Sila Realty Trust (SILA) 10-Q 16 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Nov. 06, 2020
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Registrant Name	Sila Realty Trust, Inc.
Entity Central Index Key	0001567925
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Class A
Entity Common Stock, Shares Outstanding		166,290,000
Class I
Entity Common Stock, Shares Outstanding		12,603,000
Class T
Entity Common Stock, Shares Outstanding		39,400,000
Class T2
Entity Common Stock, Shares Outstanding		3,467,000

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Real estate:
Land	$ 338,340	$ 343,444
Buildings and improvements, less accumulated depreciation of $180,136 and $128,304, respectively	2,366,225	2,422,102
Construction in progress	19,552	2,916
Total real estate, net	2,724,117	2,768,462
Cash and cash equivalents	75,505	69,342
Acquired intangible assets, less accumulated amortization of $83,168 and $64,164, respectively	254,433	285,459
Goodwill	39,529	0
Right-of-use assets - operating leases	30,168	29,537
Right-of-use assets - finance leases	2,533	0
Notes receivable, net	31,327	2,700
Other assets, net	103,413	84,034
Total assets	3,261,025	3,239,534
Liabilities:
Notes payable, net of deferred financing costs of $2,027 and $2,500, respectively	452,496	454,845
Credit facility, net of deferred financing costs of $6,343 and $7,385, respectively	976,657	900,615
Accounts payable due to affiliates	0	9,759
Accounts payable and other liabilities	84,903	45,354
Acquired intangible liabilities, less accumulated amortization of $12,827 and $12,332, respectively	53,657	59,538
Operating lease liabilities	32,214	31,004
Finance lease liabilities	2,854	0
Total liabilities	1,602,781	1,501,115
Stockholders’ equity:
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; none issued and outstanding	0	0
Common stock, $0.01 par value per share, 510,000,000 shares authorized; 234,091,351 and 231,416,123 shares issued, respectively; 221,528,870 and 221,912,714 shares outstanding, respectively	2,215	2,219
Additional paid-in capital	1,978,604	1,981,848
Accumulated distributions in excess of earnings	(298,981)	(240,946)
Accumulated other comprehensive loss	(23,594)	(4,704)
Total stockholders’ equity	1,658,244	1,738,417
Noncontrolling interests	0	2
Total equity	1,658,244	1,738,419
Total liabilities and stockholders’ equity	$ 3,261,025	$ 3,239,534

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Buildings and improvements, accumulated depreciation	$ 180,136	$ 128,304
Acquired intangible assets, accumulated amortization	83,168	64,164
Notes payable, deferred financing costs	2,027	2,500
Credit facility, deferred financing costs	6,343	7,385
Acquired intangible liabilities, accumulated amortization	$ 12,827	$ 12,332
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	510,000,000	510,000,000
Common stock, shares issued (in shares)	234,091,351	231,416,123
Common stock, shares outstanding (in shares)	221,528,870	221,912,714

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue:
Rental revenue	$ 70,667	$ 48,063	$ 208,727	$ 141,467
Expenses:
Rental expenses	12,068	10,740	34,478	30,010
General and administrative expenses	3,578	2,239	9,960	5,177
Internalization transaction expenses	2,235	0	3,640	0
Asset management fees	5,989	3,540	17,914	10,527
Depreciation and amortization	28,249	16,254	80,608	50,110
Impairment loss on real estate	0	13,000	0	13,000
Total expenses	52,119	45,773	146,600	108,824
Gain on real estate dispositions	0	0	2,703	0
Income from operations	18,548	2,290	64,830	32,643
Interest and other expense, net	13,284	11,920	42,802	31,648
Net income (loss) attributable to common stockholders	5,264	(9,630)	22,028	995
Other comprehensive income (loss):
Unrealized income (loss) on interest rate swaps, net	2,584	(2,123)	(18,890)	(13,286)
Other comprehensive income (loss)	2,584	(2,123)	(18,890)	(13,286)
Comprehensive income (loss) attributable to common stockholders	$ 7,848	$ (11,753)	$ 3,138	$ (12,291)
Weighted average number of common shares outstanding:
Basic (in shares)	221,346,730	137,063,509	221,293,405	136,461,135
Diluted (in shares)	221,406,461	137,063,509	221,335,874	136,484,303
Net income (loss) per common share attributable to common stockholders:
Basic (in dollars per share)	$ 0.02	$ (0.07)	$ 0.10	$ 0.01
Diluted (in dollars per share)	0.02	(0.07)	0.10	0.01
Distributions declared per common share (in dollars per share)	$ 0.12	$ 0.16	$ 0.36	$ 0.47

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Distributions in Excess of Earnings	Accumulated Other Comprehensive Loss	Total Stockholders’ Equity	Noncontrolling Interests
Balance, (in shares) at Dec. 31, 2018		136,466,242
Balance, beginning at Dec. 31, 2018	$ 1,047,385	$ 1,364	$ 1,192,340	$ (152,421)	$ 6,100	$ 1,047,383	$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under the distribution reinvestment plan (in shares)		3,381,111
Issuance of common stock under the distribution reinvestment plan	31,275	$ 34	31,241			31,275
Vesting of restricted stock (in shares)		9,750
Vesting of restricted stock	64		64			64
Distribution and servicing fees	99		99			99
Other offering costs	(477)		(477)			(477)
Repurchase of common stock (in shares)		(2,418,760)
Repurchase of common stock	(22,374)	$ (24)	(22,350)			(22,374)
Distributions to common stockholders	(64,414)			(64,414)		(64,414)
Distributions to noncontrolling interests	(1)					0	(1)
Other comprehensive income	(13,286)				(13,286)	(13,286)
Net income (loss)	995			995		995
Balance, (in shares) at Sep. 30, 2019		137,438,343
Balance, ending at Sep. 30, 2019	979,266	$ 1,374	1,200,917	(215,943)	(7,083)	979,265	1
Balance, (in shares) at Jun. 30, 2019		136,398,714
Balance, beginning at Jun. 30, 2019	1,003,435	$ 1,364	1,191,544	(184,515)	(4,960)	1,003,433	2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under the distribution reinvestment plan (in shares)		1,125,174
Issuance of common stock under the distribution reinvestment plan	10,409	$ 11	10,398			10,409
Vesting of restricted stock (in shares)		7,500
Vesting of restricted stock	18		18			18
Distribution and servicing fees	5		5			5
Other offering costs	(188)		(188)			(188)
Repurchase of common stock (in shares)		(93,045)
Repurchase of common stock	(861)	$ (1)	(860)			(861)
Distributions to common stockholders	(21,798)			(21,798)		(21,798)
Distributions to noncontrolling interests	(1)					0	(1)
Other comprehensive income	(2,123)				(2,123)	(2,123)
Net income (loss)	(9,630)			(9,630)		(9,630)
Balance, (in shares) at Sep. 30, 2019		137,438,343
Balance, ending at Sep. 30, 2019	$ 979,266	$ 1,374	1,200,917	(215,943)	(7,083)	979,265	1
Balance, (in shares) at Dec. 31, 2019	221,912,714	221,912,714
Balance, beginning at Dec. 31, 2019	$ 1,738,419	$ 2,219	1,981,848	(240,946)	(4,704)	1,738,417	2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under the distribution reinvestment plan (in shares)		2,664,728
Issuance of common stock under the distribution reinvestment plan	23,055	$ 27	23,028			23,055
Vesting of restricted stock (in shares)		10,500
Vesting of restricted stock	102		102			102
Purchase of noncontrolling interest	(2)					0	(2)
Distribution and servicing fees	65		65			65
Other offering costs	(9)		(9)			(9)
Repurchase of common stock (in shares)		(3,059,072)
Repurchase of common stock	(26,461)	$ (31)	(26,430)			(26,461)
Distributions to common stockholders	(80,063)			(80,063)		(80,063)
Other comprehensive income	(18,890)				(18,890)	(18,890)
Net income (loss)	$ 22,028			22,028		22,028
Balance, (in shares) at Sep. 30, 2020	221,528,870	221,528,870
Balance, ending at Sep. 30, 2020	$ 1,658,244	$ 2,215	1,978,604	(298,981)	(23,594)	1,658,244	0
Balance, (in shares) at Jun. 30, 2020		220,865,308
Balance, beginning at Jun. 30, 2020	1,671,570	$ 2,209	1,972,886	(277,349)	(26,178)	1,671,568	2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under the distribution reinvestment plan (in shares)		879,728
Issuance of common stock under the distribution reinvestment plan	7,613	$ 9	7,604			7,613
Vesting of restricted stock (in shares)		8,250
Vesting of restricted stock	45		45			45
Purchase of noncontrolling interest	(2)					0	(2)
Distribution and servicing fees	6		6			6
Repurchase of common stock (in shares)		(224,416)
Repurchase of common stock	(1,940)	$ (3)	(1,937)			(1,940)
Distributions to common stockholders	(26,896)			(26,896)		(26,896)
Other comprehensive income	2,584				2,584	2,584
Net income (loss)	$ 5,264			5,264		5,264
Balance, (in shares) at Sep. 30, 2020	221,528,870	221,528,870
Balance, ending at Sep. 30, 2020	$ 1,658,244	$ 2,215	$ 1,978,604	$ (298,981)	$ (23,594)	$ 1,658,244	$ 0

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net income attributable to common stockholders	$ 22,028	$ 995
Adjustments to reconcile net income attributable to common stockholders to net cash provided by operating activities:
Depreciation and amortization	80,607	50,110
Amortization of deferred financing costs	2,883	1,876
Amortization of above-market leases	1,983	467
Amortization of below-market leases	(6,050)	(3,905)
Amortization of origination fee	96	0
Reduction in the carrying amount of right-of-use assets - operating leases, net	701	365
Reduction in the carrying amount of right-of-use assets - finance lease, net	1	0
Gain on real estate disposition	(2,703)	0
Impairment loss on real estate	0	13,000
Straight-line rent	(16,146)	(8,440)
Stock-based compensation	102	64
Changes in operating assets and liabilities:
Accounts payable and other liabilities	1,745	(316)
Accounts payable due to affiliates	(3,350)	(150)
Other assets	(1,293)	(1,526)
Net cash provided by operating activities	80,604	52,540
Cash flows from investing activities:
Investment in real estate	(16,064)	(69,830)
Investment in the Internalization Transaction	(25,000)	0
Proceeds from real estate disposition	6,125	0
Capital expenditures	(21,251)	(6,978)
Payments of deal costs	(126)	(1,016)
Real estate deposit	600	0
Net cash used in investing activities	(55,716)	(77,824)
Cash flows from financing activities:
Payments on notes payable	(2,822)	(1,280)
Proceeds from credit facility	140,000	85,000
Payments on credit facility	(65,000)	0
Payments of deferred financing costs	(622)	(1,385)
Repurchase of common stock	(26,461)	(22,374)
Offering costs on issuance of common stock	(2,384)	(2,825)
Distributions to common stockholders	(57,321)	(33,329)
Distributions to noncontrolling interests	0	(1)
Purchase of noncontrolling interests	(2)	0
Net cash (used in) provided by financing activities	(14,612)	23,806
Net change in cash, cash equivalents and restricted cash	10,276	(1,478)
Cash, cash equivalents and restricted cash - Beginning of period	80,230	79,527
Cash, cash equivalents and restricted cash - End of period	90,506	78,049
Supplemental cash flow disclosure:
Interest paid, net of interest capitalized of $463 and $69, respectively	42,103	30,248
Supplemental disclosure of non-cash transactions:
Common stock issued through distribution reinvestment plan	23,055	31,275
Credit facility revolving loan to term loan conversion	0	30,000
Accrued capital expenditures	1,186	0
Accrued deal costs	13	1,966
Deferred internalization transaction purchase price	14,674	0
Right-of-use assets in exchange for lease liability - operating leases	1,060	0
Right-of-use assets in exchange for lease liability - finance lease	2,854	0
Origination of note receivable related to real estate disposition	$ 28,000	$ 0

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (PARENTHETICAL) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Statement of Cash Flows [Abstract]
Interest capitalized	$ 463	$ 69

Organization and Business Opera

Organization and Business Operations	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Operations	Organization and Business Operations Sila Realty Trust, Inc., formerly known as Carter Validus Mission Critical REIT II, Inc., or the Company, is a Maryland corporation that was formed on January 11, 2013. The Company elected, and currently qualifies, to be taxed as a real estate investment trust, or a REIT, under the Internal Revenue Code of 1986, as amended, or the Code, for federal income tax purposes. Substantially all of the Company’s business is conducted through Sila Realty Operating Partnership, LP f/k/a Carter Validus Operating Partnership II, LP, a Delaware limited partnership, or the Operating Partnership, formed on January 10, 2013. The Company is the sole general partner and, prior to the completion of the Internalization Transaction (as defined herein) on September 30, 2020, Carter Validus Advisors II, LLC, or the Former Advisor, was the special limited partner of the Operating Partnership. As of the closing of the Internalization Transaction, the Company owns directly or indirectly, all of the interests in the Operating Partnership. Prior to September 30, 2020, the Former Advisor was responsible for managing the Company’s affairs on a day-to-day basis and for identifying and making investments on the Company’s behalf pursuant to an advisory agreement among the Company, the Operating Partnership and the Former Advisor. On July 28, 2020, the Company and the Operating Partnership, entered into a Membership Interest Purchase Agreement, or the Purchase Agreement, to provide for the internalization of the external management functions previously performed for the Company and the Operating Partnership by the Former Advisor and its affiliates, or the Internalization Transaction. On September 30, 2020, the Company closed the Internalization Transaction. Effective September 30, 2020, as a result of the Internalization Transaction, the Former Advisor is no longer affiliated with the Company. Upon completion of the Internalization, the Company’s current 76 employees, who were previously employed by an affiliate of the Former Advisor, became employees of the Company and the functions previously performed by the Former Advisor were internalized by the Company. As an internally managed company, the Company will no longer pay the Former Advisor and its affiliates any fees or expense reimbursements arising from the advisory agreement. In addition, on September 30, 2020, the Operating Partnership redeemed the Former Advisor’s limited partner interest (including special limited partner interest) in the Operating Partnership in connection with the Internalization Transaction. On September 30, 2020, the Company and Sila REIT, LLC, f/k/a Carter Validus Mission Critical REIT II, LLC, a Maryland limited liability company that is the sole limited partner of the Operating Partnership, entered into the Third Amended and Restated Agreement of Limited Partnership of the Operating Partnership, or the Third A&R LP Agreement, in order to reflect the completion of the Internalization Transaction. On September 30, 2020, Articles of Amendment changing the Company’s name from “Carter Validus Mission Critical REIT II, Inc.” to “Sila Realty Trust, Inc.” were filed and accepted for record by the State Department of Assessment and Taxation of the State of Maryland, and thereby became effective as part of the Company’s charter. The Company was formed to invest primarily in quality income-producing commercial real estate, with a focus on data centers and healthcare properties, preferably with long-term leases to creditworthy tenants, as well as to make other real estate-related investments in such property types, which may include equity or debt interests in other real estate entities. During the nine months ended September 30, 2020, the Company acquired two real estate properties and sold one real estate property. See Note 4—"Acquisitions and Dispositions" for additional information. As of September 30, 2020 , the Company owned 153 real estate properties. The Company raised the equity capital for its real estate investments through two public offerings, or the Offerings, from May 2014 through November 2018, and the Company has offered shares pursuant to its distribution reinvestment plan, or the DRIP, pursuant to two Registration Statements on Form S-3, or each, a DRIP Offering and together the DRIP Offerings, since November 2017. Except as the context otherwise requires, the “Company” refers to Sila Realty Trust, Inc., the Operating Partnership and all wholly-owned subsidiaries.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The summary of significant accounting policies presented below is designed to assist in understanding the Company’s condensed consolidated financial statements. Such condensed consolidated financial statements and the accompanying notes thereto are the responsibility of management. These accounting policies conform to United States generally accepted accounting principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of a normal and recurring nature considered for a fair presentation, have been included. Operating results for the three and nine months ended September 30, 2020 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. The condensed consolidated balance sheet at December 31, 2019, has been derived from the audited consolidated financial statements at that date but does not include all of the information and notes required by GAAP for complete financial statements. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2019, and related notes thereto set forth in the Company’s Annual Report on Form 10-K, filed with the SEC on March 27, 2020. Principles of Consolidation and Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company, the Operating Partnership, and all wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of the condensed consolidated financial statements and accompanying notes in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. These estimates are made and evaluated on an ongoing basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates. Restricted Cash Restricted cash consists of restricted cash held in escrow and restricted bank deposits. Restricted cash held in escrow includes cash held by lenders in escrow accounts for tenant and capital improvements, taxes, repairs and maintenance and other lender reserves for certain properties, in accordance with the respective lender’s loan agreement. Restricted bank deposits consist of tenant receipts for certain properties which are required to be deposited into lender-controlled accounts in accordance with the respective lender's loan agreement. Restricted cash held in escrow and restricted bank deposits are reported in other assets, net in the accompanying condensed consolidated balance sheets . See Note 9—"Other Assets, Net." The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the totals shown in the condensed consolidated statements of cash flows (amounts in thousands): Nine Months Ended 2020 2019 Beginning of period: Cash and cash equivalents 69,342 68,360 Restricted cash 10,888 11,167 Cash, cash equivalents and restricted cash $ 80,230 $ 79,527 End of period: Cash and cash equivalents 75,505 67,969 Restricted cash 15,001 10,080 Cash, cash equivalents and restricted cash $ 90,506 $ 78,049 Allocation of Purchase Price of Real Estate Upon the acquisition of real properties, the Company evaluates whether the acquisition is a business combination or an asset acquisition. For both business combinations and asset acquisitions we allocate the purchase price of properties to acquired tangible assets, consisting of land, buildings and improvements, and acquired intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases. For asset acquisitions, the Company capitalizes transaction costs and allocates the purchase price using a relative fair value method allocating all accumulated costs. For business combinations, the Company expenses transaction costs incurred and allocates the purchase price based on the estimated fair value of each separately identifiable asset and liability. During the nine months ended September 30, 2020, the Company acquired two real estate properties that were determined to be asset acquisitions and closed on the Internalization Transaction that was determined to be a business combination. See Note 3—"Internalization Transaction" and Note 4—"Acquisitions and Dispositions" for additional information. Acquisition fees and costs associated with transactions determined to be asset acquisitions are capitalized in total real estate, net , and acquired intangible assets and acquired intangible liabilities in the accompanying condensed consolidated balance sheets . Transaction costs associated with the Internalization Transaction are expensed and recorded in internalization transaction expenses in the accompanying condensed consolidated statements of comprehensive income (loss) . The fair values of the tangible assets of an acquired property (which includes land, buildings and improvements) are determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and buildings and improvements based on management’s determination of the relative fair value of these assets. Management determines the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases, including leasing commissions and other related costs. In estimating carrying costs, management includes real estate taxes, insurance, and other operating expenses during the expected lease-up periods based on current market conditions. The fair values of above-market and below-market in-place leases are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) an estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease including any fixed rate bargain renewal periods, with respect to a below-market lease. The above-market and below-market lease values are capitalized as intangible lease assets or liabilities. Above-market lease values are amortized as an adjustment of rental revenue over the remaining terms of the respective leases. Below-market leases are amortized as an adjustment of rental revenue over the remaining terms of the respective leases, including any fixed rate bargain renewal periods. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above-market and below-market in-place lease values related to that lease would be recorded as an adjustment to rental revenue. The fair values of in-place leases include an estimate of direct costs associated with obtaining a new tenant and opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease. Direct costs associated with obtaining a new tenant include commissions, tenant improvements, and other direct costs and are estimated based on management’s consideration of current market costs to execute a similar lease. The value of opportunity costs is calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. These lease intangibles are amortized to depreciation and amortization expense over the remaining terms of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed. Impairment of Long-Lived Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets may not be recoverable, the Company assesses the recoverability of the asset group by estimating whether the Company will recover the carrying value of the asset group through its undiscounted future cash flows and their eventual disposition. If, based on this analysis, the Company does not believe that it will be able to recover the carrying value of the asset group, the Company will record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the asset group. When developing estimates of expected future cash flows, the Company makes certain assumptions regarding future market rental rates subsequent to the expiration of current lease arrangements, property operating expenses, terminal capitalization and discount rates, the expected number of months it takes to re-lease the property, required tenant improvements and the number of years the property will be held for investment. The use of alternative assumptions in the future cash flow analysis could result in a different determination of the property’s future cash flows and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the carrying value of the real estate and related assets. In addition, the Company estimates the fair value of the assets by applying a market approach using comparable sales for certain properties. The use of alternative assumptions in the market approach analysis could result in a different determination of the property’s estimated fair value and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the carrying value of the real estate and related assets. Impairment of Real Estate During the three and nine months ended September 30, 2020 , no impairment losses were recorded on real estate assets. During the three and nine months ended September 30, 2019, real estate assets related to one healthcare property were determined to be impaired due to a tenant of the property, which was experiencing financial difficulty, vacating its space, and a second tenant indicating its desire to terminate its lease early, which the Company determined would be consistent with its strategic plans for the property. On November 8, 2019, the Company terminated the lease with the second tenant. The aggregate carrying amount of the assets of $40,266,000 exceeded their fair value. The carrying value of the property was reduced to its estimated fair value of $27,266,000 , resulting in an impairment charge of $13,000,000 , which is included in impairment loss on real estate in the condensed consolidated statements of comprehensive income (loss) . Impairment of Acquired Intangible Assets and Acquired Intangible Liabilities During the three months ended September 30, 2020 , the Company recognized an impairment of one in-place lease intangible asset in the amount of approximately $3,189,000 , by accelerating the amortization of the acquired intangible asset related to a tenant in a data center property of the Company that was experiencing financial difficulty due to deteriorating economic conditions driven by the impact of the COVID-19 pandemic and the pandemic’s acceleration of the tenant’s modification of work strategy to a remote environment. During the nine months ended September 30, 2020 , the Company recognized impairments of two in-place lease intangible assets in the amount of approximately $4,673,000 and one above-market lease intangible asset in the amount of approximately $344,000 , by accelerating the amortization of the acquired intangible assets. Of $4,673,000 in-place lease intangible assets written off, $3,189,000 related to the tenant of the data center property discussed above and $1,484,000 related to one healthcare tenant of the Company that was experiencing financial difficulties and vacated the property on June 19, 2020. During the three and nine months ended September 30, 2020, the Company wrote off one below-market lease intangible liability in the amount of approximately $1,974,000 , by accelerating the amortization of the acquired intangible liability related to one tenant of the data center property discussed above. During the three and nine months ended September 30, 2019 , the Company recognized impairments of in-place lease intangible assets in the amount of approximately $537,000 and $3,195,000 , respectively, by accelerating the amortization of the acquired intangible assets related to two tenants in the healthcare property discussed above. During the three and nine months ended September 30, 2019 , the Company wrote off one below-market lease intangible liability in the amount of approximately $212,000 , by accelerating the amortization of the acquired intangible liability related to one tenant in the healthcare property discussed above. Revenue Recognition, Tenant Receivables and Allowance for Uncollectible Accounts Effective January 1, 2018, the Company recognizes non-rental related revenue in accordance with Accounting Standards Codification, or ASC, 606, Revenue from Contracts with Customers, or ASC 606. The Company has identified its revenue streams as rental income from leasing arrangements and tenant reimbursements, which are outside the scope of ASC 606. The core principle of ASC 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Non-rental revenue, subject to ASC 606, is immaterial to the Company's condensed consolidated financial statements. The majority of the Company's revenue is derived from rental revenue, which is accounted for in accordance with ASC 842, Leases, or ASC 842. In accordance with ASC 842, minimum rental revenue is recognized on a straight-line basis over the term of the related lease (including rent holidays). For lease arrangements when it is not probable that the Company will collect all or substantially all of the remaining lease payments under the term of the lease, rental revenue is limited to the lesser of the rental revenue that would be recognized on a straight-line basis or the lease payments that have been collected from the lessee. Differences between rental income recognized and amounts contractually due under the lease agreements are credited or charged to straight-line rent receivable or straight-line rent liability, as applicable. Tenant reimbursements, which are comprised of additional amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses, is recognized when the services are provided and the performance obligations are satisfied. Prior to the adoption of ASC 842, tenant receivables and straight-line rent receivables were carried net of the provision for credit losses. The provision for credit losses was established for estimated losses resulting from the inability of certain tenants to meet the contractual obligations under their lease agreements. The Company’s determination of the adequacy of these provisions was based primarily upon evaluations of historical loss experience, the tenant’s financial condition, security deposits, letters of credit, lease guarantees, current economic conditions and other relevant factors. Effective January 1, 2019, upon adoption of ASC 842, the Company is no longer recording a provision for credit losses but is, instead, assessing whether or not it is probable that the Company will collect all or substantially all of the remaining lease payments under the term of the lease. Where it is not probable that the Company will collect all or substantially all of the remaining lease payments under the term of the lease, rental revenue is limited to the lesser of the rental revenue that would be recognized on a straight-line basis or the lease payments that have been collected from the lessee. During the three months ended September 30, 2020 and 2019, the Company recorded $118,000 and $85,000 , respectively, as a reduction in rental revenue in the accompanying condensed consolidated statements of comprehensive income (loss). During the nine months ended September 30, 2020 and 2019, the Company recorded $118,000 and $655,000 , respectively, as a reduction rental revenue in the accompanying condensed consolidated statements of comprehensive income (loss). Goodwill Goodwill represents the excess of the amount paid over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination and is allocated to an entity's reporting units. The Company's reporting unit represents each individual operating real estate property. Goodwill has an indefinite life and is not amortized. On September 30, 2020, the Company recorded $39,529,000 of goodwill related to the Internalization Transaction. The Company will evaluate goodwill for impairment when an event occurs or circumstances change that indicate the carrying value may not be recoverable, or at least annually. The Company will evaluate potential triggering events that may affect the estimated fair value of the Company’s reporting units to assess whether any goodwill impairment exists. Deteriorating or adverse market conditions for certain reporting units may have a significant impact on the estimated fair value of these reporting units and could result in future impairments of goodwill. The Company will adopt an annual goodwill testing date during the fourth quarter of 2020. See Note 3—"Internalization Transaction" for details. Notes Receivable Notes receivable are recorded at their outstanding principal balance, net of any unearned income, unamortized deferred fees and costs and allowances for loan losses. The Company defers notes receivable origination costs and fees and amortizes them as an adjustment of yield over the term of the related note receivable. Amortization of the notes receivable origination costs and fees are recorded in interest and other expense, net, in the accompanying condensed consolidated statements of comprehensive income (loss) . During the nine months ended September 30, 2020, in connection with the sale of a healthcare property, a wholly-owned subsidiary of the Company issued a note receivable in the principal amount of $28,000,000 . See Note 8—"Notes Receivable, Net" for further discussion. The Company evaluates the collectability of both interest and principal on each note receivable to determine whether it is collectible, primarily through the evaluation of credit quality indicators, such as the tenant's financial condition, collateral, evaluations of historical loss experience, current economic conditions and other relevant factors, including contractual terms of repayments. Evaluating a note receivable for potential impairment requires management to exercise judgment. The use of alternative assumptions in evaluating a note receivable could result in a different determination of the note's estimated fair value and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the carrying value of the note receivable. See " Recently Adopted Accounting Pronouncements - Measurement of Credit Losses on Financial Instruments" section below for further discussion. Concentration of Credit Risk and Significant Leases As of September 30, 2020 , the Company had cash on deposit, including restricted cash, in certain financial institutions that had deposits in excess of current federally insured levels. The Company limits its cash investments to financial institutions with high credit standings; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits. To date, the Company has not experienced a loss or lack of access to cash in its accounts. As of September 30, 2020 , the Company owned real estate investments in two micropolitan statistical areas and 68 metropolitan statistical areas, or MSAs, two MSAs of which accounted for 10.0% or more of rental revenue. Real estate investments located in the Atlanta-Sandy Springs-Roswell, Georgia MSA and the Houston-The Woodlands-Sugar Land, Texas MSA accounted for 12.7% and 10.2% , respectively, of rental revenue for the nine months ended September 30, 2020 . As of September 30, 2020 , the Company had one exposure to tenant concentration that accounted for 10.0% or more of rental revenue for the nine months ended September 30, 2020 . The leases with tenants under common control of Post Acute Medical, LLC accounted for 10.1% of rental revenue for the nine months ended September 30, 2020 . Share Repurchase Program The Company’s share repurchase program, or SRP, allows for repurchases of shares of the Company’s common stock when certain criteria are met. The SRP provides that all repurchases during any calendar year, including those redeemable upon death or a Qualifying Disability of a stockholder, are limited to those that can be funded with equivalent proceeds raised from the DRIP during the prior calendar year and other operating funds, if any, as the board of directors, in its sole discretion, may reserve for this purpose. Repurchases of shares of the Company’s common stock are at the sole discretion of the Company’s board of directors, provided, however, that the Company will limit the number of shares repurchased during any calendar year to 5.0% of the number of shares of common stock outstanding as of December 31 st of the previous calendar year. Subject to the terms and limitations of the SRP, including, but not limited to, quarterly share limitations, an annual 5.0% share limitation and DRIP funding limitations and any amendments to the plan, as more fully described below, the SRP is generally available to any stockholder as a potential means of interim liquidity. In addition, the Company’s board of directors, in its sole discretion, may suspend (in whole or in part) the SRP at any time, and may amend, reduce, terminate or otherwise change the SRP upon 30 days' prior notice to the Company’s stockholders for any reason it deems appropriate. The Company generally honors valid repurchase requests approximately 30 days following the end of the applicable quarter. The Company reached the DRIP funding limitation, and was not able to fully accommodate all repurchase requests for the second quarter repurchase date of 2020, which was April 30, 2020. See Part II, Item 2. "Unregistered Sales of Equity Securities" for further information for the second quarter repurchase date of 2020. On April 30, 2020 , due to the uncertainty surrounding the ongoing coronavirus, or COVID-19, pandemic and any impact it may have on the Company, the Company's board of directors decided to temporarily suspend share repurchases under the SRP, effe ctive wit h repurchase requests that would otherwise be processed on the third quarter repurchase date of 2020, which was July 30, 2020 . However, the Company continues to process repurchases due to death in accordance with the terms of its SRP. See Part II, Item 2. "Unregistered Sales of Equity Securities" for more information on the Company's SRP. Effective as of the closing of the Internalization Transaction, the Operating Partnership redeemed the limited partner interest held by the Former Advisor for an aggregate purchase price of approximately $2,000 . Additionally, the Company repurchased 29,362 Class A shares of common stock held by Carter Validus REIT Management Company II, LLC, the Former Sponsor, for an aggregate purchase price of approximately $254,000 (an average of $8.65 per share). During the nine months ended September 30, 2020 , the Company repurchased 3,059,072 Class A shares, Class I shares, Class T shares and Class T2 shares of common stock ( 2,382,166 Class A shares, 395,334 Class I shares, 258,550 Class T shares and 23,022 Class T2 shares) for an aggregate purchase price of approximately $26,461,000 (an average of $8.65 per share). During the nine months ended September 30, 2019 , the Company repurchased 2,418,760 Class A shares, Class I shares, Class T shares and Class T2 shares of common stock ( 1,816,319 Class A shares, 189,947 Class I shares, 407,095 Class T shares and 5,399 Class T2 shares) for an aggregate purchase price of approximately $22,374,000 (an average of $9.25 per share). Distribution Policy and Distributions Payable In order to maintain its status as a REIT, the Company is required to make distributions each taxable year equal to at least 90% of its REIT taxable income, computed without regard to the dividends paid deduction and excluding capital gains. To the extent funds are available, the Company intends to continue to pay regular distributions to stockholders. Distributions are paid to stockholders of record as of the applicable record dates. Distributions are payable to stockholders from legally available funds therefor. Stock-based Compensation On March 6, 2020, the Company's board of directors approved the Amended and Restated 2014 Restricted Share Plan, or the A&R Incentive Plan, pursuant to which the Company has the authority and power to grant awards of restricted shares of its Class A common stock to its directors, officers and employees. The Company uses the straight-line method to recognize expenses for service awards with graded vesting. The Company's board of directors has authorized a total of 5,000,000 Class A shares of common stock for issuance under the A&R Incentive Plan on a fully diluted basis at any time. On March 6, 2020, the Company's board of directors determined to revise the amounts of restricted Class A shares of common stock the independent directors are entitled to receive each year. On July 1, 2020, the Company granted each independent director $60,000 in restricted shares of Class A common stock. Restricted shares of Class A common stock issued to the Company’s independent directors in July 2020 will vest over a three -year period following the first anniversary of the date of grant in increments of 33.34% per annum. The Company’s board of directors determined that, effective upon the closing of the Internalization Transaction, the independent directors are entitled to receive $70,000 each year in restricted shares of Class A common stock of the Company at the most recently determined estimated net asset value per share (was prorated through June 30, 2021), which were issued pursuant to the Company’s A&R Incentive Plan. Restricted shares of Class A common stock issued to the independent directors will vest over a one -year period. On October 1, 2020, the Company granted each independent director $7,500 in restricted shares of Class A common stock, which will vest over a one -year period. Executive Awards Concurrently with, and as a condition to the execution and delivery of the Purchase Agreement on July 28, 2020, the Company entered into an employment agreement with each of Michael A. Seton and Kay C. Neely, or the Executives, pursuant to which Mr. Seton and Ms. Neely shall serve from and after the closing of the Internalization Transaction as the Company’s Chief Executive Officer and Chief Financial Officer, respectively. Such employment agreements became effective on September 30, 2020. Subject to each Executive’s continued employment through the grant date, in the first quarter of calendar year 2021, each Executive will receive an award of time-based restricted shares of Class A common stock, or the Time-Based 2021 Award, and an award of performance-based restricted stock units, or the Performance-Based 2021 Award, and together with the Time-Based 2021 Award, the “2021 Awards”, each to be granted under and subject to the terms of the Company’s A&R Incentive Plan and award agreements. In the case of Mr. Seton, the combined value of the shares of the Company’s common stock underlying the 2021 Awards on the grant date will be $1,800,000 , with 50% of the grant date value of the 2021 Awards consisting of the Performance-Based 2021 Award and 50% consisting of the Time-Based 2021 Award. In the case of Ms. Neely, the combined value of the shares of the Company’s common stock underlying the 2021 Awards will be $700,000 , with 50% of the grant date value of the 2021 Awards consisting of the Performance-Based 2021 Award and 50% consisting of the Time-Based 2021 Award. The performance objectives and other terms and conditions of the Performance-Based 2021 Award will be determined by the Company's compensation committee, which was established and effective upon the closing of the Internalization Transaction. The Time-Based 2021 Award will vest ratably over four years following the grant date, subject to the Executive’s continued employment through the applicable vesting dates, with certain exceptions. On October 1, 2020, Mr. Seton and Ms. Neely received a grant of 231,214 and 115,607 time-based restricted shares of Class A common stock, respectively, with a grant date fair value of $2,000,000 and $1,000,000 , respectively, which, subject to the Executive’s continuous employment through the applicable vesting dates, with certain exceptions, will vest on December 31, 2024, or, if earlier, on the 15th month anniversary of the date of a “qualified event” (such as a listing of the Company’s stock on a nationally recognized stock exchange or an underwritten public offering of the Company’s stock). The awards were granted under and subject to the terms of the A&R Incentive Plan and an award agreement. Additionally, on October 1, 2020, the Company granted one-time awards of approximately 206,936 restricted shares of Class A common stock to certain employees at the most recent estimated net asset value per share of $8.65 . The granted shares will vest on December 31, 2024, or, if earlier, on the 15th month anniversary of the date of a “qualified event” defined above. The awards were granted under and subject to the terms of the A&R Incentive Plan and an award agreement. Earnings Per Share The Company calculates basic earnings per share by dividing net income (loss) attributable to common stockholders for the period by the weighted average shares of its common stock outstanding for that period. Diluted earnings per share are computed based on the weighted average number of shares outstanding and all potentially dilutive securities. Shares of non-vested restricted common stock give rise to potentially dilutive shares of common stock. During the three and nine months ended September 30, 2020 , diluted earnings per share reflected the effect of approximately 60,000 and 42,000 of non-vested shares of restricted common stock that were outstanding as of each period, respectively. During the three months ended September 30, 2019, diluted earnings per share was computed the same as basic earnings per share because the Company recorded a net loss attributable to common stockholders, which would make potentially dilutive shares related to non-vested shares of restricted common stock, antidilutive. During the nine months ended September 30, 2019, diluted earnings per share reflected the effect of approximately 23,000 of non-vested shares of restricted common stock that were outstanding as of such period. Reportable Segments ASC, 280, Segment Reporting , establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. As of September 30, 2020 and December 31, 2019 , the Company operated through two reportable business segments­- real estate investments in data centers and healthcare. With the continued expansion of the Company’s portfolio, segregation of the Company’s operations into two reportable segments is useful in assessing the performance of the Company’s business in the same way that management reviews performance and makes operating decisions. See Note 13—"Segment Reporting" for further discussion on the reportable segments of the Company. Derivative

Internalization Transaction

Internalization Transaction	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
Internalization Transaction	Internalization Transaction Overview On July 28, 2020, the Company and the Operating Partnership entered into the Purchase Agreement, to effectively provide for the internalization of the Company’s external management functions. The Purchase Agreement was entered into with the Former Advisor, and various affiliates of the Former Advisor, or the Sellers, and Sila Realty Management Company, LLC, f/k/a CV Manager, LLC, a newly formed Delaware limited liability company, or Manager Sub. The Internalization Transaction closed on September 30, 2020. A special committee comprised entirely of independent and disinterested members of the Company's board of directors, negotiated the Internalization Transaction and, after consultation with its independent legal and financial advisors, determined that the Internalization Transaction is advisable, fair and reasonable to and in the Company’s best interests and on terms and conditions no less favorable to the Company than those available from unaffiliated third parties. The Company anticipates that the Internalization Transaction will provide various benefits, including cost savings, continuity of management and further alignment of interests between management and its stockholders, as well as a potential benefit for ultimate liquidity given the preference for an internal management structure in traded equity REITs. Under the Purchase Agreement and related agreements, immediately prior to the closing of the Internalization Transaction, the Sellers assigned to Manager Sub all of the assets necessary to operate the business of the Company and its subsidiaries, or the Business, and delegated all obligations of the Sellers in connection with the Business to Manager Sub pursuant to an assignment and acceptance agreement. On September 30, 2020, or the Closing, under the Purchase Agreement, the Operating Partnership (i) acquired 100% of the membership interests in Manager Sub for an aggregate cash purchase price of $40,000,000 , subject to certain adjustments, or the Purchase Price, and (ii) redeemed the Former Advisor’s limited partner interest (including special limited partner interest) in the Operating Partnership. The Purchase Price will be paid as follows, subject to certain acceleration provisions: (i) $25,000,000 was paid at the closing, (ii) $7,500,000 will be due and payable on March 31, 2021, and (iii) $7,500,000 will be due and payable on March 31, 2022. Concurrently with, and as a condition to the execution and delivery of the Purchase Agreement, the Company entered into an employment agreement with each of Michael A. Seton and Kay C. Neely, pursuant to which Mr. Seton and Ms. Neely shall serve from and after the closing as the Company’s Chief Executive Officer and Chief Financial Officer, respectively. Such employment agreements were effective at and upon the Closing. Allocation of Purchase Price The Internalization Transaction was accounted for as a business combination and the following table summarizes management’s allocation of the fair value of the Internalization Transaction (amounts in thousands): September 30, 2020 Goodwill $ 39,529 Right-of-use assets - operating lease 1,205 Total assets acquired 40,734 Operating lease liabilities (1,060 ) Deferred internalization transaction purchase price (14,674 ) Total liabilities acquired (15,734 ) Net assets allocated at acquisition $ 25,000 Pro Forma Financial Information Assuming the Internalization Transaction had occurred on January 1, 2019, pro forma revenues and net income attributable to common stockholders would have been as follows for the periods presented below (amounts in thousands, except per share amounts, unaudited): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Pro forma basis: Revenues $ 70,667 $ 48,063 $ 208,727 $ 141,467 Net income (loss) attributable to common stockholders $ 12,879 $ (8,171 ) $ 42,175 $ 6,560 Net income (loss) per common share attributable to common stockholders: Basic $ 0.06 $ (0.06 ) $ 0.19 $ 0.05 Diluted $ 0.06 $ (0.06 ) $ 0.19 $ 0.05 The condensed pro forma financial statements for the three and nine months ended September 30, 2020 and 2019 include pro forma adjustments related to the Internalization Transaction during 2019 and 2020. The pro forma information for the three and nine months ended September 30, 2020 was adjusted to exclude approximately $2,235,000 and $3,640,000 , respectively, of internalization transaction expenses . Internalization transaction expenses consist primarily of legal fees, as well as fees for other professional and financial advisors. The pro forma information may not be indicative of what actual results of operations would have been had the transaction occurred at the beginning of 2019, nor is it necessarily indicative of future operating results.

Acquisitions and Dispositions

Acquisitions and Dispositions	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
Acquisitions and Dispositions	Acquisitions and Dispositions 2020 Real Estate Property Acquisitions During the nine months ended September 30, 2020 , the Company purchased two real estate properties, or the 2020 Acquisitions, both of which were determined to be asset acquisitions. Upon the completion of each 2020 Acquisition, the Company allocated the purchase price of the real estate properties to acquired tangible assets, consisting of land, buildings and improvements and tenant improvements, acquired intangible assets, consisting of in-place leases, and acquired intangible liabilities, consisting of ground lease liabilities and below-market leases, based on the relative fair value method of allocating all accumulated costs. The following table summarizes the consideration transferred for the 2020 Acquisitions during the nine months ended September 30, 2020 : Property Description Date Acquired Ownership Percentage Purchase Price Grimes Healthcare Facility 02/19/2020 100% $ 5,030 Tampa Healthcare Facility 09/08/2020 100% 11,047 Total $ 16,077 The following table summarizes the Company's purchase price allocation of the 2020 Acquisitions during the nine months ended September 30, 2020 (amounts in thousands): Total Land $ 831 Buildings and improvements 13,524 Tenant improvements 463 In-place leases 1,748 Right-of-use assets - finance lease 2,534 Total assets acquired 19,100 Finance lease liabilities (2,854 ) Below-market leases (169 ) Total liabilities acquired (3,023 ) Net assets acquired $ 16,077 Acquisition fees and costs associated with transactions determined to be asset acquisitions are capitalized. The Company capitalized acquisition fees and costs of approximately $252,000 related to the 2020 Acquisitions, which are included in the Company's allocation of the real estate acquisition presented above. The total amount of all acquisition fees and costs is limited to 6.0% of the contract purchase price of a property, unless the Company’s board of directors determines a higher transaction fee to be commercially competitive, fair and reasonable to the Company. The contract purchase price is the amount actually paid or allocated in respect of the purchase, development, construction or improvement of a property exclusive of acquisition fees and costs. During the nine months ended September 30, 2020 , acquisition fees and costs did not exceed 6.0% of the contract purchase price of the 2020 Acquisitions during such period. 2020 Real Estate Property Disposition and Origination of Note Receivable On May 28, 2020, the Company sold one healthcare property, the San Antonio Healthcare Facility II, for an aggregate sale price of $35,000,000 , which generated net proceeds of $6,125,000 , or the 2020 Disposition. The Company recognized an aggregate gain on sale of $2,703,000 , in gain on real estate disposition in the condensed consolidated statements of comprehensive income (loss) for the nine months ended September 30, 2020 . The sale price of $35,000,000 consisted of $7,000,000 cash and a $28,000,000 investment in note receivable. See Note 8—"Notes Receivable, Net" for additional information.

Acquired Intangible Assets, Net

Acquired Intangible Assets, Net	9 Months Ended
	Sep. 30, 2020
Finite-Lived Intangible Assets, Net [Abstract]
Acquired Intangible Assets, Net	Acquired Intangible Assets, Net Acquired intangible assets, net, consisted of the following as of September 30, 2020 and December 31, 2019 (amounts in thousands, except weighted average remaining life amounts): September 30, 2020 December 31, 2019 In-place leases, net of accumulated amortization of $79,650 and $62,252, respectively (with a weighted average remaining life of 10.0 years and 10.4 years, respectively) $ 238,388 $ 266,856 Above-market leases, net of accumulated amortization of $3,518 and $1,912, respectively (with a weighted average remaining life of 10.1 years and 10.5 years, respectively) 16,045 18,603 $ 254,433 $ 285,459 The aggregate weighted average remaining life of the acquired intangible assets was 10.0 years and 10.4 years as of September 30, 2020 and December 31, 2019 , respectively. Amortization of the acquired intangible assets was $11,163,000 and $5,644,000 for the three months ended September 30, 2020 and 2019 , respectively. Amortization of the acquired intangible assets was $29,964,000 and $18,539,000 for the nine months ended September 30, 2020 and 2019 , respectively. Of the $11,163,000 recorded for the three months ended September 30, 2020, $3,189,000 was attributable to accelerated amortization due to the impairment of one in-place lease intangible asset. Of the $29,964,000 recorded for the nine months ended September 30, 2020 , $5,017,000 was attributable to accelerated amortization due to the impairment of two in-place lease intangible assets and one above-market lease intangible asset. Of the $5,644,000 and $18,539,000 recorded for the three and nine months ended September 30, 2019 , respectively, $537,000 and $3,195,000 , respectively, was attributable to accelerated amortization due to the impairment of two in-place lease intangible assets. Amortization of the in-place leases is included in depreciation and amortization and amortization of the above-market leases is recorded as an adjustment to rental revenue in the accompanying condensed consolidated statements of comprehensive income (loss) .

Acquired Intangible Liabilities

Acquired Intangible Liabilities, Net	9 Months Ended
	Sep. 30, 2020
Intangible Lease Liabilities, Net [Abstract]
Acquired Intangible Liabilities, Net	Acquired Intangible Liabilities, Net Acquired intangible liabilities, net, consisted of the following as of September 30, 2020 and December 31, 2019 (amounts in thousands, except weighted average remaining life amounts): September 30, 2020 December 31, 2019 Below-market leases, net of accumulated amortization of $12,827 and $12,332, respectively (with a weighted average remaining life of 16.4 years and 16.1 years, respectively) $ 53,657 $ 59,538 Amortization of the below-market leases was $3,293,000 and $1,441,000 for the three months ended September 30, 2020 and 2019 , respectively, and $6,050,000 and $3,905,000 for the nine months ended September 30, 2020 and 2019 , respectively. Of the $3,293,000 and $6,050,000 recorded for the three and nine months ended September 30, 2020, respectively, $1,974,000 was attributable to accelerated amortization of a below-market lease intangible liability. Of the $1,441,000 and $3,905,000 recorded for the three and nine months ended September 30, 2019, respectively, $212,000 was attributable to accelerated amortization of a below-market lease intangible liability. Amortization of below-market leases is recorded as an adjustment to rental revenue in the accompanying condensed consolidated statements of comprehensive income (loss) .

Leases

Leases	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Leases	Leases Lessor Rental Revenue The Company’s real estate properties are leased to tenants under operating leases with varying terms. Typically, the leases have provisions to extend the terms of the lease agreements. The Company retains substantially all of the risks and benefits of ownership of the real estate properties leased to tenants. Future rent to be received from the Company's investments in real estate assets under the terms of non-cancellable operating leases in effect as of September 30, 2020 , including optional renewal periods, for the three months ending December 31, 2020, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount Three months ending December 31, 2020 $ 54,645 2021 224,360 2022 231,872 2023 234,526 2024 230,762 Thereafter 1,642,130 Total (1) $ 2,618,295 (1) The total future rent amount of $2,618,295,000 includes approximately $54,440,000 in rent to be received in connection with two leases executed as of December 31, 2019, at two development properties with estimated lease start dates of December 1, 2020 and March 1, 2021 . Lessee Operating Leases The Company has entered into various non-cancellable operating lease agreements for 17 ground leases and one office lease related to the Company’s principal executive office in Tampa, Florida, or the Corporate Lease. Of the 17 ground operating leases entered into, four do not have corresponding operating lease liabilities because the Company did not have future payment obligations at the acquisition of these leases. In connection with the Internalization Transaction on September 30, 2020, the Company acquired the Corporate Lease, with an operating lease liability of $1,060,000 . The Corporate Lease of 24,555 square feet of office space expires on January 21, 2022 . The Company incurred operating lease costs associated with its ground operating leases of $642,000 and $271,000 for the three months ended September 30, 2020 and 2019, respectively, and $1,926,000 and $766,000 for the nine months ended September 30, 2020 and 2019, respectively, which are recorded as rental expenses in the condensed consolidated statements of comprehensive income (loss) . The Company was reimbursed by tenants who sublease the ground leases $401,000 and $127,000 for incurred operating lease costs for the three months ended September 30, 2020 and 2019, respectively, and $1,202,000 and $380,000 for the nine months ended September 30, 2020 and 2019, respectively. The tenant reimbursements for ground leases are recorded as rental revenue in the condensed consolidated statements of comprehensive income (loss) . The Company did not incur any operating lease costs associated with its Corporate Lease for the three and nine months ended September 30, 2020 . The future rent payments, discounted by the Company's incremental borrowing rates, under non-cancellable operating leases, as of September 30, 2020 , for the three months ending December 31, 2020, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount Three months ending December 31, 2020 $ 613 2021 2,464 2022 1,682 2023 1,638 2024 1,687 Thereafter 136,719 Total undiscounted rental payments 144,803 Less imputed interest (112,589 ) Total operating lease liabilities $ 32,214 The Company's operating and finance leases do not provide an implicit interest rate. In order to calculate the present value of the remaining operating and finance lease payments, the Company used incremental borrowing rates, or IBRs, adjusted for a number of factors. The determination of an appropriate IBR involves multiple inputs and judgments. The Company determined its IBRs considering the general economic environment, the Company's credit rating and various financing and asset specific adjustments to ensure the IBRs are appropriate for the intended use of the underlying operating or finance lease. As of September 30, 2020, the IBRs ranged between 3.5% and 6.6% , with the weighted average IBR for the Company's operating leases of 5.7% . The weighted average remaining lease term for the Company's operating leases was 48.3 years and 50.7 years as of September 30, 2020 and December 31, 2019 , respectively. Finance Leases During the three and nine months ended September 30, 2020, the Company entered into one non-cancellable ground lease agreement for an aggregate present value of future rent payments of $2,854,000 . The ground lease obligations generally require fixed annual rental payments and may also include escalation clauses. The lease represents a finance lease, as defined in ASC 842, Leases . Ground lease expenses for finance lease payments are recognized as amortization expense of the ROU asset - finance lease and interest expense on the finance lease liability over the lease term. The Company recognized amortization expense of the ROU asset - finance lease of $1,000 for the three and nine months ended September 30, 2020, and is recorded as depreciation and amortization in the condensed consolidated statements of comprehensive income (loss) . The Company recognized interest on the finance lease liability of $10,000 for the three and nine months ended September 30, 2020, and is recorded as interest and other expense, net, in the condensed consolidated statements of comprehensive income (loss) . The future rent payments, discounted by the Company's incremental borrowing rates, under non-cancellable finance leases, as of September 30, 2020 , for the three months ending December 31, 2020, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount Three months ending December 31, 2020 $ 37 2021 147 2022 147 2023 147 2024 152 Thereafter 7,264 Total undiscounted rental payments 7,894 Less imputed interest (5,040 ) Total finance lease liabilities $ 2,854 As of September 30, 2020, the Company's IBR for its finance lease was 5.3% and a remaining lease term of 43.7 years .
Leases	Leases Lessor Rental Revenue The Company’s real estate properties are leased to tenants under operating leases with varying terms. Typically, the leases have provisions to extend the terms of the lease agreements. The Company retains substantially all of the risks and benefits of ownership of the real estate properties leased to tenants. Future rent to be received from the Company's investments in real estate assets under the terms of non-cancellable operating leases in effect as of September 30, 2020 , including optional renewal periods, for the three months ending December 31, 2020, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount Three months ending December 31, 2020 $ 54,645 2021 224,360 2022 231,872 2023 234,526 2024 230,762 Thereafter 1,642,130 Total (1) $ 2,618,295 (1) The total future rent amount of $2,618,295,000 includes approximately $54,440,000 in rent to be received in connection with two leases executed as of December 31, 2019, at two development properties with estimated lease start dates of December 1, 2020 and March 1, 2021 . Lessee Operating Leases The Company has entered into various non-cancellable operating lease agreements for 17 ground leases and one office lease related to the Company’s principal executive office in Tampa, Florida, or the Corporate Lease. Of the 17 ground operating leases entered into, four do not have corresponding operating lease liabilities because the Company did not have future payment obligations at the acquisition of these leases. In connection with the Internalization Transaction on September 30, 2020, the Company acquired the Corporate Lease, with an operating lease liability of $1,060,000 . The Corporate Lease of 24,555 square feet of office space expires on January 21, 2022 . The Company incurred operating lease costs associated with its ground operating leases of $642,000 and $271,000 for the three months ended September 30, 2020 and 2019, respectively, and $1,926,000 and $766,000 for the nine months ended September 30, 2020 and 2019, respectively, which are recorded as rental expenses in the condensed consolidated statements of comprehensive income (loss) . The Company was reimbursed by tenants who sublease the ground leases $401,000 and $127,000 for incurred operating lease costs for the three months ended September 30, 2020 and 2019, respectively, and $1,202,000 and $380,000 for the nine months ended September 30, 2020 and 2019, respectively. The tenant reimbursements for ground leases are recorded as rental revenue in the condensed consolidated statements of comprehensive income (loss) . The Company did not incur any operating lease costs associated with its Corporate Lease for the three and nine months ended September 30, 2020 . The future rent payments, discounted by the Company's incremental borrowing rates, under non-cancellable operating leases, as of September 30, 2020 , for the three months ending December 31, 2020, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount Three months ending December 31, 2020 $ 613 2021 2,464 2022 1,682 2023 1,638 2024 1,687 Thereafter 136,719 Total undiscounted rental payments 144,803 Less imputed interest (112,589 ) Total operating lease liabilities $ 32,214 The Company's operating and finance leases do not provide an implicit interest rate. In order to calculate the present value of the remaining operating and finance lease payments, the Company used incremental borrowing rates, or IBRs, adjusted for a number of factors. The determination of an appropriate IBR involves multiple inputs and judgments. The Company determined its IBRs considering the general economic environment, the Company's credit rating and various financing and asset specific adjustments to ensure the IBRs are appropriate for the intended use of the underlying operating or finance lease. As of September 30, 2020, the IBRs ranged between 3.5% and 6.6% , with the weighted average IBR for the Company's operating leases of 5.7% . The weighted average remaining lease term for the Company's operating leases was 48.3 years and 50.7 years as of September 30, 2020 and December 31, 2019 , respectively. Finance Leases During the three and nine months ended September 30, 2020, the Company entered into one non-cancellable ground lease agreement for an aggregate present value of future rent payments of $2,854,000 . The ground lease obligations generally require fixed annual rental payments and may also include escalation clauses. The lease represents a finance lease, as defined in ASC 842, Leases . Ground lease expenses for finance lease payments are recognized as amortization expense of the ROU asset - finance lease and interest expense on the finance lease liability over the lease term. The Company recognized amortization expense of the ROU asset - finance lease of $1,000 for the three and nine months ended September 30, 2020, and is recorded as depreciation and amortization in the condensed consolidated statements of comprehensive income (loss) . The Company recognized interest on the finance lease liability of $10,000 for the three and nine months ended September 30, 2020, and is recorded as interest and other expense, net, in the condensed consolidated statements of comprehensive income (loss) . The future rent payments, discounted by the Company's incremental borrowing rates, under non-cancellable finance leases, as of September 30, 2020 , for the three months ending December 31, 2020, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount Three months ending December 31, 2020 $ 37 2021 147 2022 147 2023 147 2024 152 Thereafter 7,264 Total undiscounted rental payments 7,894 Less imputed interest (5,040 ) Total finance lease liabilities $ 2,854 As of September 30, 2020, the Company's IBR for its finance lease was 5.3% and a remaining lease term of 43.7 years .

Notes Receivable, Net

Notes Receivable, Net	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Notes Receivable, Net	Notes Receivable, Net As of September 30, 2020 , the Company had two notes receivable outstanding in the amount of $31,327,000 secured by real estate properties. The following summarizes the notes receivable balances as of September 30, 2020 and December 31, 2019 : September 30, 2020 December 31, 2019 Interest Rate (1) Maturity Date Note receivable $ 2,700 $ 2,700 6.0% 11/05/2020 Note receivable 28,627 — 7.0% 06/01/2022 Total notes receivable $ 31,327 $ 2,700 (1) As of September 30, 2020 . As described in Note 4—"Acquisitions and Dispositions" , in connection with the sale of the San Antonio Healthcare Facility II on May 28, 2020, a wholly-owned subsidiary of the Company entered into a note receivable agreement in the principal amount of $28,000,000 . The note receivable is secured by a first mortgage lien on San Antonio Healthcare Facility II and matures on June 1, 2022, or the Maturity Date. The interest rate of the note receivable is 7.0% per annum for the period commencing May 28, 2020 through May 31, 2021, and 8.0% per annum for the period commencing on June 1, 2021 through the Maturity Date. Monthly payments are interest only, with the outstanding principal due and payable on the Maturity Date; however, the outstanding principal and any unpaid accrued interest can be prepaid at any time without penalty or charge. In connection with the note receivable, the Company incurred a loan origination fee in the amount of $560,000 . During the three and nine months ended September 30, 2020 , the Company recognized $501,000 and $686,000 , respectively, of interest income on notes receivable, offset by amortization of a loan origination fee in the amount of $70,000 and $96,000 , respectively, which were both recorded in interest and other expense, net , in the accompanying condensed consolidated statements of comprehensive income (loss) . As of September 30, 2020 , the Company had an unamortized loan origination fee in the amount of $464,000 , which was recorded in notes receivable, net , in the accompanying condensed consolidated balance sheets . On November 5, 2020, one of the Company's notes receivable with an outstanding balance of $2,700,000 , became delinquent. The note receivable is secured by (i) a payment guaranty from a parent company to the borrower of the note receivable, and (ii) the equity interest in a healthcare real estate property that the Company believes has sufficient value to cover the note receivable if the Company exercises its rights to take possession of the asset. The Company is in process of evaluating its options for repayment, including the option to continue to attempt collection, enforcing the guaranty or other legal options of recovering the note receivable's value. Expected Credit Losses As of September 30, 2020 , the Company had two notes receivable, one of which was determined to be a collateral dependent loan and the other the Company does not expect to incur a loss because it is secured by collateral that the Company believes has sufficient value to cover the note receivable in the event of a default by the borrower. The Company's evaluation considered factors such as the potential future value of the collateral, adjustments for current conditions and supportable forecasts for the collateral. As a result of the evaluation, the Company did no t record any estimated credit losses for its notes receivable for the three and nine months ended September 30, 2020 , because the Company believes that the collateral for these loans was sufficient to cover its investment.

Other Assets, Net

Other Assets, Net	9 Months Ended
	Sep. 30, 2020
Other Assets [Abstract]
Other Assets, Net	Other Assets, Net Other assets, net, consisted of the following as of September 30, 2020 and December 31, 2019 (amounts in thousands): September 30, 2020 December 31, 2019 Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $6,584 and $5,696, respectively $ 1,951 $ 2,623 Leasing commissions, net of accumulated amortization of $601 and $240, respectively 11,624 10,288 Restricted cash 15,001 10,888 Tenant receivables 6,482 6,116 Straight-line rent receivable, net 64,672 48,526 Prepaid and other assets 3,683 4,709 Derivative assets — 884 $ 103,413 $ 84,034

Accounts Payable and Other Liab

Accounts Payable and Other Liabilities	9 Months Ended
	Sep. 30, 2020
Payables and Accruals [Abstract]
Accounts Payable and Other Liabilities	Accounts Payable and Other Liabilities Accounts payable and other liabilities consisted of the following as of September 30, 2020 and December 31, 2019 (amounts in thousands): September 30, 2020 December 31, 2019 Accounts payable and accrued expenses $ 14,920 $ 11,448 Accrued interest expense 4,258 5,185 Accrued property taxes 6,131 3,537 Distribution and servicing fees 3,818 — Distributions payable to stockholders 8,780 9,093 Tenant deposits 1,058 1,500 Deferred rental income 7,670 9,003 Deferred internalization transaction purchase price (1) 14,674 — Derivative liabilities 23,594 5,588 $ 84,903 $ 45,354 (1) Represents the assumed liability recorded at fair value as a part of the Internalization Transaction. See Note 3—"Internalization Transaction" for additional information.

Notes Payable and Credit Facili

Notes Payable and Credit Facility	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Notes Payable and Credit Facility	Notes Payable and Credit Facility The Company's debt outstanding as of September 30, 2020 and December 31, 2019 , consisted of the following (amounts in thousands): September 30, 2020 December 31, 2019 Notes payable: Fixed rate notes payable $ 218,712 $ 219,567 Variable rate notes payable fixed through interest rate swaps 235,811 237,778 Total notes payable, principal amount outstanding 454,523 457,345 Unamortized deferred financing costs related to notes payable (2,027 ) (2,500 ) Total notes payable, net of deferred financing costs 452,496 454,845 Credit facility: Variable rate revolving line of credit 183,000 108,000 Variable rate term loan fixed through interest rate swaps 500,000 250,000 Variable rate term loans 300,000 550,000 Total credit facility, principal amount outstanding 983,000 908,000 Unamortized deferred financing costs related to the term loan credit facility (6,343 ) (7,385 ) Total credit facility, net of deferred financing costs 976,657 900,615 Total debt outstanding $ 1,429,153 $ 1,355,460 Significant debt activity during the nine months ended September 30, 2020 and subsequent, excluding scheduled principal payments, includes: • During the nine months ended September 30, 2020 , the Company drew $140,000,000 on its credit facility, $20,000,000 of which was related to a property acquisition and the funding of share repurchases, $75,000,000 was drawn to provide additional liquidity due to the uncertainty in overall economic conditions created by the COVID-19 pandemic and $45,000,000 was related to another property acquisition and the Internalization Transaction. During the nine months ended September 30, 2020 , the Company repaid $65,000,000 on its credit facility. Additionally, on November 12, 2020, the Company repaid $45,000,000 on its credit facility. • During the nine months ended September 30, 2020 , three interest rate swap agreements, which the Company entered into in December 2019, with an effective date of January 1, 2020, effectively fixed London Interbank Offered Rate, or LIBOR, related to $150,000,000 of the term loans of the credit facility. • During the nine months ended September 30, 2020 , two interest rate swap agreements, which the Company entered into in June 2020, with an effective date of July 1, 2020 , effectively fixed LIBOR related to $100,000,000 of the term loans of the credit facility. • F or the quarter ended June 30, 2020, the Company was not in compliance with one of its mortgage loan agreements as a result of a covenant requiring the tenant at the property to maintain a certain rent coverage ratio. The tenant at the property is a healthcare tenant that experienced a temporary reduction in patient volume as a result of the COVID-19 pandemic and has not missed any rental payments. The lenders waived compliance with the covenant through June 30, 2020. During the quarter ended September 30, 2020, the Company amended the mortgage loan agreement to, among other things, modify the rent coverage ratio beginning with the quarter ended September 30, 2020, through the quarter ending June 30, 2021. As of September 30, 2020, the Company was in compliance with all covenants in the mortgage loan agreement. • On July 10, 2020, the Company, the Operating Partnership, certain of the Company's subsidiaries, KeyBank National Association and the other lenders listed as lenders in the Company’s credit agreement and term loan agreement entered into second amendments to such agreements due to certain rent concessions provided to tenants as a result of the COVID-19 pandemic and their impact on the amount available to be drawn under the Company’s credit facility. In particular, the second amendments (i) modify the calculation of Adjusted Net Operating Income, or ANOI, such that beginning with the second quarter of 2020 and continuing thereafter, ANOI is calculated using a trailing 12 month accrual method, rather than a trailing six month annualized cash-based approach, and waives a rent coverage ratio requirement with respect to certain healthcare pool properties beginning with the quarter ended June 30, 2020 through and including the quarter ending June 30, 2021, and (ii) provide updated provisions for the conversion of the benchmark interest rate from LIBOR to an alternate index rate adopted by the Federal Reserve Board and the Federal Reserve Bank of New York following the occurrence of certain transition events. The principal payments due on the notes payable and credit facility as of September 30, 2020 , for the three months ending December 31, 2020 , and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount Three months ending December 31, 2020 $ 1,102 2021 146,026 2022 349,209 2023 282,710 2024 547,360 Thereafter 111,116 $ 1,437,523

Related-Party Transactions and

Related-Party Transactions and Arrangements	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Related-Party Transactions and Arrangements	Related-Party Transactions and Arrangements Prior to the closing of the Internalization Transaction, the Company had no direct employees. Substantially all of the Company's business was managed by the Former Advisor. The employees of the Former Advisor and its affiliates provided services to the Company related to acquisitions, property management, asset management, accounting, investor relations and all other administrative services. Upon completion of the Internalization, the Company’s current employees, who were previously employed by an affiliate of the Former Advisor, became employees of the Company and the functions previously performed by the Former Advisor were internalized by the Company. As an internally managed company, the Company will no longer pay the Former Advisor and its affiliates any fees or expense reimbursements arising from the advisory agreement. Additionally, the Company concluded that there were no preexisting relationships between the Former Advisor and the Company that had to be settled and accounted for as separate transactions from the Internalization Transaction. Special Limited Partner Interest of Advisor Prior to the closing of the Internalization Transaction, the Former Advisor, as the special limited partner of the Operating Partnership, was entitled to: (i) certain cash distributions upon the disposition of certain of the Operating Partnership’s assets; or (ii) a one-time payment in the form of cash, shares or promissory note or a combination of the forms of payment in connection with the redemption of the special limited partnership interests upon the occurrence of a listing of the Company’s shares of common stock on a national stock exchange or certain events that result in the termination or non-renewal of the advisory agreement. The Former Advisor would only become entitled to the compensation after stockholders have, in the aggregate, cumulative distributions equal to their invested capital plus an 8.0% cumulative, non-compounded annual return on such invested capital. The Former Advisor's special limited partnership interest in the Operating Partnership was redeemed and cancelled at the closing of the Internalization Transaction and the Former Advisor did not receive any compensation as a special limited partner of the Operating Partnership. Distribution and Servicing Fees Through the termination of the Offering on November 27, 2018, the Company paid SC Distributors, LLC, an affiliate of the Former Advisor that served as the dealer manager of the Offerings, or the Dealer Manager, selling commissions and dealer manager fees in connection with the sale of shares of certain classes of common stock. The Company continues to pay the Dealer Manager a distribution and servicing fee with respect to its Class T and Class T2 shares of common stock that were sold in the Initial Offering (primary Offering only) and the Offering. Distribution and servicing fees are recorded in the accompanying condensed consolidated statements of stockholders' equity as a reduction to equity as incurred. Effective September 30, 2020, as a result of the Internalization Transaction, the Dealer Manager is no longer a related party of the Company. Acquisition Fees and Expenses Prior to entering into the Purchase Agreement for the Internalization Transaction on July 28, 2020, the Company paid to the Former Advisor 2.0% of the contract purchase price of each property or asset acquired and 2.0% of the amount advanced with respect to loans and similar assets (including without limitation mezzanine loans). Since the Company's formation through the closing of the Internalization Transaction on September 30, 2020 , the Company reimbursed the Former Advisor for acquisition expenses incurred in connection with the selection and acquisition of properties or real estate-related investments (including expenses relating to potential investments that the Company did not close), such as legal fees and expenses, costs of real estate due diligence, appraisals, non-refundable option payments on properties not acquired, travel and communications expenses, accounting fees and expenses and title insurance premiums, whether or not the property was acquired. The Company reimbursed the Former Advisor expenses of approximately 0.01% of the aggregate purchase price all of properties acquired. In connection with Tampa Healthcare Facility acquired on September 8, 2020, the Company did not pay acquisition fees to its Former Advisor, in accordance with the Purchase Agreement. Acquisition fees and expenses associated with the acquisition of properties determined to be business combinations are expensed as incurred, including investment transactions that are no longer under consideration. Acquisition fees and expenses associated with transactions determined to be asset acquisitions are capitalized in total real estate, net, in the accompanying condensed consolidated balance sheets . Asset Management Fees Prior to the closing of the Internalization Transaction, the Company paid to the Former Advisor an asset management fee calculated on a monthly basis in an amount equal to 1/12th of 0.75% of aggregate asset value, which was payable monthly, in arrears. Operating Expense Reimbursement Prior to the closing of the Internalization Transaction, the Company reimbursed the Former Advisor for all operating expenses it paid or incurred in connection with the services provided to the Company, subject to certain limitations. Expenses in excess of the operating expenses in the four immediately preceding quarters that exceeded the greater of (a) 2% of average invested assets or (b) 25% of net income, subject to certain adjustments, were not reimbursed unless the independent directors determined such excess expenses were justified. The Company did not reimburse the Former Advisor for personnel costs in connection with services for which the Former Advisor received an acquisition fee or a disposition fee. Operating expenses incurred on the Company’s behalf are recorded in general and administrative expenses in the accompanying condensed consolidated statements of comprehensive income (loss) . Property Management Fees In connection with the rental, leasing, operation and management of the Company’s properties, prior to the closing of the Internalization Transaction, the Company paid Carter Validus Real Estate Management Services II, LLC, a wholly-owned subsidiary of the Former Sponsor, or the Former Property Manager, and its affiliates, aggregate fees equal to 3.0% of gross revenues from the properties managed, or property management fees. The Company reimbursed the Former Property Manager and its affiliates for property-level expenses that any of them paid or incurred on the Company’s behalf, including certain salaries, bonuses and benefits of persons employed by the Former Property Manager and its affiliates, except for the salaries, bonuses and benefits of persons who also served as one of its executive officers. For certain properties the Former Property Manager and its affiliates subcontracted the performance of their duties to third parties and paid all or a portion of the property management fee to the third parties with whom they contracted for those services. When the Company contracted directly with third parties for such services, it paid such third parties customary market fees and paid the Former Property Manager an oversight fee equal to 1.0% of the gross revenues of the properties managed. In no event did the Company pay the Former Property Manager or any affiliate both a property management fee and an oversight fee with respect to any particular property. Property management fees are recorded in rental expenses in the accompanying condensed consolidated statements of comprehensive income (loss) . Leasing Commission Fees Prior to the closing of the Internalization Transaction, the Company paid the Former Property Manager a separate fee in connection with leasing properties to new tenants or renewals or expansions of existing leases with existing tenants 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 as determined by a survey of brokers and agents in such area. Leasing commission fees are capitalized in other assets, net, in the accompanying condensed consolidated balance sheets and amortized over the terms of the related leases. Construction Management Fees Prior to the closing of the Internalization Transaction, for acting as general contractor and/or construction manager to supervise or coordinate projects or to provide major repairs or rehabilitation on the Company's properties, the Company paid the Former Property Manager up to 5.0% of the cost of the projects, repairs and/or rehabilitation, as applicable, or construction management fees. Construction management fees are capitalized in real estate, net, in the accompanying condensed consolidated balance sheets . Disposition Fees Prior to the closing of the Internalization Transaction, the Company paid its Former Advisor, or its affiliates, if the Former Advisor or its affiliate provided a substantial amount of services (as determined by a majority of the Company’s independent directors) in connection with the sale of properties, a disposition fee, equal to the lesser of 1.0% of the contract sales price or one-half of the total brokerage commission paid if a third party broker was also involved, without exceeding the lesser of 6.0% of the contract sales price or a reasonable, customary and competitive real estate commission. The following table details amounts incurred in connection with the Company's related-party transactions as described above for the three and nine months ended September 30, 2020 and 2019 (amounts in thousands): Incurred Three Months Ended Nine Months Ended Fee Entity 2020 2019 2020 2019 Distribution and servicing fees (1) SC Distributors, LLC $ (6 ) $ (5 ) $ (65 ) $ (99 ) Acquisition fees and costs Carter Validus Advisors II, LLC and its affiliates — 1,366 97 1,366 Asset management fees Carter Validus Advisors II, LLC and its affiliates 5,989 3,540 17,914 10,527 Property management fees Carter Validus Real Estate Management Services II, LLC 1,702 1,195 5,290 3,632 Operating expense reimbursement Carter Validus Advisors II, LLC and its affiliates 1,302 766 3,966 3,246 Leasing commission fees Carter Validus Real Estate Management Services II, LLC 111 — 594 98 Construction management fees Carter Validus Real Estate Management Services II, LLC 97 (14 ) 435 150 Disposition fees Carter Validus Advisors II, LLC and its affiliates — — 350 — Loan origination fees Carter Validus Advisors II, LLC and its affiliates — — 560 — Total $ 9,195 $ 6,848 $ 29,141 $ 18,920 (1) Reduction of distribution and servicing fees is a result of repurchases of Class T and Class T2 shares of common stock for the three and nine months ended September 30, 2020 and September 30, 2019 . The following table details amounts payable to affiliates in connection with the Company's related-party transactions as described above as of September 30, 2020 and December 31, 2019 (amounts in thousands): Payable Fee Entity September 30, 2020 December 31, 2019 Distribution and servicing fees SC Distributors, LLC $ — $ 6,210 Asset management fees Carter Validus Advisors II, LLC and its affiliates — 2,100 Property management fees Carter Validus Real Estate Management Services II, LLC — 433 Operating expense reimbursement Carter Validus Advisors II, LLC and its affiliates — 518 Leasing commission fees Carter Validus Real Estate Management Services II, LLC — 299 Construction management fees Carter Validus Real Estate Management Services II, LLC — 199 Total $ — $ 9,759

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Management reviews the performance of individual properties and aggregates individual properties based on operating criteria into two reportable segments—commercial real estate investments in data centers and healthcare, and makes operating decisions based on these two reportable segments. The Company’s commercial real estate investments in data centers and healthcare are based on certain underwriting assumptions and operating criteria, which are different for data centers and healthcare. The Company evaluates performance based on the net operating income of the individual properties in each segment. Net operating income, a non-GAAP financial measure, is defined as rental revenue, less rental expenses, w h ich excludes depreciation and amortization, general and administrative expenses, internalization transaction expenses, asset management fees, gain on real estate disposition, impairment loss on real estate and interest and other expense, net. The Company believes that segment net operating income serves as a useful supplement to net income because it allows investors and management to measure unlevered property-level operating results and to compare operating results to the operating results of other real estate companies between periods on a consistent basis. Segment net operating income should not be considered as an alternative to net income determined in accordance with GAAP as an indicator of financial performance, and accordingly, the Company believes that in order to facilitate a clear understanding of the consolidated historical operating results, segment net operating income should be examined in conjunction with net income as presented in the accompanying condensed consolidated financial statements and data included elsewhere in this Quarterly Report on Form 10-Q . Non-segment assets primarily consist of corporate assets, including cash and cash equivalents, notes receivable, right-of-use assets - operating leases attributable to the Corporate Lease and deferred financing costs attributable to the revolving line of credit portion of the Company's credit facility not attributable to individual properties. On September 30, 2020, the Company recorded $39,529,000 of goodwill related to the Internalization Transaction that was allocated to a separately identified reporting unit. The Company's reporting unit represents each individual operating real estate property and meets aggregation criteria to be grouped into two reportable segments- data centers and healthcare. Summary information for the reportable segments during the three and nine months ended September 30, 2020 and 2019 is as follows (amounts in thousands): Data Centers Healthcare Three Months Ended Revenue: Rental revenue $ 29,945 $ 40,722 $ 70,667 Expenses: Rental expenses (7,663 ) (4,405 ) (12,068 ) Segment net operating income $ 22,282 $ 36,317 58,599 Expenses: General and administrative expenses (3,578 ) Internalization transaction expenses (2,235 ) Asset management fees (5,989 ) Depreciation and amortization (28,249 ) Income from operations 18,548 Interest and other expense, net (13,284 ) Net income attributable to common stockholders $ 5,264 Data Centers Healthcare Three Months Ended Revenue: Rental revenue $ 28,230 $ 19,833 $ 48,063 Expenses: Rental expenses (8,414 ) (2,326 ) (10,740 ) Segment net operating income $ 19,816 $ 17,507 37,323 Expenses: General and administrative expenses (2,239 ) Asset management fees (3,540 ) Depreciation and amortization (16,254 ) Impairment loss on real estate - healthcare (13,000 ) Income from operations 2,290 Interest and other expense, net (11,920 ) Net loss attributable to common stockholders $ (9,630 ) Data Centers Healthcare Nine Months Ended September 30, 2020 Revenue: Rental revenue $ 84,848 $ 123,879 $ 208,727 Expenses: Rental expenses (21,839 ) (12,639 ) (34,478 ) Segment net operating income $ 63,009 $ 111,240 174,249 Expenses: General and administrative expenses (9,960 ) Internalization transaction expenses (3,640 ) Asset management fees (17,914 ) Depreciation and amortization (80,608 ) Gain on real estate disposition 2,703 Income from operations 64,830 Interest and other expense, net (42,802 ) Net income attributable to common stockholders $ 22,028 Data Centers Healthcare Nine Months Ended Revenue: Rental revenue $ 82,745 $ 58,722 $ 141,467 Expenses: Rental expenses (23,516 ) (6,494 ) (30,010 ) Segment net operating income $ 59,229 $ 52,228 111,457 Expenses: General and administrative expenses (5,177 ) Asset management fees (10,527 ) Depreciation and amortization (50,110 ) Impairment loss on real estate - healthcare (13,000 ) Income from operations 32,643 Interest and other expense, net (31,648 ) Net income attributable to common stockholders $ 995 There were no intersegment sales or transfers during the three and nine months ended September 30, 2020 and 2019 . Assets by each reportable segment as of September 30, 2020 and December 31, 2019 are as follows (amounts in thousands): September 30, 2020 December 31, 2019 Assets by segment: Data centers $ 983,998 (1) $ 989,953 Healthcare 2,175,502 (1) 2,184,450 All other 101,525 65,131 Total assets $ 3,261,025 $ 3,239,534 (1) Includes $15,574,000 of goodwill allocated to the data centers segment and $23,955,000 of goodwill allocated to the healthcare segment acquired in the Internalization Transaction on September 30, 2020 . Capital additions, acquisitions and dispositions and goodwill by reportable segments for the nine months ended September 30, 2020 and 2019 are as follows (amounts in thousands): Nine Months Ended 2020 2019 Capital additions by segment: Data centers $ 3,633 $ 6,801 Healthcare 17,618 177 Total 21,251 6,978 Acquisitions by segment: Healthcare 16,064 69,830 Total 16,064 69,830 Proceeds from Dispositions by segment: Healthcare (6,125 ) — Total (6,125 ) — Net cash outflows from capital additions, acquisitions and dispositions $ 31,190 $ 76,808 Goodwill allocated by segment: Data centers $ 15,574 $ — Healthcare 23,955 — Total $ 39,529 $ —

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Notes payable—Fixed Rate —The estimated fair value of notes payable — fixed rate measured using observable inputs from similar liabilities (Level 2) was approximately $232,383,000 and $222,816,000 as of September 30, 2020 and December 31, 2019 , respectively, as compared to the outstanding principal of $218,712,000 and $219,567,000 as of September 30, 2020 and December 31, 2019 , respectively. The estimated fair value of notes payable — variable rate fixed through interest rate swap agreements (Level 2) was approximately $233,740,000 and $237,974,000 as of September 30, 2020 and December 31, 2019 , respectively, as compared to the outstanding principal of $235,811,000 and $237,778,000 as of September 30, 2020 and December 31, 2019 , respectively. Credit facility — Variable Rate —The estimated fair value of the credit facility—variable rate (Level 2) was approximately $481,196,000 and $659,691,000 as of September 30, 2020 and December 31, 2019 , respectively, as compared to the outstanding principal of $483,000,000 and $658,000,000 as of September 30, 2020 and December 31, 2019 , respectively. Credit facility — Fixed Rate —The estimated fair value of the credit facility—variable rate fixed through interest rate swap agreements (Level 2) was approximately $498,183,000 and $250,472,000 as of September 30, 2020 and December 31, 2019 , respectively, as compared to the outstanding principal of $500,000,000 and $250,000,000 as of September 30, 2020 and December 31, 2019 , respectively. The fair value of the Company's debt is estimated based on the interest rates currently offered to the Company by its respective financial institution. Notes receivable —The outstanding principal balance of the notes receivable in the amount of $30,700,000 and $2,700,000 approximated the fair value as of September 30, 2020 and December 31, 2019 , respectively. The fair value was determined through the evaluation of credit quality indicators such as underlying collateral and payment history and measured using significant other observable inputs (Level 2), which requires certain judgments to be made by management. Derivative instruments —Considerable judgment is necessary to develop estimated fair values of financial instruments. Accordingly, the estimates presented herein are not necessarily indicative of the amount the Company could realize, or be liable for, on disposition of the financial instruments. The Company determined that the majority of the inputs used to value its interest rate swaps fall within Level 2 of the fair value hierarchy. The credit valuation adjustments associated with these instruments utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and the respective counterparty. However, as of September 30, 2020 , the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions, and determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swaps. As a result, the Company determined that its interest rate swaps valuation in its entirety is classified in Level 2 of the fair value hierarchy. See Note 15—"Derivative Instruments and Hedging Activities" for further discussion of the Company's derivative instruments. The following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019 (amounts in thousands): September 30, 2020 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Liabilities: Derivative liabilities $ — $ 23,594 $ — $ 23,594 Total liabilities at fair value $ — $ 23,594 $ — $ 23,594 December 31, 2019 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Assets: Derivative assets $ — $ 884 $ — $ 884 Total assets at fair value $ — $ 884 $ — $ 884 Liabilities: Derivative liabilities $ — $ 5,588 $ — $ 5,588 Total liabilities at fair value $ — $ 5,588 $ — $ 5,588

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable rate amounts from a counterparty in exchange for the Company making fixed rate payments over the life of the agreements without exchange of the underlying notional amount. Changes in the fair value of derivatives designated, and that qualify, as cash flow hedges are recorded in accumulated other comprehensive (loss) income in the accompanying condensed consolidated statements of stockholders' equity and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Amounts reported in accumulated other comprehensive loss related to derivatives will be reclassified to interest and other expense, net , as interest payments are made on the Company’s variable rate debt. During the next twelve months, the Company estimates that an additional $9,819,000 will be reclassified from accumulated other comprehensive loss as an increase to interest and other expense, net . See Note 14—"Fair Value" for further discussion of the fair value of the Company’s derivative instruments. The following table summarizes the notional amount and fair value of the Company’s derivative instruments (amounts in thousands): Derivatives Balance Effective Maturity September 30, 2020 December 31, 2019 Outstanding Fair Value of Outstanding Fair Value of Asset (Liability) Asset (Liability) Interest rate swaps Other assets, net/ 07/01/2016 to 12/22/2020 to $ 735,811 $ — $ (23,594 ) $ 637,778 $ 884 $ (5,588 ) The notional amount under the agreements is an indication of the extent of the Company’s involvement in each instrument at the time, but does not represent exposure to credit, interest rate or market risks. Accounting for changes in the fair value of a derivative instrument depends on the intended use and designation of the derivative instrument. The Company designated the interest rate swaps as cash flow hedges to hedge the variability of the anticipated cash flows on its variable rate credit facility and notes payable. The change in fair value of the derivative instruments that are designated as hedges are recorded in other comprehensive income (loss) in the accompanying condensed consolidated statements of comprehensive income (loss) . The table below summarizes the amount of loss recognized on the interest rate derivatives designated as cash flow hedges for the three and nine months ended September 30, 2020 and 2019 (amounts in thousands): Derivatives in Cash Flow Amount of Loss Recognized Location of Loss Amount of (Loss) Income Total Amount of Interest and Other Expense, Net Presented in Condensed Consolidated Statements of Comprehensive Income (Loss) Three Months Ended September 30, 2020 Interest rate swaps $ (157 ) Interest and other expense, net $ (2,741 ) $ 13,284 Total $ (157 ) $ (2,741 ) Three Months Ended September 30, 2019 Interest rate swaps $ (1,701 ) Interest and other expense, net $ 422 $ 11,920 Total $ (1,701 ) $ 422 Nine Months Ended September 30, 2020 Interest rate swaps $ (24,011 ) Interest and other expense, net $ (5,121 ) $ 42,802 Total $ (24,011 ) $ (5,121 ) Nine Months Ended September 30, 2019 Interest rate swaps $ (11,502 ) Interest and other expense, net $ 1,784 $ 31,648 Total $ (11,502 ) $ 1,784 Credit Risk-Related Contingent Features T he Company has agreements 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. The Company records credit risk valuation adjustments on its interest rate swaps based on the respective credit quality of the Company and the counterparty. The Company believes it mitigates its credit risk by entering into agreements with creditworthy counterparties. As of September 30, 2020 , the fair value of derivatives in a net liability position was $25,305,000 , inclusive of accrued interest but excluding any adjustment for nonperformance risk related to the agreement. As of September 30, 2020 , there were no termination events or events of default related to the interest rate swaps. Tabular Disclosure Offsetting Derivatives The Company has elected not to offset derivative positions in its condensed consolidated financial statements. The following tables present the effect on the Company’s financial position had the Company made the election to offset its derivative positions as of September 30, 2020 and December 31, 2019 (amounts in thousands): Offsetting of Derivative Assets Gross Amounts Not Offset in the Balance Sheet Gross Gross Amounts Net Amounts of Financial Instruments Cash Collateral Net December 31, 2019 $ 884 $ — $ 884 $ (5 ) $ — $ 879 Offsetting of Derivative Liabilities Gross Amounts Not Offset in the Balance Sheet Gross Gross Amounts Net Amounts of Financial Instruments Cash Collateral Net September 30, 2020 $ 23,594 $ — $ 23,594 $ — $ — $ 23,594 December 31, 2019 $ 5,588 $ — $ 5,588 $ (5 ) $ — $ 5,583 The Company reports derivative assets and derivative liabilities in the accompanying condensed consolidated balance sheets as other assets, net , and accounts payable and other liabilities , respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss) Income	9 Months Ended
	Sep. 30, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive (Loss) Income	Accumulated Other Comprehensive (Loss) Income The following table presents a rollforward of amounts recognized in accumulated other comprehensive (loss) income by component for the nine months ended September 30, 2020 and 2019 (amounts in thousands): Unrealized Loss on Derivative Balance as of December 31, 2019 $ (4,704 ) Other comprehensive loss before reclassification (24,011 ) Amount of loss reclassified from accumulated other comprehensive loss to net income 5,121 Other comprehensive loss (18,890 ) Balance as of September 30, 2020 $ (23,594 ) Unrealized Loss on Derivative Balance as of December 31, 2018 $ 6,100 Cumulative effect of accounting change 103 Balance as of January 1, 2019 6,203 Other comprehensive loss before reclassification (11,502 ) Amount of income reclassified from accumulated other comprehensive income to net income (1,784 ) Other comprehensive loss (13,286 ) Balance as of September 30, 2019 $ (7,083 ) The following table presents reclassifications out of accumulated other comprehensive (loss) income for the nine months ended September 30, 2020 and 2019 (amounts in thousands): Details about Accumulated Other Amounts Reclassified from Affected Line Items in the Condensed Consolidated Statements of Comprehensive Income (Loss) Nine Months Ended 2020 2019 Interest rate swap contracts $ 5,121 $ (1,784 ) Interest and other expense, net

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In the ordinary course of business, the Company may become subject to litigation or claims. As of September 30, 2020 , there were, and currently there are, no material pending legal proceedings to which the Company is a party. While the resolution of a lawsuit or proceeding may have an impact to the Company's financial results for the period in which it is resolved, the Company believes that the final resolution of the lawsuits or proceedings in which it is currently involved, either individually or in the aggregate, will not have a material adverse effect on its financial position, results of operations or liquidity.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions Paid to Stockholders The following table summarizes the Company's distributions paid to stockholders on October 1, 2020 , for the period from September 1, 2020 through September 30, 2020 (amounts in thousands): Payment Date Common Stock Cash DRIP Total Distribution October 1, 2020 Class A $ 5,277 $ 1,539 $ 6,816 October 1, 2020 Class I 306 209 515 October 1, 2020 Class T 670 662 1,332 October 1, 2020 Class T2 53 64 117 $ 6,306 $ 2,474 $ 8,780 The following table summarizes the Company's distributions paid to stockholders on November 2, 2020, for the period from October 1, 2020 through October 31, 2020 (amounts in thousands): Payment Date Common Stock Cash DRIP Total Distribution November 2, 2020 Class A $ 5,479 $ 1,594 $ 7,073 November 2, 2020 Class I 318 215 533 November 2, 2020 Class T 697 681 1,378 November 2, 2020 Class T2 57 65 122 $ 6,551 $ 2,555 $ 9,106 Distributions Authorized The following tables summarize the daily distributions approved and authorized by the board of directors of the Company subsequent to September 30, 2020 : Authorization Date (1) Common Stock Daily Distribution Rate (1) Annualized Distribution Per Share October 20, 2020 Class A $ 0.001366120 $ 0.50 October 20, 2020 Class I $ 0.001366120 $ 0.50 October 20, 2020 Class T $ 0.001129781 $ 0.41 October 20, 2020 Class T2 $ 0.001129781 $ 0.41 Authorization Date (2) Common Stock Daily Distribution Rate (2) Annualized Distribution Per Share November 5, 2020 Class A $ 0.001366120 $ 0.50 November 5, 2020 Class I $ 0.001366120 $ 0.50 November 5, 2020 Class T $ 0.001129781 $ 0.41 November 5, 2020 Class T2 $ 0.001129781 $ 0.41 (1) Distributions approved and authorized to stockholders of record as of the close of business on each day of the period commencing on November 1, 2020 and ending on November 30, 2020. The distributions will be calculated based on 366 days in the calendar year. The distributions declared for each record date in November 2020 will be paid in December 2020. The distributions will be payable to stockholders from legally available funds therefor. (2) Distributions approved and authorized to stockholders of record as of the close of business on each day of the period commencing on December 1, 2020 and ending on December 31, 2020. The distributions will be calculated based on 366 days in the calendar year. The distributions declared for each record date in December 2020 will be paid in January 2021. The distributions will be payable to stockholders from legally available funds therefor. Disposition of Dallas Healthcare Facility II On November 6, 2020, the Company sold a healthcare property, Dallas Healthcare Facility II, for $23,000,000 , which resulted in a gain. The Company's net proceeds at closing from the disposition of Dallas Healthcare Facility II were approximately $21,536,000 , after transaction costs and other pro-rations, subject to additional transaction costs paid subsequent to the closing date.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company, the Operating Partnership, and all wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements and accompanying notes in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. These estimates are made and evaluated on an ongoing basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates.
Restricted Cash	Restricted Cash Restricted cash consists of restricted cash held in escrow and restricted bank deposits. Restricted cash held in escrow includes cash held by lenders in escrow accounts for tenant and capital improvements, taxes, repairs and maintenance and other lender reserves for certain properties, in accordance with the respective lender’s loan agreement. Restricted bank deposits consist of tenant receipts for certain properties which are required to be deposited into lender-controlled accounts in accordance with the respective lender's loan agreement. Restricted cash held in escrow and restricted bank deposits are reported in other assets, net in the accompanying condensed consolidated balance sheets . See Note 9—"Other Assets, Net."
Allocation of Purchase Price of Real Estate	Allocation of Purchase Price of Real Estate Upon the acquisition of real properties, the Company evaluates whether the acquisition is a business combination or an asset acquisition. For both business combinations and asset acquisitions we allocate the purchase price of properties to acquired tangible assets, consisting of land, buildings and improvements, and acquired intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases. For asset acquisitions, the Company capitalizes transaction costs and allocates the purchase price using a relative fair value method allocating all accumulated costs. For business combinations, the Company expenses transaction costs incurred and allocates the purchase price based on the estimated fair value of each separately identifiable asset and liability. During the nine months ended September 30, 2020, the Company acquired two real estate properties that were determined to be asset acquisitions and closed on the Internalization Transaction that was determined to be a business combination. See Note 3—"Internalization Transaction" and Note 4—"Acquisitions and Dispositions" for additional information. Acquisition fees and costs associated with transactions determined to be asset acquisitions are capitalized in total real estate, net , and acquired intangible assets and acquired intangible liabilities in the accompanying condensed consolidated balance sheets . Transaction costs associated with the Internalization Transaction are expensed and recorded in internalization transaction expenses in the accompanying condensed consolidated statements of comprehensive income (loss) . The fair values of the tangible assets of an acquired property (which includes land, buildings and improvements) are determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and buildings and improvements based on management’s determination of the relative fair value of these assets. Management determines the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases, including leasing commissions and other related costs. In estimating carrying costs, management includes real estate taxes, insurance, and other operating expenses during the expected lease-up periods based on current market conditions. The fair values of above-market and below-market in-place leases are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) an estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease including any fixed rate bargain renewal periods, with respect to a below-market lease. The above-market and below-market lease values are capitalized as intangible lease assets or liabilities. Above-market lease values are amortized as an adjustment of rental revenue over the remaining terms of the respective leases. Below-market leases are amortized as an adjustment of rental revenue over the remaining terms of the respective leases, including any fixed rate bargain renewal periods. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above-market and below-market in-place lease values related to that lease would be recorded as an adjustment to rental revenue. The fair values of in-place leases include an estimate of direct costs associated with obtaining a new tenant and opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease. Direct costs associated with obtaining a new tenant include commissions, tenant improvements, and other direct costs and are estimated based on management’s consideration of current market costs to execute a similar lease. The value of opportunity costs is calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. These lease intangibles are amortized to depreciation and amortization expense over the remaining terms of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets may not be recoverable, the Company assesses the recoverability of the asset group by estimating whether the Company will recover the carrying value of the asset group through its undiscounted future cash flows and their eventual disposition. If, based on this analysis, the Company does not believe that it will be able to recover the carrying value of the asset group, the Company will record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the asset group. When developing estimates of expected future cash flows, the Company makes certain assumptions regarding future market rental rates subsequent to the expiration of current lease arrangements, property operating expenses, terminal capitalization and discount rates, the expected number of months it takes to re-lease the property, required tenant improvements and the number of years the property will be held for investment. The use of alternative assumptions in the future cash flow analysis could result in a different determination of the property’s future cash flows and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the carrying value of the real estate and related assets. In addition, the Company estimates the fair value of the assets by applying a market approach using comparable sales for certain properties. The use of alternative assumptions in the market approach analysis could result in a different determination of the property’s estimated fair value and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the carrying value of the real estate and related assets. Impairment of Real Estate During the three and nine months ended September 30, 2020 , no impairment losses were recorded on real estate assets. During the three and nine months ended September 30, 2019, real estate assets related to one healthcare property were determined to be impaired due to a tenant of the property, which was experiencing financial difficulty, vacating its space, and a second tenant indicating its desire to terminate its lease early, which the Company determined would be consistent with its strategic plans for the property. On November 8, 2019, the Company terminated the lease with the second tenant. The aggregate carrying amount of the assets of $40,266,000 exceeded their fair value. The carrying value of the property was reduced to its estimated fair value of $27,266,000 , resulting in an impairment charge of $13,000,000 , which is included in impairment loss on real estate in the condensed consolidated statements of comprehensive income (loss) . Impairment of Acquired Intangible Assets and Acquired Intangible Liabilities During the three months ended September 30, 2020 , the Company recognized an impairment of one in-place lease intangible asset in the amount of approximately $3,189,000 , by accelerating the amortization of the acquired intangible asset related to a tenant in a data center property of the Company that was experiencing financial difficulty due to deteriorating economic conditions driven by the impact of the COVID-19 pandemic and the pandemic’s acceleration of the tenant’s modification of work strategy to a remote environment. During the nine months ended September 30, 2020 , the Company recognized impairments of two in-place lease intangible assets in the amount of approximately $4,673,000 and one above-market lease intangible asset in the amount of approximately $344,000 , by accelerating the amortization of the acquired intangible assets. Of $4,673,000 in-place lease intangible assets written off, $3,189,000 related to the tenant of the data center property discussed above and $1,484,000 related to one healthcare tenant of the Company that was experiencing financial difficulties and vacated the property on June 19, 2020. During the three and nine months ended September 30, 2020, the Company wrote off one below-market lease intangible liability in the amount of approximately $1,974,000 , by accelerating the amortization of the acquired intangible liability related to one tenant of the data center property discussed above. During the three and nine months ended September 30, 2019 , the Company recognized impairments of in-place lease intangible assets in the amount of approximately $537,000 and $3,195,000 , respectively, by accelerating the amortization of the acquired intangible assets related to two tenants in the healthcare property discussed above. During the three and nine months ended September 30, 2019 , the Company wrote off one below-market lease intangible liability in the amount of approximately $212,000 , by accelerating the amortization of the acquired intangible liability related to one tenant in the healthcare property discussed above.
Revenue Recognition, Tenant Receivables and Allowance for Uncollectible Accounts	Revenue Recognition, Tenant Receivables and Allowance for Uncollectible Accounts Effective January 1, 2018, the Company recognizes non-rental related revenue in accordance with Accounting Standards Codification, or ASC, 606, Revenue from Contracts with Customers, or ASC 606. The Company has identified its revenue streams as rental income from leasing arrangements and tenant reimbursements, which are outside the scope of ASC 606. The core principle of ASC 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Non-rental revenue, subject to ASC 606, is immaterial to the Company's condensed consolidated financial statements. The majority of the Company's revenue is derived from rental revenue, which is accounted for in accordance with ASC 842, Leases, or ASC 842. In accordance with ASC 842, minimum rental revenue is recognized on a straight-line basis over the term of the related lease (including rent holidays). For lease arrangements when it is not probable that the Company will collect all or substantially all of the remaining lease payments under the term of the lease, rental revenue is limited to the lesser of the rental revenue that would be recognized on a straight-line basis or the lease payments that have been collected from the lessee. Differences between rental income recognized and amounts contractually due under the lease agreements are credited or charged to straight-line rent receivable or straight-line rent liability, as applicable. Tenant reimbursements, which are comprised of additional amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses, is recognized when the services are provided and the performance obligations are satisfied. Prior to the adoption of ASC 842, tenant receivables and straight-line rent receivables were carried net of the provision for credit losses. The provision for credit losses was established for estimated losses resulting from the inability of certain tenants to meet the contractual obligations under their lease agreements. The Company’s determination of the adequacy of these provisions was based primarily upon evaluations of historical loss experience, the tenant’s financial condition, security deposits, letters of credit, lease guarantees, current economic conditions and other relevant factors. Effective January 1, 2019, upon adoption of ASC 842, the Company is no longer recording a provision for credit losses but is, instead, assessing whether or not it is probable that the Company will collect all or substantially all of the remaining lease payments under the term of the lease. Where it is not probable that the Company will collect all or substantially all of the remaining lease payments under the term of the lease, rental revenue is limited to the lesser of the rental revenue that would be recognized on a straight-line basis or the lease payments that have been collected from the lessee. During the three months ended September 30, 2020 and 2019, the Company recorded $118,000 and $85,000 , respectively, as a reduction in rental revenue in the accompanying condensed consolidated statements of comprehensive income (loss). During the nine months ended September 30, 2020 and 2019, the Company recorded $118,000 and $655,000 , respectively, as a reduction rental revenue in the accompanying condensed consolidated statements of comprehensive income (loss).
Goodwill	Goodwill Goodwill represents the excess of the amount paid over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination and is allocated to an entity's reporting units. The Company's reporting unit represents each individual operating real estate property. Goodwill has an indefinite life and is not amortized. On September 30, 2020, the Company recorded $39,529,000 of goodwill related to the Internalization Transaction. The Company will evaluate goodwill for impairment when an event occurs or circumstances change that indicate the carrying value may not be recoverable, or at least annually. The Company will evaluate potential triggering events that may affect the estimated fair value of the Company’s reporting units to assess whether any goodwill impairment exists. Deteriorating or adverse market conditions for certain reporting units may have a significant impact on the estimated fair value of these reporting units and could result in future impairments of goodwill. The Company will adopt an annual goodwill testing date during the fourth quarter of 2020. See Note 3—"Internalization Transaction" for details.
Notes Receivable	Notes Receivable Notes receivable are recorded at their outstanding principal balance, net of any unearned income, unamortized deferred fees and costs and allowances for loan losses. The Company defers notes receivable origination costs and fees and amortizes them as an adjustment of yield over the term of the related note receivable. Amortization of the notes receivable origination costs and fees are recorded in interest and other expense, net, in the accompanying condensed consolidated statements of comprehensive income (loss) . During the nine months ended September 30, 2020, in connection with the sale of a healthcare property, a wholly-owned subsidiary of the Company issued a note receivable in the principal amount of $28,000,000 . See Note 8—"Notes Receivable, Net" for further discussion. The Company evaluates the collectability of both interest and principal on each note receivable to determine whether it is collectible, primarily through the evaluation of credit quality indicators, such as the tenant's financial condition, collateral, evaluations of historical loss experience, current economic conditions and other relevant factors, including contractual terms of repayments. Evaluating a note receivable for potential impairment requires management to exercise judgment. The use of alternative assumptions in evaluating a note receivable could result in a different determination of the note's estimated fair value and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the carrying value of the note receivable. See " Recently Adopted Accounting Pronouncements - Measurement of Credit Losses on Financial Instruments" section below for further discussion.
Concentration of Credit Risk and Significant Leases	Concentration of Credit Risk and Significant Leases As of September 30, 2020 , the Company had cash on deposit, including restricted cash, in certain financial institutions that had deposits in excess of current federally insured levels. The Company limits its cash investments to financial institutions with high credit standings; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits. To date, the Company has not experienced a loss or lack of access to cash in its accounts. As of September 30, 2020 , the Company owned real estate investments in two micropolitan statistical areas and 68 metropolitan statistical areas, or MSAs, two MSAs of which accounted for 10.0% or more of rental revenue. Real estate investments located in the Atlanta-Sandy Springs-Roswell, Georgia MSA and the Houston-The Woodlands-Sugar Land, Texas MSA accounted for 12.7% and 10.2% , respectively, of rental revenue for the nine months ended September 30, 2020 . As of September 30, 2020 , the Company had one exposure to tenant concentration that accounted for 10.0% or more of rental revenue for the nine months ended September 30, 2020 . The leases with tenants under common control of Post Acute Medical, LLC accounted for 10.1% of rental revenue for the nine months ended September 30, 2020 .
Share Repurchase Program	Share Repurchase Program The Company’s share repurchase program, or SRP, allows for repurchases of shares of the Company’s common stock when certain criteria are met. The SRP provides that all repurchases during any calendar year, including those redeemable upon death or a Qualifying Disability of a stockholder, are limited to those that can be funded with equivalent proceeds raised from the DRIP during the prior calendar year and other operating funds, if any, as the board of directors, in its sole discretion, may reserve for this purpose. Repurchases of shares of the Company’s common stock are at the sole discretion of the Company’s board of directors, provided, however, that the Company will limit the number of shares repurchased during any calendar year to 5.0% of the number of shares of common stock outstanding as of December 31 st of the previous calendar year. Subject to the terms and limitations of the SRP, including, but not limited to, quarterly share limitations, an annual 5.0% share limitation and DRIP funding limitations and any amendments to the plan, as more fully described below, the SRP is generally available to any stockholder as a potential means of interim liquidity. In addition, the Company’s board of directors, in its sole discretion, may suspend (in whole or in part) the SRP at any time, and may amend, reduce, terminate or otherwise change the SRP upon 30 days' prior notice to the Company’s stockholders for any reason it deems appropriate. The Company generally honors valid repurchase requests approximately 30 days following the end of the applicable quarter. The Company reached the DRIP funding limitation, and was not able to fully accommodate all repurchase requests for the second quarter repurchase date of 2020, which was April 30, 2020. See Part II, Item 2. "Unregistered Sales of Equity Securities" for further information for the second quarter repurchase date of 2020. On April 30, 2020 , due to the uncertainty surrounding the ongoing coronavirus, or COVID-19, pandemic and any impact it may have on the Company, the Company's board of directors decided to temporarily suspend share repurchases under the SRP, effe ctive wit h repurchase requests that would otherwise be processed on the third quarter repurchase date of 2020, which was July 30, 2020 . However, the Company continues to process repurchases due to death in accordance with the terms of its SRP. See Part II, Item 2. "Unregistered Sales of Equity Securities" for more information on the Company's SRP. Effective as of the closing of the Internalization Transaction, the Operating Partnership redeemed the limited partner interest held by the Former Advisor for an aggregate purchase price of approximately $2,000 . Additionally, the Company repurchased 29,362 Class A shares of common stock held by Carter Validus REIT Management Company II, LLC, the Former Sponsor, for an aggregate purchase price of approximately $254,000 (an average of $8.65 per share). During the nine months ended September 30, 2020 , the Company repurchased 3,059,072 Class A shares, Class I shares, Class T shares and Class T2 shares of common stock ( 2,382,166 Class A shares, 395,334 Class I shares, 258,550 Class T shares and 23,022 Class T2 shares) for an aggregate purchase price of approximately $26,461,000 (an average of $8.65 per share). During the nine months ended September 30, 2019 , the Company repurchased 2,418,760 Class A shares, Class I shares, Class T shares and Class T2 shares of common stock ( 1,816,319 Class A shares, 189,947 Class I shares, 407,095 Class T shares and 5,399 Class T2 shares) for an aggregate purchase price of approximately $22,374,000 (an average of $9.25 per share).
Distribution Policy and Distributions Payable	Distribution Policy and Distributions Payable In order to maintain its status as a REIT, the Company is required to make distributions each taxable year equal to at least 90% of its REIT taxable income, computed without regard to the dividends paid deduction and excluding capital gains. To the extent funds are available, the Company intends to continue to pay regular distributions to stockholders. Distributions are paid to stockholders of record as of the applicable record dates. Distributions are payable to stockholders from legally available funds therefor.
Stock-based Compensation	Stock-based Compensation On March 6, 2020, the Company's board of directors approved the Amended and Restated 2014 Restricted Share Plan, or the A&R Incentive Plan, pursuant to which the Company has the authority and power to grant awards of restricted shares of its Class A common stock to its directors, officers and employees. The Company uses the straight-line method to recognize expenses for service awards with graded vesting. The Company's board of directors has authorized a total of 5,000,000 Class A shares of common stock for issuance under the A&R Incentive Plan on a fully diluted basis at any time. On March 6, 2020, the Company's board of directors determined to revise the amounts of restricted Class A shares of common stock the independent directors are entitled to receive each year. On July 1, 2020, the Company granted each independent director $60,000 in restricted shares of Class A common stock. Restricted shares of Class A common stock issued to the Company’s independent directors in July 2020 will vest over a three -year period following the first anniversary of the date of grant in increments of 33.34% per annum. The Company’s board of directors determined that, effective upon the closing of the Internalization Transaction, the independent directors are entitled to receive $70,000 each year in restricted shares of Class A common stock of the Company at the most recently determined estimated net asset value per share (was prorated through June 30, 2021), which were issued pursuant to the Company’s A&R Incentive Plan. Restricted shares of Class A common stock issued to the independent directors will vest over a one -year period. On October 1, 2020, the Company granted each independent director $7,500 in restricted shares of Class A common stock, which will vest over a one -year period. Executive Awards Concurrently with, and as a condition to the execution and delivery of the Purchase Agreement on July 28, 2020, the Company entered into an employment agreement with each of Michael A. Seton and Kay C. Neely, or the Executives, pursuant to which Mr. Seton and Ms. Neely shall serve from and after the closing of the Internalization Transaction as the Company’s Chief Executive Officer and Chief Financial Officer, respectively. Such employment agreements became effective on September 30, 2020. Subject to each Executive’s continued employment through the grant date, in the first quarter of calendar year 2021, each Executive will receive an award of time-based restricted shares of Class A common stock, or the Time-Based 2021 Award, and an award of performance-based restricted stock units, or the Performance-Based 2021 Award, and together with the Time-Based 2021 Award, the “2021 Awards”, each to be granted under and subject to the terms of the Company’s A&R Incentive Plan and award agreements. In the case of Mr. Seton, the combined value of the shares of the Company’s common stock underlying the 2021 Awards on the grant date will be $1,800,000 , with 50% of the grant date value of the 2021 Awards consisting of the Performance-Based 2021 Award and 50% consisting of the Time-Based 2021 Award. In the case of Ms. Neely, the combined value of the shares of the Company’s common stock underlying the 2021 Awards will be $700,000 , with 50% of the grant date value of the 2021 Awards consisting of the Performance-Based 2021 Award and 50% consisting of the Time-Based 2021 Award. The performance objectives and other terms and conditions of the Performance-Based 2021 Award will be determined by the Company's compensation committee, which was established and effective upon the closing of the Internalization Transaction. The Time-Based 2021 Award will vest ratably over four years following the grant date, subject to the Executive’s continued employment through the applicable vesting dates, with certain exceptions. On October 1, 2020, Mr. Seton and Ms. Neely received a grant of 231,214 and 115,607 time-based restricted shares of Class A common stock, respectively, with a grant date fair value of $2,000,000 and $1,000,000 , respectively, which, subject to the Executive’s continuous employment through the applicable vesting dates, with certain exceptions, will vest on December 31, 2024, or, if earlier, on the 15th month anniversary of the date of a “qualified event” (such as a listing of the Company’s stock on a nationally recognized stock exchange or an underwritten public offering of the Company’s stock). The awards were granted under and subject to the terms of the A&R Incentive Plan and an award agreement. Additionally, on October 1, 2020, the Company granted one-time awards of approximately 206,936 restricted shares of Class A common stock to certain employees at the most recent estimated net asset value per share of $8.65 . The granted shares will vest on December 31, 2024, or, if earlier, on the 15th month anniversary of the date of a “qualified event” defined above. The awards were granted under and subject to the terms of the A&R Incentive Plan and an award agreement.
Earnings Per Share	Earnings Per Share The Company calculates basic earnings per share by dividing net income (loss) attributable to common stockholders for the period by the weighted average shares of its common stock outstanding for that period. Diluted earnings per share are computed based on the weighted average number of shares outstanding and all potentially dilutive securities. Shares of non-vested restricted common stock give rise to potentially dilutive shares of common stock. During the three and nine months ended September 30, 2020 , diluted earnings per share reflected the effect of approximately 60,000 and 42,000 of non-vested shares of restricted common stock that were outstanding as of each period, respectively. During the three months ended September 30, 2019, diluted earnings per share was computed the same as basic earnings per share because the Company recorded a net loss attributable to common stockholders, which would make potentially dilutive shares related to non-vested shares of restricted common stock, antidilutive. During the nine months ended September 30, 2019, diluted earnings per share reflected the effect of approximately 23,000 of non-vested shares of restricted common stock that were outstanding as of such period.
Reportable Segments	Reportable Segments ASC, 280, Segment Reporting , establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. As of September 30, 2020 and December 31, 2019 , the Company operated through two reportable business segments­- real estate investments in data centers and healthcare. With the continued expansion of the Company’s portfolio, segregation of the Company’s operations into two reportable segments is useful in assessing the performance of the Company’s business in the same way that management reviews performance and makes operating decisions. See Note 13—"Segment Reporting" for further discussion on the reportable segments of the Company.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities As required by ASC 815, Derivatives and Hedging , or ASC 815, the Company records all derivative instruments at fair value as assets and liabilities on its condensed consolidated balance sheets . The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. For derivative instruments not designated as hedging instruments, the income or loss is recognized in the condensed consolidated statements of comprehensive income (loss) during such period. In accordance with the fair value measurement guidance Accounting Standards Update, or ASU, 2011-04, Fair Value Measurement , the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. The Company is exposed to variability in expected future cash flows that are attributable to interest rate changes in the normal course of business. The Company’s primary strategy in entering into derivative contracts is to add stability to future cash flows by managing its exposure to interest rate movements. The Company utilizes derivative instruments, including interest rate swaps, to effectively convert some of its variable rate debt to fixed rate debt. The Company does not enter into derivative instruments for speculative purposes. In accordance with ASC 815, the Company designates interest rate swap contracts as cash flow hedges of floating-rate borrowings. For derivative instruments that are designated and qualify as cash flow hedges, the gains or losses on the derivative instruments are reported as a component of other comprehensive income (loss) in the condensed consolidated statements of comprehensive income (loss) and are reclassified into earnings in the same line item associated with the forecasted transaction in the same period during which the hedged transactions affect earnings. See additional discussion in Note 15—"Derivative Instruments and Hedging Activities."
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Leases—Rent Concessions The ongoing COVID-19 pandemic has forced the temporary closure, changes to the operating hours or other temporary changes to the business of certain tenants in healthcare and data center properties of the Company. In response, some tenants are seeking rent concessions, including decreased rent and rent deferrals for COVID-19 affected periods. To provide operational clarity, on April 8, 2020, the Financial Accounting Standards Board, or FASB, issued practical expedients to the lease modification guidance in ASC 842, Leases , in the context of the COVID-19 crisis for leases where the total lease cash flows will remain substantially the same or less than those after the COVID-19 related effects. Entities may choose to forgo the evaluation of the enforceable rights and obligations of the original lease agreements in accordance with ASC 842, Leases . An entity may elect to account for rent concessions either: • as if they are part of the enforceable rights and obligations of the parties under the existing lease contracts; or • as a lease modification. As a lessor, for leases impacted by COVID-19, the Company elected t o account for any rent concessions as if they were part of the enforceable rights and obligations under the existing lease. During the nine months ended September 30, 2020, the Company granted rent deferrals to a certain number of tenants impacted by COVID-19 with immaterial impact to the Company's condensed consolidated financial statements and no impact on the collectability of tenant receivables over their respective term of the lease. During the nine months ended September 30, 2020, the Company entered into 30 rent concessions and lease modifications impacted by COVID-19 and collected approximately 98% of rental revenue originally contracted for such period. As a lessee, the Company did not elect the practical expedient and will apply the lease modification guidance in accordance with ASC 842, Leases , if changes to ground lease agreements occur. The Company had not modified any of its ground lease agreements as of September 30, 2020 . Measurement of Credit Losses on Financial Instruments On January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments-Credit Losses , or ASU 2016-13. ASU 2016-13 requires a new model for estimating credit losses for certain types of financial instruments, including loans receivable, held-to-maturity debt securities and net investments in direct financing leases, among other financial instruments. Other than a few narrow exceptions, ASU 2016-13 requires that all financial instruments subject to the estimated credit loss model have some amount of credit loss reserve. The reserve is to reflect the GAAP principal underlying the estimated credit loss model that all loans, debt securities, and similar assets have an inherent risk of loss, regardless of credit quality, subordinate capital or other mitigating factors. ASU 2016-13 also expands the disclosure requirements regarding an entity’s assumptions, models and methods for estimating the allowance for credit losses. The new model for estimated credit losses is applicable to the Company's notes receivable and tenant reimbursements related to the finance lease. The standard does not apply to receivables arising from operating leases, which are within the scope of ASC 842, Leases . The adoption of ASU 2016-13 did not have any impact to the Company’s consolidated financial statements. Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (ASC 848), or ASU 2020-04 . ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time through, December 31, 2022, as reference rate reform activities occur. During the nine months ended September 30, 2020 , the Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact the guidance may have on its condensed consolidated financial statements and may apply other elections, as applicable, as additional changes in the market occur.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current financial statement presentation, with no effect on the Company’s condensed consolidated financial position or results of operations.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the totals shown in the condensed consolidated statements of cash flows (amounts in thousands): Nine Months Ended 2020 2019 Beginning of period: Cash and cash equivalents 69,342 68,360 Restricted cash 10,888 11,167 Cash, cash equivalents and restricted cash $ 80,230 $ 79,527 End of period: Cash and cash equivalents 75,505 67,969 Restricted cash 15,001 10,080 Cash, cash equivalents and restricted cash $ 90,506 $ 78,049

Internalization Transaction (Ta

Internalization Transaction (Tables)	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
Schedule of Allocation of Purchase Price	The Internalization Transaction was accounted for as a business combination and the following table summarizes management’s allocation of the fair value of the Internalization Transaction (amounts in thousands): September 30, 2020 Goodwill $ 39,529 Right-of-use assets - operating lease 1,205 Total assets acquired 40,734 Operating lease liabilities (1,060 ) Deferred internalization transaction purchase price (14,674 ) Total liabilities acquired (15,734 ) Net assets allocated at acquisition $ 25,000
Schedule of Pro Forma Financial Information	Assuming the Internalization Transaction had occurred on January 1, 2019, pro forma revenues and net income attributable to common stockholders would have been as follows for the periods presented below (amounts in thousands, except per share amounts, unaudited): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Pro forma basis: Revenues $ 70,667 $ 48,063 $ 208,727 $ 141,467 Net income (loss) attributable to common stockholders $ 12,879 $ (8,171 ) $ 42,175 $ 6,560 Net income (loss) per common share attributable to common stockholders: Basic $ 0.06 $ (0.06 ) $ 0.19 $ 0.05 Diluted $ 0.06 $ (0.06 ) $ 0.19 $ 0.05

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
Schedule of Consideration Transferred for Properties Acquired	The following table summarizes the consideration transferred for the 2020 Acquisitions during the nine months ended September 30, 2020 : Property Description Date Acquired Ownership Percentage Purchase Price Grimes Healthcare Facility 02/19/2020 100% $ 5,030 Tampa Healthcare Facility 09/08/2020 100% 11,047 Total $ 16,077
Schedule of Allocation of Acquisitions	The following table summarizes the Company's purchase price allocation of the 2020 Acquisitions during the nine months ended September 30, 2020 (amounts in thousands): Total Land $ 831 Buildings and improvements 13,524 Tenant improvements 463 In-place leases 1,748 Right-of-use assets - finance lease 2,534 Total assets acquired 19,100 Finance lease liabilities (2,854 ) Below-market leases (169 ) Total liabilities acquired (3,023 ) Net assets acquired $ 16,077

Acquired Intangible Assets, N_2

Acquired Intangible Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2020
Finite-Lived Intangible Assets, Net [Abstract]
Schedule of Acquired Intangible Assets, Net	Acquired intangible assets, net, consisted of the following as of September 30, 2020 and December 31, 2019 (amounts in thousands, except weighted average remaining life amounts): September 30, 2020 December 31, 2019 In-place leases, net of accumulated amortization of $79,650 and $62,252, respectively (with a weighted average remaining life of 10.0 years and 10.4 years, respectively) $ 238,388 $ 266,856 Above-market leases, net of accumulated amortization of $3,518 and $1,912, respectively (with a weighted average remaining life of 10.1 years and 10.5 years, respectively) 16,045 18,603 $ 254,433 $ 285,459

Acquired Intangible Liabiliti_2

Acquired Intangible Liabilities, Net (Tables)	9 Months Ended
	Sep. 30, 2020
Intangible Lease Liabilities, Net [Abstract]
Schedule of Acquired Intangible Liabilities, Net	Acquired intangible liabilities, net, consisted of the following as of September 30, 2020 and December 31, 2019 (amounts in thousands, except weighted average remaining life amounts): September 30, 2020 December 31, 2019 Below-market leases, net of accumulated amortization of $12,827 and $12,332, respectively (with a weighted average remaining life of 16.4 years and 16.1 years, respectively) $ 53,657 $ 59,538

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Schedule of Future Minimum Rent to Lessor from Operating Leases	Future rent to be received from the Company's investments in real estate assets under the terms of non-cancellable operating leases in effect as of September 30, 2020 , including optional renewal periods, for the three months ending December 31, 2020, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount Three months ending December 31, 2020 $ 54,645 2021 224,360 2022 231,872 2023 234,526 2024 230,762 Thereafter 1,642,130 Total (1) $ 2,618,295 (1) The total future rent amount of $2,618,295,000 includes approximately $54,440,000 in rent to be received in connection with two leases executed as of December 31, 2019, at two development properties with estimated lease start dates of December 1, 2020 and March 1, 2021 .
Schedule of Future Minimum Rent from Lessee for Operating Leases	The future rent payments, discounted by the Company's incremental borrowing rates, under non-cancellable operating leases, as of September 30, 2020 , for the three months ending December 31, 2020, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount Three months ending December 31, 2020 $ 613 2021 2,464 2022 1,682 2023 1,638 2024 1,687 Thereafter 136,719 Total undiscounted rental payments 144,803 Less imputed interest (112,589 ) Total operating lease liabilities $ 32,214
Schedule of Future Minimum Rent from Lessee for Finance Lease	The future rent payments, discounted by the Company's incremental borrowing rates, under non-cancellable finance leases, as of September 30, 2020 , for the three months ending December 31, 2020, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount Three months ending December 31, 2020 $ 37 2021 147 2022 147 2023 147 2024 152 Thereafter 7,264 Total undiscounted rental payments 7,894 Less imputed interest (5,040 ) Total finance lease liabilities $ 2,854

Notes Receivable, Net (Tables)

Notes Receivable, Net (Tables)	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Schedule of Notes Receivable Balance	The following summarizes the notes receivable balances as of September 30, 2020 and December 31, 2019 : September 30, 2020 December 31, 2019 Interest Rate (1) Maturity Date Note receivable $ 2,700 $ 2,700 6.0% 11/05/2020 Note receivable 28,627 — 7.0% 06/01/2022 Total notes receivable $ 31,327 $ 2,700 (1) As of September 30, 2020 .

Other Assets, Net (Tables)

Other Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2020
Other Assets [Abstract]
Schedule of Other Assets, Net	Other assets, net, consisted of the following as of September 30, 2020 and December 31, 2019 (amounts in thousands): September 30, 2020 December 31, 2019 Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $6,584 and $5,696, respectively $ 1,951 $ 2,623 Leasing commissions, net of accumulated amortization of $601 and $240, respectively 11,624 10,288 Restricted cash 15,001 10,888 Tenant receivables 6,482 6,116 Straight-line rent receivable, net 64,672 48,526 Prepaid and other assets 3,683 4,709 Derivative assets — 884 $ 103,413 $ 84,034

Accounts Payable and Other Li_2

Accounts Payable and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2020
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Other Liabilities	Accounts payable and other liabilities consisted of the following as of September 30, 2020 and December 31, 2019 (amounts in thousands): September 30, 2020 December 31, 2019 Accounts payable and accrued expenses $ 14,920 $ 11,448 Accrued interest expense 4,258 5,185 Accrued property taxes 6,131 3,537 Distribution and servicing fees 3,818 — Distributions payable to stockholders 8,780 9,093 Tenant deposits 1,058 1,500 Deferred rental income 7,670 9,003 Deferred internalization transaction purchase price (1) 14,674 — Derivative liabilities 23,594 5,588 $ 84,903 $ 45,354 (1) Represents the assumed liability recorded at fair value as a part of the Internalization Transaction. See Note 3—"Internalization Transaction" for additional information.

Notes Payable and Credit Faci_2

Notes Payable and Credit Facility (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of Debt	The Company's debt outstanding as of September 30, 2020 and December 31, 2019 , consisted of the following (amounts in thousands): September 30, 2020 December 31, 2019 Notes payable: Fixed rate notes payable $ 218,712 $ 219,567 Variable rate notes payable fixed through interest rate swaps 235,811 237,778 Total notes payable, principal amount outstanding 454,523 457,345 Unamortized deferred financing costs related to notes payable (2,027 ) (2,500 ) Total notes payable, net of deferred financing costs 452,496 454,845 Credit facility: Variable rate revolving line of credit 183,000 108,000 Variable rate term loan fixed through interest rate swaps 500,000 250,000 Variable rate term loans 300,000 550,000 Total credit facility, principal amount outstanding 983,000 908,000 Unamortized deferred financing costs related to the term loan credit facility (6,343 ) (7,385 ) Total credit facility, net of deferred financing costs 976,657 900,615 Total debt outstanding $ 1,429,153 $ 1,355,460
Schedule of Future Principal Payments Due on Debt	The principal payments due on the notes payable and credit facility as of September 30, 2020 , for the three months ending December 31, 2020 , and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount Three months ending December 31, 2020 $ 1,102 2021 146,026 2022 349,209 2023 282,710 2024 547,360 Thereafter 111,116 $ 1,437,523

Related-Party Transactions an_2

Related-Party Transactions and Arrangements (Tables)	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table details amounts incurred in connection with the Company's related-party transactions as described above for the three and nine months ended September 30, 2020 and 2019 (amounts in thousands): Incurred Three Months Ended Nine Months Ended Fee Entity 2020 2019 2020 2019 Distribution and servicing fees (1) SC Distributors, LLC $ (6 ) $ (5 ) $ (65 ) $ (99 ) Acquisition fees and costs Carter Validus Advisors II, LLC and its affiliates — 1,366 97 1,366 Asset management fees Carter Validus Advisors II, LLC and its affiliates 5,989 3,540 17,914 10,527 Property management fees Carter Validus Real Estate Management Services II, LLC 1,702 1,195 5,290 3,632 Operating expense reimbursement Carter Validus Advisors II, LLC and its affiliates 1,302 766 3,966 3,246 Leasing commission fees Carter Validus Real Estate Management Services II, LLC 111 — 594 98 Construction management fees Carter Validus Real Estate Management Services II, LLC 97 (14 ) 435 150 Disposition fees Carter Validus Advisors II, LLC and its affiliates — — 350 — Loan origination fees Carter Validus Advisors II, LLC and its affiliates — — 560 — Total $ 9,195 $ 6,848 $ 29,141 $ 18,920 (1) Reduction of distribution and servicing fees is a result of repurchases of Class T and Class T2 shares of common stock for the three and nine months ended September 30, 2020 and September 30, 2019 . The following table details amounts payable to affiliates in connection with the Company's related-party transactions as described above as of September 30, 2020 and December 31, 2019 (amounts in thousands): Payable Fee Entity September 30, 2020 December 31, 2019 Distribution and servicing fees SC Distributors, LLC $ — $ 6,210 Asset management fees Carter Validus Advisors II, LLC and its affiliates — 2,100 Property management fees Carter Validus Real Estate Management Services II, LLC — 433 Operating expense reimbursement Carter Validus Advisors II, LLC and its affiliates — 518 Leasing commission fees Carter Validus Real Estate Management Services II, LLC — 299 Construction management fees Carter Validus Real Estate Management Services II, LLC — 199 Total $ — $ 9,759

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Schedule of Information for Reportable Segments	Summary information for the reportable segments during the three and nine months ended September 30, 2020 and 2019 is as follows (amounts in thousands): Data Centers Healthcare Three Months Ended Revenue: Rental revenue $ 29,945 $ 40,722 $ 70,667 Expenses: Rental expenses (7,663 ) (4,405 ) (12,068 ) Segment net operating income $ 22,282 $ 36,317 58,599 Expenses: General and administrative expenses (3,578 ) Internalization transaction expenses (2,235 ) Asset management fees (5,989 ) Depreciation and amortization (28,249 ) Income from operations 18,548 Interest and other expense, net (13,284 ) Net income attributable to common stockholders $ 5,264 Data Centers Healthcare Three Months Ended Revenue: Rental revenue $ 28,230 $ 19,833 $ 48,063 Expenses: Rental expenses (8,414 ) (2,326 ) (10,740 ) Segment net operating income $ 19,816 $ 17,507 37,323 Expenses: General and administrative expenses (2,239 ) Asset management fees (3,540 ) Depreciation and amortization (16,254 ) Impairment loss on real estate - healthcare (13,000 ) Income from operations 2,290 Interest and other expense, net (11,920 ) Net loss attributable to common stockholders $ (9,630 ) Data Centers Healthcare Nine Months Ended September 30, 2020 Revenue: Rental revenue $ 84,848 $ 123,879 $ 208,727 Expenses: Rental expenses (21,839 ) (12,639 ) (34,478 ) Segment net operating income $ 63,009 $ 111,240 174,249 Expenses: General and administrative expenses (9,960 ) Internalization transaction expenses (3,640 ) Asset management fees (17,914 ) Depreciation and amortization (80,608 ) Gain on real estate disposition 2,703 Income from operations 64,830 Interest and other expense, net (42,802 ) Net income attributable to common stockholders $ 22,028 Data Centers Healthcare Nine Months Ended Revenue: Rental revenue $ 82,745 $ 58,722 $ 141,467 Expenses: Rental expenses (23,516 ) (6,494 ) (30,010 ) Segment net operating income $ 59,229 $ 52,228 111,457 Expenses: General and administrative expenses (5,177 ) Asset management fees (10,527 ) Depreciation and amortization (50,110 ) Impairment loss on real estate - healthcare (13,000 ) Income from operations 32,643 Interest and other expense, net (31,648 ) Net income attributable to common stockholders $ 995
Schedule of Assets by Reportable Segments	Assets by each reportable segment as of September 30, 2020 and December 31, 2019 are as follows (amounts in thousands): September 30, 2020 December 31, 2019 Assets by segment: Data centers $ 983,998 (1) $ 989,953 Healthcare 2,175,502 (1) 2,184,450 All other 101,525 65,131 Total assets $ 3,261,025 $ 3,239,534 (1) Includes $15,574,000 of goodwill allocated to the data centers segment and $23,955,000 of goodwill allocated to the healthcare segment acquired in the Internalization Transaction on September 30, 2020 .
Schedule of Capital Additions, Acquisitions, Dispositions and Goodwill by Reportable Segments	Capital additions, acquisitions and dispositions and goodwill by reportable segments for the nine months ended September 30, 2020 and 2019 are as follows (amounts in thousands): Nine Months Ended 2020 2019 Capital additions by segment: Data centers $ 3,633 $ 6,801 Healthcare 17,618 177 Total 21,251 6,978 Acquisitions by segment: Healthcare 16,064 69,830 Total 16,064 69,830 Proceeds from Dispositions by segment: Healthcare (6,125 ) — Total (6,125 ) — Net cash outflows from capital additions, acquisitions and dispositions $ 31,190 $ 76,808 Goodwill allocated by segment: Data centers $ 15,574 $ — Healthcare 23,955 — Total $ 39,529 $ —

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019 (amounts in thousands): September 30, 2020 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Liabilities: Derivative liabilities $ — $ 23,594 $ — $ 23,594 Total liabilities at fair value $ — $ 23,594 $ — $ 23,594 December 31, 2019 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Assets: Derivative assets $ — $ 884 $ — $ 884 Total assets at fair value $ — $ 884 $ — $ 884 Liabilities: Derivative liabilities $ — $ 5,588 $ — $ 5,588 Total liabilities at fair value $ — $ 5,588 $ — $ 5,588

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of the Notional Amount and Fair Value of Derivative Instruments	The following table summarizes the notional amount and fair value of the Company’s derivative instruments (amounts in thousands): Derivatives Balance Effective Maturity September 30, 2020 December 31, 2019 Outstanding Fair Value of Outstanding Fair Value of Asset (Liability) Asset (Liability) Interest rate swaps Other assets, net/ 07/01/2016 to 12/22/2020 to $ 735,811 $ — $ (23,594 ) $ 637,778 $ 884 $ (5,588 )
Schedule of Income and Losses Recognized on Derivative Instruments	The table below summarizes the amount of loss recognized on the interest rate derivatives designated as cash flow hedges for the three and nine months ended September 30, 2020 and 2019 (amounts in thousands): Derivatives in Cash Flow Amount of Loss Recognized Location of Loss Amount of (Loss) Income Total Amount of Interest and Other Expense, Net Presented in Condensed Consolidated Statements of Comprehensive Income (Loss) Three Months Ended September 30, 2020 Interest rate swaps $ (157 ) Interest and other expense, net $ (2,741 ) $ 13,284 Total $ (157 ) $ (2,741 ) Three Months Ended September 30, 2019 Interest rate swaps $ (1,701 ) Interest and other expense, net $ 422 $ 11,920 Total $ (1,701 ) $ 422 Nine Months Ended September 30, 2020 Interest rate swaps $ (24,011 ) Interest and other expense, net $ (5,121 ) $ 42,802 Total $ (24,011 ) $ (5,121 ) Nine Months Ended September 30, 2019 Interest rate swaps $ (11,502 ) Interest and other expense, net $ 1,784 $ 31,648 Total $ (11,502 ) $ 1,784
Schedule of Offsetting of Derivative Assets	The following tables present the effect on the Company’s financial position had the Company made the election to offset its derivative positions as of September 30, 2020 and December 31, 2019 (amounts in thousands): Offsetting of Derivative Assets Gross Amounts Not Offset in the Balance Sheet Gross Gross Amounts Net Amounts of Financial Instruments Cash Collateral Net December 31, 2019 $ 884 $ — $ 884 $ (5 ) $ — $ 879
Schedule of Offsetting of Derivative Liabilities	Offsetting of Derivative Liabilities Gross Amounts Not Offset in the Balance Sheet Gross Gross Amounts Net Amounts of Financial Instruments Cash Collateral Net September 30, 2020 $ 23,594 $ — $ 23,594 $ — $ — $ 23,594 December 31, 2019 $ 5,588 $ — $ 5,588 $ (5 ) $ — $ 5,583

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive (Loss) Income (Tables)	9 Months Ended
	Sep. 30, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Amounts Recognized in Accumulated Other Comprehensive (Loss) Income	The following table presents a rollforward of amounts recognized in accumulated other comprehensive (loss) income by component for the nine months ended September 30, 2020 and 2019 (amounts in thousands): Unrealized Loss on Derivative Balance as of December 31, 2019 $ (4,704 ) Other comprehensive loss before reclassification (24,011 ) Amount of loss reclassified from accumulated other comprehensive loss to net income 5,121 Other comprehensive loss (18,890 ) Balance as of September 30, 2020 $ (23,594 ) Unrealized Loss on Derivative Balance as of December 31, 2018 $ 6,100 Cumulative effect of accounting change 103 Balance as of January 1, 2019 6,203 Other comprehensive loss before reclassification (11,502 ) Amount of income reclassified from accumulated other comprehensive income to net income (1,784 ) Other comprehensive loss (13,286 ) Balance as of September 30, 2019 $ (7,083 )
Schedule of Reclassifications Out of Accumulated Other Comprehensive (Loss) Income	The following table presents reclassifications out of accumulated other comprehensive (loss) income for the nine months ended September 30, 2020 and 2019 (amounts in thousands): Details about Accumulated Other Amounts Reclassified from Affected Line Items in the Condensed Consolidated Statements of Comprehensive Income (Loss) Nine Months Ended 2020 2019 Interest rate swap contracts $ 5,121 $ (1,784 ) Interest and other expense, net

Subsequent Events (Tables)

Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Schedule of Subsequent Events	The following table summarizes the Company's distributions paid to stockholders on October 1, 2020 , for the period from September 1, 2020 through September 30, 2020 (amounts in thousands): Payment Date Common Stock Cash DRIP Total Distribution October 1, 2020 Class A $ 5,277 $ 1,539 $ 6,816 October 1, 2020 Class I 306 209 515 October 1, 2020 Class T 670 662 1,332 October 1, 2020 Class T2 53 64 117 $ 6,306 $ 2,474 $ 8,780 The following table summarizes the Company's distributions paid to stockholders on November 2, 2020, for the period from October 1, 2020 through October 31, 2020 (amounts in thousands): Payment Date Common Stock Cash DRIP Total Distribution November 2, 2020 Class A $ 5,479 $ 1,594 $ 7,073 November 2, 2020 Class I 318 215 533 November 2, 2020 Class T 697 681 1,378 November 2, 2020 Class T2 57 65 122 $ 6,551 $ 2,555 $ 9,106 Distributions Authorized The following tables summarize the daily distributions approved and authorized by the board of directors of the Company subsequent to September 30, 2020 : Authorization Date (1) Common Stock Daily Distribution Rate (1) Annualized Distribution Per Share October 20, 2020 Class A $ 0.001366120 $ 0.50 October 20, 2020 Class I $ 0.001366120 $ 0.50 October 20, 2020 Class T $ 0.001129781 $ 0.41 October 20, 2020 Class T2 $ 0.001129781 $ 0.41 Authorization Date (2) Common Stock Daily Distribution Rate (2) Annualized Distribution Per Share November 5, 2020 Class A $ 0.001366120 $ 0.50 November 5, 2020 Class I $ 0.001366120 $ 0.50 November 5, 2020 Class T $ 0.001129781 $ 0.41 November 5, 2020 Class T2 $ 0.001129781 $ 0.41 (1) Distributions approved and authorized to stockholders of record as of the close of business on each day of the period commencing on November 1, 2020 and ending on November 30, 2020. The distributions will be calculated based on 366 days in the calendar year. The distributions declared for each record date in November 2020 will be paid in December 2020. The distributions will be payable to stockholders from legally available funds therefor. (2) Distributions approved and authorized to stockholders of record as of the close of business on each day of the period commencing on December 1, 2020 and ending on December 31, 2020. The distributions will be calculated based on 366 days in the calendar year. The distributions declared for each record date in December 2020 will be paid in January 2021. The distributions will be payable to stockholders from legally available funds therefor.

Organization and Business Ope_2

Organization and Business Operations (Details)	9 Months Ended
	Sep. 30, 2020employeeregistration_statementproperty	Sep. 29, 2020employee	Nov. 30, 2018initial_public_offering
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of employees | employee	76	0
Number of real estate properties acquired	2
Number of real estate properties sold	1
Number of real estate properties owned	153
Number of public offerings | initial_public_offering			2
Number of registration statements on Form S-3 | registration_statement	2

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Narrative) (Details)	Oct. 01, 2020USD ($)$ / sharesshares	Jul. 31, 2020	Sep. 30, 2020USD ($)metropolitanleasemicropolitantenantshares	Sep. 30, 2019USD ($)leasepropertytenantshares	Sep. 30, 2020USD ($)metropolitanleasesegmentmicropolitanpropertytenant$ / sharesshares	Sep. 30, 2019USD ($)leasepropertytenant$ / sharesshares	Dec. 31, 2019USD ($)segment	Jul. 01, 2020USD ($)	Mar. 06, 2020shares
Summary of Significant Accounting Policies [Line Items]
Number of real estate properties acquired | property					2
Impairment loss on real estate			$ 0	$ 13,000,000	$ 0	$ 13,000,000
Number of impaired properties | property						1
Real estate assets, carrying amount			$ 2,724,117,000		$ 2,724,117,000		$ 2,768,462,000
Number of impaired intangible liabilities | lease			1	1	1	1
Accelerated amortization of below-market leases			$ 1,974,000	$ 212,000	$ 1,974,000	$ 212,000
Number of tenants with impaired intangible assets | tenant			1	2		2
Number of tenants with impaired intangible liabilities | tenant			1	1	1	1
Bad debt expense			$ 118,000	$ 85,000	$ 118,000	$ 655,000
Goodwill			$ 39,529,000		39,529,000		$ 0
Origination of note receivable related to real estate disposition					$ 28,000,000	0
Number of micropolitan statistical areas with owned real estate investments | micropolitan			2		2
Number of metropolitan statistical areas with owned real estate investments | metropolitan			68		68
Maximum number of shares available for repurchase during any calendar year, as percentage of common stock outstanding at end of prior year					5.00%
Period of notice required for changes to share repurchase program					30 days
Purchase of noncontrolling interest			$ 2,000		$ 2,000
Repurchase of common stock			$ 1,940,000	861,000	$ 26,461,000	$ 22,374,000
Diluted earnings per share outstanding adjustment (in shares) | shares			60,000		42,000	23,000
Number of reportable business segments | segment					2		2
Number of rent concessions | lease					30
Rental revenue, percentage					98.00%
Mr Seton
Summary of Significant Accounting Policies [Line Items]
Common stock underlying awards					$ 1,800,000
Ms Neely
Summary of Significant Accounting Policies [Line Items]
Common stock underlying awards					$ 700,000
Restricted Stock, Performance-Based | Mr Seton
Summary of Significant Accounting Policies [Line Items]
Vesting percentage					50.00%
Restricted Stock, Performance-Based | Ms Neely
Summary of Significant Accounting Policies [Line Items]
Vesting percentage					50.00%
Restricted Stock, Time-Based
Summary of Significant Accounting Policies [Line Items]
Award vesting period under plan					4 years
Restricted Stock, Time-Based | Mr Seton
Summary of Significant Accounting Policies [Line Items]
Vesting percentage					50.00%
Restricted Stock, Time-Based | Ms Neely
Summary of Significant Accounting Policies [Line Items]
Vesting percentage					50.00%
Internalization Transaction
Summary of Significant Accounting Policies [Line Items]
Goodwill			$ 39,529,000		$ 39,529,000
Subsequent Event | Restricted Stock, One-Time | Certain Employees
Summary of Significant Accounting Policies [Line Items]
Grants in period (in shares) | shares	206,936
Estimated net asset value (in dollars per share) | $ / shares	$ 8.65
Common Stock
Summary of Significant Accounting Policies [Line Items]
Repurchase of common stock			$ 3,000	$ 1,000	$ 31,000	$ 24,000
Repurchase of common stock (in shares) | shares			224,416	93,045	3,059,072	2,418,760
Common Stock | Subsequent Event | Restricted Stock, Time-Based | Mr Seton
Summary of Significant Accounting Policies [Line Items]
Grants in period (in shares) | shares	231,214
Grant date fair value	$ 2,000,000
Common Stock | Subsequent Event | Restricted Stock, Time-Based | Ms Neely
Summary of Significant Accounting Policies [Line Items]
Grants in period (in shares) | shares	115,607
Grant date fair value	$ 1,000,000
Class A, I, T and T2 shares | Common Stock
Summary of Significant Accounting Policies [Line Items]
Repurchase of common stock					$ 26,461,000	$ 22,374,000
Repurchase of common stock (in shares) | shares					3,059,072	2,418,760
Repurchase of common stock, average price per share (in dollars per share) | $ / shares					$ 8.65	$ 9.25
Class A | Restated 2014 Restricted Share Plan | Restricted Stock
Summary of Significant Accounting Policies [Line Items]
Number of authorized and reserved shares of common stock under plan (in shares) | shares									5,000,000
Value granted to each independent director								$ 60,000
Award vesting period under plan		3 years			1 year
Vesting percentage		33.34%
Class A | Restated 2014 Restricted Share Plan | Internalization Transaction | Restricted Stock
Summary of Significant Accounting Policies [Line Items]
Value granted to each independent director			$ 70,000		$ 70,000
Class A | Subsequent Event | Restated 2014 Restricted Share Plan | Restricted Stock
Summary of Significant Accounting Policies [Line Items]
Value granted to each independent director	$ 7,500
Award vesting period under plan	1 year
Class A | Common Stock
Summary of Significant Accounting Policies [Line Items]
Repurchase of common stock (in shares) | shares					2,382,166	1,816,319
Class A | Common Stock | Internalization Transaction
Summary of Significant Accounting Policies [Line Items]
Purchase of noncontrolling interest					$ 2,000
Repurchase of common stock					$ 254,000
Repurchase of common stock (in shares) | shares					29,362
Repurchase of common stock, average price per share (in dollars per share) | $ / shares					$ 8.65
Class I | Common Stock
Summary of Significant Accounting Policies [Line Items]
Repurchase of common stock (in shares) | shares					395,334	189,947
Class T | Common Stock
Summary of Significant Accounting Policies [Line Items]
Repurchase of common stock (in shares) | shares					258,550	407,095
Class T2 | Common Stock
Summary of Significant Accounting Policies [Line Items]
Repurchase of common stock (in shares) | shares					23,022	5,399
Tenant Of Healthcare Property
Summary of Significant Accounting Policies [Line Items]
Number of impaired properties | property				1
Rental Revenue | Geographic Concentration Risk
Summary of Significant Accounting Policies [Line Items]
Number of metropolitan statistical areas with owned real estate investments | metropolitan			2		2
Rental Revenue | Geographic Concentration Risk | Atlanta-Sandy Springs-Roswell, Georgia MSA
Summary of Significant Accounting Policies [Line Items]
Concentration risk, percentage					12.70%
Rental Revenue | Geographic Concentration Risk | Houston-The Woodlands-Sugar Land, Texas MSA
Summary of Significant Accounting Policies [Line Items]
Concentration risk, percentage					10.20%
Rental Revenue | Customer Concentration Risk
Summary of Significant Accounting Policies [Line Items]
Number of tenants | tenant			1		1
Rental Revenue | Customer Concentration Risk | Post Acute Medical LLC
Summary of Significant Accounting Policies [Line Items]
Concentration risk, percentage					10.10%
In-place leases
Summary of Significant Accounting Policies [Line Items]
Number of impaired acquired intangible assets | lease			1	2	2	2
Impairment of acquired intangible assets			$ 3,189,000	$ 537,000	$ 4,673,000	$ 3,195,000
In-place leases | Tenant Of Data Center Property
Summary of Significant Accounting Policies [Line Items]
Impairment of acquired intangible assets					3,189,000
In-place leases | Tenant Of Healthcare Property
Summary of Significant Accounting Policies [Line Items]
Impairment of acquired intangible assets					$ 1,484,000
Above-market leases
Summary of Significant Accounting Policies [Line Items]
Number of impaired acquired intangible assets | lease					1
Impairment of acquired intangible assets					$ 344,000
Impaired Real Estate Properties
Summary of Significant Accounting Policies [Line Items]
Real estate assets, carrying amount				40,266,000		40,266,000
Real estate assets, fair value				$ 27,266,000		$ 27,266,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Reconciliation of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents	$ 75,505	$ 69,342	$ 67,969	$ 68,360
Restricted cash	15,001	10,888	10,080	11,167
Cash, cash equivalents and restricted cash	$ 90,506	$ 80,230	$ 78,049	$ 79,527

Internalization Transaction (Na

Internalization Transaction (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Business Acquisition [Line Items]
Internalization transaction expenses		$ 2,235	$ 0	$ 3,640	$ 0
Internalization Transaction
Business Acquisition [Line Items]
Equity interest in acquiree percentage	100.00%	100.00%		100.00%
Internalization transaction, purchase price	$ 40,000
Internalization Transaction, Tranche One, Closing
Business Acquisition [Line Items]
Internalization transaction, cash paid	25,000
Internalization Transaction, Tranche Two, March 31, 2021
Business Acquisition [Line Items]
Internalization transaction, payable	7,500
Internalization Transaction, Tranche Three, March 31, 2022
Business Acquisition [Line Items]
Internalization transaction, payable	$ 7,500

Internalization Transaction (Sc

Internalization Transaction (Schedule of Allocation of Purchase Price) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill	$ 39,529	$ 0
Deferred internalization transaction purchase price	(14,674)	$ 0
Internalization Transaction
Business Acquisition [Line Items]
Goodwill	39,529
Right-of-use assets - operating lease	1,205
Total assets acquired	40,734
Operating lease liabilities	(1,060)
Deferred internalization transaction purchase price	(14,674)
Total liabilities acquired	(15,734)
Net assets allocated at acquisition	$ 25,000

Internalization Transaction (_2

Internalization Transaction (Schedule of Pro Forma Financial Information) (Details) - Internalization Transaction - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Business Acquisition [Line Items]
Revenues	$ 70,667	$ 48,063	$ 208,727	$ 141,467
Net income (loss) attributable to common stockholders	$ 12,879	$ (8,171)	$ 42,175	$ 6,560
Net income (loss) per common share attributable to common stockholders:
Basic (in dollars per share)	$ 0.06	$ (0.06)	$ 0.19	$ 0.05
Diluted (in dollars per share)	$ 0.06	$ (0.06)	$ 0.19	$ 0.05

Acquisitions and Dispositions_2

Acquisitions and Dispositions (Narrative) (Details) $ in Thousands	May 28, 2020USD ($)property	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)property	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Real Estate [Line Items]
Number of real estate properties acquired | property				2
Capitalized acquisition fees and costs				$ 252
Number of real estate properties sold | property				1
Proceeds from real estate disposition				$ 6,125	$ 0
Gain on real estate disposition		$ 0	$ 0	2,703	$ 0
Investment in note receivable, principal amount		$ 30,700		$ 30,700		$ 2,700
Maximum
Real Estate [Line Items]
Acquisition fees and costs (% of contract purchase price)				6.00%
San Antonio Healthcare Facility II
Real Estate [Line Items]
Number of real estate properties sold | property	1
Sale price of real estate disposition	$ 35,000
Proceeds from real estate disposition	6,125
Sale price of real estate disposition in cash	7,000
Investment in note receivable, principal amount	$ 28,000

Acquisitions and Dispositions_3

Acquisitions and Dispositions (Schedule of Consideration Transferred for Properties Acquired) (Details) $ in Thousands	Sep. 30, 2020USD ($)
Business Acquisition [Line Items]
Purchase Price	$ 16,077
Grimes Healthcare Facility
Business Acquisition [Line Items]
Ownership Percentage	100.00%
Purchase Price	$ 5,030
Tampa Healthcare Facility
Business Acquisition [Line Items]
Ownership Percentage	100.00%
Purchase Price	$ 11,047

Acquisitions and Dispositions_4

Acquisitions and Dispositions (Schedule of Allocation of Acquisitions) (Details) - 2020 Acquisitions $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Business Acquisition [Line Items]
In-place leases	$ 1,748
Right-of-use assets - finance lease	2,534
Total assets acquired	19,100
Finance lease liabilities	(2,854)
Below-market leases	(169)
Total liabilities acquired	(3,023)
Net assets acquired	16,077
Land
Business Acquisition [Line Items]
Property, plant and equipment acquired	831
Buildings and improvements
Business Acquisition [Line Items]
Property, plant and equipment acquired	13,524
Tenant improvements
Business Acquisition [Line Items]
Property, plant and equipment acquired	$ 463

Acquired Intangible Assets, N_3

Acquired Intangible Assets, Net (Schedule of Acquired Intangible Assets, Net) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible asset, net of accumulated amortization	$ 254,433	$ 285,459
Acquired intangible asset, accumulated amortization	$ 83,168	$ 64,164
Acquired intangible asset, weighted average remaining life	10 years	10 years 4 months 24 days
In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible asset, net of accumulated amortization	$ 238,388	$ 266,856
Acquired intangible asset, accumulated amortization	$ 79,650	$ 62,252
Acquired intangible asset, weighted average remaining life	10 years	10 years 4 months 24 days
Above-market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible asset, net of accumulated amortization	$ 16,045	$ 18,603
Acquired intangible asset, accumulated amortization	$ 3,518	$ 1,912
Acquired intangible asset, weighted average remaining life	10 years 1 month 6 days	10 years 6 months

Acquired Intangible Assets, N_4

Acquired Intangible Assets, Net (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020USD ($)lease	Sep. 30, 2019USD ($)lease	Sep. 30, 2020USD ($)lease	Sep. 30, 2019USD ($)lease	Dec. 31, 2019
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible asset, weighted average remaining life			10 years		10 years 4 months 24 days
Amortization of acquired intangible assets	$ 11,163	$ 5,644	$ 29,964	$ 18,539
In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible asset, weighted average remaining life			10 years		10 years 4 months 24 days
Impairment of acquired intangible assets	$ 3,189	$ 537	$ 4,673	$ 3,195
Number of impaired acquired intangible assets | lease	1	2	2	2
In-place and above-market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Impairment of acquired intangible assets			$ 5,017
Above-market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible asset, weighted average remaining life			10 years 1 month 6 days		10 years 6 months
Impairment of acquired intangible assets			$ 344
Number of impaired acquired intangible assets | lease			1

Acquired Intangible Liabiliti_3

Acquired Intangible Liabilities, Net (Schedule of Acquired Intangible Liabilities, Net) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Intangible Lease Liabilities, Net [Abstract]
Below-market leases, net of accumulated amortization of $12,827 and $12,332, respectively (with a weighted average remaining life of 16.4 years and 16.1 years, respectively)	$ 53,657	$ 59,538
Below-market leases, accumulated amortization	$ 12,827	$ 12,332
Below-market leases, weighted average remaining life	16 years 4 months 24 days	16 years 1 month 6 days

Acquired Intangible Liabiliti_4

Acquired Intangible Liabilities, Net (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Intangible Lease Liabilities, Net [Abstract]
Amortization of below-market leases	$ 3,293	$ 1,441	$ 6,050	$ 3,905
Accelerated amortization of below-market leases	$ 1,974	$ 212	$ 1,974	$ 212

Leases (Narrative) (Details)

Leases (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)ft²lease	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)ft²lease	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
Number of operating ground leases | lease	17		17
Number of operating office leases | lease	1		1
Number of operating ground leases without corresponding operating lease liabilities | lease	4		4
Operating lease liability	$ 32,214		$ 32,214		$ 31,004
Operating lease costs	642	$ 271	1,926	$ 766
Sublease income	$ 401	$ 127	$ 1,202	380
Operating lease, weighted average incremental borrowing rate, percent	5.70%		5.70%
Operating lease, weighted average remaining lease term	48 years 3 months 29 days		48 years 3 months 29 days		50 years 8 months 12 days
Number of finance ground leases | lease	1		1
Finance lease liability	$ 2,854		$ 2,854		$ 0
Reduction in the carrying amount of right-of-use assets - finance lease, net	1		1	$ 0
Interest on finance lease liability	$ 10		$ 10
Finance lease, weighted average incremental borrowing rate, percent	5.30%		5.30%
Finance lease, weighted average remaining lease term	43 years 8 months 5 days		43 years 8 months 5 days
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, weighted average incremental borrowing rate, percent	3.50%		3.50%
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, weighted average incremental borrowing rate, percent	6.60%		6.60%
Corporate Lease
Lessee, Lease, Description [Line Items]
Operating lease liability	$ 1,060		$ 1,060
Leased area of real estate property | ft²	24,555		24,555

Leases (Schedule of Future Mini

Leases (Schedule of Future Minimum Rent to Lessor from Operating Leases) (Details) $ in Thousands	Sep. 30, 2020USD ($)leaseproperty
Leases [Abstract]
Three months ending December 31, 2020	$ 54,645
2021	224,360
2022	231,872
2023	234,526
2024	230,762
Thereafter	1,642,130
Total	2,618,295
Value of underlying operating lease asset, leases not yet commenced	$ 54,440
Number of executed leases, operating leases not yet commenced | lease	2
Number of development properties, operating leases not yet commenced | property	2

Leases (Schedule of Future Mi_2

Leases (Schedule of Future Minimum Rent from Lessee for Operating Leases) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Leases [Abstract]
Three months ending December 31, 2020	$ 613
2021	2,464
2022	1,682
2023	1,638
2024	1,687
Thereafter	136,719
Total undiscounted rental payments	144,803
Less imputed interest	(112,589)
Total operating lease liabilities	$ 32,214	$ 31,004

Leases (Schedule of Future Mi_3

Leases (Schedule of Future Minimum Rent from Lessee for Finance Lease) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Leases [Abstract]
Three months ending December 31, 2020	$ 37
2021	147
2022	147
2023	147
2024	152
Thereafter	7,264
Total undiscounted rental payments	7,894
Less imputed interest	(5,040)
Total finance lease liabilities	$ 2,854	$ 0

Notes Receivable, Net (Narrativ

Notes Receivable, Net (Narrative) (Details)	May 28, 2020USD ($)	Sep. 30, 2020USD ($)receivable	Sep. 30, 2020USD ($)receivable	Sep. 30, 2019USD ($)	Nov. 05, 2020USD ($)	Dec. 31, 2019USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of notes receivable outstanding | receivable		2	2
Notes receivable, net		$ 31,327,000	$ 31,327,000			$ 2,700,000
Investment in note receivable, principal amount		30,700,000	30,700,000			2,700,000
Amortization of loan origination fee			96,000	$ 0
Estimated credit losses for notes receivable		0	0
Note Receivable Due November 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, net		$ 2,700,000	$ 2,700,000			2,700,000
Interest rate		6.00%	6.00%
Note Receivable Due June 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, net		$ 28,627,000	$ 28,627,000			$ 0
Investment in note receivable, principal amount	$ 28,000,000
Interest rate		7.00%	7.00%
Loan origination fee incurred	$ 560,000
Interest income on notes receivable		$ 501,000	$ 686,000
Amortization of loan origination fee		70,000	96,000
Unamortized loan origination fee		$ 464,000	$ 464,000
Note Receivable Due June 2022 | Note Receivable, Period One
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate	7.00%
Note Receivable Due June 2022 | Note Receivable, Period Two
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate	8.00%
Subsequent Event | Note Receivable Due November 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable outstanding, delinquent					$ 2,700,000

Notes Receivable, Net (Schedule

Notes Receivable, Net (Schedule of Notes Receivable Balance) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, net	$ 31,327	$ 2,700
Note Receivable Due November 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, net	$ 2,700	2,700
Interest Rate	6.00%
Note Receivable Due June 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, net	$ 28,627	$ 0
Interest Rate	7.00%

Other Assets, Net (Schedule of

Other Assets, Net (Schedule of Other Assets, Net) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Other Assets [Abstract]
Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $6,584 and $5,696, respectively	$ 1,951	$ 2,623
Leasing commissions, net of accumulated amortization of $601 and $240, respectively	11,624	10,288
Restricted cash	15,001	10,888	$ 10,080	$ 11,167
Tenant receivables	6,482	6,116
Straight-line rent receivable, net	64,672	48,526
Prepaid and other assets	3,683	4,709
Derivative assets	0	884
Total other assets, net	103,413	84,034
Deferred financing costs, related to the revolver portion of the credit facility, accumulated amortization	6,584	5,696
Leasing commissions, accumulated amortization	$ 601	$ 240

Accounts Payable and Other Li_3

Accounts Payable and Other Liabilities (Schedule of Accounts Payable and Other Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accounts payable and accrued expenses	$ 14,920	$ 11,448
Accrued interest expense	4,258	5,185
Accrued property taxes	6,131	3,537
Distribution and servicing fees	3,818	0
Distributions payable to stockholders	8,780	9,093
Tenant deposits	1,058	1,500
Deferred rental income	7,670	9,003
Deferred internalization transaction purchase price	14,674	0
Derivative liabilities	23,594	5,588
Total accounts payable and other liabilities	$ 84,903	$ 45,354

Notes Payable and Credit Faci_3

Notes Payable and Credit Facility (Schedule of Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Notes payable, principal amount outstanding	$ 454,523	$ 457,345
Unamortized deferred financing costs related to notes payable	(2,027)	(2,500)
Total notes payable, net of deferred financing costs	452,496	454,845
Credit facility, principal amount outstanding	983,000	908,000
Unamortized deferred financing costs related to the term loan credit facility	(6,343)	(7,385)
Total credit facility, net of deferred financing costs	976,657	900,615
Total debt outstanding	1,429,153	1,355,460
Fixed Rate
Debt Instrument [Line Items]
Notes payable, principal amount outstanding	218,712	219,567
Variable Rate, Subject to Interest Rate Swap
Debt Instrument [Line Items]
Notes payable, principal amount outstanding	235,811	237,778
Credit facility, principal amount outstanding	500,000	250,000
Variable Rate, Subject to Interest Rate Swap | Term Loan
Debt Instrument [Line Items]
Credit facility, principal amount outstanding	500,000	250,000
Variable Rate
Debt Instrument [Line Items]
Credit facility, principal amount outstanding	483,000	658,000
Variable Rate | Revolving Line of Credit
Debt Instrument [Line Items]
Credit facility, principal amount outstanding	183,000	108,000
Variable Rate | Term Loan
Debt Instrument [Line Items]
Credit facility, principal amount outstanding	$ 300,000	$ 550,000

Notes Payable and Credit Faci_4

Notes Payable and Credit Facility (Narrative) (Details) $ in Thousands	Nov. 12, 2020USD ($)	Sep. 30, 2020USD ($)instrument	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Proceeds from credit facility		$ 140,000	$ 85,000
Payments on credit facility		65,000	$ 0
Credit facility, principal amount outstanding		983,000		$ 908,000
Property Acquisition and Share Repurchases
Debt Instrument [Line Items]
Proceeds from credit facility		20,000
Economic Uncertainty
Debt Instrument [Line Items]
Proceeds from credit facility		75,000
Property Acquisition And Internalization Transaction
Debt Instrument [Line Items]
Proceeds from credit facility		45,000
Variable Rate, Subject to Interest Rate Swap
Debt Instrument [Line Items]
Credit facility, principal amount outstanding		$ 500,000		$ 250,000
Variable Rate Debt | Interest rate swaps | Variable Rate, Subject to Interest Rate Swap
Debt Instrument [Line Items]
Number of interest rate swap agreements | instrument		3
Credit facility, principal amount outstanding		$ 150,000
Variable Rate Debt | Interest rate swaps | Variable Rate, Subject to Interest Rate Swap, Two
Debt Instrument [Line Items]
Number of interest rate swap agreements | instrument		2
Credit facility, principal amount outstanding		$ 100,000
Subsequent Event
Debt Instrument [Line Items]
Payments on credit facility	$ 45,000

Notes Payable and Credit Faci_5

Notes Payable and Credit Facility (Schedule of Future Principal Payments Due on Debt) (Details) $ in Thousands	Sep. 30, 2020USD ($)
Debt Disclosure [Abstract]
Three months ending December 31, 2020	$ 1,102
2021	146,026
2022	349,209
2023	282,710
2024	547,360
Thereafter	111,116
Total	$ 1,437,523

Related-Party Transactions an_3

Related-Party Transactions and Arrangements (Narrative) (Details) - employee	Sep. 30, 2020	Jul. 28, 2020	Sep. 30, 2020	Sep. 29, 2020
Related Party Transaction [Line Items]
Number of employees	76		76	0
Special limited partnership interest, shareholder annual return			8.00%
Maximum
Related Party Transaction [Line Items]
Disposition fee (% of contract sales price)			6.00%
Carter Validus Advisors II, LLC and its affiliates
Related Party Transaction [Line Items]
Acquisition fee (% of contract purchase price of each property or asset acquired)		2.00%
Acquisition fee (% of amount advanced with respect to loans and similar assets)		2.00%
Acquisition expenses reimbursed (% of purchase price of each property or real estate-related investment)	0.01%
Carter Validus Advisors II, LLC and its affiliates | Maximum
Related Party Transaction [Line Items]
Disposition fee (% of contract sales price)			1.00%
Disposition fee (% of third party brokerage commission)			50.00%
Carter Validus Advisors II, LLC
Related Party Transaction [Line Items]
Monthly asset management fee (% of aggregate asset value)			0.0625%
Carter Validus Advisors II, LLC | Maximum
Related Party Transaction [Line Items]
Operating expense reimbursement (% of average invested assets)			2.00%
Operating expense reimbursement ( % of net income)			25.00%
Carter Validus Real Estate Management Services II, LLC
Related Party Transaction [Line Items]
Property management fee (% of gross revenues from properties managed)			3.00%
Oversight fee (% of gross revenues from properties managed)			1.00%
Construction management fee (% of project costs)			5.00%

Related-Party Transactions an_4

Related-Party Transactions and Arrangements (Schedule of Related Party Transactions) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Incurred	$ 9,195	$ 6,848	$ 29,141	$ 18,920
Payable	0		0		$ 9,759
SC Distributors, LLC | Distribution and Servicing Fees
Related Party Transaction [Line Items]
Incurred	(6)	(5)	(65)	(99)
Payable	0		0		6,210
Carter Validus Advisors II, LLC and its affiliates | Acquisition fees and costs
Related Party Transaction [Line Items]
Incurred	0	1,366	97	1,366
Carter Validus Advisors II, LLC and its affiliates | Asset management fees
Related Party Transaction [Line Items]
Incurred	5,989	3,540	17,914	10,527
Payable	0		0		2,100
Carter Validus Advisors II, LLC and its affiliates | Operating expense reimbursement
Related Party Transaction [Line Items]
Incurred	1,302	766	3,966	3,246
Payable	0		0		518
Carter Validus Advisors II, LLC and its affiliates | Disposition fees
Related Party Transaction [Line Items]
Incurred	0	0	350	0
Carter Validus Advisors II, LLC and its affiliates | Loan origination fees
Related Party Transaction [Line Items]
Incurred	0	0	560	0
Carter Validus Real Estate Management Services II, LLC | Property management fees
Related Party Transaction [Line Items]
Incurred	1,702	1,195	5,290	3,632
Payable	0		0		433
Carter Validus Real Estate Management Services II, LLC | Leasing commission fees
Related Party Transaction [Line Items]
Incurred	111	0	594	98
Payable	0		0		299
Carter Validus Real Estate Management Services II, LLC | Construction management fees
Related Party Transaction [Line Items]
Incurred		$ (14)
Incurred	97		435	$ 150
Payable	$ 0		$ 0		$ 199

Segment Reporting (Narrative) (

Segment Reporting (Narrative) (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)segment	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)segment
Segment Reporting Information [Line Items]
Number of reportable business segments | segment			2		2
Goodwill	$ 39,529,000		$ 39,529,000		$ 0
Rental revenue	70,667,000	$ 48,063,000	208,727,000	$ 141,467,000
Intersegment Elimination
Segment Reporting Information [Line Items]
Rental revenue	$ 0	$ 0	$ 0	$ 0

Segment Reporting (Schedule of

Segment Reporting (Schedule of Information for Reportable Segments) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Rental revenue	$ 70,667	$ 48,063	$ 208,727	$ 141,467
Rental expenses	(12,068)	(10,740)	(34,478)	(30,010)
Income from operations	18,548	2,290	64,830	32,643
General and administrative expenses	(3,578)	(2,239)	(9,960)	(5,177)
Internalization transaction expenses	(2,235)	0	(3,640)	0
Asset management fees	(5,989)	(3,540)	(17,914)	(10,527)
Depreciation and amortization	(28,249)	(16,254)	(80,608)	(50,110)
Impairment loss on real estate - healthcare	0	(13,000)	0	(13,000)
Gain on real estate dispositions	0	0	2,703	0
Interest and other expense, net	(13,284)	(11,920)	(42,802)	(31,648)
Net income (loss) attributable to common stockholders	5,264	(9,630)	22,028	995
Operating Segments
Segment Reporting Information [Line Items]
Rental revenue	70,667	48,063	208,727	141,467
Rental expenses	(12,068)	(10,740)	(34,478)	(30,010)
Income from operations	58,599	37,323	174,249	111,457
Operating Segments | Data Centers
Segment Reporting Information [Line Items]
Rental revenue	29,945	28,230	84,848	82,745
Rental expenses	(7,663)	(8,414)	(21,839)	(23,516)
Income from operations	22,282	19,816	63,009	59,229
Operating Segments | Healthcare
Segment Reporting Information [Line Items]
Rental revenue	40,722	19,833	123,879	58,722
Rental expenses	(4,405)	(2,326)	(12,639)	(6,494)
Income from operations	$ 36,317	$ 17,507	$ 111,240	$ 52,228

Segment Reporting (Schedule o_2

Segment Reporting (Schedule of Assets by Reportable Segments) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Assets by segment [Line Items]
Total assets	$ 3,261,025		$ 3,239,534
Goodwill acquired	39,529	$ 0
Operating Segments | Data centers
Assets by segment [Line Items]
Total assets	983,998		989,953
Goodwill acquired	15,574	0
Operating Segments | Healthcare
Assets by segment [Line Items]
Total assets	2,175,502		2,184,450
Goodwill acquired	23,955	$ 0
All other
Assets by segment [Line Items]
Total assets	$ 101,525		$ 65,131

Segment Reporting (Schedule o_3

Segment Reporting (Schedule of Capital Additions, Acquisitions, Dispositions and Goodwill by Reportable Segments) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Capital additions and acquisitions by segment [Line Items]
Capital additions by segment:	$ 21,251	$ 6,978
Acquisitions by segment:	16,064	69,830
Proceeds from Dispositions by segment:	(6,125)	0
Net cash outflows from capital additions, acquisitions and dispositions	31,190	76,808
Goodwill allocated by segment:	39,529	0
Operating Segments | Data centers
Capital additions and acquisitions by segment [Line Items]
Capital additions by segment:	3,633	6,801
Goodwill allocated by segment:	15,574	0
Operating Segments | Healthcare
Capital additions and acquisitions by segment [Line Items]
Capital additions by segment:	17,618	177
Acquisitions by segment:	16,064	69,830
Proceeds from Dispositions by segment:	(6,125)	0
Goodwill allocated by segment:	$ 23,955	$ 0

Fair Value (Narrative) (Details

Fair Value (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value [Line Items]
Notes payable, principal amount outstanding	$ 454,523	$ 457,345
Credit facility, principal amount outstanding	983,000	908,000
Notes receivable, principal amount outstanding	30,700	2,700
Fixed Rate
Fair Value [Line Items]
Notes payable, principal amount outstanding	218,712	219,567
Variable Rate, Fixed Through Interest Rate Swaps
Fair Value [Line Items]
Notes payable, principal amount outstanding	235,811	237,778
Credit facility, principal amount outstanding	500,000	250,000
Variable Rate Debt
Fair Value [Line Items]
Credit facility, principal amount outstanding	483,000	658,000
Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | Fixed Rate
Fair Value [Line Items]
Notes payable, fair value disclosure	232,383	222,816
Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | Variable Rate, Fixed Through Interest Rate Swaps
Fair Value [Line Items]
Notes payable, fair value disclosure	233,740	237,974
Credit facility, fair value disclosure	498,183	250,472
Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | Variable Rate Debt
Fair Value [Line Items]
Credit facility, fair value disclosure	$ 481,196	$ 659,691

Fair Value (Schedule of Fair Va

Fair Value (Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets:
Derivative assets	$ 0	$ 884
Liabilities:
Derivative liabilities	23,594	5,588
Recurring basis
Assets:
Derivative assets		884
Total assets at fair value		884
Liabilities:
Derivative liabilities	23,594	5,588
Total liabilities at fair value	23,594	5,588
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring basis
Assets:
Derivative assets		0
Total assets at fair value		0
Liabilities:
Derivative liabilities	0	0
Total liabilities at fair value	0	0
Significant Other Observable Inputs (Level 2) | Recurring basis
Assets:
Derivative assets		884
Total assets at fair value		884
Liabilities:
Derivative liabilities	23,594	5,588
Total liabilities at fair value	23,594	5,588
Significant Unobservable Inputs (Level 3) | Recurring basis
Assets:
Derivative assets		0
Total assets at fair value		0
Liabilities:
Derivative liabilities	0	0
Total liabilities at fair value	$ 0	$ 0

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities (Narrative) (Details) $ in Thousands	Sep. 30, 2020USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Additional loss expected to be reclassified from AOCI into earnings during next twelve months	$ 9,819
Derivatives in a net liability position	$ 25,305

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities (Schedule of the Notional Amount and Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Fair Value of Asset		$ 884
Fair Value of (Liability)	$ (23,594)	(5,588)
Interest rate swaps | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Outstanding Notional Amount	$ 735,811	637,778
Interest rate swaps | Designated as Hedging Instrument | Minimum
Derivatives, Fair Value [Line Items]
Effective Dates	Jul. 1, 2016
Maturity Dates	Dec. 22, 2020
Interest rate swaps | Designated as Hedging Instrument | Maximum
Derivatives, Fair Value [Line Items]
Effective Dates	Jul. 1, 2020
Maturity Dates	Dec. 31, 2024
Interest rate swaps | Designated as Hedging Instrument | Asset
Derivatives, Fair Value [Line Items]
Fair Value of Asset	$ 0	884
Interest rate swaps | Designated as Hedging Instrument | (Liability)
Derivatives, Fair Value [Line Items]
Fair Value of (Liability)	$ (23,594)	$ (5,588)

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities (Schedule of Income and Losses Recognized on Derivative Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Recognized in Other Comprehensive Loss on Derivatives	$ (157)	$ (1,701)	$ (24,011)	$ (11,502)
Amount of (Loss) Income Reclassified From Accumulated Other Comprehensive (Loss) Income to Net Income	(2,741)	422	(5,121)	1,784
Total Amount of Interest and Other Expense, Net Presented in Condensed Consolidated Statements of Comprehensive Income (Loss)	13,284	11,920	42,802	31,648
Interest and other expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Income Reclassified From Accumulated Other Comprehensive (Loss) Income to Net Income	(2,741)	422	(5,121)	1,784
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Recognized in Other Comprehensive Loss on Derivatives	$ (157)	$ (1,701)	$ (24,011)	$ (11,502)

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities (Schedule of Offsetting of Derivative Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Assets		$ 884
Gross Amounts Offset in the Balance Sheet		0
Net Amounts of Assets Presented in the Balance Sheet	$ 0	884
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments Collateral		(5)
Gross Amounts Not Offset in the Balance Sheet, Cash Collateral		0
Net Amount		$ 879

Derivative Instruments and He_7

Derivative Instruments and Hedging Activities (Schedule of Offsetting of Derivative Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Liabilities	$ 23,594	$ 5,588
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Liabilities Presented in the Balance Sheet	23,594	5,588
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments Collateral	0	(5)
Gross Amounts Not Offset in the Balance Sheet, Cash Collateral	0	0
Net Amount	$ 23,594	$ 5,583

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive (Loss) Income (Schedule of Amounts Recognized in Accumulated Other Comprehensive (Loss) Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jan. 01, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning	$ 1,671,570	$ 1,003,435	$ 1,738,419	$ 1,047,385
Cumulative effect of accounting change					$ 0
Other comprehensive loss	2,584	(2,123)	(18,890)	(13,286)
Balance, ending	1,658,244	979,266	1,658,244	979,266
Unrealized Loss on Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning			(4,704)	6,100
Cumulative effect of accounting change					103
Balance as of January 1, 2019					$ 6,203
Other comprehensive loss before reclassification			(24,011)	(11,502)
Amount of (income) loss reclassified from accumulated other comprehensive (loss) income to net income			5,121	(1,784)
Other comprehensive loss			(18,890)	(13,286)
Balance, ending	$ (23,594)	$ (7,083)	$ (23,594)	$ (7,083)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive (Loss) Income (Schedule of Reclassifications Out of Accumulated Other Comprehensive (Loss) Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest and other expense, net	$ 13,284	$ 11,920	$ 42,802	$ 31,648
Interest rate swap contracts | Amounts Reclassified from Accumulated Other Comprehensive Loss (Income) to Net Income | Reclassification out of Accumulated Other Comprehensive (Loss) Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest and other expense, net			$ 5,121	$ (1,784)

Commitments and Contingencies (

Commitments and Contingencies (Details)	Sep. 30, 2020case
Commitments and Contingencies Disclosure [Abstract]
Number of pending legal proceedings to which the company is a party	0

Subsequent Events (Schedule of

Subsequent Events (Schedule of Subsequent Events - Distributions Paid to Stockholders) (Details) - USD ($) $ in Thousands	Nov. 02, 2020	Oct. 01, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Subsequent Event [Line Items]
Cash					$ 57,321	$ 33,329
DRIP			$ 7,613	$ 10,409	$ 23,055	$ 31,275
Subsequent Event | Stockholders of record date, September 2020
Subsequent Event [Line Items]
Cash		$ 6,306
DRIP		2,474
Total Distribution		8,780
Subsequent Event | Stockholders of record date, September 2020 | Class A
Subsequent Event [Line Items]
Cash		5,277
DRIP		1,539
Total Distribution		6,816
Subsequent Event | Stockholders of record date, September 2020 | Class I
Subsequent Event [Line Items]
Cash		306
DRIP		209
Total Distribution		515
Subsequent Event | Stockholders of record date, September 2020 | Class T
Subsequent Event [Line Items]
Cash		670
DRIP		662
Total Distribution		1,332
Subsequent Event | Stockholders of record date, September 2020 | Class T2
Subsequent Event [Line Items]
Cash		53
DRIP		64
Total Distribution		$ 117
Subsequent Event | Stockholders of record date, October 2020
Subsequent Event [Line Items]
Cash	$ 6,551
DRIP	2,555
Total Distribution	9,106
Subsequent Event | Stockholders of record date, October 2020 | Class A
Subsequent Event [Line Items]
Cash	5,479
DRIP	1,594
Total Distribution	7,073
Subsequent Event | Stockholders of record date, October 2020 | Class I
Subsequent Event [Line Items]
Cash	318
DRIP	215
Total Distribution	533
Subsequent Event | Stockholders of record date, October 2020 | Class T
Subsequent Event [Line Items]
Cash	697
DRIP	681
Total Distribution	1,378
Subsequent Event | Stockholders of record date, October 2020 | Class T2
Subsequent Event [Line Items]
Cash	57
DRIP	65
Total Distribution	$ 122

Subsequent Events (Schedule o_2

Subsequent Events (Schedule of Subsequent Events - Distributions Authorized) (Details) - $ / shares	Nov. 05, 2020	Oct. 20, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Subsequent Event [Line Items]
Daily distribution rate (in dollars per share)			$ 0.12	$ 0.16	$ 0.36	$ 0.47
Subsequent Event | Class A | Stockholders of record date, November 2020
Subsequent Event [Line Items]
Daily distribution rate (in dollars per share)		$ 0.00136612
Annualized distribution per share (in dollars per share)		0.50
Subsequent Event | Class A | Stockholders of record date, December 2020
Subsequent Event [Line Items]
Daily distribution rate (in dollars per share)	$ 0.00136612
Annualized distribution per share (in dollars per share)	0.50
Subsequent Event | Class I | Stockholders of record date, November 2020
Subsequent Event [Line Items]
Daily distribution rate (in dollars per share)		0.00136612
Annualized distribution per share (in dollars per share)		0.50
Subsequent Event | Class I | Stockholders of record date, December 2020
Subsequent Event [Line Items]
Daily distribution rate (in dollars per share)	0.00136612
Annualized distribution per share (in dollars per share)	0.50
Subsequent Event | Class T | Stockholders of record date, November 2020
Subsequent Event [Line Items]
Daily distribution rate (in dollars per share)		0.001129781
Annualized distribution per share (in dollars per share)		0.41
Subsequent Event | Class T | Stockholders of record date, December 2020
Subsequent Event [Line Items]
Daily distribution rate (in dollars per share)	0.001129781
Annualized distribution per share (in dollars per share)	0.41
Subsequent Event | Class T2 | Stockholders of record date, November 2020
Subsequent Event [Line Items]
Daily distribution rate (in dollars per share)		0.001129781
Annualized distribution per share (in dollars per share)		$ 0.41
Subsequent Event | Class T2 | Stockholders of record date, December 2020
Subsequent Event [Line Items]
Daily distribution rate (in dollars per share)	0.001129781
Annualized distribution per share (in dollars per share)	$ 0.41
Subsequent Event | Class A, I, T and T2 shares | Stockholders of record date, November 2020
Subsequent Event [Line Items]
Number of days, distribution calculation		366 days
Subsequent Event | Class A, I, T and T2 shares | Stockholders of record date, December 2020
Subsequent Event [Line Items]
Number of days, distribution calculation	366 days

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) - USD ($) $ in Thousands	Nov. 06, 2020	Sep. 30, 2020	Sep. 30, 2019
Subsequent Event [Line Items]
Proceeds from real estate disposition		$ 6,125	$ 0
Dallas Healthcare Facility II | Subsequent Event
Subsequent Event [Line Items]
Sale price of real estate disposition	$ 23,000
Proceeds from real estate disposition	$ 21,536

Uncategorized Items - cik000156

Label	Element	Value
Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 0
Accumulated Distributions in Excess of Net Income [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(103,000)
AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 103,000