National Healthcare Properties (NHPAP) 10-K 15 Mar 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 13, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-39153
Entity Registrant Name	Healthcare Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	38-3888962
Entity Address, Address Line One	222 Bellevue Ave.
Entity Address, City or Town	Newport
Entity Address, State or Province	RI
Entity Address, Postal Zip Code	02840
City Area Code	212
Local Phone Number	415-6500
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		113,185,753
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement to be delivered to stockholders in connection with the registrant’s 2024 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K. The registrant intends to file its proxy statement within 120 days after its fiscal year end.
Entity Central Index Key	0001561032
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Series A Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	7.375% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share
Trading Symbol	HTIA
Security Exchange Name	NASDAQ
Series B Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	7.125% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share
Trading Symbol	HTIB
Security Exchange Name	NASDAQ

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	New York, New York

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real estate investments, at cost:
Land	$ 207,987	$ 206,454
Buildings, fixtures and improvements	2,120,352	2,089,133
Acquired intangible assets	293,295	292,034
Total real estate investments, at cost	2,621,634	2,587,621
Less: accumulated depreciation and amortization	(681,977)	(609,324)
Total real estate investments, net	1,939,657	1,978,297
Cash and cash equivalents	46,409	53,654
Restricted cash	44,907	22,884
Derivative assets, at fair value	28,370	40,647
Straight-line rent receivable, net	26,325	25,276
Operating lease right-of-use assets	7,713	7,814
Prepaid expenses and other assets	35,781	34,554
Deferred costs	15,997	17,223
Total assets	2,145,159	2,180,349
LIABILITIES AND EQUITY
Mortgage notes payable, net	808,995	578,700
Credit facilities, net	361,026	530,297
Market lease intangible liabilities, net	8,165	9,407
Accounts payable and accrued expenses (including $295 and $47 due to related parties as of December 31, 2023 and 2022, respectively)	48,356	45,247
Operating lease liabilities	8,038	8,087
Deferred rent	6,500	5,925
Distributions payable	3,496	3,496
Total liabilities	1,244,576	1,181,159
Stockholders’ Equity
Common stock, $0.01 par value, 300,000,000 shares authorized, 111,545,018 shares and 105,080,531 shares issued and outstanding as of December 31, 2023 and 2022, respectively	1,115	1,051
Additional paid-in capital	2,509,303	2,417,059
Accumulated other comprehensive income (loss)	23,464	36,910
Distributions in excess of accumulated earnings	(1,639,804)	(1,462,457)
Total stockholders’ equity	894,154	992,639
Non-controlling interests	6,429	6,551
Total equity	900,583	999,190
Total liabilities and equity	2,145,159	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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounts payable and accrued expenses	$ 48,356	$ 45,247
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)	111,545,018	105,080,531
Common stock, shares outstanding (in shares)	111,545,018	105,080,531
Related Party
Accounts payable and accrued expenses	$ 295	$ 47
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		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Total consolidated revenue from tenants		$ 345,925	$ 335,846	$ 329,355
Operating expenses:
Property operating and maintenance		217,792	213,444	205,813
Impairment charges		4,676	27,630	40,951
Operating fees to related parties		25,527	25,353	24,206
Acquisition and transaction related		545	1,484	2,714
General and administrative		18,928	17,287	16,828
Depreciation and amortization		82,873	82,064	79,926
Total expenses		350,341	367,262	370,438
Operating loss before gain on sale of real estate investments		(4,416)	(31,416)	(41,083)
(Loss) gain on sale of real estate investments		(322)	(125)	3,648
Operating loss		(4,738)	(31,541)	(37,435)
Other income (expense):
Interest expense		(66,078)	(51,740)	(47,900)
Interest and other income		734	27	61
(Loss) gain on non-designated derivatives		(1,995)	3,834	37
Total other expenses		(67,339)	(47,879)	(47,802)
Loss before income taxes		(72,077)	(79,420)	(85,237)
Income tax expense		(303)	(201)	(203)
Net loss		(72,380)	(79,621)	(85,440)
Net loss attributable to non-controlling interests		82	135	260
Allocation for preferred stock		(13,799)	(13,799)	(7,762)
Net loss attributable to common stockholders		(86,097)	(93,285)	(92,942)
Other comprehensive income (loss):
Unrealized (loss) gain on designated derivatives		(13,446)	51,251	25,332
Comprehensive loss attributable to common stockholders		$ (99,543)	$ (42,034)	$ (67,610)
Weighted-average common shares outstanding - Basic (in shares)	[1]	113,121,721	113,043,339	112,965,632
Weighted-average common shares outstanding - Diluted (in shares)	[1]	113,121,721	113,043,339	112,965,632
Net loss per common share attributable to common stockholders - Basic (in usd per share)	[1]	$ (0.76)	$ (0.83)	$ (0.82)
Net loss per common share attributable to common stockholders - Diluted (in usd per share)	[1]	$ (0.76)	$ (0.83)	$ (0.82)
[1] Retroactively adjusted for the effects of the Stock Dividends (see Note 1 — Organization for details).

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	Additional Paid-in Capital Series A Preferred Stock	Additional Paid-in Capital Series B Preferred Stock	Accumulated Other Comprehensive Income (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 (in shares) at Dec. 31, 2020							1,610,000	0
Beginning balance at Dec. 31, 2020	$ 961,372			$ 956,985			$ 16	$ 0	$ 938	$ 2,104,261			$ (39,673)	$ (1,108,557)			$ 4,387
Common stock, shares outstanding beginning balance (in shares) at Dec. 31, 2020									93,775,746
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preferred stock, net (in shares)							2,367,144	3,630,000
Issuance of preferred stock, net		$ 56,265	$ 86,819		$ 56,265	$ 86,819	$ 24	$ 36			$ 56,241	$ 86,783
Share-based compensation, net	1,329			1,329						1,329
Distributions declared in common stock (in shares)									5,506,008
Distributions declared in common stock	0			0					$ 55	81,316				(81,371)
Allocation for preferred stock	(7,762)	(6,236)	(1,527)		(6,236)	(1,527)									$ (6,236)	$ (1,527)
Distributions	(92)																(92)
Issuance of Series A Preferred OP Units and Contributions from non-controlling interest holders	2,578																2,578
Net loss	(85,440)			(85,180)										(85,180)			(260)
Unrealized loss on designated derivative	25,332			25,332									25,332
Rebalancing of ownership percentage	0			(91)						(91)							91
Preferred stock, shares outstanding Ending balance (in shares) at Dec. 31, 2021							3,977,144	3,630,000
Ending balance at Dec. 31, 2021	$ 1,040,400			1,033,696			$ 40	$ 36	$ 993	2,329,839			(14,341)	(1,282,871)			6,704
Common stock, shares outstanding ending balance (in shares) at Dec. 31, 2021	99,281,754								99,281,754
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preferred stock, net (in shares)	0
Issuance of preferred stock, net			(42)			(42)						$ (42)
Share-based compensation, net	$ 1,185			1,185						1,185
Distributions declared in common stock (in shares)									5,798,777
Distributions declared in common stock	0			0					$ 58	86,243				(86,301)
Allocation for preferred stock	(13,799)	$ (7,333)	$ (6,466)		(7,333)	(6,466)									(7,333)	(6,466)
Distributions	(184)																(184)
Net loss	(79,621)			(79,486)										(79,486)			(135)
Unrealized loss on designated derivative	51,251			51,251									51,251
Rebalancing of ownership percentage	0			(166)						(166)							166
Preferred stock, shares outstanding Ending balance (in shares) at Dec. 31, 2022		3,977,144	3,630,000				3,977,144	3,630,000
Ending 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 ending 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 (in shares)	0
Share-based compensation, net	$ 919			919						919
Distributions declared in common stock (in shares)									6,464,487
Distributions declared in common stock	0								$ 64	91,186					(91,250)
Allocation for preferred stock	(13,799)	$ (7,333)	$ (6,466)		$ (7,333)	$ (6,466)									(7,333)	$ (6,466)
Distributions	(185)																(185)
Issuance of Series A Preferred OP Units and Contributions from non-controlling interest holders	284																284
Net loss	(72,380)			(72,298)											$ (72,298)		(82)
Unrealized loss on designated derivative	(13,446)			(13,446)									(13,446)
Rebalancing of ownership percentage	0			139						139							(139)
Preferred stock, shares outstanding Ending balance (in shares) at Dec. 31, 2023		3,977,144	3,630,000				3,977,144	3,630,000
Ending balance at Dec. 31, 2023	$ 900,583			$ 894,154			$ 40	$ 36	$ 1,115	$ 2,509,303			$ 23,464	$ (1,639,804)			$ 6,429
Common stock, shares outstanding ending balance (in shares) at Dec. 31, 2023	111,545,018								111,545,018

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Distributions declared in common stock (in usd per share)	$ 0.85	$ 0.85	$ 0.85
Series A Preferred Stock
Preferred stock distributions declared per share (in usd per share)	1.84	1.84	1.57
Series B Preferred Stock
Preferred stock distributions declared per share (in usd per share)	$ 1.78	$ 1.78	$ 0.42

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (72,380)	$ (79,621)	$ (85,440)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	82,873	82,064	79,926
Amortization (including write-offs) of deferred financing costs	6,702	4,879	4,427
Amortization of terminated swap	(4,195)	423	846
Amortization of mortgage premiums and discounts, net	91	51	55
(Accretion) amortization of market lease and other intangibles, net	(890)	(625)	(198)
Bad debt expense	1,225	3,159	1,094
Equity-based compensation	919	1,185	1,329
(Gain) loss on non-designated derivative instruments	1,995	(3,834)	(37)
Cash received from non-designated derivative instruments	5,580	286	0
(Gain) loss on sales of real estate investments, net	322	125	(3,648)
Impairment charges	4,676	27,630	40,951
Deferred tax valuation allowance	1,165	2,750	(483)
Changes in assets and liabilities:
Straight-line rent receivable	(1,049)	(1,523)	(761)
Prepaid expenses and other assets	(6,069)	(3,036)	(2,139)
Accounts payable, accrued expenses and other liabilities	83	(2,924)	1,252
Deferred rent	576	(2,694)	1,705
Net cash provided by operating activities	21,624	28,295	38,879
Cash flows from investing activities:
Property acquisitions	(35,261)	(25,538)	(159,300)
Investments in non-designated interest rate caps	(9,962)	0	0
Capital expenditures	(22,397)	(27,993)	(19,071)
Proceeds from sales of real estate investments	4,803	11,749	130,449
Net cash used in investing activities	(62,817)	(41,782)	(47,922)
Cash flows from financing activities:
Payments on credit facilities	(200,602)	(2,998)	(298,804)
Proceeds from credit facilities	34,748	30,000	125,000
Proceeds from mortgage notes payable	240,000	0	42,750
Payments on mortgage notes payable	(1,139)	(6,662)	(1,264)
Payments for non-designated derivative instruments	0	0	(85)
Proceeds from interest rate swap terminations	5,413	0	0
Payments of deferred financing costs	(8,748)	(1,672)	(1,490)
Contributions from non-controlling interest holders	284	0	0
Distributions to non-controlling interest holders	(185)	(184)	(46)
Net cash provided by financing activities	55,971	4,643	4,079
Net change in cash, cash equivalents and restricted cash	14,778	(8,844)	(4,964)
Cash, cash equivalents and restricted cash, beginning of year	76,538	85,382	90,346
Cash, cash equivalents and restricted cash, end of year	91,316	76,538	85,382
Cash and cash equivalents	46,409	53,654	59,738
Restricted cash	44,907	22,884	25,644
Cash, cash equivalents and restricted cash, end of period	91,316	76,538	85,382
Supplemental disclosures of cash flow information:
Cash paid for interest	63,720	45,042	42,815
Cash paid for income taxes	454	566	311
Non-cash investing and financing activities:
Common stock issued through stock dividends	91,250	86,301	81,371
Accrued capital expenditures	2,902	0	0
Accrued offering costs on Series B Preferred Stock	0	0	78
Proceeds from real estate sales used to repay mortgage notes payable	2,663	0	0
Mortgage notes payable repaid with proceeds from real estate sales	(2,663)	0	0
Proceeds from real estate sales used to repay amounts outstanding under the Prior Credit Facility	5,167	0	0
Amounts outstanding under the Prior Credit Facility repaid with proceeds from real estate sales	(5,167)	0	0
Series A Preferred Stock
Cash flows from financing activities:
Proceeds from issuance of Preferred Stock, net	0	0	56,265
Dividend paid on Preferred stock	(7,334)	(7,333)	(5,144)
Series B Preferred Stock
Cash flows from financing activities:
Proceeds from issuance of Preferred Stock, net	0	(42)	86,897
Dividend paid on Preferred stock	$ (6,466)	$ (6,466)	$ 0

Organization

Organization	12 Months Ended
	Dec. 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 real estate investment trust for U.S. federal income tax purposes (“REIT”) that focuses on acquiring and managing a diversified portfolio of healthcare-related real estate, focused on medical office and other healthcare-related buildings (“MOBs”), and senior housing operating properties (“SHOPs”). As of December 31, 2023, the Company owned 204 properties (including two land parcels) located in 33 states and comprised of 9.0 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 our day-to-day business with the assistance of our property manager, Healthcare Trust Properties, LLC (the “Property Manager”). The Company’s Advisor and Property Manager are under common control with AR Global Investments, LLC (“AR Global”), and these related parties receive compensation and fees for providing services to 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 December 31, 2023, the Company owned 46 seniors housing properties under 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 December 31, 2023, the Company had four eligible independent contractors operating 46 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 in order to preserve its liquidity in response to the COVID-19 pandemic. 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 19.0 million shares in respect to the 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 January 2024, 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 Company’s previous Estimated Per-Share NAV was as of December 31, 2021. 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	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Accounting The accompanying consolidated financial statements of the Company are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“GAAP”). Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All inter-company accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the OP. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, impairments, fair value measurements and income taxes, as applicable. Out-of-Period Adjustments During the year ended December 31, 2023, the Company identified certain historical errors in its statements of operations and comprehensive income (loss), consolidated statements of changes in equity, and statements of cash flows since 2019, which impacted the quarterly financial statements and annual periods previously issued. Specifically, the Company had understated depreciation and amortization expense on certain capital improvements and deferred leasing commissions, thereby understating previously reported depreciation and amortization expense by $0.1 million, $0.2 million and $0.4 million for the years ended December 31, 2022, 2021 and pre-2021 periods, respectively. As of December 31, 2022, the cumulative impact of recording the correct depreciation and amortization expense is an understatement of depreciation and amortization expense of $0.7 million, accumulated depreciation of $0.3 million and deferred costs of $0.4 million. The Company concluded that the errors noted above were not material for the year ended December 31, 2023 or any prior periods, and has adjusted the amounts on a cumulative basis in the consolidated financial statements for the year ended December 31, 2023. Adverse Economic Impacts Since the COVID-19 Pandemic During the first quarter of 2020, the global COVID-19 pandemic commenced. The pandemic and its aftermath has had, and could continue to have, adverse impacts on economic and market conditions. The Company’s MOB segment has been less impacted than its SHOP segment, which continues to be challenged by the post-pandemic operating environment. Further, recent and continuing increases in inflation brought about by labor shortages, supply chain disruptions and increases in interest rates have had, and may continue to have, adverse impacts on the Company’s results of operations. Moreover, these increases in the rate of inflation, the ongoing wars in Ukraine, Israel 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. COVID-19 Impact — MOB Segment The financial stability and overall health of the Company’s MOB tenants is critical to its business. The Company took a proactive approach to achieve mutually agreeable solutions with its MOB 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 MOB tenants, and all amounts previously deferred under prior rent deferral agreements were collected in the year ended December 31, 2021. For accounting purposes, in accordance with ASC 842: Leases, normally a company would be required to assess a lease modification to determine if the lease modification should be treated as a separate lease and if not, modification accounting would be applied which would require a company to reassess the classification of the lease (including leases for which the prior classification under ASC 840 was retained as part of the election to apply the package of practical expedients allowed upon the adoption of ASC 842, which doesn’t apply to leases subsequently modified). However, in light of the COVID-19 pandemic in which many leases are being modified, the FASB and SEC have provided relief that allows companies to make a policy election as to whether they treat COVID-19 related lease amendments as a provision included in the pre-concession arrangement, and therefore, not a lease modification, or to treat the lease amendment as a modification. In order to be considered COVID-19 related, cash flows must be substantially the same or less than those prior to the concession. For COVID-19 relief qualified changes, there are two methods to potentially account for such rent deferrals or abatements under the relief, (1) as if the changes were originally contemplated in the lease contract or (2) as if the deferred payments are variable lease payments contained in the lease contract. For all other lease changes that did not qualify for FASB relief, the Company is required to apply modification accounting including assessing classification under ASC 842. Some, but not all of the Company’s lease modifications qualify for the FASB relief. In accordance with the relief provisions, instead of treating these qualifying leases as modifications, the Company has elected to treat the modifications as if previously contained in the lease and recast rents receivable prospectively (if necessary). Under that accounting, for modifications that were deferrals only, there would be no impact on overall rental revenue and for any abatement amounts that reduced total rent to be received, the impact would be recognized ratably over the remaining life of the lease. For leases not qualifying for this relief, the Company has applied modification accounting and determined that there were no changes in the current classification of its leases impacted by negotiations with its tenants. COVID-19 Impact — SHOP Segment In the Company’s SHOP segment, occupancy trended downward from March 2020 until June 2021 and has since generally stabilized. The Company also experienced lower inquiry volumes and reduced in-person tours in post-pandemic periods as compared to pre-pandemic 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 the “ CARES Act Grants ” section below for additional information on the CARES Act. During the year ended December 31, 2022, the Company relied more on the use of temporary contract labor and agencies than it had historically. The Company has since reduced its reliance on this labor source in the year ended December 31, 2023. However, the wage expenses (including overtime, training and bonus wages) incurred by the Company from employees of its third party operators has increased due to, among other things, inflation raising the cost of labor generally, a lack of qualified personnel that the Company’s third-party operators are able to employ on a permanent basis and training hours and other onboarding costs for permanent staff which replaced previously utilized contract and agency labor. The persistence of high inflation, labor shortages and supply chain disruptions have caused 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 since the COVID-19 pandemic on the Company have been partially offset by funds received under the CARES Act. The Company did not receive any funds through the CARES Act in the year ended December 31, 2023. The Company received $4.5 million and $5.1 million in these funds during the years ended December 31, 2022 and 2021, respectively. The Company considers these funds to be grant contributions from the government. The full amounts received were recognized as reductions of property operating expenses in the Company’s consolidated statement of operations for the years ended December 31, 2022 and 2021, respectively, to partially offset 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 CARES Act 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 December 31, 2023, these leases had a weighted average remaining lease term of 4.7 years. Rent from tenants in the Company’s MOB operating segment (as discussed below) is recorded in accordance with the terms of each lease on a straight-line basis over the initial term of the lease. Because many of the leases provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable for, and include in revenue from tenants on a straight-line basis, unbilled rent receivables that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. When the Company acquires a property, the acquisition date is considered to be the commencement date for purposes of this calculation. For new leases after acquisition, the commencement date is considered to be the date the tenant takes control of the space. For lease modifications, the commencement date is considered to be the date the lease modification is executed. The Company defers the revenue related to lease payments received from tenants in advance of their due dates. Tenant revenue also includes operating expense reimbursements which generally increase with the increase in property operating and maintenance expenses in our MOB segment. In addition to base rent, dependent on the specific lease, tenants are generally required to pay either (i) their pro rata share of property operating and maintenance expenses, which may be subject to expense exclusions and floors or (ii) the their share of increases in property operating and maintenance expenses to the extent they exceed the properties’ expenses for the base year of the respective leases. Under ASC 842, the Company has elected to report combined lease and non-lease components in a single line “ Revenue from tenants 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, and to a lesser extent, fees for ancillary services performed for SHOP residents, which are generally variable in nature. Rental income from residents in the Company’s SHOP segment is recognized as earned when services are provided. Residents pay monthly rent that covers occupancy of their unit and basic services, including utilities, meals and some housekeeping services. The terms of the leases are short term in nature, primarily month-to-month. The Company did not record material amounts of ancillary revenue from non-residents during the years ended December 31, 2023 and 2022. The Company recorded ancillary revenue from non-residents of $3.5 million for the year ended December 31, 2021. Fees for ancillary services are recorded in the period in which the services are performed. The decline in ancillary revenue since the year ended December 31, 2021 is primarily due to the Company’s dispositions of its SNF property in Wellington, Florida, which was sold in May 2021. 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 as of December 31, 2023 over the next five years and thereafter. These amounts exclude tenant reimbursements and contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes, among other items. These amounts also exclude SHOP leases which are short-term in nature. (In thousands) Future 2024 $ 109,451 2025 100,230 2026 91,862 2027 72,815 2028 53,918 Thereafter 194,333 Total $ 622,609 The Company continually reviews receivables related to rent and unbilled rents receivable and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Under the leasing standards, 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 accounting rules, on the accompanying consolidated statements of operations and comprehensive loss in the period the related costs are incurred, as applicable. During the years ended December 31, 2023, 2022 and 2021, the Company recorded reductions in revenue of $1.2 million, $3.2 million and $1.1 million, respectively. Approximately $1.3 million of bad debt expense recorded in the year ended December 31, 2022, related to previously disposed properties. There were no significant write-off’s related to previously disposed properties during the year ended December 31, 2023 and 2021. Investments in Real Estate Investments in real estate are recorded at cost. Improvements and replacements are capitalized when they extend the useful life or improve the productive capacity of the asset. Costs of repairs and maintenance are expensed as incurred. At the time an asset is acquired, the Company evaluates the inputs, processes and outputs of the asset acquired to determine if the transaction is a business combination or asset acquisition. If an acquisition qualifies as a business combination, the related transaction costs are recorded as an expense in the consolidated statements of operations and comprehensive loss. If an acquisition qualifies as an asset acquisition, the related transaction costs are generally capitalized and subsequently amortized over the useful life of the acquired assets. See the “ Purchase Price Allocation” section in this Note for a discussion of the initial accounting for investments in real estate. Disposal of real estate investments that represent a strategic shift in operations that will have a major effect on the Company's operations and financial results are required to be presented as discontinued operations in the consolidated statements of operations. No properties were presented as discontinued operations during the years ended December 31, 2023, 2022 and 2021. Properties that are intended to be sold are to be designated as “held for sale” on the consolidated balance sheets at the lesser of carrying amount or fair value less estimated selling costs when they meet specific criteria to be presented as held for sale, most significantly that the sale is probable within one year. The Company evaluates probability of sale based on specific facts including whether a sales agreement is in place and the buyer has made significant non-refundable deposits. Properties are no longer depreciated when they are classified as held for sale. There were no real estate investments held for sale as of December 31, 2023 or 2022. 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. 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 acquire leases for above- and below-market lease rates and the value of in-place leases. Factors considered in the analysis of the in-place lease intangibles include an estimate of carrying costs during the expected lease-up period for each property, taking into account current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at contract rates during the expected lease-up period, which typically ranges from six Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining initial term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The aggregate value of intangible assets related to customer relationship, as applicable, is measured based on the Company’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the tenant. Characteristics considered by the Company in determining these values include the nature and extent of its existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, among other factors. The Company did not record any intangible asset amounts related to customer relationships during the years ended December 31, 2023, 2022 and 2021. 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 December 31, 2023 and 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 consolidated balance sheets as of December 31, 2023 and 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 years ended December 31, 2023, 2022 and 2021. 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 . Gain on Dispositions of Real Estate Investments Gains on sales of rental real estate are not considered sales to customers and will generally be recognized pursuant to the provisions included in ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”). Impairment of Long-Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the property for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If an impairment exists, due to the inability to recover the carrying value of a property, the Company would recognize an impairment loss in the consolidated statement of operations and comprehensive loss to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss recorded would equal the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net earnings. Reportable Segments 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 15 years for fixtures and improvements, and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests. Construction in progress, including capitalized interest, insurance and real estate taxes, is not depreciated until the development has reached substantial completion. The value of certain other intangibles such as certificates of need in certain jurisdictions are amortized over the expected period of benefit (generally the life of the related building). The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to expense over the remaining periods of the respective leases. The value of customer relationship intangibles, if any, is amortized to expense over the initial term and any renewal periods in the respective leases, but in no event does the amortization period for intangible assets exceed the remaining depreciable life of the building. If a tenant terminates its lease, the unamortized portion of the in-place lease value and customer relationship intangibles is charged to expense. Assumed mortgage premiums or discounts are amortized as an increase or reduction to interest expense over the remaining terms of the respective mortgages. Above and Below-Market Lease Amortization Capitalized above-market lease values are amortized as a reduction of revenue from tenants over the remaining terms of the respective leases and the capitalized below-market lease values are amortized as an increase to revenue from tenants over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. If a tenant with a below-market rent renewal does not renew, any remaining unamortized amount will be taken into income at that time. Capitalized above-market ground lease values are amortized as a reduction of property operating expense over the remaining terms of the respective leases. Capitalized below-market ground lease values are amortized as an increase to property operating expense over the remaining terms of the respective leases and expected below-market renewal option periods. Derivative Instruments The Company may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with its borrowings. Certain of the techniques used to hedge exposure to interest rate fluctuations may also be used to protect against declines in the market value of assets that result from general trends in debt markets. The principal objective of such agreements is to minimize the risks and costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though he

Real Estate Investments, Net

Real Estate Investments, Net	12 Months Ended
	Dec. 31, 2023
Real Estate [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 204 properties (including two land parcels) as of December 31, 2023. During the year ended December 31, 2023, the Company, through wholly-owned subsidiaries of the OP, completed its acquisitions of seven single tenant MOBs for an aggregate contract purchase price of $34.9 million. All acquisitions in 2023, 2022 and 2021 were considered asset acquisitions for accounting purposes. Subsequent to December 31, 2023, the Company acquired four MOB properties for an aggregate contract purchase price of $12.6 million (see Note 17 — Subsequent Events for additional details). The following table presents the allocation of the assets acquired and liabilities assumed during the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, (In thousands) 2023 2022 2021 Real estate investments, at cost: Land $ 3,373 $ 4,933 $ 12,848 Buildings, fixtures and improvements 27,069 16,606 121,376 Total tangible assets 30,442 21,539 134,224 Acquired intangibles: In-place leases and other intangible assets (1) 5,057 3,763 28,499 Market lease and other intangible assets (1) 33 268 794 Market lease liabilities (1) (271) (32) (1,639) Total intangible assets and liabilities 4,819 3,999 27,654 Issuance of Preferred OP Units (2) — — (2,578) Cash paid for real estate investments, including acquisitions $ 35,261 $ 25,538 $ 159,300 Number of properties purchased 7 4 17 __________ (1) Weighted-average remaining amortization periods for in-place leases, above-market leases and below market leases acquired were 8.7 years, 11.3 years and 9.3 years, respectively, as of December 31, 2023. Weighted-average remaining amortization periods for in-place leases and above-market leases acquired were 8.9 years, 9.3 years and 12.1 years, respectively, as of December 31, 2022. Weighted-average remaining amortization periods for in-place leases, above-market leases and below market leases acquired were 11.2 years, 10.2 years and 8.5 years, respectively, as of December 31, 2021. (2) See Note 8 — Stockholders’ Equity for additional information. Significant Tenants As of December 31, 2023, 2022 and 2021, the Company did not have any tenants (including for this purpose, all affiliates of such tenants) whose annualized rental income on a straight-line basis represented 10% or greater of total annualized rental income on a straight-line basis for the portfolio. The following table lists the states where the Company had concentrations of properties where annualized rental income on a straight-line basis represented 10% or more of consolidated annualized rental income on a straight-line basis for all properties as of December 31, 2023, 2022 and 2021: December 31, State 2023 2022 2021 Florida 19.9% 19.2% 17.7% Pennsylvania 10.6% * * __________ * State’s annualized rental income on a straight-line basis was not greater than 10% of total annualized rental income for all portfolio properties as of the period specified. Intangible Assets and Liabilities Acquired intangible assets and liabilities consisted of the following as of the periods presented: December 31, 2023 December 31, 2022 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 269,363 $ 210,172 $ 59,191 $ 268,135 $ 198,138 $ 69,997 Market lease assets 14,465 12,548 1,917 14,432 12,042 2,390 Other intangible assets 9,467 1,325 8,142 9,467 1,165 8,302 Total acquired intangible assets $ 293,295 $ 224,045 $ 69,250 $ 292,034 $ 211,345 $ 80,689 Intangible liabilities: Market lease liabilities $ 23,520 $ 15,355 $ 8,165 $ 23,504 $ 14,097 $ 9,407 The following table discloses amounts recognized within the consolidated statements of operations and comprehensive loss related to amortization of in-place leases and other intangible assets, amortization and accretion of above-and below-market lease assets and liabilities, net and the amortization of above-and below-market ground leases, for the periods presented: Year Ended December 31, (In thousands) 2023 2022 2021 Amortization of in-place leases and other intangible assets (1) $ 13,080 $ 15,076 $ 15,071 Accretion of above-and below-market leases, net (2) $ (1,050) $ (795) $ (422) Amortization of above-and below-market ground leases, net (3) $ 159 $ 159 $ 214 __________ (1) Reflected within depreciation and amortization expense. (2) Reflected within revenue from tenants. (3) Reflected within property operating and maintenance expense. The following table provides the projected amortization and adjustments to revenue from tenants for the next five years: (In thousands) 2024 2025 2026 2027 2028 In-place lease assets $ 11,790 $ 10,202 $ 8,957 $ 5,447 $ 4,014 Total to be added to amortization expense $ 11,790 $ 10,202 $ 8,957 $ 5,447 $ 4,014 Above-market lease assets $ (419) $ (366) $ (331) $ (243) $ (203) Below-market lease liabilities 1,274 1,127 972 654 618 Total to be added to revenue from tenants $ 855 $ 761 $ 641 $ 411 $ 415 Dispositions Year Ended December 31, 2023 During the year ended December 31, 2023, the Company disposed of four SHOPs and one MOB for an aggregate contract sales price of $13.8 million, which resulted in an aggregate loss on sale of $0.3 million. The Company had previously recorded $15.1 million of impairment charges on two of the four disposed SHOP properties in the year ended December 31, 2022. Year Ended December 31, 2022 During the year ended December 31, 2022, the Company disposed of four SHOPs for an aggregate contract sales price of $12.4 million, which resulted in an aggregate loss on sale of $0.1 million. The Company had previously recorded $34.0 million of impairment charges on these properties in the year ended December 31, 2021. Year Ended December 31, 2021 During the year ended December 31, 2021, we sold five SHOPs and three MOBs for an aggregate contract price of $133.6 million, which resulted in an aggregate gain on sale of $3.6 million. The Company had previously recorded $0.9 million of impairment charges on one of the disposed SHOPs in the year ended December 31, 2021. The sales of the properties noted above did not represent a strategic shift that has a major effect on the Company’s operations and financial results. Accordingly, the results of operations of these properties remain classified within continuing operations for all periods presented until the respective sale dates. 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 December 31, 2023 or 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 The following table presents impairment charges by segment recorded during the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, (In thousands) 2023 2022 2021 MOB Segment: Illinois skilled nursing facilities (1) (7) $ — $ 10,644 $ — Sassafras MOB (2) (7) — 1,844 — Sun City MOB (3) (7) 2,554 — 6,082 Total MOB impairment charges 2,554 12,488 6,082 SHOP Segment: Various held for use SHOPs (4) (7) 2,122 15,142 — LaSalle Properties (5) (7) — — 34,000 Wellington, Florida skilled nursing facility (6) — — 869 Total SHOP impairment charges 2,122 15,142 34,869 Total impairment charges $ 4,676 $ 27,630 $ 40,951 (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 December 31, 2023, these properties were not disposed nor are under contract for disposal. (2) The Company began marketing this property for sale in the fourth quarter of 2022 and this property was disposed in the year ended December 31, 2023. (3) This property has been actively marketed for sale since September 2021. As of December 31, 2023 this property was not disposed, but is scheduled for sale in the second quarter of 2024. (4) Consists of eight properties actively marketed for sale. Of the eight properties, one property was impaired in the year ended December 31, 2023 and six properties were impaired in year ended December 31, 2022. During the year ended December 31, 2023, four of these properties were disposed. One of these properties is scheduled for sale in the second quarter of 2024. (5) These four properties were disposed in the year ended December 31, 2022. (6) This property was disposed in the year ended December 31, 2021. The Company recorded this impairment charge in the year ended December 31, 2021 to reduce the carrying value of the property to its estimated fair value as determined by an amendment to its purchase and sale agreement. The Company had previously recorded $2.3 million of impairment charges on this property in the year ended December 31, 2020. (7) These properties were impaired to reduce their carrying values to their estimated fair values, respectively, as determined by the Assets Held for Use approach described above.

Mortgage Notes Payable, Net

Mortgage Notes Payable, Net	12 Months Ended
	Dec. 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 December 31, 2023 and 2022: Portfolio Encumbered Properties Outstanding Loan Amount as of December 31, Effective Interest Rate (1) as of December 31, Interest Rate 2023 2022 2023 2022 Maturity (In thousands) (In thousands) Fox Ridge Bryant - Bryant, AR 1 6,647 6,817 3.98 % 3.98% Fixed May 2047 Fox Ridge Chenal - Little Rock, AR 1 15,242 15,639 2.95 % 2.95% Fixed May 2049 Fox Ridge North Little Rock - North Little Rock, AR 1 9,458 9,704 2.95 % 2.95% Fixed May 2049 Capital One MOB Loan 41 378,500 378,500 3.71 % 3.73% Fixed (2) Dec. 2026 Multi-Property CMBS Loan 20 116,037 118,700 4.60 % 4.60% Fixed May 2028 Shiloh - Illinois 1 12,745 13,071 4.34 % 4.34% Fixed Jan. 2025 BMO CMBS 9 42,750 42,750 2.89 % 2.89% Fixed Dec. 2031 Barclays MOB Loan 62 240,000 — 6.45 % —% Fixed June 2033 Gross mortgage notes payable 136 821,379 585,181 4.58 % 3.83% Deferred financing costs, net of accumulated amortization (3) (11,111) (5,117) Mortgage premiums and discounts, net (1,273) (1,364) Mortgage notes payable, net $ 808,995 $ 578,700 __________ (1) Calculated on a weighted average basis for all mortgages outstanding as of December 31, 2023 and 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, 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 December 31, 2023 and 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 December 31, 2023, the Company had pledged $1.3 billion in real estate investments, at cost, as collateral for its $821.4 million of gross mortgage notes payable. This real estate is not available to satisfy other debts and obligations unless first satisfying the mortgage notes payable secured by these properties. The Company makes payments of principal and interest, or interest only, depending upon the specific requirements of each mortgage note, on a monthly basis. Some of the Company’s mortgage note agreements require compliance with certain property-level financial covenants including debt service coverage ratios. As of December 31, 2023, the Company was in compliance with these financial covenants. Subsequent to December 31, 2023, the Company entered into one new secured mortgage note for a principal amount of $7.5 million (see Note 17 — Subsequent Events for additional details). See Note 5 — Credit Facilities - Future Principal Payments for a schedule of principal payment requirements of the Company’s mortgage notes and credit facilities. Barclays MOB Loan On May 24, 2023, the Company, through certain subsidiaries of the OP, entered into a non-recourse loan agreement (the “Barclays MOB Loan Agreement”), with (i) Barclays Capital Real Estate Inc., (ii) Société Générale Financial Corporation and (iii) KeyBank National Association (each individually, a “Lender,” and collectively, the “Lenders”), in the aggregate amount of $240.0 million (the “Barclay’s MOB Loan”). In connection with the Barclay’s MOB Loan Agreement, the OP entered into a Guaranty Agreement (the “Guaranty”) and an Environmental Indemnity Agreement (the “Environmental Indemnity”) for the benefit of the Lenders. The Barclays MOB Loan is secured by, among other things, first priority mortgages on the Company’s interests in 62 MOBs with an aggregate gross asset value of $417.5 million. The Barclays MOB Loan has a 10-year term and is interest-only at a fixed rate of 6.453% per year. Under the Barclays MOB Loan Agreement, the Company is required to make interest-only payments on a monthly basis with the principal balance due on the maturity date of June 6, 2033. The Barclays MOB Loan Agreement requires the OP to comply with certain covenants, including, maintaining combined cash and cash equivalents totaling at least $12.5 million at all times. Subject to certain conditions, the Company may prepay the Barclays MOB Loan in whole or in part at any time after one year from closing with a pre-payment premium equal to the Yield Maintenance Program (as defined in the Barclays MOB Loan Agreement) by providing the lenders thereunder with prior written notice of prepayment no less than thirty days before prepayment, subject to a pre-payment premium equal to the Yield Maintenance Premium (as defined in the Barclay’s MOB Loan Agreement). Following the earlier of May 24, 2026 and the date that is two years after the securitization of the Barclay’s MOB Loan, the Company may prepay the Barclays MOB Loan through defeasance, Notwithstanding the foregoing, the Barclays MOB Loan may be prepaid at par during the final six months of the term. The Company paid $7.8 million in deferred financing costs related to the Barclay’s MOB Loan, which is amortized into interest expense over the term of the loan. At the closing of the Barclays MOB Loan, the Company applied $194.8 million of the Barclays MOB Loan proceeds to repay and terminate the Company’s then-existing credit facility (the “Prior Credit Facility”). The Company also terminated its interest rate swap contracts that formerly hedged interest rate changes under the Prior Credit Facility (see Note 7 — Derivatives and Hedging Activities for additional information). The remaining proceeds of approximately $39.0 million (after the payment of Barclays MOB Loan closing costs and reimbursement of deposits) were used for general corporate purposes, subject to the terms of the Barclays MOB Loan Agreement. Additionally, by terminating the Prior Credit Facility, the Company is no longer subject to certain restrictive covenants previously imposed by the Prior Credit Facility (see Note 5 — Credit Facilities for additional information). Under the Guaranty, the OP has (i) guaranteed the full repayment of the Barclays MOB Loan in the case of certain major defaults by the Company or the OP, including bankruptcy, and (ii) indemnified the Lenders against losses, costs or liabilities related to certain other “bad boy” acts of the Company or the OP, including fraud, willful misconduct, bad faith, and gross negligence. Pursuant to the Environmental Indemnity, the OP and the Company have indemnified the Lenders against losses, costs or liabilities related to certain environmental matters. BMO MOB Loan On November 15, 2021, the Company, entered into a $42.8 million loan agreement (the “BMO MOB Loan”) with Bank of Montreal (“BMO”). The BMO MOB Loan requires monthly interest-only payments, with the principal balance due on the maturity date. The BMO MOB Loan permits BMO to securitize the entire BMO MOB Loan or any portion thereof. At the closing of the BMO MOB Loan, the net proceeds after accrued interest and closing costs were used to (i) repay approximately $37.0 million of indebtedness under the Prior Credit Facility, under which nine of the properties were included as part of the borrowing base prior to the BMO MOB Loan, (ii) fund approximately $2.5 million in deposits required to be made at closing into reserve accounts required under the loan agreement. The remaining $2.4 million net proceeds available to the Company were used for general corporate purposes and acquisitions.

Credit Facilities, Net

Credit Facilities, Net	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Credit Facilities, Net	Credit Facilities, Net The Company had the following credit facilities outstanding as of December 31, 2023 and 2022: Outstanding Facility Amount as of December 31, Effective Interest Rate as of December 31, (9) (10) Credit Facility Encumbered Properties (1) 2023 2022 2023 2022 Interest Rate Maturity (In thousands) (In thousands) Prior Credit Facility: Revolving Credit Facility $ — $ 30,000 — % 7.26 % Variable Mar. 2024 (8) Term Loan — 150,000 — % 5.11 % Fixed (6) Mar. 2024 Deferred financing costs — (1,750) Term Loan, net — 148,250 Total Prior Credit Facility — $ — $ 178,250 Fannie Mae Master Credit Facilities: Capital One Facility 11 (2) $ 206,944 $ 210,483 7.86 % 5.90 % Variable (7) Nov. 2026 KeyBank Facility 10 (3) 139,334 141,564 7.91 % 6.60 % Variable (7) Nov. 2026 Total Fannie Mae Master Credit Facilities 21 $ 346,278 $ 352,047 Other Facilities: MOB Warehouse Facility 5 (4) 14,748 — 8.36 % — % Variable (7) Dec. 2026 Total Credit Facilities 26 $ 361,026 $ 530,297 7.90 % (5) 5.94 % (5) _______ (1) Encumbered properties are as of December 31, 2023. (2) Secured by first-priority mortgages on 11 of the Company’s SHOPs as of December 31, 2023 with an aggregate carrying value of $351.3 million. (3) Secured by first-priority mortgages on 10 of the Company’s SHOPs as of December 31, 2023 with an aggregate carrying value of $262.8 million. (4) Secured by first-priority mortgages on five of the Company’s MOBs as of December 31, 2023 with an aggregate carrying value of $23.0 million. (5) Calculated on a weighted average basis for all credit facilities outstanding as of December 31, 2023 and 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 also has seven non-designated interest rate cap agreements with an aggregate notional amount of $364.2 million which limits 30-day SOFR 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 loss (see discussion below and 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 was 5.89%, the economic interest rate on the KeyBank Fannie Mae Facility was 5.95% and the economic interest rate on the MOB Warehouse Facility was 6.50%. as of December 31, 2023. The economic interest rate on the Capital One Fannie Mae Facility was 5.26% and the economic interest rate on the KeyBank Fannie Mae Facility was 5.96% as of 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. (9) Effective interest rate below for variable rate debt gives effect to any “pay-fixed” swaps entered into by the Company allocated to the loan for presentation purposes. If no “pay-fixed” swaps are allocated, the effective interest rate below represents the variable rate (or contractual floor if appropriate) and the applicable margin in effect as of December 31, 2023 and 2022. As of December 31, 2023, the carrying value of our real estate investments, at cost was $2.6 billion, with $1.3 billion of this amount pledged as collateral for mortgage notes payable, $614.0 million of this amount pledged to secure advances under the Fannie Mae Master Credit Facilities and $23.0 million of this amount pledged to secure advances under the MOB Warehouse Facility. All of the real estate assets pledged to secure debt or comprising the borrowing base of the relevant facilities 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 such real estate assets is satisfied or the asset is removed from the borrowing base of the relevant facilities, which would impact availability thereunder. Unencumbered real estate investments, at cost as of December 31, 2023 was $635.9 million, although there can be no assurance as to the amount of liquidity the Company would be able to generate from using these unencumbered assets as collateral for mortgage loans, adding them to the borrowing base of the Fannie Mae Master Credit Facilities or MOB Warehouse Facility, or other future financings. Prior Credit Facility The Prior Credit Facility consisted 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 were interest-only and would have matured on March 13, 2024. The Prior Credit Facility was fully repaid and terminated in May 2023 with net proceeds provided by the Barclays MOB Loan (see Note 4 — Mortgage Notes Payable, Net for details). Amounts outstanding under the Prior Credit Facility bore interest at the Company’s option of either (i) SOFR, 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 Prior Credit Facility), plus an applicable margin that ranged, depending on the Company’s leverage, from 0.85% to 1.60%. For the period from January 1, 2023 through the termination of the Prior Credit Facility in May 2023, the Company elected to use the SOFR option for all of its borrowings under the Prior Credit Facility. At termination, the Company wrote off the remaining deferred financing costs associated with the Prior Credit Facility of $2.6 million which is included in interest expense in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2023. The Prior Credit Facility contained various restrictions which no longer apply, that limited the Company’s ability to incur additional debt, maintain certain cash balances or pay dividends, among other things. 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 “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. As of December 31, 2023, $346.3 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. Until June 30, 2023, borrowings under the Fannie Mae Master Credit Facilities bore annual interest at a rate that varied on a monthly basis and was 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 Capital One Facility and the KeyBank Facility, respectively). Effective July 1, 2023, the Fannie Mae Master Credit Facilities automatically transitioned to SOFR-based borrowings with monthly interest equal to the sum of the current SOFR for one-month denominated deposits and a spread of (2.41% and 2.46% for the Capital One Facility and the KeyBank Facility, respectively). The Fannie Mae Master Credit Facilities mature on November 1, 2026. In the year ended December 31, 2023, the Company provided cash deposits totaling $11.8 million to Fannie Mae because the debt service coverage ratios of the underlying properties of each facility were below the minimum required amount per the debt agreements. This amount is recorded as restricted cash and is pledged as additional collateral for the Fannie Mae Master Credit Facilities. This deposit will be refunded the earlier of the Company’s achievement of a debt service coverage ratio above the minimum required amount of 1.40 or the maturity of the Fannie Mae Master Credit Facilities. MOB Warehouse Facility On December 22, 2023, the Company, through wholly-owned subsidiaries of the OP, entered into a loan agreement with Capital One (the “MOB Warehouse Facility”) to provide up to $50.0 million of variable-rate financing. As of December 31, 2023, $14.7 million was outstanding under the MOB Warehouse Facility. The Company may request future advances under the MOB Warehouse Facility by adding eligible MOBs to the collateral pool subject to customary conditions, including satisfaction of minimum debt service coverage and maximum loan-to-value tests. Borrowings under the MOB Warehouse Facility bear interest at a monthly rate equal to the sum of the current SOFR for one-month denominated deposits and a spread of 3.0%. Interest payments are due monthly, with no principal payments due until maturity in December 2026. Interest Rate Swaps Designated to Credit Facilities As of December 31, 2023, the Company did not have any interest rate swaps designated to any of its credit facilities. As of December 31, 2022, the Company had $150.0 million of SOFR-based interest swap agreements, which were allocated to the Term Loan, and $50.0 million of LIBOR-based interest swap agreements which were allocated to the Capital One Facility. These swaps were all terminated in the year ended December 31, 2023. The Term Loan was fully repaid in the year ended December 31, 2023, but the Capital One Facility remains outstanding. Non-Designated Interest Rate Caps Required by Credit Facilities As of December 31, 2023, the Company had seven SOFR-based interest rate cap agreements with an aggregate current effective notional amount of $364.2 million which caps SOFR at 3.50% with terms through January 2027. The Company does not apply hedge accounting to these agreements and changes in value as well as any cash received are presented within (loss) gain on non-designated derivatives in the Company’s consolidated statements of operations and comprehensive loss ( see Note 7 — Derivatives and Hedging Activities for additional disclosure regarding the Company’s derivatives). 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. During the year ended December 31, 2023, the Company paid premiums of $9.6 million to renew five interest rate caps with an aggregate notional amount of $289.4 million which matured in the year ended December 31, 2023. The Company also paid a premium of $0.4 million for a new interest rate cap with a notional amount of $14.7 million in connection with the MOB Warehouse Facility. Future Principal Payments The following table summarizes the scheduled aggregate principal payments for the five years subsequent to December 31, 2023 and thereafter, on all of the Company’s outstanding debt (mortgage notes payable and credit facilities): Future Principal Payments (In thousands) Mortgage Notes Payable Credit Facilities Total 2024 $ 1,178 $ 5,769 $ 6,947 2025 13,270 5,769 19,039 2026 379,393 349,488 728,881 2027 922 — 922 2028 116,989 — 116,989 Thereafter 309,627 — 309,627 Total $ 821,379 $ 361,026 $ 1,182,405 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 had no LIBOR-based borrowings or derivative instruments as of December 31, 2023. As of December 31, 2023, the Company had $346.3 million of variable-rate, SOFR-based borrowings under the Fannie Mae Master Credit Facilities which automatically transitioned from variable-rate, LIBOR-based borrowings on July 1, 2023. As of December 31, 2023, the Company had SOFR-based interest rate caps with an aggregate notional amount of $349.4 million which are not designated as hedging instruments which also transitioned from LIBOR-based contracts effective July 1, 2023. During the year ended December 31, 2022, the Company converted $150.0 million of its “pay-fixed” swaps on its Prior Credit Facility from LIBOR to SOFR, as well as its $378.5 million Capital One MOB Loan and the related “pay-fixed” swap from LIBOR to SOFR. During the year ended December 31, 2023, the Company terminated its remaining $50.0 million of LIBOR-based “pay-fixed” swaps. The “pay-fixed” swaps were terminated in an asset position and the Company received $5.4 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). See Note 7 — Derivatives and Hedging Activities for additional details.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 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 asset 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 December 31, 2023 and 2022, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The valuation of derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and implied volatilities. In addition, credit valuation adjustments, are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the counterparties. The following table presents information about the Company’s assets and liabilities measured at fair value as of December 31, 2023 and 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 December 31, 2023 Derivative assets, at fair value (non-designated) $ — $ 6,111 $ — $ 6,111 Derivative assets, at fair value (designated) — 22,259 — 22,259 Total $ — $ 28,370 $ — $ 28,370 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 year ended December 31, 2023. Real Estate Investments Measured at Fair Value on a Non-Recurring Basis Real Estate Investments Held-for-Use The Company has impaired real estate investments held-for-use, which are carried at fair value on a non-recurring basis on the consolidated balance sheet as of December 31, 2023 and 2022. As of December 31, 2023, the Company owned 12 held-for-use properties (eight MOBs, three SHOPs and one land parcel) for which the Company has reconsidered its expected holding periods, of which four properties (one MOB and two SHOPs and one land parcel) are being marketed for sale. As of December 31, 2022, the Company owned 17 held-for-use properties (nine MOB and eight SHOPs) for which the Company had reconsidered its expected holding periods, of which 10 properties (two MOBs and eight SHOPs) were being marketed for sale. As a result, the Company evaluated the impact on its ability to recover the carrying values of the properties noted above and recorded impairment charges to write these properties down to their estimated fair values. The Company had also previously written down other held-for-use properties which have subsequently been sold. 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 December 31, 2023 and 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: December 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 $ 820,106 $ 787,665 $ 583,817 $ 550,626 Prior Credit Facility 3 $ — $ — $ 180,000 $ 179,496 Fannie Mae Master Credit Facilities 3 $ 346,278 $ 346,996 $ 352,047 $ 353,034 MOB Warehouse Facility 3 $ 14,748 $ 14,796 $ — $ — 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	12 Months Ended
	Dec. 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 December 31, 2023 and 2022: December 31, (In thousands) Balance Sheet Location 2023 2022 Derivatives designated as hedging instruments: Interest rate “pay-fixed” swaps Derivative assets, at fair value $ 22,259 $ 36,910 Derivatives not designated as hedging instruments: Interest rate caps Derivative assets, at fair value $ 6,111 $ 3,737 Cash Flow Hedges of Interest Rate Risk As of December 31, 2023 and 2022, the Company had the following derivatives that were designated as cash flow hedges of interest rate risk: December 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 1 $ 378,500 7 $ 528,500 LIBOR-based interest rate “pay-fixed” swaps — — 2 50,000 Total interest rate “pay-fixed” swaps 1 $ 378,500 9 $ 578,500 The table below details the location in the financial statements of the loss recognized on interest rate derivatives designated as cash flow hedges for the periods ended December 31, 2023 and 2022: Year Ended December 31, (In thousands) 2023 2022 2021 Amount of gain recognized in accumulated other comprehensive income on interest rate derivatives $ 5,324 $ 50,098 $ 14,322 Amount of gain (loss) reclassified from accumulated other comprehensive income into earnings as reductions to (increases in) interest expense $ 18,770 $ (1,153) $ (11,010) Total amount of interest expense presented in the consolidated statements of operations and comprehensive loss $ 66,078 $ 51,740 $ 47,900 As of December 31, 2023, the Company had one interest rate swap that is designated as a cash flow hedge. The interest rate swap is used as part of the Company’s interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the term of the agreements without exchange of the underlying notional amount. During the years ended December 31, 2023 and 2022, such derivatives were used to hedge the variable cash flows associated with variable-rate debt. The interest rate “pay-fixed” swap has a base interest rate of 1.61% and matures in December 2026. The changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in AOCI and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. MOB Loan Swap Termination 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 being recorded as an adjustment to interest expense over the original term of the two terminated swaps and the MOB Loan prior to its refinancing. For the years ended December 31, 2022 and 2021, the Company reclassified $0.4 million and $0.9 million, respectively, from AOCI as increases to interest expense. No amounts remained in AOCI related to these previously terminated swaps as of December 31, 2023 and 2022. 2023 Swap Terminations During the year ended December 31, 2023, the Company terminated two LIBOR-based interest rate swap agreements with an aggregate notional amount of $50.0 million and six SOFR-based interest rate swap agreements with an aggregate notional amount of $150.0 million. These borrowings were hedging a portion of the Company’s aggregate SOFR and LIBOR-based borrowings. The swaps were terminated in asset positions, and the Company received $1.9 million in cash from the LIBOR-based swap terminations, and $3.5 million in cash from the SOFR-based swap terminations. Because the Company continues to carry variable-rate borrowings in excess of the notional amounts of the terminated swaps, these amounts were included in AOCI and will be amortized into earnings as a reduction to interest expense from the termination dates of the swaps through March 2024 (the original term of the swap and the Prior Credit Facility). For the year ended December 31, 2023, the Company reclassified $4.2 million from AOCI as decreases to interest expense. The remaining $1.2 million associated with the 2023 terminated swaps in AOCI as of December 31, 2023 will be reclassified into earnings as a decrease to interest expense through March 2024. 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 twelve months, from January 1, 2024 through December 31, 2024, the Company estimates that $13.5 million will be reclassified from other comprehensive income as a decrease to interest expense relating to the “pay-fixed” swaps designated as derivatives, inclusive of the reclassifications from the 2023 swap terminations described above. Non-Designated Derivatives The Company had the following outstanding interest rate derivatives that were not designated as a hedges in qualifying hedging relationships as of as of December 31, 2023 and 2022: December 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 $ 364,170 7 $ 354,624 __________ (1) Notional amount represents the currently active interest cap contract and excludes one inactive cap agreements (included in the instrument count) with a notional amount of $52.6 million as of December 31, 2022, which took effect upon the expiration of a similar cap included above and effectively extended the term for the same notional amount. (2) All of the Company’s interest rate cap agreements limit 30-day SOFR to 3.50% with terms through January 2027. The actual 30-day SOFR rates during the fourth quarter of 2022 exceeded the strike price rate of 3.50%, and since then the Company has received cash 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 on non-designated derivatives in the Company’s consolidated statements of operations and comprehensive loss. 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 December 31, 2023, the Company had entered into seven SOFR-based interest rate caps with a notional amount of $364.2 million which limit 30-day SOFR borrowings to 3.50% and have varying expiration dates through January 2027. 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, KeyBank Facility and MOB Warehouse 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 earnings and are presented within (loss) gain on non-designated derivatives in our consolidated statements of operations and comprehensive loss. For the years ended December 31, 2023, 2022 and 2021, (loss) gain on non-designated derivatives were a loss of $2.0 million (including cash received of $5.6 million), a gain of $3.8 million (including cash received of $0.3 million) and a gain of $37,000, respectively. The Company paid premiums of $9.6 million to renew five interest rate caps with an aggregate notional amount of $289.4 million which matured in the year ended December 31, 2023, and the Company also paid $0.4 million for a new interest rate cap entered into during the year ended December 31, 2023 for a notional amount of $14.7 million. One interest rate cap with a notional amount of $60.0 million matures in April 2024, which represents the next interest rate cap maturity. The Company is required to maintain an aggregate notional value of its interest rate caps equal to the aggregate principal value of its Fannie Mae Credit Facilities, and accordingly expects to renew this maturing cap which is actively hedging exposure to SOFR at a strike price of 3.50%. All of the Company’s LIBOR-based interest rate caps were transitioned to SOFR-based contracts effective July 1, 2023. Offsetting Derivatives The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of December 31, 2023 and 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 December 31, 2023 $ 28,370 — — $ 28,370 — — $ 28,370 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 December 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	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock As of December 31, 2023 and 2022, the Company had 111,545,018 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 19.0 million shares in respect to the stock dividends. No other additional shares of common stock were issued during the years ended December 31, 2023 or 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 January 2024 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 estimate of per-share net asset value (“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 13, 2020, in order to strategically maintain the Company’s liquidity in light of the continued impact of COVID-19 pandemic and to comply with an amendment to the Prior Credit Facility described in Note 5 — Credit Facilities, Net , which restricted the Company from repurchasing shares, 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 (retroactively adjusted for the stock dividends), under the SRP and does not include any repurchases under tender offers cumulatively through December 31, 2023: Number of Shares Repurchased Average Price per Share Cumulative repurchases as of December 31, 2022 4,896,620 $ 20.60 Year ended December 31, 2023 — — Cumulative repurchases as of December 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 sheet in the period distributions are declared. During the years ended December 31, 2023, 2022 and 2021, 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. In May 2023, the stockholder rights plan expired and was not renewed or replaced. No purchase rights were executed pursuant to this agreement. Preferred Stock The Company is authorized to issue up to 50,000,000 shares of preferred stock. In connection with an underwritten offering in December 2019 (see details below), the Company classified and designated 1,610,000 shares of its authorized preferred stock as authorized shares of its Series A Preferred Stock as of December 31, 2023. In September 2020, the Board authorized the classification of 600,000 additional shares of the Company’s preferred stock as Series A Preferred Stock in connection with the Preferred Stock Equity Line (as defined below) and in May 2021, the Board authorized the classification of 2,530,000 additional shares of the Company’s preferred stock as Series A Preferred Stock in connection with the offering in May 2021 (described below). The Company had 3,977,144 shares of Series A Preferred Stock issued and outstanding, as of December 31, 2023 and 2022. In connection with an underwritten offering in October 2021, the Company classified and designated 3,680,000 shares of its authorized preferred stock on October 4, 2021 as authorized shares of its 7.125% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share (“Series B Preferred Stock”). As a result of an underwritten offering in October 2021, the Company had 3,630,000 shares of Series B Preferred Stock issued and outstanding as of December 31, 2023 and 2022. Series A Preferred Stock Terms Holders of Series A Preferred Stock are entitled to cumulative dividends in the amount of $1.84375 per share each year, which is equivalent to the rate of 7.375% of the $25.00 liquidation preference per share per annum. The Series A Preferred Stock has no stated maturity and will remain outstanding indefinitely unless redeemed, converted or otherwise repurchased. On and after December 11, 2024, at any time and from time to time, the Series A Preferred Stock will be redeemable in whole or in part, at the Company’s option, at a cash redemption price of $25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not authorized or declared), if any, to, but not including, the redemption date. In addition, upon the occurrence of a Delisting Event or a Change of Control (each as defined in the articles supplementary governing the terms of the Series A Preferred Stock (the “Series A Articles Supplementary”)), the Company may, subject to certain conditions, at its option, redeem the Series A Preferred Stock, in whole or in part, after the first date on which the Delisting Event occurred or within 120 days after the first date on which the Change of Control occurred, as applicable, by paying the liquidation preference of $25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not authorized or declared), if any, to, but not including, the redemption date. Upon the occurrence of a Change of Control during a continuing Delisting Event, unless the Company has elected to exercise its redemption right, holders of the Series A Preferred Stock will have certain rights to convert Series A Preferred Stock into shares of Company’s common stock. In addition, upon the occurrence of a Delisting Event, the dividend rate will be increased on the day after the occurrence of the Delisting Event by 2.00% per annum to the rate of 9.375% of the $25.00 liquidation preference per share per annum (equivalent to $2.34375 per share each year) from and after the date of the Delisting Event. Following the cure of such Delisting Event, the dividend rate will revert to the rate of 7.375% of the $25.00 liquidation preference per share per annum. The necessary conditions to convert the Series A Preferred Stock into common stock have not been met as of December 31, 2023. Therefore, Series A Preferred Stock did not impact Company’s earnings per share calculations for the year ended December 31, 2023, 2022 and 2021. The Series A Preferred Stock ranks senior to common stock, with respect to dividend rights and rights upon the Company’s voluntary or involuntary liquidation, dissolution or winding up. Voting rights for holders of Series A Preferred Stock exist primarily with respect to the ability to elect two additional directors to the board of directors if six or more quarterly dividends (whether or not authorized or declared or consecutive) payable on the Series A Preferred Stock are in arrears, and with respect to voting on amendments to the Company’s charter (which includes the Series A Articles Supplementary) that materially and adversely affect the rights of the Series A Preferred Stock or create additional classes or series of shares of the Company’s capital stock that are senior to the Series A Preferred Stock. Other than the limited circumstances described above and in the Series A Articles Supplementary, holders of Series A Preferred Stock do not have any voting rights. Series A Preferred Stock Add-On Offering On May 11, 2021, the Company completed an underwritten public offering of 2,352,144 shares (which includes 152,144 shares issued and sold pursuant to the underwriters’ exercise of their option to purchase additional shares) of its Series A Preferred Stock for net proceeds of $56.0 million after deducting the underwriters’ discount, structuring fee and other offering costs aggregating to $2.9 million. Pursuant to the terms of the Prior Credit Facility, all proceeds were used to repay amounts outstanding under the Prior Credit Facility. Series A Preferred Units In September 2021, the Company partially funded the purchase of an MOB from an unaffiliated third party by causing the OP to issue 100,000 partnership units in the OP designated as “Series A Preferred Units”. These were recorded at fair value on the date of the acquisition at $2.6 million and were included as part of the consideration paid for the acquisition. Additionally, these are considered a non-controlling interest for the Company and were recorded as an increase in non-controlling interests on the consolidated balance sheet (see Note 13 — Non-controlling Interests for additional information). Preferred Stock Equity Line with B. Riley Principal Capital, LLC On September 15, 2020, the Company entered into a preferred stock purchase agreement and registration rights agreement with B. Riley Principal Capital, LLC (“B. Riley”), pursuant to which the Company has the right from time to time to sell up to an aggregate of $15 million of shares of its Series A Preferred Stock to B. Riley until December 31, 2023, on the terms and subject to the conditions set forth in the purchase agreement. This arrangement is also referred to as the “Preferred Stock Equity Line.” The Company controls the timing and amount of any sales to B. Riley under the Preferred Stock Equity Line, and B. Riley is obligated to make purchases of up to 3,500 shares of Series A Preferred Stock each time (as may be increased by mutual agreement by the parties) in accordance with the purchase agreement, upon certain terms and conditions being met. The Company sold 15,000 shares under the Preferred Stock Equity Line during the year ended December 31, 2021, resulting in gross proceeds of $0.4 million and net proceeds of $0.3 million after fees and commissions. In total, the Company incurred $1.2 million in costs related to establishing the Preferred Stock Equity Line which were all initially recorded in prepaid expenses and other assets on our consolidated balance sheet. Upon receiving proceeds under the Preferred Stock Equity Line in the third quarter of 2021, the Company reclassified $30,000 of these prepaid costs to additional paid in capital in the Company’s consolidated statement of changes in equity as a reduction of the gross proceeds received under the Preferred Stock Equity Line. In the year ended December 31, 2021, the Company determined that it was not probable that additional proceeds would be received from the Preferred Stock Equity Line and later terminated the Preferred Stock Equity Line. As a result, the Company expensed the remaining balance of prepaid costs, which totaled $1.2 million, within acquisition and transaction related costs on the consolidated statement of operations and comprehensive income during the year ended December 31, 2021. The Company did not sell any Series A Preferred Stock under the Preferred Stock Equity Line during the year ended December 31, 2021. Series B Preferred Stock Series B Preferred Stock — Terms Holders of Series B Preferred Stock are entitled to cumulative dividends in the amount of $1.78125 per share each year, which is equivalent to the rate of 7.125% of the $25.00 liquidation preference per share per annum. The Series B Preferred Stock has no stated maturity and will remain outstanding indefinitely unless redeemed, converted or otherwise repurchased. On and after October 6, 2026, at any time and from time to time, the Series B Preferred Stock will be redeemable in whole or in part, at the Company’s option, at a cash redemption price of $25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not authorized or declared), if any, to, but not including, the redemption date. In addition, upon the occurrence of a Delisting Event or a Change of Control (each as defined in the articles supplementary governing the terms of the Series B Preferred Stock (the “Series B Articles Supplementary”)), the Company may, subject to certain conditions, at its option, redeem the Series B Preferred Stock, in whole or in part, after the first date on which the Delisting Event occurred or within 120 days after the first date on which the Change of Control occurred, as applicable, by paying the liquidation preference of $25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not authorized or declared), if any, to, but not including, the redemption date. Upon the occurrence of a Change of Control during a continuing Delisting Event, unless the Company has elected to exercise its redemption right, holders of the Series B Preferred Stock will have certain rights to convert Series B Preferred Stock into shares of Company’s common stock. In addition, upon the occurrence of a Delisting Event, the dividend rate will be increased on the day after the occurrence of the Delisting Event by 2.00% per annum to the rate of 9.125% of the $25.00 liquidation preference per share per annum (equivalent to $2.28125 per share each year) from and after the date of the Delisting Event. Following the cure of such Delisting Event, the dividend rate will revert to the rate of 7.125% of the $25.00 liquidation preference per share per annum. The necessary conditions to convert the Series B Preferred Stock into common stock have not been met as of December 31, 2023. Therefore, Series B Preferred Stock did not impact Company’s earnings per share calculations for the year ended December 31, 2023 and 2022. The Series B Preferred Stock ranks on parity with the Company’s Series A Preferred Stock, and senior to its common stock, with respect to dividend rights and rights upon the Company’s voluntary or involuntary liquidation, dissolution or winding up. Voting rights for holders of Series B Preferred Stock exist primarily with respect to the ability to elect two additional directors to the board of directors if six or more quarterly dividends (whether or not authorized or declared or consecutive) payable on the Series B Preferred Stock are in arrears, and with respect to voting on amendments to the Company’s charter (which includes the Series B Articles Supplementary) that materially and adversely affect the rights of the Series B Preferred Stock or create additional classes or series of shares of the Company’s capital stock that are senior to the Series B Preferred Stock. Other than the limited circumstances described above and in the Series B Articles Supplementary, holders of Series B Preferred Stock do not have any voting rights. Underwritten Offering — Series B Preferred Stock On October 6, 2021, the Company completed the initial issuance and sale of 3,630,000 shares (which includes 430,000 shares issued and sold pursuant to the underwriters’ exercise of their option to purchase additional shares) of its 7.125% Series B Preferred Stock in an underwritten public offering at a public offering price equal to the liquidation preference of $25.00 per share. The offering generated gross proceeds of $90.8 million and net proceeds of $86.8 million, after deducting underwriting discounts, structuring fees and other costs. Pursuant to the terms of the Prior Credit Facility, all proceeds were used to repay amounts outstanding under the Prior Credit Facility. Distributions and Dividends Common Stock In April 2013, the Board authorized, and the Company began paying distributions on a monthly basis at a rate equivalent to $1.70 per annum, per share of common stock, which began in May 2013. In March 2017, the Board authorized a decrease in the rate at which the Company pays monthly distributions to stockholders, effective as of April 1, 2017, to a rate equivalent to $1.45 per annum per share of common stock. On February 20, 2018, the Board authorized a further decrease in the rate at which the Company pays monthly distributions to stockholders, effective as of March 1, 2018, to a rate equivalent to $0.85 per annum per share of common stock. From March 1, 2018 until June 30, 2020, the Company paid monthly distributions to stockholders at a rate equivalent to $0.85 per annum per share of common stock. Distributions were payable by the 5th day following each month end to stockholders of record at the close of business each day during the prior month. On August 13, 2020, the Board changed the Company’s common stock distribution policy in order to preserve the Company’s liquidity and maintain additional financial flexibility in light of the continued COVID-19 pandemic and to comply with an amendment to the Prior Credit Facility (see Note 5 — Credit Facility, Net for additional information) which restricted the Company from paying distributions on common stock. Under the new policy, distributions authorized by the Board on the Company’s shares of common stock, if and when declared, are now paid on a quarterly basis in arrears in shares of the Company’s common stock valued at the Company’s estimated per share net asset value of common stock in effect on the applicable date, based on a single record date to be specified at the beginning of each quarter. The following table details these 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 July 3, 2023 July 17, 2023 0.015179 October 2, 2023 October 16, 2023 0.015179 January 3, 2024 January 16, 2024 0.015179 Tax Characteristics of Dividends All common dividends in the years ended December 31, 2023, 2022 and 2021 were issued as stock dividends, which do not represent taxable dividends to shareholders for U.S. federal income tax purposes. All dividends paid on the Series A Preferred Stock and Series B Preferred Stock were considered 100% return of capital for tax purposes for the years ended December 31, 2023, 2022 and 2021.

Related Party Transactions and

Related Party Transactions and Arrangements	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Related Party Transactions and Arrangements As of December 31, 2023 and 2022, the Special Limited Partner owned 10,710 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 December 31, 2023 and 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 December 31, 2023. Asset Management Fees and Variable Management/Incentive Fees Under the LPA and the advisory agreement that was superseded by the 0riginal 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 December 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 statement of operations and comprehensive loss until the Performance Condition is considered probable to occur. Stock dividends do not cause the OP to issue additional Common OP Units, rather, the redemption ratio to common stock is adjusted. The Board has previously approved the issuance of 359,250 Class B Units to the Advisor in connection with this arrangement. The Board determined in February 2018 that Economic Hurdle had been satisfied, however none of the events have occurred, including a listing of the Company’s common stock on a national securities exchange, which would have satisfied the other vesting requirement of the Class B Units. Therefore, no expense has ever been recognized in connection with the Class B Units. On May 12, 2015, the Company, the OP and the Advisor entered into an amendment to the then-current advisory agreement, which, among other things, provided that the Company would cease causing the OP to issue Class B Units to the Advisor with respect to any period ending after March 31, 2015. Effective February 17, 2017, the Second A&R Advisory Agreement requires the Company to pay the Advisor a base management fee, which is payable on the first business day of each month. The fixed portion of the base management fee is equal to $1.625 million per month, 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 common stock outstanding multiplied by (2) (x) 15.0% of the applicable prior quarter’s Core Earnings (as defined below) per share in excess of $0.375 per share plus (y) 10.0% of the applicable prior quarter’s Core Earnings per share in excess of $0.47 per share. Core Earnings is defined as, for the applicable period, net income or loss, computed in accordance with GAAP, excluding non-cash equity compensation expense, the variable management/incentive fee, acquisition and transaction related fees and expenses, financing related fees and expenses, depreciation and amortization, realized gains and losses on the sale of assets, any unrealized gains or losses or other non-cash items recorded in net income or loss for the applicable period, regardless of whether such items are included in other comprehensive income or loss, or in net income, one-time events pursuant to changes in GAAP and certain non-cash charges, impairment losses on real estate related investments and other than temporary impairments of securities, amortization of deferred financing costs, amortization of tenant inducements, amortization of straight-line rent and any associated bad debt reserves, amortization of market lease intangibles, provision for loss loans, and other non-recurring revenue and expenses (in each case after discussions between the Advisor and the independent directors and approved by a majority of the independent directors). The variable management/incentive fee is payable to the Advisor or its assignees in cash or shares, or a combination of both, the form of payment to be determined in the sole discretion of the Advisor and the value of any share to be determined by the Advisor acting in good faith on the basis of such quotations and other information as it considers, in its reasonable judgment, appropriate. No variable management incentive fee was incurred for the years ended December 31, 2023, 2022 and 2021. 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 of Directors (including a majority of the independent directors). If the Company contracts directly with third parties for such services, the Company will pay the third party customary market fees and will pay the Property Manager an oversight fee of 1.0% of the gross revenues of the property managed by the third party. In no event will the Company pay the Property Manager or any affiliate of the Property Manager both a property management fee and an oversight fee with respect to any particular property. If the Property Manager provides services other than those specified in the Property Management Agreement, the Company will pay the Property Manager a monthly fee equal to no more than that which the Company would pay to a third party that is not an affiliate of the Company or the Property Manager to provide the services. On February 17, 2017, the Company entered into the Amended and Restated Property Management and Leasing Agreement (the “A&R Property Management Agreement”) with the OP and the Property Manager. The A&R Property Management Agreement automatically renews for successive one-year terms unless any party provides written notice of its intention to terminate the A&R Property Management Agreement at least 90 days prior to the end of the term. Neither party has provided notice of intent to terminate. The current term of the A&R Property Management Agreement expires February 17, 2023. The Property Manager may assign the A&R Property Management Agreement to any party with expertise in commercial real estate which has, together with its affiliates, over $100.0 million in assets under management. On April 10, 2018, in connection with the Multi-Property CMBS Loan, the Company and the OP entered into a further amendment to the A&R Property Management Agreement confirming, consistent with the intent of the parties, that the borrowers under the Multi-Property CMBS Loan and other subsidiaries of the OP that own or lease the Company’s properties are the direct obligors under the arrangements pursuant to which the Company’s properties are managed by either the Property Manager or a third party overseen by the Property Manager pursuant to the A&R Property Management Agreement. 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 year ended December 31, 2023, 2022 and 2021, the Company incurred $10.6 million, $8.8 million and $9.4 million, respectively, of reimbursement expenses from the Advisor for providing administrative services. These reimbursement expenses are included in general and administrative expense on the consolidated statements of operations and comprehensive loss. In September 2022, the Advisor terminated certain of its employees who provided services to the Company and for which the Company reimbursed the Advisor for salaries and benefits. In connection with the termination, the Company recognized a compensation charge, net of adjustments for previously accrued bonuses, of $0.3 million in the year ended December 31, 2022. Additionally, the Company incurred $0.3 million of severance costs for terminated employees in the year ended December 31, 2023. 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, 2019; (a) the Fixed Component was equal to $6.8 million and (b) the Variable Component was equal to (i) the sum of the total real estate investments, at cost as recorded on the balance sheet dated as of the last day of each fiscal quarter (the “Real Estate Cost”) in the year divided by four, which amount is then (ii) multiplied by 0.29%. As of December 31, 2023 and 2022, the Fixed Component exceeded the Variable Component for both periods, and the Capped Reimbursement Amount was $8.0 million and $7.8 million, respectively. The Company expects that the Capped Reimbursement Amount for the year ended December 31, 2024 will be approximately $8.2 million. 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. Professional Fee Credit Due from the Advisor Prior to the COVID-19 pandemic, the Advisor had awarded bonuses to its employees, or employees of its affiliates, in March of each year as an all-cash award, prorated for the amount of time spent providing administrative services relating to the Company. Such bonus amounts were paid by the Advisor to its employees, or employees of its affiliates, throughout the year subsequent to the year in which such services were rendered. The bonus awards for the year ended December 31, 2020 (the “2020 Bonus Awards”) were awarded in May 2021. The finalized cash amounts of the 2020 Bonus Awards were less than the estimates provided to the Company by the Advisor throughout the year ended December 31, 2020, which resulted in a credit for professional fees to due to the Company from the Advisor of $1.0 million. The finalized cash amounts were less than the estimated amounts due to, among other things, forfeitures of bonuses related to employees of the Advisor, or its affiliates, who were terminated or resigned prior to payment (including the Company’s former chief financial officer) and a general reduction in final bonuses for remaining personnel to mitigate the negative impacts of the COVID-19 pandemic. The 2020 Bonus Awards were paid by the Advisor to its employees, or employees of its affiliates, over a ten-month period from June 2021 to April 2022. As a result, during the second quarter of 2021, the Company recorded a receivable from the Advisor of $1.0 million, which was recorded in prepaid expenses and other assets on the consolidated balance sheet and a corresponding reduction to general administrative expenses. Pursuant to authorization by the independent members of the Company’s Board, the $1.0 million receivable was required to be repaid to the Company on a pro rata basis over a six-month period from November 2021 through April 2022. As of December 31, 2022, the entire amount was repaid by the Advisor. Reimbursements for the cash portion of 2021 bonuses paid by the Advisor to its employees, or employees of its affiliates, were expensed and reimbursed on a monthly basis during the year ended December 31, 2021 in accordance with estimates provided by the Advisor. These bonus awards were awarded in April 2022, and were paid to employees over a ten-month period from July 2022 to April 2023. Reimbursements for the cash portion of 2022 bonuses paid by the Advisor to its employees, or employees of its affiliates, were expensed and reimbursed on a monthly basis during the year ended December 31, 2022 in accordance with estimates provided by the Advisor. These bonus awards were awarded in June 2023, and are being paid to employees over a six-month period from October 2023 to March 2024. Reimbursements for the cash portion of 2023 bonuses paid by the Advisor to its employees, or employees of its affiliates, were expensed and reimbursed on a monthly basis during the year ended December 31, 2023 in accordance with estimates provided by the Advisor. These amounts have not yet been awarded or paid by the Advisor to its employees, or employees of its affiliates. Summary of fees, expenses and related payables The following table details amounts incurred and payable in connection with the Company’s operations-related services described above as of and for the periods presented: Year Ended December 31, Payable (Receivable) as of 2023 2022 2021 December 31, (In thousands) Incurred Incurred Incurred 2023 2022 One-time fees and reimbursements: Acquisition cost reimbursements $ 32 $ 23 $ 90 $ — $ 5 Ongoing fees and reimbursements: Asset management fees 21,831 21,831 20,710 — — Property management fees (1) 4,135 4,200 3,749 97 3 Professional fees and other reimbursements (2) 10,595 8,820 9,386 198 39 Professional fees credit due from Advisor — — (1,030) — — Total related party operation fees and reimbursements $ 36,593 $ 34,874 $ 32,905 $ 295 $ 47 __________ (1) Inclusive of $0.4 million and $0.7 million of leasing commissions which are included in prepaid expenses and other assets on the consolidated balance sheet as of December 31, 2023 and 2022. (2) Included in general and administrative expenses in the consolidated statements of operations. Includes $6.9 million, $6.0 million and $6.2 million subject to the Capped Reimbursement Amount for the years ended December 31, 2023, 2022 and 2021, respectively. Fees and Participations Incurred in Connection with a Listing or the Liquidation of the Company’s Real Estate Assets Fees Incurred in Connection with a Listing If the common stock of the Company is listed on a national exchange, the Special Limited Partner will be entitled to receive a promissory note as evidence of its right to receive a subordinated incentive listing distribution from the OP equal to 15.0% of the amount by which the market value of all issued and outstanding shares of common stock plus distributions exceeds the aggregate capital contributed plus an amount equal to a 6.0% cumulative, pre-tax non-compounded annual return to investors in the Company’s initial public offering of common stock. No such distribution was incurred during the years ended December 31, 2023, 2022 and 2021. If the Special Limited Partner or any of its affiliates receives the subordinated incentive listing distribution the Special Limited Partner and its affiliates will no longer be entitled to receive the subordinated participation in net sales proceeds or the subordinated incentive termination distribution described below. Subordinated Participation in Net Sales Proceeds Upon a liquidation or sale of all or substantially all of the Company’s assets, including through a merger or sale of stock, the Special Limited Partner will be entitled to receive a subordinated participation in the net sales proceeds of the sale of real estate assets from the OP equal to 15.0% of remaining net sale proceeds after return of capital contributions to investors in the Company’s initial public offering of common stock plus payment to investors of a 6.0% cumulative, pre-tax non-compounded annual return on the capital contributed by investors. No such participation in net sales proceeds became due and payable during the years ended December 31, 2023, 2022 and 2021. Any amount of net sales proceeds paid to the Special Limited Partner or any of its affiliates prior to the Company’s listing or termination or non-renewal of the advisory agreement with the Advisor, as applicable, will reduce dollar for dollar the amount of the subordinated incentive listing distribution described above and subordinated incentive termination distribution described below. Termination Fees Under the operating partnership agreement of the OP, upon termination or non-renewal of the advisory agreement with the Advisor, wi th or without cause, the Special Limited Partner will be entitled to receive a promissory note as evidence of its right to receive subordinated termination dist ributions from the OP equal to 15.0% of the amount by which the sum of the Company’s market value plus distributions exceeds the sum of the aggregate capital contributed plus an amount equal to 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 is entitled to receive from the Company all amounts due to the Advisor, including any change of control fee and transition fee (both described below), as well as the then-present fair market value of the Advisor’s interest in the Company. All fees will be due within 30 days after the effective date of the termination of the Advisory Agreement Amendment. Upon a termination by either party in connection with a change of control (as defined in the Advisory Agreement Amendment), the Company 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	12 Months Ended
	Dec. 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	12 Months Ended
	Dec. 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 4.1 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 December 31, 2023 and activity for the period presented: Number of Common Shares Weighted-Average Issue Price Unvested, December 31, 2020 215,384 $ 21.11 Stock dividend 12,646 14.79 Granted — — Vested (68,603) 19.72 Forfeitures — — Unvested, December 31, 2021 159,427 21.21 Stock Dividend 8,313 14.86 Granted — — Vested (70,397) 23.67 Forfeitures — — Unvested, December 31, 2022 97,343 18.89 Stock dividend 5,171 14.27 Granted — — Vested (50,871) 20.40 Forfeitures — — Unvested, December 31, 2023 51,643 16.94 As of December 31, 2023, the Company had $0.6 million of unrecognized compensation cost related to unvested restricted share awards granted under the RSP. That cost is expected to be recognized over a weighted-average period of 0.6 years. Compensation expense related to restricted shares was $0.9 million, $1.2 million and $1.3 million during the years ended December 31, 2023, 2022 and 2021, respectively. 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 years ended December 31, 2023, 2022 and 2021.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	12 Months Ended
	Dec. 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 periods presented: (In thousands) Unrealized Gains (Losses) on Designated Derivative Balance, December 31, 2020 $ (39,673) Other comprehensive income, before reclassifications 14,322 Amount of gain reclassified from accumulated other comprehensive income 11,010 Balance, December 31, 2021 (14,341) Other comprehensive income, before reclassifications 50,098 Amount of gain reclassified from accumulated other comprehensive income 1,153 Balance, December 31, 2022 36,910 Other comprehensive income, before reclassifications 5,324 Amount of gain reclassified from accumulated other comprehensive income (18,770) Balance, December 31, 2023 $ 23,464 Accumulated other comprehensive income predominately relates to both realized and unrealized gains on designated derivatives. As previously discussed in Note 7 — Derivatives and Hedging , previously designated interest rate hedging instruments were terminated, and the termination costs/gains are being amortized over the term of the terminated instruments because the Company continues to carry variable-rate borrowings in excess of the notional amounts of the terminated instruments. The unamortized gain of the terminated swaps still remaining in accumulated other comprehensive income was $1.2 million as of December 31, 2023.

Non-Controlling Interests

Non-Controlling Interests	12 Months Ended
	Dec. 31, 2023
Noncontrolling Interest [Abstract]
Non-Controlling Interests	Non-Controlling Interests Non-controlling interests on the Company’s consolidated balance sheet is comprised of the following: Balance as of December 31, (In thousands) 2023 2022 Series A Preferred Units held by third parties $ 2,578 $ 2,578 Common OP Units held by third parties 3,156 3,584 Total Non-controlling Interests in the OP 5,734 6,162 Non-controlling interests in property owning subsidiaries 695 389 Total Non-controlling Interests $ 6,429 $ 6,551 Net loss attributable to non-controlling interests on the Company’s consolidated statement of operations is comprised of the following: Year Ended December 31, (in thousands) 2023 2022 2021 Income attributable to Series A Preferred Units held by third parties $ (185) $ (184) $ (92) Loss attributable to Common OP Units held by third parties 317 341 373 Net loss attributable to non-controlling interests in the OP 132 157 281 Income attributable to non-controlling interests in property-owning subsidiaries (50) (22) (21) Net loss attributable to non-controlling interests $ 82 $ 135 $ 260 Non-Controlling Interests in the Operating Partnership 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 OP Units The Company is the sole general partner and holds substantially all of the Series A Preferred Units. In September 2021, the Company partially funded the purchase of a MOB from an unaffiliated third party by causing the OP to issue 100,000 Series A Preferred Units, with a face value of $25.00 per unit, which were recorded at 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 the years ended December 31, 2023 and 2022, Series A Preferred Unit holders were paid distributions of $0.2 million. Common OP Units The Company is the sole general partner and holds substantially all of the Common OP Units. As of December 31, 2023 and 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 an initial 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. During the years ended December 31, 2023 and 2022, Common OP Unit non-controlling interest holders were not paid any cash distributions. Stock dividends do not cause the OP to issue additional Common OP Units, rather, the redemption ratio to common stock is adjusted. The 405,908 Common OP Units outstanding as of December 31, 2023 would be redeemable for 496,644 shares of common stock, giving effect to adjustments for the impact of the stock dividends through January 2024. Non-Controlling Interests in Property Owning Subsidiaries The Company has investment arrangements with unaffiliated third parties whereby such investors receive an ownership interest in certain of the Company’s property-owning subsidiaries and are entitled to receive proportionate shares of the net operating cash flows derived from the subsidiaries’ properties. Upon disposition of a property subject to non-controlling interests, the investor will receive a proportionate share of the net proceeds from the sale of the property. The investor has no recourse to any other assets of the Company. Due to the nature of the Company’s involvement with these arrangements and the significance of its investment in relation to the investment of the third party, the Company has determined that it controls each entity in these arrangements and therefore the entities related to these arrangements are consolidated within the Company’s financial statements. A non-controlling interest is recorded for the investor’s ownership interest in the properties. The following table summarizes the activity related to investment arrangements with unaffiliated third parties: Third Party Net Investment Amount Non-Controlling Ownership Percentage Net Real Estate Assets Subject to Investment Arrangement Distributions Property Name As of December 31, As of December 31, As of December 31, Year Ended December 31, (Dollar amounts in thousands) Investment Date 2023 2023 2023 2022 2023 2022 2021 Plaza Del Rio Medical Office Campus Portfolio (1) May 2015 $ 695 6.7 % $ 12,687 $ 12,455 $ — $ — $ — __________ (1) Of the six total properties in the Plaza Del Rio Medical Office Campus Portfolio, three properties were encumbered under the Capital One MOB Loan, two properties were pledged to the MOB Warehouse Facility and one property was encumbered under the Multi-Property CMBS Loan. Please see Note 4 — Mortgage Notes Payable and Note 5 — Credit Facilities for additional information.

Net Loss Per Share

Net Loss Per Share	12 Months Ended
	Dec. 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 years ended December 31, 2023, 2022 and 2021 and has been retroactively adjusted to reflect the stock dividends (see Note 1 — Organization and Note 8 — Stockholder’s Equity for additional information): Year Ended December 31, 2023 2022 2021 Net loss attributable to stockholders (in thousands) $ (86,097) $ (93,285) $ (92,942) Basic and diluted weighted-average shares outstanding (1) 113,121,721 113,043,339 112,965,632 Basic and diluted net loss per share $ (0.76) $ (0.83) $ (0.82) __________ (1) Weighted average number of shares of common stock outstanding for the periods presented. There were 111,545,018, 105,080,531 and 99,281,754 shares of common stock outstanding as of December 31, 2023, 2022 and 2021. 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. 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): December 31, 2023 2022 2021 Unvested restricted shares (1) 83,308 150,151 227,854 Common OP Units (2) 496,644 496,644 496,644 Class B Units (3) 439,459 439,459 439,459 Total weighted average antidilutive common share equivalents 1,019,411 1,086,254 1,163,957 ________ (1) Weighted average number of antidilutive unvested restricted shares outstanding for the periods presented. There were 51,643, 97,343 and 159,427 unvested restricted shares outstanding as of December 31, 2023, 2022 and 2021, respectively. (2) Weighted average number of antidilutive Common OP Units presented as shares outstanding for the periods presented, at the current conversion rate as retroactively adjusted for the effects of the stock dividends. There were 405,998 Common OP Units outstanding as of December 31, 2023, 2022 and 2021. (3) Weighted average number of antidilutive Class B Units presented as shares outstanding for the periods presented, at the current conversion rate as retroactively adjusted for the effects of the stock dividends. There were 359,250 Class B Units outstanding as of December 31, 2023, 2022 and 2021.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The disclosures below for the years ended December 31, 2023, 2022 and 2021, 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 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. Segment Income The Company evaluates the performance of the combined properties in each segment based on total revenues from tenants, less property operating costs. As such, this excludes all other items of expense and income included in the financial statements in calculating net loss. The Company uses segment income to assess and compare property level performance and to make decisions concerning the operation of the properties. The Company believes that segment income is useful as a performance measure because, when compared across periods, segment income 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. Segment income 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. Segment income presented by the Company may not be comparable to segment income reported by other REITs that define segment income differently. The following table presents the operating financial information for the Company’s two business segments for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, (In thousands) 2023 2022 2021 Medical Office Buildings: Revenue from tenants $ 135,449 $ 131,444 $ 122,867 Less: Property operating and maintenance 37,954 35,945 34,480 Segment income $ 97,495 $ 95,499 $ 88,387 Senior Housing Operating Properties: Revenue from tenants $ 210,476 $ 204,402 $ 206,488 Less: Property operating and maintenance 179,838 177,499 171,333 Segment income $ 30,638 $ 26,903 $ 35,155 Reconciliation to Consolidated Financial Information A reconciliation of the total reportable segments’ revenue from tenants to consolidated revenue from tenants and the total reportable segments’ income to consolidated net loss attributable to common stockholders is presented below: Year Ended December 31, (In thousands) 2023 2022 2021 Revenue from tenants MOBs $ 135,449 $ 131,444 $ 122,867 SHOPs 210,476 204,402 206,488 Total consolidated revenue from tenants $ 345,925 $ 335,846 $ 329,355 Net loss attributable to common stockholders: Segment income: MOBs $ 97,495 $ 95,499 $ 88,387 SHOPs 30,638 26,903 35,155 Total segment income 128,133 122,402 123,542 Impairment charges (4,676) (27,630) (40,951) Operating fees to related parties (25,527) (25,353) (24,206) Acquisition and transaction related (545) (1,484) (2,714) General and administrative (18,928) (17,287) (16,828) Depreciation and amortization (82,873) (82,064) (79,926) Gain (loss) on sale of real estate investments (322) (125) 3,648 Interest expense (66,078) (51,740) (47,900) Interest and other income 734 27 61 Gain (loss) on non-designated derivatives (1,995) 3,834 37 Income tax expense (303) (201) (203) Net loss attributable to non-controlling interests 82 135 260 Allocation for preferred stock (13,799) (13,799) (7,762) Net loss attributable to common stockholders $ (86,097) $ (93,285) $ (92,942) The following table reconciles real estate investments, net by segment to consolidated total assets as of the periods presented: December 31, (In thousands) 2023 2022 ASSETS Investments in real estate, net: MOBs $ 1,114,963 $ 1,121,857 SHOPs 824,694 856,440 Total investments in real estate, net 1,939,657 1,978,297 Cash and cash equivalents 46,409 53,654 Restricted cash 44,907 22,884 Derivative assets, at fair value 28,370 40,647 Straight-line rent receivable, net 26,325 25,276 Operating lease right-of-use asset 7,713 7,814 Prepaid expenses and other assets 35,781 34,554 Deferred costs, net 15,997 17,223 Total assets $ 2,145,159 $ 2,180,349 The following table reconciles capital expenditures by reportable business segments, excluding corporate non-real estate expenditures, for the periods presented: Year Ended December 31, (In thousands) 2023 2022 2021 MOBs $ 10,467 $ 10,542 $ 6,152 SHOPs 14,832 17,451 12,919 Total capital expenditures $ 25,299 $ 27,993 $ 19,071

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of December 31, 2023, the Company has seven operating and six direct financing lease agreements related to certain acquisitions under leasehold interests arrangements. The seven operating leases have durations, including assumed renewals, ranging from 18.9 to 83.7 years, excluding an adjacent parking lot lease with a term of 0.8 years as of December 31, 2023. The Company did not enter into any additional ground leases during the year ended December 31, 2023. The classification of these leases were grandfathered in adoption of ASU 842, whereby they will continue to be classified as operating leases unless modified. As of December 31, 2023, the Company’s balance sheet included ROU assets and liabilities of $7.7 million and $8.0 million, respectively, which are included in operating lease right-of-use assets and operating lease liabilities, respectively, on the Company’s consolidated balance sheet. In determining operating ROU assets and lease liabilities for the Company’s existing operating leases upon the adoption of the lease guidance issued in 2019, as well as for new operating leases since adoption, the Company was required to estimate an appropriate incremental borrowing rate on a fully-collateralized basis for the terms of the leases. Because the terms of the Company’s ground leases are significantly longer than the terms of borrowings available to the Company on a fully-collateralized basis, the Company’s estimate of this rate required significant judgment. During the year ended December 31, 2021, the Company sold a property which included a prepaid ground lease. Upon disposition, the carrying value of the ROU asset was $5.7 million, and was recorded as a reduction of the gain on sale for that property. The Company’s ground operating leases have a weighted-average remaining lease term, including assumed renewals, of 33.5 years and a weighted-average discount rate of 7.36% as of December 31, 2023. For the years ended December 31, 2023, 2022 and 2021, the Company paid cash of $0.7 million, $0.7 million and $0.8 million for amounts included in the measurement of lease liabilities and recorded total rental expense from operating leases of $0.8 million, $0.9 million and $0.9 million, on a straight-line basis in accordance with the standard, during the years ended December 31, 2023, 2022 and 2021, respectively. The lease expense is recorded in property operating expenses in the consolidated statements of operations and comprehensive loss. Future Base Rent Payments (In thousands) Operating Leases Direct Financing Leases (1) 2024 $ 632 $ 90 2025 588 93 2026 599 95 2027 617 97 2028 619 100 Thereafter 21,324 7,115 Total minimum lease payments 24,379 7,590 Less: amounts representing interest (16,341) (2,756) Total present value of minimum lease payments $ 8,038 $ 4,834 __________ (1) The Direct Finance Lease liability is included in Accounts Payable and accrued expenses Litigation and Regulatory Matters In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. There are no material legal or regulatory proceedings pending or known to be contemplated against the Company or its properties. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. As of December 31, 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	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the filing of this Annual Report on Form 10-K and determined that there have not been any events that have occurred that would require adjustments to disclosures in the consolidated financial statements except the following disclosures: Stock Dividend On January 3, 2024, the Company declared a quarterly 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 payable on January 16, 2024 to holders of record of the Company’s common stock at the close of business on January 12, 2024. Property Acquisitions Subsequent to December 31, 2023, the Company acquired four MOB properties for an aggregate contract purchase price of $12.6 million. This acquisition was funded with a mortgage note of $7.5 million secured by the acquired properties (described below) and the remainder with cash on hand. New Indebtedness In connection with the acquired MOBs described above, subsequent to December 31, 2023, the Company entered into a new secured mortgage note for $7.5 million. This mortgage bears interest at an annual rate of 6.84% with no principal payments due until maturity in March 2034.

Real Estate and Accumulated Dep

Real Estate and Accumulated Depreciation Schedule III	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Real Estate and Accumulated Depreciation Schedule III	Initial Costs Subsequent to Acquisition Property State Acquisition Encumbrances at Land Building and Land Building and Gross Amount at December 31, 2022 (1) (2) Accumulated Depreciation (3) (4) Fresenius Medical Care - Winfield, AL AL 5/10/2013 $ 1,166 $ 152 $ 1,568 $ — $ — $ 1,720 $ 490 Adena Health Center - Jackson, OH (7) OH 6/28/2013 — 242 4,494 — (25) 4,711 1,217 Ouachita Community Hospital - West Monroe, LA LA 7/12/2013 — 633 5,304 — — 5,937 1,469 CareMeridian - Littleton, CO CO 8/8/2013 — 976 8,900 — 111 9,987 3,272 Oak Lawn Medical Center - Oak Lawn, IL IL 8/21/2013 5,219 835 7,217 — 25 8,077 1,919 Surgery Center of Temple - Temple, TX TX 8/30/2013 3,975 225 5,208 — 432 5,865 1,572 Greenville Health System - Greenville, SC (9) SC 10/10/2013 3,035 720 3,045 — 713 4,478 886 Stockbridge Family Medical - Stockbridge, GA GA 2/21/2014 1,845 823 1,799 — 233 2,855 629 Arrowhead Medical Plaza II - Glendale, AZ (11) AZ 2/21/2014 7,756 — 9,758 — 2,246 12,004 3,911 Village Center Parkway - Stockbridge, GA GA 2/21/2014 2,468 1,135 2,299 — 386 3,820 916 Creekside MOB - Douglasville, GA GA 4/30/2014 7,229 2,709 5,320 — 1,035 9,064 2,082 Bowie Gateway Medical Center - Bowie, MD MD 5/7/2014 9,356 983 10,321 — 426 11,730 2,802 Campus at Crooks & Auburn Building D - Rochester Mills, MI MI 5/19/2014 3,964 640 4,166 — 164 4,970 1,266 Berwyn Medical Center - Berwyn, IL IL 5/29/2014 — 1,305 7,559 — 196 9,060 1,897 Countryside Medical Arts - Safety Harbor, FL FL 5/30/2014 7,284 915 7,663 — 555 9,133 2,164 St. Andrews Medical Park - Venice, FL FL 5/30/2014 10,440 1,668 10,005 — 1,416 13,089 3,530 Campus at Crooks & Auburn Building C - Rochester Mills, MI MI 6/3/2014 3,749 609 3,893 — 198 4,700 1,213 Laguna Professional Center - Elk Grove, CA CA 7/15/2014 10,808 1,811 14,598 — 318 16,727 4,090 UC Davis MOB - Elk Grove, CA CA 7/15/2014 6,918 1,138 7,242 — 294 8,674 2,199 Estate at Hyde Park - Tampa, FL (6),(8) FL 7/31/2014 — 1,777 20,308 — 1,130 23,215 5,799 Autumn Ridge of Clarkston - Clarkston, MI (6),(8) MI 8/12/2014 — 655 19,967 — 2,098 22,720 5,678 Sunnybrook of Burlington - Burlington, IA (5) IA 8/26/2014 — 518 16,739 — 519 17,776 4,964 Sunnybrook of Carroll - Carroll, IA (5) IA 8/26/2014 — 473 11,263 — 67 11,803 2,968 Prairie Hills at Cedar Rapids - Cedar Rapids, IA (6),(8) IA 8/26/2014 — 195 8,595 — 276 9,066 2,334 Prairie Hills at Clinton - Clinton, IA (5) IA 8/26/2014 — 890 18,882 — 154 19,926 5,285 Prairie Hills at Des Moines - Des Moines, IA (5) IA 8/26/2014 — 647 13,745 — 168 14,560 3,976 Sunnybrook of Fairfield - Fairfield, IA IA 8/26/2014 — 340 14,115 — 353 14,808 4,016 Prairie Hills at Independence - Independence, IA IA 8/26/2014 — 473 10,600 — 199 11,272 2,904 Sunnybrook of Mt. Pleasant - Mt. Pleasant, IA IA 8/26/2014 — 205 10,935 — 432 11,572 2,895 Sunnybrook of Muscatine - Muscatine, IA (5) IA 8/26/2014 — 302 13,840 — 283 14,425 3,745 Prairie Hills at Tipton - Tipton, IA IA 8/26/2014 — 306 10,409 — 175 10,890 2,652 Liberty Court - Dixon, IL IL 8/29/2014 — 119 1,998 — 69 2,186 610 Lakeside Vista - Holland, MI (5) MI 8/29/2014 — 378 12,196 — 2,205 14,779 3,658 Initial Costs Subsequent to Acquisition Property State Acquisition Encumbrances at Land Building and Land Building and Gross Amount at December 31, 2022 (1) (2) Accumulated Depreciation (3) (4) The Atrium - Rockford, IL IL 8/29/2014 — 164 1,746 — 317 2,227 463 Arrowhead Medical Plaza I - Glendale, AZ (11) AZ 9/10/2014 5,228 — 6,447 — 1,644 8,091 2,361 Sunnybrook of Burlington - Land - Burlington, IA MO 9/23/2014 — 620 — — — 620 — Community Health MOB - Harrisburg, PA (10) PA 9/26/2014 4,921 — 6,170 — — 6,170 1,474 Brady MOB - Harrisburg, PA (10) PA 9/26/2014 17,934 — 22,485 — — 22,485 5,247 Landis Memorial - Harrisburg, PA (10) PA 9/26/2014 — — 32,484 — — 32,484 7,604 FOC II - Mechanicsburg, PA (11) PA 9/26/2014 13,277 — 16,473 — 173 16,646 4,462 FOC Clinical - Mechanicsburg, PA (10) PA 9/26/2014 15,660 — 19,634 — — 19,634 5,176 FOC I - Mechanicsburg, PA (11) PA 9/26/2014 7,375 — 8,923 — 324 9,247 2,632 Copper Springs Senior Living - Meridian, ID (12) ID 9/29/2014 — 498 7,130 (197) (4,073) 3,358 69 Addington Place of Brunswick - Brunswick, GA GA 9/30/2014 — 1,509 14,402 — 616 16,527 4,160 Addington Place of Dublin - Dublin, GA GA 9/30/2014 — 403 9,281 — 235 9,919 2,768 Addington Place of Johns Creek - Johns Creek, GA (6),(8) GA 9/30/2014 — 997 11,943 — 545 13,485 3,536 Allegro at Jupiter - Jupiter, FL (5) FL 9/30/2014 — 3,741 49,534 — 1,086 54,361 13,343 Addington Place of Lee's Summit - Lee's Summit, MO (6),(8) MO 9/30/2014 — 2,734 25,008 — 467 28,209 6,844 Addington Place at Mills - Roswell, GA GA 9/30/2014 — 1,000 8,611 — 2,730 12,341 3,783 Addington Place of College Harbour - St Petersburg, FL FL 9/30/2014 — 3,791 8,684 — 2,843 15,318 3,591 Allegro at Stuart - Stuart, FL (5) FL 9/30/2014 — 5,018 60,575 — 1,465 67,058 16,600 Allegro at Tarpon - Tarpon Springs, FL (6),(8) FL 9/30/2014 — 2,360 13,728 — 3,760 19,848 5,138 Addington Place of Titusville - Titusville, FL (5) FL 9/30/2014 — 1,379 13,976 — 814 16,169 4,481 Allegro at St. Petersburg - Land - St. Petersburg, FL FL 9/30/2014 — 3,045 — — — 3,045 — Gateway MOB - Clarksville, TN (9) TN 10/3/2014 13,953 — 16,367 — 1,127 17,494 4,681 Dyer Building - Dyer, IN IN 10/17/2014 6,842 601 8,992 — 195 9,788 2,227 757 Building - Munster, IN IN 10/17/2014 5,819 645 7,885 — 56 8,586 1,895 761 Building - Munster, IN IN 10/17/2014 6,611 1,436 8,616 — 179 10,231 2,238 759 Building - Munster, IN IN 10/17/2014 8,009 1,101 8,899 — 42 10,042 2,201 Schererville Building - Schererville, IN IN 10/17/2014 — 1,260 935 — 153 2,348 442 Meadowbrook Senior Living - Agoura Hills, CA (6),(8) CA 11/25/2014 — 8,821 48,682 — 3,162 60,665 13,139 Mount Vernon Medical Office Building - Mount Vernon, WA (9) WA 11/25/2014 14,774 — 18,519 — 4 18,523 4,561 Wellington at Hershey's Mill - West Chester, PA PA 12/3/2014 — 8,531 80,734 — 6,040 95,305 21,624 Eye Specialty Group Medical Building - Memphis, TN TN 12/5/2014 6,379 775 7,223 — — 7,998 1,721 Addington Place of Alpharetta - Alpharetta, GA GA 12/10/2014 — 1,604 26,069 — 294 27,967 6,899 Initial Costs Subsequent to Acquisition Property State Acquisition Encumbrances at Land Building and Land Building and Gross Amount at December 31, 2022 (1) (2) Accumulated Depreciation (3) (4) Addington Place of Prairie Village - Prairie Village, KS (6),(8) KS 12/10/2014 — 1,782 21,869 — 527 24,178 6,073 Bloom MOB - Harrisburg, PA (10) PA 12/15/2014 13,116 — 15,928 — 517 16,445 4,003 Medical Sciences Pavilion - Harrisburg, PA (10) PA 12/15/2014 17,793 — 22,309 — — 22,309 5,133 Wood Glen Nursing and Rehab Center - West Chicago, IL (12) IL 12/16/2014 — 1,896 16,107 (367) (6,437) 11,199 531 Pinnacle Center - Southaven, MS MS 12/16/2014 7,558 1,378 6,547 — 1,551 9,476 2,255 Paradise Valley Medical Plaza - Phoenix, AZ (11) AZ 12/29/2014 21,615 — 25,194 — 1,907 27,101 6,887 Victory Medical Center at Craig Ranch - McKinney, TX TX 12/30/2014 — 1,596 40,475 — 1,249 43,320 9,909 Rivershores Healthcare & Rehab Centre - Marseilles, IL (12) IL 12/31/2014 — 1,276 6,868 (247) (2,836) 5,061 245 Morton Terrace Healthcare & Rehab Centre - Morton, IL (12) IL 12/31/2014 — 709 5,649 (137) (2,521) 3,700 181 Morton Villa Healthcare & Rehab Centre - Morton, IL (12) IL 12/31/2014 — 645 3,687 (125) (1,545) 2,662 149 The Heights Healthcare & Rehab Centre - Peoria Heights, IL (12) IL 12/31/2014 — 214 7,952 (42) (3,369) 4,755 296 Colonial Healthcare & Rehab Centre - Princeton, IL (12) IL 12/31/2014 — 173 5,871 (33) (2,623) 3,388 212 Capitol Healthcare & Rehab Centre - Springfield, IL (12) IL 12/31/2014 — 603 21,699 (117) (8,561) 13,624 735 Acuity Specialty Hospital - Mesa, AZ AZ 1/14/2015 — 1,977 16,203 — 543 18,723 4,136 Acuity Specialty Hospital - Sun City, AZ (12) AZ 1/14/2015 — 2,329 15,795 (1,333) (10,791) 6,000 — Addington Place of Shoal Creek - Kansas City, MO (6),(8) MO 2/2/2015 — 3,723 22,259 — 773 26,755 6,045 Aurora Healthcare Center - Green Bay, WI WI 3/18/2015 1,903 1,130 1,678 — — 2,808 474 Aurora Healthcare Center - Greenville, WI WI 3/18/2015 825 259 958 — — 1,217 286 Aurora Healthcare Center - Kiel, WI WI 3/18/2015 1,959 676 2,214 — — 2,890 558 Aurora Healthcare Center - Plymouth, WI WI 3/18/2015 17,521 2,891 24,224 — — 27,115 6,131 Aurora Healthcare Center - Waterford, WI WI 3/18/2015 4,773 590 6,452 — — 7,042 1,575 Aurora Healthcare Center - Wautoma, WI WI 3/18/2015 4,281 1,955 4,361 — — 6,316 1,109 Arbor View Assisted Living and Memory Care - Burlington, WI WI 3/31/2015 — 367 7,815 — 147 8,329 2,320 Advanced Orthopedic Medical Center - Richmond, VA VA 4/7/2015 17,390 1,523 19,229 — 1,051 21,803 4,532 Palm Valley Medical Plaza - Goodyear, AZ AZ 4/7/2015 5,458 1,890 4,940 — 1,224 8,054 1,637 Physicians Plaza of Roane County - Harriman, TN TN 4/27/2015 6,472 1,746 7,842 — 428 10,016 2,005 Adventist Health Lacey Medical Plaza - Hanford, CA CA 4/29/2015 11,469 328 13,302 — 750 14,380 3,009 Medical Center I - Peoria, AZ AZ 5/15/2015 3,064 807 1,115 — 1,919 3,841 1,324 Medical Center II - Peoria, AZ (7) AZ 5/15/2015 — 945 1,330 — 5,036 7,311 2,219 Commercial Center - Peoria, AZ AZ 5/15/2015 2,358 959 1,110 — 887 2,956 682 Medical Center III - Peoria, AZ AZ 5/15/2015 2,353 673 1,651 — 1,317 3,641 1,219 Morrow Medical Center - Morrow, GA GA 6/24/2015 4,831 1,155 5,674 — 648 7,477 1,541 Belmar Medical Building -Lakewood, CO CO 6/29/2015 3,775 819 4,287 — 736 5,842 1,349 Initial Costs Subsequent to Acquisition Property State Acquisition Encumbrances at Land Building and Land Building and Gross Amount at December 31, 2022 (1) (2) Accumulated Depreciation (3) (4) Addington Place - Northville, MI (6),(8) MI 6/30/2015 — 440 14,975 — 1,267 16,682 3,953 Conroe Medical Arts and Surgery Center - Conroe, TX TX 7/10/2015 12,399 1,965 12,198 — 1,382 15,545 3,397 Medical Center V - Peoria, AZ AZ 7/10/2015 3,675 1,089 3,200 — 1,133 5,422 1,218 Legacy Medical Village - Plano, TX TX 7/10/2015 29,647 3,755 31,097 — 2,318 37,170 7,742 Scripps Cedar Medical Center - Vista, CA CA 8/6/2015 14,282 1,213 14,596 — 2,097 17,906 3,550 Ramsey Woods Memory Care - Cudahy, WI WI 10/2/2015 — 930 4,990 — 176 6,096 1,305 East Coast Square West - Cedar Point, NC NC 10/15/2015 4,099 1,535 4,803 — 6 6,344 1,092 East Coast Square North - Morehead City, NC NC 10/15/2015 3,794 899 4,761 — 211 5,871 1,094 Eastside Cancer Institute - Greenville, SC SC 10/22/2015 6,041 1,498 6,637 — 779 8,914 1,667 Sky Lakes Klamath Medical Clinic - Klamath Falls, OR OR 10/22/2015 — 433 2,623 — — 3,056 579 Courtyard Fountains - Gresham, OR OR 12/1/2015 — 2,476 50,601 — 2,607 55,684 12,346 Presence Healing Arts Pavilion - New Lenox, IL (9) IL 12/4/2015 4,422 — 6,768 — 76 6,844 1,575 Mainland Medical Arts Pavilion - Texas City, TX TX 12/4/2015 5,546 320 7,923 — 340 8,583 2,007 Renaissance on Peachtree - Atlanta, GA (5) GA 12/15/2015 — 4,535 68,895 — 3,778 77,208 15,621 Fox Ridge Senior Living at Bryant - Bryant, AR (12) AR 12/29/2015 6,647 1,687 12,936 (557) (6,152) 7,914 418 Fox Ridge Senior Living at Chenal - Little Rock, AR AR 12/29/2015 15,242 6,896 20,579 — 687 28,162 5,549 Fox Ridge North Little Rock - North Little Rock, AR (9) AR 12/29/2015 9,458 — 19,265 — 548 19,813 4,730 High Desert Medical Group Medical Office Building - Lancaster, CA CA 4/7/2017 6,952 1,459 9,300 — — 10,759 2,044 Northside Hospital - Canton, GA GA 7/13/2017 7,830 3,408 8,191 — 519 12,118 1,498 West Michigan Surgery Center - Big Rapids, MI MI 8/18/2017 4,022 258 5,677 — — 5,935 954 Camellia Walk Assisted Living and Memory Care - Evans, GA (5) GA 9/28/2017 — 1,854 17,372 — 1,347 20,573 3,989 Cedarhurst of Collinsville - Collinsville, IL IL 12/22/2017 — 1,228 8,652 — 417 10,297 1,662 Beaumont Medical Center - Warren, MI MI 12/22/2017 7,199 1,078 9,525 — 20 10,623 1,594 DaVita Dialysis - Hudson, FL FL 12/22/2017 1,576 226 1,979 — 121 2,326 333 DaVita Bay Breeze Dialysis Center - Largo, FL FL 12/22/2017 1,019 399 896 — 209 1,504 188 Greenfield Medical Plaza - Gilbert, AZ AZ 12/22/2017 4,148 1,476 4,144 — 500 6,120 793 RAI Care Center - Clearwater, FL FL 12/22/2017 2,609 624 3,156 — 70 3,850 506 Illinois CancerCare - Galesburg, IL IL 12/22/2017 1,920 290 2,457 — — 2,747 441 UnityPoint Clinic - Muscatine, IA IA 12/22/2017 — 570 4,541 — 18 5,129 779 Lee Memorial Health System Outpatient Center - Ft. Myers FL 12/22/2017 3,751 439 4,374 — 722 5,535 879 Decatur Medical Office Building - Decatur, GA (9) GA 12/22/2017 3,078 695 3,273 — 573 4,541 629 Initial Costs Subsequent to Acquisition Property State Acquisition Encumbrances at Land Building and Land Building and Gross Amount at December 31, 2022 (1) (2) Accumulated Depreciation (3) (4) Madison Medical Plaza - Joliet, IL (9) IL 12/22/2017 11,878 — 16,855 — 135 16,990 2,566 Woodlake Office Center - Woodbury, MN MN 12/22/2017 8,507 1,017 10,688 — 1,460 13,165 2,064 Rockwall Medical Plaza - Rockwall, TX MN 12/22/2017 4,138 1,097 4,582 — 427 6,106 889 MetroHealth Buckeye Health Center - Cleveland, OH OH 12/22/2017 3,396 389 4,367 — 255 5,011 805 UnityPoint Clinic - Moline, IL IL 12/22/2017 — 396 2,880 — 5 3,281 494 VA Outpatient Clinic - Galesberg, IL IL 12/22/2017 — 359 1,852 — — 2,211 363 Philip Professional Center - Lawrenceville, GA GA 12/22/2017 6,591 1,285 6,714 — 265 8,264 1,246 Texas Children’s Hospital - Houston, TX TX 3/5/2018 4,133 1,368 4,428 — 116 5,912 855 Florida Medical Heartcare - Tampa, FL FL 3/29/2018 1,686 586 1,902 — — 2,488 307 Florida Medical Somerset - Tampa, FL FL 3/29/2018 967 61 1,366 — — 1,427 199 Florida Medical Tampa Palms - Tampa, FL FL 3/29/2018 1,046 141 1,402 — — 1,543 209 Florida Medical Wesley Chapel - Tampa, FL FL 3/29/2018 1,675 485 1,987 — — 2,472 335 Aurora Health Center - Milwaukee, WI WI 4/17/2018 3,690 1,014 4,041 — 224 5,279 746 Vascular Surgery Associates - Tallahassee, FL FL 5/11/2018 4,260 902 5,383 — — 6,285 851 Glendale MOB - Farmington Hills, MI MI 8/28/2018 8,708 504 12,332 — 13 12,849 1,702 Crittenton Washington MOB - Washington Township, MI MI 9/12/2018 3,420 640 4,090 — 316 5,046 647 Crittenton Sterling Heights MOB - Sterling Heights, MI MI 9/12/2018 2,949 1,398 2,695 — 258 4,351 550 Advocate Aurora MOB - Elkhorn, WI WI 9/24/2018 7,683 181 9,452 — — 9,633 1,361 Pulmonary & Critical Care Med - Lemoyne, PA PA 11/13/2018 3,530 621 3,805 — — 4,426 564 Dignity Emerus Blue Diamond - Las Vegas, NV NV 11/15/2018 15,078 2,182 16,594 — 129 18,905 2,351 Dignity Emerus Craig Rd - North Las Vegas, NV NV 11/15/2018 21,329 3,807 22,803 — 132 26,742 3,243 Greenfield MOB - Greenfield, WI WI 1/17/2019 8,081 1,552 8,333 — 247 10,132 1,110 Milwaukee MOB - South Milwaukee, WI WI 1/17/2019 4,348 410 5,041 — — 5,451 653 St. Francis WI MOB - St. Francis, WI WI 1/17/2019 9,947 865 11,355 — 251 12,471 1,526 Lancaster Medical Arts MOB - Lancaster, PA PA 6/20/2019 3,051 85 4,417 — — 4,502 475 Women’s Healthcare Group MOB - York, PA PA 6/21/2019 1,887 624 2,161 — — 2,785 263 Pioneer Spine Sports - Northampton, MA MA 7/22/2019 1,554 435 1,858 — — 2,293 252 Pioneer Spine Sport - Springfield, MA MA 7/22/2019 1,940 333 2,530 — — 2,863 311 Pioneer Spine Sports - West Springfield, MA MA 7/22/2019 3,164 374 4,295 — — 4,669 520 Felicita Vida - Escondido, CA CA 9/3/2019 — 1,677 28,953 — 546 31,176 3,823 Cedarhurst of Edwardsville - Edwardsville, IL IL 1/10/2020 — 321 9,032 — 105 9,458 1,083 Initial Costs Subsequent to Acquisition Property State Acquisition Encumbrances at Land Building and Land Building and Gross Amount at December 31, 2022 (1) (2) Accumulated Depreciation (3) (4) UMPC Sir Thomas Court - Harrisburg, PA PA 1/17/2020 4,756 745 6,272 — — 7,017 669 UMPC Fisher Road - Mechanicsburg, PA PA 1/17/2020 3,111 747 3,844 — — 4,591 447 Swedish American MOB - Roscoe, IL IL 1/22/2020 4,379 599 5,862 — — 6,461 790 Cedarhurst of Sparta - Sparta, IL IL 1/31/2020 — 381 13,807 — 103 14,291 1,632 UMPC Chambers Hill - Harrisburg, PA PA 2/3/2020 3,210 498 4,238 — — 4,736 441 Cedarhurst of Shiloh - Shiloh, IL IL 3/13/2020 12,745 376 28,299 — 129 28,804 2,990 Bayshore Naples Memory Care - Naples, FL FL 3/20/2020 — 3,231 17,112 — 879 21,222 1,805 Circleville MOB - Circleville, OH OH 12/7/2020 3,430 765 4,011 — 130 4,906 376 Kingwood Executive Center - Kingwood, TX TX 1/6/2021 3,920 1,522 4,166 — 96 5,784 389 OrthoOne Hilliard - Hilliard, OH OH 5/28/2021 2,710 760 3,118 — 120 3,998 344 South Douglas MOB - Midwest City, OK OK 6/23/2021 3,044 628 3,863 — — 4,491 321 Fort Wayne Opthomology Engle - Fort Wayne, IN IN 6/29/2021 4,642 516 6,124 — — 6,640 434 Fort Wayne Opthomology Dupont - Fort Wayne, IN IN 6/29/2021 2,272 597 2,653 — — 3,250 243 St. Peters Albany 2 Palisades - Albany, NY NY 6/30/2021 3,292 516 4,342 — — 4,858 337 Hefner Pointe Medical Center - Oklahoma City, OK OK 6/30/2021 3,943 678 4,819 — 144 5,641 380 St. Peters Troy 2 New Hampshire - Troy, NY NY 6/30/2021 1,932 330 2,444 — 76 2,850 192 St Peters - Albany, NY - 4 Palisades NY 7/30/2021 2,079 542 2,416 — 110 3,068 226 St Peters - Albany, NY - 5 Palisades NY 7/30/2021 4,053 593 5,359 — 28 5,980 385 St Lukes Heart Vascular Center - East Stroudsburg PA 8/31/2021 2,470 363 3,224 — 58 3,645 206 Metropolitan Eye Lakeshore Surgery - St. Clair, MI MI 8/31/2021 3,277 203 4,632 — — 4,835 287 Naidu Clinic - Odessa, TX TX 9/1/2021 2,151 730 2,409 — 35 3,174 164 Belpre V Cancer Center - Belpre, OH OH 9/30/2021 44,084 1,153 63,894 — — 65,047 3,729 Center for Advanced Dermatology - Lakewood, CO CO 12/1/2021 1,997 1,034 1,874 — 38 2,946 119 Florida Medical Clinic - Tampa, FL FL 12/1/2021 1,645 1,104 1,137 — 187 2,428 96 Pensacola Nephrology MOB - Pensacola, FL FL 12/29/2021 4,541 1,579 5,121 — — 6,700 270 Millennium Eye Care - Freehold, NJ NJ 5/26/2022 4,506 635 6,014 — — 6,649 288 Atlanta Gastroenterology Associates - Lawrenceville, GA GA 6/29/2022 2,381 2,639 2,263 — — 4,902 81 Bone and Joint Specialists - Merrillville, IN IN 6/29/2022 3,322 1,014 2,499 — — 3,513 100 Eastern Carolina ENT - Greenville, NC NC 12/21/2022 4,399 663 5,828 — — 6,491 160 St. Peters - Albany, NY NY 3/1/2023 11,611 1,331 15,802 — — 17,133 346 Hope Orthopedics - Salem, OR OR 3/24/2023 2,977 754 3,639 — — 4,393 85 OSF Healthcare - Dwight, IL (7) IL 9/28/2023 — 254 2,960 — — 3,214 21 OSF Healthcare - Godfrey, IL (7) IL 9/28/2023 — 1,034 4,668 — — 5,702 34 Initial Costs Subsequent to Acquisition Property State Acquisition Encumbrances at Land Building and Land Building and Gross Amount at December 31, 2022 (1) (2) Accumulated Depreciation (3) (4) Fannie Mae Master Credit Facilities (5)(6) 346,278 MOB Warehouse Facility (7) 14,748 Total $ 1,182,405 $ 211,142 $ 2,073,990 $ (3,155) $ 46,362 $ 2,328,339 $ 458,010 __________ (1) Acquired intangible lease assets allocated to individual properties in the amount of $293.3 million are not reflected in the table above. (2) The tax basis of aggregate land, buildings and improvements as of December 31, 2023 is $2.1 billion. (3) The accumulated depreciation column excludes $224.0 million of accumulated amortization associated with acquired intangible lease assets. (4) Depreciation is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings, 15 years for land improvements and 5 years for fixtures. (5) These properties collateralize the Capital One Facility, which had $206.9 million of outstanding borrowings as of December 31, 2023. (6) These properties collateralize the KeyBank Facility, which had $139.3 million of outstanding borrowings as of December 31, 2023. (7) These properties collateralize the MOB Warehouse Facility, which had $14.7 million of outstanding borrowings as of December 31, 2023. (8) These properties were acquired from American Realty Capital Healthcare Trust III, Inc. in 2017, which was a related party to the Company’s Advisor. (9) Some or all of the land underlying these properties is subject to an operating land lease. The related right-of-use assets are separately recorded. See Note 16 — Commitments and Contingencies for additional information. (10) The building amount for these properties represents combined direct financing leases for the total assets as the land element was not required to be bifurcated under ASU 840. See Note 16 — Commitments and Contingencies for additional information. (11) These properties were previously subject to operating land leases which have either been prepaid or otherwise satisfied as of December 31, 2023. (12) These properties have been impaired as of December 31, 2023. See Note 3 — Real Estate Investments, Net “Assets Held for Use and Related Impairments” for additional information. A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2023, 2022 and 2021: December 31, (In thousands) 2023 2022 2021 Real estate investments, at cost (1) : Balance at beginning of year $ 2,295,587 $ 2,345,708 $ 2,211,451 Additions-acquisitions and capital expenditures 51,923 44,926 98,364 Disposals, impairments and reclasses (2) (19,171) (95,047) 35,893 Balance at end of the year $ 2,328,339 $ 2,295,587 $ 2,345,708 Accumulated depreciation (1) : Balance at beginning of year $ 397,982 $ 328,095 $ 260,399 Depreciation expense 64,445 63,143 63,393 Disposals, impairments and reclasses (2) (4,417) 6,744 4,303 Balance at end of the year $ 458,010 $ 397,982 $ 328,095 __________ (1) Acquired intangible lease assets and related accumulated depreciation are not reflected in the table above. (2) Includes amounts relating to dispositions and impairment charges on assets for the years ended December 31, 2023, 2022 and 2021.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Accounting and Out-of-Period Adjustment	Basis of Accounting The accompanying consolidated financial statements of the Company are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“GAAP”). Out-of-Period Adjustments During the year ended December 31, 2023, the Company identified certain historical errors in its statements of operations and comprehensive income (loss), consolidated statements of changes in equity, and statements of cash flows since 2019, which impacted the quarterly financial statements and annual periods previously issued. Specifically, the Company had understated depreciation and amortization expense on certain capital improvements and deferred leasing commissions, thereby understating previously reported depreciation and amortization expense by $0.1 million, $0.2 million and $0.4 million for the years ended December 31, 2022, 2021 and pre-2021 periods, respectively. As of December 31, 2022, the cumulative impact of recording the correct depreciation and amortization expense is an understatement of depreciation and amortization expense of $0.7 million, accumulated depreciation of $0.3 million and deferred costs of $0.4 million. The Company concluded that the errors noted above were not material for the year ended December 31, 2023 or any prior periods, and has adjusted the amounts on a cumulative basis in the consolidated financial statements for the year ended December 31, 2023. Adverse Economic Impacts Since the COVID-19 Pandemic During the first quarter of 2020, the global COVID-19 pandemic commenced. The pandemic and its aftermath has had, and could continue to have, adverse impacts on economic and market conditions. The Company’s MOB segment has been less impacted than its SHOP segment, which continues to be challenged by the post-pandemic operating environment. Further, recent and continuing increases in inflation brought about by labor shortages, supply chain disruptions and increases in interest rates have had, and may continue to have, adverse impacts on the Company’s results of operations. Moreover, these increases in the rate of inflation, the ongoing wars in Ukraine, Israel 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. COVID-19 Impact — MOB Segment The financial stability and overall health of the Company’s MOB tenants is critical to its business. The Company took a proactive approach to achieve mutually agreeable solutions with its MOB 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 MOB tenants, and all amounts previously deferred under prior rent deferral agreements were collected in the year ended December 31, 2021. COVID-19 Impact — SHOP Segment In the Company’s SHOP segment, occupancy trended downward from March 2020 until June 2021 and has since generally stabilized. The Company also experienced lower inquiry volumes and reduced in-person tours in post-pandemic periods as compared to pre-pandemic 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 the “ CARES Act Grants ” section below for additional information on the CARES Act. During the year ended December 31, 2022, the Company relied more on the use of temporary contract labor and agencies than it had historically. The Company has since reduced its reliance on this labor source in the year ended December 31, 2023. However, the wage expenses (including overtime, training and bonus wages) incurred by the Company from employees of its third party operators has increased due to, among other things, inflation raising the cost of labor generally, a lack of qualified personnel that the Company’s third-party operators are able to employ on a permanent basis and training hours and other onboarding costs for permanent staff which replaced previously utilized contract and agency labor. The persistence of high inflation, labor shortages and supply chain disruptions have caused 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 since the COVID-19 pandemic on the Company have been partially offset by funds received under the CARES Act. The Company did not receive any funds through the CARES Act in the year ended December 31, 2023. The Company received $4.5 million and $5.1 million in these funds during the years ended December 31, 2022 and 2021, respectively. The Company considers these funds to be grant contributions from the government. The full amounts received were recognized as reductions of property operating expenses in the Company’s consolidated statement of operations for the years ended December 31, 2022 and 2021, respectively, to partially offset 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 CARES Act program will be extended or any further amounts received under currently effective or potential future government programs.
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All inter-company accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the OP.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, impairments, fair value measurements and income taxes, as applicable.
Leases and Lessee Accounting	For accounting purposes, in accordance with ASC 842: Leases, normally a company would be required to assess a lease modification to determine if the lease modification should be treated as a separate lease and if not, modification accounting would be applied which would require a company to reassess the classification of the lease (including leases for which the prior classification under ASC 840 was retained as part of the election to apply the package of practical expedients allowed upon the adoption of ASC 842, which doesn’t apply to leases subsequently modified). However, in light of the COVID-19 pandemic in which many leases are being modified, the FASB and SEC have provided relief that allows companies to make a policy election as to whether they treat COVID-19 related lease amendments as a provision included in the pre-concession arrangement, and therefore, not a lease modification, or to treat the lease amendment as a modification. In order to be considered COVID-19 related, cash flows must be substantially the same or less than those prior to the concession. For COVID-19 relief qualified changes, there are two methods to potentially account for such rent deferrals or abatements under the relief, (1) as if the changes were originally contemplated in the lease contract or (2) as if the deferred payments are variable lease payments contained in the lease contract. For all other lease changes that did not qualify for FASB relief, the Company is required to apply modification accounting including assessing classification under ASC 842. Some, but not all of the Company’s lease modifications qualify for the FASB relief. In accordance with the relief provisions, instead of treating these qualifying leases as modifications, the Company has elected to treat the modifications as if previously contained in the lease and recast rents receivable prospectively (if necessary). Under that accounting, for modifications that were deferrals only, there would be no impact on overall rental revenue and for any abatement amounts that reduced total rent to be received, the impact would be recognized ratably over the remaining life of the lease. For leases not qualifying for this relief, the Company has applied modification accounting and determined that there were no changes in the current classification of its leases impacted by negotiations with its tenants. 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 consolidated balance sheets as of December 31, 2023 and 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 years ended December 31, 2023, 2022 and 2021. 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 .
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 December 31, 2023, these leases had a weighted average remaining lease term of 4.7 years. Rent from tenants in the Company’s MOB operating segment (as discussed below) is recorded in accordance with the terms of each lease on a straight-line basis over the initial term of the lease. Because many of the leases provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable for, and include in revenue from tenants on a straight-line basis, unbilled rent receivables that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. When the Company acquires a property, the acquisition date is considered to be the commencement date for purposes of this calculation. For new leases after acquisition, the commencement date is considered to be the date the tenant takes control of the space. For lease modifications, the commencement date is considered to be the date the lease modification is executed. The Company defers the revenue related to lease payments received from tenants in advance of their due dates. Tenant revenue also includes operating expense reimbursements which generally increase with the increase in property operating and maintenance expenses in our MOB segment. In addition to base rent, dependent on the specific lease, tenants are generally required to pay either (i) their pro rata share of property operating and maintenance expenses, which may be subject to expense exclusions and floors or (ii) the their share of increases in property operating and maintenance expenses to the extent they exceed the properties’ expenses for the base year of the respective leases. Under ASC 842, the Company has elected to report combined lease and non-lease components in a single line “ Revenue from tenants 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, and to a lesser extent, fees for ancillary services performed for SHOP residents, which are generally variable in nature. Rental income from residents in the Company’s SHOP segment is recognized as earned when services are provided. Residents pay monthly rent that covers occupancy of their unit and basic services, including utilities, meals and some housekeeping services. The terms of the leases are short term in nature, primarily month-to-month. The Company did not record material amounts of ancillary revenue from non-residents during the years ended December 31, 2023 and 2022. The Company recorded ancillary revenue from non-residents of $3.5 million for the year ended December 31, 2021. Fees for ancillary services are recorded in the period in which the services are performed. The decline in ancillary revenue since the year ended December 31, 2021 is primarily due to the Company’s dispositions of its SNF property in Wellington, Florida, which was sold in May 2021. 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 Company continually reviews receivables related to rent and unbilled rents receivable and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Under the leasing standards, 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 accounting rules, on the accompanying consolidated statements of operations and comprehensive loss in the period the related costs are incurred, as applicable.
Investments in Real Estate	Investments in Real Estate Investments in real estate are recorded at cost. Improvements and replacements are capitalized when they extend the useful life or improve the productive capacity of the asset. Costs of repairs and maintenance are expensed as incurred. At the time an asset is acquired, the Company evaluates the inputs, processes and outputs of the asset acquired to determine if the transaction is a business combination or asset acquisition. If an acquisition qualifies as a business combination, the related transaction costs are recorded as an expense in the consolidated statements of operations and comprehensive loss. If an acquisition qualifies as an asset acquisition, the related transaction costs are generally capitalized and subsequently amortized over the useful life of the acquired assets. See the “ Purchase Price Allocation” section in this Note for a discussion of the initial accounting for investments in real estate. Disposal of real estate investments that represent a strategic shift in operations that will have a major effect on the Company's operations and financial results are required to be presented as discontinued operations in the consolidated statements of operations. No properties were presented as discontinued operations during the years ended December 31, 2023, 2022 and 2021. Properties that are intended to be sold are to be designated as “held for sale” on the consolidated balance sheets at the lesser of carrying amount or fair value less estimated selling costs when they meet specific criteria to be presented as held for sale, most significantly that the sale is probable within one year. The Company evaluates probability of sale based on specific facts including whether a sales agreement is in place and the buyer has made significant non-refundable deposits. Properties are no longer depreciated when they are classified as held for sale. There were no real estate investments held for sale as of December 31, 2023 or 2022.
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. 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 acquire leases for above- and below-market lease rates and the value of in-place leases. Factors considered in the analysis of the in-place lease intangibles include an estimate of carrying costs during the expected lease-up period for each property, taking into account current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at contract rates during the expected lease-up period, which typically ranges from six Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining initial term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The aggregate value of intangible assets related to customer relationship, as applicable, is measured based on the Company’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the tenant. Characteristics considered by the Company in determining these values include the nature and extent of its existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, among other factors. The Company did not record any intangible asset amounts related to customer relationships during the years ended December 31, 2023, 2022 and 2021.
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 December 31, 2023 and 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.
Gain on Dispositions of Real Estate Investments	Gain on Dispositions of Real Estate Investments Gains on sales of rental real estate are not considered sales to customers and will generally be recognized pursuant to the provisions included in ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”).
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the property for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If an impairment exists, due to the inability to recover the carrying value of a property, the Company would recognize an impairment loss in the consolidated statement of operations and comprehensive loss to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss recorded would equal the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net earnings.
Reportable Segments	Reportable Segments 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 15 years for fixtures and improvements, and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests. Construction in progress, including capitalized interest, insurance and real estate taxes, is not depreciated until the development has reached substantial completion. The value of certain other intangibles such as certificates of need in certain jurisdictions are amortized over the expected period of benefit (generally the life of the related building). The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to expense over the remaining periods of the respective leases. The value of customer relationship intangibles, if any, is amortized to expense over the initial term and any renewal periods in the respective leases, but in no event does the amortization period for intangible assets exceed the remaining depreciable life of the building. If a tenant terminates its lease, the unamortized portion of the in-place lease value and customer relationship intangibles is charged to expense. Assumed mortgage premiums or discounts are amortized as an increase or reduction to interest expense over the remaining terms of the respective mortgages. Above and Below-Market Lease Amortization Capitalized above-market lease values are amortized as a reduction of revenue from tenants over the remaining terms of the respective leases and the capitalized below-market lease values are amortized as an increase to revenue from tenants over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. If a tenant with a below-market rent renewal does not renew, any remaining unamortized amount will be taken into income at that time. Capitalized above-market ground lease values are amortized as a reduction of property operating expense over the remaining terms of the respective leases. Capitalized below-market ground lease values are amortized as an increase to property operating expense over the remaining terms of the respective leases and expected below-market renewal option periods.
Derivative Instruments	Derivative Instruments The Company may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with its borrowings. Certain of the techniques used to hedge exposure to interest rate fluctuations may also be used to protect against declines in the market value of assets that result from general trends in debt markets. The principal objective of such agreements is to minimize the risks and costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply, or the Company elects not to apply hedge accounting. The accounting for subsequent changes in the fair value of these derivatives depends on whether each has been designated and qualifies for hedge accounting treatment. If the Company elects not to apply hedge accounting treatment, any change in the fair value of these derivative instruments is recognized immediately in gains (losses) on derivative instruments in the accompanying consolidated statements of operations and comprehensive loss prior to the adoption of ASU 2017-2 on January 1, 2019. If the derivative is designated and qualifies for hedge accounting treatment, the change in the estimated fair value of the derivative is recorded in other comprehensive loss to the extent that it is effective, with any ineffective portion of a derivative’s change in fair value immediately recognized in earnings. After the adoption of ASU 2017-2, if the derivative qualifies for hedge accounting, all of the change in value is recorded in other comprehensive loss.
Non-controlling Interests	Non-controlling Interests The non-controlling interests represent the portion of the common and preferred equity in the OP that is not owned by the Company as well as certain investment arrangements with other unaffiliated third parties whereby such investors receive an ownership interest in certain of the Company’s property-owning subsidiaries and are entitled to receive a proportionate share of the net operating cash flow derived from the subsidiaries’ property. Non-controlling interests are presented as a separate component of equity on the consolidated balance sheets and presented as net loss attributable to non-controlling interests on the consolidated statements of operations and comprehensive loss. Non-controlling interests are allocated a share of net income or loss based on their share of equity ownership, including any preferential amounts. See Note 13 — Non-Controlling Interests for additional information.
Cash and Cash Equivalents	Cash and Cash Equivalents
Deferred Costs	Deferred Costs Deferred costs, net, consists of deferred financing costs related to the Fannie Mae Master Credit Facilities (as defined in Note 5 — Credit Facilities) , and deferred leasing costs. Deferred financing costs relating to mortgage notes payable (see Note 4 — Mortgage Notes Payable, Net ) are reflected net of the related financing in the mortgage notes payable, net line item of the Company’s consolidated balance sheet. Deferred financing costs associated with the Fannie Mae Master Credit Facilities and mortgage notes payable represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized over the term of the financing agreement using the effective interest method for the Fannie Mae Master Credit Facilities and using the effective interest method over the expected term for the mortgage notes payable. Unamortized deferred financing costs are expensed if the associated debt is refinanced or paid down before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close. Deferred leasing costs, consisting primarily of lease commissions and professional fees incurred in connection with new leases, are deferred and amortized over the term of the lease.
Equity-Based Compensation	Equity-Based Compensation The Company has a stock-based incentive award program for its directors, which is accounted for under the guidance of share- based payments. The cost of services received in exchange for these stock awards is measured at the grant date fair value of the award and the expense for such awards is included in general and administrative expenses and is recognized over the service period (i.e., vesting) required or when the requirements for exercise of the award have been met (see Note 11 — Equity-Based Compensation ).
Income Taxes	Income Taxes The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986 (the “Code”), as amended, commencing with the taxable year ended December 31, 2013. If the Company continues to qualify for taxation as a REIT, it generally will not be subject to U.S. federal corporate income tax to the extent it distributes all of its REIT taxable income (which does not equal net income as calculated in accordance with GAAP) to its stockholders. REITs are subject to a number of organizational and operational requirements, including a requirement that the Company distribute annually at least 90% of the Company’s REIT taxable income to the Company’s stockholders. If the Company fails to continue to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, the Company will be subject to U.S. federal, state and 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, 2023, 2022 and 2021. Accordingly, no provision for U.S. federal or state income taxes related to such REIT taxable income was recorded in the Company’s financial statements. Even if the Company continues to qualify as a REIT, it may be subject to certain state and local taxes on its income and property, and U.S. federal income and excise taxes on its undistributed income. Certain limitations are imposed on REITs with respect to the ownership and operation of seniors housing properties. Generally, to qualify as a REIT, the Company cannot directly or indirectly operate seniors housing properties. Instead, such facilities may be either leased to a third-party operator or leased to a TRS and operated by a third party on behalf of the TRS. Accordingly, the Company has formed a TRS that is wholly-owned by the OP to lease its SHOPs and the TRS has entered into management contracts with unaffiliated third-party operators to operate the facilities on its behalf. As of December 31, 2023, the Company owned 46 seniors housing properties which are leased and operated through its TRS. The TRS is a wholly-owned subsidiary of the OP. A TRS is subject to U.S. federal, state and local income taxes. The Company records net deferred tax assets to the extent the Company believes these assets will more likely than not be realized. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies (including modifying intercompany leases with the TRS) and recent financial operations. In the event the Company determines that it would not be able to realize the deferred income tax assets in the future in excess of the net recorded amount, the Company establishes a valuation allowance which offsets the previously recognized income tax asset. Deferred income taxes result from temporary differences between the carrying amounts of the TRS’s assets and liabilities used for financial reporting purposes and the amounts used for income tax purposes as well as net operating loss carryforwards. Significant components of the deferred tax assets and liabilities as of December 31, 2023 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. During the year ended December 31, 2023, the Company modified 26 intercompany leases with the TRS to reflect what management believes is an arm’s length behavior in light of the current operating environment. These intercompany lease modifications reduced intercompany rent to what a third-party would pay based on arm’s length principles as described under Section 482 of the Internal Revenue Code. Because of the Company’s TRS's recent operating history of taxable 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 $8.1 million and $6.9 million as of December 31, 2023 and 2022, respectively. 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, 2023, the Company’s consolidated TRS had net operating loss carryforwards for federal income tax purposes of approximately $30.3 million at December 31, 2023 (of which $6.8 million were incurred prior to January 1, 2018). Carryforwards from losses incurred prior to January 1, 2018, if unused, these will begin to expire in 2035. For net operating losses incurred subsequent to December 31, 2017, there is no expiration date. As of December 31, 2023, the Company had a deferred tax asset of $8.1 million with a full valuation allowance. As of December 31, 2022, the Company had a deferred tax asset of $6.9 million with a full valuation allowance. The following table details the composition of the Company’s tax (expense) benefit for the years ended December 31, 2023, 2022 and 2021, which includes U.S. federal and state income taxes incurred by the Company’s TRS. The Company estimated its income tax (expense) benefit relating to its TRS using a combined federal and state rate of approximately 0.0% for the years ended December 31, 2023, 2022 and 2021. These income taxes are reflected in income tax (expense) benefit on the accompanying consolidated statements of operations and comprehensive loss.
Per Share Data	Per Share Data Net loss per basic share of common stock is calculated by dividing net loss by the weighted-average number of shares (retroactively adjusted for the stock dividends) of common stock issued and outstanding during such period. Diluted net loss per share of common stock considers the effect of potentially dilutive shares of common stock outstanding during the period.
CARES Act Grants	CARES Act Grants On March 27, 2020, the CARES Ac) was signed into law and it provides funding to Medicare providers in order to provide financial relief during the COVID-19 pandemic. Funds provided under the program were to be used for the preparation, prevention, and medical response to COVID-19, and were designated to reimburse providers for healthcare related expenses and lost revenues attributable to COVID-19. The Company did not receive any funds through the CARES Act during the year ended December 31, 2023. During the years ended December 31, 2022 and 2021 the Company received $4.5 million and $5.1 million in funding from CARES Act grants, respectively. For accounting purposes, the CARES Act funds are treated as a grant contribution from the government. The funding the Company received was 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, 2021: In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Topic 470) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Topic 815). The new standard reduces the number of accounting models for convertible debt instruments and convertible preferred stock, and amends the guidance for the derivatives scope exception for contracts in an entity's own equity. The standard also amends and makes targeted improvements to the related earnings per share guidance. The ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The standard allows for either modified or full retrospective transition methods. The Company adopted the new guidance on January 1, 2021 and determined it did not have a material impact on its consolidated financial statements. Adopted as Required Through December 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 related to (i) the assertion that the Company’s hedged forecasted transactions remain probable and (ii) the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of the Company’s derivatives, which will be consistent with the Company’s past presentation. The Company will continue to evaluate the impact of the guidance and may apply other elections, as applicable, as additional changes in the market occur. Not yet Adopted as of December 31, 2023: In November 2023, the FASB issued ASU 2023-07, Segment Reporting — Improvements to Reportable Segment Disclosures (Topic 280). The new standard requires a public entity to disclose significant segment expense categories and amounts for each reportable segment. A significant expense is an expense that (i) is significant to the segment, (ii) regularly provided or easily computed from information regularly provided to management and (iii) included in the reported measure of profit or loss. The ASU is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption of the ASU is permitted, including in an interim period. If a public entity elects to early adopt the ASU in an interim period, the guidance should be applied as of the beginning of the fiscal year that includes the interim period. The ASU should be adopted retrospectively unless it is impracticable to do so. The Company has not adopted this ASU as of December 31, 2023, but is currently evaluating the impact on its segment disclosures and intends to adopt ASU 2023-07 during the year ending December 31, 2024.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 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 as of December 31, 2023 over the next five years and thereafter. These amounts exclude tenant reimbursements and contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes, among other items. These amounts also exclude SHOP leases which are short-term in nature. (In thousands) Future 2024 $ 109,451 2025 100,230 2026 91,862 2027 72,815 2028 53,918 Thereafter 194,333 Total $ 622,609
Schedule of Components of Income Tax Benefit (Expense)	The following table details the composition of the Company’s tax (expense) benefit for the years ended December 31, 2023, 2022 and 2021, which includes U.S. federal and state income taxes incurred by the Company’s TRS. The Company estimated its income tax (expense) benefit relating to its TRS using a combined federal and state rate of approximately 0.0% for the years ended December 31, 2023, 2022 and 2021. These income taxes are reflected in income tax (expense) benefit on the accompanying consolidated statements of operations and comprehensive loss. Year Ended December 31, 2023 2022 2021 (In thousands) Current Deferred Current Deferred Current Deferred Federal (expense) benefit $ — $ 1,023 $ — $ 2,145 $ — $ (319) State (expense) benefit (303) 142 (201) 604 (203) (163) Deferred tax asset valuation allowance — (1,165) — (2,749) — 482 Total income tax benefit (expense) $ (303) $ — $ (201) $ — $ (203) $ —

Real Estate Investments, Net (T

Real Estate Investments, Net (Tables)	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Schedule of Allocation of the Assets Acquired and Liabilities Assumed	The following table presents the allocation of the assets acquired and liabilities assumed during the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, (In thousands) 2023 2022 2021 Real estate investments, at cost: Land $ 3,373 $ 4,933 $ 12,848 Buildings, fixtures and improvements 27,069 16,606 121,376 Total tangible assets 30,442 21,539 134,224 Acquired intangibles: In-place leases and other intangible assets (1) 5,057 3,763 28,499 Market lease and other intangible assets (1) 33 268 794 Market lease liabilities (1) (271) (32) (1,639) Total intangible assets and liabilities 4,819 3,999 27,654 Issuance of Preferred OP Units (2) — — (2,578) Cash paid for real estate investments, including acquisitions $ 35,261 $ 25,538 $ 159,300 Number of properties purchased 7 4 17 __________ (1) Weighted-average remaining amortization periods for in-place leases, above-market leases and below market leases acquired were 8.7 years, 11.3 years and 9.3 years, respectively, as of December 31, 2023. Weighted-average remaining amortization periods for in-place leases and above-market leases acquired were 8.9 years, 9.3 years and 12.1 years, respectively, as of December 31, 2022. Weighted-average remaining amortization periods for in-place leases, above-market leases and below market leases acquired were 11.2 years, 10.2 years and 8.5 years, respectively, as of December 31, 2021. (2) See Note 8 — Stockholders’ Equity for additional information.
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 December 31, 2023, 2022 and 2021: December 31, State 2023 2022 2021 Florida 19.9% 19.2% 17.7% Pennsylvania 10.6% * * __________ * State’s annualized rental income on a straight-line basis was not greater than 10% of total annualized rental income for all portfolio properties as of the period specified.
Schedule of Acquired Intangible Assets and Liabilities	Acquired intangible assets and liabilities consisted of the following as of the periods presented: December 31, 2023 December 31, 2022 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 269,363 $ 210,172 $ 59,191 $ 268,135 $ 198,138 $ 69,997 Market lease assets 14,465 12,548 1,917 14,432 12,042 2,390 Other intangible assets 9,467 1,325 8,142 9,467 1,165 8,302 Total acquired intangible assets $ 293,295 $ 224,045 $ 69,250 $ 292,034 $ 211,345 $ 80,689 Intangible liabilities: Market lease liabilities $ 23,520 $ 15,355 $ 8,165 $ 23,504 $ 14,097 $ 9,407
Schedule of Finite-Lived Intangible Assets	The following table discloses amounts recognized within the consolidated statements of operations and comprehensive loss related to amortization of in-place leases and other intangible assets, amortization and accretion of above-and below-market lease assets and liabilities, net and the amortization of above-and below-market ground leases, for the periods presented: Year Ended December 31, (In thousands) 2023 2022 2021 Amortization of in-place leases and other intangible assets (1) $ 13,080 $ 15,076 $ 15,071 Accretion of above-and below-market leases, net (2) $ (1,050) $ (795) $ (422) Amortization of above-and below-market ground leases, net (3) $ 159 $ 159 $ 214 __________ (1) Reflected within depreciation and amortization expense. (2) Reflected within revenue from tenants. (3) Reflected within property operating and maintenance expense.
Schedule of Projected Amortization Expense	The following table provides the projected amortization and adjustments to revenue from tenants for the next five years: (In thousands) 2024 2025 2026 2027 2028 In-place lease assets $ 11,790 $ 10,202 $ 8,957 $ 5,447 $ 4,014 Total to be added to amortization expense $ 11,790 $ 10,202 $ 8,957 $ 5,447 $ 4,014 Above-market lease assets $ (419) $ (366) $ (331) $ (243) $ (203) Below-market lease liabilities 1,274 1,127 972 654 618 Total to be added to revenue from tenants $ 855 $ 761 $ 641 $ 411 $ 415
Schedule of Impairments Recorded	The following table presents impairment charges by segment recorded during the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, (In thousands) 2023 2022 2021 MOB Segment: Illinois skilled nursing facilities (1) (7) $ — $ 10,644 $ — Sassafras MOB (2) (7) — 1,844 — Sun City MOB (3) (7) 2,554 — 6,082 Total MOB impairment charges 2,554 12,488 6,082 SHOP Segment: Various held for use SHOPs (4) (7) 2,122 15,142 — LaSalle Properties (5) (7) — — 34,000 Wellington, Florida skilled nursing facility (6) — — 869 Total SHOP impairment charges 2,122 15,142 34,869 Total impairment charges $ 4,676 $ 27,630 $ 40,951 (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 December 31, 2023, these properties were not disposed nor are under contract for disposal. (2) The Company began marketing this property for sale in the fourth quarter of 2022 and this property was disposed in the year ended December 31, 2023. (3) This property has been actively marketed for sale since September 2021. As of December 31, 2023 this property was not disposed, but is scheduled for sale in the second quarter of 2024. (4) Consists of eight properties actively marketed for sale. Of the eight properties, one property was impaired in the year ended December 31, 2023 and six properties were impaired in year ended December 31, 2022. During the year ended December 31, 2023, four of these properties were disposed. One of these properties is scheduled for sale in the second quarter of 2024. (5) These four properties were disposed in the year ended December 31, 2022. (6) This property was disposed in the year ended December 31, 2021. The Company recorded this impairment charge in the year ended December 31, 2021 to reduce the carrying value of the property to its estimated fair value as determined by an amendment to its purchase and sale agreement. The Company had previously recorded $2.3 million of impairment charges on this property in the year ended December 31, 2020. (7) These properties were impaired to reduce their carrying values to their estimated fair values, respectively, as determined by the Assets Held for Use approach described above.

Mortgage Notes Payable, Net (Ta

Mortgage Notes Payable, Net (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following table reflects the Company’s mortgage notes payable as of December 31, 2023 and 2022: Portfolio Encumbered Properties Outstanding Loan Amount as of December 31, Effective Interest Rate (1) as of December 31, Interest Rate 2023 2022 2023 2022 Maturity (In thousands) (In thousands) Fox Ridge Bryant - Bryant, AR 1 6,647 6,817 3.98 % 3.98% Fixed May 2047 Fox Ridge Chenal - Little Rock, AR 1 15,242 15,639 2.95 % 2.95% Fixed May 2049 Fox Ridge North Little Rock - North Little Rock, AR 1 9,458 9,704 2.95 % 2.95% Fixed May 2049 Capital One MOB Loan 41 378,500 378,500 3.71 % 3.73% Fixed (2) Dec. 2026 Multi-Property CMBS Loan 20 116,037 118,700 4.60 % 4.60% Fixed May 2028 Shiloh - Illinois 1 12,745 13,071 4.34 % 4.34% Fixed Jan. 2025 BMO CMBS 9 42,750 42,750 2.89 % 2.89% Fixed Dec. 2031 Barclays MOB Loan 62 240,000 — 6.45 % —% Fixed June 2033 Gross mortgage notes payable 136 821,379 585,181 4.58 % 3.83% Deferred financing costs, net of accumulated amortization (3) (11,111) (5,117) Mortgage premiums and discounts, net (1,273) (1,364) Mortgage notes payable, net $ 808,995 $ 578,700 __________ (1) Calculated on a weighted average basis for all mortgages outstanding as of December 31, 2023 and 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, 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 December 31, 2023 and 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, Net (Tables)

Credit Facilities, Net (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Credit Facilities	The Company had the following credit facilities outstanding as of December 31, 2023 and 2022: Outstanding Facility Amount as of December 31, Effective Interest Rate as of December 31, (9) (10) Credit Facility Encumbered Properties (1) 2023 2022 2023 2022 Interest Rate Maturity (In thousands) (In thousands) Prior Credit Facility: Revolving Credit Facility $ — $ 30,000 — % 7.26 % Variable Mar. 2024 (8) Term Loan — 150,000 — % 5.11 % Fixed (6) Mar. 2024 Deferred financing costs — (1,750) Term Loan, net — 148,250 Total Prior Credit Facility — $ — $ 178,250 Fannie Mae Master Credit Facilities: Capital One Facility 11 (2) $ 206,944 $ 210,483 7.86 % 5.90 % Variable (7) Nov. 2026 KeyBank Facility 10 (3) 139,334 141,564 7.91 % 6.60 % Variable (7) Nov. 2026 Total Fannie Mae Master Credit Facilities 21 $ 346,278 $ 352,047 Other Facilities: MOB Warehouse Facility 5 (4) 14,748 — 8.36 % — % Variable (7) Dec. 2026 Total Credit Facilities 26 $ 361,026 $ 530,297 7.90 % (5) 5.94 % (5) _______ (1) Encumbered properties are as of December 31, 2023. (2) Secured by first-priority mortgages on 11 of the Company’s SHOPs as of December 31, 2023 with an aggregate carrying value of $351.3 million. (3) Secured by first-priority mortgages on 10 of the Company’s SHOPs as of December 31, 2023 with an aggregate carrying value of $262.8 million. (4) Secured by first-priority mortgages on five of the Company’s MOBs as of December 31, 2023 with an aggregate carrying value of $23.0 million. (5) Calculated on a weighted average basis for all credit facilities outstanding as of December 31, 2023 and 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 also has seven non-designated interest rate cap agreements with an aggregate notional amount of $364.2 million which limits 30-day SOFR 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 loss (see discussion below and 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 was 5.89%, the economic interest rate on the KeyBank Fannie Mae Facility was 5.95% and the economic interest rate on the MOB Warehouse Facility was 6.50%. as of December 31, 2023. The economic interest rate on the Capital One Fannie Mae Facility was 5.26% and the economic interest rate on the KeyBank Fannie Mae Facility was 5.96% as of 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. (9) Effective interest rate below for variable rate debt gives effect to any “pay-fixed” swaps entered into by the Company allocated to the loan for presentation purposes. If no “pay-fixed” swaps are allocated, the effective interest rate below represents the variable rate (or contractual floor if appropriate) and the applicable margin in effect as of December 31, 2023 and 2022.
Schedule of Maturities of Long-term Debt	The following table summarizes the scheduled aggregate principal payments for the five years subsequent to December 31, 2023 and thereafter, on all of the Company’s outstanding debt (mortgage notes payable and credit facilities): Future Principal Payments (In thousands) Mortgage Notes Payable Credit Facilities Total 2024 $ 1,178 $ 5,769 $ 6,947 2025 13,270 5,769 19,039 2026 379,393 349,488 728,881 2027 922 — 922 2028 116,989 — 116,989 Thereafter 309,627 — 309,627 Total $ 821,379 $ 361,026 $ 1,182,405

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Recurring Fair Value Measurements	The following table presents information about the Company’s assets and liabilities measured at fair value as of December 31, 2023 and 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 December 31, 2023 Derivative assets, at fair value (non-designated) $ — $ 6,111 $ — $ 6,111 Derivative assets, at fair value (designated) — 22,259 — 22,259 Total $ — $ 28,370 $ — $ 28,370 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
Schedule 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: December 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 $ 820,106 $ 787,665 $ 583,817 $ 550,626 Prior Credit Facility 3 $ — $ — $ 180,000 $ 179,496 Fannie Mae Master Credit Facilities 3 $ 346,278 $ 346,996 $ 352,047 $ 353,034 MOB Warehouse Facility 3 $ 14,748 $ 14,796 $ — $ —

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	12 Months Ended
	Dec. 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 December 31, 2023 and 2022: December 31, (In thousands) Balance Sheet Location 2023 2022 Derivatives designated as hedging instruments: Interest rate “pay-fixed” swaps Derivative assets, at fair value $ 22,259 $ 36,910 Derivatives not designated as hedging instruments: Interest rate caps Derivative assets, at fair value $ 6,111 $ 3,737
Schedule of Derivative Instruments	As of December 31, 2023 and 2022, the Company had the following derivatives that were designated as cash flow hedges of interest rate risk: December 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 1 $ 378,500 7 $ 528,500 LIBOR-based interest rate “pay-fixed” swaps — — 2 50,000 Total interest rate “pay-fixed” swaps 1 $ 378,500 9 $ 578,500 The Company had the following outstanding interest rate derivatives that were not designated as a hedges in qualifying hedging relationships as of as of December 31, 2023 and 2022: December 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 $ 364,170 7 $ 354,624 __________ (1) Notional amount represents the currently active interest cap contract and excludes one inactive cap agreements (included in the instrument count) with a notional amount of $52.6 million as of December 31, 2022, which took effect upon the expiration of a similar cap included above and effectively extended the term for the same notional amount. (2) All of the Company’s interest rate cap agreements limit 30-day SOFR to 3.50% with terms through January 2027. The actual 30-day SOFR rates during the fourth quarter of 2022 exceeded the strike price rate of 3.50%, and since then the Company has received cash 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 on non-designated derivatives in the Company’s consolidated statements of operations and comprehensive loss.
Schedule of Derivatives Included in AOCI	The table below details the location in the financial statements of the loss recognized on interest rate derivatives designated as cash flow hedges for the periods ended December 31, 2023 and 2022: Year Ended December 31, (In thousands) 2023 2022 2021 Amount of gain recognized in accumulated other comprehensive income on interest rate derivatives $ 5,324 $ 50,098 $ 14,322 Amount of gain (loss) reclassified from accumulated other comprehensive income into earnings as reductions to (increases in) interest expense $ 18,770 $ (1,153) $ (11,010) Total amount of interest expense presented in the consolidated statements of operations and comprehensive loss $ 66,078 $ 51,740 $ 47,900
Schedule of Offsetting Assets	The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of December 31, 2023 and 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 December 31, 2023 $ 28,370 — — $ 28,370 — — $ 28,370 December 31, 2022 $ 40,647 — — $ 40,647 — — $ 40,647

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Schedule of Cumulative Share Repurchases	The table below reflects the number of shares repurchased and the average price per share (retroactively adjusted for the stock dividends), under the SRP and does not include any repurchases under tender offers cumulatively through December 31, 2023: Number of Shares Repurchased Average Price per Share Cumulative repurchases as of December 31, 2022 4,896,620 $ 20.60 Year ended December 31, 2023 — — Cumulative repurchases as of December 31, 2023 4,896,620 20.60
Schedule of Stock Dividends	The following table details these 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 July 3, 2023 July 17, 2023 0.015179 October 2, 2023 October 16, 2023 0.015179 January 3, 2024 January 16, 2024 0.015179

Related Party Transactions an_2

Related Party Transactions and Arrangements (Tables)	12 Months Ended
	Dec. 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 and payable in connection with the Company’s operations-related services described above as of and for the periods presented: Year Ended December 31, Payable (Receivable) as of 2023 2022 2021 December 31, (In thousands) Incurred Incurred Incurred 2023 2022 One-time fees and reimbursements: Acquisition cost reimbursements $ 32 $ 23 $ 90 $ — $ 5 Ongoing fees and reimbursements: Asset management fees 21,831 21,831 20,710 — — Property management fees (1) 4,135 4,200 3,749 97 3 Professional fees and other reimbursements (2) 10,595 8,820 9,386 198 39 Professional fees credit due from Advisor — — (1,030) — — Total related party operation fees and reimbursements $ 36,593 $ 34,874 $ 32,905 $ 295 $ 47 __________ (1) Inclusive of $0.4 million and $0.7 million of leasing commissions which are included in prepaid expenses and other assets on the consolidated balance sheet as of December 31, 2023 and 2022. (2) Included in general and administrative expenses in the consolidated statements of operations. Includes $6.9 million, $6.0 million and $6.2 million subject to the Capped Reimbursement Amount for the years ended December 31, 2023, 2022 and 2021, respectively.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	12 Months Ended
	Dec. 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 December 31, 2023 and activity for the period presented: Number of Common Shares Weighted-Average Issue Price Unvested, December 31, 2020 215,384 $ 21.11 Stock dividend 12,646 14.79 Granted — — Vested (68,603) 19.72 Forfeitures — — Unvested, December 31, 2021 159,427 21.21 Stock Dividend 8,313 14.86 Granted — — Vested (70,397) 23.67 Forfeitures — — Unvested, December 31, 2022 97,343 18.89 Stock dividend 5,171 14.27 Granted — — Vested (50,871) 20.40 Forfeitures — — Unvested, December 31, 2023 51,643 16.94

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income	The following table illustrates the changes in accumulated other comprehensive income as of and for the periods presented: (In thousands) Unrealized Gains (Losses) on Designated Derivative Balance, December 31, 2020 $ (39,673) Other comprehensive income, before reclassifications 14,322 Amount of gain reclassified from accumulated other comprehensive income 11,010 Balance, December 31, 2021 (14,341) Other comprehensive income, before reclassifications 50,098 Amount of gain reclassified from accumulated other comprehensive income 1,153 Balance, December 31, 2022 36,910 Other comprehensive income, before reclassifications 5,324 Amount of gain reclassified from accumulated other comprehensive income (18,770) Balance, December 31, 2023 $ 23,464

Non-Controlling Interests (Tabl

Non-Controlling Interests (Tables)	12 Months Ended
	Dec. 31, 2023
Noncontrolling Interest [Abstract]
Schedule of Noncontrolling Interest on Balance Sheet	Non-controlling interests on the Company’s consolidated balance sheet is comprised of the following: Balance as of December 31, (In thousands) 2023 2022 Series A Preferred Units held by third parties $ 2,578 $ 2,578 Common OP Units held by third parties 3,156 3,584 Total Non-controlling Interests in the OP 5,734 6,162 Non-controlling interests in property owning subsidiaries 695 389 Total Non-controlling Interests $ 6,429 $ 6,551 Net loss attributable to non-controlling interests on the Company’s consolidated statement of operations is comprised of the following: Year Ended December 31, (in thousands) 2023 2022 2021 Income attributable to Series A Preferred Units held by third parties $ (185) $ (184) $ (92) Loss attributable to Common OP Units held by third parties 317 341 373 Net loss attributable to non-controlling interests in the OP 132 157 281 Income attributable to non-controlling interests in property-owning subsidiaries (50) (22) (21) Net loss attributable to non-controlling interests $ 82 $ 135 $ 260
Schedule Related to Investment Arrangements with Unaffiliated Third Party	The following table summarizes the activity related to investment arrangements with unaffiliated third parties: Third Party Net Investment Amount Non-Controlling Ownership Percentage Net Real Estate Assets Subject to Investment Arrangement Distributions Property Name As of December 31, As of December 31, As of December 31, Year Ended December 31, (Dollar amounts in thousands) Investment Date 2023 2023 2023 2022 2023 2022 2021 Plaza Del Rio Medical Office Campus Portfolio (1) May 2015 $ 695 6.7 % $ 12,687 $ 12,455 $ — $ — $ — __________ (1) Of the six total properties in the Plaza Del Rio Medical Office Campus Portfolio, three properties were encumbered under the Capital One MOB Loan, two properties were pledged to the MOB Warehouse Facility and one property was encumbered under the Multi-Property CMBS Loan. Please see Note 4 — Mortgage Notes Payable and Note 5 — Credit Facilities for additional information.

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule 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 years ended December 31, 2023, 2022 and 2021 and has been retroactively adjusted to reflect the stock dividends (see Note 1 — Organization and Note 8 — Stockholder’s Equity for additional information): Year Ended December 31, 2023 2022 2021 Net loss attributable to stockholders (in thousands) $ (86,097) $ (93,285) $ (92,942) Basic and diluted weighted-average shares outstanding (1) 113,121,721 113,043,339 112,965,632 Basic and diluted net loss per share $ (0.76) $ (0.83) $ (0.82) __________ (1) Weighted average number of shares of common stock outstanding for the periods presented. There were 111,545,018, 105,080,531 and 99,281,754 shares of common stock outstanding as of December 31, 2023, 2022 and 2021.
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The amounts in the table below have been retroactively adjusted to reflect the stock dividends (see Note 1 — Organization for additional details): December 31, 2023 2022 2021 Unvested restricted shares (1) 83,308 150,151 227,854 Common OP Units (2) 496,644 496,644 496,644 Class B Units (3) 439,459 439,459 439,459 Total weighted average antidilutive common share equivalents 1,019,411 1,086,254 1,163,957 ________ (1) Weighted average number of antidilutive unvested restricted shares outstanding for the periods presented. There were 51,643, 97,343 and 159,427 unvested restricted shares outstanding as of December 31, 2023, 2022 and 2021, respectively. (2) Weighted average number of antidilutive Common OP Units presented as shares outstanding for the periods presented, at the current conversion rate as retroactively adjusted for the effects of the stock dividends. There were 405,998 Common OP Units outstanding as of December 31, 2023, 2022 and 2021. (3) Weighted average number of antidilutive Class B Units presented as shares outstanding for the periods presented, at the current conversion rate as retroactively adjusted for the effects of the stock dividends. There were 359,250 Class B Units outstanding as of December 31, 2023, 2022 and 2021.

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table presents the operating financial information for the Company’s two business segments for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, (In thousands) 2023 2022 2021 Medical Office Buildings: Revenue from tenants $ 135,449 $ 131,444 $ 122,867 Less: Property operating and maintenance 37,954 35,945 34,480 Segment income $ 97,495 $ 95,499 $ 88,387 Senior Housing Operating Properties: Revenue from tenants $ 210,476 $ 204,402 $ 206,488 Less: Property operating and maintenance 179,838 177,499 171,333 Segment income $ 30,638 $ 26,903 $ 35,155 Reconciliation to Consolidated Financial Information A reconciliation of the total reportable segments’ revenue from tenants to consolidated revenue from tenants and the total reportable segments’ income to consolidated net loss attributable to common stockholders is presented below: Year Ended December 31, (In thousands) 2023 2022 2021 Revenue from tenants MOBs $ 135,449 $ 131,444 $ 122,867 SHOPs 210,476 204,402 206,488 Total consolidated revenue from tenants $ 345,925 $ 335,846 $ 329,355 Net loss attributable to common stockholders: Segment income: MOBs $ 97,495 $ 95,499 $ 88,387 SHOPs 30,638 26,903 35,155 Total segment income 128,133 122,402 123,542 Impairment charges (4,676) (27,630) (40,951) Operating fees to related parties (25,527) (25,353) (24,206) Acquisition and transaction related (545) (1,484) (2,714) General and administrative (18,928) (17,287) (16,828) Depreciation and amortization (82,873) (82,064) (79,926) Gain (loss) on sale of real estate investments (322) (125) 3,648 Interest expense (66,078) (51,740) (47,900) Interest and other income 734 27 61 Gain (loss) on non-designated derivatives (1,995) 3,834 37 Income tax expense (303) (201) (203) Net loss attributable to non-controlling interests 82 135 260 Allocation for preferred stock (13,799) (13,799) (7,762) Net loss attributable to common stockholders $ (86,097) $ (93,285) $ (92,942) The following table reconciles real estate investments, net by segment to consolidated total assets as of the periods presented: December 31, (In thousands) 2023 2022 ASSETS Investments in real estate, net: MOBs $ 1,114,963 $ 1,121,857 SHOPs 824,694 856,440 Total investments in real estate, net 1,939,657 1,978,297 Cash and cash equivalents 46,409 53,654 Restricted cash 44,907 22,884 Derivative assets, at fair value 28,370 40,647 Straight-line rent receivable, net 26,325 25,276 Operating lease right-of-use asset 7,713 7,814 Prepaid expenses and other assets 35,781 34,554 Deferred costs, net 15,997 17,223 Total assets $ 2,145,159 $ 2,180,349 The following table reconciles capital expenditures by reportable business segments, excluding corporate non-real estate expenditures, for the periods presented: Year Ended December 31, (In thousands) 2023 2022 2021 MOBs $ 10,467 $ 10,542 $ 6,152 SHOPs 14,832 17,451 12,919 Total capital expenditures $ 25,299 $ 27,993 $ 19,071

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Schedule of Operating Lease, Liability, Maturity	Future Base Rent Payments (In thousands) Operating Leases Direct Financing Leases (1) 2024 $ 632 $ 90 2025 588 93 2026 599 95 2027 617 97 2028 619 100 Thereafter 21,324 7,115 Total minimum lease payments 24,379 7,590 Less: amounts representing interest (16,341) (2,756) Total present value of minimum lease payments $ 8,038 $ 4,834 __________ (1) Accounts Payable and accrued expenses
Schedule of Finance Lease, Liability, Maturity	Future Base Rent Payments (In thousands) Operating Leases Direct Financing Leases (1) 2024 $ 632 $ 90 2025 588 93 2026 599 95 2027 617 97 2028 619 100 Thereafter 21,324 7,115 Total minimum lease payments 24,379 7,590 Less: amounts representing interest (16,341) (2,756) Total present value of minimum lease payments $ 8,038 $ 4,834 __________ (1) Accounts Payable and accrued expenses

Organization (Details)

Organization (Details) ft² in Millions	12 Months Ended			39 Months Ended
	Dec. 31, 2023 segment property contractor land_parcel shares	Dec. 31, 2022 segment shares	Dec. 31, 2021 segment	Dec. 31, 2023 property shares	Dec. 31, 2023 state	Dec. 31, 2023 ft²	Dec. 31, 2023 encumberedProperty
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of properties owned	204			204			26
Number of land parcels | land_parcel	2
Number of states properties are located in | state					33
Rentable square feet | ft²						9
Number of senior housing communities | property	46			46
Number of reportable segments | segment	2	2	2
Number of independent contractors | contractor	4
Share increase from stock dividends (in shares)				19,000,000
Stock issued during period, shares, new issues (in shares)	0	0		0

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) segment property lease	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($) segment	Dec. 31, 2020 USD ($) lease	Jan. 01, 2018 USD ($)
Schedule of Shares Repurchased [Line Items]
Depreciation and amortization	$ 82,873,000	$ 82,064,000	$ 79,926,000
Accumulated depreciation	681,977,000	609,324,000
Deferred costs	15,997,000	17,223,000
Proceeds from government assistance	$ 0	4,500,000	$ 5,100,000
Remaining lease term	4 years 8 months 12 days
Ancillary Fee Income, Servicing Financial Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]			Total consolidated revenue from tenants
Operating lease impairment loss	$ 1,225,000	3,159,000	$ 1,094,000
Disposed properties reduction in revenue	0	1,300,000	$ 0
Assets held for sale	$ 0	$ 0
Number of reportable segments | segment	2	2	2
Money market funds	$ 0	$ 0
Cash and cash equivalents	46,409,000	53,654,000	$ 59,738,000
Cash in excess of FDIC limit	$ 34,200,000	43,600,000
Number of senior housing communities | property	46
Number of intercompany leases modified | lease	26			25
Valuation allowance percentage	100%
Deferred tax asset	$ 8,100,000	$ 6,900,000
Effective income tax rate	0%	0%	0%
Prior Period Understatements Adjusted In Current Year
Schedule of Shares Repurchased [Line Items]
Depreciation and amortization	$ 700,000	$ 100,000	$ 200,000	$ 400,000
Accumulated depreciation	300,000
Deferred costs	400,000
Domestic Tax Authority
Schedule of Shares Repurchased [Line Items]
Operating loss carryforwards	$ 30,300,000				$ 6,800,000
Minimum
Schedule of Shares Repurchased [Line Items]
Lease intangibles, lease-up period	6 months
Maximum
Schedule of Shares Repurchased [Line Items]
Lease intangibles, lease-up period	24 months
Building
Schedule of Shares Repurchased [Line Items]
Property, plant and equipment, useful life	40 years
Land Improvements
Schedule of Shares Repurchased [Line Items]
Property, plant and equipment, useful life	15 years
Fixtures and improvements | Minimum
Schedule of Shares Repurchased [Line Items]
Property, plant and equipment, useful life	7 years
Fixtures and improvements | Maximum
Schedule of Shares Repurchased [Line Items]
Property, plant and equipment, useful life	15 years
SHOPs
Schedule of Shares Repurchased [Line Items]
Ancillary revenue	$ 0	$ 0	$ 3,500,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Lessor Maturity Schedule (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Future  Base Rent Payments
2024	$ 109,451
2025	100,230
2026	91,862
2027	72,815
2028	53,918
Thereafter	194,333
Total	$ 622,609

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Income Tax Benefit (Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current
Federal (expense) benefit	$ 0	$ 0	$ 0
State (expense) benefit	(303)	(201)	(203)
Total income tax benefit (expense)	(303)	(201)	(203)
Deferred
Federal (expense) benefit	1,023	2,145	(319)
State (expense) benefit	142	604	(163)
Deferred tax asset valuation allowance	(1,165)	(2,749)	482
Total income tax benefit (expense)	$ 0	$ 0	$ 0

Real Estate Investments, Net -

Real Estate Investments, Net - Narrative (Details)	2 Months Ended	12 Months Ended
	Mar. 15, 2024 USD ($) property	Dec. 31, 2023 USD ($) property land_parcel	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property	Dec. 31, 2023 property	Dec. 31, 2023 encumberedProperty
Real Estate [Line Items]
Number of properties owned					204	26
Number of land parcels | land_parcel		2
Payments to acquire property		$ 35,261,000	$ 25,538,000	$ 159,300,000
(Loss) gain on sale of real estate investments		(322,000)	(125,000)	3,648,000
Impairment charges		4,676,000	27,630,000	40,951,000
Assets held for sale		0	$ 0
Disposed by sale | Seniors Housing Communities And Medical Office Buildings
Real Estate [Line Items]
Aggregate contract sale price		13,800,000		133,600,000
(Loss) gain on sale of real estate investments		$ (300,000)		$ 3,600,000
Disposed by sale | MOBs
Real Estate [Line Items]
Number of properties disposed | property		1		3
Disposed by sale | SHOPs
Real Estate [Line Items]
Number of properties disposed | property		4	4	5
Aggregate contract sale price			$ 12,400,000
(Loss) gain on sale of real estate investments			(100,000)
Impairment charges		$ 15,100,000	$ 34,000,000
Number of properties impaired | property			2
Disposed by sale | SHOPs | Wellington Green
Real Estate [Line Items]
Impairment charges				$ 900,000
Number of properties impaired | property				1
Disposal Group, Held-for-sale, Not Discontinued Operations
Real Estate [Line Items]
Assets held for sale		$ 0	$ 0
Single Tenant MOB
Real Estate [Line Items]
Number of properties purchased | property		7
Payments to acquire property		$ 34,900,000
MOBs | Subsequent Event
Real Estate [Line Items]
Number of properties purchased | property	4
Payments to acquire property	$ 12,600,000

Real Estate Investments, Net _2

Real Estate Investments, Net - Acquired Assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property
Acquired intangibles:
Issuance of Preferred OP Units	$ 0	$ 0	$ (2,578)
In-place lease assets
Acquired intangibles:
Weighted-average remaining amortization periods	8 years 8 months 12 days	8 years 10 months 24 days	11 years 2 months 12 days
Above-market lease assets
Acquired intangibles:
Weighted-average remaining amortization periods	11 years 3 months 18 days	9 years 3 months 18 days	10 years 2 months 12 days
Below market leases
Acquired intangibles:
Weighted-average remaining amortization periods	9 years 3 months 18 days	12 years 1 month 6 days	8 years 6 months
Individual business acquisitions
Real estate investments, at cost:
Land	$ 3,373	$ 4,933	$ 12,848
Buildings, fixtures and improvements	27,069	16,606	121,376
Total tangible assets	30,442	21,539	134,224
Acquired intangibles:
Market lease liabilities	(271)	(32)	(1,639)
Total intangible assets and liabilities	4,819	3,999	27,654
Cash paid for real estate investments, including acquisitions	$ 35,261	$ 25,538	$ 159,300
Number of properties purchased | property	7	4	17
Individual business acquisitions | In-place lease assets
Acquired intangibles:
In-place leases, market leases, and other intangible assets	$ 5,057	$ 3,763	$ 28,499
Individual business acquisitions | Above-market lease assets
Acquired intangibles:
In-place leases, market leases, and other intangible assets	$ 33	$ 268	$ 794

Real Estate Investments, Net _3

Real Estate Investments, Net - Geographic Concentrations (Details) - Revenue Benchmark - Geographic Concentration Risk	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Florida
Concentration Risk [Line Items]
Concentration risk, percentage	19.90%	19.20%	17.70%
Pennsylvania
Concentration Risk [Line Items]
Concentration risk, percentage	10.60%

Real Estate Investments, Net _4

Real Estate Investments, Net - Acquired Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Intangible assets:
Gross Carrying Amount	$ 293,295	$ 292,034
Accumulated Amortization	224,045	211,345
Net Carrying Amount	69,250	80,689
Intangible liabilities:
Gross Carrying Amount	23,520	23,504
Accumulated Amortization	15,355	14,097
Net Carrying Amount	8,165	9,407
In-place leases
Intangible assets:
Gross Carrying Amount	269,363	268,135
Accumulated Amortization	210,172	198,138
Net Carrying Amount	59,191	69,997
Market lease assets
Intangible assets:
Gross Carrying Amount	14,465	14,432
Accumulated Amortization	12,548	12,042
Net Carrying Amount	1,917	2,390
Other intangible assets
Intangible assets:
Gross Carrying Amount	9,467	9,467
Accumulated Amortization	1,325	1,165
Net Carrying Amount	$ 8,142	$ 8,302

Real Estate Investments, Net _5

Real Estate Investments, Net - Amortization and Accretion Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Accretion of above- and below-market leases, net	$ (890)	$ (625)	$ (198)
Depreciation and Amortization Expense | In-place leases and other intangible assets
Finite-Lived Intangible Assets [Line Items]
Amortization of market least intangibles	13,080	15,076	15,071
Rental Income | Above- and below-market leases, net
Finite-Lived Intangible Assets [Line Items]
Accretion of above- and below-market leases, net	(1,050)	(795)	(422)
Property Operating and Maintenance Expense | Above- and below-market leases, net
Finite-Lived Intangible Assets [Line Items]
Amortization of market least intangibles	$ 159	$ 159	$ 214

Real Estate Investments, Net _6

Real Estate Investments, Net - Intangible Assets and Liabilities Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Amortization Expense
Finite-Lived Intangible Assets [Line Items]
2024	$ 11,790
2025	10,202
2026	8,957
2027	5,447
2028	4,014
Rental Income
Finite-Lived Intangible Assets [Line Items]
Below market leases, amortization income, 2024	855
Below market leases, amortization income, 2025	761
Below market leases, amortization income, 2026	641
Below market leases, amortization income, 2027	411
Below market leases, amortization income, 2028	415
In-place lease assets | Amortization Expense
Finite-Lived Intangible Assets [Line Items]
2024	11,790
2025	10,202
2026	8,957
2027	5,447
2028	4,014
Above-market lease assets | Rental Income
Finite-Lived Intangible Assets [Line Items]
2024	(419)
2025	(366)
2026	(331)
2027	(243)
2028	(203)
Below-market lease liabilities | Rental Income
Finite-Lived Intangible Assets [Line Items]
Below market leases, amortization income, 2024	1,274
Below market leases, amortization income, 2025	1,127
Below market leases, amortization income, 2026	972
Below market leases, amortization income, 2027	654
Below market leases, amortization income, 2028	$ 618

Real Estate Investments, Net _7

Real Estate Investments, Net - Impairments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2023 encumberedProperty
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges	$ 4,676	$ 27,630	$ 40,951
Number of properties owned	204				26
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	$ 4,676	27,630	40,951
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | MOBs
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges	2,554	12,488	6,082
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | SHOPs
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges	$ 2,122	15,142	34,869
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 | MOBs
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges	$ 0	10,644	0
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Sassafras MOB | MOBs
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges	0	1,844	0
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Sun City MOB | MOBs
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges	$ 2,554	$ 0	6,082
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Various held for use SHOPs | SHOPs
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	1	6
Number of properties owned | property	8
Number of properties disposed | property	4
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Various held for use SHOPs | SHOPs
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges	$ 2,122	$ 15,142	0
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | LaSalle Properties | SHOPs
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | property		4
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | LaSalle Properties | SHOPs
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges	0	$ 0	34,000
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Wellington Green | Wellington
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges				$ 2,300
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Wellington Green | SHOPs
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges	$ 0	$ 0	$ 869

Mortgage Notes Payable, Net - M

Mortgage Notes Payable, Net - Mortgage Notes (Details)	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)	Jun. 30, 2017 USD ($)
Debt Instrument [Line Items]
Outstanding loan amount	$ 1,182,405,000
Effective Interest Rate	7.90%	5.94%
Capital One MOB Loan | LIBOR
Debt Instrument [Line Items]
Notional Amount	$ 378,500,000	$ 378,500,000
Mortgage Notes Payable
Debt Instrument [Line Items]
Encumbered Properties | property	136
Outstanding loan amount	$ 821,379,000	$ 585,181,000
Effective Interest Rate	4.58%	3.83%
Deferred financing costs, net of accumulated amortization	$ (11,111,000)	$ (5,117,000)
Mortgage premiums and discounts, net	(1,273,000)	(1,364,000)
Mortgage notes payable, net	$ 808,995,000	578,700,000
Mortgage Notes Payable | Capital One MOB Loan
Debt Instrument [Line Items]
Encumbered Properties | property	41
Outstanding loan amount	$ 378,500,000	$ 378,500,000	$ 250,000,000
Effective Interest Rate	3.71%	3.73%
Mortgage Notes Payable | Multi-Property CMBS Loan
Debt Instrument [Line Items]
Encumbered Properties | property	20
Outstanding loan amount	$ 116,037,000	$ 118,700,000
Effective Interest Rate	4.60%	4.60%
Mortgage Notes Payable | Shiloh - Illinois
Debt Instrument [Line Items]
Encumbered Properties | property	1
Outstanding loan amount	$ 12,745,000	$ 13,071,000
Effective Interest Rate	4.34%	4.34%
Mortgage Notes Payable | BMO CMBS
Debt Instrument [Line Items]
Encumbered Properties | property	9
Outstanding loan amount	$ 42,750,000	$ 42,750,000
Effective Interest Rate	2.89%	2.89%
Mortgage Notes Payable | Barclays MOB Loan
Debt Instrument [Line Items]
Encumbered Properties | property	62
Outstanding loan amount	$ 240,000,000	$ 0
Effective Interest Rate	6.45%	0%
Mortgage Notes Payable | Fox Ridge Bryant - Bryant, AR
Debt Instrument [Line Items]
Encumbered Properties | property	1
Outstanding loan amount	$ 6,647,000	$ 6,817,000
Effective Interest Rate	3.98%	3.98%
Mortgage Notes Payable | Fox Ridge Chenal - Little Rock, AR
Debt Instrument [Line Items]
Encumbered Properties | property	1
Outstanding loan amount	$ 15,242,000	$ 15,639,000
Effective Interest Rate	2.95%	2.95%
Mortgage Notes Payable | Fox Ridge North Little Rock - North Little Rock, AR
Debt Instrument [Line Items]
Encumbered Properties | property	1
Outstanding loan amount	$ 9,458,000	$ 9,704,000
Effective Interest Rate	2.95%	2.95%

Mortgage Notes Payable, Net - N

Mortgage Notes Payable, Net - Narrative (Details)			12 Months Ended
	May 24, 2023 USD ($) property	Nov. 15, 2021 USD ($) property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 15, 2024 USD ($)	Dec. 31, 2023 property	Dec. 31, 2023 encumberedProperty
Debt Instrument [Line Items]
Real estate investments pledged as collateral			$ 1,300,000,000
Outstanding loan amount			1,182,405,000
Number of properties owned							204	26
Repayments of credit facility borrowings			200,602,000	$ 2,998,000	$ 298,804,000
Revolving Credit Facility
Debt Instrument [Line Items]
Repayments of credit facility borrowings	$ 194,800,000
Mortgage Notes Payable
Debt Instrument [Line Items]
Outstanding loan amount			821,379,000	585,181,000
Mortgage Notes Payable | Subsequent Event
Debt Instrument [Line Items]
Debt instrument, face amount						$ 7,500,000
Mortgage Notes Payable | Barclays MOB Loan
Debt Instrument [Line Items]
Outstanding loan amount			240,000,000	0
Debt instrument, face amount	$ 240,000,000
Number of properties owned | property	62
Debt instrument, collateral amount	$ 417,500,000
Term	10 years
Stated interest rate	6.453%
Long-term debt, covenant requirements, amount	$ 12,500,000
Period after closing required before prepayment	1 year
Debt prepayment, written notice requirement	30 days
Payments of debt issuance costs	$ 7,800,000
Proceeds from loans	$ 39,000,000
Mortgage Notes Payable | BMO MOB Loan
Debt Instrument [Line Items]
Outstanding loan amount			$ 42,750,000	$ 42,750,000
Debt instrument, face amount		$ 42,800,000
Mortgage Notes Payable | BMO MOB Loan | Revolving Credit Facility
Debt Instrument [Line Items]
Number of properties owned | property		9
Repayments of credit facility borrowings		$ 37,000,000
Proceeds from loans		2,400,000
Payments for deposits		$ 2,500,000

Credit Facilities, Net - Credit

Credit Facilities, Net - Credit Facilities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) instrument	Dec. 31, 2023 USD ($)	Dec. 31, 2023 property	Dec. 31, 2023	Dec. 31, 2023 encumberedProperty	Dec. 31, 2023 instrument	Dec. 31, 2023 derivative
Line of Credit Facility [Line Items]
Encumbered Properties			204		26
Outstanding balance	$ 530,297	$ 361,026
Effective interest rate	5.94%			7.90%
Interest rate caps | Derivatives not designated as hedging instruments:
Line of Credit Facility [Line Items]
Number of instruments	7					7	7
Notional Amount	$ 354,624	364,170
Interest rate cap	3.50%			3.50%
Secured Debt
Line of Credit Facility [Line Items]
Outstanding balance	$ 178,250	0
Fannie Mae Master Credit Facilities | Capital One Facility | Interest rate caps | Derivatives not designated as hedging instruments:
Line of Credit Facility [Line Items]
Economic interest rate	5.26%			5.89%
Fannie Mae Master Credit Facilities | KeyBank Facility | Interest rate caps | Derivatives not designated as hedging instruments:
Line of Credit Facility [Line Items]
Economic interest rate	5.96%			5.95%
MOB Warehouse Facility | Interest rate caps
Line of Credit Facility [Line Items]
Notional Amount		14,700
MOB Warehouse Facility | Interest rate caps | Derivatives not designated as hedging instruments:
Line of Credit Facility [Line Items]
Economic interest rate				6.50%
Credit Facilities | Revolving Credit Facility
Line of Credit Facility [Line Items]
Encumbered Properties | property			0
Outstanding balance	$ 30,000	0
Effective interest rate	7.26%			0%
Credit Facilities | Secured Debt
Line of Credit Facility [Line Items]
Outstanding balance	$ 150,000	0
Deferred financing costs	(1,750)	0
Term Loan, net	$ 148,250	0
Effective interest rate	5.11%			0%
Credit Facilities | Fannie Mae Master Credit Facilities
Line of Credit Facility [Line Items]
Encumbered Properties | property			21
Outstanding balance	$ 352,047	346,278
Debt instrument, collateral amount		23,000
Credit Facilities | Fannie Mae Master Credit Facilities | Capital One Facility
Line of Credit Facility [Line Items]
Encumbered Properties | property			11
Outstanding balance	$ 210,483	206,944
Effective interest rate	5.90%			7.86%
Debt instrument, collateral amount		351,300
Credit Facilities | Fannie Mae Master Credit Facilities | KeyBank Facility
Line of Credit Facility [Line Items]
Encumbered Properties | property			10
Outstanding balance	$ 141,564	139,334
Effective interest rate	6.60%			7.91%
Debt instrument, collateral amount		262,800
Credit Facilities | Prior Credit Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Extension term	1 year
Credit Facilities | MOB Warehouse Facility
Line of Credit Facility [Line Items]
Encumbered Properties | property			5
Outstanding balance	$ 0	$ 14,748
Effective interest rate	0%			8.36%

Credit Facilities, Net - Narrat

Credit Facilities, Net - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 instrument	Dec. 31, 2023	Dec. 31, 2023 derivative	Dec. 22, 2023 USD ($)	Dec. 31, 2022 USD ($) instrument	Jun. 30, 2017 USD ($)
Debt Instrument [Line Items]
Real estate investments, at cost	$ 2,621,634,000					$ 2,587,621,000
Real estate investments pledged as collateral	1,300,000,000
Credit facilities, net	361,026,000					$ 530,297,000
Outstanding loan amount	1,182,405,000
SOFR | Derivatives designated as hedging instruments:
Debt Instrument [Line Items]
Number of instruments | instrument		1				7
Notional Amount	378,500,000					$ 528,500,000
Derivatives terminated in period	150,000,000
Interest rate caps | Derivatives not designated as hedging instruments:
Debt Instrument [Line Items]
Number of instruments		7		7		7
Interest rate cap			3.50%			3.50%
Notional Amount	364,170,000					$ 354,624,000
LIBOR | Derivatives designated as hedging instruments:
Debt Instrument [Line Items]
Number of instruments | instrument		0				2
Notional Amount	0					$ 50,000,000
Derivatives terminated in period	50,000,000
Proceeds from terminated swaps	5,400,000
SOFR Based Interest Rate Cap | Derivatives not designated as hedging instruments:
Debt Instrument [Line Items]
Notional Amount	349,400,000
Credit Facilities
Debt Instrument [Line Items]
Outstanding loan amount	361,026,000
Mortgage Notes Payable
Debt Instrument [Line Items]
Outstanding loan amount	821,379,000					585,181,000
Unencumbered Properties
Debt Instrument [Line Items]
Real estate investments, at cost	635,900,000
Secured Debt
Debt Instrument [Line Items]
Credit facilities, net	0					178,250,000
Secured Debt | Credit Facilities
Debt Instrument [Line Items]
Credit facilities, net	0					150,000,000
Secured Debt | Credit Facilities | SOFR
Debt Instrument [Line Items]
Notional Amount						150,000,000
Secured Debt | Credit Facilities | LIBOR
Debt Instrument [Line Items]
Notional Amount						150,000,000
Fannie Mae Master Credit Facilities
Debt Instrument [Line Items]
Real estate investments, at cost	614,000,000
Fannie Mae Master Credit Facilities | SOFR | Derivatives designated as hedging instruments:
Debt Instrument [Line Items]
Notional Amount	346,300,000
Fannie Mae Master Credit Facilities | Interest rate caps
Debt Instrument [Line Items]
Derivative, premium paid	9,600,000
Number of instruments held, renew | derivative				5
Derivative, notional amount renewed	$ 289,400,000
Fannie Mae Master Credit Facilities | London Interbank Offered Rate One Month | Capital One Facility
Debt Instrument [Line Items]
Variable rate	2.41%
Fannie Mae Master Credit Facilities | London Interbank Offered Rate One Month | KeyBank Facility
Debt Instrument [Line Items]
Variable rate	2.46%
Fannie Mae Master Credit Facilities | Secured Overnight Financing Rate One Month | Capital One Facility
Debt Instrument [Line Items]
Variable rate	2.41%
Fannie Mae Master Credit Facilities | Secured Overnight Financing Rate One Month | KeyBank Facility
Debt Instrument [Line Items]
Variable rate	2.46%
Fannie Mae Master Credit Facilities | Credit Facilities
Debt Instrument [Line Items]
Credit facilities, net	$ 346,278,000					352,047,000
Payments for escrow deposit	$ 11,800,000
Debt service coverage ratio	1.40
Fannie Mae Master Credit Facilities | Credit Facilities | Capital One Facility
Debt Instrument [Line Items]
Credit facilities, net	$ 206,944,000					210,483,000
Fannie Mae Master Credit Facilities | Credit Facilities | KeyBank Facility
Debt Instrument [Line Items]
Credit facilities, net	139,334,000					141,564,000
Fannie Mae Master Credit Facilities | Credit Facilities | LIBOR | Capital One Facility
Debt Instrument [Line Items]
Notional Amount						50,000,000
MOB Warehouse Facility
Debt Instrument [Line Items]
Real estate investments, at cost	23,000,000
MOB Warehouse Facility | Interest rate caps
Debt Instrument [Line Items]
Derivative, premium paid	400,000
Notional Amount	14,700,000
MOB Warehouse Facility | Credit Facilities
Debt Instrument [Line Items]
Credit facilities, net	$ 14,748,000					0
Maximum borrowing capacity					$ 50,000,000
MOB Warehouse Facility | Credit Facilities | Secured Overnight Financing Rate One Month
Debt Instrument [Line Items]
Variable rate	3%
Prior Credit Facility | Credit Facilities
Debt Instrument [Line Items]
Debt financing wrote off	$ 2,600,000
Prior Credit Facility | Credit Facilities | Minimum | Base Rate
Debt Instrument [Line Items]
Variable rate	0.85%
Prior Credit Facility | Credit Facilities | Minimum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable rate	2.10%
Prior Credit Facility | Credit Facilities | Maximum | Base Rate
Debt Instrument [Line Items]
Variable rate	1.60%
Prior Credit Facility | Credit Facilities | Maximum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable rate	2.85%
Capital One MOB Loan | LIBOR
Debt Instrument [Line Items]
Notional Amount	$ 378,500,000					378,500,000
Capital One MOB Loan | Mortgage Notes Payable
Debt Instrument [Line Items]
Outstanding loan amount	$ 378,500,000					$ 378,500,000	$ 250,000,000

Credit Facilities, Net - Future

Credit Facilities, Net - Future Principal Payments of Outstanding Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
2024	$ 6,947
2025	19,039
2026	728,881
2027	922
2028	116,989
Thereafter	309,627
Total	1,182,405
Mortgage Notes Payable
Debt Instrument [Line Items]
2024	1,178
2025	13,270
2026	379,393
2027	922
2028	116,989
Thereafter	309,627
Total	821,379	$ 585,181
Credit Facilities
Debt Instrument [Line Items]
2024	5,769
2025	5,769
2026	349,488
2027	0
2028	0
Thereafter	0
Total	$ 361,026

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Assets Measured at Fair Value (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 28,370	$ 40,647
Derivatives not designated as hedging instruments:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	6,111	3,737
Derivatives designated as hedging instruments:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	22,259	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 | Derivatives not designated as hedging instruments:
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 | Derivatives designated as hedging instruments:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	0
Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	28,370	40,647
Significant Other Observable Inputs Level 2 | Derivatives not designated as hedging instruments:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	6,111	3,737
Significant Other Observable Inputs Level 2 | Derivatives designated as hedging instruments:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	22,259	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 | Derivatives not designated as hedging instruments:
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 | Derivatives designated as hedging instruments:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Narrative (Details) - Disposal Group, Held-for-use, Not Discontinued Operations - property	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of properties held-for-use	12	17
Number of properties marketed for sale	4	10
MOBs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of properties held-for-use	8	9
Number of properties marketed for sale	1	2
SHOPs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of properties held-for-use	3	8
Number of properties marketed for sale	2	8
Land Parcel
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of properties held-for-use	1
Number of properties marketed for sale	1

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Carrying Amounts and Fair Values of Debt (Details) - Significant Unobservable Inputs Level 3 - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Mortgage Notes Payable | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	$ 820,106	$ 583,817
Mortgage Notes Payable | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	787,665	550,626
Revolving Credit Facility | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	0	180,000
Revolving Credit Facility | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	0	179,496
Fannie Mae Master Credit Facilities | Revolving Credit Facility | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	346,278	352,047
Fannie Mae Master Credit Facilities | Revolving Credit Facility | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	346,996	353,034
MOB Warehouse Facility | Revolving Credit Facility | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	14,748	0
MOB Warehouse Facility | Revolving Credit Facility | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	$ 14,796	$ 0

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Balance Sheet Classification (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivative assets, at fair value	$ 28,370	$ 40,647
Derivative assets, at fair value | Derivatives designated as hedging instruments: | Interest rate “pay-fixed” swaps
Derivative [Line Items]
Derivative assets, at fair value	22,259	36,910
Derivative assets, at fair value | Derivatives not designated as hedging instruments: | Interest rate caps
Derivative [Line Items]
Derivative assets, at fair value	$ 6,111	$ 3,737

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities - Derivative Instruments (Details) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2023 instrument	Dec. 31, 2023 derivative	Dec. 31, 2023	Dec. 31, 2022 USD ($) derivative instrument
Derivatives designated as hedging instruments: | Interest rate “pay-fixed” swaps
Derivative [Line Items]
Number of Instruments | instrument		1			9
Notional Amount	$ 378,500				$ 578,500
Derivatives designated as hedging instruments: | SOFR
Derivative [Line Items]
Number of Instruments | instrument		1			7
Notional Amount	378,500				$ 528,500
Derivatives designated as hedging instruments: | SOFR | Fannie Mae Master Credit Facilities
Derivative [Line Items]
Notional Amount	346,300
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		7	7		7
Notional Amount	$ 364,170				$ 354,624
Interest rate cap agreements excluded | derivative					1
Interest rate cap agreements excluded					$ 52,600
Interest rate cap				3.50%	3.50%

Derivatives and Hedging Activ_5

Derivatives and Hedging Activities - Derivatives Included in AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Total amount of interest expense presented in the consolidated statements of operations and comprehensive loss	$ 66,078	$ 51,740	$ 47,900
Interest rate “pay-fixed” swaps
Derivative [Line Items]
Amount of gain recognized in accumulated other comprehensive income on interest rate derivatives	5,324	50,098	14,322
Amount of gain (loss) reclassified from accumulated other comprehensive income into earnings as reductions to (increases in) interest expense	$ 18,770	$ (1,153)	$ (11,010)

Derivatives and Hedging Activ_6

Derivatives and Hedging Activities - Narrative (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2019 USD ($) instrument	Dec. 31, 2023 USD ($) instrument	Dec. 31, 2022 USD ($) instrument	Dec. 31, 2021 USD ($)	Dec. 31, 2023 instrument	Dec. 31, 2023	Dec. 31, 2023 derivative	Jun. 30, 2017 USD ($)
Derivative [Line Items]
Outstanding loan amount		$ 1,182,405,000
(Loss) gain on non-designated derivatives		(1,995,000)	$ 3,834,000	$ 37,000
Cash received from non-designated derivative instruments		5,580,000	286,000	0
Mortgage Notes Payable
Derivative [Line Items]
Outstanding loan amount		821,379,000	$ 585,181,000
Interest Rate Cap Maturing April 2024
Derivative [Line Items]
Number of instruments | derivative							1
Notional Amount		60,000,000
Derivatives designated as hedging instruments: | Interest rate “pay-fixed” swaps
Derivative [Line Items]
Number of instruments | instrument			9		1
Average variable interest rate						1.61%
Notional Amount		378,500,000	$ 578,500,000
Derivatives designated as hedging instruments: | Interest rate contract
Derivative [Line Items]
Cash flow hedge reclassification current		$ 1,200,000
Derivatives designated as hedging instruments: | SOFR
Derivative [Line Items]
Number of instruments | instrument			7		1
Number of instruments terminated | instrument		6
Derivatives terminated in period		$ 150,000,000
Proceeds from sale of interest rate cash flow hedge		3,500,000
Notional Amount		$ 378,500,000	$ 528,500,000
Derivatives designated as hedging instruments: | LIBOR
Derivative [Line Items]
Number of instruments | instrument			2		0
Number of instruments terminated | instrument		2
Derivatives terminated in period		$ 50,000,000
Proceeds from sale of interest rate cash flow hedge		1,900,000
Notional Amount		0	$ 50,000,000
Derivatives not designated as hedging instruments: | Interest rate caps
Derivative [Line Items]
Number of instruments			7		7		7
Notional Amount		364,170,000	$ 354,624,000
Interest rate cap			3.50%			3.50%
Interest Expense | Derivatives designated as hedging instruments: | Interest rate contract
Derivative [Line Items]
Cash flow hedge reclassification current		4,200,000
Cash flow hedge reclassification in next twelve months		13,500,000
Capital One MOB Loan | Mortgage Notes Payable
Derivative [Line Items]
Outstanding loan amount		378,500,000	$ 378,500,000					$ 250,000,000
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]
Number of instruments terminated | instrument	2
Derivatives terminated in period	$ 250,000,000
Payment for termination of swap	2,200,000
Capital One MOB Loan | Derivatives designated as hedging instruments: | Interest rate contract
Derivative [Line Items]
Cash flow hedge reclassification current		0	0
Capital One MOB Loan | Interest Expense | Derivatives designated as hedging instruments: | Interest rate contract
Derivative [Line Items]
Cash flow hedge reclassification current	$ (2,200,000)		$ (400,000)	$ (900,000)
Fannie Mae Master Credit Facilities | Interest rate caps
Derivative [Line Items]
Derivative, premium paid		9,600,000
Number of instruments held, renew | derivative							5
Derivative, notional amount renewed		289,400,000
Fannie Mae Master Credit Facilities | Derivatives designated as hedging instruments: | SOFR
Derivative [Line Items]
Notional Amount		346,300,000
MOB Warehouse Facility | Interest rate caps
Derivative [Line Items]
Notional Amount		14,700,000
Derivative, premium paid		$ 400,000

Derivatives and Hedging Activ_7

Derivatives and Hedging Activities - Offsetting Derivatives (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Assets	$ 28,370	$ 40,647
Gross Amounts of Recognized (Liabilities)	0	0
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Amounts of Assets presented in the Consolidated Balance Sheet	28,370	40,647
Financial Instruments	0	0
Cash Collateral Received	0	0
Net Amount	$ 28,370	$ 40,647

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands						1 Months Ended	3 Months Ended	12 Months Ended			39 Months Ended	123 Months Ended	135 Months Ended
	Oct. 06, 2021 USD ($) $ / shares shares	Oct. 04, 2021 $ / shares shares	May 11, 2021 USD ($) shares	Mar. 01, 2018 $ / shares	Apr. 01, 2017 $ / shares	Apr. 30, 2013 $ / shares	Sep. 30, 2021 USD ($) shares	Dec. 31, 2023 director dividend $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2023 $ / shares shares	May 31, 2021 shares	Dec. 31, 2020 shares	Sep. 30, 2020 shares	Sep. 15, 2020 USD ($) shares
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)								111,545,018	105,080,531	99,281,754	111,545,018	105,080,531	111,545,018
Distributions declared in common stock (in shares)											19,000,000
Stock issued during period, shares, new issues (in shares)								0	0		0
Repurchase price per share, percentage of estimated per-share NAV								100%
Number of shares repurchased (in shares)								0				4,896,620	4,896,620
DRIP, period of notice to alter agreement								10 days
Common stock issued through distribution reinvestment plan (in shares)								0	0	0
Number of securities called by share purchase right (in shares)															1
Distributions declared per share (in usd per share) | $ / shares				$ 0.85	$ 1.45	$ 1.70
Non-controlling Interests
Class of Stock [Line Items]
Preferred units, issued (in shares)							100,000
Preferred unit issuance value | $							$ 2,600
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)								4,740,000	4,740,000		4,740,000	4,740,000	4,740,000
Preferred stock, additional shares authorized (in shares)																600,000
Preferred stock, shares issued (in shares)								3,977,144	3,977,144		3,977,144	3,977,144	3,977,144
Preferred stock, shares outstanding (in shares)								3,977,144	3,977,144		3,977,144	3,977,144	3,977,144
Preferred stock, dividend rate, percentage								7.375%
Preferred stock, par value (in usd per share) | $ / shares								$ 0.01	$ 0.01		$ 0.01	$ 0.01	$ 0.01
Preferred stock, dividend rate (in usd per share) | $ / shares								1.84375
Preferred stock, liquidation preference (in usd per share) | $ / shares								$ 25			$ 25		$ 25
Number of additional directors | director								2
Number of dividends in arrears required for voting rights | dividend								6
Issuance of preferred stock, net | $										$ 56,265
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)								3,680,000	3,680,000		3,680,000	3,680,000	3,680,000
Preferred stock, shares issued (in shares)								3,630,000	3,630,000		3,630,000	3,630,000	3,630,000
Preferred stock, shares outstanding (in shares)								3,630,000	3,630,000		3,630,000	3,630,000	3,630,000
Preferred stock, dividend rate, percentage	7.125%	7.125%						7.125%
Preferred stock, par value (in usd per share) | $ / shares		$ 0.01						$ 0.01	$ 0.01		$ 0.01	$ 0.01	$ 0.01
Preferred stock, dividend rate (in usd per share) | $ / shares								1.78125
Preferred stock, liquidation preference (in usd per share) | $ / shares								$ 25			$ 25		$ 25
Number of additional directors | director								2
Number of dividends in arrears required for voting rights | dividend								6
Issuance of preferred stock, net | $									$ (42)	$ 86,819
Public Stock Offering
Class of Stock [Line Items]
Preferred stock, liquidation preference (in usd per share) | $ / shares	$ 25
Preferred stock, number of shares issued in public offering	3,630,000
Consideration received on transaction, gross | $	$ 90,800
Issuance of preferred stock, net | $	$ 86,800
Public Stock Offering | Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)								1,610,000			1,610,000		1,610,000	2,530,000
Preferred stock, liquidation preference (in usd per share) | $ / shares								$ 25			$ 25		$ 25
Public Stock Offering | Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)		3,680,000
Preferred stock, liquidation preference (in usd per share) | $ / shares								$ 25			$ 25		$ 25
Delisting | Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage								9.375%
Preferred stock, dividend rate (in usd per share) | $ / shares								$ 2.34375
Increase in preferred stock, dividend rate, percentage								2%
Delisting | Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage								9.125%
Preferred stock, dividend rate (in usd per share) | $ / shares								$ 2.28125
Increase in preferred stock, dividend rate, percentage								2%
Public Offering
Class of Stock [Line Items]
Preferred stock, number of shares issued in public offering			2,352,144
Sale of stock, net proceeds | $			$ 56,000
Discount on offering | $			$ 2,900
Preferred Stock Equity Line
Class of Stock [Line Items]
Stock issued during period, shares, new issues (in shares)										15,000
Sale of stock, net proceeds | $										$ 300
Authorized preferred stock offering, value | $																	$ 15,000
Maximum shares per preferred stock offering (in shares)																	3,500
Proceeds from issuance of preferred stock | $										400
Stock issuance costs | $										$ 1,200
APIC, stock issuance costs | $							$ 30
Over-Allotment Option
Class of Stock [Line Items]
Preferred stock, number of shares issued in public offering	430,000		152,144
Maximum | Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)								50,000,000			50,000,000		50,000,000

Stockholders' Equity - Cumulati

Stockholders' Equity - Cumulative Share Repurchases (Details) - $ / shares	12 Months Ended	123 Months Ended	135 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023
Equity [Abstract]
Number of Shares Repurchased (in shares)	0	4,896,620	4,896,620
Average Price per Share (in usd per share)	$ 0	$ 20.60	$ 20.60

Stockholders' Equity - Stock Di

Stockholders' Equity - Stock Dividends (Details) - shares	Jan. 03, 2024	Oct. 02, 2023	Jul. 03, 2023	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
Class of Stock [Line Items]
Stock dividends (in shares)		0.015179	0.015179	0.015179	0.014167	0.014167	0.014167	0.014167	0.014655	0.014655	0.014655	0.014655	0.013492	0.013492
Subsequent Event
Class of Stock [Line Items]
Stock dividends (in shares)	0.015179

Related Party Transactions an_3

Related Party Transactions and Arrangements - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Common stock held by related party (in shares)	111,545,018	105,080,531	99,281,754
Limited partner units (in shares)	90	90
Tax Depreciation Deduction | Affiliated Entity | Advisor
Related Party Transaction [Line Items]
Excess depreciation deductions maximum	$ 10,000,000
American Realty Capital Healthcare II Special Limited Partnership, LLC | Affiliated Entity | Special Limited Partner
Related Party Transaction [Line Items]
Common stock held by related party (in shares)	10,710	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	12 Months Ended
	Jul. 25, 2019 USD ($)	Feb. 17, 2017 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Renewal term		10 years
Percent of board approval required for early termination		67%
Period to terminate early with board approval		45 days
Related Party
Related Party Transaction [Line Items]
Equity instruments, net of selling commissions (in usd per share) | $ / shares					$ 22.50
American Realty Capital Healthcare Advisors, LLC
Related Party Transaction [Line Items]
Period to terminate early with board approval		60 days
Advisor | Related Party
Related Party Transaction [Line Items]
Shares approved for issuance (in shares) | shares					359,250
Advisor | American Realty Capital Healthcare Advisors, LLC | Related Party
Related Party Transaction [Line Items]
Asset threshold for assignment of agreement					$ 100,000
Advisor | American Realty Capital Healthcare Advisors, LLC | Advance on Loan or Other Investment | Related Party
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%
Advisor | American Realty Capital Healthcare Advisors, LLC | Contract Purchase Price | Related Party
Related Party Transaction [Line Items]
Quarterly asset management earned by related party, percentage of benchmark					0.1875%
Advisor | American Realty Capital Healthcare Advisors, LLC | Gross Revenue, Stand-alone Single-tenant Net Leased Properties | Related Party
Related Party Transaction [Line Items]
Property management fees					1.50%
Advisor | American Realty Capital Healthcare Advisors, LLC | Gross Revenue, Excluding Stand-alone Single-tenant Net Leased Properties | Related Party
Related Party Transaction [Line Items]
Property management fees					2.50%
Advisor | American Realty Capital Healthcare Advisors, LLC | Gross Revenue, Managed Properties | Maximum | Related Party
Related Party Transaction [Line Items]
Oversight fees earned by related party					1%
Second Amended and Restated Advisory Agreement
Related Party Transaction [Line Items]
Period of notice of termination		365 days
Annual Targeted Investor Return | Special Limited Partner | Healthcare Trust Special Limited Partnership, LLC | Pre-tax Non-compounded Return on Capital Contribution | Related Party
Related Party Transaction [Line Items]
Cumulative capital investment return to investors as a percentage of benchmark					6%
Monthly Base Management Fee | American Realty Capital Healthcare Advisors, LLC
Related Party Transaction [Line Items]
Base management fee of net proceeds, variable portion factor, percent		8.33%
Monthly Base Management Fee | American Realty Capital Healthcare Advisors, LLC | Related Party
Related Party Transaction [Line Items]
Transaction amount		$ 1,625
Base management fee of net proceeds		1.25%
Quarterly Variable Management Fee, Benchmark One | American Realty Capital Healthcare Advisors, LLC | Related Party
Related Party Transaction [Line Items]
Basis of core earnings, percent					15%
Basis of core earnings (in usd per share) | $ / shares					$ 0.375
Quarterly Variable Management Fee, Benchmark Two | American Realty Capital Healthcare Advisors, LLC | Related Party
Related Party Transaction [Line Items]
Basis of core earnings, percent					10%
Basis of core earnings (in usd per share) | $ / shares					$ 0.47
Amended and Restated Property Management and Leasing Agreement | Related Party
Related Party Transaction [Line Items]
Renewal term		1 year
Period of notice of termination		90 days
Reimbursements of Administrative Services | American Realty Capital Healthcare Advisors, LLC | Related Party
Related Party Transaction [Line Items]
Transaction amount					$ 10,600	$ 8,800	$ 9,400
Severance costs					300	300
Third Amended And Restated Advisory Agreement | American Realty Capital Healthcare Advisors, LLC | Capped Reimbursement Amount | Related Party
Related Party Transaction [Line Items]
Transaction amount					$ 8,000	$ 7,800
Fixed component	$ 6,800
Third Amended And Restated Advisory Agreement | American Realty Capital Healthcare Advisors, LLC | Capped Reimbursement Amount | Related Party | Forecast
Related Party Transaction [Line Items]
Transaction amount				$ 8,200
Third Amended And Restated Advisory Agreement | American Realty Capital Healthcare Advisors, LLC | Real Estate Cost
Related Party Transaction [Line Items]
Reduction of real estate cost percent	0.250
Third Amended And Restated Advisory Agreement | American Realty Capital Healthcare Advisors, LLC | Real Estate Cost | Related Party
Related Party Transaction [Line Items]
Fee multiplier	4
Real estate cost percent multiplier	0.0029
Third Amended And Restated Advisory Agreement | American Realty Capital Healthcare Advisors, LLC | Consumer Price Index | Related Party
Related Party Transaction [Line Items]
Cost of living percent multiplier	0.030
Third Amended And Restated Advisory Agreement | Advisor | Related Party
Related Party Transaction [Line Items]
Contingent good faith negotiations of fixed component, term	12 months
Third Amended And Restated Advisory Agreement | Advisor And Company | Related Party
Related Party Transaction [Line Items]
Contingent good faith negotiations of fixed component, term	90 days
2020 Bonus Awards | Related Party
Related Party Transaction [Line Items]
Term of agreement			10 months
2020 Bonus Awards | Advisor | Related Party
Related Party Transaction [Line Items]
Transaction amount			$ 1,000
Term of agreement			6 months

Related Party Transactions an_5

Related Party Transactions and Arrangements - Fees Paid in Connection With the Operations of the Company, Incurred, Forgiven and Payable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Expenses incurred	$ 350,341	$ 367,262	$ 370,438
Related Party | Total related party operation fees and reimbursements
Related Party Transaction [Line Items]
Expenses incurred	36,593	34,874	32,905
Payable (receivable)	295	47
Related Party | Acquisition cost reimbursements
Related Party Transaction [Line Items]
Expenses incurred	32	23	90
Payable (receivable)	0	5
Related Party | Asset management fees
Related Party Transaction [Line Items]
Expenses incurred	21,831	21,831	20,710
Payable (receivable)	0	0
Related Party | Property Management Fees
Related Party Transaction [Line Items]
Expenses incurred	4,135	4,200	3,749
Payable (receivable)	97	3
Leasing commissions expense		400	700
Related Party | Professional fees and other reimbursements
Related Party Transaction [Line Items]
Expenses incurred	10,595	8,820	9,386
Payable (receivable)	198	39
Related Party | Professional fees credit due from Advisor
Related Party Transaction [Line Items]
Expenses incurred	0	0	(1,030)
Payable (receivable)	0	0
Related Party | Capped Reimbursement Amount | Professional fees and other reimbursements
Related Party Transaction [Line Items]
Fixed component	$ 6,900	$ 6,000	$ 6,200

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) - Related Party $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Second Amended and Restated Advisory Agreement | Advisor
Related Party Transaction [Line Items]
Fee payment period	30 days
Asset management fees
Related Party Transaction [Line Items]
Fee multiplier	4
Transition Fee
Related Party Transaction [Line Items]
Transaction amount	$ 15
Subject Fees (Transition Fee Not in Excess of the Product)
Related Party Transaction [Line Items]
Fee multiplier	4
Subject Fees
Related Party Transaction [Line Items]
Fee multiplier	4.5
Change in Control Fee
Related Party Transaction [Line Items]
Fee multiplier	4
Variable Management - Incentive Fee
Related Party Transaction [Line Items]
Fee multiplier	4
Healthcare Trust Special Limited Partnership, LLC | Excess of Adjusted Market Value of Real Estate Assets Plus Distributions Over Aggregate Contributed Investor Capital | Special Limited Partner
Related Party Transaction [Line Items]
Subordinated participation fees as a percentage of benchmark	15%
Distribution upon nonrenewal of advisory agreement	15%
Healthcare Trust Special Limited Partnership, LLC | Pre-tax Non-compounded Return on Capital Contribution | Annual Targeted Investor Return | Special Limited Partner
Related Party Transaction [Line Items]
Cumulative capital investment return to investors as a percentage of benchmark	6%
Healthcare Trust Special Limited Partnership, LLC | Net Sale Proceeds, after Return of Capital Contributions and Annual Targeted Investor Return | Special Limited Partner
Related Party Transaction [Line Items]
Subordinated performance fee as a percentage of benchmark	15%

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during period, issued for services (in shares)	0	0	0
Restricted Share Plan | Unvested restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum authorized amount as a percentage of shares authorized	5%
Number of shares authorized (in shares)	4,100,000
Unrecognized compensation cost	$ 0.6
Weighted-average period	7 months 6 days
Share-based compensation expense	$ 0.9	$ 1.2	$ 1.3
Restricted Share Plan | Unvested restricted Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share vesting period	3 years
Restricted Share Plan | Unvested restricted Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share vesting period	5 years

Equity-Based Compensation - Sha

Equity-Based Compensation - Share-based Compensation Awards (Details) - Unvested restricted Shares - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Common Shares
Beginning balance (in shares)	97,343	159,427
Ending balance (in shares)	51,643	97,343	159,427
Restricted Share Plan
Number of Common Shares
Beginning balance (in shares)	97,343	159,427	215,384
Stock dividend (in shares)	5,171	8,313	12,646
Granted (in shares)	0	0	0
Vested (in shares)	(50,871)	(70,397)	(68,603)
Forfeitures (in shares)	0	0	0
Ending balance (in shares)	51,643	97,343	159,427
Weighted-Average Issue Price
Beginning balance (usd per share)	$ 18.89	$ 21.21	$ 21.11
Stock dividend (usd per share)	14.27	14.86	14.79
Granted (usd per share)	0	0	0
Vested (usd per share)	20.40	23.67	19.72
Forfeitures (usd per share)	0	0	0
Ending balance (usd per share)	$ 16.94	$ 18.89	$ 21.21

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 999,190	$ 1,040,400	$ 961,372
Ending balance	900,583	999,190	1,040,400
Interest rate contract | Derivatives designated as hedging instruments:
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Unamortized portion remaining in accumulated other comprehensive (loss) income	1,200
Unrealized Gains (Losses) on Designated Derivative
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	36,910	(14,341)	(39,673)
Other comprehensive income, before reclassifications	5,324	50,098	14,322
Amount of gain reclassified from accumulated other comprehensive income	(18,770)	1,153	11,010
Ending balance	$ 23,464	$ 36,910	$ (14,341)

Non-controlling Interests - Bal

Non-controlling Interests - Balance Sheet Breakdown (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Noncontrolling Interest [Line Items]
Total Non-controlling Interests in the OP	$ 5,734	$ 6,162
Non-controlling interests in property owning subsidiaries	695	389
Total Non-controlling Interests	6,429	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	$ 3,156	$ 3,584

Non-controlling Interests - Sta

Non-controlling Interests - Statement of Operation Breakdown (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Noncontrolling Interest [Line Items]
Distributions to non-controlling interest holders	$ 132	$ 157	$ 281
Income attributable to non-controlling interests in property-owning subsidiaries	(50)	(22)	(21)
Net loss attributable to non-controlling interests	82	135	260
Series A Preferred Unit
Noncontrolling Interest [Line Items]
Distributions to non-controlling interest holders	(185)	(184)	(92)
Common OP Unit
Noncontrolling Interest [Line Items]
Distributions to non-controlling interest holders	$ 317	$ 341	$ 373

Non-controlling Interests - Nar

Non-controlling Interests - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Nov. 30, 2014
Noncontrolling Interest [Line Items]
Distributions to non-controlling interest holders	$ 185,000	$ 184,000	$ 46,000
Limited partner units (in shares)	90	90
Payments to noncontrolling interests	$ 0	$ 0
Antidilutive securities excluded from computation of earnings per share (in shares)	1,019,411	1,086,254	1,163,957
Series A Preferred Unit
Noncontrolling Interest [Line Items]
Distributions to non-controlling interest holders	$ 200,000	$ 200,000
OP Units
Noncontrolling Interest [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	496,644	496,644	496,644
Non-controlling Interests
Noncontrolling Interest [Line Items]
Preferred 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)	405,908				405,908
Units issued to purchase building					$ 10,100,000
Units issued (in usd per share)					$ 25
Limited partner units, redemption period	1 year

Non-controlling Interests - Non

Non-controlling Interests - Non-controlling Interests (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 property	Dec. 31, 2023 encumberedProperty	Dec. 31, 2023
Noncontrolling Interest [Line Items]
Third Party Net Investment Amount	$ 6,429	$ 6,551
Net Real Estate Assets Subject to Investment Arrangement	1,939,657	1,978,297
Distributions	185	184	$ 92
Number of properties owned				204	26
Non-controlling Interests
Noncontrolling Interest [Line Items]
Distributions	185	184	92
Plaza Del Rio Medical Office Campus Portfolio AZ | Non-controlling Interests
Noncontrolling Interest [Line Items]
Third Party Net Investment Amount	695
Net Real Estate Assets Subject to Investment Arrangement	12,687	12,455
Distributions	$ 0	$ 0	$ 0
Number of properties owned | property				6
Plaza Del Rio Medical Office Campus Portfolio AZ | Non-controlling Interests | Fannie Mae Master Credit Facilities | Capital One Facility
Noncontrolling Interest [Line Items]
Encumbered Properties | property				3
Plaza Del Rio Medical Office Campus Portfolio AZ | Non-controlling Interests | MOB Warehouse Facility
Noncontrolling Interest [Line Items]
Number of properties pledged | property				2
Plaza Del Rio Medical Office Campus Portfolio AZ | Non-controlling Interests | Multi-Property CMBS Loan
Noncontrolling Interest [Line Items]
Encumbered Properties | property				1
Plaza Del Rio Medical Office Campus Portfolio AZ | Non-controlling Interests | Healthcare Trust Operating Partnership, L.P.
Noncontrolling Interest [Line Items]
Non-Controlling Ownership Percentage						6.70%

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share Computation (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net loss attributable to common stockholders		$ (86,097)	$ (93,285)	$ (92,942)
Basic weighted-average shares outstanding (in shares)	[1]	113,121,721	113,043,339	112,965,632
Diluted weighted-average shares outstanding (in shares)	[1]	113,121,721	113,043,339	112,965,632
Basic net loss per share (in usd per share)	[1]	$ (0.76)	$ (0.83)	$ (0.82)
Diluted net loss per share (in usd per share)	[1]	$ (0.76)	$ (0.83)	$ (0.82)
Common stock held by related party (in shares)		111,545,018	105,080,531	99,281,754
[1] Retroactively adjusted for the effects of the Stock Dividends (see Note 1 — Organization for details).

Net Loss Per Share - Schedule_2

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,019,411	1,086,254	1,163,957
Limited partner units (in shares)	90	90
Class B units (in shares)	359,250	359,250	359,250
Unvested restricted Shares
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	83,308	150,151	227,854
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)	496,644	496,644	496,644
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)	439,459	439,459	439,459
Unvested restricted Shares
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]
Unvested restricted stock (in shares)	51,643	97,343	159,427
American Realty Capital Healthcare III Advisors, LLC | Advisor
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]
Limited partner units (in shares)	405,998	405,998	405,998

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details) - segment	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting [Abstract]
Number of reportable segments	2	2	2

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of Segment Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenue from tenants	$ 345,925	$ 335,846	$ 329,355
Less: Property operating and maintenance	217,792	213,444	205,813
Segment income	128,133	122,402	123,542
Impairment charges	(4,676)	(27,630)	(40,951)
Operating fees to related parties	(25,527)	(25,353)	(24,206)
Acquisition and transaction related	(545)	(1,484)	(2,714)
General and administrative	(18,928)	(17,287)	(16,828)
Depreciation and amortization	(82,873)	(82,064)	(79,926)
(Loss) gain on sale of real estate investments	(322)	(125)	3,648
Interest expense	(66,078)	(51,740)	(47,900)
Interest and other income	734	27	61
Gain (loss) on non-designated derivatives	(1,995)	3,834	37
Income tax expense	(303)	(201)	(203)
Net loss attributable to non-controlling interests	82	135	260
Allocation for preferred stock	(13,799)	(13,799)	(7,762)
Net loss attributable to common stockholders	(86,097)	(93,285)	(92,942)
MOBs
Segment Reporting Information [Line Items]
Revenue from tenants	135,449	131,444	122,867
Less: Property operating and maintenance	37,954	35,945	34,480
Segment income	97,495	95,499	88,387
SHOPs
Segment Reporting Information [Line Items]
Revenue from tenants	210,476	204,402	206,488
Less: Property operating and maintenance	179,838	177,499	171,333
Segment income	$ 30,638	$ 26,903	$ 35,155

Segment Reporting - Reconcili_2

Segment Reporting - Reconciliation of Segment Activity to Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments in real estate, net:
Total investments in real estate, net	$ 1,939,657	$ 1,978,297
Cash and cash equivalents	46,409	53,654	$ 59,738
Restricted cash	44,907	22,884
Derivative assets, at fair value	28,370	40,647
Straight-line rent receivable, net	26,325	25,276
Operating lease right-of-use assets	7,713	7,814
Prepaid expenses and other assets	35,781	34,554
Deferred costs	15,997	17,223
Total assets	2,145,159	2,180,349
MOBs
Investments in real estate, net:
Total investments in real estate, net	1,114,963	1,121,857
SHOPs
Investments in real estate, net:
Total investments in real estate, net	$ 824,694	$ 856,440

Segment Reporting - Reconcili_3

Segment Reporting - Reconciliation of Capital Expenditures by Segment (Details) - Operating Segments - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total capital expenditures	$ 25,299	$ 27,993	$ 19,071
MOBs
Segment Reporting Information [Line Items]
Total capital expenditures	10,467	10,542	6,152
SHOPs
Segment Reporting Information [Line Items]
Total capital expenditures	$ 14,832	$ 17,451	$ 12,919

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) lease	Dec. 31, 2022 USD ($)	Dec. 31, 2021 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	9 months 18 days
Operating lease right-of-use assets	$ 7,713	$ 7,814
Operating lease liabilities	$ 8,038	8,087
Remaining lease term	33 years 6 months
Weighted average discount rate, percent	7.36%
Operating lease payments	$ 700	700	$ 800
Operating lease costs	$ 800	$ 900	900
Land
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets			$ 5,700
Minimum
Lessee, Lease, Description [Line Items]
Renewal term	18 years 10 months 24 days
Maximum
Lessee, Lease, Description [Line Items]
Renewal term	83 years 8 months 12 days

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Future Minimum Rental Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
2024	$ 632
2025	588
2026	599
2027	617
2028	619
Thereafter	21,324
Total minimum lease payments	24,379
Less: amounts representing interest	(16,341)
Total present value of minimum lease payments	8,038	$ 8,087
Direct Financing Leases
2024	90
2025	93
2026	95
2027	97
2028	100
Thereafter	7,115
Total minimum lease payments	7,590
Less: amounts representing interest	(2,756)
Total present value of minimum lease payments	$ 4,834
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts payable and accrued expenses (including $295 and $47 due to related parties as of December 31, 2023 and 2022, respectively)

Subsequent Events (Details)

Subsequent Events (Details)

2 Months Ended

12 Months Ended

Jan. 03, 2024 shares

Oct. 02, 2023 shares

Jul. 03, 2023 shares

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

Mar. 15, 2024 USD ($) property

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Subsequent Event [Line Items]

Stock dividends (in shares) | shares

0.015179

0.015179

0.015179

0.014167

0.014167

0.014167

0.014167

0.014655

0.014655

0.014655

0.014655

0.013492

0.013492

Payments to acquire property

$ 35,261,000

$ 25,538,000

$ 159,300,000

Effective interest rate

7.90%

5.94%

Mortgage Notes Payable

Subsequent Event [Line Items]

Effective interest rate

4.58%

3.83%

Subsequent Event

Subsequent Event [Line Items]

Stock dividends (in shares) | shares

0.015179

Subsequent Event | Mortgage Notes Payable

Subsequent Event [Line Items]

Debt instrument, face amount

$ 7,500,000

Effective interest rate

6.84%

Subsequent Event | MOBs

Subsequent Event [Line Items]

Number of properties purchased | property

4

Payments to acquire property

$ 12,600,000

Real Estate and Accumulated D_2

Real Estate and Accumulated Depreciation Schedule III (Summary of Real Estate Properties) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,182,405
Land	211,142
Building and Improvements	2,073,990
Costs capitalized subsequent to acquisition, land	(3,155)
Costs capitalized subsequent to acquisition, buildings and improvements	46,362
Gross Amount	2,328,339	$ 2,295,587	$ 2,345,708	$ 2,211,451
Accumulated Depreciation	458,010	397,982	$ 328,095	$ 260,399
Credit facilities, net	361,026	530,297
Acquired intangibles	293,300
Federal income taxes	2,100,000
Accumulated amortization	$ 224,000
Building
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Useful life	40 years
Land Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Useful life	15 years
Fixtures and improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Useful life	5 years
Fresenius Medical Care - Winfield, AL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,166
Land	152
Building and Improvements	1,568
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	1,720
Accumulated Depreciation	490
Adena Health Center - Jackson, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	242
Building and Improvements	4,494
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	(25)
Gross Amount	4,711
Accumulated Depreciation	1,217
Ouachita Community Hospital - West Monroe, LA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	633
Building and Improvements	5,304
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	5,937
Accumulated Depreciation	1,469
CareMeridian - Littleton, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	976
Building and Improvements	8,900
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	111
Gross Amount	9,987
Accumulated Depreciation	3,272
Oak Lawn Medical Center - Oak Lawn, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,219
Land	835
Building and Improvements	7,217
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	25
Gross Amount	8,077
Accumulated Depreciation	1,919
Surgery Center of Temple - Temple, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,975
Land	225
Building and Improvements	5,208
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	432
Gross Amount	5,865
Accumulated Depreciation	1,572
Greenville Health System - Greenville, SC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,035
Land	720
Building and Improvements	3,045
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	713
Gross Amount	4,478
Accumulated Depreciation	886
Stockbridge Family Medical - Stockbridge, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,845
Land	823
Building and Improvements	1,799
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	233
Gross Amount	2,855
Accumulated Depreciation	629
Arrowhead Medical Plaza II - Glendale, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,756
Land	0
Building and Improvements	9,758
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	2,246
Gross Amount	12,004
Accumulated Depreciation	3,911
Village Center Parkway - Stockbridge, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,468
Land	1,135
Building and Improvements	2,299
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	386
Gross Amount	3,820
Accumulated Depreciation	916
Creekside MOB - Douglasville, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,229
Land	2,709
Building and Improvements	5,320
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	1,035
Gross Amount	9,064
Accumulated Depreciation	2,082
Bowie Gateway Medical Center - Bowie, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,356
Land	983
Building and Improvements	10,321
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	426
Gross Amount	11,730
Accumulated Depreciation	2,802
Campus at Crooks & Auburn Building D - Rochester Mills, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,964
Land	640
Building and Improvements	4,166
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	164
Gross Amount	4,970
Accumulated Depreciation	1,266
Berwyn Medical Center - Berwyn, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,305
Building and Improvements	7,559
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	196
Gross Amount	9,060
Accumulated Depreciation	1,897
Countryside Medical Arts - Safety Harbor, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,284
Land	915
Building and Improvements	7,663
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	555
Gross Amount	9,133
Accumulated Depreciation	2,164
St. Andrews Medical Park - Venice, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,440
Land	1,668
Building and Improvements	10,005
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	1,416
Gross Amount	13,089
Accumulated Depreciation	3,530
Campus at Crooks & Auburn Building C - Rochester Mills, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,749
Land	609
Building and Improvements	3,893
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	198
Gross Amount	4,700
Accumulated Depreciation	1,213
Laguna Professional Center - Elk Grove, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,808
Land	1,811
Building and Improvements	14,598
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	318
Gross Amount	16,727
Accumulated Depreciation	4,090
UC Davis MOB - Elk Grove, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,918
Land	1,138
Building and Improvements	7,242
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	294
Gross Amount	8,674
Accumulated Depreciation	2,199
Estate at Hyde Park - Tampa, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,777
Building and Improvements	20,308
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	1,130
Gross Amount	23,215
Accumulated Depreciation	5,799
Autumn Ridge of Clarkston - Clarkston, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	655
Building and Improvements	19,967
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	2,098
Gross Amount	22,720
Accumulated Depreciation	5,678
Sunnybrook of Burlington - Burlington, IA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	518
Building and Improvements	16,739
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	519
Gross Amount	17,776
Accumulated Depreciation	4,964
Sunnybrook of Carroll - Carroll, IA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	473
Building and Improvements	11,263
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	67
Gross Amount	11,803
Accumulated Depreciation	2,968
Prairie Hills at Cedar Rapids - Cedar Rapids, IA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	195
Building and Improvements	8,595
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	276
Gross Amount	9,066
Accumulated Depreciation	2,334
Prairie Hills at Clinton - Clinton, IA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	890
Building and Improvements	18,882
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	154
Gross Amount	19,926
Accumulated Depreciation	5,285
Prairie Hills at Des Moines - Des Moines, IA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	647
Building and Improvements	13,745
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	168
Gross Amount	14,560
Accumulated Depreciation	3,976
Sunnybrook of Fairfield - Fairfield, IA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	340
Building and Improvements	14,115
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	353
Gross Amount	14,808
Accumulated Depreciation	4,016
Prairie Hills at Independence - Independence, IA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	473
Building and Improvements	10,600
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	199
Gross Amount	11,272
Accumulated Depreciation	2,904
Sunnybrook of Mt. Pleasant - Mt. Pleasant, IA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	205
Building and Improvements	10,935
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	432
Gross Amount	11,572
Accumulated Depreciation	2,895
Sunnybrook of Muscatine - Muscatine, IA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	302
Building and Improvements	13,840
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	283
Gross Amount	14,425
Accumulated Depreciation	3,745
Prairie Hills at Tipton - Tipton, IA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	306
Building and Improvements	10,409
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	175
Gross Amount	10,890
Accumulated Depreciation	2,652
Liberty Court - Dixon, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	119
Building and Improvements	1,998
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	69
Gross Amount	2,186
Accumulated Depreciation	610
Lakeside Vista - Holland, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	378
Building and Improvements	12,196
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	2,205
Gross Amount	14,779
Accumulated Depreciation	3,658
The Atrium - Rockford, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	164
Building and Improvements	1,746
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	317
Gross Amount	2,227
Accumulated Depreciation	463
Arrowhead Medical Plaza I - Glendale, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,228
Land	0
Building and Improvements	6,447
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	1,644
Gross Amount	8,091
Accumulated Depreciation	2,361
Sunnybrook of Burlington - Land - Burlington, IA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	620
Building and Improvements	0
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	620
Accumulated Depreciation	0
Community Health MOB - Harrisburg, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,921
Land	0
Building and Improvements	6,170
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	6,170
Accumulated Depreciation	1,474
Brady MOB - Harrisburg, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	17,934
Land	0
Building and Improvements	22,485
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	22,485
Accumulated Depreciation	5,247
Landis Memorial - Harrisburg, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	0
Building and Improvements	32,484
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	32,484
Accumulated Depreciation	7,604
FOC II - Mechanicsburg, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,277
Land	0
Building and Improvements	16,473
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	173
Gross Amount	16,646
Accumulated Depreciation	4,462
FOC Clinical - Mechanicsburg, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,660
Land	0
Building and Improvements	19,634
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	19,634
Accumulated Depreciation	5,176
FOC I - Mechanicsburg, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,375
Land	0
Building and Improvements	8,923
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	324
Gross Amount	9,247
Accumulated Depreciation	2,632
Copper Springs Senior Living - Meridian, ID
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	498
Building and Improvements	7,130
Costs capitalized subsequent to acquisition, land	(197)
Costs capitalized subsequent to acquisition, buildings and improvements	(4,073)
Gross Amount	3,358
Accumulated Depreciation	69
Addington Place of Brunswick - Brunswick, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,509
Building and Improvements	14,402
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	616
Gross Amount	16,527
Accumulated Depreciation	4,160
Addington Place of Dublin - Dublin, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	403
Building and Improvements	9,281
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	235
Gross Amount	9,919
Accumulated Depreciation	2,768
Addington Place of Johns Creek - Johns Creek, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	997
Building and Improvements	11,943
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	545
Gross Amount	13,485
Accumulated Depreciation	3,536
Allegro at Jupiter - Jupiter, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	3,741
Building and Improvements	49,534
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	1,086
Gross Amount	54,361
Accumulated Depreciation	13,343
Addington Place of Lee's Summit - Lee's Summit, MO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	2,734
Building and Improvements	25,008
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	467
Gross Amount	28,209
Accumulated Depreciation	6,844
Addington Place at Mills - Roswell, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,000
Building and Improvements	8,611
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	2,730
Gross Amount	12,341
Accumulated Depreciation	3,783
Addington Place of College Harbour - St Petersburg, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	3,791
Building and Improvements	8,684
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	2,843
Gross Amount	15,318
Accumulated Depreciation	3,591
Allegro at Stuart - Stuart, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	5,018
Building and Improvements	60,575
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	1,465
Gross Amount	67,058
Accumulated Depreciation	16,600
Allegro at Tarpon - Tarpon Springs, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	2,360
Building and Improvements	13,728
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	3,760
Gross Amount	19,848
Accumulated Depreciation	5,138
Addington Place of Titusville - Titusville, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,379
Building and Improvements	13,976
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	814
Gross Amount	16,169
Accumulated Depreciation	4,481
Allegro at St. Petersburg - Land - St. Petersburg, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	3,045
Building and Improvements	0
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	3,045
Accumulated Depreciation	0
Gateway MOB - Clarksville, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,953
Land	0
Building and Improvements	16,367
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	1,127
Gross Amount	17,494
Accumulated Depreciation	4,681
Dyer Building - Dyer, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,842
Land	601
Building and Improvements	8,992
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	195
Gross Amount	9,788
Accumulated Depreciation	2,227
757 Building - Munster, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,819
Land	645
Building and Improvements	7,885
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	56
Gross Amount	8,586
Accumulated Depreciation	1,895
761 Building - Munster, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,611
Land	1,436
Building and Improvements	8,616
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	179
Gross Amount	10,231
Accumulated Depreciation	2,238
759 Building - Munster, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,009
Land	1,101
Building and Improvements	8,899
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	42
Gross Amount	10,042
Accumulated Depreciation	2,201
Schererville Building - Schererville, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,260
Building and Improvements	935
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	153
Gross Amount	2,348
Accumulated Depreciation	442
Meadowbrook Senior Living - Agoura Hills, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	8,821
Building and Improvements	48,682
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	3,162
Gross Amount	60,665
Accumulated Depreciation	13,139
Mount Vernon Medical Office Building - Mount Vernon, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,774
Land	0
Building and Improvements	18,519
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	4
Gross Amount	18,523
Accumulated Depreciation	4,561
Wellington at Hershey's Mill - West Chester, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	8,531
Building and Improvements	80,734
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	6,040
Gross Amount	95,305
Accumulated Depreciation	21,624
Eye Specialty Group Medical Building - Memphis, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,379
Land	775
Building and Improvements	7,223
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	7,998
Accumulated Depreciation	1,721
Addington Place of Alpharetta - Alpharetta, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,604
Building and Improvements	26,069
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	294
Gross Amount	27,967
Accumulated Depreciation	6,899
Addington Place of Prairie Village - Prairie Village, KS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,782
Building and Improvements	21,869
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	527
Gross Amount	24,178
Accumulated Depreciation	6,073
Bloom MOB - Harrisburg, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,116
Land	0
Building and Improvements	15,928
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	517
Gross Amount	16,445
Accumulated Depreciation	4,003
Medical Sciences Pavilion - Harrisburg, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	17,793
Land	0
Building and Improvements	22,309
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	22,309
Accumulated Depreciation	5,133
Wood Glen Nursing and Rehab Center - West Chicago, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,896
Building and Improvements	16,107
Costs capitalized subsequent to acquisition, land	(367)
Costs capitalized subsequent to acquisition, buildings and improvements	(6,437)
Gross Amount	11,199
Accumulated Depreciation	531
Pinnacle Center - Southaven, MS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,558
Land	1,378
Building and Improvements	6,547
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	1,551
Gross Amount	9,476
Accumulated Depreciation	2,255
Paradise Valley Medical Plaza - Phoenix, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	21,615
Land	0
Building and Improvements	25,194
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	1,907
Gross Amount	27,101
Accumulated Depreciation	6,887
Victory Medical Center at Craig Ranch - McKinney, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,596
Building and Improvements	40,475
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	1,249
Gross Amount	43,320
Accumulated Depreciation	9,909
Rivershores Healthcare & Rehab Centre - Marseilles, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,276
Building and Improvements	6,868
Costs capitalized subsequent to acquisition, land	(247)
Costs capitalized subsequent to acquisition, buildings and improvements	(2,836)
Gross Amount	5,061
Accumulated Depreciation	245
Morton Terrace Healthcare & Rehab Centre - Morton, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	709
Building and Improvements	5,649
Costs capitalized subsequent to acquisition, land	(137)
Costs capitalized subsequent to acquisition, buildings and improvements	(2,521)
Gross Amount	3,700
Accumulated Depreciation	181
Morton Villa Healthcare & Rehab Centre - Morton, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	645
Building and Improvements	3,687
Costs capitalized subsequent to acquisition, land	(125)
Costs capitalized subsequent to acquisition, buildings and improvements	(1,545)
Gross Amount	2,662
Accumulated Depreciation	149
The Heights Healthcare & Rehab Centre - Peoria Heights, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	214
Building and Improvements	7,952
Costs capitalized subsequent to acquisition, land	(42)
Costs capitalized subsequent to acquisition, buildings and improvements	(3,369)
Gross Amount	4,755
Accumulated Depreciation	296
Colonial Healthcare & Rehab Centre - Princeton, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	173
Building and Improvements	5,871
Costs capitalized subsequent to acquisition, land	(33)
Costs capitalized subsequent to acquisition, buildings and improvements	(2,623)
Gross Amount	3,388
Accumulated Depreciation	212
Capitol Healthcare & Rehab Centre - Springfield, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	603
Building and Improvements	21,699
Costs capitalized subsequent to acquisition, land	(117)
Costs capitalized subsequent to acquisition, buildings and improvements	(8,561)
Gross Amount	13,624
Accumulated Depreciation	735
Acuity Specialty Hospital - Mesa, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,977
Building and Improvements	16,203
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	543
Gross Amount	18,723
Accumulated Depreciation	4,136
Acuity Specialty Hospital - Sun City, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	2,329
Building and Improvements	15,795
Costs capitalized subsequent to acquisition, land	(1,333)
Costs capitalized subsequent to acquisition, buildings and improvements	(10,791)
Gross Amount	6,000
Accumulated Depreciation	0
Addington Place of Shoal Creek - Kansas City, MO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	3,723
Building and Improvements	22,259
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	773
Gross Amount	26,755
Accumulated Depreciation	6,045
Aurora Healthcare Center - Green Bay, WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,903
Land	1,130
Building and Improvements	1,678
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	2,808
Accumulated Depreciation	474
Aurora Healthcare Center - Greenville, WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	825
Land	259
Building and Improvements	958
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	1,217
Accumulated Depreciation	286
Aurora Healthcare Center - Kiel, WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,959
Land	676
Building and Improvements	2,214
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	2,890
Accumulated Depreciation	558
Aurora Healthcare Center - Plymouth, WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	17,521
Land	2,891
Building and Improvements	24,224
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	27,115
Accumulated Depreciation	6,131
Aurora Healthcare Center - Waterford, WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,773
Land	590
Building and Improvements	6,452
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	7,042
Accumulated Depreciation	1,575
Aurora Healthcare Center - Wautoma, WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,281
Land	1,955
Building and Improvements	4,361
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	6,316
Accumulated Depreciation	1,109
Arbor View Assisted Living and Memory Care - Burlington, WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	367
Building and Improvements	7,815
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	147
Gross Amount	8,329
Accumulated Depreciation	2,320
Advanced Orthopedic Medical Center - Richmond, VA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	17,390
Land	1,523
Building and Improvements	19,229
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	1,051
Gross Amount	21,803
Accumulated Depreciation	4,532
Palm Valley Medical Plaza - Goodyear, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,458
Land	1,890
Building and Improvements	4,940
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	1,224
Gross Amount	8,054
Accumulated Depreciation	1,637
Physicians Plaza of Roane County - Harriman, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,472
Land	1,746
Building and Improvements	7,842
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	428
Gross Amount	10,016
Accumulated Depreciation	2,005
Adventist Health Lacey Medical Plaza - Hanford, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,469
Land	328
Building and Improvements	13,302
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	750
Gross Amount	14,380
Accumulated Depreciation	3,009
Medical Center I - Peoria, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,064
Land	807
Building and Improvements	1,115
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	1,919
Gross Amount	3,841
Accumulated Depreciation	1,324
Medical Center II - Peoria, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	945
Building and Improvements	1,330
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	5,036
Gross Amount	7,311
Accumulated Depreciation	2,219
Commercial Center - Peoria, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,358
Land	959
Building and Improvements	1,110
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	887
Gross Amount	2,956
Accumulated Depreciation	682
Medical Center III - Peoria, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,353
Land	673
Building and Improvements	1,651
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	1,317
Gross Amount	3,641
Accumulated Depreciation	1,219
Morrow Medical Center - Morrow, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,831
Land	1,155
Building and Improvements	5,674
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	648
Gross Amount	7,477
Accumulated Depreciation	1,541
Belmar Medical Building -Lakewood, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,775
Land	819
Building and Improvements	4,287
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	736
Gross Amount	5,842
Accumulated Depreciation	1,349
Addington Place - Northville, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	440
Building and Improvements	14,975
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	1,267
Gross Amount	16,682
Accumulated Depreciation	3,953
Conroe Medical Arts and Surgery Center - Conroe, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,399
Land	1,965
Building and Improvements	12,198
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	1,382
Gross Amount	15,545
Accumulated Depreciation	3,397
Medical Center V - Peoria, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,675
Land	1,089
Building and Improvements	3,200
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	1,133
Gross Amount	5,422
Accumulated Depreciation	1,218
Legacy Medical Village - Plano, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	29,647
Land	3,755
Building and Improvements	31,097
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	2,318
Gross Amount	37,170
Accumulated Depreciation	7,742
Scripps Cedar Medical Center - Vista, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,282
Land	1,213
Building and Improvements	14,596
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	2,097
Gross Amount	17,906
Accumulated Depreciation	3,550
Ramsey Woods Memory Care - Cudahy, WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	930
Building and Improvements	4,990
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	176
Gross Amount	6,096
Accumulated Depreciation	1,305
East Coast Square West - Cedar Point, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,099
Land	1,535
Building and Improvements	4,803
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	6
Gross Amount	6,344
Accumulated Depreciation	1,092
East Coast Square North - Morehead City, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,794
Land	899
Building and Improvements	4,761
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	211
Gross Amount	5,871
Accumulated Depreciation	1,094
Eastside Cancer Institute - Greenville, SC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,041
Land	1,498
Building and Improvements	6,637
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	779
Gross Amount	8,914
Accumulated Depreciation	1,667
Sky Lakes Klamath Medical Clinic - Klamath Falls, OR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	433
Building and Improvements	2,623
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	3,056
Accumulated Depreciation	579
Courtyard Fountains - Gresham, OR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	2,476
Building and Improvements	50,601
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	2,607
Gross Amount	55,684
Accumulated Depreciation	12,346
Presence Healing Arts Pavilion - New Lenox, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,422
Land	0
Building and Improvements	6,768
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	76
Gross Amount	6,844
Accumulated Depreciation	1,575
Mainland Medical Arts Pavilion - Texas City, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,546
Land	320
Building and Improvements	7,923
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	340
Gross Amount	8,583
Accumulated Depreciation	2,007
Renaissance on Peachtree - Atlanta, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	4,535
Building and Improvements	68,895
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	3,778
Gross Amount	77,208
Accumulated Depreciation	15,621
Fox Ridge Senior Living at Bryant - Bryant, AR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,647
Land	1,687
Building and Improvements	12,936
Costs capitalized subsequent to acquisition, land	(557)
Costs capitalized subsequent to acquisition, buildings and improvements	(6,152)
Gross Amount	7,914
Accumulated Depreciation	418
Fox Ridge Senior Living at Chenal - Little Rock, AR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,242
Land	6,896
Building and Improvements	20,579
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	687
Gross Amount	28,162
Accumulated Depreciation	5,549
Fox Ridge North Little Rock - North Little Rock, AR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,458
Land	0
Building and Improvements	19,265
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	548
Gross Amount	19,813
Accumulated Depreciation	4,730
High Desert Medical Group Medical Office Building - Lancaster, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,952
Land	1,459
Building and Improvements	9,300
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	10,759
Accumulated Depreciation	2,044
Northside Hospital - Canton, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,830
Land	3,408
Building and Improvements	8,191
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	519
Gross Amount	12,118
Accumulated Depreciation	1,498
West Michigan Surgery Center - Big Rapids, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,022
Land	258
Building and Improvements	5,677
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	5,935
Accumulated Depreciation	954
Camellia Walk Assisted Living and Memory Care - Evans, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,854
Building and Improvements	17,372
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	1,347
Gross Amount	20,573
Accumulated Depreciation	3,989
Cedarhurst of Collinsville - Collinsville, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,228
Building and Improvements	8,652
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	417
Gross Amount	10,297
Accumulated Depreciation	1,662
Beaumont Medical Center - Warren, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,199
Land	1,078
Building and Improvements	9,525
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	20
Gross Amount	10,623
Accumulated Depreciation	1,594
DaVita Dialysis - Hudson, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,576
Land	226
Building and Improvements	1,979
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	121
Gross Amount	2,326
Accumulated Depreciation	333
DaVita Bay Breeze Dialysis Center - Largo, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,019
Land	399
Building and Improvements	896
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	209
Gross Amount	1,504
Accumulated Depreciation	188
Greenfield Medical Plaza - Gilbert, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,148
Land	1,476
Building and Improvements	4,144
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	500
Gross Amount	6,120
Accumulated Depreciation	793
RAI Care Center - Clearwater, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,609
Land	624
Building and Improvements	3,156
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	70
Gross Amount	3,850
Accumulated Depreciation	506
Illinois CancerCare - Galesburg, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,920
Land	290
Building and Improvements	2,457
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	2,747
Accumulated Depreciation	441
UnityPoint Clinic - Muscatine, IA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	570
Building and Improvements	4,541
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	18
Gross Amount	5,129
Accumulated Depreciation	779
Lee Memorial Health System Outpatient Center - Ft. Myers
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,751
Land	439
Building and Improvements	4,374
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	722
Gross Amount	5,535
Accumulated Depreciation	879
Decatur Medical Office Building - Decatur, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,078
Land	695
Building and Improvements	3,273
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	573
Gross Amount	4,541
Accumulated Depreciation	629
Madison Medical Plaza - Joliet, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,878
Land	0
Building and Improvements	16,855
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	135
Gross Amount	16,990
Accumulated Depreciation	2,566
Woodlake Office Center - Woodbury, MN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,507
Land	1,017
Building and Improvements	10,688
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	1,460
Gross Amount	13,165
Accumulated Depreciation	2,064
Rockwall Medical Plaza - Rockwall, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,138
Land	1,097
Building and Improvements	4,582
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	427
Gross Amount	6,106
Accumulated Depreciation	889
MetroHealth Buckeye Health Center - Cleveland, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,396
Land	389
Building and Improvements	4,367
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	255
Gross Amount	5,011
Accumulated Depreciation	805
UnityPoint Clinic - Moline, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	396
Building and Improvements	2,880
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	5
Gross Amount	3,281
Accumulated Depreciation	494
VA Outpatient Clinic - Galesberg, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	359
Building and Improvements	1,852
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	2,211
Accumulated Depreciation	363
Philip Professional Center - Lawrenceville, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,591
Land	1,285
Building and Improvements	6,714
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	265
Gross Amount	8,264
Accumulated Depreciation	1,246
Texas Children’s Hospital - Houston, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,133
Land	1,368
Building and Improvements	4,428
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	116
Gross Amount	5,912
Accumulated Depreciation	855
Florida Medical Heartcare - Tampa, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,686
Land	586
Building and Improvements	1,902
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	2,488
Accumulated Depreciation	307
Florida Medical Somerset - Tampa, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	967
Land	61
Building and Improvements	1,366
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	1,427
Accumulated Depreciation	199
Florida Medical Tampa Palms - Tampa, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,046
Land	141
Building and Improvements	1,402
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	1,543
Accumulated Depreciation	209
Florida Medical Wesley Chapel - Tampa, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,675
Land	485
Building and Improvements	1,987
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	2,472
Accumulated Depreciation	335
Aurora Health Center - Milwaukee, WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,690
Land	1,014
Building and Improvements	4,041
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	224
Gross Amount	5,279
Accumulated Depreciation	746
Vascular Surgery Associates - Tallahassee, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,260
Land	902
Building and Improvements	5,383
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	6,285
Accumulated Depreciation	851
Glendale MOB - Farmington Hills, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,708
Land	504
Building and Improvements	12,332
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	13
Gross Amount	12,849
Accumulated Depreciation	1,702
Crittenton Washington MOB - Washington Township, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,420
Land	640
Building and Improvements	4,090
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	316
Gross Amount	5,046
Accumulated Depreciation	647
Crittenton Sterling Heights MOB - Sterling Heights, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,949
Land	1,398
Building and Improvements	2,695
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	258
Gross Amount	4,351
Accumulated Depreciation	550
Advocate Aurora MOB - Elkhorn, WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,683
Land	181
Building and Improvements	9,452
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	9,633
Accumulated Depreciation	1,361
Pulmonary & Critical Care Med - Lemoyne, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,530
Land	621
Building and Improvements	3,805
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	4,426
Accumulated Depreciation	564
Dignity Emerus Blue Diamond - Las Vegas, NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,078
Land	2,182
Building and Improvements	16,594
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	129
Gross Amount	18,905
Accumulated Depreciation	2,351
Dignity Emerus Craig Rd - North Las Vegas, NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	21,329
Land	3,807
Building and Improvements	22,803
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	132
Gross Amount	26,742
Accumulated Depreciation	3,243
Greenfield MOB - Greenfield, WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,081
Land	1,552
Building and Improvements	8,333
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	247
Gross Amount	10,132
Accumulated Depreciation	1,110
Milwaukee MOB - South Milwaukee, WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,348
Land	410
Building and Improvements	5,041
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	5,451
Accumulated Depreciation	653
St. Francis WI MOB - St. Francis, WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,947
Land	865
Building and Improvements	11,355
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	251
Gross Amount	12,471
Accumulated Depreciation	1,526
Lancaster Medical Arts MOB - Lancaster, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,051
Land	85
Building and Improvements	4,417
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	4,502
Accumulated Depreciation	475
Women’s Healthcare Group MOB - York, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,887
Land	624
Building and Improvements	2,161
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	2,785
Accumulated Depreciation	263
Pioneer Spine Sports - Northampton, MA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,554
Land	435
Building and Improvements	1,858
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	2,293
Accumulated Depreciation	252
Pioneer Spine Sport - Springfield, MA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,940
Land	333
Building and Improvements	2,530
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	2,863
Accumulated Depreciation	311
Pioneer Spine Sports - West Springfield, MA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,164
Land	374
Building and Improvements	4,295
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	4,669
Accumulated Depreciation	520
Felicita Vida - Escondido, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,677
Building and Improvements	28,953
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	546
Gross Amount	31,176
Accumulated Depreciation	3,823
Cedarhurst of Edwardsville - Edwardsville, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	321
Building and Improvements	9,032
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	105
Gross Amount	9,458
Accumulated Depreciation	1,083
UMPC Sir Thomas Court - Harrisburg, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,756
Land	745
Building and Improvements	6,272
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	7,017
Accumulated Depreciation	669
UMPC Fisher Road - Mechanicsburg, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,111
Land	747
Building and Improvements	3,844
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	4,591
Accumulated Depreciation	447
Swedish American MOB - Roscoe, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,379
Land	599
Building and Improvements	5,862
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	6,461
Accumulated Depreciation	790
Cedarhurst of Sparta - Sparta, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	381
Building and Improvements	13,807
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	103
Gross Amount	14,291
Accumulated Depreciation	1,632
UMPC Chambers Hill - Harrisburg, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,210
Land	498
Building and Improvements	4,238
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	4,736
Accumulated Depreciation	441
Cedarhurst of Shiloh - Shiloh, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,745
Land	376
Building and Improvements	28,299
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	129
Gross Amount	28,804
Accumulated Depreciation	2,990
Bayshore Naples Memory Care - Naples, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	3,231
Building and Improvements	17,112
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	879
Gross Amount	21,222
Accumulated Depreciation	1,805
Circleville MOB - Circleville, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,430
Land	765
Building and Improvements	4,011
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	130
Gross Amount	4,906
Accumulated Depreciation	376
Kingwood Executive Center - Kingwood, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,920
Land	1,522
Building and Improvements	4,166
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	96
Gross Amount	5,784
Accumulated Depreciation	389
OrthoOne Hilliard - Hilliard, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,710
Land	760
Building and Improvements	3,118
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	120
Gross Amount	3,998
Accumulated Depreciation	344
South Douglas MOB - Midwest City, OK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,044
Land	628
Building and Improvements	3,863
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	4,491
Accumulated Depreciation	321
Fort Wayne Opthomology Engle - Fort Wayne, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,642
Land	516
Building and Improvements	6,124
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	6,640
Accumulated Depreciation	434
Fort Wayne Opthomology Dupont - Fort Wayne, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,272
Land	597
Building and Improvements	2,653
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	3,250
Accumulated Depreciation	243
St. Peters Albany 2 Palisades - Albany, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,292
Land	516
Building and Improvements	4,342
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	4,858
Accumulated Depreciation	337
Hefner Pointe Medical Center - Oklahoma City, OK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,943
Land	678
Building and Improvements	4,819
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	144
Gross Amount	5,641
Accumulated Depreciation	380
St. Peters Troy 2 New Hampshire - Troy, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,932
Land	330
Building and Improvements	2,444
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	76
Gross Amount	2,850
Accumulated Depreciation	192
St Peters - Albany, NY - 4 Palisades
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,079
Land	542
Building and Improvements	2,416
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	110
Gross Amount	3,068
Accumulated Depreciation	226
St Peters - Albany, NY - 5 Palisades
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,053
Land	593
Building and Improvements	5,359
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	28
Gross Amount	5,980
Accumulated Depreciation	385
St Lukes Heart Vascular Center - East Stroudsburg
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,470
Land	363
Building and Improvements	3,224
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	58
Gross Amount	3,645
Accumulated Depreciation	206
Metropolitan Eye Lakeshore Surgery - St. Clair, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,277
Land	203
Building and Improvements	4,632
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	4,835
Accumulated Depreciation	287
Naidu Clinic - Odessa, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,151
Land	730
Building and Improvements	2,409
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	35
Gross Amount	3,174
Accumulated Depreciation	164
Belpre V Cancer Center - Belpre, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	44,084
Land	1,153
Building and Improvements	63,894
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	65,047
Accumulated Depreciation	3,729
Center for Advanced Dermatology - Lakewood, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,997
Land	1,034
Building and Improvements	1,874
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	38
Gross Amount	2,946
Accumulated Depreciation	119
Florida Medical Clinic - Tampa, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,645
Land	1,104
Building and Improvements	1,137
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	187
Gross Amount	2,428
Accumulated Depreciation	96
Pensacola Nephrology MOB - Pensacola, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,541
Land	1,579
Building and Improvements	5,121
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	6,700
Accumulated Depreciation	270
Millennium Eye Care - Freehold, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,506
Land	635
Building and Improvements	6,014
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	6,649
Accumulated Depreciation	288
Atlanta Gastroenterology Associates - Lawrenceville, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,381
Land	2,639
Building and Improvements	2,263
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	4,902
Accumulated Depreciation	81
Bone and Joint Specialists - Merrillville, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,322
Land	1,014
Building and Improvements	2,499
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	3,513
Accumulated Depreciation	100
Eastern Carolina ENT - Greenville, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,399
Land	663
Building and Improvements	5,828
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	6,491
Accumulated Depreciation	160
St. Peters - Albany, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,611
Land	1,331
Building and Improvements	15,802
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	17,133
Accumulated Depreciation	346
Hope Orthopedics - Salem, OR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,977
Land	754
Building and Improvements	3,639
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	4,393
Accumulated Depreciation	85
OSF Healthcare - Dwight, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	254
Building and Improvements	2,960
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	3,214
Accumulated Depreciation	21
OSF Healthcare - Godfrey, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,034
Building and Improvements	4,668
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	5,702
Accumulated Depreciation	34
Master Credit Facility | Credit Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Credit facilities, net	346,278	352,047
MOB Warehouse Facility | Credit Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Credit facilities, net	14,748	0
Capital One Facility | Master Credit Facility | Credit Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Credit facilities, net	206,944	210,483
KeyBank Facility | Master Credit Facility | Credit Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Credit facilities, net	$ 139,334	$ 141,564

Real Estate and Accumulated D_3

Real Estate and Accumulated Depreciation Schedule III (Changes in Accumulated Depreciation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real estate investments, at cost:
Balance at beginning of year	$ 2,295,587	$ 2,345,708	$ 2,211,451
Additions-acquisitions and capital expenditures	51,923	44,926	98,364
Disposals, impairments and reclasses	(19,171)	(95,047)	35,893
Balance at end of the year	2,328,339	2,295,587	2,345,708
Accumulated depreciation:
Balance at beginning of year	397,982	328,095	260,399
Depreciation expense	64,445	63,143	63,393
Disposals, impairments and reclasses	(4,417)	6,744	4,303
Balance at end of the year	$ 458,010	$ 397,982	$ 328,095