National Healthcare Properties (NHPBP) 10-Q 12 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	May 08, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		108,184,213
Entity Central Index Key	0001561032
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
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	HTIBP
Security Exchange Name	NASDAQ

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Real estate investments, at cost:
Land	$ 208,539	$ 206,454
Buildings, fixtures and improvements	2,111,236	2,089,133
Acquired intangible assets	295,979	292,034
Total real estate investments, at cost	2,615,754	2,587,621
Less: accumulated depreciation and amortization	(628,541)	(609,324)
Total real estate investments, net	1,987,213	1,978,297
Cash and cash equivalents	35,794	53,654
Restricted cash	25,554	22,884
Derivative assets, at fair value	30,419	40,647
Straight-line rent receivable, net	25,473	25,276
Operating lease right-of-use assets	7,789	7,814
Prepaid expenses and other assets (including $12 due to related parties as of March 31, 2023)	41,200	34,554
Deferred costs, net	16,614	17,223
Total assets	2,170,056	2,180,349
LIABILITIES AND EQUITY
Mortgage notes payable, net	578,772	578,700
Credit facilities, net	549,205	530,297
Market lease intangible liabilities, net	9,060	9,407
Accounts payable and accrued expenses (including $123 and $47 due to related parties as of March 31, 2023 and December 31, 2022, respectively)	40,574	45,247
Operating lease liabilities	8,075	8,087
Deferred rent	6,449	5,925
Distributions payable	3,496	3,496
Total liabilities	1,195,631	1,181,159
Stockholders’ Equity
Common stock, $0.01 par value, 300,000,000 shares authorized, 106,668,245 shares and 105,080,531 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	1,066	1,051
Additional paid-in capital	2,439,662	2,417,059
Accumulated other comprehensive income	29,479	36,910
Distributions in excess of accumulated earnings	(1,502,299)	(1,462,457)
Total stockholders’ equity	967,984	992,639
Non-controlling interests	6,441	6,551
Total equity	974,425	999,190
Total liabilities and equity	2,170,056	2,180,349
Series A Preferred Stock
Stockholders’ Equity
Preferred stock	40	40
Series B Preferred Stock
Stockholders’ Equity
Preferred stock	$ 36	$ 36

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Due from related parties	$ 12
Accounts payable and accrued expenses, due to related parties	$ 123	$ 47
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)	106,668,245	105,080,531
Common stock, shares outstanding (in shares)	106,668,245	105,080,531
Series A Preferred Stock
Preferred stock, dividend rate, percentage	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	3,977,144
Preferred stock, shares outstanding (in shares)	3,977,144	3,977,144
Series B Preferred Stock
Preferred stock, dividend rate, percentage	7.125%
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	3,680,000	3,680,000
Preferred stock, shares issued (in shares)	3,630,000	3,630,000
Preferred stock, shares outstanding (in shares)	3,630,000	3,630,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenue from tenants		$ 87,355	$ 83,650
Operating expenses:
Property operating and maintenance		53,883	53,090
Impairment charges		0	10,644
Operating fees to related parties		6,387	6,318
Acquisition and transaction related		63	579
General and administrative		5,021	4,899
Depreciation and amortization		20,176	20,420
Total expenses		85,530	95,950
Operating income (loss) before gain (loss) on sale of real estate investments		1,825	(12,300)
Gain (loss) on sale of real estate investments		115	(303)
Operating income (loss)		1,940	(12,603)
Other income (expense):
Interest expense		(15,785)	(11,764)
Interest and other income		5	12
(Loss) gain on non-designated derivatives		(182)	994
Total other expenses		(15,962)	(10,758)
Loss before income taxes		(14,022)	(23,361)
Income tax expense		(46)	(39)
Net loss		(14,068)	(23,400)
Net loss attributable to non-controlling interests		9	49
Allocation for preferred stock		(3,450)	(3,450)
Net loss attributable to common stockholders		(17,509)	(26,801)
Other comprehensive (loss) income:
Unrealized (loss) gain on designated derivatives		(7,431)	26,266
Comprehensive loss attributable to common stockholders		$ (24,940)	$ (535)
Weighted-average shares outstanding - Basic (in shares)	[1]	108,087,025	108,013,529
Weighted-average shares outstanding - Diluted (in shares)	[1]	108,087,025	108,013,529
Net loss per common share attributable to common stockholders - Basic (in usd per share)	[1]	$ (0.16)	$ (0.25)
Net loss per common share attributable to common stockholders - Diluted (in usd per share)	[1]	$ (0.16)	$ (0.25)
[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	Total Stockholders Equity	Total Stockholders Equity Series A Preferred Stock	Total Stockholders Equity Series B Preferred Stock	Preferred Stock Series A Preferred Stock	Preferred Stock Series B Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Distributions in excess of accumulated earnings	Distributions in excess of accumulated earnings Series A Preferred Stock	Distributions in excess of accumulated earnings Series B Preferred Stock	Non-controlling Interests
Preferred stock, shares outstanding beginning balance (in shares) at Dec. 31, 2021							3,977,144	3,630,000
Beginning balance at Dec. 31, 2021	$ 1,040,400			$ 1,033,696			$ 40	$ 36	$ 993	$ 2,329,839	$ (14,341)	$ (1,282,871)			$ 6,704
Common stock, shares outstanding beginning balance (in shares) at Dec. 31, 2021									99,281,754
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Preferred Stock, net	(54)			(54)						(54)
Share-based compensation, net	332			332						332
Distributions declared in common stock	0			0					$ 14	21,090		(21,104)
Distributions declared in common stock (in shares)									1,455,470
Distributions declared on preferred stock	(3,450)	$ (1,877)	$ (1,527)		$ (1,877)	$ (1,527)							$ (1,877)	$ (1,527)
Distributions to non-controlling interest holders	(46)														(46)
Net loss	(23,400)			(23,351)								(23,351)			(49)
Unrealized gain (loss) on designated derivatives	26,266			26,266							26,266
Rebalancing of ownership percentage	0			(305)						(305)					305
Preferred stock, shares outstanding Ending balance (in shares) at Mar. 31, 2022							3,977,144	3,630,000
Ending balance at Mar. 31, 2022	1,040,094			1,033,180			$ 40	$ 36	$ 1,007	2,350,902	11,925	(1,330,730)			6,914
Common stock, shares outstanding ending balance (in shares) at Mar. 31, 2022									100,737,224
Preferred stock, shares outstanding beginning balance (in shares) at Dec. 31, 2022		3,977,144	3,630,000				3,977,144	3,630,000
Beginning balance at Dec. 31, 2022	$ 999,190			992,639			$ 40	$ 36	$ 1,051	2,417,059	36,910	(1,462,457)			6,551
Common stock, shares outstanding beginning balance (in shares) at Dec. 31, 2022	105,080,531								105,080,531
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Preferred Stock, net	$ (2)			(2)						(2)
Share-based compensation, net	230			230						230
Distributions declared in common stock	0			0					$ 15	22,320		(22,335)
Distributions declared in common stock (in shares)									1,587,714
Distributions declared on preferred stock	(3,450)	$ (1,832)	$ (1,616)		$ (1,832)	$ (1,616)							$ (1,832)	$ (1,616)
Distributions to non-controlling interest holders	(46)														(46)
Net loss	(14,068)			(14,059)								(14,059)			(9)
Unrealized gain (loss) on designated derivatives	(7,431)			(7,431)							(7,431)
Rebalancing of ownership percentage	0			55						55					(55)
Preferred stock, shares outstanding Ending balance (in shares) at Mar. 31, 2023		3,977,144	3,630,000				3,977,144	3,630,000
Ending balance at Mar. 31, 2023	$ 974,425			$ 967,984			$ 40	$ 36	$ 1,066	$ 2,439,662	$ 29,479	$ (1,502,299)			$ 6,441
Common stock, shares outstanding ending balance (in shares) at Mar. 31, 2023	106,668,245								106,668,245

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Distributions declared in common stock (in usd per share)	$ 0.21	$ 0.21
Series A Preferred Stock
Distributions declared on preferred stock (in usd per share)	0.46	0.46
Series B Preferred Stock
Distributions declared on preferred stock (in usd per share)	$ 0.45	$ 0.45

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (14,068)	$ (23,400)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	20,176	20,420
Amortization of deferred financing costs	1,382	1,181
(Accretion) amortization of terminated swap	(257)	211
Amortization of mortgage premiums and discounts, net	23	107
Accretion of market lease and other intangibles, net	(211)	(122)
Bad debt expense	265	426
Equity-based compensation	230	332
(Gain) loss on sale of real estate investments, net	(115)	303
Cash received from non-designated derivative instruments	926	0
Loss (gain) on non-designated derivative instruments	182	(994)
Impairment charges	0	10,644
Changes in assets and liabilities:
Straight-line rent receivable	(217)	(394)
Prepaid expenses and other assets	538	981
Accounts payable, accrued expenses and other liabilities	(4,389)	(2,045)
Deferred rent	524	(1,768)
Net cash (used in) provided by operating activities	4,989	5,882
Cash flows from investing activities:
Property acquisitions	(25,443)	0
Capital expenditures	(3,634)	(3,311)
Proceeds from sales of real estate investments	0	11,759
Net cash (used in) provided by investing activities	(29,077)	8,448
Cash flows from financing activities:
Payments on credit facilities	(1,442)	0
Proceeds from credit facilities	20,000	0
Payments on mortgage notes payable	(283)	(3,374)
Proceeds from (payments for) derivative instruments	1,946	(39)
Payments of deferred financing costs	(44)	(40)
Payments of deposits for financings	(7,783)	0
Preferred stock issuance costs	(2)	(6)
Distributions to non-controlling interest holders	(46)	(46)
Net cash provided by (used in) financing activities	8,898	(6,865)
Net change in cash, cash equivalents and restricted cash	(15,190)	7,465
Cash, cash equivalents and restricted cash, beginning of period	76,538	85,382
Cash, cash equivalents and restricted cash, end of period	61,348	92,847
Cash, cash equivalents, end of period	35,794	66,424
Restricted cash, end of period	25,554	26,423
Cash, cash equivalents and restricted cash, end of period	61,348	92,847
Supplemental disclosures of cash flow information:
Cash paid for interest	12,876	10,269
Cash paid for income taxes	140	372
Non-cash investing and financing activities:
Common stock issued through stock dividends	22,335	21,104
Series A Preferred Stock
Cash flows from financing activities:
Dividends paid on preferred stock	(1,832)	(1,833)
Series B Preferred Stock
Cash flows from financing activities:
Dividends paid on preferred stock	$ (1,616)	$ (1,527)

Organization

Organization	3 Months Ended
	Mar. 31, 2023
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 entity that for U.S. federal income tax purposes has qualified as a real estate investment trust (“REIT”). The Company acquires, owns and manages a diversified portfolio of healthcare-related real estate, focused on medical office and other healthcare-related buildings (“MOBs”) and senior housing operating properties (“SHOPs”). As of March 31, 2023, the Company owned 207 properties located in 34 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 including taxable REIT subsidiaries. The Company’s advisor, Healthcare Trust Advisors, LLC (the “Advisor”) manages its day-to-day business with the assistance of its 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 the Company. 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 March 31, 2023, the Company owned 50 seniors housing properties using the REIT Investment Diversification and Empowerment Act of 2007 (“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 March 31, 2023, the Company had four eligible independent contractors operating 50 SHOPs. All of the Company’s properties across both business segments are located throughout the United States. The Company has declared quarterly dividends entirely in shares of its common stock since October 2020. 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. Since October 2020, the Company has issued an aggregate of approximately 14.0 million shares as stock dividends. No other additional shares of common stock have been issued since October 2020. 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 cumulative increase in shares outstanding resulting from the stock dividends since October 2020 and through April 2023, and are noted as such throughout the accompanying financial statements and notes. Any future issuances of stock dividends will also result in retroactive adjustments. Please see Note 8 — Stockholder’s Equity for additional information on the stock dividends. On March 31, 2023, the Company published a new estimate of per-share net asset value (“Estimated Per-Share NAV”) as of December 31, 2022. The Estimated Per-Share NAV published on March 31, 2023 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. 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 unless the Company lists its common stock.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The accompanying unaudited consolidated financial statements of the Company included herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to this Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair statement of results for the interim periods. The results of operations for the three months ended March 31, 2023 and 2022 are not necessarily indicative of the results for the entire year or any subsequent interim periods. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2022, which are included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 17, 2023. Except for those required by new accounting pronouncements discussed below, there have been no significant changes to the Company’s significant accounting policies during the three months ended March 31, 2023. Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the OP. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, impairments, fair value measurements and income taxes, as applicable. Impacts of the COVID-19 Pandemic During the first quarter of 2020, the global COVID-19 pandemic that has spread around the world and to every state in the United States commenced. The pandemic, and its aftermath, 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 Company’s tenants and SHOP properties operate businesses that require in-person interactions with their patients and residents, and concern regarding the transmission of COVID-19 impacted, and may continue to impact, the willingness of persons to, among other things, live in or use facilities at the Company’s properties, and impact the revenues generated by the Company’s tenants which may further impact the ability of the Company’s tenants to pay their rent obligations to the Company when due. The Company’s ability to lease space and negotiate and maintain favorable rents and the results of operations at its 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 its SHOPs. Moreover, the demand for leasing space at the Company’s MOB properties could decline further negatively impacting occupancy percentage, revenue and net income. Additionally, downturns or stagnation in 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 the Company’s SHOPs. Further, recent and continuing increases in inflation brought about by labor shortages, supply chain disruptions and increases in interest rates may adversely impact the Company’s results of operations. Moreover, these increases in the rate of inflation, the ongoing war in Ukraine and related sanctions, supply chain disruptions and increases in interest rates may also impact the ability of the Company’s tenants to pay rent and hence the Company’s results of operations and liquidity. For more information about the risks and uncertainties associated with inflation, the ongoing war in Ukraine and related sanctions and labor shortages, please see the sections “ Inflation ” and Part II—Item 1A. Risk Factors below. Beginning in March 2020, the COVID-19 pandemic and measures to prevent its spread began to affect the Company in a number of ways that vary by operating segment: COVID-19 Impact — MOB Segment The financial stability and overall health of the Company’s tenants is critical to its business. The Company took a proactive approach to achieve mutually agreeable solutions with its tenants and in some cases, during the year ended December 31, 2020, the Company executed lease amendments providing for deferral of rent. Since the year ended December 31, 2020, the Company has not entered into any rent deferral agreements with any of its tenants in this segment, 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 have been modified, the Financial Accounting Standards Board (“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: (i) as if the changes were originally contemplated in the lease contract or (ii) 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 segment, occupancy trended downward from March 2020 until June 2021 and then stabilized until June 2022. Since then, occupancy has trended downward. The Company has also experienced lower inquiry volumes and reduced in-person tours since the onset of the COVID-19 pandemic compared to prior periods. In addition, beginning in 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 SHOPs, 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 became more prominent in the year ended December 31, 2022 as inflation increased and the Company relied more on the use of temporary contract labor and agencies. In addition, the amount it pays for overtime wages and bonuses has increased, in response to a shortage of workers largely due to, among other things, increased inflation raising the cost of labor generally and a lack of qualified personnel that the Company is able to employ on a permanent basis. The persistence of high inflation, labor shortages and supply chain disruptions may cause prolonged 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 operations in future periods. The adverse financial impacts of the COVID-19 pandemic on the Company has been partially offset by funds received by the Company under the CARES Act. The Company received $4.5 million, $5.1 million and $3.6 million under the CARES Act during the years ended December 31, 2022, 2021, and 2020, respectively. The Company did not receive any such funds during the three months ended March 31, 2022. For accounting purposes, the Company treats these funds as grant contributions from the government. The full amounts received were recognized as reductions of property operating and maintenance expenses in the Company’s consolidated statements of operations and comprehensive loss for the periods in which the funds were received, to partially offset the incurred COVID-19 expenses. The Company does not anticipate that any further funds under the CARES Act will be received, and 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 MOB segment. As of March 31, 2023, 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 any 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) 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 SHOP segment, held using a structure permitted under RIDEA. Rental income from residents in the Company’s SHOP segment is recognized as earned when services are provided. Residents pay monthly rent that covers occupancy of their unit and basic services, including utilities, meals and some housekeeping services. The terms of the leases are short term in nature, primarily month-to-month. 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 and maintenance 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 and maintenance costs of the respective properties. The following table presents future base rent payments on a cash basis due to the Company over the next five years and thereafter. These amounts exclude tenant reimbursements and contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes, among other items. These amounts also exclude SHOP leases which are short term in nature. As of March 31, 2023: (In thousands) Future 2023 (remainder) $ 80,916 2024 103,347 2025 92,567 2026 84,648 2027 66,412 Thereafter 229,080 Total $ 656,970 The Company continually reviews receivables related to rent and unbilled rent and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Under the leasing standards, the Company is required to assess, based on credit risk only, if it is probable that the Company will collect virtually all of the lease payments at lease commencement date and it must continue to reassess collectability periodically thereafter based on new facts and circumstances affecting the credit risk of the tenant. Partial reserves, or the ability to assume partial recovery are no longer permitted. If the Company determines that it is probable it will collect virtually all of the lease payments (rent and common area maintenance), the lease will continue to be accounted for on an accrual basis (i.e., straight-line). However, if the Company determines it is not probable that it will collect virtually all of the lease payments, the lease will be accounted for on a cash basis and a full reserve would be recorded on previously accrued amounts in cases where it was subsequently concluded that collection was not probable. Cost recoveries from tenants are included in operating revenue from tenants in accordance with new accounting rules, on the accompanying consolidated statements of operations and comprehensive loss in the period the related costs are incurred, as applicable. The Company recorded reductions in revenue of $0.3 million and $0.4 million for uncollectable amounts during the three months ended March 31, 2023 and 2022, respectively. Investments in Real Estate Investments in real estate are recorded at cost. Improvements and replacements are capitalized when they extend the useful life or improve the productive capacity of the asset. Costs of repairs and maintenance are expensed as incurred. At the time an asset is acquired, the Company evaluates the inputs, processes and outputs of the asset acquired to determine if the transaction is a business combination or asset acquisition. If an acquisition qualifies as a business combination, the related transaction costs are recorded as an expense in the consolidated statements of operations and comprehensive loss. If an acquisition qualifies as an asset acquisition, the related transaction costs are generally capitalized and subsequently amortized over the useful life of the acquired assets. See the “ Purchase Price Allocation” section in this Note for a discussion of the initial accounting for investments in real estate. Disposal of real estate investments that represent a strategic shift in operations that will have a major effect on the Company's operations and financial results are required to be presented as discontinued operations in the consolidated statements of operations. No properties were presented as discontinued operations during the three months ended March 31, 2023 and 2022. 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 March 31, 2023 or December 31, 2022. The Company generally determines the value of construction in progress based upon the replacement cost. During the construction period, the Company capitalizes interest, insurance and real estate taxes until the development has reached substantial completion. Purchase Price Allocation In both a business combination and an asset acquisition, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities based on their respective fair values. Tangible assets may include land, land improvements, buildings, fixtures and tenant improvements on an as-if vacant basis. Intangible assets may include the value of in-place leases and above- and below-market leases and other identifiable assets or liabilities based on lease or property specific characteristics. In addition, any assumed mortgages receivable or payable and any assumed or issued non-controlling interests (in a business combination) are recorded at their estimated fair values. In allocating the fair value to assumed mortgages, amounts are recorded to debt premiums or discounts based on the present value of the estimated cash flows, which is calculated to account for either above or below-market interest rates. In allocating the fair value to any assumed or issued non-controlling interests, amounts are recorded at their fair value at the close of business on the acquisition date. In a business combination, the difference between the purchase price and the fair value of identifiable net assets acquired is either recorded as goodwill or as a bargain purchase gain. In an asset acquisition, the difference between the acquisition price (including capitalized transaction costs) and the fair value of identifiable net assets acquired is allocated to the non-current assets. All acquisitions during the three months ended March 31, 2023 were asset acquisitions. The Company acquired five properties during the three months ended March 31, 2023. For acquired properties with leases classified as operating leases, the Company allocates the purchase price to tangible and identifiable intangible assets acquired and liabilities assumed, based on their respective fair values. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data. The Company also considers information obtained about each property as a result of the Company’s pre-acquisition due diligence in estimating the fair value of the tangible and intangible assets acquired and intangible liabilities assumed. Tangible assets include land, land improvements, buildings, fixtures and tenant improvements on an as-if vacant basis. The Company utilizes various estimates, processes and information to determine the as-if vacant property value. The Company estimates the fair value using data from appraisals, comparable sales, discounted cash flow analysis and other methods. Fair value estimates are also made using significant assumptions such as capitalization rates, fair market lease rates, discount rates and land values per square foot. Identifiable intangible assets include amounts allocated to acquired leases for above- and below-market lease rates and the value of in-place leases. Factors considered in the analysis of the in-place lease intangibles include an estimate of carrying costs during the expected lease-up period for each property, taking into account current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at contract rates during the expected lease-up period, which typically ranges from six Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining initial term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The aggregate value of intangible assets related to customer relationships, 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 three months ended March 31, 2023 or 2022. Accounting for Leases Lessor Accounting In accordance with the lease accounting standard, all of the Company’s leases as lessor prior to adoption were accounted for as operating leases. The Company evaluates new leases originated after the adoption date (by the Company or by a predecessor lessor/owner) pursuant to the new guidance where a lease for some or all of a building is classified by a lessor as a sales-type lease if the significant risks and rewards of ownership reside with the tenant. This situation is met if, among other things, there is an automatic transfer of title during the lease, a bargain purchase option, the non-cancelable lease term is for more than a major part of the remaining economic useful life of the asset (e.g., equal to or greater than 75%), 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 the asset is 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. As of March 31, 2023 and December 31, 2022, the Company had no leases as a lessor that would be considered as sales-type leases or financings under sale-leaseback rules. As a lessor of real estate, the Company has elected, by class of underlying assets, to account for lease and non-lease components (such as tenant reimbursements of property operating and maintenance expenses) as a single lease component as an operating lease because (i) the non-lease components have the same timing and pattern of transfer as the associated lease component; and (ii) the lease component, if accounted for separately, would be classified as an operating lease. Additionally, only incremental direct leasing costs may be capitalized under the accounting guidance. Indirect leasing costs in connection with new or extended tenant leases, if any, are being expensed. Lessee Accounting The Company is also the lessee under certain land leases which will continue to be classified as operating leases under transition elections unless subsequently modified. These leases are reflected on the balance sheets as of March 31, 2023 and December 31, 2022, and the rent expense is reflected on a straight-line basis over the lease term in the consolidated statements of operations and comprehensive loss for the three months ended March 31, 2023 and 2022. For lessees, the accounting standard requires the application of a dual lease classification approach, classifying leases as either operating or finance leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. Lease expense for operating leases is recognized on a straight-line basis over the term of the lease, while lease expense for finance leases is recognized based on an effective interest method over the term of the lease. Also, lessees must recognize a right-of-use asset (“ROU”) and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Further, certain transactions where at inception of the lease the buyer-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. For additional information and disclosures related to the Company’s operating leases, see Note 16 — Commitments and Contingencies . 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 statements of operations and comprehensive income to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held for use. 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 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 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 is not depreciated until the project has reached substantial completion. The value of certain other intangibles such as certificates of need in certain jurisdictions are amortized over the expected period of benefit (generally the life of the related building). The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to expense over the remaining periods of the respective leases. The value of customer relationship intangibles, if any, is amortized to expense over the initial term and any renewal periods in the respective leases, but in no event does the amortization period for intangible assets exceed the remaining depreciable life of the building. If a tenant terminates its lease, the unamortized portion of the in-place lease value and customer relationship intangibles is charged to expense. Assumed mortgage premiums or discounts are amortized as an increase or reduction to interest expense over the remaining terms of the respective mortgages. Income Taxes The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with the taxable year ended December 31, 2013. If the Company continues to qualify for taxation as a REIT, it generally will not be subject to U.S. federal corporate income tax to the extent it distributes all of its REIT taxable income (which does not equal net income as calculated in accordance with GAAP) to its stockholders. REITs are subject to a number of organizational and operational requirements, including a requirement that the Company distribute annually at least 90% of the Company’s REIT taxable income to the Company’s stockholders. If the Company fails to continue to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, the Company will be subject to U.S. federal, state and local income taxes at regular corporate rates beginning with the year in which it fails to qualify and may be precluded from being able to elect to be treated as a REIT for the Company’s four subsequent taxable years. The Company distributed to its stockholders 100% of its REIT taxable income for each of the years ended December 31, 2022, 2021 and 2020. 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 March 31, 2023, the Company owned 50 seniors housing

Real Estate Investments, Net

Real Estate Investments, Net	3 Months Ended
	Mar. 31, 2023
Real Estate Investments, Net [Abstract]
Real Estate Investments, Net	Real Estate Investments, Net Property Acquisitions 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 207 properties as of March 31, 2023. During the three months ended March 31, 2023, the Company acquired five properties. All acquisitions in the three months ended March 31, 2023 were considered asset acquisitions for accounting purposes. No properties were acquired in the three months ended March 31, 2022. The following table presents the allocation of real estate assets acquired and liabilities assumed during the three months ended March 31, 2023: Three Months Ended March 31, (In thousands) 2023 Real estate investments, at cost: Land $ 2,085 Buildings, fixtures and improvements 19,440 Total tangible assets 21,525 Acquired intangibles: In-place leases and other intangible assets 3,912 Market lease and other intangible assets 33 Market lease liabilities (27) Total intangible assets and liabilities 3,918 Cash paid for real estate investments, including acquisitions $ 25,443 Number of properties purchased 5 Significant Tenants As of March 31, 2023 and 2022, the Company did not have any tenants (including for this purpose, all affiliates of such tenants) whose annualized rental income on a straight-line basis represented 10% or greater of total annualized rental income for the portfolio on a straight-line basis. The following table lists the states where the Company had concentrations of properties where annualized rental income on a straight-line basis represented 10% or more of consolidated annualized rental income on a straight-line basis for all properties as of March 31, 2023 and 2022: March 31, State 2023 2022 Florida 19.4% 18.2% Pennsylvania 10.2% * _________ * The annualized rental income on a straight-line basis was not greater than 10% of total annualized rental income on a straight-line basis for all portfolio properties as of the date specified. Intangible Assets and Liabilities The following table discloses amounts recognized within the consolidated statements of operations and comprehensive loss related to amortization of in-place leases and other intangible assets, amortization and accretion of above- and below-market lease assets and liabilities, net and the amortization and accretion of above- and below-market ground leases, net, for the periods presented: Three Months Ended March 31, (In thousands) 2023 2022 Amortization of in-place leases and other intangible assets (1) $ 3,460 $ 3,866 Accretion of above -and below-market leases, net (2) $ (251) $ (164) Amortization of above -and below-market ground leases, net (3) $ 40 $ 40 ________ (1) Reflected within depreciation and amortization expense. (2) Reflected within rental income. (3) Reflected within property operating and maintenance expense. The following table provides the projected amortization expense and adjustments to revenues for the next five years: (In thousands) 2023 (remainder) 2024 2025 2026 2027 In-place lease assets $ 10,114 $ 11,726 $ 10,139 $ 8,893 $ 5,383 Other intangible assets 8 10 10 10 10 Total to be added to amortization expense $ 10,122 $ 11,736 $ 10,149 $ 8,903 $ 5,393 Above-market lease assets $ (363) $ (419) $ (366) $ (331) $ (243) Below-market lease liabilities 1,124 1,294 1,103 941 623 Total to be added to revenue from tenants $ 761 $ 875 $ 737 $ 610 $ 380 Dispositions Three Months Ended March 31, 2023 The Company did not dispose of any properties during the three months ended March 31, 2023. Three Months Ended March 31, 2022 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 were leased to the Company’s TRS and operated and managed on the Company’s behalf by a third-party operator. 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 of 2021 for an aggregate contract sales price of $12.4 million. The Company had previously recorded $34.0 million of impairment charges on the LaSalle Properties in the year ended December 31, 2021. The Company completed the sale of the LaSalle Properties in the first quarter of 2022 and recorded a loss on sale of $0.3 million in the first quarter of 2022, wh ich is presented in the Company’s consolidated statement of operations and comprehensive loss for the three months ended March 31, 2022. Assets Held for Sale 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. There were no assets held for sale as of March 31, 2023 and December 31, 2022. Assets Held for Use 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. Impairment Charges There were no impairment charges recorded in the three months ended March 31, 2023. The following table presents impairment charges by segment recorded during the three months ended March 31, 2022: Three Months Ended March 31, (In thousands) 2022 MOB Segment: Illinois skilled nursing facilities (1) $ 10,644 Total MOB impairment charges 10,644 Total impairment charges $ 10,644 (1) These seven properties were impaired after the Company received an offer by the tenant to purchase all seven properties, which caused the Company to reassess its expected holding period for these properties. As of March 31, 2023, these properties were not disposed nor were under contract for disposal.

Mortgage Notes Payable, Net

Mortgage Notes Payable, Net	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Mortgage Notes Payable, Net	Mortgage Notes Payable, Net The following table reflects the Company’s mortgage notes payable as of March 31, 2023 and December 31, 2022: Outstanding Loan Amount as of Effective Interest Rate (1) as of Portfolio Encumbered Properties (1) March 31, December 31, 2022 March 31, December 31, 2022 Interest Rate Maturity (In thousands) (In thousands) Fox Ridge Bryant - Bryant, AR 1 $ 6,774 $ 6,817 3.98 % 3.98 % Fixed May 2047 Fox Ridge Chenal - Little Rock, AR 1 15,541 15,639 2.95 % 2.95 % Fixed May 2049 Fox Ridge North Little Rock - North Little Rock, AR 1 9,643 9,704 2.95 % 2.95 % Fixed May 2049 Capital One MOB Loan 41 378,500 378,500 3.73 % 3.73 % Fixed (2) Dec. 2026 Multi-Property CMBS Loan 21 118,700 118,700 4.60 % 4.60 % Fixed May 2028 Shiloh - Illinois 1 12,989 13,071 4.34 % 4.34 % Fixed Jan. 2025 BMO CMBS Loan 9 42,750 42,750 2.89 % 2.89 % Fixed Dec. 2031 Gross mortgage notes payable 75 584,897 585,181 3.83 % 3.83 % Deferred financing costs, net of accumulated amortization (3) (4,783) (5,117) Mortgage premiums and discounts, net (1,342) (1,364) Mortgage notes payable, net $ 578,772 $ 578,700 _____________ (1) Calculated on a weighted average basis for all mortgages outstanding as of March 31, 2023 and December 31, 2022. For the SOFR/LIBOR based loans, SOFR/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 daily SOFR as of March 31, 2023 and December 31, 2022, which is fixed as a result of entering into “pay-fixed” interest rate swap agreements. The Company allocated $378.5 million of its “pay-fixed” interest rate swaps to this mortgage consistently as of March 31, 2023 and December 31, 2022. (3) 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 March 31, 2023, the Company had pledged $0.9 billion in total real estate investments, at cost, as collateral for its $0.6 billion of gross mortgage notes payable. This real estate is not available to satisfy other debts and obligations unless first satisfying the mortgage notes payable secured by these properties. The Company makes payments of principal and interest, or interest only, depending upon the specific requirements of each mortgage note, on a monthly basis. Some of the Company’s mortgage note agreements require compliance with certain property-level financial covenants, including debt service coverage ratios. As of March 31, 2023, the Company was in compliance with these financial covenants. See Note 5 — Credit Facilities - Future Principal Payment and LIBOR Transition for a schedule of principal payment requirements of the Company’s Mortgage Notes and Credit Facilities and discussion of the expected cessation of LIBOR publication.

Credit Facilities

Credit Facilities	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Credit Facilities	Credit Facilities The Company had the following credit facilities outstanding as of March 31, 2023 and December 31, 2022: Outstanding Facility Effective Interest Rate (9)(10) Credit Facility Encumbered Properties (1) March 31, December 31, 2022 March 31, December 31, 2022 Interest Rate Maturity (In thousands) (In thousands) Credit Facility: Revolving Credit Facility $ 50,000 $ 30,000 7.76 % 7.26 % Variable Mar. 2024 (8) Term Loan 150,000 150,000 5.11 % 5.11 % Fixed (6) Mar. 2024 Deferred financing costs (1,400) (1,750) Term Loan, net 148,600 148,250 Total Credit Facility 98 (2) $ 198,600 $ 178,250 Fannie Mae Master Credit Facilities: Capital One Facility 11 (3) $ 209,598 $ 210,483 7.08 % 5.90 % Variable (7) Nov. 2026 KeyBank Facility 10 (4) 141,007 141,564 7.13 % 6.60 % Variable (7) Nov. 2026 Total Fannie Mae Master Credit Facilities 21 $ 350,605 $ 352,047 Total Credit Facilities 119 $ 549,205 $ 530,297 6.62 % (5) 5.94 % (5) ________ (1) Encumbered properties are as of March 31, 2023. (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 as of March 31, 2023 with a carrying value of $349.4 million. (4) Secured by first-priority mortgages on ten of the Company’s seniors housing properties as of March 31, 2023 with a carrying value of $261.3 million. (5) Calculated on a weighted average basis for all credit facilities outstanding as of March 31, 2023 and December 31, 2022, respectively. (6) Variable rate loan, based on SOFR, all of which was economically fixed as a result of entering into “pay-fixed” interest rate swap agreements (the Company designates its SOFR “pay-fixed” interest rate swaps against all 30-day SOFR debt, see Note 7 — Derivatives and Hedging Activities for additional details). (7) The effective rates above only include the impact of designated hedging instruments. The Company has seven non-designated interest rate cap agreements with an aggregate notional amount of $354.6 million which limits 30-day LIBOR to 3.50%. The Company did not designate these derivatives as hedges and accordingly, the changes in value and any cash received from these derivatives are presented within gain (loss) on derivative instruments on the consolidated statements of operations and comprehensive income ( see Note 7 — Derivatives and Hedging Activities for additional details). Inclusive of the impact of these interest rate caps on these non-designated derivatives, the economic interest rate on the Capital One Fannie Mae Facility and KeyBank Fannie Mae Facility was 5.26%, and 5.96%, respectively, as of March 31, 2023 and December 31, 2022. (8) During the year ended December 31 2022, the Company exercised its option to extend the 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 March 31, 2023 and December 31, 2022. (10) The Company has interest “pay-fixed” swaps which are designated as cash flow hedges on LIBOR- or SOFR-based outstanding combined borrowings. Prior to the Fourth Amendment (as defined below) which, among other things, changed the reference rate on the Credit Facility from LIBOR to SOFR, to present average rates in the table above, the Company historically allocated the notional amount of a “pay-fixed” swap to the outstanding amounts of its Credit Facility (both the Revolving Credit Facility and the Term Loan) with any remaining notional amounts applied to its Capital One Fannie Mae Facility. During the three months ended September 30, 2022, the Company converted $150.0 million of its “pay-fixed” swaps from LIBOR to SOFR. As of December 31, 2022, the Company allocated the $150.0 million SOFR-based “pay-fixed” swaps to the Term Loan. As of December 31, 2022, $50.0 million of LIBOR-based “pay-fixed” swaps were allocated to the Capital One Fannie Mae Facility because there were no LIBOR-based amounts outstanding under the Revolving Credit Facility. The $50.0 million of LIBOR-based “pay-fixed” swaps were terminated in the three months ended March 31, 2023. See Note 7 — Derivatives and Hedging Activities for additional details. As of March 31, 2023, the carrying value of the Company’s real estate investments, at cost was $2.6 billion, with $0.9 billion of this asset value pledged as collateral for mortgage notes payable, $0.6 billion of this asset value pledged to secure advances under the Fannie Mae Master Credit Facilities and $1.0 billion of this asset value comprising the borrowing base of the Credit Facility. All of the real estate assets pledged to secure debt or comprising the borrowing base 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 March 31, 2023 were $0.1 billion, although there can be no assurance as to the amount of liquidity the Company would be able to generate from using these unencumbered assets as collateral for mortgage loans or adding them to the borrowing base of the Company’s Credit Facility. Currently, any properties that the Company acquires 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 (as defined below). Credit Facility The amended and restated senior secured credit facility (the “Credit Facility”), consists of two components, a revolving credit facility (the “Revolving Credit Facility”) and a term loan (the “Term Loan”). The Revolving Credit Facility and Term Loan are interest-only and mature on March 13, 2024. The total commitments under the Credit Facility are $655.0 million, including $505.0 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 over $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 March 31, 2023, $150.0 million was outstanding under the Term Loan and $50.0 million was outstanding under the Revolving Credit Facility. Subsequent to March 31, 2023, $44.8 million was outstanding under the Revolving Credit Facility (see Note 17 — Subsequent Events for details). The unused borrowing availability under the Revolving Credit Facility was $189.2 million based on the borrowing base as of March 31, 2023. On August 11, 2022, the Company, the OP, KeyBank National Association individually and as agent for the lenders and the lenders from time to time a party under the Credit Facility, among others, entered into the fourth amendment to the Credit Facility (the “Fourth Amendment”). Without the Fourth Amendment, the Company would have been in default of the pre-amendment Fixed Charge Coverage Ratio covenant (defined below) for the four fiscal quarter period ended June 30, 2022. Pursuant to the Fourth Amendment, the lenders agreed to reduce the minimum required Fixed Charge Coverage Ratio covenant to permit the Company to avoid any Default or Events of Default through the amendment date. The Fourth Amendment also eliminated the LIBOR-based rate option, among other changes. The terms described below represent the terms pursuant to the Fourth Amendment. 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. Certain other restrictions and conditions described below will no longer apply beginning in the 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, the Company’s ratio of consolidated total indebtedness to consolidated total asset value (expressed as a percentage) is less than 62.5% and the Company’s Fixed Charge Coverage Ratio (as defined below) for the most recently ended four fiscal quarters is not less than 1.50 to 1.00 (the “Commencement Quarter”). The fiscal quarter ended June 30, 2021 was the first quarter that could have been the Commencement Quarter. The Company did not satisfy the conditions during the quarter ended March 31, 2023 order to elect the quarter ending June 30, 2023 as the Commencement Quarter. Until the first day of the Commencement Quarter, the Company must use all the net cash proceeds from any capital event (such as an asset sale, financing or equity issuance) to repay amounts outstanding under the Revolving Credit Facility, to the extent there are any such amounts outstanding. The Company may borrow additional amounts if all relevant conditions are met, including sufficient availability for future borrowings. There can be no assurance these conditions will be met at the time of any particular borrowing. 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 class of preferred stock that 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, Series B Preferred Stock or any other 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 and the aggregate distributions (as defined in the Credit Facility and including dividends on Series A Preferred Stock, Series B Preferred Stock or any other class of preferred stock that may be issued) for any period of four fiscal quarters may not exceed 95% of Modified FFO (as defined in the Credit Facility) for the same period based only on fiscal quarters after the Commencement Quarter. In addition, beginning in the Commencement Quarter, the Company will be permitted to repurchase up to $50.0 million of shares of its common stock (including amounts previously repurchased during the term of the Revolving Credit Facility) if, after giving effect to the repurchases, the Company maintains cash and cash equivalents of at least $30.0 million and the Company’s ratio of consolidated total indebtedness to consolidated total asset value (expressed as a percentage) is less than 55.0%. Under the Credit Facility, the Company must comply with covenants governing the maximum ratio of consolidated total indebtedness to consolidated total asset value, and requiring the Company to maintain a minimum ratio of adjusted consolidated EBITDA to consolidated fixed charges, a minimum consolidated tangible net worth and a minimum debt service coverage ratio. Specifically, the maximum ratio of consolidated total indebtedness to consolidated total asset value is presently 65% unless and until the Commencement Quarter, following which the ratio will be 62.5%. The minimum ratio of adjusted consolidated EBITDA to consolidated fixed charges (the “Fixed Charge Coverage Ratio”) that the Company must satisfy based on the four most recently ended fiscal quarters is (a) 1.20 to 1.00 for the period commencing with the quarter ended June 30, 2022 through the quarter ending June 30, 2023, (b) 1.35 to 1.00 for the period commencing with the quarter ending September 30, 2023 through the quarter ending December 31, 2023 and (c) 1.45 to 1.00 for the period commencing with the quarter ending March 31, 2024 and continuing thereafter; provided, however, that from and after the Commencement Quarter, the Company must satisfy a minimum Fixed Charge Coverage Ratio of 1.50 to 1.00. The minimum consolidated tangible net worth is the sum of (i) $1.2 billion, plus (ii) 75% of any net offering proceeds (as defined in the Credit Facility) since the Credit Facility closed in March 2019. As of March 31, 2023, the Company had a consolidated tangible net worth of $1.5 billion. The minimum debt service coverage ratio (calculated similar to the calculation of the Fixed Charge Coverage Ratio but excluding dividends on Series A Preferred Stock, Series B Preferred Stock or any other class of preferred stock that may be issued) that the Company must satisfy based on the four most recently ended fiscal quarters is (a) 1.50:1.00 for the period commencing with the quarter ended June 30, 2022 through the quarter ending June 30, 2023, (b) 1.65:1.00 for the period commencing with the quarter ending September 30, 2023 through the quarter ending December 31, 2023 and (c) 1.75:1.00 for the period commencing with the quarter ending March 31, 2024 and continuing thereafter until the Company elects the Commencement Quarter, after which the debt service coverage ratio covenant will no longer apply. Additionally, the borrowing base advance rate is 52.5% until the Company elects the Commencement Quarter, after which the borrowing base advance rate will be 55%. In addition, as of March 31, 2023, the Company had the option to have amounts outstanding under the Revolving Credit Facility bear interest at an annual rate equal to either: (i) SOFR (as defined below), plus an applicable margin that ranges, depending on the Company’s leverage, from 2.10% to 2.85% or (ii) the Base Rate (as defined in the Credit Facility), plus an applicable margin that ranges, depending on the Company’s leverage, from 0.85% to 1.60%. 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) SOFR, plus an applicable margin that ranges, depending on the Company’s leverage, from 1.60% to 2.35%, plus an additional spread adjustment depending on the length of the interest period; 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 March 31, 2023, the Company had elected to use the SOFR option for all of its borrowings under the Revolving Credit Facility, to the extent there are any such amounts outstanding. Further, as of March 31, 2023, the Company had the option to have amounts outstanding under the Term Loan bear interest at an annual rate equal to either: (i) SOFR, plus an applicable margin that ranges, depending on the Company’s leverage, from 2.05% to 2.80%; or (ii) the Base Rate, plus an applicable margin that ranges, depending on the Company’s leverage, from 0.80% to 1.55%. 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) SOFR, plus an applicable margin that ranges, depending on the Company’s leverage, from 1.55% to 2.30%, plus an additional spread adjustment depending on the length of the interest period; or (b) the Base Rate, plus an applicable margin that ranges, depending on the Company’s leverage, from 0.30% to 1.05%. Pursuant to the terms of the Company’s Credit Facility, the “floor” on SOFR-based rates is 0.25%. As of March 31, 2023, the Company had elected to use the SOFR option for all of its borrowings under the Term Loan. As of March 31, 2023, the Company was in compliance with the financial covenants under the Credit Facility. As discussed in Note 2 — Summary of Significant Accounting Policies , the Company has experienced, and continues to experience, negative impacts from rising operating costs, particularly in its SHOP segment, as well as rising variable interest rates. The Company’s Credit Facility matures in March 2024 and contains various operating covenants (described above) which the Company was in compliance with through March 31, 2023. Prospectively, based upon the Company’s current expectations, the Company believes its operating results through June 30, 2023 will allow it to comply with these covenants. However, the Company believes its operating results may not be sufficient to comply with the increased Fixed Charge Coverage Ratio, which increases from 1.20 to 1.00 to 1.35 to 1.00 commencing with the quarter ending September 30, 2023 and thereafter. Absent a waiver or modification from the lender group, failure to comply with the Fixed Charge Coverage Ratio would constitute an Event of Default and the balance of the Credit Facility would be due and payable. The Company has obtained such waivers and modifications from the lender group in the past, but there can be no assurance that such a waiver or modification will be granted in future periods. Additionally, the Company executed a non-binding term sheet with potential lenders to provide long-term, fixed-rate, secured mortgage financing, utilizing some or all of the Company’s unencumbered MOB properties as collateral. The proceeds from this loan are expected to exceed the balance of the Credit Facility and will be used to repay all amounts outstanding thereunder, which was $200.0 million as of March 31, 2023. In connection with the lenders’ agreement to lock the interest rate on a portion of the loan, the Company provided a $7.8 million deposit in the three months ended March 31, 2023 to the potential lenders as part of its negotiations, which was recorded within prepaid expenses and other assets on the Company’s consolidated balance sheet as of March 31, 2023. Subsequent to March 31, 2023, the Company provided an additional $1.1 million deposit to the potential lenders. If the proposed secured mortgage financing is consummated pursuant to its proposed terms, the Company will be refunded its deposit at closing, otherwise it will be applied against any breakage costs incurred by the potential lenders. The Company expects to close the loan in the three months ended June 30, 2023, however, there can be no assurance that this potential secured mortgage financing will close on its contemplated terms, or at all. 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 Facility”; the Capital One Facility and the KeyBank Facility are referred to herein individually as a “Fannie Mae Master Credit Facility” and together as the “Fannie Mae Master Credit Facilities”). Advances made under these agreements are assigned by Capital One and KeyBank to Fannie Mae at closing for inclusion in Fannie Mae’s Multifamily MBS program. In connection with the Fannie Mae Master Credit Facilities, the Company was required to enter into interest rate cap agreements. Periodically, the Company renews these interest rate cap agreements upon their expiration. Currently, the Company has seven interest rate cap agreements with an aggregate current effective notional amount of $354.6 million which caps LIBOR at 3.50% with terms through April 2024. The Company does not apply hedge accounting to these agreements and changes in value are reflected in earnings (see Note 7 — Derivatives and Hedging Activities for additional disclosure regarding the Company’s derivatives). As of March 31, 2023, $350.6 million was outstanding under the Fannie Mae Master Credit Facilities. 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. Borrowings under the Fannie Mae Master Credit Facilities bear annual interest at a rate that varies on a monthly basis and is equal to the sum of the current LIBOR for one month U.S. dollar-denominated deposits and a spread (2.41% and 2.46% for the Capitol One Facility and the KeyBank Facility, respectively). The Fannie Mae Master Credit Facilities mature on November 1, 2026. Future Principal Payments The following table summarizes the scheduled aggregate principal payments for the five years subsequent to March 31, 2023 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 2023 (remainder) $ 856 $ 4,327 $ 5,183 2024 1,178 205,769 206,947 2025 13,270 5,769 19,039 2026 379,393 334,740 714,133 2027 922 — 922 Thereafter 189,278 — 189,278 Total $ 584,897 $ 550,605 $ 1,135,502 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. Pursuant to the Fourth Amendment, the Credit Agreement was updated and provisions were added to transition the Credit Facility from using a benchmark rate of LIBOR to using a benchmark rate of SOFR, and the Company will either utilize the Base Rate (as defined in the Credit Facility) or the updated SOFR-based rates. During the year ended December 31, 2022, the Company converted $150.0 million of its “pay-fixed” swaps on its Credit Facility from LIBOR to SOFR, and the Company additionally converted its $378.5 million Capital One MOB Loan and related “pay-fixed” swap from LIBOR to SOFR, however, the Company still has mortgages, credit facilities (namely, the Capital One Facility and the KeyBank Facility) and derivative agreements that have terms that are based on LIBOR. As of March 31, 2023, the Company had $350.6 million of variable-rate, LIBOR-based borrowings under the Fannie Mae Master Credit Facilities. The Company terminated its remaining $50.0 million of LIBOR-based “pay-fixed” swaps during the three months ended March 31, 2023. The “pay-fixed” swaps were terminated in an asset position and the Company received $1.9 million in cash following the termination. This amount was included in accumulated other comprehensive income (“AOCI”), and will amortize into earnings as a reduction to interest expense through March 2024 (the original term of the swap and variable hedged debt). As of March 31, 2023, the Company continues to have LIBOR-based interest rate caps with notional amounts of $354.6 million which are not designated as hedging instruments. See Note 7 — Derivatives and Hedging Activities for additional details. The Fannie Mae Master Credit Facilities will be automatically converted to SOFR-based contracts effective June 30, 2023. The Company is planning to convert the corresponding LIBOR-based interest rate caps to SOFR-based contracts.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments GAAP establishes a hierarchy of valuation techniques based on the observability of inputs used in measuring assets and liabilities at fair value. GAAP establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below: Level 1 — Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability. Level 3 — Unobservable inputs that reflect the entity’s own assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare. Financial Instruments Measured at Fair Value on a Recurring Basis Derivative Instruments Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. However, as of March 31, 2023, 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 March 31, 2023 and December 31, 2022, 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 March 31, 2023 Derivative assets, at fair value (non-designated) $ — $ 2,615 $ — $ 2,615 Derivative assets, at fair value (designated) — 27,804 — 27,804 Total $ — $ 30,419 $ — $ 30,419 December 31, 2022 Derivative assets, at fair value (non-designated) $ — $ 3,737 $ — $ 3,737 Derivative assets, at fair value (designated) — 36,910 — 36,910 Total $ — $ 40,647 $ — $ 40,647 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 three months ended March 31, 2023. 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 sheets as of March 31, 2023 and December 31, 2022. As of March 31, 2023, the Company owned 17 held for use properties (nine MOBs and eight SHOPs) for which the Company had reconsidered their expected holding periods, of which 10 properties (two MOBs and eight SHOPs) are being marketed for sale. As a result, the Company evaluated the impact on its ability to recover the carrying values of the respective properties and recorded impairment charges to reduce the carrying values to their estimated fair values during the year ended December 31, 2022. See Note 3 — Real Estate Investments, Net - “Assets Held for Use and Related Impairments” for additional details. Real Estate Investments - Held for Sale Real estate investments held for sale are carried at net realizable value on a non-recurring basis and are generally classified in Level 3 of the fair value hierarchy. The Company did not have any real estate investments classified as held for sale as of March 31, 2023 and December 31, 2022. 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: March 31, 2023 December 31, 2022 (In thousands) Level Carrying Amount Fair Value Carrying Amount Fair Value Gross mortgage notes payable and mortgage premium and discounts, net 3 $ 583,555 $ 551,537 $ 583,817 $ 550,626 Credit Facility 3 $ 200,000 $ 199,481 $ 180,000 $ 179,496 Fannie Mae Master Credit Facilities 3 $ 350,605 $ 351,269 $ 352,047 $ 353,034 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.

Derivatives and Hedging Activit

Derivatives and Hedging Activities	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022: (In thousands) Balance Sheet Location March 31, December 31, 2022 Derivatives designated as hedging instruments: Interest rate “pay-fixed” swaps Derivative assets, at fair value $ 27,804 $ 36,910 Interest rate “pay-fixed” swaps Derivative liabilities, at fair value $ — $ — Derivatives not designated as hedging instruments: Interest rate caps Derivative assets, at fair value $ 2,615 $ 3,737 Cash Flow Hedges of Interest Rate Risk As of March 31, 2023 and December 31, 2022, the Company had the following derivatives that were designated as cash flow hedges of interest rate risk: March 31, 2023 December 31, 2022 Interest Rate Derivatives Number of Instruments Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) SOFR-based interest rate “pay-fixed” swaps 7 $ 528,500 7 $ 528,500 LIBOR-based interest rate “pay-fixed” swaps — — 2 50,000 Total interest rate “pay-fixed” swaps 7 $ 528,500 9 $ 578,500 The table below details the location in the financial statements of the gain (loss) recognized on interest rate derivatives designated as cash flow hedges for the periods presented: Three Months Ended March 31, (In thousands) 2023 2022 Amount of gain recognized in accumulated other comprehensive loss on interest rate derivatives $ (3,471) $ 23,613 Amount of gain (loss) reclassified from accumulated other comprehensive income into income as interest expense $ 3,960 $ (2,653) Total amount of interest expense presented in the consolidated statements of operations and comprehensive loss $ (15,785) $ (11,764) The Company currently has seven SOFR-based “pay-fixed” interest rate swaps that are designated as cash flow hedges. The Company uses its interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. During the three months ended March 31, 2023 and the year ended December 31, 2022, such derivatives were used to hedge the variable cash flows associated with variable-rate debt. The interest rate “pay-fixed” swaps have base interest rates between 1.61% and 2.23% with expirations varying through December 2026. The changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income (“AOCI”) and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. In connection with the refinancing of the $250.0 million loan made by Capital One, National Association and certain other lenders to certain subsidiaries of the OP on June 30, 2017 (the “MOB Loan”), during the fourth quarter of 2019, the Company terminated two interest rate swaps with an aggregate notional amount of $250.0 million for a payment of approximately $2.2 million. Following these terminations, $2.2 million was recorded in AOCI and was reclassified as an increase to interest expense over the original term of the two terminated swaps and the MOB Loan prior to its refinancing. For the three months ended March 31, 2022, the Company reclassified $0.2 million from AOCI as an increase to interest expense. No amounts remained in AOCI related to the MOB Loan as of December 31, 2022. During the year ended December 31, 2022, the Company converted $150.0 million of the “pay-fixed” swaps on its Credit Facility and $378.5 million of the “pay-fixed” swaps on its mortgages from LIBOR to SOFR. During the three months ended March 31, 2023, the Company terminated two LIBOR-based interest rate swap agreements with an aggregate notional amount of $50.0 million. The swaps were terminated in an asset position, and the Company received $1.9 million in cash from the termination. This amount was included in AOCI and will be amortized into earnings as a reduction to interest expense through March 2024 (the original term of the swap and the variable hedged debt). For the three months ended March 31, 2023, the Company reclassified $0.3 million from AOCI as a decrease to interest expense, and $1.7 million remained in AOCI as of March 31, 2023. Amounts reported in AOCI 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 April 1, 2023 through March 31, 2024, the Company estimates that $16.3 million will be reclassified from AOCI as a decrease to interest expense or other comprehensive income relating to the “pay-fixed” swaps designated as derivatives. Non-Designated Derivatives The Company had the following outstanding interest rate derivatives with current effective notional amounts that were not designated as hedges in qualified hedging relationships as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Interest Rate Derivatives Number of Instruments Notional Amount (1) Number of Instruments Notional Amount (1) (In thousands) (In thousands) Interest rate caps (2) 7 $ 354,624 7 $ 354,624 (1) Notional amount represents the currently active interest rate cap contract and excludes three interest rate cap agreements (included in the instrument count) with aggregate notional amounts of $52.6 million which take effect upon the expiration of similar caps included above and effectively extend the term for the same notional amount. (2) All of the Company’s interest rate cap agreements limit 30-day LIBOR to 3.50% with terms through April 2024. The actual 30-day LIBOR rates during the first quarter of 2023 exceeded the strike price rate of 3.50% and the Company is currently receiving payments under these agreements. Changes in the fair market value of these non-designated derivatives, as well as any cash received, are presented within gain (loss) on non-designated derivatives in the Company’s consolidated statements of operations and comprehensive income. These derivatives are used to manage the Company’s exposure to interest rate movements, but the Company has not elected to apply hedge accounting. As of March 31, 2023, the Company had entered into seven LIBOR interest rate caps with a notional amount of $354.6 million (of which six caps were active as of March 31, 2023 and December 31, 2022 and one had a forward start date of April 2023) which limit 30-day LIBOR borrowings to 3.50% and have varying expiration dates through April 2024. Beginning in the fourth quarter of 2022, LIBOR exceeded 3.50% and the Company began receiving payments under these interest rate caps. While the Company does not apply hedge accounting for these interest rate caps, they are economically hedging the Capital One Facility and KeyBank Facility. Changes in the fair value of, and any cash received from, derivatives not designated as hedges under a qualifying hedging relationship are recorded directly to net loss and are presented within gain (loss) on non-designated derivatives in the Company’s consolidated statements of operations and comprehensive loss. For the three months ended March 31, 2023 and 2022, (loss) gain on non-designated derivatives were $(0.2) million and $1.0 million, respectively. During the three months ended March 31, 2023, the Company received aggregate payments of $0.9 million related to its effective interest rate caps as LIBOR exceeded the effective rates of the capped debt. No such amounts were received during the three months ended March 31, 2022. Offsetting Derivatives The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives (both designated and non-designated) as of March 31, 2023 and December 31, 2022. 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 sheets. 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 March 31, 2023 $ 30,419 $ — $ — $ 30,419 $ — $ — $ 30,419 December 31, 2022 $ 40,647 $ — $ — $ 40,647 $ — $ — $ 40,647 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 March 31, 2023, there were no derivatives in a net liability position. The Company is not required to post any collateral related to these agreements and was not in breach of any agreement provisions.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock As of March 31, 2023 and December 31, 2022, the Company had 106,668,245 and 105,080,531 shares of common stock outstanding, respectively, including unvested restricted shares, shares issued pursuant to the Company’s distribution reinvestment plan (“DRIP”), net of share repurchases, and shares issued as stock dividends since October 2020. Since October 2020, the Company has issued an aggregate of approximately 14.0 million shares in respect to the stock dividends. Except for shares issued as dividends, no additional shares of common stock were issued during the quarter ended March 31, 2023 or the year ended December 31, 2022. 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 cumulative increase in shares outstanding due to the stock dividends (including the April 2023 stock dividend) and are noted as such throughout the accompanying financial statements and notes. Any future issuances of stock dividends will also result in retroactive adjustments. See Note 1 — Organization for additional information. On March 31, 2023, the Company published a new Estimated Per-Share NAV as of December 31, 2022, which was approved by the Board on March 31, 2023. 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 unless the Company lists its common stock. 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 August 10, 2020, in order to strategically maintain the Company’s liquidity in light of the continued impact of the COVID-19 pandemic and to comply with an amendment to the Credit Facility described in Note 5 — Credit Facilities , which restricts the Company from repurchasing shares until no earlier than the Commencement Quarter (which has not yet occurred), the Board determined that, effective on August 14, 2020, repurchases under the SRP would be suspended. The Board also rejected all repurchase requests made during the period from January 1, 2020 until the effectiveness of the suspension of the SRP. No further repurchase requests under the SRP may be made unless and until the SRP is reactivated. No assurances can be made as to when or if the SRP will be reactivated. When a stockholder requests redemption and redemption is approved by the Board, the Company will reclassify such obligation from equity to a liability based on the settlement value of the obligation. Shares repurchased under the SRP have the status of authorized but unissued shares. The table below reflects the number of shares repurchased and the average price per share, under the SRP and does not include any repurchases under tender offers, cumulatively through March 31, 2023. Number of Shares Repurchased Average Price per Share Cumulative repurchases as of December 31, 2022 4,896,620 $ 20.60 Three months ended March 31, 2023 — — Cumulative repurchases as of March 31, 2023 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 sheets in the period distributions are declared. During the three months ended March 31, 2023 and the year ended December 31, 2022, the Company did not issue any shares of common stock pursuant to the DRIP. 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 in its discretion. Preferred Stock and Preferred Units The Company is authorized to issue up to 50,000,000 shares of preferred stock. In connection with an underwritten offering in December 2019, the Company classified and designated 1,610,000 shares of its authorized preferred stock as authorized shares of its Series A Preferred Stock. In September 2020, the Board authorized the classification of 600,000 additional shares of the Company’s preferred stock as Series A Preferred Stock in connection with the preferred stock purchase agreement and registration rights agreement with B. Riley Principal Capital, LLC, (the “Preferred Stock Equity Line”) 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. Also, 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 Series B Preferred Stock. The Company had 3,977,144 shares of Series A Preferred Stock issued and outstanding as of March 31, 2023 and December 31, 2022. The Company had 3,630,000 shares of Series B Preferred Stock issued and outstanding as of March 31, 2023 and December 31, 2022. The Company also had 100,000 Series A Preferred Units outstanding as of March 31, 2023 and December 31, 2022, which were accounted for as a component of non-controlling interests. See Note 13 — Non-controlling Interests for additional information. Distributions and Dividends 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. 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 (see Note 5 — Credit Facility, Net for additional information) which restricted the Company from paying distributions on common stock. Under the 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 NAV of common stock in effect on the applicable date: Stock Dividend Declaration Date Stock Dividend Issue Date Quarterly Stock Dividend Rate (per share) October 1, 2020 October 15, 2020 0.013492 January 4, 2021 January 15, 2021 0.013492 April 2, 2021 April 15, 2021 0.014655 July 1, 2021 July 15, 2021 0.014655 October 1, 2021 October 15, 2021 0.014655 January 3, 2022 January 15, 2022 0.014655 April 1, 2022 April 18, 2022 0.014167 July 1, 2022 July 15, 2022 0.014167 October 3, 2022 October 17, 2022 0.014167 January 3, 2023 January 18, 2023 0.014167 April 3, 2023 April 17, 2023 0.015179

Related Party Transactions and

Related Party Transactions and Arrangements	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Related Party Transactions and Arrangements As of March 31, 2023 and December 31, 2022, the Special Limited Partner owned 10,237 and 10,094 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 March 31, 2023 and December 31, 2022, the Advisor held 90 partnership units in the OP designated as “Common OP Units”. The limited partnership agreement of the OP (as amended from time to time, the “LPA”) allows for the special allocation, solely for tax purposes, of excess depreciation deductions of up to $10.0 million to the Advisor, a limited partner of the OP. In connection with this special allocation, the Advisor has agreed to restore a deficit balance in its capital account in the event of a liquidation of the OP and has agreed to provide a guaranty or indemnity of indebtedness of the OP. Fees Incurred in Connection with the Operations of the Company The Second Amended and Restated 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 A&R 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 March 31, 2023. Asset Management Fees and Variable Management/Incentive Fees Under the LPA and the advisory agreement that was superseded by the original amended and restated 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 March 31, 2023, the Company determined that achieving the Performance Condition was not yet considered probable for accounting purposes. The Advisor receives cash distributions on each issued Class B Unit equivalent to the cash distribution paid, if any, on the Company’s common stock. These cash distributions on Class B Units are included in general and administrative expenses in the consolidated statements 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 B 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 the Economic Hurdle had been satisfied, however none of the events have occurred, including a listing of the Company’s common stock on a national securities exchange, which would have satisfied the other vesting requirement of the Class B Units. Therefore, no expense has ever been recognized in connection with the Class B Units. On May 12, 2015, the Company, the OP and the Advisor entered into an amendment to the then-current advisory agreement, which, among other things, provided that the Company would cease causing the OP to issue Class B Units to the Advisor with respect to any period ending after March 31, 2015. Effective February 17, 2017, the Second A&R Advisory Agreement requires the Company to pay the Advisor a base management fee, which is payable on the first business day of each month. The fixed portion of the base management fee is equal to $1.625 million per month, while the variable portion of the base management fee is equal to one-twelfth of 1.25% of the cumulative net proceeds of any equity (including convertible equity and certain convertible debt but excluding proceeds from the DRIP) issued by the Company and its subsidiaries subsequent to February 17, 2017 per month. There are no variable management fees earned from the issuance of common stock dividends. The base management fee is payable to the Advisor or its assignees in cash, Common 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 Common OP Unit or share to be determined by the Advisor acting in good faith on the basis of such quotations and other information as it considers, in its reasonable judgment, appropriate. In addition, the Second A&R Advisory Agreement requires the Company to pay the Advisor a variable management/incentive fee quarterly in arrears equal to (1) the product of fully diluted shares of common stock outstanding multiplied by (2) (x) 15.0% of the applicable prior quarter’s Core Earnings (as defined below) per share in excess of $0.375 per share plus (y) 10.0% of the applicable prior quarter’s Core Earnings per share in excess of $0.47 per share. Core Earnings is defined as, for the applicable period, net income or loss, computed in accordance with GAAP, excluding non-cash equity compensation expense, the variable management/incentive fee, acquisition and transaction related fees and expenses, financing related fees and expenses, depreciation and amortization, realized gains and losses on the sale of assets, any unrealized gains or losses or other non-cash items recorded in net income or loss for the applicable period, regardless of whether such items are included in other comprehensive income or loss, or in net income, one-time events pursuant to changes in GAAP and certain non-cash charges, impairment losses on real estate related investments and other than temporary impairments of securities, amortization of deferred financing costs, amortization of tenant inducements, amortization of straight-line rent and any associated bad debt reserves, amortization of market lease intangibles, provision for loss loans, and other non-recurring revenue and expenses (in each case after discussions between the Advisor and the independent directors and approved by a majority of the independent directors). The variable management/incentive fee is payable to the Advisor or its assignees in cash or shares, or a combination of both, the form of payment to be determined in the sole discretion of the Advisor and the value of any share to be determined by the Advisor acting in good faith on the basis of such quotations and other information as it considers, in its reasonable judgment, appropriate. No incentive fee was incurred for the three months ended March 31, 2023 or 2022. 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 the Company’s Board (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 has provided notice of intent to terminate. The current term of the A&R Property Management Agreement expires February 17, 2024. 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. See the Mortgage Notes Payable table included in Note 4 — Mortgage Notes Payable, Net for additional information on the Multi-Property CMBS Loan. Professional Fees and Other Reimbursements The Company reimburses the Advisor’s costs of providing administrative services including personnel costs, except for costs to the extent that the employees perform services for which the Advisor receives a separate fee. This reimbursement includes reasonable overhead expenses for employees of the Advisor or its affiliates directly involved in the performance of services on behalf of the Company, including the reimbursement of rent expense at certain properties that are both occupied by employees of the Advisor or its affiliates and owned by affiliates of the Advisor. During the three months ended March 31, 2023, the Company incurred $1.9 million of reimbursement expenses from the Advisor for providing administrative services. During the three months ended March 31, 2022, the Company incurred $1.8 million 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 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”), is limited to the greater of: (a) a fixed component (the “Fixed Component”) and (b) a variable component (the “Variable Component”). Both the Fixed Component and the Variable Component increase by an annual cost of living adjustment equal to the greater of (x) 3.0% and (y) the CPI, as defined in the Advisory Agreement Amendment for the prior year ended December 31st. Initially, for the year ended December 31, 2020; (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 Amendment 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 Amendment 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. Summary of fees, expenses and related payables The following table details amounts incurred, forgiven and payable in connection with the Company’s operations-related services described above as of and for the periods presented: Three Months Ended March 31, Payable (Receivable) as of 2023 2022 (In thousands) Incurred Incurred March 31, December 31, 2022 Non-recurring fees and reimbursements: Acquisition cost reimbursements $ 21 $ — $ 21 $ 5 Ongoing fees and reimbursements: Asset management fees 5,458 5,458 — — Property management and fees (2) 978 1,026 (12) 3 Professional fees and other reimbursements (1) 2,386 2,226 102 39 Total related party operation fees and reimbursements $ 8,843 $ 8,710 $ 111 $ 47 ___________ (1) Included in general and administrative expenses in the consolidated statements of operations. Includes $1.5 million for the three months ended March 31, 2023, and $1.7 million for the three months ended March 31, 2022, subject to the Capped Reimbursement. (2) Includes $49,000 and $0.2 million of leasing commissions which are capitalized and included in prepaid expenses and other assets. 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 securities 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 three months ended March 31, 2023 or 2022. 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 three months ended March 31, 2023 or 2022. Any amount of net sales proceeds paid to the Special Limited Partner or any of its affiliates prior to the Company’s listing or termination or non-renewal of the advisory agreement with the Advisor, as applicable, will reduce dollar for dollar the amount of the subordinated incentive listing distribution described above and subordinated incentive termination distribution described below. Termination Fees Under the operating partnership agreement of the OP, upon termination or non-renewal of the advisory agreement with the Advisor, with or without cause, the Special Limited Partner will be entitled to receive a promissory note as evidence of its right to receive subordinated termination distributions from the OP equal to 15.0% of the amount by which the sum of the Company’s market value plus distributions exceeds the sum of the aggregate capital contributed plus an amount equal to a 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 will be entitled to receive from the Company all amounts due to the Advisor, including any change of control fee and transition fee (both described below), as well as the then-present fair market value of the Advisor’s interest in the Company. All fees will be due within 30 days after the effective date of the termination or non-renewal 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 would be required to pay the Advisor a change of control fee equal to the product of four and the “Subject Fees” described below. Upon a termination by the Company in connection with a transition to self-management, the Company would be 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	3 Months Ended
	Mar. 31, 2023
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	3 Months Ended
	Mar. 31, 2023
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). Restricted shares vest on a straight-line basis over periods of three The following table reflects the amount of restricted shares outstanding as of March 31, 2023 and activity for the period presented: Number of Shares of Common Stock Weighted Average Issue Price Unvested, December 31, 2022 97,343 $ 18.89 Stock dividend 1,393 15.00 Vested — — Unvested, March 31, 2023 98,736 $ 18.84 As of March 31, 2023, the Company had $1.3 million of unrecognized compensation cost related to unvested restricted share awards granted under the RSP. This cost will be recognized over a weighted-average period of 1.4 years. Compensation expense related to restricted shares was $0.2 million for the three months ended March 31, 2023, and $0.3 million for the three months ended March 31, 2022. Other Share-Based Compensation The Company may issue common stock in lieu of cash to pay fees earned by the Company’s directors at the respective director’s election. There are no restrictions on shares issued in lieu of cash compensation since these payments in lieu of cash relate to fees earned for services performed. No such shares were issued during the three months ended March 31, 2023 or 2022.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income The following table illustrates the changes in accumulated other comprehensive income as of and for the period presented: (In thousands) Unrealized Gain (loss) on Designated Derivative Balance, December 31, 2022 $ 36,910 Other comprehensive gain, before reclassifications (3,471) Amount of (gain) loss reclassified from accumulated other comprehensive gain (loss) (3,960) Balance, March 31, 2023 $ 29,479 Accumulated other comprehensive income predominately relates to the unrealized gains (losses) on designated derivatives, however, as previously discussed in Note 7 — Derivatives and Hedging Activities

Non-controlling Interests

Non-controlling Interests	3 Months Ended
	Mar. 31, 2023
Noncontrolling Interest [Abstract]
Non-controlling Interests	Non-controlling Interests Non-controlling interests on the Company’s consolidated balance sheets is comprised of the following: Balance as of (In thousands) March 31, 2023 December 31, 2022 Series A Preferred Units held by third parties $ 2,578 $ 2,578 Common OP Units held by third parties 3,467 3,584 Total Non-controlling Interests in the OP 6,045 6,162 Non-controlling Interests in property owning subsidiaries 396 389 Total Non-controlling interests $ 6,441 $ 6,551 Non-Controlling Interests in the OP For preferred and common shares issued by the Company, the Company typically issues mirror securities with substantially equivalent economic rights between the Company and the OP. The securities held by the Company are eliminated in consolidation. Series A Preferred Units The Company is the sole general partner and holds substantially all of the Series A Preferred Units (except as discussed below). All common and preferred units in the OP held by the Company are eliminated in consolidation. 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 Series A Preferred Units to the unaffiliated third party, with a face value of $25.00 per unit, which were recorded at issuance at a then 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 both the three months ended March 31, 2023 and 2022, Series A Preferred Unit holders were paid $46,000. Common OP Units The Company is the sole general partner and holds substantially all of the Common OP Units. As of March 31, 2023 and December 31, 2022, the Advisor held 90 Common OP Units, which represents a nominal percentage of the aggregate ownership in the OP. In November 2014, the Company partially funded the purchase of an MOB from an unaffiliated third party by causing the OP to issue 405,908 Common OP Units, with a value of $10.1 million, or $25.00 per unit, to the unaffiliated third party. A holder of Common OP Units has the right to receive cash distributions equivalent to the cash distributions, if any, on the Company’s common stock in an amount retroactively adjusted to reflect the stock dividends, other stock dividends and other similar events. After holding the Common OP Units for a period of one year, a holder of Common OP Units has the right to redeem Common OP Units for, at the option of the OP, the corresponding number of shares of the Company’s common stock, as retroactively adjusted for the stock dividends, other stock dividends and other similar events, or the cash equivalent. The remaining rights of the limited partners in the OP are limited, however, and do not include the ability to replace the general partner or to approve the sale, purchase or refinancing of the OP’s assets. Dur ing the three months ended March 31, 2023 and 2022, Common OP Unit non-controlling interest holders were not paid any cash distribu tions. Stock dividends do not cause the OP to issue additional Common OP Units, rather, the redemption ratio to common stock is adjusted. The 405,998 Common OP Units outstanding as of March 31, 2023 would be redeemable for 474,700 shares of common stock, giving effect to adjustments for the impact of the stock dividends through April 2023. Non-Controlling Interests in Property Owning Subsidiaries The Company also has investment arrangements with other unaffiliated third parties whereby such investors receive an ownership interest in certain of the Company’s property-owning subsidiaries and are entitled to receive a proportionate share of the net operating cash flow derived from the subsidiaries’ property. Upon disposition of a property subject to non-controlling interest, the investor will receive a proportionate share of the net proceeds from the sale of the property. The investor has no recourse to any other assets of the Company. Due to the nature of the Company’s involvement with these arrangements and the significance of its investment in relation to the investment of the third party, the Company has determined that it controls each entity in these arrangements and therefore the entities related to these arrangements are consolidated within the Company’s financial statements. A non-controlling interest is recorded for the investor’s ownership interest in the properties. The following table summarizes the activity related to investment arrangements with the unaffiliated third parties: Distributions Third Party Net Investment Amount Non-Controlling Ownership Percentage Net Real Estate Assets Subject to Investment Arrangement Three Months Ended March 31, Property Name (Dollar amounts in thousands) Investment Date March 31, 2023 March 31, 2023 March 31, 2023 As of December 31, 2022 2023 2022 Plaza Del Rio Medical Office Campus Portfolio (1) May 2015 $ 396 2.6 % $ 12,279 $ 12,455 — — _______ (1) One property within the Plaza Del Rio Medical Office Campus Portfolio was pledged to secure the Multi-Property CMBS Loan. See Note 4 - Mortgage Notes Payable, net for additional information.

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share The following is a summary of the basic and diluted net loss per share computation for the periods presented and has been retroactively adjusted to reflect the stock dividends (see Note 1 — Organization for additional details): Three Months Ended March 31, 2023 2022 Net loss attributable to common stockholders (in thousands) $ (17,509) $ (26,801) Basic and diluted weighted-average shares outstanding (1) 108,087,025 108,013,529 Basic and diluted net loss per share (1) $ (0.16) $ (0.25) (1) Retroactively adjusted for the effects of the stock dividends (see Note 1 — Organization and Note 8 — Stockholders’ Equity for additional information). Diluted net loss per share assumes the conversion of all common stock equivalents into an equivalent number of shares of common stock, unless the effect is antidilutive. The Company considers unvested restricted shares, Common OP Units and Class B Units to be common share equivalents. Series A Preferred Units are non-participating. The Company had the following common stock equivalents on a weighted-average basis that were excluded from the calculation of diluted net loss per share attributable to stockholders as their effect would have been antidilutive. The amounts in the table below have been retroactively adjusted to reflect the stock dividends (see Note 1 — Organization for additional details): Three Months Ended March 31, 2023 2022 Unvested restricted shares (1) 100,235 173,716 Common OP Units (2) 474,700 474,700 Class B Units (3) 420,040 420,040 Total weighted average antidilutive common stock equivalents 994,975 1,068,456 ________ (1) Weighted average number of antidilutive unvested restricted shares outstanding for the periods presented. Th ere were 98,736 and 161,754 unvested restricted shares outstanding as of March 31, 2023 and 2022, respectively. (2) Weighted average number of antidilutive Common OP Units presented as shares outstanding for the periods presented, at the current redemption rate reflecting adjustments for the effect of the stock dividends (see Note 1 — Organization for additional details). There were 405,998 Common OP Units outstanding as of March 31, 2023 and 2022. The securities held by the Company are eliminated in consolidation. (3) Weighted average number of antidilutive Class B Units presented as shares outstanding for the periods presented, at the current redemption rate reflecting adjustments for the effect of the stock dividends (see Note 1 — Organization for additional details). There were 359,250 Class B Units outstanding as of March 31, 2023 and 2022. These Class B Units were unvested as of March 31, 2023 and 2022 (see Note 9 — Related Party Transactions

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The disclosures below for the three months ended March 31, 2023 and 2022 are presented for the Company’s two reportable business segments for management and internal financial reporting purposes: MOBs and SHOPs. 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 (“SNF”) 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 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 loss. NOI excludes certain components from net 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 loss as presented in the Company’s consolidated financial statements. NOI should not be considered as an alternative to net 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 periods presented: Three Months Ended March 31, Three Months Ended March 31, 2023 2022 (In thousands) Medical Office Buildings Seniors Housing — Operating Properties Consolidated Medical Office Buildings Seniors Housing — Operating Properties Consolidated Revenue from tenants $ 33,609 $ 53,746 $ 87,355 $ 32,348 $ 51,302 $ 83,650 Property operating and maintenance 8,955 44,928 53,883 8,689 44,401 53,090 NOI $ 24,654 $ 8,818 33,472 $ 23,659 $ 6,901 30,560 Impairment charges — (10,644) Operating fees to related parties (6,387) (6,318) Acquisition and transaction related (63) (579) General and administrative (5,021) (4,899) Depreciation and amortization (20,176) (20,420) Interest expense (15,785) (11,764) Interest and other income 5 12 Gain (loss) on sale of real estate investments 115 (303) (Loss) gain on non-designated derivatives (182) 994 Income tax expense (46) (39) Net loss attributable to non-controlling interests 9 49 Allocation for preferred stock (3,450) (3,450) Net loss attributable to common stockholders $ (17,509) $ (26,801) The following table reconciles the segment activity to consolidated total assets as of the periods presented: (In thousands) March 31, 2023 December 31, 2022 ASSETS Investments in real estate, net: Medical office buildings $ 1,137,116 $ 1,121,857 Seniors housing — operating properties 850,097 856,440 Total investments in real estate, net 1,987,213 1,978,297 Cash and cash equivalents 35,794 53,654 Restricted cash 25,554 22,884 Derivative assets, at fair value 30,419 40,647 Straight-line rent receivable, net 25,473 25,276 Operating lease right-of-use assets 7,789 7,814 Prepaid expenses and other assets 41,200 34,554 Deferred costs, net 16,614 17,223 Total assets $ 2,170,056 $ 2,180,349 The following table reconciles capital expenditures by reportable business segment, excluding corporate non-real estate expenditures, for the periods presented: Three Months Ended March 31, (In thousands) 2023 2022 Medical office buildings $ 1,222 $ 1,188 Seniors housing — operating properties 2,412 2,123 Total capital expenditures $ 3,634 $ 3,311

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of March 31, 2023, the Company had seven operating and six direct financing lease agreements. The seven operating leases have durations, including assumed renewals, ranging from 19.6 years to 84.5 years, excluding an adjacent parking lot lease with a term of 1.5 years. The Company did not enter into any additional ground leases during the three months ended March 31, 2023. As of March 31, 2023, the Company’s balance sheet included ROU assets and liabilities of $7.8 million and $8.1 million, respectively, which are included in operating lease right-of-use assets and operating lease liabilities, respectively. In determining operating ROU assets and lease liabilities for the Company’s existing operating leases upon the adoption of the lease guidance issued in 2019, as well as for new operating leases in the current period, the Company was required to estimate an appropriate incremental borrowing rate on a fully-collateralized basis for the terms of the leases. Because the terms of the Company’s ground leases are significantly longer than the terms of borrowings available to the Company on a fully-collateralized basis, the Company’s estimate of this rate required significant judgment. The Company’s ground operating leases have a weighted-average remaining lease term, including assumed renewals, of 34.0 years and a weighted-average discount rate of 7.37% as of March 31, 2023. For the three months ended March 31, 2023, the Company paid cash of $0.2 million, for amounts included in the measurement of lease liabilities and recorded expense of $0.2 million, on a straight-line basis in accordance with the current accounting guidance. The Company paid cash of $0.2 million for amounts included in the measurement of lease liabilities and recorded expense of $0.2 million, for the three months ended March 31, 2022. The lease expense is recorded in property operating expenses in the consolidated statements of operations and comprehensive loss. The following table reflects the base cash rental payments due from the Company for the next five years as of March 31, 2023: Future Base Rent Payments (In thousands) Operating Leases Direct Financing Leases (1) 2023 (remainder) $ 486 $ 66 2024 632 90 2025 588 93 2026 599 95 2027 617 97 Thereafter 21,942 7,215 Total minimum lease payments 24,864 7,656 Less: amounts representing interest (16,789) (2,820) Total present value of minimum lease payments $ 8,075 $ 4,836 _______ (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 March 31, 2023, 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	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsThe Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and determined that there have not been any events that have occurred that would require adjustments to disclosures in the consolidated financial statements except for the following: Dividend Declaration On April 3, 2023, the Company announced the declaration of a stock dividend of 0.015179 shares of the Company’s common stock, on each share of the Company’s outstanding common stock. The stock dividend was issued on April 17, 2023 to holders of record of the Company’s common stock at the close of business on April 13, 2023. Subsequent Dispositions Subsequent to March 31, 2023, the Company disposed of two SHOP properties for an aggregate contract sales price of $5.7 million. These two properties were impaired by $6.2 million in the year ended December 31, 2022. Pursuant to the terms of the Credit Facility, the net proceeds from the disposals were used to repay amounts outstanding under the Revolving Credit Facility. The properties were formerly pledged to the asset pool comprising the borrowing base under the Credit Facility. After giving effect to the repayments from these dispositions, the balance of the Revolving Credit Facility was $44.8 million. Other Subsequent Events Subsequent to March 31, 2023, the Company provided an additional $1.1 million deposit to potential lenders as part of its efforts to obtain secured mortgage financing. See Note 5 — Credit Facilities for additional information.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited consolidated financial statements of the Company included herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to this Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair statement of results for the interim periods. The results of operations for the three months ended March 31, 2023 and 2022 are not necessarily indicative of the results for the entire year or any subsequent interim periods. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2022, which are included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 17, 2023. Except for those required by new accounting pronouncements discussed below, there have been no significant changes to the Company’s significant accounting policies during the three months ended March 31, 2023. 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, and its aftermath, 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 Company’s tenants and SHOP properties operate businesses that require in-person interactions with their patients and residents, and concern regarding the transmission of COVID-19 impacted, and may continue to impact, the willingness of persons to, among other things, live in or use facilities at the Company’s properties, and impact the revenues generated by the Company’s tenants which may further impact the ability of the Company’s tenants to pay their rent obligations to the Company when due. The Company’s ability to lease space and negotiate and maintain favorable rents and the results of operations at its 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 its SHOPs. Moreover, the demand for leasing space at the Company’s MOB properties could decline further negatively impacting occupancy percentage, revenue and net income. Additionally, downturns or stagnation in 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 the Company’s SHOPs. Further, recent and continuing increases in inflation brought about by labor shortages, supply chain disruptions and increases in interest rates may adversely impact the Company’s results of operations. Moreover, these increases in the rate of inflation, the ongoing war in Ukraine and related sanctions, supply chain disruptions and increases in interest rates may also impact the ability of the Company’s tenants to pay rent and hence the Company’s results of operations and liquidity. For more information about the risks and uncertainties associated with inflation, the ongoing war in Ukraine and related sanctions and labor shortages, please see the sections “ Inflation ” and Part II—Item 1A. Risk Factors below. Beginning in March 2020, the COVID-19 pandemic and measures to prevent its spread began to affect the Company in a number of ways that vary by operating segment: COVID-19 Impact — MOB Segment The financial stability and overall health of the Company’s tenants is critical to its business. The Company took a proactive approach to achieve mutually agreeable solutions with its tenants and in some cases, during the year ended December 31, 2020, the Company executed lease amendments providing for deferral of rent. Since the year ended December 31, 2020, the Company has not entered into any rent deferral agreements with any of its tenants in this segment, 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 have been modified, the Financial Accounting Standards Board (“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: (i) as if the changes were originally contemplated in the lease contract or (ii) 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 segment, occupancy trended downward from March 2020 until June 2021 and then stabilized until June 2022. Since then, occupancy has trended downward. The Company has also experienced lower inquiry volumes and reduced in-person tours since the onset of the COVID-19 pandemic compared to prior periods. In addition, beginning in 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 SHOPs, 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 became more prominent in the year ended December 31, 2022 as inflation increased and the Company relied more on the use of temporary contract labor and agencies. In addition, the amount it pays for overtime wages and bonuses has increased, in response to a shortage of workers largely due to, among other things, increased inflation raising the cost of labor generally and a lack of qualified personnel that the Company is able to employ on a permanent basis. The persistence of high inflation, labor shortages and supply chain disruptions may cause prolonged 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 operations in future periods. The adverse financial impacts of the COVID-19 pandemic on the Company has been partially offset by funds received by the Company under the CARES Act. The Company received $4.5 million, $5.1 million and $3.6 million under the CARES Act during the years ended December 31, 2022, 2021, and 2020, respectively. The Company did not receive any such funds during the three months ended March 31, 2022. For accounting purposes, the Company treats these funds as grant contributions from the government. The full amounts received were recognized as reductions of property operating and maintenance expenses in the Company’s consolidated statements of operations and comprehensive loss for the periods in which the funds were received, to partially offset the incurred COVID-19 expenses. The Company does not anticipate that any further funds under the CARES Act will be received, and 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 intercompany accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the OP.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, impairments, fair value measurements and income taxes, as applicable.
Revenue Recognition	Revenue Recognition The Company’s revenues, which are derived primarily from lease contracts, include rent received from tenants in its MOB segment. As of March 31, 2023, 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 any 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) 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 SHOP segment, held using a structure permitted under RIDEA. Rental income from residents in the Company’s SHOP segment is recognized as earned when services are provided. Residents pay monthly rent that covers occupancy of their unit and basic services, including utilities, meals and some housekeeping services. The terms of the leases are short term in nature, primarily month-to-month. 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 and maintenance 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 and maintenance costs of the respective properties.
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 three months ended March 31, 2023 and 2022. 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 March 31, 2023 or December 31, 2022. The Company generally determines the value of construction in progress based upon the replacement cost. During the construction period, the Company capitalizes interest, insurance and real estate taxes until the development has reached substantial completion.
Purchase Price Allocation	Purchase Price Allocation In both a business combination and an asset acquisition, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities based on their respective fair values. Tangible assets may include land, land improvements, buildings, fixtures and tenant improvements on an as-if vacant basis. Intangible assets may include the value of in-place leases and above- and below-market leases and other identifiable assets or liabilities based on lease or property specific characteristics. In addition, any assumed mortgages receivable or payable and any assumed or issued non-controlling interests (in a business combination) are recorded at their estimated fair values. In allocating the fair value to assumed mortgages, amounts are recorded to debt premiums or discounts based on the present value of the estimated cash flows, which is calculated to account for either above or below-market interest rates. In allocating the fair value to any assumed or issued non-controlling interests, amounts are recorded at their fair value at the close of business on the acquisition date. In a business combination, the difference between the purchase price and the fair value of identifiable net assets acquired is either recorded as goodwill or as a bargain purchase gain. In an asset acquisition, the difference between the acquisition price (including capitalized transaction costs) and the fair value of identifiable net assets acquired is allocated to the non-current assets. All acquisitions during the three months ended March 31, 2023 were asset acquisitions. The Company acquired five properties during the three months ended March 31, 2023. For acquired properties with leases classified as operating leases, the Company allocates the purchase price to tangible and identifiable intangible assets acquired and liabilities assumed, based on their respective fair values. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data. The Company also considers information obtained about each property as a result of the Company’s pre-acquisition due diligence in estimating the fair value of the tangible and intangible assets acquired and intangible liabilities assumed. Tangible assets include land, land improvements, buildings, fixtures and tenant improvements on an as-if vacant basis. The Company utilizes various estimates, processes and information to determine the as-if vacant property value. The Company estimates the fair value using data from appraisals, comparable sales, discounted cash flow analysis and other methods. Fair value estimates are also made using significant assumptions such as capitalization rates, fair market lease rates, discount rates and land values per square foot. Identifiable intangible assets include amounts allocated to acquired leases for above- and below-market lease rates and the value of in-place leases. Factors considered in the analysis of the in-place lease intangibles include an estimate of carrying costs during the expected lease-up period for each property, taking into account current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at contract rates during the expected lease-up period, which typically ranges from six Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining initial term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The aggregate value of intangible assets related to customer relationships, 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 three months ended March 31, 2023 or 2022.
Accounting for Leases, Lessor Accounting	Accounting for Leases Lessor Accounting In accordance with the lease accounting standard, all of the Company’s leases as lessor prior to adoption were accounted for as operating leases. The Company evaluates new leases originated after the adoption date (by the Company or by a predecessor lessor/owner) pursuant to the new guidance where a lease for some or all of a building is classified by a lessor as a sales-type lease if the significant risks and rewards of ownership reside with the tenant. This situation is met if, among other things, there is an automatic transfer of title during the lease, a bargain purchase option, the non-cancelable lease term is for more than a major part of the remaining economic useful life of the asset (e.g., equal to or greater than 75%), 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 the asset is 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. As of March 31, 2023 and December 31, 2022, the Company had no leases as a lessor that would be considered as sales-type leases or financings under sale-leaseback rules. As a lessor of real estate, the Company has elected, by class of underlying assets, to account for lease and non-lease components (such as tenant reimbursements of property operating and maintenance expenses) as a single lease component as an operating lease because (i) the non-lease components have the same timing and pattern of transfer as the associated lease component; and (ii) the lease component, if accounted for separately, would be classified as an operating lease. Additionally, only incremental direct leasing costs may be capitalized under the accounting guidance. Indirect leasing costs in connection with new or extended tenant leases, if any, are being expensed.
Accounting for Leases, Lessee Accounting	Lessee Accounting The Company is also the lessee under certain land leases which will continue to be classified as operating leases under transition elections unless subsequently modified. These leases are reflected on the balance sheets as of March 31, 2023 and December 31, 2022, and the rent expense is reflected on a straight-line basis over the lease term in the consolidated statements of operations and comprehensive loss for the three months ended March 31, 2023 and 2022. For lessees, the accounting standard requires the application of a dual lease classification approach, classifying leases as either operating or finance leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. Lease expense for operating leases is recognized on a straight-line basis over the term of the lease, while lease expense for finance leases is recognized based on an effective interest method over the term of the lease. Also, lessees must recognize a right-of-use asset (“ROU”) and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Further, certain transactions where at inception of the lease the buyer-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. For additional information and disclosures related to the Company’s operating leases, see Note 16 — Commitments and Contingencies .
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 statements of operations and comprehensive income to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held for use. 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 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 is not depreciated until the project has reached substantial completion. The value of certain other intangibles such as certificates of need in certain jurisdictions are amortized over the expected period of benefit (generally the life of the related building). The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to expense over the remaining periods of the respective leases. The value of customer relationship intangibles, if any, is amortized to expense over the initial term and any renewal periods in the respective leases, but in no event does the amortization period for intangible assets exceed the remaining depreciable life of the building. If a tenant terminates its lease, the unamortized portion of the in-place lease value and customer relationship intangibles is charged to expense. Assumed mortgage premiums or discounts are amortized as an increase or reduction to interest expense over the remaining terms of the respective mortgages.
Income Taxes	Income Taxes The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with the taxable year ended December 31, 2013. If the Company continues to qualify for taxation as a REIT, it generally will not be subject to U.S. federal corporate income tax to the extent it distributes all of its REIT taxable income (which does not equal net income as calculated in accordance with GAAP) to its stockholders. REITs are subject to a number of organizational and operational requirements, including a requirement that the Company distribute annually at least 90% of the Company’s REIT taxable income to the Company’s stockholders. If the Company fails to continue to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, the Company will be subject to U.S. federal, state and local income taxes at regular corporate rates beginning with the year in which it fails to qualify and may be precluded from being able to elect to be treated as a REIT for the Company’s four subsequent taxable years. The Company distributed to its stockholders 100% of its REIT taxable income for each of the years ended December 31, 2022, 2021 and 2020. 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 March 31, 2023, the Company owned 50 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 March 31, 2023 and December 31, 2022 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. These abatements were extended through March 31, 2023 and may continue to be extended for future periods. Because of the TRS's recent operating history of losses and the 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 $7.6 million as of March 31, 2023. 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 loss. As of December 31, 2022, the Company had a deferred tax asset of $6.9 million with a full valuation allowance.
CARES Act Grants	CARES Act Grants On March 27, 2020, the CARES Act was signed into law and provides funding to Medicare providers in order to provide financial relief during the COVID-19 pandemic. Funds provided under the program were to be used for the preparation, prevention, and medical response to COVID-19, and were designed to reimburse providers for healthcare related expenses and lost revenues attributable to COVID-19. The Company did not receive any funding from the CARES Act during the three months ended March 31, 2023 or 2022. For accounting purposes, the CARES Act funds are treated as a grant contribution from the government. Any funding that the Company would receive is recognized as a reduction of property operating and maintenance expenses in the Company’s consolidated statements of operations to offset the negative impacts of COVID-19. There can be no assurance that the program will be extended or any further amounts received under currently effective or potential future government programs.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Adopted as of January 1, 2022: 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 was 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, 2022 and determined it did not have a material impact on its consolidated financial statements. Not yet Fully Adopted as of March 31, 2023: 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 from March 12, 2020 through June 30, 2023 as reference rate reform activities occur. During the year ended December 31, 2020, the Company elected to apply the hedge accounting expedients

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Schedule of Future Base Rent Payments	The following table presents future base rent payments on a cash basis due to the Company over the next five years and thereafter. These amounts exclude tenant reimbursements and contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes, among other items. These amounts also exclude SHOP leases which are short term in nature. As of March 31, 2023: (In thousands) Future 2023 (remainder) $ 80,916 2024 103,347 2025 92,567 2026 84,648 2027 66,412 Thereafter 229,080 Total $ 656,970

Real Estate Investments, Net (T

Real Estate Investments, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Real Estate Investments, Net [Abstract]
Schedule of Business Acquisition	The following table presents the allocation of real estate assets acquired and liabilities assumed during the three months ended March 31, 2023: Three Months Ended March 31, (In thousands) 2023 Real estate investments, at cost: Land $ 2,085 Buildings, fixtures and improvements 19,440 Total tangible assets 21,525 Acquired intangibles: In-place leases and other intangible assets 3,912 Market lease and other intangible assets 33 Market lease liabilities (27) Total intangible assets and liabilities 3,918 Cash paid for real estate investments, including acquisitions $ 25,443 Number of properties purchased 5
Schedule of Revenue	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 March 31, 2023 and 2022: March 31, State 2023 2022 Florida 19.4% 18.2% Pennsylvania 10.2% * _________ * The annualized rental income on a straight-line basis was not greater than 10% of total annualized rental income on a straight-line basis for all portfolio properties as of the date specified.
Schedule of Finite-Lived Intangible Assets	The following table discloses amounts recognized within the consolidated statements of operations and comprehensive loss related to amortization of in-place leases and other intangible assets, amortization and accretion of above- and below-market lease assets and liabilities, net and the amortization and accretion of above- and below-market ground leases, net, for the periods presented: Three Months Ended March 31, (In thousands) 2023 2022 Amortization of in-place leases and other intangible assets (1) $ 3,460 $ 3,866 Accretion of above -and below-market leases, net (2) $ (251) $ (164) Amortization of above -and below-market ground leases, net (3) $ 40 $ 40 ________ (1) Reflected within depreciation and amortization expense. (2) Reflected within rental income.
Schedule of Projected Amortization Expense	The following table provides the projected amortization expense and adjustments to revenues for the next five years: (In thousands) 2023 (remainder) 2024 2025 2026 2027 In-place lease assets $ 10,114 $ 11,726 $ 10,139 $ 8,893 $ 5,383 Other intangible assets 8 10 10 10 10 Total to be added to amortization expense $ 10,122 $ 11,736 $ 10,149 $ 8,903 $ 5,393 Above-market lease assets $ (363) $ (419) $ (366) $ (331) $ (243) Below-market lease liabilities 1,124 1,294 1,103 941 623 Total to be added to revenue from tenants $ 761 $ 875 $ 737 $ 610 $ 380
Schedule of Impairments Recorded	The following table presents impairment charges by segment recorded during the three months ended March 31, 2022: Three Months Ended March 31, (In thousands) 2022 MOB Segment: Illinois skilled nursing facilities (1) $ 10,644 Total MOB impairment charges 10,644 Total impairment charges $ 10,644 (1) These seven properties were impaired after the Company received an offer by the tenant to purchase all seven properties, which caused the Company to reassess its expected holding period for these properties. As of March 31, 2023, these properties were not disposed nor were under contract for disposal.

Mortgage Notes Payable, Net (Ta

Mortgage Notes Payable, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following table reflects the Company’s mortgage notes payable as of March 31, 2023 and December 31, 2022: Outstanding Loan Amount as of Effective Interest Rate (1) as of Portfolio Encumbered Properties (1) March 31, December 31, 2022 March 31, December 31, 2022 Interest Rate Maturity (In thousands) (In thousands) Fox Ridge Bryant - Bryant, AR 1 $ 6,774 $ 6,817 3.98 % 3.98 % Fixed May 2047 Fox Ridge Chenal - Little Rock, AR 1 15,541 15,639 2.95 % 2.95 % Fixed May 2049 Fox Ridge North Little Rock - North Little Rock, AR 1 9,643 9,704 2.95 % 2.95 % Fixed May 2049 Capital One MOB Loan 41 378,500 378,500 3.73 % 3.73 % Fixed (2) Dec. 2026 Multi-Property CMBS Loan 21 118,700 118,700 4.60 % 4.60 % Fixed May 2028 Shiloh - Illinois 1 12,989 13,071 4.34 % 4.34 % Fixed Jan. 2025 BMO CMBS Loan 9 42,750 42,750 2.89 % 2.89 % Fixed Dec. 2031 Gross mortgage notes payable 75 584,897 585,181 3.83 % 3.83 % Deferred financing costs, net of accumulated amortization (3) (4,783) (5,117) Mortgage premiums and discounts, net (1,342) (1,364) Mortgage notes payable, net $ 578,772 $ 578,700 _____________ (1) Calculated on a weighted average basis for all mortgages outstanding as of March 31, 2023 and December 31, 2022. For the SOFR/LIBOR based loans, SOFR/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 daily SOFR as of March 31, 2023 and December 31, 2022, which is fixed as a result of entering into “pay-fixed” interest rate swap agreements. The Company allocated $378.5 million of its “pay-fixed” interest rate swaps to this mortgage consistently as of March 31, 2023 and December 31, 2022. (3) Deferred financing costs represent commitment fees, legal fees and other costs associated with obtaining financing. These costs are amortized to interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close.

Credit Facilities (Tables)

Credit Facilities (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Credit Facilities	The Company had the following credit facilities outstanding as of March 31, 2023 and December 31, 2022: Outstanding Facility Effective Interest Rate (9)(10) Credit Facility Encumbered Properties (1) March 31, December 31, 2022 March 31, December 31, 2022 Interest Rate Maturity (In thousands) (In thousands) Credit Facility: Revolving Credit Facility $ 50,000 $ 30,000 7.76 % 7.26 % Variable Mar. 2024 (8) Term Loan 150,000 150,000 5.11 % 5.11 % Fixed (6) Mar. 2024 Deferred financing costs (1,400) (1,750) Term Loan, net 148,600 148,250 Total Credit Facility 98 (2) $ 198,600 $ 178,250 Fannie Mae Master Credit Facilities: Capital One Facility 11 (3) $ 209,598 $ 210,483 7.08 % 5.90 % Variable (7) Nov. 2026 KeyBank Facility 10 (4) 141,007 141,564 7.13 % 6.60 % Variable (7) Nov. 2026 Total Fannie Mae Master Credit Facilities 21 $ 350,605 $ 352,047 Total Credit Facilities 119 $ 549,205 $ 530,297 6.62 % (5) 5.94 % (5) ________ (1) Encumbered properties are as of March 31, 2023. (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 as of March 31, 2023 with a carrying value of $349.4 million. (4) Secured by first-priority mortgages on ten of the Company’s seniors housing properties as of March 31, 2023 with a carrying value of $261.3 million. (5) Calculated on a weighted average basis for all credit facilities outstanding as of March 31, 2023 and December 31, 2022, respectively. (6) Variable rate loan, based on SOFR, all of which was economically fixed as a result of entering into “pay-fixed” interest rate swap agreements (the Company designates its SOFR “pay-fixed” interest rate swaps against all 30-day SOFR debt, see Note 7 — Derivatives and Hedging Activities for additional details). (7) The effective rates above only include the impact of designated hedging instruments. The Company has seven non-designated interest rate cap agreements with an aggregate notional amount of $354.6 million which limits 30-day LIBOR to 3.50%. The Company did not designate these derivatives as hedges and accordingly, the changes in value and any cash received from these derivatives are presented within gain (loss) on derivative instruments on the consolidated statements of operations and comprehensive income ( see Note 7 — Derivatives and Hedging Activities for additional details). Inclusive of the impact of these interest rate caps on these non-designated derivatives, the economic interest rate on the Capital One Fannie Mae Facility and KeyBank Fannie Mae Facility was 5.26%, and 5.96%, respectively, as of March 31, 2023 and December 31, 2022. (8) During the year ended December 31 2022, the Company exercised its option to extend the 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 March 31, 2023 and December 31, 2022. (10) The Company has interest “pay-fixed” swaps which are designated as cash flow hedges on LIBOR- or SOFR-based outstanding combined borrowings. Prior to the Fourth Amendment (as defined below) which, among other things, changed the reference rate on the Credit Facility from LIBOR to SOFR, to present average rates in the table above, the Company historically allocated the notional amount of a “pay-fixed” swap to the outstanding amounts of its Credit Facility (both the Revolving Credit Facility and the Term Loan) with any remaining notional amounts applied to its Capital One Fannie Mae Facility. During the three months ended September 30, 2022, the Company converted $150.0 million of its “pay-fixed” swaps from LIBOR to SOFR. As of December 31, 2022, the Company allocated the $150.0 million SOFR-based “pay-fixed” swaps to the Term Loan. As of December 31, 2022, $50.0 million of LIBOR-based “pay-fixed” swaps were allocated to the Capital One Fannie Mae Facility because there were no LIBOR-based amounts outstanding under the Revolving Credit Facility. The $50.0 million of LIBOR-based “pay-fixed” swaps were terminated in the three months ended March 31, 2023. See Note 7 — Derivatives and Hedging Activities for additional details.
Schedule of Maturities of Long-term Debt	The following table summarizes the scheduled aggregate principal payments for the five years subsequent to March 31, 2023 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 2023 (remainder) $ 856 $ 4,327 $ 5,183 2024 1,178 205,769 206,947 2025 13,270 5,769 19,039 2026 379,393 334,740 714,133 2027 922 — 922 Thereafter 189,278 — 189,278 Total $ 584,897 $ 550,605 $ 1,135,502

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Summary of Recurring Fair Value Measurements	The following table presents information about the Company’s assets and liabilities measured at fair value as of March 31, 2023 and December 31, 2022, 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 March 31, 2023 Derivative assets, at fair value (non-designated) $ — $ 2,615 $ — $ 2,615 Derivative assets, at fair value (designated) — 27,804 — 27,804 Total $ — $ 30,419 $ — $ 30,419 December 31, 2022 Derivative assets, at fair value (non-designated) $ — $ 3,737 $ — $ 3,737 Derivative assets, at fair value (designated) — 36,910 — 36,910 Total $ — $ 40,647 $ — $ 40,647
Summary of Fair Value by Balance Sheet	The fair values of the Company’s remaining financial instruments that are not reported at fair value on the consolidated balance sheets are reported below: March 31, 2023 December 31, 2022 (In thousands) Level Carrying Amount Fair Value Carrying Amount Fair Value Gross mortgage notes payable and mortgage premium and discounts, net 3 $ 583,555 $ 551,537 $ 583,817 $ 550,626 Credit Facility 3 $ 200,000 $ 199,481 $ 180,000 $ 179,496 Fannie Mae Master Credit Facilities 3 $ 350,605 $ 351,269 $ 352,047 $ 353,034

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of 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 March 31, 2023 and December 31, 2022: (In thousands) Balance Sheet Location March 31, December 31, 2022 Derivatives designated as hedging instruments: Interest rate “pay-fixed” swaps Derivative assets, at fair value $ 27,804 $ 36,910 Interest rate “pay-fixed” swaps Derivative liabilities, at fair value $ — $ — Derivatives not designated as hedging instruments: Interest rate caps Derivative assets, at fair value $ 2,615 $ 3,737
Summary of Derivative Instruments	As of March 31, 2023 and December 31, 2022, the Company had the following derivatives that were designated as cash flow hedges of interest rate risk: March 31, 2023 December 31, 2022 Interest Rate Derivatives Number of Instruments Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) SOFR-based interest rate “pay-fixed” swaps 7 $ 528,500 7 $ 528,500 LIBOR-based interest rate “pay-fixed” swaps — — 2 50,000 Total interest rate “pay-fixed” swaps 7 $ 528,500 9 $ 578,500 The Company had the following outstanding interest rate derivatives with current effective notional amounts that were not designated as hedges in qualified hedging relationships as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Interest Rate Derivatives Number of Instruments Notional Amount (1) Number of Instruments Notional Amount (1) (In thousands) (In thousands) Interest rate caps (2) 7 $ 354,624 7 $ 354,624 (1) Notional amount represents the currently active interest rate cap contract and excludes three interest rate cap agreements (included in the instrument count) with aggregate notional amounts of $52.6 million which take effect upon the expiration of similar caps included above and effectively extend the term for the same notional amount. (2) All of the Company’s interest rate cap agreements limit 30-day LIBOR to 3.50% with terms through April 2024. The actual 30-day LIBOR rates during the first quarter of 2023 exceeded the strike price rate of 3.50% and the Company is currently receiving payments under these agreements. Changes in the fair market value of these non-designated derivatives, as well as any cash received, are presented within gain (loss) on non-designated derivatives in the Company’s consolidated statements of operations and comprehensive income.
Schedule of Derivatives Included in AOCI	The table below details the location in the financial statements of the gain (loss) recognized on interest rate derivatives designated as cash flow hedges for the periods presented: Three Months Ended March 31, (In thousands) 2023 2022 Amount of gain recognized in accumulated other comprehensive loss on interest rate derivatives $ (3,471) $ 23,613 Amount of gain (loss) reclassified from accumulated other comprehensive income into income as interest expense $ 3,960 $ (2,653) Total amount of interest expense presented in the consolidated statements of operations and comprehensive loss $ (15,785) $ (11,764)
Schedule of Offsetting Assets	The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives (both designated and non-designated) as of March 31, 2023 and December 31, 2022. 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 sheets. 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 March 31, 2023 $ 30,419 $ — $ — $ 30,419 $ — $ — $ 30,419 December 31, 2022 $ 40,647 $ — $ — $ 40,647 $ — $ — $ 40,647

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Cumulative Share Repurchases	The table below reflects the number of shares repurchased and the average price per share, under the SRP and does not include any repurchases under tender offers, cumulatively through March 31, 2023. Number of Shares Repurchased Average Price per Share Cumulative repurchases as of December 31, 2022 4,896,620 $ 20.60 Three months ended March 31, 2023 — — Cumulative repurchases as of March 31, 2023 4,896,620 20.60
Schedule of Stock Dividends	Stock Dividend Declaration Date Stock Dividend Issue Date Quarterly Stock Dividend Rate (per share) October 1, 2020 October 15, 2020 0.013492 January 4, 2021 January 15, 2021 0.013492 April 2, 2021 April 15, 2021 0.014655 July 1, 2021 July 15, 2021 0.014655 October 1, 2021 October 15, 2021 0.014655 January 3, 2022 January 15, 2022 0.014655 April 1, 2022 April 18, 2022 0.014167 July 1, 2022 July 15, 2022 0.014167 October 3, 2022 October 17, 2022 0.014167 January 3, 2023 January 18, 2023 0.014167 April 3, 2023 April 17, 2023 0.015179

Related Party Transactions an_2

Related Party Transactions and Arrangements (Tables)	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services	The following table details amounts incurred, forgiven and payable in connection with the Company’s operations-related services described above as of and for the periods presented: Three Months Ended March 31, Payable (Receivable) as of 2023 2022 (In thousands) Incurred Incurred March 31, December 31, 2022 Non-recurring fees and reimbursements: Acquisition cost reimbursements $ 21 $ — $ 21 $ 5 Ongoing fees and reimbursements: Asset management fees 5,458 5,458 — — Property management and fees (2) 978 1,026 (12) 3 Professional fees and other reimbursements (1) 2,386 2,226 102 39 Total related party operation fees and reimbursements $ 8,843 $ 8,710 $ 111 $ 47 ___________ (1) Included in general and administrative expenses in the consolidated statements of operations. Includes $1.5 million for the three months ended March 31, 2023, and $1.7 million for the three months ended March 31, 2022, subject to the Capped Reimbursement. (2) Includes $49,000 and $0.2 million of leasing commissions which are capitalized and included in prepaid expenses and other assets.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Share Award Activity	The following table reflects the amount of restricted shares outstanding as of March 31, 2023 and activity for the period presented: Number of Shares of Common Stock Weighted Average Issue Price Unvested, December 31, 2022 97,343 $ 18.89 Stock dividend 1,393 15.00 Vested — — Unvested, March 31, 2023 98,736 $ 18.84

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table illustrates the changes in accumulated other comprehensive income as of and for the period presented: (In thousands) Unrealized Gain (loss) on Designated Derivative Balance, December 31, 2022 $ 36,910 Other comprehensive gain, before reclassifications (3,471) Amount of (gain) loss reclassified from accumulated other comprehensive gain (loss) (3,960) Balance, March 31, 2023 $ 29,479

Non-controlling Interests (Tabl

Non-controlling Interests (Tables)	3 Months Ended
	Mar. 31, 2023
Noncontrolling Interest [Abstract]
Schedule of Noncontrolling Interest on Balance Sheet	Non-controlling interests on the Company’s consolidated balance sheets is comprised of the following: Balance as of (In thousands) March 31, 2023 December 31, 2022 Series A Preferred Units held by third parties $ 2,578 $ 2,578 Common OP Units held by third parties 3,467 3,584 Total Non-controlling Interests in the OP 6,045 6,162 Non-controlling Interests in property owning subsidiaries 396 389 Total Non-controlling interests $ 6,441 $ 6,551
Summary of Non-controlling Interest	The following table summarizes the activity related to investment arrangements with the unaffiliated third parties: Distributions Third Party Net Investment Amount Non-Controlling Ownership Percentage Net Real Estate Assets Subject to Investment Arrangement Three Months Ended March 31, Property Name (Dollar amounts in thousands) Investment Date March 31, 2023 March 31, 2023 March 31, 2023 As of December 31, 2022 2023 2022 Plaza Del Rio Medical Office Campus Portfolio (1) May 2015 $ 396 2.6 % $ 12,279 $ 12,455 — — _______ (1) One property within the Plaza Del Rio Medical Office Campus Portfolio was pledged to secure the Multi-Property CMBS Loan. See Note 4 - Mortgage Notes Payable, net for additional information.

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Summary of Basic and Diluted Net Loss Per Share Computation	The following is a summary of the basic and diluted net loss per share computation for the periods presented and has been retroactively adjusted to reflect the stock dividends (see Note 1 — Organization for additional details): Three Months Ended March 31, 2023 2022 Net loss attributable to common stockholders (in thousands) $ (17,509) $ (26,801) Basic and diluted weighted-average shares outstanding (1) 108,087,025 108,013,529 Basic and diluted net loss per share (1) $ (0.16) $ (0.25) (1) Retroactively adjusted for the effects of the stock dividends (see Note 1 — Organization and Note 8 — Stockholders’ Equity
Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share	The amounts in the table below have been retroactively adjusted to reflect the stock dividends (see Note 1 — Organization for additional details): Three Months Ended March 31, 2023 2022 Unvested restricted shares (1) 100,235 173,716 Common OP Units (2) 474,700 474,700 Class B Units (3) 420,040 420,040 Total weighted average antidilutive common stock equivalents 994,975 1,068,456 ________ (1) Weighted average number of antidilutive unvested restricted shares outstanding for the periods presented. Th ere were 98,736 and 161,754 unvested restricted shares outstanding as of March 31, 2023 and 2022, respectively. (2) Weighted average number of antidilutive Common OP Units presented as shares outstanding for the periods presented, at the current redemption rate reflecting adjustments for the effect of the stock dividends (see Note 1 — Organization for additional details). There were 405,998 Common OP Units outstanding as of March 31, 2023 and 2022. The securities held by the Company are eliminated in consolidation. (3) Weighted average number of antidilutive Class B Units presented as shares outstanding for the periods presented, at the current redemption rate reflecting adjustments for the effect of the stock dividends (see Note 1 — Organization for additional details). There were 359,250 Class B Units outstanding as of March 31, 2023 and 2022. These Class B Units were unvested as of March 31, 2023 and 2022 (see Note 9 — Related Party Transactions

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following tables reconcile the segment activity to consolidated net loss for the periods presented: Three Months Ended March 31, Three Months Ended March 31, 2023 2022 (In thousands) Medical Office Buildings Seniors Housing — Operating Properties Consolidated Medical Office Buildings Seniors Housing — Operating Properties Consolidated Revenue from tenants $ 33,609 $ 53,746 $ 87,355 $ 32,348 $ 51,302 $ 83,650 Property operating and maintenance 8,955 44,928 53,883 8,689 44,401 53,090 NOI $ 24,654 $ 8,818 33,472 $ 23,659 $ 6,901 30,560 Impairment charges — (10,644) Operating fees to related parties (6,387) (6,318) Acquisition and transaction related (63) (579) General and administrative (5,021) (4,899) Depreciation and amortization (20,176) (20,420) Interest expense (15,785) (11,764) Interest and other income 5 12 Gain (loss) on sale of real estate investments 115 (303) (Loss) gain on non-designated derivatives (182) 994 Income tax expense (46) (39) Net loss attributable to non-controlling interests 9 49 Allocation for preferred stock (3,450) (3,450) Net loss attributable to common stockholders $ (17,509) $ (26,801) The following table reconciles the segment activity to consolidated total assets as of the periods presented: (In thousands) March 31, 2023 December 31, 2022 ASSETS Investments in real estate, net: Medical office buildings $ 1,137,116 $ 1,121,857 Seniors housing — operating properties 850,097 856,440 Total investments in real estate, net 1,987,213 1,978,297 Cash and cash equivalents 35,794 53,654 Restricted cash 25,554 22,884 Derivative assets, at fair value 30,419 40,647 Straight-line rent receivable, net 25,473 25,276 Operating lease right-of-use assets 7,789 7,814 Prepaid expenses and other assets 41,200 34,554 Deferred costs, net 16,614 17,223 Total assets $ 2,170,056 $ 2,180,349 The following table reconciles capital expenditures by reportable business segment, excluding corporate non-real estate expenditures, for the periods presented: Three Months Ended March 31, (In thousands) 2023 2022 Medical office buildings $ 1,222 $ 1,188 Seniors housing — operating properties 2,412 2,123 Total capital expenditures $ 3,634 $ 3,311

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Summary of Operating Lease Maturities	The following table reflects the base cash rental payments due from the Company for the next five years as of March 31, 2023: Future Base Rent Payments (In thousands) Operating Leases Direct Financing Leases (1) 2023 (remainder) $ 486 $ 66 2024 632 90 2025 588 93 2026 599 95 2027 617 97 Thereafter 21,942 7,215 Total minimum lease payments 24,864 7,656 Less: amounts representing interest (16,789) (2,820) Total present value of minimum lease payments $ 8,075 $ 4,836 _______ Accounts Payable and accrued expenses
Summary of Finance Lease Maturities	The following table reflects the base cash rental payments due from the Company for the next five years as of March 31, 2023: Future Base Rent Payments (In thousands) Operating Leases Direct Financing Leases (1) 2023 (remainder) $ 486 $ 66 2024 632 90 2025 588 93 2026 599 95 2027 617 97 Thereafter 21,942 7,215 Total minimum lease payments 24,864 7,656 Less: amounts representing interest (16,789) (2,820) Total present value of minimum lease payments $ 8,075 $ 4,836 _______ Accounts Payable and accrued expenses

Organization (Details)

Organization (Details) ft² in Millions	3 Months Ended		12 Months Ended	30 Months Ended
	Mar. 31, 2023 contractor property segment shares	Mar. 31, 2022 segment	Dec. 31, 2022 shares	Mar. 31, 2023 property shares	Mar. 31, 2023 state	Mar. 31, 2023 ft²	Mar. 31, 2023 encumberedProperty
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of properties owned	207			207			119
Number of states properties are located in | state					34
Rentable square feet | ft²						9.2
Number of senior housing communities | property	50			50
Number of reportable segments | segment	2	2
Number of independent contractors | contractor	4
Share increase from stock dividends (in shares)				14,000,000
Stock issued during period, shares, new issues (in shares)	0		0	0

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) property segment	Mar. 31, 2022 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) lease
Lessee, Lease, Description [Line Items]
Additional CARES Act funding	$ 0	$ 0	$ 4,500,000	$ 5,100,000	$ 3,600,000
Remaining lease term	4 years 10 months 24 days
Bad debt expense	$ 265,000	$ 426,000
Assets held for sale	$ 0		0
Number of reportable segments | segment	2	2
Number of senior housing communities | property	50
Number of intercompany leases modified | lease					25
Valuation allowance, percentage	100%
Deferred tax asset	$ 7,600,000		$ 6,900,000
Building
Lessee, Lease, Description [Line Items]
Property, plant and equipment, useful life	40 years
Land Improvements
Lessee, Lease, Description [Line Items]
Property, plant and equipment, useful life	15 years
Minimum
Lessee, Lease, Description [Line Items]
Lease intangibles, lease-up period	6 months
Minimum | Furniture and Fixtures
Lessee, Lease, Description [Line Items]
Property, plant and equipment, useful life	7 years
Maximum
Lessee, Lease, Description [Line Items]
Lease intangibles, lease-up period	24 months
Maximum | Furniture and Fixtures
Lessee, Lease, Description [Line Items]
Property, plant and equipment, useful life	10 years
Individual business acquisitions
Lessee, Lease, Description [Line Items]
Number of properties purchased | property	5

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Lessor Maturity Schedule (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Future  Base Rent Payments
2023 (remainder)	$ 80,916
2024	103,347
2025	92,567
2026	84,648
2027	66,412
Thereafter	229,080
Total	$ 656,970

Real Estate Investments, Net -

Real Estate Investments, Net - Narrative (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) property	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2023 property	Mar. 31, 2023 encumberedProperty	Dec. 31, 2022 USD ($)	Jul. 01, 2020 property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties owned				207	119
Number of properties disposed | property	0
Impairment charges	$ 0	$ 10,644,000
Gain (loss) on sale of real estate investments	115,000	(303,000)
Assets held for sale	0					$ 0
Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	0					$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations | LaSalle Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate contract sale price			$ 12,400,000
Gain (loss) on sale of real estate investments		(300,000)
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges	$ 0	$ 10,644,000
Texas
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges			$ 34,000,000
Texas | Triple-Net Leased Properties | Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties held for sale | property							4
Individual business acquisitions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties purchased | property	5

Real Estate Investments, Net _2

Real Estate Investments, Net - Acquired Assets (Details) - Individual business acquisitions $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) property
Real estate investments, at cost:
Land	$ 2,085
Buildings, fixtures and improvements	19,440
Total tangible assets	21,525
Acquired intangibles:
Market lease liabilities	(27)
Total intangible assets and liabilities	3,918
Cash paid for real estate investments, including acquisitions	$ 25,443
Number of properties purchased | property	5
In-place lease assets
Acquired intangibles:
In-place leases, market leases, and other intangible assets	$ 3,912
Above-market lease assets
Acquired intangibles:
In-place leases, market leases, and other intangible assets	$ 33

Real Estate Investments, Net _3

Real Estate Investments, Net - Geographic Concentrations (Details) - Revenue Benchmark - Geographic Concentration Risk	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Florida
Concentration Risk [Line Items]
Concentration risk, percentage	19.40%	18.20%
Pennsylvania
Concentration Risk [Line Items]
Concentration risk, percentage	10.20%

Real Estate Investments, Net _4

Real Estate Investments, Net - Summary of Amortization and Accretion Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Accretion of above-and below-market leases, net	$ (211)	$ (122)
Depreciation and Amortization Expense | In-place Leases and Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Amortization of market least intangibles	3,460	3,866
Rental Income | Above and Below Market Leases
Finite-Lived Intangible Assets [Line Items]
Accretion of above-and below-market leases, net	(251)	(164)
Property Operating and Maintenance Expense | Above market ground leases
Finite-Lived Intangible Assets [Line Items]
Amortization of market least intangibles	$ 40	$ 40

Real Estate Investments, Net _5

Real Estate Investments, Net - Summary of Intangible Assets and Liabilities Future Amortization Expense (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Amortization Expense
Finite-Lived Intangible Assets [Line Items]
2023 (remainder)	$ 10,122
2024	11,736
2025	10,149
2026	8,903
2027	5,393
Rental Income
Finite-Lived Intangible Assets [Line Items]
Below market leases, amortization income, remainder 2023 (reminder)	761
Below market leases, amortization income, 2024	875
Below market leases, amortization income, 2025	737
Below market leases, amortization income, 2026	610
Below market leases, amortization income, 2027	380
In-place lease assets | Amortization Expense
Finite-Lived Intangible Assets [Line Items]
2023 (remainder)	10,114
2024	11,726
2025	10,139
2026	8,893
2027	5,383
Other intangible assets | Amortization Expense
Finite-Lived Intangible Assets [Line Items]
2023 (remainder)	8
2024	10
2025	10
2026	10
2027	10
Above-market lease assets | Rental Income
Finite-Lived Intangible Assets [Line Items]
2023 (remainder)	(363)
2024	(419)
2025	(366)
2026	(331)
2027	(243)
Below-market lease liabilities | Rental Income
Finite-Lived Intangible Assets [Line Items]
Below market leases, amortization income, remainder 2023 (reminder)	1,124
Below market leases, amortization income, 2024	1,294
Below market leases, amortization income, 2025	1,103
Below market leases, amortization income, 2026	941
Below market leases, amortization income, 2027	$ 623

Real Estate Investments, Net _6

Real Estate Investments, Net - Impairments (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($) property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges	$ 0	$ 10,644,000
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges	$ 0	10,644,000
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | MOB Segment:
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges		$ 10,644,000
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Illinois skilled nursing facilities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties, failed to recover carrying value | property		7
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Illinois skilled nursing facilities | MOB Segment:
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges		$ 10,644,000

Mortgage Notes Payable, Net - M

Mortgage Notes Payable, Net - Mortgage Notes (Details) $ in Thousands	Mar. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)	Jun. 30, 2017 USD ($)
Debt Instrument [Line Items]
Outstanding loan amount	$ 1,135,502
Effective interest rate	6.62%	5.94%
LIBOR
Debt Instrument [Line Items]
Notional Amount	$ 50,000
Capital One MOB Loan | LIBOR
Debt Instrument [Line Items]
Notional Amount	$ 378,500	$ 378,500
Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property	75
Outstanding loan amount	$ 584,897	$ 585,181
Effective interest rate	3.83%	3.83%
Deferred financing costs, net of accumulated amortization	$ (4,783)	$ (5,117)
Mortgage premiums and discounts, net	(1,342)	(1,364)
Mortgage notes payable, net	$ 578,772	578,700
Mortgages | Capital One MOB Loan
Debt Instrument [Line Items]
Encumbered Properties | property	41
Outstanding loan amount	$ 378,500	$ 378,500	$ 250,000
Effective interest rate	3.73%	3.73%
Mortgages | 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%
Mortgages | Shiloh - Illinois
Debt Instrument [Line Items]
Encumbered Properties | property	1
Outstanding loan amount	$ 12,989	$ 13,071
Effective interest rate	4.34%	4.34%
Mortgages | BMO CMBS Loan
Debt Instrument [Line Items]
Encumbered Properties | property	9
Outstanding loan amount	$ 42,750	$ 42,750
Effective interest rate	2.89%	2.89%
Mortgages | Fox Ridge Bryant - Bryant, AR
Debt Instrument [Line Items]
Encumbered Properties | property	1
Outstanding loan amount	$ 6,774	$ 6,817
Effective interest rate	3.98%	3.98%
Mortgages | Fox Ridge Chenal - Little Rock, AR
Debt Instrument [Line Items]
Encumbered Properties | property	1
Outstanding loan amount	$ 15,541	$ 15,639
Effective interest rate	2.95%	2.95%
Mortgages | Fox Ridge North Little Rock - North Little Rock, AR
Debt Instrument [Line Items]
Encumbered Properties | property	1
Outstanding loan amount	$ 9,643	$ 9,704
Effective interest rate	2.95%	2.95%

Mortgage Notes Payable, Net - N

Mortgage Notes Payable, Net - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Real estate investment, at cost relating to notes payable	$ 900,000
Outstanding loan amount	1,135,502
Mortgages
Debt Instrument [Line Items]
Outstanding loan amount	$ 584,897	$ 585,181

Credit Facilities - Summary of

Credit Facilities - Summary of Credit Facilities (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2023 property	Mar. 31, 2023	Mar. 31, 2023 encumberedProperty	Mar. 31, 2023 instrument	Mar. 31, 2023 derivative	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)
Line of Credit Facility [Line Items]
Number of properties owned		207		119
Outstanding balance	$ 549,205,000						$ 530,297,000
Effective interest rate			6.62%				5.94%
LIBOR
Line of Credit Facility [Line Items]
Notional Amount	50,000,000
Fannie Mae Master Credit Facilities | Interest rate caps
Line of Credit Facility [Line Items]
Number of Instruments					7	7
Notional Amount	354,600,000
Interest rate cap			3.50%				3.50%
Fannie Mae Master Credit Facilities | Capital One Facility | Interest rate caps
Line of Credit Facility [Line Items]
Interest rate			5.26%				5.26%
Fannie Mae Master Credit Facilities | KeyBank Facility | Interest rate caps
Line of Credit Facility [Line Items]
Interest rate			5.96%				5.96%
Credit Facility
Line of Credit Facility [Line Items]
Outstanding balance	198,600,000						$ 178,250,000
Credit Facility | Fannie Mae Master Credit Facilities
Line of Credit Facility [Line Items]
Number of properties owned | encumberedProperty				21
Outstanding balance	350,605,000						352,047,000
Credit Facility | Fannie Mae Master Credit Facilities | Capital One Facility
Line of Credit Facility [Line Items]
Number of properties owned | encumberedProperty				11
Outstanding balance	209,598,000						$ 210,483,000
Effective interest rate			7.08%				5.90%
Debt instrument, collateral amount	349,400,000
Credit Facility | Fannie Mae Master Credit Facilities | KeyBank Facility
Line of Credit Facility [Line Items]
Number of properties owned | encumberedProperty				10
Outstanding balance	141,007,000						$ 141,564,000
Effective interest rate			7.13%				6.60%
Debt instrument, collateral amount	261,300,000
Credit Facility | LIBOR
Line of Credit Facility [Line Items]
Notional Amount	50,000,000						$ 50,000,000
Credit Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Number of properties owned | encumberedProperty				98
Outstanding balance	50,000,000						$ 30,000,000
Effective interest rate			7.76%				7.26%
Term Loan
Line of Credit Facility [Line Items]
Outstanding balance	150,000,000
Term Loan | SOFR
Line of Credit Facility [Line Items]
Notional Amount							$ 150,000,000	$ 150,000,000
Term Loan | Credit Facility
Line of Credit Facility [Line Items]
Outstanding balance	150,000,000						150,000,000
Deferred financing costs	(1,400,000)						(1,750,000)
Term Loan, net	$ 148,600,000						$ 148,250,000
Effective interest rate			5.11%				5.11%
Term Loan | Revolving Credit Facility
Line of Credit Facility [Line Items]
Maturity extension	1 year

Credit Facilities - Narrative (

Credit Facilities - Narrative (Details)	1 Months Ended	3 Months Ended
	May 12, 2023 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2023	Mar. 31, 2023 $ / shares	Mar. 31, 2023 instrument	Mar. 31, 2023 derivative	Dec. 31, 2022 USD ($) instrument $ / shares	Sep. 30, 2022 USD ($)	Jun. 30, 2017 USD ($)
Line of Credit Facility [Line Items]
Total real estate investments, at cost		$ 2,615,754,000						$ 2,587,621,000
Real estate investment, at cost relating to notes payable		900,000,000
Outstanding balance		549,205,000						$ 530,297,000
Long-term debt, covenant requirements, amount		$ 50,000,000
Long-term debt, covenant requirements, distribution in excess of modified funds from operations, percent		95%
Stock repurchase program, maximum authorized amount		$ 50,000,000
Outstanding loan amount		1,135,502,000
Payments for escrow deposit		7,783,000	$ 0
Cash from termination		1,946,000	$ (39,000)
Interest rate caps | Derivatives not designated as hedging instruments:
Line of Credit Facility [Line Items]
Number of instruments | instrument						7		7
Notional amount		354,624,000						$ 354,624,000
SOFR | Derivatives designated as hedging instruments:
Line of Credit Facility [Line Items]
Number of instruments | instrument						7		7
Notional amount		528,500,000						$ 528,500,000
LIBOR Based Variable Rate | Derivatives designated as hedging instruments:
Line of Credit Facility [Line Items]
Notional amount		350,600,000
LIBOR
Line of Credit Facility [Line Items]
Notional amount		50,000,000
LIBOR | Derivatives designated as hedging instruments:
Line of Credit Facility [Line Items]
Number of instruments | instrument						0		2
Notional amount		0						$ 50,000,000
Derivatives terminated in period		$ 50,000,000
Series A Preferred Stock
Line of Credit Facility [Line Items]
Preferred stock, dividend rate, percentage		7.375%
Preferred stock, par value (in usd per share) | $ / shares					$ 0.01			$ 0.01
Series B Preferred Stock
Line of Credit Facility [Line Items]
Preferred stock, dividend rate, percentage		7.125%
Preferred stock, par value (in usd per share) | $ / shares					$ 0.01			$ 0.01
Commencement Quarter
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity base percent		62.50%
Commencement Quarter | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Debt instrument, interest rate				0.25%
Covenant Period From July 1, 2021 through Commencement Quarter
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity base percent		65%
Covenant Period After Commencement Quarter
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity base percent		62.50%
Minimum | Covenant Period After June 30, 2021
Line of Credit Facility [Line Items]
Fixed charge coverage ratio		1.50
Term Loan
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 505,000,000
Outstanding balance		$ 150,000,000
Term Loan | SOFR
Line of Credit Facility [Line Items]
Notional amount								$ 150,000,000	$ 150,000,000
Term Loan | Minimum | Commencement Quarter | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.30%
Term Loan | Minimum | Commencement Quarter | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.55%
Term Loan | Minimum | Covenant Period August 11, 2022 Until Commencement Quarter | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.80%
Term Loan | Minimum | Covenant Period August 11, 2022 Until Commencement Quarter | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.05%
Term Loan | Maximum | Commencement Quarter | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.05%
Term Loan | Maximum | Commencement Quarter | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.30%
Term Loan | Maximum | Covenant Period August 11, 2022 Until Commencement Quarter | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.55%
Term Loan | Maximum | Covenant Period August 11, 2022 Until Commencement Quarter | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.80%
Credit Facility
Line of Credit Facility [Line Items]
Consolidated tangible net worth		$ 1,500,000,000
Outstanding loan amount		550,605,000
Credit Facility | LIBOR
Line of Credit Facility [Line Items]
Notional amount		50,000,000						50,000,000
Secured Debt
Line of Credit Facility [Line Items]
Payments for escrow deposit		7,800,000
Secured Debt | Subsequent Event
Line of Credit Facility [Line Items]
Payments for escrow deposit	$ 1,100,000
Mortgages
Line of Credit Facility [Line Items]
Outstanding loan amount		584,897,000						585,181,000
Unencumbered Properties
Line of Credit Facility [Line Items]
Total real estate investments, at cost		100,000,000
Revolving Credit Facility | Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		655,000,000
Outstanding balance		50,000,000						30,000,000
Minimum net worth required for compliance		$ 1,200,000,000
Debt instrument, covenants, percent of net offering proceeds		75%
Revolving Credit Facility | Credit Facility | Subsequent Event
Line of Credit Facility [Line Items]
Outstanding balance	$ 44,800,000
Revolving Credit Facility | Credit Facility | Covenant Period Quarter Ending June 30, 2022 Through June 30, 2023
Line of Credit Facility [Line Items]
Fixed charge coverage ratio		1.20
Debt service coverage ratio		1.50
Revolving Credit Facility | Credit Facility | Covenant Period Quarter Ending September 30, 2023 Through December 31, 2023
Line of Credit Facility [Line Items]
Fixed charge coverage ratio		1.35
Debt service coverage ratio		1.65
Revolving Credit Facility | Credit Facility | Covenant Period Quarter Ending March 31, 2024 And Thereafter
Line of Credit Facility [Line Items]
Fixed charge coverage ratio		1.45
Debt service coverage ratio		1.75
Revolving Credit Facility | Credit Facility | Covenant Period From and After Commencement Quarter
Line of Credit Facility [Line Items]
Fixed charge coverage ratio		1.50
Revolving Credit Facility | Credit Facility | Minimum | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate		52.50%
Revolving Credit Facility | Credit Facility | Minimum | Commencement Quarter | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.35%
Revolving Credit Facility | Credit Facility | Minimum | Commencement Quarter | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.60%
Revolving Credit Facility | Credit Facility | Minimum | Covenant Period August 11, 2022 Until Commencement Quarter | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.85%
Revolving Credit Facility | Credit Facility | Minimum | Covenant Period August 11, 2022 Until Commencement Quarter | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.10%
Revolving Credit Facility | Credit Facility | Maximum | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate		55%
Revolving Credit Facility | Credit Facility | Maximum | Commencement Quarter | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.10%
Revolving Credit Facility | Credit Facility | Maximum | Commencement Quarter | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.35%
Revolving Credit Facility | Credit Facility | Maximum | Covenant Period August 11, 2022 Until Commencement Quarter | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.60%
Revolving Credit Facility | Credit Facility | Maximum | Covenant Period August 11, 2022 Until Commencement Quarter | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.85%
Secured Debt
Line of Credit Facility [Line Items]
Unused borrowing capacity		$ 189,200,000
Secured Debt | Minimum
Line of Credit Facility [Line Items]
Line of credit, increase		370,000,000
Secured Debt | Maximum
Line of Credit Facility [Line Items]
Line of credit, increase		1,000,000,000
Credit Facility
Line of Credit Facility [Line Items]
Outstanding balance		198,600,000						178,250,000
Outstanding loan amount		200,000,000
Credit Facility | Term Loan
Line of Credit Facility [Line Items]
Outstanding balance		150,000,000						$ 150,000,000
Fannie Mae Master Credit Facilities
Line of Credit Facility [Line Items]
Total real estate investments, at cost		600,000,000
Fannie Mae Master Credit Facilities | Interest rate caps
Line of Credit Facility [Line Items]
Number of instruments						7	7
Notional amount		$ 354,600,000
Interest rate cap				3.50%				3.50%
Fannie Mae Master Credit Facilities | LIBOR One Month | Capital One Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.41%
Fannie Mae Master Credit Facilities | LIBOR One Month | KeyBank Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.46%
Fannie Mae Master Credit Facilities | Credit Facility
Line of Credit Facility [Line Items]
Outstanding balance		$ 350,605,000						$ 352,047,000
Fannie Mae Master Credit Facilities | Credit Facility | Capital One Facility
Line of Credit Facility [Line Items]
Outstanding balance		209,598,000						210,483,000
Fannie Mae Master Credit Facilities | Credit Facility | KeyBank Facility
Line of Credit Facility [Line Items]
Outstanding balance		141,007,000						141,564,000
New Credit Facilities
Line of Credit Facility [Line Items]
Total real estate investments, at cost		1,000,000,000
New Credit Facilities | Day Prior to Commencement Quarter
Line of Credit Facility [Line Items]
Long-term debt, covenant requirements, amount		100,000,000
New Credit Facilities | Commencement Quarter
Line of Credit Facility [Line Items]
Long-term debt, covenant requirements, amount		$ 30,000,000
New Credit Facilities | Minimum | Commencement Quarter
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity base percent		55%
MOB Loan | LIBOR
Line of Credit Facility [Line Items]
Notional amount		$ 378,500,000						378,500,000
MOB Loan | Mortgages
Line of Credit Facility [Line Items]
Outstanding loan amount		$ 378,500,000						378,500,000		$ 250,000,000
MOB Loan | Mortgages | SOFR
Line of Credit Facility [Line Items]
Notional amount								$ 378,500,000

Credit Facilities - Future Prin

Credit Facilities - Future Principal Payments of Outstanding Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
2023 (remainder)	$ 5,183
2024	206,947
2025	19,039
2026	714,133
2027	922
Thereafter	189,278
Total	1,135,502
Mortgage Notes Payable
Debt Instrument [Line Items]
2023 (remainder)	856
2024	1,178
2025	13,270
2026	379,393
2027	922
Thereafter	189,278
Total	584,897	$ 585,181
Credit Facility
Debt Instrument [Line Items]
2023 (remainder)	4,327
2024	205,769
2025	5,769
2026	334,740
2027	0
Thereafter	0
Total	$ 550,605

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Assets Measured at Fair Value (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 30,419	$ 40,647
Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	2,615	3,737
Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	27,804	36,910
Quoted Prices in Active Markets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Quoted Prices in Active Markets Level 1 | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	0	0
Quoted Prices in Active Markets Level 1 | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	0	0
Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	30,419	40,647
Significant Other Observable Inputs Level 2 | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	2,615	3,737
Significant Other Observable Inputs Level 2 | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	27,804	36,910
Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Significant Unobservable Inputs Level 3 | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	0	0
Significant Unobservable Inputs Level 3 | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	$ 0	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Narrative (Details) - Disposal Group, Held-for-use, Not Discontinued Operations	Mar. 31, 2023 property
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of properties held for use	17
Number of properties marketed for sale	10
Medical office buildings
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of properties held for use	9
Number of properties marketed for sale	2
SHOP Segment:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of properties held for use	8
Number of properties marketed for sale	8

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Carrying Amounts and Fair Values of Debt (Details) - Significant Unobservable Inputs Level 3 - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Gross mortgage notes payable and mortgage premium and discounts, net | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	$ 583,555	$ 583,817
Gross mortgage notes payable and mortgage premium and discounts, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	551,537	550,626
Credit Facility | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	200,000	180,000
Credit Facility | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	199,481	179,496
Fannie Mae Master Credit Facilities | Credit Facility | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	350,605	352,047
Fannie Mae Master Credit Facilities | Credit Facility | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	$ 351,269	$ 353,034

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Balance Sheet Classification (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivative assets, at fair value	$ 30,419	$ 40,647
Derivative liabilities, at fair value	0	0
Derivative assets, at fair value | Derivatives designated as hedging instruments: | Interest rate “pay-fixed” swaps
Derivative [Line Items]
Derivative assets, at fair value	27,804	36,910
Derivative assets, at fair value | Derivatives not designated as hedging instruments: | Interest rate caps
Derivative [Line Items]
Derivative assets, at fair value	2,615	3,737
Derivative liabilities, at fair value | Derivatives designated as hedging instruments: | Interest rate “pay-fixed” swaps
Derivative [Line Items]
Derivative liabilities, at fair value	$ 0	$ 0

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities - Summary of Derivative Instruments (Details) $ in Thousands	Mar. 31, 2023 USD ($)	Mar. 31, 2023 instrument	Mar. 31, 2023 derivative	Mar. 31, 2023	Dec. 31, 2022 USD ($) instrument
Derivative [Line Items]
Interest rate cap agreements excluded | derivative			3
Notional amount of interest rate caps excluded	$ 52,600
LIBOR
Derivative [Line Items]
Notional Amount	50,000
Interest rate caps | Fannie Mae Master Credit Facilities
Derivative [Line Items]
Number of Instruments		7	7
Notional Amount	354,600
Interest rate cap				3.50%	3.50%
Derivatives designated as hedging instruments: | Interest rate “pay-fixed” swaps
Derivative [Line Items]
Number of Instruments | instrument		7			9
Notional Amount	528,500				$ 578,500
Derivatives designated as hedging instruments: | SOFR
Derivative [Line Items]
Number of Instruments | instrument		7			7
Notional Amount	528,500				$ 528,500
Derivatives designated as hedging instruments: | LIBOR
Derivative [Line Items]
Number of Instruments | instrument		0			2
Notional Amount	0				$ 50,000
Derivatives not designated as hedging instruments: | Interest rate caps
Derivative [Line Items]
Number of Instruments | instrument		7			7
Notional Amount	$ 354,624				$ 354,624

Derivatives and Hedging Activ_5

Derivatives and Hedging Activities - Derivatives Included in AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative [Line Items]
Amount of gain recognized in accumulated other comprehensive loss on interest rate derivatives	$ (7,431)	$ 26,266
Total amount of interest expense presented in the consolidated statements of operations and comprehensive loss	(15,785)	(11,764)
Interest rate “pay-fixed” swaps
Derivative [Line Items]
Amount of gain recognized in accumulated other comprehensive loss on interest rate derivatives	(3,471)	23,613
Amount of gain (loss) reclassified from accumulated other comprehensive income into income as interest expense	$ 3,960	$ (2,653)

Derivatives and Hedging Activ_6

Derivatives and Hedging Activities - Narrative (Details)	3 Months Ended			12 Months Ended
	Mar. 31, 2023 USD ($) instrument	Mar. 31, 2022 USD ($)	Dec. 31, 2019 USD ($) instrument	Dec. 31, 2022 USD ($) instrument derivative	Mar. 31, 2023 instrument	Mar. 31, 2023 derivative	Mar. 31, 2023	Sep. 30, 2022 USD ($)	Jun. 30, 2017 USD ($)
Derivative [Line Items]
Outstanding loan amount	$ 1,135,502,000
Cash from termination	1,946,000	$ (39,000)
(Loss) gain on non-designated derivatives	(182,000)	994,000
Cash received from non-designated derivative instruments	926,000	0
Mortgages
Derivative [Line Items]
Outstanding loan amount	$ 584,897,000			$ 585,181,000
SOFR | Term Loan
Derivative [Line Items]
Notional amount				$ 150,000,000				$ 150,000,000
LIBOR
Derivative [Line Items]
Number of instruments terminated | instrument	2
Notional amount	$ 50,000,000
Derivatives designated as hedging instruments: | Interest rate “pay-fixed” swaps
Derivative [Line Items]
Number of instruments | instrument				9	7
Number of instruments terminated | instrument			2
Notional amount	528,500,000			$ 578,500,000
Proceeds from sale of interest rate cash flow hedge			$ 2,200,000
Derivatives designated as hedging instruments: | Interest rate “pay-fixed” swaps | Minimum
Derivative [Line Items]
Average variable interest rate							1.61%
Derivatives designated as hedging instruments: | Interest rate “pay-fixed” swaps | Maximum
Derivative [Line Items]
Average variable interest rate							2.23%
Derivatives designated as hedging instruments: | Interest Rate Contract
Derivative [Line Items]
Cash flow hedge reclassification current	1,700,000			$ 0
Derivatives designated as hedging instruments: | SOFR
Derivative [Line Items]
Number of instruments | instrument				7	7
Notional amount	528,500,000			$ 528,500,000
Derivatives designated as hedging instruments: | LIBOR
Derivative [Line Items]
Number of instruments | instrument				2	0
Notional amount	0			$ 50,000,000
Derivatives designated as hedging instruments: | Interest Expense | Interest Rate Contract
Derivative [Line Items]
Cash flow hedge reclassification current	(300,000)
Cash flow hedge reclassification in next twelve months	16,300,000
Capital One MOB Loan | Mortgages
Derivative [Line Items]
Outstanding loan amount	378,500,000			378,500,000					$ 250,000,000
Capital One MOB Loan | SOFR | Mortgages
Derivative [Line Items]
Notional amount				378,500,000
Capital One MOB Loan | LIBOR
Derivative [Line Items]
Notional amount	378,500,000			$ 378,500,000
Capital One MOB Loan | Derivatives designated as hedging instruments: | Interest rate “pay-fixed” swaps
Derivative [Line Items]
Notional amount			250,000,000
Capital One MOB Loan | Derivatives designated as hedging instruments: | Interest Expense | Interest Rate Contract
Derivative [Line Items]
Cash flow hedge reclassification current		$ 200,000	$ 2,200,000
Fannie Mae Master Credit Facilities | Interest rate caps
Derivative [Line Items]
Number of instruments					7	7
Notional amount	$ 354,600,000
Number of instruments held, active | derivative				6		6
Number of instruments held, not active | derivative						1
Interest rate cap				3.50%			3.50%

Derivatives and Hedging Activ_7

Derivatives and Hedging Activities - Offsetting Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Assets	$ 30,419	$ 40,647
Derivative liabilities, at fair value	0	0
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Amounts of Assets presented in the Consolidated Balance Sheet	30,419	40,647
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments	0	0
Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Received	0	0
Net Amount	$ 30,419	$ 40,647

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - $ / shares		3 Months Ended	12 Months Ended	30 Months Ended
	Mar. 01, 2018	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2023	Oct. 04, 2021	May 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Shares outstanding (in shares)		106,668,245	105,080,531	106,668,245
Distributions declared in common stock (in shares)				14,000,000
Stock issued during period, shares, new issues (in shares)		0	0	0
Repurchase price per share, percentage of estimated per-share NAV		100%
DRIP period of notice to alter agreement		10 days
Common stock issued through distribution reinvestment plan (in shares)		0	0
Number or rights per share (in shares)							1
Preferred stock, additional shares authorized (in shares)								600,000
Distribution declared on common stock (in usd per share)	$ 0.85
Non-controlling Interests
Class of Stock [Line Items]
Preferred units outstanding (in shares)		100,000	100,000	100,000
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)		3,680,000	3,680,000	3,680,000
Preferred stock, shares issued (in shares)		3,630,000	3,630,000	3,630,000
Preferred stock, shares outstanding (in shares)		3,630,000	3,630,000	3,630,000
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)		4,740,000	4,740,000	4,740,000
Preferred stock, shares issued (in shares)		3,977,144	3,977,144	3,977,144
Preferred stock, shares outstanding (in shares)		3,977,144	3,977,144	3,977,144
Maximum
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)									50,000,000
Public Stock Offering
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)						2,530,000			1,610,000
Public Stock Offering | Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)					3,680,000

Stockholders' Equity - Cumulati

Stockholders' Equity - Cumulative Share Repurchases (Details) - $ / shares	3 Months Ended	123 Months Ended	126 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
Equity [Abstract]
Number of Shares Repurchased (in shares)	0	4,896,620	4,896,620
Weighted-Average Price per Share (in usd per share)	$ 0	$ 20.60	$ 20.60

Stockholders' Equity - Stock Di

Stockholders' Equity - Stock Dividends (Details) - shares	Apr. 03, 2023	Jan. 03, 2023	Oct. 03, 2022	Jul. 01, 2022	Apr. 01, 2022	Jan. 03, 2022	Oct. 01, 2021	Jul. 01, 2021	Apr. 02, 2021	Jan. 04, 2021	Oct. 01, 2020
Dividends Payable [Line Items]
Stock dividends (in shares)		0.014167	0.014167	0.014167	0.014167	0.014655	0.014655	0.014655	0.014655	0.013492	0.013492
Subsequent Event
Dividends Payable [Line Items]
Stock dividends (in shares)	0.015179

Related Party Transactions an_3

Related Party Transactions and Arrangements - Narrative (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)	106,668,245	105,080,531
Limited partner units (in shares)	90	90
Tax Depreciation Deduction | Advisor
Related Party Transaction [Line Items]
Excess depreciation deductions maximum	$ 10,000,000
American Realty Capital Healthcare II Special Limited Partnership, LLC | Special Limited Partner
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)	10,237	10,094

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			3 Months Ended
	Jul. 25, 2019 USD ($)	Feb. 17, 2017 USD ($)	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Renewal period		10 years
Percent of board approval required for early termination		67%
Period to terminate early with board approval		45 days
Equity instruments, net of selling commissions (in usd per share) | $ / shares			$ 22.50
Advisor
Related Party Transaction [Line Items]
Shares approved for issuance (in shares) | shares			359,250
Capped Reimbursement Amount
Related Party Transaction [Line Items]
Fixed component			$ 1,500	$ 1,700
American Realty Capital Healthcare Advisors, LLC | Advisor
Related Party Transaction [Line Items]
Assets under management threshold			$ 100,000
American Realty Capital Healthcare Advisors, LLC | Advance on Loan or Other Investment | Advisor
Related Party Transaction [Line Items]
Reimbursed fees to related party, percentage of benchmark			0.50%
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 earned by related party, percentage of benchmark			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 | Gross Revenue, Managed Properties | Advisor | Maximum
Related Party Transaction [Line Items]
Oversight fees earned by related party			1%
American Realty Capital Healthcare Advisors, LLC
Related Party Transaction [Line Items]
Period to terminate early with board approval		60 days
Second Amended and Restated Advisory Agreement
Related Party Transaction [Line Items]
Period of notice of termination		365 days
Monthly Base Management Fee | American Realty Capital Healthcare Advisors, LLC
Related Party Transaction [Line Items]
Transaction amount		$ 1,625
Base management fee of net proceeds, variable portion factor, percent		8.33%
Base management fee of net proceeds		1.25%
Quarterly Variable Management Fee, Benchmark One | American Realty Capital Healthcare Advisors, LLC
Related Party Transaction [Line Items]
Basis of core earnings, percent			15%
Basis of core earnings, share basis (in usd per share) | $ / shares			$ 0.375
Quarterly Variable Management Fee, Benchmark Two | American Realty Capital Healthcare Advisors, LLC
Related Party Transaction [Line Items]
Basis of core earnings, percent			10%
Basis of core earnings, share basis (in usd per share) | $ / shares			$ 0.47
Amended and Restated Property Management and Leasing Agreement
Related Party Transaction [Line Items]
Renewal period		1 year
Period of notice of termination		90 days
Reimbursements of Administrative Services | American Realty Capital Healthcare Advisors, LLC
Related Party Transaction [Line Items]
Transaction amount			$ 1,900	$ 1,800
Third Amended And Restated Advisory Agreement | American Realty Capital Healthcare Advisors, LLC | Advisor
Related Party Transaction [Line Items]
Contingent good faith negotiations of fixed component, term	12 months
Third Amended And Restated Advisory Agreement | American Realty Capital Healthcare Advisors, LLC | Advisor And Company
Related Party Transaction [Line Items]
Contingent good faith negotiations of fixed component, term	90 days
Third Amended And Restated Advisory Agreement | American Realty Capital Healthcare Advisors, LLC | Cost Of Living
Related Party Transaction [Line Items]
Cost of living percent multiplier	0.030
Third Amended And Restated Advisory Agreement | American Realty Capital Healthcare Advisors, LLC | Capped Reimbursement Amount
Related Party Transaction [Line Items]
Fixed component	$ 6,800
Third Amended And Restated Advisory Agreement | American Realty Capital Healthcare Advisors, LLC | Real Estate Cost
Related Party Transaction [Line Items]
Fee multiplier	4
Real estate cost percent multiplier	0.0029
Reduction of real estate cost percent	0.250

Related Party Transactions an_5

Related Party Transactions and Arrangements - Fees Paid in Connection With the Operations of the Company, Incurred, Forgiven and Payable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Capped Reimbursement Amount
Related Party Transaction [Line Items]
Fixed component	$ 1,500	$ 1,700
Total related party operation fees and reimbursements
Related Party Transaction [Line Items]
Expenses incurred	8,843	8,710
Payable (Receivable) as of	111		$ 47
Acquisition cost reimbursements
Related Party Transaction [Line Items]
Expenses incurred	21	0
Payable (Receivable) as of	21		5
Asset management fees
Related Party Transaction [Line Items]
Expenses incurred	5,458	5,458
Payable (Receivable) as of	0		0
Property management and fees
Related Party Transaction [Line Items]
Expenses incurred	978	1,026
Payable (Receivable) as of	(12)		3
Professional fees and other reimbursements
Related Party Transaction [Line Items]
Expenses incurred	2,386	2,226
Payable (Receivable) as of	102		$ 39
Property Management and Leasing Fees | Prepaid Expenses And Other Assets
Related Party Transaction [Line Items]
Expenses incurred	$ 49	$ 200

Related Party Transactions an_6

Related Party Transactions and Arrangements - Fees and Participations Paid in Connection with the Liquidation or Listing of the Company's Real Estate Assets (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)
Second Amended and Restated Advisory Agreement | Affiliated Entity | Advisor
Related Party Transaction [Line Items]
Fee payment period	30 days
Asset management fees
Related Party Transaction [Line Items]
Fee multiplier	4
Transition Fee
Related Party Transaction [Line Items]
Transaction amount	$ 15,000,000
Subject Fees (Transition Fee Not in Excess of the Product)
Related Party Transaction [Line Items]
Fee multiplier	4
Subject Fees (Transition Fee Not in Excess of the Product) | Maximum
Related Party Transaction [Line Items]
Fee multiplier	4.5
Change in Control Fee
Related Party Transaction [Line Items]
Fee multiplier	4
Variable Management - Incentive Fee
Related Party Transaction [Line Items]
Fee multiplier	4
Excess of Adjusted Market Value of Real Estate Assets Plus Distributions Over Aggregate Contributed Investor Capital | Healthcare Trust Special Limited Partnership, LLC | Special Limited Partner
Related Party Transaction [Line Items]
Subordinated incentive listing distribution	15%
Distribution upon nonrenewal of advisory agreement	15%
Pre-tax Non-compounded Return on Capital Contribution | Annual Targeted Investor Return | Healthcare Trust Special Limited Partnership, LLC | Special Limited Partner
Related Party Transaction [Line Items]
Cumulative capital investment return to investors as a percentage of benchmark	6%
Net Sale Proceeds, after Return of Capital Contributions and Annual Targeted Investor Return | Healthcare Trust Special Limited Partnership, LLC | Special Limited Partner
Related Party Transaction [Line Items]
Subordinated performance fee as a percentage of benchmark	15%

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during period, issued for services (in shares)	0	0
Restricted Share Plan | Unvested Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum authorized amount as a percentage of shares authorized	5%
Number of shares authorized (in shares)	3,600,000
Unrecognized compensation cost	$ 1.3
Weighted-average period	1 year 4 months 24 days
Share-based payment arrangement, expense	$ 0.2	$ 0.3
Restricted Share Plan | Unvested Restricted Stock | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share vesting period	3 years
Restricted Share Plan | Unvested Restricted Stock | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share vesting period	5 years

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Activity (Details) - Restricted Share Plan - Unvested Restricted Stock	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Number of Shares of Common Stock
Beginning balance (in shares) | shares	97,343
Stock dividend (in shares) | shares	1,393
Vested (in shares) | shares	0
Ending balance (in shares) | shares	98,736
Weighted Average Issue Price
Beginning balance (in usd per share) | $ / shares	$ 18.89
Stock dividend (in usd per share) | $ / shares	15
Vested (in usd per share) | $ / shares	0
Ending balance (in usd per share) | $ / shares	$ 18.84

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - Summary of Changes in AOCI (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 999,190
Ending balance	974,425
Unrealized Gain (loss) on Designated Derivative
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	36,910
Other comprehensive gain, before reclassifications	(3,471)
Amount of (gain) loss reclassified from accumulated other comprehensive gain (loss)	(3,960)
Ending balance	$ 29,479

Non-controlling Interests - Bal

Non-controlling Interests - Balance Sheet Breakdown (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Noncontrolling Interest [Line Items]
Total Non-controlling Interests in the OP	$ 6,045	$ 6,162
Non-controlling Interests in property owning subsidiaries	396	389
Total Non-controlling interests	6,441	6,551
Series A Preferred Unit
Noncontrolling Interest [Line Items]
Total Non-controlling Interests in the OP	2,578	2,578
Common OP Unit
Noncontrolling Interest [Line Items]
Total Non-controlling Interests in the OP	$ 3,467	$ 3,584

Non-controlling Interests - Nar

Non-controlling Interests - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Sep. 30, 2021	Nov. 30, 2014
Noncontrolling Interest [Line Items]
Distributions to non-controlling interest holders	$ 46,000	$ 46,000
Limited partner units (in shares)	90		90
Payments to noncontrolling interests	$ 0	$ 0
OP Units
Noncontrolling Interest [Line Items]
Redeemable amount of shares (in shares)	474,700
Non-controlling Interests
Noncontrolling Interest [Line Items]
Number of preferred OP units issued (in shares)				100,000
Preferred unit, face value (in usd per share)				$ 25
Value of preferred OP Units				$ 2,600,000
Preferred units issued (in usd per share)				$ 25.78
Preferred units, redemption period	1 year
Limited partner units (in shares)	405,998				405,908
Units issued					$ 10,100,000
Units issued (in usd per share)					$ 25
Limited partner units, redemption period	1 year

Non-controlling Interests - Sum

Non-controlling Interests - Summary of Non-controlling Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Noncontrolling Interest [Line Items]
Third Party Net Investment Amount	$ 6,441		$ 6,551
Net Real Estate Assets Subject to Investment Arrangement	1,987,213		1,978,297
Distributions	46	$ 46
Non-controlling Interests
Noncontrolling Interest [Line Items]
Distributions	46	46
Plaza Del Rio Medical Office Campus Portfolio - Peoria, AZ | Non-controlling Interests
Noncontrolling Interest [Line Items]
Third Party Net Investment Amount	396
Net Real Estate Assets Subject to Investment Arrangement	12,279		$ 12,455
Distributions	$ 0	$ 0
Plaza Del Rio Medical Office Campus Portfolio - Peoria, AZ | Non-controlling Interests | Healthcare Trust Operating Partnership, L.P.
Noncontrolling Interest [Line Items]
Non-Controlling Ownership Percentage	2.60%

Net Loss Per Share - Summary of

Net Loss Per Share - Summary of Basic and Diluted Net Loss Per Share Computation (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net loss attributable to common stockholders		$ (17,509)	$ (26,801)
Basic weighted-average shares outstanding (in shares)	[1]	108,087,025	108,013,529
Diluted weighted-average shares outstanding (in shares)	[1]	108,087,025	108,013,529
Basic net loss per share (in usd per share)	[1]	$ (0.16)	$ (0.25)
Diluted net loss per share (in usd per share)	[1]	$ (0.16)	$ (0.25)
[1] Retroactively adjusted for the effects of the Stock Dividends (see Note 1 ).

Net Loss Per Share - Summary _2

Net Loss Per Share - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
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)	994,975	1,068,456
Limited partner units (in shares)	90		90
Class B units (in shares)	359,250	359,250
Advisor | American Realty Capital Healthcare III Advisors, LLC
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]
Limited partner units (in shares)	405,998	405,998
Unvested Restricted Stock | Restricted Share Plan
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]
Unvested restricted stock (in shares)	98,736	161,754	97,343
Unvested Restricted Stock
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	100,235	173,716
Common OP Units
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	474,700	474,700
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)	420,040	420,040

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details) - segment	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting [Abstract]
Number of reportable segments	2	2

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of Segment Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Revenue from tenants	$ 87,355	$ 83,650
Property operating and maintenance	53,883	53,090
Net operating income	33,472	30,560
Impairment charges	0	(10,644)
Operating fees to related parties	(6,387)	(6,318)
Acquisition and transaction related	(63)	(579)
General and administrative	(5,021)	(4,899)
Depreciation and amortization	(20,176)	(20,420)
Interest expense	(15,785)	(11,764)
Interest and other income	5	12
Gain (loss) on sale of real estate investments	115	(303)
(Loss) gain on non-designated derivatives	(182)	994
Income tax expense	(46)	(39)
Net loss attributable to non-controlling interests	9	49
Allocation for preferred stock	(3,450)	(3,450)
Net loss attributable to common stockholders	(17,509)	(26,801)
Medical office buildings
Segment Reporting Information [Line Items]
Revenue from tenants	33,609	32,348
Property operating and maintenance	8,955	8,689
Net operating income	24,654	23,659
Seniors housing — operating properties
Segment Reporting Information [Line Items]
Revenue from tenants	53,746	51,302
Property operating and maintenance	44,928	44,401
Net operating income	$ 8,818	$ 6,901

Segment Reporting - Reconcili_2

Segment Reporting - Reconciliation of Segment Activity to Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Investments in real estate, net:
Investments in real estate:	$ 1,987,213	$ 1,978,297
Cash and cash equivalents	35,794	53,654	$ 66,424
Restricted cash	25,554	22,884	$ 26,423
Derivative assets, at fair value	30,419	40,647
Straight-line rent receivable, net	25,473	25,276
Operating lease right-of-use assets	7,789	7,814
Prepaid expenses and other assets	41,200	34,554
Deferred costs, net	16,614	17,223
Total assets	2,170,056	2,180,349
Medical office buildings
Investments in real estate, net:
Investments in real estate:	1,137,116	1,121,857
Seniors housing — operating properties
Investments in real estate, net:
Investments in real estate:	$ 850,097	$ 856,440

Segment Reporting - Reconcili_3

Segment Reporting - Reconciliation of Capital Expenditures by Segment (Details) - Operating Segments - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Total capital expenditures	$ 3,634	$ 3,311
Medical office buildings
Segment Reporting Information [Line Items]
Total capital expenditures	1,222	1,188
Seniors housing — operating properties
Segment Reporting Information [Line Items]
Total capital expenditures	$ 2,412	$ 2,123

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) lease	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Number of operating lease contracts | lease	7
Number of finance lease contracts | lease	6
Renewal term of lease excluded	1 year 6 months
Operating lease right-of-use assets	$ 7,789		$ 7,814
Operating lease liabilities	$ 8,075		$ 8,087
Remaining lease term	34 years
Weighted average discount rate, percent	7.37%
Operating lease payments	$ 200	$ 200
Operating lease liability	$ 200	$ 200
Minimum
Lessee, Lease, Description [Line Items]
Renewal term	19 years 7 months 6 days
Maximum
Lessee, Lease, Description [Line Items]
Renewal term	84 years 6 months

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Future Minimum Rental Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Operating Leases
2023 (remainder)	$ 486
2024	632
2025	588
2026	599
2027	617
Thereafter	21,942
Total minimum lease payments	24,864
Less: amounts representing interest	(16,789)
Total present value of minimum lease payments	8,075	$ 8,087
Direct Financing Leases
2023 (remainder)	66
2024	90
2025	93
2026	95
2027	97
Thereafter	7,215
Total minimum lease payments	7,656
Less: amounts representing interest	(2,820)
Total present value of minimum lease payments	$ 4,836
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Accounts payable and accrued expenses (including $123 and $47 due to related parties as of March 31, 2023 and December 31, 2022, respectively)

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands

1 Months Ended

3 Months Ended

12 Months Ended

Apr. 03, 2023 shares

Jan. 03, 2023 shares

Oct. 03, 2022 shares

Jul. 01, 2022 shares

Apr. 01, 2022 shares

Jan. 03, 2022 shares

Oct. 01, 2021 shares

Jul. 01, 2021 shares

Apr. 02, 2021 shares

Jan. 04, 2021 shares

Oct. 01, 2020 shares

May 12, 2023 USD ($) property

Mar. 31, 2023 USD ($) property

Mar. 31, 2022 USD ($)

Dec. 31, 2022 USD ($)

Subsequent Event [Line Items]

Stock dividends (in shares) | shares

0.014167

0.014167

0.014167

0.014167

0.014655

0.014655

0.014655

0.014655

0.013492

0.013492

Number of properties disposed | property

0

Impairment charges

$ 0

$ 10,644

Outstanding balance

549,205

$ 530,297

Payments for escrow deposit

7,783

$ 0

Credit Facility | Revolving Credit Facility

Subsequent Event [Line Items]

Outstanding balance

50,000

30,000

Secured Debt

Subsequent Event [Line Items]

Payments for escrow deposit

$ 7,800

Disposal Group, Held-for-sale, Not Discontinued Operations | SHOP Segment:

Subsequent Event [Line Items]

Impairment charges

$ 6,200

Subsequent Event

Subsequent Event [Line Items]

Stock dividends (in shares) | shares

0.015179

Subsequent Event | Credit Facility | Revolving Credit Facility

Subsequent Event [Line Items]

Outstanding balance

$ 44,800

Subsequent Event | Secured Debt

Subsequent Event [Line Items]

Payments for escrow deposit

$ 1,100

Subsequent Event | Disposal Group, Disposed of by Sale, Not Discontinued Operations | SHOP Segment:

Subsequent Event [Line Items]

Number of properties disposed | property

2

Aggregate contract sale price

$ 5,700