but chose not 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 prepay 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 December 31, 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 amendment to the Credit Facility in August 2020, the “floor” on LIBOR was increased from 0.00% to 0.25%. As of December 31, 2021, the Revolving Credit Facility and the Term Loan had an effective interest rate per annum equal to 0% and 4.11%, 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”), 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 or 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 or Series B Preferred Stock) for any period of four fiscal quarters do 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 to 1.00 (see below for waiver issued on November 12, 2021). 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. As of December 31, 2021, the Company had a minimum consolidated tangible net worth of $1.6 million. The Company would have been in default of the 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 from 1.60 to 1.00 to 1.50 to 1.00 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 it will be able to comply with these covenants during the next 12 months. As of December 31, 2021, the Company was in compliance with the financial covenants under the Credit Facility. Based upon the Company’s current expectations, the Company believes its operating results during the next 12 months will allow it to comply with these covenants. 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 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 of the Michigan SHOPs, one of which was encumbered under the Fannie Mae Master Credit Facility with Capital One, $4.2 million was repaid to Capitol One upon the release of the property. The Company may request future advances under the Fannie Mae Master Credit Facilities 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 December 31, 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 2022 $ 1,331 $ 2,820 $ 4,151 2023 6,469 4,497 10,966 2024 1,178 4,497 5,675 2025 1,221 4,497 5,718 2026 391,442 154,122 545,564 Thereafter 190,200 334,612 524,812 Total $ 591,841 $ 505,045 $ 1,096,886 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 currently expects LIBOR to be available in substantially its current form until at least through June 30, 2023 for the USD LIBOR rates currently relevant to the Company, 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 Credit Facility, the Company will either utilize |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 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 financial instruments at fair value. GAAP establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below: Level 1 — Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability. Level 3 — Unobservable inputs that reflect the entity’s own assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare. 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 December 31, 2021 and 2020, 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 December 31, 2021 and 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 December 31, 2021 Derivative assets, at fair value $ — $ 174 $ — $ 174 Derivative liabilities, at fair value — (13,903) — (13,903) Total $ — $ (13,729) $ — $ (13,729) 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 year ended December 31, 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 December 31, 2021 and 2020. As of December 31, 2021, the Company owned four held for use properties in Texas 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. During the year ended December 31, 2021, the Company evaluated four of its properties in Texas formerly leased to the LaSalle tenant and a property located in Sun City, Arizona and concluded, based on expected undiscounted cash flows, that the carrying value on these properties was not recoverable and the properties were impaired. Accordingly, the Company recorded impairment charges to reduce the carrying value of these properties to their estimated fair values based on estimated sales prices. Subsequent to December 31, 2021, the Company has entered into a purchase and sale agreement to dispose of the four LaSalle properties. 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. See Note 3 — Real Estate investments, Net - “Assets Held for Sale and Related Impairments” for additional details. 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: December 31, 2021 December 31, 2020 (In thousands) Level Carrying Amount Fair Value Carrying Amount Fair Value Gross mortgage notes payable and mortgage 3 $ 590,425 $ 594,348 $ 548,889 $ 549,553 Credit Facility 3 $ 150,000 $ 148,817 $ 323,674 $ 319,558 Fannie Mae Master Credit Facilities 3 $ 355,045 $ 350,710 $ 355,175 $ 354,073 The fair value of the mortgage notes payable is estimated using a discounted cash flow analysis, based on the Advisor’s experience with similar types of borrowing arrangements, excluding the value of derivatives. At December 31, 2021 and 2020, respectively, the carrying values of the Credit Facility and Fannie Mae Master Credit Facilities do not approximate their fair values due to the widening of credit spreads since the loans were originated. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 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 December 31, 2021 and 2020: December 31, (In thousands) Balance Sheet Location 2021 2020 Derivatives designated as hedging instruments: Interest rate “pay-fixed” swaps Derivative liabilities, at fair value $ 13,903 $ 38,389 Derivatives not designated as hedging instruments: Interest rate caps Derivative assets, at fair value $ 174 $ 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 2021 and 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) income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. In connection with the refinancing of 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, $0.9 million and $0.9 million was recorded as an increase to interest expense for the years ended December 31, 2021 and 2020, respectively, and approximately $0.4 million remained in AOCI as of December 31, 2021. Amounts reported in accumulated other comprehensive (loss) income 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 January 1, 2022 through December 31, 2022, the Company estimates that $8.4 million will be reclassified from other comprehensive loss as an increase to interest expense. As of December 31, 2021 and 2020, the Company had the following derivatives that were designated as cash flow hedges of interest rate risk: December 31, 2021 December 31, 2020 Interest Rate Derivative 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 loss recognized on interest rate derivatives designated as cash flow hedges for the periods ended December 31, 2021 and 2020: Year Ended December 31, (In thousands) 2021 2020 2019 Amount of gain (loss) recognized in accumulated other comprehensive (loss) income on interest rate derivatives $ 14,322 $ (40,614) $ (10,753) Amount of (loss) gain reclassified from accumulated other comprehensive income into income as interest expense $ (11,010) $ (7,999) $ 872 Total amount of interest expense presented in the $ 47,900 $ 51,519 $ 56,059 Non-Designated Derivatives These derivatives are used to manage the Company’s exposure to interest rate movements, but do not meet the strict hedge accounting requirements to be classified as hedging instruments. Changes in the fair value of derivatives not designated as hedges under a qualifying hedging relationship are recorded directly to net income (loss) and were a gain of $37,000, a loss of $0.1 million and a loss of $0.1 million for the years ended December 31, 2021, 2020 and 2019, respectively. The Company had the following outstanding interest rate derivatives that were not designated as a hedges in qualifying hedging relationships as of as of December 31, 2021 and 2020: December 31, 2021 December 31, 2020 Interest Rate Derivatives Number of Instruments Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Interest rate caps 9 $ 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 December 31, 2021 and 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 December 31, 2021 $ 174 — — $ 174 — — $ 174 December 31, 2021 $ — (13,903) — $ (13,903) — — $ (13,903) 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 December 31, 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 $13.9 million. As of December 31, 2021, the Company has not posted any collateral related to these agreements and was not in breach of any agreement provisions. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value of $13.9 million at December 31, 2021. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | — Stockholders’ Equity Common Stock As of December 31, 2021 and 2020, the Company had 99,281,754 and 93,775,746 shares of common stock outstanding, respectively, including 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 0.08871 shares for every outstanding share outstanding due to the Stock Dividends (including the January 2022 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 Offers 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 expiring 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 (the “SRP”), as amended from time to time, 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 shares 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 October 30, 2019 the Company repurchased 446,830 shares of common stock for approximately $7.8 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 January 1, 2019 up to and including June 30, 2019. 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 made 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 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, which restricts the Company from repurchasing shares until no earlier than the quarter ending June 30, 2021, 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 (retroactively adjusted for the Stock Dividends), under the SRP and does not include any repurchases under tender offers (see above), cumulatively through December 31, 2021: Number of Shares Repurchased Average Price per Share Cumulative repurchases as of December 31, 2020 4,896,620 $ 20.60 Year ended December 31, 2021 — — Cumulative repurchases as of December 31, 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 year ended December 31, 2021, the Company did not issue any shares of common stock pursuant to the DRIP. During the years ended December 31, 2020 and 2019, the Company issued 0.9 million and 1.5 million shares of common stock pursuant to the DRIP, generating aggregate proceeds of $14.6 million and $27.2 million, respectively. 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 as of December 31, 2021. 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 December 31, 2021 and 2020, respectively. In connection with an underwritten offering in October 2021, 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”). As a result of an underwritten offering in October 2021, the Company had 3,630,000 shares issued and outstanding as of December 31, 2021. Series A Preferred Stock Series A Preferred Stock — Terms Holders of Series A Preferred Stock are entitled to cumulative dividends in the amount of $1.84375 per share each year, which is equivalent to the rate of 7.375% of the $25.00 liquidation preference per share per annum. The Series A Preferred Stock has no stated maturity and will remain outstanding indefinitely unless redeemed, converted or otherwise repurchased. On and after December 11, 2024, at any time and from time to time, the Series A Preferred Stock will be redeemable in whole or in part, at the Company’s option, at a cash redemption price of $25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not authorized or declared), if any, to, but not including, the redemption date. In addition, upon the occurrence of a Delisting Event or a Change of Control (each as defined in the articles supplementary governing the terms of the Series A Preferred Stock (the “Series A Articles Supplementary”)), the Company may, subject to certain conditions, at its option, redeem the Series A Preferred Stock, in whole or in part, after the first date on which the Delisting Event occurred or within 120 days after the first date on which the Change of Control occurred, as applicable, by paying the liquidation preference of $25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not authorized or declared), if any, to, but not including, the redemption date. Upon the occurrence of a Change of Control during a continuing Delisting Event, unless the Company has elected to exercise its redemption right, holders of the Series A Preferred Stock will have certain rights to convert Series A Preferred Stock into shares of Company’s common stock. In addition, upon the occurrence of a Delisting Event, the dividend rate will be increased on the day after the occurrence of the Delisting Event by 2.00% per annum to the rate of 9.375% of the $25.00 liquidation preference per share per annum (equivalent to $2.34375 per share each year) from and after the date of the Delisting Event. Following the cure of such Delisting Event, the dividend rate will revert to the rate of 7.375% of the $25.00 liquidation preference per share per annum. The necessary conditions to convert the Series A Preferred Stock into common stock have not been met as of December 31, 2021. Therefore, Series A Preferred Stock did not impact Company’s earnings per share calculations for the year ended December 31, 2021. The Series A Preferred Stock ranks senior to common stock, with respect to dividend rights and rights upon the Company’s voluntary or involuntary liquidation, dissolution or winding up. Voting rights for holders of Series A Preferred Stock exist primarily with respect to the ability to elect two additional directors to the board of directors if six or more quarterly dividends (whether or not authorized or declared or consecutive) payable on the Series A Preferred Stock are in arrears, and with respect to voting on amendments to the Company’s charter (which includes the Series A Articles Supplementary) that materially and adversely affect the rights of the Series A Preferred Stock or create additional classes or series of shares of the Company’s capital stock that are senior to the Series A Preferred Stock. Other than the limited circumstances described above and in the Series A Articles Supplementary, holders of Series A Preferred Stock do not have any voting rights. 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 $56.0 million after deducting the underwriters’ discount, structuring fee and other offering costs aggregating to $2.9 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). 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 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 under the Preferred Stock Equity Line during the year ended December 31, 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. In the fourth quarter of 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, which totaled $1.2 million, within acquisition and transaction related costs on the consolidated statement of operations and comprehensive income during the year ended December 31, 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 B Preferred Stock Series B Preferred Stock — Terms Holders of Series B Preferred Stock are entitled to cumulative dividends in the amount of $1.78125 per share each year, which is equivalent to the rate of 7.125% of the $25.00 liquidation preference per share per annum. The Series B Preferred Stock has no stated maturity and will remain outstanding indefinitely unless redeemed, converted or otherwise repurchased. On and after October 6, 2026, at any time and from time to time, the Series B Preferred Stock will be redeemable in whole or in part, at the Company’s option, at a cash redemption price of $25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not authorized or declared), if any, to, but not including, the redemption date. In addition, upon the occurrence of a Delisting Event or a Change of Control (each as defined in the articles supplementary governing the terms of the Series B Preferred Stock (the “Series B Articles Supplementary”)), the Company may, subject to certain conditions, at its option, redeem the Series B Preferred Stock, in whole or in part, after the first date on which the Delisting Event occurred or within 120 days after the first date on which the Change of Control occurred, as applicable, by paying the liquidation preference of $25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not authorized or declared), if any, to, but not including, the redemption date. Upon the occurrence of a Change of Control during a continuing Delisting Event, unless the Company has elected to exercise its redemption right, holders of the Series B Preferred Stock will have certain rights to convert Series B Preferred Stock into shares of Company’s common stock. In addition, upon the occurrence of a Delisting Event, the dividend rate will be increased on the day after the occurrence of the Delisting Event by 2.00% per annum to the rate of 9.125% of the $25.00 liquidation preference per share per annum (equivalent to $2.28125 per share each year) from and after the date of the Delisting Event. Following the cure of such Delisting Event, the dividend rate will revert to the rate of 7.125% of the $25.00 liquidation preference per share per annum. The necessary conditions to convert the Series B Preferred Stock into common stock have not been met as of December 31, 2021. Therefore, Series B Preferred Stock did not impact Company’s earnings per share calculations for the year ended December 31, 2021. The Series B Preferred Stock ranks on parity with the Company’s Series A Preferred Stock, and senior to its common stock, with respect to dividend rights and rights upon the Company’s voluntary or involuntary liquidation, dissolution or winding up. Voting rights for holders of Series B Preferred Stock exist primarily with respect to the ability to elect two additional directors to the board of directors if six or more quarterly dividends (whether or not authorized or declared or consecutive) payable on the Series B Preferred Stock are in arrears, and with respect to voting on amendments to the Company’s charter (which includes the Series B Articles Supplementary) that materially and adversely affect the rights of the Series B Preferred Stock or create additional classes or series of shares of the Company’s capital stock that are senior to the Series B Preferred Stock. Other than the limited circumstances described above and in the Series B Articles Supplementary, holders of Series B Preferred Stock do not have any voting rights. Underwritten Offering — Series B Preferred Stock On October 6, 2021, the Company completed the initial issuance and sale of 3,630,000 shares (which includes 430,000 shares issued and sold pursuant to the underwriters’ exercise of their option to purchase additional 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 $90.8 million and net proceeds of $86.8 million, after deducting underwriting discounts, structuring fees and other costs. 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, the Company may then draw on the Credit Facility to borrow any amounts so repaid. 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. On August 13, 2020, the Board changed the Company’s common stock distribution policy in order to preserve the Company’s liquidity and maintain additional financial flexibility in light of the continued COVID-19 pandemic and to comply with an amendment to the Credit Facility described in Note 5 which restricts the Company from paying distributions on common stock until no earlier than the quarter ending June 30, 2021. Under the new policy, distributions authorized by the Board on the Company’s shares of common stock, if and when declared, are now paid on a quarterly basis in arrears in shares of the Company’s common stock valued at the Company’s estimated per share net asset value of common stock in effect on the applicable date, based on a single record date to be specified at the beginning of each quarter. The Company declared the Stock Dividends of 0.01349 shares of the Company’s common stock on each share of the Company’s outstanding common stock on October 2020 and January 2021, and 0.014655 shares of the Company’s common stock on each share of the Company’s outstanding common stock in April, July, October 2021 and January 2022. These amounts were based on the Company’s prior cash distribution rate of $0.85 per share per annum and the then-current Estimated Per-Share NAV. The Board may further change the Company’s common stock distribution policy at any time, further reduce the amount of distributions paid or suspend distribution payments at any time, and therefore distribution payments are not assured. The following table details from a tax perspective the portion of distributions classified as a return of capital, capital gain dividend income and ordinary dividend income, per share per annum, for the years ended December 31, 2020 and 2019. All common dividends in the year ended December 31, 2021, and a portion of common dividends issued in the year ended December 31, 2020, were issued as stock dividends, which do not represent taxable dividends to our shareholders for U.S. federal income tax purposes. All dividends paid on the Series A Preferred Stock were considered 100% return of capital for tax purposes for the years ended December 31, 2021 and 2020. There were no dividends paid on the Series B Preferred Stock, as the first dividend payment was made in January, 2022. Year Ended December 31, 2020 2019 Return of capital (1) 100 % $ 0.42 100 % $ 0.83 Capital gain dividend income — % — — % — Ordinary dividend income — % — — % — Total 100.0 % $ 0.42 100.0 % $ 0.83 ________ (1) Amount for December 31, 2020 represents actual cash distributions paid to common shareholders during the year ended 2020, but excludes the stock dividends which do not represent taxable dividends to the Company’s shareholders for U.S. federal income tax purposes. Series A Preferred Stock Dividends on the Company’s Series A Preferred Stock accrue in an amount equal to $1.84375 per share each year ($0.460938 per share per quarter) to Series A Preferred Stock holders, which is equivalent to 7.375% per annum on the $25.00 liquidation preference per share of Series A Preferred Stock. Dividends on the Series A Preferred Stock are cumulative and payable quarterly in arrears on the 15th day of January, April, July and October of each year or, if not a business day, the next succeeding business day to holders of record on the close of business on the record date set by the Company’s board of directors and declared by the Company. Any accrued and unpaid dividends payable with respect to the Series A Preferred Stock become part of the liquidation preference thereof. Series B Preferred Stock Dividends on the Company’s Series B Preferred Stock accrue in an amount equal to $1.78125 per share each year ($0.445313 per share per quarter) to Series B Preferred Stock holders, which is equivalent to 7.125% per annum on the $25.00 liquidation preference per share of Series B Preferred Stock. Dividends on the Series B Preferred Stock are cumulative and payable quarterly in arrears on the 15th day of January, April, July and October of each year or, if not a business day, the next succeeding business day to holders of record on the close of business on the record date set by the Company’s board of directors and declared by the Company. The first quarterly dividend for the Series B Preferred Stock sold in this offering was paid on January 15, 2022 and represented an accrual for less than a full quarter, covering the period from October 6, 2021 to December 31, 2021. Any accrued and unpaid dividends payable with respect to the Series B Preferred Stock become part of the liquidation preference thereof. |
Related Party Transactions and
Related Party Transactions and Arrangements | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions and Arrangements | Related Party Transactions and Arrangements As of December 31, 2021 and 2020, the Special Limited Partner owned 9,537 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 December 31, 2021 and 2020, the Advisor held 90 partnership units in the OP designated as “OP Units” (“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 The Second A&R Advisory Agreement by and among the Company, the OP and the Advisor (as amended, the “Second A&R Advisory Agreement”) took effect on February 17, 2017, and is automatically renewable for another ten-year term upon each ten-year anniversary unless the Second A&R Advisory Agreement is terminated (i) with notice of an election not to renew at least 365 days prior to the applicable tenth anniversary, (ii) in accordance with a change 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 December 31, 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 December 31, 2021, the Company cannot determine the probability of achieving the Performance Condition. 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. These cash 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. Stock Dividends do not cause the OP to issue additional Class OP Units, rather, the redemption ratio to common stock is adjusted. 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. 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 number of 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 years ended December 31, 2021, 2020 and 2019. 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, 2023. 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 year ended December 31, 2021, 2020 and 2019, the Company incurred $9.4 million, $12.1 million and $10.6 million, respectively, of reimbursement expenses from the Advisor for providing administrative services. 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 Advisory Agreement Amendment, 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”), for each fiscal year is subject to a limit that is equal 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 Advisory Agreement 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 was being paid back to the Company over a 10-month period from January 2021 through October 2021. As of December 31, 2021, all of this amount had been repaid by 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 being paid by the Advisor 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. As of December 31, 2021, $0.2 million has been repaid by the Advisor. 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 were 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. In December 2020, after mediation on October 27, 2020, the Advisor agreed to a settlement with the Company’s former chief executive officer for severance claims related to his termination in 2018. Pursuant to the settlement, among other parties, the Advisor advised the Company that the Company and its directors and officers were released from any and all actions or claims the former chief executive officer now has or may ever have against them. Prior to the agreement, the Advisor did not believe any settlement was probable. In consideration of the release, among other things, and upon the recommendation of its nominating and corporate governance committee, which determined that the reimbursement was advisable and fair to, and in the best interest of, the Company, the Company’s board of directors approved the reimbursement by the Company to the Advisor of severance payments and legal costs relating to this settlement and determined that the reimbursement for those payments and costs would not be subject to (and therefore would not be aggregated with other reimbursements that are subject to) the Capped Reimbursement Amount. The Company recorded approximately $2.2 million of expenses for the reimbursement which is included in general and administrative expenses in the consolidated statement of operations and comprehensive loss for the year ended December 31, 2020. 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: Year Ended December 31, Payable (Receivable) as of 2021 2020 2019 December 31, (In thousands) Incurred Incurred Incurred 2021 2020 One-time fees and reimbursements: Acquisition cost reimbursements $ 90 $ 81 $ 39 $ 23 $ 11 Ongoing fees and reimbursements: Asset management fees 20,710 19,987 19,526 — — Property management fees (5) 3,749 4,197 3,888 24 288 Professional fees and other reimbursements (1) (4) 9,386 12,102 10,073 (70) (61) Professional fees credit due from Advisor (1,030) (1,217) — (859) (3) (1,217) (3) Distributions on Class B Units (2) — 178 305 — — Total related party operation fees and reimbursements $ 32,905 $ 35,328 $ 33,831 $ (882) $ (979) _________ (1) Included in general and administrative expenses in the consolidated statements of operations. Includes $6.2 million and $5.6 million subject to the Capped Reimbursement Amount for the years ended December 31, 2021 and 2020, respectively. (2) Prior to April 1, 2015, the Company caused the OP to issue (subject to periodic approval by the Board) to the Advisor restricted performance-based Class B Units for asset management services. As of December 31, 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 the OP no longer issues any Class B Units. (3) Balance as of December 31, 2021 includes a receivable of $0.9 million from the Advisor related to the overpayment of 2020 Bonus Awards, which, pursuant to authorization by the independent members of the Company’s board of directors, is required to be repaid to the Company on a pro rata basis over a six-month period from November 2021 through April 2022. Balance as of December 31, 2020 includes a $1.2 million from the Advisor related to the overpayment of 2019 Bonus Awards, which was fully repaid as of December 31, 2021. (4) During the year ended December 31, 2019, the Company recorded a reduction of general and administrative expenses in the amount of $0.5 million related to the reversal of a payable balance due to RCS Capital Corporation. During the year ended December 31, 2020 the Company recorded approximately $2.2 million of expense reimbursements to the Advisor for severance payments and related legal costs relating to the termination of its former Chief Executive Officer. (5) Inclusive of $0.3 million of leasing commissions which are included in prepaid expenses and other assets on the consolidated balance sheet as of December 31, 2021 and 2020. 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 years ended December 31, 2021, 2020 and 2019. 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 years ended December 31, 2021, 2020 and 2019. 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, wi th or without cause, the Special Limited Partner will be entitled to receive a promissory note as evidence of its right to receive subordinated termination dist ributions 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 Advisory Agreement Amendment, upon the termination or non-renewal of the agreement, the Advisor is 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 Advisory Agreement Amendment. Upon a termination by either party in connection with a change of control (as defined in the Advisory Agreement Amendment), the Company is required to 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 is required to 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 | 12 Months Ended |
Dec. 31, 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 | 12 Months Ended |
Dec. 31, 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 3.6 million shares (as such number may be further adjusted for stock splits, stock dividends, combinations and similar events). Prior to August 2017, the RSP provided for an automatic grant of 1,333 restricted shares to each of the independent directors, without any further approval by the Board or the stockholders, on the date of his or her initial election to the Board and thereafter on the date of each annual stockholder meeting. The restricted shares granted as annual automatic awards prior to August 2017 were subject to vesting over a five-year period following the date of grant. In August 2017, the Board amended the RSP to provide that the number of restricted shares comprising the automatic annual award to each of the independent directors would be equal to the quotient of $30,000 divided by the then-current Estimated Per-Share NAV and subsequently amended and restated the RSP to eliminate the automatic annual awards and to make other revisions related to the implementation of a new independent director equity compensation program. As part of this independent director equity compensation program, the Board approved a one-time grant of restricted share awards to the independent directors as follows: (i) 300,000 restricted shares to the chairman, with one-seventh of the shares vesting annually in equal increments over a seven-year period with initial vesting on August 4, 2018; and (ii) 25,000 restricted shares to each of the three other independent directors, with one-fifth of the shares vesting annually in equal increments over a five-year period with initial vesting on August 4, 2018. In connection with these one-time grants, the restricted shares granted as automatic annual awards in connection with the Company’s 2017 annual meeting of stockholders on July 21, 2017 were forfeited. On July 29, 2019, the Board elected B.J. Penn as a member of the Board to serve as a director effective immediately. Mr. Penn, like the Company’s other independent directors, participates in the Company’s independent director compensation program. During the year ended December 31, 2019, the Company paid to Mr. Penn an annual cash retainer effective as of July 29, 2019 pro-rated for the remaining portion of the current annual period, and he was awarded 15,000 restricted shares vesting annually in equal increments over a three-year period with initial vesting on August 4, 2020. Restricted shares may not, in general, be sold or otherwise transferred until restrictions are removed and the shares have vested. Holders of restricted shares may receive cash distributions prior to the time that the restrictions on the restricted shares have lapsed. Any distributions payable in shares of common stock are subject to the same restrictions as the underlying restricted shares. The following table reflects the amount of restricted shares outstanding as of December 31, 2021 and activity for the period presented: Number of Common Shares Weighted-Average Issue Price Unvested, December 31, 2018 322,242 $ 21.41 Granted 15,000 17.50 Vested (60,001) 21.48 Forfeitures — — Unvested, December 31, 2019 277,241 21.18 Stock Dividend 2,878 15.75 Granted — — Vested (64,735) 21.18 Forfeitures — — Unvested, December 31, 2020 215,384 21.11 Stock dividend 12,646 14.79 Granted — — Vested (68,603) 19.72 Forfeitures — — Unvested, December 31, 2021 159,427 21.21 As of December 31, 2021, the Company had $2.7 million of unrecognized compensation cost related to unvested restricted share awards granted under the RSP. That cost is expected to be recognized over a weighted-average period of 2.3 years. Compensation expense related to restricted shares was $1.3 million, $1.3 million and $1.3 million during the years ended December 31, 2021, 2020 and 2019, respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) Income The following table illustrates the changes in accumulated other comprehensive (loss) income as of and for the periods presented: (In thousands) Unrealized Gains (Losses) on Designated Derivative Balance, December 31, 2018 4,582 Other comprehensive income, before reclassifications (10,753) Amounts reclassified from accumulated other comprehensive (loss) income (872) Balance, December 31, 2019 (7,043) Other comprehensive loss, before reclassifications (40,614) Amounts reclassified from accumulated other comprehensive (loss) income 7,999 Rebalancing of ownership percentage (15) Balance, December 31, 2020 (39,673) Other comprehensive loss, before reclassifications 14,322 Amounts reclassified from accumulated other comprehensive (loss) income 11,010 Balance, December 31, 2021 $ (14,341) 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 |
Non-Controlling Interests
Non-Controlling Interests | 12 Months Ended |
Dec. 31, 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 December 31, (In thousands) 2021 2020 Common OP Units held by third parties $ 3,758 $ 4,016 Series A Preferred Units held by third parties 2,578 — Total Non-controlling Interests in the Operating Partnership 6,336 4,016 Non-controlling Interests in property owning subsidiaries 368 371 Total Non-controlling Interests $ 6,704 $ 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 OP Units. As of December 31, 2021 and 2020, the Advisor held 90 OP Units, which represents a nominal percentage of the aggregate ownership in the OP. In November 2014, the Company partially funded the purchase of an MOB from an unaffiliated third party by causing the OP to issue 405,908 OP Units, with a value of $10.1 million, or $25.00 per unit, to the unaffiliated third party. A holder of OP Units has the right to 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 OP Units for a period of one year, a holder of OP Units has the right to redeem OP Units for, at the option of the OP, the 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 OP are limited, however, and do not include the ability to replace the general partner or to approve the sale, purchase or refinancing of the OP’s assets. During the years ended December 31, 2021, 2020 and 2019, OP Unit non-controlling interest holders were paid distributions of $0.0 million, $0.2 million, and $0.3 million respectively. Stock Dividends do not cause the OP to issue additional Common OP Units, rather, the redemption ratio to common stock is adjusted. The 405,908 Common OP Units outstanding held by unaffiliated third parties as of December 31, 2021 would be redeemable for 442,014 shares of common stock, giving effect to adjustments for the impact of the Stock Dividends through January 2022. Series A Preferred OP 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. During the year ended December 31, 2021, Series A Preferred Unit holders were paid distributions of $46,000. 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 unaffiliated third parties. Third Party Net Investment Amount Non-Controlling Ownership Percentage Net Real Estate Assets Subject to Investment Arrangement Distributions As of December 31, As of December 31, As of December 31, Year Ended December 31, Property Name (Dollar amounts in thousands) Investment Date 2021 2021 2021 2020 2021 2020 2019 Plaza Del Rio Medical Office Campus Portfolio (1) May 2015 $ 368 2.4 % $ 12,925 $ 12,790 $ — $ — $ — _____________ (1) One property within the Plaza Del Rio Medical Office Campus Portfolio was mortgaged as part of the Multi-Property CMBS Loan. See Note 4 - Mortgage Notes Payable for additional information. |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2021, 2020 and 2019 and has been retroactively adjusted to reflect the Stock Dividend (see Note 1 — Organization for additional details): Year Ended December 31, 2021 2020 2019 Net loss attributable to stockholders (in thousands) $ (92,942) $ (78,781) $ (88,087) Basic and diluted weighted-average shares outstanding (1) 100,534,438 100,312,245 100,093,694 Basic and diluted net loss per share (1) $ (0.92) $ (0.79) $ (0.88) (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, OP Units and Class B Units to be common share equivalents. 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 Dividend (see Note 1 — Organization for additional details): December 31, 2021 2020 2019 Unvested restricted shares (1) 202,782 273,151 332,514 OP Units (2) 442,014 442,014 442,014 Class B Units (3) 391,119 391,119 391,119 Total weighted average antidilutive common share equivalents 1,035,915 1,106,284 1,165,647 ________ (1) Weighted average number of antidilutive unvested restricted shares outstanding for the periods presented. There were 159,427, 215,384 and 277,241 unvested restricted shares outstanding as of December 31, 2021, 2020 and 2019, respectively. (2) Weighted average number of antidilutive OP Units held by unaffiliated third parties presented as shares outstanding for the periods presented, at the current conversion rate as retroactively adjusted for the effect of the Stock Dividends. There were 405,998 OP Units outstanding as of December 31, 2021, 2020 and 2019. (3) Weighted average number of antidilutive Class B Units presented as shares outstanding for the periods presented, at the current conversion rate as retroactively adjusted for the effect of the Stock Dividends. There were 359,250 Class B Units outstanding as of December 31, 2021, 2020 and 2019. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | — Segment Reporting The disclosures below for the years ended December 31, 2021, 2020 and 2019, are presented for the Company’s two reportable business segments for management and internal financial reporting purposes: MOBs and SHOPs. Prior to December 31, 2021, the Company had three reportable segments 1) medical office and outpatient buildings (“Former MOBs”), 2) triple-net lease healthcare properties (“Former NNN”) and 3) SHOPs. Culminating in the year ended December 31, 2021, the Company has completed several strategic property divestitures from the Company’s Former NNN segment and transitioned certain properties previously reported in the Company’s Former NNN segment into the Company’s SHOP segment. The remaining Former NNN properties are similar in nature, cash flows, and risk structure with the Former MOB segment and are managed operationally and reported collectively by the Company’s management. Accordingly, in the fourth quarter of 2021, the Company reevaluated its segments and concluded that it had two reportable segments. The Company combined the properties in its Former NNN segment with the properties in its Former MOB segment for segment reporting. All prior periods presented in the tables below have been conformed to the presentation of the Company’s new reportable segment structure. The Company will restate other quarterly prior periods when they are subsequently reported in later quarterly filings for comparative purposes. The Company evaluates performance and makes resource allocations based on its two 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 as well as 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. 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 to consolidated net loss for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 (In thousands) Medical Office Buildings Seniors Housing — Operating Properties Consolidated Revenue from tenants $ 122,867 $ 206,488 $ 329,355 Property operating and maintenance 34,480 171,333 205,813 NOI $ 88,387 $ 35,155 123,542 Impairment charges (40,951) Operating fees to related parties (24,206) Acquisition and transaction related (2,714) General and administrative (16,828) Depreciation and amortization (79,926) Gain on sale of real estate investments 3,648 Interest expense (47,900) Interest and other income 61 Loss on non designated derivatives 37 Income tax expense (203) Net income attributable to non-controlling interests 260 Allocation for preferred stock (7,762) Net loss attributable to common stockholders $ (92,942) Year Ended December 31, 2020 (In thousands) Medical Office Buildings Seniors Housing — Operating Properties Consolidated Revenue from tenants $ 119,824 $ 261,788 $ 381,612 Property operating and maintenance 32,812 210,736 243,548 NOI 87,012 51,052 138,064 Impairment charges (36,446) Operating fees to related parties (23,922) Acquisition and transaction related (173) General and administrative (21,572) Depreciation and amortization (81,053) Interest expense (51,519) Interest and other income 44 Gain on sale of real estate investments 5,230 Loss on sale of non-designated derivatives (102) Income tax expense (4,061) Net loss attributable to non-controlling interests (303) Allocation for preferred stock (2,968) Net loss attributable to common stockholders $ (78,781) Year Ended December 31, 2019 (In thousands) Medical Office Buildings Seniors Housing — Operating Properties Consolidated Revenue from tenants $ 114,943 $ 259,971 $ 374,914 Property operating and maintenance 34,123 200,062 234,185 NOI 80,820 59,909 140,729 Impairment charges (55,969) Operating fees to related parties (23,414) Acquisition and transaction related (362) General and administrative (20,530) Depreciation and amortization (81,032) Gain on sale of real estate investment 8,790 Interest expense (56,059) Interest and other income 7 Loss on non-designated derivatives (68) Income tax expense (399) Net loss attributable to non-controlling interests 393 Allocation for preferred stock (173) Net loss attributable to common stockholders $ (88,087) The following table reconciles the segment activity to consolidated total assets as of the periods presented: December 31, (In thousands) 2021 2020 ASSETS Investments in real estate, net: Medical office and other healthcare-related buildings $ 1,149,241 $ 1,121,898 Seniors housing — operating properties 900,686 987,050 Total investments in real estate, net 2,049,927 2,108,948 Cash and cash equivalents 59,738 72,357 Restricted cash 25,644 17,989 Assets held for sale — 90 Derivative assets, at fair value 174 13 Straight-line rent receivable, net 23,858 23,322 Operating lease right-of-use asset 7,914 13,912 Prepaid expenses and other assets 32,564 34,932 Deferred costs, net 14,581 15,332 Total assets $ 2,214,400 $ 2,286,895 The following table reconciles capital expenditures by reportable business segments, excluding corporate non-real estate expenditures, for the periods presented: Year Ended December 31, (In thousands) 2021 2020 2019 Medical office and other healthcare-related buildings $ 6,152 $ 8,561 $ 5,705 Seniors housing — operating properties 12,919 12,833 11,014 Total capital expenditures $ 19,071 $ 21,394 $ 16,719 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies As of December 31, 2021, the Company has seven operating and six direct financing lease agreements related to certain acquisitions under leasehold interests arrangements. The seven operating leases have durations, including assumed renewals, ranging from 20.9 to 85.7 years, excluding an adjacent parking lot lease with a term of 2.8 years as of December 31, 2021. On January 1, 2019, the Company adopted ASU 2016- 02 and recorded ROU assets and lease liabilities related to these ground operating leases (see Note 2 — Summary of Significant Accounting Policies for additional information). The Company did not enter into any additional ground leases during the year ended December 31, 2021. As of December 31, 2021, the Company’s balance sheet includes ROU assets and operating lease liabilities of $7.9 million and $8.1 million, respectively, which are included in operating lease right-of-use assets and operating lease liabilities, respectively, on the Company’s consolidated balance sheet. 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. During the year ended December 31, 2021, the Company sold a property which included a prepaid ground lease. Upon disposition, the carrying value of the ROU asset was $5.7 million, and was recorded as a reduction of the gain on sale for that property. The Company’s ground operating leases have a weighted-average remaining lease term, including assumed renewals, of 34.9 years and a weighted-average discount rate of 7.35% as of December 31, 2021. For the years ended December 31, 2021 and 2019, the Company paid cash of $0.8 million and $0.8 million for amounts included in the measurement of lease liabilities and recorded total rental expense from operating leases of $0.9 million, $0.9 million and $1.0 million, on a straight-line basis in accordance with the standard, during the years ended December 31, 2021, 2020 and 2019, respectively. The lease expense is recorded in property operating expenses in the consolidated statements of operations and comprehensive loss. Future Base Rent Payments (In thousands) Operating Leases Direct Financing Leases (1) 2022 $ 642 $ 86 2023 645 88 2024 632 90 2025 588 92 2026 599 95 Thereafter 22,560 7,321 Total minimum lease payments 25,666 7,772 Less: amounts representing interest (17,536) (2,934) Total present value of minimum lease payments $ 8,130 $ 4,838 _______ (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 December 31, 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 | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company has evaluated subsequent events through the filing of this Annual Report on Form 10-K and determined that there have not been any events that have occurred that would require adjustments to disclosures in the consolidated financial statements except the following disclosures: Stock Dividend On January 3, 2022, the Company declared a quarterly 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 payable on January 18, 2022 to holders of record of the Company’s common stock at the close of business on January 13, 2022. |
Real Estate and Accumulated Dep
Real Estate and Accumulated Depreciation - Schedule III | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Real Estate and Accumulated Depreciation, Schedule III | Initial Costs Subsequent to Acquisition Property State Acquisition Encumbrances at Land Building and Land Building and Gross Amount at December 31, 2021 (1) (2) Accumulated Depreciation (3) (4) Fresenius Medical Care - Winfield, AL (5) AL 5/10/2013 $ — $ 152 $ 1,568 $ — $ — $ 1,720 $ 399 Adena Health Center - Jackson, OH (5) OH 6/28/2013 — 242 4,494 — — 4,736 990 Ouachita Community Hospital - West Monroe, LA (5) LA 7/12/2013 — 633 5,304 — — 5,937 1,189 CareMeridian - Littleton, CO (5) CO 8/8/2013 — 976 8,900 — 111 9,987 2,798 Oak Lawn Medical Center - Oak Lawn, IL IL 8/21/2013 5,343 835 7,217 — 25 8,077 1,806 Surgery Center of Temple - Temple, TX (5) TX 8/30/2013 — 225 5,208 — 432 5,865 1,185 Greenville Health System - Greenville, SC (5), (9) SC 10/10/2013 — 720 3,045 — 194 3,959 657 Stockbridge Family Medical - Stockbridge, GA GA 2/21/2014 1,781 823 1,799 — 165 2,787 460 Arrowhead Medical Plaza II - Glendale, AZ AZ 2/21/2014 7,540 — 9,758 — 2,011 11,769 2,854 Village Center Parkway - Stockbridge, GA GA 2/21/2014 2,434 1,135 2,299 — 156 3,590 709 Creekside MOB - Douglasville, GA GA 4/30/2014 8,814 2,709 5,320 — 637 8,666 1,660 Bowie Gateway Medical Center - Bowie, MD MD 5/7/2014 9,153 983 10,321 — 252 11,556 2,181 Campus at Crooks & Auburn Building D - Rochester Mills, MI MI 5/19/2014 3,627 640 4,166 — 131 4,937 975 Berwyn Medical Center - Berwyn, IL (5) IL 5/29/2014 — 1,305 7,559 — — 8,864 1,495 Countryside Medical Arts - Safety Harbor, FL FL 5/30/2014 6,983 915 7,663 — 60 8,638 1,645 St. Andrews Medical Park - Venice, FL FL 5/30/2014 11,119 1,666 10,005 2 935 12,608 2,689 Campus at Crooks & Auburn Building C - Rochester Mills, MI MI 6/3/2014 3,831 609 3,893 — 166 4,668 945 Laguna Professional Center - Elk Grove, CA CA 7/15/2014 8,887 1,811 14,598 — 311 16,720 3,214 UC Davis MOB - Elk Grove, CA CA 7/15/2014 8,136 1,138 7,242 — 285 8,665 1,703 Estate at Hyde Park - Tampa, FL (7) FL 7/31/2014 20,116 1,777 20,308 — 1,005 23,090 4,531 Autumn Ridge of Clarkston - Clarkston, MI (7) MI 8/12/2014 19,245 655 19,967 — 65 20,687 4,325 Sunnybrook of Burlington - Burlington, IA (6) IA 8/26/2014 12,783 518 16,739 — 254 17,511 3,924 Sunnybrook of Carroll - Carroll, IA (6) IA 8/26/2014 6,144 473 11,263 — 36 11,772 2,385 Prairie Hills at Cedar Rapids - Cedar Rapids, IA (7) IA 8/26/2014 8,014 195 8,595 — 158 8,948 1,861 Prairie Hills at Clinton - Clinton, IA (6) IA 8/26/2014 10,759 890 18,882 — 120 19,892 4,213 Prairie Hills at Des Moines - Des Moines, IA (6) IA 8/26/2014 5,418 647 13,745 — 57 14,449 3,210 Sunnybrook of Fairfield - Fairfield, IA (5) IA 8/26/2014 — 340 14,115 — 269 14,724 3,253 Sunnybrook of Ft. Madison - Ft. Madison, IA (5) IA 8/26/2014 — 263 3,931 — 223 4,417 601 Prairie Hills at Independence - Independence, IA (5) IA 8/26/2014 — 473 10,600 — 176 11,249 2,234 Sunnybrook of Mt. Pleasant - Mt. Pleasant, IA (5) IA 8/26/2014 — 205 10,935 — 326 11,466 2,257 Sunnybrook of Muscatine - Muscatine, IA (6) IA 8/26/2014 11,989 302 13,840 — 151 14,293 2,989 Prairie Hills at Ottumwa - Ottumwa, IA (5) IA 8/26/2014 — 538 9,186 — 178 9,902 2,109 Prairie Hills at Tipton - Tipton, IA (5) IA 8/26/2014 — 306 10,409 — 80 10,795 2,110 Initial Costs Subsequent to Acquisition Property State Acquisition Encumbrances at Land Building and Land Building and Gross Amount at December 31, 2021 (1) (2) Accumulated Depreciation (3) (4) Liberty Court - Dixon, IL (5) IL 8/29/2014 — 119 1,998 — 59 2,176 482 Lakeside Vista - Holland, MI (6) MI 8/29/2014 6,128 378 12,196 — 632 13,206 2,675 The Atrium - Rockford, IL (5) IL 8/29/2014 — 164 1,746 — 267 2,177 290 Arrowhead Medical Plaza I - Glendale, AZ AZ 9/10/2014 4,571 — 6,447 — 1,309 7,756 1,610 Sunnybrook of Burlington - Land - Burlington, IA MO 9/23/2014 — 620 — — — 620 — Community Health MOB - Harrisburg, PA (10) PA 9/26/2014 5,424 — 6,170 — — 6,170 1,156 Brady MOB - Harrisburg, PA (10) PA 9/26/2014 19,661 — 22,485 — — 22,485 4,113 Landis Memorial - Harrisburg, PA (5), (10) PA 9/26/2014 — — 32,484 — — 32,484 5,960 FOC II - Mechanicsburg, PA (10) PA 9/26/2014 16,136 — 16,473 — 142 16,615 3,471 FOC Clinical - Mechanicsburg, PA (10) PA 9/26/2014 17,695 — 19,634 — — 19,634 4,057 FOC I - Mechanicsburg, PA (10) PA 9/26/2014 8,204 — 8,923 — 277 9,200 2,002 Copper Springs Senior Living - Meridian, ID (5) ID 9/29/2014 — 498 7,130 — 207 7,835 1,965 Addington Place of Brunswick - Brunswick, GA (5) GA 9/30/2014 — 1,509 14,402 — 463 16,374 3,328 Addington Place of Dublin - Dublin, GA (5) GA 9/30/2014 — 403 9,281 — 160 9,844 2,289 Allegro at Elizabethtown - Elizabethtown, KY (5) KY 9/30/2014 — 317 7,290 — 255 7,862 1,926 Addington Place of Johns Creek - Johns Creek, GA (7) GA 9/30/2014 10,139 997 11,943 — 477 13,417 2,837 Allegro at Jupiter - Jupiter, FL (6) FL 9/30/2014 34,370 3,741 49,534 — 422 53,697 10,712 Addington Place of Lee's Summit - Lee's Summit, MO (7) MO 9/30/2014 17,187 2,734 25,008 — 384 28,126 5,461 Addington Place at Mills - Roswell, GA (5) GA 9/30/2014 — 1,000 8,611 — 2,621 12,232 2,723 Addington Place of College Harbour - St Petersburg, FL (5) FL 9/30/2014 — 3,791 8,684 — 1,817 14,292 3,008 Allegro at Stuart - Stuart, FL (6) FL 9/30/2014 49,069 5,018 60,575 — 715 66,308 13,410 Allegro at Tarpon - Tarpon Springs, FL (7) FL 9/30/2014 7,350 2,360 13,728 — 579 16,667 3,826 Addington Place of Titusville - Titusville, FL (6) FL 9/30/2014 12,423 1,379 13,976 — 655 16,010 3,570 Allegro at St. Petersburg - Land - St. Petersburg, FL FL 9/30/2014 — 3,045 — — — 3,045 — Gateway MOB - Clarksville, TN (9) TN 10/3/2014 17,560 — 16,367 — 1,011 17,378 3,649 Dyer Building - Dyer, IN (5) IN 10/17/2014 6,143 601 8,992 — 64 9,657 1,722 757 Building - Munster, IN (5) IN 10/17/2014 — 645 7,885 — — 8,530 1,478 761 Building - Munster, IN IN 10/17/2014 6,797 1,436 8,616 — 59 10,111 1,732 759 Building - Munster, IN IN 10/17/2014 8,271 1,101 8,899 — — 10,000 1,715 Schererville Building - Schererville, IN IN 10/17/2014 — 1,260 935 — 79 2,274 329 Meadowbrook Senior Living - Agoura Hills, CA (7) CA 11/25/2014 19,167 8,821 48,682 — 2,115 59,618 10,168 Mount Vernon Medical Office Building - Mount Vernon, WA (9) WA 11/25/2014 15,797 — 18,519 — 3 18,522 3,561 Initial Costs Subsequent to Acquisition Property State Acquisition Encumbrances at Land Building and Land Building and Gross Amount at December 31, 2021 (1) (2) Accumulated Depreciation (3) (4) Wellington at Hershey's Mill - West Chester, PA (5) PA 12/3/2014 — 8,531 80,734 — 3,654 92,919 16,328 Eye Specialty Group Medical Building - Memphis, TN TN 12/5/2014 8,475 775 7,223 — — 7,998 1,343 Addington Place of Alpharetta - Alpharetta, GA GA 12/10/2014 — 1,604 26,069 — 597 28,270 5,597 Addington Place of Prairie Village - Prairie Village, KS (7) KS 12/10/2014 14,812 1,782 21,869 — 413 24,064 4,846 Bloom MOB - Harrisburg, PA (10) PA 12/15/2014 15,322 — 15,928 — 517 16,445 3,066 Medical Sciences Pavilion - Harrisburg, PA (10) PA 12/15/2014 18,272 — 22,309 — — 22,309 4,004 Wood Glen Nursing and Rehab Center - West Chicago, IL (5) IL 12/16/2014 — 1,896 16,107 — — 18,003 4,023 Pinnacle Center - Southaven, MS MS 12/16/2014 7,085 1,378 6,547 — 663 8,588 1,641 Paradise Valley Medical Plaza - Phoenix, AZ AZ 12/29/2014 13,085 — 25,194 — 1,244 26,438 5,212 Victory Medical Center at Craig Ranch - McKinney, TX TX 12/30/2014 — 1,596 40,475 — 1,164 43,235 7,644 Rivershores Healthcare & Rehab Centre - Marseilles, IL (5) IL 12/31/2014 — 1,276 6,868 — — 8,144 1,826 Morton Terrace Healthcare & Rehab Centre - Morton, IL (5) IL 12/31/2014 — 709 5,649 — — 6,358 1,738 Morton Villa Healthcare & Rehab Centre - Morton, IL (5) IL 12/31/2014 — 645 3,687 — 87 4,419 1,095 The Heights Healthcare & Rehab Centre - Peoria Heights, IL (5) IL 12/31/2014 — 214 7,952 — — 8,166 2,218 Colonial Healthcare & Rehab Centre - Princeton, IL (5) IL 12/31/2014 — 173 5,871 — — 6,044 1,806 Capitol Healthcare & Rehab Centre - Springfield, IL (5) IL 12/31/2014 — 603 21,699 — 26 22,328 5,307 Acuity Specialty Hospital - Mesa, AZ (5) AZ 1/14/2015 — 1,977 16,203 — 543 18,723 3,187 Acuity Specialty Hospital - Sun City, AZ (11) AZ 1/14/2015 — 2,329 15,795 (909) (7,715) 9,500 219 Addington Place of Shoal Creek - Kansas City, MO (7) MO 2/2/2015 13,391 3,723 22,259 — 440 26,422 4,782 Aurora Healthcare Center - Green Bay, WI (5) WI 3/18/2015 — 1,130 1,678 — — 2,808 365 Aurora Healthcare Center - Greenville, WI (5) WI 3/18/2015 — 259 958 — — 1,217 221 Aurora Healthcare Center - Kiel, WI (5) WI 3/18/2015 — 676 2,214 — — 2,890 430 Aurora Healthcare Center - Plymouth, WI WI 3/18/2015 17,038 2,891 24,224 — — 27,115 4,729 Aurora Healthcare Center - Waterford, WI (5) WI 3/18/2015 — 590 6,452 — — 7,042 1,215 Aurora Healthcare Center - Wautoma, WI (5) WI 3/18/2015 — 1,955 4,361 — — 6,316 856 Arbor View Assisted Living and Memory Care - Burlington, WI (5) WI 3/31/2015 — 367 7,815 — 66 8,248 1,866 Advanced Orthopedic Medical Center - Richmond, VA VA 4/7/2015 15,390 1,523 19,229 — — 20,752 3,445 Palm Valley Medical Plaza - Goodyear, AZ AZ 4/7/2015 2,879 1,890 4,940 — 317 7,147 1,087 Physicians Plaza of Roane County - Harriman, TN TN 4/27/2015 6,293 1,746 7,842 — 113 9,701 1,503 Adventist Health Lacey Medical Plaza - Hanford, CA CA 4/29/2015 11,526 328 13,302 — 98 13,728 2,271 Medical Center I - Peoria, AZ AZ 5/15/2015 3,085 807 1,115 — 1,306 3,228 927 Medical Center II - Peoria, AZ AZ 5/15/2015 — 945 1,330 — 5,036 7,311 1,490 Commercial Center - Peoria, AZ AZ 5/15/2015 3,254 959 1,110 — 656 2,725 470 Initial Costs Subsequent to Acquisition Property State Acquisition Encumbrances at Land Building and Land Building and Gross Amount at December 31, 2021 (1) (2) Accumulated Depreciation (3) (4) Medical Center III - Peoria, AZ AZ 5/15/2015 2,137 673 1,651 — 947 3,271 801 Morrow Medical Center - Morrow, GA GA 6/24/2015 4,334 1,155 5,674 — 438 7,267 1,176 Belmar Medical Building -Lakewood, CO CO 6/29/2015 3,770 819 4,287 — 465 5,571 884 Addington Place - Northville, MI (7) MI 6/30/2015 13,287 440 14,975 — 345 15,760 2,981 Conroe Medical Arts and Surgery Center - Conroe, TX TX 7/10/2015 13,221 1,965 12,198 — 573 14,736 2,454 Medical Center V - Peoria, AZ AZ 7/10/2015 2,684 1,089 3,200 — 389 4,678 673 Legacy Medical Village - Plano, TX TX 7/10/2015 23,662 3,755 31,097 — 704 35,556 5,708 Scripps Cedar Medical Center - Vista, CA CA 8/6/2015 14,983 1,213 14,596 — 861 16,670 2,454 Ramsey Woods Memory Care - Cudahy, WI (5) WI 10/2/2015 — 930 4,990 — 49 5,969 1,054 East Coast Square West - Cedar Point, NC NC 10/15/2015 5,254 1,535 4,803 — 6 6,344 829 East Coast Square North - Morehead City, NC NC 10/15/2015 3,933 899 4,761 — 6 5,666 809 Eastside Cancer Institute - Greenville, SC (5) SC 10/22/2015 — 1,498 6,637 — 181 8,316 1,157 Sassafras Medical Building - Erie, PA PA 10/22/2015 2,315 928 4,629 — 3 5,560 734 Sky Lakes Klamath Medical Clinic - Klamath Falls, OR (5) OR 10/22/2015 — 433 2,623 — — 3,056 437 Courtyard Fountains - Gresham, OR (5) OR 12/1/2015 — 2,476 50,601 — 1,136 54,213 9,361 Presence Healing Arts Pavilion - New Lenox, IL (9) IL 12/4/2015 5,966 — 6,768 — 76 6,844 1,184 Mainland Medical Arts Pavilion - Texas City, TX TX 12/4/2015 6,174 320 7,923 — 305 8,548 1,511 Renaissance on Peachtree - Atlanta, GA (6) GA 12/15/2015 50,821 4,535 68,895 — 2,360 75,790 11,942 Fox Ridge Senior Living at Bryant - Bryant, AR AR 12/29/2015 6,977 1,687 12,936 — 607 15,230 3,229 Fox Ridge Senior Living at Chenal - Little Rock, AR AR 12/29/2015 16,024 6,896 20,579 — 209 27,684 4,320 Fox Ridge North Little Rock - North Little Rock, AR (9) AR 12/29/2015 9,943 — 19,265 — 268 19,533 3,708 Autumn Leaves of Cy-Fair - Houston, TX (11) TX 12/31/2015 — 1,225 11,335 (895) (8,940) 2,725 — Autumn Leaves of Meyerland - Houston, TX (11) TX 12/31/2015 — 2,033 13,411 (1,486) (10,559) 3,399 — Autumn Leaves of Clear Lake, Houston, TX (11) TX 12/31/2015 — 1,599 13,194 (1,169) (10,388) 3,236 — Autumn Leaves of The Woodlands - The Woodlands, TX (11) TX 12/31/2015 — 2,413 9,141 (1,763) (7,252) 2,539 — High Desert Medical Group Medical Office Building - Lancaster, CA CA 4/7/2017 7,480 1,459 9,300 — — 10,759 1,445 Northside Hospital - Canton, GA GA 7/13/2017 8,014 3,408 8,191 — 42 11,641 1,010 West Michigan Surgery Center - Big Rapids, MI (5) MI 8/18/2017 — 258 5,677 — — 5,935 653 Camellia Walk Assisted Living and Memory Care - Evans, GA (6) GA 9/28/2017 12,476 1,854 17,372 — 1,285 20,511 2,731 Cedarhurst of Collinsville - Collinsville, IL (5), (8) IL 12/22/2017 — 1,228 8,652 — 228 10,108 1,102 Arcadian Cove Assisted Living - Richmond, KY (5), (8) KY 12/22/2017 — 481 3,923 — 73 4,477 567 Beaumont Medical Center - Warren, MI (5), (8) MI 12/22/2017 — 1,078 9,525 — 19 10,622 1,062 Initial Costs Subsequent to Acquisition Property State Acquisition Encumbrances at Land Building and Land Building and Gross Amount at December 31, 2021 (1) (2) Accumulated Depreciation (3) (4) DaVita Dialysis - Hudson, FL (5), (8) FL 12/22/2017 — 226 1,979 — 88 2,293 214 DaVita Bay Breeze Dialysis Center - Largo, FL (5), (8) FL 12/22/2017 — 399 896 — 48 1,343 117 Greenfield Medical Plaza - Gilbert, AZ (5), (8) AZ 12/22/2017 — 1,476 4,144 — 195 5,815 489 RAI Care Center - Clearwater, FL (5), (8) FL 12/22/2017 — 624 3,156 — — 3,780 336 Illinois CancerCare - Galesburg, IL (8) IL 12/22/2017 2,323 290 2,457 — — 2,747 294 UnityPoint Clinic - Muscatine, IA (5), (8) IA 12/22/2017 — 570 4,541 — 2 5,113 519 Lee Memorial Health System Outpatient Center - Ft. Myers (5), (8) FL 12/22/2017 — 439 4,374 — 363 5,176 510 Decatur Medical Office Building - Decatur, GA (5), (8), (9) GA 12/22/2017 — 695 3,273 — 238 4,206 396 Madison Medical Plaza - Joliet, IL (8), (9) IL 12/22/2017 12,477 — 16,855 — 37 16,892 1,689 Woodlake Office Center - Woodbury, MN (8) MN 12/22/2017 8,638 1,017 10,688 — 1,297 13,002 1,263 Rockwall Medical Plaza - Rockwall, TX (5), (8) MN 12/22/2017 — 1,097 4,582 — 182 5,861 554 MetroHealth Buckeye Health Center - Cleveland, OH (5), (8) OH 12/22/2017 — 389 4,367 — 255 5,011 491 UnityPoint Clinic - Moline, IL (5), (8) IL 12/22/2017 — 396 2,880 — 5 3,281 329 VA Outpatient Clinic - Galesberg, IL (5), (8) IL 12/22/2017 — 359 1,852 — — 2,211 242 Philip Professional Center - Lawrenceville, GA GA 12/22/2017 5,780 1,285 6,714 — 238 8,237 811 Texas Children’s Hospital - Houston, TX TX 3/5/2018 4,590 1,368 4,428 — 116 5,912 638 Florida Medical Heartcare - Tampa, FL (5) FL 3/29/2018 — 586 1,902 — — 2,488 268 Florida Medical Somerset - Tampa, FL (5) FL 3/29/2018 — 61 1,366 — — 1,427 169 Florida Medical Tampa Palms - Tampa, FL (5) FL 3/29/2018 — 141 1,402 — — 1,543 179 Florida Medical Wesley Chapel - Tampa, FL (5) FL 3/29/2018 — 485 1,987 — — 2,472 286 Aurora Health Center - Milwaukee, WI WI 4/17/2018 3,984 1,014 4,041 — — 5,055 652 Vascular Surgery Associates - Tallahassee, FL (5) FL 5/11/2018 — 902 5,383 — — 6,285 705 Glendale MOB - Farmington Hills, MI (5) MI 8/28/2018 — 504 12,332 — — 12,836 1,223 Crittenton Washington MOB - Washington Township, MI (5) MI 9/12/2018 — 640 4,090 — 78 4,808 469 Crittenton Sterling Heights MOB - Sterling Heights, MI (5) MI 9/12/2018 — 1,398 2,695 — 216 4,309 385 Advocate Aurora MOB - Elkhorn, WI WI 9/24/2018 7,184 181 9,452 — — 9,633 1,021 Pulmonary & Critical Care Med - Lemoyne, PA PA 11/13/2018 4,271 621 3,805 — — 4,426 551 Dignity Emerus Blue Diamond - Las Vegas, NV NV 11/15/2018 13,966 2,182 16,594 — — 18,776 1,417 Dignity Emerus Craig Rd - North Las Vegas, NV NV 11/15/2018 18,780 3,807 22,803 — — 26,610 1,964 Greenfield MOB - Greenfield, WI WI 1/17/2019 7,526 1,552 8,333 — 225 10,110 978 Milwaukee MOB - South Milwaukee, WI WI 1/17/2019 4,136 410 5,041 — — 5,451 411 St. Francis WI MOB - St. Francis, WI WI 1/17/2019 9,085 865 11,355 — 159 12,379 1,040 Initial Costs Subsequent to Acquisition Property State Acquisition Encumbrances at Land Building and Land Building and Gross Amount at December 31, 2021 (1) (2) Accumulated Depreciation (3) (4) Lancaster Medical Arts MOB - Lancaster, PA (5) PA 6/20/2019 — 85 4,417 — — 4,502 458 Women’s Healthcare Group MOB - York, PA (5) PA 6/21/2019 — 624 2,161 — — 2,785 342 Pioneer Spine Sports - Northampton, MA (5) MA 7/22/2019 — 435 1,858 — — 2,293 133 Pioneer Spine Sport - Springfield, MA (5) MA 7/22/2019 — 333 2,530 — — 2,863 178 Pioneer Spine Sports - West Springfield, MA (5) MA 7/22/2019 — 374 4,295 — — 4,669 294 Felicita Vida - Escondido, CA (5) CA 9/3/2019 — 1,677 28,953 — 190 30,820 1,929 Cedarhurst of Edwardsville - Edwardsville, IL (5) IL 1/10/2020 — 321 9,032 — 36 9,389 532 UMPC Sir Thomas Court - Harrisburg, PA (5) PA 1/17/2020 — 745 6,272 — — 7,017 327 UMPC Fisher Road - Mechanicsburg, PA (5) PA 1/17/2020 — 747 3,844 — — 4,591 219 Swedish American MOB - Roscoe, IL (5) IL 1/22/2020 — 599 5,862 — — 6,461 386 Cedarhurst of Sparta - Sparta, IL (5) IL 1/31/2020 — 381 13,807 — 56 14,244 814 UMPC Chambers Hill - Harrisburg, PA (5) PA 2/3/2020 — 498 4,238 — — 4,736 216 Cedarhurst of Shiloh - Shiloh, IL IL 3/13/2020 13,384 376 28,299 — 40 28,715 1,354 Bayshore Naples Memory Care - Naples, FL (5) FL 3/20/2020 — 3,231 17,112 — 15 20,358 830 Circleville MOB - Circleville, OH OH 12/7/2020 3,556 765 4,011 — 56 4,832 125 Kingwood Executive Center - Kingwood, TX (5) TX 1/6/2021 — 1,522 4,166 — — 5,688 122 OrthoOne Hilliard - Hilliard, OH (5) OH 5/28/2021 — 760 3,118 — — 3,878 76 South Douglas MOB - Midwest City, OK (5) OK 6/23/2021 — 628 3,863 — — 4,491 64 Fort Wayne Opthomology Engle - Fort Wayne, IN IN 6/29/2021 3,923 516 6,124 — — 6,640 87 Fort Wayne Opthomology Dupont - Fort Wayne, IN IN 6/29/2021 1,924 597 2,653 — — 3,250 41 St. Peters Albany 2 Palisades - Albany, NY (5) NY 6/30/2021 — 516 4,342 — — 4,858 67 Hefner Pointe Medical Center - Oklahoma City, OK OK 6/30/2021 3,727 678 4,819 — — 5,497 74 St. Peters Troy 2 New Hampshire - Troy, NY (5) NY 6/30/2021 — 330 2,444 — — 2,774 38 St Peters - Albany, NY - 4 Palisades (5) NY 7/30/2021 — 542 2,416 — — 2,958 32 St Peters - Albany, NY - 5 Palisades (5) NY 7/30/2021 — 593 5,359 — — 5,952 65 St Lukes Heart Vascular Center - East Stroudsburg (5) PA 8/31/2021 — 363 3,224 — — 3,587 29 Metropolitan Eye Lakeshore Surgery - St. Clair, MI (5) MI 8/31/2021 — 203 4,632 — — 4,835 41 Naidu Clinic - Odessa, TX (5) TX 9/1/2021 — 730 2,409 — — 3,139 23 Belpre V Cancer Center - Belpre, OH (5) OH 9/30/2021 — 1,153 63,894 — — 65,047 414 Center for Advanced Dermatology - Lakewood, CO (5) CO 12/1/2021 — 1,034 1,874 — — 2,908 5 Florida Medical Clinic - Tampa, FL (5) FL 12/1/2021 — 1,104 1,137 — — 2,241 3 Initial Costs Subsequent to Acquisition Property State Acquisition Encumbrances at Land Building and Land Building and Gross Amount at December 31, 2021 (1) (2) Accumulated Depreciation (3) (4) Pensacola Nephrology MOB - Pensacola, FL (5) FL 12/29/2021 — 1,578 5,123 — — 6,701 — Fannie Mae Master Credit Facilities (6)(7) 355,045 Total $ 1,301,869 $ 212,612 $ 2,106,359 $ (6,220) $ 11,537 $ 2,324,288 $ 367,442 ______________ (1) Acquired intangible lease assets allocated to individual properties in the amount of $288.4 million are not reflected in the table above. (2) The tax basis of aggregate land, buildings and improvements as of December 31, 2021 is $2.2 billion. (3) The accumulated depreciation column excludes $195.3 million of accumulated amortization associated with acquired intangible lease assets. (4) Depreciation is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings, 15 years for land improvements and 5 years for fixtures. (5) These unencumbered properties were part of the borrowing base of the Credit Facility, which had $150.0 million of outstanding borrowings as of December 31, 2021. 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, Net for additional details). (6) These properties collateralize the Capital One Facility, which had $212.4 million of outstanding borrowings as of December 31, 2021. (7) These properties collateralize the KeyBank Facility, which had $142.6 million of outstanding borrowings as of December 31, 2021. (8) These properties were acquired from American Realty Capital Healthcare Trust III, Inc. in 2017, which was a related party to the Company’s Advisor. (9) Some or all of the land underlying this property is subject to an operating land lease. The related right-of-use assets are separately recorded. See Note 16 — Commitments and Contingencies for additional information. (10) The building amount represents combined direct financing lease for the total asset as the land element was not required to be bifurcated under ASU 840. See Note 16 — Commitments and Contingencies for additional information. (11) The property has been impaired as of December 31, 2021. See Note 3 — Real Estate Investments, Net “Assets Held for Use and Related Impairments” for additional information. A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2021, 2020 and 2019: December 31, (In thousands) 2021 2020 2019 Real estate investments, at cost (1) : Balance at beginning of year $ 2,345,708 $ 2,211,451 $ 2,296,627 Additions-Acquisitions 147,161 98,364 80,980 Disposals, impairments and reclasses (2) (168,581) 35,893 (166,156) Balance at end of the year $ 2,324,288 $ 2,345,708 $ 2,211,451 Accumulated depreciation (1) : Balance at beginning of year $ 328,095 $ 260,399 $ 226,167 Depreciation expense 61,388 63,393 64,731 Disposals, impairments and reclasses (2) (22,041) 4,303 (30,499) Balance at end of the year $ 367,442 $ 328,095 $ 260,399 __________ (1) Acquired intangible lease assets and related accumulated depreciation are not reflected in the table above. (2) Includes amounts relating to dispositions and impairment charges on assets for the years ended December 31, 2021, 2020 and 2019. Amounts for the year ended December 31, 2020 include the reclassification of approximately $49.4 million and $8.7 million of assets and accumulated depreciation, respectively, that were previously classified as held-for-sale as of December 31, 2019 to real estate investments, at cost and accumulated depreciation during the year ended December 31, 2020. For additional information on this reclassification during the year ended December 31, 2020, see Note 3 — Real Estate Investments |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting | Basis of Accounting The accompanying consolidated financial statements of the Company are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“GAAP”). Out-of-Period Adjustments During the year ended December 31, 2019, the Company identified certain historical errors in its tax provision and its net deferred taxes asset as well as its statements of operations and comprehensive income (loss), consolidated statements of changes in equity, and statements of cash flows since 2014, which impacted the quarterly financial statements and annual periods previously issued. Specifically, the Company had overstated intercompany rent on certain leases with the taxable REIT subsidiary (“TRS”) and reflected a portion of depreciation on REIT assets in the TRS’s tax provision, thereby overstating previously recorded tax benefits, deferred tax assets and net incom e by $0.8 million, $0.3 million and $0.2 million for the years ended December 31, 2018, 2017 and for Pre-2017 periods, respectively. The intercompany rent and allocation of depreciation only affected the tax provision and did not affect the pre-tax consolidated financial results. The Company concluded that the errors noted above were not material for the period ended December 31, 2019 or any prior periods and has adjusted the amounts on a cumulative basis in 2019. During the year ended December 31, 2019, the Company did not record quarterly interest expense related to borrowings under the Revolving Credit Facility (as defined below) that were borrowed and repaid during the fourth quarter of 2019. The amount of interest expense and related payable that should have been recorded was $0.3 million . In 2020, the Company identified that the cumulative interest payable balance was understated, and as a result a true up entry was recorded to record the payable and related expense, resulting in an out of period adjustment . The Company concluded that the errors noted above were not material for the period ended December 31, 2019 or any prior periods and has adjusted the amounts on a cumulative basis in 2020. 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 COVID-19 pandemic has had, and another pandemic in the future could have, impacts across many sectors and areas of the global economy and financial markets, leading to significant adverse impacts on economic activity including volatility in financial markets. The impact of the COVID-19 pandemic has evolved rapidly. In many states and cities where our properties are located, measures including “shelter-in-place” or “stay-at-home” orders issued by local, state and federal authorities for much of 2020 and early part of 2021 and social distancing measures have resulted in closure and limitations on the operations of many businesses and organizations. While strict “shelter-in-place” and similar orders have generally been lifted, continued limitations on indoor occupancy or other restrictions applicable to in-person operations have been and may in future be re-instituted in some jurisdictions as rates of infection increase in those locations, including in light of the current spread of the Delta and Omicron variants and other potentially more contagious variants of the SARS-CoV-2 virus. As the COVID-19 pandemic continues, it is highly uncertain to what extent and when any such continuing restrictions will be lifted in various jurisdictions and could depend on numerous factors, including vaccination rates among the population, the effectiveness of COVID-19 vaccines against these variants and the response by governmental bodies and regulators. Our tenants and SHOP properties operate businesses that require in-person interactions with their patients and residents. Even for businesses that have not closed or have closed and reopened, concern regarding the transmission of COVID-19 has impacted, and will likely continue to impact, the willingness of persons to, among other things, live in or use facilities at our properties, and impact the revenues generated by our tenants which may further impact the ability of our tenants to pay their rent obligations to us when due. The Company believes the estimates and assumptions underlying its consolidated financial statements are reasonable and supportable based on the information available as of December 31, 2021, however uncertainty over the ultimate impact COVID-19 will have on the global economy generally, and the Company’s business in particular, makes any estimates and assumptions as of December 31, 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. The Company has taken precautionary steps to increase liquidity and preserve financial flexibility in light of the uncertainty resulting from the COVID-19 pandemic. These steps include borrowing an additional $95.0 million under the Credit Facility (as defined below) in March 2020. A portion of the $95.0 million in borrowings was used for general corporate purposes and for acquisitions. In August 2020 and November 2021, the Company amended the Credit Facility as part of its efforts to continue addressing the adverse impacts of the COVID-19 pandemic. For additional information on the Credit Facility amendment see Note 5 — Credit Facilities. The COVID-19 pandemic has impacted global economic activity. Our ability to lease space and negotiate and maintain favorable rents and the results of operations at our SHOPs could also continue to be negatively impacted by a prolonged recession in the U.S. economy as could the rates charged to residents at our SHOPs. Moreover, the demand for leasing space at our MOB properties could decline further negatively impacting occupancy percentage, revenue and net income. Additionally, downturns or stagnation the U.S. housing market as a result of an economic downturn could adversely affect the ability, or perceived ability, of seniors to afford the resident fees and services at our seniors housing properties. Starting in March 2020, the COVID-19 pandemic and measures to prevent its spread began to affect us in a number of ways that vary by operating segment. COVID-19 Impact — MOB Segment The financial stability and overall health of our tenants is critical to our business. The negative effects that the global pandemic has had on the economy includes the closure or reduction in occupancy activity at some of our MOBs. The economic impact of the pandemic has impacted the ability of some of our tenants to pay their monthly rent either temporarily or in the long term. We 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 segment throughout the year ended December 31, 2021. We have taken a proactive approach to achieve mutually agreeable solutions with its tenants and in some cases, during the year ended December 31, 2020, we executed lease amendments providing for deferral of rent. During the year ended December 31, 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. COVID-19 Impact — SHOP Segment 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 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 generally bears these cost increases, which were partially offset by funds received under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), and to a lesser extent, cost recoveries for personal protective equipment from residents. See below for additional information on the CARES Act. These trends accelerated beginning in the second quarter of 2020, continued into early 2021 until stabilizing in the third quarter, and are expected to improve in 2022. Future developments in the course of the pandemic may 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 its revenues and income in the other quarters. While the development of COVID vaccines may limit that effect, the effectiveness of vaccines and the willingness to receive vaccines are highly uncertain and cannot be predicted with confidence. The financial impact of the COVID-19 pandemic on the Company has been partially offset by funds received under the CARES Act. The Company received $5.1 million and $3.6 million in these funds during the years ended December 31, 2021 and 2020, respectively. The Company considers these funds to be a grant contribution from the government. The full amounts received were recognized as a reduction of property operating expenses in our consolidated statement of operations for the years ended December 31, 2021 and 2020, respectively, to partially offset the incurred COVID-19 expenses. In addition, the Company has applied for additional funds, however, those applications have not yet been approved. There can be no assurance that the program will be extended or any further amounts received under currently effective or potential future government programs. |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All inter-company 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. |
Leases | 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 |
Revenue Recognition | Revenue Recognition The Company’s revenues, which are derived primarily from lease contracts, include rent received from tenants in its MOBs. As of December 31, 2021, these leases had a weighted average remaining lease term of 4.9 years. Rent from tenants in the Company’s MOB operating segment (as discussed below) is recorded in accordance with the terms of each lease on a straight-line basis over the initial term of the lease. Because many of the leases provide for rental increases at specified intervals, 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. Tenant revenue also includes operating expense reimbursements which generally increase with the increase in property operating and maintenance expenses in our MOB segment. In addition to base rent, dependent on the specific lease, tenants are generally required to pay either (i) their pro rata share of property operating and maintenance expenses, which may be subject to expense exclusions and floors or (ii) the their share of increases in property operating and maintenance expenses to the extent they exceed the properties’ expenses for the base year of the respective leases. 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 both ASC 842 and 840, the Company has reflected 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. Residents pay monthly rent that covers occupancy of their unit and basic services, including utilities, meals and some housekeeping services. The terms of the rent are short term in nature, primarily month-to-month. Also included in revenue from tenants is fees for ancillary revenue from non-residents of $3.5 million $13.3 million, and $15.4 million for the years ended December 31, 2021, 2020, and 2019, respectively. Fees for ancillary services are recorded in the period in which the services are performed. The decline in ancillary revenue since the year ended December 31, 2019 is primarily due to the Company’s dispositions of its SNF properties in Lutz and Wellington, Florida, which were sold in November 2020 and May 2021, respectively. 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 Company continually reviews receivables related to rent and unbilled rents receivable 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 (see the “Recently Issued Accounting Pronouncements” section below), 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 beginning on January 1, 2019, 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. |
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 years ended December 31, 2021, 2020 and 2019. 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 December 31, 2021 and there were $0.1 million in real estate investments held for sale as of December 31, 2020 (see Note 3 — Real Estate Investments, Net to the consolidated financial statements included in this Annual Report on Form 10-K for additional information). As more fully discussed in this Note under Recently Issued Accounting Pronouncements - ASU No. 2016-02 Leases , all of the Company’s leases as lessor prior to adoption were accounted for as operating leases and they continue to be accounted for as operating leases under the transition guidance. 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 three-year period ended December 31, 2019, 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 were previously classified prior to adoption of lease accounting and will continue to be classified as operating leases under transition elections unless subsequently modified. These leases are reflected on the balance sheet as of December 31, 2021 and 2020, and the rent expense is reflected on a straight-line basis over the lease term in the consolidated statements of operations for the years ended December 31, 2021, 2020, and 2019. 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 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 years ended December 31, 2021, 2020 and 2019 were accounted for as 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 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 acquire 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 years ended December 31, 2021 and 2020. |
Gain on Dispositions of Real Estate Investments | Gain on Dispositions of Real Estate Investments Gains on sales of rental real estate after January 1, 2018 are not considered sales to customers and will generally be recognized pursuant to the provisions included in ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”). Gain on sales of real estate prior to January 1, 2018 are recognized pursuant to the provisions included in ASC 360-20, Real Estate Sales (“ASC 360-20”). The specific timing of a sale was measured against various criteria in and ASC 360-20 related to the terms of the transaction and any continuing involvement in the form of management or financial assistance associated with the properties. If the sales criteria for the full accrual method are not met, depending on the circumstances, the Company may not record a sale or it may record a sale but may defer some or all of the gain recognition. If the criteria for full accrual are not met, the Company may account for the transaction by applying the finance, leasing, profit sharing, deposit, installment or cost recovery methods, as appropriate, until the sales criteria for the full accrual method are met. |
Impairment of Long-Lived Assets | 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 (loss) 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. |
Reportable Segments | Reportable Segments As of December 31, 2021, the Company has determined that it has two reportable segments, with activities related to investing in MOBs and SHOPs. Management evaluates the operating performance of the Company’s investments in real estate and seniors housing properties on an individual property level. For additional information see Note 15 — Segment Reporting . |
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. Above and Below-Market Lease Amortization Capitalized above-market lease values are amortized as a reduction of revenue from tenants over the remaining terms of the respective leases and the capitalized below-market lease values are amortized as an increase to revenue from tenants over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. If a tenant with a below-market rent renewal does not renew, any remaining unamortized amount will be taken into income at that time. Capitalized above-market ground lease values are amortized as a reduction of property operating expense over the remaining terms of the respective leases. Capitalized below-market ground lease values are amortized as an increase to property operating expense over the remaining terms of the respective leases and expected below-market renewal option periods. |
Derivative Instruments | Derivative Instruments The Company may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with its borrowings. Certain of the techniques used to hedge exposure to interest rate fluctuations may also be used to protect against declines in the market value of assets that result from general trends in debt markets. The principal objective of such agreements is to minimize the risks and costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply, or the Company elects not to apply hedge accounting. |
Non-controlling Interests | Non-controlling Interests The non-controlling interests represent the portion of the common and preferred equity in the OP that is not owned by the Company as well as certain 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. Non-controlling interests are presented as a separate component of equity on the consolidated balance sheets and presented as net loss attributable to non-controlling interests on the consolidated statements of operations and comprehensive loss. Non-controlling interests are allocated a share of net income or loss based on their share of equity ownership, including any preferential amounts. See Note 13 — Non-Controlling Interests |
Cash and Cash Equivalents | Cash and Cash EquivalentsCash and cash equivalents includes cash in bank accounts as well as investments in highly-liquid money market funds with original maturities of three months or less. |
Deferred Financing and Leasing Costs, Net | Deferred Financing and Leasing Costs, Net Deferred costs, net, consists of deferred financing costs related to the Credit Facility (as defined in Note 5 — Credit Facilities) Fannie Mae Master Credit Facilities (as defined in Note 5 — Credit Facilities) , and deferred leasing costs. Deferred financing costs relating to the mortgage notes payable (see Note 4 — Mortgage Notes Payable, Net ) are reflected net of the related financing on our balance sheet. Deferred financing costs associated with the Credit Facility and Fannie Mae Master Credit Facilities and mortgage notes payable represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized over the term of the financing agreement using the effective interest method for the Credit Facility and Fannie Mae Master Credit Facilities and using the effective interest method over the expected term for the mortgage notes payable. Unamortized deferred financing costs are expensed if the associated debt is refinanced or paid down 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. Deferred leasing costs, consisting primarily of lease commissions and professional fees incurred in connection with new leases, are deferred and amortized over the term of the lease. |
Equity-Based Compensation | Equity-Based Compensation The Company has a stock-based incentive award program for its directors, which is accounted for under the guidance of share- based payments. The cost of services received in exchange for these stock awards is measured at the grant date fair value of the award and the expense for such awards is included in general and administrative expenses and is recognized over the service period (i.e., vesting) required or when the requirements for exercise of the award have been met (See Note 11 — Equity-Based Compensation |
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 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, 2021, 2020 and 2019. 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 December 31, 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. Significant components of the deferred tax assets and liabilities as of December 31, 2021 consisted of deferred rent and net operating loss carryforwards. During the year ended December 31, 2020, the Company modified 25 intercompany leases with the TRS which abated intercompany rent due to the ongoing COVID-19 pandemic. Because of the Company’s TRS's recent operating history of taxable 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 $4.2 million as of December 31, 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, 2021, the Company’s consolidated TRS had net operating loss carryforwards for federal income tax purposes of approximately $13.3 million at December 31, 2021 (of which $7.6 million were incurred prior to January 1, 2018). Carryforwards from losses incurred prior to January 1, 2018, if unused, these will begin to expire in 2035. For net operating losses incurred subsequent to December 31, 2017, there is no expiration date. As of December 31, 2021, the Company had a deferred tax asset of $4.2 million with a full valuation allowance. As of December 31, 2020, the Company had a deferred tax asset of $4.6 million with a full valuation allowance. The following table details the composition of the Company’s tax (expense) benefit for the years ended December 31, 2021, 2020 and 2019, which includes U.S. federal and state income taxes incurred by the Company’s TRS. The Company estimated its income tax (expense) benefit relating to its TRS using a combined federal and state rate of approximately 0.0%, (105.8)% and 26.4%for the years ended December 31, 2021, 2020 and 2019, respectively. These income taxes are reflected in income tax (expense) benefit on the accompanying consolidated statements of operations and comprehensive loss. |
Per Share Data | Per Share Data Net income (loss) per basic share of common stock is calculated by dividing net income (loss) by the weighted-average number of shares (retroactively adjusted for the Stock Dividends) of common stock issued and outstanding during such period. Diluted net income (loss) per share of common stock considers the effect of potentially dilutive shares of common stock outstanding during the period. |
CARES Act Grants | CARES Act Grants On March 27, 2020, Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law and it 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 received |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Adopted as of January 1, 2019 ASU No. 2016-02 - Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”) which provides guidance related to the accounting for leases, as well as the related disclosures. For lessors of real estate, leases are accounted for using an approach substantially the same as previous accounting guidance for operating leases and direct financing leases. For lessees, the new 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. Upon adoption, lessors were allowed a practical expedient, which 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 this new guidance, which is consistent with the Company’s existing policies. Also, upon adoption, companies were allowed a practical expedient package, which the Company has elected, that allowed the Company: (a) to not reassess whether any expired or existing contracts entered into prior to January 1, 2019 are or contain leases; (b) to not reassess the lease classification for any expired or existing leases entered into prior to January 1, 2019 (including assessing sale-leaseback transactions); and (c) to not reassess initial direct costs for any expired or existing leases entered into prior to January 1, 2019. As a result, all of the Company’s existing leases will continue to be classified as operating leases under the new standard. Further, any existing leases for which the property is the leased to a tenant in a transaction that at inception was a sale-leaseback transaction will continue to be treated (absent a modification) as operating leases. The Company did not have any leases that would be considered financing leases as of January 1, 2019. The Company assessed the impact of adoption from both a lessor and lessee perspective, which is discussed in more detail below, and adopted the new guidance prospectively on January 1, 2019, using a prospective transition approach under which the Company elected to apply the guidance effective January 1, 2019 and not adjust prior comparative reporting periods (except for the Company’s presentation of lease revenue discussed below). Lessor Accounting As discussed above, the Company was not required to re-assess the classification of its leases, which are considered operating leases under ASU 2016-02. The following is a summary of the most significant impacts to the Company of the new accounting guidance, as lessor: • Since the Company elected the practical expedient noted above to not separate non-lease component revenue from the associated lease component, the Company has aggregated revenue from its lease components and non-lease components (tenant operating expense reimbursements) into one line. The prior periods have been conformed to this new presentation. • Changes in the Company’s assessment of receivables that result in bad debt expense is now required to be recorded as an adjustment to revenue, rather than a charge to bad debt expense. This new classification applies for the first quarter of 2019 and reclassification of prior period amounts is not permitted. At transition on January 1, 2019, after assessing its reserve balances at December 31, 2018 under the new guidance, the Company wrote off accounts receivable of $0.1 million and straight-line rents receivable of $0.1 million as an adjustment to the opening balance of accumulated deficit, and accordingly rent for these tenants is currently recorded on a cash basis. • Indirect leasing costs in connection with new or extended tenant leases, if any, are being expensed. Under prior accounting guidance, the recognition would have been deferred. Lessee Accounting The Company was a lessee under leases for 17 properties including capital leases of land and building as of January 1, 2019 and because the Company has elected the practical expedients described above, it determined that 11 of these leases would continue to be classified as operating leases under the new standard. The following is a summary of the most significant impacts to the Company of the new accounting guidance, as lessee: • Upon adoption of the new standard, the Company recorded ROU assets and lease liabilities equal to $10.2 million for the present value of the lease payments related to its ground leases. These amounts are included in operating lease right-of-use assets and operating lease liabilities on the Company’s consolidated balance sheet as of December 31, 2019. • The Company also reclassified $0.5 million related to amounts previously reported as a straight-line rent liability and $4.8 million, net related to amounts previously reported as above and below market ground lease intangibles to the ROU assets. For additional information and disclosures related to these operating leases, see Note 16 — Commitments and Contingencies. Other Accounting Pronouncements In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities , to better align cash flow and fair value hedge accounting with the corresponding risk management activities. Among other things, the amendments expand which hedging strategies are eligible for hedge accounting, align the timing of recognition of hedge results with the earnings effect of the hedged item and allow companies to include the change in fair value of the derivative in the same income statement line item as the earnings effect of the hedged item. Additionally, for cash flow hedges that are highly effective, the update allows for all changes in fair value of the derivative to be recorded in other comprehensive income. The Company has adopted ASU 2017-12 on January 1, 2019, as required under the guidance, using a modified retrospective transition method and the adoption did not have a material impact on its consolidated financial statements. 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. Adopted as of January 1, 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 adopted the new guidance on January 1, 2021 and determined it did not have a material impact on its consolidated financial statements. Not yet Adopted as of December 31, 2021 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) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Lessor, Operating Lease, Payments to be Received, Maturity | The following table presents future base rent payments on a cash basis due to the Company as of December 31, 2021 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. (In thousands) Future 2022 $ 105,694 2023 94,047 2024 85,918 2025 75,192 2026 67,200 Thereafter 221,313 Total $ 649,364 |
Schedule of Components of Income Tax Benefit (Expense) | The following table details the composition of the Company’s tax (expense) benefit for the years ended December 31, 2021, 2020 and 2019, which includes U.S. federal and state income taxes incurred by the Company’s TRS. The Company estimated its income tax (expense) benefit relating to its TRS using a combined federal and state rate of approximately 0.0%, (105.8)% and 26.4%for the years ended December 31, 2021, 2020 and 2019, respectively. These income taxes are reflected in income tax (expense) benefit on the accompanying consolidated statements of operations and comprehensive loss. Year Ended December 31, 2021 2020 2019 (In thousands) Current Deferred Current Deferred Current Deferred Federal (expense) benefit $ — $ (319) $ 726 $ — $ — $ (155) State (expense) benefit (203) (163) (196) 50 (176) (68) Deferred tax asset valuation allowance — 482 — (4,641) — — Total income tax benefit (expense) $ (203) $ — $ 530 $ (4,591) $ (176) $ (223) |
Real Estate Investments, Net (T
Real Estate Investments, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The following table presents the allocation of the assets acquired and liabilities assumed, as well as development costs during the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, (In thousands) 2021 2020 2019 Real estate investments, at cost: Land $ 12,848 $ 7,665 $ 6,356 Buildings, fixtures and improvements 121,376 90,699 68,903 Development costs — — 5,721 Total tangible assets 134,224 98,364 80,980 Acquired intangibles: In-place leases and other intangible assets (1) 28,499 10,369 11,777 Market lease and other intangible assets (1) 794 496 724 Market lease liabilities (1) (1,639) (362) (1,483) Total intangible assets and liabilities 27,654 10,503 11,018 Mortgage notes payable, net — (13,883) — Issuance of Series A Preferred OP Units (2,578) — — Cash paid for real estate investments, including acquisitions $ 159,300 $ 94,984 $ 91,998 Number of properties purchased 17 9 9 _______________ (1) Weighted-average remaining amortization periods for in-place leases, above-market leases and below market leases acquired were 11.2, 10.2 years and 8.5 years, respectively, as of December 31, 2021. Weighted-average remaining amortization periods for in-place leases and above-market leases acquired were 1.7 years, 7.7 years and 7.4 years, respectively, as of December 31, 2020. |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The following table lists the states where the Company had concentrations of properties where annualized rental income on a straight-line basis represented 10% or more of consolidated annualized rental income on a straight-line basis for all properties as of December 31, 2021, 2020 and 2019: December 31, State 2021 2020 2019 Florida (1) 17.7% 20.6% 25.2% Michigan (2) * * 10.9% Pennsylvania * 10.4 * _______________ * State’s annualized rental income on a straight-line basis was not greater than 10% of total annualized rental income for all portfolio properties as of the period specified. (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 Acquired Finite-Lived Intangible Assets by Major Class | Acquired intangible assets and liabilities consisted of the following as of the periods presented: December 31, 2021 December 31, 2020 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 264,741 $ 183,073 $ 81,668 $ 241,097 $ 172,648 $ 68,449 Market lease assets 14,164 11,212 2,952 14,116 10,845 3,271 Other intangible assets 9,467 1,006 8,461 20,802 1,171 19,631 Total acquired intangible assets $ 288,372 $ 195,291 $ 93,081 $ 276,015 $ 184,664 $ 91,351 Intangible liabilities: Market lease liabilities $ 23,472 $ 12,529 $ 10,943 $ 22,109 $ 11,306 $ 10,803 |
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 of above-and below-market ground leases, for the periods presented: Year Ended December 31, (In thousands) 2021 2020 2019 Amortization of in-place leases and other intangible assets (1) $ 15,071 $ 15,121 $ 15,559 Accretion of above-and below-market leases, net (2) $ (422) $ (257) $ (247) Amortization of above-and below-market ground leases, net (3) $ 214 $ 178 $ 86 ________ (1) Reflected within depreciation and amortization expense. (2) Reflected within revenue from tenants. (3) Reflected within property operating and maintenance expense. Upon adoption of ASC 842 effective January 1, 2019, intangible balances related to ground leases were reclassified to be included as part of the Operating lease right-of-use assets presented on the consolidated balance sheet with no change to placement of the amortization expense of such balances. Refer to Note 2 — Summary of Significant Accounting Policies for additional details. |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table provides the projected amortization and adjustments to revenue from tenants for the next five years: (In thousands) 2022 2023 2024 2025 2026 In-place lease assets $ 14,324 $ 12,227 $ 10,691 $ 9,103 $ 8,052 Other intangible assets 10 10 10 10 10 Total to be added to amortization expense $ 14,334 $ 12,237 $ 10,701 $ 9,113 $ 8,062 Above-market lease assets $ (814) $ (468) $ (389) $ (336) $ (302) Below-market lease liabilities 1,625 1,512 1,294 1,103 941 Total to be added to revenue from tenants $ 811 $ 1,044 $ 905 $ 767 $ 639 |
Real Estate Sales | The following table summarizes the properties sold during the years ended December 31, 2021, 2020 and 2019: (In thousands) Disposition Date Contract Sale Price Gain (Loss) 2021 Dispositions: Hampton River Portfolio (two properties) December 21, 2021 $ 37,800 $ 1,323 NuVista Jupiter (1) May 14, 2021 65,000 2,383 Wellington Green (2) May 14, 2021 30,750 114 Michigan SHOPs (four properties) (3) January 15, 2021 — (172) Totals $ 133,550 $ 3,648 2020 Dispositions: Lutz (4) December 15, 2020 $ 20,000 $ 3,832 Michigan SHOPs (seven properties) (3) November 2, 2020 11,750 (908) Cape Girardeau March 19, 2020 8,600 2,306 Totals $ 40,350 $ 5,230 2019 Dispositions: New York Six MOBs (one property) August 22, 2019 $ 13,600 $ 2,883 Ocean Park (5) August 1, 2019 3,600 (152) New York Six MOBs (five properties) February 6, 2019 45,000 6,059 Totals $ 62,200 $ 8,790 ______ (1) Impairment charges of $14.6 million and $19.8 million were recorded during the years ended December 31, 2020 and 2019, respectively. (2) Impairment charges of $0.9 million, $2.3 million and $9.9 million were recorded during the years ended December 31, 2021, 2020 and 2019, respectively. (3) Impairment charges of $19.6 million and $22.6 million were recorded during the years ended December 31, 2020 and 2019, respectively. The contract sales price for all 11 properties was received in November of 2020. Loss on sale amounts relate to the properties transferred at the respective dates. (4) Impairment charges of $3.6 million were recorded during the year ended December 31, 2019. (5) Impairment charges of $19,000 were recorded during the year ended December 31, 2019. The following is a summary of impairments taken during the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, (In thousands) 2021 2020 2019 Assets held for sale $ — $ 19,570 $ 22,634 Assets held for use 40,951 16,876 33,335 Total $ 40,951 $ 36,446 $ 55,969 |
Schedule of Assets Held for Sale | The following table details the major classes of assets associated with the properties that have been classified as held for sale as of December 31, 2020: December 31, (In thousands) 2020 (1) Land $ 145 Buildings, fixtures and improvements (55) Assets held for sale $ 90 _____ |
Mortgage Notes Payable, Net (Ta
Mortgage Notes Payable, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following table reflects the Company’s mortgage notes payable as of December 31, 2021 and 2020: Portfolio Encumbered Properties Outstanding Loan Amount as of December 31, Effective Interest Rate (1) as of December 31, Interest Rate 2021 2020 2021 2020 Maturity (In thousands) (In thousands) Palm Valley Medical Plaza - Goodyear, AZ 1 $ 2,879 $ 2,998 4.15 % 4.15% Fixed Jun. 2023 Medical Center V - Peoria, AZ 1 2,684 2,786 4.75 % 4.75% Fixed Sep. 2023 Fox Ridge Bryant - Bryant, AR 1 6,977 7,133 3.98 % 3.98% Fixed May 2047 Fox Ridge Chenal - Little Rock, AR 1 16,024 16,390 2.95 % 3.98% Fixed May 2049 Fox Ridge North Little Rock - North Little Rock, AR 1 9,943 10,170 2.95 % 3.98% Fixed May 2049 Capital One MOB Loan 41 378,500 378,500 3.71 % 3.71% Fixed (2) Dec. 2026 Multi-Property CMBS Loan 21 118,700 118,700 4.60 % 4.60% Fixed May 2028 Shiloh - Illinois (3) 1 13,384 13,684 4.34 % 4.34% Fixed March 2026 BMO CMBS 9 42,750 — 2.89 % —% Fixed Dec. 2031 Gross mortgage notes payable 77 591,841 550,361 3.82 % 3.94% Deferred financing costs, net of accumulated amortization (4) (6,186) (6,191) Mortgage premiums and discounts, net (1,416) (1,472) Mortgage notes payable, net $ 584,239 $ 542,698 __________ (1) Calculated on a weighted average basis for all mortgages outstanding as of December 31, 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. (2) Variable rate loan, based on 30-day LIBOR, which is fixed as a result of entering into “pay-fixed” interest rate swap agreements. 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). (3) The Company assumed this fixed rate mortgage when it acquired a property during the year ended December 31, 2020. (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, Net (Tables)
Credit Facilities, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Credit Facilities | The Company had the following credit facilities outstanding as of December 31, 2021 and 2020: Outstanding Facility Amount as of December 31, Effective Interest Rate as of December 31, (9)(10) Credit Facility Encumbered Properties (1) 2021 2020 2021 2020 Interest Rate Maturity (In thousands) (In thousands) Credit Facility: Revolving Credit Facility $ — $ 173,674 — % 3.21 % Variable Mar. 2023 (8) Term Loan 150,000 150,000 4.11 % 4.95 % Variable (6) Mar. 2024 Deferred financing costs (2,994) (4,298) Term Loan, net 147,006 145,702 Total Credit Facility 92 (2) $ 147,006 $ 319,376 Fannie Mae Master Credit Facilities: Capital One Facility 11 (3) $ 212,417 $ 212,467 2.51 % 2.60 % Variable (7) Nov. 2026 KeyBank Facility 10 (4) 142,628 142,708 2.56 % 2.65 % Variable (7) Nov. 2026 Total Fannie Mae Master Credit Facilities 21 $ 355,045 $ 355,175 Total Credit Facilities 113 $ 502,051 $ 674,551 3.00 % (5) 3.29 % (5) _______ (1) Encumbered properties are as of December 31, 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 December 31, 2021 with a carrying value of $346.2 million. (4) Secured by first-priority mortgages on ten of the Company’s seniors housing properties located in, Missouri, Kansas, California, Florida, Georgia and Iowa as of December 31, 2021 with carrying value of $255.0 million. (5) Calculated on a weighted average basis for all credit facilities outstanding as of December 31, 2021 and 2020, respectively. For the LIBOR based loans that have not been fixed, the LIBOR rate in effect at the balance sheet date was utilized. For LIBOR based loans that have been fixed, the effective rate after consideration of the interest rate swap was utilized. See Note 7 — Derivatives and Hedging Activities for additional details. (6) Variable rate loan, based on LIBOR, all of which was fixed as a result of entering into “pay-fixed” interest rate swap agreements (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) The company has the option to extend maturity one year to March 2024 subject to certain conditions. (9) Effective interest rate below for variable rate debt gives effect to any “Pay-fixed” swap entered into by the Company allocated to the loan for presentation purposes. If no “Pay-fixed” swaps are allocated, the effective interest rate below represents the variable rate (or contractual floor if appropriate) and the applicable margin in effect as of December 31, 2021 and 2020. Interest rate caps are not considered unless the cap is currently in effect. (10) The Company has interest “Pay-fixed” swaps which are designated as cash flow hedges on outstanding combined borrowings. To present average rates in the table above, the Company historically allocated the $50.0 million notional amount of a “Pay-fixed” swap to its Revolving Credit Facility with any remaining notional amounts applied to its Capital One Fannie Mae Facility. As of December 31, 2021, all $50.0 million of the “Pay-fixed” swap was allocated to the Capital One Fannie Mae Facility because there were no outstanding borrowings under the Revolving Credit Facility. As of December 31, 2020, all $50.0 million of the ‘Pay-fixed” swap was allocated to the Revolving Credit Facility. All other “Pay-fixed” swaps were allocated to the Capital One MOB mortgage loan and the Term Loan consistently for both December 31, 2021 and 2020. |
Schedule of Maturities of Long-term Debt | The following table summarizes the scheduled aggregate principal payments for the five years subsequent to December 31, 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 2022 $ 1,331 $ 2,820 $ 4,151 2023 6,469 4,497 10,966 2024 1,178 4,497 5,675 2025 1,221 4,497 5,718 2026 391,442 154,122 545,564 Thereafter 190,200 334,612 524,812 Total $ 591,841 $ 505,045 $ 1,096,886 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring | The following table presents information about the Company’s assets and liabilities measured at fair value as of December 31, 2021 and 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 December 31, 2021 Derivative assets, at fair value $ — $ 174 $ — $ 174 Derivative liabilities, at fair value — (13,903) — (13,903) Total $ — $ (13,729) $ — $ (13,729) December 31, 2020 Derivative assets, at fair value $ — $ 13 $ — $ 13 Derivative liabilities, at fair value (38,389) (38,389) Total $ — $ (38,376) $ — $ (38,376) |
Fair Value, by Balance Sheet Grouping | The fair values of the Company’s remaining financial instruments that are not reported at fair value on the consolidated balance sheets are reported below: December 31, 2021 December 31, 2020 (In thousands) Level Carrying Amount Fair Value Carrying Amount Fair Value Gross mortgage notes payable and mortgage 3 $ 590,425 $ 594,348 $ 548,889 $ 549,553 Credit Facility 3 $ 150,000 $ 148,817 $ 323,674 $ 319,558 Fannie Mae Master Credit Facilities 3 $ 355,045 $ 350,710 $ 355,175 $ 354,073 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2021 and 2020: December 31, (In thousands) Balance Sheet Location 2021 2020 Derivatives designated as hedging instruments: Interest rate “pay-fixed” swaps Derivative liabilities, at fair value $ 13,903 $ 38,389 Derivatives not designated as hedging instruments: Interest rate caps Derivative assets, at fair value $ 174 $ 13 |
Summary of Derivative Instruments | As of December 31, 2021 and 2020, the Company had the following derivatives that were designated as cash flow hedges of interest rate risk: December 31, 2021 December 31, 2020 Interest Rate Derivative 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 Company had the following outstanding interest rate derivatives that were not designated as a hedges in qualifying hedging relationships as of as of December 31, 2021 and 2020: December 31, 2021 December 31, 2020 Interest Rate Derivatives Number of Instruments Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Interest rate caps 9 $ 355,175 6 $ 359,322 |
Schedule of Derivatives Included in AOCI | The table below details the location in the financial statements of the loss recognized on interest rate derivatives designated as cash flow hedges for the periods ended December 31, 2021 and 2020: Year Ended December 31, (In thousands) 2021 2020 2019 Amount of gain (loss) recognized in accumulated other comprehensive (loss) income on interest rate derivatives $ 14,322 $ (40,614) $ (10,753) Amount of (loss) gain reclassified from accumulated other comprehensive income into income as interest expense $ (11,010) $ (7,999) $ 872 Total amount of interest expense presented in the $ 47,900 $ 51,519 $ 56,059 |
Offsetting Assets | The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of December 31, 2021 and 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 December 31, 2021 $ 174 — — $ 174 — — $ 174 December 31, 2021 $ — (13,903) — $ (13,903) — — $ (13,903) December 31, 2020 $ 13 — — $ 13 — — $ 13 December 31, 2020 $ — (38,389) — $ (38,389) — — $ (38,389) |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Class of Treasury Stock | The table below reflects the number of shares repurchased and the average price per share (retroactively adjusted for the Stock Dividends), under the SRP and does not include any repurchases under tender offers (see above), cumulatively through December 31, 2021: Number of Shares Repurchased Average Price per Share Cumulative repurchases as of December 31, 2020 4,896,620 $ 20.60 Year ended December 31, 2021 — — Cumulative repurchases as of December 31, 2021 4,896,620 20.60 |
Dividends Declared | The following table details from a tax perspective the portion of distributions classified as a return of capital, capital gain dividend income and ordinary dividend income, per share per annum, for the years ended December 31, 2020 and 2019. All common dividends in the year ended December 31, 2021, and a portion of common dividends issued in the year ended December 31, 2020, were issued as stock dividends, which do not represent taxable dividends to our shareholders for U.S. federal income tax purposes. All dividends paid on the Series A Preferred Stock were considered 100% return of capital for tax purposes for the years ended December 31, 2021 and 2020. There were no dividends paid on the Series B Preferred Stock, as the first dividend payment was made in January, 2022. Year Ended December 31, 2020 2019 Return of capital (1) 100 % $ 0.42 100 % $ 0.83 Capital gain dividend income — % — — % — Ordinary dividend income — % — — % — Total 100.0 % $ 0.42 100.0 % $ 0.83 ________ (1) Amount for December 31, 2020 represents actual cash distributions paid to common shareholders during the year ended 2020, but excludes the stock dividends which do not represent taxable dividends to the Company’s shareholders for U.S. federal income tax purposes. |
Related Party Transactions an_2
Related Party Transactions and Arrangements (Tables) | 12 Months Ended |
Dec. 31, 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: Year Ended December 31, Payable (Receivable) as of 2021 2020 2019 December 31, (In thousands) Incurred Incurred Incurred 2021 2020 One-time fees and reimbursements: Acquisition cost reimbursements $ 90 $ 81 $ 39 $ 23 $ 11 Ongoing fees and reimbursements: Asset management fees 20,710 19,987 19,526 — — Property management fees (5) 3,749 4,197 3,888 24 288 Professional fees and other reimbursements (1) (4) 9,386 12,102 10,073 (70) (61) Professional fees credit due from Advisor (1,030) (1,217) — (859) (3) (1,217) (3) Distributions on Class B Units (2) — 178 305 — — Total related party operation fees and reimbursements $ 32,905 $ 35,328 $ 33,831 $ (882) $ (979) _________ (1) Included in general and administrative expenses in the consolidated statements of operations. Includes $6.2 million and $5.6 million subject to the Capped Reimbursement Amount for the years ended December 31, 2021 and 2020, respectively. (2) Prior to April 1, 2015, the Company caused the OP to issue (subject to periodic approval by the Board) to the Advisor restricted performance-based Class B Units for asset management services. As of December 31, 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 the OP no longer issues any Class B Units. (3) Balance as of December 31, 2021 includes a receivable of $0.9 million from the Advisor related to the overpayment of 2020 Bonus Awards, which, pursuant to authorization by the independent members of the Company’s board of directors, is required to be repaid to the Company on a pro rata basis over a six-month period from November 2021 through April 2022. Balance as of December 31, 2020 includes a $1.2 million from the Advisor related to the overpayment of 2019 Bonus Awards, which was fully repaid as of December 31, 2021. (4) During the year ended December 31, 2019, the Company recorded a reduction of general and administrative expenses in the amount of $0.5 million related to the reversal of a payable balance due to RCS Capital Corporation. During the year ended December 31, 2020 the Company recorded approximately $2.2 million of expense reimbursements to the Advisor for severance payments and related legal costs relating to the termination of its former Chief Executive Officer. (5) Inclusive of $0.3 million of leasing commissions which are included in prepaid expenses and other assets on the consolidated balance sheet as of December 31, 2021 and 2020. |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Restricted Share Award Activity | The following table reflects the amount of restricted shares outstanding as of December 31, 2021 and activity for the period presented: Number of Common Shares Weighted-Average Issue Price Unvested, December 31, 2018 322,242 $ 21.41 Granted 15,000 17.50 Vested (60,001) 21.48 Forfeitures — — Unvested, December 31, 2019 277,241 21.18 Stock Dividend 2,878 15.75 Granted — — Vested (64,735) 21.18 Forfeitures — — Unvested, December 31, 2020 215,384 21.11 Stock dividend 12,646 14.79 Granted — — Vested (68,603) 19.72 Forfeitures — — Unvested, December 31, 2021 159,427 21.21 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table illustrates the changes in accumulated other comprehensive (loss) income as of and for the periods presented: (In thousands) Unrealized Gains (Losses) on Designated Derivative Balance, December 31, 2018 4,582 Other comprehensive income, before reclassifications (10,753) Amounts reclassified from accumulated other comprehensive (loss) income (872) Balance, December 31, 2019 (7,043) Other comprehensive loss, before reclassifications (40,614) Amounts reclassified from accumulated other comprehensive (loss) income 7,999 Rebalancing of ownership percentage (15) Balance, December 31, 2020 (39,673) Other comprehensive loss, before reclassifications 14,322 Amounts reclassified from accumulated other comprehensive (loss) income 11,010 Balance, December 31, 2021 $ (14,341) |
Non-Controlling Interests (Tabl
Non-Controlling Interests (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, (In thousands) 2021 2020 Common OP Units held by third parties $ 3,758 $ 4,016 Series A Preferred Units held by third parties 2,578 — Total Non-controlling Interests in the Operating Partnership 6,336 4,016 Non-controlling Interests in property owning subsidiaries 368 371 Total Non-controlling Interests $ 6,704 $ 4,387 |
Schedule related to Investment Arrangements with Unaffiliated Third Party | The following table summarizes the activity related to investment arrangements with unaffiliated third parties. Third Party Net Investment Amount Non-Controlling Ownership Percentage Net Real Estate Assets Subject to Investment Arrangement Distributions As of December 31, As of December 31, As of December 31, Year Ended December 31, Property Name (Dollar amounts in thousands) Investment Date 2021 2021 2021 2020 2021 2020 2019 Plaza Del Rio Medical Office Campus Portfolio (1) May 2015 $ 368 2.4 % $ 12,925 $ 12,790 $ — $ — $ — _____________ (1) One property within the Plaza Del Rio Medical Office Campus Portfolio was mortgaged as part of the Multi-Property CMBS Loan. See Note 4 - Mortgage Notes Payable for additional information. |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following is a summary of the basic and diluted net loss per share computation for the years ended December 31, 2021, 2020 and 2019 and has been retroactively adjusted to reflect the Stock Dividend (see Note 1 — Organization for additional details): Year Ended December 31, 2021 2020 2019 Net loss attributable to stockholders (in thousands) $ (92,942) $ (78,781) $ (88,087) Basic and diluted weighted-average shares outstanding (1) 100,534,438 100,312,245 100,093,694 Basic and diluted net loss per share (1) $ (0.92) $ (0.79) $ (0.88) (1) Retroactively adjusted for the effects of the Stock Dividends (see Note 1 — Organization |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The amounts in the table below have been retroactively adjusted to reflect the Stock Dividend (see Note 1 — Organization for additional details): December 31, 2021 2020 2019 Unvested restricted shares (1) 202,782 273,151 332,514 OP Units (2) 442,014 442,014 442,014 Class B Units (3) 391,119 391,119 391,119 Total weighted average antidilutive common share equivalents 1,035,915 1,106,284 1,165,647 ________ (1) Weighted average number of antidilutive unvested restricted shares outstanding for the periods presented. There were 159,427, 215,384 and 277,241 unvested restricted shares outstanding as of December 31, 2021, 2020 and 2019, respectively. (2) Weighted average number of antidilutive OP Units held by unaffiliated third parties presented as shares outstanding for the periods presented, at the current conversion rate as retroactively adjusted for the effect of the Stock Dividends. There were 405,998 OP Units outstanding as of December 31, 2021, 2020 and 2019. (3) Weighted average number of antidilutive Class B Units presented as shares outstanding for the periods presented, at the current conversion rate as retroactively adjusted for the effect of the Stock Dividends. There were 359,250 Class B Units outstanding as of December 31, 2021, 2020 and 2019. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables reconcile the segment activity to consolidated net loss for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 (In thousands) Medical Office Buildings Seniors Housing — Operating Properties Consolidated Revenue from tenants $ 122,867 $ 206,488 $ 329,355 Property operating and maintenance 34,480 171,333 205,813 NOI $ 88,387 $ 35,155 123,542 Impairment charges (40,951) Operating fees to related parties (24,206) Acquisition and transaction related (2,714) General and administrative (16,828) Depreciation and amortization (79,926) Gain on sale of real estate investments 3,648 Interest expense (47,900) Interest and other income 61 Loss on non designated derivatives 37 Income tax expense (203) Net income attributable to non-controlling interests 260 Allocation for preferred stock (7,762) Net loss attributable to common stockholders $ (92,942) Year Ended December 31, 2020 (In thousands) Medical Office Buildings Seniors Housing — Operating Properties Consolidated Revenue from tenants $ 119,824 $ 261,788 $ 381,612 Property operating and maintenance 32,812 210,736 243,548 NOI 87,012 51,052 138,064 Impairment charges (36,446) Operating fees to related parties (23,922) Acquisition and transaction related (173) General and administrative (21,572) Depreciation and amortization (81,053) Interest expense (51,519) Interest and other income 44 Gain on sale of real estate investments 5,230 Loss on sale of non-designated derivatives (102) Income tax expense (4,061) Net loss attributable to non-controlling interests (303) Allocation for preferred stock (2,968) Net loss attributable to common stockholders $ (78,781) Year Ended December 31, 2019 (In thousands) Medical Office Buildings Seniors Housing — Operating Properties Consolidated Revenue from tenants $ 114,943 $ 259,971 $ 374,914 Property operating and maintenance 34,123 200,062 234,185 NOI 80,820 59,909 140,729 Impairment charges (55,969) Operating fees to related parties (23,414) Acquisition and transaction related (362) General and administrative (20,530) Depreciation and amortization (81,032) Gain on sale of real estate investment 8,790 Interest expense (56,059) Interest and other income 7 Loss on non-designated derivatives (68) Income tax expense (399) Net loss attributable to non-controlling interests 393 Allocation for preferred stock (173) Net loss attributable to common stockholders $ (88,087) The following table reconciles the segment activity to consolidated total assets as of the periods presented: December 31, (In thousands) 2021 2020 ASSETS Investments in real estate, net: Medical office and other healthcare-related buildings $ 1,149,241 $ 1,121,898 Seniors housing — operating properties 900,686 987,050 Total investments in real estate, net 2,049,927 2,108,948 Cash and cash equivalents 59,738 72,357 Restricted cash 25,644 17,989 Assets held for sale — 90 Derivative assets, at fair value 174 13 Straight-line rent receivable, net 23,858 23,322 Operating lease right-of-use asset 7,914 13,912 Prepaid expenses and other assets 32,564 34,932 Deferred costs, net 14,581 15,332 Total assets $ 2,214,400 $ 2,286,895 The following table reconciles capital expenditures by reportable business segments, excluding corporate non-real estate expenditures, for the periods presented: Year Ended December 31, (In thousands) 2021 2020 2019 Medical office and other healthcare-related buildings $ 6,152 $ 8,561 $ 5,705 Seniors housing — operating properties 12,919 12,833 11,014 Total capital expenditures $ 19,071 $ 21,394 $ 16,719 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Operating Lease, Liability, Maturity | Future Base Rent Payments (In thousands) Operating Leases Direct Financing Leases (1) 2022 $ 642 $ 86 2023 645 88 2024 632 90 2025 588 92 2026 599 95 Thereafter 22,560 7,321 Total minimum lease payments 25,666 7,772 Less: amounts representing interest (17,536) (2,934) Total present value of minimum lease payments $ 8,130 $ 4,838 _______ Accounts Payable and accrued expenses |
Finance Lease, Liability, Maturity | Future Base Rent Payments (In thousands) Operating Leases Direct Financing Leases (1) 2022 $ 642 $ 86 2023 645 88 2024 632 90 2025 588 92 2026 599 95 Thereafter 22,560 7,321 Total minimum lease payments 25,666 7,772 Less: amounts representing interest (17,536) (2,934) Total present value of minimum lease payments $ 8,130 $ 4,838 _______ Accounts Payable and accrued expenses |
Organization (Details)
Organization (Details) ft² in Millions | Jan. 03, 2022shares | Oct. 01, 2020shares | Jan. 31, 2022shares | Oct. 31, 2021shares | Jul. 31, 2021shares | Apr. 30, 2021shares | Jan. 31, 2021shares | Oct. 31, 2020shares | Sep. 30, 2021segment | Dec. 31, 2021segmentland_parcelcontractorpropertyshares | Dec. 31, 2020segment | Dec. 31, 2019segment | Dec. 31, 2021state | Dec. 31, 2021ft² | Dec. 31, 2021encumbered_property |
Class of Stock [Line Items] | |||||||||||||||
Number of reportable segments | segment | 3 | 2 | 2 | 2 | |||||||||||
Number of real estate properties | 202 | 113 | |||||||||||||
Number of states properties are located in | state | 33 | ||||||||||||||
Area of real estate property | ft² | 9.2 | ||||||||||||||
Number of senior housing communities | property | 54 | ||||||||||||||
Number of independent contractors | contractor | 6 | ||||||||||||||
Number of land parcels | land_parcel | 2 | ||||||||||||||
Stock dividends (in shares) | 0.01349 | 0.014655 | 0.014655 | 0.014655 | 0.01349 | 0.01349 | 0.08871 | ||||||||
Distributions declared in common stock (in shares) | 6,754,203 | ||||||||||||||
Issuance of preferred stock, net (in shares) | 0 | ||||||||||||||
Subsequent Event | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Stock dividends (in shares) | 0.014655 | 0.014655 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) | Jan. 01, 2019USD ($)leaseproperty | Mar. 31, 2020USD ($) | Sep. 30, 2021segment | Dec. 31, 2021USD ($)segmentleaseproperty | Dec. 31, 2020USD ($)leasesegment | Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 01, 2018USD ($) |
Schedule of Shares Repurchased [Line Items] | ||||||||||
Overstatement of previously recorded tax benefits, deferred tax assets and net income | $ 800,000 | $ 300,000 | $ 200,000 | |||||||
Interest expense | $ 47,900,000 | $ 51,519,000 | $ 56,059,000 | |||||||
Rent collection percentage | 100.00% | |||||||||
Proceeds from government assistance | $ 5,100,000 | |||||||||
Remaining lease term | 4 years 10 months 24 days | |||||||||
Operating lease impairment loss | $ 1,100,000 | 2,700,000 | $ 6,500,000 | |||||||
Assets held for sale | $ 0 | $ 90,000 | ||||||||
Number of reportable segments | segment | 3 | 2 | 2 | 2 | ||||||
Money market funds | $ 0 | $ 0 | ||||||||
Cash and cash equivalents | 59,738,000 | 72,357,000 | $ 95,691,000 | |||||||
Cash in excess of FDIC limit | $ 46,200,000 | $ 57,000,000 | ||||||||
Number of senior housing communities | property | 54 | |||||||||
Number of intercompany leases modified | lease | 25 | |||||||||
Deferred tax asset, net | $ 4,200,000 | $ 4,600,000 | ||||||||
Effective income tax rate | 0.00% | (105.80%) | 26.40% | |||||||
Number of properties receiving grants | property | 4 | |||||||||
Number of operating lease contracts | lease | 11 | 7 | ||||||||
Operating lease right-of-use assets | $ 7,914,000 | $ 13,912,000 | ||||||||
Operating lease liabilities | 8,130,000 | 9,155,000 | ||||||||
Operating lease costs | 900,000 | 900,000 | $ 1,000,000 | |||||||
Total present value of minimum lease payments | 4,838,000 | |||||||||
Domestic Tax Authority | ||||||||||
Schedule of Shares Repurchased [Line Items] | ||||||||||
Operating loss carryforwards | $ 13,300,000 | $ 7,600,000 | ||||||||
COVID19 Pandemic | ||||||||||
Schedule of Shares Repurchased [Line Items] | ||||||||||
Financial relief funds | 3,600,000 | |||||||||
Credit Facilities | ||||||||||
Schedule of Shares Repurchased [Line Items] | ||||||||||
Interest expense | 0 | |||||||||
Credit Facilities | Revision of Prior Period, Adjustment | ||||||||||
Schedule of Shares Repurchased [Line Items] | ||||||||||
Interest expense | 300,000 | |||||||||
Revolving Credit Facility | Credit Facilities | ||||||||||
Schedule of Shares Repurchased [Line Items] | ||||||||||
Line of credit facility | $ 95,000,000 | |||||||||
Minimum | ||||||||||
Schedule of Shares Repurchased [Line Items] | ||||||||||
Lease intangibles, lease-up period | 6 months | |||||||||
Maximum | ||||||||||
Schedule of Shares Repurchased [Line Items] | ||||||||||
Lease intangibles, lease-up period | 24 months | |||||||||
Building | ||||||||||
Schedule of Shares Repurchased [Line Items] | ||||||||||
Useful life | 40 years | |||||||||
Land Improvements | ||||||||||
Schedule of Shares Repurchased [Line Items] | ||||||||||
Useful life | 15 years | |||||||||
Fixtures and improvements | Minimum | ||||||||||
Schedule of Shares Repurchased [Line Items] | ||||||||||
Useful life | 7 years | |||||||||
Fixtures and improvements | Maximum | ||||||||||
Schedule of Shares Repurchased [Line Items] | ||||||||||
Useful life | 10 years | |||||||||
Land and Building | ||||||||||
Schedule of Shares Repurchased [Line Items] | ||||||||||
Number of operating lease contracts | property | 17 | |||||||||
Accounting Standards Update 2016-02 | ||||||||||
Schedule of Shares Repurchased [Line Items] | ||||||||||
Written off accounts receivable | $ 100,000 | |||||||||
Straight-line rents receivable | 100,000 | |||||||||
Operating lease right-of-use assets | 10,200,000 | |||||||||
Operating lease liabilities | 10,200,000 | |||||||||
Operating lease costs | 500,000 | |||||||||
Total present value of minimum lease payments | $ 4,800,000 | |||||||||
Seniors Housing Communities | ||||||||||
Schedule of Shares Repurchased [Line Items] | ||||||||||
Ancillary revenue | $ 3,500,000 | $ 13,300,000 | $ 15,400,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Lessor Maturity Schedule) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Accounting Policies [Abstract] | |
2022 | $ 105,694 |
2023 | 94,047 |
2024 | 85,918 |
2025 | 75,192 |
2026 | 67,200 |
Thereafter | 221,313 |
Total | $ 649,364 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Current federal (expense) benefit | $ 0 | $ 726 | $ 0 |
Current state (expense) benefit | (203) | (196) | (176) |
Current (expense) benefit | (203) | 530 | (176) |
Deferred federal (expense) benefit | (319) | 0 | (155) |
Deferred state (expense) benefit | (163) | 50 | (68) |
Deferred tax asset valuation allowance | 482 | (4,641) | 0 |
Deferred (expense) benefit | $ 0 | $ (4,591) | $ (223) |
Real Estate Investments, Net (N
Real Estate Investments, Net (Narrative) (Details) $ in Thousands | Dec. 21, 2021USD ($) | May 14, 2021USD ($) | Jan. 15, 2021USD ($)property | Dec. 16, 2020USD ($) | Nov. 02, 2020USD ($)property | Mar. 19, 2020USD ($)property | Aug. 22, 2019USD ($)property | Feb. 06, 2019USD ($)property | Nov. 30, 2020USD ($)property | Dec. 31, 2021USD ($)property | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($)property | Jun. 30, 2019USD ($) | Sep. 30, 2021USD ($) | Dec. 31, 2021USD ($)property | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)property | Dec. 31, 2021property | Dec. 31, 2021encumbered_property | Apr. 30, 2021USD ($) | Jan. 31, 2021property | Jul. 01, 2020property | Jun. 30, 2020USD ($)property | Apr. 30, 2020USD ($)property | Jan. 31, 2020USD ($)property | Aug. 01, 2019USD ($) | Apr. 01, 2019USD ($) | Mar. 31, 2019property | Mar. 21, 2019USD ($) | Sep. 25, 2018USD ($) | Jul. 26, 2018USD ($) |
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Number of properties purchased | property | 202 | ||||||||||||||||||||||||||||||
Payments to acquire property | $ 159,300 | $ 94,984 | $ 91,998 | ||||||||||||||||||||||||||||
Gain (loss) on sale of real estate investments | 3,648 | 5,230 | 8,790 | ||||||||||||||||||||||||||||
Repayments of credit facility borrowings | 298,804 | 26,091 | 368,300 | ||||||||||||||||||||||||||||
Impairment charges | $ 6,100 | $ 900 | $ 40,951 | 36,446 | 55,969 | ||||||||||||||||||||||||||
Number of real estate properties | 202 | 113 | |||||||||||||||||||||||||||||
LaSalle Tenant | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Number of real estate properties | property | 4 | ||||||||||||||||||||||||||||||
Fannie Mae Master Credit Facilities | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Repayments of credit facility borrowings | $ 4,200 | ||||||||||||||||||||||||||||||
Revolving Credit Facility | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Repayments of credit facility borrowings | $ 17,600 | ||||||||||||||||||||||||||||||
Revolving Credit Facility | Credit Facilities | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Repayments of debt | $ 4,400 | ||||||||||||||||||||||||||||||
Number of real estate properties | property | 92 | ||||||||||||||||||||||||||||||
Credit Facilities | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Number of properties transferred | property | 4 | 3 | |||||||||||||||||||||||||||||
Credit Facilities | Fannie Mae Master Credit Facilities | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Number of real estate properties | property | 21 | ||||||||||||||||||||||||||||||
Credit Facilities | Fannie Mae Master Credit Facilities | Capital One Facility | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Repayments of debt | $ 4,200 | ||||||||||||||||||||||||||||||
Number of real estate properties | property | 11 | ||||||||||||||||||||||||||||||
Fannie Mae Master Credit Facility | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Number of properties transferred | property | 1 | ||||||||||||||||||||||||||||||
Unencumbered Properties | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Number of properties transferred | property | 2 | 1 | |||||||||||||||||||||||||||||
Lutz, Florida | Fair Value | Valuation, Income Approach | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Cash flows and capitalization rates | 9.00% | ||||||||||||||||||||||||||||||
Jupiter, Florida | Fair Value | Valuation, Income Approach | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Cash flows and capitalization rates | 7.00% | ||||||||||||||||||||||||||||||
TEXAS | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Impairment charges | $ 34,000 | ||||||||||||||||||||||||||||||
Wellington, Florida | Fair Value | Valuation, Income Approach | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Cash flows and capitalization rates | 9.00% | ||||||||||||||||||||||||||||||
Disposed by sale | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Contract sale price | $ 133,550 | $ 133,550 | $ 40,350 | 62,200 | |||||||||||||||||||||||||||
Gain (loss) on sale of real estate investments | 3,648 | 5,230 | 8,790 | ||||||||||||||||||||||||||||
Disposed by sale | TEXAS | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Contract sale price | 12,400 | 12,400 | |||||||||||||||||||||||||||||
Disposed by sale | Hampton River Portfolio (two properties) | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Number of properties disposed | property | 2 | ||||||||||||||||||||||||||||||
Contract sale price | $ 37,800 | 37,800 | 37,800 | ||||||||||||||||||||||||||||
Gain (loss) on sale of real estate investments | $ 1,323 | $ 1,300 | |||||||||||||||||||||||||||||
Disposed by sale | Wellington Green | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Contract sale price | $ 30,750 | ||||||||||||||||||||||||||||||
Gain (loss) on sale of real estate investments | 114 | 100 | |||||||||||||||||||||||||||||
Impairment charges | 900 | 2,300 | 9,900 | ||||||||||||||||||||||||||||
Disposed by sale | NuVista Jupiter | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Contract sale price | 65,000 | ||||||||||||||||||||||||||||||
Gain (loss) on sale of real estate investments | $ 2,383 | $ 2,400 | |||||||||||||||||||||||||||||
Impairment charges | 14,600 | 19,800 | |||||||||||||||||||||||||||||
Disposed by sale | New York Six MOBs (five properties) | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Contract sale price | $ 45,000 | ||||||||||||||||||||||||||||||
Gain (loss) on sale of real estate investments | $ 6,059 | ||||||||||||||||||||||||||||||
Disposed by sale | New York Six MOBs (one property) | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Contract sale price | $ 13,600 | ||||||||||||||||||||||||||||||
Gain (loss) on sale of real estate investments | $ 2,883 | ||||||||||||||||||||||||||||||
Assets held for sale | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Impairment charges | 0 | 19,570 | $ 22,634 | ||||||||||||||||||||||||||||
Assets held for sale | Jupiter, Florida | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Number of properties held for sale | property | 3 | ||||||||||||||||||||||||||||||
Assets held for use | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Impairment charges | $ 40,951 | $ 16,876 | $ 33,335 | ||||||||||||||||||||||||||||
Multi-tenant MOB | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Number of properties purchased | property | 5 | ||||||||||||||||||||||||||||||
Single Tenant MOB | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Number of properties purchased | property | 12 | ||||||||||||||||||||||||||||||
Medical Office Buildings | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Payments to acquire property | $ 160,200 | ||||||||||||||||||||||||||||||
Medical Office Buildings | Discontinued Operations, Disposed of by Sale | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Number of properties disposed | property | 2 | ||||||||||||||||||||||||||||||
Medical Office Buildings | Disposed by sale | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Contract sale price | $ 8,600 | ||||||||||||||||||||||||||||||
Gain (loss) on sale of real estate investments | $ 2,306 | ||||||||||||||||||||||||||||||
Medical Office Buildings | Disposed by sale | New York Six MOBs (five properties) | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Number of properties disposed | property | 1 | 5 | |||||||||||||||||||||||||||||
Contract sale price | $ 58,800 | $ 68,000 | |||||||||||||||||||||||||||||
Medical Office Buildings | Assets held for sale | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Number of properties disposed | property | 1 | ||||||||||||||||||||||||||||||
Seniors Housing Communities | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Escrow deposits | $ 800 | ||||||||||||||||||||||||||||||
Impairment charges | $ 19 | ||||||||||||||||||||||||||||||
Seniors Housing Communities | Michigan | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Gain (loss) on sale of real estate investments | $ (200) | ||||||||||||||||||||||||||||||
Escrow deposits | $ 800 | ||||||||||||||||||||||||||||||
Seniors Housing Communities | Disposed by sale | Michigan | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Number of properties disposed | property | 4 | 7 | |||||||||||||||||||||||||||||
Contract sale price | $ 0 | $ 11,750 | |||||||||||||||||||||||||||||
Gain (loss) on sale of real estate investments | $ (172) | $ (908) | |||||||||||||||||||||||||||||
Number of properties held for sale | property | 11 | 11 | 11 | ||||||||||||||||||||||||||||
Impairment charges | $ 19,600 | $ 22,600 | |||||||||||||||||||||||||||||
Seniors Housing Communities | Assets held for sale | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Contract sale price | $ 71,800 | $ 200 | $ 3,500 | $ 3,600 | |||||||||||||||||||||||||||
Number of properties held for sale | property | 11 | 1 | |||||||||||||||||||||||||||||
Non-refundable deposits | $ 300 | $ 1,000 | |||||||||||||||||||||||||||||
Seniors Housing Communities | Assets held for sale | Michigan | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Number of properties disposed | property | 11 | ||||||||||||||||||||||||||||||
Contract sale price | $ 11,800 | ||||||||||||||||||||||||||||||
Number of properties held for sale | property | 4 | 4 | 14 | ||||||||||||||||||||||||||||
Number of properties transferred | property | 7 | 7 | |||||||||||||||||||||||||||||
Seniors Housing Communities | Assets held for sale | Wellington, Florida | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Contract sale price | $ 30,700 | ||||||||||||||||||||||||||||||
Seniors Housing Communities | Assets held for use | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Number of properties held for sale | property | 3 | ||||||||||||||||||||||||||||||
Accumulated depreciation | $ 700 | ||||||||||||||||||||||||||||||
Skilled Nursing Facilities | Florida | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Number of properties held for sale | property | 2 | ||||||||||||||||||||||||||||||
Skilled Nursing Facilities | Disposed by sale | Lutz, Florida | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Contract sale price | 20,000 | ||||||||||||||||||||||||||||||
Gain (loss) on sale of real estate investments | $ 3,832 | ||||||||||||||||||||||||||||||
Impairment charges | $ 3,600 | ||||||||||||||||||||||||||||||
Skilled Nursing Facilities | Assets held for sale | Florida | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Number of properties held for sale | property | 2 | ||||||||||||||||||||||||||||||
Wellington, Florida | Assets held for sale | Skilled Nursing Facilities | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Prospective consideration | $ 33,000 | ||||||||||||||||||||||||||||||
Assets held for sale | Jupiter, Florida | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Prospective consideration | 65,000 | ||||||||||||||||||||||||||||||
Lutz, Florida | Assets held for sale | Skilled Nursing Facilities | |||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||
Prospective consideration | $ 20,000 |
Real Estate Investments, Net (A
Real Estate Investments, Net (Acquired Assets) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)property | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)property | |
Real estate investments, at cost: | |||
Issuance of Series A Preferred OP Units | $ (2,578) | $ 0 | $ 0 |
Number of properties purchased | property | 202 | ||
In-place leases and other intangible assets | |||
Real estate investments, at cost: | |||
Weighted-average remaining amortization periods | 11 years 2 months 12 days | 1 year 8 months 12 days | |
Market lease and other intangible assets | |||
Real estate investments, at cost: | |||
Weighted-average remaining amortization periods | 10 years 2 months 12 days | 7 years 8 months 12 days | |
Below market leases | |||
Real estate investments, at cost: | |||
Weighted-average remaining amortization periods | 8 years 6 months | 7 years 4 months 24 days | |
Business acquisitions | |||
Real estate investments, at cost: | |||
Land | $ 12,848 | $ 7,665 | 6,356 |
Buildings, fixtures and improvements | 121,376 | 90,699 | 68,903 |
Development costs | 0 | 0 | 5,721 |
Total tangible assets | 134,224 | 98,364 | 80,980 |
Market lease liabilities | (1,639) | (362) | (1,483) |
Total intangible assets and liabilities | 27,654 | 10,503 | 11,018 |
Mortgage notes payable, net | 0 | (13,883) | 0 |
Cash paid for real estate investments, including acquisitions | $ 159,300 | $ 94,984 | $ 91,998 |
Number of properties purchased | property | 17 | 9 | 9 |
Business acquisitions | In-place leases and other intangible assets | |||
Real estate investments, at cost: | |||
In-place and market leases | $ 28,499 | $ 10,369 | $ 11,777 |
Business acquisitions | Market lease and other intangible assets | |||
Real estate investments, at cost: | |||
In-place and market leases | $ 794 | $ 496 | $ 724 |
Real Estate Investments, Net (G
Real Estate Investments, Net (Geographic Concentrations) (Details) - property | 12 Months Ended | ||||||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2021 | Nov. 30, 2020 | Nov. 02, 2020 | Apr. 30, 2020 | Jan. 31, 2020 | Mar. 31, 2019 | |
Geographic Concentration Risk | Sales Revenue, Net | Florida | |||||||||
Concentration Risk [Line Items] | |||||||||
Concentration risk, percentage | 17.70% | 20.60% | 25.20% | ||||||
Geographic Concentration Risk | Sales Revenue, Net | Michigan | |||||||||
Concentration Risk [Line Items] | |||||||||
Concentration risk, percentage | 10.90% | ||||||||
Geographic Concentration Risk | Sales Revenue, Net | Pennsylvania | |||||||||
Concentration Risk [Line Items] | |||||||||
Concentration risk, percentage | 10.40% | ||||||||
Seniors Housing Communities | Disposed by sale | Michigan | |||||||||
Concentration Risk [Line Items] | |||||||||
Number of properties held for sale | 11 | 11 | 11 | ||||||
Seniors Housing Communities | Assets held for sale | |||||||||
Concentration Risk [Line Items] | |||||||||
Number of properties held for sale | 11 | 1 | |||||||
Seniors Housing Communities | Assets held for sale | Michigan | |||||||||
Concentration Risk [Line Items] | |||||||||
Number of properties held for sale | 4 | 4 | 14 | ||||||
Number of properties transferred | 7 | 7 |
Real Estate Investments, Net (S
Real Estate Investments, Net (Summary of Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Intangible assets: | ||
Gross Carrying Amount | $ 288,372 | $ 276,015 |
Accumulated Amortization | 195,291 | 184,664 |
Net Carrying Amount | 93,081 | 91,351 |
Intangible liabilities: | ||
Gross Carrying Amount | 23,472 | 22,109 |
Accumulated Amortization | 12,529 | 11,306 |
Net Carrying Amount | 10,943 | 10,803 |
In-place leases and other intangible assets | ||
Intangible assets: | ||
Gross Carrying Amount | 264,741 | 241,097 |
Accumulated Amortization | 183,073 | 172,648 |
Net Carrying Amount | 81,668 | 68,449 |
Market lease assets | ||
Intangible assets: | ||
Gross Carrying Amount | 14,164 | 14,116 |
Accumulated Amortization | 11,212 | 10,845 |
Net Carrying Amount | 2,952 | 3,271 |
Other intangible assets | ||
Intangible assets: | ||
Gross Carrying Amount | 9,467 | 20,802 |
Accumulated Amortization | 1,006 | 1,171 |
Net Carrying Amount | $ 8,461 | $ 19,631 |
Real Estate Investments, Net _2
Real Estate Investments, Net (Summary of Amortization and Accretion Recognized) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Accretion of above- and below-market leases, net | $ (198) | $ (80) | $ (4) |
Depreciation and Amortization Expense | In-place leases and other intangible assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization/accretion of market least intangibles | 15,071 | 15,121 | 15,559 |
Rental Income | Above- and below-market leases, net | |||
Finite-Lived Intangible Assets [Line Items] | |||
Accretion of above- and below-market leases, net | (422) | (257) | (247) |
Property Operating and Maintenance Expense | Above-market ground leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization/accretion of market least intangibles | $ 214 | $ 178 | $ 86 |
Real Estate Investments, Net _3
Real Estate Investments, Net (Summary of Intangible Assets and Liabilities Future Amortization Expense) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Amortization Expense | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, amortization expense, 2022 | $ 14,334 |
Finite-lived intangible assets, amortization expense, 2023 | 12,237 |
Finite-lived intangible assets, amortization expense, 2024 | 10,701 |
Finite-lived intangible assets, amortization expense, 2025 | 9,113 |
Finite-lived intangible assets, amortization expense, 2026 | 8,062 |
Rental Income | |
Finite-Lived Intangible Assets [Line Items] | |
Below market leases, amortization income, 2022 | 811 |
Below market leases, amortization income, 2023 | 1,044 |
Below market leases, amortization income, 2024 | 905 |
Below market leases, amortization income, 2025 | 767 |
Below market leases, amortization income, 2026 | 639 |
In-place lease assets | Amortization Expense | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, amortization expense, 2022 | 14,324 |
Finite-lived intangible assets, amortization expense, 2023 | 12,227 |
Finite-lived intangible assets, amortization expense, 2024 | 10,691 |
Finite-lived intangible assets, amortization expense, 2025 | 9,103 |
Finite-lived intangible assets, amortization expense, 2026 | 8,052 |
Other intangible assets | Amortization Expense | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, amortization expense, 2022 | 10 |
Finite-lived intangible assets, amortization expense, 2023 | 10 |
Finite-lived intangible assets, amortization expense, 2024 | 10 |
Finite-lived intangible assets, amortization expense, 2025 | 10 |
Finite-lived intangible assets, amortization expense, 2026 | 10 |
Above-market lease assets | Rental Income | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, amortization expense, 2022 | (814) |
Finite-lived intangible assets, amortization expense, 2023 | (468) |
Finite-lived intangible assets, amortization expense, 2024 | (389) |
Finite-lived intangible assets, amortization expense, 2025 | (336) |
Finite-lived intangible assets, amortization expense, 2026 | (302) |
Below-market lease liabilities | Rental Income | |
Finite-Lived Intangible Assets [Line Items] | |
Below market leases, amortization income, 2022 | 1,625 |
Below market leases, amortization income, 2023 | 1,512 |
Below market leases, amortization income, 2024 | 1,294 |
Below market leases, amortization income, 2025 | 1,103 |
Below market leases, amortization income, 2026 | $ 941 |
Real Estate Investments, Net (R
Real Estate Investments, Net (Real Estate Sales) (Details) $ in Thousands | Dec. 21, 2021USD ($) | May 14, 2021USD ($) | Jan. 15, 2021USD ($)property | Dec. 16, 2020USD ($) | Nov. 02, 2020USD ($)property | Mar. 19, 2020USD ($) | Aug. 22, 2019USD ($)property | Aug. 01, 2019USD ($) | Feb. 06, 2019USD ($)property | Dec. 31, 2021USD ($)property | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2021USD ($)property | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($) | Nov. 30, 2020property | Sep. 25, 2018USD ($) | Jul. 26, 2018USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Gain on sale of real estate investments | $ 3,648 | $ 5,230 | $ 8,790 | ||||||||||||||||
Impairment charges | $ 6,100 | $ 900 | 40,951 | 36,446 | 55,969 | ||||||||||||||
Seniors Housing Communities | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Impairment charges | $ 19 | ||||||||||||||||||
Seniors Housing Communities | Michigan | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Gain on sale of real estate investments | (200) | ||||||||||||||||||
Disposed by sale | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Contract Sale Price | $ 133,550 | 133,550 | 40,350 | 62,200 | |||||||||||||||
Gain on sale of real estate investments | $ 3,648 | 5,230 | 8,790 | ||||||||||||||||
Disposed by sale | Skilled Nursing Facilities | Lutz, Florida | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Contract Sale Price | $ 20,000 | ||||||||||||||||||
Gain on sale of real estate investments | $ 3,832 | ||||||||||||||||||
Impairment charges | 3,600 | ||||||||||||||||||
Disposed by sale | Seniors Housing Communities | Michigan | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Number of properties disposed | property | 4 | 7 | |||||||||||||||||
Contract Sale Price | $ 0 | $ 11,750 | |||||||||||||||||
Gain on sale of real estate investments | $ (172) | $ (908) | |||||||||||||||||
Impairment charges | $ 19,600 | 22,600 | |||||||||||||||||
Number of properties held for sale | property | 11 | 11 | 11 | 11 | |||||||||||||||
Disposed by sale | Medical Office Buildings | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Contract Sale Price | $ 8,600 | ||||||||||||||||||
Gain on sale of real estate investments | $ 2,306 | ||||||||||||||||||
Disposed by sale | Hampton River Portfolio (two properties) | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Number of properties disposed | property | 2 | ||||||||||||||||||
Contract Sale Price | $ 37,800 | $ 37,800 | $ 37,800 | ||||||||||||||||
Gain on sale of real estate investments | $ 1,323 | $ 1,300 | |||||||||||||||||
Disposed by sale | NuVista Jupiter | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Contract Sale Price | $ 65,000 | ||||||||||||||||||
Gain on sale of real estate investments | 2,383 | 2,400 | |||||||||||||||||
Impairment charges | $ 14,600 | 19,800 | |||||||||||||||||
Disposed by sale | Wellington Green | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Contract Sale Price | 30,750 | ||||||||||||||||||
Gain on sale of real estate investments | $ 114 | $ 100 | |||||||||||||||||
Impairment charges | $ 900 | $ 2,300 | $ 9,900 | ||||||||||||||||
Disposed by sale | New York Six MOBs (one property) | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Contract Sale Price | $ 13,600 | ||||||||||||||||||
Gain on sale of real estate investments | $ 2,883 | ||||||||||||||||||
Disposed by sale | Ocean Park | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Contract Sale Price | $ 3,600 | ||||||||||||||||||
Gain on sale of real estate investments | $ (152) | ||||||||||||||||||
Disposed by sale | New York Six MOBs (five properties) | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Contract Sale Price | $ 45,000 | ||||||||||||||||||
Gain on sale of real estate investments | $ 6,059 | ||||||||||||||||||
Disposed by sale | New York Six MOBs (five properties) | Medical Office Buildings | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Number of properties disposed | property | 1 | 5 | |||||||||||||||||
Contract Sale Price | $ 58,800 | $ 68,000 |
Real Estate Investments, Net (I
Real Estate Investments, Net (Impairments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Impairment charges | $ 6,100 | $ 900 | $ 40,951 | $ 36,446 | $ 55,969 |
Assets held for sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Impairment charges | 0 | 19,570 | 22,634 | ||
Assets held for use | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Impairment charges | $ 40,951 | $ 16,876 | $ 33,335 |
Real Estate Investments, Net (H
Real Estate Investments, Net (Held for Sale) (Details) | Dec. 31, 2021USD ($) | Mar. 31, 2021property | Dec. 31, 2020USD ($)property | Apr. 30, 2020property | Jan. 31, 2020property | Mar. 31, 2019property |
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 | $ 90,000 | |||||
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 | 11 | 1 | ||||
Seniors Housing Communities | Assets held for sale | Michigan | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of properties held for sale | property | 4 | 4 | 14 |
Mortgage Notes Payable, Net (Mo
Mortgage Notes Payable, Net (Mortgage Notes) (Details) $ in Thousands | Dec. 31, 2021USD ($)property | Jan. 29, 2021 | Jan. 28, 2021 | Dec. 31, 2020USD ($) | Dec. 20, 2019USD ($)property | Dec. 19, 2019USD ($)property | Jun. 30, 2017USD ($) |
Debt Instrument [Line Items] | |||||||
Outstanding loan amount | $ 1,096,886 | ||||||
Effective Interest Rate | 3.00% | 3.29% | |||||
Mortgage Notes Payable | |||||||
Debt Instrument [Line Items] | |||||||
Encumbered properties | property | 77 | ||||||
Outstanding loan amount | $ 591,841 | $ 550,361 | |||||
Effective Interest Rate | 3.82% | 3.94% | |||||
Deferred financing costs, net of accumulated amortization | $ (6,186) | $ (6,191) | |||||
Mortgage premiums and discounts, net | (1,416) | (1,472) | |||||
Mortgage notes payable, net | $ 584,239 | 542,698 | |||||
Mortgage Notes Payable | Capital One MOB Loan | |||||||
Debt Instrument [Line Items] | |||||||
Encumbered properties | property | 41 | 41 | 31 | ||||
Outstanding loan amount | $ 378,500 | $ 378,500 | $ 378,500 | $ 242,000 | $ 250,000 | ||
Effective Interest Rate | 3.71% | 3.71% | |||||
Mortgage Notes Payable | Multi-Property CMBS Loan | |||||||
Debt Instrument [Line Items] | |||||||
Encumbered properties | property | 21 | ||||||
Outstanding loan amount | $ 118,700 | $ 118,700 | |||||
Effective Interest Rate | 4.60% | 4.60% | |||||
Mortgage Notes Payable | Shiloh - Illinois | |||||||
Debt Instrument [Line Items] | |||||||
Encumbered properties | property | 1 | ||||||
Outstanding loan amount | $ 13,384 | $ 13,684 | |||||
Effective Interest Rate | 4.34% | 4.34% | |||||
Mortgage Notes Payable | BMO CMBS | |||||||
Debt Instrument [Line Items] | |||||||
Encumbered properties | property | 9 | ||||||
Outstanding loan amount | $ 42,750 | $ 0 | |||||
Effective Interest Rate | 2.89% | 0.00% | |||||
Palm Valley Medical Plaza - Goodyear, AZ | Mortgage Notes Payable | |||||||
Debt Instrument [Line Items] | |||||||
Encumbered properties | property | 1 | ||||||
Outstanding loan amount | $ 2,879 | $ 2,998 | |||||
Effective Interest Rate | 4.15% | 4.15% | |||||
Medical Center V - Peoria, AZ | Mortgage Notes Payable | |||||||
Debt Instrument [Line Items] | |||||||
Encumbered properties | property | 1 | ||||||
Outstanding loan amount | $ 2,684 | $ 2,786 | |||||
Effective Interest Rate | 4.75% | 4.75% | |||||
Fox Ridge Bryant - Bryant, AR | Mortgage Notes Payable | |||||||
Debt Instrument [Line Items] | |||||||
Encumbered properties | property | 1 | ||||||
Outstanding loan amount | $ 6,977 | $ 7,133 | |||||
Effective Interest Rate | 3.98% | 3.98% | |||||
Fox Ridge Chenal - Little Rock, AR | Mortgage Notes Payable | |||||||
Debt Instrument [Line Items] | |||||||
Encumbered properties | property | 1 | ||||||
Outstanding loan amount | $ 16,024 | $ 16,390 | |||||
Effective Interest Rate | 2.95% | 2.95% | 3.98% | 3.98% | |||
Fox Ridge North Little Rock - North Little Rock, AR | Mortgage Notes Payable | |||||||
Debt Instrument [Line Items] | |||||||
Encumbered properties | property | 1 | ||||||
Outstanding loan amount | $ 9,943 | $ 10,170 | |||||
Effective Interest Rate | 2.95% | 2.95% | 3.98% | 3.98% |
Mortgage Notes Payable, Net (Na
Mortgage Notes Payable, Net (Narrative) (Details) | Nov. 15, 2021USD ($)property | Dec. 16, 2020USD ($) | Dec. 20, 2019USD ($)property | Dec. 19, 2019USD ($)property | Apr. 10, 2018USD ($)property | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($)instrument | Dec. 31, 2019USD ($)instrument | Dec. 31, 2021property | Dec. 31, 2021 | Dec. 31, 2021instrument | Dec. 31, 2021encumbered_property | Jan. 29, 2021mortgage | Jan. 28, 2021 | Jun. 30, 2017USD ($) |
Debt Instrument [Line Items] | |||||||||||||||
Outstanding loan amount | $ 1,096,886,000 | ||||||||||||||
Repayments of credit facility borrowings | 298,804,000 | $ 26,091,000 | $ 368,300,000 | ||||||||||||
Number of real estate properties | 202 | 113 | |||||||||||||
Number of mortgages receiving interest rate reductions | mortgage | 2 | ||||||||||||||
Effective interest rate | 3.29% | 3.00% | |||||||||||||
Mortgage Notes Payable | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Real estate investments pledged as collateral | 925,300,000 | ||||||||||||||
Outstanding loan amount | 591,841,000 | $ 550,361,000 | |||||||||||||
Effective interest rate | 3.94% | 3.82% | |||||||||||||
Encumbered properties | property | 77 | ||||||||||||||
Mortgage Notes Payable | Fox Ridge Chenal - Little Rock, AR | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Outstanding loan amount | 16,024,000 | $ 16,390,000 | |||||||||||||
Effective interest rate | 3.98% | 2.95% | 2.95% | 3.98% | |||||||||||
Encumbered properties | property | 1 | ||||||||||||||
Mortgage Notes Payable | Fox Ridge North Little Rock - North Little Rock, AR | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Outstanding loan amount | 9,943,000 | $ 10,170,000 | |||||||||||||
Effective interest rate | 3.98% | 2.95% | 2.95% | 3.98% | |||||||||||
Encumbered properties | property | 1 | ||||||||||||||
Mortgage Notes Payable | BMO MOB Loan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Outstanding loan amount | 42,750,000 | $ 0 | |||||||||||||
Debt instrument, face amount | $ 42,800,000 | ||||||||||||||
Effective interest rate | 0.00% | 2.89% | |||||||||||||
Encumbered properties | property | 9 | ||||||||||||||
Mortgage Notes Payable | Capital One MOB Loan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Outstanding loan amount | $ 378,500,000 | $ 242,000,000 | $ 378,500,000 | $ 378,500,000 | $ 250,000,000 | ||||||||||
Effective interest rate | 3.71% | 3.71% | |||||||||||||
Encumbered properties | property | 41 | 31 | 41 | ||||||||||||
Fixed rate | 3.66% | ||||||||||||||
Prepayment penalty, initial twelve months | 3.00% | ||||||||||||||
Prepayment penalty, year two | 2.00% | ||||||||||||||
Prepayment penalty, year three | 1.00% | ||||||||||||||
Prepayment percent of principal amount | 110.00% | ||||||||||||||
Principal amount outstanding limitation to release or replace properties | $ 283,900,000 | ||||||||||||||
Unamortized fees | $ 3,000,000 | ||||||||||||||
Mortgage Notes Payable | Capital One MOB Loan | London Interbank Offered Rate (LIBOR) | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate | 2.00% | 2.50% | |||||||||||||
Mortgage Notes Payable | Multi-Property CMBS Loan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Outstanding loan amount | $ 118,700,000 | $ 118,700,000 | |||||||||||||
Debt instrument, face amount | $ 118,700,000 | ||||||||||||||
Effective interest rate | 4.60% | 4.60% | |||||||||||||
Encumbered properties | property | 21 | ||||||||||||||
Revolving Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Repayments of credit facility borrowings | $ 17,600,000 | ||||||||||||||
Revolving Credit Facility | Capital One MOB Loan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Repayments of credit facility borrowings | $ 61,500,000 | ||||||||||||||
Revolving Credit Facility | Mortgage Notes Payable | BMO MOB Loan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Repayments of credit facility borrowings | $ 37,000,000 | ||||||||||||||
Number of real estate properties | property | 9 | ||||||||||||||
Payments for deposits | $ 2,500,000 | ||||||||||||||
Proceeds from loans | $ 2,400,000 | ||||||||||||||
Revolving Credit Facility | Mortgage Notes Payable | Capital One MOB Loan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Repayments of credit facility borrowings | $ 63,500,000 | ||||||||||||||
Number of real estate properties | property | 12 | ||||||||||||||
Proceeds from loans | $ 127,700,000 | ||||||||||||||
Number of real estate properties, released or replaced | property | 25 | ||||||||||||||
Revolving Credit Facility | Mortgage Notes Payable | Multi-Property CMBS Loan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Repayments of credit facility borrowings | $ 80,000,000 | ||||||||||||||
Number of real estate properties | property | 14 | ||||||||||||||
Payments for deposits | $ 3,800,000 | ||||||||||||||
Proceeds from loans | $ 33,000,000 | ||||||||||||||
Medical Office Buildings | Mortgage Notes Payable | Capital One MOB Loan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Encumbered properties | property | 29 | ||||||||||||||
Unencumbered properties | property | 10 | ||||||||||||||
Triple-net leased healthcare facilities | Mortgage Notes Payable | Capital One MOB Loan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Encumbered properties | property | 2 | ||||||||||||||
Designated as Hedging Instrument | Interest rate swaps | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of instruments terminated | instrument | 2 | 2 | |||||||||||||
Number of instruments | instrument | 9 | 9 | |||||||||||||
Designated as Hedging Instrument | Interest rate swaps | Capital One MOB Loan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of instruments | instrument | 1 |
Credit Facilities, Net (Summary
Credit Facilities, Net (Summary of Credit Facilities) (Details) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2021property | Dec. 31, 2021 | Dec. 31, 2021encumbered_property | Dec. 31, 2020USD ($) |
Line of Credit Facility [Line Items] | |||||
Number of properties | 202 | 113 | |||
Outstanding balance | $ 502,051 | $ 674,551 | |||
Effective interest rate | 3.00% | 3.29% | |||
Credit Facilities | |||||
Line of Credit Facility [Line Items] | |||||
Outstanding balance | 147,006 | $ 319,376 | |||
Fannie Mae Master Credit Facilities | Credit Facilities | |||||
Line of Credit Facility [Line Items] | |||||
Number of properties | property | 21 | ||||
Outstanding balance | 355,045 | 355,175 | |||
Fannie Mae Master Credit Facilities | Capital One Facility | Credit Facilities | |||||
Line of Credit Facility [Line Items] | |||||
Number of properties | property | 11 | ||||
Outstanding balance | 212,417 | $ 212,467 | |||
Effective interest rate | 2.51% | 2.60% | |||
Debt instrument, collateral amount | 346,200 | ||||
Fannie Mae Master Credit Facilities | KeyBank Facility | Credit Facilities | |||||
Line of Credit Facility [Line Items] | |||||
Number of properties | property | 10 | ||||
Outstanding balance | 142,628 | $ 142,708 | |||
Effective interest rate | 2.56% | 2.65% | |||
Debt instrument, collateral amount | 255,000 | ||||
Credit Facilities | Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Number of properties | property | 92 | ||||
Outstanding balance | 0 | $ 173,674 | |||
Effective interest rate | 0.00% | 3.21% | |||
Long-term debt, percentage bearing fixed interest, amount | 50,000 | $ 50,000 | |||
Term Loan | Credit Facilities | |||||
Line of Credit Facility [Line Items] | |||||
Outstanding balance | 150,000 | 150,000 | |||
Deferred financing costs | (2,994) | (4,298) | |||
Term Loan, net | $ 147,006 | $ 145,702 | |||
Effective interest rate | 4.11% | 4.95% |
Credit Facilities, Net (Narrati
Credit Facilities, Net (Narrative) (Details) | Nov. 12, 2021 | Oct. 06, 2021 | Oct. 04, 2021$ / shares | Dec. 16, 2020USD ($) | Aug. 10, 2020USD ($) | Mar. 13, 2019USD ($) | Nov. 30, 2020USD ($)property | Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($) | Nov. 01, 2019USD ($)property | Oct. 31, 2016property |
Line of Credit Facility [Line Items] | ||||||||||||
Real estate investments, at cost | $ 2,612,660,000 | $ 2,621,723,000 | ||||||||||
Credit facilities, net | 502,051,000 | $ 674,551,000 | ||||||||||
Minimum cash, cash equivalents, and borrowing capacity | $ 50,000,000 | |||||||||||
Effective interest rate | 3.00% | 3.29% | ||||||||||
Percent distribution in excess of modified funds from operations | 95.00% | |||||||||||
Stock repurchased, authorized amount | $ 50,000,000 | |||||||||||
Notional amount | $ 88,700,000 | |||||||||||
Sale and transfer of SHOPs | property | 4 | |||||||||||
Repayments of credit facility borrowings | $ 298,804,000 | $ 26,091,000 | $ 368,300,000 | |||||||||
Series A Preferred Stock | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Preferred stock, dividend rate, percentage | 7.375% | 7.375% | ||||||||||
Preferred stock, par value (in usd per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||||||
Series B Preferred Stock | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Preferred stock, dividend rate, percentage | 7.125% | 7.125% | 7.125% | |||||||||
Preferred stock, par value (in usd per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||||||
Commencement Quarter | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Current borrowing capacity, base percent | 62.50% | |||||||||||
Covenant Period July 1, 2020 through June 30, 2021 | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Current borrowing capacity, base percent | 67.50% | |||||||||||
Covenant Period From July 1, 2021 through Commencement Quarter | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Current borrowing capacity, base percent | 65.00% | |||||||||||
Covenant Period After Commencement Quarter | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Current borrowing capacity, base percent | 62.50% | |||||||||||
Minimum | Commencement Quarter | London Interbank Offered Rate (LIBOR) | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Floor interest rate | 0.00% | |||||||||||
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 | 1.50 | 1.60 | ||||||||||
Minimum | Covenant Period After November 12, 2021 | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Fixed charge coverage ratio | 1.50 | |||||||||||
Maximum | Commencement Quarter | London Interbank Offered Rate (LIBOR) | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Floor interest rate | 0.25% | |||||||||||
Unencumbered Properties | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Real estate investments, at cost | $ 110,400,000 | |||||||||||
Revolving Credit Facility | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Repayments of credit facility borrowings | $ 17,600,000 | |||||||||||
Secured Debt | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Remaining borrowing capacity | 236,600,000 | |||||||||||
Secured Debt | Minimum | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Line of credit facility, increase limit | $ 370,000,000 | |||||||||||
Secured Debt | Maximum | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Line of credit facility, increase limit | $ 1,000,000,000 | |||||||||||
Credit Facilities | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Credit facilities, net | 147,006,000 | $ 319,376,000 | ||||||||||
Fannie Mae Master Credit Facilities | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Real estate investments, at cost | 600,000,000 | |||||||||||
Repayments of credit facility borrowings | $ 4,200,000 | |||||||||||
Fannie Mae Master Credit Facilities | Credit Facilities | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Credit facilities, net | 355,045,000 | $ 355,175,000 | ||||||||||
New Credit Facilities | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Real estate investments, at cost | 1,000,000,000 | |||||||||||
New Credit Facilities | Day Prior to Commencement Quarter | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Minimum cash, cash equivalents, and borrowing capacity | 100,000,000 | |||||||||||
New Credit Facilities | Commencement Quarter | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Minimum cash, cash equivalents, and borrowing capacity | $ 30,000,000 | |||||||||||
New Credit Facilities | Minimum | Commencement Quarter | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Current borrowing capacity, base percent | 55.00% | |||||||||||
Fannie Credit Facility | Interest rate caps | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Number of instruments | property | 2 | 2 | ||||||||||
Interest rate cap | 3.50% | |||||||||||
Mortgage Notes Payable | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Real estate investments pledged as collateral | $ 925,300,000 | |||||||||||
Effective interest rate | 3.82% | 3.94% | ||||||||||
Term Loan | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Extension period | 1 year | |||||||||||
Maximum borrowing capacity | $ 480,000,000 | |||||||||||
Term Loan | Minimum | Covenant Period August 10 2020 | London Interbank Offered Rate (LIBOR) | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Interest rate | 1.80% | |||||||||||
Term Loan | Revolving Credit Facility | Minimum | Commencement Quarter | London Interbank Offered Rate (LIBOR) | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Interest rate | 1.55% | |||||||||||
Term Loan | Revolving Credit Facility | Minimum | Commencement Quarter | Base Rate | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Interest rate | 0.30% | |||||||||||
Term Loan | Revolving Credit Facility | Minimum | Covenant Period August 10 2020 | Base Rate | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Interest rate | 0.55% | |||||||||||
Term Loan | Revolving Credit Facility | Maximum | Commencement Quarter | London Interbank Offered Rate (LIBOR) | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Interest rate | 2.30% | |||||||||||
Term Loan | Revolving Credit Facility | Maximum | Commencement Quarter | Base Rate | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Interest rate | 1.05% | |||||||||||
Term Loan | Revolving Credit Facility | Maximum | Covenant Period August 10 2020 | London Interbank Offered Rate (LIBOR) | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Interest rate | 2.55% | |||||||||||
Term Loan | Revolving Credit Facility | Maximum | Covenant Period August 10 2020 | Base Rate | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Interest rate | 1.30% | |||||||||||
Term Loan | Credit Facilities | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Credit facilities, net | $ 150,000,000 | $ 150,000,000 | ||||||||||
Effective interest rate | 4.11% | 4.95% | ||||||||||
Credit Facilities | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Minimum net worth required for compliance | $ 1,200,000 | |||||||||||
Net offering proceeds, percent | 75.00% | |||||||||||
Consolidated tangible net worth | $ 1,600,000 | |||||||||||
Credit Facilities | Revolving Credit Facility | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 630,000,000 | |||||||||||
Credit facilities, net | $ 0 | $ 173,674,000 | ||||||||||
Effective interest rate | 0.00% | 3.21% | ||||||||||
Credit Facilities | Revolving Credit Facility | Minimum | Commencement Quarter | London Interbank Offered Rate (LIBOR) | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Interest rate | 1.60% | |||||||||||
Credit Facilities | Revolving Credit Facility | Minimum | Commencement Quarter | Base Rate | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Interest rate | 0.35% | |||||||||||
Credit Facilities | Revolving Credit Facility | Minimum | Covenant Period August 10 2020 | London Interbank Offered Rate (LIBOR) | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Interest rate | 1.85% | |||||||||||
Credit Facilities | Revolving Credit Facility | Minimum | Covenant Period August 10 2020 | Base Rate | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Interest rate | 0.60% | |||||||||||
Credit Facilities | Revolving Credit Facility | Maximum | Commencement Quarter | London Interbank Offered Rate (LIBOR) | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Interest rate | 2.35% | |||||||||||
Credit Facilities | Revolving Credit Facility | Maximum | Commencement Quarter | Base Rate | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Interest rate | 1.10% | |||||||||||
Credit Facilities | Revolving Credit Facility | Maximum | Covenant Period August 10 2020 | London Interbank Offered Rate (LIBOR) | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Interest rate | 2.60% | |||||||||||
Credit Facilities | Revolving Credit Facility | Maximum | Covenant Period August 10 2020 | Base Rate | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Interest rate | 1.35% |
Credit Facilities, Net (Future
Credit Facilities, Net (Future Principal Payments of Outstanding Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
2022 | $ 4,151 | |
2023 | 10,966 | |
2024 | 5,675 | |
2025 | 5,718 | |
2026 | 545,564 | |
Thereafter | 524,812 | |
Total | 1,096,886 | |
Credit Facilities | ||
Debt Instrument [Line Items] | ||
2022 | 2,820 | |
2023 | 4,497 | |
2024 | 4,497 | |
2025 | 4,497 | |
2026 | 154,122 | |
Thereafter | 334,612 | |
Total | 505,045 | |
Mortgage Notes Payable | ||
Debt Instrument [Line Items] | ||
2022 | 1,331 | |
2023 | 6,469 | |
2024 | 1,178 | |
2025 | 1,221 | |
2026 | 391,442 | |
Thereafter | 190,200 | |
Total | $ 591,841 | $ 550,361 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Assets Measured at Fair Value) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, at fair value | $ 174 | $ 13 |
Derivative liabilities, at fair value | (13,903) | (38,389) |
Total | (13,729) | (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 | |
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 | 174 | 13 |
Derivative liabilities, at fair value | (13,903) | (38,389) |
Total | (13,729) | (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 | |
Total | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Narrative) (Details) | Dec. 31, 2021property |
TEXAS | Assets held for use | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Number of properties held-for-use | 4 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments (Level 3 Inputs) (Details) - Significant Unobservable Inputs Level 3 - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Mortgage Notes Payable | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value disclosure | $ 590,425 | $ 548,889 |
Mortgage Notes Payable | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value disclosure | 594,348 | 549,553 |
Revolving Credit Facility | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value disclosure | 150,000 | 323,674 |
Revolving Credit Facility | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value disclosure | 148,817 | 319,558 |
Fannie Credit Facility | Revolving Credit Facility | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value disclosure | 355,045 | 355,175 |
Fannie Credit Facility | Revolving Credit Facility | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value disclosure | $ 350,710 | $ 354,073 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019USD ($)instrument | Dec. 31, 2021USD ($)instrument | Dec. 31, 2020USD ($)instrument | Dec. 31, 2019USD ($)instrument | Nov. 01, 2019USD ($) | |
Derivative [Line Items] | |||||
Notional Amount | $ 88,700,000 | ||||
Gain (loss) on non-designated derivatives | $ 37,000 | $ (102,000) | $ (68,000) | ||
Derivative, net liability position, aggregate fair value | 13,900,000 | ||||
Aggregate termination value | $ 13,900,000 | ||||
Designated as Hedging Instrument | Interest rate swaps | |||||
Derivative [Line Items] | |||||
Number of instruments | instrument | 9 | 9 | |||
Number of instruments terminated | instrument | 2 | 2 | 2 | ||
Notional Amount | $ 578,500,000 | $ 578,500,000 | |||
Proceeds from sale of interest rate cash flow hedge | $ 2,200,000 | ||||
Designated as Hedging Instrument | Interest rate contract | |||||
Derivative [Line Items] | |||||
Cash flow hedge reclassification current | 400,000 | ||||
Interest Expense | Designated as Hedging Instrument | Interest rate contract | |||||
Derivative [Line Items] | |||||
Cash flow hedge reclassification current | 900,000 | $ 900,000 | |||
Cash flow hedge reclassification in next twelve months | $ 8,400,000 | ||||
Capital One MOB Loan | Designated as Hedging Instrument | Interest rate swaps | |||||
Derivative [Line Items] | |||||
Number of instruments | instrument | 1 | ||||
Notional Amount | 250,000,000 | $ 250,000,000 | |||
Capital One MOB Loan | Interest Expense | Designated as Hedging Instrument | Interest rate contract | |||||
Derivative [Line Items] | |||||
Cash flow hedge reclassification current | $ 2,200,000 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities (Balance Sheet Location) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Gross Amounts of Recognized Liabilities | $ 0 | $ 0 |
Gross Amounts of Recognized Assets | 174 | 13 |
Derivative liabilities, at fair value | Designated as Hedging Instrument | Interest rate swaps | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Liabilities | 13,903 | 38,389 |
Derivative assets, at fair value | Not Designated as Hedging Instrument | Interest rate caps | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | $ 174 | $ 13 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities (Summary of Derivative Instruments) (Details) | Dec. 31, 2021USD ($)instrument | Dec. 31, 2020USD ($)instrument | Nov. 01, 2019USD ($) |
Derivative [Line Items] | |||
Notional Amount | $ 88,700,000 | ||
Designated as Hedging Instrument | Interest rate swaps | |||
Derivative [Line Items] | |||
Number of Instruments | instrument | 9 | 9 | |
Notional Amount | $ 578,500,000 | $ 578,500,000 | |
Not Designated as Hedging Instrument | Interest rate caps | |||
Derivative [Line Items] | |||
Number of Instruments | instrument | 9 | 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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | |||
Amount of gain (loss) recognized in accumulated other comprehensive (loss) income on interest rate derivatives | $ 25,332 | $ (32,630) | $ (11,625) |
Total amount of interest expense presented in the consolidated statements of operations and comprehensive loss | 47,900 | 51,519 | 56,059 |
Designated as Hedging Instrument | Interest rate swaps | |||
Derivative [Line Items] | |||
Amount of gain (loss) recognized in accumulated other comprehensive (loss) income on interest rate derivatives | 14,322 | (40,614) | (10,753) |
Amount of (loss) gain reclassified from accumulated other comprehensive income into income as interest expense | $ (11,010) | $ (7,999) | $ 872 |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities (Offsetting Derivatives) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross Amounts of Recognized Assets | $ 174 | $ 13 |
Gross Amounts of Recognized (Liabilities) | (13,903) | (38,389) |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets presented in the Consolidated Balance Sheet | 174 | 13 |
Net Amounts of Assets presented in the Consolidated Balance Sheet | (13,903) | (38,389) |
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amount | 174 | 13 |
Net Amount | $ (13,903) | $ (38,389) |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 03, 2022 | Oct. 12, 2021 | Oct. 06, 2021 | Oct. 04, 2021 | May 11, 2021 | Oct. 01, 2020 | Feb. 26, 2020 | Jan. 09, 2020 | Oct. 30, 2019 | Mar. 01, 2018 | Apr. 01, 2017 | Feb. 17, 2017 | Jan. 31, 2022 | Oct. 31, 2021 | Jul. 31, 2021 | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | Apr. 30, 2013 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2021 | May 31, 2021 | Sep. 30, 2020 | Sep. 15, 2020 | Dec. 31, 2018 |
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Stock dividends (in shares) | 0.01349 | 0.014655 | 0.014655 | 0.014655 | 0.01349 | 0.01349 | 0.08871 | ||||||||||||||||||||||
Weighted-average price per share (in usd per share) | $ 17.50 | $ 17.50 | $ 0 | $ 20.60 | $ 20.60 | ||||||||||||||||||||||||
Stock repurchase, value | $ 8,800 | $ 1,700 | $ 7,800 | ||||||||||||||||||||||||||
Repurchase price per share, percentage of estimated per-share NAV | 100.00% | ||||||||||||||||||||||||||||
Number of shares repurchased (in shares) | 505,101 | 446,830 | 0 | 4,896,620 | 4,896,620 | ||||||||||||||||||||||||
DRIP, period of notice to alter agreement | 10 days | ||||||||||||||||||||||||||||
Common stock issued through distribution reinvestment plan (in shares) | 900,000 | 1,500,000 | |||||||||||||||||||||||||||
Proceeds from common stock issued through distribution reinvestment plan | $ 14,600 | $ 27,200 | |||||||||||||||||||||||||||
Number of securities called by share purchase right (in shares) | 1 | 1 | |||||||||||||||||||||||||||
Issuance of preferred stock, net (in shares) | 0 | ||||||||||||||||||||||||||||
Distributions declared per share (in usd per share) | $ 0.85 | $ 0.85 | $ 1.45 | $ 1.70 | $ 0.42 | $ 0.83 | |||||||||||||||||||||||
Preferred stock, quarterly dividend rate (in usd per share) | 0.460938 | ||||||||||||||||||||||||||||
Subsequent Event | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Stock dividends (in shares) | 0.014655 | 0.014655 | |||||||||||||||||||||||||||
Public Stock Offering | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Preferred stock, liquidation preference (in usd per share) | $ 25 | ||||||||||||||||||||||||||||
Preferred stock, number of shares issued in public offering | 3,630,000 | ||||||||||||||||||||||||||||
Consideration received on transaction, gross | $ 90,800 | ||||||||||||||||||||||||||||
Issuance of preferred stock, net | $ 86,800 | ||||||||||||||||||||||||||||
Preferred Stock Equity Line | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Sale of stock, net proceeds | $ 300 | ||||||||||||||||||||||||||||
Authorized preferred stock offering, value | $ 15,000 | ||||||||||||||||||||||||||||
Maximum shares per preferred stock offering (in shares) | 3,500 | ||||||||||||||||||||||||||||
Issuance of preferred stock, net (in shares) | 15,000 | ||||||||||||||||||||||||||||
Proceeds from issuance of preferred stock | $ 400 | ||||||||||||||||||||||||||||
Stock issuance costs | $ 1,200 | $ 1,200 | |||||||||||||||||||||||||||
APIC, stock issuance costs | $ 30 | ||||||||||||||||||||||||||||
Public Offering | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Preferred stock, number of shares issued in public offering | 2,352,144 | ||||||||||||||||||||||||||||
Sale of stock, net proceeds | $ 56,000 | ||||||||||||||||||||||||||||
Discount on offering | $ 2,900 | ||||||||||||||||||||||||||||
Over-Allotment Option | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Preferred stock, number of shares issued in public offering | 430,000 | 152,144 | |||||||||||||||||||||||||||
Series A Preferred Stock | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Preferred stock, shares authorized (in shares) | 4,740,000 | 4,740,000 | 4,740,000 | 4,740,000 | |||||||||||||||||||||||||
Preferred stock, additional shares authorized (in shares) | 600,000 | ||||||||||||||||||||||||||||
Preferred stock, shares issued (in shares) | 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 | |||||||||||||||||||||||||
Preferred stock, shares outstanding (in shares) | 3,977,144 | 1,610,000 | 1,610,000 | 3,977,144 | |||||||||||||||||||||||||
Preferred stock, dividend rate (in usd per share) | $ 1.84375 | ||||||||||||||||||||||||||||
Preferred stock, liquidation preference (in usd per share) | $ 25 | $ 25 | |||||||||||||||||||||||||||
Issuance of preferred stock, net | $ 56,265 | $ (59) | $ 37,617 | ||||||||||||||||||||||||||
Series A Preferred Stock | Public Stock Offering | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Preferred stock, shares authorized (in shares) | 1,610,000 | 2,530,000 | |||||||||||||||||||||||||||
Preferred stock, liquidation preference (in usd per share) | $ 25 | $ 25 | |||||||||||||||||||||||||||
Series A Preferred Stock | Delisting | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Preferred stock, dividend rate, percentage | 9.375% | ||||||||||||||||||||||||||||
Preferred stock, dividend rate (in usd per share) | $ 2.34375 | ||||||||||||||||||||||||||||
Increase in preferred stock, dividend rate, percentage | 2.00% | ||||||||||||||||||||||||||||
Series A Preferred Stock | Maximum | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Preferred stock, shares authorized (in shares) | 50,000,000 | ||||||||||||||||||||||||||||
Series B Preferred Stock | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Preferred stock, shares authorized (in shares) | 3,680,000 | 0 | 0 | 3,680,000 | |||||||||||||||||||||||||
Preferred stock, shares issued (in shares) | 3,630,000 | 0 | 0 | 3,630,000 | |||||||||||||||||||||||||
Preferred stock, dividend rate, percentage | 7.125% | 7.125% | 7.125% | ||||||||||||||||||||||||||
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||||||||||||||
Preferred stock, shares outstanding (in shares) | 3,630,000 | 0 | 0 | 3,630,000 | |||||||||||||||||||||||||
Preferred stock, dividend rate (in usd per share) | $ 1.78125 | ||||||||||||||||||||||||||||
Preferred stock, liquidation preference (in usd per share) | $ 25 | $ 25 | |||||||||||||||||||||||||||
Issuance of preferred stock, net | $ 86,819 | ||||||||||||||||||||||||||||
Preferred stock, quarterly dividend rate (in usd per share) | 0.445313 | ||||||||||||||||||||||||||||
Series B Preferred Stock | Public Stock Offering | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Preferred stock, shares authorized (in shares) | 3,680,000 | ||||||||||||||||||||||||||||
Preferred stock, liquidation preference (in usd per share) | $ 25 | $ 25 | |||||||||||||||||||||||||||
Series B Preferred Stock | Delisting | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Preferred stock, dividend rate, percentage | 9.125% | ||||||||||||||||||||||||||||
Preferred stock, dividend rate (in usd per share) | $ 2.28125 | ||||||||||||||||||||||||||||
Increase in preferred stock, dividend rate, percentage | 2.00% | ||||||||||||||||||||||||||||
Tender Offer | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Shares authorized for repurchase (in shares) | 200,000 | ||||||||||||||||||||||||||||
Weighted-average price per share (in usd per share) | $ 8.50 | ||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Common stock, shares outstanding (in shares) | 99,281,754 | 93,775,746 | 92,356,664 | 93,775,746 | 99,281,754 | 91,963,532 | |||||||||||||||||||||||
Common stock issued through distribution reinvestment plan (in shares) | 875,986 | 1,481,395 | |||||||||||||||||||||||||||
Non-controlling Interests | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Preferred units, issued (in shares) | 100,000 | ||||||||||||||||||||||||||||
Preferred unit issuance value | $ 2,600 |
Stockholders' Equity (Stock Red
Stockholders' Equity (Stock Redemption) (Details) - $ / shares | Feb. 26, 2020 | Oct. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 |
Accounting Policies [Abstract] | |||||
Number of shares repurchased (in shares) | 505,101 | 446,830 | 0 | 4,896,620 | 4,896,620 |
Weighted-average price per share (in usd per share) | $ 17.50 | $ 17.50 | $ 0 | $ 20.60 | $ 20.60 |
Stockholders' Equity (Distribut
Stockholders' Equity (Distributions) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Dividends Payable [Line Items] | ||
Dividends, percent | 100.00% | 100.00% |
Dividends paid (in usd per share) | $ 0.42 | $ 0.83 |
Return of capital | ||
Dividends Payable [Line Items] | ||
Dividends, percent | 100.00% | 100.00% |
Dividends paid (in usd per share) | $ 0.42 | $ 0.83 |
Capital gain dividend income | ||
Dividends Payable [Line Items] | ||
Dividends, percent | 0.00% | 0.00% |
Dividends paid (in usd per share) | $ 0 | $ 0 |
Ordinary dividend income | ||
Dividends Payable [Line Items] | ||
Dividends, percent | 0.00% | 0.00% |
Dividends paid (in usd per share) | $ 0 | $ 0 |
Related Party Transactions an_3
Related Party Transactions and Arrangements (Ownership) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||
Common stock held by related party (in shares) | 99,281,754 | 93,775,746 |
Limited partner units (in shares) | 90 | 90 |
Tax Depreciation Deduction | Advisor | ||
Related Party Transaction [Line Items] | ||
Special allocation for tax purposes excess depreciation deductions maximum | $ 10 | |
American Realty Capital Healthcare II Special Limited Partnership, LLC | Special Limited Partner | ||
Related Party Transaction [Line Items] | ||
Common stock held by related party (in shares) | 9,537 | 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 ($) | Feb. 17, 2017 | Jun. 30, 2021USD ($) | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2020USD ($) |
Related Party Transaction [Line Items] | |||||||
Renewal term | 10 years | ||||||
Board of directors voting percentage | 67.00% | ||||||
Period of notice | 45 days | ||||||
Share price, net (in dollars per share) | $ / shares | $ 22.50 | ||||||
Asset threshold for assignment of agreement | $ 100,000 | ||||||
Payable (receivable) | $ (882) | $ (979) | |||||
Advisor | |||||||
Related Party Transaction [Line Items] | |||||||
Shares approved for issuance (in shares) | shares | 359,250 | ||||||
Capped Reimbursement Amount | |||||||
Related Party Transaction [Line Items] | |||||||
Reimbursed fees to related party, capped reimbursement amount | $ 6,200 | 5,600 | |||||
American Realty Capital Healthcare Advisors, LLC | Advance on Loan or Other Investment | Advisor | |||||||
Related Party Transaction [Line Items] | |||||||
Financing advance fees as a percentage of benchmark, expected third party costs | 0.50% | ||||||
Financing advance fees as a percentage of benchmark, expected company portfolio cost | 4.50% | ||||||
American Realty Capital Healthcare Advisors, LLC | Contract Purchase Price | Advisor | |||||||
Related Party Transaction [Line Items] | |||||||
Quarterly asset management fee | 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% | ||||||
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% | ||||||
American Realty Capital Healthcare Advisors, LLC | |||||||
Related Party Transaction [Line Items] | |||||||
Period of notice | 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% | ||||||
Monthly Base Management Fee | American Realty Capital Healthcare Advisors, LLC | |||||||
Related Party Transaction [Line Items] | |||||||
Base management fee of net proceeds | 1.25% | ||||||
Transaction amount | $ 1,625 | ||||||
Quarterly Variable Management Fee, Benchmark One | American Realty Capital Healthcare Advisors, LLC | |||||||
Related Party Transaction [Line Items] | |||||||
Basis of core earnings, percent | 15.00% | ||||||
Basis of core earnings (in usd per share) | $ / 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 (in usd per share) | $ / shares | $ 0.47 | ||||||
Amended and Restated Property Management and Leasing Agreement | |||||||
Related Party Transaction [Line Items] | |||||||
Renewal term | 1 year | ||||||
Period of notice of termination | 90 days | ||||||
Reimbursements of Administrative Services | American Realty Capital Healthcare Advisors, LLC | |||||||
Related Party Transaction [Line Items] | |||||||
Transaction amount | $ 9,400 | 12,100 | $ 10,600 | ||||
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 | Capped Reimbursement Amount | |||||||
Related Party Transaction [Line Items] | |||||||
Reimbursed fees to related party, capped reimbursement amount | $ 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 | ||||||
Third Amended And Restated Advisory Agreement | American Realty Capital Healthcare Advisors, LLC | Consumer Price Index | |||||||
Related Party Transaction [Line Items] | |||||||
Cost of living percent multiplier | 0.030 | ||||||
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] | |||||||
Payable (receivable) | $ 1,200 | $ 1,200 | $ 1,200 | ||||
Term of agreement | 10 months | ||||||
2020 Bonus Awards | |||||||
Related Party Transaction [Line Items] | |||||||
Term of agreement | 10 months | ||||||
2020 Bonus Awards | Advisor | |||||||
Related Party Transaction [Line Items] | |||||||
Transaction amount | $ 1,000 | ||||||
Term of agreement | 6 months | ||||||
Proceeds from related party | $ 200 | ||||||
Severance Payments | |||||||
Related Party Transaction [Line Items] | |||||||
Payable (receivable) | $ 2,200 | $ 2,200 | |||||
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% |
Related Party Transactions an_5
Related Party Transactions and Arrangements (Fees Paid in Connection With the Operations of the Company, Incurred, Forgiven and Payable) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2020 | |
Related Party Transaction [Line Items] | ||||
Expenses incurred | $ 32,905 | $ 35,328 | $ 33,831 | |
Payable (receivable) | (882) | (979) | ||
Reduction of general and administrative expense | (16,828) | (21,572) | (20,530) | |
Acquisition cost reimbursements | ||||
Related Party Transaction [Line Items] | ||||
Expenses incurred | 90 | 81 | 39 | |
Payable (receivable) | 23 | 11 | ||
Asset management fees | ||||
Related Party Transaction [Line Items] | ||||
Expenses incurred | 20,710 | 19,987 | 19,526 | |
Payable (receivable) | 0 | 0 | ||
Property management fees (5) | ||||
Related Party Transaction [Line Items] | ||||
Expenses incurred | 3,749 | 4,197 | 3,888 | |
Payable (receivable) | 24 | 288 | ||
Property management fees (5) | Prepaid Expenses and Other Assets | ||||
Related Party Transaction [Line Items] | ||||
Expenses incurred | 300 | |||
Professional fees and other reimbursements | ||||
Related Party Transaction [Line Items] | ||||
Expenses incurred | 9,386 | 12,102 | 10,073 | |
Payable (receivable) | (70) | (61) | ||
Professional fees and other reimbursements | Revision of Prior Period, Adjustment | ||||
Related Party Transaction [Line Items] | ||||
Reduction of general and administrative expense | 500 | |||
Professional fees credit due from Advisor | ||||
Related Party Transaction [Line Items] | ||||
Professional fees credit due from Advisor | (1,030) | (1,217) | 0 | |
Payable (receivable) | (859) | (1,217) | ||
Distributions on Class B Units | ||||
Related Party Transaction [Line Items] | ||||
Expenses incurred | 0 | 178 | 305 | |
Payable (receivable) | 0 | 0 | ||
2019 Bonus Awards | ||||
Related Party Transaction [Line Items] | ||||
Payable (receivable) | 1,200 | $ 1,200 | $ 1,200 | |
Severance Payments | ||||
Related Party Transaction [Line Items] | ||||
Payable (receivable) | $ 2,200 | 2,200 | ||
Advisor | ||||
Related Party Transaction [Line Items] | ||||
Shares approved for issuance (in shares) | 359,250 | |||
Advisor | 2020 Bonus Awards | ||||
Related Party Transaction [Line Items] | ||||
Due from Affiliates | $ 900 | |||
Capped Reimbursement Amount | ||||
Related Party Transaction [Line Items] | ||||
Reimbursed fees to related party, capped reimbursement amount | $ 6,200 | $ 5,600 |
Related Party Transactions an_6
Related Party Transactions and Arrangements (Fees Paid in Connection with the Liquidation or Listing of the Company's Real Estate Assets) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 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 participation fees as a percentage of benchmark | 15.00% |
Healthcare Trust Special Limited Partnership, LLC | Net Sale Proceeds, after Return of Capital Contributions and Annual Targeted Investor Return | Special Limited Partner | |
Related Party Transaction [Line Items] | |
Subordinated performance fee as a percentage of benchmark | 15.00% |
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 |
Subject Fees (Transition Fee Not in Excess of the Product) | |
Related Party Transaction [Line Items] | |
Fee multiplier | 4 |
Subject Fees | |
Related Party Transaction [Line Items] | |
Fee multiplier | 4.5 |
Change in Control Fee | |
Related Party Transaction [Line Items] | |
Fee multiplier | 4 |
Variable Management - Incentive Fee | |
Related Party Transaction [Line Items] | |
Fee multiplier | 4 |
Equity-Based Compensation (Narr
Equity-Based Compensation (Narrative) (Details) - USD ($) | Jul. 29, 2019 | Aug. 31, 2017 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Restricted Share Plan | Unvested restricted shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum authorized amount as a percentage of shares authorized | 5.00% | ||||
Number of shares authorized (in shares) | 3,600,000 | ||||
Shares granted automatically upon election to board of directors (in shares) | 1,333 | ||||
Restricted share vesting period | 5 years | ||||
Granted (in shares) | 0 | 0 | 15,000 | ||
Nonvested awards, compensation cost not yet recognized | $ 2,700,000 | ||||
Nonvested awards, compensation cost not yet recognized, period for recognition | 2 years 3 months 18 days | ||||
Share-based compensation expense | $ 1,300,000 | $ 1,300,000 | $ 1,300,000 | ||
Amended and Restated RSP | Unvested restricted shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Benchmark basis for issuance | $ 30,000 | ||||
Board chairman | Amended and Restated RSP | Unvested restricted shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted share vesting period | 7 years | ||||
Granted (in shares) | 300,000 | ||||
Independent directors | Amended and Restated RSP | Unvested restricted shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted share vesting period | 5 years | ||||
Granted (in shares) | 25,000 | ||||
Director | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock issued during period, issued for services (in shares) | 0 | 0 | 0 | ||
Director | Restricted Share Plan | Unvested restricted shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted share vesting period | 3 years | ||||
Granted (in shares) | 15,000 |
Equity-Based Compensation (Summ
Equity-Based Compensation (Summary of Share-based Compensation Awards) (Details) - Unvested restricted shares - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Number of Common Shares | |||
Beginning balance (in shares) | 215,384 | 277,241 | |
Ending balance (in shares) | 159,427 | 215,384 | 277,241 |
Restricted Share Plan | |||
Number of Common Shares | |||
Beginning balance (in shares) | 215,384 | 277,241 | 322,242 |
Stock dividend (in shares) | 12,646 | 2,878 | |
Granted (in shares) | 0 | 0 | 15,000 |
Vested (in shares) | (68,603) | (64,735) | (60,001) |
Forfeitures (in shares) | 0 | 0 | 0 |
Ending balance (in shares) | 159,427 | 215,384 | 277,241 |
Weighted-Average Issue Price | |||
Beginning balance (usd per share) | $ 21.11 | $ 21.18 | $ 21.41 |
Stock dividend (usd per share) | 14.79 | 15.75 | |
Granted (usd per share) | 0 | 0 | 17.50 |
Vested (usd per share) | 19.72 | 21.18 | 21.48 |
Forfeitures (usd per share) | 0 | 0 | 0 |
Ending balance (usd per share) | $ 21.21 | $ 21.11 | $ 21.18 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | $ 961,372 | $ 1,106,744 | $ 1,240,934 |
Rebalancing of ownership percentage | 0 | 0 | |
Ending balance | 1,040,400 | 961,372 | 1,106,744 |
Interest rate contract | Designated as Hedging Instrument | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Unamortized portion remaining in accumulated other comprehensive (loss) income | 400 | ||
Unrealized Gains (Losses) on Designated Derivative | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (39,673) | (7,043) | 4,582 |
Other comprehensive income, before reclassifications | 14,322 | (40,614) | (10,753) |
Amounts reclassified from accumulated other comprehensive (loss) income | 11,010 | 7,999 | (872) |
Ending balance | (14,341) | (39,673) | (7,043) |
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (39,673) | (7,043) | 4,582 |
Rebalancing of ownership percentage | (15) | ||
Ending balance | $ (14,341) | $ (39,673) | $ (7,043) |
Non-controlling Interests - Bal
Non-controlling Interests - Balance Sheet Breakdown (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Noncontrolling Interest [Line Items] | ||
Total Non-controlling Interests in the Operating Partnership | $ 6,336 | $ 4,016 |
Non-controlling Interests in property owning subsidiaries | 368 | 371 |
Total Non-controlling Interests | 6,704 | 4,387 |
Common OP Unit | ||
Noncontrolling Interest [Line Items] | ||
Total Non-controlling Interests in the Operating Partnership | 3,758 | 4,016 |
Series A Preferred Unit | ||
Noncontrolling Interest [Line Items] | ||
Total Non-controlling Interests in the Operating Partnership | $ 2,578 | $ 0 |
Non-controlling Interests (Narr
Non-controlling Interests (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 04, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2021 | Nov. 30, 2014 |
Noncontrolling Interest [Line Items] | ||||||
Limited partner units (in shares) | 90 | 90 | ||||
Distributions to non-controlling interest holders | $ 46 | $ 201 | $ 346 | |||
Buyout of non-controlling interest holders | $ 0 | $ 583 | $ 0 | |||
OP Units | ||||||
Noncontrolling Interest [Line Items] | ||||||
Redeemable amount of shares (in shares) | 442,014 | |||||
UnityPoint Clinic Portfolio | ||||||
Noncontrolling Interest [Line Items] | ||||||
Buyout of non-controlling interest holders | $ 600 | |||||
Non-controlling Interests | ||||||
Noncontrolling Interest [Line Items] | ||||||
Limited partner units (in shares) | 405,908 | |||||
Units issued to purchase building | $ 10,100 | |||||
Units issued to fund purchase of A Building (in usd per share) | $ 25 | |||||
Limited partner units, redemption period | 1 year | |||||
Preferred units, issued (in shares) | 100,000 | |||||
Preferred unit, face value (in usd per share) | $ 25 | |||||
Preferred unit issuance value | $ 2,600 | |||||
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Noncontrolling Interest [Line Items] | |||
Third Party Net Investment Amount | $ 6,704 | $ 4,387 | |
Investments in real estate, net | 2,049,927 | 2,108,948 | |
Distributions | 92 | 201 | $ 346 |
Non-controlling Interests | |||
Noncontrolling Interest [Line Items] | |||
Distributions | 92 | 201 | 346 |
Plaza Del Rio Medical Office Campus Portfolio AZ | Non-controlling Interests | |||
Noncontrolling Interest [Line Items] | |||
Third Party Net Investment Amount | 368 | ||
Investments in real estate, net | 12,925 | 12,790 | |
Distributions | $ 0 | $ 0 | $ 0 |
Plaza Del Rio Medical Office Campus Portfolio AZ | Non-controlling Interests | Healthcare Trust Operating Partnership, L.P. | |||
Noncontrolling Interest [Line Items] | |||
Non-Controlling Ownership Percentage | 2.40% |
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 | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Earnings Per Share [Abstract] | ||||
Net loss attributable to stockholders | $ (92,942) | $ (78,781) | $ (88,087) | |
Basic weighted-average shares outstanding (in shares) | [1] | 100,534,438 | 100,312,245 | 100,093,694 |
Diluted weighted-average shares outstanding (in shares) | [1] | 100,534,438 | 100,312,245 | 100,093,694 |
Basic net loss per share (in usd per share) | [1] | $ (0.92) | $ (0.79) | $ (0.88) |
Diluted net loss per share (in usd per share) | [1] | $ (0.92) | $ (0.79) | $ (0.88) |
[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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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) | 1,035,915 | 1,106,284 | 1,165,647 |
Limited partner units (in shares) | 90 | 90 | |
Class B units (in shares) | 359,250 | 359,250 | 359,250 |
Unvested restricted shares | |||
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 202,782 | 273,151 | 332,514 |
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) | 442,014 | 442,014 | 442,014 |
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) | 391,119 | 391,119 | 391,119 |
Unvested restricted shares | |||
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Unvested restricted stock (in shares) | 159,427 | 215,384 | 277,241 |
American Realty Capital Healthcare III Advisors, LLC | Advisor | |||
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 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) - segment | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting [Abstract] | ||||
Number of reportable segments | 3 | 2 | 2 | 2 |
Segment Reporting (Reconciliati
Segment Reporting (Reconciliation of Segment Activity) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||
Revenue from tenants | $ 329,355 | $ 381,612 | $ 374,914 | ||
Property operating and maintenance | 205,813 | 243,548 | 234,185 | ||
NOI | 123,542 | 138,064 | 140,729 | ||
Impairment charges | $ (6,100) | $ (900) | (40,951) | (36,446) | (55,969) |
Operating fees to related parties | (24,206) | (23,922) | (23,414) | ||
Acquisition and transaction related | (2,714) | (173) | (362) | ||
General and administrative | (16,828) | (21,572) | (20,530) | ||
Depreciation and amortization | (79,926) | (81,053) | (81,032) | ||
Gain on sale of real estate investments | 3,648 | 5,230 | 8,790 | ||
Interest expense | (47,900) | (51,519) | (56,059) | ||
Interest and other income | 61 | 44 | 7 | ||
Gain (loss) on non-designated derivatives | 37 | (102) | (68) | ||
Income tax expense | (203) | (4,061) | (399) | ||
Net loss (income) attributable to non-controlling interests | 260 | (303) | 393 | ||
Allocation for preferred stock | (7,762) | (2,968) | (173) | ||
Net loss attributable to common stockholders | (92,942) | (78,781) | (88,087) | ||
Medical Office Buildings | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from tenants | 122,867 | 119,824 | 114,943 | ||
Property operating and maintenance | 34,480 | 32,812 | 34,123 | ||
NOI | 88,387 | 87,012 | 80,820 | ||
Seniors Housing Communities | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from tenants | 206,488 | 261,788 | 259,971 | ||
Property operating and maintenance | 171,333 | 210,736 | 200,062 | ||
NOI | $ 35,155 | $ 51,052 | $ 59,909 |
Segment Reporting (Reconcilia_2
Segment Reporting (Reconciliation of Segment Activity to Assets) (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Real estate investments, at cost: | |||
Investments in real estate, net | $ 2,049,927,000 | $ 2,108,948,000 | |
Cash and cash equivalents | 59,738,000 | 72,357,000 | $ 95,691,000 |
Restricted cash | 25,644,000 | 17,989,000 | |
Assets held for sale | 0 | 90,000 | |
Derivative assets, at fair value | 174,000 | 13,000 | |
Straight-line rent receivable, net | 23,858,000 | 23,322,000 | |
Operating lease right-of-use assets | 7,914,000 | 13,912,000 | |
Prepaid expenses and other assets | 32,564,000 | 34,932,000 | |
Deferred costs, net | 14,581,000 | 15,332,000 | |
Total assets | 2,214,400,000 | 2,286,895,000 | |
Medical Office Buildings | |||
Real estate investments, at cost: | |||
Investments in real estate, net | 1,149,241,000 | 1,121,898,000 | |
Seniors Housing Communities | |||
Real estate investments, at cost: | |||
Investments in real estate, net | $ 900,686,000 | $ 987,050,000 |
Segment Reporting (Reconcilia_3
Segment Reporting (Reconciliation of Capital Expenditures by Segment) (Details) - Operating Segments - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 19,071 | $ 21,394 | $ 16,719 |
Medical Office Buildings | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 6,152 | 8,561 | 5,705 |
Seniors Housing Communities | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 12,919 | $ 12,833 | $ 11,014 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) $ in Thousands | Jan. 01, 2019lease | Dec. 31, 2021USD ($)lease | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Lessee, Lease, Description [Line Items] | ||||
Number of operating lease contracts | lease | 11 | 7 | ||
Number of finance lease contracts | lease | 6 | |||
Term of lease excluded | 2 years 9 months 18 days | |||
Operating lease right-of-use assets | $ 7,914 | $ 13,912 | ||
Operating lease liabilities | $ 8,130 | 9,155 | ||
Remaining lease term | 34 years 10 months 24 days | |||
Weighted average discount rate, percent | 7.35% | |||
Operating lease payments | $ 800 | 800 | ||
Operating lease costs | 900 | $ 900 | $ 1,000 | |
Land | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease right-of-use assets | $ 5,700 | |||
Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Renewal term | 20 years 10 months 24 days | |||
Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Renewal term | 85 years 8 months 12 days |
Commitments and Contingencies_3
Commitments and Contingencies (Schedule of Future Minimum Rental Payments) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Leases | ||
2022 | $ 642 | |
2023 | 645 | |
2024 | 632 | |
2025 | 588 | |
2026 | 599 | |
Thereafter | 22,560 | |
Total minimum lease payments | 25,666 | |
Less: amounts representing interest | (17,536) | |
Operating lease liabilities | 8,130 | $ 9,155 |
Direct Financing Leases | ||
2022 | 86 | |
2023 | 88 | |
2024 | 90 | |
2025 | 92 | |
2026 | 95 | |
Thereafter | 7,321 | |
Total minimum lease payments | 7,772 | |
Less: amounts representing interest | (2,934) | |
Total present value of minimum lease payments | $ 4,838 | |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accounts payable and accrued expenses (including $47 and $299 due to related parties as of December 31, 2021 and 2020, respectively) |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - shares | Jan. 03, 2022 | Oct. 01, 2020 | Jan. 31, 2022 | Oct. 31, 2021 | Jul. 31, 2021 | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | Dec. 31, 2021 |
Subsequent Event [Line Items] | |||||||||
Stock dividends (in shares) | 0.01349 | 0.014655 | 0.014655 | 0.014655 | 0.01349 | 0.01349 | 0.08871 | ||
Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Stock dividends (in shares) | 0.014655 | 0.014655 |
Real Estate and Accumulated D_2
Real Estate and Accumulated Depreciation - Schedule III (Summary of Real Estate Properties) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,301,869 | |||
Land | 212,612 | |||
Building and Improvements | 2,106,359 | |||
Costs capitalized subsequent to acquisition, land | (6,220) | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 11,537 | |||
Gross Amount | 2,324,288 | $ 2,345,708 | $ 2,211,451 | $ 2,296,627 |
Accumulated Depreciation | 367,442 | 328,095 | $ 260,399 | $ 226,167 |
Acquired intangibles | 288,400 | |||
Federal income taxes | 2,200,000 | |||
Accumulated amortization | 195,300 | |||
Secured debt | $ 584,239 | $ 542,698 | ||
Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Useful life | 40 years | |||
Land Improvements | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Useful life | 15 years | |||
Fixtures and improvements | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Useful life | 5 years | |||
Fresenius Medical Care - Winfield, AL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Land | 152 | |||
Building and Improvements | 1,568 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 1,720 | |||
Accumulated Depreciation | 399 | |||
Adena Health Center - Jackson, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 242 | |||
Building and Improvements | 4,494 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 4,736 | |||
Accumulated Depreciation | 990 | |||
Ouachita Community Hospital - West Monroe, LA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 633 | |||
Building and Improvements | 5,304 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 5,937 | |||
Accumulated Depreciation | 1,189 | |||
CareMeridian - Littleton, CO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 976 | |||
Building and Improvements | 8,900 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 111 | |||
Gross Amount | 9,987 | |||
Accumulated Depreciation | 2,798 | |||
Oak Lawn Medical Center - Oak Lawn, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,343 | |||
Land | 835 | |||
Building and Improvements | 7,217 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 25 | |||
Gross Amount | 8,077 | |||
Accumulated Depreciation | 1,806 | |||
Surgery Center of Temple - Temple, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 225 | |||
Building and Improvements | 5,208 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 432 | |||
Gross Amount | 5,865 | |||
Accumulated Depreciation | 1,185 | |||
Greenville Health System - Greenville, SC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 720 | |||
Building and Improvements | 3,045 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 194 | |||
Gross Amount | 3,959 | |||
Accumulated Depreciation | 657 | |||
Stockbridge Family Medical - Stockbridge, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,781 | |||
Land | 823 | |||
Building and Improvements | 1,799 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 165 | |||
Gross Amount | 2,787 | |||
Accumulated Depreciation | 460 | |||
Arrowhead Medical Plaza II - Glendale, AZ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,540 | |||
Land | 0 | |||
Building and Improvements | 9,758 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 2,011 | |||
Gross Amount | 11,769 | |||
Accumulated Depreciation | 2,854 | |||
Village Center Parkway - Stockbridge, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,434 | |||
Land | 1,135 | |||
Building and Improvements | 2,299 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 156 | |||
Gross Amount | 3,590 | |||
Accumulated Depreciation | 709 | |||
Creekside MOB - Douglasville, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,814 | |||
Land | 2,709 | |||
Building and Improvements | 5,320 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 637 | |||
Gross Amount | 8,666 | |||
Accumulated Depreciation | 1,660 | |||
Bowie Gateway Medical Center - Bowie, MD | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,153 | |||
Land | 983 | |||
Building and Improvements | 10,321 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 252 | |||
Gross Amount | 11,556 | |||
Accumulated Depreciation | 2,181 | |||
Campus at Crooks & Auburn Building D - Rochester Mills, MI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,627 | |||
Land | 640 | |||
Building and Improvements | 4,166 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 131 | |||
Gross Amount | 4,937 | |||
Accumulated Depreciation | 975 | |||
Berwyn Medical Center - Berwyn, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,305 | |||
Building and Improvements | 7,559 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 8,864 | |||
Accumulated Depreciation | 1,495 | |||
Countryside Medical Arts - Safety Harbor, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,983 | |||
Land | 915 | |||
Building and Improvements | 7,663 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 60 | |||
Gross Amount | 8,638 | |||
Accumulated Depreciation | 1,645 | |||
St. Andrews Medical Park - Venice, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,119 | |||
Land | 1,666 | |||
Building and Improvements | 10,005 | |||
Costs capitalized subsequent to acquisition, land | 2 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 935 | |||
Gross Amount | 12,608 | |||
Accumulated Depreciation | 2,689 | |||
Campus at Crooks & Auburn Building C - Rochester Mills, MI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,831 | |||
Land | 609 | |||
Building and Improvements | 3,893 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 166 | |||
Gross Amount | 4,668 | |||
Accumulated Depreciation | 945 | |||
Laguna Professional Center - Elk Grove, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,887 | |||
Land | 1,811 | |||
Building and Improvements | 14,598 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 311 | |||
Gross Amount | 16,720 | |||
Accumulated Depreciation | 3,214 | |||
UC Davis MOB - Elk Grove, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,136 | |||
Land | 1,138 | |||
Building and Improvements | 7,242 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 285 | |||
Gross Amount | 8,665 | |||
Accumulated Depreciation | 1,703 | |||
Estate at Hyde Park - Tampa, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 20,116 | |||
Land | 1,777 | |||
Building and Improvements | 20,308 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 1,005 | |||
Gross Amount | 23,090 | |||
Accumulated Depreciation | 4,531 | |||
Autumn Ridge of Clarkston - Clarkston, MI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 19,245 | |||
Land | 655 | |||
Building and Improvements | 19,967 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 65 | |||
Gross Amount | 20,687 | |||
Accumulated Depreciation | 4,325 | |||
Sunnybrook of Burlington - Burlington, IA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,783 | |||
Land | 518 | |||
Building and Improvements | 16,739 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 254 | |||
Gross Amount | 17,511 | |||
Accumulated Depreciation | 3,924 | |||
Sunnybrook of Carroll - Carroll, IA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,144 | |||
Land | 473 | |||
Building and Improvements | 11,263 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 36 | |||
Gross Amount | 11,772 | |||
Accumulated Depreciation | 2,385 | |||
Prairie Hills at Cedar Rapids - Cedar Rapids, IA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,014 | |||
Land | 195 | |||
Building and Improvements | 8,595 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 158 | |||
Gross Amount | 8,948 | |||
Accumulated Depreciation | 1,861 | |||
Prairie Hills at Clinton - Clinton, IA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,759 | |||
Land | 890 | |||
Building and Improvements | 18,882 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 120 | |||
Gross Amount | 19,892 | |||
Accumulated Depreciation | 4,213 | |||
Prairie Hills at Des Moines - Des Moines, IA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,418 | |||
Land | 647 | |||
Building and Improvements | 13,745 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 57 | |||
Gross Amount | 14,449 | |||
Accumulated Depreciation | 3,210 | |||
Sunnybrook of Fairfield - Fairfield, IA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 340 | |||
Building and Improvements | 14,115 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 269 | |||
Gross Amount | 14,724 | |||
Accumulated Depreciation | 3,253 | |||
Sunnybrook of Ft. Madison - Ft. Madison, IA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 263 | |||
Building and Improvements | 3,931 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 223 | |||
Gross Amount | 4,417 | |||
Accumulated Depreciation | 601 | |||
Prairie Hills at Independence - Independence, IA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 473 | |||
Building and Improvements | 10,600 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 176 | |||
Gross Amount | 11,249 | |||
Accumulated Depreciation | 2,234 | |||
Sunnybrook of Mt. Pleasant - Mt. Pleasant, IA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 205 | |||
Building and Improvements | 10,935 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 326 | |||
Gross Amount | 11,466 | |||
Accumulated Depreciation | 2,257 | |||
Sunnybrook of Muscatine - Muscatine, IA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,989 | |||
Land | 302 | |||
Building and Improvements | 13,840 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 151 | |||
Gross Amount | 14,293 | |||
Accumulated Depreciation | 2,989 | |||
Prairie Hills at Ottumwa - Ottumwa, IA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 538 | |||
Building and Improvements | 9,186 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 178 | |||
Gross Amount | 9,902 | |||
Accumulated Depreciation | 2,109 | |||
Prairie Hills at Tipton - Tipton, IA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 306 | |||
Building and Improvements | 10,409 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 80 | |||
Gross Amount | 10,795 | |||
Accumulated Depreciation | 2,110 | |||
Liberty Court - Dixon, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 119 | |||
Building and Improvements | 1,998 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 59 | |||
Gross Amount | 2,176 | |||
Accumulated Depreciation | 482 | |||
Lakeside Vista - Holland, MI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,128 | |||
Land | 378 | |||
Building and Improvements | 12,196 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 632 | |||
Gross Amount | 13,206 | |||
Accumulated Depreciation | 2,675 | |||
The Atrium - Rockford, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 164 | |||
Building and Improvements | 1,746 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 267 | |||
Gross Amount | 2,177 | |||
Accumulated Depreciation | 290 | |||
Arrowhead Medical Plaza I - Glendale, AZ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,571 | |||
Land | 0 | |||
Building and Improvements | 6,447 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 1,309 | |||
Gross Amount | 7,756 | |||
Accumulated Depreciation | 1,610 | |||
Sunnybrook of Burlington - Land - Burlington, IA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 620 | |||
Building and Improvements | 0 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 620 | |||
Accumulated Depreciation | 0 | |||
Community Health MOB - Harrisburg, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,424 | |||
Land | 0 | |||
Building and Improvements | 6,170 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 6,170 | |||
Accumulated Depreciation | 1,156 | |||
Brady MOB - Harrisburg, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 19,661 | |||
Land | 0 | |||
Building and Improvements | 22,485 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 22,485 | |||
Accumulated Depreciation | 4,113 | |||
Landis Memorial - Harrisburg, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 0 | |||
Building and Improvements | 32,484 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 32,484 | |||
Accumulated Depreciation | 5,960 | |||
FOC II - Mechanicsburg, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 16,136 | |||
Land | 0 | |||
Building and Improvements | 16,473 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 142 | |||
Gross Amount | 16,615 | |||
Accumulated Depreciation | 3,471 | |||
FOC Clinical - Mechanicsburg, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 17,695 | |||
Land | 0 | |||
Building and Improvements | 19,634 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 19,634 | |||
Accumulated Depreciation | 4,057 | |||
FOC I - Mechanicsburg, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,204 | |||
Land | 0 | |||
Building and Improvements | 8,923 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 277 | |||
Gross Amount | 9,200 | |||
Accumulated Depreciation | 2,002 | |||
Copper Springs Senior Living - Meridian, ID | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 498 | |||
Building and Improvements | 7,130 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 207 | |||
Gross Amount | 7,835 | |||
Accumulated Depreciation | 1,965 | |||
Addington Place of Brunswick - Brunswick, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,509 | |||
Building and Improvements | 14,402 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 463 | |||
Gross Amount | 16,374 | |||
Accumulated Depreciation | 3,328 | |||
Addington Place of Dublin - Dublin, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 403 | |||
Building and Improvements | 9,281 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 160 | |||
Gross Amount | 9,844 | |||
Accumulated Depreciation | 2,289 | |||
Allegro at Elizabethtown - Elizabethtown, KY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 317 | |||
Building and Improvements | 7,290 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 255 | |||
Gross Amount | 7,862 | |||
Accumulated Depreciation | 1,926 | |||
Addington Place of Johns Creek - Johns Creek, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,139 | |||
Land | 997 | |||
Building and Improvements | 11,943 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 477 | |||
Gross Amount | 13,417 | |||
Accumulated Depreciation | 2,837 | |||
Allegro at Jupiter - Jupiter, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 34,370 | |||
Land | 3,741 | |||
Building and Improvements | 49,534 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 422 | |||
Gross Amount | 53,697 | |||
Accumulated Depreciation | 10,712 | |||
Addington Place of Lee's Summit - Lee's Summit, MO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 17,187 | |||
Land | 2,734 | |||
Building and Improvements | 25,008 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 384 | |||
Gross Amount | 28,126 | |||
Accumulated Depreciation | 5,461 | |||
Addington Place at Mills - Roswell, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,000 | |||
Building and Improvements | 8,611 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 2,621 | |||
Gross Amount | 12,232 | |||
Accumulated Depreciation | 2,723 | |||
Addington Place of College Harbour - St Petersburg, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 3,791 | |||
Building and Improvements | 8,684 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 1,817 | |||
Gross Amount | 14,292 | |||
Accumulated Depreciation | 3,008 | |||
Allegro at Stuart - Stuart, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 49,069 | |||
Land | 5,018 | |||
Building and Improvements | 60,575 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 715 | |||
Gross Amount | 66,308 | |||
Accumulated Depreciation | 13,410 | |||
Allegro at Tarpon - Tarpon Springs, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,350 | |||
Land | 2,360 | |||
Building and Improvements | 13,728 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 579 | |||
Gross Amount | 16,667 | |||
Accumulated Depreciation | 3,826 | |||
Addington Place of Titusville - Titusville, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,423 | |||
Land | 1,379 | |||
Building and Improvements | 13,976 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 655 | |||
Gross Amount | 16,010 | |||
Accumulated Depreciation | 3,570 | |||
Allegro at St. Petersburg - Land - St. Petersburg, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 3,045 | |||
Building and Improvements | 0 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 3,045 | |||
Accumulated Depreciation | 0 | |||
Gateway MOB - Clarksville, TN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 17,560 | |||
Land | 0 | |||
Building and Improvements | 16,367 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 1,011 | |||
Gross Amount | 17,378 | |||
Accumulated Depreciation | 3,649 | |||
Dyer Building - Dyer, IN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,143 | |||
Land | 601 | |||
Building and Improvements | 8,992 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 64 | |||
Gross Amount | 9,657 | |||
Accumulated Depreciation | 1,722 | |||
757 Building - Munster, IN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 645 | |||
Building and Improvements | 7,885 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 8,530 | |||
Accumulated Depreciation | 1,478 | |||
761 Building - Munster, IN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,797 | |||
Land | 1,436 | |||
Building and Improvements | 8,616 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 59 | |||
Gross Amount | 10,111 | |||
Accumulated Depreciation | 1,732 | |||
759 Building - Munster, IN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,271 | |||
Land | 1,101 | |||
Building and Improvements | 8,899 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 10,000 | |||
Accumulated Depreciation | 1,715 | |||
Schererville Building - Schererville, IN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,260 | |||
Building and Improvements | 935 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 79 | |||
Gross Amount | 2,274 | |||
Accumulated Depreciation | 329 | |||
Meadowbrook Senior Living - Agoura Hills, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 19,167 | |||
Land | 8,821 | |||
Building and Improvements | 48,682 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 2,115 | |||
Gross Amount | 59,618 | |||
Accumulated Depreciation | 10,168 | |||
Mount Vernon Medical Office Building - Mount Vernon, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 15,797 | |||
Land | 0 | |||
Building and Improvements | 18,519 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 3 | |||
Gross Amount | 18,522 | |||
Accumulated Depreciation | 3,561 | |||
Wellington at Hershey's Mill - West Chester, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 8,531 | |||
Building and Improvements | 80,734 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 3,654 | |||
Gross Amount | 92,919 | |||
Accumulated Depreciation | 16,328 | |||
Eye Specialty Group Medical Building - Memphis, TN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,475 | |||
Land | 775 | |||
Building and Improvements | 7,223 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 7,998 | |||
Accumulated Depreciation | 1,343 | |||
Addington Place of Alpharetta - Alpharetta, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,604 | |||
Building and Improvements | 26,069 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 597 | |||
Gross Amount | 28,270 | |||
Accumulated Depreciation | 5,597 | |||
Addington Place of Prairie Village - Prairie Village, KS | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,812 | |||
Land | 1,782 | |||
Building and Improvements | 21,869 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 413 | |||
Gross Amount | 24,064 | |||
Accumulated Depreciation | 4,846 | |||
Bloom MOB - Harrisburg, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 15,322 | |||
Land | 0 | |||
Building and Improvements | 15,928 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 517 | |||
Gross Amount | 16,445 | |||
Accumulated Depreciation | 3,066 | |||
Medical Sciences Pavilion - Harrisburg, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 18,272 | |||
Land | 0 | |||
Building and Improvements | 22,309 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 22,309 | |||
Accumulated Depreciation | 4,004 | |||
Wood Glen Nursing and Rehab Center - West Chicago, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,896 | |||
Building and Improvements | 16,107 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 18,003 | |||
Accumulated Depreciation | 4,023 | |||
Pinnacle Center - Southaven, MS | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,085 | |||
Land | 1,378 | |||
Building and Improvements | 6,547 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 663 | |||
Gross Amount | 8,588 | |||
Accumulated Depreciation | 1,641 | |||
Paradise Valley Medical Plaza - Phoenix, AZ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,085 | |||
Land | 0 | |||
Building and Improvements | 25,194 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 1,244 | |||
Gross Amount | 26,438 | |||
Accumulated Depreciation | 5,212 | |||
Victory Medical Center at Craig Ranch - McKinney, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,596 | |||
Building and Improvements | 40,475 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 1,164 | |||
Gross Amount | 43,235 | |||
Accumulated Depreciation | 7,644 | |||
Rivershores Healthcare & Rehab Centre - Marseilles, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,276 | |||
Building and Improvements | 6,868 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 8,144 | |||
Accumulated Depreciation | 1,826 | |||
Morton Terrace Healthcare & Rehab Centre - Morton, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 709 | |||
Building and Improvements | 5,649 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 6,358 | |||
Accumulated Depreciation | 1,738 | |||
Morton Villa Healthcare & Rehab Centre - Morton, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 645 | |||
Building and Improvements | 3,687 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 87 | |||
Gross Amount | 4,419 | |||
Accumulated Depreciation | 1,095 | |||
The Heights Healthcare & Rehab Centre - Peoria Heights, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 214 | |||
Building and Improvements | 7,952 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 8,166 | |||
Accumulated Depreciation | 2,218 | |||
Colonial Healthcare & Rehab Centre - Princeton, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 173 | |||
Building and Improvements | 5,871 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 6,044 | |||
Accumulated Depreciation | 1,806 | |||
Capitol Healthcare & Rehab Centre - Springfield, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 603 | |||
Building and Improvements | 21,699 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 26 | |||
Gross Amount | 22,328 | |||
Accumulated Depreciation | 5,307 | |||
Acuity Specialty Hospital - Mesa, AZ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,977 | |||
Building and Improvements | 16,203 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 543 | |||
Gross Amount | 18,723 | |||
Accumulated Depreciation | 3,187 | |||
Acuity Specialty Hospital - Sun City, AZ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 2,329 | |||
Building and Improvements | 15,795 | |||
Costs capitalized subsequent to acquisition, land | (909) | |||
Costs capitalized subsequent to acquisition, buildings and improvements | (7,715) | |||
Gross Amount | 9,500 | |||
Accumulated Depreciation | 219 | |||
Addington Place of Shoal Creek - Kansas City, MO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,391 | |||
Land | 3,723 | |||
Building and Improvements | 22,259 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 440 | |||
Gross Amount | 26,422 | |||
Accumulated Depreciation | 4,782 | |||
Aurora Healthcare Center - Green Bay, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,130 | |||
Building and Improvements | 1,678 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 2,808 | |||
Accumulated Depreciation | 365 | |||
Aurora Healthcare Center - Greenville, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 259 | |||
Building and Improvements | 958 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 1,217 | |||
Accumulated Depreciation | 221 | |||
Aurora Healthcare Center - Kiel, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 676 | |||
Building and Improvements | 2,214 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 2,890 | |||
Accumulated Depreciation | 430 | |||
Aurora Healthcare Center - Plymouth, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 17,038 | |||
Land | 2,891 | |||
Building and Improvements | 24,224 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 27,115 | |||
Accumulated Depreciation | 4,729 | |||
Aurora Healthcare Center - Waterford, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 590 | |||
Building and Improvements | 6,452 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 7,042 | |||
Accumulated Depreciation | 1,215 | |||
Aurora Healthcare Center - Wautoma, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,955 | |||
Building and Improvements | 4,361 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 6,316 | |||
Accumulated Depreciation | 856 | |||
Arbor View Assisted Living and Memory Care - Burlington, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 367 | |||
Building and Improvements | 7,815 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 66 | |||
Gross Amount | 8,248 | |||
Accumulated Depreciation | 1,866 | |||
Advanced Orthopedic Medical Center - Richmond, VA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 15,390 | |||
Land | 1,523 | |||
Building and Improvements | 19,229 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 20,752 | |||
Accumulated Depreciation | 3,445 | |||
Palm Valley Medical Plaza - Goodyear, AZ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,879 | |||
Land | 1,890 | |||
Building and Improvements | 4,940 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 317 | |||
Gross Amount | 7,147 | |||
Accumulated Depreciation | 1,087 | |||
Physicians Plaza of Roane County - Harriman, TN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,293 | |||
Land | 1,746 | |||
Building and Improvements | 7,842 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 113 | |||
Gross Amount | 9,701 | |||
Accumulated Depreciation | 1,503 | |||
Adventist Health Lacey Medical Plaza - Hanford, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,526 | |||
Land | 328 | |||
Building and Improvements | 13,302 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 98 | |||
Gross Amount | 13,728 | |||
Accumulated Depreciation | 2,271 | |||
Medical Center I - Peoria, AZ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,085 | |||
Land | 807 | |||
Building and Improvements | 1,115 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 1,306 | |||
Gross Amount | 3,228 | |||
Accumulated Depreciation | 927 | |||
Medical Center II - Peoria, AZ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 945 | |||
Building and Improvements | 1,330 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 5,036 | |||
Gross Amount | 7,311 | |||
Accumulated Depreciation | 1,490 | |||
Commercial Center - Peoria, AZ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,254 | |||
Land | 959 | |||
Building and Improvements | 1,110 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 656 | |||
Gross Amount | 2,725 | |||
Accumulated Depreciation | 470 | |||
Medical Center III - Peoria, AZ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,137 | |||
Land | 673 | |||
Building and Improvements | 1,651 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 947 | |||
Gross Amount | 3,271 | |||
Accumulated Depreciation | 801 | |||
Morrow Medical Center - Morrow, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,334 | |||
Land | 1,155 | |||
Building and Improvements | 5,674 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 438 | |||
Gross Amount | 7,267 | |||
Accumulated Depreciation | 1,176 | |||
Belmar Medical Building -Lakewood, CO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,770 | |||
Land | 819 | |||
Building and Improvements | 4,287 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 465 | |||
Gross Amount | 5,571 | |||
Accumulated Depreciation | 884 | |||
Addington Place - Northville, MI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,287 | |||
Land | 440 | |||
Building and Improvements | 14,975 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 345 | |||
Gross Amount | 15,760 | |||
Accumulated Depreciation | 2,981 | |||
Conroe Medical Arts and Surgery Center - Conroe, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,221 | |||
Land | 1,965 | |||
Building and Improvements | 12,198 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 573 | |||
Gross Amount | 14,736 | |||
Accumulated Depreciation | 2,454 | |||
Medical Center V - Peoria, AZ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,684 | |||
Land | 1,089 | |||
Building and Improvements | 3,200 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 389 | |||
Gross Amount | 4,678 | |||
Accumulated Depreciation | 673 | |||
Legacy Medical Village - Plano, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 23,662 | |||
Land | 3,755 | |||
Building and Improvements | 31,097 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 704 | |||
Gross Amount | 35,556 | |||
Accumulated Depreciation | 5,708 | |||
Scripps Cedar Medical Center - Vista, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,983 | |||
Land | 1,213 | |||
Building and Improvements | 14,596 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 861 | |||
Gross Amount | 16,670 | |||
Accumulated Depreciation | 2,454 | |||
Ramsey Woods Memory Care - Cudahy, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 930 | |||
Building and Improvements | 4,990 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 49 | |||
Gross Amount | 5,969 | |||
Accumulated Depreciation | 1,054 | |||
East Coast Square West - Cedar Point, NC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,254 | |||
Land | 1,535 | |||
Building and Improvements | 4,803 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 6 | |||
Gross Amount | 6,344 | |||
Accumulated Depreciation | 829 | |||
East Coast Square North - Morehead City, NC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,933 | |||
Land | 899 | |||
Building and Improvements | 4,761 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 6 | |||
Gross Amount | 5,666 | |||
Accumulated Depreciation | 809 | |||
Eastside Cancer Institute - Greenville, SC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,498 | |||
Building and Improvements | 6,637 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 181 | |||
Gross Amount | 8,316 | |||
Accumulated Depreciation | 1,157 | |||
Sassafras Medical Building - Erie, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,315 | |||
Land | 928 | |||
Building and Improvements | 4,629 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 3 | |||
Gross Amount | 5,560 | |||
Accumulated Depreciation | 734 | |||
Sky Lakes Klamath Medical Clinic - Klamath Falls, OR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 433 | |||
Building and Improvements | 2,623 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 3,056 | |||
Accumulated Depreciation | 437 | |||
Courtyard Fountains - Gresham, OR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 2,476 | |||
Building and Improvements | 50,601 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 1,136 | |||
Gross Amount | 54,213 | |||
Accumulated Depreciation | 9,361 | |||
Presence Healing Arts Pavilion - New Lenox, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,966 | |||
Land | 0 | |||
Building and Improvements | 6,768 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 76 | |||
Gross Amount | 6,844 | |||
Accumulated Depreciation | 1,184 | |||
Mainland Medical Arts Pavilion - Texas City, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,174 | |||
Land | 320 | |||
Building and Improvements | 7,923 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 305 | |||
Gross Amount | 8,548 | |||
Accumulated Depreciation | 1,511 | |||
Renaissance on Peachtree - Atlanta, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 50,821 | |||
Land | 4,535 | |||
Building and Improvements | 68,895 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 2,360 | |||
Gross Amount | 75,790 | |||
Accumulated Depreciation | 11,942 | |||
Fox Ridge Senior Living at Bryant - Bryant, AR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,977 | |||
Land | 1,687 | |||
Building and Improvements | 12,936 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 607 | |||
Gross Amount | 15,230 | |||
Accumulated Depreciation | 3,229 | |||
Fox Ridge Senior Living at Chenal - Little Rock, AR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 16,024 | |||
Land | 6,896 | |||
Building and Improvements | 20,579 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 209 | |||
Gross Amount | 27,684 | |||
Accumulated Depreciation | 4,320 | |||
Fox Ridge North Little Rock - North Little Rock, AR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,943 | |||
Land | 0 | |||
Building and Improvements | 19,265 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 268 | |||
Gross Amount | 19,533 | |||
Accumulated Depreciation | 3,708 | |||
Autumn Leaves of Cy-Fair - Houston, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,225 | |||
Building and Improvements | 11,335 | |||
Costs capitalized subsequent to acquisition, land | (895) | |||
Costs capitalized subsequent to acquisition, buildings and improvements | (8,940) | |||
Gross Amount | 2,725 | |||
Accumulated Depreciation | 0 | |||
Autumn Leaves of Meyerland - Houston, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 2,033 | |||
Building and Improvements | 13,411 | |||
Costs capitalized subsequent to acquisition, land | (1,486) | |||
Costs capitalized subsequent to acquisition, buildings and improvements | (10,559) | |||
Gross Amount | 3,399 | |||
Accumulated Depreciation | 0 | |||
Autumn Leaves of Clear Lake, Houston, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,599 | |||
Building and Improvements | 13,194 | |||
Costs capitalized subsequent to acquisition, land | (1,169) | |||
Costs capitalized subsequent to acquisition, buildings and improvements | (10,388) | |||
Gross Amount | 3,236 | |||
Accumulated Depreciation | 0 | |||
Autumn Leaves of The Woodlands - The Woodlands, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 2,413 | |||
Building and Improvements | 9,141 | |||
Costs capitalized subsequent to acquisition, land | (1,763) | |||
Costs capitalized subsequent to acquisition, buildings and improvements | (7,252) | |||
Gross Amount | 2,539 | |||
Accumulated Depreciation | 0 | |||
High Desert Medical Group Medical Office Building - Lancaster, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,480 | |||
Land | 1,459 | |||
Building and Improvements | 9,300 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 10,759 | |||
Accumulated Depreciation | 1,445 | |||
Northside Hospital - Canton, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,014 | |||
Land | 3,408 | |||
Building and Improvements | 8,191 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 42 | |||
Gross Amount | 11,641 | |||
Accumulated Depreciation | 1,010 | |||
West Michigan Surgery Center - Big Rapids, MI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 258 | |||
Building and Improvements | 5,677 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 5,935 | |||
Accumulated Depreciation | 653 | |||
Camellia Walk Assisted Living and Memory Care - Evans, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,476 | |||
Land | 1,854 | |||
Building and Improvements | 17,372 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 1,285 | |||
Gross Amount | 20,511 | |||
Accumulated Depreciation | 2,731 | |||
Cedarhurst of Collinsville - Collinsville, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,228 | |||
Building and Improvements | 8,652 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 228 | |||
Gross Amount | 10,108 | |||
Accumulated Depreciation | 1,102 | |||
Arcadian Cove Assisted Living - Richmond, KY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 481 | |||
Building and Improvements | 3,923 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 73 | |||
Gross Amount | 4,477 | |||
Accumulated Depreciation | 567 | |||
Beaumont Medical Center - Warren, MI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,078 | |||
Building and Improvements | 9,525 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 19 | |||
Gross Amount | 10,622 | |||
Accumulated Depreciation | 1,062 | |||
DaVita Dialysis - Hudson, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 226 | |||
Building and Improvements | 1,979 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 88 | |||
Gross Amount | 2,293 | |||
Accumulated Depreciation | 214 | |||
DaVita Bay Breeze Dialysis Center - Largo, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 399 | |||
Building and Improvements | 896 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 48 | |||
Gross Amount | 1,343 | |||
Accumulated Depreciation | 117 | |||
Greenfield Medical Plaza - Gilbert, AZ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,476 | |||
Building and Improvements | 4,144 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 195 | |||
Gross Amount | 5,815 | |||
Accumulated Depreciation | 489 | |||
RAI Care Center - Clearwater, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 624 | |||
Building and Improvements | 3,156 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 3,780 | |||
Accumulated Depreciation | 336 | |||
Illinois CancerCare - Galesburg, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,323 | |||
Land | 290 | |||
Building and Improvements | 2,457 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 2,747 | |||
Accumulated Depreciation | 294 | |||
UnityPoint Clinic - Muscatine, IA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 570 | |||
Building and Improvements | 4,541 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 2 | |||
Gross Amount | 5,113 | |||
Accumulated Depreciation | 519 | |||
Lee Memorial Health System Outpatient Center - Ft. Myers | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 439 | |||
Building and Improvements | 4,374 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 363 | |||
Gross Amount | 5,176 | |||
Accumulated Depreciation | 510 | |||
Decatur Medical Office Building - Decatur, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 695 | |||
Building and Improvements | 3,273 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 238 | |||
Gross Amount | 4,206 | |||
Accumulated Depreciation | 396 | |||
Madison Medical Plaza - Joliet, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,477 | |||
Land | 0 | |||
Building and Improvements | 16,855 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 37 | |||
Gross Amount | 16,892 | |||
Accumulated Depreciation | 1,689 | |||
Woodlake Office Center - Woodbury, MN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,638 | |||
Land | 1,017 | |||
Building and Improvements | 10,688 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 1,297 | |||
Gross Amount | 13,002 | |||
Accumulated Depreciation | 1,263 | |||
Rockwall Medical Plaza - Rockwall, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,097 | |||
Building and Improvements | 4,582 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 182 | |||
Gross Amount | 5,861 | |||
Accumulated Depreciation | 554 | |||
MetroHealth Buckeye Health Center - Cleveland, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 389 | |||
Building and Improvements | 4,367 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 255 | |||
Gross Amount | 5,011 | |||
Accumulated Depreciation | 491 | |||
UnityPoint Clinic - Moline, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 396 | |||
Building and Improvements | 2,880 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 5 | |||
Gross Amount | 3,281 | |||
Accumulated Depreciation | 329 | |||
VA Outpatient Clinic - Galesberg, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 359 | |||
Building and Improvements | 1,852 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 2,211 | |||
Accumulated Depreciation | 242 | |||
Philip Professional Center - Lawrenceville, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,780 | |||
Land | 1,285 | |||
Building and Improvements | 6,714 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 238 | |||
Gross Amount | 8,237 | |||
Accumulated Depreciation | 811 | |||
Texas Children’s Hospital - Houston, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,590 | |||
Land | 1,368 | |||
Building and Improvements | 4,428 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 116 | |||
Gross Amount | 5,912 | |||
Accumulated Depreciation | 638 | |||
Florida Medical Heartcare - Tampa, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 586 | |||
Building and Improvements | 1,902 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 2,488 | |||
Accumulated Depreciation | 268 | |||
Florida Medical Somerset - Tampa, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 61 | |||
Building and Improvements | 1,366 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 1,427 | |||
Accumulated Depreciation | 169 | |||
Florida Medical Tampa Palms - Tampa, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 141 | |||
Building and Improvements | 1,402 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 1,543 | |||
Accumulated Depreciation | 179 | |||
Florida Medical Wesley Chapel - Tampa, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 485 | |||
Building and Improvements | 1,987 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 2,472 | |||
Accumulated Depreciation | 286 | |||
Aurora Health Center - Milwaukee, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,984 | |||
Land | 1,014 | |||
Building and Improvements | 4,041 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 5,055 | |||
Accumulated Depreciation | 652 | |||
Vascular Surgery Associates - Tallahassee, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 902 | |||
Building and Improvements | 5,383 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 6,285 | |||
Accumulated Depreciation | 705 | |||
Glendale MOB - Farmington Hills, MI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 504 | |||
Building and Improvements | 12,332 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 12,836 | |||
Accumulated Depreciation | 1,223 | |||
Crittenton Washington MOB - Washington Township, MI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 640 | |||
Building and Improvements | 4,090 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 78 | |||
Gross Amount | 4,808 | |||
Accumulated Depreciation | 469 | |||
Crittenton Sterling Heights MOB - Sterling Heights, MI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,398 | |||
Building and Improvements | 2,695 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 216 | |||
Gross Amount | 4,309 | |||
Accumulated Depreciation | 385 | |||
Advocate Aurora MOB - Elkhorn, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,184 | |||
Land | 181 | |||
Building and Improvements | 9,452 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 9,633 | |||
Accumulated Depreciation | 1,021 | |||
Pulmonary & Critical Care Med - Lemoyne, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,271 | |||
Land | 621 | |||
Building and Improvements | 3,805 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 4,426 | |||
Accumulated Depreciation | 551 | |||
Dignity Emerus Blue Diamond - Las Vegas, NV | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,966 | |||
Land | 2,182 | |||
Building and Improvements | 16,594 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 18,776 | |||
Accumulated Depreciation | 1,417 | |||
Dignity Emerus Craig Rd - North Las Vegas, NV | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 18,780 | |||
Land | 3,807 | |||
Building and Improvements | 22,803 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 26,610 | |||
Accumulated Depreciation | 1,964 | |||
Greenfield MOB - Greenfield, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,526 | |||
Land | 1,552 | |||
Building and Improvements | 8,333 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 225 | |||
Gross Amount | 10,110 | |||
Accumulated Depreciation | 978 | |||
Milwaukee MOB - South Milwaukee, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,136 | |||
Land | 410 | |||
Building and Improvements | 5,041 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 5,451 | |||
Accumulated Depreciation | 411 | |||
St. Francis WI MOB - St. Francis, WI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,085 | |||
Land | 865 | |||
Building and Improvements | 11,355 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 159 | |||
Gross Amount | 12,379 | |||
Accumulated Depreciation | 1,040 | |||
Lancaster Medical Arts MOB - Lancaster, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 85 | |||
Building and Improvements | 4,417 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 4,502 | |||
Accumulated Depreciation | 458 | |||
Women’s Healthcare Group MOB - York, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 624 | |||
Building and Improvements | 2,161 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 2,785 | |||
Accumulated Depreciation | 342 | |||
Pioneer Spine Sports - Northampton, MA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 435 | |||
Building and Improvements | 1,858 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 2,293 | |||
Accumulated Depreciation | 133 | |||
Pioneer Spine Sport - Springfield, MA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 333 | |||
Building and Improvements | 2,530 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 2,863 | |||
Accumulated Depreciation | 178 | |||
Pioneer Spine Sports - West Springfield, MA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 374 | |||
Building and Improvements | 4,295 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 4,669 | |||
Accumulated Depreciation | 294 | |||
Felicita Vida - Escondido, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,677 | |||
Building and Improvements | 28,953 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 190 | |||
Gross Amount | 30,820 | |||
Accumulated Depreciation | 1,929 | |||
Cedarhurst of Edwardsville - Edwardsville, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 321 | |||
Building and Improvements | 9,032 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 36 | |||
Gross Amount | 9,389 | |||
Accumulated Depreciation | 532 | |||
UMPC Sir Thomas Court - Harrisburg, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 745 | |||
Building and Improvements | 6,272 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 7,017 | |||
Accumulated Depreciation | 327 | |||
UMPC Fisher Road - Mechanicsburg, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 747 | |||
Building and Improvements | 3,844 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 4,591 | |||
Accumulated Depreciation | 219 | |||
Swedish American MOB - Roscoe, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 599 | |||
Building and Improvements | 5,862 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 6,461 | |||
Accumulated Depreciation | 386 | |||
Cedarhurst of Sparta - Sparta, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 381 | |||
Building and Improvements | 13,807 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 56 | |||
Gross Amount | 14,244 | |||
Accumulated Depreciation | 814 | |||
UMPC Chambers Hill - Harrisburg, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 498 | |||
Building and Improvements | 4,238 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 4,736 | |||
Accumulated Depreciation | 216 | |||
Cedarhurst of Shiloh - Shiloh, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,384 | |||
Land | 376 | |||
Building and Improvements | 28,299 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 40 | |||
Gross Amount | 28,715 | |||
Accumulated Depreciation | 1,354 | |||
Bayshore Naples Memory Care - Naples, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 3,231 | |||
Building and Improvements | 17,112 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 15 | |||
Gross Amount | 20,358 | |||
Accumulated Depreciation | 830 | |||
Circleville MOB - Circleville, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,556 | |||
Land | 765 | |||
Building and Improvements | 4,011 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 56 | |||
Gross Amount | 4,832 | |||
Accumulated Depreciation | 125 | |||
Kingwood Executive Center - Kingwood, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,522 | |||
Building and Improvements | 4,166 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 5,688 | |||
Accumulated Depreciation | 122 | |||
OrthoOne Hilliard - Hilliard, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 760 | |||
Building and Improvements | 3,118 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 3,878 | |||
Accumulated Depreciation | 76 | |||
South Douglas MOB - Midwest City, OK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 628 | |||
Building and Improvements | 3,863 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 4,491 | |||
Accumulated Depreciation | 64 | |||
Fort Wayne Opthomology Engle - Fort Wayne, IN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,923 | |||
Land | 516 | |||
Building and Improvements | 6,124 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 6,640 | |||
Accumulated Depreciation | 87 | |||
Fort Wayne Opthomology Dupont - Fort Wayne, IN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,924 | |||
Land | 597 | |||
Building and Improvements | 2,653 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 3,250 | |||
Accumulated Depreciation | 41 | |||
St. Peters Albany 2 Palisades - Albany, NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 516 | |||
Building and Improvements | 4,342 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 4,858 | |||
Accumulated Depreciation | 67 | |||
Hefner Pointe Medical Center - Oklahoma City, OK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,727 | |||
Land | 678 | |||
Building and Improvements | 4,819 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 5,497 | |||
Accumulated Depreciation | 74 | |||
St. Peters Troy 2 New Hampshire - Troy, NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 330 | |||
Building and Improvements | 2,444 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 2,774 | |||
Accumulated Depreciation | 38 | |||
St Peters - Albany, NY - 4 Palisades | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 542 | |||
Building and Improvements | 2,416 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 2,958 | |||
Accumulated Depreciation | 32 | |||
St Peters - Albany, NY - 5 Palisades | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 593 | |||
Building and Improvements | 5,359 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 5,952 | |||
Accumulated Depreciation | 65 | |||
St Lukes Heart Vascular Center - East Stroudsburg | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 363 | |||
Building and Improvements | 3,224 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 3,587 | |||
Accumulated Depreciation | 29 | |||
Metropolitan Eye Lakeshore Surgery - St. Clair, MI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 203 | |||
Building and Improvements | 4,632 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 4,835 | |||
Accumulated Depreciation | 41 | |||
Naidu Clinic - Odessa, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 730 | |||
Building and Improvements | 2,409 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 3,139 | |||
Accumulated Depreciation | 23 | |||
Belpre V Cancer Center - Belpre, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,153 | |||
Building and Improvements | 63,894 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 65,047 | |||
Accumulated Depreciation | 414 | |||
Center for Advanced Dermatology - Lakewood, CO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,034 | |||
Building and Improvements | 1,874 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 2,908 | |||
Accumulated Depreciation | 5 | |||
Florida Medical Clinic - Tampa, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,104 | |||
Building and Improvements | 1,137 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 2,241 | |||
Accumulated Depreciation | 3 | |||
Pensacola Nephrology MOB - Pensacola, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,578 | |||
Building and Improvements | 5,123 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross Amount | 6,701 | |||
Accumulated Depreciation | 0 | |||
Credit Facilities | Master Credit Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 355,045 | |||
Revolving Credit Facility | Unencumbered Properties | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Maximum borrowing capacity | 150,000 | |||
Capital One Facility | Credit Facilities | Master Credit Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Secured debt | 212,400 | |||
KeyBank Facility | Credit Facilities | Master Credit Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Secured debt | $ 142,600 |
Real Estate and Accumulated D_3
Real Estate and Accumulated Depreciation - Schedule III (Changes in Accumulated Depreciation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Real estate investments, at cost: | |||
Balance at beginning of year | $ 2,345,708 | $ 2,211,451 | $ 2,296,627 |
Additions-Acquisitions | 147,161 | 98,364 | 80,980 |
Disposals, impairments and reclasses | (168,581) | 35,893 | (166,156) |
Balance at end of the year | 2,324,288 | 2,345,708 | 2,211,451 |
Accumulated depreciation: | |||
Balance at beginning of year | 328,095 | 260,399 | 226,167 |
Depreciation expense | 61,388 | 63,393 | 64,731 |
Disposals, impairments and reclasses | (22,041) | 4,303 | (30,499) |
Balance at end of the year | $ 367,442 | $ 328,095 | $ 260,399 |
Real Estate and Accumulated D_4
Real Estate and Accumulated Depreciation - Schedule III (Changes in Accumulated Depreciation Additional Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Assets | $ 168,581 | $ (35,893) | $ 166,156 |
Accumulated depreciation | 22,041 | (4,303) | 30,499 |
Reclassification From Held-For-Sale To Real Estate Investments | Revision of Prior Period, Reclassification, Adjustment | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Assets | 49,400 | 49,400 | 49,400 |
Accumulated depreciation | $ 8,700 | $ 8,700 | $ 8,700 |
Uncategorized Items - hct-20211
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-02 [Member] |