Community Healthcare Trust (CHCT) 10-Q 2 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Oct. 29, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-37401
Entity Registrant Name	Community Healthcare Trust Inc
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-5212033
Entity Address, Address Line One	3326 Aspen Grove Drive
Entity Address, Address Line Two	Suite 150
Entity Address, City or Town	Franklin
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37067
City Area Code	615
Local Phone Number	771-3052
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	CHCT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		24,982,506
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001631569
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2021

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Real estate properties
Land and land improvements	$ 95,514	$ 83,714
Buildings, improvements, and lease intangibles	724,465	651,398
Personal property	222	247
Total real estate properties	820,201	735,359
Less accumulated depreciation	(125,243)	(102,899)
Total real estate properties, net	694,958	632,460
Cash and cash equivalents	1,641	2,483
Restricted cash	456	409
Other assets, net	50,537	33,050
Total assets	747,592	668,402
Liabilities
Debt, net	257,560	212,374
Accounts payable and accrued liabilities	6,910	5,743
Other liabilities, net	21,451	20,369
Total liabilities	285,921	238,486
Commitments and contingencies
Stockholders' Equity
Preferred stock, $0.01 par value; 50,000,000 shares authorized; none issued and outstanding	0	0
Common stock, $0.01 par value; 450,000,000 shares authorized; 24,982,287 and 23,888,090 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively	250	239
Additional paid-in capital	593,717	550,391
Cumulative net income	53,010	36,631
Accumulated other comprehensive loss	(8,269)	(11,846)
Cumulative dividends	(177,037)	(145,499)
Total stockholders’ equity	461,671	429,916
Total liabilities and stockholders' equity	$ 747,592	$ 668,402

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, shares authorized (in shares)	50,000,000	50,000,000
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)	450,000,000	450,000,000
Common Stock, shares issued (in shares)	24,982,287	23,888,090
Common Stock, shares outstanding (in shares)	24,982,287	23,888,090

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
REVENUES
Rental income	$ 22,447	$ 18,939	$ 65,233	$ 54,197
Other operating interest	807	405	2,104	1,363
REVENUES	23,254	19,344	67,337	55,560
EXPENSES
Property operating	4,051	3,563	11,623	10,129
General and administrative	3,206	2,191	8,958	6,282
Depreciation and amortization	7,812	6,295	22,576	18,473
EXPENSES	15,069	12,049	43,157	34,884
INCOME BEFORE INCOME TAXES AND OTHER ITEMS	8,185	7,295	24,180	20,676
Loss on sale of real estate	0	0	0	(313)
Interest expense	(2,788)	(2,064)	(7,753)	(6,496)
Deferred income tax expense	(45)	(20)	(104)	(40)
Interest and other income, net	2	0	56	10
Net income	$ 5,354	$ 5,211	$ 16,379	$ 13,837
NET INCOME PER COMMON SHARE:
Net income per common share – Basic (in dollars per share)	$ 0.20	$ 0.22	$ 0.63	$ 0.59
Net income per common share – Diluted (in dollars per share)	$ 0.20	$ 0.22	$ 0.63	$ 0.59
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-BASIC (in shares)	23,472,000	21,866,000	23,161,000	21,290,000
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-DILUTED (in shares)	23,472,000	21,866,000	23,161,000	21,290,000

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 5,354	$ 5,211	$ 16,379	$ 13,837
Other comprehensive income (loss):
Increase (decrease) in fair value of cash flow hedges	289	(99)	304	(10,292)
Reclassification for amounts recognized as interest expense	1,181	933	3,273	1,965
Total other comprehensive income (loss)	1,470	834	3,577	(8,327)
COMPREHENSIVE INCOME	$ 6,824	$ 6,045	$ 19,956	$ 5,510

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid in Capital	Cumulative Net Income	Accumulated Other Comprehensive (Loss) Income	Cumulative Dividends
Beginning Balance (in shares) at Dec. 31, 2019		0	21,410,578
Beginning Balance at Dec. 31, 2019	$ 353,411	$ 0	$ 214	$ 447,916	$ 17,554	$ (4,808)	$ (107,465)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of issuance costs (in shares)			1,726,384
Issuance of common stock, net of issuance costs	75,382		$ 17	75,365
Stock-based compensation (in shares)			270,536
Stock-based compensation	3,358		$ 3	3,355
Unrecognized gain (loss) on cash flow hedges	(10,292)					(10,292)
Reclassification adjustment for losses included in net income (interest expense)	1,965					1,965
Net income	13,837				13,837
Dividends to common stockholders	(28,040)						(28,040)
Ending Balance (in shares) at Sep. 30, 2020		0	23,407,498
Ending Balance at Sep. 30, 2020	409,621	$ 0	$ 234	526,636	31,391	(13,135)	(135,505)
Beginning Balance (in shares) at Dec. 31, 2019		0	21,410,578
Beginning Balance at Dec. 31, 2019	$ 353,411	$ 0	$ 214	447,916	17,554	(4,808)	(107,465)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of issuance costs (in shares)	2,206,976
Ending Balance (in shares) at Dec. 31, 2020		0	23,888,090
Ending Balance at Dec. 31, 2020	$ 429,916	$ 0	$ 239	550,391	36,631	(11,846)	(145,499)
Beginning Balance (in shares) at Jun. 30, 2020		0	22,726,141
Beginning Balance at Jun. 30, 2020	387,103	$ 0	$ 227	500,477	26,180	(13,969)	(125,812)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of issuance costs (in shares)			536,839
Issuance of common stock, net of issuance costs	24,890		$ 5	24,885
Stock-based compensation (in shares)			144,518
Stock-based compensation	1,276		$ 2	1,274
Unrecognized gain (loss) on cash flow hedges	(99)					(99)
Reclassification adjustment for losses included in net income (interest expense)	933					933
Net income	5,211				5,211
Dividends to common stockholders	(9,693)						(9,693)
Ending Balance (in shares) at Sep. 30, 2020		0	23,407,498
Ending Balance at Sep. 30, 2020	409,621	$ 0	$ 234	526,636	31,391	(13,135)	(135,505)
Beginning Balance (in shares) at Dec. 31, 2020		0	23,888,090
Beginning Balance at Dec. 31, 2020	$ 429,916	$ 0	$ 239	550,391	36,631	(11,846)	(145,499)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of issuance costs (in shares)	822,452		822,452
Issuance of common stock, net of issuance costs	$ 38,169		$ 8	38,161
Stock-based compensation (in shares)			271,745
Stock-based compensation	5,168		$ 3	5,165
Unrecognized gain (loss) on cash flow hedges	304					304
Reclassification adjustment for losses included in net income (interest expense)	3,273					3,273
Net income	16,379				16,379
Dividends to common stockholders	(31,538)						(31,538)
Ending Balance (in shares) at Sep. 30, 2021		0	24,982,287
Ending Balance at Sep. 30, 2021	461,671	$ 0	$ 250	593,717	53,010	(8,269)	(177,037)
Beginning Balance (in shares) at Jun. 30, 2021		0	24,686,925
Beginning Balance at Jun. 30, 2021	457,056	$ 0	$ 247	585,177	47,656	(9,739)	(166,285)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of issuance costs (in shares)			139,216
Issuance of common stock, net of issuance costs	6,530		$ 1	6,529
Stock-based compensation (in shares)			156,146
Stock-based compensation	2,013		$ 2	2,011
Unrecognized gain (loss) on cash flow hedges	289					289
Reclassification adjustment for losses included in net income (interest expense)	1,181					1,181
Net income	5,354				5,354
Dividends to common stockholders	(10,752)						(10,752)
Ending Balance (in shares) at Sep. 30, 2021		0	24,982,287
Ending Balance at Sep. 30, 2021	$ 461,671	$ 0	$ 250	$ 593,717	$ 53,010	$ (8,269)	$ (177,037)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Cumulative Dividends
Dividends to common stockholders, per share (in dollars per share)	$ 0.4325	$ 0.4225	$ 1.2900	$ 1.2600

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
OPERATING ACTIVITIES
Net income	$ 16,379	$ 13,837
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	22,576	18,473
Other amortization	616	(21)
Stock-based compensation	5,168	3,358
Straight-line rent receivable	(2,713)	(2,518)
Loss on sale of real estate	0	313
Deferred income tax expense	104	40
Changes in operating assets and liabilities:
Other assets	(1,455)	137
Accounts payable and accrued liabilities	(32)	1,420
Other liabilities	710	764
Net cash provided by operating activities	41,353	35,803
INVESTING ACTIVITIES
Acquisitions of real estate	(78,221)	(58,945)
Proceeds from sale of real estate	0	248
Acquisition and funding of notes receivable	(13,350)	(1,902)
Proceeds from the repayment of notes receivable	2,978	7,760
Capital expenditures on existing real estate properties	(4,538)	(4,706)
Net cash used in investing activities	(93,131)	(57,545)
FINANCING ACTIVITIES
Net repayments on revolving credit facility	(29,000)	(15,000)
Term loan borrowings	125,000	0
Term loan repayments	(50,000)	0
Mortgage note repayments	(85)	(80)
Dividends paid	(31,538)	(28,040)
Proceeds from issuance of common stock	38,425	75,516
Equity issuance costs	(173)	(179)
Debt issuance costs	(1,646)	0
Net cash provided by financing activities	50,983	32,217
(Decrease) increase in cash and cash equivalents and restricted cash	(795)	10,475
Cash and cash equivalents and restricted cash, beginning of period	2,892	2,023
Cash and cash equivalents and restricted cash, end of period	2,097	12,498
Supplemental Cash Flow Information:
Interest paid	7,339	6,223
Invoices accrued for construction, tenant improvement and other capitalized costs	1,071	663
Reclassification of registration statement costs incurred in prior year to equity issuance costs	256	150
Increase (decrease) in fair value of cash flow hedges	304	(10,292)
Income taxes paid	$ 25	$ 40

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Business Overview Community Healthcare Trust Incorporated (the ‘‘Company’’, ‘‘we’’, ‘‘our’’) was organized in the State of Maryland on March 28, 2014. The Company is a fully-integrated healthcare real estate company that owns and acquires real estate properties that are leased to hospitals, doctors, healthcare systems or other healthcare service providers. As of September 30, 2021, the Company had investments of approximately $824.4 million in 151 real estate properties (including a portion of one property accounted for as a financing lease with a gross amount totaling approximately $3.0 million and one property classified as held for sale with a gross amount totaling approximately $1.1 million (See Note 10)). The properties are located in 33 states, totaling approximately 3.3 million square feet in the aggregate and were approximately 89.3% leased at September 30, 2021 with a weighted average remaining lease term of approximat ely 8.0 years. Any references to square footage, property count, or occupancy percentages, and any amounts derived from these values in these notes to the condensed consolidated financial statements, are outside the scope of our independent registered public accounting firm's review. COVID-19 Pandemic The world was, and continues to be, impacted by the novel coronavirus (COVID-19) pandemic. COVID-19 and measures to prevent its spread impacted many healthcare providers, including some of our tenants. During 2020, some of them were not seeing patients, others saw a reduced number of elective procedures and/or patient visits, while others experienced limited impact, or even saw improved cash flows from either increases in census or government funding. As a result of the pandemic, the Company entered into deferral agreements with 18 tenants, with deferrals representing less than one percent of our annualized rent in the aggregate. Amounts due under the deferral agreements were generally repaid during 2020, however, at September 30, 2021, there was approximately $17,000 remaining to be billed and paid during the fourth quarter of 2021. Basis of Presentation The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements. This interim financial information should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Management believes that all adjustments of a normal, recurring nature considered necessary for a fair presentation have been included. This interim financial information does not necessarily represent or indicate what the operating results will be for the year ending December 31, 2021. All material intercompany accounts and transactions have been eliminated. Use of Estimates in the Condensed Consolidated Financial Statements Preparation of the Condensed Consolidated Financial Statements in accordance with GAAP requires management to make estimates and assumptions that affect amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. Actual results may materially differ from those estimates. Reclassifications For the three and nine months ended September 30, 2020, the Company reclassified $20,000 and $40,000, respectively, of deferred income taxes from General and administrative expense to Deferred income tax expense on the Condensed Consolidated Statements of Income to conform to the current period presentation. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents includes short-term investments with original maturities of three months or less when purchased. Restricted cash consists of amounts held by the lender of our mortgage note payable to provide for future real estate tax, insurance expenditures and tenant improvements related to one property. The carrying amount approximates fair value due to the short term maturity of these investments. The following table provides a reconciliation of cash and cash equivalents and restricted cash: Balance as of September 30, (Dollars in thousands) 2021 2020 Cash and cash equivalents $ 1,641 $ 12,158 Restricted cash 456 340 Cash, cash equivalents and restricted cash $ 2,097 $ 12,498 Income Taxes The Company has elected to be taxed as a real estate investment trust ("REIT"), as defined under the Internal Revenue Code of 1986, as amended (the "Code"). The Company and one subsidiary have also elected for that subsidiary to be treated as a taxable REIT subsidiary ("TRS"), which is subject to federal and state income taxes. No provision has been made for federal income taxes for the REIT; however, the Company has recorded income tax expense or benefit for the TRS to the extent applicable. The Company also evaluates the realizability of its deferred tax assets and will record valuation allowances if it is determined that more likely than not the asset will not be recovered. The Company intends at all times to qualify as a REIT under the Code. The Company must distribute at least 90% per annum of its REIT taxable income to its stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP) and meet other requirements to continue to qualify as a REIT. New Accounting Pronouncements Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform

Real Estate Properties

Real Estate Properties	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Real Estate Properties	Real Estate Properties As of September 30, 2021, we had investments of approximately $824.4 million in 151 real estate properties (including a portion of one property accounted for as a financing lease with a gross amount totaling approximately $3.0 million and one property classified as held for sale with a gross amount totaling approximately $1.1 million). The Company's investments are diversified by property type, geographic location, and tenant as shown in the following tables: Property Type # of Properties Gross Investment Medical Office Building 59 $ 278,759 Acute Inpatient Behavioral 5 130,275 Inpatient Rehabilitation Facilities 6 127,676 Specialty Centers 34 106,150 Physician Clinics 28 81,241 Surgical Centers and Hospitals 10 54,351 Behavioral Specialty Facilities 8 30,971 Long-term Acute Care Hospitals 1 14,937 Total 151 $ 824,360 State # of Properties Gross Investment Texas 15 $ 135,519 Illinois 16 119,733 Ohio 19 68,051 Florida 14 65,662 Massachusetts 2 35,298 All Others 85 400,097 Total 151 $ 824,360 Primary Tenant # of Properties Gross Investment US Healthvest 3 $ 77,963 Everest Rehabilitation 3 57,100 Genesis Care 9 33,190 All Others 136 656,107 Total 151 $ 824,360

Real Estate Leases

Real Estate Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Real Estate Leases	Real Estate Leases Lessor Accounting The Company’s properties are generally leased pursuant to non-cancelable, fixed-term operating leases with expiration dates through 2039. The Company’s leases generally require the lessee to pay minimum rent, with fixed rent renewal terms or increases based on a Consumer Price Index and may also include additional rent, which may include the reimbursement of taxes (including property taxes), insurance, maintenance and other operating costs associated with the leased property. Some leases provide the lessee, during the term of the lease, with an option or right of first refusal to purchase the leased property. Some leases also allow the lessee to renew or extend their lease term or in some cases terminate their lease, based on conditions provided in the lease. Future minimum lease payments under the non-cancelable operating leases due to the Company for the years ending December 31, as of September 30, 2021, are as follows (in thousands): 2021 (three months ending December 31) $ 18,931 2022 73,837 2023 69,353 2024 64,759 2025 59,505 2026 and thereafter 380,747 $ 667,132 Rental income is recognized as earned over the life of the lease agreement on a straight-line basis when collection of rental payments over the term of the lease is probable. Straight-line rent included in rental income was approximately $0.9 million and $0.9 million, respectively, for the three months ended September 30, 2021 and 2020, and was approximately $2.7 million and $2.5 million, respectively, for the nine months ended September 30, 2021 and 2020. Lessee Accounting At September 30, 2021, the Company was obligated, as the lessee, under five non-prepaid ground leases with expiration dates, including renewal options, through 2085. Any rental increases related to the Company's ground leases are generally either stated or based on the Consumer Price Index. The Company's future lease payments under these non-prepaid ground leases were as follows: (in thousands) Operating Financing 2021 (three months ending December 31) $ 6 $ 31 2022 42 125 2023 43 125 2024 44 138 2025 44 138 2026 and thereafter 1,250 5,621 Total undiscounted lease payments 1,429 6,178 Discount (633) (3,205) Lease liabilities $ 796 $ 2,973

Real Estate Acquisitions and Di

Real Estate Acquisitions and Dispositions	9 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Real Estate Acquisitions and Dispositions	Real Estate Acquisitions and Dispositions 2021 Real Estate Acquisitions During the third quarter of 2021, the Company acquired two real estate properties. Upon acquisition, the properties were 100% leased in the aggregate with lease expi rations through 2026. Amounts reflected in revenues and net income for these properties for the nine months ended September 30, 2021 were approximately $0.2 million and $45,000, respectively, and transaction costs totaling approximately $0.2 million were capitalized relating to these property acquisitions. During the second quarter of 2021, the Company acquired two real estate properties. Upon acquisition, the properties were approximately 89.6% leased in the aggregate with lease expirations through 2028. Amounts reflected in revenues and net income for these properties for the nine months ended September 30, 2021 were approximately $0.6 million and $11,000, respectively, and transaction costs totaling approximately $0.2 million were capitalized relating to these property acquisitions. The Company assumed a ground lease on the medical office building in Pittsburgh, PA. The ground lease will be accounted for as a financing lease, and the Company recorded a $1.9 million right-of-use asset, included in Other assets, net, and a $3.0 million lease liability, included in Other liabilities, net on the Condensed Consolidated Balance Sheet. Payments due under the ground lease are reimbursable by the tenants. The ground lease expires on December 31, 2085, including three renewal options. During the first quarter of 2021, the Company acquired six real estate properties. Upon acquisition, the properties were 100% leased in the aggregate with lease expirations through 2036. Amounts reflected in revenues and net income for these properties for the nine months ended September 30, 2021 were approximately $4.0 million and $2.6 million, respectively, and transaction costs totaling approximately $0.3 million were capitalized relating to these property acquisitions. Concurrent with the acquisitions, the Company entered into term and revolver loans with the tenant on two of these properties. See Note 10 for more details on these loans. Location Property Type (1) Date Purchase Cash Real Estate Other Square Footage (000's) (000's) (000's) (000's) Brenham, TX PC 01/19/21 $ 5,029 $ 5,034 $ 5,072 $ (38) 37,354 Lexington, VA PC 01/25/21 3,101 3,142 3,164 (22) 15,820 Toledo, OH BSF 02/05/21 4,825 4,893 4,893 — 13,290 Hudson, OH BSF 02/05/21 4,825 4,892 4,892 — 13,290 Oklahoma City, OK IRF 03/01/21 21,000 21,025 21,025 — 39,637 Keller, TX IRF 03/01/21 21,000 21,021 21,021 — 39,761 Cincinnati, OH MOB 04/14/21 4,167 3,494 4,336 (842) 43,599 Pittsburgh, PA MOB 06/10/21 5,347 5,420 6,556 (1,136) 34,077 Houston, TX MOB 07/21/21 3,737 3,732 3,755 (23) 14,360 Belcamp, MD MOB 08/31/21 5,538 5,568 5,698 (130) 23,388 $ 78,569 $ 78,221 $ 80,412 $ (2,191) 274,576 (1) PC - Physician Clinic; BSF - Behavioral Specialty Facility; IRF - Inpatient Rehabilitation Facility; MOB - Medical Office Building The following table summarizes the relative fair values of the assets acquired and liabilities assumed in the property acquisitions for the nine months ended September 30, 2021. Relative Estimated (in thousands) (in years) Land and land improvements $ 11,431 12.3 Building and building improvements 62,350 42.2 Intangibles: At-market lease intangibles 6,631 4.1 Above-market lease intangibles 69 4.0 Below-market lease intangibles (156) 4.5 Total intangibles 6,544 Accounts receivable and other assets acquired 51 Financing right-of-use lease asset assumed 1,898 Financing lease liability assumed (2,971) Accounts payable, accrued liabilities and other liabilities assumed (872) Prorated rent, interest and operating expense reimbursement amounts collected (210) Total cash consideration $ 78,221 Asset Held for Sale Pursuant to the exercise of a purchase option by a tenant, the Company entered into a sales contract to dispose of a medical office building in Haleyville, Alabama during the first quarter of 2021. Assets held for sale totaling approximately $1.0 million are included in Other assets, net and Liabilities held for sale totaling $35,000 are included in Other liabilities, net on the Condensed Consolidated Balance Sheet as of September 30, 2021.

Debt, net

Debt, net	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt, net	Debt, net The table below details the Company's debt as of September 30, 2021 and December 31, 2020. Balance as of (Dollars in thousands) September 30, 2021 December 31, 2020 Maturity Dates Revolving Credit Facility $ 4,000 $ 33,000 3/26 A-1 Term Loan, net — 49,908 n/a A-2 Term Loan, net 49,791 49,828 3/24 A-3 Term Loan, net 74,457 74,524 3/26 A-4 Term Loan, net 124,267 — 3/28 Mortgage Note Payable, net 5,045 5,114 5/24 $ 257,560 $ 212,374 On March 19, 2021, Community Healthcare Trust Incorporated, as borrower, entered into a third amended and restated credit agreement (the “Third Amended and Restated Credit Agreement”) with a syndicate of lenders, under which Truist Bank serves as administrative agent. The Third Amended and Restated Credit Agreement amends and restates the Second Amended and Restated Credit Agreement dated as of March 29, 2017, by and among the Company’s operating partnership, Community Healthcare OP, LP, several banks and financial institutions party thereto as lenders (collectively, the “Lenders”), and SunTrust Bank (the predecessor in interest to Truist Bank), as the administrative agent. The Third Amended and Restated Credit Agreement allows the Company to borrow, through the accordion feature, up to $600.0 million, including the ability to add and fund incremental term loans (the “Credit Facility”). The Third Amended and Restated Credit Agreement extended the revolving credit facility (the "Revolving Credit Facility") maturity to March 19, 2026, removed collateral security provisions, repaid the five-year term loan facility in the aggregate principal amount of $50.0 million (the "A-1 Term Loan") which was set to mature on March 29, 2022, entered into a new seven-year term loan facility in the aggregate principal amount of $125.0 million (the "A-4 Term Loan"), which matures on March 19, 2028, provides the Company the ability to apply lower margins to its annual interest rate after it obtains an investment grade rating of BBB-/Baa3 (or the equivalent) from a rating agency, and modified its debt covenants. The Credit Facility, as amended, provides for a $150.0 million Revolving Credit Facility and $250.0 million in term loans (the "Term Loans"). The Credit Facility, through the accordion feature, allows borrowings up to a total of $600.0 million including the ability to add and fund additional term loans. The Revolving Credit Facility matures on March 19, 2026 and includes one 12-month option to extend the maturity date of the Revolving Credit Facility, subject to the satisfaction of certain conditions. The Term Loans include a seven-year term loan facility in the aggregate principal amount of $50.0 million (the "A-2 Term Loan"), which matures on March 29, 2024, a seven-year term loan facility in the aggregate principal amount of $75.0 million (the "A-3 Term Loan"), which matures on March 29, 2026, and the A-4 Term Loan in the aggregate principal amount of $125.0 million, which matures on March 19, 2028. Amounts outstanding under the Revolving Credit Facility, as amended, bear annual interest at a floating rate that is based, at the Company’s option, on either: (i) LIBOR plus 1.25% to 1.90% or (ii) a base rate plus 0.25% to 0.90% in each case, depending upon the Company’s leverage ratio. In addition, the Company is obligated to pay an annual fee equal to 0.20% of the amount of the unused portion of the Revolving Credit Facility if amounts borrowed are greater than 33.3% of the borrowing capacity under the Revolving Credit Facility and 0.25% of the unused portion of the Revolving Credit Facility if amounts borrowed are less than or equal to 33.3% of the borrowing capacity under the Revolving Credit Facility. The Company had $4.0 million outstanding under the Revolving Credit Facility and had a borrowing capacity remaining of $146.0 million at September 30, 2021. Amounts outstanding under the Term Loans, as amended, bear annual interest at a floating rate that is based, at the Company’s option, on either: (i) LIBOR plus 1.45% to 2.30% or (ii) a base rate plus 0.45% to 1.30%, in each case, depending upon the Company’s leverage ratio. The Company has entered into interest rate swaps to fix the interest rates on the Term Loans. See Note 6 for more details on the interest rate swaps. At September 30, 2021, the Company had $250.0 million outstanding under the Term Loans which had a fixed weighted average interest rate under the swaps of approximate ly 3.95%.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments Risk Management Objective of Using Derivatives The Company may use derivative financial instruments, including interest rate swaps, caps, options, floors and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. The Company does not intend to utilize derivatives for speculative or other purposes other than interest rate risk management. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties with high credit ratings and with major financial institutions with which the Company and its affiliates may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. As of September 30, 2021, the Company had fourteen outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk for notional amounts totaling $250.0 million, including four forward-starting interest rate swaps for notional amounts totaling $50.0 million, which will not become effective until March 31, 2022. Tabular Disclosure of Fair Value of Derivative Instruments on the Balance Sheet The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020. Asset Derivatives Fair Value at Liability Derivatives Fair Value at (Dollars in thousands) September 30, 2021 December 31, 2020 Balance Sheet Classification September 30, 2021 December 31, 2020 Balance Sheet Classification Interest rate swaps $ — $ — Other assets, net $ 8,269 $ 11,846 Other liabilities, net The changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive loss ("AOCI") and are subsequently reclassified to interest expense in the period that the hedged forecasted transaction affects earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s Term Loans. During the next twelve months, the Company estimates that an additional $4.3 million will be reclassified from AOCI as an increase to interest expense. Tabular Disclosure of the Effect of Fair Value and Cash Flow Hedge Accounting on Accumulated Other Comprehensive Loss The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the three and nine months ended September 30, 2021 and 2020. Three Months Ended Nine Months Ended (Dollars in thousands) 2021 2020 2021 2020 Amount of unrealized gain (loss) recognized in OCI on derivatives $ 289 $ (99) $ 304 $ (10,292) Amount of loss reclassified from AOCI into interest expense $ 1,181 $ 933 $ 3,273 $ 1,965 Total interest expense presented in the Condensed Consolidated Statements of Income in which the effects of the cash flow hedges are recorded $ 2,788 $ 2,064 $ 7,753 $ 6,496 Tabular Disclosures of Offsetting Derivatives The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company's derivatives as of September 30, 2021 and December 31, 2020. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Condensed Consolidated Balance Sheets. Offsetting of Derivative Assets (as of September 30, 2021) Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets (in thousands) Gross Amounts of Recognized Assets Gross Amounts Offset in the Condensed Consolidated Balance Sheet Net Amounts of Assets in the Condensed Consolidated Balance Sheets Financial Instruments Cash Collateral Received Net Amount Derivatives $ — $ — $ — $ — $ — $ — Offsetting of Derivative Liabilities (as of September 30, 2021) Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets (in thousands) Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Condensed Consolidated Balance Sheet Net Amounts of Liabilities in the Condensed Consolidated Balance Sheets Financial Instruments Cash Collateral Received Net Amount Derivatives $ (8,269) $ — $ (8,269) $ — $ — $ (8,269) Offsetting of Derivative Assets (as of December 31, 2020) Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets (in thousands) Gross Amounts of Recognized Assets Gross Amounts Offset in the Condensed Consolidated Balance Sheet Net Amounts of Assets in the Condensed Consolidated Balance Sheets Financial Instruments Cash Collateral Received Net Amount Derivatives $ — $ — $ — $ — $ — $ — Offsetting of Derivative Liabilities (as of December 31, 2020) Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets (in thousands) Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Condensed Consolidated Balance Sheet Net Amounts of Liabilities in the Condensed Consolidated Balance Sheets Financial Instruments Cash Collateral Received Net Amount Derivatives $ (11,846) $ — $ (11,846) $ — $ — $ (11,846) Credit-risk-related Contingent Feature s As of September 30, 2021, the fair value of derivatives in a net liability position including accrued interest but excluding any adjustment for nonperformance risk related to these agreements was $8.5 million. As of September 30, 2021, the Company has not posted any collateral related to these agreements and was not in breach of any agreement provisions. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value of approximately $8.5 million at September 30, 2021.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock The following table provides a reconciliation of the beginning and ending common stock balances for the nine months ended September 30, 2021 and for the year ended December 31, 2020: Nine Months Ended Year Ended Balance, beginning of period 23,888,090 21,410,578 Issuance of common stock 822,452 2,206,976 Restricted stock-based awards 273,106 270,536 Restricted stock forfeited (1,361) — Balance, end of period 24,982,287 23,888,090 ATM Program The Company has an at-the-market offering program ("ATM Program"), with Piper Sandler & Co., Evercore Group L.L.C., Truist Securities, Inc., Regions Securities LLC, Robert W. Baird & Co. Incorporated, Fifth Third Securities, Inc. and Janney Montgomery Scott LLC., as sales agents (collectively, the “Agents”). Under the ATM Program, the Company may issue and sell shares of its common stock, having an aggregate gross sales price of up to $360.0 million. The shares of common stock may be sold from time to time through or to one or more of the Agents, as may be determined by the Company in its sole discretion, subject to the terms and conditions of the agreement and applicable law. The Company's activity under the ATM Program for the three and nine months ended September 30, 2021 is detailed in the table below. As of September 30, 2021, the Company had approximat ely $101.0 million re maining that may be issued under the ATM Program. Three Months Ended Nine Months Ended Shares issued 139,216 822,452 Net proceeds received (in millions) $ 6.6 $ 38.4 Average gross sales price per share $ 48.63 $ 47.68

Net Income Per Common Share

Net Income Per Common Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Net Income Per Common Share	Net Income Per Common Share The following table sets forth the computation of basic and diluted net income per common share for the three and nine months ended September 30, 2021 and 2020, respectively. Three Months Ended Nine Months Ended (In thousands, except per share data) 2021 2020 2021 2020 Net income $ 5,354 $ 5,211 $ 16,379 $ 13,837 Participating securities' share in earnings (612) (491) (1,697) (1,346) Net income, less participating securities' share in earnings $ 4,742 $ 4,720 $ 14,682 $ 12,491 Weighted average Common Shares outstanding Weighted average Common Shares outstanding 24,826 22,965 24,448 22,330 Unvested restricted shares (1,354) (1,099) (1,287) (1,040) Weighted average Common Shares outstanding–Basic 23,472 21,866 23,161 21,290 Dilutive potential common shares — — — — Weighted average Common Shares outstanding –Diluted 23,472 21,866 23,161 21,290 Basic Net Income per Common Share $ 0.20 $ 0.22 $ 0.63 $ 0.59 Diluted Net Income per Common Share $ 0.20 $ 0.22 $ 0.63 $ 0.59

Incentive Plan

Incentive Plan	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Incentive Plan	Incentive Plan A summary of the activity under the Company's 2014 Incentive Plan, as amended, for the three and nine months ended September 30, 2021 and 2020 is included in the table below, as well as compensation expense recognized from the amortization of the value of shares over the applicable vesting periods. Three Months Ended Nine Months Ended (Dollars in thousands) 2021 2020 2021 2020 Stock-based awards, beginning of period 1,259,841 1,020,000 1,164,518 909,892 Stock in lieu of compensation 45,966 36,349 96,021 92,104 Stock awards 111,541 108,169 177,085 178,432 Total stock granted 157,507 144,518 273,106 270,536 Vested shares (130) — (20,406) (15,910) Forfeited shares (1,361) — (1,361) — Stock-based awards, end of period 1,415,857 1,164,518 1,415,857 1,164,518 Amortization expense $ 2,004 $ 1,284 $ 5,168 $ 3,373

Other Assets, net

Other Assets, net	9 Months Ended
	Sep. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets, net	Other Assets, net Other assets, net on the Company's Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020 are detailed in the table below. Balance as of (Dollars in thousands) September 30, 2021 December 31, 2020 Notes receivable $ 26,000 $ 15,010 Accounts and interest receivable 2,148 1,675 Straight-line rent receivable 11,116 8,682 Prepaid assets 878 600 Deferred financing costs, net 949 479 Leasing commissions, net 1,250 1,134 Deferred tax assets, net 410 515 Above-market lease intangible assets, net 575 617 Sales-type lessor receivable 3,028 3,016 Financing right-of-use asset 1,882 — Assets held for sale 1,023 — Operating lease right-of-use assets 817 821 Other 461 501 $ 50,537 $ 33,050 The Company's notes receivable mainly included: • At September 30, 2021 and December 31, 2020, notes receivable included a $13.0 million and $15.0 million, respectively, term loan, secured by all assets and ownership interests in seven long-term acute care hospitals and one inpatient rehabilitation hospital owned by the borrower. The term loan will be repaid in equal monthly installments of $250,000 through the maturity date of December 31, 2025 and bears interest at 9% per annum. • At September 30, 2021, notes receivable included a $6.0 million term loan and a $7.0 million revolving credit facility, secured by assets and ownership interests of six geriatric behavioral hospitals and affiliated companies all of which are co-borrowers on the loans. The term loan bears interest at 9% per annum, with interest only payments due for the first year and then equal monthly installments of principal payments due beginning June 30, 2022. The term loan facility matures on July 1, 2027. The revolving credit facility bears interest at 9% per annum and matures on December 31, 2025. These notes were amended during the second and third quarters of 2021 which resulted in increasing the revolving credit facility commitment from $4.0 million to $7.0 million and then reducing the commitment to $4.0 million by July 1, 2022, extending the first installment payment on the term loan by one quarter, and adding additional fees due on the loans upon repayment. In addition, the Company has committed to fund, at the Company’s discretion, additional amounts, up to $5.0 million with interest at 9% per annum on any amount funded, that may be used by the borrower to pay existing liabilities of co-borrowers. The term loan, the revolving credit facility and the additional commitment all include 3% non-cash interest that is due and payable upon the earlier of the repayment or maturity of each note. The Company identified the borrowers of these notes as variable interest entities ("VIEs"), but management determined that the Company was not the primary beneficiary of the VIEs because we lack either directly or through related parties any material impact in the activities that impact the borrowers' economic performance. We are not obligated to provide support beyond our stated commitment to the borrowers, and accordingly our maximum exposure to loss as a result of this relationship is limited to the amount of our outstanding notes receivable. The VIEs that we have identified at September 30, 2021 are summarized in the table below. Classification Carrying Amount (in thousands) Maximum Exposure to Loss (in thousands) Note receivable $ 13,000 $ 13,000 Note receivable $ 7,000 $ 7,000 Note receivable $ 6,000 $ 6,000

Other Liabilities, net

Other Liabilities, net	9 Months Ended
	Sep. 30, 2021
Other Liabilities Disclosure [Abstract]
Other Liabilities, net	Other Liabilities, net Other liabilities, net on the Company's Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020 are detailed in the table below. Balance as of (Dollars in thousands) September 30, 2021 December 31, 2020 Prepaid rent $ 3,745 $ 2,596 Security deposits 4,413 4,141 Below-market lease intangibles, net 639 613 Fair value of derivatives 8,269 11,846 Financing lease liability 2,973 — Operating lease liability 796 793 Liabilities held for sale 35 — Other 581 380 $ 21,451 $ 20,369

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practical to estimate the fair value. Cash and cash equivalents and restricted cash - The carrying amount approximates the fair value. Notes receivable - The fair value is estimated using cash flow analyses, based on an assumed market rate of interest or at a rate consistent with the rates on notes carried by the Company and are classified as level 2 in the hierarchy. Borrowings under our Credit Facility - The carrying amount approximates the fair value because the borrowings are based on variable market interest rates. Derivative financial instruments - The fair value is estimated using discounted cash flow techniques. These techniques incorporate primarily level 2 inputs. The market inputs are utilized in the discounted cash flow calculation considering the instrument’s term, notional amount, discount rate and credit risk. Significant inputs to the derivative valuation model for interest rate swaps are observable in active markets and are classified as level 2 in the hierarchy. Mortgage note payable - The fair value is estimated using cash flow analyses which are based on an assumed market rate of interest or at a rate consistent with the rates on mortgage notes assumed by the Company and are classified as level 2 in the hierarchy. The table below details the fair values and carrying values for our notes receivable, interest rate swaps, and mortgage note payable at September 30, 2021 and December 31, 2020, using level 2 inputs. September 30, 2021 December 31, 2020 (Dollars in thousands) Carrying Value Fair Value Carrying Value Fair Value Notes receivable $ 26,000 $ 26,208 $ 15,010 $ 15,010 Interest rate swap liability $ 8,269 $ 8,269 $ 11,846 $ 11,846 Mortgage note payable $ 5,096 $ 5,278 $ 5,180 $ 5,432

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Dividend Declared On October 28, 2021, the Company’s Board of Directors declared a quarterly common stock dividend in the amount of $0.4350 per share. The dividend is payable on November 26, 2021 to stockholders of record on November 12, 2021. Real Estate Acquisition Subsequent to September 30, 2021, the Company acquired a 27,000 square foot medical office building for a purchase price and cash consideration of approximately $3.5 million. The property was 83.4% leased with lease expirations through 2030 at acquisition and was funded with cash on hand and proceeds from the Company's Revolving Credit Facility.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements. This interim financial information should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Management believes that all adjustments of a normal, recurring nature considered necessary for a fair presentation have been included. This interim financial information does not necessarily represent or indicate what the operating results will be for the year ending December 31, 2021. All material intercompany accounts and transactions have been eliminated.
Use of Estimates in the Condensed Consolidated Financial Statements	Use of Estimates in the Condensed Consolidated Financial Statements Preparation of the Condensed Consolidated Financial Statements in accordance with GAAP requires management to make estimates and assumptions that affect amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. Actual results may materially differ from those estimates.
Reclassifications	Reclassifications For the three and nine months ended September 30, 2020, the Company reclassified $20,000 and $40,000, respectively, of deferred income taxes from General and administrative expense to Deferred income tax expense on the Condensed Consolidated Statements of Income to conform to the current period presentation.
Cash and Cash Equivalents	Cash, Cash Equivalents and Restricted CashCash and cash equivalents includes short-term investments with original maturities of three months or less when purchased.
Restricted Cash	Restricted cash consists of amounts held by the lender of our mortgage note payable to provide for future real estate tax, insurance expenditures and tenant improvements related to one property. The carrying amount approximates fair value due to the short term maturity of these investments.
Income Taxes	Income TaxesThe Company has elected to be taxed as a real estate investment trust ("REIT"), as defined under the Internal Revenue Code of 1986, as amended (the "Code"). The Company and one subsidiary have also elected for that subsidiary to be treated as a taxable REIT subsidiary ("TRS"), which is subject to federal and state income taxes. No provision has been made for federal income taxes for the REIT; however, the Company has recorded income tax expense or benefit for the TRS to the extent applicable. The Company also evaluates the realizability of its deferred tax assets and will record valuation allowances if it is determined that more likely than not the asset will not be recovered. The Company intends at all times to qualify as a REIT under the Code. The Company must distribute at least 90% per annum of its REIT taxable income to its stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP) and meet other requirements to continue to qualify as a REIT.
New Accounting Pronouncements	New Accounting Pronouncements Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Restrictions on cash and cash equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash: Balance as of September 30, (Dollars in thousands) 2021 2020 Cash and cash equivalents $ 1,641 $ 12,158 Restricted cash 456 340 Cash, cash equivalents and restricted cash $ 2,097 $ 12,498
Schedule of cash and cash equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash: Balance as of September 30, (Dollars in thousands) 2021 2020 Cash and cash equivalents $ 1,641 $ 12,158 Restricted cash 456 340 Cash, cash equivalents and restricted cash $ 2,097 $ 12,498

Real Estate Properties (Tables)

Real Estate Properties (Tables)	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Schedule of real estate property investments	The Company's investments are diversified by property type, geographic location, and tenant as shown in the following tables: Property Type # of Properties Gross Investment Medical Office Building 59 $ 278,759 Acute Inpatient Behavioral 5 130,275 Inpatient Rehabilitation Facilities 6 127,676 Specialty Centers 34 106,150 Physician Clinics 28 81,241 Surgical Centers and Hospitals 10 54,351 Behavioral Specialty Facilities 8 30,971 Long-term Acute Care Hospitals 1 14,937 Total 151 $ 824,360 State # of Properties Gross Investment Texas 15 $ 135,519 Illinois 16 119,733 Ohio 19 68,051 Florida 14 65,662 Massachusetts 2 35,298 All Others 85 400,097 Total 151 $ 824,360 Primary Tenant # of Properties Gross Investment US Healthvest 3 $ 77,963 Everest Rehabilitation 3 57,100 Genesis Care 9 33,190 All Others 136 656,107 Total 151 $ 824,360

Real Estate Leases (Tables)

Real Estate Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Schedule of future minimum lease payments for operating leases	Future minimum lease payments under the non-cancelable operating leases due to the Company for the years ending December 31, as of September 30, 2021, are as follows (in thousands): 2021 (three months ending December 31) $ 18,931 2022 73,837 2023 69,353 2024 64,759 2025 59,505 2026 and thereafter 380,747 $ 667,132
Schedule of operating lease payments	The Company's future lease payments under these non-prepaid ground leases were as follows: (in thousands) Operating Financing 2021 (three months ending December 31) $ 6 $ 31 2022 42 125 2023 43 125 2024 44 138 2025 44 138 2026 and thereafter 1,250 5,621 Total undiscounted lease payments 1,429 6,178 Discount (633) (3,205) Lease liabilities $ 796 $ 2,973
Schedule of finance lease payments	The Company's future lease payments under these non-prepaid ground leases were as follows: (in thousands) Operating Financing 2021 (three months ending December 31) $ 6 $ 31 2022 42 125 2023 43 125 2024 44 138 2025 44 138 2026 and thereafter 1,250 5,621 Total undiscounted lease payments 1,429 6,178 Discount (633) (3,205) Lease liabilities $ 796 $ 2,973

Real Estate Acquisitions and _2

Real Estate Acquisitions and Dispositions (Tables)	9 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of acquisitions	Location Property Type (1) Date Purchase Cash Real Estate Other Square Footage (000's) (000's) (000's) (000's) Brenham, TX PC 01/19/21 $ 5,029 $ 5,034 $ 5,072 $ (38) 37,354 Lexington, VA PC 01/25/21 3,101 3,142 3,164 (22) 15,820 Toledo, OH BSF 02/05/21 4,825 4,893 4,893 — 13,290 Hudson, OH BSF 02/05/21 4,825 4,892 4,892 — 13,290 Oklahoma City, OK IRF 03/01/21 21,000 21,025 21,025 — 39,637 Keller, TX IRF 03/01/21 21,000 21,021 21,021 — 39,761 Cincinnati, OH MOB 04/14/21 4,167 3,494 4,336 (842) 43,599 Pittsburgh, PA MOB 06/10/21 5,347 5,420 6,556 (1,136) 34,077 Houston, TX MOB 07/21/21 3,737 3,732 3,755 (23) 14,360 Belcamp, MD MOB 08/31/21 5,538 5,568 5,698 (130) 23,388 $ 78,569 $ 78,221 $ 80,412 $ (2,191) 274,576 (1) PC - Physician Clinic; BSF - Behavioral Specialty Facility; IRF - Inpatient Rehabilitation Facility; MOB - Medical Office Building
Schedule of assets acquired and liabilities assumed	The following table summarizes the relative fair values of the assets acquired and liabilities assumed in the property acquisitions for the nine months ended September 30, 2021. Relative Estimated (in thousands) (in years) Land and land improvements $ 11,431 12.3 Building and building improvements 62,350 42.2 Intangibles: At-market lease intangibles 6,631 4.1 Above-market lease intangibles 69 4.0 Below-market lease intangibles (156) 4.5 Total intangibles 6,544 Accounts receivable and other assets acquired 51 Financing right-of-use lease asset assumed 1,898 Financing lease liability assumed (2,971) Accounts payable, accrued liabilities and other liabilities assumed (872) Prorated rent, interest and operating expense reimbursement amounts collected (210) Total cash consideration $ 78,221

Debt, net (Tables)

Debt, net (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of debt	The table below details the Company's debt as of September 30, 2021 and December 31, 2020. Balance as of (Dollars in thousands) September 30, 2021 December 31, 2020 Maturity Dates Revolving Credit Facility $ 4,000 $ 33,000 3/26 A-1 Term Loan, net — 49,908 n/a A-2 Term Loan, net 49,791 49,828 3/24 A-3 Term Loan, net 74,457 74,524 3/26 A-4 Term Loan, net 124,267 — 3/28 Mortgage Note Payable, net 5,045 5,114 5/24 $ 257,560 $ 212,374

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of fair value of derivative instruments on balance sheet	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020. Asset Derivatives Fair Value at Liability Derivatives Fair Value at (Dollars in thousands) September 30, 2021 December 31, 2020 Balance Sheet Classification September 30, 2021 December 31, 2020 Balance Sheet Classification Interest rate swaps $ — $ — Other assets, net $ 8,269 $ 11,846 Other liabilities, net Offsetting of Derivative Assets (as of September 30, 2021) Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets (in thousands) Gross Amounts of Recognized Assets Gross Amounts Offset in the Condensed Consolidated Balance Sheet Net Amounts of Assets in the Condensed Consolidated Balance Sheets Financial Instruments Cash Collateral Received Net Amount Derivatives $ — $ — $ — $ — $ — $ — Offsetting of Derivative Liabilities (as of September 30, 2021) Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets (in thousands) Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Condensed Consolidated Balance Sheet Net Amounts of Liabilities in the Condensed Consolidated Balance Sheets Financial Instruments Cash Collateral Received Net Amount Derivatives $ (8,269) $ — $ (8,269) $ — $ — $ (8,269) Offsetting of Derivative Assets (as of December 31, 2020) Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets (in thousands) Gross Amounts of Recognized Assets Gross Amounts Offset in the Condensed Consolidated Balance Sheet Net Amounts of Assets in the Condensed Consolidated Balance Sheets Financial Instruments Cash Collateral Received Net Amount Derivatives $ — $ — $ — $ — $ — $ — Offsetting of Derivative Liabilities (as of December 31, 2020) Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets (in thousands) Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Condensed Consolidated Balance Sheet Net Amounts of Liabilities in the Condensed Consolidated Balance Sheets Financial Instruments Cash Collateral Received Net Amount Derivatives $ (11,846) $ — $ (11,846) $ — $ — $ (11,846)
Schedule of derivative gain (loss)	The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the three and nine months ended September 30, 2021 and 2020. Three Months Ended Nine Months Ended (Dollars in thousands) 2021 2020 2021 2020 Amount of unrealized gain (loss) recognized in OCI on derivatives $ 289 $ (99) $ 304 $ (10,292) Amount of loss reclassified from AOCI into interest expense $ 1,181 $ 933 $ 3,273 $ 1,965 Total interest expense presented in the Condensed Consolidated Statements of Income in which the effects of the cash flow hedges are recorded $ 2,788 $ 2,064 $ 7,753 $ 6,496

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Schedule of reconciliation of common stock	The following table provides a reconciliation of the beginning and ending common stock balances for the nine months ended September 30, 2021 and for the year ended December 31, 2020: Nine Months Ended Year Ended Balance, beginning of period 23,888,090 21,410,578 Issuance of common stock 822,452 2,206,976 Restricted stock-based awards 273,106 270,536 Restricted stock forfeited (1,361) — Balance, end of period 24,982,287 23,888,090
Schedule of ATM Program	As of September 30, 2021, the Company had approximat ely $101.0 million re maining that may be issued under the ATM Program. Three Months Ended Nine Months Ended Shares issued 139,216 822,452 Net proceeds received (in millions) $ 6.6 $ 38.4 Average gross sales price per share $ 48.63 $ 47.68

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of earnings per share	The following table sets forth the computation of basic and diluted net income per common share for the three and nine months ended September 30, 2021 and 2020, respectively. Three Months Ended Nine Months Ended (In thousands, except per share data) 2021 2020 2021 2020 Net income $ 5,354 $ 5,211 $ 16,379 $ 13,837 Participating securities' share in earnings (612) (491) (1,697) (1,346) Net income, less participating securities' share in earnings $ 4,742 $ 4,720 $ 14,682 $ 12,491 Weighted average Common Shares outstanding Weighted average Common Shares outstanding 24,826 22,965 24,448 22,330 Unvested restricted shares (1,354) (1,099) (1,287) (1,040) Weighted average Common Shares outstanding–Basic 23,472 21,866 23,161 21,290 Dilutive potential common shares — — — — Weighted average Common Shares outstanding –Diluted 23,472 21,866 23,161 21,290 Basic Net Income per Common Share $ 0.20 $ 0.22 $ 0.63 $ 0.59 Diluted Net Income per Common Share $ 0.20 $ 0.22 $ 0.63 $ 0.59

Incentive Plan (Tables)

Incentive Plan (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Summary of nonvested restricted stock activity	A summary of the activity under the Company's 2014 Incentive Plan, as amended, for the three and nine months ended September 30, 2021 and 2020 is included in the table below, as well as compensation expense recognized from the amortization of the value of shares over the applicable vesting periods. Three Months Ended Nine Months Ended (Dollars in thousands) 2021 2020 2021 2020 Stock-based awards, beginning of period 1,259,841 1,020,000 1,164,518 909,892 Stock in lieu of compensation 45,966 36,349 96,021 92,104 Stock awards 111,541 108,169 177,085 178,432 Total stock granted 157,507 144,518 273,106 270,536 Vested shares (130) — (20,406) (15,910) Forfeited shares (1,361) — (1,361) — Stock-based awards, end of period 1,415,857 1,164,518 1,415,857 1,164,518 Amortization expense $ 2,004 $ 1,284 $ 5,168 $ 3,373

Other Assets, net (Tables)

Other Assets, net (Tables)	9 Months Ended
	Sep. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of other assets	Other assets, net on the Company's Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020 are detailed in the table below. Balance as of (Dollars in thousands) September 30, 2021 December 31, 2020 Notes receivable $ 26,000 $ 15,010 Accounts and interest receivable 2,148 1,675 Straight-line rent receivable 11,116 8,682 Prepaid assets 878 600 Deferred financing costs, net 949 479 Leasing commissions, net 1,250 1,134 Deferred tax assets, net 410 515 Above-market lease intangible assets, net 575 617 Sales-type lessor receivable 3,028 3,016 Financing right-of-use asset 1,882 — Assets held for sale 1,023 — Operating lease right-of-use assets 817 821 Other 461 501 $ 50,537 $ 33,050
Schedule of VIEs	The VIEs that we have identified at September 30, 2021 are summarized in the table below. Classification Carrying Amount (in thousands) Maximum Exposure to Loss (in thousands) Note receivable $ 13,000 $ 13,000 Note receivable $ 7,000 $ 7,000 Note receivable $ 6,000 $ 6,000

Other Liabilities, net (Tables)

Other Liabilities, net (Tables)	9 Months Ended
	Sep. 30, 2021
Other Liabilities Disclosure [Abstract]
Schedule of Other Liabilities	Other liabilities, net on the Company's Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020 are detailed in the table below. Balance as of (Dollars in thousands) September 30, 2021 December 31, 2020 Prepaid rent $ 3,745 $ 2,596 Security deposits 4,413 4,141 Below-market lease intangibles, net 639 613 Fair value of derivatives 8,269 11,846 Financing lease liability 2,973 — Operating lease liability 796 793 Liabilities held for sale 35 — Other 581 380 $ 21,451 $ 20,369

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value, by balance sheet grouping	The table below details the fair values and carrying values for our notes receivable, interest rate swaps, and mortgage note payable at September 30, 2021 and December 31, 2020, using level 2 inputs. September 30, 2021 December 31, 2020 (Dollars in thousands) Carrying Value Fair Value Carrying Value Fair Value Notes receivable $ 26,000 $ 26,208 $ 15,010 $ 15,010 Interest rate swap liability $ 8,269 $ 8,269 $ 11,846 $ 11,846 Mortgage note payable $ 5,096 $ 5,278 $ 5,180 $ 5,432

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) ft² in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)ft²real_estate_propertystate	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)ft²real_estate_propertystate	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)tenant	Dec. 31, 2019USD ($)
Accounting Policies [Abstract]
Total real estate properties	$ 824,360,000		$ 824,360,000
Number of real estate properties | real_estate_property	151		151
Number of properties held for investment in financing lease | real_estate_property			1
Financing lease liability	$ 2,973,000		$ 2,973,000		$ 0
Number of real estate properties held for sale | real_estate_property			1
Properties held for sale	$ 1,100,000		$ 1,100,000
Number of states | state	33		33
Area of real estate property (in square feet) | ft²	3.3		3.3
Percentage leased	89.30%		89.30%
Remaining lease term	8 years		8 years
Deferred income tax expense	$ 45,000	$ 20,000	$ 104,000	$ 40,000
Cash and cash equivalents	1,641,000	12,158,000	1,641,000	12,158,000	2,483,000
Restricted cash	456,000	340,000	456,000	340,000	409,000
Cash, cash equivalents and restricted cash	2,097,000	$ 12,498,000	2,097,000	$ 12,498,000	$ 2,892,000	$ 2,023,000
COVID-19
Unusual or Infrequent Item, or Both [Line Items]
Number of tenants with deferral agreements | tenant					18
Percentage of annualized rent with deferral agreements					1.00%
Remaining payments	$ 17,000		$ 17,000

Real Estate Properties - Additi

Real Estate Properties - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)real_estate_property	Dec. 31, 2020USD ($)
Real Estate [Abstract]
Total real estate properties | $	$ 824,360
Number of real estate properties | real_estate_property	151
Number of properties held for investment in financing lease | real_estate_property	1
Financing lease liability | $	$ 2,973	$ 0
Number of real estate properties held for sale | real_estate_property	1
Properties held for sale | $	$ 1,100

Real Estate Properties - Schedu

Real Estate Properties - Schedule of Real Estate Property Investments (Details) $ in Thousands	Sep. 30, 2021USD ($)real_estate_property
Real Estate Properties [Line Items]
Number of real estate properties | real_estate_property	151
Total real estate properties | $	$ 824,360
US Healthvest
Real Estate Properties [Line Items]
Number of real estate properties | real_estate_property	3
Total real estate properties | $	$ 77,963
Everest Rehabilitation
Real Estate Properties [Line Items]
Number of real estate properties | real_estate_property	3
Total real estate properties | $	$ 57,100
Genesis Care
Real Estate Properties [Line Items]
Number of real estate properties | real_estate_property	9
Total real estate properties | $	$ 33,190
All Others
Real Estate Properties [Line Items]
Number of real estate properties | real_estate_property	136
Total real estate properties | $	$ 656,107
Texas
Real Estate Properties [Line Items]
Number of real estate properties | real_estate_property	15
Total real estate properties | $	$ 135,519
Illinois
Real Estate Properties [Line Items]
Number of real estate properties | real_estate_property	16
Total real estate properties | $	$ 119,733
Ohio
Real Estate Properties [Line Items]
Number of real estate properties | real_estate_property	19
Total real estate properties | $	$ 68,051
Florida
Real Estate Properties [Line Items]
Number of real estate properties | real_estate_property	14
Total real estate properties | $	$ 65,662
Massachusetts
Real Estate Properties [Line Items]
Number of real estate properties | real_estate_property	2
Total real estate properties | $	$ 35,298
All Others
Real Estate Properties [Line Items]
Number of real estate properties | real_estate_property	85
Total real estate properties | $	$ 400,097
Medical Office Building
Real Estate Properties [Line Items]
Number of real estate properties | real_estate_property	59
Total real estate properties | $	$ 278,759
Acute Inpatient Behavioral
Real Estate Properties [Line Items]
Number of real estate properties | real_estate_property	5
Total real estate properties | $	$ 130,275
Inpatient Rehabilitation Facilities
Real Estate Properties [Line Items]
Number of real estate properties | real_estate_property	6
Total real estate properties | $	$ 127,676
Specialty Centers
Real Estate Properties [Line Items]
Number of real estate properties | real_estate_property	34
Total real estate properties | $	$ 106,150
Physician Clinics
Real Estate Properties [Line Items]
Number of real estate properties | real_estate_property	28
Total real estate properties | $	$ 81,241
Surgical Centers and Hospitals
Real Estate Properties [Line Items]
Number of real estate properties | real_estate_property	10
Total real estate properties | $	$ 54,351
Behavioral Specialty Facilities
Real Estate Properties [Line Items]
Number of real estate properties | real_estate_property	8
Total real estate properties | $	$ 30,971
Long-term Acute Care Hospitals
Real Estate Properties [Line Items]
Number of real estate properties | real_estate_property	1
Total real estate properties | $	$ 14,937

Real Estate Leases - Future Min

Real Estate Leases - Future Minimum Lease Payments Under Non-cancelable Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
2021 (three months ending December 31)	$ 18,931		$ 18,931
2022	73,837		73,837
2023	69,353		69,353
2024	64,759		64,759
2025	59,505		59,505
2026 and thereafter	380,747		380,747
Total	667,132		667,132
Straight line rent	$ 900	$ 900	$ 2,713	$ 2,518

Real Estate Leases - Future Lea

Real Estate Leases - Future Lease Payments Under Non-prepaid Ground Leases (Details) $ in Thousands	Sep. 30, 2021USD ($)lease	Dec. 31, 2020USD ($)
Leases [Abstract]
Number of leases | lease	5
Operating
2021 (three months ending December 31)	$ 6
2022	42
2023	43
2024	44
2025	44
2026 and thereafter	1,250
Total undiscounted lease payments	1,429
Discount	(633)
Lease liabilities	796	$ 793
Financing
2021 (three months ending December 31)	31
2022	125
2023	125
2024	138
2025	138
2026 and thereafter	5,621
Total undiscounted lease payments	6,178
Discount	(3,205)
Lease liabilities	$ 2,973	$ 0

Real Estate Acquisitions and _3

Real Estate Acquisitions and Dispositions - Additional Information (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2021USD ($)real_estate_propertyrenewal_option	Jun. 30, 2021real_estate_property	Mar. 31, 2021real_estate_property	Sep. 30, 2021USD ($)renewal_option	Dec. 31, 2020USD ($)
Business Acquisition [Line Items]
Operating lease right-of-use assets	$ 817			$ 817	$ 821
Operating lease liability	$ 796			796	$ 793
Acquisition Of Properties During 3rd Quarter 2021
Business Acquisition [Line Items]
Number of real estate properties acquired | real_estate_property	2
Percentage of properties that were leased at acquisition	100.00%
Pro forma information, revenue of acquiree since acquisition date, actual				200
Pro forma information, earnings or loss of acquiree since acquisition date, actual				45
Transaction costs	$ 200			200
Acquisition Of Properties During 2nd Quarter 2021
Business Acquisition [Line Items]
Number of real estate properties acquired | real_estate_property		2
Percentage of properties that were leased at acquisition		89.60%
Pro forma information, revenue of acquiree since acquisition date, actual				600
Pro forma information, earnings or loss of acquiree since acquisition date, actual				11
Transaction costs	200			200
Operating lease right-of-use assets	1,900			1,900
Operating lease liability	$ 3,000			$ 3,000
Renewal options | renewal_option	3			3
Acquisition Of Properties During 1st Quarter 2021
Business Acquisition [Line Items]
Number of real estate properties acquired | real_estate_property			6
Percentage of properties that were leased at acquisition			100.00%
Pro forma information, revenue of acquiree since acquisition date, actual				$ 4,000
Pro forma information, earnings or loss of acquiree since acquisition date, actual				2,600
Transaction costs	$ 300			$ 300

Real Estate Acquisitions and _4

Real Estate Acquisitions and Dispositions - Real Estate Acquisitions (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)ft²
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Square footage (in square feet) | ft²	3,300,000
Acquisition Of Properties During 1st Quarter 2021 | Brenham, TX
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase Price	$ 5,029
Cash Consideration	5,034
Real Estate	5,072
Other	$ (38)
Square footage (in square feet) | ft²	37,354
Acquisition Of Properties During 1st Quarter 2021 | Lexington, VA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase Price	$ 3,101
Cash Consideration	3,142
Real Estate	3,164
Other	$ (22)
Square footage (in square feet) | ft²	15,820
Acquisition Of Properties During 1st Quarter 2021 | Toledo, OH
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase Price	$ 4,825
Cash Consideration	4,893
Real Estate	4,893
Other	$ 0
Square footage (in square feet) | ft²	13,290
Acquisition Of Properties During 1st Quarter 2021 | Hudson, OH
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase Price	$ 4,825
Cash Consideration	4,892
Real Estate	4,892
Other	$ 0
Square footage (in square feet) | ft²	13,290
Acquisition Of Properties During 1st Quarter 2021 | Oklahoma City, OK
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase Price	$ 21,000
Cash Consideration	21,025
Real Estate	21,025
Other	$ 0
Square footage (in square feet) | ft²	39,637
Acquisition Of Properties During 1st Quarter 2021 | Keller, TX
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase Price	$ 21,000
Cash Consideration	21,021
Real Estate	21,021
Other	$ 0
Square footage (in square feet) | ft²	39,761
Acquisition Of Properties During 2nd Quarter 2021 | Cincinnati, OH
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase Price	$ 4,167
Cash Consideration	3,494
Real Estate	4,336
Other	$ (842)
Square footage (in square feet) | ft²	43,599
Acquisition Of Properties During 2nd Quarter 2021 | Pittsburgh, PA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase Price	$ 5,347
Cash Consideration	5,420
Real Estate	6,556
Other	$ (1,136)
Square footage (in square feet) | ft²	34,077
Acquisition Of Properties During 3rd Quarter 2021 | Houston, TX
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase Price	$ 3,737
Cash Consideration	3,732
Real Estate	3,755
Other	$ (23)
Square footage (in square feet) | ft²	14,360
Acquisition Of Properties During 3rd Quarter 2021 | Belcamp, MD
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase Price	$ 5,538
Cash Consideration	5,568
Real Estate	5,698
Other	$ (130)
Square footage (in square feet) | ft²	23,388
Acquisition Of Properties In 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase Price	$ 78,569
Cash Consideration	78,221
Real Estate	80,412
Other	$ (2,191)
Square footage (in square feet) | ft²	274,576

Real Estate Acquisitions and _5

Real Estate Acquisitions and Dispositions - Assets Acquired and Liabilities Assumed (Details) - Series of Individually Immaterial Asset Acquisitions $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Business Acquisition [Line Items]
Land and land improvements	$ 11,431
Building and building improvements	62,350
Below-market lease intangibles	$ (156)
Below market lease useful life (in years)	4 years 6 months
Total intangibles	$ 6,544
Accounts receivable and other assets acquired	51
Financing right-of-use lease asset assumed	1,898
Financing lease liability assumed	(2,971)
Accounts payable, accrued liabilities and other liabilities assumed	(872)
Prorated rent, interest and operating expense reimbursement amounts collected	(210)
Total cash consideration	78,221
At-market lease intangibles
Business Acquisition [Line Items]
Lease intangibles	$ 6,631
Intangibles useful life (in years)	4 years 1 month 6 days
Above-market lease intangibles
Business Acquisition [Line Items]
Lease intangibles	$ 69
Intangibles useful life (in years)	4 years
Land and land improvements
Business Acquisition [Line Items]
Useful life (in years)	12 years 3 months 18 days
Building and building improvements
Business Acquisition [Line Items]
Useful life (in years)	42 years 2 months 12 days

Real Estate Acquisitions and _6

Real Estate Acquisitions and Dispositions - Asset Held for Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 1,023	$ 0
Liabilities held for sale	35	$ 0
Medical Office Building | Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	1,000
Liabilities held for sale	$ 35

Debt, net - Schedule of Debt (D

Debt, net - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt, net	$ 257,560	$ 212,374
Term Loan | Third Amended And Restated Credit Facility
Debt Instrument [Line Items]
Debt, net	250,000
Mortgage Note Payable, net
Debt Instrument [Line Items]
Debt, net	5,045	5,114
Revolving Credit Facility | Line of Credit | Third Amended And Restated Credit Facility
Debt Instrument [Line Items]
Debt, net	4,000	33,000
A-1 Term Loan, net | Term Loan | Third Amended And Restated Credit Facility
Debt Instrument [Line Items]
Debt, net	0	49,908
A-2 Term Loan, net | Term Loan | Third Amended And Restated Credit Facility
Debt Instrument [Line Items]
Debt, net	49,791	49,828
A-3 Term Loan, net | Term Loan | Third Amended And Restated Credit Facility
Debt Instrument [Line Items]
Debt, net	74,457	74,524
A-4 Term Loan, net | Term Loan | Third Amended And Restated Credit Facility
Debt Instrument [Line Items]
Debt, net	$ 124,267	$ 0

Debt, net - Narrative (Details)

Debt, net - Narrative (Details)	Mar. 19, 2021USD ($)	Mar. 29, 2019USD ($)option	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Line of Credit Facility [Line Items]
Amount outstanding			$ 257,560,000	$ 212,374,000
Term Loan
Line of Credit Facility [Line Items]
Maximum borrowing capacity			600,000,000
Third Amended And Restated Credit Facility | Term Loan
Line of Credit Facility [Line Items]
Amount outstanding			$ 250,000,000
Weighted average interest rate percentage			3.95%
Third Amended And Restated Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum | Term Loan
Line of Credit Facility [Line Items]
Variable rate percentage		1.45%
Third Amended And Restated Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum | Term Loan
Line of Credit Facility [Line Items]
Variable rate percentage		2.30%
Third Amended And Restated Credit Facility | Base Rate | Minimum | Term Loan
Line of Credit Facility [Line Items]
Variable rate percentage		0.45%
Third Amended And Restated Credit Facility | Base Rate | Maximum | Term Loan
Line of Credit Facility [Line Items]
Variable rate percentage		1.30%
Third Amended And Restated Credit Facility | Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 150,000,000
Number of options to extend | option		1
Length of extension		12 months
Amount outstanding			$ 4,000,000	33,000,000
Remaining borrowing capacity			146,000,000
Third Amended And Restated Credit Facility | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum | Line of Credit
Line of Credit Facility [Line Items]
Variable rate percentage		1.25%
Third Amended And Restated Credit Facility | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum | Line of Credit
Line of Credit Facility [Line Items]
Variable rate percentage		1.90%
Third Amended And Restated Credit Facility | Revolving Credit Facility | Base Rate | Minimum | Line of Credit
Line of Credit Facility [Line Items]
Variable rate percentage		0.25%
Third Amended And Restated Credit Facility | Revolving Credit Facility | Base Rate | Maximum | Line of Credit
Line of Credit Facility [Line Items]
Variable rate percentage		0.90%
Third Amended And Restated Credit Facility | Term Loan | Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	250,000,000
Third Amended And Restated Credit Facility | Credit Facility, Accordion Feature
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 600,000,000
Third Amended And Restated Credit Facility | A-1 Term Loan, net | Term Loan
Line of Credit Facility [Line Items]
Debt term	5 years
Face amount	$ 50,000,000
Amount outstanding			0	49,908,000
Third Amended And Restated Credit Facility | A-2 Term Loan, net | Term Loan
Line of Credit Facility [Line Items]
Debt term		7 years
Face amount		$ 50,000,000
Amount outstanding			49,791,000	49,828,000
Third Amended And Restated Credit Facility | A-3 Term Loan, net | Term Loan
Line of Credit Facility [Line Items]
Debt term		7 years
Face amount		$ 75,000,000
Amount outstanding			74,457,000	74,524,000
Third Amended And Restated Credit Facility | A-4 Term Loan, net | Term Loan
Line of Credit Facility [Line Items]
Debt term	7 years
Face amount	$ 125,000,000
Amount outstanding			$ 124,267,000	$ 0
Third Amended And Restated Credit Facility | Revolving Credit Facility, Unused Borrowing Capacity Rate 1 | Line of Credit
Line of Credit Facility [Line Items]
Unused borrowing commitment fee percentage		0.20%
Percentage of borrowing capacity outstanding		33.30%
Third Amended And Restated Credit Facility | Revolving Credit Facility, Unused Borrowing Capacity Rate 2 | Line of Credit
Line of Credit Facility [Line Items]
Unused borrowing commitment fee percentage		0.25%
Percentage of borrowing capacity outstanding		33.30%

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details)	9 Months Ended
	Sep. 30, 2021USD ($)derivative_instrument	Dec. 31, 2020USD ($)
Derivative [Line Items]
Cash flow hedges reclassified to interest expense	$ 4,300,000
Interest rate swap liability	$ 8,269,000	$ 11,846,000
Cash Flow Hedging | Interest Rate Contract
Derivative [Line Items]
Number outstanding interest rate derivatives | derivative_instrument	14
Notional amount	$ 250,000,000
Cash Flow Hedging | Interest Rate Swap
Derivative [Line Items]
Number outstanding interest rate derivatives | derivative_instrument	4
Notional amount	$ 50,000,000
Termination value	8,500,000
Cash Flow Hedging | Interest Rate Swap | Designated as Hedging Instrument
Derivative [Line Items]
Interest rate swap liability	$ 8,500,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Fair Value Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Interest rate swap asset	$ 0	$ 0
Net Amounts of Liabilities in the Condensed Consolidated Balance Sheets	8,269	11,846
Cash Flow Hedging | Interest rate swaps | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Net Amounts of Liabilities in the Condensed Consolidated Balance Sheets	8,500
Cash Flow Hedging | Interest rate swaps | Designated as Hedging Instrument | Other assets, net
Derivatives, Fair Value [Line Items]
Interest rate swap asset	0	0
Cash Flow Hedging | Interest rate swaps | Designated as Hedging Instrument | Other liabilities, net
Derivatives, Fair Value [Line Items]
Net Amounts of Liabilities in the Condensed Consolidated Balance Sheets	$ 8,269	$ 11,846

Derivative Financial Instrume_5

Derivative Financial Instruments - Cash Flow Hedging (Details) - Interest Rate Contract - Cash Flow Hedging - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Amount of unrealized gain (loss) recognized in OCI on derivatives	$ 289	$ (99)	$ 304	$ (10,292)
Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of loss reclassified from AOCI into interest expense	1,181	933	3,273	1,965
Total interest expense presented in the Condensed Consolidated Statements of Income in which the effects of the cash flow hedges are recorded	$ 2,788	$ 2,064	$ 7,753	$ 6,496

Derivative Financial Instrume_6

Derivative Financial Instruments - Offsetting of Derivative Assets and Liability (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Derivative Asset [Abstract]
Gross Amounts of Recognized Assets	$ 0	$ 0
Gross Amounts Offset in the Condensed Consolidated Balance Sheet	0	0
Net Amounts of Assets in the Condensed Consolidated Balance Sheets	0	0
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments	0	0
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount	0	0
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Cash Collateral Received	0	0
Derivative Liability [Abstract]
Gross Amounts of Recognized Liabilities	(8,269)	(11,846)
Gross Amounts Offset in the Condensed Consolidated Balance Sheet	0	0
Net Amounts of Liabilities in the Condensed Consolidated Balance Sheets	(8,269)	(11,846)
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments	0	0
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Cash Collateral Received	0	0
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount	$ (8,269)	$ (11,846)

Stockholders' Equity - Reconcil

Stockholders' Equity - Reconciliation of Common Stock (Details) - shares	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period (in shares)	23,888,090	21,410,578
Issuance of common stock (in shares)	822,452	2,206,976
Restricted stock-based awards (in shares)	273,106	270,536
Restricted stock forfeited (in shares)	(1,361)	0
Balance, end of period (in shares)	24,982,287	23,888,090

Stockholders' Equity - Equity O

Stockholders' Equity - Equity Offering (Details) - At The Market Offering Program - Common Stock	3 Months Ended	9 Months Ended
	Sep. 30, 2021USD ($)$ / sharesshares	Sep. 30, 2021USD ($)$ / sharesshares
Subsidiary, Sale of Stock [Line Items]
Value of shares authorized		$ 360,000,000
Remaining availability under ATM program	$ 101,000,000	$ 101,000,000
Shares issued (in shares) | shares	139,216	822,452
Net proceeds received	$ 6,600,000	$ 38,400,000
Average gross sales price per share (in dollars per share) | $ / shares	$ 48.63	$ 47.68

Net Income Per Common Share (De

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net income	$ 5,354	$ 5,211	$ 16,379	$ 13,837
Participating securities' share in earnings	(612)	(491)	(1,697)	(1,346)
Net income, less participating securities' share in earnings	$ 4,742	$ 4,720	$ 14,682	$ 12,491
Weighted average Common Shares outstanding
Weighted average Common Shares outstanding (in shares)	24,826,000	22,965,000	24,448,000	22,330,000
Unvested restricted shares (in shares)	(1,354,000)	(1,099,000)	(1,287,000)	(1,040,000)
Weighted average Common Shares outstanding–Basic (in shares)	23,472,000	21,866,000	23,161,000	21,290,000
Dilutive potential common share (in shares)	0	0	0	0
Weighted average Common Shares outstanding –Diluted (in shares)	23,472,000	21,866,000	23,161,000	21,290,000
Basic Net Income per Common Share (in dollars per share)	$ 0.20	$ 0.22	$ 0.63	$ 0.59
Diluted Net Income per Common Share (in dollars per share)	$ 0.20	$ 0.22	$ 0.63	$ 0.59

Incentive Plan - Restricted Sto

Incentive Plan - Restricted Stock Activity (Details) - 2014 Incentive Plan - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Restricted Common Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Stock-based awards, beginning of period (in shares)	1,259,841	1,020,000	1,164,518	909,892
Granted (in shares)	157,507	144,518	273,106	270,536
Vested (in shares)	(130)	0	(20,406)	(15,910)
Forfeited (in shares)	(1,361)	0	(1,361)	0
Stock-based awards, end of period (in shares)	1,415,857	1,164,518	1,415,857	1,164,518
Amortization expense	$ 2,004	$ 1,284	$ 5,168	$ 3,373
Restricted Common Stock, Stock in Lieu of Compensation
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Granted (in shares)	45,966	36,349	96,021	92,104
Restricted Common Stock, Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Granted (in shares)	111,541	108,169	177,085	178,432

Other Assets, net - Other Asset

Other Assets, net - Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Notes receivable	$ 26,000	$ 15,010
Accounts and interest receivable	2,148	1,675
Straight-line rent receivable	11,116	8,682
Prepaid assets	878	600
Deferred financing costs, net	949	479
Leasing commissions, net	1,250	1,134
Deferred tax assets, net	410	515
Above-market lease intangible assets, net	575	617
Sales-type lessor receivable	3,028	3,016
Financing right-of-use asset	1,882	0
Assets held for sale	1,023	0
Operating lease right-of-use assets	817	821
Other	461	501
Other assets, net	$ 50,537	$ 33,050

Other Assets, net - Narrative (

Other Assets, net - Narrative (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2021USD ($)hospital	Jul. 01, 2022USD ($)	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 26,000,000	$ 26,000,000			$ 15,010,000
Note receivable | Variable Interest Entity, Not Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	6,000,000	6,000,000
Note receivable | Variable Interest Entity, Not Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 7,000,000	$ 7,000,000
Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivable interest rate	9.00%	9.00%
Additional funding	$ 5,000,000	$ 5,000,000
Non-cash interest rate	3.00%	3.00%
Geriatric Behavioral Hospital
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of properties used to secure notes by borrower | hospital		6
Revolving Credit Facility | Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 7,000,000	$ 7,000,000		$ 4,000,000
Note receivable interest rate		9.00%
Revolving Credit Facility | Notes Receivable | Forecast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable			$ 4,000,000
Note Receivable 1 | Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable					$ 15,000,000
Payment received		$ 250,000
Note receivable interest rate		9.00%
Note Receivable 1 | Long-Term Acute Care Hospitals
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of properties used to secure notes by borrower | hospital		7
Note Receivable 1 | Inpatient Rehabilitation Facilities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of properties used to secure notes by borrower | hospital		1

Other Assets, net - VIEs (Detai

Other Assets, net - VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Carrying amount	$ 26,000	$ 15,010
Variable Interest Entity, Not Primary Beneficiary | Note receivable
Variable Interest Entity [Line Items]
Carrying amount	13,000
Maximum Exposure to Loss	13,000
Variable Interest Entity, Not Primary Beneficiary | Note receivable
Variable Interest Entity [Line Items]
Carrying amount	7,000
Maximum Exposure to Loss	7,000
Variable Interest Entity, Not Primary Beneficiary | Note receivable
Variable Interest Entity [Line Items]
Carrying amount	6,000
Maximum Exposure to Loss	$ 6,000

Other Liabilities, net (Details

Other Liabilities, net (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Prepaid rent	$ 3,745	$ 2,596
Security deposits	4,413	4,141
Below-market lease intangibles, net	639	613
Fair value of derivatives	8,269	11,846
Financing lease liability	2,973	0
Operating lease liability	796	793
Liabilities held for sale	35	0
Other	581	380
Other liabilities, net	$ 21,451	$ 20,369

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable	$ 26,000	$ 15,010
Interest rate swap liability	8,269	11,846
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable	26,000	15,010
Mortgage note payable	5,096	5,180
Carrying Value | Interest rate swap liability
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap liability	8,269	11,846
Fair Value | Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable	26,208	15,010
Mortgage note payable	5,278	5,432
Fair Value | Interest rate swap liability | Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap liability	$ 8,269	$ 11,846

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event $ / shares in Units, real_estate_property in Thousands, $ in Millions	Oct. 28, 2021$ / shares	Nov. 02, 2021USD ($)real_estate_property
Subsequent Event [Line Items]
Dividend declared (in dollars per share) | $ / shares	$ 0.4350
Number of real estate properties acquired | real_estate_property		27
Purchase Price | $		$ 3.5
Percentage of properties that were leased at acquisition		83.40%