Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 10, 2023 | Jun. 30, 2022 | |
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 000-55435 | ||
Entity Registrant Name | SILA REALTY TRUST, INC. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 46-1854011 | ||
Entity Address, Address Line One | 1001 Water Street | ||
Entity Address, Address Line Two | Suite 800 | ||
Entity Address, City or Town | Tampa | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 33602 | ||
City Area Code | 813 | ||
Local Phone Number | 287-0101 | ||
Title of 12(b) Security | None | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001567925 | ||
No Trading Symbol Flag | true | ||
Current Fiscal Year End Date | --12-31 | ||
Documents Incorporated by Reference | Documents Incorporated by Reference Portions of Registrant’s proxy statement for the 2023 annual stockholders meeting, to be filed with the Securities and Exchange Commission within 120 days after the end of the Registrant’s fiscal year ended December 31, 2022, are incorporated by reference in Part III. Items 10, 11, 12, 13 and 14. | ||
Class A | |||
Entity Public Float | $ 1,375,910,800 | ||
Entity Common Stock, Shares Outstanding (in shares) | 168,631,000 | ||
Class I | |||
Entity Public Float | 136,029,800 | ||
Entity Common Stock, Shares Outstanding (in shares) | 16,826,000 | ||
Class T | |||
Entity Public Float | 333,297,200 | ||
Entity Common Stock, Shares Outstanding (in shares) | 41,223,000 | ||
Class T2 | |||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding (in shares) | 0 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | KPMG LLP |
Auditor Firm ID | 185 |
Auditor Location | Tampa, Florida |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Real estate: | ||
Land | $ 163,419 | $ 163,992 |
Buildings and improvements, less accumulated depreciation of $209,118 and $165,784, respectively | 1,716,663 | 1,648,685 |
Construction in progress | 0 | 14,628 |
Total real estate, net | 1,880,082 | 1,827,305 |
Cash and cash equivalents | 12,917 | 32,359 |
Acquired intangible assets, less accumulated amortization of $90,239 and $71,067, respectively | 167,483 | 181,639 |
Goodwill | 21,710 | 23,284 |
Right-of-use assets | 37,443 | 24,033 |
Other assets | 100,167 | 66,365 |
Assets held for sale | 0 | 22,570 |
Total assets | 2,219,802 | 2,177,555 |
Liabilities: | ||
Credit facility, net of deferred financing costs of $2,412 and $3,226, respectively | 580,588 | 496,774 |
Accounts payable and other liabilities | 30,619 | 39,597 |
Acquired intangible liabilities, less accumulated amortization of $5,923 and $4,444, respectively | 11,946 | 12,962 |
Total lease liabilities | 41,554 | 26,394 |
Liabilities held for sale | 0 | 698 |
Total liabilities | 664,707 | 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; 241,425,332 and 238,226,119 shares issued, respectively; 226,255,969 and 224,179,939 shares outstanding, respectively | 2,263 | 2,242 |
Additional paid-in capital | 2,024,176 | 2,004,404 |
Distributions in excess of accumulated earnings | (499,334) | (400,669) |
Accumulated other comprehensive income (loss) | 27,990 | (4,847) |
Total stockholders’ equity | 1,555,095 | 1,601,130 |
Total liabilities and stockholders’ equity | $ 2,219,802 | $ 2,177,555 |
CONSOLIDATED BALANCE SHEETS (PA
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Buildings and improvements, accumulated depreciation | $ 209,118 | $ 165,784 |
Acquired intangible assets, accumulated amortization | 90,239 | 71,067 |
Credit facility, deferred financing costs | 2,412 | 3,226 |
Acquired intangible liabilities, accumulated amortization | $ 5,923 | $ 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) | 241,425,332 | 238,226,119 |
Common stock, shares outstanding (in shares) | 226,255,969 | 224,179,939 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue: | |||
Rental revenue | $ 179,986 | $ 172,838 | $ 165,781 |
Expenses: | |||
Rental expenses | 17,950 | 17,712 | 16,397 |
General and administrative expenses | 22,079 | 21,388 | 15,471 |
Internalization transaction expenses | 0 | 0 | 3,640 |
Asset management fees | 0 | 0 | 12,604 |
Depreciation and amortization | 77,199 | 70,259 | 69,849 |
Impairment losses | 47,424 | 27,837 | 0 |
Total expenses | 164,652 | 137,196 | 117,961 |
Gain on real estate disposition | 460 | 89 | 3,142 |
Interest and other expense, net | 23,772 | 34,515 | 42,025 |
(Loss) income from continuing operations | (7,978) | 1,216 | 8,937 |
Income from discontinued operations | 0 | 401,444 | 27,839 |
Net (loss) income attributable to common stockholders | (7,978) | 402,660 | 36,776 |
Other comprehensive income (loss) - unrealized gain (loss) on interest rate swaps, net | 32,837 | 15,597 | (15,740) |
Comprehensive income attributable to common stockholders | $ 24,859 | $ 418,257 | $ 21,036 |
Weighted average number of common shares outstanding: | |||
Basic (in shares) | 225,320,043 | 223,325,293 | 221,436,617 |
Diluted (in shares) | 225,320,043 | 224,293,339 | 221,622,444 |
Basic: | |||
Basic, continuing operations (in dollars per share) | $ (0.03) | $ 0 | $ 0.04 |
Basic, discontinued operations (in dollars per share) | 0 | 1.80 | 0.13 |
Net (loss) income attributable to common stockholders, basic (in dollars per share) | (0.03) | 1.80 | 0.17 |
Diluted: | |||
Diluted, continuing operations (in dollars per share) | (0.03) | 0 | 0.04 |
Diluted, discontinued operations (in dollars per share) | 0 | 1.79 | 0.13 |
Net (loss) income attributable to common stockholders, diluted (in dollars per share) | $ (0.03) | $ 1.79 | $ 0.17 |
CONSOLIDATED STATEMENTS OF STOC
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 | Noncontrolling Interests |
Balance, (in shares) at Dec. 31, 2019 | 221,912,714 | ||||||
Balance, beginning at Dec. 31, 2019 | $ 1,738,419 | $ 1,738,417 | $ 2,219 | $ 1,981,848 | $ (240,946) | $ (4,704) | $ 2 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock under the distribution reinvestment plan (in shares) | 3,531,178 | ||||||
Issuance of common stock under the distribution reinvestment plan | 30,553 | 30,553 | $ 35 | 30,518 | |||
Vesting of restricted stock (in shares) | 10,500 | ||||||
Stock-based compensation | 437 | 437 | 437 | ||||
Purchase of noncontrolling interest | (2) | (2) | |||||
Distribution and servicing fees | 51 | 51 | 51 | ||||
Other offering costs | (40) | (40) | (40) | ||||
Repurchase of common stock (in shares) | (3,408,870) | ||||||
Repurchase of common stock | (29,487) | (29,487) | $ (34) | (29,453) | |||
Distributions to common stockholders | (107,094) | (107,094) | (107,094) | ||||
Other comprehensive income (loss) | (15,740) | (15,740) | (15,740) | ||||
Net income (loss) | 36,776 | 36,776 | 36,776 | ||||
Balance, (in shares) at Dec. 31, 2020 | 222,045,522 | ||||||
Balance, ending at Dec. 31, 2020 | 1,653,873 | 1,653,873 | $ 2,220 | 1,983,361 | (311,264) | (20,444) | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock under the distribution reinvestment plan (in shares) | 3,243,363 | ||||||
Issuance of common stock under the distribution reinvestment plan | 27,584 | 27,584 | $ 33 | 27,551 | |||
Vesting of restricted stock (in shares) | 24,955 | ||||||
Stock-based compensation | 2,379 | 2,379 | |||||
Distribution and servicing fees | 639 | 639 | |||||
Other offering costs | (9) | (9) | |||||
Repurchase of common stock (in shares) | (1,133,901) | ||||||
Repurchase of common stock | (9,528) | $ (11) | (9,517) | ||||
Distributions to common stockholders | (492,065) | (492,065) | |||||
Other comprehensive income (loss) | 15,597 | 15,597 | |||||
Net income (loss) | $ 402,660 | 402,660 | 402,660 | ||||
Balance, (in shares) at Dec. 31, 2021 | 224,179,939 | 224,179,939 | |||||
Balance, ending 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) | 3,026,326 | ||||||
Issuance of common stock under the distribution reinvestment plan | $ 24,834 | 24,834 | $ 30 | 24,804 | |||
Vesting of restricted stock (in shares) | 172,887 | ||||||
Stock-based compensation | 4,180 | $ 2 | 4,178 | ||||
Other offering costs | (4) | (4) | |||||
Repurchase of common stock (in shares) | (1,123,183) | ||||||
Repurchase of common stock | (9,217) | $ (11) | (9,206) | ||||
Distributions to common stockholders | (90,687) | (90,687) | |||||
Other comprehensive income (loss) | 32,837 | 32,837 | |||||
Net income (loss) | $ (7,978) | (7,978) | (7,978) | ||||
Balance, (in shares) at Dec. 31, 2022 | 226,255,969 | 226,255,969 | |||||
Balance, ending at Dec. 31, 2022 | $ 1,555,095 | $ 2,263 | $ 2,024,176 | $ (499,334) | $ 27,990 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net (loss) income attributable to common stockholders | $ (7,978) | $ 402,660 | $ 36,776 |
Adjustments to reconcile net (loss) income attributable to common stockholders to net cash provided by operating activities: | |||
Depreciation and amortization | 77,199 | 82,018 | 105,476 |
Amortization of deferred financing costs | 1,679 | 3,425 | 3,884 |
Amortization of above- and below-market leases | 484 | (1,098) | (4,680) |
Other amortization expenses | 2,302 | 3,269 | 1,190 |
Gain on real estate disposition from continuing operations | (460) | (89) | (3,142) |
Gain on real estate dispositions of discontinued operations | 0 | (395,801) | 0 |
Loss on extinguishment of debt | 3,367 | 28,751 | 0 |
Impairment losses | 47,424 | 27,837 | 0 |
Straight-line rental income, net of write-offs | (7,261) | (15,665) | (21,323) |
Stock-based compensation | 4,180 | 2,379 | 437 |
Changes in operating assets and liabilities: | |||
Accounts payable and other liabilities | (170) | (4,521) | (3,795) |
Other assets | 909 | 3,777 | (1,985) |
Net cash provided by operating activities | 121,675 | 136,942 | 112,838 |
Cash flows from investing activities: | |||
Investments in real estate | (157,194) | (71,462) | (16,135) |
Consideration paid for the internalization transaction | 0 | (15,000) | (25,000) |
Proceeds from real estate disposition | 22,822 | 1,308,009 | 28,542 |
Capital expenditures | (8,440) | (25,285) | (28,797) |
Change in deposits and other costs for investments in real estate | 0 | (120) | (26) |
Collection of notes receivable | 0 | 30,700 | 0 |
Net cash (used in) provided by investing activities | (142,812) | 1,226,842 | (41,416) |
Cash flows from financing activities: | |||
Payments on notes payable | 0 | (453,422) | (3,923) |
Proceeds from credit facility | 845,000 | 15,000 | 140,000 |
Payments on credit facility | (762,000) | (453,000) | (110,000) |
Payments for extinguishment of debt | (4) | (29,244) | 0 |
Payments of deferred financing costs | (6,937) | (444) | (715) |
Repurchase of common stock | (9,217) | (9,528) | (29,487) |
Offering costs on issuance of common stock | (192) | (2,326) | (3,099) |
Distributions to common stockholders | (65,310) | (465,849) | (76,517) |
Purchase of noncontrolling interests | 0 | 0 | (2) |
Net cash provided by (used in) financing activities | 1,340 | (1,398,813) | (83,743) |
Net change in cash, cash equivalents and restricted cash | (19,797) | (35,029) | (12,321) |
Cash, cash equivalents and restricted cash - Beginning of year | 32,880 | 67,909 | 80,230 |
Cash, cash equivalents and restricted cash - End of year | 13,083 | 32,880 | 67,909 |
Supplemental cash flow disclosure: | |||
Interest paid, net of interest capitalized of $44, $395 and $669, respectively | 17,361 | 38,558 | 55,129 |
Supplemental disclosure of non-cash transactions: | |||
Common stock issued through distribution reinvestment plan | 24,834 | 27,584 | 30,553 |
Change in accrued distributions to common stockholders | 543 | (1,368) | 24 |
Change in accounts payable and other liabilities related to capital expenditures and investments in real estate | (3,705) | (243) | 2,752 |
Right-of-use assets obtained in exchange for new lease liabilities | 15,305 | 625 | 3,914 |
Origination of note receivable related to real estate disposition | 0 | 0 | 28,000 |
Deferred internalization transaction purchase price | $ 0 | $ 0 | $ 14,674 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (PARENTHETICAL) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Cash Flows [Abstract] | |||
Interest capitalized | $ 44 | $ 395 | $ 669 |
Organization and Business Opera
Organization and Business Operations | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business Operations | Organization and Business Operations Sila Realty Trust, Inc., or the Company, is a Maryland corporation, headquartered in Tampa, Florida, that has elected, and currently qualifies, to be taxed as a real estate investment trust, or a REIT, under the Internal Revenue Code of 1986, as amended, or the Code, for federal income tax purposes. The Company invests in high-quality properties leased to long-term tenants. The Company is primarily focused on investing in 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, 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 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 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. 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. As a result of the Data Center Sale, the Company had no assets or liabilities related to the data center segment as of December 31, 2021, and subsequent. The operations of the data center segment have been classified as income from discontinued operations on the consolidated statements of comprehensive income for the years ended December 31, 2021 and 2020. 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 | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The summary of significant accounting policies presented below is designed to assist in understanding the Company’s consolidated financial statements. Such consolidated financial statements and the accompanying notes thereto are the responsibility of management. These accounting policies conform to U.S. generally accepted accounting principles, or GAAP, in all material respects, and have been consistently applied in preparing the consolidated financial statements. Principles of Consolidation and Basis of Presentation The accompanying 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 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 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 agreements. Restricted cash is reported in other assets, in the accompanying consolidated balance sheets. The following table presents a reconciliation of the beginning of year and end of year cash, cash equivalents and restricted cash reported within the consolidated balance sheets to the totals shown in the consolidated statements of cash flows (amounts in thousands): Year Ended 2022 2021 2020 Beginning of year: Cash and cash equivalents $ 32,359 $ 53,174 $ 69,342 Restricted cash 521 14,735 10,888 Cash, cash equivalents and restricted cash $ 32,880 $ 67,909 $ 80,230 End of year: Cash and cash equivalents $ 12,917 $ 32,359 $ 53,174 Restricted cash 166 521 14,735 Cash, cash equivalents and restricted cash $ 13,083 $ 32,880 $ 67,909 Investment in Real Estate Real estate costs related to the acquisition, development, construction and improvement of properties are capitalized. Repair and maintenance costs are expensed as incurred and significant replacements and improvements are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate assets. The Company considers the period of future benefit of an asset in determining the appropriate useful life. Real estate assets, other than land, are depreciated on a straight-line basis over each asset’s useful life. The Company anticipates the estimated useful lives of its assets by class as follows: Buildings and improvements 15 – 40 years Tenant improvements Shorter of lease term or expected useful life Furniture, fixtures, and equipment 3 – 10 years Allocation of Purchase Price of Real Estate Upon the acquisition of real estate properties, the Company evaluates whether the acquisition is a business combination or an asset acquisition. For both business combinations and asset acquisitions, the Company allocates the purchase price of properties to acquired tangible assets, consisting of land, buildings and improvements, and acquired intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases. For asset acquisitions, the Company capitalizes transaction costs and allocates the purchase price using a relative fair value method allocating all accumulated costs. For business combinations, the Company expenses transaction costs incurred and allocates the purchase price based on the estimated fair value of each separately identifiable asset and liability. For the year ended December 31, 2022, all of the Company's acquisitions were determined to be asset acquisitions. The fair value of the tangible assets of an acquired property (which includes land, buildings and improvements) is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and buildings and improvements based on management’s determination of the relative fair value of these assets. The amount allocated to in-place leases includes an estimate of direct costs associated with obtaining a new tenant and opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease. These lease intangibles are amortized to depreciation and amortization expense over the remaining terms of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed. The amounts allocated to above-market and below-market leases are recorded based on the present value of the difference between: (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) an estimate of current market lease rates for the corresponding leases, measured over a period equal to the remaining non-cancelable term of the lease including any fixed rate bargain renewal periods, with respect to a below-market lease. These above-market and below market amounts are amortized as an adjustment of rental revenue over the remaining terms of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above-market and below-market lease values related to that lease would be recorded as an adjustment to rental revenue. Held for Sale The Company classifies a real estate property as held for sale upon satisfaction of all of the following criteria: (i) management commits to a plan to sell the property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary for sales of such properties; (iii) there is an active program to locate a buyer; (iv) the sale of the property is probable and transfer of the asset is expected to be completed within one year; (v) the property is being actively marketed for sale; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Upon the determination to classify a property as held for sale, the Company ceases depreciation and amortization on the real estate property held for sale, as well as the amortization of any related intangible assets. Such properties are recorded at the lesser of the carrying value or estimated fair value less estimated costs to sell. Impairments The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate assets may not be recoverable, the Company assesses the recoverability of the asset group by estimating whether the Company will recover the carrying value of the asset group through its undiscounted future cash flows, including eventual disposition. Based on this analysis, if the Company does not believe that it will be able to recover the carrying value of the asset group, an impairment charge will be recorded to the extent that the carrying value exceeds the estimated fair value of the asset group. When developing estimates of expected future cash flows, the Company makes certain assumptions regarding future market rental rates subsequent to the expiration of current lease arrangements, property operating expenses, terminal capitalization and discount rates, probability weighting of potential uses of the property, sale prices of comparable properties, required tenant improvements and the number of years the property will be held for investment. The use of alternative assumptions in the future cash flow analysis could result in a different determination of the property’s future cash flows and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the carrying value of the real estate assets. In addition, we determine fair value by using a direct capitalization method, a discounted cash flow method using the assumptions noted above, or by utilizing comparable market information based on the view of a market participant. The use of alternative assumptions in these approaches could result in a different determination of the property’s estimated fair value and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the carrying value of the real estate assets. The Company accounts for goodwill in accordance with Accounting Standards Codification, or ASC, 350, Intangibles - Goodwill and Other , and allocates its goodwill to its reporting units, which have been determined to be at the individual property level. Goodwill has an indefinite life and is not amortized. The Company evaluates goodwill for impairment at least annually, as of the last day of each year, or upon the occurrence of a triggering event. A triggering event is an event or circumstance that would more-likely-than-not indicate that the fair value of a reporting unit is below its carrying value. The Company has the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. Under a qualitative assessment, the impairment analysis for goodwill represents an evaluation of whether it is more-likely-than-not the reporting unit's fair value is less than its carrying value, including goodwill. If a qualitative analysis indicates that it is more-likely-than-not that the estimated carrying value of a reporting unit, including goodwill, exceeds its fair value, the Company performs the quantitative analysis. The quantitative analysis consists of estimating the fair value of each reporting unit using discounted projected future cash flows and comparing those estimated fair values with the carrying values, which include the allocated goodwill. If the estimated fair value is less than the carrying value, the Company would then recognize a goodwill impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to that reporting unit. Deferred Financing Costs Deferred financing costs are loan fees, legal fees and other third-party costs associated with obtaining and further modifying financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Deferred financing costs related to the term loan portion of the credit facility are recorded as a reduction of the related debt on the accompanying consolidated balance sheets. Deferred financing costs related to the revolving line of credit are recorded in other assets, net, in the accompanying consolidated balance sheets. Fair Value ASC 820, Fair Value Measurements and Disclosures , or ASC 820, defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosures about fair value measurements. ASC 820 emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement. Fair value is defined by ASC 820 as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows: Level 1—Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2—Inputs other than quoted prices for similar assets and liabilities in active markets that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs). Level 3—Unobservable inputs, only used to the extent that observable inputs are not available, reflect the Company’s assumptions about the pricing of an asset or liability. Revenue Recognition and Tenant Receivables The majority of the Company's revenue is derived from rental revenue, which is accounted for in accordance with ASC 842, Leases , or ASC 842. Under ASC 842, rental revenue is recognized on a straight-line basis over the term of the related lease (including rent holidays). For lease arrangements where it is not probable that the Company will collect all or substantially all of the remaining lease payments under the term of the lease, rental revenue is limited to the lesser of the rental revenue that would be recognized on a straight-line basis or the lease payments that have been collected from the lessee. Differences between rental revenue recognized and amounts contractually due under the lease agreements are credited or charged to straight-line rent receivable. Tenant reimbursements, which are comprised of additional amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses, are recognized when the services are provided and the performance obligations are satisfied. Share Repurchase Program The Company’s Amended and Restated Share Repurchase Program, or the 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. 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. Distribution Policy In order to maintain its status as a REIT, the Company is required to make distributions each taxable year equal to at least 90% of its REIT taxable income, computed without regard to the dividends paid deduction and excluding capital gains. To the extent funds are available, the Company intends to continue to pay regular distributions to stockholders. Distributions are paid to stockholders of record as of the applicable record dates. Distributions to stockholders are determined by the Board and are dependent upon a number of factors, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain the Company’s status as a REIT. 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. Forfeitures are accounted for as they occur. Earnings Per Share The Company calculates basic earnings per share by dividing net (loss) 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. Reportable Segments ASC 280, Segment Reporting , establishes standards for reporting financial and descriptive information about an entity’s reportable segments. As of December 31, 2022 and December 31, 2021, 100% of the Company's consolidated revenues from continuing operations were generated from real estate investments in healthcare properties. The Company’s chief operating decision maker evaluates operating performance of healthcare properties on an individual property level, which are aggregated into one reportable segment due to their similar economic characteristics. Derivative Instruments and Hedging Activities As required by ASC 815, Derivatives and Hedging , or ASC 815, the Company records all derivative instruments at fair value as assets and liabilities on its consolidated balance sheets. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. In accordance with the fair value measurement guidance in Accounting Standards Update, or ASU, 2011-04, Fair Value Measurement , the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. The Company is exposed to variability in expected future cash flows that are attributable to interest rate changes in the normal course of business. The Company’s primary strategy in entering into derivative contracts is to add stability to future cash flows by managing its exposure to interest rate fluctuations. The Company utilizes derivative instruments, including interest rate swaps, to effectively convert some of its variable rate debt to fixed rate debt. The Company does not enter into derivative instruments for speculative purposes. In accordance with ASC 815, the Company designates interest rate swap contracts as cash flow hedges of floating-rate borrowings. For derivative instruments that are designated and qualify as cash flow hedges, the gains or losses on the derivative instruments are reported as other comprehensive income (loss) - unrealized gain (loss) on interest rate swaps, net in the consolidated statements of comprehensive income and are reclassified into earnings in the same line item associated with the forecasted transaction in the same period during which the hedged transactions affect earnings. Income Taxes The Company currently qualifies and is taxed as a REIT under Sections 856 through 860 of the Code. Accordingly, it will generally not be subject to corporate U.S. federal or state income tax to the extent that it makes qualifying distributions to stockholders, and provided it satisfies, on a continuing basis, through actual investment and operating results, the REIT requirements, including certain asset, income, distribution and stock ownership tests. If the Company fails to qualify as a REIT, it would be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it lost its REIT qualification, unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Accordingly, failure to qualify as a REIT could have a material adverse impact on the results of operations and amounts available for distribution to stockholders. The dividends paid deduction of a REIT for qualifying dividends paid to its stockholders is computed using the Company’s taxable income as opposed to net income reported in the consolidated financial statements. Taxable income, generally, will differ from net income reported in the consolidated financial statements because the determination of taxable income is based on tax provisions and not financial accounting principles. The Company has concluded that there was no impact related to uncertain tax positions from results of operations of the Company for the years ended December 31, 2022, 2021 and 2020. The earliest tax year currently subject to examination is 2019. Reclassifications During the current year, the Company has determined that certain expenses, previously presented within general and administrative expenses, are more closely related to the operations of its properties. As a result, these amounts have been reclassified to rental expenses for all prior periods to conform to the current period presentation. |
Real Estate Investments
Real Estate Investments | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Real Estate Investments | Real Estate Investments 2022 Real Estate Property Acquisitions During the year ended December 31, 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 year ended December 31, 2022: Property Description Date Acquired Ownership Percentage Consideration Transferred 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 year ended December 31, 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 a sale price of $24,000,000 and generated net proceeds of $22,701,000. For the year ended December 31, 2022, the Company recognized a gain on sale of $460,000, which is presented in gain on real estate disposition in the consolidated statements of comprehensive income. Investment Risk Concentrations As of December 31, 2022, the Company had one exposure to geographic concentration that accounted for greater than 10.0% of rental revenue for the year ended December 31, 2022. Real estate investments located in the Houston-The Woodlands-Sugar Land, Texas metropolitan statistical area accounted for 11.0% of rental revenue for the year ended December 31, 2022. As of December 31, 2022, the Company had one exposure to tenant concentration that accounted for greater than 10.0% of rental revenue for the year ended December 31, 2022. The leases with tenants at properties under the common control of Post Acute Medical, LLC and its affiliates accounted for 15.2% of rental revenue for the year ended December 31, 2022. Impairments of Real Estate, Goodwill, Acquired Intangible Assets and Acquired Intangible Liabilities During the year ended December 31, 2022, the Company determined that triggering events occurred at several of its properties as a result of changes in market conditions and its tenants experiencing financial difficulties. As a result, the Company recorded impairment losses on real estate, including goodwill, in the aggregate amount of $47,424,000 related to its healthcare properties. In addition, during the year ended December 31, 2022, the Company recorded an impairment of in-place lease intangible assets in the amount of approximately $4,345,000. The fair values of these properties were determined based on the guidance in ASC 820, Fair Value Measurement . These impairments were allocated to the asset groups, for each respective property, on a pro-rata basis, which included land, buildings and improvements, and their related acquired intangible assets. During the year ended December 31, 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. The fair value of the properties with impairment charges during the year ended December 31, 2021, were determined based on the guidance in ASC 820, Fair Value Measurement . These impairments were allocated to the asset groups, for each respective property, on a pro-rata basis, which included land, buildings and improvements, and their related acquired intangible assets. The impaired properties for the year ended December 31, 2021 have all been subsequently sold. No impairment losses were recorded on real estate or goodwill during the year ended December 31, 2020. During the year ended December 31, 2020, the Company recognized impairments of in-place lease intangible assets in the amount of $1,504,000 and above-market lease intangible assets in the amount of approximately $344,000. Impairments on real estate and goodwill are recorded as impairment losses in the accompanying consolidated statements of comprehensive income. Impairments of the in-place leases are included in depreciation and amortization in the accompanying consolidated statements of comprehensive income. Impairments of the above-market leases are recorded as an adjustment to rental revenue in the accompanying consolidated statements of comprehensive income. In addition, during the year ended December 31, 2020, the Company recognized impairments of lease intangibles of $1,215,000 related to a data center tenant, which is included in income from discontinued operations in the accompanying consolidated statements of comprehensive income. The following table summarizes the rollforward of goodwill for the years ended December 31, 2022 and 2021 (amounts in thousands): Year Ended 2022 2021 Balance at beginning of year $ 23,284 $ 23,955 Impairment losses (1,574) (671) Balance at end of year $ 21,710 $ 23,284 |
Held for Sale and Discontinued
Held for Sale and Discontinued Operations | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Held for Sale and Discontinued Operations | Held for Sale and Discontinued OperationsOn 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 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 consolidated statements of comprehensive income for the years ended December 31, 2021 and 2020, were as follows (amounts in thousands): Year Ended 2021 2020 Revenue: Rental revenue $ 57,903 $ 110,755 Lease termination revenue 7,075 — Total revenue 64,978 110,755 Expenses: Rental expenses 15,737 28,346 Asset management fees — 5,310 Depreciation and amortization 11,759 35,634 Total expenses 27,496 69,290 Interest and other expense, net (1) 31,839 13,626 Income from discontinued operations 5,643 27,839 Gain on real estate dispositions 395,801 — Net income from discontinued operations attributable to common stockholders $ 401,444 $ 27,839 (1) Interest expense attributable to discontinued operations for the years ended December 31, 2021 and December 31, 2020 was $31,856,000 and $13,741,000, 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 and incurred approximately $23,738,000 of debt extinguishment costs related to the data center properties. Capital expenditures on a cash basis for the years ended December 31, 2021, and 2020 were $2,763,000 and $3,945,000, respectively, related to properties classified within discontinued operations. |
Acquired Intangible Assets, Net
Acquired Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2022 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Acquired Intangible Assets, Net | Acquired Intangible Assets, Net Acquired intangible assets, net, consisted of the following as of December 31, 2022 and 2021 (amounts in thousands, except weighted average remaining life amounts): December 31, 2022 December 31, 2021 In-place leases, net of accumulated amortization of $83,788 and $66,579, respectively (with a weighted average remaining life of 8.9 years and 9.5 years, respectively) $ 155,365 $ 168,012 Above-market leases, net of accumulated amortization of $6,451 and $4,488, respectively (with a weighted average remaining life of 7.9 years and 8.8 years, respectively) 12,118 13,627 $ 167,483 $ 181,639 The aggregate weighted average remaining life of the acquired intangible assets was 8.8 years and 9.5 years as of December 31, 2022 and 2021, respectively. Amortization of acquired intangible assets was $27,389,000, $23,157,000 and $23,876,000 for the years ended December 31, 2022, 2021 and 2020, 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 consolidated statements of comprehensive income. Estimated amortization expense on the acquired intangible assets as of December 31, 2022, for each of the next five years ending December 31 and thereafter, is as follows (amounts in thousands): Year Amount 2023 $ 22,221 2024 21,195 2025 19,204 2026 17,503 2027 15,926 Thereafter 71,434 $ 167,483 |
Acquired Intangible Liabilities
Acquired Intangible Liabilities, Net | 12 Months Ended |
Dec. 31, 2022 | |
Intangible Lease Liabilities, Net [Abstract] | |
Acquired Intangible Liabilities, Net | Acquired Intangible Liabilities, Net Acquired intangible liabilities, net, consisted of the following as of December 31, 2022 and 2021 (amounts in thousands, except weighted average remaining life amounts): December 31, 2022 December 31, 2021 Below-market leases, net of accumulated amortization of $5,923 and $4,444, respectively (with a weighted average remaining life of 8.4 years and 9.3 years, respectively) $ 11,946 $ 12,962 Amortization of below-market leases was $1,479,000, $1,322,000 and $1,207,000 for the years ended December 31, 2022, 2021 and 2020, respectively. Amortization of below-market leases is recorded as an adjustment to rental revenue in the accompanying consolidated statements of comprehensive income. Estimated amortization of the acquired intangible liabilities as of December 31, 2022, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount 2023 $ 1,494 2024 1,494 2025 1,494 2026 1,475 2027 1,450 Thereafter 4,539 $ 11,946 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | Leases Lessor Rental Revenue The Company’s real estate properties are leased to tenants under operating leases with varying terms. Typically, the leases have provisions to extend the terms of the lease agreements. The Company retains substantially all of the risks and benefits of ownership of the real estate properties leased to tenants. Future rent to be received from the Company's investments in real estate assets under the terms of non-cancellable operating leases in effect as of December 31, 2022, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount 2023 $ 172,907 2024 174,299 2025 170,346 2026 163,441 2027 159,797 Thereafter 938,204 Total $ 1,778,994 Lessee The Company is subject to various non-cancellable operating ground lease agreements on which certain of its properties reside. In addition, the Company has non-cancellable corporate-related operating leases. The Company's operating leases do not provide implicit interest rates. In order to calculate the present value of the remaining operating 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 leases. The Company's right-of-use assets classified as operating leases are recorded in right-of-use assets on the consolidated balance sheets. The future rent payments, discounted by the Company's IBRs, under non-cancellable leases in effect as of December 31, 2022, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands): Year Operating 2023 $ 2,675 2024 2,746 2025 2,768 2026 2,715 2027 2,681 Thereafter 107,456 Total undiscounted rental payments 121,041 Less imputed interest (79,487) Total lease liabilities $ 41,554 Weighted average IBR 5.5 % Weighted average remaining lease term 37.5 years The following table provides details of the Company's total lease costs for the years ended December 31, 2022, 2021 and 2020 (amounts in thousands): Year Ended Location in Consolidated Statements of Comprehensive Income 2022 2021 2020 Operating lease costs: Ground lease costs (1) Rental expenses $ 2,246 $ 1,846 $ 1,741 Ground lease costs (2) Income from discontinued operations — 414 880 Corporate operating lease costs General and administrative expenses 741 1,129 264 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 531 $ 1,067 $ 270 (1) The Company receives reimbursements from tenants for certain operating ground leases, which are recorded as rental revenue in the accompanying consolidated statements of comprehensive income. (2) 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 December 31, 2022, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount 2023 $ 172,907 2024 174,299 2025 170,346 2026 163,441 2027 159,797 Thereafter 938,204 Total $ 1,778,994 Lessee The Company is subject to various non-cancellable operating ground lease agreements on which certain of its properties reside. In addition, the Company has non-cancellable corporate-related operating leases. The Company's operating leases do not provide implicit interest rates. In order to calculate the present value of the remaining operating 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 leases. The Company's right-of-use assets classified as operating leases are recorded in right-of-use assets on the consolidated balance sheets. The future rent payments, discounted by the Company's IBRs, under non-cancellable leases in effect as of December 31, 2022, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands): Year Operating 2023 $ 2,675 2024 2,746 2025 2,768 2026 2,715 2027 2,681 Thereafter 107,456 Total undiscounted rental payments 121,041 Less imputed interest (79,487) Total lease liabilities $ 41,554 Weighted average IBR 5.5 % Weighted average remaining lease term 37.5 years The following table provides details of the Company's total lease costs for the years ended December 31, 2022, 2021 and 2020 (amounts in thousands): Year Ended Location in Consolidated Statements of Comprehensive Income 2022 2021 2020 Operating lease costs: Ground lease costs (1) Rental expenses $ 2,246 $ 1,846 $ 1,741 Ground lease costs (2) Income from discontinued operations — 414 880 Corporate operating lease costs General and administrative expenses 741 1,129 264 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 531 $ 1,067 $ 270 (1) The Company receives reimbursements from tenants for certain operating ground leases, which are recorded as rental revenue in the accompanying consolidated statements of comprehensive income. (2) 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
Other Assets | 12 Months Ended |
Dec. 31, 2022 | |
Other Assets [Abstract] | |
Other Assets | Other Assets Other assets consisted of the following as of December 31, 2022 and 2021 (amounts in thousands): December 31, 2022 December 31, 2021 Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $889 and $8,332, respectively $ 3,178 $ 482 Leasing commissions, net of accumulated amortization of $167 and $121, respectively 775 780 Restricted cash 166 521 Tenant receivables 1,736 1,851 Straight-line rent receivable 62,457 55,725 Prepaid and other assets 3,865 4,835 Derivative assets 27,990 2,171 $ 100,167 $ 66,365 Amortization of deferred financing costs related to the revolver portion of the credit facility for the years ended December 31, 2022, 2021, and 2020 was $1,087,000, $1,430,000 and $1,206,000, respectively, which was recorded as interest and other expense, net, in the accompanying consolidated statements of comprehensive income. |
Accounts Payable and Other Liab
Accounts Payable and Other Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Other Liabilities | Accounts Payable and Other Liabilities Accounts payable and other liabilities consisted of the following as of December 31, 2022 and 2021 (amounts in thousands): December 31, 2022 December 31, 2021 Accounts payable and accrued expenses $ 5,387 $ 9,409 Accrued interest expense 1,941 1,626 Accrued property taxes 2,421 2,913 Accrued personnel costs 3,940 4,198 Distribution and servicing fees — 182 Distributions payable to stockholders 7,719 7,355 Performance DSUs distributions payable 573 394 Tenant deposits 877 802 Deferred rental income 7,761 7,100 Derivative liabilities — 5,618 $ 30,619 $ 39,597 |
Credit Facility
Credit Facility | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Credit Facility | Credit Facility The Company's outstanding credit facility as of December 31, 2022 and 2021 consisted of the following (amounts in thousands): Weighted December 31, 2022 December 31, 2021 Variable rate revolving line of credit 5.47% $ 8,000 $ — Variable rate term loans fixed through interest rate swaps 2.95% 485,000 400,000 Variable rate term loans 5.47% 90,000 100,000 Total credit facility, principal amount outstanding 3.37% 583,000 500,000 Unamortized deferred financing costs related to the term loan credit facility (2,412) (3,226) Total credit facility, net of deferred financing costs $ 580,588 $ 496,774 Significant activities regarding the credit facility during the year ended December 31, 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 a 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 a 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 a 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 year ended December 31, 2022, which included loan costs in the amount of $4,000 and accelerated unamortized debt issuance costs of $3,363,000. The loss on extinguishment of debt was recognized in interest and other expense, net, in the accompanying condensed consolidated statements of comprehensive income. • On 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. • 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 year ended December 31, 2022, the Company drew $70,000,000 on the Revolving Credit Agreement to fund acquisitions and repaid $57,000,000 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 December 31, 2022, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount 2023 $ — 2024 300,000 2025 — 2026 8,000 2027 — Thereafter 275,000 $ 583,000 The proceeds of the loans made under the Unsecured Credit Facility may be used to finance the purchase of properties, for tenant improvements and leasing commissions with respect to real estate, for repayment of indebtedness, for capital expenditures with respect to real estate, and for general corporate and working capital purposes. The Company may prepay the loans at any time, subject to certain notice requirements. 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. The Unsecured Credit Facility contains customary financial and operating covenants, including covenants relating to a maximum consolidated leverage ratio, maximum secured leverage ratio, fixed charge coverage ratio, minimum consolidated |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Cash and cash equivalents, restricted cash, tenant receivables, prepaid and other assets, accounts payable and accrued liabilities —The Company considers the carrying values of these financial instruments, assets and liabilities, to approximate fair value because of the short period of time between origination of the instruments and their expected realization. Credit facility —The outstanding principal of the credit facility was $583,000,000 and $500,000,000, which approximated its fair value due to the variable nature of the terms as of December 31, 2022 and 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 —The Company’s derivative instruments consist of interest rate swaps. These swaps are carried at fair value to comply with the provisions of ASC 820. The fair value of these instruments is determined using interest rate market pricing models. The Company incorporated credit valuation adjustments to appropriately reflect the Company’s nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. 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 December 31, 2022, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swaps. As a result, the Company determined that its interest rate swaps valuation in its entirety is classified in Level 2 of the fair value hierarchy. Considerable judgment is necessary to develop estimated fair values of financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize or be liable for on disposition of the financial assets and liabilities. 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 December 31, 2022 and 2021 (amounts in thousands): December 31, 2022 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Assets: Derivative assets $ — $ 27,990 $ — $ 27,990 Total assets at fair value $ — $ 27,990 $ — $ 27,990 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 consolidated balance sheets as other assets, and accounts payable and other liabilities, respectively. Real Estate Assets —Due to the impairment of real estate assets which occurred during the year ended December 31, 2022, the Company has estimated the fair values of these assets using significant unobservable inputs through particular valuation techniques (Level 3). The fair values of real estate assets were determined by using comparable sales information. The comparable sales technique uses estimates of properties similar to the subject property and adjusts those using actual sales of comparable properties for differences in characteristics. The nature and amount of the adjustments made for the difference in characteristics were considered significant and thus are classified within Level 3 of the fair value hierarchy. The following table shows the fair value of the Company's real estate assets, including acquired intangible assets measured at fair value on a non-recurring basis as of December 31, 2022 (amounts in thousands): December 31, 2022 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Total Losses (1) Real estate assets $ — $ — $ 13,898 $ 13,898 $ 51,769 (1) Amount includes impairment of in-place lease intangible assets The following table sets forth quantitative information about the significant unobservable inputs of the Company’s Level 3 real estate recorded as of December 31, 2022: Significant Unobservable Inputs December 31, 2022 Comparable sale price per square foot $5.01 – $6.56 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. During the years ended December 30, 2022 and 2021, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income (loss) and subsequently reclassified into interest expense the same period(s) during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income (loss) related to current and terminated 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 $18,078,000 will be reclassified from accumulated other comprehensive income (loss) as an increase to earnings. During the year ended December 31, 2021, the Company accelerated the reclassification of amounts in other comprehensive income 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) December 31, 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 $ 27,990 $ — $ 400,000 $ 2,171 $ (5,618) (1) Derivative assets and liabilities are reported in the consolidated balance sheets as other assets and accounts payable and other liabilities, respectively. (2) In May 2022, the Company entered into bilateral agreements with its swap counterparties to transition all of its interest rate swap agreements to SOFR. The Company made various ASC 848 elections related to changes in critical terms of the hedging relationships due to reference rate reform to not result in a de-designation of these hedging relationships. 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 years ended December 31, 2022, 2021 and 2020 (amounts in thousands): Derivatives in Cash Flow Amount of Income (Loss) Recognized Location of Loss Amount of Loss Total Amount of Line Item in Consolidated Statements of Comprehensive Income Year Ended December 31, 2022 Interest rate swaps - continuing operations $ 32,317 Interest and other expense, net $ (520) $ 23,772 Year Ended December 31, 2021 Interest rate swaps - continuing operations $ 5,956 Interest and other expense, net $ (8,031) $ 34,515 Interest rate swaps - discontinued operations (37) Income from discontinued operations (1,647) 401,444 Total $ 5,919 $ (9,678) Year Ended December 31, 2020 Interest rate swaps - continuing operations $ (19,676) Interest and other expense, net $ (6,263) $ 42,025 Interest rate swaps - discontinued operations (3,907) Income from discontinued operations (1,580) 27,839 Total $ (23,583) $ (7,843) 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 December 31, 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 December 31, 2022, there were no termination events or events of default related to the interest rate swaps. Tabular Disclosure Offsetting Derivatives The Company has elected not to offset derivative positions in its 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 December 31, 2022 and December 31, 2021 (amounts in thousands): Offsetting of Derivative Assets Gross Amounts Not Offset in the Balance Sheet Gross Gross Amounts Net Amounts of Financial Instruments Cash Collateral Net December 31, 2022 $ 27,990 $ — $ 27,990 $ — $ — $ 27,990 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 December 31, 2022 $ — $ — $ — $ — $ — $ — December 31, 2021 $ 5,618 $ — $ 5,618 $ (1,023) $ — $ 4,595 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity Distributions Paid and Distributions Payable The Company declared distributions per share of common stock in the amounts of $0.40, $2.19 and $0.48 for the years ended December 31, 2022, 2021 and 2020, respectively. The distributions declared for the year ended December 31, 2021, includes 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. As of December 31, 2022, the Company had distributions payable of approximately $7,719,000. Of these distributions payable, approximately $5,592,000 was paid in cash and approximately $2,127,000 was reinvested in shares of common stock pursuant to the DRIP on January 6, 2023. Share Repurchase Program During the year ended December 31, 2022, the Company repurchased 1,123,183 Class A shares, Class I shares and Class T shares of common stock (981,772 Class A shares, 31,666 Class I shares and 109,745 Class T shares), or 0.50% of shares outstanding as of December 31, 2021, for an aggregate purchase price of approximately $9,217,000 (an average of $8.21 per share). During the year ended December 31, 2021, the Company repurchased 1,133,901 Class A shares, Class I shares and Class T shares of common stock (1,055,054 Class A shares, 11,836 Class I shares and 67,011 Class T shares), or 0.51% of shares outstanding as of December 31, 2020, for an aggregate purchase price of approximately $9,528,000 (an average of $8.40 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 year ended December 31, 2022, 2021 and 2020 (amounts in thousands): Unrealized (Loss) Income Balance as of December 31, 2019 $ (4,704) Other comprehensive loss before reclassification (23,583) Amount of loss reclassified from accumulated other comprehensive loss to net income 7,843 Other comprehensive loss (15,740) Balance as of December 31, 2020 (20,444) Other comprehensive income before reclassification 5,919 Amount of loss reclassified from accumulated other comprehensive loss to net income 9,678 Other comprehensive income 15,597 Balance as of December 31, 2021 (4,847) Other comprehensive income before reclassification 32,317 Amount of loss reclassified from accumulated other comprehensive (loss) income to net (loss) income 520 Other comprehensive income 32,837 Balance as of December 31, 2022 $ 27,990 The following table presents reclassifications out of accumulated other comprehensive income (loss) for the year ended December 31, 2022, 2021 and 2020 (amounts in thousands): Details about Accumulated Other Loss Amounts Reclassified from Affected Line Items in the Consolidated Statements of Comprehensive Income Year Ended 2022 2021 2020 Interest rate swap contracts - continuing operations $ 520 $ 8,031 $ 6,263 Interest and other expense, net Interest rate swap contracts - discontinued operations — 1,647 $ 1,580 Income from discontinued operations Interest rate swap contracts $ 520 $ 9,678 $ 7,843 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per ShareFor the years ended December 31, 2022 and 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 1,341,000 and 968,000, respectively, related to non-vested shares of restricted common stock and performance-based equity awards, or Performance DSUs, anti-dilutive. For the year ended December 31, 2020, diluted earnings per share reflected the effect of approximately 186,000 of non-vested shares of restricted common stock that were outstanding. |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation | Stock-based Compensation The Board has authorized a total of 5,000,000 Class A shares of common stock for issuance under the A&R Incentive Plan on a fully diluted basis at any time. Subject to certain limited exceptions, restricted stock may not be sold, assigned, transferred, pledged, encumbered, hypothecated or otherwise disposed of and is subject to forfeiture within the vesting period. The Company recognized accelerated stock-based compensation expense of $326,000 during the year ended December 31, 2022. The Company recognized total stock-based compensation expense of approximately $4,180,000, $2,379,000 and $437,000, respectively, for the years ended December 31, 2022, 2021 and 2020, which is reported in general and administrative expenses in the accompanying consolidated statements of comprehensive income. As of December 31, 2022 and 2021, there was $6,834,000 and $5,886,000, respectively, of total unrecognized compensation expense related to nonvested shares of the Company’s restricted Class A common stock and Performance DSUs. This expense is expected to be recognized over a remaining weighted average period of 2.02 years. This expected expense does not include the impact of any future stock-based compensation awards. The fair value of each restricted stock and Performance DSU award is estimated based on the most recent Estimated Per Share NAV. As of December 31, 2022 and 2021, the fair value of the nonvested shares of restricted Class A common stock and Performance DSUs was $11,703,000 and $7,991,000, respectively. A summary of the status of the nonvested shares of restricted Class A common stock and Performance DSUs as of December 31, 2021 and the changes for the year ended December 31, 2022 is presented below: Restricted Stock and and Performance DSUs Shares Nonvested restricted Class A common stock and Performance DSUs at December 31, 2021 974,558 Vested Class A common stock (167,500) Vested Performance DSUs (5,387) Forfeited restricted Class A common stock (16,344) Forfeited Performance DSUs (15,438) Granted restricted Class A common stock 335,854 Granted Performance DSUs 317,947 Nonvested restricted Class A common stock and Performance DSUs at December 31, 2022 1,423,690 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes As a REIT, the Company generally will not be subject to U.S. federal income tax on taxable income that it distributes to the stockholders. For U.S. federal income tax purposes, distributions to stockholders are characterized as either ordinary dividends, capital gain distributions, or nontaxable distributions. Nontaxable distributions will reduce U.S. stockholders’ respective bases in their shares. The following table shows the character of distributions the Company paid on a percentage basis during the years ended December 31, 2022, 2021 and 2020: Year Ended December 31, Character of Distributions (1) : 2022 2021 2020 Ordinary dividends 40.94 % 27.91 % — % Capital gain distributions — % — % — % Nontaxable distributions 59.06 % 72.09 % 100.00 % Total 100.00 % 100.00 % 100.00 % Year Ended December 31, Character of Special Distribution (1) : 2022 2021 2020 Ordinary dividends — % 12.39 % — % Capital gain distributions — % 86.66 % — % Nontaxable distributions — % 0.95 % — % Total — % 100.00 % — % (1) Attributable to Class A shares, Class I shares, Class T shares and Class T2 shares of common stock. The Company applies the rules under ASC 740-10, Accounting for Uncertainty in Income Taxes , for uncertain tax positions using a “more likely than not” recognition threshold for tax positions. Pursuant to these rules, the financial statement effects of a tax position are initially recognized when it is more likely than not, based on the technical merits of the tax position, that such a position will be sustained upon examination by the relevant tax authorities. If the tax benefit meets the “more likely than not” threshold, the measurement of the tax benefit will be based on the Company's estimate of the ultimate tax benefit to be sustained if audited by the taxing authority. The Company concluded there was no impact related to uncertain tax positions from the results of the operations of the Company for the years ended December 31, 2022, 2021 and 2020. The earliest tax year currently subject to examination is 2019. The Company’s policy is to recognize accrued interest related to unrecognized tax benefits as a component of interest expense and penalties related to unrecognized tax benefits as a component of general and administrative expenses. From inception through December 31, 2022, the Company has not recognized any interest expense or penalties related to unrecognized tax benefits. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings In the ordinary course of business, the Company may become subject to litigation or claims. As of December 31, 2022, there were, and currently there are, no material pending legal proceedings to which the Company is a party. While the resolution of a lawsuit or proceeding may have an impact to the Company's financial results for the period in which it is resolved, the Company believes that the final resolution of the lawsuits or proceedings in which it is currently involved, either individually or in the aggregate, will not have a material adverse effect on its financial position, results of operations or liquidity. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) Presented in the following table is a summary of the unaudited quarterly financial information for the years ended December 31, 2022 and 2021. The Company believes that all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to present fairly, and in accordance with GAAP, the selected quarterly information (amounts in thousands, except shares and per share data): 2022 Fourth Third Second First Total revenue $ 43,905 $ 46,881 $ 44,918 $ 44,282 Total expenses (72,837) (27,991) (28,568) (35,256) Gain on real estate disposition — — — 460 Interest and other expense, net (5,830) (5,498) (4,329) (8,115) (Loss) income from operations (34,762) 13,392 12,021 1,371 Net (loss) income attributable to common stockholders $ (34,762) $ 13,392 $ 12,021 $ 1,371 Net (loss) income per common share attributable to common stockholders: Basic: Net (loss) income attributable to common stockholders $ (0.15) $ 0.06 $ 0.05 $ 0.01 Diluted: Net (loss) income attributable to common stockholders $ (0.15) $ 0.06 $ 0.05 $ 0.01 Weighted average number of common shares outstanding: Basic 226,112,737 225,638,485 225,008,452 224,499,307 Diluted 226,112,737 226,957,015 226,362,977 225,865,366 2021 Fourth Third Second First Total revenue $ 43,606 $ 43,063 $ 43,747 $ 42,422 Total expenses (27,138) (36,872) (34,462) (38,724) Gain on real estate disposition 89 — — — Interest and other expense, net (4,480) (11,737) (9,534) (8,764) Income (loss) from continuing operations 12,077 (5,546) (249) (5,066) Income from discontinued operations — 377,191 16,305 7,948 Net income attributable to common stockholders $ 12,077 $ 371,645 $ 16,056 $ 2,882 Net income (loss) per common share attributable to common stockholders: Basic: Continuing operations $ 0.05 $ (0.03) $ — $ (0.02) Discontinued operations — 1.69 0.07 0.03 Net income attributable to common stockholders $ 0.05 $ 1.66 $ 0.07 $ 0.01 Diluted: Continuing operations $ 0.05 $ (0.03) $ — $ (0.02) Discontinued operations — 1.69 0.07 0.03 Net income attributable to common stockholders $ 0.05 $ 1.66 $ 0.07 $ 0.01 Weighted average number of common shares outstanding: Basic 224,054,323 223,661,774 223,082,912 222,481,179 Diluted 225,031,906 223,661,774 223,082,912 222,481,179 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Distributions Paid to Stockholders The following table summarizes the Company's distributions paid to stockholders on January 6, 2023, for the period from December 1, 2022 through December 31, 2022 (amounts in thousands): Payment Date Common Stock Cash DRIP Total Distribution January 6, 2023 Class A $ 4,506 $ 1,249 $ 5,755 January 6, 2023 Class I 338 231 569 January 6, 2023 Class T 748 647 1,395 $ 5,592 $ 2,127 $ 7,719 The following table summarizes the Company's distributions paid to stockholders on February 6, 2023, for the period from January 1, 2023 through January 31, 2023 (amounts in thousands): Payment Date Common Stock Cash DRIP Total Distribution February 6, 2023 Class A $ 4,522 $ 1,245 $ 5,767 February 6, 2023 Class I 339 231 570 February 6, 2023 Class T 748 649 1,397 $ 5,609 $ 2,125 $ 7,734 The following table summarizes the Company's distributions paid to stockholders on March 6, 2023, for the period from February 1, 2023 through February 28, 2023 (amounts in thousands): Payment Date Common Stock Cash DRIP Total Distribution March 6, 2023 Class A $ 4,081 $ 1,123 $ 5,204 March 6, 2023 Class I 307 209 516 March 6, 2023 Class T 675 587 1,262 $ 5,063 $ 1,919 $ 6,982 Distributions Authorized The following tables summarize the daily distributions approved and authorized by the Board subsequent to December 31, 2022: Authorization Date (1) Common Stock Daily Distribution Rate (1) Annualized Distribution Per Share January 18, 2023 Class A $ 0.00109589 $ 0.40 January 18, 2023 Class I $ 0.00109589 $ 0.40 January 18, 2023 Class T $ 0.00109589 $ 0.40 Authorization Date (2) Common Stock Daily Distribution Rate (2) Annualized Distribution Per Share February 17, 2023 Class A $ 0.00109589 $ 0.40 February 17, 2023 Class I $ 0.00109589 $ 0.40 February 17, 2023 Class T $ 0.00109589 $ 0.40 Authorization Date (3) Common Stock Daily Distribution Rate (2) Annualized Distribution Per Share March 15, 2023 Class A $ 0.00109589 $ 0.40 March 15, 2023 Class I $ 0.00109589 $ 0.40 March 15, 2023 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 February 1, 2023 and ending on February 28, 2023. The distributions are calculated based on 365 days in the calendar year. The distributions declared for each record date in February 2023 were paid in March 2023. 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 March 1, 2023 and ending on March 31, 2023. The distributions will be calculated based on 365 days in the calendar year. The distributions declared for each record date in March 2023 will be paid in April 2023. The distributions will be payable to stockholders from legally available funds therefor. (3) Distributions approved and authorized to stockholders of record as of the close of business on each day of the period commencing on April 1, 2023 and ending on April 30, 2023. The distributions will be calculated based on 365 days in the calendar year. The distributions declared for each record date in April 2023 will be paid in May 2023. The distributions will be payable to stockholders from legally available funds therefor. |
SCHEDULE III - REAL ESTATE ASSE
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION | SCHEDULE III — REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION December 31, 2022 (in thousands) Initial Cost Cost Gross Amount Property Description Location Encumbrances Land Buildings and Land Buildings and Total Accumulated Year Year Date Houston Healthcare Facility Houston, TX $ — (a) $ 762 $ 2,970 $ 106 $ 762 $ 3,076 $ 3,838 $ 857 1993 — 07/31/2014 Cincinnati Healthcare Facility Cincinnati, OH — (a) 356 3,167 89 356 3,256 3,612 804 2001 — 10/29/2014 Winston-Salem Healthcare Facility Winston-Salem, NC — (a) 684 4,903 — 684 4,903 5,587 1,175 2004 — 12/17/2014 Stoughton Healthcare Facility Stoughton, MA — (a) 4,049 19,991 3,247 4,049 23,238 27,287 4,970 1973 1997 12/23/2014 Fort Worth Healthcare Facility Fort Worth, TX — (a) 8,297 35,615 — 8,297 35,615 43,912 7,508 2014 — 12/31/2014 Fort Worth Healthcare Facility II Fort Worth, TX — (a) 367 1,587 201 367 1,788 2,155 621 2014 — 12/31/2014 Winter Haven Healthcare Facility Winter Haven, FL — (a) — 2,805 — — 2,805 2,805 620 2009 — 01/27/2015 Overland Park Healthcare Facility Overland Park, KS — (a) 1,558 20,549 — 1,558 20,549 22,107 4,254 2014 — 02/17/2015 Clarion Healthcare Facility Clarion, PA — (a) 462 5,377 — 462 5,377 5,839 1,371 2012 — 06/01/2015 Webster Healthcare Facility Webster, TX — (a) 1,858 20,140 — 1,858 20,140 21,998 3,983 2015 — 06/05/2015 Augusta Healthcare Facility Augusta, ME — (a) 556 14,401 103 556 14,504 15,060 3,042 2010 — 07/22/2015 Cincinnati Healthcare Facility II Cincinnati, OH — (a) 1,812 24,382 (14,422) 943 10,829 11,772 — 1960 2014 07/22/2015 Cincinnati Healthcare Facility III Cincinnati, OH — (a) 446 10,239 4 446 10,243 10,689 2,031 2014 — 07/22/2015 Florence Healthcare Facility Florence, KY — (a) 650 9,919 — 650 9,919 10,569 1,960 2014 — 07/22/2015 Oakland Healthcare Facility Oakland, ME — (a) 229 5,416 — 229 5,416 5,645 1,235 2004 — 07/22/2015 Wyomissing Healthcare Facility Wyomissing, PA — (a) 1,504 20,193 — 1,504 20,193 21,697 4,070 2007 — 07/24/2015 Luling Healthcare Facility Luling, TX — (a) 824 7,530 — 824 7,530 8,354 1,509 2003 — 07/30/2015 Omaha Healthcare Facility Omaha, NE — (a) 1,259 9,796 — 1,259 9,796 11,055 1,856 2014 — 10/14/2015 Sherman Healthcare Facility Sherman, TX — (a) 1,679 23,926 — 1,679 23,926 25,605 4,429 2005 2010 11/20/2015 Sherman Healthcare Facility II Sherman, TX — (a) 214 3,209 — 214 3,209 3,423 599 2005 — 11/20/2015 Fort Worth Healthcare Facility III Fort Worth, TX — (a) 3,120 9,312 — 3,120 9,312 12,432 1,725 1998 2007/2015 12/23/2015 Oklahoma City Healthcare Facility Oklahoma City, OK — (a) 4,626 30,509 — 4,626 30,509 35,135 5,834 1985 1998/2003 12/29/2015 Oklahoma City Healthcare Facility II Oklahoma City, OK — (a) 991 8,366 — 991 8,366 9,357 1,701 1994 1999 12/29/2015 Edmond Healthcare Facility Edmond, OK — (a) 796 3,199 — 796 3,199 3,995 655 2002 — 01/20/2016 Oklahoma City Healthcare Facility III Oklahoma City, OK — (a) 452 1,081 — 452 1,081 1,533 227 2006 — 01/27/2016 Oklahoma City Healthcare Facility IV Oklahoma City, OK — (a) 368 2,344 — 368 2,344 2,712 480 2007 — 01/27/2016 Newcastle Healthcare Facility Newcastle, OK — (a) 412 1,173 — 412 1,173 1,585 245 1995 1999 02/03/2016 Oklahoma City Healthcare Facility V Oklahoma City, OK — (a) 541 12,445 — 541 12,445 12,986 2,524 2008 — 02/11/2016 Rancho Mirage Healthcare Facility Rancho Mirage, CA — (a) 2,724 7,626 29,844 2,726 37,468 40,194 4,098 2018 — 03/01/2016 Oklahoma City Healthcare Facility VI Oklahoma City, OK — (a) 896 3,684 — 896 3,684 4,580 760 2007 — 03/07/2016 Oklahoma City Healthcare Facility VII Oklahoma City, OK — (a) 3,203 32,380 — 3,203 32,380 35,583 5,558 2016 — 06/22/2016 Las Vegas Healthcare Facility Las Vegas, NV — (a) 2,614 639 22,091 2,895 22,449 25,344 2,985 2017 — 06/24/2016 Oklahoma City Healthcare Facility VIII Oklahoma City, OK — (a) 2,002 15,384 — 2,002 15,384 17,386 2,605 1997 2008 06/30/2016 Marlton Healthcare Facility Marlton, NJ — (a) — 57,154 5 — 57,159 57,159 8,755 1995 — 11/01/2016 Grand Rapids Healthcare Facility Grand Rapids, MI — (a) 2,533 39,487 1,034 2,533 40,521 43,054 7,150 2008 — 12/07/2016 Corpus Christi Healthcare Facility Corpus Christi, TX — (a) 975 4,963 716 1,002 5,652 6,654 967 1992 2,016 12/22/2016 Aurora Healthcare Facility Aurora, IL — (a) 973 9,632 19 973 9,651 10,624 1,507 2002 — 03/30/2017 Initial Cost Cost Gross Amount Property Description Location Encumbrances Land Buildings and Land Buildings and Total Accumulated Year Year Date Allen Healthcare Facility Allen, TX — (a) 857 20,582 — 857 20,582 21,439 3,209 2007 — 03/31/2017 Austin Healthcare Facility Austin, TX — (a) 1,368 32,039 — 1,368 32,039 33,407 4,996 2012 — 03/31/2017 Beaumont Healthcare Facility Beaumont, TX — (a) 946 8,372 — 946 8,372 9,318 1,313 1991 — 03/31/2017 San Antonio Healthcare Facility San Antonio, TX — (a) 1,813 11,706 — 1,813 11,706 13,519 1,759 1984 — 06/29/2017 Silverdale Healthcare Facility Silverdale, WA — (a) 1,530 7,506 15 1,530 7,521 9,051 1,237 2005 — 08/25/2017 Silverdale Healthcare Facility II Silverdale, WA — (a) 1,542 4,981 — 1,542 4,981 6,523 885 2007 — 09/20/2017 Saginaw Healthcare Facility Saginaw, MI — (a) 1,251 15,878 235 1,251 16,113 17,364 2,928 2002 — 12/21/2017 Carrollton Healthcare Facility Carrollton, TX — (a) 1,995 5,870 39 1,995 5,909 7,904 771 2015 — 04/27/2018 Katy Healthcare Facility Katy, TX — (a) 1,443 12,114 — 1,443 12,114 13,557 1,428 2015 — 06/08/2018 Indianola Healthcare Facility Indianola, IA — (a) 330 5,698 67 330 5,765 6,095 669 2014 — 09/26/2018 Indianola Healthcare Facility II Indianola, IA — (a) 709 6,061 — 709 6,061 6,770 733 2011 — 09/26/2018 Benton Healthcare Facility Benton, AR — (a) — 19,048 — — 19,048 19,048 2,177 1992/1999 2012 10/17/2018 Benton Healthcare Facility II Benton, AR — (a) — 1,647 — — 1,647 1,647 209 1983 — 10/17/2018 Bryant Healthcare Facility Bryant, AR — (a) 930 3,539 — 930 3,539 4,469 446 1995 — 10/17/2018 Hot Springs Healthcare Facility Hot Springs, AR — (a) 384 2,077 — 384 2,077 2,461 270 2009 — 10/17/2018 Clive Healthcare Facility Clive, IA — (a) 336 22,332 158 336 22,490 22,826 2,920 2008 — 11/26/2018 Valdosta Healthcare Facility Valdosta, GA — (a) 659 5,626 — 659 5,626 6,285 730 2004 — 11/28/2018 Valdosta Healthcare Facility II Valdosta, GA — (a) 471 2,780 — 471 2,780 3,251 366 1992 — 11/28/2018 Bryant Healthcare Facility II Bryant, AR — (a) 647 3,364 — 647 3,364 4,011 323 2016 — 08/16/2019 Laredo Healthcare Facility Laredo, TX — (a) — 12,137 — — 12,137 12,137 1,083 1998 — 09/19/2019 Laredo Healthcare Facility II Laredo, TX — (a) — 23,677 83 — 23,760 23,760 2,157 1998 — 09/19/2019 Poplar Bluff Healthcare Facility Poplar Bluff, MO — (a) — 13,515 — — 13,515 13,515 1,211 2013 — 09/19/2019 Tucson Healthcare Facility Tucson, AZ — (a) — 5,998 — — 5,998 5,998 540 1998 — 09/19/2019 Akron Healthcare Facility Green, OH — (a) 3,503 38,512 — 3,503 38,512 42,015 3,293 2012 — 10/04/2019 Akron Healthcare Facility II Green, OH — (a) 1,085 10,277 — 1,085 10,277 11,362 1,056 2013 — 10/04/2019 Akron Healthcare Facility III Akron, OH — (a) 2,206 26,044 — 2,206 26,044 28,250 2,152 2008 — 10/04/2019 Alexandria Healthcare Facility Alexandria, LA — (a) — 5,076 — — 5,076 5,076 419 2007 — 10/04/2019 Appleton Healthcare Facility Appleton, WI — (a) 414 1,900 — 414 1,900 2,314 209 2011 — 10/04/2019 Austin Healthcare Facility II Austin, TX — (a) 3,229 7,534 (2,807) 2,195 5,761 7,956 489 2006 — 10/04/2019 Bellevue Healthcare Facility Green Bay, WI — (a) 567 1,269 — 567 1,269 1,836 145 2010 — 10/04/2019 Bonita Springs Healthcare Facility Bonita Springs, FL — (a) 1,199 4,373 — 1,199 4,373 5,572 371 2002 2005 10/04/2019 Bridgeton Healthcare Facility Bridgeton, MO — (a) — 39,740 — — 39,740 39,740 3,270 2012 — 10/04/2019 Covington Healthcare Facility Covington, LA — (a) 2,238 16,635 — 2,238 16,635 18,873 1,362 1984 — 10/04/2019 Crestview Healthcare Facility Crestview, FL — (a) 400 1,536 — 400 1,536 1,936 146 2004 2010 10/04/2019 Dallas Healthcare Facility Dallas, TX — (a) 6,072 27,457 — 6,072 27,457 33,529 2,211 2011 — 10/04/2019 De Pere Healthcare Facility De Pere, WI — (a) 615 1,596 — 615 1,596 2,211 176 2005 — 10/04/2019 Denver Healthcare Facility Thornton, CO — (a) 3,586 32,363 — 3,586 32,363 35,949 2,688 1962 2018 10/04/2019 El Segundo Healthcare Facility El Segundo, CA — (a) 2,659 9,016 — 2,659 9,016 11,675 748 2009 — 10/04/2019 Fairlea Healthcare Facility Fairlea, WV — (a) 139 1,910 — 139 1,910 2,049 167 1999 — 10/04/2019 Fayetteville Healthcare Facility Fayetteville, AR — (a) 485 24,855 — 485 24,855 25,340 2,035 1994 2009 10/04/2019 Fort Myers Healthcare Facility Fort Myers, FL — (a) 2,153 2,387 — 2,153 2,387 4,540 246 1999 — 10/04/2019 Fort Myers Healthcare Facility II Fort Myers, FL — (a) 3,557 11,064 — 3,557 11,064 14,621 1,063 2010 2022 10/04/2019 Initial Cost Cost Gross Amount Property Description Location Encumbrances Land Buildings and Land Buildings and Total Accumulated Year Year Date Fort Walton Beach Healthcare Facility Fort Walton Beach, FL — (a) 385 3,182 — 385 3,182 3,567 277 2005 — 10/04/2019 Frankfort Healthcare Facility Frankfort, KY — (a) 342 950 — 342 950 1,292 93 1993 2019 10/04/2019 Frisco Healthcare Facility Frisco, TX — (a) — 22,114 4,653 — 26,767 26,767 2,926 2010 2020 10/04/2019 Goshen Healthcare Facility Goshen, IN — (a) 383 5,355 — 383 5,355 5,738 484 2010 — 10/04/2019 Hammond Healthcare Facility Hammond, LA — (a) 2,693 23,750 — 2,693 23,750 26,443 2,019 2006 — 10/04/2019 Hammond Healthcare Facility II Hammond, LA — (a) 950 12,147 — 950 12,147 13,097 1,021 2004 — 10/04/2019 Harlingen Healthcare Facility Harlingen, TX — (a) — 10,628 (10,378) — 250 250 — 2007 — 10/04/2019 Henderson Healthcare Facility Henderson, NV — (a) 839 2,390 — 839 2,390 3,229 217 2000 — 10/04/2019 Houston Healthcare Facility III Houston, TX — (a) 752 5,832 — 752 5,832 6,584 481 1998 2018 10/04/2019 Howard Healthcare Facility Howard, WI — (a) 529 1,818 — 529 1,818 2,347 202 2011 — 10/04/2019 Jacksonville Healthcare Facility Jacksonville, FL — (a) 1,233 6,173 — 1,233 6,173 7,406 540 2009 — 10/04/2019 Lafayette Healthcare Facility Lafayette, LA — (a) 4,819 35,424 — 4,819 35,424 40,243 2,947 2004 2005 10/04/2019 Lakewood Ranch Healthcare Facility Lakewood Ranch, FL — (a) 636 1,784 — 636 1,784 2,420 198 2008 — 10/04/2019 Las Vegas Healthcare Facility II Las Vegas, NV — (a) 651 5,323 — 651 5,323 5,974 460 2007 — 10/04/2019 Lehigh Acres Healthcare Facility Lehigh Acres, FL — (a) 441 2,956 — 441 2,956 3,397 268 2002 — 10/04/2019 Lubbock Healthcare Facility Lubbock, TX — (a) 5,210 39,939 — 5,210 39,939 45,149 3,264 2003 — 10/04/2019 Manitowoc Healthcare Facility Manitowoc, WI — (a) 257 1,733 — 257 1,733 1,990 185 2003 — 10/04/2019 Manitowoc Healthcare Facility II Manitowoc, WI — (a) 250 11,231 — 250 11,231 11,481 1,012 1964 2010 10/04/2019 Marinette Healthcare Facility Marinette, WI — (a) 208 1,002 — 208 1,002 1,210 110 2008 — 10/04/2019 New Bedford Healthcare Facility New Bedford, MA — (a) 2,464 26,297 (27,522) 115 1,124 1,239 — 1942 1995 10/04/2019 New Braunfels Healthcare Facility New Braunfels, TX — (a) 2,568 11,386 — 2,568 11,386 13,954 945 2007 — 10/04/2019 North Smithfield Healthcare Facility North Smithfield, RI — (a) 1,309 14,024 — 1,309 14,024 15,333 1,229 1965 2000 10/04/2019 Oklahoma City Healthcare Facility IX Oklahoma City, OK — (a) 1,316 9,822 — 1,316 9,822 11,138 930 2007 — 10/04/2019 Oshkosh Healthcare Facility Oshkosh, WI — (a) 414 2,043 — 413 2,044 2,457 207 2010 — 10/04/2019 Palm Desert Healthcare Facility Palm Desert, CA — (a) 582 5,927 — 582 5,927 6,509 548 2005 — 10/04/2019 Rancho Mirage Healthcare Facility II Rancho Mirage, CA — (a) 2,286 5,481 — 2,286 5,481 7,767 497 2008 — 10/04/2019 San Antonio Healthcare Facility III San Antonio, TX — (a) 1,824 22,809 — 1,824 22,809 24,633 1,854 2012 — 10/04/2019 San Antonio Healthcare Facility IV San Antonio, TX — (a) — 31,694 — — 31,694 31,694 2,576 1987 — 10/04/2019 San Antonio Healthcare Facility V San Antonio, TX — (a) 3,273 19,697 1,023 3,273 20,720 23,993 1,849 2017 — 10/04/2019 Santa Rosa Beach Healthcare Facility Santa Rosa Beach, FL — (a) 741 3,049 — 741 3,049 3,790 249 2003 — 10/04/2019 Savannah Healthcare Facility Savannah, GA — (a) 2,300 20,186 — 2,300 20,186 22,486 1,653 2014 — 10/04/2019 Sturgeon Bay Healthcare Facility Sturgeon Bay, WI — (a) 248 700 — 248 700 948 84 2007 — 10/04/2019 Victoria Healthcare Facility Victoria, TX — (a) 328 12,908 — 328 12,908 13,236 1,078 2013 — 10/04/2019 Victoria Healthcare Facility II Victoria, TX — (a) 446 12,986 — 446 12,986 13,432 1,074 1998 — 10/04/2019 Webster Healthcare Facility II Webster, TX — (a) 7,371 243,983 4,584 7,371 248,567 255,938 19,913 2014 2019 10/04/2019 Wilkes-Barre Healthcare Facility Mountain Top, PA — (a) 821 4,139 — 821 4,139 4,960 388 2012 — 10/04/2019 Yucca Valley Healthcare Facility Yucca Valley, CA — (a) 901 4,788 — 901 4,788 5,689 465 2009 — 10/04/2019 Tucson Healthcare Facility II Tucson, AZ — (a) — — 25,324 — 25,324 25,324 1,102 2021 — 12/26/2019 Tucson Healthcare Facility III Tucson, AZ — (a) 1,763 — 8,177 1,763 8,177 9,940 668 2020 — 12/27/2019 Grimes Healthcare Facility Grimes, IA — (a) 831 3,690 — 831 3,690 4,521 309 2018 — 02/19/2020 Initial Cost Cost Gross Amount Property Description Location Encumbrances Land Buildings and Land Buildings and Total Accumulated Year Year Date Tampa Healthcare Facility Tampa, FL — (a) — 10,297 — — 10,297 10,297 794 2015 — 09/08/2020 Tucson Healthcare Facility IV Tucson, AZ — — 58 17,445 — 17,503 17,503 558 2022 — 12/22/2020 Greenwood Healthcare Facility Greenwood, IN — (a) 1,603 22,588 — 1,603 22,588 24,191 1,004 2008 2018 04/19/2021 Clive Healthcare Facility II Clive, IA — (a) 1,555 17,898 — 1,555 17,898 19,453 547 2008 — 12/08/2021 Clive Healthcare Facility III Clive, IA — (a) 843 12,299 — 843 12,299 13,142 322 2008 — 12/08/2021 Clive Healthcare Facility IV Clive, IA — (a) 720 7,863 — 720 7,863 8,583 255 2009 2018 12/08/2021 Clive Undeveloped Land Clive, IA — 1,061 — — 1,061 — 1,061 — — — 12/08/2021 Clive Undeveloped Land II Clive, IA — 460 — — 460 — 460 — — — 12/08/2021 Yukon Healthcare Facility Yukon, OK — 1,288 16,779 — 1,288 16,779 18,067 369 2020 — 03/10/2022 Pleasant Hills Healthcare Facility Pleasant Hills, PA — 922 12,905 — 922 12,905 13,827 270 2015 — 05/12/2022 Prosser Healthcare Facility I Prosser, WA — 282 1,933 — 282 1,933 2,215 40 2020 — 05/20/2022 Prosser Healthcare Facility II Prosser, WA — 95 3,374 — 95 3,374 3,469 68 2013 2019 05/20/2022 Prosser Healthcare Facility III Prosser, WA — 59 2,070 — 59 2,070 2,129 41 2013 — 05/20/2022 Tampa Healthcare Facility II Tampa, FL — — 47,042 — — 47,042 47,042 572 2022 — 07/20/2022 Escondido Healthcare Facility Escondido, CA — — 57,675 — — 57,675 57,675 680 2021 — 07/21/2022 $ — $ 167,362 $ 1,857,705 $ 64,133 $ 163,419 $ 1,925,781 $ 2,089,200 $ 209,118 (a) Property is contributed to the pool of unencumbered properties of the Company's credit facility. As of December 31, 2022, 124 commercial real estate properties were contributed to the pool of unencumbered properties under the Company's credit facility and we had an outstanding principal balance of $583,000,000. (b) The reduction to costs capitalized subsequent to acquisition primarily include impairment charges, property dispositions and other adjustments. (c) The aggregated cost for federal income tax purposes is approximately $2,284,522,000 (unaudited). (d) The Company’s assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. Generally, buildings and improvements are depreciated over 15-40 years and tenant improvements are depreciated over the shorter of lease term or expected useful life. NOTES TO SCHEDULE III — REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION December 31, 2022 (in thousands) Year Ended December 31, 2022 2021 2020 Real Estate: Balance at beginning of year $ 2,015,330 $ 2,890,958 $ 2,896,766 Additions: Acquisitions 144,424 66,890 14,876 Improvements 4,735 23,288 31,260 Other adjustments 182 978 — Deductions: Impairment (53,230) (29,673) — Dispositions (22,241) (936,594) (51,944) Other adjustments — (517) — Balance at end of year $ 2,089,200 $ 2,015,330 $ 2,890,958 Accumulated Depreciation: Balance at beginning of year $ (165,784) $ (197,134) $ (128,304) Additions: Depreciation (51,584) (56,999) (69,623) Deductions: Impairment 8,250 2,507 — Dispositions — 85,325 793 Other adjustments — 517 — Balance at end of year $ (209,118) $ (165,784) $ (197,134) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company, the 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 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 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 agreements. Restricted cash is reported in other assets, in the accompanying consolidated balance sheets. |
Investment in Real Estate | Investment in Real Estate Real estate costs related to the acquisition, development, construction and improvement of properties are capitalized. Repair and maintenance costs are expensed as incurred and significant replacements and improvements are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate assets. The Company considers the period of future benefit of an asset in determining the appropriate useful life. Real estate assets, other than land, are depreciated on a straight-line basis over each asset’s useful life. The Company anticipates the estimated useful lives of its assets by class as follows: Buildings and improvements 15 – 40 years Tenant improvements Shorter of lease term or expected useful life Furniture, fixtures, and equipment 3 – 10 years |
Allocation of Purchase Price of Real Estate | Allocation of Purchase Price of Real Estate Upon the acquisition of real estate properties, the Company evaluates whether the acquisition is a business combination or an asset acquisition. For both business combinations and asset acquisitions, the Company allocates the purchase price of properties to acquired tangible assets, consisting of land, buildings and improvements, and acquired intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases. For asset acquisitions, the Company capitalizes transaction costs and allocates the purchase price using a relative fair value method allocating all accumulated costs. For business combinations, the Company expenses transaction costs incurred and allocates the purchase price based on the estimated fair value of each separately identifiable asset and liability. For the year ended December 31, 2022, all of the Company's acquisitions were determined to be asset acquisitions. The fair value of the tangible assets of an acquired property (which includes land, buildings and improvements) is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and buildings and improvements based on management’s determination of the relative fair value of these assets. The amount allocated to in-place leases includes an estimate of direct costs associated with obtaining a new tenant and opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease. These lease intangibles are amortized to depreciation and amortization expense over the remaining terms of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed. The amounts allocated to above-market and below-market leases are recorded based on the present value of the difference between: (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) an estimate of current market lease rates for the corresponding leases, measured over a period equal to the remaining non-cancelable term of the lease including any fixed rate bargain renewal periods, with respect to a below-market lease. These above-market and below market amounts are amortized as an adjustment of rental revenue over the remaining terms of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above-market and below-market lease values related to that lease would be recorded as an adjustment to rental revenue. |
Held for Sale | Held for Sale The Company classifies a real estate property as held for sale upon satisfaction of all of the following criteria: (i) management commits to a plan to sell the property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary for sales of such properties; (iii) there is an active program to locate a buyer; (iv) the sale of the property is probable and transfer of the asset is expected to be completed within one year; (v) the property is being actively marketed for sale; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Upon the determination to classify a property as held for sale, the Company ceases depreciation and amortization on the real estate property held for sale, as well as the amortization of any related intangible assets. Such properties are recorded at the lesser of the carrying value or estimated fair value less estimated costs to sell. |
Impairments | Impairments The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate assets may not be recoverable, the Company assesses the recoverability of the asset group by estimating whether the Company will recover the carrying value of the asset group through its undiscounted future cash flows, including eventual disposition. Based on this analysis, if the Company does not believe that it will be able to recover the carrying value of the asset group, an impairment charge will be recorded to the extent that the carrying value exceeds the estimated fair value of the asset group. When developing estimates of expected future cash flows, the Company makes certain assumptions regarding future market rental rates subsequent to the expiration of current lease arrangements, property operating expenses, terminal capitalization and discount rates, probability weighting of potential uses of the property, sale prices of comparable properties, required tenant improvements and the number of years the property will be held for investment. The use of alternative assumptions in the future cash flow analysis could result in a different determination of the property’s future cash flows and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the carrying value of the real estate assets. In addition, we determine fair value by using a direct capitalization method, a discounted cash flow method using the assumptions noted above, or by utilizing comparable market information based on the view of a market participant. The use of alternative assumptions in these approaches could result in a different determination of the property’s estimated fair value and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the carrying value of the real estate assets. The Company accounts for goodwill in accordance with Accounting Standards Codification, or ASC, 350, Intangibles - Goodwill and Other , and allocates its goodwill to its reporting units, which have been determined to be at the individual property level. Goodwill has an indefinite life and is not amortized. The Company evaluates goodwill for impairment at least annually, as of the last day of each year, or upon the occurrence of a triggering event. A triggering event is an event or circumstance that would more-likely-than-not indicate that the fair value of a reporting unit is below its carrying value. The Company has the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. Under a qualitative assessment, the impairment analysis for goodwill represents an evaluation of whether it is more-likely-than-not the reporting unit's fair value is less than its carrying value, including goodwill. If a qualitative analysis indicates that it is more-likely-than-not that the estimated carrying value of a reporting unit, including goodwill, exceeds its fair value, the Company performs the quantitative analysis. The quantitative analysis consists of estimating the fair value of each reporting unit using discounted projected future cash flows and comparing those estimated fair values with the carrying values, which include the allocated goodwill. If the estimated fair value is less than the carrying value, the Company would then recognize a goodwill impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to that reporting unit. |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs are loan fees, legal fees and other third-party costs associated with obtaining and further modifying financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Deferred financing costs related to the term loan portion of the credit facility are recorded as a reduction of the related debt on the accompanying consolidated balance sheets. Deferred financing costs related to the revolving line of credit are recorded in other assets, net, in the accompanying consolidated balance sheets. |
Fair Value | Fair Value ASC 820, Fair Value Measurements and Disclosures , or ASC 820, defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosures about fair value measurements. ASC 820 emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement. Fair value is defined by ASC 820 as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows: Level 1—Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2—Inputs other than quoted prices for similar assets and liabilities in active markets that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs). Level 3—Unobservable inputs, only used to the extent that observable inputs are not available, reflect the Company’s assumptions about the pricing of an asset or liability. |
Revenue Recognition and Tenant Receivables | Revenue Recognition and Tenant Receivables The majority of the Company's revenue is derived from rental revenue, which is accounted for in accordance with ASC 842, Leases , or ASC 842. Under ASC 842, rental revenue is recognized on a straight-line basis over the term of the related lease (including rent holidays). For lease arrangements where it is not probable that the Company will collect all or substantially all of the remaining lease payments under the term of the lease, rental revenue is limited to the lesser of the rental revenue that would be recognized on a straight-line basis or the lease payments that have been collected from the lessee. Differences between rental revenue recognized and amounts contractually due under the lease agreements are credited or charged to straight-line rent receivable. Tenant reimbursements, which are comprised of additional amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses, are recognized when the services are provided and the performance obligations are satisfied. |
Share Repurchase Program | Share Repurchase Program The Company’s Amended and Restated Share Repurchase Program, or the 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. 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. |
Distribution Policy | Distribution Policy In order to maintain its status as a REIT, the Company is required to make distributions each taxable year equal to at least 90% of its REIT taxable income, computed without regard to the dividends paid deduction and excluding capital gains. To the extent funds are available, the Company intends to continue to pay regular distributions to stockholders. Distributions are paid to stockholders of record as of the applicable record dates. Distributions to stockholders are determined by the Board and are dependent upon a number of factors, including funds available for the payment of distributions, financial condition, the timing |
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. Forfeitures are accounted for as they occur. |
Earnings Per Share | Earnings Per ShareThe Company calculates basic earnings per share by dividing net (loss) 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. |
Reportable Segments | Reportable Segments ASC 280, Segment Reporting |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities As required by ASC 815, Derivatives and Hedging , or ASC 815, the Company records all derivative instruments at fair value as assets and liabilities on its consolidated balance sheets. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. In accordance with the fair value measurement guidance in Accounting Standards Update, or ASU, 2011-04, Fair Value Measurement , the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. The Company is exposed to variability in expected future cash flows that are attributable to interest rate changes in the normal course of business. The Company’s primary strategy in entering into derivative contracts is to add stability to future cash flows by managing its exposure to interest rate fluctuations. The Company utilizes derivative instruments, including interest rate swaps, to effectively convert some of its variable rate debt to fixed rate debt. The Company does not enter into derivative instruments for speculative purposes. |
Income Taxes | Income Taxes The Company currently qualifies and is taxed as a REIT under Sections 856 through 860 of the Code. Accordingly, it will generally not be subject to corporate U.S. federal or state income tax to the extent that it makes qualifying distributions to stockholders, and provided it satisfies, on a continuing basis, through actual investment and operating results, the REIT requirements, including certain asset, income, distribution and stock ownership tests. If the Company fails to qualify as a REIT, it would be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it lost its REIT qualification, unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Accordingly, failure to qualify as a REIT could have a material adverse impact on the results of operations and amounts available for distribution to stockholders. The dividends paid deduction of a REIT for qualifying dividends paid to its stockholders is computed using the Company’s taxable income as opposed to net income reported in the consolidated financial statements. Taxable income, generally, will differ from net income reported in the consolidated financial statements because the determination of taxable income is based on tax provisions and not financial accounting principles. The Company has concluded that there was no impact related to uncertain tax positions from results of operations of the Company for the years ended December 31, 2022, 2021 and 2020. The earliest tax year currently subject to examination is 2019. |
Reclassifications | Reclassifications During the current year, the Company has determined that certain expenses, previously presented within general and administrative expenses, are more closely related to the operations of its properties. As a result, these amounts have been reclassified to rental expenses for all prior periods to conform to the current period presentation. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table presents a reconciliation of the beginning of year and end of year cash, cash equivalents and restricted cash reported within the consolidated balance sheets to the totals shown in the consolidated statements of cash flows (amounts in thousands): Year Ended 2022 2021 2020 Beginning of year: Cash and cash equivalents $ 32,359 $ 53,174 $ 69,342 Restricted cash 521 14,735 10,888 Cash, cash equivalents and restricted cash $ 32,880 $ 67,909 $ 80,230 End of year: Cash and cash equivalents $ 12,917 $ 32,359 $ 53,174 Restricted cash 166 521 14,735 Cash, cash equivalents and restricted cash $ 13,083 $ 32,880 $ 67,909 |
Schedule of Estimated Useful Lives of Assets by Class | The Company anticipates the estimated useful lives of its assets by class as follows: Buildings and improvements 15 – 40 years Tenant improvements Shorter of lease term or expected useful life Furniture, fixtures, and equipment 3 – 10 years |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Schedule of Consideration Transferred for Properties Acquired | The following table summarizes the consideration transferred for the 2022 Acquisitions during the year ended December 31, 2022: Property Description Date Acquired Ownership Percentage Consideration Transferred 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 year ended December 31, 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 |
Schedule of Goodwill | The following table summarizes the rollforward of goodwill for the years ended December 31, 2022 and 2021 (amounts in thousands): Year Ended 2022 2021 Balance at beginning of year $ 23,284 $ 23,955 Impairment losses (1,574) (671) Balance at end of year $ 21,710 $ 23,284 |
Held for Sale and Discontinue_2
Held for Sale and Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Major Classes of Assets and Liabilities Classified as Held for Sale and Operations Reflected in Discontinued Operations | The following table presents the major classes of 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 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 consolidated statements of comprehensive income for the years ended December 31, 2021 and 2020, were as follows (amounts in thousands): Year Ended 2021 2020 Revenue: Rental revenue $ 57,903 $ 110,755 Lease termination revenue 7,075 — Total revenue 64,978 110,755 Expenses: Rental expenses 15,737 28,346 Asset management fees — 5,310 Depreciation and amortization 11,759 35,634 Total expenses 27,496 69,290 Interest and other expense, net (1) 31,839 13,626 Income from discontinued operations 5,643 27,839 Gain on real estate dispositions 395,801 — Net income from discontinued operations attributable to common stockholders $ 401,444 $ 27,839 (1) Interest expense attributable to discontinued operations for the years ended December 31, 2021 and December 31, 2020 was $31,856,000 and $13,741,000, 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 and incurred approximately $23,738,000 of debt extinguishment costs related to the data center properties. |
Acquired Intangible Assets, N_2
Acquired Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Schedule of Acquired Intangible Assets, Net | Acquired intangible assets, net, consisted of the following as of December 31, 2022 and 2021 (amounts in thousands, except weighted average remaining life amounts): December 31, 2022 December 31, 2021 In-place leases, net of accumulated amortization of $83,788 and $66,579, respectively (with a weighted average remaining life of 8.9 years and 9.5 years, respectively) $ 155,365 $ 168,012 Above-market leases, net of accumulated amortization of $6,451 and $4,488, respectively (with a weighted average remaining life of 7.9 years and 8.8 years, respectively) 12,118 13,627 $ 167,483 $ 181,639 |
Schedule of Estimated Future Amortization Expense of Acquired Intangible Assets | Estimated amortization expense on the acquired intangible assets as of December 31, 2022, for each of the next five years ending December 31 and thereafter, is as follows (amounts in thousands): Year Amount 2023 $ 22,221 2024 21,195 2025 19,204 2026 17,503 2027 15,926 Thereafter 71,434 $ 167,483 |
Acquired Intangible Liabiliti_2
Acquired Intangible Liabilities, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Intangible Lease Liabilities, Net [Abstract] | |
Schedule of Acquired Intangible Liabilities, Net | Acquired intangible liabilities, net, consisted of the following as of December 31, 2022 and 2021 (amounts in thousands, except weighted average remaining life amounts): December 31, 2022 December 31, 2021 Below-market leases, net of accumulated amortization of $5,923 and $4,444, respectively (with a weighted average remaining life of 8.4 years and 9.3 years, respectively) $ 11,946 $ 12,962 |
Schedule of Estimated Future Amortization of Acquired Intangible Liabilities | Estimated amortization of the acquired intangible liabilities as of December 31, 2022, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount 2023 $ 1,494 2024 1,494 2025 1,494 2026 1,475 2027 1,450 Thereafter 4,539 $ 11,946 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of Future Minimum Rent to Lessor from Operating Leases | Future rent to be received from the Company's investments in real estate assets under the terms of non-cancellable operating leases in effect as of December 31, 2022, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount 2023 $ 172,907 2024 174,299 2025 170,346 2026 163,441 2027 159,797 Thereafter 938,204 Total $ 1,778,994 |
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 December 31, 2022, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands): Year Operating 2023 $ 2,675 2024 2,746 2025 2,768 2026 2,715 2027 2,681 Thereafter 107,456 Total undiscounted rental payments 121,041 Less imputed interest (79,487) Total lease liabilities $ 41,554 Weighted average IBR 5.5 % Weighted average remaining lease term 37.5 years |
Schedule of Lease Cost | The following table provides details of the Company's total lease costs for the years ended December 31, 2022, 2021 and 2020 (amounts in thousands): Year Ended Location in Consolidated Statements of Comprehensive Income 2022 2021 2020 Operating lease costs: Ground lease costs (1) Rental expenses $ 2,246 $ 1,846 $ 1,741 Ground lease costs (2) Income from discontinued operations — 414 880 Corporate operating lease costs General and administrative expenses 741 1,129 264 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 531 $ 1,067 $ 270 (1) The Company receives reimbursements from tenants for certain operating ground leases, which are recorded as rental revenue in the accompanying consolidated statements of comprehensive income. (2) 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 (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Assets [Abstract] | |
Schedule of Other Assets | Other assets consisted of the following as of December 31, 2022 and 2021 (amounts in thousands): December 31, 2022 December 31, 2021 Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $889 and $8,332, respectively $ 3,178 $ 482 Leasing commissions, net of accumulated amortization of $167 and $121, respectively 775 780 Restricted cash 166 521 Tenant receivables 1,736 1,851 Straight-line rent receivable 62,457 55,725 Prepaid and other assets 3,865 4,835 Derivative assets 27,990 2,171 $ 100,167 $ 66,365 |
Accounts Payable and Other Li_2
Accounts Payable and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Other Liabilities | Accounts payable and other liabilities consisted of the following as of December 31, 2022 and 2021 (amounts in thousands): December 31, 2022 December 31, 2021 Accounts payable and accrued expenses $ 5,387 $ 9,409 Accrued interest expense 1,941 1,626 Accrued property taxes 2,421 2,913 Accrued personnel costs 3,940 4,198 Distribution and servicing fees — 182 Distributions payable to stockholders 7,719 7,355 Performance DSUs distributions payable 573 394 Tenant deposits 877 802 Deferred rental income 7,761 7,100 Derivative liabilities — 5,618 $ 30,619 $ 39,597 |
Credit Facility (Tables)
Credit Facility (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Credit Facility | The Company's outstanding credit facility as of December 31, 2022 and 2021 consisted of the following (amounts in thousands): Weighted December 31, 2022 December 31, 2021 Variable rate revolving line of credit 5.47% $ 8,000 $ — Variable rate term loans fixed through interest rate swaps 2.95% 485,000 400,000 Variable rate term loans 5.47% 90,000 100,000 Total credit facility, principal amount outstanding 3.37% 583,000 500,000 Unamortized deferred financing costs related to the term loan credit facility (2,412) (3,226) Total credit facility, net of deferred financing costs $ 580,588 $ 496,774 |
Schedule of Future Principal Payments Due on Debt | The principal payments due on the Unsecured Credit Facility as of December 31, 2022, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount 2023 $ — 2024 300,000 2025 — 2026 8,000 2027 — Thereafter 275,000 $ 583,000 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of December 31, 2022 and 2021 (amounts in thousands): December 31, 2022 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Assets: Derivative assets $ — $ 27,990 $ — $ 27,990 Total assets at fair value $ — $ 27,990 $ — $ 27,990 December 31, 2021 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Assets: Derivative assets $ — $ 2,171 $ — $ 2,171 Total assets at fair value $ — $ 2,171 $ — $ 2,171 Liabilities: Derivative liabilities $ — $ 5,618 $ — $ 5,618 Total liabilities at fair value $ — $ 5,618 $ — $ 5,618 |
Schedule of Fair Value, Real Estate Assets Measured on Non-Recurring Basis | The following table shows the fair value of the Company's real estate assets, including acquired intangible assets measured at fair value on a non-recurring basis as of December 31, 2022 (amounts in thousands): December 31, 2022 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Total Losses (1) Real estate assets $ — $ — $ 13,898 $ 13,898 $ 51,769 (1) Amount includes impairment of in-place lease intangible assets |
Summary of Significant Unobservable Inputs | The following table sets forth quantitative information about the significant unobservable inputs of the Company’s Level 3 real estate recorded as of December 31, 2022: Significant Unobservable Inputs December 31, 2022 Comparable sale price per square foot $5.01 – $6.56 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of the Notional Amount and Fair Value of Derivative Instruments | The following table summarizes the notional amount and fair value of the Company’s derivative instruments (amounts in thousands): Derivatives Balance Effective Dates (2), (3) Maturity Dates (2) December 31, 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 $ 27,990 $ — $ 400,000 $ 2,171 $ (5,618) (1) Derivative assets and liabilities are reported in the consolidated balance sheets as other assets and accounts payable and other liabilities, respectively. (2) In May 2022, the Company entered into bilateral agreements with its swap counterparties to transition all of its interest rate swap agreements to SOFR. The Company made various ASC 848 elections related to changes in critical terms of the hedging relationships due to reference rate reform to not result in a de-designation of these hedging relationships. As of June 30, 2022, all of the Company's interest rate swap agreements were indexed to SOFR. |
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 years ended December 31, 2022, 2021 and 2020 (amounts in thousands): Derivatives in Cash Flow Amount of Income (Loss) Recognized Location of Loss Amount of Loss Total Amount of Line Item in Consolidated Statements of Comprehensive Income Year Ended December 31, 2022 Interest rate swaps - continuing operations $ 32,317 Interest and other expense, net $ (520) $ 23,772 Year Ended December 31, 2021 Interest rate swaps - continuing operations $ 5,956 Interest and other expense, net $ (8,031) $ 34,515 Interest rate swaps - discontinued operations (37) Income from discontinued operations (1,647) 401,444 Total $ 5,919 $ (9,678) Year Ended December 31, 2020 Interest rate swaps - continuing operations $ (19,676) Interest and other expense, net $ (6,263) $ 42,025 Interest rate swaps - discontinued operations (3,907) Income from discontinued operations (1,580) 27,839 Total $ (23,583) $ (7,843) |
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 December 31, 2022 and December 31, 2021 (amounts in thousands): Offsetting of Derivative Assets Gross Amounts Not Offset in the Balance Sheet Gross Gross Amounts Net Amounts of Financial Instruments Cash Collateral Net December 31, 2022 $ 27,990 $ — $ 27,990 $ — $ — $ 27,990 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 December 31, 2022 $ — $ — $ — $ — $ — $ — December 31, 2021 $ 5,618 $ — $ 5,618 $ (1,023) $ — $ 4,595 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 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 year ended December 31, 2022, 2021 and 2020 (amounts in thousands): Unrealized (Loss) Income Balance as of December 31, 2019 $ (4,704) Other comprehensive loss before reclassification (23,583) Amount of loss reclassified from accumulated other comprehensive loss to net income 7,843 Other comprehensive loss (15,740) Balance as of December 31, 2020 (20,444) Other comprehensive income before reclassification 5,919 Amount of loss reclassified from accumulated other comprehensive loss to net income 9,678 Other comprehensive income 15,597 Balance as of December 31, 2021 (4,847) Other comprehensive income before reclassification 32,317 Amount of loss reclassified from accumulated other comprehensive (loss) income to net (loss) income 520 Other comprehensive income 32,837 Balance as of December 31, 2022 $ 27,990 |
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | The following table presents reclassifications out of accumulated other comprehensive income (loss) for the year ended December 31, 2022, 2021 and 2020 (amounts in thousands): Details about Accumulated Other Loss Amounts Reclassified from Affected Line Items in the Consolidated Statements of Comprehensive Income Year Ended 2022 2021 2020 Interest rate swap contracts - continuing operations $ 520 $ 8,031 $ 6,263 Interest and other expense, net Interest rate swap contracts - discontinued operations — 1,647 $ 1,580 Income from discontinued operations Interest rate swap contracts $ 520 $ 9,678 $ 7,843 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Nonvested Shares of Restricted Common Stock Activity | A summary of the status of the nonvested shares of restricted Class A common stock and Performance DSUs as of December 31, 2021 and the changes for the year ended December 31, 2022 is presented below: Restricted Stock and and Performance DSUs Shares Nonvested restricted Class A common stock and Performance DSUs at December 31, 2021 974,558 Vested Class A common stock (167,500) Vested Performance DSUs (5,387) Forfeited restricted Class A common stock (16,344) Forfeited Performance DSUs (15,438) Granted restricted Class A common stock 335,854 Granted Performance DSUs 317,947 Nonvested restricted Class A common stock and Performance DSUs at December 31, 2022 1,423,690 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Characterization of Distributions Paid to Stockholders | As a REIT, the Company generally will not be subject to U.S. federal income tax on taxable income that it distributes to the stockholders. For U.S. federal income tax purposes, distributions to stockholders are characterized as either ordinary dividends, capital gain distributions, or nontaxable distributions. Nontaxable distributions will reduce U.S. stockholders’ respective bases in their shares. The following table shows the character of distributions the Company paid on a percentage basis during the years ended December 31, 2022, 2021 and 2020: Year Ended December 31, Character of Distributions (1) : 2022 2021 2020 Ordinary dividends 40.94 % 27.91 % — % Capital gain distributions — % — % — % Nontaxable distributions 59.06 % 72.09 % 100.00 % Total 100.00 % 100.00 % 100.00 % Year Ended December 31, Character of Special Distribution (1) : 2022 2021 2020 Ordinary dividends — % 12.39 % — % Capital gain distributions — % 86.66 % — % Nontaxable distributions — % 0.95 % — % Total — % 100.00 % — % (1) Attributable to Class A shares, Class I shares, Class T shares and Class T2 shares of common stock. |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Selected Quarterly Financial Data (Unaudited) | Presented in the following table is a summary of the unaudited quarterly financial information for the years ended December 31, 2022 and 2021. The Company believes that all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to present fairly, and in accordance with GAAP, the selected quarterly information (amounts in thousands, except shares and per share data): 2022 Fourth Third Second First Total revenue $ 43,905 $ 46,881 $ 44,918 $ 44,282 Total expenses (72,837) (27,991) (28,568) (35,256) Gain on real estate disposition — — — 460 Interest and other expense, net (5,830) (5,498) (4,329) (8,115) (Loss) income from operations (34,762) 13,392 12,021 1,371 Net (loss) income attributable to common stockholders $ (34,762) $ 13,392 $ 12,021 $ 1,371 Net (loss) income per common share attributable to common stockholders: Basic: Net (loss) income attributable to common stockholders $ (0.15) $ 0.06 $ 0.05 $ 0.01 Diluted: Net (loss) income attributable to common stockholders $ (0.15) $ 0.06 $ 0.05 $ 0.01 Weighted average number of common shares outstanding: Basic 226,112,737 225,638,485 225,008,452 224,499,307 Diluted 226,112,737 226,957,015 226,362,977 225,865,366 2021 Fourth Third Second First Total revenue $ 43,606 $ 43,063 $ 43,747 $ 42,422 Total expenses (27,138) (36,872) (34,462) (38,724) Gain on real estate disposition 89 — — — Interest and other expense, net (4,480) (11,737) (9,534) (8,764) Income (loss) from continuing operations 12,077 (5,546) (249) (5,066) Income from discontinued operations — 377,191 16,305 7,948 Net income attributable to common stockholders $ 12,077 $ 371,645 $ 16,056 $ 2,882 Net income (loss) per common share attributable to common stockholders: Basic: Continuing operations $ 0.05 $ (0.03) $ — $ (0.02) Discontinued operations — 1.69 0.07 0.03 Net income attributable to common stockholders $ 0.05 $ 1.66 $ 0.07 $ 0.01 Diluted: Continuing operations $ 0.05 $ (0.03) $ — $ (0.02) Discontinued operations — 1.69 0.07 0.03 Net income attributable to common stockholders $ 0.05 $ 1.66 $ 0.07 $ 0.01 Weighted average number of common shares outstanding: Basic 224,054,323 223,661,774 223,082,912 222,481,179 Diluted 225,031,906 223,661,774 223,082,912 222,481,179 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Schedule of Subsequent Events | The following table summarizes the Company's distributions paid to stockholders on January 6, 2023, for the period from December 1, 2022 through December 31, 2022 (amounts in thousands): Payment Date Common Stock Cash DRIP Total Distribution January 6, 2023 Class A $ 4,506 $ 1,249 $ 5,755 January 6, 2023 Class I 338 231 569 January 6, 2023 Class T 748 647 1,395 $ 5,592 $ 2,127 $ 7,719 The following table summarizes the Company's distributions paid to stockholders on February 6, 2023, for the period from January 1, 2023 through January 31, 2023 (amounts in thousands): Payment Date Common Stock Cash DRIP Total Distribution February 6, 2023 Class A $ 4,522 $ 1,245 $ 5,767 February 6, 2023 Class I 339 231 570 February 6, 2023 Class T 748 649 1,397 $ 5,609 $ 2,125 $ 7,734 The following table summarizes the Company's distributions paid to stockholders on March 6, 2023, for the period from February 1, 2023 through February 28, 2023 (amounts in thousands): Payment Date Common Stock Cash DRIP Total Distribution March 6, 2023 Class A $ 4,081 $ 1,123 $ 5,204 March 6, 2023 Class I 307 209 516 March 6, 2023 Class T 675 587 1,262 $ 5,063 $ 1,919 $ 6,982 Distributions Authorized The following tables summarize the daily distributions approved and authorized by the Board subsequent to December 31, 2022: Authorization Date (1) Common Stock Daily Distribution Rate (1) Annualized Distribution Per Share January 18, 2023 Class A $ 0.00109589 $ 0.40 January 18, 2023 Class I $ 0.00109589 $ 0.40 January 18, 2023 Class T $ 0.00109589 $ 0.40 Authorization Date (2) Common Stock Daily Distribution Rate (2) Annualized Distribution Per Share February 17, 2023 Class A $ 0.00109589 $ 0.40 February 17, 2023 Class I $ 0.00109589 $ 0.40 February 17, 2023 Class T $ 0.00109589 $ 0.40 Authorization Date (3) Common Stock Daily Distribution Rate (2) Annualized Distribution Per Share March 15, 2023 Class A $ 0.00109589 $ 0.40 March 15, 2023 Class I $ 0.00109589 $ 0.40 March 15, 2023 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 February 1, 2023 and ending on February 28, 2023. The distributions are calculated based on 365 days in the calendar year. The distributions declared for each record date in February 2023 were paid in March 2023. 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 March 1, 2023 and ending on March 31, 2023. The distributions will be calculated based on 365 days in the calendar year. The distributions declared for each record date in March 2023 will be paid in April 2023. The distributions will be payable to stockholders from legally available funds therefor. (3) Distributions approved and authorized to stockholders of record as of the close of business on each day of the period commencing on April 1, 2023 and ending on April 30, 2023. The distributions will be calculated based on 365 days in the calendar year. The distributions declared for each record date in April 2023 will be paid in May 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 | 12 Months Ended | |||||
Jul. 30, 2021 USD ($) | Jul. 22, 2021 USD ($) $ / shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 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 | $ 1,308,009 | $ 28,542 | |||
Special cash dividend (in dollars per share) | $ / shares | $ 1.75 | |||||
Special cash distributions | $ 392,685 | |||||
Operating Partnership | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Ownership interest (as a percentage) | 100% | |||||
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 (Share Repurchase Program) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
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 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Reportable Segments) (Details) - segment | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Summary of Significant Accounting Policies [Line Items] | ||
Number of reportable business segments | 1 | |
Revenue | Product Concentration Risk | Healthcare | ||
Summary of Significant Accounting Policies [Line Items] | ||
Concentration risk, percentage | 100% | 100% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Reconciliation of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 12,917 | $ 32,359 | $ 53,174 | $ 69,342 |
Restricted cash | 166 | 521 | 14,735 | 10,888 |
Cash, cash equivalents and restricted cash | $ 13,083 | $ 32,880 | $ 67,909 | $ 80,230 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Investment In Real Estate) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Building and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 15 years |
Building and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 40 years |
Furniture, fixtures, and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Furniture, fixtures, and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Real Estate Investments (Narrat
Real Estate Investments (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Feb. 10, 2022 USD ($) | Dec. 31, 2022 USD ($) statisticalArea tenant transaction | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) property tenant statisticalArea transaction | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Real Estate [Line Items] | ||||||||||||
Number of real estate properties acquired | property | 7 | |||||||||||
Number of transactions | transaction | 5 | 5 | ||||||||||
Capitalized acquisition costs | $ 617 | |||||||||||
Number of real estate properties sold | property | 1 | |||||||||||
Proceeds from real estate disposition | $ 22,822 | $ 1,308,009 | $ 28,542 | |||||||||
Gain on real estate disposition | $ 0 | $ 0 | $ 0 | $ 460 | $ 89 | $ 0 | $ 0 | $ 0 | 460 | 89 | 3,142 | |
Impairment loss | 47,424 | $ 27,837 | 0 | |||||||||
In-place leases | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Impairment of acquired intangible assets | $ 4,345 | 1,504 | ||||||||||
Above-market leases | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Impairment of acquired intangible assets | 344 | |||||||||||
Revenue | Geographic Concentration Risk | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Number of geographic concentration | statisticalArea | 1 | 1 | ||||||||||
Revenue | Geographic Concentration Risk | Houston-The Woodlands-Sugar Land, Texas MSA | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Concentration risk, percentage | 11% | |||||||||||
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 | 15.20% | |||||||||||
2022 Disposition | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Sale price of real estate dispositions | $ 24,000 | |||||||||||
Proceeds from real estate disposition | $ 22,701 | |||||||||||
Gain on real estate disposition | $ 460 | |||||||||||
Data Centers | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Impairment of acquired intangible assets | $ 1,215 |
Real Estate Investments (Schedu
Real Estate Investments (Schedule of Consideration Transferred for Properties Acquired) (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 USD ($) | Jul. 21, 2022 | Jul. 20, 2022 | May 20, 2022 property | May 12, 2022 | Mar. 10, 2022 | |
Business Acquisition [Line Items] | ||||||
Consideration Transferred | $ 157,194 | |||||
Yukon Healthcare Facility | ||||||
Business Acquisition [Line Items] | ||||||
Ownership Percentage | 100% | |||||
Consideration Transferred | 19,554 | |||||
Pleasant Hills Healthcare Facility | ||||||
Business Acquisition [Line Items] | ||||||
Ownership Percentage | 100% | |||||
Consideration Transferred | 14,303 | |||||
Prosser Healthcare Facilities | ||||||
Business Acquisition [Line Items] | ||||||
Ownership Percentage | 100% | |||||
Consideration Transferred | 8,593 | |||||
Number of healthcare properties | property | 3 | |||||
Tampa Healthcare Facility II | ||||||
Business Acquisition [Line Items] | ||||||
Ownership Percentage | 100% | |||||
Consideration Transferred | 51,259 | |||||
Escondido Healthcare Facility | ||||||
Business Acquisition [Line Items] | ||||||
Ownership Percentage | 100% | |||||
Consideration Transferred | $ 63,485 |
Real Estate Investments (Sche_2
Real Estate Investments (Schedule of Allocation of Acquisitions) (Details) - 2022 Acquisitions $ in Thousands | 12 Months Ended |
Dec. 31, 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 |
Real Estate Investments (Sche_3
Real Estate Investments (Schedule of Rollforward of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Roll Forward] | ||
Beginning balance, goodwill | $ 23,284 | $ 23,955 |
Impairment loss on goodwill | (1,574) | (671) |
Ending balance, goodwill | $ 21,710 | $ 23,284 |
Held for Sale and Discontinue_3
Held for Sale and Discontinued Operations (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) numberOfLandParcel | Dec. 31, 2020 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Capital expenditures | $ 8,440 | $ 25,285 | $ 28,797 |
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 | $ 2,763 | 3,945 | |
Non-cash operating activities | $ 764 |
Held for Sale and Discontinue_4
Held for Sale and Discontinued Operations (Disposal Group Financials) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Jul. 22, 2021 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Assets: | ||||||||
Assets held for sale | $ 22,570 | $ 0 | $ 22,570 | |||||
Liabilities: | ||||||||
Liabilities held for sale | 698 | 0 | 698 | |||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||||
Income from discontinued operations | 0 | $ 377,191 | $ 16,305 | $ 7,948 | $ 0 | 401,444 | $ 27,839 | |
Notes payable, principal amount outstanding | $ 450,806 | |||||||
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | ||||||||
Assets: | ||||||||
Total real estate, net | 22,241 | 22,241 | ||||||
Other assets, net | 329 | 329 | ||||||
Assets held for sale | 22,570 | 22,570 | ||||||
Liabilities: | ||||||||
Accounts payable and other liabilities | 698 | 698 | ||||||
Liabilities held for sale | 698 | 698 | ||||||
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Land | ||||||||
Assets: | ||||||||
Total real estate, net | $ 22,241 | 22,241 | ||||||
Held-for-sale or Disposed of by Sale | Data Centers | ||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||||
Rental revenue | 57,903 | 110,755 | ||||||
Lease termination revenue | 7,075 | 0 | ||||||
Total revenue | 64,978 | 110,755 | ||||||
Rental expenses | 15,737 | 28,346 | ||||||
Asset management fees | 0 | 5,310 | ||||||
Depreciation and amortization | 11,759 | 35,634 | ||||||
Total expenses | 27,496 | 69,290 | ||||||
Interest and other expense, net | 31,839 | 13,626 | ||||||
Income from discontinued operations | 5,643 | 27,839 | ||||||
Gain on real estate dispositions | 395,801 | 0 | ||||||
Income from discontinued operations | 401,444 | 27,839 | ||||||
Discontinued Operations, Disposed of by Sale | Data Centers | ||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||||
Income from discontinued operations | 401,444 | 27,839 | ||||||
Interest expense attributable to discontinued operations | $ 31,856 | $ 13,741 | ||||||
Debt extinguishment costs incurred | $ 23,738 |
Acquired Intangible Assets, N_3
Acquired Intangible Assets, Net (Schedule of Acquired Intangible Assets, Net) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangible assets, accumulated amortization | $ 90,239 | $ 71,067 |
Weighted average remaining useful life of intangible assets (in years) | 8 years 9 months 18 days | 9 years 6 months |
Acquired intangible assets, net of accumulated amortization | $ 167,483 | $ 181,639 |
In-place leases | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangible assets, accumulated amortization | $ 83,788 | $ 66,579 |
Weighted average remaining useful life of intangible assets (in years) | 8 years 10 months 24 days | 9 years 6 months |
Acquired intangible assets, net of accumulated amortization | $ 155,365 | $ 168,012 |
Above-market leases | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangible assets, accumulated amortization | $ 6,451 | $ 4,488 |
Weighted average remaining useful life of intangible assets (in years) | 7 years 10 months 24 days | 8 years 9 months 18 days |
Acquired intangible assets, net of accumulated amortization | $ 12,118 | $ 13,627 |
Acquired Intangible Assets, N_4
Acquired Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets, Net [Abstract] | |||
Weighted average remaining useful life of intangible assets (in years) | 8 years 9 months 18 days | 9 years 6 months | |
Amortization of acquired intangible assets | $ 27,389 | $ 23,157 | $ 23,876 |
Acquired Intangible Assets, N_5
Acquired Intangible Assets, Net (Schedule of Estimated Future Amortization Expense of Acquired Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2023 | $ 22,221 | |
2024 | 21,195 | |
2025 | 19,204 | |
2026 | 17,503 | |
2027 | 15,926 | |
Thereafter | 71,434 | |
Acquired intangible assets, net of accumulated amortization | $ 167,483 | $ 181,639 |
Acquired Intangible Liabiliti_3
Acquired Intangible Liabilities, Net (Schedule of Acquired Intangible Liabilities, Net) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible Lease Liabilities, Net [Abstract] | ||
Accumulated amortization of below-market leases | $ 5,923 | $ 4,444 |
Weighted average remaining life of below-market leases | 8 years 4 months 24 days | 9 years 3 months 18 days |
Below-market leases, net of accumulated amortization | $ 11,946 | $ 12,962 |
Acquired Intangible Liabiliti_4
Acquired Intangible Liabilities, Net (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Intangible Lease Liabilities, Net [Abstract] | |||
Amortization of below-market leases | $ 1,479 | $ 1,322 | $ 1,207 |
Acquired Intangible Liabiliti_5
Acquired Intangible Liabilities, Net (Schedule of Estimated Future Amortization of Acquired Intangible Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Intangible Lease Liabilities, Net [Abstract] | ||
2023 | $ 1,494 | |
2024 | 1,494 | |
2025 | 1,494 | |
2026 | 1,475 | |
2027 | 1,450 | |
Thereafter | 4,539 | |
Acquired intangible liabilities, net | $ 11,946 | $ 12,962 |
Leases (Schedule of Future Mini
Leases (Schedule of Future Minimum Rent to Lessor from Operating Leases) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Leases [Abstract] | |
2023 | $ 172,907 |
2024 | 174,299 |
2025 | 170,346 |
2026 | 163,441 |
2027 | 159,797 |
Thereafter | 938,204 |
Total | $ 1,778,994 |
Leases (Schedule of Rent Paymen
Leases (Schedule of Rent Payments from Lessee) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Operating | ||
2023 | $ 2,675 | |
2024 | 2,746 | |
2025 | 2,768 | |
2026 | 2,715 | |
2027 | 2,681 | |
Thereafter | 107,456 | |
Total undiscounted rental payments | 121,041 | |
Less imputed interest | (79,487) | |
Total lease liabilities | $ 41,554 | $ 26,394 |
Operating lease, weighted average incremental borrowing rate, percent | 5.50% | |
Operating lease, weighted average remaining lease term (in years) | 37 years 6 months |
Leases (Schedule of Lease Cost)
Leases (Schedule of Lease Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows for operating leases | $ 531 | $ 1,067 | $ 270 |
Rental expenses | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease costs | 2,246 | 1,846 | 1,741 |
Income from discontinued operations | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease costs | 0 | 414 | 880 |
General and administrative expenses | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease costs | $ 741 | $ 1,129 | $ 264 |
Other Assets (Schedule of Other
Other Assets (Schedule of Other Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Assets [Abstract] | |||
Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $889 and $8,332, respectively | $ 3,178 | $ 482 | |
Leasing commissions, net of accumulated amortization of $167 and $121, respectively | 775 | 780 | |
Restricted cash | 166 | 521 | |
Tenant receivables | 1,736 | 1,851 | |
Straight-line rent receivable | 62,457 | 55,725 | |
Prepaid and other assets | 3,865 | 4,835 | |
Derivative assets | 27,990 | 2,171 | |
Total other assets | 100,167 | 66,365 | |
Deferred financing costs, related to the revolver portion of the credit facility, accumulated amortization | 889 | 8,332 | |
Leasing commissions, accumulated amortization | 167 | 121 | |
Line of Credit Facility [Line Items] | |||
Amortization of deferred financing costs | 1,679 | 3,425 | $ 3,884 |
Revolving Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Amortization of deferred financing costs | $ 1,087 | $ 1,430 | $ 1,206 |
Accounts Payable and Other Li_3
Accounts Payable and Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accounts payable and accrued expenses | $ 5,387 | $ 9,409 |
Accrued interest expense | 1,941 | 1,626 |
Accrued property taxes | 2,421 | 2,913 |
Accrued personnel costs | 3,940 | 4,198 |
Distribution and servicing fees | 0 | 182 |
Distributions payable to stockholders | 7,719 | 7,355 |
Performance DSUs distributions payable | 573 | 394 |
Tenant deposits | 877 | 802 |
Deferred rental income | 7,761 | 7,100 |
Derivative liabilities | 0 | 5,618 |
Total accounts payable and other liabilities | $ 30,619 | $ 39,597 |
Credit Facility (Schedule of Cr
Credit Facility (Schedule of Credit Facility) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Line of Credit Facility [Line Items] | ||
Total credit facility, Weighted Average Contractual Rate | 3.37% | |
Total credit facility, principal amount outstanding | $ 583,000 | $ 500,000 |
Unamortized deferred financing costs related to the term loan credit facility | (2,412) | (3,226) |
Total credit facility, net of deferred financing costs | $ 580,588 | 496,774 |
Revolving Line of Credit | Variable rate revolving line of credit | ||
Line of Credit Facility [Line Items] | ||
Total credit facility, Weighted Average Contractual Rate | 5.47% | |
Total credit facility, principal amount outstanding | $ 8,000 | 0 |
Term Loan | Variable rate term loans fixed through interest rate swaps | ||
Line of Credit Facility [Line Items] | ||
Total credit facility, Weighted Average Contractual Rate | 2.95% | |
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, Weighted Average Contractual Rate | 5.47% | |
Total credit facility, principal amount outstanding | $ 90,000 | $ 100,000 |
Credit Facility (Narrative) (De
Credit Facility (Narrative) (Details) | 12 Months Ended | ||||||||
Jul. 20, 2022 USD ($) | Jul. 12, 2022 USD ($) | May 17, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Apr. 08, 2022 USD ($) agreement | Feb. 15, 2022 USD ($) | Feb. 14, 2022 USD ($) | |
Line of Credit Facility [Line Items] | |||||||||
Loss on extinguishment of debt | $ 3,367,000 | $ 28,751,000 | $ 0 | ||||||
Debt extinguishment costs | 4,000 | 29,244,000 | 0 | ||||||
Accelerated unamortized debt issuance costs | 3,363,000 | ||||||||
Minimum draw | $ 20,000,000 | ||||||||
Proceeds from credit facility | 845,000,000 | 15,000,000 | 140,000,000 | ||||||
Payments on credit facility | 762,000,000 | $ 453,000,000 | $ 110,000,000 | ||||||
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 Credit Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Commitments available | 1,075,000,000 | ||||||||
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% | ||||||||
Revolving Line of Credit | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt extinguishment costs | 4,000 | ||||||||
Proceeds from credit facility | 70,000,000 | ||||||||
Payments on credit facility | $ 57,000,000 | ||||||||
Revolving Line of Credit | Variable rate revolving line of credit | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Commitments available | 500,000,000 | $ 500,000,000 | |||||||
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 | Dec. 31, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 0 |
2024 | 300,000 |
2025 | 0 |
2026 | 8,000 |
2027 | 0 |
Thereafter | 275,000 |
Total | $ 583,000 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
Total credit facility, principal amount outstanding | $ 583,000 | $ 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 | Dec. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Derivative assets | $ 27,990 | $ 2,171 |
Liabilities: | ||
Derivative liabilities | 0 | 5,618 |
Recurring basis | ||
Assets: | ||
Derivative assets | 27,990 | 2,171 |
Total assets at fair value | 27,990 | 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 | 27,990 | 2,171 |
Total assets at fair value | 27,990 | 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 |
Fair Value (Schedule of Fair _2
Fair Value (Schedule of Fair Value, Real Estate Assets Measured on Non-Recurring Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2020 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Estimated fair value | $ 1,880,082 | $ 1,827,305 | |
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration] | Depreciation and amortization | ||
In-place leases | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of acquired intangible assets | $ 4,345 | $ 1,504 | |
Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Estimated fair value | 13,898 | ||
Impairment loss on real estate | 51,769 | ||
Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Estimated fair value | 0 | ||
Nonrecurring | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Estimated fair value | 0 | ||
Nonrecurring | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Estimated fair value | $ 13,898 |
Fair Value (Summary of Signific
Fair Value (Summary of Significant Unobservable Inputs) (Details) - Significant Unobservable Inputs (Level 3) - Valuation, Market Approach | Dec. 31, 2022 $ / sqft |
Minimum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Comparable sale price per square foot (in dollars per square foot) | 5.01 |
Maximum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Comparable sale price per square foot (in dollars per square foot) | 6.56 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Additional gain expected to be reclassified from AOCI into earnings during next twelve months | $ 18,078 | |
OCI, Cash Flow Hedge, Reclassification for Discontinuance, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and other expense, net | |
Gain on accelerated reclassification amounts | $ 67 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Schedule of the Notional Amount and Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Fair Value of Asset | $ 27,990 | $ 2,171 |
Fair Value of Liability | 0 | (5,618) |
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 | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value of Asset | 27,990 | 2,171 |
Interest rate swaps | Designated as Hedging Instrument | Accounts Payable and Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value of Liability | $ 0 | $ (5,618) |
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 | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Amount of Income (Loss) Recognized in Other Comprehensive Income on Derivatives | $ 5,919 | $ (23,583) | |||||||||
Amount of Loss Reclassified From Accumulated Other Comprehensive Income (Loss) to Net (Loss) Income | (9,678) | (7,843) | |||||||||
Interest and other expense, net | $ 5,830 | $ 5,498 | $ 4,329 | $ 8,115 | $ 4,480 | $ 11,737 | $ 9,534 | $ 8,764 | $ 23,772 | 34,515 | 42,025 |
Income from discontinued operations | $ 0 | $ 377,191 | $ 16,305 | $ 7,948 | 0 | 401,444 | 27,839 | ||||
Data Centers | Discontinued Operations, Disposed of by Sale | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Income from discontinued operations | 401,444 | 27,839 | |||||||||
Continuing Operations | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Interest and other expense, net | 23,772 | 34,515 | 42,025 | ||||||||
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 | (37) | (3,907) | |||||||||
Interest rate swaps | Continuing Operations | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Amount of Income (Loss) Recognized in Other Comprehensive Income on Derivatives | 32,317 | 5,956 | (19,676) | ||||||||
Interest rate swaps | Interest and other expense, net | Continuing Operations | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Amount of Loss Reclassified From Accumulated Other Comprehensive Income (Loss) to Net (Loss) Income | $ (520) | (8,031) | (6,263) | ||||||||
Interest rate swaps | Income from discontinued operations | Data Centers | Discontinued Operations, Disposed of by Sale | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Amount of Loss Reclassified From Accumulated Other Comprehensive Income (Loss) to Net (Loss) Income | $ (1,647) | $ (1,580) |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities (Schedule of Offsetting of Derivative Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross Amounts of Recognized Assets | $ 27,990 | $ 2,171 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Balance Sheet | 27,990 | 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 | $ 27,990 | $ 1,148 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities (Schedule of Offsetting of Derivative Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 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) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||
Mar. 15, 2023 $ / shares | Mar. 06, 2023 USD ($) | Feb. 17, 2023 $ / shares | Feb. 06, 2023 USD ($) | Jan. 18, 2023 $ / shares | Jan. 06, 2023 USD ($) | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) $ / shares shares | |
Class of Stock [Line Items] | |||||||||
Distributions declared per common share (in dollars per share) | $ / shares | $ 0.40 | $ 2.19 | $ 0.48 | ||||||
Special cash distribution per common share (in dollars per share) | $ / shares | $ 1.75 | ||||||||
Repurchase of common stock, percentage of shares (as a percent) | 0.0050 | 0.0051 | |||||||
Repurchase of common stock | $ (29,487) | ||||||||
Issuance of common stock under the distribution reinvestment plan | $ 24,834 | $ 27,584 | $ 30,553 | ||||||
Common Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Repurchase of common stock (in shares) | shares | (1,123,183) | (1,133,901) | (3,408,870) | ||||||
Repurchase of common stock | $ (11) | $ (11) | $ (34) | ||||||
Issuance of common stock under the distribution reinvestment plan | $ 30 | $ 33 | $ 35 | ||||||
Subsequent Event | |||||||||
Class of Stock [Line Items] | |||||||||
Distributions paid | $ 6,982 | $ 7,734 | $ 7,719 | ||||||
Cash | 5,063 | 5,609 | 5,592 | ||||||
Issuance of common stock under the distribution reinvestment plan | 1,919 | 2,125 | 2,127 | ||||||
Class A, I and T Shares | Common Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Repurchase of common stock (in shares) | shares | (1,123,183) | (1,133,901) | |||||||
Repurchase of common stock | $ (9,217) | $ (9,528) | |||||||
Repurchase of common stock, average price per share (in dollars per share) | $ / shares | $ 8.21 | $ 8.40 | |||||||
Class A | Common Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Repurchase of common stock (in shares) | shares | (981,772) | (1,055,054) | |||||||
Class A | Subsequent Event | |||||||||
Class of Stock [Line Items] | |||||||||
Distributions declared per common share (in dollars per share) | $ / shares | $ 0.00109589 | $ 0.00109589 | $ 0.00109589 | ||||||
Distributions paid | 5,204 | 5,767 | 5,755 | ||||||
Cash | 4,081 | 4,522 | 4,506 | ||||||
Issuance of common stock under the distribution reinvestment plan | 1,123 | 1,245 | 1,249 | ||||||
Class I | Common Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Repurchase of common stock (in shares) | shares | (31,666) | (11,836) | |||||||
Class I | Subsequent Event | |||||||||
Class of Stock [Line Items] | |||||||||
Distributions declared per common share (in dollars per share) | $ / shares | 0.00109589 | 0.00109589 | 0.00109589 | ||||||
Distributions paid | 516 | 570 | 569 | ||||||
Cash | 307 | 339 | 338 | ||||||
Issuance of common stock under the distribution reinvestment plan | 209 | 231 | 231 | ||||||
Class T | Common Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Repurchase of common stock (in shares) | shares | (109,745) | (67,011) | |||||||
Class T | Subsequent Event | |||||||||
Class of Stock [Line Items] | |||||||||
Distributions declared per common share (in dollars per share) | $ / shares | $ 0.00109589 | $ 0.00109589 | $ 0.00109589 | ||||||
Distributions paid | 1,262 | 1,397 | 1,395 | ||||||
Cash | 675 | 748 | 748 | ||||||
Issuance of common stock under the distribution reinvestment plan | $ 587 | $ 649 | $ 647 |
Stockholders' Equity (Amounts R
Stockholders' Equity (Amounts Recognized in AOCI) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning | $ 1,653,873 | $ 1,738,419 | |
Other comprehensive income (loss) | (15,740) | ||
Balance, ending | 1,653,873 | ||
Unrealized Income (Loss) on Derivative Instruments | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning | $ (4,847) | (20,444) | (4,704) |
Other comprehensive income (loss) before reclassification | 32,317 | 5,919 | (23,583) |
Amount of loss reclassified from accumulated other comprehensive income (loss) to net income (loss) | 520 | 9,678 | 7,843 |
Other comprehensive income (loss) | 32,837 | 15,597 | (15,740) |
Balance, ending | $ 27,990 | $ (4,847) | $ (20,444) |
Stockholders' Equity (Reclassif
Stockholders' Equity (Reclassifications Out of AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Interest and other expense, net | $ 5,830 | $ 5,498 | $ 4,329 | $ 8,115 | $ 4,480 | $ 11,737 | $ 9,534 | $ 8,764 | $ 23,772 | $ 34,515 | $ 42,025 |
Income from discontinued operations | 0 | (377,191) | (16,305) | (7,948) | 0 | (401,444) | (27,839) | ||||
Net income (loss) attributable to common stockholders | $ 34,762 | $ (13,392) | $ (12,021) | $ (1,371) | $ (12,077) | $ (371,645) | $ (16,056) | $ (2,882) | 7,978 | (402,660) | (36,776) |
Interest rate swaps | Loss Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Net (Loss) Income | Reclassification out of Accumulated Other Comprehensive Income (Loss) | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Interest and other expense, net | 520 | 8,031 | 6,263 | ||||||||
Income from discontinued operations | 0 | 1,647 | 1,580 | ||||||||
Net income (loss) attributable to common stockholders | $ 520 | $ 9,678 | $ 7,843 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Anti-dilutive shares excluded from computation of earnings per share (in shares) | 1,341 | 968 | |
Diluted earnings per share outstanding adjustment (in shares) | 186 |
Stock-based Compensation (Detai
Stock-based Compensation (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 06, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Accelerated stock-based compensation | $ 326,000 | |||
Stock-based compensation | 4,180,000 | $ 2,379,000 | $ 437,000 | |
Restricted Class A Common Stock And Performance DSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 6,834,000 | 5,886,000 | ||
Unrecognized compensation expense, weighted average period of recognition | 2 years 7 days | |||
Fair value of nonvested shares of restricted common stock | $ 11,703,000 | $ 7,991,000 | ||
Class A | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of authorized and reserved shares of common stock under plan (in shares) | 5,000,000 |
Stock-based Compensation (Sched
Stock-based Compensation (Schedule of Nonvested Shares of Restricted Common Stock Activity) (Details) | 12 Months Ended |
Dec. 31, 2022 shares | |
Restricted Class A Common Stock And Performance DSUs | |
Summary of Restricted Common Stock Activity, Nonvested, Number of Shares [Roll Forward] | |
Beginning balance (in shares) | 974,558 |
Ending balance (in shares) | 1,423,690 |
Class A | |
Summary of Restricted Common Stock Activity, Nonvested, Number of Shares [Roll Forward] | |
Vested (in shares) | (167,500) |
Forfeited (in shares) | (16,344) |
Granted (in shares) | 335,854 |
Performance DSUs | |
Summary of Restricted Common Stock Activity, Nonvested, Number of Shares [Roll Forward] | |
Vested (in shares) | (5,387) |
Forfeited (in shares) | (15,438) |
Granted (in shares) | 317,947 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Impact related to uncertain tax positions from the results of operations | $ 0 | $ 0 | $ 0 |
Interest expense or penalties related to unrecognized tax benefits | $ 0 |
Income Taxes (Schedule of Chara
Income Taxes (Schedule of Characterization of Distributions Paid to Stockholders) (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Common Class A, I, T and T2 Shares | |||
Income Taxes [Line Items] | |||
Ordinary dividends (as a percent) | 40.94% | 27.91% | 0% |
Capital gain distributions (as a percent) | 0% | 0% | 0% |
Nontaxable distributions (as a percent) | 59.06% | 72.09% | 100% |
Total (as a percent) | 100% | 100% | 100% |
Special Dividends | |||
Income Taxes [Line Items] | |||
Ordinary dividends (as a percent) | 0% | 12.39% | 0% |
Capital gain distributions (as a percent) | 0% | 86.66% | 0% |
Nontaxable distributions (as a percent) | 0% | 0.95% | 0% |
Total (as a percent) | 0% | 100% | 0% |
Commitments and Contingencies (
Commitments and Contingencies (Details) | Dec. 31, 2022 legalProceeding |
Commitments and Contingencies Disclosure [Abstract] | |
Number of pending legal proceedings to which the company is a party | 0 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Total revenue | $ 43,905 | $ 46,881 | $ 44,918 | $ 44,282 | $ 43,606 | $ 43,063 | $ 43,747 | $ 42,422 | $ 179,986 | $ 172,838 | $ 165,781 |
Total expenses | (72,837) | (27,991) | (28,568) | (35,256) | (27,138) | (36,872) | (34,462) | (38,724) | (164,652) | (137,196) | (117,961) |
Gain on real estate disposition | 0 | 0 | 0 | 460 | 89 | 0 | 0 | 0 | 460 | 89 | 3,142 |
Interest and other expense, net | (5,830) | (5,498) | (4,329) | (8,115) | (4,480) | (11,737) | (9,534) | (8,764) | (23,772) | (34,515) | (42,025) |
Income (loss) from continuing operations | (34,762) | 13,392 | 12,021 | 1,371 | 12,077 | (5,546) | (249) | (5,066) | (7,978) | 1,216 | 8,937 |
Income from discontinued operations | 0 | 377,191 | 16,305 | 7,948 | 0 | 401,444 | 27,839 | ||||
Net income (loss) attributable to common stockholders | $ (34,762) | $ 13,392 | $ 12,021 | $ 1,371 | $ 12,077 | $ 371,645 | $ 16,056 | $ 2,882 | $ (7,978) | $ 402,660 | $ 36,776 |
Net (loss) income per common share attributable to common stockholders: | |||||||||||
Basic, continuing operations (in dollars per share) | $ 0.05 | $ (0.03) | $ 0 | $ (0.02) | $ (0.03) | $ 0 | $ 0.04 | ||||
Basic, discontinued operations (in dollars per share) | 0 | 1.69 | 0.07 | 0.03 | 0 | 1.80 | 0.13 | ||||
Basic (in dollars per share) | $ (0.15) | $ 0.06 | $ 0.05 | $ 0.01 | 0.05 | 1.66 | 0.07 | 0.01 | (0.03) | 1.80 | 0.17 |
Diluted, continuing operations (in dollars per share) | 0.05 | (0.03) | 0 | (0.02) | (0.03) | 0 | 0.04 | ||||
Diluted, discontinued operations (in dollars per share) | 0 | 1.69 | 0.07 | 0.03 | 0 | 1.79 | 0.13 | ||||
Diluted (in dollars per share) | $ (0.15) | $ 0.06 | $ 0.05 | $ 0.01 | $ 0.05 | $ 1.66 | $ 0.07 | $ 0.01 | $ (0.03) | $ 1.79 | $ 0.17 |
Weighted average number of common shares outstanding: | |||||||||||
Basic (in shares) | 226,112,737 | 225,638,485 | 225,008,452 | 224,499,307 | 224,054,323 | 223,661,774 | 223,082,912 | 222,481,179 | 225,320,043 | 223,325,293 | 221,436,617 |
Diluted (in shares) | 226,112,737 | 226,957,015 | 226,362,977 | 225,865,366 | 225,031,906 | 223,661,774 | 223,082,912 | 222,481,179 | 225,320,043 | 224,293,339 | 221,622,444 |
Subsequent Events (Distribution
Subsequent Events (Distributions) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||
Mar. 15, 2023 | Mar. 06, 2023 | Feb. 17, 2023 | Feb. 06, 2023 | Jan. 18, 2023 | Jan. 06, 2023 | Apr. 30, 2023 | Mar. 31, 2023 | Feb. 28, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Subsequent Event [Line Items] | ||||||||||||
Issuance of common stock under the distribution reinvestment plan | $ 24,834 | $ 27,584 | $ 30,553 | |||||||||
Distributions declared per common share (in dollars per share) | $ 0.40 | $ 2.19 | $ 0.48 | |||||||||
Subsequent Event | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Cash | $ 5,063 | $ 5,609 | $ 5,592 | |||||||||
Issuance of common stock under the distribution reinvestment plan | 1,919 | 2,125 | 2,127 | |||||||||
Distributions paid | 6,982 | 7,734 | 7,719 | |||||||||
Class A | Subsequent Event | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Cash | 4,081 | 4,522 | 4,506 | |||||||||
Issuance of common stock under the distribution reinvestment plan | 1,123 | 1,245 | 1,249 | |||||||||
Distributions paid | 5,204 | 5,767 | 5,755 | |||||||||
Distributions declared per common share (in dollars per share) | $ 0.00109589 | $ 0.00109589 | $ 0.00109589 | |||||||||
Annualized distribution per share (in dollars per share) | 0.40 | 0.40 | 0.40 | |||||||||
Class I | Subsequent Event | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Cash | 307 | 339 | 338 | |||||||||
Issuance of common stock under the distribution reinvestment plan | 209 | 231 | 231 | |||||||||
Distributions paid | 516 | 570 | 569 | |||||||||
Distributions declared per common share (in dollars per share) | 0.00109589 | 0.00109589 | 0.00109589 | |||||||||
Annualized distribution per share (in dollars per share) | 0.40 | 0.40 | 0.40 | |||||||||
Class T | Subsequent Event | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Cash | 675 | 748 | 748 | |||||||||
Issuance of common stock under the distribution reinvestment plan | 587 | 649 | 647 | |||||||||
Distributions paid | $ 1,262 | $ 1,397 | $ 1,395 | |||||||||
Distributions declared per common share (in dollars per share) | 0.00109589 | 0.00109589 | 0.00109589 | |||||||||
Annualized distribution per share (in dollars per share) | $ 0.40 | $ 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 | 365 days |
SCHEDULE III - REAL ESTATE AS_2
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost, Land | 167,362 | |||
Initial Cost, Buildings and Improvements | 1,857,705 | |||
Cost Capitalized Subsequent to Acquisition | 64,133 | |||
Gross Amount Carried at Close of Period, Land | 163,419 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 1,925,781 | |||
Gross Amount Carried at Close of Period, Total | 2,089,200 | $ 2,015,330 | $ 2,890,958 | $ 2,896,766 |
Accumulated Depreciation | 209,118 | $ 165,784 | $ 197,134 | $ 128,304 |
Houston Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 762 | |||
Initial Cost, Buildings and Improvements | 2,970 | |||
Cost Capitalized Subsequent to Acquisition | 106 | |||
Gross Amount Carried at Close of Period, Land | 762 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 3,076 | |||
Gross Amount Carried at Close of Period, Total | 3,838 | |||
Accumulated Depreciation | 857 | |||
Cincinnati Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 356 | |||
Initial Cost, Buildings and Improvements | 3,167 | |||
Cost Capitalized Subsequent to Acquisition | 89 | |||
Gross Amount Carried at Close of Period, Land | 356 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 3,256 | |||
Gross Amount Carried at Close of Period, Total | 3,612 | |||
Accumulated Depreciation | 804 | |||
Winston-Salem Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 684 | |||
Initial Cost, Buildings and Improvements | 4,903 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 684 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 4,903 | |||
Gross Amount Carried at Close of Period, Total | 5,587 | |||
Accumulated Depreciation | 1,175 | |||
Stoughton Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,049 | |||
Initial Cost, Buildings and Improvements | 19,991 | |||
Cost Capitalized Subsequent to Acquisition | 3,247 | |||
Gross Amount Carried at Close of Period, Land | 4,049 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 23,238 | |||
Gross Amount Carried at Close of Period, Total | 27,287 | |||
Accumulated Depreciation | 4,970 | |||
Fort Worth Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 8,297 | |||
Initial Cost, Buildings and Improvements | 35,615 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 8,297 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 35,615 | |||
Gross Amount Carried at Close of Period, Total | 43,912 | |||
Accumulated Depreciation | 7,508 | |||
Fort Worth Healthcare Facility II | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 367 | |||
Initial Cost, Buildings and Improvements | 1,587 | |||
Cost Capitalized Subsequent to Acquisition | 201 | |||
Gross Amount Carried at Close of Period, Land | 367 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 1,788 | |||
Gross Amount Carried at Close of Period, Total | 2,155 | |||
Accumulated Depreciation | 621 | |||
Winter Haven Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 2,805 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 2,805 | |||
Gross Amount Carried at Close of Period, Total | 2,805 | |||
Accumulated Depreciation | 620 | |||
Overland Park Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,558 | |||
Initial Cost, Buildings and Improvements | 20,549 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,558 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 20,549 | |||
Gross Amount Carried at Close of Period, Total | 22,107 | |||
Accumulated Depreciation | 4,254 | |||
Clarion Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 462 | |||
Initial Cost, Buildings and Improvements | 5,377 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 462 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 5,377 | |||
Gross Amount Carried at Close of Period, Total | 5,839 | |||
Accumulated Depreciation | 1,371 | |||
Webster Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,858 | |||
Initial Cost, Buildings and Improvements | 20,140 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,858 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 20,140 | |||
Gross Amount Carried at Close of Period, Total | 21,998 | |||
Accumulated Depreciation | 3,983 | |||
Augusta Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 556 | |||
Initial Cost, Buildings and Improvements | 14,401 | |||
Cost Capitalized Subsequent to Acquisition | 103 | |||
Gross Amount Carried at Close of Period, Land | 556 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 14,504 | |||
Gross Amount Carried at Close of Period, Total | 15,060 | |||
Accumulated Depreciation | 3,042 | |||
Cincinnati Healthcare Facility II | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,812 | |||
Initial Cost, Buildings and Improvements | 24,382 | |||
Cost Capitalized Subsequent to Acquisition | (14,422) | |||
Gross Amount Carried at Close of Period, Land | 943 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 10,829 | |||
Gross Amount Carried at Close of Period, Total | 11,772 | |||
Accumulated Depreciation | 0 | |||
Cincinnati Healthcare Facility III | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 446 | |||
Initial Cost, Buildings and Improvements | 10,239 | |||
Cost Capitalized Subsequent to Acquisition | 4 | |||
Gross Amount Carried at Close of Period, Land | 446 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 10,243 | |||
Gross Amount Carried at Close of Period, Total | 10,689 | |||
Accumulated Depreciation | 2,031 | |||
Florence Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 650 | |||
Initial Cost, Buildings and Improvements | 9,919 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 650 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 9,919 | |||
Gross Amount Carried at Close of Period, Total | 10,569 | |||
Accumulated Depreciation | 1,960 | |||
Oakland Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 229 | |||
Initial Cost, Buildings and Improvements | 5,416 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 229 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 5,416 | |||
Gross Amount Carried at Close of Period, Total | 5,645 | |||
Accumulated Depreciation | 1,235 | |||
Wyomissing Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,504 | |||
Initial Cost, Buildings and Improvements | 20,193 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,504 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 20,193 | |||
Gross Amount Carried at Close of Period, Total | 21,697 | |||
Accumulated Depreciation | 4,070 | |||
Luling Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 824 | |||
Initial Cost, Buildings and Improvements | 7,530 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 824 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 7,530 | |||
Gross Amount Carried at Close of Period, Total | 8,354 | |||
Accumulated Depreciation | 1,509 | |||
Omaha Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,259 | |||
Initial Cost, Buildings and Improvements | 9,796 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,259 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 9,796 | |||
Gross Amount Carried at Close of Period, Total | 11,055 | |||
Accumulated Depreciation | 1,856 | |||
Sherman Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,679 | |||
Initial Cost, Buildings and Improvements | 23,926 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,679 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 23,926 | |||
Gross Amount Carried at Close of Period, Total | 25,605 | |||
Accumulated Depreciation | 4,429 | |||
Sherman Healthcare Facility II | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 214 | |||
Initial Cost, Buildings and Improvements | 3,209 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 214 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 3,209 | |||
Gross Amount Carried at Close of Period, Total | 3,423 | |||
Accumulated Depreciation | 599 | |||
Fort Worth Healthcare Facility III | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,120 | |||
Initial Cost, Buildings and Improvements | 9,312 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 3,120 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 9,312 | |||
Gross Amount Carried at Close of Period, Total | 12,432 | |||
Accumulated Depreciation | 1,725 | |||
Oklahoma City Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,626 | |||
Initial Cost, Buildings and Improvements | 30,509 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 4,626 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 30,509 | |||
Gross Amount Carried at Close of Period, Total | 35,135 | |||
Accumulated Depreciation | 5,834 | |||
Oklahoma City Healthcare Facility II | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 991 | |||
Initial Cost, Buildings and Improvements | 8,366 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 991 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 8,366 | |||
Gross Amount Carried at Close of Period, Total | 9,357 | |||
Accumulated Depreciation | 1,701 | |||
Edmond Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 796 | |||
Initial Cost, Buildings and Improvements | 3,199 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 796 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 3,199 | |||
Gross Amount Carried at Close of Period, Total | 3,995 | |||
Accumulated Depreciation | 655 | |||
Oklahoma City Healthcare Facility III | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 452 | |||
Initial Cost, Buildings and Improvements | 1,081 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 452 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 1,081 | |||
Gross Amount Carried at Close of Period, Total | 1,533 | |||
Accumulated Depreciation | 227 | |||
Oklahoma City Healthcare Facility IV | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 368 | |||
Initial Cost, Buildings and Improvements | 2,344 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 368 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 2,344 | |||
Gross Amount Carried at Close of Period, Total | 2,712 | |||
Accumulated Depreciation | 480 | |||
Newcastle Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 412 | |||
Initial Cost, Buildings and Improvements | 1,173 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 412 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 1,173 | |||
Gross Amount Carried at Close of Period, Total | 1,585 | |||
Accumulated Depreciation | 245 | |||
Oklahoma City Healthcare Facility V | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 541 | |||
Initial Cost, Buildings and Improvements | 12,445 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 541 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 12,445 | |||
Gross Amount Carried at Close of Period, Total | 12,986 | |||
Accumulated Depreciation | 2,524 | |||
Rancho Mirage Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,724 | |||
Initial Cost, Buildings and Improvements | 7,626 | |||
Cost Capitalized Subsequent to Acquisition | 29,844 | |||
Gross Amount Carried at Close of Period, Land | 2,726 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 37,468 | |||
Gross Amount Carried at Close of Period, Total | 40,194 | |||
Accumulated Depreciation | 4,098 | |||
Oklahoma City Healthcare Facility VI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 896 | |||
Initial Cost, Buildings and Improvements | 3,684 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 896 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 3,684 | |||
Gross Amount Carried at Close of Period, Total | 4,580 | |||
Accumulated Depreciation | 760 | |||
Oklahoma City Healthcare Facility VII | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,203 | |||
Initial Cost, Buildings and Improvements | 32,380 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 3,203 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 32,380 | |||
Gross Amount Carried at Close of Period, Total | 35,583 | |||
Accumulated Depreciation | 5,558 | |||
Las Vegas Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,614 | |||
Initial Cost, Buildings and Improvements | 639 | |||
Cost Capitalized Subsequent to Acquisition | 22,091 | |||
Gross Amount Carried at Close of Period, Land | 2,895 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 22,449 | |||
Gross Amount Carried at Close of Period, Total | 25,344 | |||
Accumulated Depreciation | 2,985 | |||
Oklahoma City Healthcare Facility VIII | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,002 | |||
Initial Cost, Buildings and Improvements | 15,384 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 2,002 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 15,384 | |||
Gross Amount Carried at Close of Period, Total | 17,386 | |||
Accumulated Depreciation | 2,605 | |||
Marlton Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 57,154 | |||
Cost Capitalized Subsequent to Acquisition | 5 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 57,159 | |||
Gross Amount Carried at Close of Period, Total | 57,159 | |||
Accumulated Depreciation | 8,755 | |||
Grand Rapids Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,533 | |||
Initial Cost, Buildings and Improvements | 39,487 | |||
Cost Capitalized Subsequent to Acquisition | 1,034 | |||
Gross Amount Carried at Close of Period, Land | 2,533 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 40,521 | |||
Gross Amount Carried at Close of Period, Total | 43,054 | |||
Accumulated Depreciation | 7,150 | |||
Corpus Christi Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 975 | |||
Initial Cost, Buildings and Improvements | 4,963 | |||
Cost Capitalized Subsequent to Acquisition | 716 | |||
Gross Amount Carried at Close of Period, Land | 1,002 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 5,652 | |||
Gross Amount Carried at Close of Period, Total | 6,654 | |||
Accumulated Depreciation | 967 | |||
Aurora Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 973 | |||
Initial Cost, Buildings and Improvements | 9,632 | |||
Cost Capitalized Subsequent to Acquisition | 19 | |||
Gross Amount Carried at Close of Period, Land | 973 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 9,651 | |||
Gross Amount Carried at Close of Period, Total | 10,624 | |||
Accumulated Depreciation | 1,507 | |||
Allen Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 857 | |||
Initial Cost, Buildings and Improvements | 20,582 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 857 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 20,582 | |||
Gross Amount Carried at Close of Period, Total | 21,439 | |||
Accumulated Depreciation | 3,209 | |||
Austin Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,368 | |||
Initial Cost, Buildings and Improvements | 32,039 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,368 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 32,039 | |||
Gross Amount Carried at Close of Period, Total | 33,407 | |||
Accumulated Depreciation | 4,996 | |||
Beaumont Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 946 | |||
Initial Cost, Buildings and Improvements | 8,372 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 946 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 8,372 | |||
Gross Amount Carried at Close of Period, Total | 9,318 | |||
Accumulated Depreciation | 1,313 | |||
San Antonio Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,813 | |||
Initial Cost, Buildings and Improvements | 11,706 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,813 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 11,706 | |||
Gross Amount Carried at Close of Period, Total | 13,519 | |||
Accumulated Depreciation | 1,759 | |||
Silverdale Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,530 | |||
Initial Cost, Buildings and Improvements | 7,506 | |||
Cost Capitalized Subsequent to Acquisition | 15 | |||
Gross Amount Carried at Close of Period, Land | 1,530 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 7,521 | |||
Gross Amount Carried at Close of Period, Total | 9,051 | |||
Accumulated Depreciation | 1,237 | |||
Silverdale Healthcare Facility II | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,542 | |||
Initial Cost, Buildings and Improvements | 4,981 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,542 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 4,981 | |||
Gross Amount Carried at Close of Period, Total | 6,523 | |||
Accumulated Depreciation | 885 | |||
Saginaw Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,251 | |||
Initial Cost, Buildings and Improvements | 15,878 | |||
Cost Capitalized Subsequent to Acquisition | 235 | |||
Gross Amount Carried at Close of Period, Land | 1,251 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 16,113 | |||
Gross Amount Carried at Close of Period, Total | 17,364 | |||
Accumulated Depreciation | 2,928 | |||
Carrollton Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,995 | |||
Initial Cost, Buildings and Improvements | 5,870 | |||
Cost Capitalized Subsequent to Acquisition | 39 | |||
Gross Amount Carried at Close of Period, Land | 1,995 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 5,909 | |||
Gross Amount Carried at Close of Period, Total | 7,904 | |||
Accumulated Depreciation | 771 | |||
Katy Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,443 | |||
Initial Cost, Buildings and Improvements | 12,114 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,443 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 12,114 | |||
Gross Amount Carried at Close of Period, Total | 13,557 | |||
Accumulated Depreciation | 1,428 | |||
Indianola Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 330 | |||
Initial Cost, Buildings and Improvements | 5,698 | |||
Cost Capitalized Subsequent to Acquisition | 67 | |||
Gross Amount Carried at Close of Period, Land | 330 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 5,765 | |||
Gross Amount Carried at Close of Period, Total | 6,095 | |||
Accumulated Depreciation | 669 | |||
Indianola Healthcare Facility II | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 709 | |||
Initial Cost, Buildings and Improvements | 6,061 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 709 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 6,061 | |||
Gross Amount Carried at Close of Period, Total | 6,770 | |||
Accumulated Depreciation | 733 | |||
Benton Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 19,048 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 19,048 | |||
Gross Amount Carried at Close of Period, Total | 19,048 | |||
Accumulated Depreciation | 2,177 | |||
Benton Healthcare Facility II | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 1,647 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 1,647 | |||
Gross Amount Carried at Close of Period, Total | 1,647 | |||
Accumulated Depreciation | 209 | |||
Bryant Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 930 | |||
Initial Cost, Buildings and Improvements | 3,539 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 930 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 3,539 | |||
Gross Amount Carried at Close of Period, Total | 4,469 | |||
Accumulated Depreciation | 446 | |||
Hot Springs Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 384 | |||
Initial Cost, Buildings and Improvements | 2,077 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 384 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 2,077 | |||
Gross Amount Carried at Close of Period, Total | 2,461 | |||
Accumulated Depreciation | 270 | |||
Clive Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 336 | |||
Initial Cost, Buildings and Improvements | 22,332 | |||
Cost Capitalized Subsequent to Acquisition | 158 | |||
Gross Amount Carried at Close of Period, Land | 336 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 22,490 | |||
Gross Amount Carried at Close of Period, Total | 22,826 | |||
Accumulated Depreciation | 2,920 | |||
Valdosta Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 659 | |||
Initial Cost, Buildings and Improvements | 5,626 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 659 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 5,626 | |||
Gross Amount Carried at Close of Period, Total | 6,285 | |||
Accumulated Depreciation | 730 | |||
Valdosta Healthcare Facility II | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 471 | |||
Initial Cost, Buildings and Improvements | 2,780 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 471 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 2,780 | |||
Gross Amount Carried at Close of Period, Total | 3,251 | |||
Accumulated Depreciation | 366 | |||
Bryant Healthcare Facility II | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 647 | |||
Initial Cost, Buildings and Improvements | 3,364 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 647 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 3,364 | |||
Gross Amount Carried at Close of Period, Total | 4,011 | |||
Accumulated Depreciation | 323 | |||
Laredo Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 12,137 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 12,137 | |||
Gross Amount Carried at Close of Period, Total | 12,137 | |||
Accumulated Depreciation | 1,083 | |||
Laredo Healthcare Facility II | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 23,677 | |||
Cost Capitalized Subsequent to Acquisition | 83 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 23,760 | |||
Gross Amount Carried at Close of Period, Total | 23,760 | |||
Accumulated Depreciation | 2,157 | |||
Poplar Bluff Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 13,515 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 13,515 | |||
Gross Amount Carried at Close of Period, Total | 13,515 | |||
Accumulated Depreciation | 1,211 | |||
Tucson Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 5,998 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 5,998 | |||
Gross Amount Carried at Close of Period, Total | 5,998 | |||
Accumulated Depreciation | 540 | |||
Akron Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,503 | |||
Initial Cost, Buildings and Improvements | 38,512 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 3,503 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 38,512 | |||
Gross Amount Carried at Close of Period, Total | 42,015 | |||
Accumulated Depreciation | 3,293 | |||
Akron Healthcare Facility II | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,085 | |||
Initial Cost, Buildings and Improvements | 10,277 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,085 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 10,277 | |||
Gross Amount Carried at Close of Period, Total | 11,362 | |||
Accumulated Depreciation | 1,056 | |||
Akron Healthcare Facility III | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,206 | |||
Initial Cost, Buildings and Improvements | 26,044 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 2,206 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 26,044 | |||
Gross Amount Carried at Close of Period, Total | 28,250 | |||
Accumulated Depreciation | 2,152 | |||
Alexandria Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 5,076 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 5,076 | |||
Gross Amount Carried at Close of Period, Total | 5,076 | |||
Accumulated Depreciation | 419 | |||
Appleton Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 414 | |||
Initial Cost, Buildings and Improvements | 1,900 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 414 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 1,900 | |||
Gross Amount Carried at Close of Period, Total | 2,314 | |||
Accumulated Depreciation | 209 | |||
Austin Healthcare Facility II | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,229 | |||
Initial Cost, Buildings and Improvements | 7,534 | |||
Cost Capitalized Subsequent to Acquisition | (2,807) | |||
Gross Amount Carried at Close of Period, Land | 2,195 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 5,761 | |||
Gross Amount Carried at Close of Period, Total | 7,956 | |||
Accumulated Depreciation | 489 | |||
Bellevue Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 567 | |||
Initial Cost, Buildings and Improvements | 1,269 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 567 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 1,269 | |||
Gross Amount Carried at Close of Period, Total | 1,836 | |||
Accumulated Depreciation | 145 | |||
Bonita Springs Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,199 | |||
Initial Cost, Buildings and Improvements | 4,373 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,199 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 4,373 | |||
Gross Amount Carried at Close of Period, Total | 5,572 | |||
Accumulated Depreciation | 371 | |||
Bridgeton Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 39,740 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 39,740 | |||
Gross Amount Carried at Close of Period, Total | 39,740 | |||
Accumulated Depreciation | 3,270 | |||
Covington Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,238 | |||
Initial Cost, Buildings and Improvements | 16,635 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 2,238 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 16,635 | |||
Gross Amount Carried at Close of Period, Total | 18,873 | |||
Accumulated Depreciation | 1,362 | |||
Crestview Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 400 | |||
Initial Cost, Buildings and Improvements | 1,536 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 400 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 1,536 | |||
Gross Amount Carried at Close of Period, Total | 1,936 | |||
Accumulated Depreciation | 146 | |||
Dallas Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 6,072 | |||
Initial Cost, Buildings and Improvements | 27,457 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 6,072 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 27,457 | |||
Gross Amount Carried at Close of Period, Total | 33,529 | |||
Accumulated Depreciation | 2,211 | |||
De Pere Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 615 | |||
Initial Cost, Buildings and Improvements | 1,596 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 615 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 1,596 | |||
Gross Amount Carried at Close of Period, Total | 2,211 | |||
Accumulated Depreciation | 176 | |||
Denver Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,586 | |||
Initial Cost, Buildings and Improvements | 32,363 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 3,586 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 32,363 | |||
Gross Amount Carried at Close of Period, Total | 35,949 | |||
Accumulated Depreciation | 2,688 | |||
El Segundo Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,659 | |||
Initial Cost, Buildings and Improvements | 9,016 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 2,659 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 9,016 | |||
Gross Amount Carried at Close of Period, Total | 11,675 | |||
Accumulated Depreciation | 748 | |||
Fairlea Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 139 | |||
Initial Cost, Buildings and Improvements | 1,910 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 139 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 1,910 | |||
Gross Amount Carried at Close of Period, Total | 2,049 | |||
Accumulated Depreciation | 167 | |||
Fayetteville Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 485 | |||
Initial Cost, Buildings and Improvements | 24,855 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 485 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 24,855 | |||
Gross Amount Carried at Close of Period, Total | 25,340 | |||
Accumulated Depreciation | 2,035 | |||
Fort Myers Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,153 | |||
Initial Cost, Buildings and Improvements | 2,387 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 2,153 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 2,387 | |||
Gross Amount Carried at Close of Period, Total | 4,540 | |||
Accumulated Depreciation | 246 | |||
Fort Myers Healthcare Facility II | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,557 | |||
Initial Cost, Buildings and Improvements | 11,064 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 3,557 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 11,064 | |||
Gross Amount Carried at Close of Period, Total | 14,621 | |||
Accumulated Depreciation | 1,063 | |||
Fort Walton Beach Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 385 | |||
Initial Cost, Buildings and Improvements | 3,182 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 385 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 3,182 | |||
Gross Amount Carried at Close of Period, Total | 3,567 | |||
Accumulated Depreciation | 277 | |||
Frankfort Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 342 | |||
Initial Cost, Buildings and Improvements | 950 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 342 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 950 | |||
Gross Amount Carried at Close of Period, Total | 1,292 | |||
Accumulated Depreciation | 93 | |||
Frisco Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 22,114 | |||
Cost Capitalized Subsequent to Acquisition | 4,653 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 26,767 | |||
Gross Amount Carried at Close of Period, Total | 26,767 | |||
Accumulated Depreciation | 2,926 | |||
Goshen Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 383 | |||
Initial Cost, Buildings and Improvements | 5,355 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 383 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 5,355 | |||
Gross Amount Carried at Close of Period, Total | 5,738 | |||
Accumulated Depreciation | 484 | |||
Hammond Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,693 | |||
Initial Cost, Buildings and Improvements | 23,750 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 2,693 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 23,750 | |||
Gross Amount Carried at Close of Period, Total | 26,443 | |||
Accumulated Depreciation | 2,019 | |||
Hammond Healthcare Facility II | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 950 | |||
Initial Cost, Buildings and Improvements | 12,147 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 950 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 12,147 | |||
Gross Amount Carried at Close of Period, Total | 13,097 | |||
Accumulated Depreciation | 1,021 | |||
Harlingen Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 10,628 | |||
Cost Capitalized Subsequent to Acquisition | (10,378) | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 250 | |||
Gross Amount Carried at Close of Period, Total | 250 | |||
Accumulated Depreciation | 0 | |||
Henderson Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 839 | |||
Initial Cost, Buildings and Improvements | 2,390 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 839 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 2,390 | |||
Gross Amount Carried at Close of Period, Total | 3,229 | |||
Accumulated Depreciation | 217 | |||
Houston Healthcare Facility III | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 752 | |||
Initial Cost, Buildings and Improvements | 5,832 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 752 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 5,832 | |||
Gross Amount Carried at Close of Period, Total | 6,584 | |||
Accumulated Depreciation | 481 | |||
Howard Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 529 | |||
Initial Cost, Buildings and Improvements | 1,818 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 529 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 1,818 | |||
Gross Amount Carried at Close of Period, Total | 2,347 | |||
Accumulated Depreciation | 202 | |||
Jacksonville Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,233 | |||
Initial Cost, Buildings and Improvements | 6,173 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,233 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 6,173 | |||
Gross Amount Carried at Close of Period, Total | 7,406 | |||
Accumulated Depreciation | 540 | |||
Lafayette Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,819 | |||
Initial Cost, Buildings and Improvements | 35,424 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 4,819 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 35,424 | |||
Gross Amount Carried at Close of Period, Total | 40,243 | |||
Accumulated Depreciation | 2,947 | |||
Lakewood Ranch Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 636 | |||
Initial Cost, Buildings and Improvements | 1,784 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 636 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 1,784 | |||
Gross Amount Carried at Close of Period, Total | 2,420 | |||
Accumulated Depreciation | 198 | |||
Las Vegas Healthcare Facility II | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 651 | |||
Initial Cost, Buildings and Improvements | 5,323 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 651 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 5,323 | |||
Gross Amount Carried at Close of Period, Total | 5,974 | |||
Accumulated Depreciation | 460 | |||
Lehigh Acres Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 441 | |||
Initial Cost, Buildings and Improvements | 2,956 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 441 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 2,956 | |||
Gross Amount Carried at Close of Period, Total | 3,397 | |||
Accumulated Depreciation | 268 | |||
Lubbock Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 5,210 | |||
Initial Cost, Buildings and Improvements | 39,939 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 5,210 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 39,939 | |||
Gross Amount Carried at Close of Period, Total | 45,149 | |||
Accumulated Depreciation | 3,264 | |||
Manitowoc Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 257 | |||
Initial Cost, Buildings and Improvements | 1,733 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 257 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 1,733 | |||
Gross Amount Carried at Close of Period, Total | 1,990 | |||
Accumulated Depreciation | 185 | |||
Manitowoc Healthcare Facility II | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 250 | |||
Initial Cost, Buildings and Improvements | 11,231 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 250 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 11,231 | |||
Gross Amount Carried at Close of Period, Total | 11,481 | |||
Accumulated Depreciation | 1,012 | |||
Marinette Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 208 | |||
Initial Cost, Buildings and Improvements | 1,002 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 208 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 1,002 | |||
Gross Amount Carried at Close of Period, Total | 1,210 | |||
Accumulated Depreciation | 110 | |||
New Bedford Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,464 | |||
Initial Cost, Buildings and Improvements | 26,297 | |||
Cost Capitalized Subsequent to Acquisition | (27,522) | |||
Gross Amount Carried at Close of Period, Land | 115 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 1,124 | |||
Gross Amount Carried at Close of Period, Total | 1,239 | |||
Accumulated Depreciation | 0 | |||
New Braunfels Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,568 | |||
Initial Cost, Buildings and Improvements | 11,386 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 2,568 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 11,386 | |||
Gross Amount Carried at Close of Period, Total | 13,954 | |||
Accumulated Depreciation | 945 | |||
North Smithfield Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,309 | |||
Initial Cost, Buildings and Improvements | 14,024 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,309 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 14,024 | |||
Gross Amount Carried at Close of Period, Total | 15,333 | |||
Accumulated Depreciation | 1,229 | |||
Oklahoma City Healthcare Facility IX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,316 | |||
Initial Cost, Buildings and Improvements | 9,822 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,316 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 9,822 | |||
Gross Amount Carried at Close of Period, Total | 11,138 | |||
Accumulated Depreciation | 930 | |||
Oshkosh Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 414 | |||
Initial Cost, Buildings and Improvements | 2,043 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 413 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 2,044 | |||
Gross Amount Carried at Close of Period, Total | 2,457 | |||
Accumulated Depreciation | 207 | |||
Palm Desert Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 582 | |||
Initial Cost, Buildings and Improvements | 5,927 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 582 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 5,927 | |||
Gross Amount Carried at Close of Period, Total | 6,509 | |||
Accumulated Depreciation | 548 | |||
Rancho Mirage Healthcare Facility II | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,286 | |||
Initial Cost, Buildings and Improvements | 5,481 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 2,286 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 5,481 | |||
Gross Amount Carried at Close of Period, Total | 7,767 | |||
Accumulated Depreciation | 497 | |||
San Antonio Healthcare Facility III | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,824 | |||
Initial Cost, Buildings and Improvements | 22,809 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,824 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 22,809 | |||
Gross Amount Carried at Close of Period, Total | 24,633 | |||
Accumulated Depreciation | 1,854 | |||
San Antonio Healthcare Facility IV | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 31,694 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 31,694 | |||
Gross Amount Carried at Close of Period, Total | 31,694 | |||
Accumulated Depreciation | 2,576 | |||
San Antonio Healthcare Facility V | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,273 | |||
Initial Cost, Buildings and Improvements | 19,697 | |||
Cost Capitalized Subsequent to Acquisition | 1,023 | |||
Gross Amount Carried at Close of Period, Land | 3,273 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 20,720 | |||
Gross Amount Carried at Close of Period, Total | 23,993 | |||
Accumulated Depreciation | 1,849 | |||
Santa Rosa Beach Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 741 | |||
Initial Cost, Buildings and Improvements | 3,049 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 741 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 3,049 | |||
Gross Amount Carried at Close of Period, Total | 3,790 | |||
Accumulated Depreciation | 249 | |||
Savannah Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,300 | |||
Initial Cost, Buildings and Improvements | 20,186 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 2,300 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 20,186 | |||
Gross Amount Carried at Close of Period, Total | 22,486 | |||
Accumulated Depreciation | 1,653 | |||
Sturgeon Bay Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 248 | |||
Initial Cost, Buildings and Improvements | 700 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 248 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 700 | |||
Gross Amount Carried at Close of Period, Total | 948 | |||
Accumulated Depreciation | 84 | |||
Victoria Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 328 | |||
Initial Cost, Buildings and Improvements | 12,908 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 328 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 12,908 | |||
Gross Amount Carried at Close of Period, Total | 13,236 | |||
Accumulated Depreciation | 1,078 | |||
Victoria Healthcare Facility II | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 446 | |||
Initial Cost, Buildings and Improvements | 12,986 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 446 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 12,986 | |||
Gross Amount Carried at Close of Period, Total | 13,432 | |||
Accumulated Depreciation | 1,074 | |||
Webster Healthcare Facility II | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 7,371 | |||
Initial Cost, Buildings and Improvements | 243,983 | |||
Cost Capitalized Subsequent to Acquisition | 4,584 | |||
Gross Amount Carried at Close of Period, Land | 7,371 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 248,567 | |||
Gross Amount Carried at Close of Period, Total | 255,938 | |||
Accumulated Depreciation | 19,913 | |||
Wilkes-Barre Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 821 | |||
Initial Cost, Buildings and Improvements | 4,139 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 821 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 4,139 | |||
Gross Amount Carried at Close of Period, Total | 4,960 | |||
Accumulated Depreciation | 388 | |||
Yucca Valley Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 901 | |||
Initial Cost, Buildings and Improvements | 4,788 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 901 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 4,788 | |||
Gross Amount Carried at Close of Period, Total | 5,689 | |||
Accumulated Depreciation | 465 | |||
Tucson Healthcare Facility II | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 25,324 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 25,324 | |||
Gross Amount Carried at Close of Period, Total | 25,324 | |||
Accumulated Depreciation | 1,102 | |||
Tucson Healthcare Facility III | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,763 | |||
Initial Cost, Buildings and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 8,177 | |||
Gross Amount Carried at Close of Period, Land | 1,763 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 8,177 | |||
Gross Amount Carried at Close of Period, Total | 9,940 | |||
Accumulated Depreciation | 668 | |||
Grimes Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 831 | |||
Initial Cost, Buildings and Improvements | 3,690 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 831 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 3,690 | |||
Gross Amount Carried at Close of Period, Total | 4,521 | |||
Accumulated Depreciation | 309 | |||
Tampa Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 10,297 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 10,297 | |||
Gross Amount Carried at Close of Period, Total | 10,297 | |||
Accumulated Depreciation | 794 | |||
Tucson Healthcare Facility IV | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 58 | |||
Cost Capitalized Subsequent to Acquisition | 17,445 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 17,503 | |||
Gross Amount Carried at Close of Period, Total | 17,503 | |||
Accumulated Depreciation | 558 | |||
Greenwood Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,603 | |||
Initial Cost, Buildings and Improvements | 22,588 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,603 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 22,588 | |||
Gross Amount Carried at Close of Period, Total | 24,191 | |||
Accumulated Depreciation | 1,004 | |||
Clive Healthcare Facility II | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,555 | |||
Initial Cost, Buildings and Improvements | 17,898 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,555 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 17,898 | |||
Gross Amount Carried at Close of Period, Total | 19,453 | |||
Accumulated Depreciation | 547 | |||
Clive Healthcare Facility III | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 843 | |||
Initial Cost, Buildings and Improvements | 12,299 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 843 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 12,299 | |||
Gross Amount Carried at Close of Period, Total | 13,142 | |||
Accumulated Depreciation | 322 | |||
Clive Healthcare Facility IV | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 720 | |||
Initial Cost, Buildings and Improvements | 7,863 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 720 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 7,863 | |||
Gross Amount Carried at Close of Period, Total | 8,583 | |||
Accumulated Depreciation | 255 | |||
Clive Undeveloped Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,061 | |||
Initial Cost, Buildings and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,061 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 1,061 | |||
Accumulated Depreciation | 0 | |||
Clive Undeveloped Land II | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 460 | |||
Initial Cost, Buildings and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 460 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amount Carried at Close of Period, Total | 460 | |||
Accumulated Depreciation | 0 | |||
Yukon Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,288 | |||
Initial Cost, Buildings and Improvements | 16,779 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 1,288 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 16,779 | |||
Gross Amount Carried at Close of Period, Total | 18,067 | |||
Accumulated Depreciation | 369 | |||
Pleasant Hills Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 922 | |||
Initial Cost, Buildings and Improvements | 12,905 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 922 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 12,905 | |||
Gross Amount Carried at Close of Period, Total | 13,827 | |||
Accumulated Depreciation | 270 | |||
Prosser Healthcare Facility I | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 282 | |||
Initial Cost, Buildings and Improvements | 1,933 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 282 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 1,933 | |||
Gross Amount Carried at Close of Period, Total | 2,215 | |||
Accumulated Depreciation | 40 | |||
Prosser Healthcare Facility II | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 95 | |||
Initial Cost, Buildings and Improvements | 3,374 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 95 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 3,374 | |||
Gross Amount Carried at Close of Period, Total | 3,469 | |||
Accumulated Depreciation | 68 | |||
Prosser Healthcare Facility III | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 59 | |||
Initial Cost, Buildings and Improvements | 2,070 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 59 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 2,070 | |||
Gross Amount Carried at Close of Period, Total | 2,129 | |||
Accumulated Depreciation | 41 | |||
Tampa Healthcare Facility II | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 47,042 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 47,042 | |||
Gross Amount Carried at Close of Period, Total | 47,042 | |||
Accumulated Depreciation | 572 | |||
Escondido Healthcare Facility | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 57,675 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Buildings and Improvements | 57,675 | |||
Gross Amount Carried at Close of Period, Total | 57,675 | |||
Accumulated Depreciation | $ 680 |
SCHEDULE III - REAL ESTATE AS_3
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION - NARRATIVE) (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) property | Dec. 31, 2021 USD ($) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Number of properties collateralized under line of credit facility | property | 124 | |
Total credit facility, principal amount outstanding | $ 583,000,000 | $ 500,000,000 |
Aggregated cost for federal income tax purposes | $ 2,284,522,000 | |
Minimum | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Life used for depreciation | 15 years | |
Maximum | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Life used for depreciation | 40 years |
SCHEDULE III - REAL ESTATE AS_4
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION - ROLLFORWARD) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at beginning of year | $ 2,015,330 | $ 2,890,958 | $ 2,896,766 |
Acquisitions | 144,424 | 66,890 | 14,876 |
Improvements | 4,735 | 23,288 | 31,260 |
Other adjustments | 182 | 978 | 0 |
Impairment | (53,230) | (29,673) | 0 |
Dispositions | (22,241) | (936,594) | (51,944) |
Other adjustments | 0 | (517) | 0 |
Balance at end of year | 2,089,200 | 2,015,330 | 2,890,958 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
Balance at beginning of year | (165,784) | (197,134) | (128,304) |
Depreciation | (51,584) | (56,999) | (69,623) |
Impairment | 8,250 | 2,507 | 0 |
Dispositions | 0 | 85,325 | 793 |
Other adjustments | 0 | 517 | 0 |
Balance at end of year | $ (209,118) | $ (165,784) | $ (197,134) |