Sila Realty Trust (SILA) 10-Q 10 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Nov. 04, 2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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	Q3
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)		168,298,000
Class I
Entity Common Stock, Shares Outstanding (in shares)		16,717,000
Class T
Entity Common Stock, Shares Outstanding (in shares)		40,990,000
Class T2
Entity Common Stock, Shares Outstanding (in shares)		0

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Real estate:
Land	$ 166,037	$ 163,992
Buildings and improvements, less accumulated depreciation of $199,236 and $165,784, respectively	1,764,835	1,648,685
Construction in progress	0	14,628
Total real estate, net	1,930,872	1,827,305
Cash and cash equivalents	17,291	32,359
Acquired intangible assets, less accumulated amortization of $85,888 and $71,067, respectively	177,315	181,639
Goodwill	23,006	23,284
Right-of-use assets	38,580	24,033
Other assets, net	102,745	66,365
Assets held for sale	0	22,570
Total assets	2,289,809	2,177,555
Liabilities:
Credit facility, net of deferred financing costs of $2,570 and $3,226, respectively	597,430	496,774
Accounts payable and other liabilities	28,579	39,597
Acquired intangible liabilities, less accumulated amortization of $5,550 and $4,444, respectively	12,319	12,962
Lease liabilities	41,640	26,394
Liabilities held for sale	0	698
Total liabilities	679,968	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; 240,666,572 and 238,226,119 shares issued, respectively; 225,833,531 and 224,179,939 shares outstanding, respectively	2,258	2,242
Additional paid-in capital	2,019,564	2,004,404
Distributions in excess of accumulated earnings	(441,591)	(400,669)
Accumulated other comprehensive income (loss)	29,610	(4,847)
Total stockholders’ equity	1,609,841	1,601,130
Total liabilities and stockholders’ equity	$ 2,289,809	$ 2,177,555

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Buildings and improvements, accumulated depreciation	$ 199,236	$ 165,784
Acquired intangible assets, accumulated amortization	85,888	71,067
Credit facility, deferred financing costs	2,570	3,226
Acquired intangible liabilities, accumulated amortization	$ 5,550	$ 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)	240,666,572	238,226,119
Common stock, shares outstanding (in shares)	225,833,531	224,179,939

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue:
Rental revenue	$ 46,881	$ 43,063	$ 136,081	$ 129,232
Expenses:
Rental expenses	3,232	3,024	9,267	9,513
General and administrative expenses	6,118	6,348	20,718	19,610
Depreciation and amortization	18,641	17,259	54,443	53,098
Impairment losses	0	10,241	7,387	27,837
Total expenses	27,991	36,872	91,815	110,058
Gain on real estate disposition	0	0	460	0
Interest and other expense, net	5,498	11,737	17,942	30,035
Income (loss) from continuing operations	13,392	(5,546)	26,784	(10,861)
Income from discontinued operations	0	377,191	0	401,444
Net income attributable to common stockholders	13,392	371,645	26,784	390,583
Other comprehensive income - unrealized gain on interest rate swaps, net	16,345	2,241	34,457	9,808
Comprehensive income attributable to common stockholders	$ 29,737	$ 373,886	$ 61,241	$ 400,391
Weighted average number of common shares outstanding:
Basic (in shares)	225,638,485	223,661,774	225,052,921	223,079,613
Diluted (in shares)	226,957,015	223,661,774	226,399,118	223,079,613
Basic:
Basic, continuing operations (in dollars per share)	$ 0.06	$ (0.03)	$ 0.12	$ (0.05)
Basic, discontinued operations (in dollars per share)	0	1.69	0	1.80
Net income attributable to common stockholders (in dollars per share)	0.06	1.66	0.12	1.75
Diluted:
Diluted, continuing operations (in dollars per share)	0.06	(0.03)	0.12	(0.05)
Diluted, discontinued operations (in dollars per share)	0	1.69	0	1.80
Net income attributable to common stockholders (in dollars per share)	0.06	1.66	0.12	1.75
Distributions declared per common share (in dollars per share)	$ 0.10	$ 1.86	$ 0.30	$ 2.11

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Common Stock	Additional Paid-in Capital	Distributions in Excess of Accumulated 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)			2,532,368
Issuance of common stock under the distribution reinvestment plan	$ 21,750	21,750	$ 25	21,725
Vesting of restricted stock (in shares)			21,386
Stock-based compensation		1,756		1,756
Distribution and servicing fees		649		649
Repurchase of common stock (in shares)			(772,581)
Repurchase of common stock		(6,564)	$ (7)	(6,557)
Distributions to common stockholders		(470,251)			(470,251)
Other comprehensive income (loss)		9,808				9,808
Net income	$ 390,583	390,583			390,583
Balance, (in shares) at Sep. 30, 2021			223,826,695
Balance, ending at Sep. 30, 2021		1,601,604	$ 2,238	2,000,934	(390,932)	(10,636)
Balance, (in shares) at Jun. 30, 2021			223,285,587
Balance, beginning at Jun. 30, 2021		1,638,713	$ 2,233	1,995,298	(345,941)	(12,877)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under the distribution reinvestment plan (in shares)			826,280
Issuance of common stock under the distribution reinvestment plan		6,917	$ 8	6,909
Vesting of restricted stock (in shares)			18,075
Stock-based compensation		637		637
Distribution and servicing fees		573		573
Repurchase of common stock (in shares)			(303,247)
Repurchase of common stock		(2,486)	$ (3)	(2,483)
Distributions to common stockholders		(416,636)			(416,636)
Other comprehensive income (loss)		2,241				2,241
Net income		371,645			371,645
Balance, (in shares) at Sep. 30, 2021			223,826,695
Balance, ending at Sep. 30, 2021		1,601,604	$ 2,238	2,000,934	(390,932)	(10,636)
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)			2,265,628
Issuance of common stock under the distribution reinvestment plan	$ 18,594	18,594	$ 23	18,571
Vesting of restricted stock (in shares)			174,825
Stock-based compensation		3,034	$ 1	3,033
Repurchase of common stock (in shares)			(786,861)
Repurchase of common stock		(6,452)	$ (8)	(6,444)
Distributions to common stockholders		(67,706)			(67,706)
Other comprehensive income (loss)		34,457				34,457
Net income	$ 26,784	26,784			26,784
Balance, (in shares) at Sep. 30, 2022	225,833,531		225,833,531
Balance, ending at Sep. 30, 2022		1,609,841	$ 2,258	2,019,564	(441,591)	29,610
Balance, (in shares) at Jun. 30, 2022			225,240,223
Balance, beginning at Jun. 30, 2022		1,597,668	$ 2,252	2,014,252	(432,101)	13,265
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under the distribution reinvestment plan (in shares)			767,755
Issuance of common stock under the distribution reinvestment plan		6,304	$ 8	6,296
Vesting of restricted stock (in shares)			50,689
Stock-based compensation		860		860
Repurchase of common stock (in shares)			(225,136)
Repurchase of common stock		(1,846)	$ (2)	(1,844)
Distributions to common stockholders		(22,882)			(22,882)
Other comprehensive income (loss)		16,345				16,345
Net income		13,392			13,392
Balance, (in shares) at Sep. 30, 2022	225,833,531		225,833,531
Balance, ending at Sep. 30, 2022		$ 1,609,841	$ 2,258	$ 2,019,564	$ (441,591)	$ 29,610

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income attributable to common stockholders	$ 26,784	$ 390,583
Adjustments to reconcile net income attributable to common stockholders to net cash provided by operating activities:
Depreciation and amortization	54,443	64,857
Amortization of deferred financing costs	1,267	2,761
Amortization of above- and below-market leases	362	(1,239)
Other amortization expenses	1,989	2,159
Gain on real estate disposition from continuing operations	(460)	0
Gain on real estate dispositions of discontinued operations	0	(395,801)
Loss on extinguishment of debt	3,367	28,751
Impairment losses	7,387	27,837
Straight-line rent adjustments	(7,530)	(12,492)
Stock-based compensation	3,034	1,756
Changes in operating assets and liabilities:
Accounts payable and other liabilities	(2,770)	(7,172)
Other assets	1,158	2,816
Net cash provided by operating activities	89,031	104,816
Cash flows from investing activities:
Investment in real estate	(157,194)	(25,048)
Consideration paid for the internalization transaction	0	(15,000)
Proceeds from real estate disposition	22,822	1,295,367
Capital expenditures	(7,577)	(20,323)
Change in deposits and other costs for investments in real estate	0	(400)
Collection of notes receivable	0	28,500
Net cash (used in) provided by investing activities	(141,949)	1,263,096
Cash flows from financing activities:
Payments on notes payable	0	(453,422)
Proceeds from credit facility	845,000	15,000
Payments on credit facility	(745,000)	(433,000)
Payments for extinguishment of debt	(4)	(29,244)
Payments of deferred financing costs	(6,936)	(436)
Repurchase of common stock	(6,452)	(6,564)
Offering costs on issuance of common stock	(193)	(1,807)
Distributions to common stockholders	(48,920)	(450,143)
Net cash provided by (used in) financing activities	37,495	(1,359,616)
Net change in cash, cash equivalents and restricted cash	(15,423)	8,296
Cash, cash equivalents and restricted cash - Beginning of period	32,880	67,909
Cash, cash equivalents and restricted cash - End of period	17,457	76,205
Supplemental cash flow disclosure:
Interest paid, net of interest capitalized of $48 and $296, respectively	12,451	34,142
Supplemental disclosure of non-cash transactions:
Common stock issued through distribution reinvestment plan	18,594	21,750
Change in accrued distributions to common stockholders	192	(1,642)
Change in accounts payable and other liabilities related to capital expenditures	(3,295)	605
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 15,305	$ 625

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (PARENTHETICAL) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Statement of Cash Flows [Abstract]
Interest capitalized	$ 48	$ 296

Organization and Business Opera

Organization and Business Operations	9 Months Ended
	Sep. 30, 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, headquartered in Tampa, Florida, that has elected, and currently qualifies, to be taxed as a real estate investment trust, or a REIT, for federal income tax purposes. The Company invests in high-quality healthcare properties leased to long-term tenants. The Company is primarily focused on investing in and managing strategic healthcare assets across the continuum of care, with emphasis on lower cost patient settings, which, the Company believes, typically generate predictable, durable and growing income streams. The Company may also make other real estate-related investments in healthcare properties, which may include equity or debt interests in other real estate entities. Substantially all of the Company’s business is conducted through Sila Realty Operating Partnership, LP, a Delaware limited partnership, or the Operating Partnership. The Company is the sole general partner of the Operating Partnership and directly, and through its wholly-owned subsidiaries, owns 100% of the Operating Partnership. The Company formerly invested in data center properties and 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. 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 related to the data center segment. The operations of the data center segment have been classified as income from discontinued operations on the condensed consolidated statements of comprehensive income for the three and nine months ended September 30, 2021. On July 22, 2021, the Company completed the sale of its data center segment, 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 an aggregate amount of approximately $392,685,000. Except as the context otherwise requires, the “Company” refers to Sila Realty Trust, Inc., the Operating Partnership and their wholly-owned subsidiaries.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The accompanying condensed consolidated financial statements have been prepared in accordance with 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. 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. In the opinion of management, all adjustments, consisting of a normal and recurring nature considered for a fair presentation, have been included. Operating results for the three and nine months ended September 30, 2022, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Principles of Consolidation and Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company, the Operating Partnership, and their 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 cash held in escrow accounts for tenant and capital improvements in accordance with the respective tenants' lease agreement. Restricted cash is reported in other assets, net, in the accompanying condensed consolidated balance sheets. The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the totals shown in the condensed consolidated statements of cash flows (amounts in thousands): Nine Months Ended 2022 2021 Beginning of period: Cash and cash equivalents $ 32,359 $ 53,174 Restricted cash 521 14,735 Cash, cash equivalents and restricted cash $ 32,880 $ 67,909 End of period: Cash and cash equivalents $ 17,291 $ 75,363 Restricted cash 166 842 Cash, cash equivalents and restricted cash $ 17,457 $ 76,205 Reclassifications Certain amounts in the condensed consolidated financial statements for prior periods have been reclassified to conform to the current period presentation.

Real Estate Investments

Real Estate Investments	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments 2022 Real Estate Property Acquisitions During the nine months ended September 30, 2022, the Company purchased seven real estate properties in five separate transactions, or the 2022 Acquisitions, which were each determined to be asset acquisitions. The Company allocated the purchase price of the 2022 Acquisitions to tangible assets, consisting of land, building and improvements, tenant improvements, and acquired intangible assets and liabilities, consisting of in-place and above and below market leases, based on the relative fair value method of allocating all accumulated costs. The following table summarizes the consideration transferred for the 2022 Acquisitions during the nine months ended September 30, 2022: Property Description Date Acquired Ownership Percentage Purchase Price Yukon Healthcare Facility 03/10/2022 100% $ 19,554 Pleasant Hills Healthcare Facility 05/12/2022 100% 14,303 Prosser Healthcare Facilities (1) 05/20/2022 100% 8,593 Tampa Healthcare Facility II 07/20/2022 100% 51,259 Escondido Healthcare Facility 07/21/2022 100% 63,485 Total $ 157,194 (1) The Prosser Healthcare Facilities consist of three healthcare properties. The following table summarizes the Company's purchase price allocation of the 2022 Acquisitions during the nine months ended September 30, 2022 (amounts in thousands): Total Land $ 2,646 Building and improvements 136,938 Tenant improvements 4,840 In-place leases 12,779 Above-market leases 454 Total assets acquired 157,657 Below-market leases (463) Net assets acquired $ 157,194 Acquisition costs associated with transactions determined to be asset acquisitions are capitalized. The Company capitalized acquisition costs of approximately $617,000 related to the 2022 Acquisitions, which are included in the Company's allocation of the real estate acquisitions presented above. 2022 Real Estate Property Disposition On February 10, 2022, the Company sold one land parcel that formerly contained a healthcare property, or the 2022 Disposition, for an aggregate sale price of $24,000,000 and generated net proceeds of $22,701,000. For the nine months ended September 30, 2022, the Company recognized an aggregate gain on sale of $460,000, which is presented in gain on real estate disposition in the condensed consolidated statements of comprehensive income. Concentration of Credit Risk and Significant Leases As of September 30, 2022, the Company had one exposure to geographic concentration that accounted for greater than 10.0% of rental revenue for the nine months ended September 30, 2022. Real estate investments located in the Houston-The Woodlands-Sugar Land, Texas metropolitan statistical area accounted for 10.9% of rental revenue for the nine months ended September 30, 2022. As of September 30, 2022, the Company had one exposure to tenant concentration that accounted for greater than 10.0% of rental revenue for the nine months ended September 30, 2022. The leases with tenants at healthcare properties under common control of Post Acute Medical, LLC and its affiliates accounted for 14.2% of rental revenue for the nine months ended September 30, 2022. Impairments of Real Estate, Goodwill, Acquired Intangible Assets and Acquired Intangible Liabilities During the nine months ended September 30, 2022, the Company recorded an impairment loss on real estate, including goodwill, in the aggregate amount of $7,387,000 related to a healthcare property. The fair value of this property was determined based on a market approach model using a signed purchase and sale agreement to estimate the fair value and classified within Level 2 of the fair value hierarchy. In addition, during the nine months ended September 30, 2022, the Company recognized an impairment of one in-place lease intangible asset in the amount of approximately $380,000 related to a tenant in this property. During the three months ended September 30, 2022, the Company did not have impairment of real estate, goodwill, acquired intangible assets or acquired intangible liabilities. During the three months ended September 30, 2021, the Company recorded an impairment loss on real estate in the amount of $10,241,000 related to one healthcare property for which the carrying value exceeded the estimated fair value. During the three months ended September 30, 2021, the Company did not have impairment of goodwill, acquired intangible assets or acquired intangible liabilities. During the nine months ended September 30, 2021, the Company recorded impairment losses on real estate, including goodwill, in the aggregate amount of $27,837,000 related to one healthcare property held for use, one healthcare property classified as held for sale and one land parcel that formerly contained a healthcare property classified as held for sale, for which the carrying values exceeded the estimated fair values less costs to sell. The fair value of the properties with impairment charges during the three and nine months September 30, 2021, were 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. During the nine months ended September 30, 2021, the Company recognized an impairment of one in-place lease intangible asset in the amount of approximately $1,120,000 related to one healthcare tenant. The impaired properties for the three and nine months ended September 30, 2021 have all been subsequently sold. During the nine months ended September 30, 2021, the Company did not have impairment of acquired intangible liabilities. Impairment charges on real estate and goodwill are recorded as impairment losses in the accompanying condensed consolidated statements of comprehensive income. Impairment of the in-place leases is included in depreciation and amortization in the accompanying condensed consolidated statements of comprehensive income.

Held for Sale and Discontinued

Held for Sale and Discontinued Operations	9 Months Ended
	Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Held for Sale and Discontinued Operations	Held for Sale and Discontinued Operations On August 30, 2021, the Company entered into a purchase and sale agreement for the sale of one land parcel that formerly contained a healthcare property. 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. The Company sold the land held for sale on February 10, 2022. The following table presents the major classes of the assets and liabilities held for sale as 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 Buildings and improvements, net — Total real estate, net 22,241 Other assets, net 329 Assets held for sale $ 22,570 Liabilities: Accounts payable and other liabilities 698 Liabilities held for sale $ 698 The operations reflected in income from discontinued operations (which consisted solely of the Company's former data center segment) on the condensed consolidated statements of comprehensive income for the three and nine months ended September 30, 2021, were as follows (amounts in thousands): Three Months Ended Nine Months Ended 2021 2021 Revenue: Rental revenue $ 6,180 $ 57,903 Lease termination revenue 75 7,075 Total revenue 6,255 64,978 Expenses: Rental expenses 2,504 15,737 Depreciation and amortization 35 11,759 Total expenses 2,539 27,496 Interest and other expense, net (1) 25,085 31,839 Income from discontinued operations (21,369) 5,643 Gain on real estate dispositions (2) 398,560 395,801 Net income from discontinued operations attributable to common stockholders $ 377,191 $ 401,444 (1) Interest expense attributable to discontinued operations for the three and nine months ended September 30, 2021 was $25,085,000 and $31,856,000, respectively, 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. (2) Represents gain on real estate dispositions related to the Data Center Sale that occurred on July 22, 2021. The Company recognized $2,759,000 in transaction costs during the second quarter of 2021, resulting in the total gain being higher during the three months ended September 30, 2021. Capital expenditures on a cash basis for the nine months ended September 30, 2021, were $2,215,000, related to properties classified within discontinued operations. There were no significant non-cash operating or investing activities for the properties classified within discontinued operations for the nine months ended September 30, 2021.

Acquired Intangible Assets, Net

Acquired Intangible Assets, Net	9 Months Ended
	Sep. 30, 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 September 30, 2022 and December 31, 2021 (amounts in thousands, except weighted average remaining life amounts): September 30, 2022 December 31, 2021 In-place leases, net of accumulated amortization of $79,932 and $66,579, respectively (with a weighted average remaining life of 9.1 years and 9.5 years, respectively) $ 164,702 $ 168,012 Above-market leases, net of accumulated amortization of $5,956 and $4,488, respectively (with a weighted average remaining life of 8.1 years and 8.8 years, respectively) 12,613 13,627 $ 177,315 $ 181,639 The aggregate weighted average remaining life of the acquired intangible assets was 9.1 years and 9.5 years as of September 30, 2022 and December 31, 2021, respectively. Amortization of acquired intangible assets was $5,839,000 and $5,507,000 for the three months ended September 30, 2022 and 2021, respectively, and $17,557,000 and $17,624,000 for the nine months ended September 30, 2022 and 2021, respectively. Amortization of 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	9 Months Ended
	Sep. 30, 2022
Intangible Lease Liabilities, Net [Abstract]
Acquired Intangible Liabilities, Net	Acquired Intangible Liabilities, Net Acquired intangible liabilities, net, consisted of the following as of September 30, 2022 and December 31, 2021 (amounts in thousands, except weighted average remaining life amounts): September 30, 2022 December 31, 2021 Below-market leases, net of accumulated amortization of $5,550 and $4,444, respectively (with a weighted average remaining life of 8.6 years and 9.3 years, respectively) $ 12,319 $ 12,962 Amortization of below-market leases was $373,000 and $338,000 for the three months ended September 30, 2022 and 2021, respectively, and $1,106,000 and $979,000 for the nine months ended September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, 2022, for the three 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 Three months ending December 31, 2022 $ 42,292 2023 172,586 2024 173,961 2025 170,002 2026 163,163 Thereafter 1,096,932 Total $ 1,818,936 Lessee The Company is subject to various non-cancellable operating ground lease agreements and a finance ground lease agreement on which certain of its properties reside. In addition, the Company has non-cancellable corporate-related operating leases. The Company's operating leases and the 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, term of the underlying leases, and various financing and asset specific adjustments to ensure the IBRs are appropriate for the intended use of the underlying operating or finance leases. The Company's right-of-use assets classified as operating leases and finance lease are recorded in right-of-use assets on the condensed consolidated balance sheets. As of September 30, 2022, the Company's IBRs for its operating leases were between 2.5% and 6.4%, with a weighted average IBR of 5.5%. The weighted average remaining lease term for the Company's operating leases was 37.4 years and 36.1 years as of September 30, 2022 and December 31, 2021, respectively. As of September 30, 2022, the Company's IBR for its finance lease was 5.3%. The remaining lease term for the Company's finance lease was 41.7 years and 42.4 years as of September 30, 2022 and December 31, 2021, respectively. The future rent payments, discounted by the Company's IBRs, under non-cancellable leases in effect as of September 30, 2022, for the three 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 Three months ending December 31, 2022 $ 622 $ 34 2023 2,539 136 2024 2,606 141 2025 2,625 143 2026 2,572 143 Thereafter 103,696 6,441 Total undiscounted rental payments 114,660 7,038 Less imputed interest (75,671) (4,387) Total lease liabilities $ 38,989 $ 2,651 The following table provides details of the Company's total lease costs for the three and nine months ended September 30, 2022 and 2021 (amounts in thousands): Three Months Ended Nine Months Ended Location in Condensed Consolidated Statements of Comprehensive Income 2022 2021 2022 2021 Operating lease costs: Ground lease costs Rental expenses $ 575 $ 422 $ 1,442 $ 1,266 Ground lease costs (1) Income from discontinued operations — 25 — 414 Corporate operating lease costs General and administrative expenses 182 297 559 825 Finance lease costs: Amortization of right-of-use asset Depreciation and amortization $ 5 $ 5 $ 15 $ 14 Interest on lease liability Interest and other expense, net 35 35 105 102 (1) Amount relates to lease costs attributable to 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 September 30, 2022, for the three 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 Three months ending December 31, 2022 $ 42,292 2023 172,586 2024 173,961 2025 170,002 2026 163,163 Thereafter 1,096,932 Total $ 1,818,936 Lessee The Company is subject to various non-cancellable operating ground lease agreements and a finance ground lease agreement on which certain of its properties reside. In addition, the Company has non-cancellable corporate-related operating leases. The Company's operating leases and the 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, term of the underlying leases, and various financing and asset specific adjustments to ensure the IBRs are appropriate for the intended use of the underlying operating or finance leases. The Company's right-of-use assets classified as operating leases and finance lease are recorded in right-of-use assets on the condensed consolidated balance sheets. As of September 30, 2022, the Company's IBRs for its operating leases were between 2.5% and 6.4%, with a weighted average IBR of 5.5%. The weighted average remaining lease term for the Company's operating leases was 37.4 years and 36.1 years as of September 30, 2022 and December 31, 2021, respectively. As of September 30, 2022, the Company's IBR for its finance lease was 5.3%. The remaining lease term for the Company's finance lease was 41.7 years and 42.4 years as of September 30, 2022 and December 31, 2021, respectively. The future rent payments, discounted by the Company's IBRs, under non-cancellable leases in effect as of September 30, 2022, for the three 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 Three months ending December 31, 2022 $ 622 $ 34 2023 2,539 136 2024 2,606 141 2025 2,625 143 2026 2,572 143 Thereafter 103,696 6,441 Total undiscounted rental payments 114,660 7,038 Less imputed interest (75,671) (4,387) Total lease liabilities $ 38,989 $ 2,651 The following table provides details of the Company's total lease costs for the three and nine months ended September 30, 2022 and 2021 (amounts in thousands): Three Months Ended Nine Months Ended Location in Condensed Consolidated Statements of Comprehensive Income 2022 2021 2022 2021 Operating lease costs: Ground lease costs Rental expenses $ 575 $ 422 $ 1,442 $ 1,266 Ground lease costs (1) Income from discontinued operations — 25 — 414 Corporate operating lease costs General and administrative expenses 182 297 559 825 Finance lease costs: Amortization of right-of-use asset Depreciation and amortization $ 5 $ 5 $ 15 $ 14 Interest on lease liability Interest and other expense, net 35 35 105 102 (1) Amount relates to lease costs attributable to 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 September 30, 2022, for the three 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 Three months ending December 31, 2022 $ 42,292 2023 172,586 2024 173,961 2025 170,002 2026 163,163 Thereafter 1,096,932 Total $ 1,818,936 Lessee The Company is subject to various non-cancellable operating ground lease agreements and a finance ground lease agreement on which certain of its properties reside. In addition, the Company has non-cancellable corporate-related operating leases. The Company's operating leases and the 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, term of the underlying leases, and various financing and asset specific adjustments to ensure the IBRs are appropriate for the intended use of the underlying operating or finance leases. The Company's right-of-use assets classified as operating leases and finance lease are recorded in right-of-use assets on the condensed consolidated balance sheets. As of September 30, 2022, the Company's IBRs for its operating leases were between 2.5% and 6.4%, with a weighted average IBR of 5.5%. The weighted average remaining lease term for the Company's operating leases was 37.4 years and 36.1 years as of September 30, 2022 and December 31, 2021, respectively. As of September 30, 2022, the Company's IBR for its finance lease was 5.3%. The remaining lease term for the Company's finance lease was 41.7 years and 42.4 years as of September 30, 2022 and December 31, 2021, respectively. The future rent payments, discounted by the Company's IBRs, under non-cancellable leases in effect as of September 30, 2022, for the three 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 Three months ending December 31, 2022 $ 622 $ 34 2023 2,539 136 2024 2,606 141 2025 2,625 143 2026 2,572 143 Thereafter 103,696 6,441 Total undiscounted rental payments 114,660 7,038 Less imputed interest (75,671) (4,387) Total lease liabilities $ 38,989 $ 2,651 The following table provides details of the Company's total lease costs for the three and nine months ended September 30, 2022 and 2021 (amounts in thousands): Three Months Ended Nine Months Ended Location in Condensed Consolidated Statements of Comprehensive Income 2022 2021 2022 2021 Operating lease costs: Ground lease costs Rental expenses $ 575 $ 422 $ 1,442 $ 1,266 Ground lease costs (1) Income from discontinued operations — 25 — 414 Corporate operating lease costs General and administrative expenses 182 297 559 825 Finance lease costs: Amortization of right-of-use asset Depreciation and amortization $ 5 $ 5 $ 15 $ 14 Interest on lease liability Interest and other expense, net 35 35 105 102 (1) Amount relates to lease costs attributable to 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	9 Months Ended
	Sep. 30, 2022
Other Assets [Abstract]
Other Assets, Net	Other Assets, Net Other assets, net, consisted of the following as of September 30, 2022 and December 31, 2021 (amounts in thousands): September 30, 2022 December 31, 2021 Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $635 and $8,332, respectively $ 3,432 $ 482 Leasing commissions, net of accumulated amortization of $151 and $121, respectively 792 780 Restricted cash 166 521 Tenant receivables 1,637 1,851 Straight-line rent receivable 63,255 55,725 Prepaid and other assets 3,739 4,835 Derivative assets 29,724 2,171 $ 102,745 $ 66,365

Accounts Payable and Other Liab

Accounts Payable and Other Liabilities	9 Months Ended
	Sep. 30, 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 September 30, 2022 and December 31, 2021 (amounts in thousands): September 30, 2022 December 31, 2021 Accounts payable and accrued expenses $ 5,482 $ 9,409 Accrued interest expense 1,563 1,626 Accrued property taxes 2,794 2,913 Accrued personnel costs 3,138 4,198 Distribution and servicing fees — 182 Distributions payable to stockholders 7,456 7,355 Performance DSUs distributions payable 485 394 Tenant deposits 877 802 Deferred rental income 6,784 7,100 Derivative liabilities — 5,618 $ 28,579 $ 39,597

Credit Facility

Credit Facility	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Credit Facility	Credit Facility The Company's outstanding credit facility as of September 30, 2022 and December 31, 2021 consisted of the following (amounts in thousands): September 30, 2022 December 31, 2021 Variable rate revolving line of credit 25,000 — Variable rate term loans fixed through interest rate swaps 485,000 400,000 Variable rate term loans 90,000 100,000 Total credit facility, principal amount outstanding 600,000 500,000 Unamortized deferred financing costs related to the term loan credit facility (2,570) (3,226) Total credit facility, net of deferred financing costs $ 597,430 $ 496,774 Significant activities regarding the credit facility during the nine months ended September 30, 2022, include: • On February 15, 2022, the Company, the Operating Partnership and certain of the Company's 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 2024 Term Loan Agreement, with Truist Bank, as Administrative Agent for the lenders. The 2024 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 2024 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 2024 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 2024 Term Loan Agreement. • In connection with the repayment of our prior credit facility, the Company recognized a loss on extinguishment of debt of $3,367,000 during the nine months ended September 30, 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 April 8, 2022, the Company entered into five interest rate swap agreements, two of which have an effective date of May 2, 2022 and an aggregate notional amount of $85,000,000, and three of which have an effective date of May 1, 2023 and an aggregate notional amount of $150,000,000. • On May 17, 2022, the Company, the Operating Partnership and certain of the Company’s subsidiaries, entered into a new senior unsecured term loan agreement, or the 2028 Term Loan Agreement, with Truist Bank, as Administrative Agent for the lenders, for aggregate commitments of up to $275,000,000, of which $205,000,000 was drawn at closing to pay down the Company’s Revolving Credit Agreement in its entirety. The remainder of the commitments were available for three months following the closing date, or the Availability Period, and were available in no more than three subsequent draws with a minimum of $20,000,000 per draw, or the remaining commitments available. After the Availability Period, the undrawn portion was no longer available. If the committed amount was not fully drawn within 60 days of closing, the Company was required to pay a fee to the lenders, calculated as 0.25% per annum on the average daily amount of the undrawn portion, payable quarterly in arrears, until the earlier of (i) the date when the commitments have been funded in full, or (ii) August 17, 2022. The 2028 Term Loan Agreement may be increased, subject to lender approval, to an aggregate amount not to exceed $500,000,000 and has a maturity date of January 31, 2028. The 2028 Term Loan Agreement is pari passu with the Company’s Revolving Credit Agreement and 2024 Term Loan Agreement. The Company refers to the 2028 Term Loan Agreement, the Revolving Credit Agreement and the 2024 Term Loan Agreement, collectively, as the “Unsecured Credit Facility,” which has aggregate commitments available of $1,075,000,000. At the Company’s election, loans under the Unsecured Credit Facility may be made as Base Rate Loans or Secured Overnight Financing Rate, or SOFR, Loans. The applicable margin for loans that are Base Rate Loans is adjustable based on a total leverage ratio, ranging from 0.25% to 0.90%. The applicable margin for loans that are SOFR Loans is adjustable based on a total leverage ratio, ranging from 1.25% to 1.90%. In addition to interest, the Company is required to pay a fee on the unused portion of the lenders’ commitments under the Revolving Credit Agreement at a rate per annum equal to 0.20% if the average daily amount outstanding under the Revolving Credit Agreement is less than 50% of the aggregate commitments, or 0.15% if the average daily amount outstanding under the Revolving Credit Agreement is equal to or greater than 50% of the aggregate commitments. The unused fee is payable quarterly in arrears. • On July 12, 2022 and July 20, 2022, the Company drew $50,000,000 and $20,000,000, respectively, on the 2028 Term Loan Agreement, to fund acquisitions. As of July 20, 2022, the 2028 Term Loan Agreement commitments were fully funded. • During the nine months ended September 30, 2022, the Company drew $70,000,000 on the Revolving Credit Agreement to fund acquisitions and repaid $40,000,000 on the Revolving Credit Agreement, with proceeds from dispositions and cash flows from operations. The principal payments due on the Unsecured Credit Facility as of September 30, 2022, for the three 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 Three months ending December 31, 2022 $ — 2023 — 2024 300,000 2025 — 2026 25,000 Thereafter 275,000 $ 600,000

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Credit facility —The outstanding principal of the credit facility was $600,000,000 and $500,000,000, which approximated its fair value due to the variable nature of the terms as of September 30, 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 September 30, 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 September 30, 2022 and December 31, 2021 (amounts in thousands): September 30, 2022 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Assets: Derivative assets $ — $ 29,724 $ — $ 29,724 Total assets at fair value $ — $ 29,724 $ — $ 29,724 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.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
	Sep. 30, 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. 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. 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 and nine months ended September 30, 2022, as the hedged forecasted transactions affected earnings, the Company reclassified approximately $291,000 and $1,274,000, respectively, from accumulated other comprehensive income (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 is incurred on the Company’s variable rate debt. During the next twelve months, the Company estimates that an additional $15,406,000 will be reclassified from accumulated other comprehensive income (loss) as an increase to earnings. The following table summarizes the notional amount and fair value of the Company’s derivative instruments (amounts in thousands): Derivatives Balance Effective Dates (2), (3) Maturity Dates (2) September 30, 2022 December 31, 2021 Outstanding Notional Amount (2) Fair Value of Outstanding Fair Value of Assets (Liabilities) Assets (Liabilities) Interest rate swaps (1) 05/01/2022 to 04/27/2023 to $ 485,000 $ 29,724 $ — $ 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) During the three months ended June 30, 2022, the Company entered into three interest rate swap agreements with an aggregate notional amount of $150,000,000, that have an effective date of May 1, 2023, to replace two interest rate swaps with an aggregate notional amount of $150,000,000 that have a maturity date of April 27, 2023. (3) In May 2022, the Company entered into bilateral agreements with its swap counterparties to transition all of its interest rate swap agreements to SOFR. As of June 30, 2022, all of the Company's interest rate swap agreements were indexed to SOFR. 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. The table below summarizes the amount of income and losses recognized on the interest rate derivatives designated as cash flow hedges for the three and nine months ended September 30, 2022 and 2021 (amounts in thousands): Derivatives in Cash Flow Amount of Income (Loss) Recognized Location of Income (Loss) Amount of Income (Loss) Total Amount of Line Item in Condensed Consolidated Statements of Comprehensive Income Three Months Ended September 30, 2022 Interest rate swaps - continuing operations $ 16,724 Interest and other expense, net $ 379 $ 5,498 Three Months Ended September 30, 2021 Interest rate swaps - continuing operations $ (253) Interest and other expense, net $ (1,952) $ 11,737 Interest rate swaps - discontinued operations — Income from discontinued operations (542) 377,191 Total $ (253) $ (2,494) Nine Months Ended September 30, 2022 Interest rate swaps - continuing operations $ 31,545 Interest and other expense, net $ (2,912) $ 17,942 Nine Months Ended September 30, 2021 Interest rate swaps - continuing operations $ 2,555 Interest and other expense, net $ (5,643) $ 30,035 Interest rate swaps - discontinued operations (37) Income from discontinued operations (1,647) 401,444 Total $ 2,518 $ (7,290) 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 September 30, 2022, the Company had no derivatives with fair value in a net liability position, inclusive of accrued interest but excluding any adjustment for nonperformance risk related to the agreement. As of September 30, 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 September 30, 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 September 30, 2022 $ 29,724 $ — $ 29,724 $ — $ — $ 29,724 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 September 30, 2022 $ — $ — $ — $ — $ — $ — December 31, 2021 $ 5,618 $ — $ 5,618 $ (1,023) $ — $ 4,595

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2022
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders' Equity 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. The SRP is subject to terms and limitations, 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. 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 nine months ended September 30, 2022, the Company repurchased 786,861 Class A shares, Class I shares and Class T shares of common stock (690,494 Class A shares, 20,905 Class I shares and 75,462 Class T shares), for an aggregate purchase price of approximately $6,452,000 (an average of $8.20 per share). During the nine months ended September 30, 2021, the Company repurchased 772,581 Class A shares, Class I shares and Class T shares of common stock (715,406 Class A shares, 8,322 Class I shares and 48,853 Class T shares), for an aggregate purchase price of approximately $6,564,000 (an average of $8.50 per share). Accumulated Other Comprehensive Income (Loss) The following table presents a rollforward of amounts recognized in accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2022 and 2021 (amounts in thousands): Unrealized Income Balance as of December 31, 2021 $ (4,847) Other comprehensive income before reclassification 31,545 Amount of loss reclassified from accumulated other comprehensive income (loss) to net income 2,912 Other comprehensive income 34,457 Balance as of September 30, 2022 $ 29,610 Unrealized Income Balance as of December 31, 2020 $ (20,444) Other comprehensive income before reclassification 2,518 Amount of loss reclassified from accumulated other comprehensive loss to net income 7,290 Other comprehensive income 9,808 Balance as of September 30, 2021 $ (10,636) The following table presents reclassifications out of accumulated other comprehensive income (loss) for the nine months ended September 30, 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 Nine Months Ended 2022 2021 Interest rate swap contracts - continuing operations $ 2,912 $ 5,643 Interest and other expense, net Interest rate swap contracts - discontinued operations — 1,647 Income from discontinued operations Interest rate swap contracts $ 2,912 $ 7,290

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per ShareThe 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 and nine months ended September 30, 2022, diluted earnings per share reflected the effect of approximately 1,319,000 and 1,346,000, respectively, of non-vested shares of restricted common stock and Performance DSUs that were outstanding. For the three and nine months ended September 30, 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 990,000 and 965,000, respectively, related to non-vested shares of restricted common stock and Performance DSUs, anti-dilutive.

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
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 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 and nine months ended September 30, 2022, was approximately $260,000 and $864,000, respectively, which is reported in general and administrative expenses in the accompanying condensed consolidated statements of comprehensive income. The Company recognized accelerated stock-based compensation expense of $326,000 during the nine months ended September 30, 2022. The Company recognized total stock-based compensation expense of approximately $860,000 and $637,000, respectively, for the three months ended September 30, 2022 and 2021, and $3,034,000 and $1,756,000, respectively, for the nine months ended September 30, 2022 and 2021, which is reported in general and administrative expenses in the accompanying condensed consolidated statements of comprehensive income.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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 September 30, 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.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions Paid to Stockholders The following table summarizes the Company's distributions paid to stockholders on October 6, 2022, for the period from September 1, 2022 through September 30, 2022 (amounts in thousands): Payment Date Common Stock Cash DRIP Total Distribution October 6, 2022 Class A $ 4,358 $ 1,206 $ 5,564 October 6, 2022 Class I 324 224 548 October 6, 2022 Class T 716 628 1,344 $ 5,398 $ 2,058 $ 7,456 The following table summarizes the Company's distributions paid to stockholders on November 4, 2022, for the period from October 1, 2022 through October 31, 2022 (amounts in thousands): Payment Date Common Stock Cash DRIP Total Distribution November 4, 2022 Class A $ 4,506 $ 1,249 $ 5,755 November 4, 2022 Class I 338 229 567 November 4, 2022 Class T 743 648 1,391 $ 5,587 $ 2,126 $ 7,713 Distributions Authorized The following tables summarize the daily distributions approved and authorized by the Board subsequent to September 30, 2022: Authorization Date (1) Common Stock Daily Distribution Rate (1) Annualized Distribution Per Share October 20, 2022 Class A $ 0.00109589 $ 0.40 October 20, 2022 Class I $ 0.00109589 $ 0.40 October 20, 2022 Class T $ 0.00109589 $ 0.40 Authorization Date (2) Common Stock Daily Distribution Rate (2) Annualized Distribution Per Share November 8, 2022 Class A $ 0.00109589 $ 0.40 November 8, 2022 Class I $ 0.00109589 $ 0.40 November 8, 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 November 1, 2022 and ending on November 30, 2022. The distributions are calculated based on 365 days in the calendar year. The distributions declared for each record date in November 2022 will be paid in December 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 December 1, 2022 and ending on December 31, 2022. The distributions will be calculated based on 365 days in the calendar year. The distributions declared for each record date in December 2022 will be paid in January 2023. The distributions will be payable to stockholders from legally available funds therefor.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 their 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 cash held in escrow accounts for tenant and capital improvements in accordance with the respective tenants' lease agreement. Restricted cash is reported in other assets, net, in the accompanying condensed consolidated balance sheets.
Reclassifications	Reclassifications Certain amounts in the condensed consolidated financial statements for prior periods have been reclassified to conform to the current period presentation.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 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): Nine Months Ended 2022 2021 Beginning of period: Cash and cash equivalents $ 32,359 $ 53,174 Restricted cash 521 14,735 Cash, cash equivalents and restricted cash $ 32,880 $ 67,909 End of period: Cash and cash equivalents $ 17,291 $ 75,363 Restricted cash 166 842 Cash, cash equivalents and restricted cash $ 17,457 $ 76,205

Real Estate Investments (Tables

Real Estate Investments (Tables)	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
Schedule of Consideration Transferred for Properties Acquired	The following table summarizes the consideration transferred for the 2022 Acquisitions during the nine months ended September 30, 2022: Property Description Date Acquired Ownership Percentage Purchase Price Yukon Healthcare Facility 03/10/2022 100% $ 19,554 Pleasant Hills Healthcare Facility 05/12/2022 100% 14,303 Prosser Healthcare Facilities (1) 05/20/2022 100% 8,593 Tampa Healthcare Facility II 07/20/2022 100% 51,259 Escondido Healthcare Facility 07/21/2022 100% 63,485 Total $ 157,194 (1) The Prosser Healthcare Facilities consist of three healthcare properties.
Schedule of Allocation of Acquisitions	The following table summarizes the Company's purchase price allocation of the 2022 Acquisitions during the nine months ended September 30, 2022 (amounts in thousands): Total Land $ 2,646 Building and improvements 136,938 Tenant improvements 4,840 In-place leases 12,779 Above-market leases 454 Total assets acquired 157,657 Below-market leases (463) Net assets acquired $ 157,194

Held for Sale and Discontinue_2

Held for Sale and Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 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 the assets and liabilities held for sale as 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 Buildings and improvements, net — Total real estate, net 22,241 Other assets, net 329 Assets held for sale $ 22,570 Liabilities: Accounts payable and other liabilities 698 Liabilities held for sale $ 698 The operations reflected in income from discontinued operations (which consisted solely of the Company's former data center segment) on the condensed consolidated statements of comprehensive income for the three and nine months ended September 30, 2021, were as follows (amounts in thousands): Three Months Ended Nine Months Ended 2021 2021 Revenue: Rental revenue $ 6,180 $ 57,903 Lease termination revenue 75 7,075 Total revenue 6,255 64,978 Expenses: Rental expenses 2,504 15,737 Depreciation and amortization 35 11,759 Total expenses 2,539 27,496 Interest and other expense, net (1) 25,085 31,839 Income from discontinued operations (21,369) 5,643 Gain on real estate dispositions (2) 398,560 395,801 Net income from discontinued operations attributable to common stockholders $ 377,191 $ 401,444 (1) Interest expense attributable to discontinued operations for the three and nine months ended September 30, 2021 was $25,085,000 and $31,856,000, respectively, 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)	9 Months Ended
	Sep. 30, 2022
Finite-Lived Intangible Assets, Net [Abstract]
Schedule of Acquired Intangible Assets, Net	Acquired intangible assets, net, consisted of the following as of September 30, 2022 and December 31, 2021 (amounts in thousands, except weighted average remaining life amounts): September 30, 2022 December 31, 2021 In-place leases, net of accumulated amortization of $79,932 and $66,579, respectively (with a weighted average remaining life of 9.1 years and 9.5 years, respectively) $ 164,702 $ 168,012 Above-market leases, net of accumulated amortization of $5,956 and $4,488, respectively (with a weighted average remaining life of 8.1 years and 8.8 years, respectively) 12,613 13,627 $ 177,315 $ 181,639

Acquired Intangible Liabiliti_2

Acquired Intangible Liabilities, Net (Tables)	9 Months Ended
	Sep. 30, 2022
Intangible Lease Liabilities, Net [Abstract]
Schedule of Acquired Intangible Liabilities, Net	Acquired intangible liabilities, net, consisted of the following as of September 30, 2022 and December 31, 2021 (amounts in thousands, except weighted average remaining life amounts): September 30, 2022 December 31, 2021 Below-market leases, net of accumulated amortization of $5,550 and $4,444, respectively (with a weighted average remaining life of 8.6 years and 9.3 years, respectively) $ 12,319 $ 12,962

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2022, for the three 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 Three months ending December 31, 2022 $ 42,292 2023 172,586 2024 173,961 2025 170,002 2026 163,163 Thereafter 1,096,932 Total $ 1,818,936
Schedule of Future Minimum Rent from Lessee for Operating Leases	The future rent payments, discounted by the Company's IBRs, under non-cancellable leases in effect as of September 30, 2022, for the three 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 Three months ending December 31, 2022 $ 622 $ 34 2023 2,539 136 2024 2,606 141 2025 2,625 143 2026 2,572 143 Thereafter 103,696 6,441 Total undiscounted rental payments 114,660 7,038 Less imputed interest (75,671) (4,387) Total lease liabilities $ 38,989 $ 2,651
Schedule of Future Minimum Rent from Lessee for Finance Lease	The future rent payments, discounted by the Company's IBRs, under non-cancellable leases in effect as of September 30, 2022, for the three 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 Three months ending December 31, 2022 $ 622 $ 34 2023 2,539 136 2024 2,606 141 2025 2,625 143 2026 2,572 143 Thereafter 103,696 6,441 Total undiscounted rental payments 114,660 7,038 Less imputed interest (75,671) (4,387) Total lease liabilities $ 38,989 $ 2,651
Schedule of Lease Cost	The following table provides details of the Company's total lease costs for the three and nine months ended September 30, 2022 and 2021 (amounts in thousands): Three Months Ended Nine Months Ended Location in Condensed Consolidated Statements of Comprehensive Income 2022 2021 2022 2021 Operating lease costs: Ground lease costs Rental expenses $ 575 $ 422 $ 1,442 $ 1,266 Ground lease costs (1) Income from discontinued operations — 25 — 414 Corporate operating lease costs General and administrative expenses 182 297 559 825 Finance lease costs: Amortization of right-of-use asset Depreciation and amortization $ 5 $ 5 $ 15 $ 14 Interest on lease liability Interest and other expense, net 35 35 105 102 (1) Amount relates to lease costs attributable to 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)	9 Months Ended
	Sep. 30, 2022
Other Assets [Abstract]
Schedule of Other Assets, Net	Other assets, net, consisted of the following as of September 30, 2022 and December 31, 2021 (amounts in thousands): September 30, 2022 December 31, 2021 Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $635 and $8,332, respectively $ 3,432 $ 482 Leasing commissions, net of accumulated amortization of $151 and $121, respectively 792 780 Restricted cash 166 521 Tenant receivables 1,637 1,851 Straight-line rent receivable 63,255 55,725 Prepaid and other assets 3,739 4,835 Derivative assets 29,724 2,171 $ 102,745 $ 66,365

Accounts Payable and Other Li_2

Accounts Payable and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Other Liabilities	Accounts payable and other liabilities consisted of the following as of September 30, 2022 and December 31, 2021 (amounts in thousands): September 30, 2022 December 31, 2021 Accounts payable and accrued expenses $ 5,482 $ 9,409 Accrued interest expense 1,563 1,626 Accrued property taxes 2,794 2,913 Accrued personnel costs 3,138 4,198 Distribution and servicing fees — 182 Distributions payable to stockholders 7,456 7,355 Performance DSUs distributions payable 485 394 Tenant deposits 877 802 Deferred rental income 6,784 7,100 Derivative liabilities — 5,618 $ 28,579 $ 39,597

Credit Facility (Tables)

Credit Facility (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Credit Facility	The Company's outstanding credit facility as of September 30, 2022 and December 31, 2021 consisted of the following (amounts in thousands): September 30, 2022 December 31, 2021 Variable rate revolving line of credit 25,000 — Variable rate term loans fixed through interest rate swaps 485,000 400,000 Variable rate term loans 90,000 100,000 Total credit facility, principal amount outstanding 600,000 500,000 Unamortized deferred financing costs related to the term loan credit facility (2,570) (3,226) Total credit facility, net of deferred financing costs $ 597,430 $ 496,774
Schedule of Future Principal Payments Due on Debt	The principal payments due on the Unsecured Credit Facility as of September 30, 2022, for the three 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 Three months ending December 31, 2022 $ — 2023 — 2024 300,000 2025 — 2026 25,000 Thereafter 275,000 $ 600,000

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2022 and December 31, 2021 (amounts in thousands): September 30, 2022 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Assets: Derivative assets $ — $ 29,724 $ — $ 29,724 Total assets at fair value $ — $ 29,724 $ — $ 29,724 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 Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 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 Dates (2), (3) Maturity Dates (2) September 30, 2022 December 31, 2021 Outstanding Notional Amount (2) Fair Value of Outstanding Fair Value of Assets (Liabilities) Assets (Liabilities) Interest rate swaps (1) 05/01/2022 to 04/27/2023 to $ 485,000 $ 29,724 $ — $ 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) During the three months ended June 30, 2022, the Company entered into three interest rate swap agreements with an aggregate notional amount of $150,000,000, that have an effective date of May 1, 2023, to replace two interest rate swaps with an aggregate notional amount of $150,000,000 that have a maturity date of April 27, 2023.
Schedule of Income and Losses Recognized on Derivative Instruments	The table below summarizes the amount of income and losses recognized on the interest rate derivatives designated as cash flow hedges for the three and nine months ended September 30, 2022 and 2021 (amounts in thousands): Derivatives in Cash Flow Amount of Income (Loss) Recognized Location of Income (Loss) Amount of Income (Loss) Total Amount of Line Item in Condensed Consolidated Statements of Comprehensive Income Three Months Ended September 30, 2022 Interest rate swaps - continuing operations $ 16,724 Interest and other expense, net $ 379 $ 5,498 Three Months Ended September 30, 2021 Interest rate swaps - continuing operations $ (253) Interest and other expense, net $ (1,952) $ 11,737 Interest rate swaps - discontinued operations — Income from discontinued operations (542) 377,191 Total $ (253) $ (2,494) Nine Months Ended September 30, 2022 Interest rate swaps - continuing operations $ 31,545 Interest and other expense, net $ (2,912) $ 17,942 Nine Months Ended September 30, 2021 Interest rate swaps - continuing operations $ 2,555 Interest and other expense, net $ (5,643) $ 30,035 Interest rate swaps - discontinued operations (37) Income from discontinued operations (1,647) 401,444 Total $ 2,518 $ (7,290)
Schedule of Offsetting of Derivative Assets	The following tables present the effect on the Company’s financial position had the Company made the election to offset its derivative positions as of September 30, 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 September 30, 2022 $ 29,724 $ — $ 29,724 $ — $ — $ 29,724 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 September 30, 2022 $ — $ — $ — $ — $ — $ — December 31, 2021 $ 5,618 $ — $ 5,618 $ (1,023) $ — $ 4,595

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Stockholders' Equity Note [Abstract]
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss)	The following table presents a rollforward of amounts recognized in accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2022 and 2021 (amounts in thousands): Unrealized Income Balance as of December 31, 2021 $ (4,847) Other comprehensive income before reclassification 31,545 Amount of loss reclassified from accumulated other comprehensive income (loss) to net income 2,912 Other comprehensive income 34,457 Balance as of September 30, 2022 $ 29,610 Unrealized Income Balance as of December 31, 2020 $ (20,444) Other comprehensive income before reclassification 2,518 Amount of loss reclassified from accumulated other comprehensive loss to net income 7,290 Other comprehensive income 9,808 Balance as of September 30, 2021 $ (10,636)
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Loss)	The following table presents reclassifications out of accumulated other comprehensive income (loss) for the nine months ended September 30, 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 Nine Months Ended 2022 2021 Interest rate swap contracts - continuing operations $ 2,912 $ 5,643 Interest and other expense, net Interest rate swap contracts - discontinued operations — 1,647 Income from discontinued operations Interest rate swap contracts $ 2,912 $ 7,290

Subsequent Events (Tables)

Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Schedule of Subsequent Events	The following table summarizes the Company's distributions paid to stockholders on October 6, 2022, for the period from September 1, 2022 through September 30, 2022 (amounts in thousands): Payment Date Common Stock Cash DRIP Total Distribution October 6, 2022 Class A $ 4,358 $ 1,206 $ 5,564 October 6, 2022 Class I 324 224 548 October 6, 2022 Class T 716 628 1,344 $ 5,398 $ 2,058 $ 7,456 The following table summarizes the Company's distributions paid to stockholders on November 4, 2022, for the period from October 1, 2022 through October 31, 2022 (amounts in thousands): Payment Date Common Stock Cash DRIP Total Distribution November 4, 2022 Class A $ 4,506 $ 1,249 $ 5,755 November 4, 2022 Class I 338 229 567 November 4, 2022 Class T 743 648 1,391 $ 5,587 $ 2,126 $ 7,713 Distributions Authorized The following tables summarize the daily distributions approved and authorized by the Board subsequent to September 30, 2022: Authorization Date (1) Common Stock Daily Distribution Rate (1) Annualized Distribution Per Share October 20, 2022 Class A $ 0.00109589 $ 0.40 October 20, 2022 Class I $ 0.00109589 $ 0.40 October 20, 2022 Class T $ 0.00109589 $ 0.40 Authorization Date (2) Common Stock Daily Distribution Rate (2) Annualized Distribution Per Share November 8, 2022 Class A $ 0.00109589 $ 0.40 November 8, 2022 Class I $ 0.00109589 $ 0.40 November 8, 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 November 1, 2022 and ending on November 30, 2022. The distributions are calculated based on 365 days in the calendar year. The distributions declared for each record date in November 2022 will be paid in December 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 December 1, 2022 and ending on December 31, 2022. The distributions will be calculated based on 365 days in the calendar year. The distributions declared for each record date in December 2022 will be paid in January 2023. 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			9 Months Ended
	Jul. 30, 2021 USD ($)	Jul. 22, 2021 USD ($) $ / shares	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	May 19, 2021 property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from real estate disposition			$ 22,822	$ 1,295,367
Special cash dividend (in dollars per share) | $ / shares		$ 1.75
Special cash distribution (in dollars)	$ 392,685
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]
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	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 17,291	$ 32,359	$ 75,363	$ 53,174
Restricted cash	166	521	842	14,735
Cash, cash equivalents and restricted cash	$ 17,457	$ 32,880	$ 76,205	$ 67,909

Real Estate Investments (Narrat

Real Estate Investments (Narrative) (Details)		3 Months Ended		9 Months Ended
	Feb. 10, 2022 USD ($) property	Sep. 30, 2022 USD ($) statisticalArea tenant transaction	Sep. 30, 2021 USD ($) property	Sep. 30, 2022 USD ($) transaction property lease tenant statisticalArea	Sep. 30, 2021 USD ($) tenant lease	Dec. 31, 2021 numberOfLandParcel
Real Estate [Line Items]
Number of real estate properties acquired | property				7
Number of transactions | transaction		5		5
Proceeds from real estate disposition				$ 22,822,000	$ 1,295,367,000
Gain on real estate disposition		$ 0	$ 0	460,000	0
Impairment loss		0	10,241,000	$ 7,387,000	27,837,000
Impairment of acquired intangible assets		0	0
Impairment loss on real estate		0	10,241,000
Impairment loss on goodwill		0	0
Impairment of acquired intangible liabilities		$ 0	$ 0		$ 0
Number of impaired properties | property			1
In-place leases
Real Estate [Line Items]
Number of impaired acquired intangible assets | lease				1	1
Impairment of acquired intangible assets				$ 380,000	$ 1,120,000
Tenant of Healthcare Property
Real Estate [Line Items]
Number of tenants with impaired intangible assets | tenant					1
Revenue | Geographic Concentration Risk
Real Estate [Line Items]
Number of metropolitan statistical areas with owned real estate investments | statisticalArea		1		1
Revenue | Geographic Concentration Risk | Houston-The Woodlands-Sugar Land, Texas MSA
Real Estate [Line Items]
Concentration risk, percentage				10.90%
Revenue | Customer Concentration Risk
Real Estate [Line Items]
Number of major tenants | tenant		1		1
Revenue | Customer Concentration Risk | Post Acute Medical LLC and affiliates
Real Estate [Line Items]
Concentration risk, percentage				14.20%
2022 Acquisitions
Real Estate [Line Items]
Capitalized acquisition costs				$ 617,000
Disposal Group, Held-for-sale, Not Discontinued Operations | Healthcare
Real Estate [Line Items]
Number of real estate properties owned | numberOfLandParcel						1
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	$ 24,000,000
Proceeds from real estate disposition	22,701,000
Gain on real estate disposition	$ 460,000

Real Estate Investments (Schedu

Real Estate Investments (Schedule of Consideration Transferred for Properties Acquired) (Details) $ in Thousands						9 Months Ended
	Jul. 21, 2022 USD ($)	Jul. 20, 2022 USD ($)	May 20, 2022 USD ($) property	May 12, 2022 USD ($)	Mar. 10, 2022 USD ($)	Sep. 30, 2022 USD ($)
Business Acquisition [Line Items]
Purchase Price						$ 157,194
Yukon Healthcare Facility
Business Acquisition [Line Items]
Ownership Percentage					100%
Purchase Price					$ 19,554
Pleasant Hills Healthcare Facility
Business Acquisition [Line Items]
Ownership Percentage				100%
Purchase Price				$ 14,303
Prosser Healthcare Facilities
Business Acquisition [Line Items]
Ownership Percentage			100%
Purchase Price			$ 8,593
Number of healthcare properties | property			3
Tampa Healthcare Facility II
Business Acquisition [Line Items]
Ownership Percentage		100%
Purchase Price		$ 51,259
Escondido Healthcare Facility
Business Acquisition [Line Items]
Ownership Percentage	100%
Purchase Price	$ 63,485

Real Estate Investments (Sche_2

Real Estate Investments (Schedule of Allocation of Acquisitions) (Details) - 2022 Acquisitions $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Business Acquisition [Line Items]
Total assets acquired	$ 157,657
Below-market leases	(463)
Net assets acquired	157,194
In-place leases
Business Acquisition [Line Items]
Leases	12,779
Above-market leases
Business Acquisition [Line Items]
Leases	454
Land
Business Acquisition [Line Items]
Property, plant and equipment acquired	2,646
Building and improvements
Business Acquisition [Line Items]
Property, plant and equipment acquired	136,938
Tenant Improvements
Business Acquisition [Line Items]
Property, plant and equipment acquired	$ 4,840

Held for Sale and Discontinue_3

Held for Sale and Discontinued Operations (Narrative) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 numberOfLandParcel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Capital expenditures	$ 7,577	$ 20,323
Disposal Group, Held-for-sale, Not Discontinued Operations | Healthcare
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties owned | numberOfLandParcel			1
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		$ 2,215

Held for Sale and Discontinue_4

Held for Sale and Discontinued Operations (Disposal Group Financials) (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Jul. 22, 2021
Assets:
Assets held for sale	$ 0			$ 0		$ 22,570
Liabilities:
Liabilities held for sale	0			0		698
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Income from discontinued operations	$ 0	$ 377,191		$ 0	$ 401,444
Held-for-sale or Disposed of by Sale
Assets:
Total real estate, net						22,241
Other assets, net						329
Assets held for sale						22,570
Liabilities:
Accounts payable and other liabilities						698
Liabilities held for sale						698
Held-for-sale or Disposed of by Sale | Land
Assets:
Total real estate, net						22,241
Held-for-sale or Disposed of by Sale | Building and improvements
Assets:
Total real estate, net						$ 0
Discontinued Operations, Disposed of by Sale | Data Centers
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Rental revenue		6,180			57,903
Lease termination revenue		75			7,075
Total revenue		6,255			64,978
Rental expenses		2,504			15,737
Depreciation and amortization		35			11,759
Total expenses		2,539			27,496
Interest and other expense, net		25,085			31,839
Income from discontinued operations		(21,369)			5,643
Gain on real estate dispositions		398,560			395,801
Income from discontinued operations		377,191			401,444
Interest expense attributable to discontinued operations		$ 25,085			$ 31,856
Transaction costs			$ 2,759
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	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, accumulated amortization	$ 85,888	$ 71,067
Weighted average remaining useful life of intangible assets	9 years 1 month 6 days	9 years 6 months
Acquired intangible assets, net of accumulated amortization	$ 177,315	$ 181,639
In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, accumulated amortization	$ 79,932	$ 66,579
Weighted average remaining useful life of intangible assets	9 years 1 month 6 days	9 years 6 months
Acquired intangible assets, net of accumulated amortization	$ 164,702	$ 168,012
Above-market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, accumulated amortization	$ 5,956	$ 4,488
Weighted average remaining useful life of intangible assets	8 years 1 month 6 days	8 years 9 months 18 days
Acquired intangible assets, net of accumulated amortization	$ 12,613	$ 13,627

Acquired Intangible Assets, N_4

Acquired Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Finite-Lived Intangible Assets, Net [Abstract]
Weighted average remaining useful life of intangible assets			9 years 1 month 6 days		9 years 6 months
Amortization of acquired intangible assets	$ 5,839	$ 5,507	$ 17,557	$ 17,624

Acquired Intangible Liabiliti_3

Acquired Intangible Liabilities, Net (Schedule of Acquired Intangible Liabilities, Net) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Intangible Lease Liabilities, Net [Abstract]
Accumulated amortization of below-market leases	$ 5,550	$ 4,444
Weighted average remaining life of below-market leases	8 years 7 months 6 days	9 years 3 months 18 days
Below-market leases, net of accumulated amortization	$ 12,319	$ 12,962

Acquired Intangible Liabiliti_4

Acquired Intangible Liabilities, Net (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Intangible Lease Liabilities, Net [Abstract]
Amortization of below-market leases	$ 373	$ 338	$ 1,106	$ 979

Leases (Schedule of Future Mini

Leases (Schedule of Future Minimum Rent to Lessor from Operating Leases) (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Leases [Abstract]
Three months ending December 31, 2022	$ 42,292
2023	172,586
2024	173,961
2025	170,002
2026	163,163
Thereafter	1,096,932
Total	$ 1,818,936

Leases (Narrative) (Details)

Leases (Narrative) (Details)	Sep. 30, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Operating lease, weighted average incremental borrowing rate, percent	5.50%
Operating lease, weighted average remaining lease term	37 years 4 months 24 days	36 years 1 month 6 days
Finance lease, incremental borrowing rate, percent	5.30%
Finance lease, remaining lease term	41 years 8 months 12 days	42 years 4 months 24 days
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) $ in Thousands	Sep. 30, 2022 USD ($)
Operating
Three months ending December 31, 2022	$ 622
2023	2,539
2024	2,606
2025	2,625
2026	2,572
Thereafter	103,696
Total undiscounted rental payments	114,660
Less imputed interest	(75,671)
Total lease liabilities	38,989
Finance
Three months ending December 31, 2022	34
2023	136
2024	141
2025	143
2026	143
Thereafter	6,441
Total undiscounted rental payments	7,038
Less imputed interest	(4,387)
Total lease liabilities	$ 2,651

Leases (Schedule of Lease Cost)

Leases (Schedule of Lease Cost) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Rental expenses
Lessee, Lease, Description [Line Items]
Operating lease costs	$ 575	$ 422	$ 1,442	$ 1,266
Income from discontinued operations
Lessee, Lease, Description [Line Items]
Operating lease costs	0	25	0	414
General and administrative expenses
Lessee, Lease, Description [Line Items]
Operating lease costs	182	297	559	825
Depreciation and amortization
Lessee, Lease, Description [Line Items]
Finance lease costs	5	5	15	14
Interest and other expense, net
Lessee, Lease, Description [Line Items]
Interest on lease liability	$ 35	$ 35	$ 105	$ 102

Other Assets, Net (Schedule of

Other Assets, Net (Schedule of Other Assets, Net) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Other Assets [Abstract]
Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $635 and $8,332, respectively	$ 3,432	$ 482
Leasing commissions, net of accumulated amortization of $151 and $121, respectively	792	780
Restricted cash	166	521
Tenant receivables	1,637	1,851
Straight-line rent receivable	63,255	55,725
Prepaid and other assets	3,739	4,835
Derivative assets	29,724	2,171
Total other assets, net	102,745	66,365
Deferred financing costs, related to the revolver portion of the credit facility, accumulated amortization	635	8,332
Leasing commissions, accumulated amortization	$ 151	$ 121

Accounts Payable and Other Li_3

Accounts Payable and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accounts payable and accrued expenses	$ 5,482	$ 9,409
Accrued interest expense	1,563	1,626
Accrued property taxes	2,794	2,913
Accrued personnel costs	3,138	4,198
Distribution and servicing fees	0	182
Distributions payable to stockholders	7,456	7,355
Performance DSUs distributions payable	485	394
Tenant deposits	877	802
Deferred rental income	6,784	7,100
Derivative liabilities	0	5,618
Total accounts payable and other liabilities	$ 28,579	$ 39,597

Credit Facility (Schedule of Cr

Credit Facility (Schedule of Credit Facility) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Total credit facility, principal amount outstanding	$ 600,000	$ 500,000
Unamortized deferred financing costs related to the term loan credit facility	(2,570)	(3,226)
Total credit facility, net of deferred financing costs	597,430	496,774
Revolving Line of Credit | Variable rate revolving line of credit
Line of Credit Facility [Line Items]
Total credit facility, principal amount outstanding	25,000	0
Term Loan | Variable rate term loans fixed through interest rate swaps
Line of Credit Facility [Line Items]
Total credit facility, principal amount outstanding	485,000	400,000
Term Loan | Variable rate term loans
Line of Credit Facility [Line Items]
Total credit facility, principal amount outstanding	$ 90,000	$ 100,000

Credit Facility (Narrative) (De

Credit Facility (Narrative) (Details)				9 Months Ended
	Jul. 20, 2022 USD ($)	Jul. 12, 2022 USD ($)	May 17, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Apr. 08, 2022 USD ($) agreement	Feb. 15, 2022 USD ($)	Feb. 14, 2022 USD ($)	Dec. 31, 2021 USD ($)
Line of Credit Facility [Line Items]
Total credit facility, net of deferred financing costs				$ 597,430,000					$ 496,774,000
Loss on extinguishment of debt				3,367,000	$ 28,751,000
Debt extinguishment costs				4,000	$ 29,244,000
Accelerated unamortized debt issuance costs				3,363,000
Minimum draw			$ 20,000,000
Interest rate swaps
Line of Credit Facility [Line Items]
Number of derivative instruments | agreement						5
Interest Rate Swap, Effective Date May 2, 2022
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
Line of Credit Facility [Line Items]
Number of derivative instruments | agreement						3
Notational amount						$ 150,000,000
Unsecured Debt | Term Loan
Line of Credit Facility [Line Items]
Commitments available							$ 300,000,000
Term loan, maximum increase							600,000,000
Unsecured Debt | 2028 Term Loan
Line of Credit Facility [Line Items]
Commitments available			275,000,000
Term loan, maximum increase			500,000,000
Proceeds from term loan	$ 20,000,000	$ 50,000,000	$ 205,000,000
Ticketing fee			0.25%
Fee percentage, average daily amount outstanding less than half of commitments			0.20%
Fee percentage, average daily amount outstanding more than half of commitments			0.15%
Unsecured Debt | 2028 Term Loan | Base Rate | Minimum
Line of Credit Facility [Line Items]
Margin range			0.25%
Unsecured Debt | 2028 Term Loan | Base Rate | Maximum
Line of Credit Facility [Line Items]
Margin range			0.90%
Unsecured Debt | 2028 Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum
Line of Credit Facility [Line Items]
Margin range			1.25%
Unsecured Debt | 2028 Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum
Line of Credit Facility [Line Items]
Margin range			1.90%
Unsecured Debt | Unsecured Credit Facility
Line of Credit Facility [Line Items]
Commitments available				1,075,000,000
Revolving Line of Credit
Line of Credit Facility [Line Items]
Debt extinguishment costs				4,000
Revolving Line of Credit | Variable rate revolving line of credit
Line of Credit Facility [Line Items]
Commitments available							500,000,000	$ 500,000,000
Proceeds from term loan				70,000,000
Repayments of debt				$ 40,000,000
Revolving Line of Credit | Unsecured Debt
Line of Credit Facility [Line Items]
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	Sep. 30, 2022 USD ($)
Debt Disclosure [Abstract]
Three months ending December 31, 2022	$ 0
2023	0
2024	300,000
2025	0
2026	25,000
Thereafter	275,000
Total	$ 600,000

Fair Value (Narrative) (Details

Fair Value (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Total credit facility, principal amount outstanding	$ 600,000	$ 500,000

Fair Value (Schedule of Fair Va

Fair Value (Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets:
Derivative assets	$ 29,724	$ 2,171
Liabilities:
Derivative liabilities	0	5,618
Recurring basis
Assets:
Derivative assets	29,724	2,171
Total assets at fair value	29,724	2,171
Liabilities:
Derivative liabilities		5,618
Total liabilities at fair value		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
Total liabilities at fair value		0
Significant Other Observable Inputs (Level 2) | Recurring basis
Assets:
Derivative assets	29,724	2,171
Total assets at fair value	29,724	2,171
Liabilities:
Derivative liabilities		5,618
Total liabilities at fair value		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
Total liabilities at fair value		$ 0

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities (Narrative) (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Apr. 08, 2022 agreement	Jul. 22, 2021 interestRateSwapInstrument
Derivative Instruments, Gain (Loss) [Line Items]
Additional gain expected to be reclassified from AOCI into earnings during next twelve months	$ 15,406	$ 15,406
Discontinued Operations, Disposed of by Sale | Data Centers | Continuing Operations
Derivative Instruments, Gain (Loss) [Line Items]
Amounts reclassified from AOCI to earnings	$ 291	$ 1,274
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Number of derivative instruments | agreement			5
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	Sep. 30, 2022 USD ($)	Apr. 08, 2022 USD ($) agreement	Dec. 31, 2021 USD ($)
Derivatives, Fair Value [Line Items]
Fair Value of Asset	$ 29,724		$ 2,171
Fair Value of Liability	0		(5,618)
Interest rate swaps
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	485,000		400,000
Interest rate swaps | Designated as Hedging Instrument | Other Assets, Net
Derivatives, Fair Value [Line Items]
Fair Value of Asset	29,724		2,171
Interest rate swaps | Designated as Hedging Instrument | Accounts Payable
Derivatives, Fair Value [Line Items]
Fair Value of Liability	$ 0		$ (5,618)
Interest Rate Swap, Effective Date May 1, 2023
Derivatives, Fair Value [Line Items]
Outstanding Notional Amount		$ 150,000
Number of derivative instruments | agreement		3
Interest Rate Swap, Maturity Date April 27, 2023
Derivatives, Fair Value [Line Items]
Outstanding Notional Amount		$ 150,000
Number of derivative instruments | agreement		2

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities (Schedule of Income and Losses Recognized on Derivative Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Income (Loss) Recognized in Other Comprehensive Income on Derivatives		$ (253)		$ 2,518
Amount of Income (Loss) Reclassified From Accumulated Other Comprehensive Income (Loss) to Net Income		(2,494)		(7,290)
Interest and other expense, net	$ 5,498	11,737	$ 17,942	30,035
Income from discontinued operations	0	377,191	0	401,444
Data Centers | Discontinued Operations, Disposed of by Sale
Derivative Instruments, Gain (Loss) [Line Items]
Income from discontinued operations		377,191		401,444
Continuing Operations
Derivative Instruments, Gain (Loss) [Line Items]
Interest and other expense, net	5,498	11,737	17,942	30,035
Interest rate swaps | Data Centers | Discontinued Operations, Disposed of by Sale
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Income (Loss) Recognized in Other Comprehensive Income on Derivatives		0		(37)
Interest rate swaps | Continuing Operations
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Income (Loss) Recognized in Other Comprehensive Income on Derivatives	16,724	(253)	31,545	2,555
Interest rate swaps | Interest and other expense, net | Continuing Operations
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Income (Loss) Reclassified From Accumulated Other Comprehensive Income (Loss) to Net Income	$ 379	(1,952)	$ (2,912)	(5,643)
Interest rate swaps | Income from discontinued operations | Data Centers | Discontinued Operations, Disposed of by Sale
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Income (Loss) Reclassified From Accumulated Other Comprehensive Income (Loss) to Net Income		$ (542)		$ (1,647)

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities (Schedule of Offsetting of Derivative Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Assets	$ 29,724	$ 2,171
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Assets Presented in the Balance Sheet	29,724	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	$ 29,724	$ 1,148

Derivative Instruments and He_7

Derivative Instruments and Hedging Activities (Schedule of Offsetting of Derivative Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Liabilities	$ 0	$ 5,618
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Liabilities Presented in the Balance Sheet	0	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	$ 0	$ 4,595

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Class of Stock [Line Items]
Maximum number of shares available for repurchase during any calendar year, as percentage of common stock outstanding at end of prior year			5%
Period of notice required for changes to share repurchase program			30 days
Common Stock
Class of Stock [Line Items]
Repurchase of common stock (in shares)	225,136	303,247	786,861	772,581
Repurchase of common stock	$ 2	$ 3	$ 8	$ 7
Class A, I and T Shares | Common Stock
Class of Stock [Line Items]
Repurchase of common stock (in shares)			786,861	772,581
Repurchase of common stock			$ 6,452	$ 6,564
Repurchase of common stock, average price per share (in dollars per share)			$ 8.20	$ 8.50
Class A | Common Stock
Class of Stock [Line Items]
Repurchase of common stock (in shares)			690,494	715,406
Class I | Common Stock
Class of Stock [Line Items]
Repurchase of common stock (in shares)			20,905	8,322
Class T | Common Stock
Class of Stock [Line Items]
Repurchase of common stock (in shares)			75,462	48,853

Stockholders' Equity (Amounts R

Stockholders' Equity (Amounts Recognized in AOCI) (Details) - Unrealized Income (Loss) on Derivative Instruments - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning	$ (4,847)	$ (20,444)
Other comprehensive income (loss) before reclassification	31,545	2,518
Amount of loss reclassified from accumulated other comprehensive income (loss) to net income	2,912	7,290
Other comprehensive income (loss)	34,457	9,808
Balance, ending	$ 29,610	$ (10,636)

Stockholders' Equity (Reclassif

Stockholders' Equity (Reclassifications Out of AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest and other expense, net	$ 5,498	$ 11,737	$ 17,942	$ 30,035
Income from discontinued operations	0	(377,191)	0	(401,444)
Net income (loss) attributable to common stockholders	$ (13,392)	$ (371,645)	(26,784)	(390,583)
Interest rate swaps | Loss Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Net Income | Reclassification out of Accumulated Other Comprehensive Income (Loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest and other expense, net			2,912	5,643
Income from discontinued operations			0	1,647
Net income (loss) attributable to common stockholders			$ 2,912	$ 7,290

Earnings Per Share (Details)

Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Diluted earnings per share outstanding adjustment (in shares)	1,319		1,346
Anti-dilutive shares excluded from computation of earnings per share (in shares)		990		965

Stock-based Compensation (Detai

Stock-based Compensation (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jan. 03, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation		$ 860	$ 637	$ 3,034	$ 1,756
Accelerated stock-based compensation				326
Restricted Stock, Time-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	217,988
Award vesting period under plan	4 years
Restricted Stock, Time-Based and Performance Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation		$ 260		$ 864

Commitments and Contingencies (

Commitments and Contingencies (Details)	Sep. 30, 2022 legalProceeding
Commitments and Contingencies Disclosure [Abstract]
Number of pending legal proceedings to which the company is a party	0

Subsequent Events (Distribution

Subsequent Events (Distributions) (Details) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended		9 Months Ended
	Nov. 08, 2022	Nov. 04, 2022	Oct. 20, 2022	Oct. 06, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Subsequent Event [Line Items]
Cash							$ 48,920	$ 450,143
Issuance of common stock under the distribution reinvestment plan							$ 18,594	$ 21,750
Distributions declared per common share (in dollars per share)					$ 0.10	$ 1.86	$ 0.30	$ 2.11
Subsequent Event
Subsequent Event [Line Items]
Cash		$ 5,587		$ 5,398
Issuance of common stock under the distribution reinvestment plan		2,126		2,058
Distributions paid		7,713		7,456
Class A | Subsequent Event
Subsequent Event [Line Items]
Cash		4,506		4,358
Issuance of common stock under the distribution reinvestment plan		1,249		1,206
Distributions paid		5,755		5,564
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		338		324
Issuance of common stock under the distribution reinvestment plan		229		224
Distributions paid		567		548
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		743		716
Issuance of common stock under the distribution reinvestment plan		648		628
Distributions paid		$ 1,391		$ 1,344
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 A, I and T shares | Subsequent Event
Subsequent Event [Line Items]
Number of days, distribution calculation	365 days		365 days