Community Healthcare Trust (CHCT) 10-Q 1 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Oct. 26, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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		25,299,158
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001631569
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Real estate properties
Land and land improvements	$ 103,413	$ 97,397
Buildings, improvements, and lease intangibles	783,308	736,465
Personal property	237	223
Total real estate properties	886,958	834,085
Less accumulated depreciation	(157,040)	(133,056)
Total real estate properties, net	729,918	701,029
Cash and cash equivalents	2,656	2,351
Restricted cash	682	516
Other assets, net	78,673	50,337
Total assets	811,929	754,233
Liabilities
Debt, net	310,781	265,625
Accounts payable and accrued liabilities	8,143	7,845
Other liabilities, net	14,519	18,651
Total liabilities	333,443	292,121
Commitments and contingencies
Stockholders' Equity
Preferred stock, $0.01 par value; 50,000 shares authorized; none issued and outstanding	0	0
Common stock, $0.01 par value; 450,000 shares authorized; 25,299 and 24,983 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	253	250
Additional paid-in capital	601,968	595,624
Cumulative net income	75,904	59,123
Accumulated other comprehensive income (loss)	21,468	(4,980)
Cumulative dividends	(221,107)	(187,905)
Total stockholders’ equity	478,486	462,112
Total liabilities and stockholders' equity	$ 811,929	$ 754,233

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
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)	25,299,000	24,983,000
Common stock, shares outstanding (in shares)	25,299,000	24,983,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
REVENUES
Rental income	$ 23,919	$ 22,447	$ 69,720	$ 65,233
Other operating interest	888	807	2,617	2,104
Total revenue	24,807	23,254	72,337	67,337
EXPENSES
Property operating	4,327	4,051	12,480	11,623
General and administrative	3,762	3,206	10,688	8,958
Depreciation and amortization	8,003	7,812	24,022	22,576
Total expenses	16,092	15,069	47,190	43,157
INCOME BEFORE INCOME TAXES AND OTHER ITEMS	8,715	8,185	25,147	24,180
Interest expense	(3,028)	(2,788)	(8,409)	(7,753)
Deferred income tax expense	(21)	(45)	(20)	(104)
Interest and other income	7	2	63	56
Net income	$ 5,673	$ 5,354	$ 16,781	$ 16,379
NET INCOME PER COMMON SHARE:
Net income per common share – basic (in dollars per share)	$ 0.21	$ 0.20	$ 0.62	$ 0.63
Net income per common share – diluted (in dollars per share)	$ 0.21	$ 0.20	$ 0.62	$ 0.63
Weighted average common shares outstanding - basic (in shares)	23,587	23,472	23,578	23,161
Weighted average common shares outstanding - diluted (in shares)	23,587	23,472	23,578	23,161

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 5,673	$ 5,354	$ 16,781	$ 16,379
Other comprehensive income:
Increase in fair value of cash flow hedges	8,983	289	24,974	304
Reclassification for amounts recognized as interest expense	(276)	1,181	1,474	3,273
Total other comprehensive income	8,707	1,470	26,448	3,577
COMPREHENSIVE INCOME	$ 14,380	$ 6,824	$ 43,229	$ 19,956

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 Income (Loss)	Cumulative Dividends
Beginning balance (in shares) at Dec. 31, 2020		0
Beginning balance at Dec. 31, 2020	$ 429,916	$ 0	$ 239	$ 550,391	$ 36,631	$ (11,846)	$ (145,499)
Balance, beginning of period (in shares) at Dec. 31, 2020	23,888,000		23,888,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)			822,000
Issuance of common stock, net of issuance costs	$ 38,169		$ 8	38,161
Stock-based compensation (in shares)			272,000
Stock-based compensation	5,168		$ 3	5,165
Increase in fair value of cash flow hedges	304					304
Reclassification for amounts recognized as 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
Ending balance at Sep. 30, 2021	461,671	$ 0	$ 250	593,717	53,010	(8,269)	(177,037)
Balance, end of period (in shares) at Sep. 30, 2021			24,982,000
Beginning balance (in shares) at Dec. 31, 2020		0
Beginning balance at Dec. 31, 2020	$ 429,916	$ 0	$ 239	550,391	36,631	(11,846)	(145,499)
Balance, beginning of period (in shares) at Dec. 31, 2020	23,888,000		23,888,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)	823,000
Ending balance (in shares) at Dec. 31, 2021	0	0
Ending balance at Dec. 31, 2021	$ 462,112	$ 0	$ 250	595,624	59,123	(4,980)	(187,905)
Balance, end of period (in shares) at Dec. 31, 2021	24,983,000		24,983,000
Beginning balance (in shares) at Jun. 30, 2021		0
Beginning balance at Jun. 30, 2021	$ 457,056	$ 0	$ 247	585,177	47,656	(9,739)	(166,285)
Balance, beginning of period (in shares) at Jun. 30, 2021			24,687,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)			139,000
Issuance of common stock, net of issuance costs	6,530		$ 1	6,529
Stock-based compensation (in shares)			156,000
Stock-based compensation	2,013		$ 2	2,011
Increase in fair value of cash flow hedges	289					289
Reclassification for amounts recognized as 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
Ending balance at Sep. 30, 2021	$ 461,671	$ 0	$ 250	593,717	53,010	(8,269)	(177,037)
Balance, end of period (in shares) at Sep. 30, 2021			24,982,000
Beginning balance (in shares) at Dec. 31, 2021	0	0
Beginning balance at Dec. 31, 2021	$ 462,112	$ 0	$ 250	595,624	59,123	(4,980)	(187,905)
Balance, beginning of period (in shares) at Dec. 31, 2021	24,983,000		24,983,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)	0
Issuance of common stock, net of issuance costs	$ (423)			(423)
Stock-based compensation (in shares)			316,000
Stock-based compensation	6,770		$ 3	6,767
Increase in fair value of cash flow hedges	24,974					24,974
Reclassification for amounts recognized as interest expense	1,474					1,474
Net income	16,781				16,781
Dividends to common stockholders	$ (33,202)						(33,202)
Ending balance (in shares) at Sep. 30, 2022	0	0
Ending balance at Sep. 30, 2022	$ 478,486	$ 0	$ 253	601,968	75,904	21,468	(221,107)
Balance, end of period (in shares) at Sep. 30, 2022	25,299,000		25,299,000
Beginning balance (in shares) at Jun. 30, 2022		0
Beginning balance at Jun. 30, 2022	$ 472,962	$ 0	$ 251	599,631	70,231	12,761	(209,912)
Balance, beginning of period (in shares) at Jun. 30, 2022			25,099,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of issuance costs	(125)			(125)
Stock-based compensation (in shares)			200,000
Stock-based compensation	2,464		$ 2	2,462
Increase in fair value of cash flow hedges	8,983					8,983
Reclassification for amounts recognized as interest expense	(276)					(276)
Net income	5,673				5,673
Dividends to common stockholders	$ (11,195)						(11,195)
Ending balance (in shares) at Sep. 30, 2022	0	0
Ending balance at Sep. 30, 2022	$ 478,486	$ 0	$ 253	$ 601,968	$ 75,904	$ 21,468	$ (221,107)
Balance, end of period (in shares) at Sep. 30, 2022	25,299,000		25,299,000

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Dividends to common stockholders, per share (in dollars per share)	$ 0.4425	$ 0.4325	$ 1.3200	$ 1.2900

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
OPERATING ACTIVITIES
Net income	$ 16,781	$ 16,379
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	24,022	22,576
Other amortization	627	616
Stock-based compensation	6,770	5,168
Straight-line rent receivable	(2,590)	(2,713)
Deferred income tax expense	20	104
Changes in operating assets and liabilities:
Other assets	(1,367)	(1,455)
Accounts payable and accrued liabilities	994	(32)
Other liabilities	(387)	710
Net cash provided by operating activities	44,870	41,353
INVESTING ACTIVITIES
Acquisitions of real estate	(45,970)	(78,221)
Funding of notes receivable	(5,500)	(13,350)
Proceeds from the repayment of notes receivable	2,250	2,978
Capital expenditures on existing real estate properties	(6,698)	(4,538)
Net cash used in investing activities	(55,918)	(93,131)
FINANCING ACTIVITIES
Net borrowings (repayments) on revolving credit facility	45,000
Net borrowings (repayments) on revolving credit facility		(29,000)
Term loan borrowings	0	125,000
Term loan repayments	0	(50,000)
Mortgage note repayments	(98)	(85)
Dividends paid	(33,202)	(31,538)
Proceeds from issuance of common stock	0	38,425
Equity issuance costs	(181)	(173)
Debt issuance costs	0	(1,646)
Net cash provided by financing activities	11,519	50,983
Increase (decrease) in cash and cash equivalents and restricted cash	471	(795)
Cash and cash equivalents and restricted cash, beginning of period	2,867	2,892
Cash and cash equivalents and restricted cash, end of period	3,338	2,097
Supplemental Cash Flow Information:
Interest paid (net of capitalized interest)	7,525	7,339
Invoices accrued for construction, tenant improvement and other capitalized costs	1,588	1,071
Reclassification of registration statement costs incurred in prior year to equity issuance costs	344	256
Increase in fair value of cash flow hedges	24,974	304
Income taxes paid	65	25
Capitalized interest	$ 504	$ 171

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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, 2022, the Company had investments of approximately $890.0 million in 161 real estate properties (including a portion of one property accounted for as a financing lease with a gross amount totaling approximately $3.0 million). The properties are located in 34 states, totaling approximately 3.5 million square feet in the aggregate and were approximately 90.8% leased at September 30, 2022 with a weighted average remaining lease term of approximat ely 7.8 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. 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, 2021. 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, 2022. All 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. Cash and 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 amounts approximate 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) 2022 2021 Cash and cash equivalents $ 2,656 $ 1,641 Restricted cash 682 456 Cash, cash equivalents and restricted cash $ 3,338 $ 2,097 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 two subsidiaries have also elected for those subsidiaries to be treated as taxable REIT subsidiaries ("TRSs"), which are 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 TRSs 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 generally accepted accounting principles) 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 (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

Real Estate Properties

Real Estate Properties	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
Real Estate Properties	REAL ESTATE PROPERTIES As of September 30, 2022, we had investments of approximately $890.0 million in 161 real estate properties (including a portion of one property accounted for as a financing lease with a gross amount totaling approximately $3.0 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 65 $ 301,297 Inpatient Rehabilitation Facilities 7 151,234 Acute Inpatient Behavioral 5 130,410 Specialty Centers 34 106,187 Physician Clinics 30 86,358 Surgical Centers and Hospitals 10 55,158 Behavioral Specialty Facilities 9 44,393 Long-term Acute Care Hospitals 1 14,937 Total 161 $ 889,974 State # of Properties Gross Investment Texas 15 $ 137,881 Illinois 16 121,006 Ohio 23 101,448 Florida 14 67,443 All Others 93 462,196 Total 161 $ 889,974 Primary Tenant # of Properties Gross Investment Everest Rehabilitation 4 $ 80,658 US Healthvest 3 77,964 All Others 154 731,352 Total 161 $ 889,974

Real Estate Leases

Real Estate Leases	9 Months Ended
	Sep. 30, 2022
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, 2022, are as follows (in thousands): 2022 (three months ending December 31) $ 20,533 2023 79,758 2024 75,114 2025 69,609 2026 62,475 2027 and thereafter 393,358 $ 700,847 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, 2022 and 2021, and was approximately $2.6 million and $2.7 million, respectively, for the nine months ended September 30, 2022 and 2021. Purchase Option Provisions Certain of the Company's leases provide the lessee with a purchase option or a right of first refusal to purchase the leased property. The purchase option provisions generally allow the lessee to purchase the leased property at fair value or at an amount greater than the Company's gross investment in the leased property at the time of the purchase. At September 30, 2022, the Company had an aggregate gross investment of approximately $28.1 million in five real estate properties with purchase options exercisable at September 30, 2022 that had not been exercised. Sales-type Lease The Company has a portion of one property accounted for as a sales-type lease with a gross amount totaling approximately $3.0 million included in other assets, net on the Company's Condensed Consolidated Balance Sheets. Future lease payments due to the Company under this lease for the years ending December 31, as of September 30, 2022, are as follows (in thousands): 2022 (three months ended December 31) $ 83 2023 336 2024 346 2025 356 2026 367 2027 and thereafter 5,587 Total undiscounted lease receivable 7,075 Discount (4,041) Lease receivable $ 3,034 The Company recognized interest income of approximately $0.1 million and $0.1 million, respectively, during the three months ended September 30, 2022 and 2021 and recognized approximately $0.2 million and $0.3 million, respectively, of interest income during the nine months ended September 30, 2022 and 2021 related to this lease which is included in other operating interest on the Company's Consolidated Statement of Income. Lessee Accounting At September 30, 2022, the Company was obligated, as the lessee, under four non-prepaid ground leases accounted for as operating leases with expiration dates, including renewal options, through 2076, and two non-prepaid ground leases accounted for as financing leases with expiration dates through 2109, including renewal options. 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 2022 (three months ended December 31) $ 11 $ 35 2023 42 141 2024 43 154 2025 44 154 2026 44 154 2027 and thereafter 1,193 7,109 Total undiscounted lease payments 1,377 7,747 Discount (589) (4,469) Lease liabilities $ 788 $ 3,278 The following table discloses other information regarding the ground leases. September 30, 2022 2021 Operating leases: Weighted-average remaining lease term in years (including renewal options) 36.13 37.33 Weighted-average discount rate 4.0 % 4.0 % Financing leases: Weighted-average remaining lease term in years (including renewal options) 41.03 35.25 Weighted-average discount rate 4.2 % 4.1 %

Real Estate Acquisitions

Real Estate Acquisitions	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Real Estate Acquisitions	REAL ESTATE ACQUISITIONS During the third quarter of 2022, the Company acquired two real estate properties. Upon acquisition, the properties were 100% leased with lease expirations through 2037. Amounts reflected in revenues and net income for these properties for the three months ended September 30, 2022 were approximately $0.1 million and $76,000, respectively, and transaction costs totaling approximately $0.2 million were capitalized relating to these property acquisitions. During the second quarter of 2022, the Company acquired one real estate property. Upon acquisition, the property was 100% leased with a lease expiration in 2037. Amounts reflected in revenues and net income for this property for the nine months ended September 30, 2022 were approximately $1.0 million and $0.9 million, respectively, and transaction costs totaling approximately $0.1 million were capitalized relating to the property acquisition. During the first quarter of 2022, the Company acquired two real estate properties. Upon acquisition, the properties were 100% 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, 2022 were approximately $0.5 million and $72,000, respectively, and transaction costs totaling approximately $0.1 million were capitalized relating to these property acquisitions. Location Property Type (1) Date Purchase Cash Real Estate Other Square Footage (000's) (000's) (000's) (000's) Toledo, OH MOB 03/09/22 $ 2,606 $ 2,621 $ 2,735 $ (114) 17,465 Fremont, NE MOB 03/09/22 3,232 3,224 3,443 (219) 12,850 Cincinnati, OH IRF 05/12/22 23,500 22,826 23,558 (732) 37,720 Marne, MI BSF 09/01/22 13,238 12,986 13,415 (429) 96,886 Des Moines, IA PC 09/20/22 4,272 4,313 3,818 495 17,318 $ 46,848 $ 45,970 $ 46,969 $ (999) 182,239 (1) MOB - Medical Office Building; IRF - Inpatient Rehabilitation Facility; BSF - Behavioral Specialty Facility; PC - Physician Clinic 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, 2022. Relative Estimated (in thousands) (in years) Land and land improvements $ 5,347 11.3 Building and building improvements 39,889 39.6 Intangibles: At-market lease intangibles 1,733 4.6 Above-market lease intangibles 87 4.6 Below-market lease intangibles (194) 6.1 Total intangibles 1,626 Financing right-of-use lease asset assumed 728 Financing lease liability assumed (308) Accounts payable, accrued liabilities and other liabilities assumed (1,021) Prorated rent, interest and operating expense reimbursement amounts collected (291) Total cash consideration $ 45,970

Debt, net

Debt, net	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt, net	DEBT, NET The table below details the Company's debt as of September 30, 2022 and December 31, 2021. Balance as of (Dollars in thousands) September 30, 2022 December 31, 2021 Maturity Dates Credit Facility: Revolving Credit Facility $ 57,000 $ 12,000 3/26 A-2 Term Loan, net 49,876 49,813 3/24 A-3 Term Loan, net 74,578 74,487 3/26 A-4 Term Loan, net 124,380 124,296 3/28 Mortgage Note Payable, net 4,947 5,029 5/24 $ 310,781 $ 265,625 On March 19, 2021, Community Healthcare Trust Incorporated, as borrower, entered into a third amended and restated credit facility by and among Community Healthcare Trust Incorporated, as borrower, the several banks and financial institutions party thereto as lenders, and Truist Bank, as administrative agent (the "Credit Facility"). The Credit Facility allows the Company to borrow, through the accordion feature, up to $600.0 million, including the ability to add and fund incremental term loans, and 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 provides for a $150.0 million Revolving Credit Facility and $250.0 million in term loans (the "Term Loans"). The Revolving Credit Facility matures on March 19, 2026 and includes one 12-month option to extend the maturity date, 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 a 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. Amounts outstanding under the Revolving Credit Facility 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 $57.0 million outstanding under the Revolving Credit Facility with a weighted average interest rate of 4.47% and a borrowing capacity remaining of $93.0 million at September 30, 2022. 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 – Derivative Financial Instruments for more details on the interest rate swaps. At September 30, 2022, 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 3.79% .

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2022
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, 2022, the Company had twelve outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk for notional amounts totaling $250.0 million. 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, 2022 and December 31, 2021. Asset Derivatives Fair Value at Liability Derivatives Fair Value at (Dollars in thousands) September 30, 2022 December 31, 2021 Balance Sheet Classification September 30, 2022 December 31, 2021 Balance Sheet Classification Interest rate swaps $ 21,468 $ 343 Other assets, net $ — $ 5,324 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 income (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 $6.3 million will be reclassified from AOCI as a decrease to interest expense. Tabular Disclosure of the Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income (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, 2022 and 2021. Three Months Ended Nine Months Ended (Dollars in thousands) 2022 2021 2022 2021 Amount of unrealized gain recognized in OCI on derivatives $ 8,983 $ 289 $ 24,974 $ 304 Amount of (gain) loss reclassified from AOCI into interest expense $ (276) $ 1,181 $ 1,474 $ 3,273 Total interest expense presented in the Condensed Consolidated Statements of Income in which the effects of the cash flow hedges are recorded $ 3,028 $ 2,788 $ 8,409 $ 7,753 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, 2022 and December 31, 2021. 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, 2022) 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 $ 21,468 $ — $ 21,468 $ — $ — $ 21,468 Offsetting of Derivative Liabilities (as of September 30, 2022) 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 $ — $ — $ — $ — $ — $ — Offsetting of Derivative Assets (as of December 31, 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 $ 343 $ — $ 343 $ (247) $ — $ 96 Offsetting of Derivative Liabilities (as of December 31, 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 $ (5,324) $ — $ (5,324) $ 247 $ — $ (5,077) Credit-risk-related Contingent Features As of September 30, 2022, the Company did not have any derivatives in a net liability position. As of September 30, 2022, the Company had not posted any collateral related to these agreements and was not in breach of any agreement provisions. If the Company terminated these interest rate swaps or breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2022
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, 2022 and for the year ended December 31, 2021: (In thousands) Nine Months Ended Year Ended Balance, beginning of period 24,983 23,888 Issuance of common stock — 823 Restricted stock issued 319 273 Restricted stock withheld and forfeited (3) (1) Balance, end of period 25,299 24,983 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 elected not to issue any shares under the ATM Program during the nine months ended September 30, 2022. As of September 30, 2022, the Company had approximat ely $101.0 million re maining that may be issued under the ATM Program.

Net Income Per Common Share

Net Income Per Common Share	9 Months Ended
	Sep. 30, 2022
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, 2022 and 2021, respectively. Three Months Ended Nine Months Ended (In thousands, except per share data) 2022 2021 2022 2021 Net income $ 5,673 $ 5,354 $ 16,781 $ 16,379 Participating securities' share in earnings (759) (612) (2,086) (1,697) Net income, less participating securities' share in earnings $ 4,914 $ 4,742 $ 14,695 $ 14,682 Weighted average Common Shares outstanding Weighted average Common Shares outstanding 25,221 24,826 25,123 24,448 Unvested restricted shares (1,634) (1,354) (1,545) (1,287) Weighted average Common Shares outstanding–Basic 23,587 23,472 23,578 23,161 Dilutive potential common shares — — — — Weighted average Common Shares outstanding –Diluted 23,587 23,472 23,578 23,161 Basic Net Income per Common Share $ 0.21 $ 0.20 $ 0.62 $ 0.63 Diluted Net Income per Common Share $ 0.21 $ 0.20 $ 0.62 $ 0.63

Stock Incentive Plan

Stock Incentive Plan	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock Incentive Plan	STOCK 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, 2022 and 2021 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 and shares in thousands) 2022 2021 2022 2021 Stock-based awards, beginning of period 1,512 1,260 1,416 1,165 Stock in lieu of compensation 64 46 116 96 Stock awards 136 111 203 177 Total stock granted 200 157 319 273 Vested shares — — (22) (21) Forfeited shares — (1) (1) (1) Stock-based awards, end of period 1,712 1,416 1,712 1,416 Amortization expense $ 2,464 $ 2,004 $ 6,770 $ 5,168

Other Assets, net

Other Assets, net	9 Months Ended
	Sep. 30, 2022
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, 2022 and December 31, 2021 are detailed in the table below. Balance as of (Dollars in thousands) September 30, 2022 December 31, 2021 Notes receivable $ 29,250 $ 26,000 Accounts and interest receivable 2,414 2,116 Straight-line rent receivable 14,575 11,968 Prepaid assets 1,139 701 Deferred financing costs, net 737 896 Leasing commissions, net 1,536 1,239 Deferred tax assets, net 328 348 Fair value of interest rate swaps 21,468 343 Above-market lease intangible assets, net 568 611 Sales-type lease receivable 3,034 3,031 Financing right-of-use asset 2,560 1,870 Operating lease right-of-use assets 766 788 Other 298 426 $ 78,673 $ 50,337 The Company's notes receivable mainly included: • At September 30, 2022 and December 31, 2021, notes receivable included a $9.8 million and $12.0 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, 2022 and December 31, 2021 , notes receivable included a $6.0 million term loan and a $13.5 million and $8.0 million, respectively, 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 initially and then equal monthly installments of principal payments due beginning June 30, 2023. 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. 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 a 3% non-cash interest charge 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 decision-making rights or control of the entities 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, 2022 are summarized in the table below. Classification Carrying Amount (in thousands) Maximum Exposure to Loss (in thousands) Note receivable (term loan) $ 9,750 $ 9,750 Note receivable (revolving credit facility) $ 13,500 $ 13,500 Note receivable (term loan) $ 6,000 $ 6,000

Other Liabilities, net

Other Liabilities, net	9 Months Ended
	Sep. 30, 2022
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, 2022 and December 31, 2021 are detailed in the table below. Balance as of (Dollars in thousands) September 30, 2022 December 31, 2021 Prepaid rent $ 3,749 $ 3,791 Security deposits 5,565 4,640 Below-market lease intangibles, net 672 616 Fair value of derivatives — 5,324 Financing lease liability 3,278 2,973 Operating lease liability 788 795 Other 467 512 $ 14,519 $ 18,651

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2022
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, 2022 and December 31, 2021, using level 2 inputs. September 30, 2022 December 31, 2021 (Dollars in thousands) Carrying Value Fair Value Carrying Value Fair Value Notes receivable $ 29,250 $ 28,069 $ 26,000 $ 25,869 Interest rate swap asset $ 21,468 $ 21,468 $ 343 $ 343 Interest rate swap liability $ — $ — $ 5,324 $ 5,324 Mortgage note payable (principal amount) $ 4,977 $ 4,800 $ 5,076 $ 5,129

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Dividend Declared On October 27, 2022, the Company’s Board of Directors declared a quarterly common stock dividend in the amount of $0.4450 per share. The dividend is payable on November 25, 2022 to stockholders of record on November 10, 2022.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
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, 2021. 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, 2022. All 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.
Cash and Cash Equivalents	Cash and 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 amounts approximate fair value due to the short term maturity of these investments.
Income Taxes	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 two subsidiaries have also elected for those subsidiaries to be treated as taxable REIT subsidiaries ("TRSs"), which are subject to federal and state income taxes.
New Accounting Pronouncements	New Accounting Pronouncements Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
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) 2022 2021 Cash and cash equivalents $ 2,656 $ 1,641 Restricted cash 682 456 Cash, cash equivalents and restricted cash $ 3,338 $ 2,097
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) 2022 2021 Cash and cash equivalents $ 2,656 $ 1,641 Restricted cash 682 456 Cash, cash equivalents and restricted cash $ 3,338 $ 2,097

Real Estate Properties (Tables)

Real Estate Properties (Tables)	9 Months Ended
	Sep. 30, 2022
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 65 $ 301,297 Inpatient Rehabilitation Facilities 7 151,234 Acute Inpatient Behavioral 5 130,410 Specialty Centers 34 106,187 Physician Clinics 30 86,358 Surgical Centers and Hospitals 10 55,158 Behavioral Specialty Facilities 9 44,393 Long-term Acute Care Hospitals 1 14,937 Total 161 $ 889,974 State # of Properties Gross Investment Texas 15 $ 137,881 Illinois 16 121,006 Ohio 23 101,448 Florida 14 67,443 All Others 93 462,196 Total 161 $ 889,974 Primary Tenant # of Properties Gross Investment Everest Rehabilitation 4 $ 80,658 US Healthvest 3 77,964 All Others 154 731,352 Total 161 $ 889,974

Real Estate Leases (Tables)

Real Estate Leases (Tables)	9 Months Ended
	Sep. 30, 2022
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, 2022, are as follows (in thousands): 2022 (three months ending December 31) $ 20,533 2023 79,758 2024 75,114 2025 69,609 2026 62,475 2027 and thereafter 393,358 $ 700,847
Sales-type maturity	Future lease payments due to the Company under this lease for the years ending December 31, as of September 30, 2022, are as follows (in thousands): 2022 (three months ended December 31) $ 83 2023 336 2024 346 2025 356 2026 367 2027 and thereafter 5,587 Total undiscounted lease receivable 7,075 Discount (4,041) Lease receivable $ 3,034
Schedule of operating lease payments	The Company's future lease payments under these non-prepaid ground leases were as follows (in thousands): Operating Financing 2022 (three months ended December 31) $ 11 $ 35 2023 42 141 2024 43 154 2025 44 154 2026 44 154 2027 and thereafter 1,193 7,109 Total undiscounted lease payments 1,377 7,747 Discount (589) (4,469) Lease liabilities $ 788 $ 3,278
Schedule of finance lease payments	The Company's future lease payments under these non-prepaid ground leases were as follows (in thousands): Operating Financing 2022 (three months ended December 31) $ 11 $ 35 2023 42 141 2024 43 154 2025 44 154 2026 44 154 2027 and thereafter 1,193 7,109 Total undiscounted lease payments 1,377 7,747 Discount (589) (4,469) Lease liabilities $ 788 $ 3,278
Ground leases	The following table discloses other information regarding the ground leases. September 30, 2022 2021 Operating leases: Weighted-average remaining lease term in years (including renewal options) 36.13 37.33 Weighted-average discount rate 4.0 % 4.0 % Financing leases: Weighted-average remaining lease term in years (including renewal options) 41.03 35.25 Weighted-average discount rate 4.2 % 4.1 %

Real Estate Acquisitions (Table

Real Estate Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2022
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) Toledo, OH MOB 03/09/22 $ 2,606 $ 2,621 $ 2,735 $ (114) 17,465 Fremont, NE MOB 03/09/22 3,232 3,224 3,443 (219) 12,850 Cincinnati, OH IRF 05/12/22 23,500 22,826 23,558 (732) 37,720 Marne, MI BSF 09/01/22 13,238 12,986 13,415 (429) 96,886 Des Moines, IA PC 09/20/22 4,272 4,313 3,818 495 17,318 $ 46,848 $ 45,970 $ 46,969 $ (999) 182,239 (1) MOB - Medical Office Building; IRF - Inpatient Rehabilitation Facility; BSF - Behavioral Specialty Facility; PC - Physician Clinic
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, 2022. Relative Estimated (in thousands) (in years) Land and land improvements $ 5,347 11.3 Building and building improvements 39,889 39.6 Intangibles: At-market lease intangibles 1,733 4.6 Above-market lease intangibles 87 4.6 Below-market lease intangibles (194) 6.1 Total intangibles 1,626 Financing right-of-use lease asset assumed 728 Financing lease liability assumed (308) Accounts payable, accrued liabilities and other liabilities assumed (1,021) Prorated rent, interest and operating expense reimbursement amounts collected (291) Total cash consideration $ 45,970

Debt, net (Tables)

Debt, net (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of debt	The table below details the Company's debt as of September 30, 2022 and December 31, 2021. Balance as of (Dollars in thousands) September 30, 2022 December 31, 2021 Maturity Dates Credit Facility: Revolving Credit Facility $ 57,000 $ 12,000 3/26 A-2 Term Loan, net 49,876 49,813 3/24 A-3 Term Loan, net 74,578 74,487 3/26 A-4 Term Loan, net 124,380 124,296 3/28 Mortgage Note Payable, net 4,947 5,029 5/24 $ 310,781 $ 265,625

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
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, 2022 and December 31, 2021. Asset Derivatives Fair Value at Liability Derivatives Fair Value at (Dollars in thousands) September 30, 2022 December 31, 2021 Balance Sheet Classification September 30, 2022 December 31, 2021 Balance Sheet Classification Interest rate swaps $ 21,468 $ 343 Other assets, net $ — $ 5,324 Other liabilities, net Offsetting of Derivative Assets (as of September 30, 2022) 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 $ 21,468 $ — $ 21,468 $ — $ — $ 21,468 Offsetting of Derivative Liabilities (as of September 30, 2022) 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 $ — $ — $ — $ — $ — $ — Offsetting of Derivative Assets (as of December 31, 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 $ 343 $ — $ 343 $ (247) $ — $ 96 Offsetting of Derivative Liabilities (as of December 31, 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 $ (5,324) $ — $ (5,324) $ 247 $ — $ (5,077)
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, 2022 and 2021. Three Months Ended Nine Months Ended (Dollars in thousands) 2022 2021 2022 2021 Amount of unrealized gain recognized in OCI on derivatives $ 8,983 $ 289 $ 24,974 $ 304 Amount of (gain) loss reclassified from AOCI into interest expense $ (276) $ 1,181 $ 1,474 $ 3,273 Total interest expense presented in the Condensed Consolidated Statements of Income in which the effects of the cash flow hedges are recorded $ 3,028 $ 2,788 $ 8,409 $ 7,753

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2022
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, 2022 and for the year ended December 31, 2021: (In thousands) Nine Months Ended Year Ended Balance, beginning of period 24,983 23,888 Issuance of common stock — 823 Restricted stock issued 319 273 Restricted stock withheld and forfeited (3) (1) Balance, end of period 25,299 24,983

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2022
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, 2022 and 2021, respectively. Three Months Ended Nine Months Ended (In thousands, except per share data) 2022 2021 2022 2021 Net income $ 5,673 $ 5,354 $ 16,781 $ 16,379 Participating securities' share in earnings (759) (612) (2,086) (1,697) Net income, less participating securities' share in earnings $ 4,914 $ 4,742 $ 14,695 $ 14,682 Weighted average Common Shares outstanding Weighted average Common Shares outstanding 25,221 24,826 25,123 24,448 Unvested restricted shares (1,634) (1,354) (1,545) (1,287) Weighted average Common Shares outstanding–Basic 23,587 23,472 23,578 23,161 Dilutive potential common shares — — — — Weighted average Common Shares outstanding –Diluted 23,587 23,472 23,578 23,161 Basic Net Income per Common Share $ 0.21 $ 0.20 $ 0.62 $ 0.63 Diluted Net Income per Common Share $ 0.21 $ 0.20 $ 0.62 $ 0.63

Stock Incentive Plan (Tables)

Stock Incentive Plan (Tables)	9 Months Ended
	Sep. 30, 2022
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, 2022 and 2021 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 and shares in thousands) 2022 2021 2022 2021 Stock-based awards, beginning of period 1,512 1,260 1,416 1,165 Stock in lieu of compensation 64 46 116 96 Stock awards 136 111 203 177 Total stock granted 200 157 319 273 Vested shares — — (22) (21) Forfeited shares — (1) (1) (1) Stock-based awards, end of period 1,712 1,416 1,712 1,416 Amortization expense $ 2,464 $ 2,004 $ 6,770 $ 5,168

Other Assets, net (Tables)

Other Assets, net (Tables)	9 Months Ended
	Sep. 30, 2022
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, 2022 and December 31, 2021 are detailed in the table below. Balance as of (Dollars in thousands) September 30, 2022 December 31, 2021 Notes receivable $ 29,250 $ 26,000 Accounts and interest receivable 2,414 2,116 Straight-line rent receivable 14,575 11,968 Prepaid assets 1,139 701 Deferred financing costs, net 737 896 Leasing commissions, net 1,536 1,239 Deferred tax assets, net 328 348 Fair value of interest rate swaps 21,468 343 Above-market lease intangible assets, net 568 611 Sales-type lease receivable 3,034 3,031 Financing right-of-use asset 2,560 1,870 Operating lease right-of-use assets 766 788 Other 298 426 $ 78,673 $ 50,337
Schedule of VIEs	The VIEs that we have identified at September 30, 2022 are summarized in the table below. Classification Carrying Amount (in thousands) Maximum Exposure to Loss (in thousands) Note receivable (term loan) $ 9,750 $ 9,750 Note receivable (revolving credit facility) $ 13,500 $ 13,500 Note receivable (term loan) $ 6,000 $ 6,000

Other Liabilities, net (Tables)

Other Liabilities, net (Tables)	9 Months Ended
	Sep. 30, 2022
Other Liabilities Disclosure [Abstract]
Schedule of other liabilities	Other liabilities, net on the Company's Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021 are detailed in the table below. Balance as of (Dollars in thousands) September 30, 2022 December 31, 2021 Prepaid rent $ 3,749 $ 3,791 Security deposits 5,565 4,640 Below-market lease intangibles, net 672 616 Fair value of derivatives — 5,324 Financing lease liability 3,278 2,973 Operating lease liability 788 795 Other 467 512 $ 14,519 $ 18,651

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
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, 2022 and December 31, 2021, using level 2 inputs. September 30, 2022 December 31, 2021 (Dollars in thousands) Carrying Value Fair Value Carrying Value Fair Value Notes receivable $ 29,250 $ 28,069 $ 26,000 $ 25,869 Interest rate swap asset $ 21,468 $ 21,468 $ 343 $ 343 Interest rate swap liability $ — $ — $ 5,324 $ 5,324 Mortgage note payable (principal amount) $ 4,977 $ 4,800 $ 5,076 $ 5,129

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands, ft² in Millions	Sep. 30, 2022 USD ($) ft² real_estate_property state	Dec. 31, 2021 USD ($)
Accounting Policies [Abstract]
Total real estate properties | $	$ 889,974
Number of real estate properties | real_estate_property	161
Number of properties held for investment in financing lease | real_estate_property	1
Lease receivable | $	$ 3,034	$ 3,031
Number of states | state	34
Area of real estate property (in square feet) | ft²	3.5
Percentage leased	90.80%
Remaining lease term	7 years 9 months 18 days

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 2,656	$ 2,351	$ 1,641
Restricted cash	682	516	456
Cash, cash equivalents and restricted cash	$ 3,338	$ 2,867	$ 2,097	$ 2,892

Real Estate Properties - Additi

Real Estate Properties - Additional Information (Details) $ in Thousands	Sep. 30, 2022 USD ($) real_estate_property	Dec. 31, 2021 USD ($)
Real Estate [Abstract]
Total real estate properties | $	$ 889,974
Number of real estate properties | real_estate_property	161
Number of properties held for investment in financing lease | real_estate_property	1
Financing lease liability | $	$ 3,278	$ 2,973

Real Estate Properties - Schedu

Real Estate Properties - Schedule of Real Estate Property Investments (Details) $ in Thousands	Sep. 30, 2022 USD ($) real_estate_property
Real Estate Properties [Line Items]
Number of real estate properties | real_estate_property	161
Total real estate properties | $	$ 889,974
Everest Rehabilitation
Real Estate Properties [Line Items]
Number of real estate properties | real_estate_property	4
Total real estate properties | $	$ 80,658
US Healthvest
Real Estate Properties [Line Items]
Number of real estate properties | real_estate_property	3
Total real estate properties | $	$ 77,964
All Others
Real Estate Properties [Line Items]
Number of real estate properties | real_estate_property	154
Total real estate properties | $	$ 731,352
Texas
Real Estate Properties [Line Items]
Number of real estate properties | real_estate_property	15
Total real estate properties | $	$ 137,881
Illinois
Real Estate Properties [Line Items]
Number of real estate properties | real_estate_property	16
Total real estate properties | $	$ 121,006
Ohio
Real Estate Properties [Line Items]
Number of real estate properties | real_estate_property	23
Total real estate properties | $	$ 101,448
Florida
Real Estate Properties [Line Items]
Number of real estate properties | real_estate_property	14
Total real estate properties | $	$ 67,443
All Others
Real Estate Properties [Line Items]
Number of real estate properties | real_estate_property	93
Total real estate properties | $	$ 462,196
Medical Office Building
Real Estate Properties [Line Items]
Number of real estate properties | real_estate_property	65
Total real estate properties | $	$ 301,297
Inpatient Rehabilitation Facilities
Real Estate Properties [Line Items]
Number of real estate properties | real_estate_property	7
Total real estate properties | $	$ 151,234
Acute Inpatient Behavioral
Real Estate Properties [Line Items]
Number of real estate properties | real_estate_property	5
Total real estate properties | $	$ 130,410
Specialty Centers
Real Estate Properties [Line Items]
Number of real estate properties | real_estate_property	34
Total real estate properties | $	$ 106,187
Physician Clinics
Real Estate Properties [Line Items]
Number of real estate properties | real_estate_property	30
Total real estate properties | $	$ 86,358
Surgical Centers and Hospitals
Real Estate Properties [Line Items]
Number of real estate properties | real_estate_property	10
Total real estate properties | $	$ 55,158
Behavioral Specialty Facilities
Real Estate Properties [Line Items]
Number of real estate properties | real_estate_property	9
Total real estate properties | $	$ 44,393
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) $ in Thousands	Sep. 30, 2022 USD ($)
Leases [Abstract]
2022 (three months ending December 31)	$ 20,533
2023	79,758
2024	75,114
2025	69,609
2026	62,475
2027 and thereafter	393,358
Total	$ 700,847

Real Estate Leases - Additional

Real Estate Leases - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) real_estate_property lease	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) real_estate_property lease	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Concentration Risk [Line Items]
Straight line rent	$ 900	$ 900	$ 2,590	$ 2,713
Real estate investment property, net	$ 729,918		$ 729,918		$ 701,029
Number of real estate properties | real_estate_property	161		161
Number of properties held for investment in financing lease | real_estate_property	1		1
Lease receivable	$ 3,034		$ 3,034		$ 3,031
Interest income	$ 100	$ 100	$ 200	$ 300
Number of operating leases | lease	4		4
Number of finance leases | lease	2		2
Four Real Estate Property
Concentration Risk [Line Items]
Real estate investment property, net	$ 28,100		$ 28,100
Number of real estate properties | real_estate_property	5		5

Real Estate Leases - Lease Rece

Real Estate Leases - Lease Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Leases [Abstract]
2022 (three months ended December 31)	$ 83
2023	336
2024	346
2025	356
2026	367
2027 and thereafter	5,587
Total undiscounted lease receivable	7,075
Discount	(4,041)
Lease receivable	$ 3,034	$ 3,031

Real Estate Leases - Future Lea

Real Estate Leases - Future Lease Payments Under Non-prepaid Ground Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Operating
2022 (three months ended December 31)	$ 11
2023	42
2024	43
2025	44
2026	44
2027 and thereafter	1,193
Total undiscounted lease payments	1,377
Discount	(589)
Lease liabilities	788	$ 795
Financing
2022 (three months ended December 31)	35
2023	141
2024	154
2025	154
2026	154
2027 and thereafter	7,109
Total undiscounted lease payments	7,747
Discount	(4,469)
Lease liabilities	$ 3,278	$ 2,973

Real Estate Leases - Ground Lea

Real Estate Leases - Ground Leases (Details)	Sep. 30, 2022	Sep. 30, 2021
Operating leases:
Weighted-average remaining lease term in years (including renewal options)	36 years 1 month 17 days	37 years 3 months 29 days
Weighted-average discount rate	4%	4%
Financing leases:
Weighted-average remaining lease term in years (including renewal options)	41 years 10 days	35 years 3 months
Weighted-average discount rate	4.20%	4.10%

Real Estate Acquisitions - Addi

Real Estate Acquisitions - Additional Information (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2022 USD ($) real_estate_property	Jun. 30, 2022 real_estate_property	Mar. 31, 2022 real_estate_property	Sep. 30, 2022 USD ($)
Business Acquisition [Line Items]
Number of real estate properties acquired | real_estate_property	2	1	2
Acquisitions Of Properties During Q3 2022
Business Acquisition [Line Items]
Percentage of properties that were leased at acquisition	100%
Pro forma information, revenue of acquiree since acquisition date, actual	$ 100
Pro forma information, income of acquiree since acquisition date, actual	76
Transaction costs	$ 200
Acquisitions Of Properties During Q2 2022
Business Acquisition [Line Items]
Percentage of properties that were leased at acquisition		100%
Pro forma information, revenue of acquiree since acquisition date, actual				$ 1,000
Pro forma information, income of acquiree since acquisition date, actual				900
Transaction costs				100
Acquisitions Of Properties During Q1 2022
Business Acquisition [Line Items]
Percentage of properties that were leased at acquisition			100%
Pro forma information, revenue of acquiree since acquisition date, actual				500
Pro forma information, income of acquiree since acquisition date, actual				72
Transaction costs				$ 100

Real Estate Acquisitions - Summ

Real Estate Acquisitions - Summary of Real Estate Acquisitions (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) ft²
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Square footage (in square feet) | ft²	3,500,000
Acquisitions Of Properties During Q1 2022 | Toledo, OH
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase Price	$ 2,606
Cash Consideration	2,621
Real Estate	2,735
Other	$ (114)
Square footage (in square feet) | ft²	17,465
Acquisitions Of Properties During Q1 2022 | Fremont, NE
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase Price	$ 3,232
Cash Consideration	3,224
Real Estate	3,443
Other	$ (219)
Square footage (in square feet) | ft²	12,850
Acquisitions Of Properties During Q2 2022 | Cincinnati, OH
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase Price	$ 23,500
Cash Consideration	22,826
Real Estate	23,558
Other	$ (732)
Square footage (in square feet) | ft²	37,720
Acquisitions Of Properties During Q3 2022 | Marne, MI
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase Price	$ 13,238
Cash Consideration	12,986
Real Estate	13,415
Other	$ (429)
Square footage (in square feet) | ft²	96,886
Acquisitions Of Properties During Q3 2022 | Des Moines, IA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase Price	$ 4,272
Cash Consideration	4,313
Real Estate	3,818
Other	$ 495
Square footage (in square feet) | ft²	17,318
Series of Individually Immaterial Asset Acquisitions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase Price	$ 46,848
Cash Consideration	45,970
Real Estate	46,969
Other	$ (999)
Square footage (in square feet) | ft²	182,239

Real Estate Acquisitions - Asse

Real Estate Acquisitions - Assets Acquired and Liabilities Assumed (Details) - Series of Individually Immaterial Asset Acquisitions $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Business Acquisition [Line Items]
Land and land improvements	$ 5,347
Building and building improvements	39,889
Intangibles:
Below-market lease intangibles	$ (194)
Below market lease useful life (in years)	6 years 1 month 6 days
Total intangibles	$ 1,626
Financing right-of-use lease asset assumed	728
Financing lease liability assumed	(308)
Accounts payable, accrued liabilities and other liabilities assumed	(1,021)
Prorated rent, interest and operating expense reimbursement amounts collected	(291)
Total cash consideration	45,970
At-market lease intangibles
Intangibles:
Lease intangibles	$ 1,733
Intangibles useful life (in years)	4 years 7 months 6 days
Above-market lease intangibles
Intangibles:
Lease intangibles	$ 87
Intangibles useful life (in years)	4 years 7 months 6 days
Land and land improvements
Business Acquisition [Line Items]
Estimated useful life (in years)	11 years 3 months 18 days
Building and building improvements
Business Acquisition [Line Items]
Estimated useful life (in years)	39 years 7 months 6 days

Debt, net - Schedule of Debt (D

Debt, net - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Debt, net	$ 310,781	$ 265,625
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	4,947	5,029
Revolving Credit Facility | Line of Credit | Third Amended And Restated Credit Facility
Debt Instrument [Line Items]
Debt, net	57,000	12,000
A-2 Term Loan, net | Term Loan | Third Amended And Restated Credit Facility
Debt Instrument [Line Items]
Debt, net	49,876	49,813
A-3 Term Loan, net | Term Loan | Third Amended And Restated Credit Facility
Debt Instrument [Line Items]
Debt, net	74,578	74,487
A-4 Term Loan, net | Term Loan | Third Amended And Restated Credit Facility
Debt Instrument [Line Items]
Debt, net	$ 124,380	$ 124,296

Debt, net - Narrative (Details)

Debt, net - Narrative (Details)	Mar. 19, 2021 USD ($) option	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Line of Credit Facility [Line Items]
Amount outstanding		$ 310,781,000	$ 265,625,000
Third Amended And Restated Credit Facility | Term Loan
Line of Credit Facility [Line Items]
Amount outstanding		$ 250,000,000
Weighted average interest rate percentage		3.79%
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 | Credit Facility, Accordion Feature
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 600,000,000
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		$ 57,000,000	12,000,000
Weighted average interest rate percentage		4.47%
Remaining borrowing capacity		$ 93,000,000
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 | A-2 Term Loan, net | Term Loan
Line of Credit Facility [Line Items]
Debt term	7 years
Face amount	$ 50,000,000
Amount outstanding		49,876,000	49,813,000
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		74,578,000	74,487,000
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		$ 124,380,000	$ 124,296,000
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) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) derivative_instrument
Derivative [Line Items]
Cash flow hedges reclassified to interest expense	$ 6.3
Cash Flow Hedging | Interest Rate Contract
Derivative [Line Items]
Number outstanding interest rate derivatives | derivative_instrument	12
Notional amount	$ 250

Derivative Financial Instrume_4

Derivative Financial Instruments - Fair Value Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Interest rate swap asset	$ 21,468	$ 343
Interest rate swap liability	$ 0	$ 5,324
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities, net	Other liabilities, net
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets, net	Other assets, net
Cash Flow Hedging | Interest rate swaps | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Interest rate swap asset	$ 21,468	$ 343
Interest rate swap liability	$ 0	$ 5,324

Derivative Financial Instrume_5

Derivative Financial Instruments - Cash Flow Hedging (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense	Interest Expense	Interest Expense	Interest Expense
Interest Rate Contract | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of unrealized gain recognized in OCI on derivatives	$ 8,983	$ 289	$ 24,974	$ 304
Total interest expense presented in the Condensed Consolidated Statements of Income in which the effects of the cash flow hedges are recorded	3,028	2,788	8,409	7,753
Interest Rate Contract | Cash Flow Hedging | Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (gain) loss reclassified from AOCI into interest expense	$ (276)	$ 1,181	$ 1,474	$ 3,273

Derivative Financial Instrume_6

Derivative Financial Instruments - Offsetting of Derivative Assets and Liability (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Derivative Asset [Abstract]
Gross Amounts of Recognized Assets	$ 21,468	$ 343
Gross Amounts Offset in the Condensed Consolidated Balance Sheet	0	0
Net Amounts of Assets in the Condensed Consolidated Balance Sheets	21,468	343
Gross amounts not offset in the condensed Consolidated balance sheets, financial instruments	0	(247)
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	21,468	96
Derivative Liability [Abstract]
Gross Amounts of Recognized Liabilities	0	(5,324)
Gross Amounts Offset in the Condensed Consolidated Balance Sheet	0	0
Net Amounts of Liabilities in the Condensed Consolidated Balance Sheets	0	(5,324)
Gross amounts not offset in the condensed consolidated balance sheets, financial instruments	0	247
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	$ 0	$ (5,077)

Stockholders' Equity - Reconcil

Stockholders' Equity - Reconciliation of Common Stock (Details) - shares shares in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period (in shares)	24,983	23,888
Issuance of common stock (in shares)	0	823
Restricted stock issued (in shares)	319	273
Restricted stock withheld and forfeited (in shares)	(3)	(1)
Balance, end of period (in shares)	25,299	24,983

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - At The Market Offering Program - Common Stock shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) shares
Subsidiary, Sale of Stock [Line Items]
Value of shares authorized | $	$ 360
Shares available for issuance (in shares) | shares	101

Net Income Per Common Share (De

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net income	$ 5,673	$ 5,354	$ 16,781	$ 16,379
Participating securities' share in earnings	(759)	(612)	(2,086)	(1,697)
Net income, less participating securities' share in earnings	$ 4,914	$ 4,742	$ 14,695	$ 14,682
Weighted average Common Shares outstanding
Weighted average common shares outstanding (in shares)	25,221	24,826	25,123	24,448
Unvested restricted shares (in shares)	(1,634)	(1,354)	(1,545)	(1,287)
Weighted average common shares outstanding – basic (in shares)	23,587	23,472	23,578	23,161
Dilutive potential common share (in shares)	0	0	0	0
Weighted average common shares outstanding –diluted (in shares)	23,587	23,472	23,578	23,161
Basic net income per common share (in dollars per share)	$ 0.21	$ 0.20	$ 0.62	$ 0.63
Diluted net income per common share (in dollars per share)	$ 0.21	$ 0.20	$ 0.62	$ 0.63

Stock Incentive Plan (Details)

Stock Incentive Plan (Details) - 2014 Incentive Plan - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Restricted Common Stock
Stock-based awards:
Stock-based awards, beginning of period (in shares)	1,512	1,260	1,416	1,165
Granted (in shares)	200	157	319	273
Vested (in shares)	0	0	(22)	(21)
Forfeited (in shares)	0	(1)	(1)	(1)
Stock-based awards, end of period (in shares)	1,712	1,416	1,712	1,416
Amortization expense	$ 2,464	$ 2,004	$ 6,770	$ 5,168
Stock in lieu of compensation
Stock-based awards:
Granted (in shares)	64	46	116	96
Stock awards
Stock-based awards:
Granted (in shares)	136	111	203	177

Other Assets, net - Other Asset

Other Assets, net - Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Notes receivable	$ 29,250	$ 26,000
Accounts and interest receivable	2,414	2,116
Straight-line rent receivable	14,575	11,968
Prepaid assets	1,139	701
Deferred financing costs, net	737	896
Leasing commissions, net	1,536	1,239
Deferred tax assets, net	328	348
Fair value of interest rate swaps	21,468	343
Above-market lease intangible assets, net	568	611
Sales-type lease receivable	3,034	3,031
Financing right-of-use asset	2,560	1,870
Operating lease right-of-use assets	766	788
Other	298	426
Other assets, net	$ 78,673	$ 50,337

Other Assets, net - Narrative (

Other Assets, net - Narrative (Details)	9 Months Ended
	Sep. 30, 2022 USD ($) hospital	Dec. 31, 2021 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 29,250,000	$ 26,000,000
Note receivable (term loan) | Variable Interest Entity, Not Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 9,750,000
Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivable interest rate	9%
Additional funding	$ 5,000,000
Non-cash interest rate	3%
Note receivable (term loan) | Variable Interest Entity, Not Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 6,000,000	6,000,000
Note receivable (revolving credit facility) | Variable Interest Entity, Not Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 13,500,000	8,000,000
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]
Note receivable interest rate	9%
Note receivable (term loan) | Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 9,800,000	$ 12,000,000
Payment received	$ 250,000
Note receivable interest rate	9%
Note receivable (term loan) | 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 (term loan) | 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, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Carrying amount	$ 29,250	$ 26,000
Variable Interest Entity, Not Primary Beneficiary | Note receivable (term loan)
Variable Interest Entity [Line Items]
Carrying amount	9,750
Maximum exposure to loss	9,750
Variable Interest Entity, Not Primary Beneficiary | Note receivable (revolving credit facility)
Variable Interest Entity [Line Items]
Carrying amount	13,500	8,000
Maximum exposure to loss	13,500
Variable Interest Entity, Not Primary Beneficiary | Note receivable (term loan)
Variable Interest Entity [Line Items]
Carrying amount	6,000	$ 6,000
Maximum exposure to loss	$ 6,000

Other Liabilities, net (Details

Other Liabilities, net (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Prepaid rent	$ 3,749	$ 3,791
Security deposits	5,565	4,640
Below-market lease intangibles, net	672	616
Fair value of derivatives	0	5,324
Financing lease liability	3,278	2,973
Operating lease liability	788	795
Other	467	512
Other liabilities, net	$ 14,519	$ 18,651

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable	$ 29,250	$ 26,000
Interest rate swap asset	21,468	343
Interest rate swap liability	0	5,324
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable	29,250	26,000
Mortgage note payable (principal amount)	4,977	5,076
Carrying Value | Interest rate swap liability
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap asset	21,468	343
Interest rate swap liability	0	5,324
Fair Value | Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable	28,069	25,869
Mortgage note payable (principal amount)	4,800	5,129
Fair Value | Interest rate swap liability | Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap asset	21,468	343
Interest rate swap liability	$ 0	$ 5,324

Subsequent Events (Details)

Subsequent Events (Details)	Oct. 27, 2022 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Dividend declared (in dollars per share)	$ 0.4450