National Healthcare Properties (NHPBP) 10-K 27 Feb 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 21, 2025	Jun. 30, 2024
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-39153
Entity Registrant Name	National Healthcare Properties, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	38-3888962
Entity Address, Address Line One	540 Madison Ave.
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	332
Local Phone Number	258-8770
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		28,296,439
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement to be delivered to stockholders in connection with the registrant’s 2025 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	2024
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	NHPAP
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	NHPAB
Security Exchange Name	NASDAQ

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
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, 2024	Dec. 31, 2023
Real estate investments, at cost:
Land	$ 190,082	$ 207,987
Buildings, fixtures and improvements	2,012,401	2,120,352
Acquired intangible assets	284,447	293,295
Total real estate investments, at cost	2,486,930	2,621,634
Less: accumulated depreciation and amortization	(725,831)	(681,977)
Total real estate investments, net	1,761,099	1,939,657
Cash and cash equivalents	21,652	46,409
Restricted cash	52,443	44,907
Derivative assets, at fair value	19,206	28,370
Straight-line rent receivable, net	22,841	26,325
Operating lease right-of-use assets	7,480	7,713
Prepaid expenses and other assets	40,033	35,781
Deferred costs, net	21,269	15,997
Total assets	1,946,023	2,145,159
LIABILITIES AND EQUITY
Mortgage notes payable, net	779,160	808,995
Credit facilities	362,216	361,026
Market lease intangible liabilities, net	6,125	8,165
Accounts payable and accrued expenses (including $30,267 and $295 due to related parties as of December 31, 2024 and 2023, respectively)	89,575	48,356
Operating lease liabilities	8,109	8,038
Deferred rent	7,217	6,500
Distributions payable	3,496	3,496
Total liabilities	1,255,898	1,244,576
Stockholders’ Equity
Common stock, $0.01 par value, 300,000,000 shares authorized, 28,296,439 shares and 27,886,255 shares issued and outstanding as of December 31, 2024 and 2023, respectively	1,132	1,115
Additional paid-in capital	2,533,706	2,509,303
Accumulated other comprehensive income (loss)	16,640	23,464
Distributions in excess of accumulated earnings	(1,866,994)	(1,639,804)
Total stockholders’ equity	684,560	894,154
Non-controlling interests	5,565	6,429
Total equity	690,125	900,583
Total liabilities and equity	1,946,023	2,145,159
Related Party
LIABILITIES AND EQUITY
Accounts payable and accrued expenses (including $30,267 and $295 due to related parties as of December 31, 2024 and 2023, respectively)	30,267	295
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, 2024	Dec. 31, 2023
Accounts payable and accrued expenses	$ 89,575	$ 48,356
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)	28,296,439	27,886,255
Common stock, shares outstanding (in shares)	28,296,439	27,886,255
Related Party
Accounts payable and accrued expenses	$ 30,267	$ 295
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, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenue from tenants		$ 353,794	$ 345,925	$ 335,846
Operating expenses:
Property operating and maintenance		221,148	217,792	213,444
Impairment charges		24,881	4,676	27,630
Termination fees to related parties		106,650	0	0
Operating fees to related parties		19,203	25,527	25,353
Acquisition and transaction related		7,949	545	1,484
General and administrative		22,744	18,928	17,287
Depreciation and amortization		84,067	82,873	82,064
Total expenses		486,642	350,341	367,262
Operating loss before gain on sale of real estate investments		(132,848)	(4,416)	(31,416)
Gain (loss) on sale of real estate investments		9,307	(322)	(125)
Operating loss		(123,541)	(4,738)	(31,541)
Other (expense) income:
Interest expense		(69,447)	(66,078)	(51,740)
Interest and other income		1,051	734	27
Gain on extinguishment of debt		392	0	0
Gain (loss) on non-designated derivatives		1,544	(1,995)	3,834
Total other expenses, net		(66,460)	(67,339)	(47,879)
Loss before income taxes		(190,001)	(72,077)	(79,420)
Income tax expense		(262)	(303)	(201)
Net loss		(190,263)	(72,380)	(79,621)
Net loss attributable to non-controlling interests		567	82	135
Allocation for preferred stock		(13,799)	(13,799)	(13,799)
Net loss attributable to common stockholders		(203,495)	(86,097)	(93,285)
Other comprehensive (loss) income:
Unrealized (loss) gain on designated derivatives		(6,824)	(13,446)	51,251
Comprehensive loss attributable to common stockholders		$ (210,319)	$ (99,543)	$ (42,034)
Weighted-average common shares outstanding - Basic (in shares)	[1]	28,286,391	28,280,430	28,260,835
Weighted-average common shares outstanding - Diluted (in shares)	[1]	28,286,391	28,280,430	28,260,835
Net loss per common share attributable to common stockholders - Basic (in usd per share)	[1]	$ (7.19)	$ (3.04)	$ (3.30)
Net loss per common share attributable to common stockholders - Diluted (in usd per share)	[1]	$ (7.19)	$ (3.04)	$ (3.30)
[1] Retroactively adjusted for the effects of previous 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 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 beginning balance (in shares) at Dec. 31, 2021							3,977,144	3,630,000
Beginning balance at Dec. 31, 2021	$ 1,040,400			$ 1,033,696			$ 40	$ 36	$ 993	$ 2,329,839		$ (14,341)	$ (1,282,871)			$ 6,704
Common stock, shares outstanding beginning balance (in shares) at Dec. 31, 2021									24,820,439
Increase (Decrease) in Stockholders' Equity [Roll Forward]
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)									1,449,694
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 to non-controlling interest holders	(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
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	26,270,133								26,270,133
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation, net	$ 919			919						919
Distributions declared in common stock (in shares)									1,616,122
Distributions declared in common stock	0			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 to non-controlling interest holders	(185)															(185)
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	27,886,255								27,886,255
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation, net	$ 613			613						613
Distributions declared in common stock (in shares)									410,184
Distributions declared in common stock	0								$ 17	23,678				(23,695)
Allocation for preferred stock	(13,799)	$ (7,333)	$ (6,466)		$ (7,333)	$ (6,466)								(7,333)	$ (6,466)
Distributions to non-controlling interest holders	(185)															(185)
Contributions from non-controlling interest holders	0															0
Net loss	(190,263)			(189,696)										$ (189,696)		(567)
Unrealized loss on designated derivative	(6,824)			(6,824)								(6,824)
Rebalancing of ownership percentage	0			112						112						(112)
Preferred stock, shares outstanding ending balance (in shares) at Dec. 31, 2024		3,977,144	3,630,000				3,977,144	3,630,000
Ending balance at Dec. 31, 2024	$ 690,125			$ 684,560			$ 40	$ 36	$ 1,132	$ 2,533,706		$ 16,640	$ (1,866,994)			$ 5,565
Common stock, shares outstanding ending balance (in shares) at Dec. 31, 2024	28,296,439								28,296,439

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Distributions declared per share (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	1.84
Series B Preferred Stock
Preferred stock distributions declared per share (in usd per share)	$ 1.78	$ 1.78	$ 1.78

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (190,263)	$ (72,380)	$ (79,621)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	84,067	82,873	82,064
Amortization of deferred financing costs	3,376	6,702	4,879
(Accretion) amortization of terminated swap	(1,218)	(4,195)	423
Amortization of mortgage premiums and discounts, net	89	91	51
Accretion of market lease and other intangibles, net	(1,428)	(890)	(625)
Bad debt expense	1,515	1,225	3,159
Equity-based compensation	613	919	1,185
(Gain) loss on non-designated derivative instruments	(1,544)	1,995	(3,834)
Cash received from non-designated derivative instruments	6,810	5,580	286
(Gain) loss on sales of real estate investments	(9,307)	322	125
Gain on extinguishment of debt	(392)	0	0
Impairment charges	24,881	4,676	27,630
Deferred tax valuation allowance	2,397	1,165	2,750
Changes in assets and liabilities:
Straight-line rent receivable	(794)	(1,049)	(1,523)
Prepaid expenses and other assets	(4,443)	(6,069)	(3,036)
Accounts payable, accrued expenses and other liabilities	4,659	83	(2,924)
Deferred rent	1,136	576	(2,694)
Net cash (used in) provided by operating activities	(79,846)	21,624	28,295
Cash flows from investing activities:
Property acquisitions	(5,606)	(35,261)	(25,538)
Investments in non-designated interest rate caps	(1,709)	(9,962)	0
Capital expenditures	(21,908)	(22,397)	(27,993)
Proceeds from sales of real estate investments	93,195	4,803	11,749
Net cash provided by (used in) investing activities	63,972	(62,817)	(41,782)
Cash flows from financing activities:
Payments on credit facilities	(5,769)	(200,602)	(2,998)
Proceeds from credit facilities	6,960	34,748	30,000
Proceeds from mortgage notes payable	0	240,000	0
Payments on mortgage notes payable	(18,822)	(1,139)	(6,662)
Proceeds from interest rate swap terminations	0	5,413	0
Payments of deferred financing costs	0	(8,748)	(1,672)
Proceeds from promissory note	30,267	0	0
Contributions from non-controlling interest holders	0	284	0
Distributions to non-controlling interest holders	(184)	(185)	(184)
Net cash (used in) provided by financing activities	(1,347)	55,971	4,643
Net change in cash, cash equivalents and restricted cash	(17,221)	14,778	(8,844)
Cash, cash equivalents and restricted cash, beginning of year	91,316	76,538	85,382
Cash, cash equivalents and restricted cash, end of year	74,095	91,316	76,538
Cash and cash equivalents	21,652	46,409	53,654
Restricted cash	52,443	44,907	22,884
Cash, cash equivalents and restricted cash, end of period	74,095	91,316	76,538
Supplemental disclosures of cash flow information:
Cash paid for interest	61,038	63,720	45,042
Cash paid for income and franchise taxes	416	454	566
Non-cash investing and financing activities:
Common stock issued through stock dividends	23,695	91,250	86,301
Mortgages issued with acquisition of real estate investments	7,500	0	0
Accrued capital expenditures	455	2,902	0
Accrued offering costs on Series B Preferred Stock	0	0	78
Proceeds from real estate sales used to repay mortgage notes payable	20,370	2,663	0
Mortgage notes payable repaid with proceeds from real estate sales	(20,370)	(2,663)	0
Proceeds from real estate sales used to repay amounts outstanding under the Prior Credit Facility	0	5,167	0
Amounts outstanding under the Prior Credit Facility repaid with proceeds from real estate sales	0	(5,167)	0
Series A Preferred Stock
Cash flows from financing activities:
Dividend paid on Preferred stock	(7,333)	(7,334)	(7,333)
Series B Preferred Stock
Cash flows from financing activities:
Proceeds from issuance of Preferred Stock, net	0	0	(42)
Dividend paid on Preferred stock	$ (6,466)	$ (6,466)	$ (6,466)

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical)	Sep. 30, 2024
Income Statement [Abstract]
Stockholders' equity, reverse stock split	.25

Organization

Organization	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization National Healthcare Properties, Inc. (formerly known as Healthcare Trust, Inc.) (including, as required by context, National Healthcare Properties Operating Partnership, L.P. (the “OP”) and its subsidiaries, the “Company”) is a real estate investment trust (“REIT”) for U.S. federal income tax purposes. The Company acquires, owns and manages a diversified portfolio of healthcare-related real estate, focused on outpatient medical facilities (“OMFs”) and senior housing operating properties (“SHOPs”). As of December 31, 2024, the Company owned 193 properties (including one land parcel) located in 31 states and comprised of 8.4 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 (“TRSs”). Prior to the consummation of the Internalization (as defined below) on September 27, 2024, the Company’s former advisor, Healthcare Trust Advisors, LLC (the “Advisor”), managed its day-to-day business with the assistance of its property manager, Healthcare Trust Properties, LLC (the “Property Manager”). Prior to the consummation of the Internalization, the Advisor and Property Manager were under common control with AR Global Investments, LLC (the “Advisor Parent”), and these related parties received compensation and fees for providing services to the Company. See the “Internalization” section in this Note for additional information. The Company also reimbursed, and in the case of the Property Manager, continues to reimburse, 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 the Advisor Parent, also has an interest in the Company through ownership of interests in the OP. As of December 31, 2024, the Company owned 44 SHOPs using the REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”) structure in its SHOP segment. Under RIDEA, a REIT may lease “qualified healthcare properties” on an arm’s length basis to a TRS if the property is operated on behalf of such subsidiary by a person who qualifies as an “eligible independent contractor.” The Company has three operating segments: (i) Outpatient Medical Facilities, (ii) Senior Housing Operating Properties, and (iii) Triple net leased healthcare facilities. The Company aggregates its operating segments into two reportable business segments for management and internal financial reporting purposes: OMFs and SHOPs. All of the Company’s properties across both business segments are located throughout the United States. In its OMF operating segment, the Company owns, manages and leases single and multi-tenant OMFs 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 OMFs. In its SHOP segment, the Company invests in seniors housing properties through the RIDEA structure. As of December 31, 2024, the Company had four eligible independent contractors operating 44 SHOPs. The Company declared quarterly dividends entirely in shares of its common stock from October 2020 through January 2024. 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 5.2 million shares as stock dividends (as adjusted to reflect the Reverse Stock Split (as defined below)). 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. S ee Note 8 — Stockholder’s Equity for additional information on the stock dividends. On March 27, 2024, the Company published a new estimate of per-share net asset value (“Estimated Per-Share NAV”) as of December 31, 2023. The Estimated Per-Share NAV published on March 27, 2024 has not been adjusted since publication and will not be adjusted until the Company’s board of directors (the “Board”) determines a new Estimated Per-Share NAV. 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. Internalization On September 27, 2024 (the “Closing Date”), the Company consummated (the “Closing”) the transactions (the “Internalization”) contemplated by that certain merger agreement dated August 6, 2024 (the “Internalization Agreement”) by and among the Company, HTI Merger Sub, LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Company (“Merger Sub”), the Advisor and the Advisor Parent. Consummation of the Internalization resulted in the internalization of the Company’s management through the merger of the Advisor with and into Merger Sub, with the Advisor being the surviving entity (under the name “Healthcare Trust Advisors, LLC”) and the termination of the Company’s prior arrangement for advisory management services provided by the Advisor pursuant to the Advisory Agreement (as defined in Note 9 — Related Party Transactions and Arrangements ). All assets, contracts and employees necessary for the Company to conduct its business were contributed by the Advisor Parent (and/or its affiliates) to the Advisor prior to the Closing Date, including all of the equity interests in the Property Manager, which became a wholly-owned subsidiary of the Company following the Internalization. Pursuant to the Internalization Agreement, on the Closing Date, (i) the outstanding membership interests of the Advisor were converted into the right to receive from the Company an internalization fee of $98.2 million and (ii) the Advisor Parent received (x) an asset management fee of $5.5 million, representing the aggregate base management fee that the Company would have been required to pay to the Advisor during the remaining three month notice period required to terminate the Advisory Agreement, and (y) a property management fee of $2.9 million, representing the aggregate management fees that the Company would have been required to pay to the Property Manager through the current term of the Property Management Agreement, in each case, as adjusted to the extent the amount of such asset management and property management fees exceed or are less than the amount required to be paid by the Advisor Parent to employees placed with the Company pursuant to the Internalization prior to the Closing and the amounts due under contracts acquired by the Company in the Internalization relating to the pre-Closing period (collectively, the “Closing Payments” in an aggregate amount of $106.6 million). The Advisor Parent also delivered cash to the Company at Closing in order for the Company to pay any unpaid employee bonuses for calendar year 2023 and any accrued bonuses for calendar year 2024 to the extent that the Company has previously reimbursed the Advisor Parent for, but the Advisor Parent has not paid, such bonuses. Pursuant to the Internalization Agreement, because the Closing Payments exceeded the Company’s Available Cash (as defined in the Internalization Agreement), the Company paid the Advisor Parent an aggregate cash consideration of $75.0 million (such cash amount, the “Closing Date Cash Consideration”), and the Company issued to the Advisor Parent an unsecured promissory note (the “Promissory Note”) (as further defined in Note 9 — Related Party Transactions and Arrangements ) in a principal amount of $30.3 million, equal to the difference between the Closing Date Cash Consideration and the Closing Payments . In January 2025, the Company repaid the Promissory Note in full including any unpaid interest at the time of payment. See Note 9 — Related Party Transactions and Arrangements and Note 17 — Subsequent Events for additional information. Reverse Stock Split On September 26, 2024, following approval by the Board and in accordance with Maryland General Corporate Law, the Company filed Articles of Amendment to the Company’s articles of amendment and restatement (as amended to date, the “Charter”) with the State Department of Assessments and Taxation of Maryland (“SDAT”) to effect a reverse stock split of the Company’s common stock, par value $0.01 per share (the “common stock”), at a ratio of one-for-four, which became effective on September 30, 2024 (the “Reverse Stock Split”). As a result of the Reverse Stock Split, the par value of the common stock adjusted to $0.04 per share. The number of authorized shares of common stock under the Charter remains unchanged. All share and per share data in this Annual Report on Form 10-K have been adjusted for all periods presented to reflect the Reverse Stock Split. Name Change and Common Stock Par Value Adjustment On September 26, 2024, following approval by the Board, the Company filed Articles of Amendment (the “Second Charter Amendment”) to the Company’s Charter with the SDAT to (i) change the Company’s name to “National Healthcare Properties, Inc.” from “Healthcare Trust, Inc.” and (ii) adjust the par value of the Company’s common stock back to $0.01 per share following the Reverse Stock Split, both of which became effective on September 30, 2024. In connection with its name change, the Company, as the general partner of the OP, caused the name of the OP to be changed to “National Healthcare Properties Operating Partnership, L.P.” from “Healthcare Trust Operating Partnership, L.P.”

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
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 intercompany accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the OP. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, impairments, fair value measurements and income taxes, as applicable. 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 and $0.6 million for the years ended December 31, 2022, and pre-2022 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 Revenue Recognition The Company’s revenues, which are derived primarily from lease contracts, include rent received from tenants in its OMF segment. As of December 31, 2024, these leases had a weighted average remaining lease term of 6.5 years. Rent from tenants in the Company’s OMF segment (as discussed below) is recorded in accordance with the terms of each lease on a straight-line basis over the initial term of the lease. Because many of the leases provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable for, and include in revenue from tenants on a straight-line basis, unbilled rent receivables that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. When the Company acquires a property, the acquisition date is considered to be the commencement date for purposes of this calculation. For new leases after acquisition, the commencement date is considered to be the date the tenant takes control of the space. For lease modifications, the commencement date is considered to be the date the lease modification is executed. The Company defers the revenue related to lease payments received from tenants in advance of their due dates. Tenant revenue also includes operating expense reimbursements which generally increase with any increase in property operating and maintenance expenses in the Company’s OMF segment. In addition to base rent, dependent on the specific lease, tenants are generally required to pay either (i) their pro rata share of property operating and maintenance expenses, which may be subject to expense exclusions and floors or (ii) their share of increases in property operating and maintenance expenses to the extent they exceed the properties’ expenses for the base year of the respective leases. Under ASC 842, the Company has elected to report combined lease and non-lease components in a single line “Revenue from tenants.” For expenses paid directly by the tenant, under both ASC 842 and 840, the Company has reflected them on a net basis. The Company’s revenues also include resident services and fee income primarily related to rent derived from lease contracts with residents in the Company’s SHOP segment, held using a structure permitted under RIDEA. Rental income from residents in the Company’s SHOP segment is recognized as earned when services are provided. Residents pay monthly rent that covers occupancy of their unit and basic services, including utilities, meals and some housekeeping services. The terms of the leases are short term in nature, primarily month-to-month. The Company defers the revenue related to lease payments received from tenants and residents in advance of their due dates. Pursuant to certain of the Company’s lease agreements, tenants are required to reimburse the Company for certain property operating and maintenance expenses related to non-SHOP assets (recorded in revenue from tenants), in addition to paying base rent, whereas under certain other lease agreements, the tenants are directly responsible for all operating and maintenance costs of the respective properties. The following table presents future base rent payments on a cash basis due to the Company as of December 31, 2024 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 2025 $ 102,490 2026 98,736 2027 89,887 2028 76,345 2029 66,636 Thereafter 315,834 Total $ 749,928 The Company continually reviews receivables related to rent and unbilled rent and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Under the leasing standards, the Company is required to assess, based on credit risk only, if it is probable that the Company will collect virtually all of the lease payments at lease commencement date and it must continue to reassess collectability periodically thereafter based on new facts and circumstances affecting the credit risk of the tenant. 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 current 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, 2024, 2023 and 2022, the Company recorded reductions in revenue of $1.5 million, $1.2 million and $3.2 million, respectively, related to uncollectible accounts. 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-offs related to previously disposed properties during the years ended December 31, 2024 and 2023. 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, 2024, 2023 and 2022. Properties that are intended to be sold are to be designated as “held for sale” on the consolidated balance sheets at the lesser of carrying amount or fair value less estimated selling costs when they meet specific criteria to be presented as held for sale, most significantly that the sale is probable within one year. The Company evaluates probability of sale based on specific facts including whether a sales agreement is in place and the buyer has made significant non-refundable deposits. Properties are no longer depreciated when they are classified as held for sale. There were no real estate investments held for sale as of December 31, 2024 or 2023. 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. The Company acquired four properties during the year ended December 31, 2024. Each of these acquisitions were accounted for as an asset acquisition. 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. 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, market rental rates, discount rates and land values per square foot. Identifiable intangible assets include amounts allocated to acquired leases for above- and below-market lease rates and the value of in-place leases. Factors considered in the analysis of the in-place lease intangibles include an estimate of carrying costs during the expected lease-up period for each property, taking into account current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at contract rates during the expected lease-up period, which typically ranges from six Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of market rental rates for each corresponding in-place lease, measured over a period equal to the remaining initial term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The aggregate value of intangible assets related to customer relationships, as applicable, is measured based on the Company’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the tenant. Characteristics considered by the Company in determining these values include the nature and extent of its existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, among other factors. The Company did not record any intangible asset amounts related to customer relationships during the years ended December 31, 2024, 2023 and 2022. Accounting for Leases Lessor Accounting The Company evaluates new leases (by the Company or by a predecessor lessor/owner) pursuant to ASC 842: Leases to determine lease classification. A lease 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 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, 2024 and 2023, 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, 2024, 2023 and 2022. For lessees, the accounting standard requires the application of a dual lease classification approach, classifying leases as either operating or finance leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. Lease expense for operating leases is recognized on a straight-line basis over the term of the lease, while lease expense for finance leases is recognized based on an effective interest method over the term of the lease. Also, lessees must recognize a right-of-use asset (“ROU”) and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Further, certain transactions where at inception of the lease the buyer-lessor accounted for the transaction as a purchase of real estate and a new lease may 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 statements 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 for use. For properties held for sale, the impairment loss recorded would equal the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income (loss) because recording an impairment loss results in an immediate negative adjustment to earnings. For additional information, see Note 3 — Real Estate Investments, Net . Reportable Segments The Company’s reportable segments, based on how it evaluates its business and allocates resources, are as follows: (i) OMF and (ii) SHOP. 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 and building improvements, 15 years for land improvements and fixtures, and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests. Construction in progress is not depreciated until the project has reached substantial completion. The value of certain other intangibles such as certificates of need in certain jurisdictions are amortized over the expected period of benefit (generally the life of the related building). The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to expense over the remaining periods of the respective leases. The value of customer relationship intangibles, if any, is amortized to expense over the initial term and any renewal periods in the respective leases, but in no event does the amortization period for intangible assets exceed the remaining depreciable life of the building. If a tenant terminates its lease, the unamortized portion of the in-place lease value and customer relationship intangibles is charged to expense. Assumed mortgage premiums or discounts are amortized as an increase or reduction to interest expense over the remaining terms of the respective mortgages. 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 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 2017-12 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 2017-12, if the derivative qualifies for hedge accounting, all of the change in value is recorded in other comprehensive loss. 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 includes cash in bank accounts as well as investments in highly liquid money market funds with original maturities of three months or less. The Company deposits cash with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company (“FDIC”) up to an insurance limit. At December 31, 2024 and 2023, the Company had deposits of $21.7 million and $46.4 million, of which $11.9 million and $34.2 million, respectively, were in excess of the amount insured by the FDIC. Although the Company bears risk to amounts in excess of those insured by the FDIC, it does not anticipate any losses as a result. 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 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 The Company elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with the taxable year ended December 31, 2013. If the Company continues to qualify for taxation as a REIT, it generally will not be subject to U.S. federal corporate income tax to the extent it distributes all of its REIT taxable income (which does not equal net income as calculated in accordance with GAAP) to its stockholders. REITs are subject to a number of organizational and operational requirements, including a requirement that the Company distribute annually at least 90% of the Company’s REIT taxable income to the Company’s stockholders. If the Company fails to continue to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, the Company will be subject to U.S. federal, state and local income taxes at regular corporate rates beginning with the year in which it fails to qualify and may be precluded from being able to elect to be treated as a REIT for the Company’s four subsequent taxable years. The Company had no REIT taxable income requiring distribution to its stockholders for each of the years ended December 31, 2024, 2023 and 2022. 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, 2024, the Company owned 44 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 incom

Real Estate Investments, Net

Real Estate Investments, Net	12 Months Ended
	Dec. 31, 2024
Real Estate [Abstract]
Real Estate Investments, Net	Real Estate Investments, Net Property Acquisitions The Company invests in healthcare-related facilities, primarily OMFs and SHOPs, which expand and diversify its portfolio and revenue base. The Company owned 193 properties (including one land parcel) as of December 31, 2024. During the year ended December 31, 2024, the Company acquired four single-tenant OMFs for an aggregate contract purchase price of $12.6 million. All acquisitions in 2024, 2023 and 2022 were considered asset acquisitions for accounting purposes. The following table presents the allocation of the assets acquired and liabilities assumed during the years ended December 31, 2024, 2023 and 2022: Year Ended December 31, (In thousands) 2024 2023 Real estate investments, at cost: Land $ 1,266 $ 3,373 Buildings, fixtures and improvements 9,302 27,069 Total tangible assets 10,568 30,442 Acquired intangibles: In-place leases and other intangible assets (1) 2,388 5,057 Market lease and other intangible assets (1) 150 33 Market lease liabilities (1) — (271) Total intangible assets and liabilities 2,538 4,819 Mortgage notes payable assumed, net (7,500) — Cash paid for real estate investments, including acquisitions $ 5,606 $ 35,261 Number of properties purchased 4 7 __________ (1) Weighted-average remaining amortization periods for in-place leases and above-market leases acquired were both 13.6 years as of December 31, 2024. Weighted-average remaining amortization periods for in-place leases, above-market and below market leases acquired were 8.7 years, 11.3 years and 9.3 years, respectively, as of December 31, 2023. Significant Tenants As of December 31, 2024, 2023 and 2022, the Company did not have any tenants (including for this purpose, all affiliates of such tenants) whose annualized rental income on a straight-line basis represented 10% or greater of total annualized rental income 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, 2024, 2023 and 2022: December 31, State 2024 2023 2022 Florida 21.2% 19.9% 19.2% Pennsylvania 11.6% 10.6% * Georgia 10.4% * * __________ * Not greater than 10%. Intangible Assets and Liabilities Acquired intangible assets and liabilities consisted of the following as of the periods presented: December 31, 2024 December 31, 2023 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 260,534 $ 214,961 $ 45,573 $ 269,363 $ 210,172 $ 59,191 Market lease assets 14,446 12,819 1,627 14,465 12,548 1,917 Other intangible assets 9,467 1,293 8,174 9,467 1,325 8,142 Total acquired intangible assets $ 284,447 $ 229,073 $ 55,374 $ 293,295 $ 224,045 $ 69,250 Intangible liabilities: Market lease liabilities $ 22,789 $ 16,664 $ 6,125 $ 23,520 $ 15,355 $ 8,165 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) 2024 2023 2022 Amortization of in-place leases and other intangible assets (1) $ 12,258 $ 13,080 $ 15,076 Accretion of above-and below-market leases, net (2) $ (1,420) $ (1,050) $ (795) Amortization of above-and below-market ground leases, net (3) $ 176 $ 159 $ 159 __________ (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) 2025 2026 2027 2028 2029 In-place lease assets $ 9,589 $ 8,100 $ 5,048 $ 3,730 $ 3,238 Other intangible assets 10 10 10 10 10 Total to be added to amortization expense $ 9,599 $ 8,110 $ 5,058 $ 3,740 $ 3,248 Above-market lease assets $ (364) $ (330) $ (243) $ (205) $ (112) Below-market lease liabilities 1,134 980 664 600 557 Total to be added to revenue from tenants $ 770 $ 650 $ 421 $ 395 $ 445 Dispositions Year Ended December 31, 2024 During the year ended December 31, 2024, the Company disposed of two SHOPs, 12 OMFs and one land parcel for an aggregate contract sales price of $118.1 million, which resulted in an aggregate gain on sale of $9.3 million. The Company had previously recorded $2.1 million of impairment charges on the one of the two SHOP properties in the year ended December 31, 2023. Subsequent to the Year Ended December 31, 2024 Subsequent to December 31, 2024, the Company disposed of 11 OMFs for an aggregate contract sales price of $114.4 million and used a portion of the net proceeds to fully repay the outstanding balance on the Promissory Note (including any unpaid interest at the time of payment). Year Ended December 31, 2023 During the year ended December 31, 2023, the Company disposed of four SHOPs and one OMF 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. 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 sales price as fair market value. There were no assets held for sale as of December 31, 2024 or 2023. 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 or 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. Property Damage and Insurance Recoveries During the year ended December 31, 2024, one OMF property sustained fire damages estimated at $2.9 million, which the Company recovered through its property insurance policy. Impairment Charges The following table presents impairment charges by segment recorded during the years ended December 31, 2024, 2023 and 2022: Year Ended December 31, (In thousands) 2024 2023 2022 OMF Segment: Illinois skilled nursing facilities (1) (6) $ — $ — $ 10,644 Acuity Specialty Hospital Mesa (2) 8,829 — — Sassafras OMF (3) (6 — — 1,844 Sun City OMF (4) (6) 2,409 2,554 — Total OMF impairment charges 11,238 2,554 12,488 SHOP Segment: Various held for use SHOPs (5) (6) 13,643 2,122 15,142 Total SHOP impairment charges 13,643 2,122 15,142 Total impairment charges $ 24,881 $ 4,676 $ 27,630 (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, 2024, these properties were disposed. (2) This property was impaired to reduce its carrying value to its contractual sales price of $6.0 million as determined by a purchase and sale agreement executed in 2024. The property was subsequently disposed in January 2025. (3) 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. (4) This property has been actively marketed for sale since September 2021. As of December 31, 2024, this property was not disposed. (5) For the year ended December 31, 2024, includes two properties actively marketed for sale and one additional property that was disposed in 2024. Of the two properties, one property was impaired in the year ended December 31, 2023 and one property was impaired in year ended December 31, 2022. (6) The two remaining 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, 2024
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, 2024 and 2023: Portfolio Encumbered Properties Outstanding Loan Amount as of December 31, Effective Interest Rate (1) as of December 31, Interest Rate 2024 2023 2024 2023 Maturity (In thousands) (In thousands) Fox Ridge Bryant - Bryant, AR 1 6,471 6,647 3.98 % 3.98% Fixed May 2047 Fox Ridge Chenal - Little Rock, AR 1 14,833 15,242 2.95 % 2.95% Fixed May 2049 Fox Ridge North Little Rock - North Little Rock, AR 1 9,204 9,458 2.95 % 2.95% Fixed May 2049 Capital One OMF Loan 40 363,957 378,500 3.58 % 3.71% Fixed (2) Dec. 2026 Multi-Property CMBS Loan 20 116,037 116,037 4.60 % 4.60% Fixed May 2028 Shiloh - Illinois — — 12,745 4.34 % 4.34% Fixed Jan. 2025 BMO CMBS 8 37,472 42,750 2.89 % 2.89% Fixed Dec. 2031 Barclays OMF Loan 60 234,173 240,000 6.45 % 6.45% Fixed June 2033 BMO CPC Mortgage 4 7,500 — 6.84 % —% Fixed March 2034 Gross mortgage notes payable 135 789,647 821,379 4.56 % 4.58% Deferred financing costs, net of accumulated amortization (3) (9,304) (11,111) Mortgage premiums and discounts, net (1,183) (1,273) Mortgage notes payable, net $ 779,160 $ 808,995 __________ (1) Calculated on a weighted average basis for all mortgages outstanding as of December 31, 2024 and 2023. (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, 2024 and 2023. In late December 2024, the Company proactively executed a minor amendment to the hedged notional to match the expected prospective loan balance of $364.0 million. This amendment became effective in January 2025. (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, 2024, the Company had pledged $1.3 billion in real estate investments, at cost, as collateral for its $789.6 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, 2024, the Company was in compliance with these financial covenants. 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 OMF Loan On May 24, 2023, the Company, through certain subsidiaries of the OP, entered into a non-recourse loan agreement (the “Barclays OMF 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 “Barclays OMF Loan”). In connection with the Barclays OMF Loan Agreement, the OP entered into a guaranty agreement and an environmental indemnity agreement for the benefit of the Lenders. The Barclays OMF Loan is secured by, among other things, first priority mortgages on the Company’s interests in 60 OMFs with an aggregate gross asset value of $406.3 million. The Barclays OMF Loan has a 10-year term and is interest-only at a fixed rate of 6.453% per year. Under the Barclays OMF 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 OMF 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 OMF 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 OMF 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 Barclays OMF Loan Agreement). Following the earlier of May 24, 2026 and the date that is two years after the securitization of the Barclays OMF Loan, the Company may prepay the Barclays OMF Loan through defeasance, Notwithstanding the foregoing, the Barclays OMF 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 Barclays OMF Loan, which is amortized into interest expense over the term of the loan. At the closing of the Barclays OMF Loan, the Company applied $194.8 million of the Barclays OMF 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 OMF Loan closing costs and reimbursement of deposits) were used for general corporate purposes, subject to the terms of the Barclays OMF 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). BMO OMF Loan On November 15, 2021, the Company entered into a $42.8 million loan agreement (the “BMO OMF Loan”) with Bank of Montreal (“BMO”). The BMO OMF Loan requires monthly interest-only payments, with the principal balance due on the maturity date. The BMO OMF Loan permits BMO to securitize the entire BMO OMF Loan or any portion thereof. At the closing of the BMO OMF 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 OMF Loan, and (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. BMO CPC Mortgage On February 22, 2024, the Company entered into the BMO CPC Mortgage Loan in connection with a four-property acquisition also completed in the year ended December 31, 2024. The mortgage has a principal balance of $7.5 million, bears interest at an annual fixed rate of 6.84% and matures in February 2034 with no principal amounts due until that time.

Credit Facilities

Credit Facilities	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Credit Facilities	Credit Facilities The Company had the following credit facilities outstanding as of December 31, 2024 and 2023: Outstanding Facility Amount as of December 31, Effective Interest Rate as of December 31, (6) Credit Facility Encumbered Properties (1) 2024 2023 2024 2023 Interest Rate Maturity (In thousands) (In thousands) Fannie Mae Master Credit Facilities: Capital One Facility 11 (2) $ 203,405 $ 206,944 7.19 % 7.86 % Variable (6) Nov. 2026 KeyBank Facility 10 (3) 137,103 139,334 7.24 % 7.91 % Variable (6) Nov. 2026 Total Fannie Mae Master Credit Facilities 21 $ 340,508 $ 346,278 Other Facilities: OMF Warehouse Facility 7 (4) 21,708 14,748 7.55 % 8.36 % Variable (6) Dec. 2026 Total Credit Facilities 28 $ 362,216 $ 361,026 7.23 % (5) 7.90 % (5) _______ (1) Encumbered properties are as of December 31, 2024. (2) Secured by first-priority mortgages on 11 of the Company’s SHOPs as of December 31, 2024 with an aggregate carrying value of $354.1 million. (3) Secured by first-priority mortgages on 10 of the Company’s SHOPs as of December 31, 2024 with an aggregate carrying value of $264.9 million. (4) Secured by first-priority mortgages on seven of the Company’s OMFs as of December 31, 2024 with an aggregate carrying value of $32.6 million. (5) Calculated on a weighted average basis for all credit facilities outstanding as of December 31, 2024 and 2023, respectively. (6) The effective rates above only include the impact of designated hedging instruments. The Company also has eight active non-designated interest rate cap agreements with an aggregate notional amount of $369.2 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 non-designated derivatives, the economic interest rates on the Capital One Fannie Mae Facility, KeyBank Fannie Mae Facility and OMF Warehouse Facility were 5.89%, 5.93% and 6.50%, respectively, as of December 31, 2024 and 5.89%, 5.95% and 6.50%, respectively, as of December 31, 2023 As of December 31, 2024, the carrying value of the Company’s real estate investments, at cost was $2.5 billion, with $1.3 billion of this amount pledged as collateral for mortgage notes payable, $619.0 million of this amount pledged to secure advances under the Fannie Mae Master Credit Facilities and $32.6 million of this amount pledged to secure advances under the OMF 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, 2024 was $533.1 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 OMF Warehouse Facility, or other future financings. Prior Credit Facility The Company’s prior credit facility (the “Prior Credit Facility”) consisted of two components, a revolving credit facility and a term loan, which were interest-only and would have matured on March 13, 2024. The Prior Credit Facility was fully repaid in May 2023 with net proceeds provided by the Barclays OMF Loan (see Note 4 — Mortgage Notes Payable, Net for details) and the Prior Credit Facility was terminated. 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. 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” and, together with the KeyBank Facility, the “Fannie Mae Master Credit Facilities”). Advances made under these agreements were assigned by Capital One and KeyBank to Fannie Mae at closing for inclusion in Fannie Mae’s Multifamily MBS program. As of December 31, 2024, $340.5 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 amounts per the debt agreements. The Company provided an additional deposit of $0.3 million during the year December 31, 2024, bringing the total deposits to $12.1 million as of December 31, 2024. These deposits are recorded as restricted cash on the Company’s consolidated balance sheet and are pledged as additional collateral for the Fannie Mae Master Credit Facilities. This deposit will be refunded upon 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. OMF Warehouse Facility On December 22, 2023, the Company, through wholly-owned subsidiaries of the OP, entered into a loan agreement with Capital One (the “OMF Warehouse Facility”) to provide up to $50.0 million of variable-rate financing. As of December 31, 2024, $21.7 million was outstanding under the OMF Warehouse Facility. The Company may request future advances under the OMF Warehouse Facility by adding eligible OMFs to the collateral pool subject to customary conditions, including satisfaction of minimum debt service coverage and maximum loan-to-value tests. Borrowings under the OMF 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. Non-Designated Interest Rate Caps As of December 31, 2024, the Company had eight SOFR-based interest rate cap agreements with an aggregate current effective notional amount of $369.2 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 information 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, which the Company periodically renews upon their expiration. During the year ended December 31, 2024, the Company paid total premiums of $1.5 million to renew one interest rate cap with an aggregate notional amount of $58.1 million which matured during the year ended December 31, 2024. The Company also paid a premium of $0.3 million for a new interest rate cap with a notional amount of $7.0 million which matures in January 2027. Future Principal Payments The following table summarizes the scheduled aggregate principal payments for the five years subsequent to December 31, 2024 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 2025 $ 865 $ 5,769 $ 6,634 2026 364,850 356,447 721,297 2027 922 — 922 2028 116,989 — 116,989 2029 982 — 982 Thereafter 305,039 — 305,039 Total $ 789,647 $ 362,216 $ 1,151,863 The Company’s existing principal demands for cash are to fund acquisitions, capital expenditures, the payment of its operating and administrative expenses, debt service obligations (including principal repayment), the repayment of the Promissory Note (which was repaid in full in January 2025) and distributions to holders of its Series A Preferred Stock and Series B Preferred Stock. The Company closely monitors its current and anticipated liquidity position relative to its current and anticipated demands for cash and believes that it has sufficient current liquidity to meet its financial obligations for at least the next twelve months. The Company expects to fund its future short-term operating liquidity requirements, including distributions to holders of Series A Preferred Stock and Series B Preferred Stock, through a combination of current cash on hand, net cash provided by its operating activities, potential future advances under its Fannie Mae Master Credit Facilities and OMF Warehouse Facility, net cash provided by its property dispositions and potential new financings utilizing certain of its currently unencumbered properties.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2024
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, 2024 and 2023, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The valuation of derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and implied volatilities. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the counterparties. The following table presents information about the Company’s assets and liabilities measured at fair value as of December 31, 2024 and 2023, 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, 2024 Derivative assets, at fair value (non-designated) $ — $ 2,554 $ — $ 2,554 Derivative assets, at fair value (designated) — 16,652 — 16,652 Total $ — $ 19,206 $ — $ 19,206 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 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 has been no transfer into or out of Level 3 financial instruments during the periods presented. 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, 2024 and 2023. As of December 31, 2024, the Company owned 20 held-for-use properties (16 OMFs and four SHOPs) for which the Company had reconsidered their expected holding periods, all of which are being marketed for sale. As a result, the Company evaluated the impact on its ability to recover the carrying values of the respective properties and has previously recorded impairment charges on one property to reduce the carrying value to its estimated fair value. As of December 31, 2023, the Company owned 12 held-for-use properties (eight OMFs, three SHOPs and one land parcel) for which the Company has reconsidered its expected holding periods, of which four properties (one OMF and two SHOPs and one land parcel) are 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, 2024 and 2023. 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, 2024 December 31, 2023 (In thousands) Level Carrying Amount Fair Value Carrying Amount Fair Value Gross mortgage notes payable and mortgage premium and discounts, net 3 $ 788,464 $ 747,542 $ 820,106 $ 787,665 Credit facilities 3 $ 362,216 $ 362,974 $ 361,026 $ 361,792 Total Debt 3 $ 1,150,680 $ 1,110,516 $ 1,181,132 $ 1,149,457 The fair value of the mortgage notes payable is estimated using a discounted cash flow analysis, based on the Company’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, 2024
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, 2024 and 2023: December 31, (In thousands) Balance Sheet Location 2024 2023 Derivatives designated as hedging instruments: Interest rate “pay-fixed” swaps Derivative assets, at fair value $ 16,652 $ 22,259 Derivatives not designated as hedging instruments: Interest rate caps Derivative assets, at fair value $ 2,554 $ 6,111 Cash Flow Hedges of Interest Rate Risk As of both December 31, 2024 and December 31, 2023, the Company had one derivative with a notional value of $378.5 million, designated as a cash flow hedge of interest rate risk. In late December 2024, the Company proactively executed a minor amendment to the hedged notional to match the expected prospective loan balance of 364.0 million. This amendment became effective in January 2025. The Company uses its interest rate swap as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for fixed-rate payments by the Company over the life of the agreement without exchange of the underlying notional amount. During the years ended December 31, 2024 and 2023, such derivatives were used to hedge the variable cash flows associated with variable-rate debt. The remaining interest rate “pay-fixed” swap has a base interest rate of 1.61% and matures December 2026. The changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income (“AOCI”) and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The table below details the location in the financial statements of the gain (loss) recognized on interest rate derivatives designated as cash flow hedges for the periods presented: Year Ended December 31, (In thousands) 2024 2023 2022 Amount of gain recognized in accumulated other comprehensive income on interest rate derivatives $ 8,716 $ 5,324 $ 50,098 Amount of gain (loss) reclassified from accumulated other comprehensive income into earnings as reductions to (increases in) interest expense $ 15,540 $ 18,770 $ (1,153) Total amount of interest expense presented in the consolidated statements of operations and comprehensive loss $ 69,447 $ 66,078 $ 51,740 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 was 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, 2025 through December 31, 2025, the Company estimates that $9.0 million will be reclassified from other comprehensive income as a decrease to interest expense relating to the “pay-fixed” swaps designated as derivatives. 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, 2024 and 2023: December 31, 2024 December 31, 2023 Interest Rate Derivatives Number of Instruments Notional Amount Number of Instruments Notional Amount (1) (In thousands) (In thousands) Interest rate caps (2) 8 $ 369,218 7 $ 364,170 __________ (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, 2023, 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. 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, 2024, the Company had entered into eight SOFR-based interest rate caps with a notional amount of $369.2 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, both LIBOR and SOFR 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 OMF 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 the Company’s consolidated statements of operations and comprehensive loss. For the years ended December 31, 2024, 2023 and 2022, (loss) gain on non-designated derivatives were a gain of $1.5 million (including cash received of 6.8 million), a loss of $2.0 million (including cash received of 5.6 million) and a gain of $3.8 million (including cash received of $0.3 million), respectively. The Company paid premiums of $1.5 million to renew one interest rate cap with an aggregate notional amount of $58.1 million which matured during the year ended December 31, 2024, and the Company also paid $0.3 million for a new interest rate cap entered into during the year ended December 31, 2024 for a notional amount of $7.0 million. Three interest rate caps with a notional amount of $138.5 million mature in July 2025, 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, 2024 and 2023. 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, 2024 $ 19,206 — — $ 19,206 — — $ 19,206 December 31, 2023 $ 28,370 — — $ 28,370 — — $ 28,370 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, 2024 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, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock As of December 31, 2024 and 2023, the Company had 28,296,439 and 27,886,255 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 and through January 2024. Since October 2020, the Company has issued an aggregate of approximately 5.2 million shares (as adjusted to reflect the Reverse Stock Split) in respect to the stock dividends. Except for shares issued as dividends, no other additional shares of common stock were issued during the years ended December 31, 2024 or 2023. References made to weighted-average shares and per-share amounts in the consolidated statements of operations and comprehensive income or loss have been retroactively adjusted to reflect the cumulative increase in shares outstanding due to the stock dividends, and are noted as such throughout the accompanying financial statements and notes. In addition, on March 27, 2024, the Company published a new Estimated Per-Share NAV as of December 31, 2023, which was approved by the Board on March 27, 2024. See Note 1 — Organization for additional information. 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 Board suspended the SRP in August 2020 and 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. Distribution Reinvestment Plan Pursuant to the DRIP, stockholders may elect to reinvest distributions paid in cash by the Company into shares of common stock. The Company has the right to amend the DRIP or terminate the DRIP with ten days’ notice to participants. Shares issued under the DRIP are recorded as equity in the accompanying consolidated balance sheets in the period distributions are declared. During the years ended December 31, 2024, 2023 and 2022, the Company did not issue any shares of common stock pursuant to the DRIP. 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. During the year ended December 31, 2023, The Company extended the expiration date of the stockholders rights plan from May 18, 2023 to May 18, 2026. Preferred Stock The Company is authorized to issue up to 50,000,000 shares of preferred stock. In connection with an underwritten offering in December 2019 (see details below), the Company classified and designated 1,610,000 shares of its authorized preferred stock as authorized shares of its Series A Preferred Stock. In September 2020, the Board authorized the classification of 600,000 additional shares of the Company’s preferred stock as Series A Preferred Stock in connection with the preferred stock purchase agreement and registration rights agreement with B. Riley Principal Capital, LLC 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 an offering in May 2021. The Company had 3,977,144 shares of Series A Preferred Stock issued and outstanding, as of December 31, 2024 and 2023. 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, 2024 and 2023. The Company also had 100,000 Series A Preferred Units outstanding as of December 31, 2024 and December 31, 2023, which were accounted for as a component of non-controlling interests. See Note 13 — Non-controlling Interests for additional information. 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. The Series A Preferred Stock may be redeemed, in whole or in part, at the Company’s option, at any time and from time to time, 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, 2024. Therefore, Series A Preferred Stock did not impact Company’s earnings per share calculations for the years ended December 31, 2024, 2023 and 2022. 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 Units In September 2021, the Company partially funded the purchase of an OMF from an unaffiliated third party by causing the OP to issue 100,000 partnership units in the OP designated as “Series A Preferred Units”. These were recorded at fair value on the date of the acquisition at $2.6 million and were included as part of the consideration paid for the acquisition. Additionally, these are considered a non-controlling interest for the Company and were recorded as an increase in non-controlling interests on the consolidated balance sheet (see Note 13 — Non-controlling Interests for additional information). Series B Preferred Stock 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, 2024. Therefore, Series B Preferred Stock did not impact Company’s earnings per share calculations for the year ended December 31, 2024 and 2023. 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. Distributions and Dividends Common Stock From March 1, 2018 until June 30, 2020, the Company paid monthly distributions to stockholders at a rate equivalent to $3.40 (as adjusted to reflect the Reverse Stock Split) per annum per share of common stock. On August 13, 2020, the Board changed the Company’s common stock distribution policy to preserve the Company’s liquidity and maintain additional financial flexibility. Under the policy, distributions authorized by the Board on the Company’s shares of common stock were issued on a quarterly basis in arrears in shares of the Company’s common stock valued at the Company’s Estimated Per Share NAV of common stock in effect on the applicable date: Stock Dividend Declaration Date Stock Dividend Issue Date Quarterly Stock Dividend Rate (per share) 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 The Company did not declare a quarterly stock dividend in April 2024, and does not intend to declare any further stock dividends in the future.

Related Party Transactions and

Related Party Transactions and Arrangements	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Related Party Transactions and Arrangements As of December 31, 2024 and 2023, the Special Limited Partner owned 2,718 shares of the Company’s outstanding common stock. As of December 31, 2023, the Advisor held 90 partnership units in the OP designated as “Common OP Units”. In connection with the Internalization, immediately prior to Closing, the Advisor transferred the 90 Common OP Units to the Advisor Parent. As of December 31, 2024, the Advisor Parent held 90 Common OP Units. 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. On July 25, 2019, the Company entered into Amendment No. 1 to the Advisory Agreement (the “Advisory Agreement Amendment”), which was unanimously approved by the Company’s independent directors. Additional information on the Advisory Agreement Amendment is included later in this Note under “Professional Fees and Other Reimbursements.” Immediately following the Closing of the Internalization, the Company and the Advisor (now a wholly owned subsidiary of the Company following the Internalization) terminated the Advisory Agreement by mutual agreement. Certain expenses have been incurred as a result of the Company’s decision to terminate the Advisory Agreement, which are discussed below in the section “ Internalization — Termination Fees ”. The following describes certain expenses and fees that the Company was obligated to pay under the Advisory Agreement prior to its termination in connection with the Internalization. Acquisition Expense Reimbursements The Advisor was reimbursed for services provided for which it incurred investment-related expenses, or insourced expenses. The amount reimbursed for insourced expenses was not permitted to exceed 0.5% of the contract purchase price of each acquired property or 0.5% of the amount advanced for a loan or other investment. Additionally, the Company reimbursed the Advisor for third-party acquisition expenses. Under the Advisory Agreement, total acquisition expenses were not permitted to 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 was not exceeded through September 27, 2024, the date the Advisory Agreement was terminated. Asset Management Fees Under the limited partnership agreement of the OP (as amended from time to time, the “LPA”) and the previous 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 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 would 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, 2024, the Company determined that achieving the Performance Condition was not yet considered probable for accounting purposes. The Advisor received 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 will be included in general and administrative expenses in the consolidated statements of operations and comprehensive loss if the Performance Condition is considered probable to occur. The Board has previously approved the issuance of 359,250 Class B Units to the Advisor in connection with this arrangement. The Board determined in February 2018 that the Economic Hurdle had been satisfied, however none of the events have occurred, including a listing of the Company’s common stock on a national securities exchange, which would have satisfied the other vesting requirement of the Class B Units. Therefore, no expense has ever been recognized in connection with the Class B Units. On May 12, 2015, the Company, the OP and the Advisor entered into an amendment to the then-current advisory agreement, which, among other things, provided that the Company would cease causing the OP to issue Class B Units to the Advisor with respect to any period ending after March 31, 2015. In connection with the Internalization, immediately prior to Closing, the Advisor transferred 359,250 Class B Units to the Advisor Parent. Effective February 17, 2017, the Advisory Agreement required 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 was 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 were no variable management fees earned from the issuance of common stock dividends. Upon termination of the Advisory Agreement, the Company is no longer obligated to pay the base management fee. In addition, the Advisory Agreement required 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. No incentive fee was incurred for the year ended December 31, 2024 or 2023. Upon termination of the Advisory Agreement, the Company is no longer obligated to pay a variable management/incentive fee. In connection with the Internalization, on the Closing Date, the Advisor Parent received an asset management fee of $10.9 million, representing the aggregate Base Management Fee (as defined in the Advisory Agreement) that the Company would have been required to pay to the Advisor during the six 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). On February 17, 2017, the Company entered into the Amended and Restated Property Management and Leasing Agreement (the “Property Management Agreement”) with the OP and the Property Manager. The Property Management Agreement automatically renews for successive one-year terms unless any party provides written notice of its intention to terminate the Property Management Agreement. The Company provided the Property Manager with notice of its intent to self-manage in June 2024, and, in connection with the Internalization, the Advisor Parent contributed all its equity interests in the Property Manager to the Company. Following the Closing of the Internalization, the Property Management Agreement remains in place as an intercompany agreement. Professional Fees and Other Reimbursements The Company reimbursed 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 received a separate fee. This reimbursement included 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 years ended December 31, 2024, 2023 and 2022, the Company incurred $10.6 million, $10.6 million and $8.8 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. Bonus Awards 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 were awarded in May 2024 and were scheduled to be paid by the Advisor to its employees from September 2024 to March 2025. Following the Internalization, pursuant to the Internalization Agreement, the Advisor Parent remitted the unpaid portion of these amounts to the Company, which subsequently paid out such amounts in October 2024 to the employees who joined the Company from the Advisor as part of the Internalization. For the cash portion of 2024 accrued bonuses for the Advisor’s employees, or employees of its affiliates, the Company previously reimbursed the Advisor for such amounts in accordance with estimates provided by the Advisor. Following the Internalization, pursuant to the Internalization Agreement, the Advisor Parent remitted such amounts to the Company for subsequent payment to the employees who joined the Company from the Advisor as part of the Internalization. Promissory Note In connection with the consideration payable to the Advisor Parent under the Internalization Agreement, the Company issued the Promissory Note in a principal amount of $30.3 million to the Advisor Parent on the Closing Date. The Promissory Note was a senior unsecured obligation of the Company and ranked equal in right of payment with all of the Company’s existing and future indebtedness. The Promissory Note bore interest per annum of Term SOFR (as defined in the Promissory Note) plus 1.25% until January 1, 2025 and Term SOFR plus 3.25% on and after January 1, 2025, with such interest payable monthly. The Promissory Note’s maturity date was June 28, 2025 and may be prepaid, in whole or in part, prior to the maturity date without any pre-payment penalties. The Promissory Note is included in accounts payable and accrued expenses on the balance sheet as of December 31, 2024. In January 2025, the Company repaid the Promissory Note in full including any unpaid interest at the time of payment. 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 (Prepayments) as of 2024 2023 2022 December 31, (In thousands) Incurred Incurred Incurred 2024 2023 Non-recurring fees and reimbursements: Acquisition cost reimbursements $ 20 $ 32 $ 23 $ — $ — Ongoing fees and reimbursements: Asset management fees 16,374 21,831 21,831 — — Professional fees and other reimbursements (1) 10,589 10,595 8,820 — 198 Property management fees (2) 3,584 4,135 4,200 — 97 Termination fees (including the Promissory Note) (3) 106,650 — — 30,267 — Total related party operation fees and reimbursements $ 137,217 $ 36,593 $ 34,874 $ 30,267 $ 295 __________ (1) Included in general and administrative expenses in the consolidated statements of operations. For the year ended December 31, 2024, includes amount related to the purchase of tail directors and officers liability insurance policy covering the former Advisor and the Company in connection with the Internalization. (2) Inclusive of $0.8 million and $0.4 million of leasing commissions which are included in prepaid expenses and other assets on the consolidated balance sheet as of December 31, 2024 and 2023. (3) For the year ended December 31, 2024, includes the Closing Payments payable to the Advisor pursuant to the terms of the Internalization, including an internalization fee of $98.2 million, an asset management fee of $5.5 million and a property management fee of $2.9 million. See Note 1 Internalization For details regarding the terms of the Internalization, see Note 1 — Organization — Internalization. Promotes Incurred in Connection with a Listing or the Liquidation of the Company’s Real Estate Assets Promote Incurred in Connection with a Listing If the common stock of the Company is listed on a national securities exchange, the Special Limited Partner will be entitled to receive a promissory note as evidence of its right to receive a subordinated incentive listing distribution from the OP equal to 15.0% of the amount by which the market value of all issued and outstanding shares of common stock plus distributions exceeds the aggregate capital contributed plus an amount equal to a 6.0% cumulative, pre-tax non-compounded annual return to investors in the Company’s initial public offering of common stock. No such distribution was incurred during the years ended December 31, 2024, 2023 and 2022. If the Special Limited Partner or any of its affiliates receives the subordinated incentive listing distribution the Special Limited Partner and its affiliates will no longer be entitled to receive the subordinated participation in net sales proceeds 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, 2024, 2023 and 2022. Any amount of net sales proceeds paid to the Special Limited Partner or any of its affiliates prior to the Company’s listing will reduce dollar for dollar the amount of the subordinated incentive listing distribution described above. Promote in Connection with a Termination Under the LPA, upon termination or non-renewal of the advisory agreement with the Advisor, with or without cause, the Special Limited Partner was entitled to receive a promissory note as evidence of its right to receive subordinated termination distributions from the OP equal to 15.0% of the amount by which the sum of the Company’s market value plus distributions exceeds the sum of the aggregate capital contributed plus an amount equal to a 6.0% cumulative, pre-tax, non-compounded annual return to investors in the Company’s initial public offering of common stock. However, in accordance with the terms of the LPA, in connection with the Internalization and the Company’s termination of the Advisory Agreement, the Special Limited Partner deferred its right to receive a subordinated distribution upon termination until either a subsequent listing of its common shares on a national securities exchange or other liquidity event occurs.

Economic Dependency

Economic Dependency	12 Months Ended
	Dec. 31, 2024
Economic Dependency [Abstract]
Economic Dependency	Economic Dependency Under various agreements, prior to the Internalization, the Company engaged the Advisor, its affiliates and entities under common control with the Advisor to provide certain services that were 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 was dependent upon the Advisor and its affiliates prior to the Internalization.

Equity-Based Compensation

Equity-Based Compensation	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation Restricted Share Plan The Company adopted an employee and director incentive restricted share plan (as amended from time to time, the “RSP”), which provided the Company with the ability to grant awards of restricted shares of common stock (“restricted shares”) to the Company’s directors, officers and 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 RSP expired in accordance with its terms in February 2023. 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 4.2 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, 2024 and activity for the period presented: Number of Common Shares Weighted-Average Issue Price Unvested, December 31, 2021 39,857 $ 84.84 Stock dividend 2,078 59.44 Granted — — Vested (17,599) 94.68 Forfeitures — — Unvested, December 31, 2022 24,336 75.56 Stock Dividend 1,293 57.08 Granted — — Vested (12,718) 81.58 Forfeitures — — Unvested, December 31, 2023 12,911 67.78 Stock dividend 196 56.00 Granted — — Vested (13,107) 67.60 Forfeitures — — Unvested, December 31, 2024 — $ — As of December 31, 2024, the Company did not have any remaining unrecognized compensation cost related to unvested restricted share awards granted under the RSP. Compensation expense related to restricted shares was $0.6 million, $0.9 million and $1.2 million during the years ended December 31, 2024, 2023 and 2022, 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, 2024, 2023 and 2022.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	12 Months Ended
	Dec. 31, 2024
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, 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 Other comprehensive income, before reclassifications 8,716 Amount of gain reclassified from accumulated other comprehensive income (15,540) Balance, December 31, 2024 $ 16,640 Accumulated other comprehensive income predominately relates to the unrealized gains (losses) on designated derivatives, however, as previously discussed in Note 7 — Derivatives and Hedging Activities , previously designated hedges were terminated and the termination costs are being amortized over the term of the hedged item.

Non-Controlling Interests

Non-Controlling Interests	12 Months Ended
	Dec. 31, 2024
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) 2024 2023 Series A Preferred Units held by third parties $ 2,578 $ 2,578 Common OP Units held by third parties 2,212 3,156 Total Non-controlling Interests in the OP 4,790 5,734 Non-controlling interests in property owning subsidiaries 775 695 Total Non-controlling Interests $ 5,565 $ 6,429 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) 2024 2023 2022 Income attributable to Series A Preferred Units held by third parties $ (184) $ (185) $ (184) Loss attributable to Common OP Units held by third parties 837 317 341 Net loss attributable to non-controlling interests in the OP 653 132 157 Income attributable to non-controlling interests in property-owning subsidiaries (86) (50) (22) Net loss attributable to non-controlling interests $ 567 $ 82 $ 135 Non-Controlling Interests in the OP For preferred and common shares issued by the Company, the Company causes the OP to issue to the Company mirror securities with substantially equivalent economic rights in exchange for the contribution of the capital raised by such issuances. The securities held by the Company are eliminated in consolidation. Series A Preferred Units The Company is the sole general partner and holds substantially all of the Series A Preferred Units (except as discussed below). All common and preferred units in the OP held by the Company are eliminated in consolidation. In September 2021, the Company partially funded the purchase of a OMF from an unaffiliated third party by causing the OP to issue 100,000 Series A Preferred Units to the unaffiliated third party, with a face value of $25.00 per unit, which were recorded at issuance at a then fair value of $2.6 million, or $25.78 per unit, to the unaffiliated third party. A holder of Series A Preferred Units has the right to receive cash distributions equivalent to the cash distributions, if any, on the Company’s Series A Preferred Stock, which earn dividends at a rate equal to 7.375% of its face value. After holding the Series A Preferred Units for a period of one year, a holder of Series A Preferred Units has the right to redeem Series A Preferred Units for, at the option of the OP, the corresponding number of shares of the Company’s Series A Preferred Stock, or the cash equivalent. The remaining rights of the limited partners in the OP are limited, however, and do not include the ability to replace the general partner or to approve the sale, purchase or refinancing of the OP’s assets. During both the years ended December 31, 2024 and 2023, 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, the Advisor held 90 partnership units in the OP designated as “Common OP Units”. In connection with the Internalization, immediately prior to Closing, the Advisor transferred the 90 Common OP Units to the Advisor Parent. As of December 31, 2024, the Advisor Parent held 90 Common OP Units. In November 2014, the Company partially funded the purchase of an OMF from an unaffiliated third party by causing the OP to issue 405,908 Common OP Units, with a value of $10.1 million, or $25.00 per unit, to the unaffiliated third party. A holder of Common OP Units has the right to receive cash distributions equivalent to the cash distributions, if any, on the Company’s common stock in an amount retroactively adjusted to reflect the stock dividends, other stock dividends and other similar events. After holding the Common OP Units for a period of one year, a holder of Common OP Units has the right to redeem Common OP Units for, at the option of the OP, the corresponding number of shares of the Company’s common stock, as retroactively adjusted for the stock dividends, other stock dividends and other similar events, or the cash equivalent. The remaining rights of the limited partners in the OP are limited, however, and do not include the ability to replace the general partner or to approve the sale, purchase or refinancing of the OP’s assets. During the years ended December 31, 2024 and 2023, 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 405,998 Common OP Units outstanding as of December 31, 2024 would be redeemable for 124,161 shares of common stock, giving effect to adjustments for the impact of the stock dividends through January 2024 and the Reverse Stock Split. Non-Controlling Interests in Property Owning Subsidiaries The Company also has investment arrangements with other unaffiliated third parties whereby such investors receive an ownership interest in certain of the Company’s property-owning subsidiaries and are entitled to receive a proportionate share of the net operating cash flow derived from the subsidiaries’ property. Upon disposition of a property subject to non-controlling interest, the investor will receive a proportionate share of the net proceeds from the sale of the property. The investor has no recourse to any other assets of the Company. Due to the nature of the Company’s involvement with these arrangements and the significance of its investment in relation to the investment of the third party, the Company has determined that it controls each entity in these arrangements and therefore the entities related to these arrangements are consolidated within the Company’s financial statements. A non-controlling interest is recorded for the investor’s ownership interest in the properties. The following table summarizes the activity related to investment arrangements with the unaffiliated third parties: 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 2024 2024 2024 2023 2024 2023 2022 Plaza Del Rio Medical Office Campus Portfolio (1) May 2015 $ 775 7.1 % $ 12,763 $ 12,687 $ — $ — $ — __________ (1) Of the six total properties in the Plaza Del Rio Medical Office Campus Portfolio, three properties were encumbered under the Capital One OMF Loan, two properties were pledged to the OMF Warehouse Facility and one property was encumbered under the Multi-Property CMBS Loan. 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, 2024
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, 2024, 2023 and 2022 and has been retroactively adjusted to reflect the stock dividends and the Reverse Stock Split (see Note 1 — Organization and Note 8 — Stockholder’s Equity for additional information): Year Ended December 31, 2024 2023 2022 Net loss attributable to stockholders (in thousands) $ (203,495) $ (86,097) $ (93,285) Basic and diluted weighted-average shares outstanding (1) 28,286,391 28,280,430 28,260,835 Basic and diluted net loss per share $ (7.19) $ (3.04) $ (3.30) __________ (1) Weighted average number of shares of common stock outstanding for the periods presented. There were 28,296,439, 27,886,255 and 26,270,133 shares of common stock outstanding as of December 31, 2024, 2023 and 2022, respectively. Diluted net loss per share assumes the conversion of all common stock equivalents into an equivalent number of shares of common stock, unless the effect is antidilutive. The Company considers unvested restricted shares, Common OP Units and Class B Units to be common share equivalents. Series A Preferred Units are non-participating. The Company had the following common stock equivalents on a weighted-average basis that were excluded from the calculation of diluted net loss per share attributable to stockholders as their effect would have been antidilutive. December 31, 2024 2023 2022 Unvested restricted shares (1) — 20,827 37,538 Common OP Units (2) 124,161 124,161 124,161 Class B Units (3) 109,865 109,865 109,865 Total weighted average antidilutive common share equivalents 234,026 254,853 271,564 ________ (1) Weighted average number of antidilutive unvested restricted shares outstanding for the periods presented. There were zero , 12,911 and 24,336 unvested restricted shares outstanding as of December 31, 2024, 2023 and 2022, 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, 2024, 2023 and 2022. (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, 2024, 2023 and 2022.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company has three operating segments: (i) outpatient medical facilities, (ii) senior housing operating properties and (iii) triple net leased healthcare facilities. These operating segments are aggregated into two reportable business segments: OMFs and SHOPs. The disclosures below for the years ended December 31, 2024, 2023 and 2022 are presented for the Company’s two reportable business segments for management and internal financial reporting purposes. The Company’s CODM is provided financial data on a periodic basis which includes net operating income (as defined below) for each of the reportable business segments. This serves as the profit or loss measure used by the CODM for performance assessment and resource allocation. The Company’s CODM is its Chief Executive Officer. The Company, through its CODM, evaluates performance and makes resource allocations based on its two business segments. The OMF segment primarily consists of facilities leased to healthcare-related tenants under long-term leases, which may require such tenants to pay a pro rata share of property-related expenses as well as seniors housing properties, hospitals, inpatient rehabilitation facilities and skilled nursing facilities under long-term leases, under which tenants are generally responsible to directly pay property-related expenses. The SHOP segment consists of direct investments in seniors housing properties, primarily providing assisted living, independent living and memory care services, which are operated through engaging independent third-party operators. Net Operating Income The Company evaluates the performance of the combined properties in each segment using net operating income (NOI) which is defined as total revenues from tenants, less property operating costs. As such, this excludes all other items of expense and income included in the consolidated financial statements in calculating consolidated income (loss) before income taxes. The Company uses NOI to assess and compare property level performance and to make decisions concerning the operation of the properties. The Company believes that NOI is useful as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating expenses and acquisition activity on an unleveraged basis, providing perspective not immediately apparent from consolidated income (loss) before income taxes. NOI excludes certain components from consolidated income (loss) before income taxes in order to provide results that are more closely related to a property’s results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by the Company may not be comparable to NOI reported by other REITs that define NOI differently. The following table presents the operating financial information for the Company’s two business segments for the years ended December 31, 2024, 2023 and 2022: Year Ended December 31, (In thousands) 2024 2023 2022 OMFs (1) : Revenue from tenants $ 137,317 $ 135,449 $ 131,444 Less: Property operating and maintenance 39,201 37,954 35,945 NOI $ 98,116 $ 97,495 $ 95,499 SHOPs: Revenue from tenants $ 216,477 $ 210,476 $ 204,402 Less: Property Operating and maintenance: Compensation related expenses (2) 110,389 109,281 109,198 Other property operating and maintenance (3) 71,558 70,557 68,301 NOI $ 34,530 $ 30,638 $ 26,903 (1) The CODM uses NOI to evaluate performance of the OMF segment as a large portion of the property-level operating expenses is recovered from tenants. (2) Includes costs incurred for salaries, benefits and other labor related costs. (3) Includes costs incurred for supplies, management fees and overhead. 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’ NOI to consolidated income (loss) before income taxes and consolidated net loss attributable to common stockholders is presented below: Year Ended December 31, (In thousands) 2024 2023 2022 Revenue from tenants OMFs $ 137,317 $ 135,449 $ 131,444 SHOPs 216,477 210,476 204,402 Total consolidated revenue from tenants $ 353,794 $ 345,925 $ 335,846 Loss before income tax and net loss attributable to common stockholders: Net Operating Income: OMFs $ 98,116 $ 97,495 $ 95,499 SHOPs 34,530 30,638 26,903 Total NOI 132,646 128,133 122,402 Impairment charges (24,881) (4,676) (27,630) Operating fees to related parties (19,203) (25,527) (25,353) Termination fees to related parties (106,650) — — Acquisition and transaction related (7,949) (545) (1,484) General and administrative (22,744) (18,928) (17,287) Depreciation and amortization (84,067) (82,873) (82,064) Gain (loss) on sale of real estate investments 9,307 (322) (125) Interest expense (69,447) (66,078) (51,740) Interest and other income 1,051 734 27 Gain (loss) on non-designated derivatives 1,544 (1,995) 3,834 Gain on extinguishment of debt 392 — — Loss before income taxes (190,001) (72,077) (79,420) Income tax expense (262) (303) (201) Net loss (190,263) (72,380) (79,621) Net loss attributable to non-controlling interests 567 82 135 Allocation for preferred stock (13,799) (13,799) (13,799) Net loss attributable to common stockholders $ (203,495) $ (86,097) $ (93,285) The following table reconciles real estate investments, net by segment to consolidated total assets as of the periods presented: December 31, (In thousands) 2024 2023 ASSETS Investments in real estate, net: OMFs $ 1,004,741 $ 1,114,963 SHOPs 756,358 824,694 Total investments in real estate, net 1,761,099 1,939,657 Cash and cash equivalents 21,652 46,409 Restricted cash 52,443 44,907 Derivative assets, at fair value 19,206 28,370 Straight-line rent receivable, net 22,841 26,325 Operating lease right-of-use asset 7,480 7,713 Prepaid expenses and other assets 40,033 35,781 Deferred costs, net 21,269 15,997 Total assets $ 1,946,023 $ 2,145,159 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) 2024 2023 2022 OMFs $ 8,967 $ 10,467 $ 10,542 SHOPs 12,941 14,832 17,451 Total capital expenditures $ 21,908 $ 25,299 $ 27,993

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of December 31, 2024, the Company had seven operating and six direct financing lease agreements. The seven operating leases have durations, including assumed renewals, ranging from 17.9 years to 82.7 years, excluding an adjacent parking lot lease with a term of 1.7 years. The Company did not enter into any additional ground leases during the year ended December 31, 2024. As of December 31, 2024, the Company had ROU assets and liabilities of $7.5 million and $8.1 million, respectively, which are included in operating lease right-of-use assets and operating lease liabilities, respectively, on the Company’s consolidated balance sheets. In determining operating ROU assets and lease liabilities for the Company’s existing operating leases upon the adoption of the lease guidance issued in 2019, as well as for new operating leases in the current period, the Company was required to estimate an appropriate incremental borrowing rate on a fully-collateralized basis for the terms of the leases. Because the terms of the Company’s ground leases are significantly longer than the terms of borrowings available to the Company on a fully-collateralized basis, the Company’s estimate of this rate required significant judgment. The Company’s ground operating leases have a weighted-average remaining lease term, including assumed renewals, of 32.3 years and a weighted-average discount rate of 7.36% as of December 31, 2024. For each of the years ended December 31, 2024, 2023 and 2022, the Company paid cash of $0.7 million, $0.7 million and $0.7 million for amounts included in the measurement of lease liabilities and recorded expense of $0.7 million, $0.8 million and $0.9 million, on a straight-line basis in accordance with the current accounting guidance. The ground operating lease expense is recorded in property operating expenses in the Company’s consolidated statements of operations and comprehensive loss. Future Base Rent Payments (In thousands) Operating Leases Direct Financing Leases (1) 2025 $ 653 $ 93 2026 649 95 2027 617 97 2028 618 100 2029 620 102 Thereafter 20,705 7,013 Total minimum lease payments 23,862 7,500 Less: amounts representing interest (15,753) (2,671) Total present value of minimum lease payments $ 8,109 $ 4,829 __________ (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, 2024, 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, 2024
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: In January 2025, the Company disposed of 11 OMFs for an aggregate contract sales price of $114.4 million and used a portion of the net proceeds to fully repay the outstanding balance on the Promissory Note (including any unpaid interest at the time of payment) and $70.7 million of mortgages.

Real Estate and Accumulated Dep

Real Estate and Accumulated Depreciation Schedule III	12 Months Ended
	Dec. 31, 2024
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 Land Building and Land Building and Improvements (8) Gross Amount (1) (2) Accumulated Depreciation (3) (4) Adena Health Center - Jackson, OH (7) OH Jun-13 $ — $ 242 $ 4,494 $ — $ (25) $ 4,711 $ 1,333 Ouachita Community Hospital - West Monroe, LA LA Jul-13 — 633 5,304 — — 5,937 1,608 CareMeridian - Littleton, CO CO Aug-13 — 976 8,900 — 111 9,987 3,511 Oak Lawn Medical Center - Oak Lawn, IL IL Aug-13 5,610 835 7,217 — 743 8,795 2,203 Surgery Center of Temple - Temple, TX TX Aug-13 3,989 225 5,208 — 432 5,865 1,766 Greenville Health System - Greenville, SC SC Oct-13 3,045 720 3,045 — 713 4,478 1,021 Stockbridge Family Medical - Stockbridge, GA GA Feb-14 1,823 823 1,799 — 236 2,858 713 Arrowhead Medical Plaza II - Glendale, AZ AZ Feb-14 7,769 — 9,758 — 2,421 12,179 4,425 Village Center Parkway - Stockbridge, GA GA Feb-14 2,412 1,135 2,299 — 347 3,781 999 Creekside OMF - Douglasville, GA GA Apr-14 7,619 2,709 5,320 — 1,620 9,649 2,414 Bowie Gateway Medical Center - Bowie, MD MD May-14 9,262 983 10,321 — 426 11,730 3,118 Campus at Crooks & Auburn Building D - Rochester Mills, MI MI May-14 3,924 640 4,166 — 164 4,970 1,407 Berwyn Medical Center - Berwyn, IL IL May-14 — 1,305 7,559 — 239 9,103 2,136 Countryside Medical Arts - Safety Harbor, FL FL May-14 7,233 915 7,663 — 582 9,160 2,427 St. Andrews Medical Park - Venice, FL FL May-14 10,534 1,668 10,005 — 1,667 13,340 3,959 Campus at Crooks & Auburn Building C - Rochester Mills, MI MI Jun-14 3,711 609 3,893 — 198 4,700 1,349 Laguna Professional Center - Elk Grove, CA CA Jul-14 10,670 1,811 14,598 — 318 16,727 4,522 UC Davis OMF - Elk Grove, CA CA Jul-14 6,868 1,138 7,242 — 318 8,698 2,411 Estate at Hyde Park - Tampa, FL (6) FL Jul-14 — 1,777 20,308 — 1,472 23,557 6,438 Addington Place of Clarkston - Clarkston, MI (6) MI Aug-14 — 655 19,967 — 2,225 22,847 6,404 Sunnybrook of Burlington - Burlington, IA (5) IA Aug-14 — 518 16,739 — 592 17,849 5,488 Sunnybrook of Carroll - Carroll, IA (5) IA Aug-14 — 473 11,263 — 152 11,888 3,272 Prairie Hills at Cedar Rapids - Cedar Rapids, IA (6) IA Aug-14 — 195 8,595 — 375 9,165 2,586 Prairie Hills at Clinton - Clinton, IA (5) IA Aug-14 — 890 18,882 — 303 20,075 5,842 Prairie Hills at Des Moines - Des Moines, IA (5) IA Aug-14 — 647 13,745 — 415 14,807 4,377 Sunnybrook of Fairfield - Fairfield, IA IA Aug-14 — 340 14,115 — 447 14,902 4,402 Prairie Hills at Independence - Independence, IA IA Aug-14 — 473 10,600 — 222 11,295 3,205 Sunnybrook of Mt. Pleasant - Mt. Pleasant, IA IA Aug-14 — 205 10,935 — 442 11,582 3,216 Sunnybrook of Muscatine - Muscatine, IA (5) IA Aug-14 — 302 13,840 — 330 14,472 4,128 Prairie Hills at Tipton - Tipton, IA IA Aug-14 — 306 10,409 — 234 10,949 2,947 Liberty Court - Dixon, IL IL Aug-14 — 119 1,998 — 76 2,193 673 Addington Place of Lakeside Vista - Dixon, IL (5) MI Aug-14 — 378 12,196 — 2,810 15,384 4,183 The Atrium - Rockford, IL IL Aug-14 — 164 1,746 — 117 2,027 507 Initial Costs Subsequent to Acquisition Property State Acquisition Encumbrances Land Building and Land Building and Improvements (8) Gross Amount (1) (2) Accumulated Depreciation (3) (4) Arrowhead Medical Plaza I - Glendale, AZ AZ Sep-14 5,268 — 6,447 — 1,811 8,258 2,701 Sunnybrook of Burlington - Land - Burlington, IA IA Sep-14 — 620 — — — 620 — Community Health OMF - Harrisburg, PA PA Sep-14 4,875 — 6,170 — 4 6,174 1,635 Brady OMF - Harrisburg, PA PA Sep-14 17,758 — 22,485 — 4 22,489 5,815 Landis Memorial - Harrisburg, PA PA Sep-14 — — 32,484 — 4 32,488 8,426 FOC II - Mechanicsburg, PA PA Sep-14 13,144 — 16,473 — 173 16,646 4,958 FOC Clinical - Mechanicsburg, PA PA Sep-14 15,507 — 19,634 — 4 19,638 5,736 FOC I - Mechanicsburg, PA PA Sep-14 7,302 — 8,923 — 324 9,247 2,940 Addington Place of Brunswick - Brunswick, GA GA Sep-14 — 1,509 14,402 — 735 16,646 4,597 Addington Place of Dublin - Dublin, GA GA Sep-14 — 403 9,281 — 313 9,997 3,022 Addington Place of Johns Creek - Johns Creek, GA (6) GA Sep-14 — 997 11,943 — 982 13,922 3,930 Addington Place of Jupiter - Jupiter, FL (5) FL Sep-14 — 3,741 49,534 — 1,673 54,948 14,786 Addington Place of Lee's Summit - Lee's Summit, MO (6) MO Sep-14 — 2,734 25,008 — 662 28,404 7,554 Addington Place of Roswell - Roswell, GA GA Sep-14 — 1,000 8,611 (783) (7,092) 1,736 — Addington Place of College Harbour - St Petersburg, FL FL Sep-14 — 3,791 8,684 — 3,756 16,231 4,234 Addington Place of Stuart - Stuart, FL (5) FL Sep-14 — 5,018 60,575 — 1,969 67,562 18,312 Addington Place of East Lake - Tarpon Springs, FL (6) FL Sep-14 — 2,360 13,728 — 4,108 20,196 5,889 Addington Place of Titusville - Titusville, FL (5) FL Sep-14 — 1,379 13,976 — 913 16,268 4,948 Gateway OMF - Clarksville, TN TN Oct-14 14,070 — 16,367 — 1,452 17,819 5,241 Dyer Building - Dyer, IN IN Oct-14 6,615 601 8,992 — 195 9,788 2,482 757 Building - Munster, IN IN Oct-14 5,885 645 7,885 — 123 8,653 2,108 761 Building - Munster, IN IN Oct-14 6,553 1,436 8,616 — 221 10,273 2,494 759 Building - Munster, IN IN Oct-14 7,929 1,101 8,899 — 42 10,042 2,445 Meadowbrook Senior Living - Agoura Hills, CA (6) CA Nov-14 — 8,821 48,682 — 3,425 60,928 14,682 Mount Vernon Medical Office Building - Mount Vernon, WA WA Nov-14 14,652 — 18,519 — 37 18,556 5,065 Wellington at Hershey's Mill - West Chester, PA PA Dec-14 — 8,531 80,734 — 8,788 98,053 24,728 Eye Specialty Group Medical Building - Memphis, TN TN Dec-14 6,315 775 7,223 — — 7,998 1,911 Addington Place of Alpharetta - Alpharetta, GA GA Dec-14 — 1,604 26,069 — 455 28,128 7,643 Addington Place of Prairie Village - Prairie Village, KS (6) KS Dec-14 — 1,782 21,869 — 658 24,309 6,712 Bloom OMF - Harrisburg, PA PA Dec-14 12,985 — 15,928 — 517 16,445 4,471 Medical Sciences Pavilion - Harrisburg, PA PA Dec-14 17,616 — 22,309 — — 22,309 5,698 Pinnacle Center - Southaven, MS MS Dec-14 8,045 1,378 6,547 — 2,264 10,189 2,589 Initial Costs Subsequent to Acquisition Property State Acquisition Encumbrances Land Building and Land Building and Improvements (8) Gross Amount (1) (2) Accumulated Depreciation (3) (4) Paradise Valley Medical Plaza - Phoenix, AZ AZ Dec-14 21,464 — 25,194 — 1,988 27,182 7,710 Victory Medical Center at Craig Ranch - McKinney, TX TX Dec-14 — 1,596 40,475 — 774 42,845 10,781 Acuity Specialty Hospital - Mesa, AZ AZ Jan-15 — 1,977 16,203 (1,226) (11,551) 5,403 46 Acuity Specialty Hospital - Sun City, AZ AZ Jan-15 — 2,329 15,795 (1,758) (12,866) 3,500 54 Addington Place of Shoal Creek - Kansas City, MO (6) MO Feb-15 — 3,723 22,259 — 911 26,893 6,679 Aurora Healthcare Center - Green Bay, WI WI Mar-15 1,910 1,130 1,678 — — 2,808 528 Aurora Healthcare Center - Greenville, WI WI Mar-15 828 259 958 — — 1,217 319 Aurora Healthcare Center - Kiel, WI WI Mar-15 1,965 676 2,214 — — 2,890 622 Aurora Healthcare Center - Plymouth, WI WI Mar-15 17,296 2,891 24,224 — — 27,115 6,831 Aurora Healthcare Center - Waterford, WI WI Mar-15 4,789 590 6,452 — — 7,042 1,755 Aurora Healthcare Center - Wautoma, WI WI Mar-15 4,295 1,955 4,361 — — 6,316 1,236 Arbor View Assisted Living and Memory Care - Burlington, WI WI Mar-15 — 367 7,815 — 174 8,356 2,545 Advanced Orthopaedic Medical Center - Richmond, VA VA Apr-15 17,216 1,523 19,229 — 1,051 21,803 5,138 Palm Valley Medical Plaza - Goodyear, AZ AZ Apr-15 5,512 1,890 4,940 — 1,275 8,105 1,894 Physicians Plaza of Roane County - Harriman, TN TN Apr-15 6,397 1,746 7,842 — 440 10,028 2,281 Adventist Health Lacey Medical Plaza - Hanford, CA CA Apr-15 11,451 328 13,302 — 872 14,502 3,404 Medical Center I - Peoria, AZ AZ May-15 3,013 807 1,115 — 1,894 3,816 1,466 Medical Center II - Peoria, AZ (7) AZ May-15 — 945 1,330 — 5,048 7,323 2,387 Commercial Center - Peoria, AZ AZ May-15 2,555 959 1,110 — 1,167 3,236 806 Medical Center III - Peoria, AZ AZ May-15 2,714 673 1,651 — 1,931 4,255 1,355 Morrow Medical Center - Morrow, GA GA Jun-15 4,775 1,155 5,674 — 656 7,485 1,750 Belmar Medical Building -Lakewood, CO CO Jun-15 3,738 819 4,287 — 754 5,860 1,516 Addington Place - Northville, MI (6) MI Jun-15 — 440 14,975 — 1,327 16,742 4,444 Medical Center V - Peoria, AZ AZ Jul-15 3,768 1,089 3,200 — 1,252 5,541 1,394 Legacy Medical Village - Plano, TX TX Jul-15 29,377 3,755 31,097 — 2,352 37,204 8,742 Scripps Cedar Medical Center - Vista, CA CA Aug-15 14,151 1,213 14,596 — 2,112 17,921 4,132 Ramsey Woods Memory Care - Cudahy, WI WI Oct-15 — 930 4,990 — 182 6,102 1,446 East Coast Square West - Cedar Point, NC NC Oct-15 4,054 1,535 4,803 — 18 6,356 1,224 East Coast Square North - Morehead City, NC NC Oct-15 3,906 899 4,761 — 464 6,124 1,266 Eastside Cancer Institute - Greenville, SC SC Oct-15 6,065 1,498 6,637 — 784 8,919 1,947 Sky Lakes Klamath Medical Clinic - Klamath Falls, OR OR Oct-15 — 433 2,623 — — 3,056 650 Courtyard Fountains - Gresham, OR OR Dec-15 — 2,476 50,601 — 3,034 56,111 13,860 Presence Healing Arts Pavilion - New Lenox, IL IL Dec-15 4,532 — 6,768 — 337 7,105 1,775 Initial Costs Subsequent to Acquisition Property State Acquisition Encumbrances Land Building and Land Building and Improvements (8) Gross Amount (1) (2) Accumulated Depreciation (3) (4) Mainland Medical Arts Pavilion - Texas City, TX TX Dec-15 5,469 320 7,923 — 331 8,574 2,257 Renaissance on Peachtree - Atlanta, GA (5) GA Dec-15 — 4,535 68,895 — 4,071 77,501 18,199 Fox Ridge Senior Living at Bryant - Bryant, AR AR Dec-15 6,471 1,687 12,936 (564) (6,125) 7,934 598 Fox Ridge Senior Living at Chenal - Little Rock, AR AR Dec-15 14,833 6,896 20,579 — 762 28,237 6,198 Fox Ridge North Little Rock - North Little Rock, AR AR Dec-15 9,204 — 19,265 — 608 19,873 5,272 High Desert Medical Group Medical Office Building - Lancaster, CA CA Apr-17 6,863 1,459 9,300 — — 10,759 2,348 Northside Hospital - Canton, GA GA Jul-17 7,789 3,408 8,191 — 611 12,210 1,754 West Michigan Surgery Center - Big Rapids, MI MI Aug-17 4,036 258 5,677 — — 5,935 1,105 Camellia Walk Assisted Living and Memory Care - Evans, GA (5) GA Sep-17 — 1,854 17,372 — 1,457 20,683 4,623 Cedarhurst of Collinsville - Collinsville, IL IL Dec-17 — 1,228 8,652 (993) (7,278) 1,609 — Beaumont Medical Center - Warren, MI MI Dec-17 7,224 1,078 9,525 — 20 10,623 1,859 DaVita Dialysis - Hudson, FL FL Dec-17 1,582 226 1,979 — 121 2,326 392 DaVita Bay Breeze Dialysis Center - Largo, FL FL Dec-17 1,083 399 896 — 297 1,592 241 Greenfield Medical Plaza - Gilbert, AZ AZ Dec-17 4,165 1,476 4,144 — 504 6,124 958 RAI Care Center - Clearwater, FL FL Dec-17 2,628 624 3,156 — 84 3,864 596 Illinois CancerCare - Galesburg, IL IL Dec-17 1,945 290 2,457 — 131 2,878 525 UnityPoint Clinic - Muscatine, IA (7) IA Dec-17 — 570 4,541 — 37 5,148 912 Lee Memorial Health System Outpatient Center - Ft. Myers, FL Dec-17 3,764 439 4,374 — 722 5,535 1,071 Decatur Medical Office Building - Decatur, GA GA Dec-17 3,104 695 3,273 — 597 4,565 786 Madison Medical Plaza - Joliet, IL IL Dec-17 11,482 — 16,855 — 135 16,990 3,018 Woodlake Office Center - Woodbury, MN MN Dec-17 8,399 1,017 10,688 — 1,460 13,165 2,462 Rockwall Medical Plaza - Rockwall, TX TX Dec-17 4,140 1,097 4,582 — 409 6,088 1,067 MetroHealth Buckeye Health Center - Cleveland, OH OH Dec-17 3,408 389 4,367 — 255 5,011 963 UnityPoint Clinic - Moline, IL (7) IL Dec-17 — 396 2,880 — 5 3,281 577 VA Outpatient Clinic - Galesberg, IL IL Dec-17 — 359 1,852 — — 2,211 423 Philip Professional Center - Lawrenceville, GA GA Dec-17 6,595 1,285 6,714 — 353 8,352 1,474 Florida Medical Heartcare - Tampa, FL FL Mar-18 1,692 586 1,902 — — 2,488 361 Florida Medical Somerset - Tampa, FL FL Mar-18 970 61 1,366 — — 1,427 233 Florida Medical Tampa Palms - Tampa, FL FL Mar-18 1,049 141 1,402 — — 1,543 245 Florida Medical Wesley Chapel - Tampa, FL FL Mar-18 1,681 485 1,987 — — 2,472 394 Aurora Health Center - Milwaukee, WI WI Apr-18 3,660 1,014 4,041 — 361 5,416 882 Initial Costs Subsequent to Acquisition Property State Acquisition Encumbrances Land Building and Land Building and Improvements (8) Gross Amount (1) (2) Accumulated Depreciation (3) (4) Vascular Surgery Associates - Tallahassee, FL FL May-18 4,274 902 5,383 — — 6,285 1,002 Glendale OMF - Farmington Hills, MI MI Aug-18 8,637 504 12,332 — (135) 12,701 2,023 Crittenton Washington OMF - Washington Township, MI MI Sep-18 3,438 640 4,090 — 325 5,055 789 Crittenton Sterling Heights OMF - Sterling Heights, MI MI Sep-18 2,830 1,398 2,695 — 69 4,162 593 Advocate Aurora OMF - Elkhorn, WI WI Sep-18 7,606 181 9,452 — — 9,633 1,621 Pulomnary & Critical Care Med PA Nov-18 3,495 621 3,805 — — 4,426 673 Dignity Emerus Blue Diamond - Las Vegas, NV NV Nov-18 14,610 2,182 16,594 — (274) 18,502 2,751 Dignity Emerus Craig Rd - North Las Vegas, NV NV Nov-18 20,851 3,807 22,803 — (208) 26,402 3,815 Greenfield OMF - Greenfield, WI WI Jan-19 8,073 1,552 8,333 — 339 10,224 1,450 Milwaukee OMF - South Milwaukee, WI WI Jan-19 4,304 410 5,041 — — 5,451 786 St. Francis WI OMF - St. Francis, WI WI Jan-19 9,849 865 11,355 — 251 12,471 1,856 Lancaster Medical Arts OMF - Lancaster, PA PA Jun-19 3,062 85 4,417 — — 4,502 614 Women's Healthcare Group OMF - York, PA PA Jun-19 1,894 624 2,161 — — 2,785 336 Pioneer Spine Sports - Northampton, MA MA Jul-19 1,559 435 1,858 — — 2,293 310 Pioneer Spine Sport - Springfield, MA MA Jul-19 1,947 333 2,530 — — 2,863 381 Pioneer Spine Sports - West Springfield, MA MA Jul-19 3,175 374 4,295 — — 4,669 638 Cedarhurst of Edwardsville - Edwardsville, IL IL Jan-20 — 321 9,032 — 153 9,506 1,366 UMPC Sir Thomas Court - Harrisburg, PA PA Jan-20 4,772 745 6,272 — — 7,017 840 UMPC Fisher Road - Mechanicsburg, PA PA Jan-20 3,122 747 3,844 — — 4,591 561 Swedish American OMF - Roscoe, IL IL Jan-20 4,394 599 5,862 — — 6,461 991 Cedarhurst of Sparta - Sparta, IL IL Jan-20 — 381 13,807 — 181 14,369 2,054 UMPC Chambers Hill - Harrisburg, PA PA Feb-20 3,221 498 4,238 — — 4,736 554 Cedarhurst of Shiloh - Shiloh, IL IL Mar-20 — 376 28,299 — 195 28,870 3,784 Bayshore Naples Memory Care - Naples, FL FL Mar-20 — 3,231 17,112 — 1,314 21,657 2,401 Circleville OMF - Circleville, OH OH Dec-20 3,235 765 4,011 — 11 4,787 466 OrthoOne Hilliard - Hilliard, OH OH May-21 2,562 760 3,118 — (110) 3,768 396 South Douglas OMF - Midwest City, OK OK Jun-21 3,054 628 3,863 — — 4,491 450 Fort Wayne Opthomology Engle - Fort Wayne, IN IN Jun-21 4,488 516 6,124 — — 6,640 607 Fort Wayne Opthomology Dupont - Fort Wayne, IN IN Jun-21 2,196 597 2,653 — — 3,250 340 St. Peters Albany 2 Palisades - Albany, NY NY Jun-21 3,642 516 4,342 — 498 5,356 576 Hefner Pointe Medical Center - Oklahoma City, OK OK Jun-21 3,851 678 4,819 — 200 5,697 540 Initial Costs Subsequent to Acquisition Property State Acquisition Encumbrances Land Building and Land Building and Improvements (8) Gross Amount (1) (2) Accumulated Depreciation (3) (4) St. Peters Troy 2 New Hampshire - Troy, NY NY Jun-21 1,955 330 2,444 — 101 2,875 277 St Peters - Albany, NY - 4 Palisades NY Jul-21 2,122 542 2,416 — 163 3,121 288 St Peters - Albany, NY - 5 Palisades NY Jul-21 4,142 593 5,359 — 139 6,091 555 St Lukes Heart Vascular Center - East Stroudsburg PA Aug-21 2,507 363 3,224 — 99 3,686 300 Metropolitan Eye Lakeshore Surgery - St. Clair, MI MI Aug-21 3,288 203 4,632 — — 4,835 410 Naidu Clinic - Odessa, TX TX Sep-21 2,142 730 2,409 — 11 3,150 235 Belpre V Cancer Center - Belpre, OH OH Sep-21 44,236 1,153 63,894 — — 65,047 5,386 Center for Advanced Dermatology - Lakewood, CO CO Dec-21 1,988 1,034 1,874 — 15 2,923 172 Florida Medical Clinic - Tampa, FL FL Dec-21 1,651 1,104 1,137 — 186 2,427 148 Pensacola Nephrology OMF - Pensacola, FL FL Dec-21 4,656 1,579 5,121 — 146 6,846 414 Millennium Eye Care - Freehold, NJ NJ May-22 2,550 635 6,014 — (2,900) 3,749 411 Bone and Joint Specialists - Merrillville, IN IN Jun-22 2,389 1,014 2,499 — — 3,513 174 Atlanta Gastroenterology Associates - Lawrenceville, GA GA Jun-22 3,334 2,639 2,263 — — 4,902 141 Eastern Carolina ENT - Greenville, NC NC Dec-22 4,414 663 5,828 — — 6,491 319 Hope Orthopedics - Salem, OR OR Mar-23 11,651 1,331 15,802 — — 17,133 762 St Peters - Albany, NY - 1444 Western Avenue NY Mar-23 2,986 754 3,639 — (2) 4,391 186 OSF Healthcare OMF - Dwight, IL (7) IL Sep-23 — 254 2,960 — — 3,214 105 OSF Healthcare OMF - Godfrey, IL (7) IL Sep-23 — 1,034 4,668 — — 5,702 171 CPC - LaPorte, IN IN Feb-24 1,686 287 2,090 — — 2,377 49 CPC - Valparaiso, IN IN Feb-24 2,286 460 2,763 — — 3,223 65 CPC - Hobart, IN IN Feb-24 2,179 132 2,939 — — 3,071 63 CPC - Merrillville, IN IN Feb-24 1,349 387 1,510 1 3 1,901 45 Fannie Mae Master Credit Facilities (5)(6) 340,508 OMF Warehouse Facility (7) 21,708 Initial Costs Subsequent to Acquisition Property State Acquisition Encumbrances Land Building and Land Building and Improvements (8) Gross Amount (1) (2) Accumulated Depreciation (3) (4) Total $ 1,151,863 $ 195,405 $ 1,956,081 $ (5,323) $ 56,320 $ 2,202,483 $ 496,758 __________ (1) Acquired intangible lease assets allocated to individual properties in the amount of $284.4 million are not reflected in the table above. (2) The tax basis of aggregate land, buildings and improvements as of December 31, 2024 is $1.9 billion. (3) The accumulated depreciation column excludes $229.1 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 and building improvements and 15 years for fixtures and land improvements. (5) These properties collateralize the Capital One Facility, which had $203.4 million of outstanding borrowings as of December 31, 2024. (6) These properties collateralize the KeyBank Facility, which had $137.1 million of outstanding borrowings as of December 31, 2024. (7) These properties collateralize the OMF Warehouse Facility, which had $21.7 million of outstanding borrowings as of December 31, 2024. (8) Includes adjustments for properties that have been impaired as of December 31, 2024. See — 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, 2024, 2023 and 2022: December 31, (In thousands) 2024 2023 2022 Real estate investments, at cost (1) : Balance at beginning of year $ 2,328,339 $ 2,295,587 $ 2,345,708 Additions-acquisitions and capital expenditures 25,929 51,923 44,926 Disposals, impairments and reclasses (2) (151,785) (19,171) (95,047) Balance at end of the year $ 2,202,483 $ 2,328,339 $ 2,295,587 Accumulated depreciation (1) : Balance at beginning of year $ 458,010 $ 397,982 $ 328,095 Depreciation expense 63,851 64,445 63,143 Disposals, impairments and reclasses (2) (25,103) (4,417) 6,744 Balance at end of the year $ 496,758 $ 458,010 $ 397,982 __________ (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, 2024, 2023 and 2022.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
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

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We understand the importance of preventing, assessing, identifying and managing material risks associated with cybersecurity threats. Cybersecurity processes to assess, identify and manage risks from cybersecurity threats have been incorporated as a part of our overall risk assessment process. On a regular basis we implement into our operations these cybersecurity processes, technologies and controls to assess, identify and manage material risks. Specifically, we engage a third-party information technology and cybersecurity firm to assist with network and endpoint monitoring, cloud system monitoring and assessment of our incident response procedures. Further, we employ periodic penetration testing and tabletop exercises to inform our risk identification and assessment of material cybersecurity threats. To manage our material risks from cybersecurity threats and to protect against, detect and prepare to respond to cybersecurity incidents, we undertake the below listed activities: • monitor emerging data protection laws and implement changes to our processes to comply; • conduct periodic data handling and use requirement training for our employees; • conduct annual cybersecurity management and incident training for employees involved in our systems and processes that handle sensitive data; and • conduct regular phishing email simulations for all employees. Our incident response plan coordinates the activities that we and our third-party information technology and cybersecurity providers take to prepare to respond and recover from cybersecurity incidents, which include processes to triage, assess severity, investigate, escalate, contain and remediate an incident, as well as to comply with potentially applicable legal obligations. As part of the above processes, we engage with third party providers to review our cybersecurity program and help identify areas for continued focus, improvement and compliance. Our processes also include assessing cybersecurity threat risks associated with our use of third-party services providers in normal course of business use, including those in our supply chain or who have access to our tenant and employee data or our systems. Third-party risks are included within our cybersecurity risk management processes discussed above. In addition, we assess cybersecurity considerations in the selection and oversight of our third-party services providers, including due diligence on the third parties that have access to our systems and facilities that house systems and data.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We understand the importance of preventing, assessing, identifying and managing material risks associated with cybersecurity threats. Cybersecurity processes to assess, identify and manage risks from cybersecurity threats have been incorporated as a part of our overall risk assessment process. On a regular basis we implement into our operations these cybersecurity processes, technologies and controls to assess, identify and manage material risks.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Audit Committee of the Board is responsible for oversight of our risk assessment, risk management, disaster recovery procedures and cybersecurity risks. Members of the Board regularly engage in discussions with management on cybersecurity-related news events and discuss any updates to our cybersecurity risk management and strategy programs. Our management is responsible for assessing and managing our material risks from cybersecurity threats. Management has primary responsibility for our overall cybersecurity risk management program and supervises both our internal information technology and cybersecurity personnel and our third-party vendors. Our management team supervises efforts to prevent, detect and mitigate cybersecurity risks and incidents through various means, which may include briefings from both internal and external information technology and cybersecurity personnel, threat intelligence and other information obtained from governmental, public or private sources as well as alerts and reports produced by security tools deployed in our information technology environment.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Audit Committee of the Board is responsible for oversight of our risk assessment, risk management, disaster recovery procedures and cybersecurity risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Members of the Board regularly engage in discussions with management on cybersecurity-related news events and discuss any updates to our cybersecurity risk management and strategy programs.
Cybersecurity Risk Role of Management [Text Block]	Our management is responsible for assessing and managing our material risks from cybersecurity threats. Management has primary responsibility for our overall cybersecurity risk management program and supervises both our internal information technology and cybersecurity personnel and our third-party vendors. Our management team supervises efforts to prevent, detect and mitigate cybersecurity risks and incidents through various means, which may include briefings from both internal and external information technology and cybersecurity personnel, threat intelligence and other information obtained from governmental, public or private sources as well as alerts and reports produced by security tools deployed in our information technology environment.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our management is responsible for assessing and managing our material risks from cybersecurity threats. Management has primary responsibility for our overall cybersecurity risk management program and supervises both our internal information technology and cybersecurity personnel and our third-party vendors.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our management is responsible for assessing and managing our material risks from cybersecurity threats. Management has primary responsibility for our overall cybersecurity risk management program and supervises both our internal information technology and cybersecurity personnel and our third-party vendors. Our management team supervises efforts to prevent, detect and mitigate cybersecurity risks and incidents through various means, which may include briefings from both internal and external information technology and cybersecurity personnel, threat intelligence and other information obtained from governmental, public or private sources as well as alerts and reports produced by security tools deployed in our information technology environment.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Members of the Board regularly engage in discussions with management on cybersecurity-related news events and discuss any updates to our cybersecurity risk management and strategy programs.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
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 and $0.6 million for the years ended December 31, 2022, and pre-2022 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
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the OP.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, impairments, fair value measurements and income taxes, as applicable.
Revenue Recognition	Revenue Recognition The Company’s revenues, which are derived primarily from lease contracts, include rent received from tenants in its OMF segment. As of December 31, 2024, these leases had a weighted average remaining lease term of 6.5 years. Rent from tenants in the Company’s OMF segment (as discussed below) is recorded in accordance with the terms of each lease on a straight-line basis over the initial term of the lease. Because many of the leases provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable for, and include in revenue from tenants on a straight-line basis, unbilled rent receivables that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. When the Company acquires a property, the acquisition date is considered to be the commencement date for purposes of this calculation. For new leases after acquisition, the commencement date is considered to be the date the tenant takes control of the space. For lease modifications, the commencement date is considered to be the date the lease modification is executed. The Company defers the revenue related to lease payments received from tenants in advance of their due dates. Tenant revenue also includes operating expense reimbursements which generally increase with any increase in property operating and maintenance expenses in the Company’s OMF segment. In addition to base rent, dependent on the specific lease, tenants are generally required to pay either (i) their pro rata share of property operating and maintenance expenses, which may be subject to expense exclusions and floors or (ii) their share of increases in property operating and maintenance expenses to the extent they exceed the properties’ expenses for the base year of the respective leases. Under ASC 842, the Company has elected to report combined lease and non-lease components in a single line “Revenue from tenants.” For expenses paid directly by the tenant, under both ASC 842 and 840, the Company has reflected them on a net basis. The Company’s revenues also include resident services and fee income primarily related to rent derived from lease contracts with residents in the Company’s SHOP segment, held using a structure permitted under RIDEA. Rental income from residents in the Company’s SHOP segment is recognized as earned when services are provided. Residents pay monthly rent that covers occupancy of their unit and basic services, including utilities, meals and some housekeeping services. The terms of the leases are short term in nature, primarily month-to-month. The Company defers the revenue related to lease payments received from tenants and residents in advance of their due dates. Pursuant to certain of the Company’s lease agreements, tenants are required to reimburse the Company for certain property operating and maintenance expenses related to non-SHOP assets (recorded in revenue from tenants), in addition to paying base rent, whereas under certain other lease agreements, the tenants are directly responsible for all operating and maintenance costs of the respective properties. The Company continually reviews receivables related to rent and unbilled rent and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Under the leasing standards, the Company is required to assess, based on credit risk only, if it is probable that the Company will collect virtually all of the lease payments at lease commencement date and it must continue to reassess collectability periodically thereafter based on new facts and circumstances affecting the credit risk of the tenant. 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 current 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, 2024, 2023 and 2022. Properties that are intended to be sold are to be designated as “held for sale” on the consolidated balance sheets at the lesser of carrying amount or fair value less estimated selling costs when they meet specific criteria to be presented as held for sale, most significantly that the sale is probable within one year. The Company evaluates probability of sale based on specific facts including whether a sales agreement is in place and the buyer has made significant non-refundable deposits. Properties are no longer depreciated when they are classified as held for sale. There were no real estate investments held for sale as of December 31, 2024 or 2023.
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. The Company acquired four properties during the year ended December 31, 2024. Each of these acquisitions were accounted for as an asset acquisition. 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. 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, market rental rates, discount rates and land values per square foot. Identifiable intangible assets include amounts allocated to acquired leases for above- and below-market lease rates and the value of in-place leases. Factors considered in the analysis of the in-place lease intangibles include an estimate of carrying costs during the expected lease-up period for each property, taking into account current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at contract rates during the expected lease-up period, which typically ranges from six Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of market rental rates for each corresponding in-place lease, measured over a period equal to the remaining initial term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The aggregate value of intangible assets related to customer relationships, as applicable, is measured based on the Company’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the tenant. Characteristics considered by the Company in determining these values include the nature and extent of its existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, among other factors. The Company did not record any intangible asset amounts related to customer relationships during the years ended December 31, 2024, 2023 and 2022.
Accounting for Leases, Lessor Accounting	Accounting for Leases Lessor Accounting The Company evaluates new leases (by the Company or by a predecessor lessor/owner) pursuant to ASC 842: Leases to determine lease classification. A lease 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 a lessor of real estate, the Company has elected, by class of underlying assets, to account for lease and non-lease components (such as tenant reimbursements of property operating and maintenance expenses) as a single lease component as an operating lease because (i) the non-lease components have the same timing and pattern of transfer as the associated lease component; and (ii) the lease component, if accounted for separately, would be classified as an operating lease. Additionally, only incremental direct leasing costs may be capitalized under the accounting guidance. Indirect leasing costs in connection with new or extended tenant leases, if any, are being expensed.
Accounting for Leases, Lessee Accounting	Lessee Accounting The Company is also the lessee under certain land leases which will continue to be classified as operating leases under transition elections unless subsequently modified. These leases are reflected on the consolidated balance sheets as of December 31, 2024 and 2023, 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, 2024, 2023 and 2022. For lessees, the accounting standard requires the application of a dual lease classification approach, classifying leases as either operating or finance leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. Lease expense for operating leases is recognized on a straight-line basis over the term of the lease, while lease expense for finance leases is recognized based on an effective interest method over the term of the lease. Also, lessees must recognize a right-of-use asset (“ROU”) and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Further, certain transactions where at inception of the lease the buyer-lessor accounted for the transaction as a purchase of real estate and a new lease may 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	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 statements 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 for use. For properties held for sale, the impairment loss recorded would equal the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income (loss) because recording an impairment loss results in an immediate negative adjustment to earnings. For additional information, see Note 3 — Real Estate Investments, Net .
Reportable Segments	Reportable Segments The Company’s reportable segments, based on how it evaluates its business and allocates resources, are as follows: (i) OMF and (ii) SHOP. 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 and building improvements, 15 years for land improvements and fixtures, and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests. Construction in progress is not depreciated until the project has reached substantial completion. The value of certain other intangibles such as certificates of need in certain jurisdictions are amortized over the expected period of benefit (generally the life of the related building). The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to expense over the remaining periods of the respective leases. The value of customer relationship intangibles, if any, is amortized to expense over the initial term and any renewal periods in the respective leases, but in no event does the amortization period for intangible assets exceed the remaining depreciable life of the building. If a tenant terminates its lease, the unamortized portion of the in-place lease value and customer relationship intangibles is charged to expense. Assumed mortgage premiums or discounts are amortized as an increase or reduction to interest expense over the remaining terms of the respective mortgages. 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 2017-12 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 2017-12, 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 Cash and cash equivalents includes cash in bank accounts as well as investments in highly liquid money market funds with original maturities of three months or less.
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 the Internal Revenue Code of 1986, as amended (the “Code”), commencing with the taxable year ended December 31, 2013. If the Company continues to qualify for taxation as a REIT, it generally will not be subject to U.S. federal corporate income tax to the extent it distributes all of its REIT taxable income (which does not equal net income as calculated in accordance with GAAP) to its stockholders. REITs are subject to a number of organizational and operational requirements, including a requirement that the Company distribute annually at least 90% of the Company’s REIT taxable income to the Company’s stockholders. If the Company fails to continue to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, the Company will be subject to U.S. federal, state and local income taxes at regular corporate rates beginning with the year in which it fails to qualify and may be precluded from being able to elect to be treated as a REIT for the Company’s four subsequent taxable years. The Company had no REIT taxable income requiring distribution to its stockholders for each of the years ended December 31, 2024, 2023 and 2022. 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, 2024, the Company owned 44 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, 2024 consisted of deferred rent and net operating loss carryforwards. During the year ended December 31, 2023, the Company modified 26 intercompany leases with the TRS which reduced intercompany rent.
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 and the Reverse Stock Split) 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
Recently Issued Accounting Pronouncements	Recent Accounting Pronouncements Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07 , Segment Reporting — Improvements to Reportable Segment Disclosures, which requires incremental disclosures related to a public entity’s reportable segments. Required disclosures include, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount for other segment items (which is the difference between segment revenue less segment expenses and less segment profit or loss) and a description of its composition, the title and position of the CODM, and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The standard also permits disclosure of more than one measure of segment profit. The ASU should be adopted retrospectively unless it is impracticable to do so. The Company adopted the annual requirements under ASU 2023-07 on January 1, 2024 and plans to adopt interim requirements under ASU 2023-07. The Company has included financial statement disclosures in accordance with ASU 2023-07 within Note 1 5 — Segment Reporting. Not yet Adopted In December 2023, the FASB issued Accounting Standards Update 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”) , which requires public entities on an annual basis to (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). ASU 2023-09 is effective for fiscal years beginning after December 15, 2025. The Company is evaluating the impact of the adoption of ASU 2023-09 on its consolidated financial statements. In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires public business entities (PBEs) to provide disaggregated disclosure in tabular format in the notes to financial statements of specific expenses, including but not limited to: (i) employee compensation, (ii) depreciation, and (iii) intangible asset amortization. In January 2025, the FASB issued ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) : Clarifying the Effective Date , to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is evaluating the impact these ASUs will have on its disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024 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 2025 $ 102,490 2026 98,736 2027 89,887 2028 76,345 2029 66,636 Thereafter 315,834 Total $ 749,928
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, 2024, 2023 and 2022, 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, 2024, 2023 and 2022. These income taxes are reflected in income tax (expense) benefit on the accompanying consolidated statements of operations and comprehensive loss. Year Ended December 31, 2024 2023 2022 (In thousands) Current Deferred Current Deferred Current Deferred Federal (expense) benefit $ — $ 1,936 $ — $ 1,023 $ — $ 2,145 State (expense) benefit (262) 461 (303) 142 (201) 604 Deferred tax asset valuation allowance — (2,397) — (1,165) — (2,749) Total income tax benefit (expense) $ (262) $ — $ (303) $ — $ (201) $ —

Real Estate Investments, Net (T

Real Estate Investments, Net (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024, 2023 and 2022: Year Ended December 31, (In thousands) 2024 2023 Real estate investments, at cost: Land $ 1,266 $ 3,373 Buildings, fixtures and improvements 9,302 27,069 Total tangible assets 10,568 30,442 Acquired intangibles: In-place leases and other intangible assets (1) 2,388 5,057 Market lease and other intangible assets (1) 150 33 Market lease liabilities (1) — (271) Total intangible assets and liabilities 2,538 4,819 Mortgage notes payable assumed, net (7,500) — Cash paid for real estate investments, including acquisitions $ 5,606 $ 35,261 Number of properties purchased 4 7 __________ (1) Weighted-average remaining amortization periods for in-place leases and above-market leases acquired were both 13.6 years as of December 31, 2024. Weighted-average remaining amortization periods for in-place leases, above-market and below market leases acquired were 8.7 years, 11.3 years and 9.3 years, respectively, as of December 31, 2023.
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, 2024, 2023 and 2022: December 31, State 2024 2023 2022 Florida 21.2% 19.9% 19.2% Pennsylvania 11.6% 10.6% * Georgia 10.4% * * __________ * Not greater than 10%.
Schedule of Acquired Intangible Assets and Liabilities	Acquired intangible assets and liabilities consisted of the following as of the periods presented: December 31, 2024 December 31, 2023 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 260,534 $ 214,961 $ 45,573 $ 269,363 $ 210,172 $ 59,191 Market lease assets 14,446 12,819 1,627 14,465 12,548 1,917 Other intangible assets 9,467 1,293 8,174 9,467 1,325 8,142 Total acquired intangible assets $ 284,447 $ 229,073 $ 55,374 $ 293,295 $ 224,045 $ 69,250 Intangible liabilities: Market lease liabilities $ 22,789 $ 16,664 $ 6,125 $ 23,520 $ 15,355 $ 8,165
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) 2024 2023 2022 Amortization of in-place leases and other intangible assets (1) $ 12,258 $ 13,080 $ 15,076 Accretion of above-and below-market leases, net (2) $ (1,420) $ (1,050) $ (795) Amortization of above-and below-market ground leases, net (3) $ 176 $ 159 $ 159 __________ (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) 2025 2026 2027 2028 2029 In-place lease assets $ 9,589 $ 8,100 $ 5,048 $ 3,730 $ 3,238 Other intangible assets 10 10 10 10 10 Total to be added to amortization expense $ 9,599 $ 8,110 $ 5,058 $ 3,740 $ 3,248 Above-market lease assets $ (364) $ (330) $ (243) $ (205) $ (112) Below-market lease liabilities 1,134 980 664 600 557 Total to be added to revenue from tenants $ 770 $ 650 $ 421 $ 395 $ 445
Schedule of Impairments Recorded	The following table presents impairment charges by segment recorded during the years ended December 31, 2024, 2023 and 2022: Year Ended December 31, (In thousands) 2024 2023 2022 OMF Segment: Illinois skilled nursing facilities (1) (6) $ — $ — $ 10,644 Acuity Specialty Hospital Mesa (2) 8,829 — — Sassafras OMF (3) (6 — — 1,844 Sun City OMF (4) (6) 2,409 2,554 — Total OMF impairment charges 11,238 2,554 12,488 SHOP Segment: Various held for use SHOPs (5) (6) 13,643 2,122 15,142 Total SHOP impairment charges 13,643 2,122 15,142 Total impairment charges $ 24,881 $ 4,676 $ 27,630 (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, 2024, these properties were disposed. (2) This property was impaired to reduce its carrying value to its contractual sales price of $6.0 million as determined by a purchase and sale agreement executed in 2024. The property was subsequently disposed in January 2025. (3) 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. (4) This property has been actively marketed for sale since September 2021. As of December 31, 2024, this property was not disposed. (5) For the year ended December 31, 2024, includes two properties actively marketed for sale and one additional property that was disposed in 2024. Of the two properties, one property was impaired in the year ended December 31, 2023 and one property was impaired in year ended December 31, 2022. (6) The two remaining 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, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following table reflects the Company’s mortgage notes payable as of December 31, 2024 and 2023: Portfolio Encumbered Properties Outstanding Loan Amount as of December 31, Effective Interest Rate (1) as of December 31, Interest Rate 2024 2023 2024 2023 Maturity (In thousands) (In thousands) Fox Ridge Bryant - Bryant, AR 1 6,471 6,647 3.98 % 3.98% Fixed May 2047 Fox Ridge Chenal - Little Rock, AR 1 14,833 15,242 2.95 % 2.95% Fixed May 2049 Fox Ridge North Little Rock - North Little Rock, AR 1 9,204 9,458 2.95 % 2.95% Fixed May 2049 Capital One OMF Loan 40 363,957 378,500 3.58 % 3.71% Fixed (2) Dec. 2026 Multi-Property CMBS Loan 20 116,037 116,037 4.60 % 4.60% Fixed May 2028 Shiloh - Illinois — — 12,745 4.34 % 4.34% Fixed Jan. 2025 BMO CMBS 8 37,472 42,750 2.89 % 2.89% Fixed Dec. 2031 Barclays OMF Loan 60 234,173 240,000 6.45 % 6.45% Fixed June 2033 BMO CPC Mortgage 4 7,500 — 6.84 % —% Fixed March 2034 Gross mortgage notes payable 135 789,647 821,379 4.56 % 4.58% Deferred financing costs, net of accumulated amortization (3) (9,304) (11,111) Mortgage premiums and discounts, net (1,183) (1,273) Mortgage notes payable, net $ 779,160 $ 808,995 __________ (1) Calculated on a weighted average basis for all mortgages outstanding as of December 31, 2024 and 2023. (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, 2024 and 2023. In late December 2024, the Company proactively executed a minor amendment to the hedged notional to match the expected prospective loan balance of $364.0 million. This amendment became effective in January 2025. (3) Deferred financing costs represent commitment fees, legal fees and other costs associated with obtaining financing. These costs are amortized to interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close.

Credit Facilities (Tables)

Credit Facilities (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Credit Facilities	The Company had the following credit facilities outstanding as of December 31, 2024 and 2023: Outstanding Facility Amount as of December 31, Effective Interest Rate as of December 31, (6) Credit Facility Encumbered Properties (1) 2024 2023 2024 2023 Interest Rate Maturity (In thousands) (In thousands) Fannie Mae Master Credit Facilities: Capital One Facility 11 (2) $ 203,405 $ 206,944 7.19 % 7.86 % Variable (6) Nov. 2026 KeyBank Facility 10 (3) 137,103 139,334 7.24 % 7.91 % Variable (6) Nov. 2026 Total Fannie Mae Master Credit Facilities 21 $ 340,508 $ 346,278 Other Facilities: OMF Warehouse Facility 7 (4) 21,708 14,748 7.55 % 8.36 % Variable (6) Dec. 2026 Total Credit Facilities 28 $ 362,216 $ 361,026 7.23 % (5) 7.90 % (5) _______ (1) Encumbered properties are as of December 31, 2024. (2) Secured by first-priority mortgages on 11 of the Company’s SHOPs as of December 31, 2024 with an aggregate carrying value of $354.1 million. (3) Secured by first-priority mortgages on 10 of the Company’s SHOPs as of December 31, 2024 with an aggregate carrying value of $264.9 million. (4) Secured by first-priority mortgages on seven of the Company’s OMFs as of December 31, 2024 with an aggregate carrying value of $32.6 million. (5) Calculated on a weighted average basis for all credit facilities outstanding as of December 31, 2024 and 2023, respectively. (6) The effective rates above only include the impact of designated hedging instruments. The Company also has eight active non-designated interest rate cap agreements with an aggregate notional amount of $369.2 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 non-designated derivatives, the economic interest rates on the Capital One Fannie Mae Facility, KeyBank Fannie Mae Facility and OMF Warehouse Facility were 5.89%, 5.93% and 6.50%, respectively, as of December 31, 2024 and 5.89%, 5.95% and 6.50%, respectively, as of December 31, 2023
Schedule of Maturities of Long-term Debt	The following table summarizes the scheduled aggregate principal payments for the five years subsequent to December 31, 2024 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 2025 $ 865 $ 5,769 $ 6,634 2026 364,850 356,447 721,297 2027 922 — 922 2028 116,989 — 116,989 2029 982 — 982 Thereafter 305,039 — 305,039 Total $ 789,647 $ 362,216 $ 1,151,863

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024 and 2023, 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, 2024 Derivative assets, at fair value (non-designated) $ — $ 2,554 $ — $ 2,554 Derivative assets, at fair value (designated) — 16,652 — 16,652 Total $ — $ 19,206 $ — $ 19,206 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
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, 2024 December 31, 2023 (In thousands) Level Carrying Amount Fair Value Carrying Amount Fair Value Gross mortgage notes payable and mortgage premium and discounts, net 3 $ 788,464 $ 747,542 $ 820,106 $ 787,665 Credit facilities 3 $ 362,216 $ 362,974 $ 361,026 $ 361,792 Total Debt 3 $ 1,150,680 $ 1,110,516 $ 1,181,132 $ 1,149,457

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024 and 2023: December 31, (In thousands) Balance Sheet Location 2024 2023 Derivatives designated as hedging instruments: Interest rate “pay-fixed” swaps Derivative assets, at fair value $ 16,652 $ 22,259 Derivatives not designated as hedging instruments: Interest rate caps Derivative assets, at fair value $ 2,554 $ 6,111
Schedule of Derivatives Included in AOCI	The table below details the location in the financial statements of the gain (loss) recognized on interest rate derivatives designated as cash flow hedges for the periods presented: Year Ended December 31, (In thousands) 2024 2023 2022 Amount of gain recognized in accumulated other comprehensive income on interest rate derivatives $ 8,716 $ 5,324 $ 50,098 Amount of gain (loss) reclassified from accumulated other comprehensive income into earnings as reductions to (increases in) interest expense $ 15,540 $ 18,770 $ (1,153) Total amount of interest expense presented in the consolidated statements of operations and comprehensive loss $ 69,447 $ 66,078 $ 51,740
Schedule of Derivative Instruments	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, 2024 and 2023: December 31, 2024 December 31, 2023 Interest Rate Derivatives Number of Instruments Notional Amount Number of Instruments Notional Amount (1) (In thousands) (In thousands) Interest rate caps (2) 8 $ 369,218 7 $ 364,170 __________ (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, 2023, 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. 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 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, 2024 and 2023. 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, 2024 $ 19,206 — — $ 19,206 — — $ 19,206 December 31, 2023 $ 28,370 — — $ 28,370 — — $ 28,370

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of Stock Dividends	Under the policy, distributions authorized by the Board on the Company’s shares of common stock were issued on a quarterly basis in arrears in shares of the Company’s common stock valued at the Company’s Estimated Per Share NAV of common stock in effect on the applicable date: Stock Dividend Declaration Date Stock Dividend Issue Date Quarterly Stock Dividend Rate (per share) 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, 2024
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 (Prepayments) as of 2024 2023 2022 December 31, (In thousands) Incurred Incurred Incurred 2024 2023 Non-recurring fees and reimbursements: Acquisition cost reimbursements $ 20 $ 32 $ 23 $ — $ — Ongoing fees and reimbursements: Asset management fees 16,374 21,831 21,831 — — Professional fees and other reimbursements (1) 10,589 10,595 8,820 — 198 Property management fees (2) 3,584 4,135 4,200 — 97 Termination fees (including the Promissory Note) (3) 106,650 — — 30,267 — Total related party operation fees and reimbursements $ 137,217 $ 36,593 $ 34,874 $ 30,267 $ 295 __________ (1) Included in general and administrative expenses in the consolidated statements of operations. For the year ended December 31, 2024, includes amount related to the purchase of tail directors and officers liability insurance policy covering the former Advisor and the Company in connection with the Internalization. (2) Inclusive of $0.8 million and $0.4 million of leasing commissions which are included in prepaid expenses and other assets on the consolidated balance sheet as of December 31, 2024 and 2023. (3) For the year ended December 31, 2024, includes the Closing Payments payable to the Advisor pursuant to the terms of the Internalization, including an internalization fee of $98.2 million, an asset management fee of $5.5 million and a property management fee of $2.9 million. See Note 1

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024 and activity for the period presented: Number of Common Shares Weighted-Average Issue Price Unvested, December 31, 2021 39,857 $ 84.84 Stock dividend 2,078 59.44 Granted — — Vested (17,599) 94.68 Forfeitures — — Unvested, December 31, 2022 24,336 75.56 Stock Dividend 1,293 57.08 Granted — — Vested (12,718) 81.58 Forfeitures — — Unvested, December 31, 2023 12,911 67.78 Stock dividend 196 56.00 Granted — — Vested (13,107) 67.60 Forfeitures — — Unvested, December 31, 2024 — $ —

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	12 Months Ended
	Dec. 31, 2024
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, 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 Other comprehensive income, before reclassifications 8,716 Amount of gain reclassified from accumulated other comprehensive income (15,540) Balance, December 31, 2024 $ 16,640

Non-Controlling Interests (Tabl

Non-Controlling Interests (Tables)	12 Months Ended
	Dec. 31, 2024
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) 2024 2023 Series A Preferred Units held by third parties $ 2,578 $ 2,578 Common OP Units held by third parties 2,212 3,156 Total Non-controlling Interests in the OP 4,790 5,734 Non-controlling interests in property owning subsidiaries 775 695 Total Non-controlling Interests $ 5,565 $ 6,429 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) 2024 2023 2022 Income attributable to Series A Preferred Units held by third parties $ (184) $ (185) $ (184) Loss attributable to Common OP Units held by third parties 837 317 341 Net loss attributable to non-controlling interests in the OP 653 132 157 Income attributable to non-controlling interests in property-owning subsidiaries (86) (50) (22) Net loss attributable to non-controlling interests $ 567 $ 82 $ 135
Schedule Related to Investment Arrangements with Unaffiliated Third Party	The following table summarizes the activity related to investment arrangements with the 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 2024 2024 2024 2023 2024 2023 2022 Plaza Del Rio Medical Office Campus Portfolio (1) May 2015 $ 775 7.1 % $ 12,763 $ 12,687 $ — $ — $ — __________ (1) Of the six total properties in the Plaza Del Rio Medical Office Campus Portfolio, three properties were encumbered under the Capital One OMF Loan, two properties were pledged to the OMF Warehouse Facility and one property was encumbered under the Multi-Property CMBS Loan. 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, 2024
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, 2024, 2023 and 2022 and has been retroactively adjusted to reflect the stock dividends and the Reverse Stock Split (see Note 1 — Organization and Note 8 — Stockholder’s Equity for additional information): Year Ended December 31, 2024 2023 2022 Net loss attributable to stockholders (in thousands) $ (203,495) $ (86,097) $ (93,285) Basic and diluted weighted-average shares outstanding (1) 28,286,391 28,280,430 28,260,835 Basic and diluted net loss per share $ (7.19) $ (3.04) $ (3.30) __________ (1) Weighted average number of shares of common stock outstanding for the periods presented. There were 28,296,439, 27,886,255 and 26,270,133 shares of common stock outstanding as of December 31, 2024, 2023 and 2022, respectively.
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The Company had the following common stock equivalents on a weighted-average basis that were excluded from the calculation of diluted net loss per share attributable to stockholders as their effect would have been antidilutive. December 31, 2024 2023 2022 Unvested restricted shares (1) — 20,827 37,538 Common OP Units (2) 124,161 124,161 124,161 Class B Units (3) 109,865 109,865 109,865 Total weighted average antidilutive common share equivalents 234,026 254,853 271,564 ________ (1) Weighted average number of antidilutive unvested restricted shares outstanding for the periods presented. There were zero , 12,911 and 24,336 unvested restricted shares outstanding as of December 31, 2024, 2023 and 2022, 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, 2024, 2023 and 2022. (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, 2024, 2023 and 2022.

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024, 2023 and 2022: Year Ended December 31, (In thousands) 2024 2023 2022 OMFs (1) : Revenue from tenants $ 137,317 $ 135,449 $ 131,444 Less: Property operating and maintenance 39,201 37,954 35,945 NOI $ 98,116 $ 97,495 $ 95,499 SHOPs: Revenue from tenants $ 216,477 $ 210,476 $ 204,402 Less: Property Operating and maintenance: Compensation related expenses (2) 110,389 109,281 109,198 Other property operating and maintenance (3) 71,558 70,557 68,301 NOI $ 34,530 $ 30,638 $ 26,903 (1) The CODM uses NOI to evaluate performance of the OMF segment as a large portion of the property-level operating expenses is recovered from tenants. (2) Includes costs incurred for salaries, benefits and other labor related costs. (3) Includes costs incurred for supplies, management fees and overhead. 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’ NOI to consolidated income (loss) before income taxes and consolidated net loss attributable to common stockholders is presented below: Year Ended December 31, (In thousands) 2024 2023 2022 Revenue from tenants OMFs $ 137,317 $ 135,449 $ 131,444 SHOPs 216,477 210,476 204,402 Total consolidated revenue from tenants $ 353,794 $ 345,925 $ 335,846 Loss before income tax and net loss attributable to common stockholders: Net Operating Income: OMFs $ 98,116 $ 97,495 $ 95,499 SHOPs 34,530 30,638 26,903 Total NOI 132,646 128,133 122,402 Impairment charges (24,881) (4,676) (27,630) Operating fees to related parties (19,203) (25,527) (25,353) Termination fees to related parties (106,650) — — Acquisition and transaction related (7,949) (545) (1,484) General and administrative (22,744) (18,928) (17,287) Depreciation and amortization (84,067) (82,873) (82,064) Gain (loss) on sale of real estate investments 9,307 (322) (125) Interest expense (69,447) (66,078) (51,740) Interest and other income 1,051 734 27 Gain (loss) on non-designated derivatives 1,544 (1,995) 3,834 Gain on extinguishment of debt 392 — — Loss before income taxes (190,001) (72,077) (79,420) Income tax expense (262) (303) (201) Net loss (190,263) (72,380) (79,621) Net loss attributable to non-controlling interests 567 82 135 Allocation for preferred stock (13,799) (13,799) (13,799) Net loss attributable to common stockholders $ (203,495) $ (86,097) $ (93,285) The following table reconciles real estate investments, net by segment to consolidated total assets as of the periods presented: December 31, (In thousands) 2024 2023 ASSETS Investments in real estate, net: OMFs $ 1,004,741 $ 1,114,963 SHOPs 756,358 824,694 Total investments in real estate, net 1,761,099 1,939,657 Cash and cash equivalents 21,652 46,409 Restricted cash 52,443 44,907 Derivative assets, at fair value 19,206 28,370 Straight-line rent receivable, net 22,841 26,325 Operating lease right-of-use asset 7,480 7,713 Prepaid expenses and other assets 40,033 35,781 Deferred costs, net 21,269 15,997 Total assets $ 1,946,023 $ 2,145,159 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) 2024 2023 2022 OMFs $ 8,967 $ 10,467 $ 10,542 SHOPs 12,941 14,832 17,451 Total capital expenditures $ 21,908 $ 25,299 $ 27,993

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Schedule of Operating Lease, Liability, Maturity	Future Base Rent Payments (In thousands) Operating Leases Direct Financing Leases (1) 2025 $ 653 $ 93 2026 649 95 2027 617 97 2028 618 100 2029 620 102 Thereafter 20,705 7,013 Total minimum lease payments 23,862 7,500 Less: amounts representing interest (15,753) (2,671) Total present value of minimum lease payments $ 8,109 $ 4,829 __________ (1) Accounts Payable and accrued expenses
Schedule of Finance Lease, Liability, Maturity	Future Base Rent Payments (In thousands) Operating Leases Direct Financing Leases (1) 2025 $ 653 $ 93 2026 649 95 2027 617 97 2028 618 100 2029 620 102 Thereafter 20,705 7,013 Total minimum lease payments 23,862 7,500 Less: amounts representing interest (15,753) (2,671) Total present value of minimum lease payments $ 8,109 $ 4,829 __________ (1) Accounts Payable and accrued expenses

Organization (Details)

Organization (Details) $ / shares in Units, ft² in Millions, $ in Millions			12 Months Ended			51 Months Ended
	Sep. 30, 2024 $ / shares	Sep. 27, 2024 USD ($)	Dec. 31, 2024 USD ($) segment land_parcel contractor $ / shares shares	Dec. 31, 2023 segment $ / shares shares	Dec. 31, 2022 segment	Dec. 31, 2024 $ / shares shares	Dec. 31, 2024 property	Dec. 31, 2024 state	Dec. 31, 2024 ft²	Dec. 31, 2024 encumberedProperty	Sep. 26, 2024 $ / shares
Class of Stock [Line Items]
Number of properties owned							193			28
Number of land parcels | land_parcel			1
Number of states properties are located in | state								31
Rentable square feet | ft²									8.4
Number of senior housing communities | property							44
Number of operating segments | segment			3
Number of reportable segments | segment			2	2	2
Number of independent contractors | contractor			4
Share increase from stock dividends (in shares) | shares						5,200,000
Stock issued during period, shares, new issues (in shares) | shares			0	0		0
Common stock, par value (in usd per share) | $ / shares	$ 0.01		$ 0.01	$ 0.01		$ 0.01					$ 0.01
Stockholders' equity note, stock split, conversion ratio	0.25
Common stock, par value after reverse stock split (in usd per share) | $ / shares											$ 0.04
Advisor | Internalization Agreement, Self-Management Termination Fee | Related Party
Class of Stock [Line Items]
Transaction amount		$ 98.2	$ 98.2
Advisor | Internalization Agreement, Asset Management Base Fee | Related Party
Class of Stock [Line Items]
Transaction amount		5.5	5.5
Advisor | Internalization Agreement, Property Management Fee | Related Party
Class of Stock [Line Items]
Transaction amount			$ 2.9
Advisor Parent | Related Party | Promissory Note
Class of Stock [Line Items]
Debt face amount		30.3
Advisor Parent | Internalization Agreement, Asset Management Base Fee | Related Party
Class of Stock [Line Items]
Transaction amount		5.5
Advisor Parent | Internalization Agreement, Closing Date Cash Consideration | Related Party
Class of Stock [Line Items]
Transaction amount		75
Property Manager | Internalization Agreement, Property Management Fee | Related Party
Class of Stock [Line Items]
Transaction amount		2.9
Property Manager | Internalization Agreement, Closing Payments | Related Party
Class of Stock [Line Items]
Transaction amount		$ 106.6

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended			36 Months Ended
	Dec. 31, 2024 USD ($) property lease $ / shares	Dec. 31, 2023 USD ($) property $ / shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($)	Jan. 01, 2018 USD ($)
Schedule of Shares Repurchased [Line Items]
Depreciation and amortization	$ 84,067,000	$ 82,873,000	$ 82,064,000
Accumulated depreciation	725,831,000	681,977,000
Deferred costs, net	$ 21,269,000	15,997,000
Remaining lease term	6 years 6 months
Operating lease impairment loss	$ 1,515,000	1,225,000	3,159,000
Disposed properties reduction in revenue	0	0	1,300,000
Assets held for sale	0	0
Cash and cash equivalents	21,652,000	46,409,000	$ 53,654,000
Cash in excess of FDIC limit	$ 11,900,000	$ 34,200,000
REIT distribution (usd per share) | $ / shares	$ 0	$ 0	$ 0
Number of senior housing communities | property	44
Number of intercompany leases modified | lease	26
Valuation allowance percentage	100%
Deferred tax asset	$ 10,500,000	$ 8,100,000
Effective income tax rate	0%	0%	0%
Proceeds from government assistance	$ 0	$ 0	$ 4,500,000
Individual business acquisitions
Schedule of Shares Repurchased [Line Items]
Number of properties purchased | property	4	7
Prior Period Understatements Adjusted In Current Year
Schedule of Shares Repurchased [Line Items]
Depreciation and amortization		$ 700,000	$ 100,000	$ 600,000
Accumulated depreciation		300,000
Deferred costs, net		$ 400,000
Domestic Tax Jurisdiction
Schedule of Shares Repurchased [Line Items]
Operating loss carryforwards	$ 40,500,000				$ 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 and Building Improvements
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
Schedule of Shares Repurchased [Line Items]
Property, plant and equipment, useful life	15 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Lessor Maturity Schedule (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Future  Base Rent Payments
2025	$ 102,490
2026	98,736
2027	89,887
2028	76,345
2029	66,636
Thereafter	315,834
Total	$ 749,928

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Income Tax Benefit (Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current
Federal (expense) benefit	$ 0	$ 0	$ 0
State (expense) benefit	(262)	(303)	(201)
Total income tax benefit (expense)	(262)	(303)	(201)
Deferred
Federal (expense) benefit	1,936	1,023	2,145
State (expense) benefit	461	142	604
Deferred tax asset valuation allowance	(2,397)	(1,165)	(2,749)
Total income tax benefit (expense)	$ 0	$ 0	$ 0

Real Estate Investments, Net -

Real Estate Investments, Net - Narrative (Details)	1 Months Ended	2 Months Ended	12 Months Ended
	Jan. 31, 2025 USD ($) property	Feb. 27, 2025 USD ($) property	Dec. 31, 2024 USD ($) property land_parcel	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($)	Dec. 31, 2024 property	Dec. 31, 2024 encumberedProperty
Real Estate [Line Items]
Number of properties owned							193	28
Number of land parcels | land_parcel			1
Payments to acquire property			$ 5,606,000	$ 35,261,000	$ 25,538,000
Gain (loss) on sale of real estate investments			9,307,000	(322,000)	(125,000)
Impairment charges			24,881,000	4,676,000	$ 27,630,000
Assets held for sale			$ 0	$ 0
Individual business acquisitions
Real Estate [Line Items]
Number of properties purchased | property			4	7
Payments to acquire property			$ 12,600,000
Disposed by sale
Real Estate [Line Items]
Number of properties disposed | property					4
Aggregate contract sale price			118,100,000	$ 13,800,000	$ 12,400,000
Gain (loss) on sale of real estate investments			9,300,000	(300,000)	(100,000)
Impairment charges				$ 2,100,000	$ 15,100,000	$ 34,000,000
Number of properties impaired | property				1	2
Disposal Group, Held-for-sale, Not Discontinued Operations
Real Estate [Line Items]
Assets held for sale			$ 0	$ 0
OMF
Real Estate [Line Items]
Number of properties damaged | property			1
Estimate of property damage value			$ 2,900,000
OMF | Disposed by sale
Real Estate [Line Items]
Number of properties disposed | property			12	1
OMF | Disposed by sale | Subsequent Event
Real Estate [Line Items]
Number of properties disposed | property	11	11
Aggregate contract sale price	$ 114,400,000	$ 114,400,000
SHOPs | Disposed by sale
Real Estate [Line Items]
Number of properties disposed | property			2	4	4
Land Parcel | Disposed by sale
Real Estate [Line Items]
Number of properties disposed | property			1

Real Estate Investments, Net _2

Real Estate Investments, Net - Acquired Assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($) property
In-place lease assets
Acquired intangibles:
Weighted-average remaining amortization periods	13 years 7 months 6 days	8 years 8 months 12 days
Above-market lease assets
Acquired intangibles:
Weighted-average remaining amortization periods	13 years 7 months 6 days	11 years 3 months 18 days
Below market leases
Acquired intangibles:
Weighted-average remaining amortization periods		9 years 3 months 18 days
Individual business acquisitions
Real estate investments, at cost:
Land	$ 1,266	$ 3,373
Buildings, fixtures and improvements	9,302	27,069
Total tangible assets	10,568	30,442
Acquired intangibles:
Market lease liabilities	0	(271)
Total intangible assets and liabilities	2,538	4,819
Mortgage notes payable assumed, net	(7,500)	0
Cash paid for real estate investments, including acquisitions	$ 5,606	$ 35,261
Number of properties purchased | property	4	7
Individual business acquisitions | In-place lease assets
Acquired intangibles:
In-place leases, market leases, and other intangible assets	$ 2,388	$ 5,057
Individual business acquisitions | Above-market lease assets
Acquired intangibles:
In-place leases, market leases, and other intangible assets	$ 150	$ 33

Real Estate Investments, Net _3

Real Estate Investments, Net - Geographic Concentrations (Details) - Revenue Benchmark - Geographic Concentration Risk	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Florida
Concentration Risk [Line Items]
Concentration risk, percentage	21.20%	19.90%	19.20%
Pennsylvania
Concentration Risk [Line Items]
Concentration risk, percentage	11.60%	10.60%
Georgia
Concentration Risk [Line Items]
Concentration risk, percentage	10.40%

Real Estate Investments, Net _4

Real Estate Investments, Net - Acquired Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Intangible assets:
Gross Carrying Amount	$ 284,447	$ 293,295
Accumulated Amortization	229,073	224,045
Net Carrying Amount	55,374	69,250
Intangible liabilities:
Gross Carrying Amount	22,789	23,520
Accumulated Amortization	16,664	15,355
Net Carrying Amount	6,125	8,165
In-place leases
Intangible assets:
Gross Carrying Amount	260,534	269,363
Accumulated Amortization	214,961	210,172
Net Carrying Amount	45,573	59,191
Market lease assets
Intangible assets:
Gross Carrying Amount	14,446	14,465
Accumulated Amortization	12,819	12,548
Net Carrying Amount	1,627	1,917
Other intangible assets
Intangible assets:
Gross Carrying Amount	9,467	9,467
Accumulated Amortization	1,293	1,325
Net Carrying Amount	$ 8,174	$ 8,142

Real Estate Investments, Net _5

Real Estate Investments, Net - Amortization and Accretion Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Accretion of above- and below-market leases, net	$ (1,428)	$ (890)	$ (625)
Depreciation and Amortization Expense | In-place leases and other intangible assets
Finite-Lived Intangible Assets [Line Items]
Amortization of market least intangibles	12,258	13,080	15,076
Rental Income | Above- and below-market leases, net
Finite-Lived Intangible Assets [Line Items]
Accretion of above- and below-market leases, net	(1,420)	(1,050)	(795)
Property Operating and Maintenance Expense | Above- and below-market leases, net
Finite-Lived Intangible Assets [Line Items]
Amortization of market least intangibles	$ 176	$ 159	$ 159

Real Estate Investments, Net _6

Real Estate Investments, Net - Intangible Assets and Liabilities Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Amortization Expense
Finite-Lived Intangible Assets [Line Items]
2025	$ 9,599
2026	8,110
2027	5,058
2028	3,740
2029	3,248
Rental Income
Finite-Lived Intangible Assets [Line Items]
Below market leases, amortization income, 2025	770
Below market leases, amortization income, 2026	650
Below market leases, amortization income, 2027	421
Below market leases, amortization income, 2028	395
Below market leases, amortization income, 2029	445
In-place lease assets | Amortization Expense
Finite-Lived Intangible Assets [Line Items]
2025	9,589
2026	8,100
2027	5,048
2028	3,730
2029	3,238
Other intangible assets | Amortization Expense
Finite-Lived Intangible Assets [Line Items]
2025	10
2026	10
2027	10
2028	10
2029	10
Above-market lease assets | Rental Income
Finite-Lived Intangible Assets [Line Items]
2025	(364)
2026	(330)
2027	(243)
2028	(205)
2029	(112)
Below-market lease liabilities | Rental Income
Finite-Lived Intangible Assets [Line Items]
Below market leases, amortization income, 2025	1,134
Below market leases, amortization income, 2026	980
Below market leases, amortization income, 2027	664
Below market leases, amortization income, 2028	600
Below market leases, amortization income, 2029	$ 557

Real Estate Investments, Net _7

Real Estate Investments, Net - Impairments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($)	Dec. 31, 2024 property	Dec. 31, 2024 encumberedProperty
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges	$ 24,881	$ 4,676	$ 27,630
Number of properties owned					193	28
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	24,881	4,676	27,630
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | OMF
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges	11,238	2,554	12,488
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	13,643	2,122	15,142
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 | OMF
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges	0	0	10,644
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Acuity Specialty Hospital Mesa | OMF
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges	8,829	0	0
Aggregate contract sale price	6,000
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Sassafras OMF | OMF
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges	0	0	1,844
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Sun City OMF | OMF
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges	2,409	$ 2,554	$ 0
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	1		2
Number of properties owned | property		2			2
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	13,643	$ 2,122	$ 15,142
Disposed by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges		2,100	15,100	$ 34,000
Aggregate contract sale price	$ 118,100	$ 13,800	$ 12,400
Number of properties disposed | property			4
Disposed by sale | SHOPs
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | property	2	4	4
Disposed by sale | Various held for use SHOPs | SHOPs
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties owned | property					1

Mortgage Notes Payable, Net - M

Mortgage Notes Payable, Net - Mortgage Notes (Details)	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)	May 24, 2023 property
Debt Instrument [Line Items]
Outstanding loan amount	$ 1,151,863,000
Effective Interest Rate	7.23%	7.90%
Capital One OMF Loan | LIBOR
Debt Instrument [Line Items]
Notional Amount	$ 378,500,000	$ 378,500,000
Mortgage Notes Payable
Debt Instrument [Line Items]
Encumbered Properties | property	135
Outstanding loan amount	$ 789,647,000	$ 821,379,000
Effective Interest Rate	4.56%	4.58%
Deferred financing costs, net of accumulated amortization	$ (9,304,000)	$ (11,111,000)
Mortgage premiums and discounts, net	(1,183,000)	(1,273,000)
Mortgage notes payable, net	$ 779,160,000	808,995,000
Mortgage Notes Payable | Capital One OMF Loan
Debt Instrument [Line Items]
Encumbered Properties | property	40
Outstanding loan amount	$ 363,957,000	$ 378,500,000
Effective Interest Rate	3.58%	3.71%
Mortgage Notes Payable | Multi-Property CMBS Loan
Debt Instrument [Line Items]
Encumbered Properties | property	20
Outstanding loan amount	$ 116,037,000	$ 116,037,000
Effective Interest Rate	4.60%	4.60%
Mortgage Notes Payable | Shiloh - Illinois
Debt Instrument [Line Items]
Encumbered Properties | property	0
Outstanding loan amount	$ 0	$ 12,745,000
Effective Interest Rate	4.34%	4.34%
Mortgage Notes Payable | BMO CMBS
Debt Instrument [Line Items]
Encumbered Properties | property	8
Outstanding loan amount	$ 37,472,000	$ 42,750,000
Effective Interest Rate	2.89%	2.89%
Mortgage Notes Payable | Barclays OMF Loan
Debt Instrument [Line Items]
Encumbered Properties | property	60		60
Outstanding loan amount	$ 234,173,000	$ 240,000,000
Effective Interest Rate	6.45%	6.45%
Mortgage Notes Payable | BMO CPC Mortgage
Debt Instrument [Line Items]
Encumbered Properties | property	4
Outstanding loan amount	$ 7,500,000	$ 0
Effective Interest Rate	6.84%	0%
Mortgage Notes Payable | Fox Ridge Bryant - Bryant, AR
Debt Instrument [Line Items]
Encumbered Properties | property	1
Outstanding loan amount	$ 6,471,000	$ 6,647,000
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	$ 14,833,000	$ 15,242,000
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	$ 9,204,000	$ 9,458,000
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, 2024 USD ($) property	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)	Dec. 31, 2024 property	Dec. 31, 2024 encumberedProperty	Feb. 24, 2024 USD ($)
Debt Instrument [Line Items]
Real estate investments pledged as collateral			$ 1,300,000,000
Outstanding loan amount			1,151,863,000
Repayments of credit facility borrowings			$ 5,769,000	$ 200,602,000	$ 2,998,000
Number of properties owned						193	28
Individual business acquisitions
Debt Instrument [Line Items]
Number of properties purchased | property			4	7
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			$ 789,647,000	$ 821,379,000
Encumbered Properties | property						135
Mortgage Notes Payable | Barclays OMF Loan
Debt Instrument [Line Items]
Outstanding loan amount			234,173,000	240,000,000
Debt face amount	$ 240,000,000
Encumbered Properties | property	60					60
Debt instrument, collateral amount	$ 406,300,000
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
Period after the securitization	2 years
Prepayment at par period	6 months
Payments of debt issuance costs	$ 7,800,000
Proceeds from loans	$ 39,000,000
Mortgage Notes Payable | BMO OMF Loan
Debt Instrument [Line Items]
Outstanding loan amount			$ 37,472,000	$ 42,750,000
Debt face amount		$ 42,800,000						$ 7,500,000
Encumbered Properties | property						8
Stated interest rate								6.84%
Mortgage Notes Payable | BMO OMF Loan | Revolving Credit Facility
Debt Instrument [Line Items]
Repayments of credit facility borrowings		37,000,000
Proceeds from loans		$ 2,400,000
Number of properties owned | property		9
Payments for deposits		$ 2,500,000

Credit Facilities - Credit Faci

Credit Facilities - Credit Facilities (Details) $ in Thousands	Dec. 31, 2024 USD ($)	Dec. 31, 2024 property	Dec. 31, 2024	Dec. 31, 2024 encumberedProperty	Dec. 31, 2024 instrument	Dec. 31, 2024 derivative	Dec. 31, 2023 USD ($) instrument	Dec. 31, 2022
Line of Credit Facility [Line Items]
Encumbered Properties		193		28
Outstanding balance	$ 362,216						$ 361,026
Effective interest rate			7.23%				7.90%
Interest rate caps | Derivatives not designated as hedging instruments:
Line of Credit Facility [Line Items]
Number of instruments					8	8	7
Notional Amount	369,218						$ 364,170
Interest rate cap			3.50%					3.50%
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			5.89%				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			5.93%				5.95%
OMF Warehouse Facility | Interest rate caps
Line of Credit Facility [Line Items]
Notional Amount	7,000
OMF Warehouse Facility | Interest rate caps | Derivatives not designated as hedging instruments:
Line of Credit Facility [Line Items]
Economic interest rate			6.50%				6.50%
Credit Facilities | Fannie Mae Master Credit Facilities
Line of Credit Facility [Line Items]
Encumbered Properties | property		21
Outstanding balance	340,508						$ 346,278
Debt instrument, collateral amount	32,600
Credit Facilities | Fannie Mae Master Credit Facilities | Capital One Facility
Line of Credit Facility [Line Items]
Encumbered Properties | property		11
Outstanding balance	203,405						$ 206,944
Effective interest rate			7.19%				7.86%
Debt instrument, collateral amount	354,100
Credit Facilities | Fannie Mae Master Credit Facilities | KeyBank Facility
Line of Credit Facility [Line Items]
Encumbered Properties | property		10
Outstanding balance	137,103						$ 139,334
Effective interest rate			7.24%				7.91%
Debt instrument, collateral amount	264,900
Credit Facilities | OMF Warehouse Facility
Line of Credit Facility [Line Items]
Encumbered Properties | property		7
Outstanding balance	$ 21,708						$ 14,748
Effective interest rate			7.55%				8.36%

Credit Facilities - Narrative (

Credit Facilities - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) instrument	Dec. 31, 2024 instrument	Dec. 31, 2024	Dec. 31, 2024 derivative	Dec. 22, 2023 USD ($)	Dec. 31, 2022
Debt Instrument [Line Items]
Real estate investments, at cost	$ 2,486,930	$ 2,621,634
Real estate investments pledged as collateral	1,300,000
Credit facilities	362,216	$ 361,026
Outstanding loan amount	1,151,863
Interest rate caps | Derivatives not designated as hedging instruments:
Debt Instrument [Line Items]
Number of instruments		7	8		8
Interest rate cap				3.50%			3.50%
Notional Amount	369,218	$ 364,170
Credit Facilities
Debt Instrument [Line Items]
Outstanding loan amount	362,216
Mortgage Notes Payable
Debt Instrument [Line Items]
Outstanding loan amount	789,647	821,379
Unencumbered Properties
Debt Instrument [Line Items]
Real estate investments, at cost	533,100
Fannie Mae Master Credit Facilities
Debt Instrument [Line Items]
Real estate investments, at cost	619,000
Fannie Mae Master Credit Facilities | Interest rate caps
Debt Instrument [Line Items]
Derivative, premium paid	1,500
Number of instruments held, renew | derivative					1
Derivative, notional amount renewed	$ 58,100
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	$ 340,508	346,278
Payments for escrow deposit	300	11,800
Escrow deposit	$ 12,100
Debt service coverage ratio	1.40
Fannie Mae Master Credit Facilities | Credit Facilities | Capital One Facility
Debt Instrument [Line Items]
Credit facilities	$ 203,405	206,944
Fannie Mae Master Credit Facilities | Credit Facilities | KeyBank Facility
Debt Instrument [Line Items]
Credit facilities	137,103	139,334
OMF Warehouse Facility
Debt Instrument [Line Items]
Real estate investments, at cost	32,600
OMF Warehouse Facility | Interest rate caps
Debt Instrument [Line Items]
Derivative, premium paid	300
Notional Amount	7,000
OMF Warehouse Facility | Credit Facilities
Debt Instrument [Line Items]
Credit facilities	$ 21,708	14,748
Maximum borrowing capacity						$ 50,000
OMF 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

Credit Facilities - Future Prin

Credit Facilities - Future Principal Payments of Outstanding Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
2025	$ 6,634
2026	721,297
2027	922
2028	116,989
2029	982
Thereafter	305,039
Total	1,151,863
Mortgage Notes Payable
Debt Instrument [Line Items]
2025	865
2026	364,850
2027	922
2028	116,989
2029	982
Thereafter	305,039
Total	789,647	$ 821,379
Credit Facilities
Debt Instrument [Line Items]
2025	5,769
2026	356,447
2027	0
2028	0
2029	0
Thereafter	0
Total	$ 362,216

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, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 19,206	$ 28,370
Derivatives not designated as hedging instruments:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	2,554	6,111
Derivatives designated as hedging instruments:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, at fair value	16,652	22,259
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	19,206	28,370
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	2,554	6,111
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	16,652	22,259
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, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of properties held-for-use	20	12
Number of properties marketed for sale		4
Number of properties impaired	1
OMF
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of properties held-for-use	16	8
Number of properties marketed for sale		1
SHOPs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of properties held-for-use	4	3
Number of properties marketed for sale		2
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, 2024	Dec. 31, 2023
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	$ 1,150,680	$ 1,181,132
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	1,110,516	1,149,457
Mortgage Notes Payable | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	788,464	820,106
Mortgage Notes Payable | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	747,542	787,665
Revolving Credit Facility | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	362,216	361,026
Revolving Credit Facility | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	$ 362,974	$ 361,792

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Balance Sheet Classification (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative assets, at fair value	$ 19,206	$ 28,370
Derivative assets, at fair value | Derivatives designated as hedging instruments: | Interest rate “pay-fixed” swaps
Derivative [Line Items]
Derivative assets, at fair value	16,652	22,259
Derivative assets, at fair value | Derivatives not designated as hedging instruments: | Interest rate caps
Derivative [Line Items]
Derivative assets, at fair value	$ 2,554	$ 6,111

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) instrument	Dec. 31, 2022 USD ($)	Dec. 31, 2024 instrument	Dec. 31, 2024	Dec. 31, 2024 derivative
Derivative [Line Items]
Outstanding loan amount	$ 1,151,863,000
Gain (loss) on non-designated derivatives	1,544,000	$ (1,995,000)	$ 3,834,000
Cash received from non-designated derivative instruments	6,810,000	5,580,000	$ 286,000
Mortgage Notes Payable
Derivative [Line Items]
Outstanding loan amount	789,647,000	$ 821,379,000
Interest Rate Cap Maturing July 2025
Derivative [Line Items]
Number of instruments | derivative						3
Notional amount	138,500,000
Derivatives designated as hedging instruments: | Interest rate “pay-fixed” swaps
Derivative [Line Items]
Number of instruments | instrument		1		1
Notional amount	378,500,000	$ 378,500,000
Average variable interest rate					1.61%
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 terminated | instrument		6
Derivatives terminated in period		$ 150,000,000
Proceeds from sale of interest rate cash flow hedge		$ 3,500,000
Derivatives designated as hedging instruments: | LIBOR
Derivative [Line Items]
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
Derivatives not designated as hedging instruments: | Interest rate caps
Derivative [Line Items]
Number of instruments		7		8		8
Notional amount	369,218,000	$ 364,170,000
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	9,000,000
Capital One OMF Loan | Mortgage Notes Payable
Derivative [Line Items]
Outstanding loan amount	363,957,000	378,500,000
Capital One OMF Loan | LIBOR
Derivative [Line Items]
Notional amount	378,500,000	$ 378,500,000
Fannie Mae Master Credit Facilities | Interest rate caps
Derivative [Line Items]
Derivative, premium paid	1,500,000
Number of instruments held, renew | derivative						1
Derivative, notional amount renewed	58,100,000
OMF Warehouse Facility | Interest rate caps
Derivative [Line Items]
Notional amount	7,000,000
Derivative, premium paid	$ 300,000

Derivatives and Hedging Activ_5

Derivatives and Hedging Activities - Derivatives Included in AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Total amount of interest expense presented in the consolidated statements of operations and comprehensive loss	$ 69,447	$ 66,078	$ 51,740
Interest rate “pay-fixed” swaps
Derivative [Line Items]
Amount of gain recognized in accumulated other comprehensive income on interest rate derivatives	8,716	5,324	50,098
Amount of gain (loss) reclassified from accumulated other comprehensive income into earnings as reductions to (increases in) interest expense	$ 15,540	$ 18,770	$ (1,153)

Derivatives and Hedging Activ_6

Derivatives and Hedging Activities - Derivative Instruments (Details) - Derivatives not designated as hedging instruments: - Interest rate caps $ in Thousands	Dec. 31, 2024 USD ($)	Dec. 31, 2024 instrument	Dec. 31, 2024 derivative	Dec. 31, 2024	Dec. 31, 2023 USD ($) derivative instrument	Dec. 31, 2022
Derivative [Line Items]
Number of Instruments		8	8		7
Notional Amount	$ 369,218				$ 364,170
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_7

Derivatives and Hedging Activities - Offsetting Derivatives (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Assets	$ 19,206	$ 28,370
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	19,206	28,370
Financial Instruments	0	0
Cash Collateral Received	0	0
Net Amount	$ 19,206	$ 28,370

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Millions			12 Months Ended			51 Months Ended
	Oct. 04, 2021 $ / shares shares	Mar. 01, 2018 $ / shares	Dec. 31, 2024 director dividend $ / shares shares	Dec. 31, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2024 $ / shares shares	Sep. 30, 2021 USD ($) shares	May 31, 2021 shares	Dec. 31, 2020 shares	Sep. 30, 2020 shares
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)			28,296,439	27,886,255	26,270,133	28,296,439
Distributions declared in common stock (in shares)						5,200,000
Stock issued during period, shares, new issues (in shares)			0	0		0
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		$ 3.40	$ 0.85	$ 0.85	$ 0.85
Non-controlling Interests
Class of Stock [Line Items]
Preferred units outstanding (in shares)			100,000	100,000		100,000
Preferred units, issued (in shares)							100,000
Preferred unit issuance value | $							$ 2.6
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)			4,740,000	4,740,000		4,740,000
Preferred stock, additional shares authorized (in shares)										600,000
Preferred stock, shares issued (in shares)			3,977,144	3,977,144		3,977,144
Preferred stock, shares outstanding (in shares)			3,977,144	3,977,144		3,977,144
Preferred stock, dividend rate, percentage			7.375%
Preferred stock, par value (in usd per share) | $ / shares			$ 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
Number of additional directors | director			2
Number of dividends in arrears required for voting rights | dividend			6
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)			3,680,000	3,680,000		3,680,000
Preferred stock, shares issued (in shares)			3,630,000	3,630,000		3,630,000
Preferred stock, shares outstanding (in shares)			3,630,000	3,630,000		3,630,000
Preferred stock, dividend rate, percentage	7.125%		7.125%
Preferred stock, par value (in usd per share) | $ / shares	$ 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
Number of additional directors | director			2
Number of dividends in arrears required for voting rights | dividend			6
Public Stock Offering | Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)			1,610,000			1,610,000		2,530,000
Preferred stock, liquidation preference (in usd per share) | $ / shares			$ 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
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%
Maximum | Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)			50,000,000			50,000,000

Stockholders' Equity - Stock Di

Stockholders' Equity - Stock Dividends (Details) - shares	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Equity [Abstract]
Stock dividends (in shares)	0.015179	0.015179	0.015179	0.015179	0.014167	0.014167	0.014167	0.014167	0.014655

Related Party Transactions an_3

Related Party Transactions and Arrangements - Narrative (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Common stock held by related party (in shares)	28,296,439	27,886,255	26,270,133
Advisor
Related Party Transaction [Line Items]
Limited partner units transferred (in shares)	90
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)	2,718	2,718
National Healthcare Properties Operating Partnership, L.P. | Advisor
Related Party Transaction [Line Items]
Limited partner units (in shares)		90
National Healthcare Properties Operating Partnership, L.P. | Advisor Parent
Related Party Transaction [Line Items]
Limited partner units (in shares)	90

Related Party Transactions an_4

Related Party Transactions and Arrangements - Fees Incurred in Connection With the Operations of the Company (Details) - Related Party - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Sep. 27, 2024	Feb. 17, 2017	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Equity instruments, net of selling commissions (in usd per share)			$ 22.50
Amended and Restated Property Management and Leasing Agreement
Related Party Transaction [Line Items]
Renewal term		1 year
Advisor
Related Party Transaction [Line Items]
Shares approved for issuance (in shares)			359,250
Advisor | Internalization Agreement, Asset Management Base Fee
Related Party Transaction [Line Items]
Transaction amount	$ 5,500		$ 5,500
Advisor Parent
Related Party Transaction [Line Items]
Shares transferred (in shares)			359,250
Advisor Parent | Promissory Note
Related Party Transaction [Line Items]
Debt face amount	$ 30,300
Advisor Parent | Promissory Note | Variable Rate Component One
Related Party Transaction [Line Items]
Variable rate	1.25%
Advisor Parent | Promissory Note | Variable Rate Component Two
Related Party Transaction [Line Items]
Variable rate	3.25%
Advisor Parent | Internalization Agreement, Asset Management Fee
Related Party Transaction [Line Items]
Transaction amount	$ 10,900
Notice period	6 months
Advisor Parent | Internalization Agreement, Asset Management Base Fee
Related Party Transaction [Line Items]
Transaction amount	$ 5,500
American Realty Capital Healthcare Advisors, LLC | Monthly Base Management Fee
Related Party Transaction [Line Items]
Transaction amount		$ 1,625
Base management fee of net proceeds, variable portion factor, percent		8.33%
Base management fee of net proceeds		1.25%
American Realty Capital Healthcare Advisors, LLC | Quarterly Variable Management Fee, Benchmark One
Related Party Transaction [Line Items]
Basis of core earnings, percent			15%
Basis of core earnings (in usd per share)			$ 0.375
American Realty Capital Healthcare Advisors, LLC | Quarterly Variable Management Fee, Benchmark Two
Related Party Transaction [Line Items]
Basis of core earnings, percent			10%
Basis of core earnings (in usd per share)			$ 0.47
American Realty Capital Healthcare Advisors, LLC | Reimbursements of Administrative Services
Related Party Transaction [Line Items]
Transaction amount			$ 10,600	$ 10,600	$ 8,800
Advance on Loan or Other Investment | Advisor | American Realty Capital Healthcare Advisors, LLC
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%
Pre-tax Non-compounded Return on Capital Contribution | Special Limited Partner | Healthcare Trust Special Limited Partnership, LLC | Annual Targeted Investor Return
Related Party Transaction [Line Items]
Cumulative capital investment return to investors as a percentage of benchmark			6%
Contract Purchase Price | Advisor | American Realty Capital Healthcare Advisors, LLC
Related Party Transaction [Line Items]
Quarterly asset management earned by related party, percentage of benchmark			0.1875%
Gross Revenue, Stand-alone Single-tenant Net Leased Properties | Advisor | American Realty Capital Healthcare Advisors, LLC
Related Party Transaction [Line Items]
Property management fees			1.50%
Gross Revenue, Excluding Stand-alone Single-tenant Net Leased Properties | Advisor | American Realty Capital Healthcare Advisors, LLC
Related Party Transaction [Line Items]
Property management fees			2.50%

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
	Sep. 27, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Expenses incurred		$ 486,642	$ 350,341	$ 367,262
Related Party | Total related party operation fees and reimbursements
Related Party Transaction [Line Items]
Expenses incurred		137,217	36,593	34,874
Payable (receivable)		30,267	295
Related Party | Acquisition cost reimbursements
Related Party Transaction [Line Items]
Expenses incurred		20	32	23
Payable (receivable)		0	0
Related Party | Asset management fees
Related Party Transaction [Line Items]
Expenses incurred		16,374	21,831	21,831
Payable (receivable)		0	0
Related Party | Professional fees and other reimbursements
Related Party Transaction [Line Items]
Expenses incurred		10,589	10,595	8,820
Payable (receivable)		0	198
Related Party | Property Management Fees
Related Party Transaction [Line Items]
Expenses incurred		3,584	4,135	4,200
Payable (receivable)		0	97
Leasing commissions expense		800	400
Related Party | Termination fees (including the Promissory Note) (3)
Related Party Transaction [Line Items]
Expenses incurred		106,650	0	$ 0
Payable (receivable)		30,267	$ 0
Related Party | Internalization Agreement, Self-Management Termination Fee | Advisor
Related Party Transaction [Line Items]
Transaction amount	$ 98,200	98,200
Related Party | Internalization Agreement, Asset Management Base Fee | Advisor
Related Party Transaction [Line Items]
Transaction amount	$ 5,500	5,500
Related Party | Internalization Agreement, Property Management Fee | Advisor
Related Party Transaction [Line Items]
Transaction amount		$ 2,900

Related Party Transactions an_6

Related Party Transactions and Arrangements - Promotes Incurred in Connection with a Listing or the Liquidation of the Company’s Real Estate Assets (Details) - Healthcare Trust Special Limited Partnership, LLC - Related Party - Special Limited Partner	Dec. 31, 2024
Excess of Adjusted Market Value of Real Estate Assets Plus Distributions Over Aggregate Contributed Investor Capital
Related Party Transaction [Line Items]
Subordinated participation fees as a percentage of benchmark	15%
Pre-tax Non-compounded Return on Capital Contribution | Annual Targeted Investor Return
Related Party Transaction [Line Items]
Cumulative capital investment return to investors as a percentage of benchmark	6%
Net Sale Proceeds, after Return of Capital Contributions and Annual Targeted Investor Return
Related Party Transaction [Line Items]
Subordinated performance fee as a percentage of benchmark	15%
Market Value and Aggregate Capital Contributed Plus Annual Investor Return
Related Party Transaction [Line Items]
Subordinated termination distribution as a percentage of benchmark	15%

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during period, issued for services (in shares)	0	0	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)	4,200,000
Unrecognized compensation cost	$ 0
Share-based compensation expense	$ 600,000	$ 900,000	$ 1,200,000
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, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Common Shares
Beginning balance (in shares)	12,911	24,336
Ending balance (in shares)	0	12,911	24,336
Restricted Share Plan
Number of Common Shares
Beginning balance (in shares)	12,911	24,336	39,857
Stock dividend (in shares)	196	1,293	2,078
Granted (in shares)	0	0	0
Vested (in shares)	(13,107)	(12,718)	(17,599)
Forfeitures (in shares)	0	0	0
Ending balance (in shares)	0	12,911	24,336
Weighted-Average Issue Price
Beginning balance (usd per share)	$ 67.78	$ 75.56	$ 84.84
Stock dividend (usd per share)	56	57.08	59.44
Granted (usd per share)	0	0	0
Vested (usd per share)	67.60	81.58	94.68
Forfeitures (usd per share)	0	0	0
Ending balance (usd per share)	$ 0	$ 67.78	$ 75.56

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 900,583	$ 999,190	$ 1,040,400
Ending balance	690,125	900,583	999,190
Unrealized Gains (Losses) on Designated Derivative
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	23,464	36,910	(14,341)
Other comprehensive income, before reclassifications	8,716	5,324	50,098
Amount of gain reclassified from accumulated other comprehensive income	(15,540)	(18,770)	1,153
Ending balance	$ 16,640	$ 23,464	$ 36,910

Non-controlling Interests - Bal

Non-controlling Interests - Balance Sheet Breakdown (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Noncontrolling Interest [Line Items]
Total Non-controlling Interests in the OP	$ 4,790	$ 5,734
Non-controlling interests in property owning subsidiaries	775	695
Total Non-controlling Interests	5,565	6,429
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	$ 2,212	$ 3,156

Non-controlling Interests - Sta

Non-controlling Interests - Statement of Operation Breakdown (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Noncontrolling Interest [Line Items]
Distributions to non-controlling interest holders	$ 653	$ 132	$ 157
Income attributable to non-controlling interests in property-owning subsidiaries	(86)	(50)	(22)
Net loss attributable to non-controlling interests	567	82	135
Series A Preferred Unit
Noncontrolling Interest [Line Items]
Distributions to non-controlling interest holders	(184)	(185)	(184)
Common OP Unit
Noncontrolling Interest [Line Items]
Distributions to non-controlling interest holders	$ 837	$ 317	$ 341

Non-controlling Interests - Nar

Non-controlling Interests - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2021	Nov. 30, 2014
Noncontrolling Interest [Line Items]
Distributions to non-controlling interest holders	$ 184,000	$ 185,000	$ 184,000
Payments to noncontrolling interests	$ 0	$ 0
Antidilutive securities excluded from computation of earnings per share (in shares)	234,026	254,853	271,564
Advisor
Noncontrolling Interest [Line Items]
Limited partner units transferred (in shares)	90
Advisor | National Healthcare Properties Operating Partnership, L.P.
Noncontrolling Interest [Line Items]
Limited partner units (in shares)		90
Advisor Parent | National Healthcare Properties Operating Partnership, L.P.
Noncontrolling Interest [Line Items]
Limited partner units (in shares)	90
Series A Preferred Unit
Noncontrolling Interest [Line Items]
Distributions to non-controlling interest holders	$ 200,000	$ 200,000
Series A Preferred Stock
Noncontrolling Interest [Line Items]
Preferred stock, dividend rate, percentage	7.375%
OP Units
Noncontrolling Interest [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	124,161	124,161	124,161
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)	405,998				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, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2024 property	Dec. 31, 2024 encumberedProperty	Dec. 31, 2024
Noncontrolling Interest [Line Items]
Third Party Net Investment Amount	$ 5,565	$ 6,429
Net Real Estate Assets Subject to Investment Arrangement	1,761,099	1,939,657
Distributions	185	185	$ 184
Number of properties owned				193	28
Non-controlling Interests
Noncontrolling Interest [Line Items]
Distributions	185	185	184
Plaza Del Rio Medical Office Campus Portfolio AZ | Non-controlling Interests
Noncontrolling Interest [Line Items]
Third Party Net Investment Amount	775
Net Real Estate Assets Subject to Investment Arrangement	12,763	12,687
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 | OMF 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						7.10%

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net loss attributable to common stockholders		$ (203,495)	$ (86,097)	$ (93,285)
Basic weighted-average shares outstanding (in shares)	[1]	28,286,391	28,280,430	28,260,835
Diluted weighted-average shares outstanding (in shares)	[1]	28,286,391	28,280,430	28,260,835
Basic net loss per share (in usd per share)	[1]	$ (7.19)	$ (3.04)	$ (3.30)
Diluted net loss per share (in usd per share)	[1]	$ (7.19)	$ (3.04)	$ (3.30)
Common stock held by related party (in shares)		28,296,439	27,886,255	26,270,133
[1] Retroactively adjusted for the effects of previous 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, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	234,026	254,853	271,564
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)	0	20,827	37,538
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)	124,161	124,161	124,161
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)	109,865	109,865	109,865
Unvested restricted Shares
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]
Unvested restricted stock (in shares)	0	12,911	24,336
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, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting [Abstract]
Number of reportable segments	2	2	2
Number of operating segments	3

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of Segment Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenue from tenants	$ 353,794	$ 345,925	$ 335,846
Less: Property operating and maintenance	221,148	217,792	213,444
NOI	132,646	128,133	122,402
Impairment charges	(24,881)	(4,676)	(27,630)
Operating fees to related parties	(19,203)	(25,527)	(25,353)
Termination fees to related parties	(106,650)	0	0
Acquisition and transaction related	(7,949)	(545)	(1,484)
General and administrative	(22,744)	(18,928)	(17,287)
Depreciation and amortization	(84,067)	(82,873)	(82,064)
Gain (loss) on sale of real estate investments	9,307	(322)	(125)
Interest expense	(69,447)	(66,078)	(51,740)
Interest and other income	1,051	734	27
Gain (loss) on non-designated derivatives	1,544	(1,995)	3,834
Gain on extinguishment of debt	392	0	0
Loss before income taxes	(190,001)	(72,077)	(79,420)
Income tax expense	(262)	(303)	(201)
Net loss	(190,263)	(72,380)	(79,621)
Net loss attributable to non-controlling interests	567	82	135
Allocation for preferred stock	(13,799)	(13,799)	(13,799)
Net loss attributable to common stockholders	(203,495)	(86,097)	(93,285)
OMF
Segment Reporting Information [Line Items]
Revenue from tenants	137,317	135,449	131,444
Less: Property operating and maintenance	39,201	37,954	35,945
NOI	98,116	97,495	95,499
SHOPs
Segment Reporting Information [Line Items]
Revenue from tenants	216,477	210,476	204,402
NOI	34,530	30,638	26,903
SHOPs | Compensation Related Expense
Segment Reporting Information [Line Items]
Less: Property operating and maintenance	110,389	109,281	109,198
SHOPs | Other Property Operating And Maintenance
Segment Reporting Information [Line Items]
Less: Property operating and maintenance	$ 71,558	$ 70,557	$ 68,301

Segment Reporting - Reconcili_2

Segment Reporting - Reconciliation of Segment Activity to Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Investments in real estate, net:
Total investments in real estate, net	$ 1,761,099	$ 1,939,657
Cash and cash equivalents	21,652	46,409	$ 53,654
Restricted cash	52,443	44,907
Derivative assets, at fair value	19,206	28,370
Straight-line rent receivable, net	22,841	26,325
Operating lease right-of-use assets	7,480	7,713
Prepaid expenses and other assets	40,033	35,781
Deferred costs, net	21,269	15,997
Total assets	1,946,023	2,145,159
OMFs
Investments in real estate, net:
Total investments in real estate, net	1,004,741	1,114,963
SHOPs
Investments in real estate, net:
Total investments in real estate, net	$ 756,358	$ 824,694

Segment Reporting - Reconcili_3

Segment Reporting - Reconciliation of Capital Expenditures by Segment (Details) - Operating Segments - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total capital expenditures	$ 21,908	$ 25,299	$ 27,993
OMFs
Segment Reporting Information [Line Items]
Total capital expenditures	8,967	10,467	10,542
SHOPs
Segment Reporting Information [Line Items]
Total capital expenditures	$ 12,941	$ 14,832	$ 17,451

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) lease	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Number of operating lease contracts | lease	7
Number of finance lease contracts | lease	6
Renewal term of lease excluded	1 year 8 months 12 days
Operating lease right-of-use assets	$ 7,480	$ 7,713
Operating lease liabilities	$ 8,109	8,038
Remaining lease term	32 years 3 months 18 days
Weighted average discount rate, percent	7.36%
Operating lease payments	$ 700	700	$ 700
Operating lease costs	$ 700	$ 800	$ 900
Minimum
Lessee, Lease, Description [Line Items]
Renewal term	17 years 10 months 24 days
Maximum
Lessee, Lease, Description [Line Items]
Renewal term	82 years 8 months 12 days

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Future Minimum Rental Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating Leases
2025	$ 653
2026	649
2027	617
2028	618
2029	620
Thereafter	20,705
Total minimum lease payments	23,862
Less: amounts representing interest	(15,753)
Total present value of minimum lease payments	8,109	$ 8,038
Direct Financing Leases
2025	93
2026	95
2027	97
2028	100
2029	102
Thereafter	7,013
Total minimum lease payments	7,500
Less: amounts representing interest	(2,671)
Total present value of minimum lease payments	$ 4,829
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts payable and accrued expenses (including $30,267 and $295 due to related parties as of December 31, 2024 and 2023, respectively)

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	1 Months Ended	2 Months Ended	12 Months Ended
	Jan. 31, 2025 USD ($) property	Feb. 27, 2025 USD ($) property	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property
Subsequent Event | Mortgage Notes Payable
Subsequent Event [Line Items]
Repayments of mortgage | $	$ 70.7
Disposed by sale
Subsequent Event [Line Items]
Number of properties disposed | property					4
Aggregate contract sale price | $			$ 118.1	$ 13.8	$ 12.4
OMF | Disposed by sale
Subsequent Event [Line Items]
Number of properties disposed | property			12	1
OMF | Disposed by sale | Subsequent Event
Subsequent Event [Line Items]
Number of properties disposed | property	11	11
Aggregate contract sale price | $	$ 114.4	$ 114.4

Real Estate and Accumulated D_2

Real Estate and Accumulated Depreciation Schedule III (Summary of Real Estate Properties) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,151,863
Land	195,405
Building and Improvements	1,956,081
Costs capitalized subsequent to acquisition, land	(5,323)
Costs capitalized subsequent to acquisition, buildings and improvements	56,320
Gross Amount	2,202,483	$ 2,328,339	$ 2,295,587	$ 2,345,708
Accumulated Depreciation	496,758	458,010	$ 397,982	$ 328,095
Acquired intangibles	284,400
Federal income taxes	1,900,000
Accumulated amortization	229,100
Credit facilities	362,216	361,026
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	1,333
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	1,608
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	3,511
Oak Lawn Medical Center - Oak Lawn, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,610
Land	835
Building and Improvements	7,217
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	743
Gross Amount	8,795
Accumulated Depreciation	2,203
Surgery Center of Temple - Temple, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,989
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	1,766
Greenville Health System - Greenville, SC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,045
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	1,021
Stockbridge Family Medical - Stockbridge, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,823
Land	823
Building and Improvements	1,799
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	236
Gross Amount	2,858
Accumulated Depreciation	713
Arrowhead Medical Plaza II - Glendale, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,769
Land	0
Building and Improvements	9,758
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	2,421
Gross Amount	12,179
Accumulated Depreciation	4,425
Village Center Parkway - Stockbridge, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,412
Land	1,135
Building and Improvements	2,299
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	347
Gross Amount	3,781
Accumulated Depreciation	999
Creekside OMF - Douglasville, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,619
Land	2,709
Building and Improvements	5,320
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	1,620
Gross Amount	9,649
Accumulated Depreciation	2,414
Bowie Gateway Medical Center - Bowie, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,262
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	3,118
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	3,924
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	1,407
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	239
Gross Amount	9,103
Accumulated Depreciation	2,136
Countryside Medical Arts - Safety Harbor, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,233
Land	915
Building and Improvements	7,663
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	582
Gross Amount	9,160
Accumulated Depreciation	2,427
St. Andrews Medical Park - Venice, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,534
Land	1,668
Building and Improvements	10,005
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	1,667
Gross Amount	13,340
Accumulated Depreciation	3,959
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	3,711
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	1,349
Laguna Professional Center - Elk Grove, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,670
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	4,522
UC Davis OMF - Elk Grove, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,868
Land	1,138
Building and Improvements	7,242
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	318
Gross Amount	8,698
Accumulated Depreciation	2,411
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	1,472
Gross Amount	23,557
Accumulated Depreciation	6,438
Addington Place 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	2,225
Gross Amount	22,847
Accumulated Depreciation	6,404
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	592
Gross Amount	17,849
Accumulated Depreciation	5,488
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	152
Gross Amount	11,888
Accumulated Depreciation	3,272
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	375
Gross Amount	9,165
Accumulated Depreciation	2,586
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	303
Gross Amount	20,075
Accumulated Depreciation	5,842
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	415
Gross Amount	14,807
Accumulated Depreciation	4,377
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	447
Gross Amount	14,902
Accumulated Depreciation	4,402
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	222
Gross Amount	11,295
Accumulated Depreciation	3,205
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	442
Gross Amount	11,582
Accumulated Depreciation	3,216
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	330
Gross Amount	14,472
Accumulated Depreciation	4,128
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	234
Gross Amount	10,949
Accumulated Depreciation	2,947
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	76
Gross Amount	2,193
Accumulated Depreciation	673
Addington Place of Lakeside Vista - Dixon, IL
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	2,810
Gross Amount	15,384
Accumulated Depreciation	4,183
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	117
Gross Amount	2,027
Accumulated Depreciation	507
Arrowhead Medical Plaza I - Glendale, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,268
Land	0
Building and Improvements	6,447
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	1,811
Gross Amount	8,258
Accumulated Depreciation	2,701
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 OMF - Harrisburg, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,875
Land	0
Building and Improvements	6,170
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	4
Gross Amount	6,174
Accumulated Depreciation	1,635
Brady OMF - Harrisburg, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	17,758
Land	0
Building and Improvements	22,485
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	4
Gross Amount	22,489
Accumulated Depreciation	5,815
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	4
Gross Amount	32,488
Accumulated Depreciation	8,426
FOC II - Mechanicsburg, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,144
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	4,958
FOC Clinical - Mechanicsburg, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,507
Land	0
Building and Improvements	19,634
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	4
Gross Amount	19,638
Accumulated Depreciation	5,736
FOC I - Mechanicsburg, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,302
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	2,940
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	735
Gross Amount	16,646
Accumulated Depreciation	4,597
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	313
Gross Amount	9,997
Accumulated Depreciation	3,022
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	982
Gross Amount	13,922
Accumulated Depreciation	3,930
Addington Place of 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	1,673
Gross Amount	54,948
Accumulated Depreciation	14,786
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	662
Gross Amount	28,404
Accumulated Depreciation	7,554
Addington Place of Roswell - 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	(783)
Costs capitalized subsequent to acquisition, buildings and improvements	(7,092)
Gross Amount	1,736
Accumulated Depreciation	0
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	3,756
Gross Amount	16,231
Accumulated Depreciation	4,234
Addington Place of 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	1,969
Gross Amount	67,562
Accumulated Depreciation	18,312
Addington Place of East Lake - 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	4,108
Gross Amount	20,196
Accumulated Depreciation	5,889
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	913
Gross Amount	16,268
Accumulated Depreciation	4,948
Gateway OMF - Clarksville, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,070
Land	0
Building and Improvements	16,367
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	1,452
Gross Amount	17,819
Accumulated Depreciation	5,241
Dyer Building - Dyer, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,615
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	2,482
757 Building - Munster, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,885
Land	645
Building and Improvements	7,885
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	123
Gross Amount	8,653
Accumulated Depreciation	2,108
761 Building - Munster, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,553
Land	1,436
Building and Improvements	8,616
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	221
Gross Amount	10,273
Accumulated Depreciation	2,494
759 Building - Munster, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,929
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	2,445
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	3,425
Gross Amount	60,928
Accumulated Depreciation	14,682
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	14,652
Land	0
Building and Improvements	18,519
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	37
Gross Amount	18,556
Accumulated Depreciation	5,065
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	8,788
Gross Amount	98,053
Accumulated Depreciation	24,728
Eye Specialty Group Medical Building - Memphis, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,315
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	1,911
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	455
Gross Amount	28,128
Accumulated Depreciation	7,643
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	658
Gross Amount	24,309
Accumulated Depreciation	6,712
Bloom OMF - Harrisburg, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,985
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	4,471
Medical Sciences Pavilion - Harrisburg, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	17,616
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	5,698
Pinnacle Center - Southaven, MS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,045
Land	1,378
Building and Improvements	6,547
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	2,264
Gross Amount	10,189
Accumulated Depreciation	2,589
Paradise Valley Medical Plaza - Phoenix, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	21,464
Land	0
Building and Improvements	25,194
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	1,988
Gross Amount	27,182
Accumulated Depreciation	7,710
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	774
Gross Amount	42,845
Accumulated Depreciation	10,781
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	(1,226)
Costs capitalized subsequent to acquisition, buildings and improvements	(11,551)
Gross Amount	5,403
Accumulated Depreciation	46
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	(1,758)
Costs capitalized subsequent to acquisition, buildings and improvements	(12,866)
Gross Amount	3,500
Accumulated Depreciation	54
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	911
Gross Amount	26,893
Accumulated Depreciation	6,679
Aurora Healthcare Center - Green Bay, WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,910
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	528
Aurora Healthcare Center - Greenville, WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	828
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	319
Aurora Healthcare Center - Kiel, WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,965
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	622
Aurora Healthcare Center - Plymouth, WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	17,296
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	6,831
Aurora Healthcare Center - Waterford, WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,789
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	1,755
Aurora Healthcare Center - Wautoma, WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,295
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	1,236
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	174
Gross Amount	8,356
Accumulated Depreciation	2,545
Advanced Orthopaedic Medical Center - Richmond, VA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	17,216
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	5,138
Palm Valley Medical Plaza - Goodyear, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,512
Land	1,890
Building and Improvements	4,940
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	1,275
Gross Amount	8,105
Accumulated Depreciation	1,894
Physicians Plaza of Roane County - Harriman, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,397
Land	1,746
Building and Improvements	7,842
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	440
Gross Amount	10,028
Accumulated Depreciation	2,281
Adventist Health Lacey Medical Plaza - Hanford, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,451
Land	328
Building and Improvements	13,302
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	872
Gross Amount	14,502
Accumulated Depreciation	3,404
Medical Center I - Peoria, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,013
Land	807
Building and Improvements	1,115
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	1,894
Gross Amount	3,816
Accumulated Depreciation	1,466
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	5,048
Gross Amount	7,323
Accumulated Depreciation	2,387
Commercial Center - Peoria, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,555
Land	959
Building and Improvements	1,110
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	1,167
Gross Amount	3,236
Accumulated Depreciation	806
Medical Center III - Peoria, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,714
Land	673
Building and Improvements	1,651
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	1,931
Gross Amount	4,255
Accumulated Depreciation	1,355
Morrow Medical Center - Morrow, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,775
Land	1,155
Building and Improvements	5,674
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	656
Gross Amount	7,485
Accumulated Depreciation	1,750
Belmar Medical Building -Lakewood, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,738
Land	819
Building and Improvements	4,287
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	754
Gross Amount	5,860
Accumulated Depreciation	1,516
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	1,327
Gross Amount	16,742
Accumulated Depreciation	4,444
Medical Center V - Peoria, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,768
Land	1,089
Building and Improvements	3,200
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	1,252
Gross Amount	5,541
Accumulated Depreciation	1,394
Legacy Medical Village - Plano, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	29,377
Land	3,755
Building and Improvements	31,097
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	2,352
Gross Amount	37,204
Accumulated Depreciation	8,742
Scripps Cedar Medical Center - Vista, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,151
Land	1,213
Building and Improvements	14,596
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	2,112
Gross Amount	17,921
Accumulated Depreciation	4,132
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	182
Gross Amount	6,102
Accumulated Depreciation	1,446
East Coast Square West - Cedar Point, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,054
Land	1,535
Building and Improvements	4,803
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	18
Gross Amount	6,356
Accumulated Depreciation	1,224
East Coast Square North - Morehead City, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,906
Land	899
Building and Improvements	4,761
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	464
Gross Amount	6,124
Accumulated Depreciation	1,266
Eastside Cancer Institute - Greenville, SC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,065
Land	1,498
Building and Improvements	6,637
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	784
Gross Amount	8,919
Accumulated Depreciation	1,947
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	650
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	3,034
Gross Amount	56,111
Accumulated Depreciation	13,860
Presence Healing Arts Pavilion - New Lenox, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,532
Land	0
Building and Improvements	6,768
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	337
Gross Amount	7,105
Accumulated Depreciation	1,775
Mainland Medical Arts Pavilion - Texas City, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,469
Land	320
Building and Improvements	7,923
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	331
Gross Amount	8,574
Accumulated Depreciation	2,257
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	4,071
Gross Amount	77,501
Accumulated Depreciation	18,199
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	6,471
Land	1,687
Building and Improvements	12,936
Costs capitalized subsequent to acquisition, land	(564)
Costs capitalized subsequent to acquisition, buildings and improvements	(6,125)
Gross Amount	7,934
Accumulated Depreciation	598
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	14,833
Land	6,896
Building and Improvements	20,579
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	762
Gross Amount	28,237
Accumulated Depreciation	6,198
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	9,204
Land	0
Building and Improvements	19,265
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	608
Gross Amount	19,873
Accumulated Depreciation	5,272
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	6,863
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	2,348
Northside Hospital - Canton, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,789
Land	3,408
Building and Improvements	8,191
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	611
Gross Amount	12,210
Accumulated Depreciation	1,754
West Michigan Surgery Center - Big Rapids, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,036
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	1,105
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	1,457
Gross Amount	20,683
Accumulated Depreciation	4,623
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	(993)
Costs capitalized subsequent to acquisition, buildings and improvements	(7,278)
Gross Amount	1,609
Accumulated Depreciation	0
Beaumont Medical Center - Warren, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,224
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	1,859
DaVita Dialysis - Hudson, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,582
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	392
DaVita Bay Breeze Dialysis Center - Largo, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,083
Land	399
Building and Improvements	896
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	297
Gross Amount	1,592
Accumulated Depreciation	241
Greenfield Medical Plaza - Gilbert, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,165
Land	1,476
Building and Improvements	4,144
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	504
Gross Amount	6,124
Accumulated Depreciation	958
RAI Care Center - Clearwater, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,628
Land	624
Building and Improvements	3,156
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	84
Gross Amount	3,864
Accumulated Depreciation	596
Illinois CancerCare - Galesburg, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,945
Land	290
Building and Improvements	2,457
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	131
Gross Amount	2,878
Accumulated Depreciation	525
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	37
Gross Amount	5,148
Accumulated Depreciation	912
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	3,764
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	1,071
Decatur Medical Office Building - Decatur, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,104
Land	695
Building and Improvements	3,273
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	597
Gross Amount	4,565
Accumulated Depreciation	786
Madison Medical Plaza - Joliet, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,482
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	3,018
Woodlake Office Center - Woodbury, MN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,399
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	2,462
Rockwall Medical Plaza - Rockwall, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,140
Land	1,097
Building and Improvements	4,582
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	409
Gross Amount	6,088
Accumulated Depreciation	1,067
MetroHealth Buckeye Health Center - Cleveland, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,408
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	963
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	577
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	423
Philip Professional Center - Lawrenceville, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,595
Land	1,285
Building and Improvements	6,714
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	353
Gross Amount	8,352
Accumulated Depreciation	1,474
Florida Medical Heartcare - Tampa, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,692
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	361
Florida Medical Somerset - Tampa, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	970
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	233
Florida Medical Tampa Palms - Tampa, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,049
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	245
Florida Medical Wesley Chapel - Tampa, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,681
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	394
Aurora Health Center - Milwaukee, WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,660
Land	1,014
Building and Improvements	4,041
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	361
Gross Amount	5,416
Accumulated Depreciation	882
Vascular Surgery Associates - Tallahassee, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,274
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	1,002
Glendale OMF - Farmington Hills, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,637
Land	504
Building and Improvements	12,332
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	(135)
Gross Amount	12,701
Accumulated Depreciation	2,023
Crittenton Washington OMF - Washington Township, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,438
Land	640
Building and Improvements	4,090
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	325
Gross Amount	5,055
Accumulated Depreciation	789
Crittenton Sterling Heights OMF - Sterling Heights, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,830
Land	1,398
Building and Improvements	2,695
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	69
Gross Amount	4,162
Accumulated Depreciation	593
Advocate Aurora OMF - Elkhorn, WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,606
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	1,621
Pulomnary & Critical Care Med
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,495
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	673
Dignity Emerus Blue Diamond - Las Vegas, NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,610
Land	2,182
Building and Improvements	16,594
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	(274)
Gross Amount	18,502
Accumulated Depreciation	2,751
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	20,851
Land	3,807
Building and Improvements	22,803
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	(208)
Gross Amount	26,402
Accumulated Depreciation	3,815
Greenfield OMF - Greenfield, WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,073
Land	1,552
Building and Improvements	8,333
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	339
Gross Amount	10,224
Accumulated Depreciation	1,450
Milwaukee OMF - South Milwaukee, WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,304
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	786
St. Francis WI OMF - St. Francis, WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,849
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	1,856
Lancaster Medical Arts OMF - Lancaster, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,062
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	614
Women's Healthcare Group OMF - York, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,894
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	336
Pioneer Spine Sports - Northampton, MA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,559
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	310
Pioneer Spine Sport - Springfield, MA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,947
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	381
Pioneer Spine Sports - West Springfield, MA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,175
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	638
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	153
Gross Amount	9,506
Accumulated Depreciation	1,366
UMPC Sir Thomas Court - Harrisburg, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,772
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	840
UMPC Fisher Road - Mechanicsburg, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,122
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	561
Swedish American OMF - Roscoe, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,394
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	991
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	181
Gross Amount	14,369
Accumulated Depreciation	2,054
UMPC Chambers Hill - Harrisburg, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,221
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	554
Cedarhurst of Shiloh - Shiloh, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	376
Building and Improvements	28,299
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	195
Gross Amount	28,870
Accumulated Depreciation	3,784
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	1,314
Gross Amount	21,657
Accumulated Depreciation	2,401
Circleville OMF - Circleville, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,235
Land	765
Building and Improvements	4,011
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	11
Gross Amount	4,787
Accumulated Depreciation	466
OrthoOne Hilliard - Hilliard, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,562
Land	760
Building and Improvements	3,118
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	(110)
Gross Amount	3,768
Accumulated Depreciation	396
South Douglas OMF - Midwest City, OK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,054
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	450
Fort Wayne Opthomology Engle - Fort Wayne, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,488
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	607
Fort Wayne Opthomology Dupont - Fort Wayne, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,196
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	340
St. Peters Albany 2 Palisades - Albany, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,642
Land	516
Building and Improvements	4,342
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	498
Gross Amount	5,356
Accumulated Depreciation	576
Hefner Pointe Medical Center - Oklahoma City, OK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,851
Land	678
Building and Improvements	4,819
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	200
Gross Amount	5,697
Accumulated Depreciation	540
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	1,955
Land	330
Building and Improvements	2,444
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	101
Gross Amount	2,875
Accumulated Depreciation	277
St Peters - Albany, NY - 4 Palisades
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,122
Land	542
Building and Improvements	2,416
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	163
Gross Amount	3,121
Accumulated Depreciation	288
St Peters - Albany, NY - 5 Palisades
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,142
Land	593
Building and Improvements	5,359
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	139
Gross Amount	6,091
Accumulated Depreciation	555
St Lukes Heart Vascular Center - East Stroudsburg
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,507
Land	363
Building and Improvements	3,224
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	99
Gross Amount	3,686
Accumulated Depreciation	300
Metropolitan Eye Lakeshore Surgery - St. Clair, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,288
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	410
Naidu Clinic - Odessa, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,142
Land	730
Building and Improvements	2,409
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	11
Gross Amount	3,150
Accumulated Depreciation	235
Belpre V Cancer Center - Belpre, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	44,236
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	5,386
Center for Advanced Dermatology - Lakewood, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,988
Land	1,034
Building and Improvements	1,874
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	15
Gross Amount	2,923
Accumulated Depreciation	172
Florida Medical Clinic - Tampa, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,651
Land	1,104
Building and Improvements	1,137
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	186
Gross Amount	2,427
Accumulated Depreciation	148
Pensacola Nephrology OMF - Pensacola, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,656
Land	1,579
Building and Improvements	5,121
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	146
Gross Amount	6,846
Accumulated Depreciation	414
Millennium Eye Care - Freehold, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,550
Land	635
Building and Improvements	6,014
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	(2,900)
Gross Amount	3,749
Accumulated Depreciation	411
Bone and Joint Specialists - Merrillville, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,389
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	174
Atlanta Gastroenterology Associates - Lawrenceville, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,334
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	141
Eastern Carolina ENT - Greenville, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,414
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	319
Hope Orthopedics - Salem, OR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,651
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	762
St Peters - Albany, NY - 1444 Western Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,986
Land	754
Building and Improvements	3,639
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	(2)
Gross Amount	4,391
Accumulated Depreciation	186
OSF Healthcare OMF - 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	105
OSF Healthcare OMF - 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	171
CPC - LaPorte, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,686
Land	287
Building and Improvements	2,090
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	2,377
Accumulated Depreciation	49
CPC - Valparaiso, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,286
Land	460
Building and Improvements	2,763
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	3,223
Accumulated Depreciation	65
CPC - Hobart, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,179
Land	132
Building and Improvements	2,939
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Gross Amount	3,071
Accumulated Depreciation	63
CPC - Merrillville, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,349
Land	387
Building and Improvements	1,510
Costs capitalized subsequent to acquisition, land	1
Costs capitalized subsequent to acquisition, buildings and improvements	3
Gross Amount	1,901
Accumulated Depreciation	$ 45
Building and Building Improvements
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
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Useful life	15 years
Master Credit Facility | Credit Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Credit facilities	$ 340,508	346,278
OMF Warehouse Facility | Credit Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Credit facilities	21,708	14,748
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	203,405	206,944
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	$ 137,103	$ 139,334

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Real estate investments, at cost:
Balance at beginning of year	$ 2,328,339	$ 2,295,587	$ 2,345,708
Additions-acquisitions and capital expenditures	25,929	51,923	44,926
Disposals, impairments and reclasses	(151,785)	(19,171)	(95,047)
Balance at end of the year	2,202,483	2,328,339	2,295,587
Accumulated depreciation:
Balance at beginning of year	458,010	397,982	328,095
Depreciation expense	63,851	64,445	63,143
Disposals, impairments and reclasses	(25,103)	(4,417)	6,744
Balance at end of the year	$ 496,758	$ 458,010	$ 397,982