Sila Realty Trust (SILA) 10-Q 12 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 07, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-42129
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	Common stock, $0.01 par value per share
Trading Symbol	SILA
Security Exchange Name	NYSE
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
Entity Common Stock, Shares Outstanding (in shares)		55,018,442
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001567925
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Real estate:
Land		$ 160,984	$ 157,821
Buildings and improvements, less accumulated depreciation of $264,224 and $227,156, respectively		1,559,654	1,470,831
Total real estate, net		1,720,638	1,628,652
Cash and cash equivalents		28,606	202,019
Intangible assets, less accumulated amortization of $117,336 and $102,456, respectively		130,982	134,999
Goodwill		17,700	17,700
Right-of-use assets		36,219	36,384
Other assets		73,288	79,825
Total assets		2,007,433	2,099,579
Liabilities:
Credit facility, net of deferred financing costs of $3,389 and $1,847, respectively		521,611	523,153
Accounts payable and other liabilities		36,734	30,381
Intangible liabilities, less accumulated amortization of $8,446 and $7,417, respectively		7,384	10,452
Lease liabilities		41,229	41,158
Total liabilities		606,958	605,144
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; 61,685,365 and 61,154,404 shares issued, respectively; 55,018,442 and 56,983,564 shares outstanding, respectively	[1]	550	570
Additional paid-in capital		1,997,642	2,044,450
Distributions in excess of accumulated earnings		(603,703)	(567,188)
Accumulated other comprehensive income		5,986	16,603
Total stockholders’ equity		1,400,475	1,494,435
Total liabilities and stockholders’ equity		$ 2,007,433	$ 2,099,579
[1]Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1—"Organization and Business Operations" for additional information).

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Buildings and improvements, accumulated depreciation		$ 264,224	$ 227,156
Intangible assets, accumulated amortization		117,336	102,456
Credit facility, deferred financing costs		3,389	1,847
Intangible liabilities, accumulated amortization		$ 8,446	$ 7,417
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)	[1]	61,685,365	61,154,404
Common stock, shares outstanding (in shares)	[1]	55,018,442	56,983,564
[1]Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1—"Organization and Business Operations" for additional information).

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue:
Rental revenue		$ 46,118	$ 48,542	$ 140,311	$ 143,151
Expenses:
Rental expenses		5,823	5,005	17,226	14,728
Listing-related expenses		32	0	3,012	0
General and administrative expenses		4,800	4,828	18,321	16,478
Depreciation and amortization		17,865	18,097	57,009	55,452
Impairment and disposition losses		792	0	1,210	6,708
Total operating expenses		29,312	27,930	96,778	93,366
Other (expense) income:
Gain on dispositions of real estate		0	1	76	22
Interest and other income		597	23	3,889	170
Interest expense		(5,468)	(5,653)	(15,955)	(16,939)
Total other (expense) income		(4,871)	(5,629)	(11,990)	(16,747)
Net income attributable to common stockholders		11,935	14,983	31,543	33,038
Other comprehensive (loss) income - unrealized (loss) gain on interest rate swaps, net		(11,370)	2,315	(10,617)	1,433
Comprehensive income attributable to common stockholders		$ 565	$ 17,298	$ 20,926	$ 34,471
Weighted average number of common shares outstanding:
Basic (in shares)	[1]	55,571,298	56,859,076	56,634,376	56,748,751
Diluted (in shares)	[1]	56,081,618	57,320,665	57,094,737	57,210,977
Net income per common share attributable to common stockholders:
Basic (in dollars per share)	[1]	$ 0.21	$ 0.26	$ 0.55	$ 0.58
Diluted (in dollars per share)	[1]	0.21	0.26	0.55	0.58
Distributions declared per common share (in dollars per share)	[1]	$ 0.40	$ 0.40	$ 1.20	$ 1.20
[1]Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1—"Organization and Business Operations" for additional information).

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands		Total		Repurchase of common stock	Tender offer repurchase of common stock	Common Stock		Common Stock Repurchase of common stock		Common Stock Tender offer repurchase of common stock		Additional Paid-in Capital		Additional Paid-in Capital Repurchase of common stock	[3]	Additional Paid-in Capital Tender offer repurchase of common stock	[3]	Distributions in Excess of Accumulated Earnings	Accumulated Other Comprehensive Income
Balance, (in shares) at Dec. 31, 2022	[1]					56,563,992
Balance beginning at Dec. 31, 2022		$ 1,555,095				$ 566	[1]					$ 2,025,873	[1]					$ (499,334)	$ 27,990
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under the distribution reinvestment plan (in shares)	[1]					571,163
Issuance of common stock under the distribution reinvestment plan		18,675				$ 6	[1]					18,669	[1]
Vesting of restricted stock (in shares)	[1]					40,113
Stock-based compensation		3,721										3,721	[1]
Other offering costs		(6)										(6)	[1]
Repurchase of common stock and tender offer (in shares)	[1]					(286,268)
Repurchase of common stock and tender offer		(9,376)				$ (3)	[1]					(9,373)	[1]
Distributions to common stockholders		(68,464)																(68,464)
Other comprehensive (loss) income		1,433																	1,433
Net income		33,038																33,038
Balance, (in shares) at Sep. 30, 2023	[1]					56,889,000
Balance ending at Sep. 30, 2023		1,534,116				$ 569	[1]					2,038,884	[1]					(534,760)	29,423
Balance, (in shares) at Jun. 30, 2023	[1]					56,785,786
Balance beginning at Jun. 30, 2023		1,535,863				$ 568	[1]					2,034,814	[1]					(526,627)	27,108
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under the distribution reinvestment plan (in shares)	[1]					191,934
Issuance of common stock under the distribution reinvestment plan		6,225				$ 2	[1]					6,223	[1]
Vesting of restricted stock (in shares)	[1]					15,250
Stock-based compensation		1,228										1,228	[1]
Repurchase of common stock and tender offer (in shares)	[1]					(103,970)
Repurchase of common stock and tender offer		(3,382)				$ (1)	[1]					(3,381)	[1]
Distributions to common stockholders		(23,116)																(23,116)
Other comprehensive (loss) income		2,315																	2,315
Net income		14,983																14,983
Balance, (in shares) at Sep. 30, 2023	[1]					56,889,000
Balance ending at Sep. 30, 2023		$ 1,534,116				$ 569	[1]					2,038,884	[1]					(534,760)	29,423
Balance, (in shares) at Dec. 31, 2023		56,983,564	[2]			56,983,564	[3]
Balance beginning at Dec. 31, 2023		$ 1,494,435				$ 570	[3]					2,044,450	[3]					(567,188)	16,603
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under the distribution reinvestment plan (in shares)	[3]					333,402
Issuance of common stock under the distribution reinvestment plan		9,979				$ 3	[3]					9,976	[3]
Vesting of restricted stock (in shares)	[3]					197,559
Stock-based compensation		3,798				$ 2	[3]					3,796	[3]
Other offering costs		(26)										(26)	[3]
Repurchase of common stock and tender offer (in shares)					(2,212,389)			(283,694)	[3]	(2,212,389)	[3]
Repurchase of common stock and tender offer				$ (8,486)	$ (52,093)			$ (3)	[3]	$ (22)	[3]			$ (8,483)		$ (52,071)
Distributions to common stockholders		(68,058)																(68,058)
Other comprehensive (loss) income		(10,617)																	(10,617)
Net income		$ 31,543																31,543
Balance, (in shares) at Sep. 30, 2024		55,018,442	[2]			55,018,442	[3]
Balance ending at Sep. 30, 2024		$ 1,400,475				$ 550	[3]					1,997,642	[3]					(603,703)	5,986
Balance, (in shares) at Jun. 30, 2024	[3]					57,216,478
Balance beginning at Jun. 30, 2024		1,472,911				$ 572	[3]					2,048,406	[3]					(593,423)	17,356
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock (in shares)	[3]					14,535
Stock-based compensation		1,311										1,311	[3]
Repurchase of common stock and tender offer (in shares)	[3]							(182)		(2,212,389)
Repurchase of common stock and tender offer				$ (4)	$ (52,093)					$ (22)	[3]			$ (4)		$ (52,071)
Distributions to common stockholders		(22,215)																(22,215)
Other comprehensive (loss) income		(11,370)																	(11,370)
Net income		$ 11,935																11,935
Balance, (in shares) at Sep. 30, 2024		55,018,442	[2]			55,018,442	[3]
Balance ending at Sep. 30, 2024		$ 1,400,475				$ 550	[3]					$ 1,997,642	[3]					$ (603,703)	$ 5,986
[1]Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1—"Organization and Business Operations" for additional information).[2]Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1—"Organization and Business Operations" for additional information).[3]Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1—"Organization and Business Operations" for additional information).

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income attributable to common stockholders	$ 31,543,000	$ 33,038,000
Adjustments to reconcile net income attributable to common stockholders to net cash provided by operating activities:
Depreciation and amortization	57,009,000	55,452,000
Amortization of deferred financing costs	1,607,000	1,240,000
Amortization of above- and below-market leases, net	978,000	619,000
Other amortization expenses	550,000	598,000
Gain on dispositions of real estate	(76,000)	(22,000)
Loss on extinguishment of debt	228,000	0
Impairment and disposition losses	1,210,000	6,708,000
Straight-line rent adjustments, net of write-offs	(3,767,000)	(2,490,000)
Stock-based compensation	3,798,000	3,721,000
Changes in operating assets and liabilities:
Accounts payable and other liabilities	5,463,000	(1,063,000)
Other assets	(1,276,000)	40,000
Net cash provided by operating activities	97,267,000	97,841,000
Cash flows from investing activities:
Investments in real estate	(164,044,000)	(69,821,000)
Proceeds from real estate dispositions	16,120,000	12,388,000
Capital expenditures and other costs	(1,100,000)	(1,590,000)
Net cash used in investing activities	(149,024,000)	(59,023,000)
Cash flows from financing activities:
Proceeds from credit facility	270,000,000	50,000,000
Payments on credit facility	(270,000,000)	(28,000,000)
Payments of deferred financing costs	(2,578,000)	(12,000)
Offering costs on issuance of common stock	(61,000)	(10,000)
Distributions to common stockholders	(59,217,000)	(49,774,000)
Net cash used in financing activities	(121,822,000)	(37,172,000)
Net change in cash, cash equivalents and restricted cash	(173,579,000)	1,646,000
Cash, cash equivalents and restricted cash - Beginning of period	202,185,000	13,083,000
Cash, cash equivalents and restricted cash - End of period	28,606,000	14,729,000
Supplemental cash flow disclosure:
Interest paid	14,509,000	15,751,000
Supplemental disclosure of non-cash transactions:
Common stock issued through distribution reinvestment plan	9,979,000	18,675,000
Change in accrued distributions to common stockholders	(1,138,000)	15,000
Change in accrued capital expenditures and other costs	1,321,000	243,000
Change in accrued acquisition costs related to investments in real estate	9,000	1,000
Change in accrued costs and fees related to the tender offer	613,000	0
Right-of-use assets obtained in exchange for new lease liabilities	433,000	0
Repurchase of common stock
Cash flows from financing activities:
Repurchase of common stock	(8,486,000)	(9,376,000)
Tender offer repurchase of common stock
Cash flows from financing activities:
Repurchase of common stock	$ (51,480,000)	$ 0

Organization and Business Opera

Organization and Business Operations	9 Months Ended
	Sep. 30, 2024
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 is primarily focused on investing in high quality healthcare facilities across the continuum of care, 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. New York Stock Exchange Listing and Reverse Stock Split On June 13, 2024, the Company's common stock, par value $0.01 per share, or the Common Stock, was listed and began trading on the New York Stock Exchange, or the NYSE, under the ticker symbol "SILA", or the Listing. Upon the Listing, all outstanding shares of Class I Common Stock and Class T Common Stock were automatically converted into shares of Class A Common Stock on a one-for-one basis and authorized but unissued shares of Class I Common Stock, Class T Common Stock and Class T2 Common Stock were reclassified into additional shares of Class A Common Stock. Class A Common Stock was then immediately renamed “Common Stock” and is the sole class of stock traded on the NYSE. On April 8, 2024, in anticipation of the Listing, the Company amended its charter to effect a one-for-four reverse stock split, or the Reverse Stock Split, of each issued and outstanding share of each class of Common Stock of the Company, effective May 1, 2024, and the Company also amended its charter to decrease the par value of each issued and outstanding share of the Company's Common Stock from $0.04 par value per share to $0.01 par value per share immediately after the Reverse Stock Split. In addition, equitable adjustments were made to the maximum number of shares of the Company's Common Stock that may be issued pursuant to the Company’s Amended and Restated 2014 Restricted Share Plan, or the A&R Incentive Plan, and the maximum number of shares of the Company's Common Stock that may be granted under incentive stock awards under the A&R Incentive Plan, in each case, to reflect the Reverse Stock Split. The number of shares of the Company's Common Stock subject to outstanding awards under the A&R Incentive Plan were also equitably adjusted to reflect the Reverse Stock Split. The Reverse Stock Split affected all record holders of the Company’s Common Stock uniformly and did not affect any record holder’s percentage ownership interest. The Reverse Stock Split did not affect the number of the Company’s authorized shares of Common Stock. All references made to share or per share amounts in the accompanying condensed consolidated financial statements and applicable disclosures have been retroactively adjusted as though the Reverse Stock Split had been effected prior to all periods presented. "Dutch Auction" Tender Offer On June 13, 2024, in conjunction with the Listing, the Company commenced a modified "Dutch Auction" tender offer, or the Tender Offer, to purchase shares of its Common Stock for cash at a price per share of not greater than $24.00 nor less than $22.60, net to the seller in cash, less any applicable withholding taxes and without interest, for a maximum aggregate purchase price of no more than $50,000,000. The Tender Offer expired on July 19, 2024. As a result of the Tender Offer, the Company accepted for purchase 2,212,389 shares of Common Stock (which represented approximately 3.9% of the total number of shares of Common Stock outstanding as of July 19, 2024) at a purchase price of $22.60 per share, for an aggregate purchase price of approximately $50,000,000, excluding all related costs and fees. The Company incurred $2,093,000 of costs and fees related to the Tender Offer which are recorded as a reduction in equity on the accompanying condensed consolidated financial statements. The Company funded the Tender Offer and related costs and fees with its available cash.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
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, 2023, and related notes thereto set forth in the Company’s Annual Report on Form 10-K, filed with the SEC on March 6, 2024. 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, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. 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. Cash, Cash Equivalents and Restricted Cash Cash consists of demand deposits at commercial banks. Cash equivalents consist of highly liquid money market funds with original maturities of three months or less at the time of purchase. 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 2024 2023 Beginning of period: Cash and cash equivalents $ 202,019 $ 12,917 Restricted cash 166 166 Cash, cash equivalents and restricted cash $ 202,185 $ 13,083 End of period: Cash and cash equivalents $ 28,606 $ 14,563 Restricted cash — 166 Cash, cash equivalents and restricted cash $ 28,606 $ 14,729 Recently Issued Accounting Pronouncements Segment Reporting In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures , or ASU 2023-07, to improve reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements of ASU 2023-07 are required for entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods for fiscal years beginning after December 15, 2024, and should be applied on a retrospective basis to all periods presented. Early adoption of ASU 2023-07 is permitted. The Company does not expect that the adoption of ASU 2023-07 will have a material impact on its consolidated financial statements. The Company operates under a single reportable segment and compliance with these new disclosure requirements will begin with the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

Real Estate

Real Estate	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Real Estate	Real Estate Acquisitions During the nine months ended September 30, 2024, the Company purchased eight real estate properties in four 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; intangible assets, consisting of in-place leases and right-of-use assets; and lease liabilities, based on the relative fair value method of allocating all accumulated costs. The following table summarizes the cash consideration transferred, including acquisition costs, and the purchase price allocation for acquisitions during the nine months ended September 30, 2024 (amounts in thousands): Property Description Date Acquired Ownership Percentage Cash Consideration Transferred (amount in thousands) Brownsburg Healthcare Facility 02/26/2024 100% $ 39,115 Cave Creek Healthcare Facility 03/20/2024 100% 19,355 Marana Healthcare Facility 03/20/2024 100% 16,156 Surprise Healthcare Facility 03/20/2024 100% 18,602 Tucson Healthcare Facility V 03/20/2024 100% 15,994 Weslaco Healthcare Facility 03/20/2024 100% 15,713 Reading Healthcare Facility 05/21/2024 100% 10,754 Fort Smith Healthcare Facility 07/25/2024 100% 28,364 Total $ 164,053 Total Land $ 8,821 Building and improvements 113,365 Tenant improvements 22,194 In-place leases 19,468 Right-of-use assets 638 Total assets acquired 164,486 Lease liabilities (433) Total liabilities acquired (433) Net assets acquired $ 164,053 The Company capitalized acquisition costs of $717,000, which are included in the allocation of the real estate acquisitions presented above. Dispositions On September 25, 2024, the Company sold the Fort Myers Healthcare Facility I and the Fort Myers Healthcare Facility II, or the Fort Myers Healthcare Facilities, for a sales price of $15,500,000, generating net proceeds of $14,681,000, excluding real estate tax pro-rations. The Fort Myers Healthcare Facilities were not previously held for sale, and the Company recognized a loss on disposition of $792,000, which represents the cost to sell, and is presented in impairment and disposition losses On January 31, 2024, the Company sold one property for a sales price of $1,500,000, generating net proceeds of $1,439,000. The Company recognized a gain on sale of $76,000, which is presented in gain on dispositions of real estate in the condensed consolidated statements of comprehensive income. The property was leased to a tenant under the common control of Vibra Healthcare, LLC, or Vibra. The Company was recognizing revenue from Vibra on a cash basis due to payment uncertainty. As a result of the property sale and lease termination, rental revenue from Vibra for the nine months ended September 30, 2024, included $4,098,000 of lease termination income received from the former tenant which is presented in rental revenue in the condensed consolidated statements of comprehensive income, in addition to $902,000 of deferred rent from prior periods. Investment Risk Concentrations As of September 30, 2024, the Company did not have exposure to geographic concentration that accounted for at least 10.0% of rental revenue for the nine months ended September 30, 2024. As of September 30, 2024, 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, 2024. The leases with tenants at properties under the common control of Post Acute Medical, LLC and its affiliates accounted for 14.7% of rental revenue for the nine months ended September 30, 2024. Impairment Losses 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 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 testing goodwill for impairment, if the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company recognizes an impairment loss for the amount by which the carrying value, including goodwill, exceeds the reporting unit’s fair value. The fair values are determined based on the guidance in ASC 820, Fair Value Measurements and Disclosures , or ASC 820. GenesisCare As disclosed in the Current Report on Form 8-K that the Company filed with the SEC on June 5, 2023, GenesisCare, the sponsor and owner of the tenant in certain of the Company's real estate properties announced that it filed for Chapter 11 bankruptcy protection under the United States Bankruptcy Code on June 1, 2023. During the bankruptcy proceedings, GenesisCare sought U.S. bankruptcy court approval to reject certain unexpired real property leases. GenesisCare's lease obligations with the Company were not included in any motions. On March 27, 2024, the Company entered into a second amendment to the second amended and restated master lease, or the GenesisCare Amended Master Lease, with GenesisCare in connection with its emergence from bankruptcy on February 16, 2024. Prior to the GenesisCare Amended Master Lease, GenesisCare was a tenant at 17 of the Company's real estate properties pursuant to a first amendment to the second amended and restated master lease, or the GenesisCare Master Lease. The GenesisCare Amended Master Lease removed 10 of the Company's properties from the GenesisCare Master Lease, or the Severed Properties. The seven properties remaining under the GenesisCare Amended Master Lease will continue to be leased to GenesisCare and had no material changes in lease terms pursuant to the GenesisCare Master Lease. As a result of the GenesisCare Amended Master Lease, the Company entered into lease agreements with new tenants at six of the Severed Properties during the nine months ended September 30, 2024. The Fort Myers Healthcare Facilities, which were sold on September 25, 2024, represented two of the Severed Properties. The Company is currently in the process of negotiating a lease with a new tenant at one of the Severed Properties. Additionally, on October 24, 2024, the Company entered into a contract for sale with a buyer for one of the Severed Properties. In exchange for the Severed Properties, the Company received a $2,000,000 severance fee from GenesisCare, or the GenesisCare Severance Fee, on March 27, 2024. The Company will recognize the GenesisCare Severance Fee in rental revenue on a straight-line basis over the remaining GenesisCare Amended Master Lease term. During the three and nine months ended September 30, 2024, the Company recognized $57,000 and $117,000, respectively, of amortization of the GenesisCare Severance Fee in rental revenue in the accompanying condensed consolidated statements of comprehensive income. During the nine months ended September 30, 2024, the Company recorded impairment losses on real estate of $418,000 attributable to the Fort Myers Healthcare Facilities, following a reduction in the expected sales price that occurred during the three months ended June 30, 2024. The fair value of the Fort Myers Healthcare Facilities was measured based on a third-party purchase offer for the assets, which resides within Level 2 of the fair value hierarchy. These impairments were allocated to the asset groups, for each respective property, on a pro-rata basis, which included land and buildings and improvements. Additionally, during the three and nine months ended September 30, 2024, the Company recognized a $792,000 loss on disposition from the Fort Myers Healthcare Facilities related to costs to sell. During the nine months ended September 30, 2024, the Company recorded accelerated amortization of in-place lease intangible assets, above-market lease intangible assets and below-market lease intangible liabilities of $4,646,000, $2,667,000, and $2,038,000, respectively, as a result of the GenesisCare Amended Master Lease. During the nine months ended September 30, 2023, the Company recorded impairment losses on real estate of $6,364,000 (including goodwill impairments of $1,238,000) as a result of GenesisCare announcing it had filed bankruptcy. 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 on certain real estate properties formerly leased to GenesisCare of $592,000 and $260,000, respectively. The fair value of the real estate assets, which included the Fort Myers Healthcare Facilities, was measured based on third-party purchase offers for the assets and resides within Level 2 of the fair value hierarchy. 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. Other Impairment Losses and Accelerated Amortization of Intangible Assets In addition to the impairments and accelerated amortization of intangible assets disclosed above, the Company recorded the following additional impairments and accelerated amortization of intangible assets. During the nine months ended September 30, 2024, the Company recorded accelerated amortization of above-market lease intangible assets of $158,000, as a result of lease amendments. During the nine months ended September 30, 2023, the Company recorded goodwill impairment losses on real estate of $344,000, as a result of a lease termination at a multi-tenant property. Impairment losses on real estate, goodwill impairments and disposition losses, if any, are recorded as impairment and disposition losses

Intangible Assets, Net

Intangible Assets, Net	9 Months Ended
	Sep. 30, 2024
Finite-Lived Intangible Assets, Net [Abstract]
Intangible Assets, Net	Intangible Assets, Net Intangible assets, net, consisted of the following as of September 30, 2024 and December 31, 2023 (amounts in thousands, except weighted average remaining life amounts): September 30, 2024 December 31, 2023 In-place leases, net of accumulated amortization of $109,958 and $95,325, respectively (with a weighted average remaining life of 7.5 years and 7.8 years, respectively) $ 125,216 $ 125,188 Above-market leases, net of accumulated amortization of $7,378 and $7,131, respectively (with a weighted average remaining life of 6.0 years and 6.7 years, respectively) 5,766 9,811 $ 130,982 $ 134,999 The aggregate weighted average remaining life of the intangible assets was 7.4 years and 7.7 years as of September 30, 2024 and December 31, 2023, respectively. Amortization of intangible assets was $5,266,000 and $5,424,000 for the three months ended September 30, 2024 and 2023, respectively, and $23,338,000 and $17,630,000 for the nine months ended September 30, 2024 and 2023, respectively. Amortization of in-place leases is included in depreciation and amortization, and amortization of above-market leases is recorded as a reduction to rental revenue in the accompanying condensed consolidated statements of comprehensive income.

Intangible Liabilities, Net

Intangible Liabilities, Net	9 Months Ended
	Sep. 30, 2024
Intangible Lease Liabilities, Net [Abstract]
Intangible Liabilities, Net	Intangible Liabilities, Net Intangible liabilities, net, consisted of the following as of September 30, 2024 and December 31, 2023 (amounts in thousands, except weighted average remaining life amounts): September 30, 2024 December 31, 2023 Below-market leases, net of accumulated amortization of $8,446 and $7,417, respectively (with a weighted average remaining life of 6.3 years and 7.4 years, respectively) $ 7,384 $ 10,452 Amortization of below-market leases was $315,000 and $373,000 for the three months ended September 30, 2024 and 2023, respectively, and $3,068,000 and $1,120,000 for the nine months ended September 30, 2024 and 2023, respectively. Amortization of below-market leases is recorded as an increase to rental revenue in the accompanying condensed consolidated statements of comprehensive income.

Leases

Leases	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Leases	Leases Lessor 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, 2024, for the period ending December 31, 2024, and for each of the next four years ending December 31, and thereafter, are as follows (amounts in thousands): September 30, 2024 (1) Period ending December 31, 2024 $ 41,341 2025 165,579 2026 162,301 2027 159,053 2028 154,680 Thereafter 837,475 Total $ 1,520,429 (1) The table includes payments from tenants who have been moved to the cash basis of accounting for revenue recognition purposes that have continued to make rental payments as of September 30, 2024. Lessee The Company is subject to various non-cancellable operating lease agreements on which certain of its properties reside (ground leases) and for its corporate office. 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 operating leases are recorded in right-of-use assets and lease liabilities on the condensed consolidated balance sheets. As of September 30, 2024, the Company's weighted average IBR for its operating leases was 5.5%. The weighted average remaining lease term for the Company's operating leases was 35.7 years as of September 30, 2024. The future rent payments, discounted by the Company's IBRs, under non-cancellable operating leases in effect as of September 30, 2024, for the period ending December 31, 2024, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): September 30, 2024 Period ending December 31, 2024 $ 685 2025 2,791 2026 2,739 2027 2,705 2028 2,716 Thereafter 106,039 Total undiscounted rental payments 117,675 Less imputed interest (76,446) Total lease liabilities $ 41,229 The following table provides details of the Company's total lease costs for the three and nine months ended September 30, 2024 and 2023 (amounts in thousands): Three Months Ended Nine Months Ended Location in Condensed Consolidated Statements of Comprehensive Income 2024 2023 2024 2023 Operating lease costs: Ground lease costs (1) Rental expenses $ 690 $ 682 $ 2,053 $ 2,045 Corporate operating lease costs General and administrative expenses 185 175 561 551 Supplemental disclosure of cash flows information: Operating cash outflows for operating leases (2) $ 205 $ 166 $ 624 $ 564 Right-of-use assets obtained in exchange for new lease liabilities $ 405 $ — $ 433 $ — (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. (2) Amounts are net of reimbursements the Company receives from tenants for certain operating ground leases.
Leases	Leases Lessor 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, 2024, for the period ending December 31, 2024, and for each of the next four years ending December 31, and thereafter, are as follows (amounts in thousands): September 30, 2024 (1) Period ending December 31, 2024 $ 41,341 2025 165,579 2026 162,301 2027 159,053 2028 154,680 Thereafter 837,475 Total $ 1,520,429 (1) The table includes payments from tenants who have been moved to the cash basis of accounting for revenue recognition purposes that have continued to make rental payments as of September 30, 2024. Lessee The Company is subject to various non-cancellable operating lease agreements on which certain of its properties reside (ground leases) and for its corporate office. 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 operating leases are recorded in right-of-use assets and lease liabilities on the condensed consolidated balance sheets. As of September 30, 2024, the Company's weighted average IBR for its operating leases was 5.5%. The weighted average remaining lease term for the Company's operating leases was 35.7 years as of September 30, 2024. The future rent payments, discounted by the Company's IBRs, under non-cancellable operating leases in effect as of September 30, 2024, for the period ending December 31, 2024, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): September 30, 2024 Period ending December 31, 2024 $ 685 2025 2,791 2026 2,739 2027 2,705 2028 2,716 Thereafter 106,039 Total undiscounted rental payments 117,675 Less imputed interest (76,446) Total lease liabilities $ 41,229 The following table provides details of the Company's total lease costs for the three and nine months ended September 30, 2024 and 2023 (amounts in thousands): Three Months Ended Nine Months Ended Location in Condensed Consolidated Statements of Comprehensive Income 2024 2023 2024 2023 Operating lease costs: Ground lease costs (1) Rental expenses $ 690 $ 682 $ 2,053 $ 2,045 Corporate operating lease costs General and administrative expenses 185 175 561 551 Supplemental disclosure of cash flows information: Operating cash outflows for operating leases (2) $ 205 $ 166 $ 624 $ 564 Right-of-use assets obtained in exchange for new lease liabilities $ 405 $ — $ 433 $ — (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. (2) Amounts are net of reimbursements the Company receives from tenants for certain operating ground leases.

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2024
Other Assets [Abstract]
Other Assets	Other Assets Other assets consisted of the following as of September 30, 2024 and December 31, 2023 (amounts in thousands): September 30, 2024 December 31, 2023 Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $2,720 and $1,917, respectively $ 1,471 $ 2,271 Leasing commissions, net of accumulated amortization of $263 and $191, respectively 1,796 593 Restricted cash — 166 Tenant receivables 3,140 2,398 Straight-line rent receivable 56,730 53,248 Prepaid and other assets 3,412 4,089 Derivative assets - interest rate swaps 6,739 17,060 $ 73,288 $ 79,825

Accounts Payable and Other Liab

Accounts Payable and Other Liabilities	9 Months Ended
	Sep. 30, 2024
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, 2024 and December 31, 2023 (amounts in thousands): September 30, 2024 December 31, 2023 Accounts payable and accrued expenses $ 7,154 $ 3,906 Accrued interest expense 1,340 1,714 Accrued property taxes 3,817 3,687 Accrued personnel costs 4,180 4,425 Distributions payable to stockholders 7,383 7,782 Performance DSUs distributions payable 401 1,140 Tenant deposits 1,789 877 Deferred rental income 9,917 6,393 Derivative liabilities - interest rate swaps 753 457 $ 36,734 $ 30,381

Credit Facility

Credit Facility	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Credit Facility	Credit Facility The Company's outstanding credit facility as of September 30, 2024 and December 31, 2023 consisted of the following (amounts in thousands): Weighted Average Contractual Rate (1) September 30, 2024 December 31, 2023 2026 Variable rate revolving line of credit —% $ — $ — 2024 Variable rate term loan fixed through interest rate swaps —% — 250,000 2027 Variable rate term loan fixed through interest rate swaps (2) 2.28% 250,000 — 2028 Variable rate term loan fixed through interest rate swaps (3) 4.18% 275,000 275,000 Total credit facility, principal amount outstanding 3.28% 525,000 525,000 Unamortized deferred financing costs related to credit facility term loans (3,389) (1,847) Total credit facility, net of deferred financing costs $ 521,611 $ 523,153 (1) Weighted average contractual rate is as of September 30, 2024. (2) Fixed through five interest rate swaps that mature on December 31, 2024. (3) Fixed through six interest rate swaps that mature on January 31, 2028. Significant activities regarding the credit facility during the nine months ended September 30, 2024 include: • On March 20, 2024 the Company, the Operating Partnership, and certain of the Company's subsidiaries, entered into a senior unsecured amended and restated term loan agreement, or the 2027 Term Loan Agreement, with Truist Bank, as Administrative Agent for the lenders, for aggregate commitments of $250,000,000, which may be increased, subject to lender approval, to an aggregate amount not to exceed $500,000,000. The maturity date for the 2027 Term Loan is March 20, 2027 and, at the Company's election, may be extended for a period of one year on no more than two occasions, subject to the satisfaction of certain conditions, including the payment of an extension fee. The 2027 Term Loan Agreement was entered into to replace the Company's prior term loan agreement, which was paid off in its entirety upon closing of the 2027 Term Loan Agreement. • In connection with the pay-off of our prior term loan agreement and entering into the 2027 Term Loan Agreement, the Company recognized a loss on extinguishment of debt of $228,000 during the nine months ended September 30, 2024. The loss on extinguishment of debt was recognized in interest expense in the accompanying condensed consolidated statements of comprehensive income. • On July 24, 2024, the Company borrowed $20,000,000 on its revolving line of credit to fund an acquisition. • On September 10, 2024, the Company paid down $5,000,000 on its revolving line of credit with cash flows from operations. • On September 30, 2024, the Company paid down $15,000,000 on its revolving line of credit with proceeds from dispositions. The principal payments due on the credit facility as of September 30, 2024, for the period ending December 31, 2024, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Amount Period ending December 31, 2024 $ — 2025 — 2026 — 2027 250,000 2028 275,000 Thereafter — $ 525,000

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2024
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 $525,000,000 and $525,000,000, which approximated its fair value due to the variable nature of the terms as of September 30, 2024 and December 31, 2023, 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 inputs used to value its interest rate swaps, with the exception of the credit valuation adjustment, 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, 2024, 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 September 30, 2024 and December 31, 2023 (amounts in thousands): September 30, 2024 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Assets: Derivative assets - interest rate swaps $ — $ 6,739 $ — $ 6,739 Total assets at fair value $ — $ 6,739 $ — $ 6,739 Liabilities: Derivative liabilities - interest rate swaps $ — $ 753 $ — $ 753 Total liabilities at fair value $ — $ 753 $ — $ 753 December 31, 2023 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Assets: Derivative assets - interest rate swaps $ — $ 17,060 $ — $ 17,060 Total assets at fair value $ — $ 17,060 $ — $ 17,060 Liabilities: Derivative liabilities - interest rate swaps $ — $ 457 $ — $ 457 Total liabilities at fair value $ — $ 457 $ — $ 457 Derivative assets and liabilities are reported in the condensed consolidated balance sheets as other assets and accounts payable and other liabilities Real Estate Assets — As of September 30, 2024, there were no real estate assets measured at fair value on a non-recurring basis. As of June 30, 2024, two real estate assets were measured at an aggregate fair value of $15,500,000 and resulted in the recognition of an impairment loss of $418,000 for the nine months ended September 30, 2024. The fair value was measured based on a third-party purchase offer for the assets, which resides within Level 2 of the fair value hierarchy. The two real estate assets were sold during the three months ended September 30, 2024. As of December 31, 2023, six real estate assets were measured at an aggregate fair value of $37,600,000 and resulted in the recognition of an impairment loss of $20,758,000 for the year ended December 31, 2023. The fair value of three real estate assets of $21,400,000 were measured based on third-party purchase offers for the assets, which reside within Level 2 of the fair value hierarchy, and were sold in 2024. The fair value of three real estate assets of $16,200,000 were measured using a direct capitalization method or comparable sales information, which reside within Level 3 of the fair value hierarchy. The significant unobservable inputs for the Level 3 measurements include: Significant Unobservable Inputs December 31, 2023 Overall capitalization rate 8.5% Market rent per square foot $45.00 Range of comparable sale price per square foot $ 60.86 $ 98.04

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
	Sep. 30, 2024
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 expense as interest is incurred on the Company’s variable rate debt. During the next twelve months, the Company estimates that an additional $4,889,000 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 Weighted Average Fixed Interest Rate Effective Maturity September 30, 2024 December 31, 2023 Outstanding Fair Value of Outstanding Fair Value of Assets (Liabilities) Assets (Liabilities) Interest rate swaps (1) 0.93% 05/01/2022 to 12/31/2024 $ 250,000 $ 2,307 $ — $ 250,000 $ 9,172 $ — Interest rate swaps (1) 2.83% 05/02/2022 to 05/01/2023 1/31/2028 275,000 4,432 (753) 275,000 7,888 (457) $ 525,000 $ 6,739 $ (753) $ 525,000 $ 17,060 $ (457) (1) Derivative assets and liabilities are reported in the condensed consolidated balance sheets as other assets and accounts payable and other liabilities, respectively. 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 loss recognized on the interest rate derivatives designated as cash flow hedges for the three and nine months ended September 30, 2024 and 2023 (amounts in thousands): Derivatives in Cash Flow Amount of (Loss) Income Recognized Location of (Loss) Income Amount of Income Total Amount of Line Item in Condensed Consolidated Statements of Comprehensive Income Three Months Ended September 30, 2024 Interest rate swaps $ (6,843) Interest expense $ 4,527 $ (5,468) Three Months Ended September 30, 2023 Interest rate swaps $ 6,780 Interest expense $ 4,465 $ (5,653) Nine Months Ended September 30, 2024 Interest rate swaps $ 2,943 Interest expense $ 13,560 $ (15,955) Nine Months Ended September 30, 2023 Interest rate swaps $ 13,550 Interest expense $ 12,117 $ (16,939) 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 both September 30, 2024 and December 31, 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 both September 30, 2024 and December 31, 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, 2024 and December 31, 2023 (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, 2024 $ 6,739 $ — $ 6,739 $ (753) $ — $ 5,986 December 31, 2023 $ 17,060 $ — $ 17,060 $ (457) $ — $ 16,603 Offsetting of Derivative Liabilities Gross Amounts Not Offset in the Balance Sheet Gross Gross Amounts Net Amounts of Financial Instruments Cash Collateral Net September 30, 2024 $ 753 $ — $ 753 $ (753) $ — $ — December 31, 2023 $ 457 $ — $ 457 $ (457) $ — $ —

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders' Equity On April 8, 2024, the Company amended its charter to effect a one-for-four reverse stock split, effective May 1, 2024. On June 13, 2024, authorized but unissued shares of Class I Common Stock, Class T Common Stock and Class T2 Common Stock were reclassified into additional shares of Class A Common Stock. Class A Common Stock was then immediately renamed “Common Stock” and is the sole class of stock traded on the NYSE. See Note 1—"Organization and Business Operations" for further details. Distributions Payable As of September 30, 2024, the Company had distributions payable of $7,383,000, which were paid in cash on October 15, 2024. On April 5, 2024, the board of directors, or the Board, approved the termination of the distribution reinvestment plan, effective May 1, 2024. Share Repurchases During the nine months ended September 30, 2024, the Company repurchased 283,694 Class A shares, Class I shares and Class T shares of Common Stock, after giving effect to the Reverse Stock Split (246,206 Class A shares, 7,574 Class I shares and 29,914 Class T shares), for an aggregate purchase price of $8,486,000 (an average of $29.92 per share). Additionally, during the nine months ended September 30, 2024, the Company purchased 2,212,389 shares of Common Stock as a result of the Tender Offer described below. During the nine months ended September 30, 2023, the Company repurchased 286,268 Class A shares, Class I shares and Class T shares of Common Stock, after giving effect to the Reverse Stock Split (219,965 Class A shares, 25,643 Class I shares and 40,660 Class T shares), for an aggregate purchase price of $9,376,000 (an average of $32.75 per share). Share Repurchase Program On August 16, 2024, the Company's Board authorized a share repurchase program of up to the lesser of 1,500,000 shares of the Company's outstanding Common Stock, or $25,000,000 in gross purchase proceeds for a period of 12 months from August 16, 2024, or the Share Repurchase Program. Repurchases of Common Stock under the Share Repurchase Program may be made from time to time in the open market, in privately negotiated purchases, in accelerated share repurchase programs or by any other lawful means. The number of shares of Common Stock purchased and the timing of any purchases will depend on a number of factors, including the price and availability of Common Stock and general market conditions. The Company did not repurchase any shares under the Share Repurchase Program during the three months ended September 30, 2024. Therefore, as of September 30, 2024, up to $25,000,000 of the Company's Common Stock remained available for repurchase under the Share Repurchase Program. Terminated Share Repurchase Program The Company’s Amended and Restated Share Repurchase Program, or the Terminated SRP, allowed for repurchases of shares of the Company’s Common Stock upon meeting certain criteria. On April 5, 2024, the Board approved the suspension of the Terminated SRP, effective immediately, and the termination of the Terminated SRP, effective upon the Listing. "Dutch Auction" Tender Offer On June 13, 2024, in conjunction with the Listing, the Company commenced the Tender Offer to purchase shares of its Common Stock for cash at a price per share of not greater than $24.00 nor less than $22.60, net to the seller in cash, less any applicable withholding taxes and without interest, for a maximum aggregate purchase price of no more than $50,000,000. The Tender Offer expired on July 19, 2024. As a result of the Tender Offer, the Company accepted for purchase 2,212,389 shares of Common Stock (which represented approximately 3.9% of the total number of shares of Common Stock outstanding as of July 19, 2024) at a purchase price of $22.60 per share, for an aggregate purchase price of approximately $50,000,000, excluding all related costs and fees. The Company incurred $2,093,000 of costs and fees related to the Tender Offer which are recorded as a reduction in equity on the accompanying condensed financial statements. The Company funded the Tender Offer and related costs and fees with its available cash. 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, 2024 and 2023 (amounts in thousands): Unrealized Loss Balance as of December 31, 2023 $ 16,603 Other comprehensive income before reclassification 2,943 Amount of income reclassified from accumulated other comprehensive income to net income (13,560) Other comprehensive loss (10,617) Balance as of September 30, 2024 $ 5,986 Unrealized Income 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 The following table presents reclassifications out of accumulated other comprehensive income for the nine months ended September 30, 2024 and 2023 (amounts in thousands): Details about Accumulated Other Income Amounts Reclassified from Affected Line Items in the Condensed Consolidated Statements of Comprehensive Income Nine Months Ended 2024 2023 Interest rate swap contracts $ (13,560) $ (12,117) Interest expense

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The Company calculates basic and diluted earnings per share using the two-class method. Basic earnings per share is computed based on the weighted average shares of the Company's Common Stock outstanding for the period. Diluted earnings per share is computed based on the weighted average number of shares outstanding and all potentially dilutive securities, which include non-vested shares of restricted Common Stock and performance-based deferred stock unit awards, or Performance DSUs. The non-vested shares of restricted Common Stock contain non-forfeitable dividend distribution rights and are considered participating securities. The Performance DSUs are also entitled to dividend equivalents which are paid to the grantee only in the event that the applicable performance criteria is achieved and the Performance DSUs vest. The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted earnings per share using the two-class method (amounts in thousands, except share data and per share amounts): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Earnings: Net income attributable to common stockholders $ 11,935 $ 14,983 $ 31,543 $ 33,038 Less: Income allocated to participating securities (80) (74) (171) (163) Net income used in basic earnings per share 11,855 14,909 31,372 32,875 Add back: Income allocated to participating securities 80 74 171 163 Net income used in diluted earnings per share $ 11,935 $ 14,983 $ 31,543 $ 33,038 Weighted Average Shares: Basic weighted average number of common shares outstanding (1) 55,571,298 56,859,076 56,634,376 56,748,751 Dilutive effect of weighted average shares of non-vested restricted common stock (1) 373,047 280,369 308,968 281,006 Dilutive effect of weighted average shares of Performance DSUs (1) 137,273 181,220 151,393 181,220 Diluted weighted average number of common shares outstanding (1) 56,081,618 57,320,665 57,094,737 57,210,977 Net income per share attributable to common stockholders: Basic (1) $ 0.21 $ 0.26 $ 0.55 $ 0.58 Diluted (1) $ 0.21 $ 0.26 $ 0.55 $ 0.58 (1) Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1—"Organization and Business Operations" for additional information).

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation On March 6, 2020, the Board approved the A&R Incentive Plan pursuant to which the Company has the authority and power to grant awards of restricted shares of its Common Stock to its directors, executive officers, and employees. During the three months ended September 30, 2024, the Company granted its employees, excluding its executive officers, an aggregate of 89,373 time-based vesting restricted shares of Common Stock, which, subject to each employee's continuous employment through the applicable vesting dates, will vest 25% annually, commencing on July 2, 2025. As of September 30, 2024, there was $1,646,000 of total unrecognized stock-based compensation expense related to these awards, which will be recognized over the vesting period. These awards were granted under and subject to the terms of the A&R Incentive Plan and an award agreement. Additionally, during the three months ended September 30, 2024, the Company granted an aggregate of 24,245 shares of restricted Common Stock to our five independent directors in connection with their annual compensation. Each independent director received 4,849 shares of restricted Common Stock that will vest on July 2, 2025. These awards were granted under and subject to the terms of our Amended and Restated 2014 Restricted Share Plan and an award agreement. The Company recognized accelerated stock-based compensation expense of $12,000 for the three months ended September 30, 2024. The Company recognized accelerated stock-based compensation expense of $875,000 for the nine months ended September 30, 2024, primarily as a result of the acceleration of awards pursuant to severance agreements with two departed executive officers. The Company recognized total stock-based compensation expense of $1,311,000 and $1,228,000, respectively, for the three months ended September 30, 2024 and 2023, and $3,798,000 and $3,721,000, respectively, for the nine months ended September 30, 2024 and 2023. 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, 2024
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, 2024, 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, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions Paid to Stockholders On October 15, 2024, the Company paid cash distributions of $7,383,000 to the Company's stockholders of record as of the close of business on September 30, 2024. Distributions Authorized On October 18, 2024, the Board approved and authorized a distribution payable on November 15, 2024, to the Company's stockholders of record as of the close of business on October 31, 2024. The distribution will be equal to $0.1333 per share of Common Stock, representing an annualized amount of $1.60 per share. Change in Distribution Frequency On October 18, 2024, the Board approved a change in the frequency of the Company's distributions to its stockholders from monthly distributions to quarterly distributions, effective in 2025, with the first quarterly distribution to be paid in the Company's first fiscal quarter of 2025. Accordingly, the Company expects to announce the amount, record date, and payment date of any such distributions at a later date. Mezzanine Loans On November 5, 2024, the Company entered into two mezzanine loans for the development of an inpatient rehabilitation facility and a behavioral healthcare facility in Lynchburg, Virginia, or the Mezzanine Loans. The Mezzanine Loans have total loan amounts of $12,543,000 and $5,000,000, respectively, and a maturity date of November 5, 2029. The Mezzanine Loans include purchase options for the Company for both the inpatient rehabilitation facility and the behavioral healthcare facility upon completion of construction.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 11,935	$ 14,983	$ 31,543	$ 33,038

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
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, 2024
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.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Segment Reporting In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures , or ASU 2023-07, to improve reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements of ASU 2023-07 are required for entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods for fiscal years beginning after December 15, 2024, and should be applied on a retrospective basis to all periods presented. Early adoption of ASU 2023-07 is permitted. The Company does not expect that the adoption of ASU 2023-07 will have a material impact on its consolidated financial statements. The Company operates under a single reportable segment and compliance with these new disclosure requirements will begin with the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	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 2024 2023 Beginning of period: Cash and cash equivalents $ 202,019 $ 12,917 Restricted cash 166 166 Cash, cash equivalents and restricted cash $ 202,185 $ 13,083 End of period: Cash and cash equivalents $ 28,606 $ 14,563 Restricted cash — 166 Cash, cash equivalents and restricted cash $ 28,606 $ 14,729
Schedule of Restrictions on Cash and Cash Equivalents	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 2024 2023 Beginning of period: Cash and cash equivalents $ 202,019 $ 12,917 Restricted cash 166 166 Cash, cash equivalents and restricted cash $ 202,185 $ 13,083 End of period: Cash and cash equivalents $ 28,606 $ 14,563 Restricted cash — 166 Cash, cash equivalents and restricted cash $ 28,606 $ 14,729

Real Estate (Tables)

Real Estate (Tables)	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Schedule of Consideration Transferred for Properties Acquired	The following table summarizes the cash consideration transferred, including acquisition costs, and the purchase price allocation for acquisitions during the nine months ended September 30, 2024 (amounts in thousands): Property Description Date Acquired Ownership Percentage Cash Consideration Transferred (amount in thousands) Brownsburg Healthcare Facility 02/26/2024 100% $ 39,115 Cave Creek Healthcare Facility 03/20/2024 100% 19,355 Marana Healthcare Facility 03/20/2024 100% 16,156 Surprise Healthcare Facility 03/20/2024 100% 18,602 Tucson Healthcare Facility V 03/20/2024 100% 15,994 Weslaco Healthcare Facility 03/20/2024 100% 15,713 Reading Healthcare Facility 05/21/2024 100% 10,754 Fort Smith Healthcare Facility 07/25/2024 100% 28,364 Total $ 164,053
Schedule of Allocation of Acquisitions	Total Land $ 8,821 Building and improvements 113,365 Tenant improvements 22,194 In-place leases 19,468 Right-of-use assets 638 Total assets acquired 164,486 Lease liabilities (433) Total liabilities acquired (433) Net assets acquired $ 164,053

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2024
Finite-Lived Intangible Assets, Net [Abstract]
Schedule of Intangible Assets, Net	Intangible assets, net, consisted of the following as of September 30, 2024 and December 31, 2023 (amounts in thousands, except weighted average remaining life amounts): September 30, 2024 December 31, 2023 In-place leases, net of accumulated amortization of $109,958 and $95,325, respectively (with a weighted average remaining life of 7.5 years and 7.8 years, respectively) $ 125,216 $ 125,188 Above-market leases, net of accumulated amortization of $7,378 and $7,131, respectively (with a weighted average remaining life of 6.0 years and 6.7 years, respectively) 5,766 9,811 $ 130,982 $ 134,999

Intangible Liabilities, Net (Ta

Intangible Liabilities, Net (Tables)	9 Months Ended
	Sep. 30, 2024
Intangible Lease Liabilities, Net [Abstract]
Schedule of Intangible Liabilities, Net	Intangible liabilities, net, consisted of the following as of September 30, 2024 and December 31, 2023 (amounts in thousands, except weighted average remaining life amounts): September 30, 2024 December 31, 2023 Below-market leases, net of accumulated amortization of $8,446 and $7,417, respectively (with a weighted average remaining life of 6.3 years and 7.4 years, respectively) $ 7,384 $ 10,452

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024, for the period ending December 31, 2024, and for each of the next four years ending December 31, and thereafter, are as follows (amounts in thousands): September 30, 2024 (1) Period ending December 31, 2024 $ 41,341 2025 165,579 2026 162,301 2027 159,053 2028 154,680 Thereafter 837,475 Total $ 1,520,429 (1) The table includes payments from tenants who have been moved to the cash basis of accounting for revenue recognition purposes that have continued to make rental payments as of September 30, 2024.
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, 2024, for the period ending December 31, 2024, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): September 30, 2024 Period ending December 31, 2024 $ 685 2025 2,791 2026 2,739 2027 2,705 2028 2,716 Thereafter 106,039 Total undiscounted rental payments 117,675 Less imputed interest (76,446) Total lease liabilities $ 41,229
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, 2024 and 2023 (amounts in thousands): Three Months Ended Nine Months Ended Location in Condensed Consolidated Statements of Comprehensive Income 2024 2023 2024 2023 Operating lease costs: Ground lease costs (1) Rental expenses $ 690 $ 682 $ 2,053 $ 2,045 Corporate operating lease costs General and administrative expenses 185 175 561 551 Supplemental disclosure of cash flows information: Operating cash outflows for operating leases (2) $ 205 $ 166 $ 624 $ 564 Right-of-use assets obtained in exchange for new lease liabilities $ 405 $ — $ 433 $ — (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. (2) Amounts are net of reimbursements the Company receives from tenants for certain operating ground leases.

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2024
Other Assets [Abstract]
Schedule of Other Assets	Other assets consisted of the following as of September 30, 2024 and December 31, 2023 (amounts in thousands): September 30, 2024 December 31, 2023 Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $2,720 and $1,917, respectively $ 1,471 $ 2,271 Leasing commissions, net of accumulated amortization of $263 and $191, respectively 1,796 593 Restricted cash — 166 Tenant receivables 3,140 2,398 Straight-line rent receivable 56,730 53,248 Prepaid and other assets 3,412 4,089 Derivative assets - interest rate swaps 6,739 17,060 $ 73,288 $ 79,825

Accounts Payable and Other Li_2

Accounts Payable and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Other Liabilities	Accounts payable and other liabilities consisted of the following as of September 30, 2024 and December 31, 2023 (amounts in thousands): September 30, 2024 December 31, 2023 Accounts payable and accrued expenses $ 7,154 $ 3,906 Accrued interest expense 1,340 1,714 Accrued property taxes 3,817 3,687 Accrued personnel costs 4,180 4,425 Distributions payable to stockholders 7,383 7,782 Performance DSUs distributions payable 401 1,140 Tenant deposits 1,789 877 Deferred rental income 9,917 6,393 Derivative liabilities - interest rate swaps 753 457 $ 36,734 $ 30,381

Credit Facility (Tables)

Credit Facility (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Credit Facility	The Company's outstanding credit facility as of September 30, 2024 and December 31, 2023 consisted of the following (amounts in thousands): Weighted Average Contractual Rate (1) September 30, 2024 December 31, 2023 2026 Variable rate revolving line of credit —% $ — $ — 2024 Variable rate term loan fixed through interest rate swaps —% — 250,000 2027 Variable rate term loan fixed through interest rate swaps (2) 2.28% 250,000 — 2028 Variable rate term loan fixed through interest rate swaps (3) 4.18% 275,000 275,000 Total credit facility, principal amount outstanding 3.28% 525,000 525,000 Unamortized deferred financing costs related to credit facility term loans (3,389) (1,847) Total credit facility, net of deferred financing costs $ 521,611 $ 523,153 (1) Weighted average contractual rate is as of September 30, 2024. (2) Fixed through five interest rate swaps that mature on December 31, 2024. (3)
Schedule of Future Principal Payments Due on Debt	The principal payments due on the credit facility as of September 30, 2024, for the period ending December 31, 2024, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Amount Period ending December 31, 2024 $ — 2025 — 2026 — 2027 250,000 2028 275,000 Thereafter — $ 525,000

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 (amounts in thousands): September 30, 2024 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Assets: Derivative assets - interest rate swaps $ — $ 6,739 $ — $ 6,739 Total assets at fair value $ — $ 6,739 $ — $ 6,739 Liabilities: Derivative liabilities - interest rate swaps $ — $ 753 $ — $ 753 Total liabilities at fair value $ — $ 753 $ — $ 753 December 31, 2023 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Assets: Derivative assets - interest rate swaps $ — $ 17,060 $ — $ 17,060 Total assets at fair value $ — $ 17,060 $ — $ 17,060 Liabilities: Derivative liabilities - interest rate swaps $ — $ 457 $ — $ 457 Total liabilities at fair value $ — $ 457 $ — $ 457
Schedule of Significant Unobservable Inputs	The significant unobservable inputs for the Level 3 measurements include: Significant Unobservable Inputs December 31, 2023 Overall capitalization rate 8.5% Market rent per square foot $45.00 Range of comparable sale price per square foot $ 60.86 $ 98.04

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2024
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 Weighted Average Fixed Interest Rate Effective Maturity September 30, 2024 December 31, 2023 Outstanding Fair Value of Outstanding Fair Value of Assets (Liabilities) Assets (Liabilities) Interest rate swaps (1) 0.93% 05/01/2022 to 12/31/2024 $ 250,000 $ 2,307 $ — $ 250,000 $ 9,172 $ — Interest rate swaps (1) 2.83% 05/02/2022 to 05/01/2023 1/31/2028 275,000 4,432 (753) 275,000 7,888 (457) $ 525,000 $ 6,739 $ (753) $ 525,000 $ 17,060 $ (457)
Schedule of Income and Losses Recognized on Derivative Instruments	The table below summarizes the amount of income and loss recognized on the interest rate derivatives designated as cash flow hedges for the three and nine months ended September 30, 2024 and 2023 (amounts in thousands): Derivatives in Cash Flow Amount of (Loss) Income Recognized Location of (Loss) Income Amount of Income Total Amount of Line Item in Condensed Consolidated Statements of Comprehensive Income Three Months Ended September 30, 2024 Interest rate swaps $ (6,843) Interest expense $ 4,527 $ (5,468) Three Months Ended September 30, 2023 Interest rate swaps $ 6,780 Interest expense $ 4,465 $ (5,653) Nine Months Ended September 30, 2024 Interest rate swaps $ 2,943 Interest expense $ 13,560 $ (15,955) Nine Months Ended September 30, 2023 Interest rate swaps $ 13,550 Interest expense $ 12,117 $ (16,939)
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, 2024 and December 31, 2023 (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, 2024 $ 6,739 $ — $ 6,739 $ (753) $ — $ 5,986 December 31, 2023 $ 17,060 $ — $ 17,060 $ (457) $ — $ 16,603
Schedule of Offsetting of Derivative Liabilities	Offsetting of Derivative Liabilities Gross Amounts Not Offset in the Balance Sheet Gross Gross Amounts Net Amounts of Financial Instruments Cash Collateral Net September 30, 2024 $ 753 $ — $ 753 $ (753) $ — $ — December 31, 2023 $ 457 $ — $ 457 $ (457) $ — $ —

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 and 2023 (amounts in thousands): Unrealized Loss Balance as of December 31, 2023 $ 16,603 Other comprehensive income before reclassification 2,943 Amount of income reclassified from accumulated other comprehensive income to net income (13,560) Other comprehensive loss (10,617) Balance as of September 30, 2024 $ 5,986 Unrealized Income 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
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, 2024 and 2023 (amounts in thousands): Details about Accumulated Other Income Amounts Reclassified from Affected Line Items in the Condensed Consolidated Statements of Comprehensive Income Nine Months Ended 2024 2023 Interest rate swap contracts $ (13,560) $ (12,117) Interest expense

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted earnings per share using the two-class method (amounts in thousands, except share data and per share amounts): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Earnings: Net income attributable to common stockholders $ 11,935 $ 14,983 $ 31,543 $ 33,038 Less: Income allocated to participating securities (80) (74) (171) (163) Net income used in basic earnings per share 11,855 14,909 31,372 32,875 Add back: Income allocated to participating securities 80 74 171 163 Net income used in diluted earnings per share $ 11,935 $ 14,983 $ 31,543 $ 33,038 Weighted Average Shares: Basic weighted average number of common shares outstanding (1) 55,571,298 56,859,076 56,634,376 56,748,751 Dilutive effect of weighted average shares of non-vested restricted common stock (1) 373,047 280,369 308,968 281,006 Dilutive effect of weighted average shares of Performance DSUs (1) 137,273 181,220 151,393 181,220 Diluted weighted average number of common shares outstanding (1) 56,081,618 57,320,665 57,094,737 57,210,977 Net income per share attributable to common stockholders: Basic (1) $ 0.21 $ 0.26 $ 0.55 $ 0.58 Diluted (1) $ 0.21 $ 0.26 $ 0.55 $ 0.58 (1) Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1—"Organization and Business Operations" for additional information).

Organization and Business Ope_2

Organization and Business Operations (Details)				9 Months Ended
	Jul. 19, 2024 USD ($) $ / shares	Jun. 13, 2024 USD ($) $ / shares shares	Apr. 08, 2024	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	Aug. 16, 2024 USD ($)	May 01, 2024 $ / shares	Apr. 30, 2024 $ / shares	Dec. 31, 2023 $ / shares
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Common stock, par value (in dollars per share) | $ / shares		$ 0.01		$ 0.01			$ 0.01	$ 0.04	$ 0.01
Reverse stock split, conversion ratio			0.25
Share repurchase program, authorized amount						$ 25,000,000
Repurchase of common stock (in shares) | shares		2,212,389
Common stock outstanding percentage	0.039
Repurchase of common stock	$ 50,000,000
Tender offer repurchase of common stock
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Share repurchase program, authorized amount		$ 50,000,000
Repurchase of common stock (in shares) | shares				2,212,389
Purchase price (in dollars per share) | $ / shares	$ 22.60
Repurchase of common stock				$ 51,480,000	$ 0
Tender offer repurchase cost	$ 2,093,000
Maximum | Tender offer repurchase of common stock
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repurchase of common stock, average price per share (in dollars per share) | $ / shares		$ 24
Minimum | Tender offer repurchase of common stock
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repurchase of common stock, average price per share (in dollars per share) | $ / shares		$ 22.60
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 (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 28,606	$ 202,019	$ 14,563	$ 12,917
Restricted cash	0	166	166	166
Cash, cash equivalents and restricted cash	$ 28,606	$ 202,185	$ 14,729	$ 13,083

Real Estate - Narrative (Detail

Real Estate - Narrative (Details) $ in Thousands					3 Months Ended		9 Months Ended
	Sep. 25, 2024 USD ($) property	Mar. 27, 2024 USD ($) property	Mar. 26, 2024 property	Jan. 31, 2024 USD ($) property	Sep. 30, 2024 USD ($) tenant	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) tenant property acquisition	Sep. 30, 2023 USD ($)
Real Estate [Line Items]
Number of real estate properties acquired | property							8
Number of transactions | acquisition							4
Capitalized acquisition costs							$ 717
Proceeds from real estate dispositions							16,120	$ 12,388
(Loss) gain on real estate disposition					$ 0	$ 1	76	22
Impairment and disposition losses					792	$ 0	1,210	6,708
Offering cost							26	$ 6
Impairment of intangible assets							$ 158
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]							Impairment and disposition losses	Impairment and disposition losses
Impairment loss on goodwill								$ 344
Fort Myers Healthcare Facilities
Real Estate [Line Items]
(Loss) gain on real estate disposition					$ 792		$ 792
Impairment loss							$ 418
One Tenant | Revenue | Customer Concentration Risk
Real Estate [Line Items]
Number of major tenants | tenant					1		1
Post Acute Medical LLC and affiliates | Revenue | Customer Concentration Risk
Real Estate [Line Items]
Concentration risk, percentage							14.70%
GenesisCare Master Lease
Real Estate [Line Items]
Number of tenant properties | property			17				6
Number of tenant properties removed | property		10
Number of remaining tenant properties | property		7
Straight line basis rental revenue					$ 57		$ 117
Impairment loss								6,364
Impairment of lease liabilities							2,038
Impairment loss on goodwill								1,238
Severance fees		$ 2,000
GenesisCare Master Lease | In-place leases
Real Estate [Line Items]
Impairment of intangible assets							4,646	592
GenesisCare Master Lease | Above-market leases
Real Estate [Line Items]
Impairment of intangible assets							2,667	$ 260
GenesisCare Master Lease | Fort Myers Healthcare Facilities
Real Estate [Line Items]
Number of real estate properties | property	2
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Aggregate sales price	$ 15,500			$ 1,500
Proceeds from real estate dispositions	14,681			1,439
(Loss) gain on real estate disposition				$ 76
Lease income, deferred rent							902
Number of real estate properties | property				1
Termination lease income (losses)							$ 4,098
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Fort Myers Healthcare Facilities
Real Estate [Line Items]
(Loss) gain on real estate disposition	$ 792

Real Estate - Schedule of Consi

Real Estate - Schedule of Consideration Transferred for Properties Acquired (Details) - USD ($) $ in Thousands					9 Months Ended
	Jul. 25, 2024	May 21, 2024	Mar. 20, 2024	Feb. 26, 2024	Sep. 30, 2024
Business Acquisition [Line Items]
Cash Consideration transferred					$ 164,053
Brownsburg Healthcare Facility
Business Acquisition [Line Items]
Ownership Percentage				100%
Cash Consideration transferred				$ 39,115
Cave Creek Healthcare Facility
Business Acquisition [Line Items]
Ownership Percentage			100%
Cash Consideration transferred			$ 19,355
Marana Healthcare Facility
Business Acquisition [Line Items]
Ownership Percentage			100%
Cash Consideration transferred			$ 16,156
Surprise Healthcare Facility
Business Acquisition [Line Items]
Ownership Percentage			100%
Cash Consideration transferred			$ 18,602
Tucson Healthcare Facility V
Business Acquisition [Line Items]
Ownership Percentage			100%
Cash Consideration transferred			$ 15,994
Weslaco Healthcare Facility
Business Acquisition [Line Items]
Ownership Percentage			100%
Cash Consideration transferred			$ 15,713
Reading Healthcare Facility
Business Acquisition [Line Items]
Ownership Percentage		100%
Cash Consideration transferred		$ 10,754
Fort Smith Healthcare Facility
Business Acquisition [Line Items]
Ownership Percentage	100%
Cash Consideration transferred	$ 28,364

Real Estate - Schedule of Alloc

Real Estate - Schedule of Allocation of Acquisitions (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Real Estate [Abstract]
Land	$ 8,821
Building and improvements	113,365
Tenant improvements	22,194
In-place leases	19,468
Right-of-use assets	638
Total assets acquired	164,486
Lease liabilities	(433)
Total liabilities acquired	(433)
Net assets acquired	$ 164,053

Intangible Assets, Net - Schedu

Intangible Assets, Net - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, accumulated amortization	$ 117,336	$ 102,456
Weighted average remaining useful life of intangible assets (in years)	7 years 4 months 24 days	7 years 8 months 12 days
Intangible assets, net of accumulated amortization	$ 130,982	$ 134,999
In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, accumulated amortization	$ 109,958	$ 95,325
Weighted average remaining useful life of intangible assets (in years)	7 years 6 months	7 years 9 months 18 days
Intangible assets, net of accumulated amortization	$ 125,216	$ 125,188
Above-market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, accumulated amortization	$ 7,378	$ 7,131
Weighted average remaining useful life of intangible assets (in years)	6 years	6 years 8 months 12 days
Intangible assets, net of accumulated amortization	$ 5,766	$ 9,811

Intangible Assets, Net - Narrat

Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets, Net [Abstract]
Weighted average remaining useful life of intangible assets (in years)			7 years 4 months 24 days		7 years 8 months 12 days
Amortization of intangible assets	$ 5,266	$ 5,424	$ 23,338	$ 17,630

Intangible Liabilities, Net - S

Intangible Liabilities, Net - Schedule of Intangible Liabilities, Net (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Intangible Lease Liabilities, Net [Abstract]
Accumulated amortization of below-market leases	$ 8,446	$ 7,417
Weighted average remaining life of below-market leases	6 years 3 months 18 days	7 years 4 months 24 days
Below-market leases, net of accumulated amortization	$ 7,384	$ 10,452

Intangible Liabilities, Net - N

Intangible Liabilities, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Intangible Lease Liabilities, Net [Abstract]
Amortization of below-market leases	$ 315	$ 373	$ 3,068	$ 1,120

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Rent to Lessor from Operating Leases (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
Period ending December 31, 2024	$ 41,341
2025	165,579
2026	162,301
2027	159,053
2028	154,680
Thereafter	837,475
Total	$ 1,520,429

Leases - Narrative (Details)

Leases - Narrative (Details)	Sep. 30, 2024
Leases [Abstract]
Weighted average IBR	5.50%
Weighted average remaining lease term	35 years 8 months 12 days

Leases - Schedule of Rent Payme

Leases - Schedule of Rent Payments from Lessee (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Period ending December 31, 2024	$ 685
2025	2,791
2026	2,739
2027	2,705
2028	2,716
Thereafter	106,039
Total undiscounted rental payments	117,675
Less imputed interest	(76,446)
Total lease liabilities	$ 41,229	$ 41,158
Weighted average IBR	5.50%
Weighted average remaining lease term	35 years 8 months 12 days

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Supplemental disclosure of cash flows information:
Operating cash outflows for operating leases	$ 205	$ 166	$ 624	$ 564
Right-of-use assets obtained in exchange for new lease liabilities	405	0	433	0
Rental expenses
Lessee, Lease, Description [Line Items]
Operating lease costs	690	682	2,053	2,045
General and administrative expenses
Lessee, Lease, Description [Line Items]
Operating lease costs	$ 185	$ 175	$ 561	$ 551

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Assets [Abstract]
Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $2,720 and $1,917, respectively	$ 1,471	$ 2,271
Leasing commissions, net of accumulated amortization of $263 and $191, respectively	1,796	593
Restricted cash	0	166
Tenant receivables	3,140	2,398
Straight-line rent receivable	56,730	53,248
Prepaid and other assets	3,412	4,089
Derivative assets - interest rate swaps	6,739	17,060
Total other assets	73,288	79,825
Deferred financing costs, related to the revolver portion of the credit facility, accumulated amortization	2,720	1,917
Leasing commissions, accumulated amortization	$ 263	$ 191

Accounts Payable and Other Li_3

Accounts Payable and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accounts payable and accrued expenses	$ 7,154	$ 3,906
Accrued interest expense	1,340	1,714
Accrued property taxes	3,817	3,687
Accrued personnel costs	4,180	4,425
Distributions payable to stockholders	7,383	7,782
Performance DSUs distributions payable	401	1,140
Tenant deposits	1,789	877
Deferred rental income	9,917	6,393
Derivative liabilities - interest rate swaps	753	457
Total accounts payable and other liabilities	$ 36,734	$ 30,381

Credit Facility - Schedule of C

Credit Facility - Schedule of Credit Facility (Details) $ in Thousands	Sep. 30, 2024 USD ($) swap	Dec. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Weighted Average Contractual Rate	3.28%
Total credit facility, principal amount outstanding	$ 525,000	$ 525,000
Unamortized deferred financing costs related to credit facility term loans	(3,389)	(1,847)
Total credit facility, net of deferred financing costs	$ 521,611	523,153
Revolving Line of Credit | 2026 Variable rate revolving line of credit
Line of Credit Facility [Line Items]
Weighted Average Contractual Rate	0%
Total credit facility, principal amount outstanding	$ 0	0
Term Loan | 2024 Variable rate term loan fixed through interest rate swaps
Line of Credit Facility [Line Items]
Weighted Average Contractual Rate	0%
Total credit facility, principal amount outstanding	$ 0	250,000
Term Loan | 2027 Variable rate term loan fixed through interest rate swaps
Line of Credit Facility [Line Items]
Weighted Average Contractual Rate	2.28%
Total credit facility, principal amount outstanding	$ 250,000	0
Number of interest rates swaps | swap	5
Term Loan | 2028 Variable rate term loan fixed through interest rate swaps
Line of Credit Facility [Line Items]
Weighted Average Contractual Rate	4.18%
Total credit facility, principal amount outstanding	$ 275,000	$ 275,000
Number of interest rates swaps | swap	6

Credit Facility - Narrative (De

Credit Facility - Narrative (Details) $ in Thousands				9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 10, 2024 USD ($)	Jul. 24, 2024 USD ($)	Sep. 30, 2024 USD ($) extension	Sep. 30, 2023 USD ($)	Mar. 20, 2024 USD ($)
Line of Credit Facility [Line Items]
2027 term loan, extension period				1 year
Number of extensions | extension				2
Loss on extinguishment of debt				$ 228	$ 0
Proceeds from credit facility			$ 20,000	270,000	50,000
Paydown on credit facility	$ 15,000	$ 5,000		$ 270,000	$ 28,000
2027 Term Loan | Term Loan
Line of Credit Facility [Line Items]
Commitments available						$ 250,000
Maximum borrowing capacity						$ 500,000

Credit Facility - Schedule of P

Credit Facility - Schedule of Principal Payments Due on Credit Facility (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Debt Disclosure [Abstract]
Period ending December 31, 2024	$ 0
2025	0
2026	0
2027	250,000
2028	275,000
Thereafter	0
Total	$ 525,000

Fair Value - Narrative (Details

Fair Value - Narrative (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) property	Dec. 31, 2023 USD ($) property	Jun. 30, 2024 USD ($) property
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total credit facility, principal amount outstanding	$ 525,000	$ 525,000
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accounts payable and other liabilities	Accounts payable and other liabilities
Real estate assets	$ 1,720,638	$ 1,628,652
Impairment loss on real estate	$ 418	20,758
Number of real estates assets | property			2
Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate assets		$ 37,600
Number of real estates assets | property	0	6	2
Significant Other Observable Inputs (Level 2) | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate assets		$ 21,400	$ 15,500
Number of real estates assets | property		3
Significant Unobservable Inputs (Level 3) | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate assets		$ 16,200
Number of real estates assets | property		3

Fair Value - Schedule of Fair V

Fair Value - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Derivative assets - interest rate swaps	$ 6,739	$ 17,060
Liabilities:
Derivative liabilities - interest rate swaps	753	457
Recurring basis
Assets:
Total assets at fair value	6,739	17,060
Liabilities:
Total liabilities at fair value	753	457
Recurring basis | Interest rate swaps
Assets:
Derivative assets - interest rate swaps	6,739	17,060
Liabilities:
Derivative liabilities - interest rate swaps	753	457
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring basis
Assets:
Total assets at fair value	0	0
Liabilities:
Total liabilities at fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring basis | Interest rate swaps
Assets:
Derivative assets - interest rate swaps	0	0
Liabilities:
Derivative liabilities - interest rate swaps	0	0
Significant Other Observable Inputs (Level 2) | Recurring basis
Assets:
Total assets at fair value	6,739	17,060
Liabilities:
Total liabilities at fair value	753	457
Significant Other Observable Inputs (Level 2) | Recurring basis | Interest rate swaps
Assets:
Derivative assets - interest rate swaps	6,739	17,060
Liabilities:
Derivative liabilities - interest rate swaps	753	457
Significant Unobservable Inputs (Level 3) | Recurring basis
Assets:
Total assets at fair value	0	0
Liabilities:
Total liabilities at fair value	0	0
Significant Unobservable Inputs (Level 3) | Recurring basis | Interest rate swaps
Assets:
Derivative assets - interest rate swaps	0	0
Liabilities:
Derivative liabilities - interest rate swaps	$ 0	$ 0

Fair Value - Schedule of Signif

Fair Value - Schedule of Significant Unobservable Inputs (Details) - Significant Unobservable Inputs (Level 3)	Dec. 31, 2023 $ / sqft
Overall capitalization rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate assets, measurement input	0.085
Market rent per square foot
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate assets, measurement input	45
Range of comparable sale price per square foot | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate assets, measurement input	60.86
Range of comparable sale price per square foot | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate assets, measurement input	98.04

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Narrative (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Derivative [Line Items]
Additional gain expected to be reclassified from AOCI into earnings during next twelve months	$ 4,889

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, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Weighted Average Fixed Interest Rate	3.28%
Fair Value of Assets	$ 6,739	$ 17,060
Fair Value of Liabilities	(753)	(457)
Interest rate swaps | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Outstanding Notional Amount	525,000	525,000
Interest rate swaps | Assets | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Fair Value of Assets	6,739	17,060
Interest rate swaps | Liabilities | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Fair Value of Liabilities	$ (753)	(457)
Interest rate swaps | Variable Rate Term Loan, Subject To Interest Rate Swap, Maturing December 31, 2024
Derivatives, Fair Value [Line Items]
Weighted Average Fixed Interest Rate	0.93%
Interest rate swaps | Variable Rate Term Loan, Subject To Interest Rate Swap, Maturing December 31, 2024 | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Outstanding Notional Amount	$ 250,000	250,000
Interest rate swaps | Variable Rate Term Loan, Subject To Interest Rate Swap, Maturing December 31, 2024 | Assets | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Fair Value of Assets	2,307	9,172
Interest rate swaps | Variable Rate Term Loan, Subject To Interest Rate Swap, Maturing December 31, 2024 | Liabilities | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Fair Value of Liabilities	$ 0	0
Interest rate swaps | Variable Rate Term Loan, Subject To Interest Rate Swap, Maturing January 31, 2028
Derivatives, Fair Value [Line Items]
Weighted Average Fixed Interest Rate	2.83%
Interest rate swaps | Variable Rate Term Loan, Subject To Interest Rate Swap, Maturing January 31, 2028 | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Outstanding Notional Amount	$ 275,000	275,000
Interest rate swaps | Variable Rate Term Loan, Subject To Interest Rate Swap, Maturing January 31, 2028 | Assets | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Fair Value of Assets	4,432	7,888
Interest rate swaps | Variable Rate Term Loan, Subject To Interest Rate Swap, Maturing January 31, 2028 | Liabilities | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Fair Value of Liabilities	$ (753)	$ (457)

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Total Amount of Line Item in Condensed Consolidated Statements of Comprehensive Income	$ (5,468)	$ (5,653)	$ (15,955)	$ (16,939)
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Income Recognized in Other Comprehensive (Loss) Income on Derivatives	(6,843)	6,780	2,943	13,550
Interest rate swaps | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Income Reclassified From Accumulated Other Comprehensive Income to Net Income	$ 4,527	$ 4,465	$ 13,560	$ 12,117

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Schedule of Offsetting of Derivative Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Assets	$ 6,739	$ 17,060
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Assets Presented in the Balance Sheet	6,739	17,060
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments Collateral	(753)	(457)
Gross Amounts Not Offset in the Balance Sheet, Cash Collateral	0	0
Net Amount	$ 5,986	$ 16,603

Derivative Instruments and He_7

Derivative Instruments and Hedging Activities - Schedule of Offsetting of Derivative Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Liabilities	$ 753	$ 457
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Liabilities Presented in the Balance Sheet	753	457
Financial Instruments Collateral	(753)	(457)
Cash Collateral	0	0
Net Amount	$ 0	$ 0

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details)					3 Months Ended		9 Months Ended
		Jul. 19, 2024 USD ($)	Jun. 13, 2024 USD ($) $ / shares shares	Apr. 08, 2024	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Aug. 16, 2024 USD ($) shares	Dec. 31, 2023 USD ($)
Class of Stock [Line Items]
Reverse stock split, conversion ratio				0.25
Distributions payable to stockholders					$ 7,383,000		$ 7,383,000			$ 7,782,000
Repurchase of common stock (in shares) | shares			2,212,389
Repurchase of common stock						$ 3,382,000		$ 9,376,000
Share repurchase program, authorized shares (in shares) | shares									1,500,000
Share repurchase program, authorized amount									$ 25,000,000
Share repurchase program, authorized remaining amount					25,000,000		$ 25,000,000
Common stock outstanding percentage		0.039
Repurchase of common stock		$ 50,000,000
Tender offer repurchase of common stock
Class of Stock [Line Items]
Repurchase of common stock (in shares) | shares							2,212,389
Repurchase of common stock		$ 2,093,000			$ 52,093,000		$ 52,093,000
Share repurchase program, authorized amount			$ 50,000,000
Repurchase of common stock							$ 51,480,000	$ 0
Maximum | Tender offer repurchase of common stock
Class of Stock [Line Items]
Repurchase of common stock, average price per share (in dollars per share) | $ / shares			$ 24
Minimum | Tender offer repurchase of common stock
Class of Stock [Line Items]
Repurchase of common stock, average price per share (in dollars per share) | $ / shares			$ 22.60
Common Stock
Class of Stock [Line Items]
Repurchase of common stock (in shares) | shares	[1]					103,970		286,268
Repurchase of common stock	[1]					$ 1,000		$ 3,000
Common Stock | Tender offer repurchase of common stock
Class of Stock [Line Items]
Repurchase of common stock (in shares) | shares	[2]				2,212,389		2,212,389
Repurchase of common stock	[2]				$ 22,000		$ 22,000
Class A, I and T Shares | Common Stock
Class of Stock [Line Items]
Repurchase of common stock (in shares) | shares							283,694	286,268
Repurchase of common stock							$ 8,486,000	$ 9,376,000
Repurchase of common stock, average price per share (in dollars per share) | $ / shares							$ 29.92	$ 32.75
Common Class A | Common Stock
Class of Stock [Line Items]
Repurchase of common stock (in shares) | shares							246,206	219,965
Common Class I | Common Stock
Class of Stock [Line Items]
Repurchase of common stock (in shares) | shares							7,574	25,643
Common Class T | Common Stock
Class of Stock [Line Items]
Repurchase of common stock (in shares) | shares							29,914	40,660
[1]Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1—"Organization and Business Operations" for additional information).[2]Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1—"Organization and Business Operations" for additional information).

Stockholders' Equity - Amounts

Stockholders' Equity - Amounts Recognized in AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance beginning	$ 1,472,911	$ 1,535,863	$ 1,494,435	$ 1,555,095
Other comprehensive (loss) income	(11,370)	2,315	(10,617)	1,433
Balance ending	1,400,475	1,534,116	1,400,475	1,534,116
Unrealized Income (Loss) on Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance beginning			16,603	27,990
Other comprehensive income before reclassification			2,943	13,550
Amount of income reclassified from accumulated other comprehensive income to net income			(13,560)	(12,117)
Other comprehensive (loss) income			(10,617)	1,433
Balance ending	$ 5,986	$ 29,423	$ 5,986	$ 29,423

Stockholders' Equity - Reclassi

Stockholders' Equity - Reclassifications Out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest rate swap contracts	$ (11,935)	$ (14,983)	$ (31,543)	$ (33,038)
Interest rate swaps | Income 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 rate swap contracts			$ (13,560)	$ (12,117)

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings:
Net income attributable to common stockholders		$ 11,935	$ 14,983	$ 31,543	$ 33,038
Less: Income allocated to participating securities		(80)	(74)	(171)	(163)
Net income used in basic earnings per share		11,855	14,909	31,372	32,875
Add back: Income allocated to participating securities		80	74	171	163
Net income used in diluted earnings per share		$ 11,935	$ 14,983	$ 31,543	$ 33,038
Weighted Average Shares:
Basic weighted average number of common shares outstanding (in shares)	[1]	55,571,298	56,859,076	56,634,376	56,748,751
Diluted weighted average number of common shares outstanding (in shares)	[1]	56,081,618	57,320,665	57,094,737	57,210,977
Net income per share attributable to common stockholders:
Basic (in dollars per share)	[1]	$ 0.21	$ 0.26	$ 0.55	$ 0.58
Diluted (in dollars per share)	[1]	$ 0.21	$ 0.26	$ 0.55	$ 0.58
Restricted Stock
Weighted Average Shares:
Dilutive effect of weighted average shares (in shares)		373,047	280,369	308,968	281,006
Performance DSUs
Weighted Average Shares:
Dilutive effect of weighted average shares (in shares)		137,273	181,220	151,393	181,220
[1]Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1—"Organization and Business Operations" for additional information).

Stock-based Compensation (Detai

Stock-based Compensation (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) director shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) director	Sep. 30, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated stock-based compensation | $	$ 12		$ 875
Stock-based compensation | $	$ 1,311	$ 1,228	3,798	$ 3,721
Restricted Stock, Time-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares) | shares	89,373
Award vesting under plan, percentage per annum	25%
Unrecognized stock-based compensation expense | $	$ 1,646		$ 1,646
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares) | shares	24,245
Number of independent directors | director	5		5
Restricted Stock | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares) | shares	4,849

Commitments and Contingencies (

Commitments and Contingencies (Details)	Sep. 30, 2024 legal_proceeding
Commitments and Contingencies Disclosure [Abstract]
Number of pending legal proceedings to which the company is a party	0

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Thousands				3 Months Ended		9 Months Ended
		Oct. 18, 2024 $ / shares	Oct. 15, 2024 USD ($)	Sep. 30, 2024 $ / shares	Sep. 30, 2023 $ / shares	Sep. 30, 2024 $ / shares	Sep. 30, 2023 $ / shares	Nov. 05, 2024 USD ($) loan
Subsequent Event [Line Items]
Distributions declared per common share (in dollars per share) | $ / shares	[1]			$ 0.40	$ 0.40	$ 1.20	$ 1.20
Subsequent Event
Subsequent Event [Line Items]
Distributions paid | $			$ 7,383
Distributions declared per common share (in dollars per share) | $ / shares		$ 0.1333
Annualized distribution per share (in dollars per share) | $ / shares		$ 1.60
Number of mezzanine loans | loan								2
Subsequent Event | Unfunded Loan Commitment | Inpatient Rehabilitation Facility
Subsequent Event [Line Items]
Mezzanine loans | $								$ 12,543
Subsequent Event | Unfunded Loan Commitment | Behavioral Healthcare Facility
Subsequent Event [Line Items]
Mezzanine loans | $								$ 5,000
[1]Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1—"Organization and Business Operations" for additional information).