Sila Realty Trust (SILA) 10-Q 8 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 01, 2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	000-55435
Entity Registrant Name	SILA REALTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-1854011
Entity Address, Address Line One	1001 Water Street
Entity Address, Address Line Two	Suite 800
Entity Address, City or Town	Tampa
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33602
City Area Code	813
Local Phone Number	287-0101
Title of 12(b) Security	None
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001567925
No Trading Symbol Flag	true
Current Fiscal Year End Date	--12-31
Class A
Entity Common Stock, Shares Outstanding (in shares)		169,054,000
Class I
Entity Common Stock, Shares Outstanding (in shares)		16,942,000
Class T
Entity Common Stock, Shares Outstanding (in shares)		41,693,000
Class T2
Entity Common Stock, Shares Outstanding (in shares)		0

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Real estate:
Land	$ 168,283	$ 163,419
Buildings and improvements, less accumulated depreciation of $246,257 and $209,118, respectively	1,716,978	1,716,663
Total real estate, net	1,885,261	1,880,082
Cash and cash equivalents	14,563	12,917
Intangible assets, less accumulated amortization of $104,869 and $90,239, respectively	159,178	167,483
Goodwill	20,128	21,710
Right-of-use assets	36,649	37,443
Other assets	103,346	100,167
Total assets	2,219,125	2,219,802
Liabilities:
Credit facility, net of deferred financing costs of $1,948 and $2,412, respectively	603,052	580,588
Accounts payable and other liabilities	29,871	30,619
Intangible liabilities, less accumulated amortization of $7,043 and $5,923, respectively	10,826	11,946
Total lease liabilities	41,260	41,554
Total liabilities	685,009	664,707
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; 243,870,433 and 241,425,332 shares issued, respectively; 227,555,999 and 226,255,969 shares outstanding, respectively	2,276	2,263
Additional paid-in capital	2,037,177	2,024,176
Distributions in excess of accumulated earnings	(534,760)	(499,334)
Accumulated other comprehensive income	29,423	27,990
Total stockholders’ equity	1,534,116	1,555,095
Total liabilities and stockholders’ equity	$ 2,219,125	$ 2,219,802

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Buildings and improvements, accumulated depreciation	$ 246,257	$ 209,118
Intangible assets, accumulated amortization	104,869	90,239
Credit facility, deferred financing costs	1,948	2,412
Intangible liabilities, accumulated amortization	$ 7,043	$ 5,923
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)	243,870,433	241,425,332
Common stock, shares outstanding (in shares)	227,555,999	226,255,969

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue:
Rental revenue	$ 48,542	$ 46,881	$ 143,151	$ 136,081
Expenses:
Rental expenses	5,005	4,590	14,728	13,219
General and administrative expenses	4,828	4,760	16,478	16,766
Depreciation and amortization	18,097	18,641	55,452	54,443
Impairment losses	0	0	6,708	7,387
Total operating expenses	27,930	27,991	93,366	91,815
Gain on real estate dispositions	1	0	22	460
Interest and other expenses, net	5,630	5,498	16,769	17,942
Net income attributable to common stockholders	14,983	13,392	33,038	26,784
Other comprehensive income - unrealized gain on interest rate swaps, net	2,315	16,345	1,433	34,457
Comprehensive income attributable to common stockholders	$ 17,298	$ 29,737	$ 34,471	$ 61,241
Weighted average number of common shares outstanding:
Basic (in shares)	227,436,306	225,638,485	226,995,005	225,052,921
Diluted (in shares)	229,282,662	226,957,015	228,843,909	226,399,118
Net income per common share attributable to common stockholders:
Basic (in dollars per share)	$ 0.07	$ 0.06	$ 0.15	$ 0.12
Diluted (in dollars per share)	0.06	0.06	0.14	0.12
Distributions declared per common share (in dollars per share)	$ 0.10	$ 0.10	$ 0.30	$ 0.30

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Common Stock	Additional Paid-in Capital	Distributions in Excess of Accumulated Earnings	Accumulated Other Comprehensive Income
Balance, (in shares) at Dec. 31, 2021			224,179,939
Balance, beginning at Dec. 31, 2021		$ 1,601,130	$ 2,242	$ 2,004,404	$ (400,669)	$ (4,847)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under the distribution reinvestment plan (in shares)			2,265,628
Issuance of common stock under the distribution reinvestment plan	$ 18,594	18,594	$ 23	18,571
Vesting of restricted stock (in shares)			174,825
Stock-based compensation		3,034	$ 1	3,033
Repurchase of common stock (in shares)			(786,861)
Repurchase of common stock		(6,452)	$ (8)	(6,444)
Distributions to common stockholders		(67,706)			(67,706)
Other comprehensive income (loss)		34,457				34,457
Net income	$ 26,784	26,784			26,784
Balance, (in shares) at Sep. 30, 2022			225,833,531
Balance, ending at Sep. 30, 2022		1,609,841	$ 2,258	2,019,564	(441,591)	29,610
Balance, (in shares) at Jun. 30, 2022			225,240,223
Balance, beginning at Jun. 30, 2022		1,597,668	$ 2,252	2,014,252	(432,101)	13,265
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under the distribution reinvestment plan (in shares)			767,755
Issuance of common stock under the distribution reinvestment plan		6,304	$ 8	6,296
Vesting of restricted stock (in shares)			50,689
Stock-based compensation		860		860
Repurchase of common stock (in shares)			(225,136)
Repurchase of common stock		(1,846)	$ (2)	(1,844)
Distributions to common stockholders		(22,882)			(22,882)
Other comprehensive income (loss)		16,345				16,345
Net income		13,392			13,392
Balance, (in shares) at Sep. 30, 2022			225,833,531
Balance, ending at Sep. 30, 2022		1,609,841	$ 2,258	2,019,564	(441,591)	29,610
Balance, (in shares) at Dec. 31, 2022	226,255,969		226,255,969
Balance, beginning at Dec. 31, 2022		1,555,095	$ 2,263	2,024,176	(499,334)	27,990
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under the distribution reinvestment plan (in shares)			2,284,648
Issuance of common stock under the distribution reinvestment plan	$ 18,675	18,675	$ 23	18,652
Vesting of restricted stock (in shares)			160,453
Stock-based compensation		3,721	$ 1	3,720
Other offering costs		(6)		(6)
Repurchase of common stock (in shares)			(1,145,071)
Repurchase of common stock		(9,376)	$ (11)	(9,365)
Distributions to common stockholders		(68,464)			(68,464)
Other comprehensive income (loss)		1,433				1,433
Net income	$ 33,038	33,038			33,038
Balance, (in shares) at Sep. 30, 2023	227,555,999		227,555,999
Balance, ending at Sep. 30, 2023		1,534,116	$ 2,276	2,037,177	(534,760)	29,423
Balance, (in shares) at Jun. 30, 2023			227,143,142
Balance, beginning at Jun. 30, 2023		1,535,863	$ 2,272	2,033,110	(526,627)	27,108
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under the distribution reinvestment plan (in shares)			767,734
Issuance of common stock under the distribution reinvestment plan		6,225	$ 8	6,217
Vesting of restricted stock (in shares)			61,002
Stock-based compensation		1,228		1,228
Repurchase of common stock (in shares)			(415,879)
Repurchase of common stock		(3,382)	$ (4)	(3,378)
Distributions to common stockholders		(23,116)			(23,116)
Other comprehensive income (loss)		2,315				2,315
Net income		14,983			14,983
Balance, (in shares) at Sep. 30, 2023	227,555,999		227,555,999
Balance, ending at Sep. 30, 2023		$ 1,534,116	$ 2,276	$ 2,037,177	$ (534,760)	$ 29,423

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income attributable to common stockholders	$ 33,038	$ 26,784
Adjustments to reconcile net income attributable to common stockholders to net cash provided by operating activities:
Depreciation and amortization	55,452	54,443
Amortization of deferred financing costs	1,240	1,267
Amortization of above- and below-market leases	619	362
Other amortization expenses	598	1,989
Gain on real estate dispositions	(22)	(460)
Loss on extinguishment of debt	0	3,367
Impairment losses	6,708	7,387
Straight-line rent adjustments, net of write-offs	(2,490)	(7,653)
Stock-based compensation	3,721	3,034
Changes in operating assets and liabilities:
Accounts payable and other liabilities	(1,063)	(2,647)
Other assets	40	1,158
Net cash provided by operating activities	97,841	89,031
Cash flows from investing activities:
Investments in real estate	(69,821)	(157,194)
Proceeds from real estate dispositions	12,388	22,822
Capital expenditures and other costs	(1,590)	(7,577)
Net cash used in investing activities	(59,023)	(141,949)
Cash flows from financing activities:
Proceeds from credit facility	50,000	845,000
Payments on credit facility	(28,000)	(745,000)
Payments for extinguishment of debt	0	(4)
Payments of deferred financing costs	(12)	(6,936)
Repurchase of common stock	(9,376)	(6,452)
Offering costs on issuance of common stock	(10)	(193)
Distributions to common stockholders	(49,774)	(48,920)
Net cash (used in) provided by financing activities	(37,172)	37,495
Net change in cash, cash equivalents and restricted cash	1,646	(15,423)
Cash, cash equivalents and restricted cash - Beginning of period	13,083	32,880
Cash, cash equivalents and restricted cash - End of period	14,729	17,457
Supplemental cash flow disclosure:
Interest paid, net of interest capitalized	15,751	12,451
Supplemental disclosure of non-cash transactions:
Common stock issued through distribution reinvestment plan	18,675	18,594
Change in accrued distributions to common stockholders	15	192
Change in accounts payable and other liabilities related to capital expenditures and investments in real estate	244	(3,295)
Right-of-use assets obtained in exchange for new lease liabilities	$ 0	$ 15,305

Organization and Business Opera

Organization and Business Operations	9 Months Ended
	Sep. 30, 2023
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 tenants. The Company is primarily focused on investing in 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 and indirectly owns 100% of the Operating Partnership. Except as the context otherwise requires, the “Company” refers to Sila Realty Trust, Inc., the Operating Partnership and their wholly-owned subsidiaries.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The accompanying condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2022, and related notes thereto set forth in the Company’s Annual Report on Form 10-K, filed with the SEC on March 16, 2023. In the opinion of management, all adjustments, consisting of a normal and recurring nature considered for a fair presentation, have been included. Operating results for the three and nine months ended September 30, 2023, are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. Principles of Consolidation and Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company, the Operating Partnership, and their wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of the condensed consolidated financial statements and accompanying notes in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. These estimates are made and evaluated on an ongoing basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates. Restricted Cash Restricted cash consists of cash held in an escrow account in accordance with a tenant's lease agreement. Restricted cash is reported in other assets in the accompanying condensed consolidated balance sheets. The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the totals shown in the condensed consolidated statements of cash flows (amounts in thousands): Nine Months Ended 2023 2022 Beginning of period: Cash and cash equivalents $ 12,917 $ 32,359 Restricted cash 166 521 Cash, cash equivalents and restricted cash $ 13,083 $ 32,880 End of period: Cash and cash equivalents $ 14,563 $ 17,291 Restricted cash 166 166 Cash, cash equivalents and restricted cash $ 14,729 $ 17,457 Reclassifications The Company 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 the prior period to conform to the current period presentation.

Real Estate Investments

Real Estate Investments	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments Real Estate Property Acquisitions During the nine months ended September 30, 2023, the Company purchased two real estate properties in two separate transactions, which were determined to be asset acquisitions. The Company allocated the purchase price to tangible assets, consisting of land, building and improvements and tenant improvements, and intangible assets, consisting of in-place leases, based on the relative fair value method of allocating all accumulated costs. The following table summarizes the consideration transferred and the purchase price allocation for acquisitions during the nine months ended September 30, 2023 (amounts in thousands): Property Description Date Acquired Ownership Percentage Consideration Transferred West Palm Beach Healthcare Facility 06/15/2023 100% $ 9,920 Burr Ridge Healthcare Facility 09/27/2023 100% 59,902 Total $ 69,822 Total Land $ 6,892 Building and improvements 51,337 Tenant improvements 1,826 In-place leases 9,767 Total assets acquired $ 69,822 The Company capitalized acquisition costs of approximately $158,000, which are included in the allocation of the real estate acquisitions presented above. Real Estate Property Dispositions On March 31, 2023, the Company sold one property for a sales price of $12,500,000, consisting of $5,000,000 in cash and $7,500,000 that was structured as a note receivable, which was collected in full on June 30, 2023. Interest income on the note receivable was $105,000 for the nine months ended September 30, 2023, and is recorded in interest and other expenses, net, on the accompanying condensed consolidated statement of comprehensive income. On September 29, 2023, the Company sold one property for a sales price of $250,000. Investment Risk Concentrations As of September 30, 2023, the Company had one exposure to geographic concentration that accounted for at least 10.0% of rental revenue for the nine months ended September 30, 2023. Real estate properties located in the Houston-The Woodlands-Sugar Land, Texas metropolitan statistical area accounted for 10.4% of rental revenue for the nine months ended September 30, 2023. As of September 30, 2023, the Company had one exposure to tenant concentration that accounted for at least 10.0% of rental revenue for the nine months ended September 30, 2023. The leases with tenants at properties under the common control of Post Acute Medical, LLC and its affiliates accounted for 14.3% of rental revenue for the nine months ended September 30, 2023. Impairment Losses The Company recorded impairment losses on real estate of $6,708,000 (including goodwill impairments of $1,582,000), for the nine months ended September 30, 2023, as a result of tenant related triggering events that occurred at certain properties. In addition, during the nine months ended September 30, 2023, the Company recorded an impairment of in-place lease and above-market lease intangible assets of $592,000 and $260,000, respectively. 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 intangible assets. During the nine months ended September 30, 2022, the Company recorded impairment losses on real estate of $7,387,000 (including goodwill impairments of $278,000). In addition, during the nine months ended September 30, 2022, the Company recorded an impairment of an in-place lease intangible asset of $380,000. The property related to the 2022 impairments was sold on March 31, 2023. Impairment losses on real estate (including goodwill impairments) are recorded as impairment losses in the accompanying condensed consolidated statements of comprehensive income. Impairments of in-place leases are included in depreciation and amortization in the accompanying condensed consolidated statements of comprehensive income. Impairments of above-market leases are recorded as a reduction to rental revenue in the accompanying condensed consolidated statements of comprehensive income.

Intangible Assets, Net

Intangible Assets, Net	9 Months Ended
	Sep. 30, 2023
Finite-Lived Intangible Assets, Net [Abstract]
Intangible Assets, Net	Intangible Assets, Net Intangible assets, net, consisted of the following as of September 30, 2023 and December 31, 2022 (amounts in thousands, except weighted average remaining life amounts): September 30, 2023 December 31, 2022 In-place leases, net of accumulated amortization of $98,193 and $83,788, respectively (with a weighted average remaining life of 8.3 years and 8.9 years, respectively) $ 148,800 $ 155,365 Above-market leases, net of accumulated amortization of $6,676 and $6,451, respectively (with a weighted average remaining life of 7.0 years and 7.9 years, respectively) 10,378 12,118 $ 159,178 $ 167,483 The aggregate weighted average remaining life of the intangible assets was 8.2 years and 8.8 years as of September 30, 2023 and December 31, 2022, respectively. Amortization of intangible assets was $5,424,000 and $5,839,000 for the three months ended September 30, 2023 and 2022, respectively, and $17,630,000 and $17,557,000 for the nine months ended September 30, 2023 and 2022, respectively. Amortization of in-place leases is included in depreciation and amortization, and amortization of above-market leases is recorded as an adjustment to rental revenue in the accompanying condensed consolidated statements of comprehensive income.

Intangible Liabilities, Net

Intangible Liabilities, Net	9 Months Ended
	Sep. 30, 2023
Intangible Lease Liabilities, Net [Abstract]
Intangible Liabilities, Net	Intangible Liabilities, Net Intangible liabilities, net, consisted of the following as of September 30, 2023 and December 31, 2022 (amounts in thousands, except weighted average remaining life amounts): September 30, 2023 December 31, 2022 Below-market leases, net of accumulated amortization of $7,043 and $5,923, respectively (with a weighted average remaining life of 7.6 years and 8.4 years, respectively) $ 10,826 $ 11,946

Leases

Leases	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Leases	Leases Lessor Rental Revenue The Company’s real estate properties are leased to tenants under operating leases with varying terms. Typically, the leases have provisions to extend the terms of the lease agreements. The Company retains substantially all of the risks and benefits of ownership of the real estate properties leased to tenants. Future rent to be received from the Company's investments in real estate assets under the terms of non-cancellable operating leases in effect as of September 30, 2023, for the period ending December 31, 2023, and for each of the next four years ending December 31, and thereafter, are as follows (amounts in thousands): September 30, 2023 Period ending December 31, 2023 $ 44,254 2024 178,522 2025 174,706 2026 169,052 2027 165,342 Thereafter 990,386 Total $ 1,722,262 Lessee The Company is subject to various non-cancellable operating lease agreements on which certain of its properties reside and for its corporate offices. The Company's operating leases do not provide implicit interest rates. In order to calculate the present value of the remaining operating lease payments, the Company used incremental borrowing rates, or IBRs, adjusted for a number of factors. The determination of an appropriate IBR involves multiple inputs and judgments. The Company determined its IBRs considering the general economic environment, term of the underlying leases, and various financing and asset specific adjustments to ensure the IBRs are appropriate for the intended use of the underlying operating leases. The effects of the Company's leases are recorded in right-of-use assets and lease liabilities on the condensed consolidated balance sheets. The weighted average remaining lease term for the Company's leases was 36.7 years as of September 30, 2023. The future rent payments, discounted by the Company's IBRs, under non-cancellable operating leases in effect as of September 30, 2023, for the period ending December 31, 2023, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): September 30, 2023 Period ending December 31, 2023 $ 671 2024 2,746 2025 2,768 2026 2,715 2027 2,681 Thereafter 107,456 Total undiscounted rental payments 119,037 Less imputed interest (77,777) Total lease liabilities $ 41,260 The following table provides details of the Company's total lease costs for the three and nine months ended September 30, 2023 and 2022 (amounts in thousands): Three Months Ended Nine Months Ended Location in Condensed Consolidated Statements of Comprehensive Income 2023 2022 2023 2022 Operating lease costs: Ground lease costs (1) Rental expenses $ 682 $ 615 $ 2,045 $ 1,562 Corporate operating lease costs General and administrative expenses 175 182 551 559 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 166 $ 135 $ 564 $ 354 (1) The Company receives reimbursements from tenants for certain operating ground leases, which are recorded as rental revenue in the accompanying condensed consolidated statements of comprehensive income.
Leases	Leases Lessor Rental Revenue The Company’s real estate properties are leased to tenants under operating leases with varying terms. Typically, the leases have provisions to extend the terms of the lease agreements. The Company retains substantially all of the risks and benefits of ownership of the real estate properties leased to tenants. Future rent to be received from the Company's investments in real estate assets under the terms of non-cancellable operating leases in effect as of September 30, 2023, for the period ending December 31, 2023, and for each of the next four years ending December 31, and thereafter, are as follows (amounts in thousands): September 30, 2023 Period ending December 31, 2023 $ 44,254 2024 178,522 2025 174,706 2026 169,052 2027 165,342 Thereafter 990,386 Total $ 1,722,262 Lessee The Company is subject to various non-cancellable operating lease agreements on which certain of its properties reside and for its corporate offices. The Company's operating leases do not provide implicit interest rates. In order to calculate the present value of the remaining operating lease payments, the Company used incremental borrowing rates, or IBRs, adjusted for a number of factors. The determination of an appropriate IBR involves multiple inputs and judgments. The Company determined its IBRs considering the general economic environment, term of the underlying leases, and various financing and asset specific adjustments to ensure the IBRs are appropriate for the intended use of the underlying operating leases. The effects of the Company's leases are recorded in right-of-use assets and lease liabilities on the condensed consolidated balance sheets. The weighted average remaining lease term for the Company's leases was 36.7 years as of September 30, 2023. The future rent payments, discounted by the Company's IBRs, under non-cancellable operating leases in effect as of September 30, 2023, for the period ending December 31, 2023, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): September 30, 2023 Period ending December 31, 2023 $ 671 2024 2,746 2025 2,768 2026 2,715 2027 2,681 Thereafter 107,456 Total undiscounted rental payments 119,037 Less imputed interest (77,777) Total lease liabilities $ 41,260 The following table provides details of the Company's total lease costs for the three and nine months ended September 30, 2023 and 2022 (amounts in thousands): Three Months Ended Nine Months Ended Location in Condensed Consolidated Statements of Comprehensive Income 2023 2022 2023 2022 Operating lease costs: Ground lease costs (1) Rental expenses $ 682 $ 615 $ 2,045 $ 1,562 Corporate operating lease costs General and administrative expenses 175 182 551 559 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 166 $ 135 $ 564 $ 354 (1) The Company receives reimbursements from tenants for certain operating ground leases, which are recorded as rental revenue in the accompanying condensed consolidated statements of comprehensive income.

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2023
Other Assets [Abstract]
Other Assets	Other Assets Other assets consisted of the following as of September 30, 2023 and December 31, 2022 (amounts in thousands): September 30, 2023 December 31, 2022 Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $1,654 and $889, respectively $ 2,470 $ 3,178 Leasing commissions, net of accumulated amortization of $174 and $167, respectively 610 775 Restricted cash 166 166 Tenant receivables 1,966 1,736 Straight-line rent receivable 64,805 62,457 Prepaid and other assets 3,906 3,865 Derivative assets 29,423 27,990 $ 103,346 $ 100,167

Accounts Payable and Other Liab

Accounts Payable and Other Liabilities	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Accounts Payable and Other Liabilities	Accounts Payable and Other Liabilities Accounts payable and other liabilities consisted of the following as of September 30, 2023 and December 31, 2022 (amounts in thousands): September 30, 2023 December 31, 2022 Accounts payable and accrued expenses $ 4,236 $ 5,387 Accrued interest expense 1,903 1,941 Accrued property taxes 4,606 2,421 Accrued personnel costs 2,645 3,940 Distributions payable to stockholders 7,518 7,719 Performance DSUs distributions payable 789 573 Tenant deposits 877 877 Deferred rental income 7,297 7,761 $ 29,871 $ 30,619

Credit Facility

Credit Facility	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Credit Facility	Credit Facility The Company's outstanding credit facility as of September 30, 2023 and December 31, 2022 consisted of the following (amounts in thousands): September 30, 2023 December 31, 2022 Variable rate revolving line of credit $ 50,000 $ 8,000 Variable rate term loans fixed through interest rate swaps 525,000 485,000 Variable rate term loans 30,000 90,000 Total credit facility, principal amount outstanding 605,000 583,000 Unamortized deferred financing costs related to credit facility term loans (1,948) (2,412) Total credit facility, net of deferred financing costs $ 603,052 $ 580,588 Significant activities regarding the credit facility during the nine months ended September 30, 2023 include: • On February 17, 2023, the Company entered into an interest rate swap agreement to hedge $40,000,000 of its variable rate term loans with an effective date of March 1, 2023. • On March 8, 2023, the Company repaid $8,000,000 on its revolving line of credit with cash flows from operations. • On April 13, 2023, the Company repaid $10,000,000 on its 2024 term loan with proceeds from a disposition and cash flows from operations. • On July 13, 2023, the Company repaid $10,000,000 on its 2024 term loan with proceeds from the collection of a note receivable related to a disposition and cash flows from operations. • On September 26, 2023, the Company drew $50,000,000 on its revolving line of credit to fund an acquisition. The principal payments due on the credit facility as of September 30, 2023, for the period ending December 31, 2023, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): September 30, 2023 Period ending December 31, 2023 $ — 2024 (1) 280,000 2025 — 2026 50,000 2027 — Thereafter 275,000 $ 605,000 (1) The 2024 term loan has a maturity date of December 31, 2024, and, at the Company's election, may be extended for a period of six-months on no more than two occasions, subject to the satisfaction of certain conditions, including the payment of an extension fee.

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Cash and cash equivalents, restricted cash, tenant receivables, prepaid and other assets, accounts payable and other 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 $605,000,000 and $583,000,000, which approximated its fair value due to the variable nature of the terms as of September 30, 2023 and December 31, 2022, 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 September 30, 2023, 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 that are required to be measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022 (amounts in thousands): September 30, 2023 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Assets: Derivative assets $ — $ 29,423 $ — $ 29,423 Total assets at fair value $ — $ 29,423 $ — $ 29,423 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 Derivative assets are reported in the condensed consolidated balance sheets as other assets. Real Estate Assets —Certain real estate assets (which include land, buildings and improvements and intangible assets) were adjusted to fair value as a result of impairments which occurred during the nine months ended September 30, 2023. The fair values of real estate assets were determined by using either third-party purchase offers or comparable sales information. The fair values of real estate assets based on third-party purchase offers are reflected in the Level 2 fair value hierarchy. The comparable sales technique uses estimates of properties similar to the subject property by comparing prices per square foot considering recent transaction activity. The estimates of comparable sales and prices per square foot have been adjusted, and are considered significant inputs 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 intangible assets, measured at fair value on a non-recurring basis as of the date on which the event took place, which was June 30, 2023 (amounts in thousands): June 30, 2023 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Unobservable Inputs (Level 3) (1) Total Fair Total Losses (2) Real estate assets $ — $ 20,726 $ 1,552 $ 22,278 $ 5,978 (1) The fair value of real estate assets was derived using the comparable sales technique. The comparable sales price per square foot of $98.04 used in determining the fair value is considered a significant unobservable input. (2) Amount includes impairment of in-place lease and above-market lease intangible assets of $592,000 and $260,000, respectively.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
	Sep. 30, 2023
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. For derivatives designated and qualifying as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest and other expenses, net, as interest is incurred on the Company’s variable rate debt. During the next twelve months, the Company estimates that an additional $17,453,000 will be reclassified from accumulated other comprehensive income as a reduction to interest expense. The following table summarizes the notional amount and fair value of the Company’s derivative instruments (amounts in thousands): Derivatives Balance Effective Maturity September 30, 2023 December 31, 2022 Outstanding Fair Value of Outstanding Fair Value of Assets Assets Interest rate swaps (1) 05/01/2022 to 12/31/2024 to $ 525,000 $ 29,423 $ 485,000 $ 27,990 (1) Derivative assets are reported in the condensed consolidated balance sheets as other assets. 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 recognized on the interest rate derivatives designated as cash flow hedges for the three and nine months ended September 30, 2023 and 2022 (amounts in thousands): Derivatives in Cash Flow Amount of Income Recognized Location of Income Amount of Income (Loss) Total Amount of Line Item in Condensed Consolidated Statements of Comprehensive Income Three Months Ended September 30, 2023 Interest rate swaps $ 6,780 Interest and other expenses, net $ 4,465 $ 5,630 Three Months Ended September 30, 2022 Interest rate swaps $ 16,724 Interest and other expenses, net $ 379 $ 5,498 Nine Months Ended September 30, 2023 Interest rate swaps $ 13,550 Interest and other expenses, net $ 12,117 $ 16,769 Nine Months Ended September 30, 2022 Interest rate swaps $ 31,545 Interest and other expenses, net $ (2,912) $ 17,942 Credit Risk-Related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. The Company records credit risk valuation adjustments on its interest rate swaps based on the respective credit quality of the Company and the counterparty. The Company believes it mitigates its credit risk by entering into agreements with creditworthy counterparties. As of September 30, 2023, the Company had no derivatives with fair value in a net liability position, inclusive of accrued interest but excluding any adjustment for nonperformance risk related to the agreement. As of September 30, 2023, there were no termination events or events of default related to the interest rate swaps. Tabular Disclosure Offsetting Derivatives The Company has elected not to offset derivative positions in its condensed consolidated financial statements. The following tables present the effect on the Company’s financial position had the Company made the election to offset its derivative positions as of September 30, 2023 and December 31, 2022 (amounts in thousands): Offsetting of Derivative Assets Gross Amounts Not Offset in the Balance Sheet Gross Gross Amounts Net Amounts of Financial Instruments Cash Collateral Net September 30, 2023 $ 29,423 $ — $ 29,423 $ — $ — $ 29,423 December 31, 2022 $ 27,990 $ — $ 27,990 $ — $ — $ 27,990

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders' Equity Distributions Payable As of September 30, 2023, the Company had distributions payable of approximately $7,518,000. Of these distributions payable, approximately $5,502,000 was paid in cash on October 6, 2023, and approximately $2,016,000 was reinvested in shares of common stock pursuant to our distribution reinvestment plan, or the DRIP, effective October 1, 2023. Share Repurchase Program The Company’s Amended and Restated Share Repurchase Program allows for repurchases of shares of the Company’s common stock upon meeting certain criteria. During the nine months ended September 30, 2023, the Company repurchased 1,145,071 Class A shares, Class I shares and Class T shares of common stock (879,861 Class A shares, 102,570 Class I shares and 162,640 Class T shares), for an aggregate purchase price of approximately $9,376,000 (an average of $8.19 per share). During the nine months ended September 30, 2022, the Company repurchased 786,861 Class A shares, Class I shares and Class T shares of common stock (690,494 Class A shares, 20,905 Class I shares and 75,462 Class T shares), for an aggregate purchase price of approximately $6,452,000 (an average of $8.20 per share). Accumulated Other Comprehensive Income The following table presents a rollforward of amounts recognized in accumulated other comprehensive income by component for the nine months ended September 30, 2023 and 2022 (amounts in thousands): Unrealized Income on Derivative Instruments Balance as of December 31, 2022 $ 27,990 Other comprehensive income before reclassification 13,550 Amount of income reclassified from accumulated other comprehensive income to net income (12,117) Other comprehensive income 1,433 Balance as of September 30, 2023 $ 29,423 Unrealized Income Balance as of December 31, 2021 $ (4,847) Other comprehensive income before reclassification 31,545 Amount of loss reclassified from accumulated other comprehensive loss to net income 2,912 Other comprehensive income 34,457 Balance as of September 30, 2022 $ 29,610 The following table presents reclassifications out of accumulated other comprehensive income for the nine months ended September 30, 2023 and 2022 (amounts in thousands): Details about Accumulated Other (Income) Loss Amounts Reclassified from Affected Line Items in the Condensed Consolidated Statements of Comprehensive Income Nine Months Ended 2023 2022 Interest rate swap contracts $ (12,117) $ 2,912 Interest and other expense, net

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per ShareThe Company calculates basic earnings per share by dividing net income attributable to common stockholders for the period by the weighted average shares of its common stock outstanding for that period. Diluted earnings per share is computed based on the weighted average number of shares outstanding and all potentially dilutive securities. Shares of non-vested restricted common stock and performance-based deferred stock unit awards, or Performance DSUs, give rise to potentially dilutive shares of common stock. For the three and nine months ended September 30, 2023, diluted earnings per share reflected the effect of approximately 1,846,000 and 1,849,000, respectively, of non-vested shares of restricted common stock and Performance DSUs that were outstanding. For the three and nine months ended September 30, 2022, diluted earnings per share reflected the effect of approximately 1,319,000 and 1,346,000, respectively, of non-vested shares of restricted common stock and Performance DSUs that were outstanding.

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation On March 6, 2020, the Board approved the Amended and Restated 2014 Restricted Share Plan, or the A&R Incentive Plan, pursuant to which the Company has the authority and power to grant awards of restricted shares of its Class A common stock to its directors, executive officers and employees. During the nine months ended September 30, 2023, the Company granted time-based awards to its executive officers and certain employees, consisting of 284,063 restricted shares of Class A common stock, or the Time-Based 2023 Awards. The Time-Based 2023 Awards will vest ratably over four years following the grant date, subject to each executive's and employee's employment through the applicable vesting dates, with certain exceptions. In addition, during the nine months ended September 30, 2023, the Company's compensation committee approved Performance DSUs to be granted to its executive officers for performance-based awards, or the Performance-Based 2023 Awards. The Performance-Based 2023 Awards will be measured based on Company performance over a three-year performance period ending on December 31, 2025. Subject to each executive's continuous employment through the applicable vesting dates, with certain exceptions, the Performance-Based DSUs, if any, will be issued following the performance period end date. The actual value realized by each executive will depend on the market value of shares of stock or units on the date that the awards vest and the actual number of shares of stock or units that vest. The Company recognized total stock-based compensation expense of $1,228,000 and $860,000, respectively, for the three months ended September 30, 2023 and 2022, and $3,721,000 and $3,034,000, respectively, for the nine months ended September 30, 2023, and 2022. Stock-based compensation expense is reported in general and administrative expenses in the accompanying condensed consolidated statements of comprehensive income, and forfeitures are recorded as they occur.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings In the ordinary course of business, the Company may become subject to litigation or claims. As of September 30, 2023, there were, and currently there are, no material pending legal proceedings to which the Company is a party. While the resolution of a lawsuit or proceeding may have an impact to the Company's financial results for the period in which it is resolved, the Company believes that the final resolution of the lawsuits or proceedings in which it is currently involved, either individually or in the aggregate, will not have a material adverse effect on its financial position, results of operations or liquidity.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions Paid to Stockholders The following table summarizes the Company's distributions paid to stockholders on October 6, 2023, for the period from September 1, 2023 through September 30, 2023 (amounts in thousands): Payment Date Common Stock Cash DRIP Total Distribution October 6, 2023 Class A $ 4,419 $ 1,176 $ 5,595 October 6, 2023 Class I 333 222 555 October 6, 2023 Class T 750 618 1,368 $ 5,502 $ 2,016 $ 7,518 The following table summarizes the Company's distributions paid to stockholders on November 7, 2023, for the period from October 1, 2023 through October 31, 2023 (amounts in thousands): Payment Date Common Stock Cash DRIP Total Distribution November 7, 2023 Class A $ 4,581 $ 1,205 $ 5,786 November 7, 2023 Class I 346 229 575 November 7, 2023 Class T 779 637 1,416 $ 5,706 $ 2,071 $ 7,777 Distributions Authorized The following tables summarize the daily distributions approved and authorized by the Board subsequent to September 30, 2023: Authorization Date (1) Common Stock Daily Distribution Rate (1) Annualized Distribution Per Share October 17, 2023 Class A $ 0.00109589 $ 0.40 October 17, 2023 Class I $ 0.00109589 $ 0.40 October 17, 2023 Class T $ 0.00109589 $ 0.40 Authorization Date (2) Common Stock Daily Distribution Rate (2) Annualized Distribution Per Share November 7, 2023 Class A $ 0.00109589 $ 0.40 November 7, 2023 Class I $ 0.00109589 $ 0.40 November 7, 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 November 1, 2023 and ending on November 30, 2023. The distributions are calculated based on 365 days in the calendar year. The distributions declared for each record date in November 2023 will be paid in December 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 December 1, 2023 and ending on December 31, 2023. The distributions will be calculated based on 365 days in the calendar year. The distributions declared for each record date in December 2023 will be paid in January 2024. The distributions will be payable to stockholders from legally available funds therefor. Repayment on Credit Facility On November 1, 2023, the Company repaid $8,000,000 on its revolving line of credit with cash flows from operations and proceeds from a disposition.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income (loss) attributable to common stockholders	$ 14,983	$ 13,392	$ 33,038	$ 26,784

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company, the Operating Partnership, and their wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements and accompanying notes in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. These estimates are made and evaluated on an ongoing basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates.
Restricted Cash	Restricted CashRestricted cash consists of cash held in an escrow account in accordance with a tenant's lease agreement. Restricted cash is reported in other assets in the accompanying condensed consolidated balance sheets.
Reclassifications	Reclassifications The Company 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 the prior period to conform to the current period presentation.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the totals shown in the condensed consolidated statements of cash flows (amounts in thousands): Nine Months Ended 2023 2022 Beginning of period: Cash and cash equivalents $ 12,917 $ 32,359 Restricted cash 166 521 Cash, cash equivalents and restricted cash $ 13,083 $ 32,880 End of period: Cash and cash equivalents $ 14,563 $ 17,291 Restricted cash 166 166 Cash, cash equivalents and restricted cash $ 14,729 $ 17,457

Real Estate Investments (Tables

Real Estate Investments (Tables)	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Schedule of Consideration Transferred for Properties Acquired	The following table summarizes the consideration transferred and the purchase price allocation for acquisitions during the nine months ended September 30, 2023 (amounts in thousands): Property Description Date Acquired Ownership Percentage Consideration Transferred West Palm Beach Healthcare Facility 06/15/2023 100% $ 9,920 Burr Ridge Healthcare Facility 09/27/2023 100% 59,902 Total $ 69,822
Schedule of Allocation of Acquisitions	Total Land $ 6,892 Building and improvements 51,337 Tenant improvements 1,826 In-place leases 9,767 Total assets acquired $ 69,822

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2023
Finite-Lived Intangible Assets, Net [Abstract]
Schedule of Intangible Assets, Net	Intangible assets, net, consisted of the following as of September 30, 2023 and December 31, 2022 (amounts in thousands, except weighted average remaining life amounts): September 30, 2023 December 31, 2022 In-place leases, net of accumulated amortization of $98,193 and $83,788, respectively (with a weighted average remaining life of 8.3 years and 8.9 years, respectively) $ 148,800 $ 155,365 Above-market leases, net of accumulated amortization of $6,676 and $6,451, respectively (with a weighted average remaining life of 7.0 years and 7.9 years, respectively) 10,378 12,118 $ 159,178 $ 167,483

Intangible Liabilities, Net (Ta

Intangible Liabilities, Net (Tables)	9 Months Ended
	Sep. 30, 2023
Intangible Lease Liabilities, Net [Abstract]
Schedule of Intangible Liabilities, Net	Intangible liabilities, net, consisted of the following as of September 30, 2023 and December 31, 2022 (amounts in thousands, except weighted average remaining life amounts): September 30, 2023 December 31, 2022 Below-market leases, net of accumulated amortization of $7,043 and $5,923, respectively (with a weighted average remaining life of 7.6 years and 8.4 years, respectively) $ 10,826 $ 11,946

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Schedule of Future Minimum Rent to Lessor from Operating Leases	Future rent to be received from the Company's investments in real estate assets under the terms of non-cancellable operating leases in effect as of September 30, 2023, for the period ending December 31, 2023, and for each of the next four years ending December 31, and thereafter, are as follows (amounts in thousands): September 30, 2023 Period ending December 31, 2023 $ 44,254 2024 178,522 2025 174,706 2026 169,052 2027 165,342 Thereafter 990,386 Total $ 1,722,262
Schedule of Future Minimum Rent from Lessee for Operating Leases	The future rent payments, discounted by the Company's IBRs, under non-cancellable operating leases in effect as of September 30, 2023, for the period ending December 31, 2023, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): September 30, 2023 Period ending December 31, 2023 $ 671 2024 2,746 2025 2,768 2026 2,715 2027 2,681 Thereafter 107,456 Total undiscounted rental payments 119,037 Less imputed interest (77,777) Total lease liabilities $ 41,260
Schedule of Lease Cost	The following table provides details of the Company's total lease costs for the three and nine months ended September 30, 2023 and 2022 (amounts in thousands): Three Months Ended Nine Months Ended Location in Condensed Consolidated Statements of Comprehensive Income 2023 2022 2023 2022 Operating lease costs: Ground lease costs (1) Rental expenses $ 682 $ 615 $ 2,045 $ 1,562 Corporate operating lease costs General and administrative expenses 175 182 551 559 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 166 $ 135 $ 564 $ 354 (1) The Company receives reimbursements from tenants for certain operating ground leases, which are recorded as rental revenue in the accompanying condensed consolidated statements of comprehensive income.

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2023
Other Assets [Abstract]
Schedule of Other Assets	Other assets consisted of the following as of September 30, 2023 and December 31, 2022 (amounts in thousands): September 30, 2023 December 31, 2022 Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $1,654 and $889, respectively $ 2,470 $ 3,178 Leasing commissions, net of accumulated amortization of $174 and $167, respectively 610 775 Restricted cash 166 166 Tenant receivables 1,966 1,736 Straight-line rent receivable 64,805 62,457 Prepaid and other assets 3,906 3,865 Derivative assets 29,423 27,990 $ 103,346 $ 100,167

Accounts Payable and Other Li_2

Accounts Payable and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Other Liabilities	Accounts payable and other liabilities consisted of the following as of September 30, 2023 and December 31, 2022 (amounts in thousands): September 30, 2023 December 31, 2022 Accounts payable and accrued expenses $ 4,236 $ 5,387 Accrued interest expense 1,903 1,941 Accrued property taxes 4,606 2,421 Accrued personnel costs 2,645 3,940 Distributions payable to stockholders 7,518 7,719 Performance DSUs distributions payable 789 573 Tenant deposits 877 877 Deferred rental income 7,297 7,761 $ 29,871 $ 30,619

Credit Facility (Tables)

Credit Facility (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Credit Facility	The Company's outstanding credit facility as of September 30, 2023 and December 31, 2022 consisted of the following (amounts in thousands): September 30, 2023 December 31, 2022 Variable rate revolving line of credit $ 50,000 $ 8,000 Variable rate term loans fixed through interest rate swaps 525,000 485,000 Variable rate term loans 30,000 90,000 Total credit facility, principal amount outstanding 605,000 583,000 Unamortized deferred financing costs related to credit facility term loans (1,948) (2,412) Total credit facility, net of deferred financing costs $ 603,052 $ 580,588
Schedule of Future Principal Payments Due on Debt	The principal payments due on the credit facility as of September 30, 2023, for the period ending December 31, 2023, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): September 30, 2023 Period ending December 31, 2023 $ — 2024 (1) 280,000 2025 — 2026 50,000 2027 — Thereafter 275,000 $ 605,000 (1) The 2024 term loan has a maturity date of December 31, 2024, and, at the Company's election, may be extended for a period of six-months on no more than two occasions, subject to the satisfaction of certain conditions, including the payment of an extension fee.

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2023
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 that are required to be measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022 (amounts in thousands): September 30, 2023 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Assets: Derivative assets $ — $ 29,423 $ — $ 29,423 Total assets at fair value $ — $ 29,423 $ — $ 29,423 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
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 intangible assets, measured at fair value on a non-recurring basis as of the date on which the event took place, which was June 30, 2023 (amounts in thousands): June 30, 2023 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Unobservable Inputs (Level 3) (1) Total Fair Total Losses (2) Real estate assets $ — $ 20,726 $ 1,552 $ 22,278 $ 5,978 (1) The fair value of real estate assets was derived using the comparable sales technique. The comparable sales price per square foot of $98.04 used in determining the fair value is considered a significant unobservable input. (2) Amount includes impairment of in-place lease and above-market lease intangible assets of $592,000 and $260,000, respectively.

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of the Notional Amount and Fair Value of Derivative Instruments	The following table summarizes the notional amount and fair value of the Company’s derivative instruments (amounts in thousands): Derivatives Balance Effective Maturity September 30, 2023 December 31, 2022 Outstanding Fair Value of Outstanding Fair Value of Assets Assets Interest rate swaps (1) 05/01/2022 to 12/31/2024 to $ 525,000 $ 29,423 $ 485,000 $ 27,990 (1) Derivative assets are reported in the condensed consolidated balance sheets as other assets.
Schedule of Income and Losses Recognized on Derivative Instruments	The table below summarizes the amount of income recognized on the interest rate derivatives designated as cash flow hedges for the three and nine months ended September 30, 2023 and 2022 (amounts in thousands): Derivatives in Cash Flow Amount of Income Recognized Location of Income Amount of Income (Loss) Total Amount of Line Item in Condensed Consolidated Statements of Comprehensive Income Three Months Ended September 30, 2023 Interest rate swaps $ 6,780 Interest and other expenses, net $ 4,465 $ 5,630 Three Months Ended September 30, 2022 Interest rate swaps $ 16,724 Interest and other expenses, net $ 379 $ 5,498 Nine Months Ended September 30, 2023 Interest rate swaps $ 13,550 Interest and other expenses, net $ 12,117 $ 16,769 Nine Months Ended September 30, 2022 Interest rate swaps $ 31,545 Interest and other expenses, net $ (2,912) $ 17,942
Schedule of Offsetting of Derivative Assets	The following tables present the effect on the Company’s financial position had the Company made the election to offset its derivative positions as of September 30, 2023 and December 31, 2022 (amounts in thousands): Offsetting of Derivative Assets Gross Amounts Not Offset in the Balance Sheet Gross Gross Amounts Net Amounts of Financial Instruments Cash Collateral Net September 30, 2023 $ 29,423 $ — $ 29,423 $ — $ — $ 29,423 December 31, 2022 $ 27,990 $ — $ 27,990 $ — $ — $ 27,990

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2023
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 by component for the nine months ended September 30, 2023 and 2022 (amounts in thousands): Unrealized Income on Derivative Instruments Balance as of December 31, 2022 $ 27,990 Other comprehensive income before reclassification 13,550 Amount of income reclassified from accumulated other comprehensive income to net income (12,117) Other comprehensive income 1,433 Balance as of September 30, 2023 $ 29,423 Unrealized Income Balance as of December 31, 2021 $ (4,847) Other comprehensive income before reclassification 31,545 Amount of loss reclassified from accumulated other comprehensive loss to net income 2,912 Other comprehensive income 34,457 Balance as of September 30, 2022 $ 29,610
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Loss)	The following table presents reclassifications out of accumulated other comprehensive income for the nine months ended September 30, 2023 and 2022 (amounts in thousands): Details about Accumulated Other (Income) Loss Amounts Reclassified from Affected Line Items in the Condensed Consolidated Statements of Comprehensive Income Nine Months Ended 2023 2022 Interest rate swap contracts $ (12,117) $ 2,912 Interest and other expense, net

Subsequent Events (Tables)

Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Schedule of Subsequent Events	The following table summarizes the Company's distributions paid to stockholders on October 6, 2023, for the period from September 1, 2023 through September 30, 2023 (amounts in thousands): Payment Date Common Stock Cash DRIP Total Distribution October 6, 2023 Class A $ 4,419 $ 1,176 $ 5,595 October 6, 2023 Class I 333 222 555 October 6, 2023 Class T 750 618 1,368 $ 5,502 $ 2,016 $ 7,518 The following table summarizes the Company's distributions paid to stockholders on November 7, 2023, for the period from October 1, 2023 through October 31, 2023 (amounts in thousands): Payment Date Common Stock Cash DRIP Total Distribution November 7, 2023 Class A $ 4,581 $ 1,205 $ 5,786 November 7, 2023 Class I 346 229 575 November 7, 2023 Class T 779 637 1,416 $ 5,706 $ 2,071 $ 7,777 Distributions Authorized The following tables summarize the daily distributions approved and authorized by the Board subsequent to September 30, 2023: Authorization Date (1) Common Stock Daily Distribution Rate (1) Annualized Distribution Per Share October 17, 2023 Class A $ 0.00109589 $ 0.40 October 17, 2023 Class I $ 0.00109589 $ 0.40 October 17, 2023 Class T $ 0.00109589 $ 0.40 Authorization Date (2) Common Stock Daily Distribution Rate (2) Annualized Distribution Per Share November 7, 2023 Class A $ 0.00109589 $ 0.40 November 7, 2023 Class I $ 0.00109589 $ 0.40 November 7, 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 November 1, 2023 and ending on November 30, 2023. The distributions are calculated based on 365 days in the calendar year. The distributions declared for each record date in November 2023 will be paid in December 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 December 1, 2023 and ending on December 31, 2023. The distributions will be calculated based on 365 days in the calendar year. The distributions declared for each record date in December 2023 will be paid in January 2024. The distributions will be payable to stockholders from legally available funds therefor.

Organization and Business Ope_2

Organization and Business Operations (Details)	9 Months Ended
	Sep. 30, 2023
Operating Partnership
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership interest (as a percentage)	100%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Reconciliation of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 14,563	$ 12,917	$ 17,291	$ 32,359
Restricted cash	166	166	166	521
Cash, cash equivalents and restricted cash	$ 14,729	$ 13,083	$ 17,457	$ 32,880

Real Estate Investments (Narrat

Real Estate Investments (Narrative) (Details)			3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 29, 2023 USD ($) property	Mar. 31, 2023 USD ($) property	Sep. 30, 2023 USD ($) property statisticalArea tenant	Sep. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2023 USD ($) property statisticalArea tenant	Sep. 30, 2022 USD ($)	Jun. 29, 2023 USD ($)
Real Estate [Line Items]
Number of real estate properties owned | property			2			2
Capitalized acquisition costs						$ 158,000
Proceeds from real estate dispositions						12,388,000	$ 22,822,000
Gain on real estate dispositions			$ 1,000	$ 0		22,000	460,000
Impairment loss			$ 0	$ 0		6,708,000	7,387,000
Impairment loss on goodwill						1,582,000	278,000
In-place leases
Real Estate [Line Items]
Impairment of intangible assets					$ 592,000	592,000	$ 380,000
Above-market leases
Real Estate [Line Items]
Impairment of intangible assets					$ 260,000	$ 260,000
Revenue | Geographic Concentration Risk | Houston-The Woodlands-Sugar Land, Texas MSA
Real Estate [Line Items]
Number of geographic concentration | statisticalArea			1			1
Concentration risk, percentage						10.40%
Revenue | Customer Concentration Risk | One Tenant
Real Estate [Line Items]
Number of major tenants | tenant			1			1
Revenue | Customer Concentration Risk | Post Acute Medical LLC and affiliates
Real Estate [Line Items]
Concentration risk, percentage						14.30%
2023 Real Estate Property Disposition, 1 | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Number of real estate properties sold | property		1
Sale price of real estate dispositions		$ 12,500,000
Sales price of real estate disposition, cash		$ 5,000,000
Note receivable								$ 7,500,000
Interest income on notes receivable						$ 105,000
2023 Real Estate Property Disposition, 2 | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Number of real estate properties sold | property	1
Sale price of real estate dispositions	$ 250,000

Real Estate Investments (Schedu

Real Estate Investments (Schedule of Consideration Transferred for Properties Acquired) (Details) - USD ($) $ in Thousands			9 Months Ended
	Sep. 27, 2023	Jun. 15, 2023	Sep. 30, 2023
Business Acquisition [Line Items]
Consideration transferred			$ 69,822
West Palm Beach Healthcare Facility
Business Acquisition [Line Items]
Ownership Percentage		100%
Consideration transferred		$ 9,920
Burr Ridge Healthcare Facility
Business Acquisition [Line Items]
Ownership Percentage	100%
Consideration transferred	$ 59,902

Real Estate Investments (Sche_2

Real Estate Investments (Schedule of Allocation of Acquisitions) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Business Acquisition [Line Items]
Total assets acquired	$ 69,822
In-place leases
Business Acquisition [Line Items]
Leases	9,767
Land
Business Acquisition [Line Items]
Property, plant and equipment acquired	6,892
Building and improvements
Business Acquisition [Line Items]
Property, plant and equipment acquired	51,337
Tenant improvements
Business Acquisition [Line Items]
Property, plant and equipment acquired	$ 1,826

Intangible Assets, Net (Schedul

Intangible Assets, Net (Schedule of Intangible Assets, Net) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, accumulated amortization	$ 104,869	$ 90,239
Weighted average remaining useful life of intangible assets (in years)	8 years 2 months 12 days	8 years 9 months 18 days
Intangible assets, net of accumulated amortization	$ 159,178	$ 167,483
In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, accumulated amortization	$ 98,193	$ 83,788
Weighted average remaining useful life of intangible assets (in years)	8 years 3 months 18 days	8 years 10 months 24 days
Intangible assets, net of accumulated amortization	$ 148,800	$ 155,365
Above-market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, accumulated amortization	$ 6,676	$ 6,451
Weighted average remaining useful life of intangible assets (in years)	7 years	7 years 10 months 24 days
Intangible assets, net of accumulated amortization	$ 10,378	$ 12,118

Intangible Assets, Net (Narrati

Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Finite-Lived Intangible Assets, Net [Abstract]
Weighted average remaining useful life of intangible assets (in years)			8 years 2 months 12 days		8 years 9 months 18 days
Amortization of intangible assets	$ 5,424	$ 5,839	$ 17,630	$ 17,557

Intangible Liabilities, Net (Sc

Intangible Liabilities, Net (Schedule of Intangible Liabilities, Net) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Intangible Lease Liabilities, Net [Abstract]
Accumulated amortization of below-market leases	$ 7,043	$ 5,923
Weighted average remaining life of below-market leases	7 years 7 months 6 days	8 years 4 months 24 days
Below-market leases, net of accumulated amortization	$ 10,826	$ 11,946

Intangible Liabilities, Net (Na

Intangible Liabilities, Net (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Intangible Lease Liabilities, Net [Abstract]
Amortization of below-market leases	$ 373	$ 373	$ 1,120	$ 1,106

Leases (Schedule of Future Mini

Leases (Schedule of Future Minimum Rent to Lessor from Operating Leases) (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Leases [Abstract]
Period ending December 31, 2023	$ 44,254
2024	178,522
2025	174,706
2026	169,052
2027	165,342
Thereafter	990,386
Total	$ 1,722,262

Leases (Narrative) (Details)

Leases (Narrative) (Details)	Sep. 30, 2023
Leases [Abstract]
Operating lease, weighted average remaining lease term (in years)	36 years 8 months 12 days

Leases (Schedule of Rent Paymen

Leases (Schedule of Rent Payments from Lessee) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Period ending December 31, 2023	$ 671
2024	2,746
2025	2,768
2026	2,715
2027	2,681
Thereafter	107,456
Total undiscounted rental payments	119,037
Less imputed interest	(77,777)
Total lease liabilities	$ 41,260	$ 41,554

Leases (Schedule of Lease Cost)

Leases (Schedule of Lease Cost) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 166	$ 135	$ 564	$ 354
Rental expenses
Lessee, Lease, Description [Line Items]
Operating lease costs	682	615	2,045	1,562
General and administrative expenses
Lessee, Lease, Description [Line Items]
Operating lease costs	$ 175	$ 182	$ 551	$ 559

Other Assets (Schedule of Other

Other Assets (Schedule of Other Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Other Assets [Abstract]
Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $1,654 and $889, respectively	$ 2,470	$ 3,178
Leasing commissions, net of accumulated amortization of $174 and $167, respectively	610	775
Restricted cash	166	166
Tenant receivables	1,966	1,736
Straight-line rent receivable	64,805	62,457
Prepaid and other assets	3,906	3,865
Derivative assets	29,423	27,990
Total other assets	103,346	100,167
Deferred financing costs, related to the revolver portion of the credit facility, accumulated amortization	1,654	889
Leasing commissions, accumulated amortization	$ 174	$ 167

Accounts Payable and Other Li_3

Accounts Payable and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accounts payable and accrued expenses	$ 4,236	$ 5,387
Accrued interest expense	1,903	1,941
Accrued property taxes	4,606	2,421
Accrued personnel costs	2,645	3,940
Distributions payable to stockholders	7,518	7,719
Performance DSUs distributions payable	789	573
Tenant deposits	877	877
Deferred rental income	7,297	7,761
Total accounts payable and other liabilities	$ 29,871	$ 30,619

Credit Facility (Schedule of Cr

Credit Facility (Schedule of Credit Facility) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Total credit facility, principal amount outstanding	$ 605,000	$ 583,000
Unamortized deferred financing costs related to credit facility term loans	(1,948)	(2,412)
Total credit facility, net of deferred financing costs	603,052	580,588
Revolving Line of Credit | Variable rate revolving line of credit
Line of Credit Facility [Line Items]
Total credit facility, principal amount outstanding	50,000	8,000
Term Loan | Variable rate term loans fixed through interest rate swaps
Line of Credit Facility [Line Items]
Total credit facility, principal amount outstanding	525,000	485,000
Term Loan | Variable rate term loans
Line of Credit Facility [Line Items]
Total credit facility, principal amount outstanding	$ 30,000	$ 90,000

Credit Facility (Narrative) (De

Credit Facility (Narrative) (Details) - USD ($)						9 Months Ended
	Nov. 01, 2023	Sep. 26, 2023	Jul. 13, 2023	Apr. 13, 2023	Mar. 08, 2023	Sep. 30, 2023	Sep. 30, 2022	Feb. 17, 2023
Line of Credit Facility [Line Items]
Payments on credit facility						$ 28,000,000	$ 745,000,000
Proceeds from credit facility						$ 50,000,000	$ 845,000,000
Subsequent Event
Line of Credit Facility [Line Items]
Payments on credit facility	$ 8,000,000
Revolving Line of Credit
Line of Credit Facility [Line Items]
Payments on credit facility					$ 8,000,000
Proceeds from credit facility		$ 50,000,000
Term Loan
Line of Credit Facility [Line Items]
Payments on credit facility			$ 10,000,000	$ 10,000,000
Interest Rate Swap, Effective Date March 1, 2023
Line of Credit Facility [Line Items]
Notional amount								$ 40,000,000

Credit Facility (Schedule of Pr

Credit Facility (Schedule of Principal Payments Due on Credit Facility) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) Extension
Debt Disclosure [Abstract]
Period ending December 31, 2023	$ 0
2024	280,000
2025	0
2026	50,000
2027	0
Thereafter	275,000
Total	$ 605,000
2024 term loan, extension period	6 months
Number of extensions | Extension	2

Fair Value (Narrative) (Details

Fair Value (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Total credit facility, principal amount outstanding	$ 605,000	$ 583,000

Fair Value (Schedule of Fair Va

Fair Value (Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets:
Derivative assets	$ 29,423	$ 27,990
Recurring basis
Assets:
Derivative assets	29,423	27,990
Total assets at fair value	29,423	27,990
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring basis
Assets:
Derivative assets	0	0
Total assets at fair value	0	0
Significant Other Observable Inputs (Level 2) | Recurring basis
Assets:
Derivative assets	29,423	27,990
Total assets at fair value	29,423	27,990
Significant Unobservable Inputs (Level 3) | Recurring basis
Assets:
Derivative assets	0	0
Total assets at fair value	$ 0	$ 0

Fair Value (Schedule of Fair _2

Fair Value (Schedule of Fair Value, Real Estate Assets Measured on Non-Recurring Basis) (Details) $ in Thousands	6 Months Ended	9 Months Ended
	Jun. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value		$ 1,885,261		$ 1,880,082
In-place leases
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of intangible assets	$ 592	$ 592	$ 380
Significant Unobservable Inputs (Level 3) | Comparable sale price per square foot
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate assets, measurement input	98.04
Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value	$ 22,278
Impairment loss on real estate	5,978
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	20,726
Nonrecurring | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value	$ 1,552

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities (Narrative) (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Additional gain expected to be reclassified from AOCI into earnings during next twelve months	$ 17,453

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	Sep. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Fair Value of Asset	$ 29,423	$ 27,990
Interest rate swaps | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Outstanding Notional Amount	525,000	485,000
Interest rate swaps | Designated as Hedging Instrument | Other Assets
Derivatives, Fair Value [Line Items]
Fair Value of Asset	$ 29,423	$ 27,990

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities (Schedule of Income and Losses Recognized on Derivative Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Interest and other expenses, net	$ 5,630	$ 5,498	$ 16,769	$ 17,942
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Income Recognized in Other Comprehensive Income on Derivatives	6,780	16,724	13,550	31,545
Interest rate swaps | Interest and other expenses, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Income (Loss) Reclassified From Accumulated Other Comprehensive Income to Net Income	$ 4,465	$ 379	$ 12,117	$ (2,912)

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities (Schedule of Offsetting of Derivative Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Assets	$ 29,423	$ 27,990
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Assets Presented in the Balance Sheet	29,423	27,990
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments Collateral	0	0
Gross Amounts Not Offset in the Balance Sheet, Cash Collateral	0	0
Net Amount	$ 29,423	$ 27,990

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		9 Months Ended
	Nov. 07, 2023	Oct. 06, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Class of Stock [Line Items]
Issuance of common stock under the distribution reinvestment plan					$ 18,675	$ 18,594
Common Stock
Class of Stock [Line Items]
Issuance of common stock under the distribution reinvestment plan			$ 8	$ 8	$ 23	$ 23
Repurchase of common stock (in shares)			415,879	225,136	1,145,071	786,861
Repurchase of common stock			$ 4	$ 2	$ 11	$ 8
Subsequent Event
Class of Stock [Line Items]
Distributions paid	$ 7,777	$ 7,518
Cash	5,706	5,502
Issuance of common stock under the distribution reinvestment plan	2,071	2,016
Class A, I and T Shares | Common Stock
Class of Stock [Line Items]
Repurchase of common stock (in shares)					1,145,071	786,861
Repurchase of common stock					$ 9,376	$ 6,452
Repurchase of common stock, average price per share (in dollars per share)					$ 8.19	$ 8.20
Class A | Common Stock
Class of Stock [Line Items]
Repurchase of common stock (in shares)					879,861	690,494
Class A | Subsequent Event
Class of Stock [Line Items]
Distributions paid	5,786	5,595
Cash	4,581	4,419
Issuance of common stock under the distribution reinvestment plan	1,205	1,176
Class I | Common Stock
Class of Stock [Line Items]
Repurchase of common stock (in shares)					102,570	20,905
Class I | Subsequent Event
Class of Stock [Line Items]
Distributions paid	575	555
Cash	346	333
Issuance of common stock under the distribution reinvestment plan	229	222
Class T | Common Stock
Class of Stock [Line Items]
Repurchase of common stock (in shares)					162,640	75,462
Class T | Subsequent Event
Class of Stock [Line Items]
Distributions paid	1,416	1,368
Cash	779	750
Issuance of common stock under the distribution reinvestment plan	$ 637	$ 618

Stockholders' Equity (Amounts R

Stockholders' Equity (Amounts Recognized in AOCI) (Details) - Unrealized Income (Loss) on Derivative Instruments - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning	$ 27,990	$ (4,847)
Other comprehensive income before reclassification	13,550	31,545
Amount of (income) loss reclassified from accumulated other comprehensive income (loss) to net income	(12,117)	2,912
Other comprehensive (loss) income	1,433	34,457
Balance, ending	$ 29,423	$ 29,610

Stockholders' Equity (Reclassif

Stockholders' Equity (Reclassifications Out of AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest and other expenses, net	$ 5,630	$ 5,498	$ 16,769	$ 17,942
Interest rate swaps | (Income) Loss Amounts Reclassified from Accumulated Other Comprehensive Income to Net Income | Reclassification out of Accumulated Other Comprehensive Income (Loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest and other expenses, net			$ (12,117)	$ 2,912

Earnings Per Share (Details)

Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Diluted earnings per share outstanding adjustment (in shares)	1,846	1,319	1,849	1,346

Stock-based Compensation (Detai

Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 1,228	$ 860	$ 3,721	$ 3,034
Time-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)			284,063
Award vesting period under plan			4 years
Performance -Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period			3 years

Commitments and Contingencies (

Commitments and Contingencies (Details)	Sep. 30, 2023 legalProceeding
Commitments and Contingencies Disclosure [Abstract]
Number of pending legal proceedings to which the company is a party	0

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)					1 Months Ended		3 Months Ended		9 Months Ended
	Nov. 07, 2023	Nov. 01, 2023	Oct. 17, 2023	Oct. 06, 2023	Dec. 31, 2023	Nov. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Subsequent Event [Line Items]
Issuance of common stock under the distribution reinvestment plan									$ 18,675,000	$ 18,594,000
Distributions declared per common share (in dollars per share)							$ 0.10	$ 0.10	$ 0.30	$ 0.30
Payments on credit facility									$ 28,000,000	$ 745,000,000
Subsequent Event
Subsequent Event [Line Items]
Cash	$ 5,706,000			$ 5,502,000
Issuance of common stock under the distribution reinvestment plan	2,071,000			2,016,000
Distributions paid	7,777,000			7,518,000
Payments on credit facility		$ 8,000,000
Class A | Subsequent Event
Subsequent Event [Line Items]
Cash	4,581,000			4,419,000
Issuance of common stock under the distribution reinvestment plan	1,205,000			1,176,000
Distributions paid	$ 5,786,000			5,595,000
Distributions declared per common share (in dollars per share)	$ 0.00109589		$ 0.00109589
Annualized distribution per share (in dollars per share)	$ 0.40		0.40
Class I | Subsequent Event
Subsequent Event [Line Items]
Cash	$ 346,000			333,000
Issuance of common stock under the distribution reinvestment plan	229,000			222,000
Distributions paid	$ 575,000			555,000
Distributions declared per common share (in dollars per share)	$ 0.00109589		0.00109589
Annualized distribution per share (in dollars per share)	$ 0.40		0.40
Class T | Subsequent Event
Subsequent Event [Line Items]
Cash	$ 779,000			750,000
Issuance of common stock under the distribution reinvestment plan	637,000			618,000
Distributions paid	$ 1,416,000			$ 1,368,000
Distributions declared per common share (in dollars per share)	$ 0.00109589		0.00109589
Annualized distribution per share (in dollars per share)	$ 0.40		$ 0.40
Class A, I and T shares | Subsequent Event
Subsequent Event [Line Items]
Number of days, distribution calculation					365 days	365 days