Sila Realty Trust (SILA) 10-Q 13 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	May 06, 2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	000-55435
Entity Registrant Name	SILA REALTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-1854011
Entity Address, Address Line One	1001 Water Street
Entity Address, Address Line Two	Suite 800
Entity Address, City or Town	Tampa
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33602
City Area Code	813
Local Phone Number	287-0101
Title of 12(b) Security	None
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
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001567925
No Trading Symbol Flag	true
Current Fiscal Year End Date	--12-31
Class A
Entity Common Stock, Shares Outstanding (in shares)		167,812
Class I
Entity Common Stock, Shares Outstanding (in shares)		16,561
Class T
Entity Common Stock, Shares Outstanding (in shares)		40,569
Class T2
Entity Common Stock, Shares Outstanding (in shares)		0

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Real estate:
Land	$ 164,679	$ 163,992
Buildings and improvements, less accumulated depreciation of $173,407 and $165,784, respectively	1,663,679	1,648,685
Construction in progress	0	14,628
Total real estate, net	1,828,358	1,827,305
Cash and cash equivalents	19,563	32,359
Acquired intangible assets, less accumulated amortization of $74,373 and $71,067, respectively	177,084	181,639
Goodwill	23,006	23,284
Right-of-use assets - operating leases	25,230	21,737
Right-of-use assets - finance lease	2,291	2,296
Other assets, net	77,599	66,365
Assets held for sale, net	0	22,570
Total assets	2,153,131	2,177,555
Liabilities:
Credit facility, net of deferred financing costs of $681 and $3,226, respectively	484,319	496,774
Accounts payable and other liabilities	28,967	39,597
Acquired intangible liabilities, less accumulated amortization of $4,808 and $4,444, respectively	12,598	12,962
Operating lease liabilities	27,436	23,758
Finance lease liabilities	2,637	2,636
Liabilities held for sale, net	0	698
Total liabilities	555,957	576,425
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; 239,006,914 and 238,226,119 shares issued, respectively; 224,616,042 and 224,179,939 shares outstanding, respectively	2,246	2,242
Additional paid-in capital	2,008,481	2,004,404
Accumulated distributions in excess of earnings	(421,561)	(400,669)
Accumulated other comprehensive income (loss)	8,008	(4,847)
Total stockholders’ equity	1,597,174	1,601,130
Total liabilities and stockholders’ equity	$ 2,153,131	$ 2,177,555

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Buildings and improvements, accumulated depreciation	$ 173,407	$ 165,784
Acquired intangible assets, accumulated amortization	74,373	71,067
Credit facility, deferred financing costs	681	3,226
Acquired intangible liabilities, accumulated amortization	$ 4,808	$ 4,444
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)	239,006,914	238,226,119
Common stock, shares outstanding (in shares)	224,616,042	224,179,939

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue:
Rental revenue	$ 44,282	$ 42,422
Expenses:
Rental expenses	3,025	3,214
General and administrative expenses	6,856	6,623
Depreciation and amortization	17,988	18,224
Impairment loss on real estate	7,109	10,423
Impairment loss on goodwill	278	240
Total expenses	35,256	38,724
Gain on real estate disposition	460	0
Income from operations	9,486	3,698
Interest and other expense, net	8,115	8,764
Income (loss) from continuing operations	1,371	(5,066)
Income from discontinued operations	0	7,948
Net income attributable to common stockholders	1,371	2,882
Other comprehensive income:
Unrealized income on interest rate swaps, net	12,855	5,792
Other comprehensive income	12,855	5,792
Comprehensive income attributable to common stockholders	$ 14,226	$ 8,674
Weighted average number of common shares outstanding:
Basic (in shares)	224,499,307	222,481,179
Diluted (in shares)	225,865,366	222,481,179
Basic:
Basic, continuing operations (in dollars per share)	$ 0.01	$ (0.02)
Basic, discontinued operations (in dollars per share)	0	0.03
Net income attributable to common stockholders (in dollars per share)	0.01	0.01
Diluted:
Diluted, continuing operations (in dollars per share)	0.01	(0.02)
Diluted, discontinued operations (in dollars per share)	0	0.03
Net income attributable to common stockholders (in dollars per share)	0.01	0.01
Distributions declared per common share (in dollars per share)	$ 0.10	$ 0.12

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Common Stock	Additional Paid-in Capital	Accumulated Distributions in Excess of Earnings	Accumulated Other Comprehensive (Loss) Income
Balance, (in shares) at Dec. 31, 2020			222,045,522
Balance, beginning at Dec. 31, 2020		$ 1,653,873	$ 2,220	$ 1,983,361	$ (311,264)	$ (20,444)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under the distribution reinvestment plan (in shares)			848,162
Issuance of common stock under the distribution reinvestment plan	$ 7,374	7,374	$ 9	7,365
Vesting of restricted stock (in shares)			3,311
Stock-based compensation		556		556
Distribution and servicing fees		2		2
Repurchase of common stock (in shares)			(194,092)
Repurchase of common stock		(1,687)	$ (2)	(1,685)
Distributions to common stockholders		(26,622)			(26,622)
Other comprehensive income (loss)		5,792				5,792
Net income	$ 2,882	2,882			2,882
Balance, (in shares) at Mar. 31, 2021			222,702,903
Balance, ending at Mar. 31, 2021		1,642,170	$ 2,227	1,989,599	(335,004)	(14,652)
Balance, (in shares) at Dec. 31, 2021	224,179,939		224,179,939
Balance, beginning at Dec. 31, 2021		1,601,130	$ 2,242	2,004,404	(400,669)	(4,847)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under the distribution reinvestment plan (in shares)			732,808
Issuance of common stock under the distribution reinvestment plan	$ 6,012	6,012	$ 7	6,005
Vesting of restricted stock (in shares)			47,986
Stock-based compensation		896		896
Repurchase of common stock (in shares)			(344,691)
Repurchase of common stock		(2,827)	$ (3)	(2,824)
Distributions to common stockholders		(22,263)			(22,263)
Other comprehensive income (loss)		12,855				12,855
Net income	$ 1,371	1,371			1,371
Balance, (in shares) at Mar. 31, 2022	224,616,042		224,616,042
Balance, ending at Mar. 31, 2022		$ 1,597,174	$ 2,246	$ 2,008,481	$ (421,561)	$ 8,008

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income attributable to common stockholders	$ 1,371	$ 2,882
Adjustments to reconcile net income attributable to common stockholders to net cash provided by operating activities:
Depreciation and amortization - real estate including intangible assets	17,966	25,962
Depreciation - corporate assets	17	0
Amortization of deferred financing costs	490	996
Amortization of above-market leases	483	483
Amortization of below-market leases	(364)	(1,096)
Amortization of origination fee	0	68
Amortization of discount of deferred liability	0	54
Amortization of interest rate swaps	638	0
Amortization of operating leases	249	264
Amortization of finance lease	5	5
Impairment loss on real estate	7,109	10,423
Impairment loss on goodwill	278	240
Gain on real estate disposition from continuing operations	(460)	0
Loss on extinguishment of debt	3,367	0
Straight-line rent adjustments	(2,510)	(4,626)
Stock-based compensation	896	556
Changes in operating assets and liabilities:
Accounts payable and other liabilities	(4,515)	54
Other assets	1,752	863
Net cash provided by operating activities	26,772	37,128
Cash flows from investing activities:
Investment in real estate	(19,503)	0
Consideration paid for the internalization transaction	0	(7,500)
Proceeds from real estate disposition	22,822	0
Capital expenditures	(4,444)	(7,067)
Payments of deal costs	(15)	0
Real estate deposits, net	(100)	(250)
Collection of notes receivable	0	500
Net cash used in investing activities	(1,240)	(14,317)
Cash flows from financing activities:
Payments on notes payable	0	(1,124)
Proceeds from credit facility	515,000	0
Payments on credit facility	(530,000)	0
Payments for extinguishment of debt	(4)	0
Payments of deferred financing costs	(4,754)	(3)
Repurchase of common stock	(2,827)	(1,687)
Offering costs on issuance of common stock	(191)	(637)
Distributions to common stockholders	(15,906)	(19,170)
Net cash used in financing activities	(38,682)	(22,621)
Net change in cash, cash equivalents and restricted cash	(13,150)	190
Cash, cash equivalents and restricted cash - Beginning of period	32,880	67,909
Cash, cash equivalents and restricted cash - End of period	19,730	68,099
Supplemental cash flow disclosure:
Interest paid, net of interest capitalized of $44 and $138, respectively	4,247	12,307
Supplemental disclosure of non-cash transactions:
Common stock issued through distribution reinvestment plan	6,012	7,374
Change in accrued distributions to common stockholders	345	78
Change in contingent consideration	112	0
Change in accrued capital expenditures	(2,078)	8
Change in accrued acquisition costs	51	0
Change in accrued deal costs	13	40
Change in accrued deferred financing costs	2	0
Recognition of right-of-use assets - operating leases	3,749	0
Recognition of operating lease liabilities	$ 3,749	$ 0

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (PARENTHETICAL) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Cash Flows [Abstract]
Interest capitalized	$ 44	$ 138

Organization and Business Opera

Organization and Business Operations	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Operations	Organization and Business Operations Sila Realty Trust, 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 commencing with its taxable year ended December 31, 2014. Substantially all of the Company’s business is conducted through Sila Realty Operating Partnership, LP, a Delaware limited partnership, or the Operating Partnership, formed on January 10, 2013. The Company is the sole general partner of the Operating Partnership. 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 second quarter of 2021, the Company's board of directors, or the Board, made a determination to sell the Company's data center properties. On May 19, 2021, the Company and certain of its wholly-owned subsidiaries entered into a purchase and sale agreement, or the PSA, for the sale of up to 29 data center properties owned by the Company, which constituted the entirety of the Company's data center segment. See Note 4—"Held for Sale and Discontinued Operations" for further discussion. The decision of the Board to sell the data center properties, as well as the execution of the PSA, represented a strategic shift that had a major effect on the Company's results and operations for the periods presented. As of December 31, 2021, the Company had no assets or liabilities held for sale related to the data center properties. The operations of the data center properties have been classified as income from discontinued operations on the condensed consolidated statement of comprehensive income for the three months ended March 31, 2021. On July 22, 2021, the Company completed the sale of all 29 of its data centers, or the Data Center Sale, for an aggregate sale price of $1,320,000,000, and generated net proceeds of approximately $1,295,367,000. Concurrently, the Board declared a special cash distribution of $1.75 per share of Class A, Class I, Class T and Class T2 shares of common stock. The special cash distribution was funded with the proceeds from the Data Center Sale. The special cash distribution was paid on July 30, 2021 to stockholders of record at the close of business on July 26, 2021, in the aggregate amount of approximately $392,685,000. During the three months ended March 31, 2022, the Company acquired one healthcare property and sold one land parcel that formerly contained a healthcare property. See Note 3—"Acquisitions and Dispositions" for more information. As of March 31, 2022, the Company owned 126 real estate healthcare properties and two undeveloped land parcels, in two micropolitan statistical areas, or µSA, and 54 metropolitan statistical areas, or MSAs. 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	3 Months Ended
	Mar. 31, 2022
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 months ended March 31, 2022, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The condensed consolidated balance sheet at December 31, 2021, 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, 2021, and related notes thereto set forth in the Company’s Annual Report on Form 10-K, filed with the SEC on March 29, 2022. 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, which includes cash held by escrow agents in escrow accounts for tenant and capital improvements in accordance with the respective tenants lease agreement. Restricted cash attributable to continuing operations is reported in other assets, net, in the accompanying condensed consolidated balance sheets. See Note 8—"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): Three Months Ended 2022 2021 Beginning of period: Cash and cash equivalents $ 32,359 $ 53,174 Restricted cash 521 14,735 (1) Cash, cash equivalents and restricted cash $ 32,880 $ 67,909 End of period: Cash and cash equivalents $ 19,563 $ 51,039 Restricted cash 167 17,060 (2) Cash, cash equivalents and restricted cash $ 19,730 $ 68,099 (1) Of this amount, $13,499,000 is attributable to continuing operations and $1,236,000 is attributable to discontinued operations. (2) Of this amount, $15,824,000 is attributable to continuing operations and $1,236,000 is attributable to discontinued operations. Held for Sale and Discontinued Operations The Company classifies a real estate property as held for sale upon satisfaction of all of the following criteria: (i) management commits to a plan to sell a property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary for sales of such properties; (iii) there is an active program to locate a buyer; (iv) the sale of the property is probable and transfer of the asset is expected to be completed within one year; (v) the property is being actively marketed for sale; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Upon the determination to classify a property as held for sale, the Company ceases depreciation and amortization on the real estate property held for sale, as well as the amortization of acquired in-place leases and right-of-use assets. The real estate property held for sale and associated liabilities are classified separately on the condensed consolidated balance sheets. Such properties are recorded at the lesser of the carrying value or estimated fair value less estimated costs to sell. As of December 31, 2021, the Company classified one land parcel that formerly contained a healthcare property as held for sale, or the 2021 Land Held for Sale. The Company recorded the 2021 Land Held for Sale at its carrying value at December 31, 2021. See Note 4—"Held for Sale and Discontinued Operations" for further discussion. On February 10, 2022, the Company sold the 2021 Land Held for Sale, for an aggregate sale price of $24,000,000, and generated net proceeds of approximately $22,701,000. See Note 3—"Acquisitions and Dispositions" for additional information. The Company classified assets and liabilities of the 29-property data center properties as discontinued operations for all the periods presented because they represented a strategic shift that had a major effect on the Company's results and operations. As of December 31, 2021, the Company had no assets or liabilities held for sale related to the data center properties. The operations of the data center properties are classified on the condensed consolidated statement of comprehensive income as income from discontinued operations for the three months ended March 31, 2021. On July 22, 2021, the Company completed the Data Center Sale, for an aggregate sale price of $1,320,000,000, and generated net proceeds of approximately $1,295,367,000. See Note 3—"Acquisitions and Dispositions" for additional information. 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 assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate 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. Based on this analysis, if 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, probability weighting of the potential re-lease of the property versus sales scenarios, sale prices of comparable properties, 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 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 assets. Impairment of Real Estate The Company determined that, during the three months ended March 31, 2022, real estate assets related to one healthcare property, or the First Quarter 2022 Impaired Property, were determined to be impaired. A healthcare tenant that occupies 90% of the property leases its space for administrative use and has historically been using the space as its central business office. As a result of pandemic related events, the tenant permanently modified its business operations to accommodate a reduction in on-site staff, significantly reducing its need for administrative space going forward. The tenant has continued to pay its rent in accordance with the lease agreement, however indicated it would not expect to renew the lease upon expiration. The Company entered into a signed letter of intent with a prospective buyer that is a county-owned, tax-exempt entity, and requires ownership (vs. leasing) of the property to conduct its intended business operations at the property. In addition to the signed letter of intent with the prospective buyer, the Company signed a letter of intent with the tenant for the payment of an early lease termination fee. The early lease termination is effective only upon consummating a sale of the property to the prospective buyer. The inclusion of this potential sale scenario in the Company’s step one impairment analysis resulted in the expected future cash flows from the property falling below its current carrying value. As a result, the carrying value of the property was reduced to its estimated fair value of $14,639,000, resulting in an impairment charge of $7,109,000. During the three months ended March 31, 2021, real estate assets related to one healthcare property, or the First Quarter 2021 Impaired Property, were determined to be impaired. A tenant of the property that was experiencing financial difficulty vacated its space on June 19, 2020. During the fourth quarter of 2020, the Company entered into lease negotiations with a prospective tenant for the property, but the Company did not reach an agreement with the tenant. As such, the Company evaluated other strategic options, including a possible sale, and in April 2021, the Company received a letter of intent from a prospective buyer. The inclusion of a potential sale scenario in the Company’s step one impairment analysis resulted in the expected future cash flows from the property to fall below its current carrying value. As a result, the carrying value of the property was reduced to its estimated fair value of $17,145,000, resulting in an impairment charge of $10,423,000. The property was subsequently sold in the fourth quarter of 2021. Impairment of Acquired Intangible Assets and Acquired Intangible Liabilities During the three months ended March 31, 2022, the Company recognized an impairment of one in-place lease intangible asset, or the First Quarter 2022 Impaired In-Place Lease, in the amount of approximately $380,000, by accelerating the amortization of the acquired intangible asset related to a tenant of the First Quarter 2022 Impaired Property. During the three months ended March 31, 2021, the Company recognized an impairment of one in-place lease intangible asset, or the First Quarter 2021 Impaired In-Place Lease, in the amount of approximately $1,120,000, by accelerating the amortization of the acquired intangible asset related to one healthcare tenant of the Company that was experiencing financial difficulties and vacated the property in March 2021. On April 5, 2021, the Company terminated its lease agreement and the tenant paid a lease termination fee of $400,000, which was recorded in rental revenue in the condensed consolidated statements of comprehensive income. During the three months ended March 31, 2022 and 2021, the Company did not record impairment of acquired intangible liabilities. Impairment of 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. Goodwill has an indefinite life and is not amortized. On July 28, 2020, the Company and the Operating Partnership entered into a Membership Interest Purchase Agreement to provide for the internalization of the external management functions previously performed for the Company and the Operating Partnership by its former advisor and its affiliates, or the Internalization Transaction. On September 30, 2020, the Company closed the Internalization Transaction. On September 30, 2020, the Company recorded $39,529,000 of goodwill related to the transaction, of which $15,574,000 was allocated to the data center properties and written off as a result of the Data Center Sale on July 22, 2021. Out of $39,529,000, $23,955,000 was allocated to the healthcare segment. The Company evaluates goodwill for impairment when an event occurs or circumstances change that indicate the carrying value may not be recoverable, or at least annually. Unless circumstances otherwise dictate, the annual impairment test is performed as of the last day of each year. The Company evaluates 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. If the carrying value of a reporting unit exceeds its estimated fair value, then an impairment charge is recorded in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The Company has the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. Under a qualitative assessment, the impairment analysis for goodwill represents an evaluation of whether it is more-likely-than-not the reporting unit's fair value is less than its carrying value, including goodwill. If a qualitative analysis indicates that it is more-likely-than-not that the estimated carrying value of a reporting unit, including goodwill, exceeds its fair value, the Company performs the quantitative analysis as described below. During the three months ended March 31, 2022, the Company recognized $278,000 of goodwill impairment. Impairment loss on the First Quarter 2022 Impaired Property recorded during such period (as discussed in the "Impairment of Real Estate" section above) triggered evaluation of the reporting unit's fair value for goodwill impairment. The Company's reporting unit represents each individual operating real estate property. The carrying value of long-lived assets within the reporting unit with indicators of impairment were first tested for recoverability and resulted in recognition of impairment during such period. As a result, the fair value of the reporting unit was determined to be lower than its carrying value, including goodwill. Therefore, the Company recognized an impairment loss on goodwill in the amount of $278,000 for the amount that the carrying value of the reporting unit, including goodwill, exceeded its fair value, limited to the total amount of goodwill allocated to the reporting unit and was recorded in impairment loss on goodwill in the condensed consolidated statements of comprehensive income. Fair value of the reporting unit was determined based on a market valuation approach. As of March 31, 2022, the Company did not have any goodwill associated with the reporting unit. During the three months ended March 31, 2021, the Company recognized $240,000 of goodwill impairment. Impairment loss on the First Quarter 2021 Impaired Property recorded during such period (as discussed in the "Impairment of Real Estate" section above) triggered evaluation of the reporting unit's fair value for goodwill impairment. As a result, the fair value of the reporting unit compared to its carrying value, including goodwill, was determined to be lower than its carrying value. Therefore, the Company recognized an impairment loss on goodwill in the amount of $240,000 for the amount that the carrying value of the reporting unit, including goodwill, exceeded its fair value, limited to the total amount of goodwill allocated to the reporting unit and was recorded in impairment loss on goodwill in the condensed consolidated statements of comprehensive income. Fair value of the reporting unit was determined based on a market valuation approach, using comparable sales to estimate the fair value. As of March 31, 2021, the Company did not have any goodwill associated with the reporting unit. The following table summarizes the rollforward of goodwill for the three months ended March 31, 2022, excluding amounts classified as discontinued operations (amounts in thousands): Goodwill Balance as of December 31, 2021 $ 23,284 Impairment losses (278) Balance as of March 31, 2022 $ 23,006 Revenue Recognition, Tenant Receivables and Allowance for Uncollectible Accounts 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, 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 revenue 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, are recognized when the services are provided and the performance obligations are satisfied. The Company wrote off approximately $0 and $199,000 for the three months ended March 31, 2022 and 2021, respectively, as a reduction in rental revenue from continuing operations in the accompanying condensed consolidated statements of comprehensive income because the amounts were determined to be uncollectible. The Company wrote off approximately $17,000 for the three months ended March 31, 2021, related to discontinued operations, which was recorded in income from discontinued operations in the accompanying condensed consolidated statements of comprehensive income. The Company had no discontinued operations for the three months ended March 31, 2022. Concentration of Credit Risk and Significant Leases As of March 31, 2022, 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 March 31, 2022, the Company owned real estate investments in two µSAs and 54 MSAs, one MSA of which accounted for 10.0% or more of rental revenue from continuing operations for the three months ended March 31, 2022. Real estate investments located in the Houston-The Woodlands-Sugar Land, Texas MSA accounted for 11.1% of rental revenue from continuing operations for the three months ended March 31, 2022 As of March 31, 2022, the Company had one exposure to tenant concentration that accounted for 10.0% or more of rental revenue from continuing operations for the three months ended March 31, 2022. The leases with tenants at healthcare properties under common control of Post Acute Medical, LLC and its affiliates accounted for 15.5% of rental revenue from continuing operations for the three months ended March 31, 2022. Share Repurchase Program The Company’s Amended and Restated Share Repurchase Program, or SRP, allows for repurchases of shares of the Company’s common stock upon meeting certain criteria. The SRP provides that all repurchases during any calendar year, including those redeemable upon death or a "Qualifying Disability" (as defined in the Company's SRP) of a stockholder, be 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, 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 Board, provided, however, that the Company limits the number of shares repurchased during any calendar year to 5.0% of the total 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. In addition, the Board, 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 will currently only repurchase shares due to death and involuntary exigent circumstances in accordance with the SRP, subject in each case 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. Under the SRP, the Company may waive certain of the terms and requirements of the SRP in the event of the death of a stockholder who is a natural person, including shares held through an Individual Retirement Account or other retirement or profit-sharing plan, and certain trusts meeting the requirements of the SRP. The Company may also waive certain of the terms and requirements of the SRP in the event of an involuntary exigent circumstance, as determined by the Company or any of the executive officers thereof, in its or their sole discretion. See Part II, Item 2. "Unregistered Sales of Equity Securities" for more information on the Company's SRP. During the three months ended March 31, 2022, the Company repurchased 344,691 Class A shares, Class I shares and Class T shares of common stock (292,540 Class A shares, 14,439 Class I shares and 37,712 Class T shares), for an aggregate purchase price of approximately $2,827,000 (an average of $8.20 per share). During the three months ended March 31, 2021, the Company repurchased 194,092 Class A shares and Class T shares of common stock (172,520 Class A shares and 21,572 Class T shares), for an aggregate purchase price of approximately $1,687,000 (an average of $8.69 per share). Stock-based Compensation On March 6, 2020, the Board 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 accounts for its stock awards in accordance with ASC 718-10, Compensation—Stock Compensation . ASC 718-10 requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting period). For performance-based awards, compensation costs are recognized over the service period if it is probable that the performance condition will be satisfied, with changes of the assessment at each reporting period and recording the effect of the change in the compensation cost as a cumulative catch-up adjustment. The compensation costs for restricted stock are recognized based on the fair value of the restricted stock awards at grant date less forfeitures (if applicable). Forfeitures are accounted for as they occur. On January 3, 2022, the Company granted time-based awards to its executive officers, consisting of 217,988 in restricted shares of Class A common stock, or the Time-Based 2022 Awards. The Time-Based 2022 Awards will vest ratably over four years following the grant date, subject to each executive's employment through the applicable vesting dates, with certain exceptions. In addition, on January 3, 2022, the Company's compensation committee approved performance-based deferred stock unit awards, or Performance DSUs, to be granted for performance-based awards, or the Performance-Based 2022 Awards. The Performance-Based 2022 Awards will be measured based on Company performance over a three-year performance period ending on December 31, 2024. The Performance-Based 2022 Awards vest after the last day of the performance period and are subject to continued employment through the applicable vesting date. The Time-Based 2022 Awards and the Performance-Based 2022 Awards, or collectively, the 2022 Awards, were granted under and are subject to the terms of the A&R Incentive Plan and award agreements. Stock-based compensation expense for the 2022 Awards for the three months ended March 31, 2022, was approximately $261,000, which is reported in general and administrative expenses in the accompanying condensed consolidated statements of comprehensive income. The Company recognized total stock-based compensation expense for the three months ended March 31, 2022 and 2021, of approximately $896,000 and $556,000, respectively, which is reported in general and administrative expenses in the accompanying condensed consolidated statements of comprehensive income. Earnings Per Share The Company calculates basic earnings per share by dividing net income attributable to common stockholders for the period by the weighted average shares of its common stock outstanding for that period. Diluted earnings per share is computed based on the weighted average number of shares outstanding and all potentially dilutive securities. Shares of non-vested restricted common stock and Performance DSUs give rise to potentially dilutive shares of common stock. For the three months ended March 31, 2022, diluted earnings per share reflected the effect of approximately 1,366,000 of non-vested shares of restricted common stock and Performance DSUs that were outstanding. For the three months ended March 31, 2021, diluted earnings per share was computed the same as basic earnings per share, because the Company recorded a loss from continuing operations, which would make potentially dilutive shares of 940,000 related to non-vested shares of restricted common stock and Performance DSUs, anti-dilutive. Reportable Segments ASC 280, Segment Reporting , establishes standards for reporting financial and descriptive information about an entity’s reportable segments. As of March 31, 2022 and December 31, 2021, 100% of the Company's consolidated revenues from continuing operations were generated from real estate investments in healthcare properties. The Company’s chief operating decision maker evaluates operating performance of healthcare properties on an individual property level, which are aggregated into one reportable business segment due to their similar economic characteristics. In accordance with the definition of discontinued operations, the Company's decision to sell the properties in the data centers segment represented a strategic shift that had a major effect on the Company's results and operations for the periods presented. As a result of the Data Center Sale, the Company no longer has a data centers segment. All activities related to the previously reported data centers segment have been classified as discontinued operations. As of December 31, 2021, the Company had no assets or liabilities held for sale related to the data center properties. The operations of the data center properties have been classified as income from discontinued operations on the condensed consolidated statement of comprehensive income for the three months ended March 31, 2021. 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. 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 in the condensed consolidated statements of comprehensive income 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 12—"Derivative Instruments and Hedging Activities." Recently Adopted Accounting Pronouncements Reference Rate Reform In March 2020, the Financial Accounting Standards Board 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 year ended December 31, 2021, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future London Interbank Offered Rate, or LIBOR, -indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. The Company has subsequently elected to apply additional expedients related to contract modifications, changes in critical terms, and updates to the designated hedged risks as qualifying changes have been made to applicable debt and derivative contracts. Application of these expedient

Acquisitions and Dispositions

Acquisitions and Dispositions	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Acquisitions and Dispositions	Acquisitions and Dispositions 2022 Real Estate Property Acquisition During the three months ended March 31, 2022, the Company purchased one real estate property, or the 2022 Acquisition, which was determined to be an asset acquisition. Upon the completion of the 2022 Acquisition, the Company allocated the purchase price to acquired tangible assets, consisting of land, building, improvements and tenant improvements, and acquired intangible assets, consisting of an in-place lease, based on the relative fair value method of allocating all accumulated costs. The following table summarizes the consideration transferred for the 2022 Acquisition during the three months ended March 31, 2022: Property Description Date Acquired Ownership Percentage Purchase Price Yukon Healthcare Facility 03/10/2022 100% $ 19,554 The following table summarizes the Company's purchase price allocation of the 2022 Acquisition during the three months ended March 31, 2022 (amounts in thousands): Total Land $ 1,288 Building and improvements 16,094 Tenant improvements 685 In-place lease 1,487 Total assets acquired $ 19,554 Acquisition costs associated with transactions determined to be asset acquisitions are capitalized. The Company capitalized acquisition costs of approximately $124,000 related to the 2022 Acquisition, which are included in the Company's allocation of the real estate acquisition presented above. The total amount of all acquisition costs is limited to 6.0% of the contract purchase price of a property, unless the Board 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 costs. During the three months ended March 31, 2022, acquisition costs did not exceed 6.0% of the contract purchase price of the 2022 Acquisition during such period. 2022 Real Estate Property Disposition The Company sold one land parcel that formerly contained a healthcare property, or the 2022 Disposition, during the three months ended March 31, 2022, for an aggregate sale price of $24,000,000 and generated net proceeds of $22,701,000. For the three months ended March 31, 2022, the Company recognized an aggregate gain on sale of $460,000 in gain on real estate disposition in the condensed consolidated statements of comprehensive income. The following table summarizes the 2022 Disposition: Property Description Disposition Date Sale Price Net Proceeds Houston Healthcare Facility II 02/10/2022 $ 24,000 $ 22,701

Held for Sale and Discontinued

Held for Sale and Discontinued Operations	3 Months Ended
	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Held for Sale and Discontinued Operations	Held for Sale and Discontinued Operations As of December 31, 2021, the Company had no assets or liabilities held for sale related to the data center properties. The operations of the data center properties have been classified as income from discontinued operations on the condensed consolidated statement of comprehensive income for the three months ended March 31, 2021. On August 30, 2021, the Company entered into a purchase and sale agreement for the sale of the 2021 Land Held for Sale. The purchase and sale agreement required that the structures on the healthcare property be demolished prior to the sale. The structures on the property were demolished and the property consisted solely of land as of December 31, 2021. The Company classified the land as held for sale as of December 31, 2021, because the land met the held for sale criteria as outlined in Note 2—"Summary of Significant Accounting Policies - Held for Sale and Discontinued Operations." The Company sold the 2021 Land Held for Sale on February 10, 2022. See Note 3—"Acquisitions and Dispositions" for additional information. The following table presents the major classes of assets and liabilities of the 2021 Land Held for Sale, classified as assets and liabilities held for sale, net, presented separately in the condensed consolidated balance sheet as of December 31, 2021 (amounts in thousands): December 31, 2021 Assets: Real estate: Land $ 22,241 Total real estate, net 22,241 Other assets, net 329 Assets held for sale, net $ 22,570 Liabilities: Accounts payable and other liabilities 698 Liabilities held for sale, net $ 698 The operations reflected in income from discontinued operations on the condensed consolidated statement of comprehensive income for the three months ended March 31, 2021, were as follows (amounts in thousands): Three Months Ended 2021 Revenue: Rental revenue $ 25,473 Total revenue 25,473 Expenses: Rental expenses 6,416 Depreciation and amortization 7,743 Total expenses 14,159 Interest and other expense, net (1) 3,366 Income from discontinued operations 7,948 Net income from discontinued operations attributable to common stockholders $ 7,948 (1) Interest expense attributable to discontinued operations was $3,369,000 for the three months ended March 31, 2021, which related to notes payable on certain data center properties. On July 22, 2021, in connection with the Data Center Sale, the Company paid off all data center and healthcare related notes payable, with an outstanding principal balance of $450,806,000 at the time of repayment. Capital expenditures on a cash basis for the three months ended March 31, 2021, were $1,010,000, related to properties classified within discontinued operations. The Company had no discontinued operations for the three months ended March 31, 2022 and therefore had no significant non-cash operating or investing activities for the properties classified within discontinued operations. Significant non-cash operating activities for properties classified within discontinued operations were $1,220,000 for the three months ended March 31, 2021, which related to accrued property taxes. Significant non-cash investing activities for the properties classified within discontinued operations were $494,000 for the three months ended March 31, 2021.

Acquired Intangible Assets, Net

Acquired Intangible Assets, Net	3 Months Ended
	Mar. 31, 2022
Finite-Lived Intangible Assets, Net [Abstract]
Acquired Intangible Assets, Net	Acquired Intangible Assets, Net Acquired intangible assets, net, consisted of the following as of March 31, 2022 and December 31, 2021 (amounts in thousands, except weighted average remaining life amounts): March 31, 2022 December 31, 2021 In-place leases, net of accumulated amortization of $69,402 and $66,579, respectively (with a weighted average remaining life of 9.4 years and 9.5 years, respectively) $ 163,940 $ 168,012 Above-market leases, net of accumulated amortization of $4,971 and $4,488, respectively (with a weighted average remaining life of 8.6 years and 8.8 years, respectively) 13,144 13,627 $ 177,084 $ 181,639 The aggregate weighted average remaining life of the acquired intangible assets was 9.3 years and 9.5 years as of March 31, 2022 and December 31, 2021, respectively. Amortization of the acquired intangible assets was $6,042,000 and $6,617,000 for the three months ended March 31, 2022 and 2021, respectively. Of the $6,042,000 recorded for the three months ended March 31, 2022, $380,000 was attributable to accelerated amortization due to the First Quarter 2022 Impaired In-Place Lease. Of the $6,617,000 recorded for the three months ended March 31, 2021, $1,120,000 was attributable to accelerated amortization due to the First Quarter 2021 Impaired In-Place Lease. Amortization of the in-place leases is included in depreciation and amortization, and amortization of above-market leases is recorded as an adjustment to rental revenue in the accompanying condensed consolidated statements of comprehensive income.

Acquired Intangible Liabilities

Acquired Intangible Liabilities, Net	3 Months Ended
	Mar. 31, 2022
Intangible Lease Liabilities, Net [Abstract]
Acquired Intangible Liabilities, Net	Acquired Intangible Liabilities, Net Acquired intangible liabilities, net, consisted of the following as of March 31, 2022 and December 31, 2021 (amounts in thousands, except weighted average remaining life amounts): March 31, 2022 December 31, 2021 Below-market leases, net of accumulated amortization of $4,808 and $4,444, respectively (with a weighted average remaining life of 9.0 years and 9.3 years, respectively) $ 12,598 $ 12,962 Amortization of the below-market leases was $364,000 and $307,000 for the three months ended March 31, 2022 and 2021, respectively. Amortization of below-market leases is recorded as an adjustment to rental revenue in the accompanying condensed consolidated statements of comprehensive income.

Leases

Leases	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, for the nine months ending December 31, 2022, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount Nine months ending December 31, 2022 $ 120,534 2023 163,026 2024 163,127 2025 158,996 2026 151,989 Thereafter 972,046 Total (1) $ 1,729,718 (1) The total future rent amount of $1,729,718,000 includes approximately $162,000 in rent to be received in connection with one lease executed as of March 31, 2022, at one development property that has a rent commencement date of June 1, 2022. Lessee The Company is subject to various non-cancellable operating and finance lease agreements, inclusive of 16 ground operating leases, one corporate-related operating lease, one ground finance lease and one office operating lease related to the Company’s principal executive office in Tampa, Florida, or the Corporate Lease. Of the 16 ground operating leases, four do not have corresponding operating lease liabilities, because the Company did not have future payment obligations at the acquisition of these leases. The Company has one non-cancellable lease agreement that is classified as a finance lease, as defined in ASC 842, Leases , related to a ground lease of a healthcare property. Ground lease expenses for finance lease payments are recognized as amortization expense of the right-of-use asset - finance lease and interest expense on the finance lease liability over the lease term. The Company's operating leases and finance lease 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 leases. On January 22, 2022, the Company's rent obligation for its new principal executive office in Tampa, Florida commenced. Pursuant to the office operating lease agreement, the aggregate present value of future rent payments is $3,440,000, which was recorded in right-of-use assets - operating leases on the condensed consolidated balance sheets. As of March 31, 2022, the aggregate present value of future rent payments on the office operating lease agreement was $3,451,000. On March 1, 2022, the Company's rent commenced on a ground operating lease agreement for a development property that was placed in service during the three months ended March 31, 2022, for an aggregate present value of future rent payments of $309,000, which was recorded in right-of-use assets - operating leases on the condensed consolidated balance sheets. As of March 31, 2022, the aggregate present value of future rent payments on the ground operating lease agreement was $310,000. As of March 31, 2022, the Company's IBRs for its operating leases were between 2.5% and 6.4%, with a weighted average IBR of 5.1%. The weighted average remaining lease term for the Company's operating leases attributable to continuing operations was 34.1 years and 36.1 years as of March 31, 2022 and December 31, 2021, respectively. As of March 31, 2022, the Company's IBR for its finance lease was 5.3%. The remaining lease term for the Company's finance lease was 42.2 years and 42.4 years as of March 31, 2022 and December 31, 2021, respectively. The future rent payments, discounted by the Company's incremental borrowing rates, under non-cancellable leases in effect as of March 31, 2022, for the nine months ending December 31, 2022, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Operating Finance Nine months ending December 31, 2022 $ 1,281 $ 102 2023 1,863 136 2024 1,930 141 2025 1,950 143 2026 1,897 143 Thereafter 68,842 6,441 Total undiscounted rental payments 77,763 7,106 Less imputed interest (50,327) (4,469) Total lease liabilities $ 27,436 $ 2,637 The following table provides details of the Company's total lease costs and reimbursements for the three months ended March 31, 2022 and 2021 (amounts in thousands): Three Months Ended Location in Condensed Consolidated Statements of Comprehensive Income 2022 2021 Operating lease costs: Ground lease costs Rental expenses $ 432 $ 422 Ground lease reimbursements (1) Rental revenue 304 298 Ground lease costs (2) Income from discontinued operations — 220 Ground lease reimbursements (1),(2) Income from discontinued operations — 103 Office operating lease costs General and administrative expenses 152 264 Corporate-related operating lease costs General and administrative expenses 33 — Finance lease costs: Amortization of right-of-use asset Depreciation and amortization $ 5 $ 5 Interest on lease liability Interest and other expense, net 35 38 (1) The Company is reimbursed by tenants who sublease the ground leases. (2) Amounts relate to lease costs and reimbursements attributable to two operating ground leases related to data center properties disposed of in the Data Center Sale on July 22, 2021.
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 March 31, 2022, for the nine months ending December 31, 2022, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount Nine months ending December 31, 2022 $ 120,534 2023 163,026 2024 163,127 2025 158,996 2026 151,989 Thereafter 972,046 Total (1) $ 1,729,718 (1) The total future rent amount of $1,729,718,000 includes approximately $162,000 in rent to be received in connection with one lease executed as of March 31, 2022, at one development property that has a rent commencement date of June 1, 2022. Lessee The Company is subject to various non-cancellable operating and finance lease agreements, inclusive of 16 ground operating leases, one corporate-related operating lease, one ground finance lease and one office operating lease related to the Company’s principal executive office in Tampa, Florida, or the Corporate Lease. Of the 16 ground operating leases, four do not have corresponding operating lease liabilities, because the Company did not have future payment obligations at the acquisition of these leases. The Company has one non-cancellable lease agreement that is classified as a finance lease, as defined in ASC 842, Leases , related to a ground lease of a healthcare property. Ground lease expenses for finance lease payments are recognized as amortization expense of the right-of-use asset - finance lease and interest expense on the finance lease liability over the lease term. The Company's operating leases and finance lease 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 leases. On January 22, 2022, the Company's rent obligation for its new principal executive office in Tampa, Florida commenced. Pursuant to the office operating lease agreement, the aggregate present value of future rent payments is $3,440,000, which was recorded in right-of-use assets - operating leases on the condensed consolidated balance sheets. As of March 31, 2022, the aggregate present value of future rent payments on the office operating lease agreement was $3,451,000. On March 1, 2022, the Company's rent commenced on a ground operating lease agreement for a development property that was placed in service during the three months ended March 31, 2022, for an aggregate present value of future rent payments of $309,000, which was recorded in right-of-use assets - operating leases on the condensed consolidated balance sheets. As of March 31, 2022, the aggregate present value of future rent payments on the ground operating lease agreement was $310,000. As of March 31, 2022, the Company's IBRs for its operating leases were between 2.5% and 6.4%, with a weighted average IBR of 5.1%. The weighted average remaining lease term for the Company's operating leases attributable to continuing operations was 34.1 years and 36.1 years as of March 31, 2022 and December 31, 2021, respectively. As of March 31, 2022, the Company's IBR for its finance lease was 5.3%. The remaining lease term for the Company's finance lease was 42.2 years and 42.4 years as of March 31, 2022 and December 31, 2021, respectively. The future rent payments, discounted by the Company's incremental borrowing rates, under non-cancellable leases in effect as of March 31, 2022, for the nine months ending December 31, 2022, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Operating Finance Nine months ending December 31, 2022 $ 1,281 $ 102 2023 1,863 136 2024 1,930 141 2025 1,950 143 2026 1,897 143 Thereafter 68,842 6,441 Total undiscounted rental payments 77,763 7,106 Less imputed interest (50,327) (4,469) Total lease liabilities $ 27,436 $ 2,637 The following table provides details of the Company's total lease costs and reimbursements for the three months ended March 31, 2022 and 2021 (amounts in thousands): Three Months Ended Location in Condensed Consolidated Statements of Comprehensive Income 2022 2021 Operating lease costs: Ground lease costs Rental expenses $ 432 $ 422 Ground lease reimbursements (1) Rental revenue 304 298 Ground lease costs (2) Income from discontinued operations — 220 Ground lease reimbursements (1),(2) Income from discontinued operations — 103 Office operating lease costs General and administrative expenses 152 264 Corporate-related operating lease costs General and administrative expenses 33 — Finance lease costs: Amortization of right-of-use asset Depreciation and amortization $ 5 $ 5 Interest on lease liability Interest and other expense, net 35 38 (1) The Company is reimbursed by tenants who sublease the ground leases. (2) Amounts relate to lease costs and reimbursements attributable to two operating ground leases related to data center properties disposed of in the Data Center Sale on July 22, 2021.
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 March 31, 2022, for the nine months ending December 31, 2022, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount Nine months ending December 31, 2022 $ 120,534 2023 163,026 2024 163,127 2025 158,996 2026 151,989 Thereafter 972,046 Total (1) $ 1,729,718 (1) The total future rent amount of $1,729,718,000 includes approximately $162,000 in rent to be received in connection with one lease executed as of March 31, 2022, at one development property that has a rent commencement date of June 1, 2022. Lessee The Company is subject to various non-cancellable operating and finance lease agreements, inclusive of 16 ground operating leases, one corporate-related operating lease, one ground finance lease and one office operating lease related to the Company’s principal executive office in Tampa, Florida, or the Corporate Lease. Of the 16 ground operating leases, four do not have corresponding operating lease liabilities, because the Company did not have future payment obligations at the acquisition of these leases. The Company has one non-cancellable lease agreement that is classified as a finance lease, as defined in ASC 842, Leases , related to a ground lease of a healthcare property. Ground lease expenses for finance lease payments are recognized as amortization expense of the right-of-use asset - finance lease and interest expense on the finance lease liability over the lease term. The Company's operating leases and finance lease 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 leases. On January 22, 2022, the Company's rent obligation for its new principal executive office in Tampa, Florida commenced. Pursuant to the office operating lease agreement, the aggregate present value of future rent payments is $3,440,000, which was recorded in right-of-use assets - operating leases on the condensed consolidated balance sheets. As of March 31, 2022, the aggregate present value of future rent payments on the office operating lease agreement was $3,451,000. On March 1, 2022, the Company's rent commenced on a ground operating lease agreement for a development property that was placed in service during the three months ended March 31, 2022, for an aggregate present value of future rent payments of $309,000, which was recorded in right-of-use assets - operating leases on the condensed consolidated balance sheets. As of March 31, 2022, the aggregate present value of future rent payments on the ground operating lease agreement was $310,000. As of March 31, 2022, the Company's IBRs for its operating leases were between 2.5% and 6.4%, with a weighted average IBR of 5.1%. The weighted average remaining lease term for the Company's operating leases attributable to continuing operations was 34.1 years and 36.1 years as of March 31, 2022 and December 31, 2021, respectively. As of March 31, 2022, the Company's IBR for its finance lease was 5.3%. The remaining lease term for the Company's finance lease was 42.2 years and 42.4 years as of March 31, 2022 and December 31, 2021, respectively. The future rent payments, discounted by the Company's incremental borrowing rates, under non-cancellable leases in effect as of March 31, 2022, for the nine months ending December 31, 2022, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Operating Finance Nine months ending December 31, 2022 $ 1,281 $ 102 2023 1,863 136 2024 1,930 141 2025 1,950 143 2026 1,897 143 Thereafter 68,842 6,441 Total undiscounted rental payments 77,763 7,106 Less imputed interest (50,327) (4,469) Total lease liabilities $ 27,436 $ 2,637 The following table provides details of the Company's total lease costs and reimbursements for the three months ended March 31, 2022 and 2021 (amounts in thousands): Three Months Ended Location in Condensed Consolidated Statements of Comprehensive Income 2022 2021 Operating lease costs: Ground lease costs Rental expenses $ 432 $ 422 Ground lease reimbursements (1) Rental revenue 304 298 Ground lease costs (2) Income from discontinued operations — 220 Ground lease reimbursements (1),(2) Income from discontinued operations — 103 Office operating lease costs General and administrative expenses 152 264 Corporate-related operating lease costs General and administrative expenses 33 — Finance lease costs: Amortization of right-of-use asset Depreciation and amortization $ 5 $ 5 Interest on lease liability Interest and other expense, net 35 38 (1) The Company is reimbursed by tenants who sublease the ground leases. (2) Amounts relate to lease costs and reimbursements attributable to two operating ground leases related to data center properties disposed of in the Data Center Sale on July 22, 2021.

Other Assets, Net

Other Assets, Net	3 Months Ended
	Mar. 31, 2022
Other Assets [Abstract]
Other Assets, Net	Other Assets, Net Other assets, net, consisted of the following as of March 31, 2022 and other assets, net, excluding assets held for sale, net, consisted of the following as of December 31, 2021 (amounts in thousands): March 31, 2022 December 31, 2021 Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $127 and $8,332, respectively $ 3,937 $ 482 Leasing commissions, net of accumulated amortization of $119 and $121, respectively 761 780 Restricted cash 167 521 Tenant receivables 1,637 1,851 Straight-line rent receivable 58,235 55,725 Real estate deposits 100 — Prepaid and other assets 3,290 4,835 (1) Derivative assets 9,472 2,171 $ 77,599 $ 66,365 (1) Excludes $329,000 of prepaid and other assets attributable to the 2021 Land Held for Sale that did not meet the criteria of discontinued operations.

Accounts Payable and Other Liab

Accounts Payable and Other Liabilities	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and accounts payable and other liabilities, excluding liabilities held for sale, net, consisted of the following as of December 31, 2021 (amounts in thousands): March 31, 2022 December 31, 2021 Accounts payable and accrued expenses $ 6,785 $ 8,431 (1) Accrued interest expense 1,165 1,626 Accrued property taxes 2,359 2,913 (1) Accrued personnel costs 996 4,198 Distribution and servicing fees 2 182 Distributions payable to stockholders 7,662 7,355 Performance DSUs distributions payable 432 394 Tenant deposits 802 802 Deferred rental income 6,972 7,100 Contingent consideration 1,090 978 Derivative liabilities 702 5,618 $ 28,967 $ 39,597 (1) Excludes $698,000 of accounts payable, accrued expenses and accrued property taxes attributable to the 2021 Land Held for Sale that did not meet the criteria of discontinued operations.

Credit Facility

Credit Facility	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Credit Facility	Credit Facility The Company's outstanding credit facility as of March 31, 2022 and December 31, 2021 consisted of the following (amounts in thousands): March 31, 2022 December 31, 2021 Variable rate revolving line of credit fixed through interest rate swaps $ 100,000 $ — Variable rate revolving line of credit 85,000 — Variable rate term loans fixed through interest rate swaps 300,000 400,000 Variable rate term loans — 100,000 Total credit facility, principal amount outstanding 485,000 500,000 Unamortized deferred financing costs related to the term loan credit facility (681) (3,226) Total credit facility, net of deferred financing costs $ 484,319 $ 496,774 Significant activities regarding the credit facility during the three months ended March 31, 2022, and subsequent, include: • On February 15, 2022, the Company, the Operating Partnership and certain of our subsidiaries, entered into a senior unsecured revolving credit agreement, or the Revolving Credit Agreement, with Truist Bank, as Administrative Agent for the lenders, for aggregate commitments available of up to $500,000,000, which may be increased, subject to lender approval, through incremental term loans and/or revolving loan commitments in an aggregate amount not to exceed $1,000,000,000. The maturity date for the Revolving Credit Agreement is February 15, 2026, which, at the Company's election, may be extended for a period of six-months on no more than two occasions, subject to certain conditions, including the payment of an extension fee. The Revolving Credit Agreement was entered into to replace the Company's prior $500,000,000 revolving line of credit, which had a maturity date of April 27, 2022, with the option to extend for one twelve-month period. The Company did not exercise the option to extend. Upon closing of the Revolving Credit Agreement, the Company extinguished all commitments associated with the prior revolving line of credit. Simultaneously with the Revolving Credit Agreement’s execution, on February 15, 2022, the Company, the Operating Partnership, and certain of the Company's subsidiaries, entered into the senior unsecured term loan agreement, or the Term Loan Agreement, with Truist Bank, as Administrative Agent for the lenders. The Term Loan Agreement was fully funded at closing, and is made up of aggregate commitments of $300,000,000, which may be increased, subject to lender approval, to an aggregate amount not to exceed $600,000,000. The Term Loan Agreement has a maturity date of December 31, 2024, and, at the Company's election, may be extended for a period of six-months on no more than two occasions, subject to the satisfaction of certain conditions, including the payment of an extension fee. The Term Loan Agreement was entered into to replace the Company's prior term loan, which was paid off in its entirety upon closing of the Revolving Credit Agreement and the Term Loan Agreement. The Company refers to the Revolving Credit Agreement and the Term Loan Agreement together as its “Unsecured Credit Facility,” which have aggregate commitments available of $800,000,000. • In connection with the pay-off of our prior credit facility and entering into the Unsecured Credit Facility, the Company recognized a loss on extinguishment of debt of $3,367,000 during the three months ended March 31, 2022, which included loan costs in the amount of $4,000 and accelerated unamortized debt issuance costs of $3,363,000. The loss on extinguishment of debt was recognized in interest and other expense, net, in the accompanying condensed consolidated statements of comprehensive income. • On February 28, 2022, the Company repaid $30,000,000 on its Revolving Credit Agreement primarily with proceeds from the 2022 Disposition. • On March 10, 2022, the Company drew $15,000,000 on its Revolving Credit Agreement related to the 2022 Acquisition. • On April 8, 2022, the Company entered into five interest rate swap agreements, two of which have an effective date of May 2, 2022 and a notional amount of $85,000,000, and three of which have an effective date of May 1, 2023 and a notional amount of $150,000,000. The principal payments due on the Unsecured Credit Facility as of March 31, 2022, for the nine months ending December 31, 2022, and for each of the next four years ending December 31, are as follows (amounts in thousands): Year Amount Nine months ending December 31, 2022 $ — 2023 — 2024 300,000 2025 — 2026 185,000 Thereafter — $ 485,000

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Credit facility —The estimated fair value of the credit facility (Level 2) was approximately $453,582,000 and $492,360,000 as of March 31, 2022 and December 31, 2021, respectively, as compared to the outstanding principal of $485,000,000 and $500,000,000 as of March 31, 2022 and December 31, 2021, respectively. The fair value of the Company's credit facility is estimated based on the interest rates currently offered to the Company by its financial institutions. 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 March 31, 2022, 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 12—"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 March 31, 2022 and December 31, 2021 (amounts in thousands): March 31, 2022 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Assets: Derivative assets $ — $ 9,472 $ — $ 9,472 Total assets at fair value $ — $ 9,472 $ — $ 9,472 Liabilities: Derivative liabilities $ — $ 702 $ — $ 702 Total liabilities at fair value $ — $ 702 $ — $ 702 December 31, 2021 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Assets: Derivative assets $ — $ 2,171 $ — $ 2,171 Total assets at fair value $ — $ 2,171 $ — $ 2,171 Liabilities: Derivative liabilities $ — $ 5,618 $ — $ 5,618 Total liabilities at fair value $ — $ 5,618 $ — $ 5,618 Derivative assets and liabilities are reported in the condensed consolidated balance sheets as other assets, net, and accounts payable and other liabilities, respectively. Real estate assets —As discussed in Note 2—"Summary of Significant Accounting Policies," during the first quarter of 2022, real estate assets related to the First Quarter 2022 Impaired Property were determined to be impaired. The carrying value of the property was reduced to its estimated fair value of $14,639,000, resulting in an impairment charge of $7,109,000. The fair value of the First Quarter 2022 Impaired Property was determined based on a market approach model using a signed letter of intent to estimate the fair value and classified within Level 2 of the fair value hierarchy. During the first quarter of 2021, real estate assets related to the First Quarter 2021 Impaired Property were determined to be impaired. The carrying value of the property was reduced to its estimated fair value of $17,145,000, resulting in an impairment charge of $10,423,000. The property was subsequently sold in the fourth quarter of 2021.The fair value of the First Quarter 2021 Impaired Property was determined based on a market approach model using comparable properties adjusted for differences in characteristics to estimate the fair value and classified within Level 2 of the fair value hierarchy. Impairment charges are recorded as impairment loss on real estate in the condensed consolidated statements of comprehensive income. The following table shows the fair value of the Company's real estate assets measured at fair value on a non-recurring basis as of March 31, 2022 (amounts in thousands): Three Months Ended March 31, 2022 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Total Losses Real estate assets $ — $ 14,639 $ — $ 14,639 $ 7,109 Goodwill —As discussed in Note 2—"Summary of Significant Accounting Policies," during the first quarter of 2022, the Company recorded $278,000 of goodwill impairment related to the First Quarter 2022 Impaired Property. Impairment loss on goodwill represented the carrying value of the reporting unit, including goodwill, that exceeded its fair value, limited to the total amount of goodwill allocated to that reporting unit and was recorded in impairment loss on goodwill in the condensed consolidated statements of comprehensive income. Fair value of the reporting unit was determined based on a market valuation

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2022
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 income (loss) 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. In connection with the Data Center Sale on July 22, 2021, the Company terminated eight interest rate swap agreements related to mortgage notes fixed through interest rate swaps. Prior to the termination of the eight interest rate swaps, the Company de-designated and then formally re-designated these hedged transactions. During the three months ended March 31, 2022, as the hedged forecasted transactions affected earnings, the Company reclassified approximately $638,000 from accumulated other comprehensive loss to interest and other expense, net, related to the swap terminations, in the accompanying condensed consolidated statements of comprehensive income. Amounts reported in accumulated other comprehensive income (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 $331,000 will be reclassified from accumulated other comprehensive income (loss) as an increase to earnings. See Note 11—"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 March 31, 2022 December 31, 2021 Outstanding Notional Amount (2) Fair Value of Outstanding Fair Value of Assets (Liabilities) Assets (Liabilities) Interest rate swaps (1) 04/01/2019 to 04/27/2023 to $ 400,000 $ 9,472 $ (702) $ 400,000 $ 2,171 $ (5,618) (1) Derivative assets and liabilities are reported in the condensed consolidated balance sheets as other assets, net, and accounts payable and other liabilities, respectively. (2) On April 8, 2022, the Company entered into five interest rate swap agreements, two of which have an effective date of May 2, 2022 and a notional amount of $85,000,000, and three of which have an effective date of May 1, 2023 and a notional amount of $150,000,000. 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. The change in fair value of the derivative instruments that are designated as hedges are recorded in other comprehensive income in the accompanying condensed consolidated statements of comprehensive income. The table below summarizes the amount of income recognized on the interest rate derivatives designated as cash flow hedges for the three months ended March 31, 2022 and 2021 (amounts in thousands): Derivatives in Cash Flow Amount of Income Recognized Location of Loss Amount of Loss Total Amount of Line Item in Condensed Consolidated Statements of Comprehensive Income Three Months Ended March 31, 2022 Interest rate swaps - continuing operations $ 10,848 Interest and other expense, net $ (2,007) $ 8,115 Total $ 10,848 $ (2,007) Three Months Ended March 31, 2021 Interest rate swaps - continuing operations $ 3,378 Interest and other expense, net $ (1,856) $ 8,764 Interest rate swaps - discontinued operations 12 Income from discontinued operations (546) $ 7,948 Total $ 3,390 $ (2,402) Credit Risk-Related Contingent Features The 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 March 31, 2022, the fair value of derivatives in a net liability position was $972,000, inclusive of accrued interest but excluding any adjustment for nonperformance risk related to the agreement. As of March 31, 2022, 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 March 31, 2022 and December 31, 2021 (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 March 31, 2022 $ 9,472 $ — $ 9,472 $ — $ — $ 9,472 December 31, 2021 $ 2,171 $ — $ 2,171 $ (1,023) $ — $ 1,148 Offsetting of Derivative Liabilities Gross Amounts Not Offset in the Balance Sheet Gross Gross Amounts Net Amounts of Financial Instruments Cash Collateral Net March 31, 2022 $ 702 $ — $ 702 $ — $ — $ 702 December 31, 2021 $ 5,618 $ — $ 5,618 $ (1,023) $ — $ 4,595 The Company reports derivative assets and liabilities in the condensed consolidated balance sheets as other assets, net, and accounts payable and other liabilities, respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Income (Loss) The following table presents a rollforward of amounts recognized in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2022 and 2021 (amounts in thousands): Unrealized Income Balance as of December 31, 2021 $ (4,847) Other comprehensive income before reclassification 10,848 Amount of loss reclassified from accumulated other comprehensive income to net income 2,007 Other comprehensive income 12,855 Balance as of March 31, 2022 $ 8,008 Unrealized Income Balance as of December 31, 2020 $ (20,444) Other comprehensive income before reclassification 3,390 Amount of loss reclassified from accumulated other comprehensive loss to net income 2,402 Other comprehensive income 5,792 Balance as of March 31, 2021 $ (14,652) The following table presents reclassifications out of accumulated other comprehensive income (loss) for the three months ended March 31, 2022 and 2021 (amounts in thousands): Details about Accumulated Other Loss Amounts Reclassified from Affected Line Items in the Condensed Consolidated Statements of Comprehensive Income Three Months Ended 2022 2021 Interest rate swap contracts - continuing operations $ 2,007 $ 1,856 Interest and other expense, net Interest rate swap contracts - discontinued operations — 546 Income from discontinued operations Interest rate swap contracts $ 2,007 $ 2,402

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings In the ordinary course of business, the Company may become subject to litigation or claims. As of March 31, 2022, 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. Contingent Consideration During the fourth quarter of 2020, the Company acquired a development property subject to an earnout provision, obligating the Company to pay additional consideration to the developer contingent upon the future leasing and occupancy of vacant space at the property. The developer will have 18 months from completion of the development property to earn the additional consideration. During the 18-month earnout agreement, the developer will be responsible for the pro-rata share of operating expenses associated with the unoccupied space. As of March 31, 2022, the Company recorded an accrual related to the earnout provision in the amount of $1,090,000, which is reported in accounts payable and other liabilities in the accompanying condensed consolidated balance sheets. The Company used a probability-weighted future cash flows approach to estimate contingent consideration. Changes in assumptions could have an impact on the payout of contingent consideration with a maximum payout of $2,074,000 in cash and a minimum payout of $373,000.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions Paid to Stockholders The following table summarizes the Company's distributions paid to stockholders on April 6, 2022, for the period from March 1, 2022 through March 31, 2022 (amounts in thousands): Payment Date Common Stock Cash DRIP Total Distribution April 6, 2022 Class A $ 4,492 $ 1,238 $ 5,730 April 6, 2022 Class I 321 224 545 April 6, 2022 Class T 731 643 1,374 April 6, 2022 Class T2 6 7 13 $ 5,550 $ 2,112 $ 7,662 The following table summarizes the Company's distributions paid to stockholders on May 4, 2022, for the period from April 1, 2022 through April 30, 2022 (amounts in thousands): Payment Date Common Stock Cash DRIP Total Distribution May 4, 2022 Class A $ 4,349 $ 1,201 $ 5,550 May 4, 2022 Class I 317 221 538 May 4, 2022 Class T 709 623 1,332 May 4, 2022 Class T2 2 2 4 $ 5,377 $ 2,047 $ 7,424 Distributions Authorized The following tables summarize the daily distributions approved and authorized by the Board subsequent to March 31, 2022: Authorization Date (1) Common Stock Daily Distribution Rate (1) Annualized Distribution Per Share April 20, 2022 Class A $ 0.00109589 $ 0.40 April 20, 2022 Class I $ 0.00109589 $ 0.40 April 20, 2022 Class T $ 0.00109589 $ 0.40 Authorization Date (2) Common Stock Daily Distribution Rate (2) Annualized Distribution Per Share May 5, 2022 Class A $ 0.00109589 $ 0.40 May 5, 2022 Class I $ 0.00109589 $ 0.40 May 5, 2022 Class T $ 0.00109589 $ 0.40 (1) Distributions approved and authorized to stockholders of record as of the close of business on each day of the period commencing on May 1, 2022 and ending on May 31, 2022. The distributions are calculated based on 365 days in the calendar year. The distributions declared for each record date in May 2022 will be paid in June 2022. The distributions are 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 June 1, 2022 and ending on June 30, 2022. The distributions will be calculated based on 365 days in the calendar year. The distributions declared for each record date in June 2022 will be paid in July 2022. The distributions will be payable to stockholders from legally available funds therefor. Acquisition of Pleasant Hills Healthcare Facility On May 12, 2022, the Company purchased 100% ownership interest in one healthcare property, or the Pleasant Hills Healthcare Facility, for an aggregate purchase price of approximately $14,041,000. The Pleasant Hills Healthcare Facility is leased to four tenants. The Company used proceeds from its Unsecured Credit Facility to fund the acquisition.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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 CashRestricted cash consists of restricted cash held in escrow, which includes cash held by escrow agents in escrow accounts for tenant and capital improvements in accordance with the respective tenants lease agreement. Restricted cash attributable to continuing operations is reported in other assets, net, in the accompanying condensed consolidated balance sheets. See Note 8—"Other Assets, Net."
Held for Sale and Discontinued Operations	Held for Sale and Discontinued Operations The Company classifies a real estate property as held for sale upon satisfaction of all of the following criteria: (i) management commits to a plan to sell a property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary for sales of such properties; (iii) there is an active program to locate a buyer; (iv) the sale of the property is probable and transfer of the asset is expected to be completed within one year; (v) the property is being actively marketed for sale; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Upon the determination to classify a property as held for sale, the Company ceases depreciation and amortization on the real estate property held for sale, as well as the amortization of acquired in-place leases and right-of-use assets. The real estate property held for sale and associated liabilities are classified separately on the condensed consolidated balance sheets. Such properties are recorded at the lesser of the carrying value or estimated fair value less estimated costs to sell. As of December 31, 2021, the Company classified one land parcel that formerly contained a healthcare property as held for sale, or the 2021 Land Held for Sale. The Company recorded the 2021 Land Held for Sale at its carrying value at December 31, 2021. See Note 4—"Held for Sale and Discontinued Operations" for further discussion. On February 10, 2022, the Company sold the 2021 Land Held for Sale, for an aggregate sale price of $24,000,000, and generated net proceeds of approximately $22,701,000. See Note 3—"Acquisitions and Dispositions" for additional information. The Company classified assets and liabilities of the 29-property data center properties as discontinued operations for all the periods presented because they represented a strategic shift that had a major effect on the Company's results and operations. As of December 31, 2021, the Company had no assets or liabilities held for sale related to the data center properties. The operations of the data center properties are classified on the condensed consolidated statement of comprehensive income as income from discontinued operations for the three months ended March 31, 2021. On July 22, 2021, the Company completed the Data Center Sale, for an aggregate sale price of $1,320,000,000, and generated net proceeds of approximately $1,295,367,000. See Note 3—"Acquisitions and Dispositions" for additional information.
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 assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate 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. Based on this analysis, if 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, probability weighting of the potential re-lease of the property versus sales scenarios, sale prices of comparable properties, 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 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 assets. Impairment of Real Estate The Company determined that, during the three months ended March 31, 2022, real estate assets related to one healthcare property, or the First Quarter 2022 Impaired Property, were determined to be impaired. A healthcare tenant that occupies 90% of the property leases its space for administrative use and has historically been using the space as its central business office. As a result of pandemic related events, the tenant permanently modified its business operations to accommodate a reduction in on-site staff, significantly reducing its need for administrative space going forward. The tenant has continued to pay its rent in accordance with the lease agreement, however indicated it would not expect to renew the lease upon expiration. The Company entered into a signed letter of intent with a prospective buyer that is a county-owned, tax-exempt entity, and requires ownership (vs. leasing) of the property to conduct its intended business operations at the property. In addition to the signed letter of intent with the prospective buyer, the Company signed a letter of intent with the tenant for the payment of an early lease termination fee. The early lease termination is effective only upon consummating a sale of the property to the prospective buyer. The inclusion of this potential sale scenario in the Company’s step one impairment analysis resulted in the expected future cash flows from the property falling below its current carrying value. As a result, the carrying value of the property was reduced to its estimated fair value of $14,639,000, resulting in an impairment charge of $7,109,000. During the three months ended March 31, 2021, real estate assets related to one healthcare property, or the First Quarter 2021 Impaired Property, were determined to be impaired. A tenant of the property that was experiencing financial difficulty vacated its space on June 19, 2020. During the fourth quarter of 2020, the Company entered into lease negotiations with a prospective tenant for the property, but the Company did not reach an agreement with the tenant. As such, the Company evaluated other strategic options, including a possible sale, and in April 2021, the Company received a letter of intent from a prospective buyer. The inclusion of a potential sale scenario in the Company’s step one impairment analysis resulted in the expected future cash flows from the property to fall below its current carrying value. As a result, the carrying value of the property was reduced to its estimated fair value of $17,145,000, resulting in an impairment charge of $10,423,000. The property was subsequently sold in the fourth quarter of 2021. Impairment of Acquired Intangible Assets and Acquired Intangible Liabilities During the three months ended March 31, 2022, the Company recognized an impairment of one in-place lease intangible asset, or the First Quarter 2022 Impaired In-Place Lease, in the amount of approximately $380,000, by accelerating the amortization of the acquired intangible asset related to a tenant of the First Quarter 2022 Impaired Property. During the three months ended March 31, 2021, the Company recognized an impairment of one in-place lease intangible asset, or the First Quarter 2021 Impaired In-Place Lease, in the amount of approximately $1,120,000, by accelerating the amortization of the acquired intangible asset related to one healthcare tenant of the Company that was experiencing financial difficulties and vacated the property in March 2021. On April 5, 2021, the Company terminated its lease agreement and the tenant paid a lease termination fee of $400,000, which was recorded in rental revenue in the condensed consolidated statements of comprehensive income. During the three months ended March 31, 2022 and 2021, the Company did not record impairment of acquired intangible liabilities. Impairment of 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. Goodwill has an indefinite life and is not amortized. On July 28, 2020, the Company and the Operating Partnership entered into a Membership Interest Purchase Agreement to provide for the internalization of the external management functions previously performed for the Company and the Operating Partnership by its former advisor and its affiliates, or the Internalization Transaction. On September 30, 2020, the Company closed the Internalization Transaction. On September 30, 2020, the Company recorded $39,529,000 of goodwill related to the transaction, of which $15,574,000 was allocated to the data center properties and written off as a result of the Data Center Sale on July 22, 2021. Out of $39,529,000, $23,955,000 was allocated to the healthcare segment. The Company evaluates goodwill for impairment when an event occurs or circumstances change that indicate the carrying value may not be recoverable, or at least annually. Unless circumstances otherwise dictate, the annual impairment test is performed as of the last day of each year. The Company evaluates 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. If the carrying value of a reporting unit exceeds its estimated fair value, then an impairment charge is recorded in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The Company has the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. Under a qualitative assessment, the impairment analysis for goodwill represents an evaluation of whether it is more-likely-than-not the reporting unit's fair value is less than its carrying value, including goodwill. If a qualitative analysis indicates that it is more-likely-than-not that the estimated carrying value of a reporting unit, including goodwill, exceeds its fair value, the Company performs the quantitative analysis as described below. During the three months ended March 31, 2022, the Company recognized $278,000 of goodwill impairment. Impairment loss on the First Quarter 2022 Impaired Property recorded during such period (as discussed in the "Impairment of Real Estate" section above) triggered evaluation of the reporting unit's fair value for goodwill impairment. The Company's reporting unit represents each individual operating real estate property. The carrying value of long-lived assets within the reporting unit with indicators of impairment were first tested for recoverability and resulted in recognition of impairment during such period. As a result, the fair value of the reporting unit was determined to be lower than its carrying value, including goodwill. Therefore, the Company recognized an impairment loss on goodwill in the amount of $278,000 for the amount that the carrying value of the reporting unit, including goodwill, exceeded its fair value, limited to the total amount of goodwill allocated to the reporting unit and was recorded in impairment loss on goodwill in the condensed consolidated statements of comprehensive income. Fair value of the reporting unit was determined based on a market valuation approach. As of March 31, 2022, the Company did not have any goodwill associated with the reporting unit.
Revenue Recognition, Tenant Receivables and Allowance for Uncollectible Accounts	Revenue Recognition, Tenant Receivables and Allowance for Uncollectible Accounts 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, 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 revenue 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, are recognized when the services are provided and the performance obligations are satisfied. The Company wrote off approximately $0 and $199,000 for the three months ended March 31, 2022 and 2021, respectively, as a reduction in rental revenue from continuing operations in the accompanying condensed consolidated statements of comprehensive income because the amounts were determined to be uncollectible. The Company wrote off approximately $17,000 for the three months ended March 31, 2021, related to discontinued operations, which was recorded in income from discontinued operations in the accompanying condensed consolidated statements of comprehensive income. The Company had no discontinued operations for the three months ended March 31, 2022.
Concentration of Credit Risk and Significant Leases	Concentration of Credit Risk and Significant Leases As of March 31, 2022, 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 March 31, 2022, the Company owned real estate investments in two µSAs and 54 MSAs, one MSA of which accounted for 10.0% or more of rental revenue from continuing operations for the three months ended March 31, 2022. Real estate investments located in the Houston-The Woodlands-Sugar Land, Texas MSA accounted for 11.1% of rental revenue from continuing operations for the three months ended March 31, 2022 As of March 31, 2022, the Company had one exposure to tenant concentration that accounted for 10.0% or more of rental revenue from continuing operations for the three months ended March 31, 2022. The leases with tenants at healthcare properties under common control of Post Acute Medical, LLC and its affiliates accounted for 15.5% of rental revenue from continuing operations for the three months ended March 31, 2022.
Share Repurchase Program	Share Repurchase Program The Company’s Amended and Restated Share Repurchase Program, or SRP, allows for repurchases of shares of the Company’s common stock upon meeting certain criteria. The SRP provides that all repurchases during any calendar year, including those redeemable upon death or a "Qualifying Disability" (as defined in the Company's SRP) of a stockholder, be 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, 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 Board, provided, however, that the Company limits the number of shares repurchased during any calendar year to 5.0% of the total 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. In addition, the Board, 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 will currently only repurchase shares due to death and involuntary exigent circumstances in accordance with the SRP, subject in each case 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. Under the SRP, the Company may waive certain of the terms and requirements of the SRP in the event of the death of a stockholder who is a natural person, including shares held through an Individual Retirement Account or other retirement or profit-sharing plan, and certain trusts meeting the requirements of the SRP. The Company may also waive certain of the terms and requirements of the SRP in the event of an involuntary exigent circumstance, as determined by the Company or any of the executive officers thereof, in its or their sole discretion. See Part II, Item 2. "Unregistered Sales of Equity Securities" for more information on the Company's SRP. During the three months ended March 31, 2022, the Company repurchased 344,691 Class A shares, Class I shares and Class T shares of common stock (292,540 Class A shares, 14,439 Class I shares and 37,712 Class T shares), for an aggregate purchase price of approximately $2,827,000 (an average of $8.20 per share). During the three months ended March 31, 2021, the Company repurchased 194,092 Class A shares and Class T shares of common stock (172,520 Class A shares and 21,572 Class T shares), for an aggregate purchase price of approximately $1,687,000 (an average of $8.69 per share).
Stock-based Compensation	Stock-based Compensation On March 6, 2020, the Board 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 accounts for its stock awards in accordance with ASC 718-10, Compensation—Stock Compensation . ASC 718-10 requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting period). For performance-based awards, compensation costs are recognized over the service period if it is probable that the performance condition will be satisfied, with changes of the assessment at each reporting period and recording the effect of the change in the compensation cost as a cumulative catch-up adjustment. The compensation costs for restricted stock are recognized based on the fair value of the restricted stock awards at grant date less forfeitures (if applicable). Forfeitures are accounted for as they occur. On January 3, 2022, the Company granted time-based awards to its executive officers, consisting of 217,988 in restricted shares of Class A common stock, or the Time-Based 2022 Awards. The Time-Based 2022 Awards will vest ratably over four years following the grant date, subject to each executive's employment through the applicable vesting dates, with certain exceptions. In addition, on January 3, 2022, the Company's compensation committee approved performance-based deferred stock unit awards, or Performance DSUs, to be granted for performance-based awards, or the Performance-Based 2022 Awards. The Performance-Based 2022 Awards will be measured based on Company performance over a three-year performance period ending on December 31, 2024. The Performance-Based 2022 Awards vest after the last day of the performance period and are subject to continued employment through the applicable vesting date. The Time-Based 2022 Awards and the Performance-Based 2022 Awards, or collectively, the 2022 Awards, were granted under and are subject to the terms of the A&R Incentive Plan and award agreements. Stock-based compensation expense for the 2022 Awards for the three months ended March 31, 2022, was approximately $261,000, which is reported in general and administrative expenses in the accompanying condensed consolidated statements of comprehensive income. The Company recognized total stock-based compensation expense for the three months ended March 31, 2022 and 2021, of approximately $896,000 and $556,000, respectively, which is reported in general and administrative expenses in the accompanying condensed consolidated statements of comprehensive income.
Earnings Per Share	Earnings Per Share The Company calculates basic earnings per share by dividing net income attributable to common stockholders for the period by the weighted average shares of its common stock outstanding for that period. Diluted earnings per share is computed based on the weighted average number of shares outstanding and all potentially dilutive securities. Shares of non-vested restricted common stock and Performance DSUs give rise to potentially dilutive shares of common stock. For the three months ended March 31, 2022, diluted earnings per share reflected the effect of approximately 1,366,000 of non-vested shares of restricted common stock and Performance DSUs that were outstanding. For the three months ended March 31, 2021, diluted earnings per share was computed the same as basic earnings per share, because the Company recorded a loss from continuing operations, which would make potentially dilutive shares of 940,000 related to non-vested shares of restricted common stock and Performance DSUs, anti-dilutive.
Reportable Segments	Reportable Segments ASC 280, Segment Reporting , establishes standards for reporting financial and descriptive information about an entity’s reportable segments. As of March 31, 2022 and December 31, 2021, 100% of the Company's consolidated revenues from continuing operations were generated from real estate investments in healthcare properties. The Company’s chief operating decision maker evaluates operating performance of healthcare properties on an individual property level, which are aggregated into one reportable business segment due to their similar economic characteristics. In accordance with the definition of discontinued operations, the Company's decision to sell the properties in the data centers segment represented a strategic shift that had a major effect on the Company's results and operations for the periods presented. As a result of the Data Center Sale, the Company no longer has a data centers segment. All activities related to the previously reported data centers segment have been classified as discontinued operations. As of December 31, 2021, the Company had no assets or liabilities held for sale related to the data center properties. The operations of the data center properties have been classified as income from discontinued operations on the condensed consolidated statement of comprehensive income for the three months ended March 31, 2021.
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. 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 in the condensed consolidated statements of comprehensive income 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 12—"Derivative Instruments and Hedging Activities."
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Reference Rate Reform In March 2020, the Financial Accounting Standards Board 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 year ended December 31, 2021, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future London Interbank Offered Rate, or LIBOR, -indexed cash flows to assume that the index upon which future hedged transactions will be based matches the
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 condensed consolidated statement of comprehensive income. As of December 31, 2021, the Company had no assets or liabilities held for sale related to the data center properties. Operations of the data center properties are classified as income from discontinued operations on the condensed consolidated statement of comprehensive income for the three months ended March 31, 2021.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
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): Three Months Ended 2022 2021 Beginning of period: Cash and cash equivalents $ 32,359 $ 53,174 Restricted cash 521 14,735 (1) Cash, cash equivalents and restricted cash $ 32,880 $ 67,909 End of period: Cash and cash equivalents $ 19,563 $ 51,039 Restricted cash 167 17,060 (2) Cash, cash equivalents and restricted cash $ 19,730 $ 68,099 (1) Of this amount, $13,499,000 is attributable to continuing operations and $1,236,000 is attributable to discontinued operations. (2) Of this amount, $15,824,000 is attributable to continuing operations and $1,236,000 is attributable to discontinued operations.
Schedule of Goodwill	The following table summarizes the rollforward of goodwill for the three months ended March 31, 2022, excluding amounts classified as discontinued operations (amounts in thousands): Goodwill Balance as of December 31, 2021 $ 23,284 Impairment losses (278) Balance as of March 31, 2022 $ 23,006

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Schedule of Consideration Transferred for Property Acquired	The following table summarizes the consideration transferred for the 2022 Acquisition during the three months ended March 31, 2022: Property Description Date Acquired Ownership Percentage Purchase Price Yukon Healthcare Facility 03/10/2022 100% $ 19,554
Schedule of Allocation of Acquisition	The following table summarizes the Company's purchase price allocation of the 2022 Acquisition during the three months ended March 31, 2022 (amounts in thousands): Total Land $ 1,288 Building and improvements 16,094 Tenant improvements 685 In-place lease 1,487 Total assets acquired $ 19,554
Schedule of Dispositions	The following table summarizes the 2022 Disposition: Property Description Disposition Date Sale Price Net Proceeds Houston Healthcare Facility II 02/10/2022 $ 24,000 $ 22,701

Held for Sale and Discontinue_2

Held for Sale and Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Major Classes of Assets and Liabilities Classified as Held for Sale and Operations Reflected in Discontinued Operations	The following table presents the major classes of assets and liabilities of the 2021 Land Held for Sale, classified as assets and liabilities held for sale, net, presented separately in the condensed consolidated balance sheet as of December 31, 2021 (amounts in thousands): December 31, 2021 Assets: Real estate: Land $ 22,241 Total real estate, net 22,241 Other assets, net 329 Assets held for sale, net $ 22,570 Liabilities: Accounts payable and other liabilities 698 Liabilities held for sale, net $ 698 The operations reflected in income from discontinued operations on the condensed consolidated statement of comprehensive income for the three months ended March 31, 2021, were as follows (amounts in thousands): Three Months Ended 2021 Revenue: Rental revenue $ 25,473 Total revenue 25,473 Expenses: Rental expenses 6,416 Depreciation and amortization 7,743 Total expenses 14,159 Interest and other expense, net (1) 3,366 Income from discontinued operations 7,948 Net income from discontinued operations attributable to common stockholders $ 7,948 (1) Interest expense attributable to discontinued operations was $3,369,000 for the three months ended March 31, 2021, which related to notes payable on certain data center properties. On July 22, 2021, in connection with the Data Center Sale, the Company paid off all data center and healthcare related notes payable, with an outstanding principal balance of $450,806,000 at the time of repayment.

Acquired Intangible Assets, N_2

Acquired Intangible Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2022
Finite-Lived Intangible Assets, Net [Abstract]
Schedule of Acquired Intangible Assets, Net	Acquired intangible assets, net, consisted of the following as of March 31, 2022 and December 31, 2021 (amounts in thousands, except weighted average remaining life amounts): March 31, 2022 December 31, 2021 In-place leases, net of accumulated amortization of $69,402 and $66,579, respectively (with a weighted average remaining life of 9.4 years and 9.5 years, respectively) $ 163,940 $ 168,012 Above-market leases, net of accumulated amortization of $4,971 and $4,488, respectively (with a weighted average remaining life of 8.6 years and 8.8 years, respectively) 13,144 13,627 $ 177,084 $ 181,639

Acquired Intangible Liabiliti_2

Acquired Intangible Liabilities, Net (Tables)	3 Months Ended
	Mar. 31, 2022
Intangible Lease Liabilities, Net [Abstract]
Schedule of Acquired Intangible Liabilities, Net	Acquired intangible liabilities, net, consisted of the following as of March 31, 2022 and December 31, 2021 (amounts in thousands, except weighted average remaining life amounts): March 31, 2022 December 31, 2021 Below-market leases, net of accumulated amortization of $4,808 and $4,444, respectively (with a weighted average remaining life of 9.0 years and 9.3 years, respectively) $ 12,598 $ 12,962

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, for the nine months ending December 31, 2022, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount Nine months ending December 31, 2022 $ 120,534 2023 163,026 2024 163,127 2025 158,996 2026 151,989 Thereafter 972,046 Total (1) $ 1,729,718
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 leases in effect as of March 31, 2022, for the nine months ending December 31, 2022, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Operating Finance Nine months ending December 31, 2022 $ 1,281 $ 102 2023 1,863 136 2024 1,930 141 2025 1,950 143 2026 1,897 143 Thereafter 68,842 6,441 Total undiscounted rental payments 77,763 7,106 Less imputed interest (50,327) (4,469) Total lease liabilities $ 27,436 $ 2,637
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 leases in effect as of March 31, 2022, for the nine months ending December 31, 2022, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Operating Finance Nine months ending December 31, 2022 $ 1,281 $ 102 2023 1,863 136 2024 1,930 141 2025 1,950 143 2026 1,897 143 Thereafter 68,842 6,441 Total undiscounted rental payments 77,763 7,106 Less imputed interest (50,327) (4,469) Total lease liabilities $ 27,436 $ 2,637
Schedule of Lease Cost	The following table provides details of the Company's total lease costs and reimbursements for the three months ended March 31, 2022 and 2021 (amounts in thousands): Three Months Ended Location in Condensed Consolidated Statements of Comprehensive Income 2022 2021 Operating lease costs: Ground lease costs Rental expenses $ 432 $ 422 Ground lease reimbursements (1) Rental revenue 304 298 Ground lease costs (2) Income from discontinued operations — 220 Ground lease reimbursements (1),(2) Income from discontinued operations — 103 Office operating lease costs General and administrative expenses 152 264 Corporate-related operating lease costs General and administrative expenses 33 — Finance lease costs: Amortization of right-of-use asset Depreciation and amortization $ 5 $ 5 Interest on lease liability Interest and other expense, net 35 38 (1) The Company is reimbursed by tenants who sublease the ground leases. (2) Amounts relate to lease costs and reimbursements attributable to two operating ground leases related to data center properties disposed of in the Data Center Sale on July 22, 2021.

Other Assets, Net (Tables)

Other Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2022
Other Assets [Abstract]
Schedule of Other Assets, Net	Other assets, net, consisted of the following as of March 31, 2022 and other assets, net, excluding assets held for sale, net, consisted of the following as of December 31, 2021 (amounts in thousands): March 31, 2022 December 31, 2021 Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $127 and $8,332, respectively $ 3,937 $ 482 Leasing commissions, net of accumulated amortization of $119 and $121, respectively 761 780 Restricted cash 167 521 Tenant receivables 1,637 1,851 Straight-line rent receivable 58,235 55,725 Real estate deposits 100 — Prepaid and other assets 3,290 4,835 (1) Derivative assets 9,472 2,171 $ 77,599 $ 66,365 (1) Excludes $329,000 of prepaid and other assets attributable to the 2021 Land Held for Sale that did not meet the criteria of discontinued operations.

Accounts Payable and Other Li_2

Accounts Payable and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Other Liabilities	Accounts payable and other liabilities consisted of the following as of March 31, 2022 and accounts payable and other liabilities, excluding liabilities held for sale, net, consisted of the following as of December 31, 2021 (amounts in thousands): March 31, 2022 December 31, 2021 Accounts payable and accrued expenses $ 6,785 $ 8,431 (1) Accrued interest expense 1,165 1,626 Accrued property taxes 2,359 2,913 (1) Accrued personnel costs 996 4,198 Distribution and servicing fees 2 182 Distributions payable to stockholders 7,662 7,355 Performance DSUs distributions payable 432 394 Tenant deposits 802 802 Deferred rental income 6,972 7,100 Contingent consideration 1,090 978 Derivative liabilities 702 5,618 $ 28,967 $ 39,597 (1) Excludes $698,000 of accounts payable, accrued expenses and accrued property taxes attributable to the 2021 Land Held for Sale that did not meet the criteria of discontinued operations.

Credit Facility (Tables)

Credit Facility (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Credit Facility	The Company's outstanding credit facility as of March 31, 2022 and December 31, 2021 consisted of the following (amounts in thousands): March 31, 2022 December 31, 2021 Variable rate revolving line of credit fixed through interest rate swaps $ 100,000 $ — Variable rate revolving line of credit 85,000 — Variable rate term loans fixed through interest rate swaps 300,000 400,000 Variable rate term loans — 100,000 Total credit facility, principal amount outstanding 485,000 500,000 Unamortized deferred financing costs related to the term loan credit facility (681) (3,226) Total credit facility, net of deferred financing costs $ 484,319 $ 496,774
Schedule of Future Principal Payments Due on Debt	The principal payments due on the Unsecured Credit Facility as of March 31, 2022, for the nine months ending December 31, 2022, and for each of the next four years ending December 31, are as follows (amounts in thousands): Year Amount Nine months ending December 31, 2022 $ — 2023 — 2024 300,000 2025 — 2026 185,000 Thereafter — $ 485,000

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021 (amounts in thousands): March 31, 2022 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Assets: Derivative assets $ — $ 9,472 $ — $ 9,472 Total assets at fair value $ — $ 9,472 $ — $ 9,472 Liabilities: Derivative liabilities $ — $ 702 $ — $ 702 Total liabilities at fair value $ — $ 702 $ — $ 702 December 31, 2021 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Assets: Derivative assets $ — $ 2,171 $ — $ 2,171 Total assets at fair value $ — $ 2,171 $ — $ 2,171 Liabilities: Derivative liabilities $ — $ 5,618 $ — $ 5,618 Total liabilities at fair value $ — $ 5,618 $ — $ 5,618
Schedule of Fair Value, Real Estate Assets Measured on Non-Recurring Basis	The following table shows the fair value of the Company's real estate assets measured at fair value on a non-recurring basis as of March 31, 2022 (amounts in thousands): Three Months Ended March 31, 2022 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Total Losses Real estate assets $ — $ 14,639 $ — $ 14,639 $ 7,109

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 December 31, 2021 Outstanding Notional Amount (2) Fair Value of Outstanding Fair Value of Assets (Liabilities) Assets (Liabilities) Interest rate swaps (1) 04/01/2019 to 04/27/2023 to $ 400,000 $ 9,472 $ (702) $ 400,000 $ 2,171 $ (5,618) (1) Derivative assets and liabilities are reported in the condensed consolidated balance sheets as other assets, net, and accounts payable and other liabilities, respectively. (2) On April 8, 2022, the Company entered into five interest rate swap agreements, two of which have an effective date of May 2, 2022 and a notional amount of $85,000,000, and three of which have an effective date of May 1, 2023 and a notional amount of $150,000,000.
Schedule of Income and Losses Recognized on Derivative Instruments	The table below summarizes the amount of income recognized on the interest rate derivatives designated as cash flow hedges for the three months ended March 31, 2022 and 2021 (amounts in thousands): Derivatives in Cash Flow Amount of Income Recognized Location of Loss Amount of Loss Total Amount of Line Item in Condensed Consolidated Statements of Comprehensive Income Three Months Ended March 31, 2022 Interest rate swaps - continuing operations $ 10,848 Interest and other expense, net $ (2,007) $ 8,115 Total $ 10,848 $ (2,007) Three Months Ended March 31, 2021 Interest rate swaps - continuing operations $ 3,378 Interest and other expense, net $ (1,856) $ 8,764 Interest rate swaps - discontinued operations 12 Income from discontinued operations (546) $ 7,948 Total $ 3,390 $ (2,402)
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 March 31, 2022 and December 31, 2021 (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 March 31, 2022 $ 9,472 $ — $ 9,472 $ — $ — $ 9,472 December 31, 2021 $ 2,171 $ — $ 2,171 $ (1,023) $ — $ 1,148
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 March 31, 2022 $ 702 $ — $ 702 $ — $ — $ 702 December 31, 2021 $ 5,618 $ — $ 5,618 $ (1,023) $ — $ 4,595

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss	The following table presents a rollforward of amounts recognized in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2022 and 2021 (amounts in thousands): Unrealized Income Balance as of December 31, 2021 $ (4,847) Other comprehensive income before reclassification 10,848 Amount of loss reclassified from accumulated other comprehensive income to net income 2,007 Other comprehensive income 12,855 Balance as of March 31, 2022 $ 8,008 Unrealized Income Balance as of December 31, 2020 $ (20,444) Other comprehensive income before reclassification 3,390 Amount of loss reclassified from accumulated other comprehensive loss to net income 2,402 Other comprehensive income 5,792 Balance as of March 31, 2021 $ (14,652)
Schedule of Reclassifications Out of Accumulated Other Comprehensive Loss	The following table presents reclassifications out of accumulated other comprehensive income (loss) for the three months ended March 31, 2022 and 2021 (amounts in thousands): Details about Accumulated Other Loss Amounts Reclassified from Affected Line Items in the Condensed Consolidated Statements of Comprehensive Income Three Months Ended 2022 2021 Interest rate swap contracts - continuing operations $ 2,007 $ 1,856 Interest and other expense, net Interest rate swap contracts - discontinued operations — 546 Income from discontinued operations Interest rate swap contracts $ 2,007 $ 2,402

Subsequent Events (Tables)

Subsequent Events (Tables)	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Schedule of Subsequent Events	The following table summarizes the Company's distributions paid to stockholders on April 6, 2022, for the period from March 1, 2022 through March 31, 2022 (amounts in thousands): Payment Date Common Stock Cash DRIP Total Distribution April 6, 2022 Class A $ 4,492 $ 1,238 $ 5,730 April 6, 2022 Class I 321 224 545 April 6, 2022 Class T 731 643 1,374 April 6, 2022 Class T2 6 7 13 $ 5,550 $ 2,112 $ 7,662 The following table summarizes the Company's distributions paid to stockholders on May 4, 2022, for the period from April 1, 2022 through April 30, 2022 (amounts in thousands): Payment Date Common Stock Cash DRIP Total Distribution May 4, 2022 Class A $ 4,349 $ 1,201 $ 5,550 May 4, 2022 Class I 317 221 538 May 4, 2022 Class T 709 623 1,332 May 4, 2022 Class T2 2 2 4 $ 5,377 $ 2,047 $ 7,424 Distributions Authorized The following tables summarize the daily distributions approved and authorized by the Board subsequent to March 31, 2022: Authorization Date (1) Common Stock Daily Distribution Rate (1) Annualized Distribution Per Share April 20, 2022 Class A $ 0.00109589 $ 0.40 April 20, 2022 Class I $ 0.00109589 $ 0.40 April 20, 2022 Class T $ 0.00109589 $ 0.40 Authorization Date (2) Common Stock Daily Distribution Rate (2) Annualized Distribution Per Share May 5, 2022 Class A $ 0.00109589 $ 0.40 May 5, 2022 Class I $ 0.00109589 $ 0.40 May 5, 2022 Class T $ 0.00109589 $ 0.40 (1) Distributions approved and authorized to stockholders of record as of the close of business on each day of the period commencing on May 1, 2022 and ending on May 31, 2022. The distributions are calculated based on 365 days in the calendar year. The distributions declared for each record date in May 2022 will be paid in June 2022. The distributions are 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 June 1, 2022 and ending on June 30, 2022. The distributions will be calculated based on 365 days in the calendar year. The distributions declared for each record date in June 2022 will be paid in July 2022. The distributions will be payable to stockholders from legally available funds therefor.

Organization and Business Ope_2

Organization and Business Operations (Details) $ / shares in Units, $ in Thousands	Jul. 30, 2021USD ($)	Jul. 22, 2021USD ($)property$ / shares	Mar. 31, 2022USD ($)statisticalAreanumberOfLandParcelregistration_statementproperty	Mar. 31, 2021USD ($)	May 19, 2021property	Nov. 30, 2018initial_public_offering
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties owned | property			126
Proceeds from real estate disposition | $			$ 22,822	$ 0
Special cash dividend (in dollars per share) | $ / shares		$ 1.75
Special cash distribution (in dollars) | $	$ 392,685
Number of real estate properties acquired | property			1
Number of real estate properties sold | numberOfLandParcel			1
Number of undeveloped land parcels owned | numberOfLandParcel			2
Number of micropolitan statistical areas with owned real estate investments | statisticalArea			2
Number of metropolitan statistical areas with owned real estate investments | statisticalArea			54
Number of public offerings | initial_public_offering						2
Number of registration statements on Form S-3 | registration_statement			2
Discontinued Operations, Held-for-sale | Data Centers
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties owned | property					29
Discontinued Operations, Disposed of by Sale | Data Centers
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties owned | property		29
Aggregate sales price | $		$ 1,320,000
Proceeds from real estate disposition | $		$ 1,295,367

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Reconciliation of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	$ 19,563	$ 32,359	$ 51,039	$ 53,174
Restricted cash	167	521	17,060	14,735
Cash, cash equivalents and restricted cash	$ 19,730	$ 32,880	68,099	67,909
Continuing Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restricted cash			15,824	13,499
Discontinued Operations, Disposed of by Sale | Data Centers
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restricted cash			$ 1,236	$ 1,236

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Narrative) (Details)	Feb. 10, 2022USD ($)	Jan. 03, 2022shares	Jul. 22, 2021USD ($)property	Apr. 05, 2021USD ($)	Mar. 31, 2022USD ($)statisticalAreapropertyleasesegmenttenant$ / sharesshares	Mar. 31, 2021USD ($)propertytenantlease$ / sharesshares	Dec. 31, 2021USD ($)numberOfLandParcelsegment	Sep. 30, 2020USD ($)
Summary of Significant Accounting Policies [Line Items]
Number of real estate properties | property					126
Proceeds from real estate disposition					$ 22,822,000	$ 0
Number of impaired properties | property					1	1
Estimated fair value					$ 1,828,358,000		$ 1,827,305,000
Impairment loss on real estate					7,109,000	$ 10,423,000
Proceeds from lease termination fee				$ 400,000
Impairment of acquired intangible liabilities					0	0
Goodwill					23,006,000		$ 23,284,000
Impairment loss on goodwill					278,000	240,000
Reduction in rental revenue					$ 0	199,000
Number of micropolitan statistical areas with owned real estate investments | statisticalArea					2
Number of metropolitan statistical areas with owned real estate investments | statisticalArea					54
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
Stock-based compensation					$ 896,000	$ 556,000
Diluted earnings per share outstanding adjustment (in shares) | shares					1,366,000	940,000
Number of reportable business segments | segment					1		1
Disposal Group, Held-for-sale, Not Discontinued Operations
Summary of Significant Accounting Policies [Line Items]
Aggregate sales price	$ 24,000,000
Aggregate gain on sale	$ 22,701,000
Disposal Group, Held-for-sale, Not Discontinued Operations | Healthcare
Summary of Significant Accounting Policies [Line Items]
Number of real estate properties | numberOfLandParcel							1
Discontinued Operations, Disposed of by Sale | Data Centers
Summary of Significant Accounting Policies [Line Items]
Number of real estate properties | property			29
Aggregate sales price			$ 1,320,000,000
Proceeds from real estate disposition			1,295,367,000
Reduction in rental revenue						$ 17,000
Common Stock
Summary of Significant Accounting Policies [Line Items]
Repurchase of common stock (in shares) | shares					344,691	194,092
Repurchase of common stock					$ 3,000	$ 2,000
Class A, I and T Shares | Common Stock
Summary of Significant Accounting Policies [Line Items]
Repurchase of common stock (in shares) | shares					344,691
Repurchase of common stock					$ 2,827,000
Repurchase of common stock, average price per share (in dollars per share) | $ / shares					$ 8.20
Class A and T Shares | Common Stock
Summary of Significant Accounting Policies [Line Items]
Repurchase of common stock (in shares) | shares						194,092
Repurchase of common stock						$ 1,687,000
Repurchase of common stock, average price per share (in dollars per share) | $ / shares						$ 8.69
Class A | Common Stock
Summary of Significant Accounting Policies [Line Items]
Repurchase of common stock (in shares) | shares					292,540	172,520
Class I | Common Stock
Summary of Significant Accounting Policies [Line Items]
Repurchase of common stock (in shares) | shares					14,439
Class T | Common Stock
Summary of Significant Accounting Policies [Line Items]
Repurchase of common stock (in shares) | shares					37,712	21,572
Restricted Stock, Time-Based
Summary of Significant Accounting Policies [Line Items]
Awards granted (in shares) | shares		217,988
Award vesting period under plan		4 years
Restricted Stock, Performance-Based
Summary of Significant Accounting Policies [Line Items]
Performance period					3 years
Restricted Stock, Time-Based and Performance Based
Summary of Significant Accounting Policies [Line Items]
Stock-based compensation					$ 261,000
Revenue | Geographic Concentration Risk
Summary of Significant Accounting Policies [Line Items]
Number of metropolitan statistical areas with owned real estate investments | statisticalArea					1
Revenue | Geographic Concentration Risk | Houston-The Woodlands-Sugar Land, Texas MSA
Summary of Significant Accounting Policies [Line Items]
Concentration risk, percentage					11.10%
Revenue | Customer Concentration Risk
Summary of Significant Accounting Policies [Line Items]
Number of major tenants | tenant					1
Revenue | Product Concentration Risk | Healthcare
Summary of Significant Accounting Policies [Line Items]
Concentration risk, percentage					100.00%		100.00%
Internalization Transaction
Summary of Significant Accounting Policies [Line Items]
Goodwill								$ 39,529,000
Internalization Transaction | Discontinued Operations, Disposed of by Sale | Data Centers
Summary of Significant Accounting Policies [Line Items]
Goodwill			$ 15,574,000					15,574,000
Internalization Transaction | Healthcare
Summary of Significant Accounting Policies [Line Items]
Goodwill								$ 23,955,000
In-place lease | Continuing Operations
Summary of Significant Accounting Policies [Line Items]
Number of impaired acquired intangible assets | lease					1	1
Impairment of acquired intangible assets					$ 380,000	$ 1,120,000
Healthcare reporting unit 1
Summary of Significant Accounting Policies [Line Items]
Goodwill					0	0
Impaired Real Estate Property 1
Summary of Significant Accounting Policies [Line Items]
Estimated fair value					14,639,000	17,145,000
Impairment loss on real estate					$ 7,109,000	$ 10,423,000
Single Tenant
Summary of Significant Accounting Policies [Line Items]
Property space as a percentage					90.00%
Tenant of Healthcare Property
Summary of Significant Accounting Policies [Line Items]
Number of tenants with impaired intangible assets | tenant						1
Post Acute Medical LLC and affiliates | Revenue | Customer Concentration Risk
Summary of Significant Accounting Policies [Line Items]
Concentration risk, percentage					15.50%

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Schedule of Goodwill) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Goodwill [Roll Forward]
Beginning balance	$ 23,284
Impairment loss on goodwill	(278)	$ (240)
Ending balance	$ 23,006

Acquisitions and Dispositions_2

Acquisitions and Dispositions (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)propertynumberOfLandParcel	Mar. 31, 2021USD ($)
Real Estate [Line Items]
Number of real estate properties acquired | property	1
Number of real estate properties sold | numberOfLandParcel	1
Proceeds from real estate disposition	$ 22,822	$ 0
Gain on real estate disposition	$ 460	$ 0
Yukon Healthcare Facility
Real Estate [Line Items]
Number of real estate properties acquired | property	1
Capitalized acquisition fees and costs	$ 124
2022 Disposition | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Number of real estate properties sold | property	1
Sale price of real estate dispositions	$ 24,000
Proceeds from real estate disposition	22,701
Gain on real estate disposition	$ 460
Maximum | Yukon Healthcare Facility
Real Estate [Line Items]
Acquisition fees and costs (% of contract purchase price)	6.00%

Acquisitions and Dispositions_3

Acquisitions and Dispositions (Schedule of Consideration Transferred for Properties Acquired) (Details) - Yukon Healthcare Facility $ in Thousands	Mar. 10, 2022USD ($)
Business Acquisition [Line Items]
Ownership Percentage	100.00%
Purchase Price	$ 19,554

Acquisitions and Dispositions_4

Acquisitions and Dispositions (Schedule of Allocation of Acquisitions) (Details) - Yukon Healthcare Facility $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Business Acquisition [Line Items]
Total assets acquired	$ 19,554
In-place lease
Business Acquisition [Line Items]
In-place lease	1,487
Land
Business Acquisition [Line Items]
Property, plant and equipment acquired	1,288
Building and improvements
Business Acquisition [Line Items]
Property, plant and equipment acquired	16,094
Tenant Improvements
Business Acquisition [Line Items]
Property, plant and equipment acquired	$ 685

Acquisitions and Dispositions_5

Acquisitions and Dispositions (Schedule of Dispositions) (Details) - USD ($) $ in Thousands	Feb. 10, 2022	Mar. 31, 2022	Mar. 31, 2021
Real Estate [Line Items]
Net Proceeds		$ 22,822	$ 0
2022 Disposition | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Sale Price		24,000
Net Proceeds		$ 22,701
Houston Healthcare Facility II | 2022 Disposition | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Sale Price	$ 24,000
Net Proceeds	$ 22,701

Held for Sale and Discontinue_3

Held for Sale and Discontinued Operations (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Capital expenditures	$ 4,444	$ 7,067
Held-for-sale or Disposed of by Sale | Data Centers
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Capital expenditures		1,010
Non-cash operating activities		1,220
Non-cash investing activities		$ 494

Held for Sale and Discontinue_4

Held for Sale and Discontinued Operations (Disposal Group Financials) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Jul. 22, 2021
Assets:
Assets held for sale, net	$ 0		$ 22,570
Liabilities:
Liabilities held for sale, net	0		698
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Income from discontinued operations	$ 0	$ 7,948
Held-for-sale or Disposed of by Sale
Assets:
Total real estate, net			22,241
Other assets, net			329
Assets held for sale, net			22,570
Liabilities:
Accounts payable and other liabilities			698
Liabilities held for sale, net			698
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Rental revenue		25,473
Total revenue		25,473
Rental expenses		6,416
Depreciation and amortization		7,743
Total expenses		14,159
Interest and other expense, net		3,366
Income from discontinued operations		7,948
Income from discontinued operations		7,948
Held-for-sale or Disposed of by Sale | Land
Assets:
Total real estate, net			$ 22,241
Discontinued Operations, Disposed of by Sale | Data Centers
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Income from discontinued operations		7,948
Interest expense attributable to discontinued operations		$ 3,369
Discontinued Operations, Disposed of by Sale | Healthcare | Data Centers | Continuing Operations
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Notes payable, principal amount outstanding				$ 450,806

Acquired Intangible Assets, N_3

Acquired Intangible Assets, Net (Schedule of Acquired Intangible Assets, Net) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, accumulated amortization	$ 74,373	$ 71,067
Acquired intangible assets, net of accumulated amortization	$ 177,084	$ 181,639
Continuing Operations
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life of intangible assets	9 years 3 months 18 days	9 years 6 months
Acquired intangible assets, net of accumulated amortization	$ 177,084	$ 181,639
In-place leases | Continuing Operations
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, accumulated amortization	$ 69,402	$ 66,579
Weighted average remaining useful life of intangible assets	9 years 4 months 24 days	9 years 6 months
Acquired intangible assets, net of accumulated amortization	$ 163,940	$ 168,012
Above-market leases | Continuing Operations
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, accumulated amortization	$ 4,971	$ 4,488
Weighted average remaining useful life of intangible assets	8 years 7 months 6 days	8 years 9 months 18 days
Acquired intangible assets, net of accumulated amortization	$ 13,144	$ 13,627

Acquired Intangible Assets, N_4

Acquired Intangible Assets, Net (Narrative) (Details) - Continuing Operations - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life of intangible assets	9 years 3 months 18 days		9 years 6 months
Amortization of acquired intangible assets	$ 6,042	$ 6,617
In-place and above-market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Impairment of acquired intangible assets	$ 380	$ 1,120

Acquired Intangible Liabiliti_3

Acquired Intangible Liabilities, Net (Schedule of Acquired Intangible Liabilities, Net) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Intangible Lease Liabilities, Net [Line Items]
Accumulated amortization of below-market leases	$ 4,808	$ 4,444
Below-market leases, net of accumulated amortization	12,598	12,962
Continuing Operations
Intangible Lease Liabilities, Net [Line Items]
Accumulated amortization of below-market leases	$ 4,808	$ 4,444
Weighted average remaining life of below-market leases	9 years	9 years 3 months 18 days
Below-market leases, net of accumulated amortization	$ 12,598	$ 12,962

Acquired Intangible Liabiliti_4

Acquired Intangible Liabilities, Net (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Intangible Lease Liabilities, Net [Line Items]
Amortization of below-market leases	$ 364	$ 1,096
Continuing Operations
Intangible Lease Liabilities, Net [Line Items]
Amortization of below-market leases		$ 307

Leases (Schedule of Future Mini

Leases (Schedule of Future Minimum Rent to Lessor from Operating Leases) (Details) $ in Thousands	Mar. 31, 2022USD ($)propertylease
Leases [Abstract]
Nine months ending December 31, 2022	$ 120,534
2023	163,026
2024	163,127
2025	158,996
2026	151,989
Thereafter	972,046
Total	1,729,718
Value of underlying operating lease asset, leases not yet commenced	$ 162
Number of executed leases, operating leases not yet commenced | lease	1
Number of development properties, operating leases not yet commenced | property	1

Leases (Narrative) (Details)

Leases (Narrative) (Details) $ in Thousands	Mar. 31, 2022USD ($)lease	Jan. 22, 2022USD ($)	Dec. 31, 2021USD ($)
Lessee, Lease, Description [Line Items]
Number of corporate-related leases | lease	1
Number of finance ground leases | lease	1
Number of operating office leases | lease	1
Number of operating ground leases | lease	16
Number of operating ground leases without corresponding operating lease liabilities | lease	4
Operating lease liabilities	$ 27,436		$ 23,758
Aggregate present value of future rent payments	77,763
Aggregate present value of future rent payments	$ 25,230		$ 21,737
Operating lease, weighted average incremental borrowing rate, percent	5.10%
Operating lease, weighted average remaining lease term	34 years 1 month 6 days		36 years 1 month 6 days
Finance lease, incremental borrowing rate, percent	5.30%
Finance lease, remaining lease term	42 years 2 months 12 days		42 years 4 months 24 days
Corporate Lease
Lessee, Lease, Description [Line Items]
Operating lease liabilities		$ 3,440
Aggregate present value of future rent payments	$ 3,451
Ground Lease
Lessee, Lease, Description [Line Items]
Operating lease liabilities	310
Aggregate present value of future rent payments	$ 309
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, incremental borrowing rate, percent	2.50%
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, incremental borrowing rate, percent	6.40%

Leases (Schedule of Rent Paymen

Leases (Schedule of Rent Payments from Lessee) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Operating
Nine months ending December 31, 2022	$ 1,281
2023	1,863
2024	1,930
2025	1,950
2026	1,897
Thereafter	68,842
Total undiscounted rental payments	77,763
Less imputed interest	(50,327)
Total lease liabilities	27,436	$ 23,758
Finance
Nine months ending December 31, 2022	102
2023	136
2024	141
2025	143
2026	143
Thereafter	6,441
Total undiscounted rental payments	7,106
Less imputed interest	(4,469)
Total lease liabilities	$ 2,637	$ 2,636

Leases (Schedule of Lease Cost)

Leases (Schedule of Lease Cost) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)lease	Mar. 31, 2021USD ($)	Jul. 22, 2021lease
Lessee, Lease, Description [Line Items]
Amortization of right-of-use asset	$ 5	$ 5
Number of operating ground leases | lease	16
Discontinued Operations, Disposed of by Sale | Data Centers
Lessee, Lease, Description [Line Items]
Number of operating ground leases | lease			2
Rental expenses
Lessee, Lease, Description [Line Items]
Ground lease costs	$ 432	422
Rental revenue
Lessee, Lease, Description [Line Items]
Ground lease reimbursements	304	298
Income from discontinued operations
Lessee, Lease, Description [Line Items]
Ground lease costs	0	220
Ground lease reimbursements	0	103
General and administrative expenses
Lessee, Lease, Description [Line Items]
Office operating lease costs	152	264
Corporate-related operating lease costs	33	0
Depreciation and amortization
Lessee, Lease, Description [Line Items]
Amortization of right-of-use asset	5	5
Interest and other expense, net
Lessee, Lease, Description [Line Items]
Interest on lease liability	$ 35	$ 38

Other Assets, Net (Schedule of

Other Assets, Net (Schedule of Other Assets, Net) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Assets [Abstract]
Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $127 and $8,332, respectively	$ 3,937	$ 482
Leasing commissions, net of accumulated amortization of $119 and $121, respectively	761	780
Restricted cash	167	521
Tenant receivables	1,637	1,851
Straight-line rent receivable	58,235	55,725
Real estate deposits	100	0
Prepaid and other assets	3,290	4,835
Derivative assets	9,472	2,171
Total other assets, net	77,599	66,365
Deferred financing costs, related to the revolver portion of the credit facility, accumulated amortization	127	8,332
Leasing commissions, accumulated amortization	$ 119	121
Held-for-sale or Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other assets, net		$ 329

Accounts Payable and Other Li_3

Accounts Payable and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accounts payable and accrued expenses	$ 6,785	$ 8,431
Accrued interest expense	1,165	1,626
Accrued property taxes	2,359	2,913
Accrued personnel costs	996	4,198
Distribution and servicing fees	2	182
Distributions payable to stockholders	7,662	7,355
Performance DSUs distributions payable	432	394
Tenant deposits	802	802
Deferred rental income	6,972	7,100
Contingent consideration	1,090	978
Derivative liabilities	702	5,618
Total accounts payable and other liabilities	$ 28,967	39,597
Held-for-sale or Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts payable and other liabilities		$ 698

Credit Facility (Schedule of Cr

Credit Facility (Schedule of Credit Facility) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Total credit facility, principal amount outstanding		$ 500,000
Unamortized deferred financing costs related to the term loan credit facility	$ (681)	(3,226)
Total credit facility, net of deferred financing costs	484,319	496,774
Variable rate term loans
Line of Credit Facility [Line Items]
Total credit facility, principal amount outstanding	485,000	500,000
Revolving Line of Credit
Line of Credit Facility [Line Items]
Total credit facility, net of deferred financing costs		500,000
Revolving Line of Credit | Variable rate revolving line of credit fixed through interest rate swaps
Line of Credit Facility [Line Items]
Total credit facility, principal amount outstanding	100,000	0
Revolving Line of Credit | Variable rate revolving line of credit
Line of Credit Facility [Line Items]
Total credit facility, principal amount outstanding	85,000	0
Term Loan | Variable rate term loans fixed through interest rate swaps
Line of Credit Facility [Line Items]
Total credit facility, principal amount outstanding	300,000	400,000
Term Loan | Variable rate term loans
Line of Credit Facility [Line Items]
Total credit facility, principal amount outstanding	$ 0	$ 100,000

Credit Facility (Narrative) (De

Credit Facility (Narrative) (Details)	Mar. 10, 2022USD ($)	Feb. 28, 2022USD ($)	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Apr. 08, 2022USD ($)agreement	Feb. 15, 2022USD ($)	Dec. 31, 2021USD ($)
Line of Credit Facility [Line Items]
Total credit facility, net of deferred financing costs			$ 484,319,000				$ 496,774,000
Loss on extinguishment of debt			(3,367,000)	$ 0
Debt extinguishment costs			4,000	0
Payments on credit facility		$ 30,000,000	530,000,000	0
Proceeds from credit facility	$ 15,000,000		515,000,000	$ 0
Interest rate swaps | Subsequent Event
Line of Credit Facility [Line Items]
Number of derivative instruments | agreement					5
Interest Rate Swap, Effective Date May 2, 2022 | Subsequent Event
Line of Credit Facility [Line Items]
Number of derivative instruments | agreement					2
Notational amount					$ 85,000,000
Interest Rate Swap, Effective Date May 1, 2023 | Subsequent Event
Line of Credit Facility [Line Items]
Number of derivative instruments | agreement					3
Notational amount					$ 150,000,000
Term Loan | Term Loan - Maximum Capacity
Line of Credit Facility [Line Items]
Commitments available						$ 300,000,000
Term Loan | Term Loan
Line of Credit Facility [Line Items]
Term loan, maximum increase						600,000,000
Term Loan | Unsecured Credit Facility
Line of Credit Facility [Line Items]
Total debt outstanding						800,000,000
Revolving Line of Credit
Line of Credit Facility [Line Items]
Total credit facility, net of deferred financing costs							$ 500,000,000
Loss on extinguishment of debt			(3,367,000)
Debt extinguishment costs			4,000
Accelerated unamortized debt issuance costs			$ 3,363,000
Revolving Line of Credit | Term Loan
Line of Credit Facility [Line Items]
Commitments available						500,000,000
Credit facility, maximum increase						$ 1,000,000,000

Credit Facility (Schedule of Pr

Credit Facility (Schedule of Principal Payments Due on Credit Facility) (Details) $ in Thousands	Mar. 31, 2022USD ($)
Debt Disclosure [Abstract]
Nine months ending December 31, 2022	$ 0
2023	0
2024	300,000
2025	0
2026	185,000
Thereafter	0
Total	$ 485,000

Fair Value (Narrative) (Details

Fair Value (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Fair Value [Line Items]
Total credit facility, principal amount outstanding			$ 500,000
Estimated fair value	$ 1,828,358		1,827,305
Impairment loss on real estate	7,109	$ 10,423
Impairment loss on goodwill	278	240
Impaired Real Estate Property 1
Fair Value [Line Items]
Estimated fair value	14,639	17,145
Impairment loss on real estate	7,109	$ 10,423
Variable rate term loans
Fair Value [Line Items]
Total credit facility, principal amount outstanding	485,000		500,000
Variable rate term loans | Significant Other Observable Inputs (Level 2) | Estimate of Fair Value Measurement
Fair Value [Line Items]
Credit facility, fair value disclosure	$ 453,582		$ 492,360

Fair Value (Schedule of Fair Va

Fair Value (Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets:
Derivative assets	$ 9,472	$ 2,171
Liabilities:
Derivative liabilities	702	5,618
Recurring basis
Assets:
Derivative assets	9,472	2,171
Total assets at fair value	9,472	2,171
Liabilities:
Derivative liabilities	702	5,618
Total liabilities at fair value	702	5,618
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring basis
Assets:
Derivative assets	0	0
Total assets at fair value	0	0
Liabilities:
Derivative liabilities	0	0
Total liabilities at fair value	0	0
Significant Other Observable Inputs (Level 2) | Recurring basis
Assets:
Derivative assets	9,472	2,171
Total assets at fair value	9,472	2,171
Liabilities:
Derivative liabilities	702	5,618
Total liabilities at fair value	702	5,618
Significant Unobservable Inputs (Level 3) | Recurring basis
Assets:
Derivative assets	0	0
Total assets at fair value	0	0
Liabilities:
Derivative liabilities	0	0
Total liabilities at fair value	$ 0	$ 0

Fair Value (Schedule of Fair _2

Fair Value (Schedule of Fair Value, Real Estate Assets Measured on Non-Recurring Basis) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value	$ 1,828,358		$ 1,827,305
Impairment loss on real estate	7,109	$ 10,423
Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value	14,639
Impairment loss on real estate	7,109
Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value	0
Nonrecurring | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value	14,639
Nonrecurring | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value	$ 0

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)	Jul. 22, 2021interestRateSwapInstrument
Derivative Instruments, Gain (Loss) [Line Items]
Additional loss expected to be reclassified from AOCI into earnings during next twelve months	$ 331
Derivatives in a net liability position	972
Discontinued Operations, Disposed of by Sale | Data Centers | Continuing Operations
Derivative Instruments, Gain (Loss) [Line Items]
Amounts reclassified from AOCI to earnings	$ 638
Interest rate swaps | Discontinued Operations, Disposed of by Sale | Data Centers | Continuing Operations
Derivative Instruments, Gain (Loss) [Line Items]
Number of derivative instruments | interestRateSwapInstrument		8

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities (Schedule of the Notional Amount and Fair Value of Derivative Instruments) (Details) $ in Thousands	Apr. 08, 2022USD ($)agreement	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Derivatives, Fair Value [Line Items]
Fair Value of Asset		$ 9,472	$ 2,171
Fair Value of Liability		(702)	(5,618)
Interest rate swaps | Subsequent Event
Derivatives, Fair Value [Line Items]
Number of derivative instruments | agreement	5
Interest rate swaps | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Outstanding Notional Amount		400,000	400,000
Interest rate swaps | Designated as Hedging Instrument | Other Assets, Net
Derivatives, Fair Value [Line Items]
Fair Value of Asset		9,472	2,171
Interest rate swaps | Designated as Hedging Instrument | Accounts Payable
Derivatives, Fair Value [Line Items]
Fair Value of Liability		$ (702)	$ (5,618)
Interest Rate Swap, Effective Date May 2, 2022 | Subsequent Event
Derivatives, Fair Value [Line Items]
Number of derivative instruments | agreement	2
Outstanding Notional Amount	$ 85,000
Interest Rate Swap, Effective Date May 1, 2023 | Subsequent Event
Derivatives, Fair Value [Line Items]
Number of derivative instruments | agreement	3
Outstanding Notional Amount	$ 150,000

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
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Income Recognized in Other Comprehensive Income on Derivatives	$ 10,848	$ 3,390
Amount of Loss Reclassified From Accumulated Other Comprehensive Income (Loss) to Net Income	(2,007)	(2,402)
Interest and other expense, net	8,115	8,764
Income from discontinued operations	0	7,948
Data Centers | Discontinued Operations, Disposed of by Sale
Derivative Instruments, Gain (Loss) [Line Items]
Income from discontinued operations		7,948
Continuing Operations
Derivative Instruments, Gain (Loss) [Line Items]
Interest and other expense, net	8,115	8,764
Interest rate swaps | Data Centers | Discontinued Operations, Disposed of by Sale
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Income Recognized in Other Comprehensive Income on Derivatives		12
Interest rate swaps | Continuing Operations
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Income Recognized in Other Comprehensive Income on Derivatives	10,848	3,378
Interest rate swaps | Interest and other expense, net | Continuing Operations
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Reclassified From Accumulated Other Comprehensive Income (Loss) to Net Income	$ (2,007)	(1,856)
Interest rate swaps | Income from discontinued operations | Data Centers | Discontinued Operations, Disposed of by Sale
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Reclassified From Accumulated Other Comprehensive Income (Loss) to Net Income		$ (546)

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities (Schedule of Offsetting of Derivative Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Assets	$ 9,472	$ 2,171
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Assets Presented in the Balance Sheet	9,472	2,171
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments Collateral	0	(1,023)
Gross Amounts Not Offset in the Balance Sheet, Cash Collateral	0	0
Net Amount	$ 9,472	$ 1,148

Derivative Instruments and He_7

Derivative Instruments and Hedging Activities (Schedule of Offsetting of Derivative Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Liabilities	$ 702	$ 5,618
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Liabilities Presented in the Balance Sheet	702	5,618
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments Collateral	0	(1,023)
Gross Amounts Not Offset in the Balance Sheet, Cash Collateral	0	0
Net Amount	$ 702	$ 4,595

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Amounts Recognized in AOCI) (Details) - Unrealized Income (Loss) on Derivative Instruments - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning	$ (4,847)	$ (20,444)
Other comprehensive income (loss) before reclassification	10,848	3,390
Amount of loss reclassified from accumulated other comprehensive loss to net income	2,007	2,402
Other comprehensive income (loss)	12,855	5,792
Balance, ending	$ 8,008	$ (14,652)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss (Reclassifications Out of AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest and other expense, net	$ 8,115	$ 8,764
Income from discontinued operations	0	(7,948)
Net income (loss) attributable to common stockholders	(1,371)	(2,882)
Interest rate swaps | Loss Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Net Income | Reclassification out of Accumulated Other Comprehensive Loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest and other expense, net	2,007	1,856
Income from discontinued operations	0	546
Net income (loss) attributable to common stockholders	$ 2,007	$ 2,402

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Mar. 31, 2022USD ($)legalProceeding	Dec. 31, 2021USD ($)
Loss Contingencies [Line Items]
Number of pending legal proceedings to which the company is a party | legalProceeding	0
Contingent consideration	$ 1,090	$ 978
Contingent consideration
Loss Contingencies [Line Items]
Contingent consideration	1,090
Maximum | Contingent consideration
Loss Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss	2,074
Minimum | Contingent consideration
Loss Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss	$ 373

Subsequent Events (Distribution

Subsequent Events (Distributions) (Details) - USD ($) $ / shares in Units, $ in Thousands	May 05, 2022	May 04, 2022	Apr. 20, 2022	Apr. 06, 2022	Mar. 31, 2022	Mar. 31, 2021
Subsequent Event [Line Items]
Cash					$ 15,906	$ 19,170
Issuance of common stock under the distribution reinvestment plan					$ 6,012	$ 7,374
Distributions declared per common share (in dollars per share)					$ 0.10	$ 0.12
Subsequent Event
Subsequent Event [Line Items]
Cash		$ 5,377		$ 5,550
Issuance of common stock under the distribution reinvestment plan		2,047		2,112
Distributions paid		7,424		7,662
Class A | Subsequent Event
Subsequent Event [Line Items]
Cash		4,349		4,492
Issuance of common stock under the distribution reinvestment plan		1,201		1,238
Distributions paid		5,550		5,730
Distributions declared per common share (in dollars per share)	$ 0.00109589		$ 0.00109589
Annualized distribution per share (in dollars per share)	0.40		0.40
Class I | Subsequent Event
Subsequent Event [Line Items]
Cash		317		321
Issuance of common stock under the distribution reinvestment plan		221		224
Distributions paid		538		545
Distributions declared per common share (in dollars per share)	0.00109589		0.00109589
Annualized distribution per share (in dollars per share)	0.40		0.40
Class T | Subsequent Event
Subsequent Event [Line Items]
Cash		709		731
Issuance of common stock under the distribution reinvestment plan		623		643
Distributions paid		1,332		1,374
Distributions declared per common share (in dollars per share)	0.00109589		0.00109589
Annualized distribution per share (in dollars per share)	$ 0.40		$ 0.40
Class T2 | Subsequent Event
Subsequent Event [Line Items]
Cash		2		6
Issuance of common stock under the distribution reinvestment plan		2		7
Distributions paid		$ 4		$ 13
Class A, I, T and T2 shares | Subsequent Event
Subsequent Event [Line Items]
Number of days, distribution calculation	365 days		365 days

Subsequent Events (Acquisition

Subsequent Events (Acquisition of Pleasant Hills Healthcare Facility) (Details) - Subsequent Event - Pleasant Hills Healthcare Facility $ in Thousands	May 12, 2022USD ($)
Subsequent Event [Line Items]
Ownership percentage	100.00%
Purchase price	$ 14,041