Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 13, 2020 | Jun. 30, 2019 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Griffin-American Healthcare REIT IV, Inc. | ||
Entity Central Index Key | 0001632970 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Public Float | $ 749,582,000 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | true | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Interactive Data Current | Yes | ||
Common Class T | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 74,891,729 | ||
Entity Public Float | 698,495,000 | ||
Common Class I | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 5,682,901 | ||
Entity Public Float | $ 51,087,000 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | |
ASSETS | |||
Real estate investments, net | $ 895,060,000 | $ 731,676,000 | |
Cash and cash equivalents | 15,290,000 | 14,388,000 | |
Accounts and other receivables, net | 4,608,000 | 11,249,000 | |
Restricted cash | 556,000 | 202,000 | |
Real estate deposits | 1,915,000 | 3,900,000 | |
Identified intangible assets, net | 74,023,000 | 74,723,000 | |
Operating lease right-of-use assets, net | 14,255,000 | 0 | |
Other assets, net | 62,620,000 | 60,234,000 | |
Total assets | 1,068,327,000 | 896,372,000 | |
Liabilities: | |||
Mortgage loans payable, net(1) | [1] | 26,070,000 | 16,892,000 |
Line of credit and term loans(1) | [1] | 396,800,000 | 275,000,000 |
Accounts payable and accrued liabilities(1) | [1] | 32,033,000 | 32,395,000 |
Accounts payable due to affiliates(1) | [1] | 1,016,000 | 8,588,000 |
Identified intangible liabilities, net | 1,601,000 | 1,627,000 | |
Operating lease liabilities(1) | [1] | 9,858,000 | 0 |
Security deposits, prepaid rent and other liabilities(1) | [1] | 9,408,000 | 2,827,000 |
Total liabilities | 476,786,000 | 337,329,000 | |
Commitments and contingencies (Note 10) | |||
Redeemable noncontrolling interests (Note 11) | 1,462,000 | 1,371,000 | |
Stockholders’ equity: | |||
Preferred stock, $0.01 par value per share; 200,000,000 shares authorized; none issued and outstanding | 0 | 0 | |
Additional paid-in capital | 719,894,000 | 621,759,000 | |
Accumulated deficit | (130,613,000) | (64,779,000) | |
Total stockholders’ equity | 590,079,000 | 557,672,000 | |
Total liabilities, redeemable noncontrolling interests and stockholders’ equity | 1,068,327,000 | 896,372,000 | |
Class T common stock, $0.01 par value per share; 900,000,000 shares authorized; 74,244,823 and 64,996,843 shares issued and outstanding as of December 31, 2019 and 2018, respectively | |||
Stockholders’ equity: | |||
Common stock, $0.01 par value per share | 742,000 | 650,000 | |
Class I common stock, $0.01 par value per share; 100,000,000 shares authorized; 5,655,051 and 4,258,128 shares issued and outstanding as of December 31, 2019 and 2018, respectively | |||
Stockholders’ equity: | |||
Common stock, $0.01 par value per share | $ 56,000 | $ 42,000 | |
[1] | Such liabilities of Griffin-American Healthcare REIT IV, Inc. as of December 31, 2019 and 2018 represented liabilities of Griffin-American Healthcare REIT IV Holdings, LP or its consolidated subsidiaries. Griffin-American Healthcare REIT IV Holdings, LP is a variable interest entity, or VIE, and a consolidated subsidiary of Griffin-American Healthcare REIT IV, Inc. The creditors of Griffin-American Healthcare REIT IV Holdings, LP or its consolidated subsidiaries do not have recourse against Griffin-American Healthcare REIT IV, Inc., except for the 2018 Credit Facility, as defined in Note 7, held by Griffin-American Healthcare REIT IV Holdings, LP in the amount of $396,800,000 and $275,000,000 as of December 31, 2019 and 2018, respectively, which is guaranteed by Griffin-American Healthcare REIT IV, Inc. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | |
Line of credit and term loans(1) | [1] | $ 396,800,000 | $ 275,000,000 |
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 | |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 | |
Preferred stock, shares issued | 0 | 0 | |
Preferred stock, shares outstanding | 0 | 0 | |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 | |
Class T common stock, $0.01 par value per share; 900,000,000 shares authorized; 74,244,823 and 64,996,843 shares issued and outstanding as of December 31, 2019 and 2018, respectively | |||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 900,000,000 | 900,000,000 | |
Common stock, shares, issued | 74,244,823 | 64,996,843 | |
Common stock, shares outstanding | 74,244,823 | 64,996,843 | |
Class I common stock, $0.01 par value per share; 100,000,000 shares authorized; 5,655,051 and 4,258,128 shares issued and outstanding as of December 31, 2019 and 2018, respectively | |||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 100,000,000 | 100,000,000 | |
Common stock, shares, issued | 5,655,051 | 4,258,128 | |
Common stock, shares outstanding | 5,655,051 | 4,258,128 | |
[1] | Such liabilities of Griffin-American Healthcare REIT IV, Inc. as of December 31, 2019 and 2018 represented liabilities of Griffin-American Healthcare REIT IV Holdings, LP or its consolidated subsidiaries. Griffin-American Healthcare REIT IV Holdings, LP is a variable interest entity, or VIE, and a consolidated subsidiary of Griffin-American Healthcare REIT IV, Inc. The creditors of Griffin-American Healthcare REIT IV Holdings, LP or its consolidated subsidiaries do not have recourse against Griffin-American Healthcare REIT IV, Inc., except for the 2018 Credit Facility, as defined in Note 7, held by Griffin-American Healthcare REIT IV Holdings, LP in the amount of $396,800,000 and $275,000,000 as of December 31, 2019 and 2018, respectively, which is guaranteed by Griffin-American Healthcare REIT IV, Inc. |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues: | |||||||||||
Real estate revenue | $ 74,610,000 | $ 47,599,000 | $ 27,770,000 | ||||||||
Resident fees and services | 46,160,000 | 36,857,000 | 5,563,000 | ||||||||
Total revenues | $ 33,437,000 | $ 31,118,000 | $ 30,373,000 | $ 25,842,000 | $ 25,323,000 | $ 22,281,000 | $ 19,010,000 | $ 17,842,000 | 120,770,000 | 84,456,000 | 33,333,000 |
Expenses: | |||||||||||
Rental expenses | 19,226,000 | 11,499,000 | 7,292,000 | ||||||||
Property operating expenses | 37,434,000 | 30,023,000 | 4,203,000 | ||||||||
General and administrative | 15,235,000 | 9,172,000 | 4,338,000 | ||||||||
Acquisition related expenses | 1,974,000 | 2,795,000 | 655,000 | ||||||||
Depreciation and amortization | 45,626,000 | 32,658,000 | 13,639,000 | ||||||||
Total expenses | 28,597,000 | 28,421,000 | 29,645,000 | 32,832,000 | 25,961,000 | 22,384,000 | 18,808,000 | 18,994,000 | 119,495,000 | 86,147,000 | 30,127,000 |
Other income (expense): | |||||||||||
Interest expense (including amortization of deferred financing costs and debt discount/premium) | (16,191,000) | (6,788,000) | (2,699,000) | ||||||||
Loss in fair value of derivative financial instruments | (4,385,000) | 0 | 0 | ||||||||
Income (loss) from unconsolidated entity | 267,000 | (110,000) | 0 | ||||||||
Other income | 175,000 | 11,000 | 1,000 | ||||||||
(Loss) income before income taxes | (18,859,000) | (8,578,000) | 508,000 | ||||||||
Income tax benefit (expense) | 25,000 | (7,000) | (7,000) | (3,000) | (4,000) | (4,000) | 0 | 0 | 8,000 | (8,000) | 0 |
Net (loss) income | 1,317,000 | (1,918,000) | (5,889,000) | (12,361,000) | (3,689,000) | (1,703,000) | (958,000) | (2,236,000) | (18,851,000) | (8,586,000) | 508,000 |
Less: net loss attributable to redeemable noncontrolling interests | 82,000 | 232,000 | 33,000 | ||||||||
Net (loss) income attributable to controlling interest | $ 1,323,000 | $ (1,899,000) | $ (5,857,000) | $ (12,336,000) | $ (3,654,000) | $ (1,631,000) | $ (900,000) | $ (2,169,000) | $ (18,769,000) | $ (8,354,000) | $ 541,000 |
Net (loss) income per Class T and Class I common share attributable to controlling interest — basic and diluted | $ 0.02 | $ (0.02) | $ (0.07) | $ (0.16) | $ (0.06) | $ (0.03) | $ (0.02) | $ (0.05) | $ (0.24) | $ (0.15) | $ 0.02 |
Weighted average number of Class T and Class I common shares outstanding — basic and diluted | 79,884,966 | 79,502,193 | 79,026,999 | 75,105,471 | 64,954,525 | 57,769,964 | 51,277,753 | 45,136,647 | 78,396,077 | 54,847,197 | 27,754,701 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) | Total | Total Stockholders’ Equity | Class T and Class I Common Stock | Additional Paid-In Capital | Accumulated Deficit | |
Beginning balance, shares at Dec. 31, 2016 | 11,377,439 | |||||
Beginning balance at Dec. 31, 2016 | $ 92,255,000 | $ 114,000 | $ 99,492,000 | $ (7,351,000) | ||
Issuance of common stock, number of shares | 29,960,609 | |||||
Issuance of common stock | 298,076,000 | $ 300,000 | 297,776,000 | |||
Offering costs — common stock | (29,028,000) | (29,028,000) | ||||
Issuance of common stock under the DRIP, shares | 924,358 | |||||
Issuance of common stock under the DRIP | 8,689,000 | $ 9,000 | 8,680,000 | |||
Issuance of vested and nonvested restricted common, shares | 22,500 | |||||
Issuance of vested and nonvested restricted common stock | 45,000 | 45,000 | ||||
Amortization of nonvested common stock compensation | 86,000 | 86,000 | ||||
Repurchase of common stock, shares | (77,746) | |||||
Repurchase of common stock | (735,000) | $ (1,000) | (734,000) | |||
Fair value adjustment to redeemable noncontrolling interests | (33,000) | (33,000) | ||||
Distributions declared | (16,672,000) | (16,672,000) | ||||
Net income (loss) | $ 541,000 | 541,000 | [1] | 541,000 | ||
Ending balance, shares at Dec. 31, 2017 | 42,207,160 | |||||
Ending balance at Dec. 31, 2017 | 353,224,000 | $ 422,000 | 376,284,000 | (23,482,000) | ||
Issuance of common stock, number of shares | 25,537,018 | |||||
Issuance of common stock | 255,252,000 | $ 256,000 | 254,996,000 | |||
Offering costs — common stock | (23,760,000) | (23,760,000) | ||||
Issuance of common stock under the DRIP, shares | 1,838,711 | |||||
Issuance of common stock under the DRIP | 17,612,000 | $ 18,000 | 17,594,000 | |||
Issuance of vested and nonvested restricted common, shares | 22,500 | |||||
Issuance of vested and nonvested restricted common stock | 45,000 | 45,000 | ||||
Amortization of nonvested common stock compensation | 140,000 | 140,000 | ||||
Repurchase of common stock, shares | (350,418) | |||||
Repurchase of common stock | (3,312,000) | $ (4,000) | (3,308,000) | |||
Fair value adjustment to redeemable noncontrolling interests | (232,000) | (232,000) | (232,000) | |||
Distributions declared | (32,943,000) | (32,943,000) | ||||
Net income (loss) | (8,354,000) | (8,354,000) | [1] | (8,354,000) | ||
Ending balance, shares at Dec. 31, 2018 | 69,254,971 | |||||
Ending balance at Dec. 31, 2018 | 557,672,000 | 557,672,000 | $ 692,000 | 621,759,000 | (64,779,000) | |
Issuance of common stock, number of shares | 8,884,165 | |||||
Issuance of common stock | 88,715,000 | $ 89,000 | 88,626,000 | |||
Offering costs — common stock | (7,432,000) | (7,432,000) | ||||
Issuance of common stock under the DRIP, shares | 2,666,913 | |||||
Issuance of common stock under the DRIP | 25,533,000 | 25,533,000 | $ 26,000 | 25,507,000 | ||
Issuance of vested and nonvested restricted common, shares | 22,500 | |||||
Issuance of vested and nonvested restricted common stock | 43,000 | 43,000 | ||||
Amortization of nonvested common stock compensation | 164,000 | 164,000 | ||||
Repurchase of common stock, shares | (928,675) | |||||
Repurchase of common stock | (8,609,000) | $ (9,000) | (8,600,000) | |||
Fair value adjustment to redeemable noncontrolling interests | (173,000) | (173,000) | (173,000) | |||
Distributions declared | (47,065,000) | (47,065,000) | ||||
Net income (loss) | (18,769,000) | (18,769,000) | [1] | (18,769,000) | ||
Ending balance, shares at Dec. 31, 2019 | 79,899,874 | |||||
Ending balance at Dec. 31, 2019 | $ 590,079,000 | $ 590,079,000 | $ 798,000 | $ 719,894,000 | $ (130,613,000) | |
[1] | Amount excludes $82,000, $232,000 and $33,000 for the years ended December 31, 2019, 2018 and 2017, respectively, of net loss attributable to redeemable noncontrolling interests. See Note 11, Redeemable Noncontrolling Interests, for a further discussion. |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Common Stock Dividends Per Share Declared [Abstract] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.60 | $ 0.60 | $ 0.60 |
Less: net loss attributable to redeemable noncontrolling interests | $ (82,000) | $ (232,000) | $ (33,000) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net (loss) income | $ (18,851,000) | $ (8,586,000) | $ 508,000 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation and amortization | 45,626,000 | 32,658,000 | 13,639,000 |
Other amortization | 3,251,000 | 1,015,000 | 415,000 |
Deferred rent | (3,076,000) | (3,029,000) | (1,705,000) |
Stock based compensation | 207,000 | 185,000 | 131,000 |
(Income) loss from unconsolidated entity | (267,000) | 110,000 | 0 |
Distributions of earnings from unconsolidated entity | 157,000 | 0 | 0 |
Bad debt expense | 1,482,000 | 1,274,000 | 83,000 |
Change in fair value of derivative financial instruments | 4,385,000 | 0 | 0 |
Share discounts | 0 | 0 | 3,000 |
Deferred income taxes | (8,000) | 8,000 | 0 |
Changes in operating assets and liabilities: | |||
Accounts and other receivables | 3,489,000 | (7,413,000) | (2,166,000) |
Other assets | (113,000) | (336,000) | (905,000) |
Accounts payable and accrued liabilities | 2,999,000 | 224,000 | 2,436,000 |
Accounts payable due to affiliates | 224,000 | 338,000 | 239,000 |
Security deposits, prepaid rent, operating lease and other liabilities | 35,000 | (1,025,000) | (274,000) |
Net cash provided by operating activities | 39,540,000 | 15,423,000 | 12,404,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Acquisitions of real estate investments | (195,249,000) | (355,070,000) | (328,933,000) |
Investment in unconsolidated entity | (600,000) | (48,000,000) | 0 |
Distributions in excess of earnings from unconsolidated entity | 1,294,000 | 290,000 | 0 |
Capital expenditures | (6,497,000) | (4,257,000) | (1,121,000) |
Real estate deposits | 1,385,000 | (3,400,000) | (300,000) |
Pre-acquisition expenses | (267,000) | (1,117,000) | (334,000) |
Net cash used in investing activities | (199,934,000) | (411,554,000) | (330,688,000) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Payments on mortgage loans payable | (650,000) | (449,000) | (273,000) |
Borrowings under the line of credit and term loans | 257,900,000 | 771,200,000 | 308,600,000 |
Payments on the line of credit and term loans | (136,100,000) | (580,300,000) | (258,400,000) |
Deferred financing costs | (1,192,000) | (4,092,000) | (1,115,000) |
Proceeds from issuance of common stock | 90,438,000 | 254,017,000 | 298,639,000 |
Contributions from redeemable noncontrolling interests | 151,000 | 369,000 | 1,000,000 |
Distributions to redeemable noncontrolling interests | (151,000) | 0 | 0 |
Repurchase of common stock | (8,609,000) | (3,312,000) | (735,000) |
Payment of offering costs | (19,136,000) | (19,817,000) | (18,072,000) |
Security deposits | (96,000) | (9,000) | (96,000) |
Distributions paid | (20,905,000) | (13,989,000) | (6,398,000) |
Net cash provided by financing activities | 161,650,000 | 403,618,000 | 323,150,000 |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 1,256,000 | 7,487,000 | 4,866,000 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period | 14,590,000 | 7,103,000 | 2,237,000 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period | 15,846,000 | 14,590,000 | 7,103,000 |
Cash and cash equivalents | 14,388,000 | 7,087,000 | 2,237,000 |
Cash and cash equivalents | 15,290,000 | 14,388,000 | 7,087,000 |
Restricted cash | 202,000 | 16,000 | 0 |
Restricted cash | 556,000 | 202,000 | 16,000 |
Cash paid for: | |||
Interest | 13,506,000 | 5,194,000 | 2,052,000 |
Income taxes | 30,000 | 14,000 | 7,000 |
Investing Activities: | |||
Accrued capital expenditures | 2,580,000 | 5,391,000 | 1,355,000 |
Accrued pre-acquisition expenses | 412,000 | 154,000 | 75,000 |
Tenant improvement overage | 195,000 | 692,000 | 0 |
The following represents the increase in certain assets and liabilities in connection with our acquisitions of real estate investments: | |||
Right-of-use asset | 3,133,000 | 0 | 0 |
Other assets | 112,000 | 225,000 | 236,000 |
Mortgage loans payable, net | 9,735,000 | 5,808,000 | 8,000,000 |
Accounts payable and accrued liabilities | 1,146,000 | 3,415,000 | 1,731,000 |
Operating lease liability | 4,489,000 | 0 | 0 |
Security deposits and prepaid rent | 1,601,000 | 2,193,000 | 728,000 |
Financing Activities: | |||
Issuance of common stock under the DRIP | 25,533,000 | 17,612,000 | 8,689,000 |
Distributions declared but not paid | 4,086,000 | 3,459,000 | 2,117,000 |
Accrued Contingent Advisor Payment | 0 | 7,866,000 | 7,744,000 |
Accrued stockholder servicing fee | 12,610,000 | 16,395,000 | 12,611,000 |
Receivable from transfer agent | $ 0 | $ 1,670,000 | $ 471,000 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business Griffin-American Healthcare REIT IV, Inc., a Maryland corporation, was incorporated on January 23, 2015 and therefore we consider that our date of inception. We were initially capitalized on February 6, 2015 . We invest in a diversified portfolio of real estate properties, focusing primarily on medical office buildings, skilled nursing facilities, senior housing and other healthcare-related facilities. We also operate healthcare-related facilities utilizing the structure permitted by the REIT Investment Diversification and Empowerment Act of 2007, which is commonly referred to as a “RIDEA” structure (the provisions of the Internal Revenue Code of 1986, as amended, or the Code, authorizing the RIDEA structure were enacted as part of the Housing and Economic Recovery Act of 2008). We may also originate and acquire secured loans and real estate-related investments on an infrequent and opportunistic basis. We generally seek investments that produce current income. We qualified to be taxed as a real estate investment trust, or REIT, under the Code for federal income tax purposes beginning with our taxable year ended December 31, 2016, and we intend to continue to qualify to be taxed as a REIT. On February 16, 2016, we commenced our initial public offering, or our initial offering, in which we were initially offering to the public up to $3,150,000,000 in shares of our Class T common stock, consisting of up to $3,000,000,000 in shares of our Class T common stock in the primary portion of our initial offering and up to $150,000,000 in shares of our Class T common stock pursuant to our distribution reinvestment plan, as amended, or the DRIP. Effective June 17, 2016, we reallocated certain of the unsold shares of Class T common stock being offered and began offering shares of Class I common stock, such that we were offering up to approximately $2,800,000,000 in shares of Class T common stock and $200,000,000 in shares of Class I common stock in the primary portion of our initial offering, and up to an aggregate of $150,000,000 in shares of our Class T and Class I common stock pursuant to the DRIP, aggregating up to $3,150,000,000 . On February 15, 2019, we terminated our initial offering, and as of such date, we sold 75,639,681 aggregate shares of our Class T and Class I common stock, or approximately $754,118,000 , and a total of $31,021,000 in distributions were reinvested that resulted in 3,253,535 shares of our common stock being issued pursuant to the DRIP portion of our initial offering. See Note 12, Equity — Common Stock, for a further discussion. On January 18, 2019, we filed a Registration Statement on Form S-3 under the Securities Act of 1933, as amended, or the Securities Act, to register a maximum of $100,000,000 of additional shares of our common stock to be issued pursuant to the DRIP, or the 2019 DRIP Offering. The Registration Statement on Form S-3 was automatically effective with the United States Securities and Exchange Commission, or the SEC, upon its filing. We commenced offering shares pursuant to the 2019 DRIP Offering on March 1, 2019, following the termination of our initial offering on February 15, 2019. See Note 12, Equity — Distribution Reinvestment Plan, for a further discussion. We collectively refer to the DRIP portion of our initial offering and the 2019 DRIP Offering as our DRIP Offerings. As of December 31, 2019 , a total of $21,609,000 in distributions were reinvested that resulted in 2,260,164 shares of our common stock being issued pursuant to the 2019 DRIP Offering. We conduct substantially all of our operations through Griffin-American Healthcare REIT IV Holdings, LP, or our operating partnership. We are externally advised by Griffin-American Healthcare REIT IV Advisor, LLC, or our advisor, pursuant to an advisory agreement, or the Advisory Agreement, between us and our advisor. The Advisory Agreement was effective as of February 16, 2016 and had a one -year initial term, subject to successive one -year renewals upon the mutual consent of the parties. The Advisory Agreement was last renewed pursuant to the mutual consent of the parties on February 12, 2020 and expires on February 16, 2021. Our advisor uses its best efforts, subject to the oversight and review of our board of directors, or our board, to, among other things, research, identify, review and make investments in and dispositions of properties and securities on our behalf consistent with our investment policies and objectives. Our advisor performs its duties and responsibilities under the Advisory Agreement as our fiduciary. Our advisor is 75.0% owned and managed by wholly owned subsidiaries of American Healthcare Investors, LLC, or American Healthcare Investors, and 25.0% owned by a wholly owned subsidiary of Griffin Capital Company, LLC, or Griffin Capital, or collectively, our co-sponsors. American Healthcare Investors is 47.1% owned by AHI Group Holdings, LLC, or AHI Group Holdings, 45.1% indirectly owned by Colony Capital, Inc. (NYSE: CLNY), or Colony Capital, and 7.8% owned by James F. Flaherty III, a former partner of Colony Capital. We are not affiliated with Griffin Capital, Griffin Capital Securities, LLC, or our dealer manager, Colony Capital or Mr. Flaherty; however, we are affiliated with Griffin-American Healthcare REIT IV Advisor, LLC, American Healthcare Investors and AHI Group Holdings. We currently operate through four reportable business segments: medical office buildings, senior housing, senior housing — RIDEA and skilled nursing facilities. As of December 31, 2019 , we had completed 43 property acquisitions whereby we owned 82 properties, comprising 87 buildings, or approximately 4,522,000 square feet of gross leasable area, or GLA, for an aggregate contract purchase price of $1,022,889,000 . As of December 31, 2019 , we also own a 6.0% interest in a joint venture which owns a portfolio of integrated senior health campuses and ancillary businesses. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies The summary of significant accounting policies presented below is designed to assist in understanding our accompanying consolidated financial statements. Such consolidated financial statements and the accompanying notes thereto are the representations of our management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America, or GAAP, in all material respects, and have been consistently applied in preparing our accompanying consolidated financial statements. Basis of Presentation Our accompanying consolidated financial statements include our accounts and those of our operating partnership and the wholly owned subsidiaries of our operating partnership, as well as any VIEs in which we are the primary beneficiary. We evaluate our ability to control an entity, and whether the entity is a VIE and we are the primary beneficiary, by considering substantive terms of the arrangement and identifying which enterprise has the power to direct the activities of the entity that most significantly impacts the entity’s economic performance. We operate and intend to continue to operate in an umbrella partnership REIT structure in which our operating partnership, or wholly owned subsidiaries of our operating partnership, will own substantially all of the interests in properties acquired on our behalf. We a re the sole general partner of our operating partnership, and as of December 31, 2019 and 2018, we owned greater than a 99.99% general partnership interest therein. Our advisor is a limited partner, and as of December 31, 2019 and 2018, owned less than a 0.01% noncontrolling limited partnership interest in our operating partnership. Because we are the sole general partner of our operating partnership and have unilateral control over its management and major operating decisions (even if additional limited partners are admitted to our operating partnership), the accounts of our operating partnership are consolidated in our accompanying consolidated financial statements. All intercompany accounts and transactions are eliminated in consolidation. Use of Estimates The preparation of our accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as the disclosure of contingent assets and liabilities, at the date of our consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include, but are not limited to, the initial and recurring valuation of certain assets acquired and liabilities assumed through property acquisitions, allowance for uncollectible accounts, impairment of long-lived assets and contingencies. These estimates are made and evaluated on an on-going basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates, perhaps in material adverse ways, and those estimates could be different under different assumptions or conditions. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of all highly liquid investments with a maturity of three months or less when purchased. Restricted cash primarily comprises lender required accounts for property taxes, tenant improvements, capital improvements and insurance, which are restricted as to use or withdrawal. Leases On January 1, 2019, we adopted Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 842, Leases , or ASC Topic 842. ASC Topic 842 supersedes ASC Topic 840, Leases , or ASC Topic 840. We adopted ASC Topic 842 using the modified retrospective approach whereby the cumulative effect of adoption was recognized on the adoption date and prior periods were not restated. There was no net cumulative effect adjustment to retained earnings as of January 1, 2019 as a result of this adoption. Therefore, with respect to our leases as both lessees and lessors, information is presented under ASC Topic 842 for the year ended December 31, 2019 , and under ASC Topic 840 for the years ended December 31, 2018 and 2017. In addition, ASC Topic 842 provides a practical expedient package that allows an entity to not reassess the following upon adoption (must be elected as a group): (i) whether an expired or existing contract contains a lease arrangement; (ii) the lease classification related to expired or existing lease arrangements; or (iii) whether costs incurred on expired or existing leases qualify as initial direct costs. We elected such practical expedient package upon our adoption of ASC Topic 842 on January 1, 2019. We determine if a contract is a lease upon inception of the lease. We maintain a distinction between finance and operating leases, which is substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous lease guidance. Lessee: Pursuant to ASC Topic 842, lessees are required to recognize the following for all leases with terms greater than 12 months at the commencement date: (i) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease; and (ii) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The lease liability is calculated by using either the implicit rate of the lease or the incremental borrowing rate. As a result of the adoption of ASC Topic 842 on January 1, 2019, we recognized an initial amount of operating lease liabilities of $5,334,000 in our consolidated balance sheet for all of our ground leases. In addition, we recorded corresponding right-of-use assets of $11,239,000 , which represent the lease liabilities, net of the existing accrued straight-line rent liabilities and adjusted for unamortized above/below market ground lease intangibles. The accretion of lease liabilities and amortization expense on right-of-use assets for our operating leases are included in rental expenses in our accompanying consolidated statements of operations. Operating lease liabilities are calculated using our incremental borrowing rate based on the information available as of the lease commencement date. Lessor: Pursuant to ASC Topic 842, lessors bifurcate lease revenues into lease components and non-lease components and separately recognize and disclose non-lease components that are executory in nature. Lease components continue to be recognized on a straight-line basis over the lease term and certain non-lease components may be accounted for under the new revenue recognition guidance in ASC Topic 606, Revenue from Contracts with Customers, or ASC Topic 606. See the “Revenue Recognition” section below. ASC Topic 842 also provides for a practical expedient package that permits lessors to not separate non-lease components from the associated lease component if certain conditions are met. Such practical expedient is limited to circumstances in which: (i) the timing and pattern of transfer are the same for the non-lease component and the related lease component; and (ii) the lease component, if accounted for separately, would be classified as an operating lease. In addition, such practical expedient causes an entity to assess whether a contract is predominately lease or service based, and recognize the revenue from the entire contract under the relevant accounting guidance. Effective upon our adoption of ASC Topic 842 on January 1, 2019, we continue to recognize revenue for our medical office buildings, senior housing and skilled nursing facilities segments under ASC Topic 842 as real estate revenue. Minimum annual rental revenue is recognized on a straight-line basis over the term of the related lease (including rent holidays). Differences between real estate revenue recognized and cash amounts contractually due from tenants under the lease agreements are recorded to deferred rent receivable, which is included in other assets, net in our accompanying consolidated balance sheet. Tenant reimbursement revenue, which comprises additional amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses, are considered non-lease components and variable lease payments. We qualified for and elected the practical expedient as outlined above to combine the non-lease component with the lease component, which is the predominant component, and therefore the non-lease component is recognized as part of real estate revenue. In addition, as lessors, we exclude certain lessor costs (i.e., property taxes and insurance) paid directly by a lessee to third parties on our behalf from our measurement of variable lease revenue and associated expense (i.e., no gross up of revenue and expense for these costs); and include lessor costs that we paid and are reimbursed by the lessee in our measurement of variable lease revenue and associated expense (i.e., gross up revenue and expense for these costs). Therefore, we no longer record revenue or expense when the lessee pays the property taxes and insurance directly to a third party. Our senior housing — RIDEA facilities offer residents room and board (lease component), standard meals and healthcare services (non-lease component), and certain ancillary services that are not contemplated in the lease with each resident (i.e., laundry, guest meals, etc.). For our senior housing — RIDEA facilities, we recognize revenue under ASC Topic 606 as resident fees and services, based on our predominance assessment from electing the practical expedient outlined above. See the “Revenue Recognition” section below. See Note 16, Leases , for a further discussion. Revenue Recognition Prior to January 1, 2018, we recognized revenue in accordance with ASC Topic 605, Revenue Recognition, or ASC Topic 605. ASC Topic 605 requires that all four of the following basic criteria be met before revenue is realized or realizable and earned: (i) there is persuasive evidence that an arrangement exists; (ii) delivery has occurred or services have been rendered; (iii) the seller’s price to the buyer is fixed or determinable; and (iv) collectability is reasonably assured. On January 1, 2018, we adopted ASC Topic 606, applying the modified retrospective method. Results for reporting periods beginning after January 1, 2018 are presented under ASC Topic 606, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. The adoption of ASC Topic 606 did not have a material impact on the measurement nor on the recognition of revenue as of January 1, 2018; therefore, no cumulative adjustment was made to the opening balance of retained earnings at the beginning of 2018. Real Estate Revenue Prior to January 1, 2019, minimum annual rental revenue was recognized on a straight-line basis over the term of the related lease (including rent holidays) in accordance with ASC Topic 840. Differences between real estate revenue recognized and cash amounts contractually due from tenants under the lease agreements were recorded to deferred rent receivable. Tenant reimbursement revenue, which comprises additional amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses, was recognized as revenue in the period in which the related expenses were incurred. Tenant reimbursements were recognized and presented in accordance with ASC Subtopic 606-10-55-36, Revenue Recognition — Principal Versus Agent Consideration, or ASC Subtopic 606. ASC Subtopic 606 requires that these reimbursements be recorded on a gross basis as we are generally primarily responsible to fulfill the promise to provide specified goods and services. We recognized lease termination fees at such time when there was a signed termination letter agreement, all of the conditions of such agreement had been met and the tenant was no longer occupying the property. Effective January 1, 2019, we recognize real estate revenue in accordance with ASC Topic 842. See the “Leases” section above. Resident Fees and Services Revenue A significant portion of resident fees and services revenue represents healthcare service revenue that is reported at the amount that we expect to be entitled to in exchange for providing patient care. These amounts are due from patients, third-party payors (including health insurers and government programs), other healthcare facilities, and others and includes variable consideration for retroactive revenue adjustments due to settlement of audits, reviews, and investigations. Generally, we bill the patients, third-party payors and other healthcare facilities several days after the services are performed. Revenue is recognized as performance obligations are satisfied. Performance obligations are determined based on the nature of the services provided by us. Revenue for performance obligations satisfied over time is recognized based on actual charges incurred in relation to total expected (or actual) charges. This method provides a depiction of the transfer of services over the term of the performance obligation based on the inputs needed to satisfy the obligation. Generally, performance obligations satisfied over time relate to patients receiving long-term healthcare services, including rehabilitation services. We measure the performance obligation from admission into the facility to the point when we are no longer required to provide services to that patient. Revenue for performance obligations satisfied at a point in time is recognized when goods or services are provided and we do not believe we are required to provide additional goods or services to the patient. Because all of its performance obligations relate to contracts with a duration of less than one year, we have elected to apply the optional exemption provided in FASB ASC 606-10-50-14(a) and, therefore, are not required to disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. The performance obligations for these contracts are generally completed within months of the end of the reporting period. Disaggregation of Resident Fees and Services Revenue We disaggregate revenue from contracts with customers according to lines of business and payor classes. The transfer of goods and services may occur at a point in time or over time; in other words, revenue may be recognized over the course of the underlying contract, or may occur at a single point in time based upon a single transfer of control. This distinction is discussed in further detail below. We determine that disaggregating revenue into these categories achieves the disclosure objective to depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Resident fees and services revenue includes fees for basic housing and assisted living care. We record revenue when services are rendered at amounts billable to individual residents. Residency agreements are generally for a term of 30 days, with resident fees billed monthly in advance. For patients under reimbursement arrangements with Medicaid, revenue is recorded based on contractually agreed-upon amounts or rates on a per resident, daily basis or as services are rendered. The following tables disaggregate our resident fees and services revenue by line of business, according to whether such revenue is recognized at a point in time or over time: Years Ended December 31, 2019 2018 Point in Time Over Time Total Point in Time Over Time Total Senior housing — RIDEA $ 715,000 $ 45,445,000 $ 46,160,000 $ 847,000 $ 36,010,000 $ 36,857,000 The following tables disaggregate our resident fees and services revenue by payor class: Years Ended December 31, 2019 2018 Medicaid $ 6,020,000 $ 6,082,000 Private and other payors 40,140,000 30,775,000 Total resident fees and services $ 46,160,000 $ 36,857,000 Accounts Receivable, Net — Resident Fees and Services The beginning and ending balances of accounts receivable, net — resident fees and services are as follows: Medicaid Private and Other Payors Total Beginning balance — January 1, 2019 $ 6,098,000 $ 644,000 $ 6,742,000 Ending balance — December 31, 2019 3,154,000 650,000 3,804,000 (Decrease)/increase $ (2,944,000 ) $ 6,000 $ (2,938,000 ) Financing Component We have elected the practical expedient allowed under ASC Topic 606-10-32-18 and, therefore, we do not adjust the promised amount of consideration from patients and third-party payors for the effects of a significant financing component due to our expectation that the period between the time the service is provided to a patient and the time that the patient or a third-party payor pays for that service will be one year or less. Contract Costs We have applied the practical expedient provided by ASC Topic 340-40-25-4 and, therefore, all incremental customer contract acquisition costs are expensed as they are incurred since the amortization period of the asset that we otherwise would have recognized is one year or less in duration. Tenant and Resident Receivables and Allowances Resident receivables are carried net of an allowance for uncollectible amounts. An allowance is maintained for estimated losses resulting from the inability of residents and payors to meet the contractual obligations under their lease or service agreements. Upon our adoption of ASC Topic 606, substantially all of such allowances are recorded as direct reductions of resident fees and services revenue as contractual adjustments provided to third-party payors or implicit price concessions in our accompanying consolidated statements of operations. Our determination of the adequacy of these allowances is based primarily upon evaluations of historical loss experience, the residents’ financial condition, security deposits, cash collection patterns by payor and by state, current economic conditions and other relevant factors. Prior to our adoption of ASC Topic 842, tenant receivables and unbilled deferred rent receivables were reduced for uncollectible amounts. Such amounts were charged to bad debt expense, which was included in general and administrative in our accompanying consolidated statements of operations. Effective upon our adoption of ASC Topic 842 on January 1, 2019, such amounts are recognized as direct reductions of real estate revenue in our accompanying consolidated statements of operations. As of December 31, 2019 and 2018, we had $902,000 and $1,321,000 , respectively, in allowances, which was determined necessary to reduce receivables to our estimate of the amount collectible. For the years ended December 31, 2019, 2018 and 2017, we increased allowances by $2,301,000 , $1,790,000 and $124,000 , respectively, and reduced allowances for collections or adjustments by $1,758,000 , $531,000 and $41,000 , respectively. For the years ended December 31, 2019, 2018 and 2017, we did not write off any of our receivables directly to bad debt expense or as direct adjustments to revenue. For the years ended December 31, 2019, 2018 and 2017, $962,000 , $21,000 and $0 , respectively, of our receivables were written off against the related allowances. Property Acquisitions In accordance with ASC Topic 805, Business Combinations , or ASC Topic 805, and ASU 2017-01, Clarifying the Definition of a Business , or ASU 2017-01, we determine whether a transaction is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the assets acquired and liabilities assumed are not a business, we account for the transaction as an asset acquisition. Under both methods, we recognize the identifiable assets acquired and liabilities assumed; however, for a transaction accounted for as an asset acquisition, we allocate the purchase price to the identifiable assets acquired and liabilities assumed based on their relative fair values. We immediately expense acquisition related expenses associated with a business combination and capitalize acquisition related expenses directly associated with an asset acquisition. As a result of our early adoption of ASU 2017-01 on January 1, 2017, we accounted for the property acquisitions we completed for the years ended December 31, 2019, 2018 and 2017 as asset acquisitions rather than business combinations. See Note 3, Real Estate Investments, Net , for a further discussion. We, with assistance from independent valuation specialists, measure the fair value of tangible and identified intangible assets and liabilities, as applicable, based on their respective fair values for acquired properties. Our method for allocating the purchase price to acquired investments in real estate requires us to make subjective assessments for determining fair value of the assets acquired and liabilities assumed. This includes determining the value of the buildings, land, leasehold interests, furniture, fixtures and equipment, above- or below-market rent, in-place leases, master leases, above- or below-market debt assumed and derivative financial instruments assumed. These estimates require significant judgment and in some cases involve complex calculations. These allocation assessments directly impact our results of operations, as amounts allocated to certain assets and liabilities have different depreciation or amortization lives. In addition, we amortize the value assigned to above- or below-market rent as a component of revenue, unlike in-place leases and other intangibles, which we include in depreciation and amortization in our accompanying consolidated statements of operations. The determination of the fair value of land is based upon comparable sales data. In cases where a leasehold interest in the land is acquired, only the above/below market consideration is necessary where the value of the leasehold interest is determined by discounting the difference between the contract ground lease payments and a market ground lease payment back to a present value as of the acquisition date. The fair value of buildings is based upon our determination of the value under two methods: one, as if it were to be replaced and vacant using cost data and, two, also using a residual technique based on discounted cash flow models, as vacant. Factors considered by us include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. We also recognize the fair value of furniture, fixtures and equipment on the premises, as well as the above- or below-market rent, the value of in-place leases, master leases, above- or below-market debt and derivative financial instruments assumed. The value of the above- or below-market component of the acquired in-place leases is determined based upon the present value (using a discount rate that reflects the risks associated with the acquired leases) of the difference between: (i) the level payment equivalent of the contract rent paid pursuant to the lease; and (ii) our estimate of market rent payments taking into account rent steps throughout the lease. In the case of leases with options, a case-by-case analysis is performed based on all facts and circumstances of the specific lease to determine whether the option will be assumed to be exercised. The amounts related to above-market leases are included in identified intangible assets, net in our accompanying consolidated balance sheets and are amortized against real estate revenue over the remaining non-cancelable lease term of the acquired leases with each property. The amounts related to below-market leases are included in identified intangible liabilities, net in our accompanying consolidated balance sheets and are amortized to real estate revenue over the remaining non-cancelable lease term plus any below-market renewal options of the acquired leases with each property. The value of in-place lease costs are based on management’s evaluation of the specific characteristics of the tenant’s lease and our overall relationship with the tenants. Characteristics considered by us in allocating these values include the nature and extent of the credit quality and expectations of lease renewals, among other factors. The in-place lease intangible represents the value related to the economic benefit for acquiring a property with in-place leases as opposed to a vacant property, which is evaluated based on a review of comparable leases for a similar property, terms and conditions for marketing and executing new leases, and implied in the difference between the value of the whole property “as is” and “as vacant.” The net amounts related to in-place lease costs are included in identified intangible assets, net in our accompanying consolidated balance sheets and are amortized to depreciation and amortization expense over the average downtime of the acquired leases with each property. The net amounts related to the value of tenant relationships, if any, are included in identified intangible assets, net in our accompanying consolidated balance sheets and are amortized to depreciation and amortization expense over the average remaining non-cancelable lease term of the acquired leases plus the market renewal lease term. The value of a master lease, if any, in which a previous owner or a tenant is relieved of specific rental obligations as additional space is leased, is determined by discounting the expected real estate revenue associated with the master lease space over the assumed lease-up period. The value of above- or below-market debt is determined based upon the present value of the difference between the cash flow stream of the assumed mortgage and the cash flow stream of a market rate mortgage at the time of assumption. The net value of above- or below-market debt is included in mortgage loans payable, net in our accompanying consolidated balance sheets and is amortized to interest expense over the remaining term of the assumed mortgage. The value of derivative financial instruments, if any, is determined in accordance with ASC Topic 820, Fair Value Measurements and Disclosures , or ASC Topic 820, and is included in other assets or other liabilities in our accompanying consolidated balance sheets. The values of contingent consideration assets and liabilities, if any, are analyzed at the time of acquisition. For contingent purchase options, the fair market value of the acquired asset is compared to the specified option price at the exercise date. If the option price is below market, it is assumed to be exercised and the difference between the fair market value and the option price is discounted to the present value at the time of acquisition. Real Estate Investments, Net We carry our operating properties at our historical cost less accumulated depreciation. The cost of operating properties includes the cost of land and completed buildings and related improvements. Expenditures that increase the service life of properties are capitalized and the cost of maintenance and repairs is charged to expense as incurred. The cost of buildings and capital improvements is depreciated on a straight-line basis over the estimated useful lives of the buildings and capital improvements, up to 39 years , and the cost for tenant improvements is depreciated over the shorter of the lease term or useful life, up to 16 years . The cost of furniture, fixtures and equipment is depreciated over the estimated useful life, up to 20 years . When depreciable property is retired, replaced or disposed of, the related cost and accumulated depreciation is removed from the accounts and any gain or loss is reflected in earnings. As part of the leasing process, we may provide the lessee with an allowance for the construction of leasehold improvements. These leasehold improvements are capitalized and recorded as tenant improvements and depreciated over the shorter of the useful life of the improvements or the lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event we are not considered the owner of the improvements, the allowance is considered to be a lease inducement and is included in other assets, net in our accompanying consolidated balance sheets. Lease inducement is recognized over the lease term as a reduction of real estate revenue on a straight-line basis. Factors considered during this evaluation include, among other things, who holds legal title to the improvements as well as other controlling rights provided by the lease agreement and provisions for substantiation of such costs, e.g ., unilateral control of the tenant space during the build-out process. Determination of the appropriate accounting for the payment of a tenant allowance is made on a lease-by-lease basis, considering the facts and circumstances of the individual tenant lease. Recognition of lease revenue commences when the lessee is given possession of the leased space upon completion of tenant improvements when we are the owner of the leasehold improvements. However, when the leasehold improvements are owned by the tenant, the lease inception date (and the date on which recognition of lease revenue commences) is the date the tenant obtains possession of the leased space for purposes of constructing its leasehold improvements. Impairment of Long-Lived and Intangible Assets We periodically evaluate our long-lived assets, primarily consisting of investments in real estate that we carry at our historical cost less accumulated depreciation, for impairment when events or changes in circumstances indicate that its carrying value may not be recoverable. Indicators we consider important and that we believe could trigger an impairment review include, among others, the following: • significant negative industry or economic trends; • a significant underperformance relative to historical or projected future operating results; and • a significant change in the extent or manner in which the asset is used or significant physical change in the asset. If indicators of impairment of our long-lived assets are present, we evaluate the carrying value of the related real estate investments in relation to the future undiscounted cash flows of the underlying operations. In performing this evaluation, we consider market conditions and our current intentions with respect to holding or disposing of the asset. We adjust the net book value of leased properties and other long-lived assets to fair value if the sum of the expected future undiscounted cash flows, including sales proceeds, is less than carrying value. We recognize an impairment loss at the time we make any such determination. If impairment indicators arise with respect to intangible assets with finite useful lives, we evaluate impairment by comparing the carrying amount of the asset to the estimated future undiscounted net cash flows expected to be generated by the asset. If the estimated future undiscounted net cash flows are less than the carrying amount of the asset, then we estimate the fair value of the asset and compare the estimated fair value to the intangible asset’s carrying value. For all of our reporting units, we recognize any shortfall from carrying value as an impairment loss in the current period. We test other indefinite-lived intangible assets for impairment at least annually, and more frequently if indicators arise. We first assess qualitative factors to determine the likelihood that the fair value of the reporting group is less than its carrying value. If the carrying amount of an indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized. Fair values of other indefinite-lived intangible assets are usually determined based on discounted cash flows or appraised values, as appropriate. For the years ended December 31, 2019, 2018 and 2017, we did not incur any impairment losses. Properties Held for Sale We will account for our properties held for sale in accordance with ASC Topic 360, Property, Plant, and Equipment , or ASC Topic 360, which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. ASC Topic 360 requires that a property or a group of properties is required to be reported in discontinued operations in the statements of operati |
Real Estate Investments, Net
Real Estate Investments, Net | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Real Estate Investments, Net | 3. Real Estate Investments, Net Our real estate investments, net consisted of the following as of December 31, 2019 and 2018 : December 31, 2019 2018 Building and improvements $ 836,091,000 $ 668,814,000 Land 103,371,000 83,084,000 Furniture, fixtures and equipment 6,656,000 5,090,000 946,118,000 756,988,000 Less: accumulated depreciation (51,058,000 ) (25,312,000 ) Total $ 895,060,000 $ 731,676,000 Depreciation expense for the years ended December 31, 2019 , 2018 and 2017 was $27,435,000 , $16,723,000 and $8,137,000 , respectively. In addition to the acquisitions discussed below, for the years ended December 31, 2019 , 2018 and 2017, we incurred capital expenditures of $4,537,000 , $3,643,000 and $1,649,000 , respectively, for our medical office buildings, $2,505,000 , $5,342,000 and $5,000 , respectively, for our senior housing — RIDEA facilities and $75,000 , $0 and $822,000 , respectively, for our senior housing facilities. We did no t incur any capital expenditures for our skilled nursing facilities for the years ended December 31, 2019, 2018 and 2017. Acquisitions in 2019 For the year ended December 31, 2019 , using net proceeds from our initial offering and debt financing, we completed the acquisition of 18 buildings from unaffiliated third parties. The following is a summary of our property acquisitions for the year ended December 31, 2019 : Acquisition(1) Location Type Date Acquired Contract Purchase Price Mortgage Loan Payable(2) Line of Credit(3) Total Acquisition Fee(4) Lithonia MOB Lithonia, GA Medical Office 03/05/19 $ 10,600,000 $ — $ — $ 477,000 West Des Moines SNF West Des Moines, IA Skilled Nursing 03/24/19 7,000,000 — — 315,000 Great Nord MOB Portfolio Tinley Park, IL; Chesterton and Crown Point, IN; and Plymouth, MN Medical Office 04/08/19 44,000,000 — 15,000,000 1,011,000 Michigan ALF Portfolio(5) Grand Rapids, MI Senior Housing 05/01/19 14,000,000 10,493,000 3,500,000 315,000 Overland Park MOB Overland Park, KS Medical Office 08/05/19 28,350,000 — 28,700,000 638,000 Blue Badger MOB Marysville, OH Medical Office 08/09/19 13,650,000 — 12,000,000 307,000 Bloomington MOB Bloomington, IL Medical Office 08/13/19 18,200,000 — 17,400,000 409,000 Memphis MOB Memphis, TN Medical Office 08/15/19 8,700,000 — 8,600,000 196,000 Haverhill MOB Haverhill, MA Medical Office 08/27/19 15,500,000 — 15,450,000 349,000 Fresno MOB Fresno, CA Medical Office 10/30/19 10,000,000 — 9,950,000 225,000 Colorado Foothills MOB Portfolio Arvada, Centennial and Colorado Springs, CO Medical Office 11/19/19 31,200,000 — 30,500,000 702,000 Total $ 201,200,000 $ 10,493,000 $ 141,100,000 $ 4,944,000 ___________ (1) We own 100% of our properties acquired for the year ended December 31, 2019 . (2) Represents the principal balance of the mortgage loan payable assumed by us at the time of acquisition. (3) Represents a borrowing under the 2018 Credit Facility, as defined in Note 7, Line of Credit and Term Loans , at the time of acquisition. (4) Our advisor was paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, a base acquisition fee of 2.25% of the contract purchase price paid by us. In addition, the total acquisition fee may include a Contingent Advisor Payment, as defined in Note 13, Related Party Transactions , up to 2.25% of the contract purchase price paid by us. See Note 13, Related Party Transactions — Acquisition and Development Stage — Acquisition Fee, for a further discussion. (5) We added three buildings to our existing Michigan ALF Portfolio. The other six buildings in the Michigan ALF Portfolio were acquired in December 2018. We accounted for our property acquisitions completed during the year ended December 31, 2019 as asset acquisitions. We incurred and capitalized base acquisition fees and direct acquisition related expenses of $6,427,000 . In addition, we incurred Contingent Advisor Payments of $418,000 to our advisor for certain property acquisitions. The following table summarizes the purchase price of the assets acquired and liabilities assumed at the time of acquisition from our property acquisitions in 2019 based on their relative fair values: 2019 Acquisitions Building and improvements $ 164,084,000 Land 20,286,000 In-place leases 21,393,000 Above-market leases 2,578,000 Right-of-use asset 3,133,000 Total assets acquired 211,474,000 Mortgage loan payable (including debt discount of $758,000) (9,735,000 ) Below-market leases (874,000 ) Operating lease liability (4,489,000 ) Total liabilities assumed (15,098,000 ) Net assets acquired $ 196,376,000 Acquisitions in 2018 For the year ended December 31, 2018, using net proceeds from our initial offering and debt financing, we completed the acquisition of 29 buildings from unaffiliated third parties. The following is a summary of our property acquisitions for the year ended December 31, 2018: Acquisition(1) Location Type Date Acquired Contract Purchase Price Mortgage Loan Payable(2) Line of Credit(3) Total Acquisition Fee(4) Central Wisconsin Senior Care Portfolio Sun Prairie and Waunakee, WI Skilled Nursing 03/01/18 $ 22,600,000 $ — $ 22,600,000 $ 1,018,000 Sauk Prairie MOB Prairie du Sac, WI Medical Office 04/09/18 19,500,000 — 19,500,000 878,000 Surprise MOB Surprise, AZ Medical Office 04/27/18 11,650,000 — 8,000,000 524,000 Southfield MOB Southfield, MI Medical Office 05/11/18 16,200,000 6,071,000 10,000,000 728,000 Pinnacle Beaumont ALF(5) Beaumont, TX Senior Housing — RIDEA 07/01/18 19,500,000 — 19,400,000 868,000 Grand Junction MOB Grand Junction, CO Medical Office 07/06/18 31,500,000 — 31,400,000 1,418,000 Edmonds MOB Edmonds, WA Medical Office 07/30/18 23,500,000 — 22,000,000 1,058,000 Pinnacle Warrenton ALF(5) Warrenton, MO Senior Housing — RIDEA 08/01/18 8,100,000 — 8,100,000 360,000 Glendale MOB Glendale, WI Medical Office 08/13/18 7,600,000 — 7,000,000 342,000 Missouri SNF Portfolio Florissant, Kansas City, Milan, Moberly, Salisbury, Sedalia, St. Elizabeth and Trenton, MO Skilled Nursing 09/28/18 88,200,000 — 87,000,000 3,970,000 Flemington MOB Portfolio Flemington, NJ Medical Office 11/29/18 16,950,000 — 15,500,000 763,000 Lawrenceville MOB II Lawrenceville, GA Medical Office 12/19/18 9,999,000 — 10,100,000 450,000 Mill Creek MOB Mill Creek, WA Medical Office 12/21/18 8,250,000 — 6,200,000 371,000 Modesto MOB Modesto, CA Medical Office 12/28/18 16,000,000 — 15,400,000 720,000 Michigan ALF Portfolio Grand Rapids, Holland, Howell, Lansing and Wyoming, MI Senior Housing 12/28/18 56,000,000 — 53,400,000 2,520,000 Total $ 355,549,000 $ 6,071,000 $ 335,600,000 $ 15,988,000 ___________ (1) We own 100% of our properties acquired in 2018, with the exception of Pinnacle Beaumont ALF and Pinnacle Warrenton ALF. (2) Represents the principal balance of the mortgage loan payable assumed by us at the time of acquisition. (3) Represents a borrowing under the 2017 Credit Facility or 2018 Credit Facility, as defined in Note 7, Line of Credit and Term Loans , at the time of acquisition. (4) Our advisor was paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, a base acquisition fee of 2.25% of the portion of the aggregate contract purchase price paid by us. In addition, the total acquisition fee includes a Contingent Advisor Payment, as defined in Note 13, Related Party Transactions , in the amount of 2.25% of the portion of the aggregate contract purchase price paid by us. See Note 13, Related Party Transactions — Acquisition and Development Stage — Acquisition Fee, for a further discussion. (5) On July 1, 2018 and August 1, 2018, we completed the acquisitions of Pinnacle Beaumont ALF and Pinnacle Warrenton ALF, respectively, pursuant to a joint venture with an affiliate of Meridian Senior Living, LLC, or Meridian, an unaffiliated third party. Our ownership of the joint venture is approximately 98.0% . We accounted for our property acquisitions completed during the year ended December 31, 2018 as asset acquisitions. We incurred and capitalized base acquisition fees and direct acquisition related expenses of $13,021,000 . In addition, we incurred Contingent Advisor Payments of $7,994,000 to our advisor for such property acquisitions. The following table summarizes the purchase price of the assets acquired and liabilities assumed at the time of acquisition from our property acquisitions in 2018 based on their relative fair values: 2018 Acquisitions Building and improvements $ 289,830,000 Land 30,878,000 Furniture, fixtures and equipment 79,000 In-place leases 45,439,000 Certificates of need 348,000 Leasehold interests 93,000 Above-market leases 200,000 Total assets acquired 366,867,000 Mortgage loan payable (including debt discount of $263,000) (5,808,000 ) Below-market leases (269,000 ) Total liabilities assumed (6,077,000 ) Net assets acquired $ 360,790,000 Acquisitions in 2017 For the year ended December 31, 2017, using net proceeds from our initial offering and debt financing, we completed the acquisition of 28 buildings from unaffiliated third parties. The following is a summary of our property acquisitions for the year ended December 31, 2017: Acquisition(1) Location Type Date Acquired Contract Purchase Price Mortgage Loan Payable(2) Line of Credit(3) Total Acquisition Fee(4) Battle Creek MOB Battle Creek, MI Medical Office 03/10/17 $ 7,300,000 $ — $ — $ 328,000 Reno MOB Reno, NV Medical Office 03/13/17 66,250,000 — 60,000,000 2,982,000 Athens MOB Portfolio Athens, GA Medical Office 05/18/17 16,800,000 — 7,800,000 756,000 SW Illinois Senior Housing Portfolio Columbia, Millstadt, Red Bud and Waterloo, IL Senior Housing 05/22/17 31,800,000 — 31,700,000 1,431,000 Lawrenceville MOB Lawrenceville, GA Medical Office 06/12/17 11,275,000 8,000,000 3,000,000 507,000 Northern California Senior Housing Portfolio Belmont, Fairfield, Menlo Park and Sacramento, CA Senior Housing 06/28/17 45,800,000 — 21,600,000 2,061,000 Roseburg MOB Roseburg, OR Medical Office 06/29/17 23,200,000 — 23,000,000 1,044,000 Fairfield County MOB Portfolio Stratford and Trumbull, CT Medical Office 09/29/17 15,395,000 — 15,500,000 693,000 Central Florida Senior Housing Portfolio(5) Bradenton, Brooksville, Lake Placid, Lakeland, Pinellas Park, Sanford, Spring Hill and Winter Haven, FL Senior Housing — RIDEA 11/01/17 109,500,000 — 112,000,000 4,882,000 Total $ 327,320,000 $ 8,000,000 $ 274,600,000 $ 14,684,000 ___________ (1) We own 100% of our properties acquired in 2017, with the exception of Central Florida Senior Housing Portfolio. (2) Represents the principal balance of the mortgage loan payable assumed by us at the time of acquisition. (3) Represents a borrowing under the 2016 Line of Credit or 2017 Credit Facility, as defined in Note 7, Line of Credit and Term Loans , at the time of acquisition. (4) Our advisor was paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, a base acquisition fee of 2.25% of the portion of the aggregate contract purchase price paid by us. In addition, the total acquisition fee includes a Contingent Advisor Payment, as defined in Note 13, Related Party Transactions , in the amount of 2.25% of the portion of the aggregate contract purchase price paid by us. See Note 13, Related Party Transactions — Acquisition and Development Stage — Acquisition Fee, for a further discussion. (5) On November 1, 2017, we completed the acquisition of Central Florida Senior Housing Portfolio pursuant to a joint venture with an affiliate of Meridian. Our ownership of the joint venture is approximately 98.0% . We accounted for our property acquisitions completed during the year ended December 31, 2017 as asset acquisitions. We incurred base acquisition fees and direct acquisition related expenses of $11,019,000 . In addition, we incurred Contingent Advisor Payments of $7,342,000 to our advisor for such property acquisitions. The following table summarizes the purchase price of the assets acquired and liabilities assumed at the time of acquisition from our property acquisitions in 2017 based on their relative fair values: 2017 Acquisitions Building and improvements $ 263,052,000 Land 39,879,000 Furniture, fixtures and equipment 4,453,000 In-place leases 30,754,000 Above-market leases 127,000 Total assets acquired 338,265,000 Mortgage loan payable (8,000,000 ) Below-market leases (571,000 ) Above-market leasehold interests (395,000 ) Total liabilities assumed (8,966,000 ) Net assets acquired $ 329,299,000 |
Identified Intangible Assets, N
Identified Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2019 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Identified Intangible Assets, Net | 4. Identified Intangible Assets, Net Identified intangible assets, net consisted of the following as of December 31, 2019 and 2018: December 31, 2019 2018 Amortized intangible assets: In-place leases, net of accumulated amortization of $18,273,000 and $11,299,000 as of December 31, 2019 and 2018, respectively (with a weighted average remaining life of 9.5 years and 10.3 years as of December 31, 2019 and 2018, respectively) $ 70,650,000 $ 67,332,000 Above-market leases, net of accumulated amortization of $609,000 and $323,000 as of December 31, 2019 and 2018, respectively (with a weighted average remaining life of 9.5 years and 4.5 years as of December 31, 2019 and 2018, respectively) 3,025,000 755,000 Leasehold interests, net of accumulated amortization of $217,000 as of December 31, 2018 (with a weighted average remaining life of 69.1 years as of December 31, 2018)(1) — 6,288,000 Unamortized intangible assets: Certificates of need 348,000 348,000 Total $ 74,023,000 $ 74,723,000 ___________ (1) Such amount related to our ownership of fee simple interests in the building and improvements of eight of our buildings that are subject to respective ground leases. Upon our adoption of ASC Topic 842 on January 1, 2019, such amount was reclassed to operating lease right-of-use assets, net in our accompanying consolidated balance sheet. See Note 2, Summary of Significant Accounting Policies — Leases, and Note 16, Leases , for a further discussion. Amortization expense on identified intangible assets for the years ended December 31, 2019, 2018 and 2017 was $18,384,000 , $16,180,000 and $5,732,000 , respectively, which included $310,000 , $208,000 and $142,000 , respectively, of amortization recorded against real estate revenue for above-market leases and $0 , $98,000 and $97,000 , respectively, of amortization recorded to rental expenses for leasehold interests in our accompanying consolidated statements of operations. The aggregate weighted average remaining life of the identified intangible assets was 9.5 years and 15.3 years as of December 31, 2019 and 2018, respectively. As of December 31, 2019 , estimated amortization expense on the identified intangible assets for each of the next five years ending December 31 and thereafter was as follows: Year Amount 2020 $ 11,696,000 2021 10,088,000 2022 8,674,000 2023 7,410,000 2024 6,161,000 Thereafter 29,646,000 Total $ 73,675,000 |
Other Assets, Net
Other Assets, Net | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets [Abstract] | |
Other Assets, Net | 5. Other Assets, Net Other assets, net consisted of the following as of December 31, 2019 and 2018: December 31, 2019 2018 Investment in unconsolidated entity $ 47,016,000 $ 47,600,000 Deferred rent receivables 8,018,000 4,941,000 Deferred financing costs, net of accumulated amortization of $1,517,000 and $1,554,000 as of December 31, 2019 and 2018, respectively(1) 3,583,000 4,447,000 Prepaid expenses and deposits 2,380,000 2,682,000 Lease commissions, net of accumulated amortization of $174,000 and $64,000 as of December 31, 2019 and 2018, respectively 1,623,000 564,000 Total $ 62,620,000 $ 60,234,000 ___________ (1) Deferred financing costs only include costs related to our line of credit and term loans. See Note 7, Line of Credit and Term Loans , for a further discussion. Amortization expense on deferred financing costs of our line of credit and term loans for the years ended December 31, 2019, 2018 and 2017 was $2,028,000 , $1,000,000 and $442,000 , respectively. Amortization expense on lease commissions for the years ended December 31, 2019, 2018 and 2017 was $117,000 , $61,000 and $9,000 , respectively. Investment in unconsolidated entity represents our purchase of 6.0% of the total membership interests of Trilogy REIT Holdings, LLC, or the Trilogy Joint Venture, from unaffiliated third parties on October 1, 2018 for $48,000,000 in cash, based on an estimated gross enterprise value of $93,154,000 consisting of our equity investment and a calculated share of the debt of the Trilogy Joint Venture based on our ownership interest. The Trilogy Joint Venture, through an approximately 96.7% owned subsidiary, owns and operates purpose-built integrated senior health campuses, including skilled nursing facilities and assisted living facilities, located across several states, as well as certain ancillary businesses. In addition to our membership interests, the Trilogy Joint Venture is 70.0% indirectly owned by Griffin-American Healthcare REIT III, Inc., or GAHR III, and the remaining 24.0% is indirectly owned by NorthStar Healthcare Income, Inc. GAHR III, through a wholly owned subsidiary, serves as the manager of the Trilogy Joint Venture and both GAHR III and us are sponsored by American Healthcare Investors. In connection with the purchase of the Trilogy Joint Venture membership interests, we paid to our advisor a base acquisition fee of approximately $2,096,000 , or 2.25% of the estimated gross enterprise value of the Trilogy Joint Venture membership interests acquired by us. Additionally, we paid a Contingent Advisor Payment of approximately $2,096,000 , or 2.25% of the estimated gross enterprise value of the Trilogy Joint Venture membership interests acquired by us. As of December 31, 2019 and 2018, the unamortized basis difference of our joint venture investment of $17,248,000 and $17,704,000 , respectively, is primarily attributable to the difference between the amount for which we purchased our interest in the entity, including transaction costs, and the historical carrying value of the net assets of the entity. This difference is being amortized over the remaining useful life of the related assets and included in income or loss from unconsolidated entity in our accompanying consolidated statements of operations. |
Mortgage Loans Payable, Net
Mortgage Loans Payable, Net | 12 Months Ended |
Dec. 31, 2019 | |
Mortgage Loans Payable, Net [Abstract] | |
Mortgage Loans Payable, Net | 6. Mortgage Loans Payable, Net As of December 31, 2019 and 2018, mortgage loans payable were $27,099,000 ( $26,070,000 , net of discount/premium and deferred financing costs) and $17,256,000 ( $16,892,000 , net of discount/premium and deferred financing costs), respectively. As of December 31, 2019 , we had four fixed-rate mortgage loans with interest rates ranging from 3.67% to 5.25% per annum, maturity dates ranging from April 1, 2020 to February 1, 2051 and a weighted average effective interest rate of 4.18% . As of December 31, 2018, we had three fixed-rate mortgage loans with interest rates ranging from 3.75% to 5.25% per annum, maturity dates ranging from April 1, 2020 to August 1, 2029 and a weighted average effective interest rate of 4.51% . The following table reflects the changes in the carrying amount of mortgage loans payable, net for the years ended December 31, 2019 and 2018: December 31, 2019 2018 Beginning balance $ 16,892,000 $ 11,567,000 Additions: Assumption of mortgage loans payable, net 9,735,000 5,808,000 Amortization of deferred financing costs 78,000 76,000 Amortization of discount/premium on mortgage loans payable 41,000 13,000 Deductions: Deferred financing costs (26,000 ) (123,000 ) Scheduled principal payments on mortgage loans payable (650,000 ) (449,000 ) Ending balance $ 26,070,000 $ 16,892,000 As of December 31, 2019 , the principal payments due on our mortgage loans payable for each of the next five years ending December 31 and thereafter were as follows: Year Amount 2020 $ 8,317,000 2021 622,000 2022 651,000 2023 681,000 2024 711,000 Thereafter 16,117,000 Total $ 27,099,000 |
Line of Credit
Line of Credit | 12 Months Ended |
Dec. 31, 2019 | |
Line of Credit Facility [Abstract] | |
Line of Credit and Term Loan | 7. Line of Credit and Term Loans On August 25, 2016, we, through our operating partnership, as borrower, and certain of our subsidiaries, or the subsidiary guarantors, and us, collectively as guarantors, entered into a credit agreement, or the 2016 Credit Agreement, with Bank of America, N.A., or Bank of America, as administrative agent, swing line lender and letters of credit issuer; and KeyBank, National Association, or KeyBank, as syndication agent and letters of credit issuer, to obtain a revolving line of credit with an aggregate maximum principal amount of $100,000,000 , or the 2016 Line of Credit, subject to certain terms and conditions. On August 25, 2016, we also entered into separate revolving notes, or the Revolving Notes, with each of Bank of America and KeyBank, whereby we promised to pay the principal amount of each revolving loan and accrued interest to the respective lender or its registered assigns, in accordance with the terms and conditions of the 2016 Credit Agreement. On October 31, 2017, we entered into an amendment to the 2016 Credit Agreement, or the Amendment, with Bank of America, as administrative agent, and the subsidiary guarantors and lenders named therein. The material terms of the Amendment provided for: (i) a $50,000,000 increase in the revolving line of credit from an aggregate principal amount of $100,000,000 to $150,000,000 ; (ii) a term loan with an aggregate maximum principal amount of $50,000,000 , that would have matured on August 25, 2019; (iii) our right, upon at least five business days’ prior written notice to Bank of America, to increase the 2016 Line of Credit or term loan provided that the aggregate principal amount of all such increases and additions would not have exceeded $300,000,000 ; (iv) a revision to the definition of Threshold Amount, as defined in the 2016 Credit Agreement, to reflect an increase in such amount for any Recourse Indebtedness, as defined in the 2016 Credit Agreement, to $20,000,000 , and an increase in such amount for any Non-Recourse Indebtedness, as defined in the 2016 Credit Agreement, to $50,000,000 ; (v) the revision of certain Unencumbered Property Pool Criteria, as defined in the 2016 Credit Agreement; and (vi) an increase in the maximum Consolidated Secured Leverage Ratio, as defined in the 2016 Credit Agreement, to be equal to or less than 40.0% . As a result of the Amendment, our aggregate borrowing capacity under the 2016 Line of Credit and the term loan, or collectively, the 2017 Credit Facility, was $200,000,000 . On September 28, 2018, we entered into a second amendment to the 2016 Credit Agreement, or the Second Amendment, with Bank of America, as administrative agent, and the subsidiary guarantors and lenders named therein. The material terms of the Second Amendment provided for an increase in the term loan commitment by an aggregate amount equal to $150,000,000 . As a result of the Second Amendment, the aggregate borrowing capacity under the 2017 Credit Facility was $350,000,000 . Except as modified by the Second Amendment, the material terms of the 2016 Credit Agreement, as amended, remained in full force and effect. On November 20, 2018, we, through our operating partnership, terminated the 2016 Credit Agreement, as amended, and related separate revolving notes with each of Bank of America and KeyBank and entered into the 2018 Credit Agreement as described below. We currently do not have any obligations under the 2016 Credit Agreement, as amended, and related separate revolving notes. On November 20, 2018, we, through our operating partnership as borrower, and certain of our subsidiaries, or the subsidiary guarantors, and us, collectively as guarantors, entered into a credit agreement, or the 2018 Credit Agreement, with Bank of America, as administrative agent, swing line lender and letters of credit issuer; KeyBank, as syndication agent and letters of credit issuer; Citizens Bank, National Association, as syndication agent, joint lead arranger and joint bookrunner; Merrill Lynch, Pierce, Fenner & Smith Incorporated, as joint lead arranger and joint bookrunner; KeyBanc Capital Markets, as joint lead arranger and joint bookrunner; and the lenders named therein, to obtain a credit facility with an aggregate maximum principal amount of $400,000,000 , or the 2018 Credit Facility. The 2018 Credit Facility consisted of a senior unsecured revolving credit facility in the initial aggregate amount of $150,000,000 and a senior unsecured term loan facility in the initial aggregate amount of $250,000,000 , which consisted of: (i) a $200,000,000 term loan made on November 20, 2018 and (ii) an up to $50,000,000 delayed-draw term loan made one additional time during the Term Loan Delayed Draw Commitment Period, as defined in the 2018 Credit Agreement. Such delayed draw was made on January 18, 2019. The proceeds of loans made under the 2018 Credit Facility may be used for refinancing existing indebtedness and for general corporate purposes including for working capital, capital expenditures and other corporate purposes not inconsistent with obligations under the 2018 Credit Agreement. We may obtain up to $20,000,000 in the form of standby letters of credit and up to $50,000,000 in the form of swing line loans. The 2018 Credit Facility matures on November 19, 2021 and may be extended for one 12 -month period during the term of the 2018 Credit Agreement subject to satisfaction of certain conditions, including payment of an extension fee. On November 1, 2019, we entered into an amendment to the 2018 Credit Agreement, or the 2019 Amendment, with Bank of America, KeyBank and a syndicate of other banks, as lenders. The material terms of the 2019 Amendment provided for an increase in the term loan commitment by $45,000,000 and an increase in the revolving credit facility by $85,000,000 . As a result of the 2019 Amendment, the aggregate borrowing capacity under the 2018 Credit Facility was $530,000,000 . Except as modified by the 2019 Amendment, the material terms of the 2018 Credit Agreement, as amended, remain in full force and effect. The maximum principal amount of the 2018 Credit Facility may be increased by up to $120,000,000 , for a total principal amount of $650,000,000 , subject to: (i) the terms of the 2018 Credit Agreement, as amended; and (ii) at least five business days prior written notice to Bank of America. At our option, the 2018 Credit Facility bears interest at per annum rates equal to (a)(i) the Eurodollar Rate, as defined in the 2018 Credit Agreement, as amended, plus (ii) a margin ranging from 1.70% to 2.20% based on our Consolidated Leverage Ratio, as defined in the 2018 Credit Agreement, as amended, or (b)(i) the greater of: (1) the prime rate publicly announced by Bank of America, (2) the Federal Funds Rate, as defined in the 2018 Credit Agreement, as amended, plus 0.50% , (3) the one-month Eurodollar Rate plus 1.00% , and (4) 0.00% , plus (ii) a margin ranging from 0.70% to 1.20% based on our Consolidated Leverage Ratio. Accrued interest on the 2018 Credit Facility is payable monthly. The loans may be repaid in whole or in part without prepayment premium or penalty, subject to certain conditions. We are required to pay a fee on the unused portion of the lenders’ commitments under the 2018 Credit Agreement, as amended, at a per annum rate equal to 0.20% if the average daily used amount is greater than 50.00% of the commitments and 0.25% if the average daily used amount is less than or equal to 50.00% of the commitments, which fee shall be measured and payable on a quarterly basis. The 2018 Credit Agreement, as amended, contains various affirmative and negative covenants that are customary for credit facilities and transactions of this type, including limitations on the incurrence of debt by our operating partnership and its subsidiaries and limitations on secured recourse indebtedness. The 2018 Credit Agreement, as amended, also imposes certain financial covenants based on the following criteria, which are specifically defined in the 2018 Credit Agreement, as amended: (a) Consolidated Leverage Ratio; (b) Consolidated Secured Leverage Ratio; (c) Consolidated Tangible Net Worth; (d) Consolidated Fixed Charge Coverage Ratio; (e) Secured Recourse Indebtedness; (f) Consolidated Unencumbered Leverage Ratio; (g) Consolidated Unencumbered Interest Coverage Ratio; and (h) Unencumbered Indebtedness Yield. In the event of default, Bank of America has the right to terminate the commitment of each Lender, as defined in the 2018 Credit Agreement, as amended, to make Loans, as defined in the 2018 Credit Agreement, as amended, and any obligation of the L/C Issuer, as defined in the 2018 Credit Agreement, as amended, to make L/C Credit Extensions, as defined in the 2018 Credit Agreement, as amended, under the 2018 Credit Agreement, as amended, and to accelerate the payment on any unpaid principal amount of all outstanding loans and interest thereon. As of December 31, 2019 and 2018, our aggregate borrowing capacity under the 2018 Credit Facility was $530,000,000 and $400,000,000 , respectively. As of December 31, 2019 and 2018, borrowings outstanding totaled $396,800,000 and $275,000,000 , respectively, and the weighted average interest rate on such borrowings outstanding was 3.50% and 4.25% , respectively, per annum. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 8. Derivative Financial Instruments We record derivative financial instruments in our accompanying consolidated balance sheets as either an asset or a liability measured at fair value. We did not have any derivative financial instruments as of December 31, 2018. The following table lists the derivative financial instruments held by us as of December 31, 2019 , which are included in security deposits, prepaid rent and other liabilities in our accompanying consolidated balance sheet: Instrument Notional Amount Index Interest Rate Maturity Date Fair Value Swap $ 139,500,000 one month LIBOR 2.49% 11/19/21 $ 2,441,000 Swap 58,800,000 one month LIBOR 2.49% 11/19/21 1,029,000 Swap 36,700,000 one month LIBOR 2.49% 11/19/21 642,000 Swap 15,000,000 one month LIBOR 2.53% 11/19/21 273,000 $ 250,000,000 $ 4,385,000 ASC Topic 815 permits special hedge accounting if certain requirements are met. Hedge accounting allows for gains and losses on derivatives designated as hedges to be offset by the change in value of the hedged item or items or to be deferred in other comprehensive income (loss). As of December 31, 2019 , none of our derivative financial instruments were designated as hedges. Derivative financial instruments not designated as hedges are not speculative and are used to manage our exposure to interest rate movements, but do not meet the strict hedge accounting requirements of ASC Topic 815. For the year ended December 31, 2018, we did not have any derivative financial instruments. For the year ended December 31, 2019 , we recorded $4,385,000 as an increase to interest expense in our accompanying consolidated statements of operations related to the change in the fair value of our derivative financial instruments. See Note 14, Fair Value Measurements , for a further discussion of the fair value of our derivative financial instruments. |
Identified Intangible Liabiliti
Identified Intangible Liabilities, Net | 12 Months Ended |
Dec. 31, 2019 | |
Identified Intangible Liabilities [Abstract] | |
Identified Intangible Liabilities, Net | 9. Identified Intangible Liabilities, Net Identified intangible liabilities, net consisted of the following as of December 31, 2019 and 2018: December 31, 2019 2018 Below-market leases, net of accumulated amortization of $702,000 and $678,000 as of December 31, 2019 and 2018, respectively (with a weighted average remaining life of 11.3 years and 5.7 years as of December 31, 2019 and 2018, respectively) $ 1,601,000 $ 1,245,000 Above-market leasehold interests, net of accumulated amortization of $13,000 as of December 31, 2018 (with a weighted average remaining life of 51.2 years as of December 31, 2018)(1) — 382,000 Total $ 1,601,000 $ 1,627,000 ___________ (1) Such amount related to our ownership of fee simple interests in the building and improvements of eight of our buildings that are subject to respective ground leases. Upon our adoption of ASC Topic 842 on January 1, 2019, such amount was reclassed to operating lease right-of-use assets, net in our accompanying consolidated balance sheet. See Note 2, Summary of Significant Accounting Policies — Leases, and Note 16, Leases , for a further discussion. Amortization expense on identified intangible liabilities for the years ended December 31, 2019 , 2018 and 2017 was $517,000 , $380,000 and $291,000 , respectively, which included $517,000 , $373,000 and $285,000 , respectively, of amortization recorded to real estate revenue for below-market leases and $0 , $7,000 and $6,000 , respectively, of amortization recorded against real estate revenue for above-market leasehold interests in our accompanying consolidated statements of operations. The aggregate weighted average remaining life of the identified intangible liabilities was 11.3 years and 16.4 years as of December 31, 2019 and 2018, respectively. As of December 31, 2019 , estimated amortization expense on the identified intangible liabilities for each of the next five years ending December 31 and thereafter was as follows: Year Amount 2020 $ 299,000 2021 243,000 2022 217,000 2023 207,000 2024 161,000 Thereafter 474,000 Total $ 1,601,000 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Litigation We are not presently subject to any material litigation nor, to our knowledge, is any material litigation threatened against us, which if determined unfavorably to us, would have a material adverse effect on our consolidated financial position, results of operations or cash flows. Environmental Matters We follow a policy of monitoring our properties for the presence of hazardous or toxic substances. While there can be no assurance that a material environmental liability does not exist at our properties, we are not currently aware of any environmental liability with respect to our properties that would have a material effect on our consolidated financial position, results of operations or cash flows. Further, we are not aware of any material environmental liability or any unasserted claim or assessment with respect to an environmental liability that we believe would require additional disclosure or the recording of a loss contingency. Other Our other commitments and contingencies include the usual obligations of real estate owners and operators in the normal course of business, which include calls/puts to sell/acquire properties. In our view, these matters are not expected to have a material adverse effect on our consolidated financial position, results of operations or cash flows. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2019 | |
Redeemable Noncontrolling Interest [Line Items] | |
Redeemable Noncontrolling Interests | 11. Redeemable Noncontrolling Interests As of December 31, 2019 and 2018, our advisor owned all of our 208 partnership units outstanding in our operating partnership. As of December 31, 2019 and 2018, we owned greater than a 99.99% general partnership interest in our operating partnership, and our advisor owned less than a 0.01% limited partnership interest in our operating partnership. The noncontrolling interest of our advisor in our operating partnership, which has redemption features outside of our control, is accounted for as a redeemable noncontrolling interest and is presented outside of permanent equity in our accompanying consolidated balance sheets. See Note 13, Related Party Transactions — Liquidity Stage — Subordinated Participation Interest — Subordinated Distribution Upon Listing, and Note 13, Related Party Transactions — Subordinated Distribution Upon Termination, for a further discussion of the redemption features of the limited partnership units. In connection with our acquisitions of Central Florida Senior Housing Portfolio, Pinnacle Beaumont ALF and Pinnacle Warrenton ALF, we own approximately 98.0% of the joint ventures with an affiliate of Meridian. The noncontrolling interests held by Meridian have redemption features outside of our control and are accounted for as redeemable noncontrolling interests in our accompanying consolidated balance sheets. We record the carrying amount of redeemable noncontrolling interests at the greater of: (i) the initial carrying amount, increased or decreased for the noncontrolling interests’ share of net income or loss and distributions; or (ii) the redemption value. The changes in the carrying amount of redeemable noncontrolling interests consisted of the following for the years ended December 31, 2019 and 2018: December 31, 2019 2018 Beginning balance $ 1,371,000 $ 1,002,000 Additions 151,000 369,000 Distributions (151,000 ) — Fair value adjustment to redemption value 173,000 232,000 Net loss attributable to redeemable noncontrolling interests (82,000 ) (232,000 ) Ending balance $ 1,462,000 $ 1,371,000 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Equity | 12. Equity Preferred Stock Our charter authorizes us to issue 200,000,000 shares of our preferred stock, par value $0.01 per share. As of December 31, 2019 and 2018, no shares of our preferred stock were issued and outstanding. Common Stock Our charter authorizes us to issue 1,000,000,000 shares of our common stock, par value $0.01 per share. On February 6, 2015, our advisor acquired shares of our Class T common stock for total cash consideration of $200,000 and was admitted as our initial stockholder. We used the proceeds from the sale of shares of our Class T common stock to our advisor to make an initial capital contribution to our operating partnership. As of December 31, 2019 and 2018, our advisor owned 20,833 shares of our Class T common stock. We commenced our initial offering of shares of our common stock on February 16, 2016, and as of such date we were initially offering to the public up to $3,150,000,000 in shares of our Class T common stock, consisting of up to $3,000,000,000 in shares of our Class T common stock at a price of $10.00 per share in the primary portion of our initial offering and up to $150,000,000 in shares of our Class T common stock for $9.50 per share pursuant to the DRIP. Effective June 17, 2016, we reallocated certain of the unsold shares of our Class T common stock being offered and began offering shares of our Class I common stock, such that we were offering up to approximately $2,800,000,000 in shares of Class T common stock and $200,000,000 in shares of Class I common stock in the primary portion of our initial offering, and up to an aggregate of $150,000,000 in shares of our Class T and Class I common stock pursuant to the DRIP. Subsequent to the reallocation, of the 1,000,000,000 shares of common stock authorized pursuant to our charter, 900,000,000 shares are classified as Class T common stock and 100,000,000 shares are classified as Class I common stock. The shares of our Class T common stock in the primary portion of our initial offering were being offered at a price of $10.00 per share prior to April 11, 2018. The shares of our Class I common stock in the primary portion of our initial offering were being offered at a price of $9.30 per share prior to March 1, 2017 and $9.21 per share from March 1, 2017 to April 10, 2018. The shares of our Class T and Class I common stock issued pursuant to the DRIP were sold at a price of $9.50 per share prior to January 1, 2017 and $9.40 per share from January 1, 2017 to April 10, 2018. On April 6, 2018, our board, at the recommendation of the audit committee of our board, comprised solely of independent directors, unanimously approved and established an estimated per share net asset value, or NAV, of our common stock of $9.65 . As a result, on April 6, 2018, our board unanimously approved revised offering prices for each class of shares of our common stock to be sold in our initial offering based on the estimated per share NAV of our Class T and Class I common stock of $9.65 plus any applicable per share up-front selling commissions and dealer manager fees funded by us, effective April 11, 2018. Accordingly, the revised offering price for shares of our Class T common stock and Class I common stock sold pursuant to the primary portion of our initial offering on or after April 11, 2018 was $10.05 per share and $9.65 per share, respectively. On February 15, 2019, we terminated our initial offering. We continue to offer shares of our common stock pursuant to the 2019 DRIP Offering. See the “Distribution Reinvestment Plan” section below for a further discussion. Each share of our common stock, regardless of class, will be entitled to one vote per share on matters presented to the common stockholders for approval; provided, however, that stockholders of one share class shall have exclusive voting rights on any amendment to our charter that would alter only the contract rights of that share class, and no stockholders of another share class shall be entitled to vote thereon. Through December 31, 2019 , we had issued 75,639,681 aggregate shares of our Class T and Class I common stock in connection with the primary portion of our initial offering and 5,513,699 aggregate shares of our Class T and Class I common stock pursuant to our DRIP Offerings. We also granted an aggregate of 82,500 shares of our restricted Class T common stock to our independent directors and repurchased 1,356,839 shares of our common stock under our share repurchase plan through December 31, 2019 . As of December 31, 2019 and 2018, we had 79,899,874 and 69,254,971 aggregate shares of our Class T and Class I common stock, respectively, issued and outstanding. Distribution Reinvestment Plan We had registered and reserved $150,000,000 in shares of our common stock for sale pursuant to the DRIP in our initial offering. The DRIP allows stockholders to purchase additional Class T shares and Class I shares of our common stock through the reinvestment of distributions during our initial offering. Pursuant to the DRIP, distributions with respect to Class T shares are reinvested in Class T shares and distributions with respect to Class I shares are reinvested in Class I shares. On February 15, 2019, we terminated our initial offering. We continue to offer up to $100,000,000 in shares of our common stock pursuant to the 2019 DRIP Offering. Since April 6, 2018, our board has approved and established an estimated per share NAV on at least an annual basis. Commencing with the distribution payment to stockholders paid in the month following such board approval, shares of our common stock issued pursuant the DRIP were or will be issued at the current estimated per share NAV until such time as our board determines an updated estimated per share NAV. The following is a summary of our historical and current estimated per share NAV of our Class T and Class I common stock: Approval Date by our Board Established Per Share NAV (Unaudited) 04/06/18 $ 9.65 04/04/19 $ 9.54 For the years ended December 31, 2019 , 2018 and 2017, $25,533,000 , $17,612,000 and $8,689,000 , respectively, in distributions were reinvested and 2,666,913 , 1,838,711 and 924,358 shares of our common stock, respectively, were issued pursuant to our DRIP Offerings. As of December 31, 2019 and 2018, a total of $52,630,000 and $27,097,000 , respectively, in distributions were reinvested that resulted in 5,513,699 and 2,846,786 shares of our common stock, respectively, being issued pursuant to our DRIP Offerings. Share Repurchase Plan In February 2016, our board approved a share repurchase plan. The share repurchase plan allows for repurchases of shares of our common stock by us when certain criteria are met. Share repurchases will be made at the sole discretion of our board. Subject to the availability of the funds for share repurchases, we will limit the number of shares of our common stock repurchased during any calendar year to 5.0% of the weighted average number of shares of our common stock outstanding during the prior calendar year; provided, however, that shares subject to a repurchase requested upon the death of a stockholder will not be subject to this cap. Funds for the repurchase of shares of our common stock come exclusively from the cumulative proceeds we receive from the sale of shares of our common stock pursuant to our DRIP Offerings. All repurchases of our shares of common stock are subject to a one -year holding period, except for repurchases made in connection with a stockholder’s death or “qualifying disability,” as defined in our share repurchase plan. Further, all share repurchases are repurchased following a one -year holding period at a price between 92.5% to 100% of each stockholder’s repurchase amount depending on the period of time their shares have been held. During our initial offering and with respect to shares repurchased for the quarter ending March 31, 2019, the repurchase amount for shares repurchased under our share repurchase plan was equal to the lesser of (i) the amount per share that a stockholder paid for their shares of our common stock, or (ii) the per share offering price in our initial offering. Commencing with shares repurchased for the quarter ending June 30, 2019, the repurchase amount for shares repurchased under our share repurchase plan is the lesser of (i) the amount per share the stockholder paid for their shares of our common stock, or (ii) the most recent estimated value of one share of the applicable class of common stock as determined by our board. See the summary of our historical and current estimated per share NAV in the “Distribution Reinvestment Plan” section above. However, if shares of our common stock are repurchased in connection with a stockholder’s death or qualifying disability, the repurchase price will be no less than 100% of the price paid to acquire the shares of our common stock from us. Furthermore, our share repurchase plan provides that if there are insufficient funds to honor all repurchase requests, pending requests will be honored among all requests for repurchase in any given repurchase period, as follows: first, pro rata as to repurchases sought upon a stockholder’s death; next, pro rata as to repurchases sought by stockholders with a qualifying disability; and, finally, pro rata as to other repurchase requests. For the years ended December 31, 2019 , 2018 and 2017, we received share repurchase requests and repurchased 928,675 , 350,418 and 77,746 shares of our common stock, respectively, for an aggregate of $8,609,000 , $3,312,000 and $735,000 , respectively, at an average repurchase price of $9.27 , $9.45 and $9.45 per share, respectively. As of December 31, 2019 and 2018, we received share repurchase requests and repurchased 1,356,839 and 428,164 shares of our common stock, respectively, for an aggregate of $12,656,000 and $4,047,000 , respectively, at an average repurchase price of $9.33 and $9.45 per share, respectively. All shares were repurchased using the cumulative proceeds we received from the sale of shares of our common stock pursuant to our DRIP Offerings. 2015 Incentive Plan We adopted our incentive plan pursuant to which our board, or a committee of our independent directors, may make grants of options, restricted shares of common stock, stock purchase rights, stock appreciation rights or other awards to our independent directors, employees and consultants. The maximum number of shares of our common stock that may be issued pursuant to our incentive plan is 4,000,000 shares. For the years ended December 31, 2019 , 2018 and 2017, we granted an aggregate of 22,500 shares of our restricted Class T common stock at a weighted average grant date fair value of $9.54 , $9.65 and $10.00 per share, respectively, to our independent directors in connection with their re-election to our board or in consideration for their past services rendered. Such shares vested 20.0% immediately on the grant date and 20.0% will vest on each of the first four anniversaries of the grant date. For the years ended December 31, 2019 , 2018 and 2017, we recognized stock compensation expense of $207,000 , $185,000 and $131,000 , respectively, which is included in general and administrative in our accompanying consolidated statements of operations. Offering Costs Selling Commissions We generally paid our dealer manager selling commissions of up to 3.0% of the gross offering proceeds from the sale of Class T shares of our common stock pursuant to the primary portion of our initial offering. Our dealer manager was permitted to enter into participating dealer agreements with participating dealers that provided for a reduction or waiver of selling commissions. To the extent that selling commissions were less than 3.0% of the gross offering proceeds for any Class T shares sold, such reduction in selling commissions was accompanied by a corresponding reduction in the applicable per share purchase price for purchases of such shares. No selling commissions were payable on Class I shares or shares of our common stock sold pursuant to our DRIP Offerings. Our dealer manager was permitted to re-allow all or a portion of these fees to participating broker-dealers. For the years ended December 31, 2019 , 2018 and 2017, we incurred $2,241,000 , $6,983,000 and $8,329,000 , respectively, in selling commissions to our dealer manager. Such commissions were charged to stockholders’ equity as such amounts were paid to our dealer manager from the gross proceeds of our initial offering. Dealer Manager Fee With respect to shares of our Class T common stock, our dealer manager generally received a dealer manager fee of up to 3.0% of the gross offering proceeds from the sale of Class T shares of our common stock pursuant to our initial offering, of which 1.0% of the gross offering proceeds was funded by us and up to an amount equal to 2.0% of the gross offering proceeds was funded by our advisor. With respect to shares of our Class I common stock, prior to March 1, 2017, our dealer manager generally received a dealer manager fee up to 3.0% of the gross offering proceeds from the sale of Class I shares of our common stock pursuant to the primary portion of our initial offering, of which 1.0% of the gross offering proceeds was funded by us and an amount equal to 2.0% of the gross offering proceeds was funded by our advisor. Effective March 1, 2017, our dealer manager generally received a dealer manager fee up to an amount equal to 1.5% of the gross offering proceeds from the sale of Class I shares pursuant the primary portion of our initial offering, all of which was funded by our advisor. Our dealer manager was permitted to enter into participating dealer agreements with participating dealers that provided for a reduction or waiver of dealer manager fees. To the extent that the dealer manager fee was less than 3.0% of the gross offering proceeds for any Class T shares sold and less than 1.5% of the gross offering proceeds for any Class I shares sold, such reduction was applied first to the portion of the dealer manager fee funded by our advisor. To the extent that any reduction in dealer manager fee exceeded the portion of the dealer manager fee funded by our advisor, such excess reduction was accompanied by a corresponding reduction in the applicable per share purchase price for purchases of such shares. No dealer manager fee was payable on shares of our common stock sold pursuant to our DRIP Offerings. Our dealer manager was permitted to re-allow all or a portion of these fees to participating broker-dealers. For the years ended December 31, 2019 , 2018 and 2017, we incurred $759,000 , $2,364,000 and $2,844,000 , respectively, in dealer manager fees to our dealer manager. Such fees were charged to stockholders’ equity as such amounts were paid to our dealer manager or its affiliates from the gross proceeds of our initial offering. See Note 13, Related Party Transactions — Offering Stage — Dealer Manager Fee, for a further discussion of the dealer manager fee funded by our advisor. Stockholder Servicing Fee We pay our dealer manager a quarterly stockholder servicing fee with respect to our Class T shares sold as additional compensation to the dealer manager and participating broker-dealers. No stockholder servicing fee is paid with respect to Class I shares or shares of our common stock sold pursuant to our DRIP Offerings. The stockholder servicing fee accrues daily in an amount equal to 1/365th of 1.0% of the purchase price per share of our Class T shares sold in the primary portion of our initial offering and, in the aggregate will not exceed an amount equal to 4.0% of the gross proceeds from the sale of Class T shares in the primary portion of our initial offering. We will cease paying the stockholder servicing fee with respect to our Class T shares sold in the primary portion of our initial offering upon the occurrence of certain defined events. Our dealer manager may re-allow to participating broker-dealers all or a portion of the stockholder servicing fee for services that such participating broker-dealers perform in connection with the shares of our Class T common stock. By agreement with participating broker-dealers, such stockholder servicing fee may be reduced or limited. Following the termination of our initial offering on February 15, 2019, we no longer incur additional stockholder servicing fees. For the years ended December 31, 2019 , 2018 and 2017, we incurred $2,573,000 , $8,069,000 and $10,421,000 , respectively, in stockholder servicing fees to our dealer manager. As of December 31, 2019 and 2018, we accrued $12,610,000 and $16,395,000 , respectively, in connection with the stockholder servicing fee payable, which is included in accounts payable and accrued liabilities with a corresponding offset to stockholders’ equity in our accompanying consolidated balance sheets. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 13. Related Party Transactions Fees and Expenses Paid to Affiliates All of our executive officers and one of our non-independent directors are also executive officers and employees and/or holders of a direct or indirect interest in our advisor, one of our co-sponsors or other affiliated entities. We are affiliated with our advisor, American Healthcare Investors and AHI Group Holdings; however, we are not affiliated with Griffin Capital, our dealer manager, Colony Capital or Mr. Flaherty. We entered into the Advisory Agreement, which entitles our advisor and its affiliates to specified compensation for certain services, as well as reimbursement of certain expenses. Our board, including a majority of our independent directors, has reviewed the material transactions between our affiliates and us during the year ended December 31, 2019 . Set forth below is a description of the transactions with affiliates. We believe that we have executed all of the transactions set forth below on terms that are fair and reasonable to us and on terms no less favorable to us than those available from unaffiliated third parties. For the years ended December 31, 2019, 2018 and 2017, we incurred $16,296,000 , $22,355,000 and $17,650,000 , respectively, in fees and expenses to our affiliates as detailed below. Offering Stage Dealer Manager Fee With respect to shares of our Class T common stock, our dealer manager generally received a dealer manager fee of up to 3.0% of the gross offering proceeds from the sale of Class T shares of our common stock pursuant to the primary portion of our initial offering, of which 1.0% of the gross offering proceeds was funded by us and up to an amount equal to 2.0% of the gross offering proceeds was funded by our advisor. With respect to shares of our Class I common stock, prior to March 1, 2017, our dealer manager generally received a dealer manager fee up to 3.0% of the gross offering proceeds from the sale of Class I shares of our common stock pursuant to the primary portion of our initial offering, of which 1.0% of the gross offering proceeds was funded by us and an amount equal to 2.0% of the gross offering proceeds was funded by our advisor. Effective March 1, 2017, our dealer manager generally received a dealer manager fee up to an amount equal to 1.5% of the gross offering proceeds from the sale of Class I shares pursuant to the primary portion of our initial offering, all of which was funded by our advisor. Our dealer manager was permitted to enter into participating dealer agreements with participating dealers that provided for a reduction or waiver of dealer manager fees. To the extent that the dealer manager fee was less than 3.0% of the gross offering proceeds for any Class T shares sold and less than 1.5% of the gross offering proceeds for any Class I shares sold, such reduction was applied first to the portion of the dealer manager fee funded by our advisor. To the extent that any reduction in dealer manager fee exceeded the portion of the dealer manager fee funded by our advisor, such excess reduction was accompanied by a corresponding reduction in the applicable per share purchase price for purchases of such shares. No dealer manager fee was payable on shares of our common stock sold pursuant to our DRIP Offerings. Our advisor recouped the portion of the dealer manager fee it funded through the receipt of the Contingent Advisor Payment from us, as described below, through the payment of acquisition fees. For the years ended December 31, 2019, 2018 and 2017, we incurred $1,687,000 , $4,878,000 and $5,851,000 , respectively, payable to our advisor as part of the Contingent Advisor Payment in connection with the dealer manager fee that our advisor had incurred. Such fee was charged to stockholders’ equity as incurred with a corresponding offset to accounts payable due to affiliates in our accompanying consolidated balance sheets. See Note 12, Equity — Offering Costs — Dealer Manager Fee, for a further discussion of the dealer manager fee funded by us. Other Organizational and Offering Expenses Our other organizational and offering expenses incurred in connection with the primary portion of our initial offering (other than selling commissions, the dealer manager fee and the stockholder servicing fee) were funded by our advisor. Our advisor recouped such expenses it funded through the receipt of the Contingent Advisor Payment from us, as described below, through the payment of acquisition fees. No other organizational and offering expenses were paid with respect to shares of our common stock sold pursuant to our DRIP Offerings. For the years ended December 31, 2019, 2018 and 2017, we incurred $114,000 , $1,465,000 and $1,583,000 , respectively, payable to our advisor as part of the Contingent Advisor Payment in connection with the other organizational and offering expenses that our advisor had incurred. Such expenses were charged to stockholders’ equity as incurred with a corresponding offset to accounts payable due to affiliates in our accompanying consolidated balance sheets. Acquisition and Development Stage Acquisition Fee We pay our advisor or its affiliates an acquisition fee of up to 4.50% of the contract purchase price, including any contingent or earn-out payments that may be paid, of each property we acquire or, with respect to any real estate-related investment we originate or acquire, up to 4.25% of the origination or acquisition price, including any contingent or earn-out payments that may be paid. The 4.50% or 4.25% acquisition fees consist of a 2.25% or 2.00% base acquisition fee, or the base acquisition fee, for real estate and real estate-related acquisitions, respectively, and an additional 2.25% contingent advisor payment, or the Contingent Advisor Payment, as applicable. The Contingent Advisor Payment allowed our advisor to recoup the portion of the dealer manager fee and other organizational and offering expenses funded by our advisor. Therefore, the amount of the Contingent Advisor Payment paid upon the closing of an acquisition did not exceed the then outstanding amounts paid by our advisor for dealer manager fees and other organizational and offering expenses at the time of such closing. For these purposes, the amounts paid by our advisor and considered as “outstanding” were reduced by the amount of the Contingent Advisor Payment previously paid. Notwithstanding the foregoing, the initial $7,500,000 of amounts paid by our advisor to fund the dealer manager fee and other organizational and offering expenses, or the Contingent Advisor Payment Holdback, was retained by us until February 2019, the termination of our initial offering and the third anniversary of the commencement date of our initial offering, at which time such amount was paid to our advisor. Our advisor or its affiliates are entitled to receive these acquisition fees for properties and real estate-related investments acquired with funds raised in our initial offering, including acquisitions completed after the termination of the Advisory Agreement (including imputed leverage of 50.0% on funds raised in our initial offering), or funded with net proceeds from the sale of a property or real estate-related investment, subject to certain conditions. Our advisor may waive or defer all or a portion of the acquisition fee at any time and from time to time, in our advisor’s sole discretion. The base acquisition fee in connection with the acquisition of real estate investments accounted for as business combinations is expensed as incurred and included in acquisition related expenses in our accompanying consolidated statements of operations. The base acquisition fee in connection with the acquisition of properties accounted for as asset acquisitions or the acquisition of real estate-related investments is capitalized as part of the associated investment in our accompanying consolidated balance sheets. For the years ended December 31, 2019, 2018 and 2017, we paid base acquisition fees of $4,595,000 , $10,096,000 and $7,342,000 , respectively, to our advisor. As of December 31, 2019 and 2018, we recorded $0 and $7,866,000 , respectively, as part of the Contingent Advisor Payment, which was included in accounts payable due to affiliates with a corresponding offset to stockholders’ equity in our accompanying consolidated balance sheets. As of December 31, 2019 and 2018, we paid $20,982,000 and $11,316,000 , respectively, in Contingent Advisor Payments to our advisor. For a further discussion of amounts paid in connection with the Contingent Advisor Payment, see “Dealer Manager Fee” and “Other Organizational and Offering Expenses,” above. In addition, see Note 3, Real Estate Investments, Net and Note 21, Subsequent Events , for a further discussion. Development Fee In the event our advisor or its affiliates provide development-related services, we pay our advisor or its affiliates a development fee in an amount that is usual and customary for comparable services rendered for similar projects in the geographic market where the services are provided; however, we will not pay a development fee to our advisor or its affiliates if our advisor or its affiliates elect to receive an acquisition fee based on the cost of such development. For the years ended December 31, 2019 and 2018, we incurred development fees of $34,000 and $6,000 , respectively, to our advisor, which was expensed as incurred and included in acquisition related expenses in our accompanying consolidated statements of operations. For the year ended December 31, 2017, we did no t incur any development fees to our advisor or its affiliates. Reimbursement of Acquisition Expenses We reimburse our advisor or its affiliates for acquisition expenses related to selecting, evaluating and acquiring assets, which are reimbursed regardless of whether an asset is acquired. The reimbursement of acquisition expenses, acquisition fees, total development costs and real estate commissions paid to unaffiliated third parties will not exceed, in the aggregate, 6.0% of the contract purchase price of the property or real estate-related investments, unless fees in excess of such limits are approved by a majority of our directors, including a majority of our independent directors, not otherwise interested in the transaction. For the years ended December 31, 2019, 2018 and 2017, such fees and expenses paid did not exceed 6.0% of the contract purchase price of our property acquisitions, except with respect to our acquisitions of Auburn MOB, Pottsville MOB, Lafayette Assisted Living Portfolio, Athens MOB Portfolio, Northern California Senior Housing Portfolio, Pinnacle Warrenton ALF, Glendale MOB, Missouri SNF Portfolio, Flemington MOB Portfolio and West Des Moines SNF, which excess fees and expenses were approved by our directors as set forth above. Reimbursements of acquisition expenses in connection with the acquisition of real estate investments accounted for as business combinations are expensed as incurred and included in acquisition related expenses in our accompanying consolidated statements of operations. Reimbursements of acquisition expenses in connection with the acquisition of properties accounted for as asset acquisitions or the acquisition of real estate-related investments are capitalized as part of the associated investment in our accompanying consolidated balance sheets. For each of the years ended December 31, 2019, 2018 and 2017, we incurred $0 , $2,000 and $2,000 , respectively, in acquisition expenses to our advisor or its affiliates. Operational Stage Asset Management Fee We pay our advisor or its affiliates a monthly fee for services rendered in connection with the management of our assets equal to one-twelfth of 0.80% of average invested assets. For such purposes, average invested assets means the average of the aggregate book value of our assets invested in real estate investments and real estate-related investments, before deducting depreciation, amortization, bad debt and other similar non-cash reserves, computed by taking the average of such values at the end of each month during the period of calculation. For the years ended December 31, 2019, 2018 and 2017, we incurred $8,276,000 , $4,975,000 and $2,344,000 , respectively, in asset management fees to our advisor, which are included in general and administrative in our accompanying consolidated statements of operations. Property Management Fee American Healthcare Investors or its designated personnel may provide property management services with respect to our properties or may sub-contract these duties to any third party and provide oversight of such third-party property manager. We pay American Healthcare Investors a monthly management fee equal to a percentage of the gross monthly cash receipts of such property as follows: (i) a property management oversight fee of 1.0% of the gross monthly cash receipts of any stand-alone, single-tenant, net leased property, except for such properties operated utilizing a RIDEA structure, for which we pay a property management oversight fee of 1.5% of the gross monthly cash receipts with respect to such property; (ii) a property management oversight fee of 1.5% of the gross monthly cash receipts of any property that is not a stand-alone, single-tenant, net leased property and for which American Healthcare Investors or its designated personnel provide oversight of a third party that performs the duties of a property manager with respect to such property; or (iii) a fair and reasonable property management fee that is approved by a majority of our directors, including a majority of our independent directors, that is not less favorable to us than terms available from unaffiliated third parties for any property that is not a stand-alone, single-tenant, net leased property and for which American Healthcare Investors or its designated personnel directly serve as the property manager without sub-contracting such duties to a third party. Property management fees are included in property operating expenses and rental expenses in our accompanying consolidated statements of operations. For the years ended December 31, 2019, 2018 and 2017, we incurred property management fees of $1,220,000 , $746,000 and $381,000 , respectively, to American Healthcare Investors. Lease Fees We pay our advisor or its affiliates a separate fee for any leasing activities in an amount not to exceed the fee customarily charged in arm’s-length transactions by others rendering similar services in the same geographic area for similar properties as determined by a survey of brokers and agents in such area. Such fee is generally expected to range from 3.0% to 6.0% of the gross revenues generated during the initial term of the lease. Lease fees are capitalized as lease commissions, which are included in other assets, net in our accompanying consolidated balance sheets, and amortized over the term of the lease. For the years ended December 31, 2019, 2018 and 2017, we incurred lease fees of $83,000 , $94,000 and $64,000 , respectively. Construction Management Fee In the event that our advisor or its affiliates assist with planning and coordinating the construction of any capital or tenant improvements, we pay our advisor or its affiliates a construction management fee of up to 5.0% of the cost of such improvements. Construction management fees are capitalized as part of the associated asset and included in real estate investments, net in our accompanying consolidated balance sheets or are expensed and included in our accompanying consolidated statements of operations, as applicable. For the years ended December 31, 2019, 2018 and 2017, we incurred construction management fees of $155,000 , $28,000 and $1,000 , respectively. Operating Expenses We reimburse our advisor or its affiliates for operating expenses incurred in rendering services to us, subject to certain limitations. However, we cannot reimburse our advisor or its affiliates at the end of any fiscal quarter for total operating expenses that, in the four consecutive fiscal quarters then ended, exceed the greater of: (i) 2.0% of our average invested assets, as defined in the Advisory Agreement; or (ii) 25.0% of our net income, as defined in the Advisory Agreement, unless our independent directors determined that such excess expenses were justified based on unusual and nonrecurring factors which they deem sufficient. The following table reflects our operating expenses as a percentage of average invested assets and as a percentage of net income for the 12 month periods then ended: 12 months ended December 31, 2019 2018 2017 Operating expenses as a percentage of average invested assets 1.2 % 1.2 % 1.3 % Operating expenses as a percentage of net income 37.2 % 28.3 % 27.9 % For the years ended December 31, 2019, 2018 and 2017, our operating expenses did not exceed the aforementioned limitations as 2.0% of our average invested assets was greater than 25.0% of our net income. For the years ended December 31, 2019, 2018 and 2017, our advisor incurred operating expenses on our behalf of $132,000 , $65,000 and $82,000 , respectively. Operating expenses are generally included in general and administrative in our accompanying consolidated statements of operations. Compensation for Additional Services We pay our advisor and its affiliates for services performed for us other than those required to be rendered by our advisor or its affiliates under the Advisory Agreement. The rate of compensation for these services has to be approved by a majority of our board, including a majority of our independent directors, and cannot exceed an amount that would be paid to unaffiliated parties for similar services. For the years ended December 31, 2019, 2018 and 2017, our advisor and its affiliates were not compensated for any additional services. Liquidity Stage Disposition Fees For services relating to the sale of one or more properties, we pay our advisor or its affiliates a disposition fee up to the lesser of 2.0% of the contract sales price or 50.0% of a customary competitive real estate commission given the circumstances surrounding the sale, in each case as determined by our board, including a majority of our independent directors, upon the provision of a substantial amount of the services in the sales effort. The amount of disposition fees paid, when added to the real estate commissions paid to unaffiliated parties, will not exceed the lesser of the customary competitive real estate commission or an amount equal to 6.0% of the contract sales price. For the years ended December 31, 2019, 2018 and 2017, we did not incur any disposition fees to our advisor or its affiliates. Subordinated Participation Interest Subordinated Distribution of Net Sales Proceeds In the event of liquidation, we will pay our advisor a subordinated distribution of net sales proceeds. The distribution will be equal to 15.0% of the remaining net proceeds from the sales of properties, after distributions to our stockholders, in the aggregate, of: (i) a full return of capital raised from stockholders (less amounts paid to repurchase shares of our common stock pursuant to our share repurchase plan); plus (ii) an annual 6.0% cumulative, non-compounded return on the gross proceeds from the sale of shares of our common stock, as adjusted for distributions of net sales proceeds. Actual amounts to be received depend on the sale prices of properties upon liquidation. For the years ended December 31, 2019, 2018 and 2017, we did not pay any such distributions to our advisor. Subordinated Distribution Upon Listing Upon the listing of shares of our common stock on a national securities exchange, in redemption of our advisor’s limited partnership units, we will pay our advisor a distribution equal to 15.0% of the amount by which: (i) the market value of our outstanding common stock at listing plus distributions paid prior to listing exceeds (ii) the sum of the total amount of capital raised from stockholders (less amounts paid to repurchase shares of our common stock pursuant to our share repurchase plan) and the amount of cash equal to an annual 6.0% cumulative, non-compounded return on the gross proceeds from the sale of shares of our common stock through the date of listing. Actual amounts to be received depend upon the market value of our outstanding stock at the time of listing, among other factors. For the years ended December 31, 2019, 2018 and 2017, we did not pay any such distributions to our advisor. Subordinated Distribution Upon Termination Pursuant to the Agreement of Limited Partnership, as amended, of our operating partnership upon termination or non-renewal of the Advisory Agreement, our advisor will also be entitled to a subordinated distribution in redemption of its limited partnership units from our operating partnership equal to 15.0% of the amount, if any, by which: (i) the appraised value of our assets on the termination date, less any indebtedness secured by such assets, plus total distributions paid through the termination date, exceeds (ii) the sum of the total amount of capital raised from stockholders (less amounts paid to repurchase shares of our common stock pursuant to our share repurchase plan) an d the total amount of cash equal to an annual 6.0% cumula tive, non-compounded return on the gross proceeds from the sale of shares of our common stock through the termination date. In addition, our advisor may elect to defer its right to receive a subordinated distribution upon termination until either a listing or other liquidity event, including a liquidation, sale of substantially all of our assets or merger in which our stockholders receive in exchange for their shares of our common stock, shares of a company that are traded on a national securities exchange. As of December 31, 2019 and 2018, we did not have any liability related to the subordinated distribution upon termination. Stock Purchase Plans On February 29, 2016, our Chief Executive Officer and Chairman of the Board of Directors, Jeffrey T. Hanson, our President and Chief Operating Officer, Danny Prosky, and our Executive Vice President and General Counsel, Mathieu B. Streiff, each executed stock purchase plans, or the 2016 Stock Purchase Plans, whereby they each irrevocably agreed to invest 100% of their net after-tax base salary and cash bonus compensation earned as employees of American Healthcare Investors directly into our company by purchasing shares of our Class T common stock. In addition, on February 29, 2016, three Executive Vice Presidents of American Healthcare Investors, including our Executive Vice President of Acquisitions, Stefan K.L. Oh, each executed similar 2016 Stock Purchase Plans whereby they each irrevocably agreed to invest a portion of their net after-tax base salary or a portion of their net after-tax base salary and cash bonus compensation, ranging from 10.0% to 15.0% , as employees of American Healthcare Investors directly into our company by purchasing shares of our Class T common stock. The 2016 Stock Purchase Plans terminated on December 31, 2016. Purchases of shares of our Class T common stock pursuant to the 2016 Stock Purchase Plans commenced after the initial release from escrow of the minimum offering amount, beginning with the officers’ regularly scheduled payroll payment on April 13, 2016. The shares of Class T common stock were purchased at a price of $9.60 per share, reflecting the purchase price of the shares in our initial offering, exclusive of selling commissions and the dealer manager fee. On December 30, 2016, Messrs. Hanson, Prosky and Streiff each executed stock purchase plans for the purchase of shares of our Class I common stock, or the 2017 Stock Purchase Plans, on terms similar to their 2016 Stock Purchase Plans. In addition, on December 30, 2016, Mr. Oh, as well as Wendie Newman and Christopher M. Belford, both of whom were appointed as our Vice Presidents of Asset Management as of June 2017, each executed similar 2017 Stock Purchase Plans whereby they each irrevocably agreed to invest a portion of their net after-tax base salary or a portion of their net after-tax base salary and cash bonus compensation, ranging from 5.0% to 15.0% , earned as employees of American Healthcare Investors directly into our company by purchasing shares of our Class I common stock. The 2017 Stock Purchase Plans terminated on December 31, 2017. Purchases of shares of our Class I common stock pursuant to the 2017 Stock Purchase Plans commenced beginning with the officers’ regularly scheduled payroll payment on January 23, 2017. The shares of Class I common stock were purchased pursuant to the 2017 Stock Purchase Plans at a price of $9.21 per share, reflecting the purchase price of shares of Class I common stock offered to the public reduced by the dealer manager fees funded by us. No selling commissions, dealer manager fees (including the portion of such dealer manager fees funded by our advisor) or stockholder servicing fees were paid with respect to such sales of our Class I common stock pursuant to the 2017 Stock Purchase Plans. On December 31, 2017, Messrs. Hanson, Prosky, and Streiff each executed stock purchase plans for the purchase of shares of our Class I common stock, or the 2018 Stock Purchase Plans, on terms similar to their 2017 Stock Purchase Plans. In addition, on December 31, 2017, four Executive Vice Presidents of American Healthcare Investors, including Messrs. Oh and Belford, Ms. Newman and Brian S. Peay, our Chief Financial Officer, each executed similar 2018 Stock Purchase Plans whereby they each irrevocably agreed to invest a portion of their net after-tax base salary or a portion of their net after-tax base salary and cash bonus compensation, ranging from 5.0% to 15.0% , earned on or after January 1, 2018 as employees of American Healthcare Investors directly into shares of our Class I common stock. The 2018 Stock Purchase Plans terminated on December 31, 2018. Purchases of shares of our Class I common stock pursuant to the 2018 Stock Purchase Plans commenced beginning with the first regularly scheduled payroll payment on January 22, 2018. The shares of Class I common stock were purchased pursuant to the 2018 Stock Purchase Plans at a per share purchase price equal to the per share purchase price of our Class I common stock, which was $9.21 per share prior to April 11, 2018 and $9.65 per share effective as of April 11, 2018. No selling commissions, dealer manager fees (including the portion of such dealer manager fees funded by our advisor) or stockholder servicing fees were paid with respect to such sales of our Class I common stock pursuant to the 2018 Stock Purchase Plans. For the years ended December 31, 2019, 2018 and 2017, our officers invested the following amounts and we issued the following shares of our Class T and Class I common stock pursuant to the applicable stock purchase plan: Years Ended December 31, 2019 2018 2017 Officer’s Name Title Amount Shares Amount Shares Amount Shares Jeffrey T. Hanson Chief Executive Officer and Chairman of the Board of Directors $ 10,000 995 $ 329,000 34,690 $ 263,000 28,464 Danny Prosky President and Chief Operating Officer 11,000 1,103 352,000 37,111 272,000 29,480 Mathieu B. Streiff Executive Vice President and General Counsel 10,000 999 324,000 34,262 263,000 28,462 Brian S. Peay Chief Financial Officer 1,000 88 30,000 3,143 — — Stefan K.L. Oh Executive Vice President of Acquisitions 1,000 127 34,000 3,534 32,000 3,416 Christopher M. Belford Vice President of Asset Management 1,000 102 55,000 5,866 65,000 7,014 Wendie Newman Vice President of Asset Management 1,000 34 9,000 918 8,000 828 Total $ 35,000 3,448 $ 1,133,000 119,524 $ 903,000 97,664 Accounts Payable Due to Affiliates The following amounts were outstanding to our affiliates as of December 31, 2019 and 2018: December 31, Fee 2019 2018 Asset management fees $ 768,000 $ 595,000 Property management fees 145,000 97,000 Construction management fees 65,000 18,000 Lease commissions 21,000 — Operating expenses 12,000 6,000 Development fees 4,000 6,000 Acquisition fees 1,000 — Contingent Advisor Payment — 7,866,000 Total $ 1,016,000 $ 8,588,000 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 14. Fair Value Measurements Assets and Liabilities Reported at Fair Value The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 , aggregated by the level in the fair value hierarchy within which those measurements fall. We did not have any assets and liabilities measured at fair value on a recurring basis as of December 31, 2018. Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Liabilities: Derivative financial instruments $ — $ 4,385,000 $ — $ 4,385,000 There were no transfers into or out of fair value measurement levels during the year ended December 31, 2019 . Derivative Financial Instruments We use interest rate swaps to manage interest rate risk associated with variable-rate debt. The valuation of these instruments is determined using widely accepted valuation techniques including a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, as well as option volatility. The fair values of interest rate swaps are determined by netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates derived from observable market interest rate curves. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. Although we have determined that the majority of the inputs used to value our derivative financial instruments fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with these instruments utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by us and our counterparty. However, as of December 31, 2019 , we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. Financial Instruments Disclosed at Fair Value Our accompanying consolidated balance sheets include the following financial instruments: cash and cash equivalents, accounts and other receivables, restricted cash, real estate deposits, accounts payable and accrued liabilities, accounts payable due to affiliates, mortgage loans payable and borrowings under the 2018 Credit Facility. We consider the carrying values of cash and cash equivalents, accounts and other receivables, restricted cash, real estate deposits and accounts payable and accrued liabilities to approximate the fair values for these financial instruments based upon the short period of time between origination of the instruments and their expected realization. The fair value of accounts payable due to affiliates is not determinable due to the related party nature of the accounts payable. These financial assets and liabilities are measured at fair value on a recurring basis based on quoted prices in active markets for identical assets and liabilities, and therefore are classified as Level 1 in the fair value hierarchy. The fair value of our mortgage loans payable and the 2018 Credit Facility is estimated using a discounted cash flow analysis using borrowing rates available to us for debt instruments with similar terms and maturities. We have determined that our mortgage loans payable and the 2018 Credit Facility are classified in Level 2 within the fair value hierarchy as reliance is placed on inputs other than quoted prices that are observable, such as interest rates and yield curves. The carrying amounts and estimated fair values of such financial instruments as of December 31, 2019 and 2018 were as follows: December 31, 2019 2018 Carrying Fair Carrying Fair Financial Liabilities: Mortgage loans payable $ 26,070,000 $ 26,677,000 $ 16,892,000 $ 16,920,000 Line of credit and term loans $ 393,217,000 $ 396,891,000 $ 270,553,000 $ 275,124,000 ___________ (1) Carrying amount is net of any discount/premium and deferred financing costs. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes and Distributions [Abstract] | |
Income Taxes and Distributions | 15. Income Taxes As a REIT, we generally will not be subject to federal income tax on taxable income that we distribute to our stockholders. We have elected to treat certain of our consolidated subsidiaries as wholly owned taxable REIT subsidiaries, or TRS, pursuant to the Code. TRS may participate in services that would otherwise be considered impermissible for REITs and are subject to federal and state income tax at regular corporate tax rates. On December 22, 2017, the U.S. government enacted comprehensive tax legislation pursuant to the Tax Cuts and Jobs Act of 2017, or the Tax Act. The Tax Act makes broad and complex changes to the U.S. tax code, including, but not limited to, reducing the U.S. federal corporate tax rate to 21.0%, eliminating the corporate alternative minimum tax and changing rules related to uses and limitations of net operating loss carryforwards created in tax years beginning after December 31, 2017. The Tax Act is still unclear in some respects and could be subject to potential amendments and technical corrections. The federal income tax rules dealing with U.S. federal income taxation and REITs are constantly under review by persons involved in the legislative process, the IRS and the U.S. Treasury Department, which results in statutory changes as well as frequent revisions to regulations and interpretations. As a result, the long-term impact of the Tax Act on the overall economy, government revenues, our tenants, us, and the real estate industry cannot be reliably predicted at this time. We continue to work with our tax advisors to determine the full impact that the recent tax legislation as a whole will have on us. We did not incur income taxes for the year ended December 31, 2017. The components of income tax (benefit) expense for the years ended December 31, 2019 and 2018 were as follows: Years Ended December 31, 2019 2018 Federal deferred $ (1,087,000 ) $ (2,593,000 ) State deferred (100,000 ) (675,000 ) State current (8,000 ) 8,000 Valuation allowance 1,187,000 3,268,000 Total income tax (benefit) expense $ (8,000 ) $ 8,000 Current Income Tax Federal and state income taxes are generally a function of the level of income recognized by our TRSs. Deferred Taxes Deferred income tax is generally a function of the period’s temporary differences (primarily basis differences between tax and financial reporting for real estate assets and equity investments) and generation of tax net operating losses that may be realized in future periods depending on sufficient taxable income. We recognize the financial statement effects of an uncertain tax position when it is more likely than not, based on the technical merits of the tax position, that such a position will be sustained upon examination by the relevant tax authorities. If the tax benefit meets the “more likely than not” threshold, the measurement of the tax benefit will be based on our estimate of the ultimate tax benefit to be sustained if audited by the taxing authority. As of December 31, 2019 and 2018, we did not have any tax benefits or liabilities for uncertain tax positions that we believe should be recognized in our accompanying consolidated financial statements. We assess the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. A valuation allowance is established if we believe it is more likely than not that all or a portion of the deferred tax assets are not realizable. As of December 31, 2019 , our valuation allowance fully reserves the net deferred tax asset due to inherent uncertainty of future income. We will continue to monitor industry and economic conditions, and our ability to generate taxable income based on our business plan and available tax planning strategies, which would allow us to utilize the tax benefits of the net deferred tax assets and thereby allow us to reverse all, or a portion of, our valuation allowance in the future. Any increases or decreases to the deferred income tax assets or liabilities are reflected in income tax benefit or expense in our accompanying consolidated statements of operations. The components of deferred tax assets as of December 31, 2019 and 2018 was as follows: Years Ended December 31, 2019 2018 Deferred income tax assets: Fixed assets and intangibles $ 2,455,000 $ 2,484,000 Expense accruals and other 620,000 469,000 Net operating loss 1,856,000 791,000 Valuation allowances (4,931,000 ) (3,744,000 ) Total deferred income tax assets $ — $ — At December 31, 2019 and 2018, we had a net operating loss, or NOL, carryforward of $7,179,000 and $2,983,000 , respectively, related to the TRSs. These amounts can be used to offset future taxable income, if any. The NOL carryforwards that were incurred before January 1, 2018 begin to expire in 2037 with respect to the TRSs. The NOL carryforwards incurred after December 31, 2017 will be carried forward indefinitely. Tax Treatment of Distributions For federal income tax purposes, distributions to stockholders are characterized as ordinary income, capital gain distributions or nontaxable distributions. Nontaxable distributions will reduce U.S. stockholders’ basis (but not below zero) in their shares. The income tax treatment for distributions reportable for the years ended December 31, 2019, 2018 and 2017 was as follows: Years Ended December 31, 2019 2018 2017 Ordinary income $ 10,099,000 21.8 % $ 11,909,000 37.7 % $ 6,021,000 39.9 % Capital gain — — — — — — Return of capital 36,317,000 78.2 19,673,000 62.3 9,055,000 60.1 $ 46,416,000 100 % $ 31,582,000 100 % $ 15,076,000 100 % Amounts listed above do not include distributions paid on nonvested shares of our restricted common stock which have been separately reported. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lessor, Operating Leases | 16. Leases Lessor We have operating leases with tenants that expire at various dates through 2040. For the year ended December 31, 2019 , we recognized $74,610,000 of real estate revenue related to operating lease payments, of which $14,878,000 was for variable lease payments. As of December 31, 2019 , the following table sets forth the undiscounted cash flows for future minimum base rents due under operating leases for each of the next five years ending December 31 and thereafter for the properties that we wholly own: Year Amount 2020 $ 62,946,000 2021 61,205,000 2022 58,288,000 2023 53,719,000 2024 48,420,000 Thereafter 302,820,000 Total $ 587,398,000 Future minimum base rents due under operating leases as of December 31, 2018 for each of the next five years ending December 31 and thereafter was as follows: Year Amount 2019 $ 52,764,000 2020 52,207,000 2021 50,886,000 2022 48,249,000 2023 44,397,000 Thereafter 290,103,000 Total $ 538,606,000 Lessee We have ground lease obligations that generally require fixed annual rental payments and may also include escalation clauses and renewal options. These leases expire at various dates through 2107, excluding extension options. Certain of our lease agreements include rental payments that are adjusted periodically based on the Consumer Price Index, and may include other variable lease costs (i.e., common area maintenance, property taxes and insurance). Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. For the year ended December 31, 2019 , operating lease costs were $735,000 , which are included in rental expenses in our accompanying consolidated statements of operations. Such costs include short-term leases and variable lease costs, which are immaterial. Additional information related to our operating leases as of and for the year ended December 31, 2019 was as follows: Amount Right-of-use assets obtained in exchange for new operating lease liabilities $ 4,489,000 Weighted average remaining lease term (in years) 80.4 Weighted average discount rate 5.74 % Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash outflows related to operating leases $ 458,000 As of December 31, 2019, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for each of the next five years ending December 31 and thereafter, as well as the reconciliation of those cash flows to operating lease liabilities on the accompanying consolidated balance sheet: Year Amount 2020 $ 519,000 2021 523,000 2022 526,000 2023 530,000 2024 534,000 Thereafter 47,103,000 Total operating lease payments 49,735,000 Less: interest 39,877,000 Present value of operating lease liabilities $ 9,858,000 Future minimum operating lease obligations under non-cancelable ground lease obligations as of December 31, 2018 for each of the next five years ending December 31 and thereafter was as follows: Year Amount 2019 $ 307,000 2020 307,000 2021 307,000 2022 307,000 2023 307,000 Thereafter 11,978,000 Total $ 13,513,000 |
Lessee, Operating Leases | 16. Leases Lessor We have operating leases with tenants that expire at various dates through 2040. For the year ended December 31, 2019 , we recognized $74,610,000 of real estate revenue related to operating lease payments, of which $14,878,000 was for variable lease payments. As of December 31, 2019 , the following table sets forth the undiscounted cash flows for future minimum base rents due under operating leases for each of the next five years ending December 31 and thereafter for the properties that we wholly own: Year Amount 2020 $ 62,946,000 2021 61,205,000 2022 58,288,000 2023 53,719,000 2024 48,420,000 Thereafter 302,820,000 Total $ 587,398,000 Future minimum base rents due under operating leases as of December 31, 2018 for each of the next five years ending December 31 and thereafter was as follows: Year Amount 2019 $ 52,764,000 2020 52,207,000 2021 50,886,000 2022 48,249,000 2023 44,397,000 Thereafter 290,103,000 Total $ 538,606,000 Lessee We have ground lease obligations that generally require fixed annual rental payments and may also include escalation clauses and renewal options. These leases expire at various dates through 2107, excluding extension options. Certain of our lease agreements include rental payments that are adjusted periodically based on the Consumer Price Index, and may include other variable lease costs (i.e., common area maintenance, property taxes and insurance). Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. For the year ended December 31, 2019 , operating lease costs were $735,000 , which are included in rental expenses in our accompanying consolidated statements of operations. Such costs include short-term leases and variable lease costs, which are immaterial. Additional information related to our operating leases as of and for the year ended December 31, 2019 was as follows: Amount Right-of-use assets obtained in exchange for new operating lease liabilities $ 4,489,000 Weighted average remaining lease term (in years) 80.4 Weighted average discount rate 5.74 % Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash outflows related to operating leases $ 458,000 As of December 31, 2019, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for each of the next five years ending December 31 and thereafter, as well as the reconciliation of those cash flows to operating lease liabilities on the accompanying consolidated balance sheet: Year Amount 2020 $ 519,000 2021 523,000 2022 526,000 2023 530,000 2024 534,000 Thereafter 47,103,000 Total operating lease payments 49,735,000 Less: interest 39,877,000 Present value of operating lease liabilities $ 9,858,000 Future minimum operating lease obligations under non-cancelable ground lease obligations as of December 31, 2018 for each of the next five years ending December 31 and thereafter was as follows: Year Amount 2019 $ 307,000 2020 307,000 2021 307,000 2022 307,000 2023 307,000 Thereafter 11,978,000 Total $ 13,513,000 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | 17. Segment Reporting As of December 31, 2019 , we evaluated our business and made resource allocations based on four reportable business segments — medical office buildings, senior housing, senior housing — RIDEA and skilled nursing facilities. Our medical office buildings are typically leased to multiple tenants under separate leases, thus requiring active management and responsibility for many of the associated operating expenses (much of which are, or can effectively be, passed through to the tenants). Our senior housing facilities and skilled nursing facilities are primarily single-tenant properties for which we lease the facilities to unaffiliated tenants under triple-net and generally master leases that transfer the obligation for all facility operating costs (including maintenance, repairs, taxes, insurance and capital expenditures) to the tenant. Our senior housing — RIDEA properties include senior housing facilities that are owned and operated utilizing a RIDEA structure. We evaluate performance based upon segment net operating income. We define segment net operating income as total revenues, less rental expenses and property operating expenses, which excludes depreciation and amortization, general and administrative expenses, acquisition related expenses, interest expense, income or loss from unconsolidated entity, other income and income tax benefit or expense for each segment. We believe that net income (loss), as defined by GAAP, is the most appropriate earnings measurement. However, we believe that segment net operating income serves as an appropriate supplemental performance measure to net income (loss) because it allows investors and our management to measure unlevered property-level operating results and to compare our operating results to the operating results of other real estate companies and between periods on a consistent basis. Interest expense, depreciation and amortization and other expenses not attributable to individual properties are not allocated to individual segments for purposes of assessing segment performance. Non-segment assets primarily consist of corporate assets including our investment in unconsolidated entity, cash and cash equivalents, other receivables, real estate deposits and other assets not attributable to individual properties. Summary information for the reportable segments during the years ended December 31, 2019, 2018 and 2017 was as follows: Medical Senior Senior Skilled Year Ended Revenues: Real estate revenue $ 54,508,000 $ — $ 8,421,000 $ 11,681,000 $ 74,610,000 Resident fees and services — 46,160,000 — — 46,160,000 Total revenues 54,508,000 46,160,000 8,421,000 11,681,000 120,770,000 Expenses: Rental expenses 17,528,000 — 1,142,000 556,000 19,226,000 Property operating expenses — 37,434,000 — — 37,434,000 Segment net operating income $ 36,980,000 $ 8,726,000 $ 7,279,000 $ 11,125,000 $ 64,110,000 Expenses: General and administrative $ 15,235,000 Acquisition related expenses 1,974,000 Depreciation and amortization 45,626,000 Other income (expense): Interest expense: Interest expense (including amortization of deferred financing costs and debt discount/premium) (16,191,000 ) Loss in fair value derivative financial instruments (4,385,000 ) Income from unconsolidated entity 267,000 Other income 175,000 Loss before income taxes (18,859,000 ) Income tax benefit 8,000 Net loss $ (18,851,000 ) Medical Office Senior Senior Skilled Nursing Facilities Year Ended Revenues: Real estate revenue $ 34,339,000 $ — $ 8,994,000 $ 4,266,000 $ 47,599,000 Resident fees and services — 36,857,000 — — 36,857,000 Total revenues 34,339,000 36,857,000 8,994,000 4,266,000 84,456,000 Expenses: Rental expenses 9,934,000 — 1,214,000 351,000 11,499,000 Property operating expenses — 30,023,000 — — 30,023,000 Segment net operating income $ 24,405,000 $ 6,834,000 $ 7,780,000 $ 3,915,000 $ 42,934,000 Expenses: General and administrative $ 9,172,000 Acquisition related expenses 2,795,000 Depreciation and amortization 32,658,000 Other income (expense): Interest expense (including amortization of deferred financing costs and debt discount/premium) (6,788,000 ) Loss from unconsolidated entity (110,000 ) Other income 11,000 Loss before income taxes (8,578,000 ) Income tax expense (8,000 ) Net loss $ (8,586,000 ) Medical Senior Senior Year Ended Revenues: Real estate revenue $ 22,320,000 $ — $ 5,450,000 $ 27,770,000 Resident fees and services — 5,563,000 — 5,563,000 Total revenues 22,320,000 5,563,000 5,450,000 33,333,000 Expenses: Rental expenses 6,694,000 — 598,000 7,292,000 Property operating expenses — 4,203,000 — 4,203,000 Segment net operating income $ 15,626,000 $ 1,360,000 $ 4,852,000 $ 21,838,000 Expenses: General and administrative $ 4,338,000 Acquisition related expenses 655,000 Depreciation and amortization 13,639,000 Other income (expense): Interest expense (including amortization of deferred financing costs and debt premium) (2,699,000 ) Other income 1,000 Net income $ 508,000 Assets by reportable segment as of December 31, 2019 and 2018 were as follows: December 31, 2019 2018 Medical office buildings $ 600,048,000 $ 417,708,000 Senior housing — RIDEA 149,055,000 146,965,000 Senior housing 142,982,000 154,716,000 Skilled nursing 121,749,000 115,657,000 Other 54,493,000 61,326,000 Total assets $ 1,068,327,000 $ 896,372,000 |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | 18. Concentration of Credit Risk Financial instruments that potentially subject us to a concentration of credit risk are primarily cash and cash equivalents, accounts and other receivables, restricted cash and real estate deposits. Cash and cash equivalents are generally invested in investment-grade, short-term instruments with a maturity of three months or less when purchased. We have cash and cash equivalents in financial institutions that are insured by the Federal Deposit Insurance Corporation, or FDIC. As of December 31, 2019 and 2018, we had cash and cash equivalents in excess of FDIC insured limits. We believe this risk is not significant. Concentration of credit risk with respect to accounts receivable from tenants is limited. In general, we perform credit evaluations of prospective tenants and security deposits are obtained at the time of property acquisition and upon lease execution. Based on leases in effect as of December 31, 2019 , one state in the United States accounted for 10.0% or more of our total property portfolio’s annualized base rent or annualized net operating income. Our properties located in Missouri accounted for approximately 11.4% of our total property portfolio’s annualized base rent or annualized net operating income. Accordingly, there is a geographic concentration of risk subject to fluctuations in such state’s economy. Based on leases in effect as of December 31, 2019 , our four reportable business segments, medical office buildings, senior housing, skilled nursing facilities and senior housing — RIDEA accounted for 62.1% , 13.9% , 13.6% and 10.4% , respectively, of our total property portfolio’s annualized base rent or annualized net operating income. As of December 31, 2019 , we had one tenant that accounted for 10.0% or more of our total property portfolio’s annualized base rent or annualized net operating income, as follows: Tenant Annualized Percentage of Annualized Base Rent Acquisition Reportable Segment GLA Lease Expiration RC Tier Properties, LLC $ 7,782,000 10.4% Missouri SNF Portfolio Skilled Nursing 385,000 09/30/33 ___________ (1) Annualized base rent is based on contractual base rent from leases in effect as of December 31, 2019 , inclusive of our senior housing — RIDEA facilities. The loss of this tenant or its inability to pay rent could have a material adverse effect on our business and results of operations. |
Per Share Data
Per Share Data | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Per Share Data | 19. Per Share Data Basic earnings (loss) per share for all periods presented are computed by dividing net income (loss) applicable to common stock by the weighted average number of shares of our common stock outstanding during the period. Net income (loss) applicable to common stock is calculated as net income (loss) attributable to controlling interest less distributions allocated to participating securities of $24,000 , $19,000 and $12,000 for the years ended December 31, 2019, 2018 and 2017, respectively. Diluted earnings (loss) per share are computed based on the weighted average number of shares of our common stock and all potentially dilutive securities, if any. Nonvested shares of our restricted common stock and redeemable limited partnership units of our operating partnership are participating securities and give rise to potentially dilutive shares of our common stock. As of December 31, 2019 and 2018 , there were 43,500 and 37,500 nonvested shares, respectively, of our restricted common stock outstanding, but such shares were excluded from the computation of diluted earnings per share because such shares were anti-dilutive during these periods. As of December 31, 2019 and 2018, there were 208 units of redeemable limited partnership units of our operating partnership outstanding, but such units were excluded from the computation of diluted earnings per share because such units were anti-dilutive during these periods. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Selected Quarterly Financial Data [Abstract] | |
Selected Quarterly Financial Data | 20. Selected Quarterly Financial Data (Unaudited) Set forth below is the unaudited selected quarterly financial data. We believe that all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to present fairly, and in accordance with GAAP, the unaudited selected quarterly financial data when read in conjunction with our consolidated financial statements. Quarters Ended December 31, 2019 September 30, 2019 June 30, 2019 March 31, 2019 Revenues $ 33,437,000 $ 31,118,000 $ 30,373,000 $ 25,842,000 Expenses (28,597,000 ) (28,421,000 ) (29,645,000 ) (32,832,000 ) Other expense (3,548,000 ) (4,608,000 ) (6,610,000 ) (5,368,000 ) Income tax benefit (expense) 25,000 (7,000 ) (7,000 ) (3,000 ) Net income (loss) 1,317,000 (1,918,000 ) (5,889,000 ) (12,361,000 ) Less: net loss attributable to redeemable noncontrolling interests 6,000 19,000 32,000 25,000 Net income (loss) attributable to controlling interest $ 1,323,000 $ (1,899,000 ) $ (5,857,000 ) $ (12,336,000 ) Net income (loss) per Class T and Class I common share attributable to controlling interest — basic and diluted $ 0.02 $ (0.02 ) $ (0.07 ) $ (0.16 ) Weighted average number of Class T and Class I common shares outstanding — basic and diluted 79,884,966 79,502,193 79,026,999 75,105,471 Quarters Ended December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018 Revenues $ 25,323,000 $ 22,281,000 $ 19,010,000 $ 17,842,000 Expenses (25,961,000 ) (22,384,000 ) (18,808,000 ) (18,994,000 ) Other expense (3,047,000 ) (1,596,000 ) (1,160,000 ) (1,084,000 ) Income tax expense (4,000 ) (4,000 ) — — Net loss (3,689,000 ) (1,703,000 ) (958,000 ) (2,236,000 ) Less: net loss attributable to redeemable noncontrolling interests 35,000 72,000 58,000 67,000 Net loss attributable to controlling interest $ (3,654,000 ) $ (1,631,000 ) $ (900,000 ) $ (2,169,000 ) Net loss per Class T and Class I common share attributable to controlling interest — basic and diluted $ (0.06 ) $ (0.03 ) $ (0.02 ) $ (0.05 ) Weighted average number of Class T and Class I common shares outstanding — basic and diluted 64,954,525 57,769,964 51,277,753 45,136,647 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 21. Subsequent Events Property Acquisitions Subsequent to December 31, 2019 , we completed the acquisition of seven buildings from unaffiliated third parties. The following is a summary of our property acquisitions subsequent to December 31, 2019 : Acquisition Location Type Date Acquired Contract Purchase Price Line of Credit(1) Total Acquisition Fee(2) Catalina West Haven ALF(3) West Haven, UT Senior Housing — RIDEA 01/01/20 $ 12,799,000 $ 12,700,000 $ 278,000 Louisiana Senior Housing Portfolio(4) Gonzales, Monroe, New Iberia, Shreveport, Slidell, LA Senior Housing — RIDEA 01/03/20 34,000,000 32,700,000 737,000 Catalina Madera ALF(3) Madera, CA Senior Housing — RIDEA 01/31/20 17,900,000 17,300,000 389,000 $ 64,699,000 $ 62,700,000 $ 1,404,000 ___________ (1) Represents a borrowing under the 2018 Credit Facility, as defined in Note 7, Line of Credit and Term Loans , at the time of acquisition (2) Our advisor was paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our property, a base acquisition fee of 2.25% of the portion of the contract purchase price paid by us. See Note 13, Related Party Transactions — Acquisition and Development Stage — Acquisition Fee, for a further discussion. (3) On January 1, 2020 and January 31, 2020, we completed the acquisitions of Catalina West Haven ALF and Catalina Madera ALF, respectively, pursuant to a joint venture with an affiliate of Avalon Health Care, Inc., an unaffiliated third party. Our ownership of the joint venture is approximately 90% . (4) On January 3, 2020, we completed the acquisition of Louisiana Senior Housing Portfolio, pursuant to a joint venture with an affiliate of Senior Solutions Management Group, an unaffiliated third party. Our ownership of the joint venture is approximately 90% . |
Schedule III Real Estate and Ac
Schedule III Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2019 | |
Sch III Real Estate and Accumulated Depreciation [Abstract] | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure | Initial Cost to Company Gross Amount of Which Carried at Close of Period(d) Description(a) Encumbrances Land Buildings and Improvements Cost Capitalized Subsequent to Acquisition(b) Land Buildings and Improvements Total(c) Accumulated Depreciation (e)(f) Date of Construction Date Acquired Auburn MOB (Medical Office) Auburn, CA $ — $ 406,000 $ 4,600,000 $ 72,000 $ 406,000 $ 4,672,000 $ 5,078,000 $ (582,000 ) 1997 06/28/16 Pottsville MOB (Medical Office) Pottsville, PA — 1,493,000 7,050,000 102,000 1,493,000 7,152,000 8,645,000 (929,000 ) 2004 09/16/16 Charlottesville MOB (Medical Office) Charlottesville, VA — 4,768,000 13,330,000 63,000 4,768,000 13,393,000 18,161,000 (1,599,000 ) 2001 09/22/16 Rochester Hills MOB (Medical Office) Rochester Hills, MI 3,103,000 1,727,000 5,763,000 220,000 1,727,000 5,983,000 7,710,000 (770,000 ) 1990 09/29/16 Cullman MOB III (Medical Office) Cullman, AL — — 13,989,000 75,000 — 14,064,000 14,064,000 (1,357,000 ) 2010 09/30/16 Iron MOB Portfolio (Medical Office) Cullman, AL — — 10,237,000 665,000 — 10,902,000 10,902,000 (1,283,000 ) 1994 10/13/16 Cullman, AL — — 6,906,000 959,000 — 7,865,000 7,865,000 (935,000 ) 1998 10/13/16 Sylacauga, AL — — 7,907,000 63,000 — 7,970,000 7,970,000 (740,000 ) 1997 10/13/16 Mint Hill MOB (Medical Office) Mint Hill, NC — — 16,585,000 1,118,000 — 17,703,000 17,703,000 (2,196,000 ) 2007 11/14/16 Lafayette Assisted Living Portfolio (Senior Housing — RIDEA) Lafayette, LA — 1,327,000 8,225,000 4,000 1,327,000 8,229,000 9,556,000 (710,000 ) 1996 12/01/16 Lafayette, LA — 980,000 4,244,000 (130,000 ) 980,000 4,114,000 5,094,000 (385,000 ) 2014 12/01/16 Evendale MOB (Medical Office) Evendale, OH — 1,620,000 7,583,000 742,000 1,620,000 8,325,000 9,945,000 (1,041,000 ) 1988 12/13/16 Battle Creek MOB (Medical Office) Battle Creek, MI — 960,000 5,717,000 373,000 960,000 6,090,000 7,050,000 (788,000 ) 1996 03/10/17 Reno MOB (Medical Office) Reno, NV — — 64,718,000 815,000 — 65,533,000 65,533,000 (5,276,000 ) 2005 03/13/17 Athens MOB Portfolio (Medical Office) Athens, GA — 809,000 5,227,000 422,000 809,000 5,649,000 6,458,000 (543,000 ) 2006 05/18/17 Athens, GA — 1,084,000 8,772,000 109,000 1,084,000 8,881,000 9,965,000 (777,000 ) 2006 05/18/17 SW Illinois Senior Housing Portfolio (Senior Housing) Columbia, IL — 1,086,000 9,651,000 3,000 1,086,000 9,654,000 10,740,000 (883,000 ) 2007 05/22/17 Columbia, IL — 121,000 1,656,000 — 121,000 1,656,000 1,777,000 (135,000 ) 1999 05/22/17 Millstadt, IL — 203,000 3,827,000 — 203,000 3,827,000 4,030,000 (302,000 ) 2004 05/22/17 Red Bud, IL — 198,000 3,553,000 51,000 198,000 3,604,000 3,802,000 (292,000 ) 2006 05/22/17 Waterloo, IL — 470,000 8,369,000 — 470,000 8,369,000 8,839,000 (636,000 ) 2012 05/22/17 Lawrenceville MOB (Medical Office) Lawrenceville, GA 7,738,000 1,363,000 9,099,000 5,000 1,363,000 9,104,000 10,467,000 (878,000 ) 2005 06/12/17 Northern California Senior Housing Portfolio (Senior Housing) Belmont, CA — 10,760,000 13,631,000 (293,000 ) 10,760,000 13,338,000 24,098,000 (956,000 ) 1958/2000 06/28/17 Fairfield, CA — 317,000 6,584,000 (74,000 ) 317,000 6,510,000 6,827,000 (483,000 ) 1974 06/28/17 Menlo Park, CA — 5,188,000 2,177,000 (63,000 ) 5,188,000 2,114,000 7,302,000 (147,000 ) 1945 06/28/17 Sacramento, CA — 1,266,000 2,818,000 (245,000 ) 1,266,000 2,573,000 3,839,000 (210,000 ) 1978 06/28/17 Roseburg MOB (Medical Office) Roseburg, OR — — 20,925,000 34,000 — 20,959,000 20,959,000 (1,651,000 ) 2003 06/29/17 Initial Cost to Company Gross Amount of Which Carried at Close of Period(d) Description(a) Encumbrances Land Buildings and Improvements Cost Capitalized Subsequent to Acquisition(b) Land Buildings and Improvements Total(c) Accumulated Depreciation (e)(f) Date of Construction Date Acquired Fairfield County MOB Portfolio (Medical Office) Stratford, CT $ — $ 1,011,000 $ 3,538,000 $ 319,000 $ 1,011,000 $ 3,857,000 $ 4,868,000 $ (475,000 ) 1963 09/29/17 Trumbull, CT — 2,250,000 6,879,000 466,000 2,250,000 7,345,000 9,595,000 (703,000 ) 1987 09/29/17 Central Florida Senior Housing Portfolio (Senior Housing — RIDEA) Bradenton, FL — 1,058,000 5,118,000 626,000 1,058,000 5,744,000 6,802,000 (474,000 ) 1973/1983 11/01/17 Brooksville, FL — 1,378,000 10,217,000 496,000 1,378,000 10,713,000 12,091,000 (995,000 ) 1960/2007 11/01/17 Brooksville, FL — 934,000 6,550,000 310,000 934,000 6,860,000 7,794,000 (533,000 ) 2008 11/01/17 Lake Placid, FL — 950,000 3,476,000 267,000 950,000 3,743,000 4,693,000 (340,000 ) 2008 11/01/17 Lakeland, FL — 529,000 17,541,000 841,000 529,000 18,382,000 18,911,000 (1,146,000 ) 1985 11/01/17 Pinellas Park, FL — 1,118,000 9,005,000 833,000 1,118,000 9,838,000 10,956,000 (803,000 ) 2016 11/01/17 Sanford, FL — 2,783,000 10,019,000 661,000 2,783,000 10,680,000 13,463,000 (810,000 ) 1984 11/01/17 Spring Hill, FL — 930,000 6,241,000 518,000 930,000 6,759,000 7,689,000 (512,000 ) 1988 11/01/17 Winter Haven, FL — 3,119,000 21,973,000 1,652,000 3,119,000 23,625,000 26,744,000 (2,031,000 ) 1984 11/01/17 Central Wisconsin Senior Care Portfolio (Skilled Nursing) Sun Prairie, WI — 587,000 3,487,000 2,000 587,000 3,489,000 4,076,000 (224,000 ) 1960/2006 03/01/18 Waunakee, WI — 1,930,000 14,352,000 3,000 1,930,000 14,355,000 16,285,000 (927,000 ) 1974/2005 03/01/18 Sauk Prairie MOB (Medical Office) Prairie du Sac, WI — 2,154,000 15,194,000 — 2,154,000 15,194,000 17,348,000 (1,033,000 ) 2014 04/09/18 Surprise MOB (Medical Office) Surprise, AZ — 1,759,000 9,037,000 148,000 1,759,000 9,185,000 10,944,000 (563,000 ) 2012 04/27/18 Southfield MOB (Medical Office) Southfield, MI 5,897,000 1,639,000 12,907,000 22,000 1,639,000 12,929,000 14,568,000 (900,000 ) 1975/2014 05/11/18 Pinnacle Beaumont ALF (Senior Housing — RIDEA) Beaumont, TX — 1,586,000 17,483,000 61,000 1,586,000 17,544,000 19,130,000 (745,000 ) 2012 07/01/18 Grand Junction MOB (Medical Office) Grand Junction, CO — 1,315,000 27,528,000 27,000 1,315,000 27,555,000 28,870,000 (1,301,000 ) 2013 07/06/18 Edmonds MOB (Medical Office) Edmonds, WA — 4,167,000 16,770,000 46,000 4,167,000 16,816,000 20,983,000 (758,000 ) 1991/2008 07/30/18 Pinnacle Warrenton ALF (Senior Housing — RIDEA) Warrenton, MO — 462,000 7,125,000 428,000 462,000 7,553,000 8,015,000 (333,000 ) 1986 08/01/18 Glendale MOB (Medical Office) Glendale, WI — 794,000 5,541,000 563,000 794,000 6,104,000 6,898,000 (417,000 ) 2004 08/13/18 Missouri SNF Portfolio (Skilled Nursing) Florissant, MO — 1,064,000 9,301,000 — 1,064,000 9,301,000 10,365,000 (387,000 ) 1987 09/28/18 Kansas City, MO — 1,710,000 10,699,000 — 1,710,000 10,699,000 12,409,000 (485,000 ) 1974 09/28/18 Milan, MO — 181,000 5,972,000 — 181,000 5,972,000 6,153,000 (241,000 ) 1980 09/28/18 Missouri, MO — 473,000 9,856,000 — 473,000 9,856,000 10,329,000 (389,000 ) 1963 09/28/18 Salisbury, MO — 252,000 7,581,000 — 252,000 7,581,000 7,833,000 (305,000 ) 1970 09/28/18 Sedalia, MO — 266,000 22,397,000 — 266,000 22,397,000 22,663,000 (794,000 ) 1975 09/28/18 St. Elizabeth, MO — 329,000 4,282,000 — 329,000 4,282,000 4,611,000 (178,000 ) 1981 09/28/18 Initial Cost to Company Gross Amount of Which Carried at Close of Period(d) Description(a) Encumbrances Land Buildings and Improvements Cost Capitalized Subsequent to Acquisition(b) Land Buildings and Improvements Total(c) Accumulated Depreciation (e)(f) Date of Construction Date Acquired Trenton, MO $ — $ 122,000 $ 4,507,000 $ — $ 122,000 $ 4,507,000 $ 4,629,000 $ (177,000 ) 1967 09/28/18 Flemington MOB Portfolio (Medical Office) Flemington, NJ — 1,473,000 10,728,000 72,000 1,473,000 10,800,000 12,273,000 (429,000 ) 2002 11/29/18 Flemington, NJ — 586,000 2,949,000 47,000 586,000 2,996,000 3,582,000 (133,000 ) 1993 11/29/18 Lawrenceville MOB II (Medical Office) Lawrenceville, GA — 1,000,000 7,737,000 128,000 1,000,000 7,865,000 8,865,000 (353,000 ) 1990 12/19/18 Mill Creek MOB (Medical Office) Mill Creek, WA — 1,453,000 5,935,000 8,000 1,453,000 5,943,000 7,396,000 (198,000 ) 1991 12/21/18 Modesto MOB (Medical Office) Modesto, CA — — 12,789,000 15,000 — 12,804,000 12,804,000 (444,000 ) 1991/2016 12/28/18 Michigan ALF Portfolio (Senior Housing) Grand Rapids, MI — 1,334,000 8,422,000 1,000 1,334,000 8,423,000 9,757,000 (248,000 ) 1953/2016 12/28/18 Grand Rapids, MI 10,361,000 1,382,000 10,740,000 1,000 1,382,000 10,741,000 12,123,000 (235,000 ) 1989 05/01/19 Holland, MI — 799,000 6,984,000 3,000 799,000 6,987,000 7,786,000 (238,000 ) 2007/2017 12/28/18 Howell, MI — 728,000 5,404,000 1,000 728,000 5,405,000 6,133,000 (163,000 ) 2003 12/28/18 Lansing, MI — 1,175,000 12,052,000 2,000 1,175,000 12,054,000 13,229,000 (345,000 ) 1988/2015 12/28/18 Wyoming, MI — 1,542,000 12,873,000 2,000 1,542,000 12,875,000 14,417,000 (373,000 ) 1964/2016 12/28/18 Lithonia MOB (Medical Office) Lithonia, GA — 1,129,000 8,842,000 — 1,129,000 8,842,000 9,971,000 (303,000 ) 2015 03/05/19 West Des Moines SNF (Skilled Nursing) West Des Moines, IA — 672,000 5,753,000 — 672,000 5,753,000 6,425,000 (136,000 ) 2004 03/24/19 Great Nord MOB Portfolio (Medical Office) Tinley Park, IL — — 12,976,000 — — 12,976,000 12,976,000 (376,000 ) 2002 04/08/19 Chesterton, IN — 539,000 8,937,000 — 539,000 8,937,000 9,476,000 (238,000 ) 2007 04/08/19 Crown Point, IN — 283,000 4,882,000 — 283,000 4,882,000 5,165,000 (124,000 ) 2005 04/08/19 Plymouth, MN — 1,452,000 11,126,000 — 1,452,000 11,126,000 12,578,000 (265,000 ) 2014 04/08/19 Overland Park MOB (Medical Office) Overland Park, KS — 2,437,000 23,169,000 1,366,000 2,437,000 24,534,000 26,971,000 (304,000 ) 2017 08/05/19 Blue Badger MOB (Medical Office) Marysville, OH — 1,838,000 10,646,000 — 1,838,000 10,647,000 12,485,000 (141,000 ) 2014 08/09/19 Bloomington MOB (Medical Office) Bloomington, IL — 3,178,000 13,547,000 — 3,178,000 13,547,000 16,725,000 (170,000 ) 1990 08/13/19 Memphis MOB (Medical Office) Memphis, TN — 1,210,000 6,775,000 — 1,210,000 6,775,000 7,985,000 (92,000 ) 1984 08/15/19 Haverhill MOB (Medical Office) Haverhill, MA — 1,620,000 12,537,000 — 1,620,000 12,537,000 14,157,000 (131,000 ) 1987 08/27/19 Fresno MOB (Medical Office) Fresno, CA — 1,412,000 8,155,000 — 1,412,000 8,155,000 9,567,000 (59,000 ) 2007 10/30/19 Colorado Foothills MOB Portfolio (Medical Office) Arvada, CO — 720,000 4,615,000 — 720,000 4,615,000 5,335,000 (20,000 ) 1979 11/19/19 Centennial, CO — 970,000 10,307,000 — 970,000 10,307,000 11,277,000 (35,000 ) 1979 11/19/19 Colorado Springs, CO — 1,443,000 11,123,000 — 1,443,000 11,123,000 12,566,000 (42,000 ) 1999 11/19/19 $ 27,099,000 $ 103,371,000 $ 827,722,000 $ 15,025,000 $ 103,371,000 $ 842,747,000 $ 946,118,000 $ (51,058,000 ) ________________ (a) We own 100% of our properties as of December 31, 2019, with the exception of Central Florida Senior Housing Portfolio, Pinnacle Beaumont ALF and Pinnacle Warrenton ALF. (b) The cost capitalized subsequent to acquisition is shown net of dispositions. (c) The changes in total real estate for the years ended December 31, 2019, 2018 and 2017 are as follows: Amount Balance — December 31, 2016 $ 118,764,000 Acquisitions 307,384,000 Additions 2,476,000 Dispositions (74,000 ) Balance — December 31, 2017 $ 428,550,000 Acquisitions $ 320,822,000 Additions 8,985,000 Dispositions (1,369,000 ) Balance — December 31, 2018 $ 756,988,000 Acquisitions $ 184,402,000 Additions 7,117,000 Dispositions (2,389,000 ) Balance — December 31, 2019 $ 946,118,000 (d) As of December 31, 2019 , for federal income tax purposes, the aggregate cost of our properties is $1,055,615,000 . (e) The changes in accumulated depreciation for the years ended December 31, 2019, 2018 and 2017 are as follows: Amount Balance — December 31, 2016 $ 822,000 Additions 8,090,000 Dispositions (27,000 ) Balance — December 31, 2017 $ 8,885,000 Additions $ 16,672,000 Dispositions (245,000 ) Balance — December 31, 2018 $ 25,312,000 Additions $ 27,435,000 Dispositions (1,689,000 ) Balance — December 31, 2019 $ 51,058,000 (f) The cost of buildings and capital improvements is depreciated on a straight-line basis over the estimated useful lives of the buildings and capital improvements, up to 39 years , and the cost for tenant improvements is depreciated over the shorter of the lease term or useful life, up to 16 years . Furniture, fixtures and equipment is depreciated over the estimated useful life, up to 20 years . |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy | Because we are the sole general partner of our operating partnership and have unilateral control over its management and major operating decisions (even if additional limited partners are admitted to our operating partnership), the accounts of our operating partnership are consolidated in our accompanying consolidated financial statements. All intercompany accounts and transactions are eliminated in consolidation. Basis of Presentation Our accompanying consolidated financial statements include our accounts and those of our operating partnership and the wholly owned subsidiaries of our operating partnership, as well as any VIEs in which we are the primary beneficiary. We evaluate our ability to control an entity, and whether the entity is a VIE and we are the primary beneficiary, by considering substantive terms of the arrangement and identifying which enterprise has the power to direct the activities of the entity that most significantly impacts the entity’s economic performance. |
Use of Estimates | Use of Estimates The preparation of our accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as the disclosure of contingent assets and liabilities, at the date of our consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include, but are not limited to, the initial and recurring valuation of certain assets acquired and liabilities assumed through property acquisitions, allowance for uncollectible accounts, impairment of long-lived assets and contingencies. These estimates are made and evaluated on an on-going basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates, perhaps in material adverse ways, and those estimates could be different under different assumptions or conditions. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of all highly liquid investments with a maturity of three months or less when purchased. Restricted cash primarily comprises lender required accounts for property taxes, tenant improvements, capital improvements and insurance, which are restricted as to use or withdrawal. |
Lessor | Leases On January 1, 2019, we adopted Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 842, Leases , or ASC Topic 842. ASC Topic 842 supersedes ASC Topic 840, Leases , or ASC Topic 840. We adopted ASC Topic 842 using the modified retrospective approach whereby the cumulative effect of adoption was recognized on the adoption date and prior periods were not restated. There was no net cumulative effect adjustment to retained earnings as of January 1, 2019 as a result of this adoption. Therefore, with respect to our leases as both lessees and lessors, information is presented under ASC Topic 842 for the year ended December 31, 2019 , and under ASC Topic 840 for the years ended December 31, 2018 and 2017. In addition, ASC Topic 842 provides a practical expedient package that allows an entity to not reassess the following upon adoption (must be elected as a group): (i) whether an expired or existing contract contains a lease arrangement; (ii) the lease classification related to expired or existing lease arrangements; or (iii) whether costs incurred on expired or existing leases qualify as initial direct costs. We elected such practical expedient package upon our adoption of ASC Topic 842 on January 1, 2019. We determine if a contract is a lease upon inception of the lease. We maintain a distinction between finance and operating leases, which is substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous lease guidance. Lessee: Pursuant to ASC Topic 842, lessees are required to recognize the following for all leases with terms greater than 12 months at the commencement date: (i) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease; and (ii) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The lease liability is calculated by using either the implicit rate of the lease or the incremental borrowing rate. As a result of the adoption of ASC Topic 842 on January 1, 2019, we recognized an initial amount of operating lease liabilities of $5,334,000 in our consolidated balance sheet for all of our ground leases. In addition, we recorded corresponding right-of-use assets of $11,239,000 , which represent the lease liabilities, net of the existing accrued straight-line rent liabilities and adjusted for unamortized above/below market ground lease intangibles. The accretion of lease liabilities and amortization expense on right-of-use assets for our operating leases are included in rental expenses in our accompanying consolidated statements of operations. Operating lease liabilities are calculated using our incremental borrowing rate based on the information available as of the lease commencement date. Lessor: Pursuant to ASC Topic 842, lessors bifurcate lease revenues into lease components and non-lease components and separately recognize and disclose non-lease components that are executory in nature. Lease components continue to be recognized on a straight-line basis over the lease term and certain non-lease components may be accounted for under the new revenue recognition guidance in ASC Topic 606, Revenue from Contracts with Customers, or ASC Topic 606. See the “Revenue Recognition” section below. ASC Topic 842 also provides for a practical expedient package that permits lessors to not separate non-lease components from the associated lease component if certain conditions are met. Such practical expedient is limited to circumstances in which: (i) the timing and pattern of transfer are the same for the non-lease component and the related lease component; and (ii) the lease component, if accounted for separately, would be classified as an operating lease. In addition, such practical expedient causes an entity to assess whether a contract is predominately lease or service based, and recognize the revenue from the entire contract under the relevant accounting guidance. Effective upon our adoption of ASC Topic 842 on January 1, 2019, we continue to recognize revenue for our medical office buildings, senior housing and skilled nursing facilities segments under ASC Topic 842 as real estate revenue. Minimum annual rental revenue is recognized on a straight-line basis over the term of the related lease (including rent holidays). Differences between real estate revenue recognized and cash amounts contractually due from tenants under the lease agreements are recorded to deferred rent receivable, which is included in other assets, net in our accompanying consolidated balance sheet. Tenant reimbursement revenue, which comprises additional amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses, are considered non-lease components and variable lease payments. We qualified for and elected the practical expedient as outlined above to combine the non-lease component with the lease component, which is the predominant component, and therefore the non-lease component is recognized as part of real estate revenue. In addition, as lessors, we exclude certain lessor costs (i.e., property taxes and insurance) paid directly by a lessee to third parties on our behalf from our measurement of variable lease revenue and associated expense (i.e., no gross up of revenue and expense for these costs); and include lessor costs that we paid and are reimbursed by the lessee in our measurement of variable lease revenue and associated expense (i.e., gross up revenue and expense for these costs). Therefore, we no longer record revenue or expense when the lessee pays the property taxes and insurance directly to a third party. Our senior housing — RIDEA facilities offer residents room and board (lease component), standard meals and healthcare services (non-lease component), and certain ancillary services that are not contemplated in the lease with each resident (i.e., laundry, guest meals, etc.). For our senior housing — RIDEA facilities, we recognize revenue under ASC Topic 606 as resident fees and services, based on our predominance assessment from electing the practical expedient outlined above. See the “Revenue Recognition” section below. See Note 16, Leases , for a further discussion. |
Lessee | Leases On January 1, 2019, we adopted Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 842, Leases , or ASC Topic 842. ASC Topic 842 supersedes ASC Topic 840, Leases , or ASC Topic 840. We adopted ASC Topic 842 using the modified retrospective approach whereby the cumulative effect of adoption was recognized on the adoption date and prior periods were not restated. There was no net cumulative effect adjustment to retained earnings as of January 1, 2019 as a result of this adoption. Therefore, with respect to our leases as both lessees and lessors, information is presented under ASC Topic 842 for the year ended December 31, 2019 , and under ASC Topic 840 for the years ended December 31, 2018 and 2017. In addition, ASC Topic 842 provides a practical expedient package that allows an entity to not reassess the following upon adoption (must be elected as a group): (i) whether an expired or existing contract contains a lease arrangement; (ii) the lease classification related to expired or existing lease arrangements; or (iii) whether costs incurred on expired or existing leases qualify as initial direct costs. We elected such practical expedient package upon our adoption of ASC Topic 842 on January 1, 2019. We determine if a contract is a lease upon inception of the lease. We maintain a distinction between finance and operating leases, which is substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous lease guidance. Lessee: Pursuant to ASC Topic 842, lessees are required to recognize the following for all leases with terms greater than 12 months at the commencement date: (i) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease; and (ii) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The lease liability is calculated by using either the implicit rate of the lease or the incremental borrowing rate. As a result of the adoption of ASC Topic 842 on January 1, 2019, we recognized an initial amount of operating lease liabilities of $5,334,000 in our consolidated balance sheet for all of our ground leases. In addition, we recorded corresponding right-of-use assets of $11,239,000 , which represent the lease liabilities, net of the existing accrued straight-line rent liabilities and adjusted for unamortized above/below market ground lease intangibles. The accretion of lease liabilities and amortization expense on right-of-use assets for our operating leases are included in rental expenses in our accompanying consolidated statements of operations. Operating lease liabilities are calculated using our incremental borrowing rate based on the information available as of the lease commencement date. Lessor: Pursuant to ASC Topic 842, lessors bifurcate lease revenues into lease components and non-lease components and separately recognize and disclose non-lease components that are executory in nature. Lease components continue to be recognized on a straight-line basis over the lease term and certain non-lease components may be accounted for under the new revenue recognition guidance in ASC Topic 606, Revenue from Contracts with Customers, or ASC Topic 606. See the “Revenue Recognition” section below. ASC Topic 842 also provides for a practical expedient package that permits lessors to not separate non-lease components from the associated lease component if certain conditions are met. Such practical expedient is limited to circumstances in which: (i) the timing and pattern of transfer are the same for the non-lease component and the related lease component; and (ii) the lease component, if accounted for separately, would be classified as an operating lease. In addition, such practical expedient causes an entity to assess whether a contract is predominately lease or service based, and recognize the revenue from the entire contract under the relevant accounting guidance. Effective upon our adoption of ASC Topic 842 on January 1, 2019, we continue to recognize revenue for our medical office buildings, senior housing and skilled nursing facilities segments under ASC Topic 842 as real estate revenue. Minimum annual rental revenue is recognized on a straight-line basis over the term of the related lease (including rent holidays). Differences between real estate revenue recognized and cash amounts contractually due from tenants under the lease agreements are recorded to deferred rent receivable, which is included in other assets, net in our accompanying consolidated balance sheet. Tenant reimbursement revenue, which comprises additional amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses, are considered non-lease components and variable lease payments. We qualified for and elected the practical expedient as outlined above to combine the non-lease component with the lease component, which is the predominant component, and therefore the non-lease component is recognized as part of real estate revenue. In addition, as lessors, we exclude certain lessor costs (i.e., property taxes and insurance) paid directly by a lessee to third parties on our behalf from our measurement of variable lease revenue and associated expense (i.e., no gross up of revenue and expense for these costs); and include lessor costs that we paid and are reimbursed by the lessee in our measurement of variable lease revenue and associated expense (i.e., gross up revenue and expense for these costs). Therefore, we no longer record revenue or expense when the lessee pays the property taxes and insurance directly to a third party. Our senior housing — RIDEA facilities offer residents room and board (lease component), standard meals and healthcare services (non-lease component), and certain ancillary services that are not contemplated in the lease with each resident (i.e., laundry, guest meals, etc.). For our senior housing — RIDEA facilities, we recognize revenue under ASC Topic 606 as resident fees and services, based on our predominance assessment from electing the practical expedient outlined above. See the “Revenue Recognition” section below. See Note 16, Leases , for a further discussion. |
Revenue Recognition | Revenue Recognition Prior to January 1, 2018, we recognized revenue in accordance with ASC Topic 605, Revenue Recognition, or ASC Topic 605. ASC Topic 605 requires that all four of the following basic criteria be met before revenue is realized or realizable and earned: (i) there is persuasive evidence that an arrangement exists; (ii) delivery has occurred or services have been rendered; (iii) the seller’s price to the buyer is fixed or determinable; and (iv) collectability is reasonably assured. On January 1, 2018, we adopted ASC Topic 606, applying the modified retrospective method. Results for reporting periods beginning after January 1, 2018 are presented under ASC Topic 606, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. The adoption of ASC Topic 606 did not have a material impact on the measurement nor on the recognition of revenue as of January 1, 2018; therefore, no cumulative adjustment was made to the opening balance of retained earnings at the beginning of 2018. Real Estate Revenue Prior to January 1, 2019, minimum annual rental revenue was recognized on a straight-line basis over the term of the related lease (including rent holidays) in accordance with ASC Topic 840. Differences between real estate revenue recognized and cash amounts contractually due from tenants under the lease agreements were recorded to deferred rent receivable. Tenant reimbursement revenue, which comprises additional amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses, was recognized as revenue in the period in which the related expenses were incurred. Tenant reimbursements were recognized and presented in accordance with ASC Subtopic 606-10-55-36, Revenue Recognition — Principal Versus Agent Consideration, or ASC Subtopic 606. ASC Subtopic 606 requires that these reimbursements be recorded on a gross basis as we are generally primarily responsible to fulfill the promise to provide specified goods and services. We recognized lease termination fees at such time when there was a signed termination letter agreement, all of the conditions of such agreement had been met and the tenant was no longer occupying the property. Effective January 1, 2019, we recognize real estate revenue in accordance with ASC Topic 842. See the “Leases” section above. Resident Fees and Services Revenue A significant portion of resident fees and services revenue represents healthcare service revenue that is reported at the amount that we expect to be entitled to in exchange for providing patient care. These amounts are due from patients, third-party payors (including health insurers and government programs), other healthcare facilities, and others and includes variable consideration for retroactive revenue adjustments due to settlement of audits, reviews, and investigations. Generally, we bill the patients, third-party payors and other healthcare facilities several days after the services are performed. Revenue is recognized as performance obligations are satisfied. Performance obligations are determined based on the nature of the services provided by us. Revenue for performance obligations satisfied over time is recognized based on actual charges incurred in relation to total expected (or actual) charges. This method provides a depiction of the transfer of services over the term of the performance obligation based on the inputs needed to satisfy the obligation. Generally, performance obligations satisfied over time relate to patients receiving long-term healthcare services, including rehabilitation services. We measure the performance obligation from admission into the facility to the point when we are no longer required to provide services to that patient. Revenue for performance obligations satisfied at a point in time is recognized when goods or services are provided and we do not believe we are required to provide additional goods or services to the patient. Because all of its performance obligations relate to contracts with a duration of less than one year, we have elected to apply the optional exemption provided in FASB ASC 606-10-50-14(a) and, therefore, are not required to disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. The performance obligations for these contracts are generally completed within months of the end of the reporting period. Disaggregation of Resident Fees and Services Revenue We disaggregate revenue from contracts with customers according to lines of business and payor classes. The transfer of goods and services may occur at a point in time or over time; in other words, revenue may be recognized over the course of the underlying contract, or may occur at a single point in time based upon a single transfer of control. This distinction is discussed in further detail below. We determine that disaggregating revenue into these categories achieves the disclosure objective to depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Resident fees and services revenue includes fees for basic housing and assisted living care. We record revenue when services are rendered at amounts billable to individual residents. Residency agreements are generally for a term of 30 days, with resident fees billed monthly in advance. For patients under reimbursement arrangements with Medicaid, revenue is recorded based on contractually agreed-upon amounts or rates on a per resident, daily basis or as services are rendered. |
Tenant and Resident Receivables and Allowance for Uncollectible Accounts | Tenant and Resident Receivables and Allowances Resident receivables are carried net of an allowance for uncollectible amounts. An allowance is maintained for estimated losses resulting from the inability of residents and payors to meet the contractual obligations under their lease or service agreements. Upon our adoption of ASC Topic 606, substantially all of such allowances are recorded as direct reductions of resident fees and services revenue as contractual adjustments provided to third-party payors or implicit price concessions in our accompanying consolidated statements of operations. Our determination of the adequacy of these allowances is based primarily upon evaluations of historical loss experience, the residents’ financial condition, security deposits, cash collection patterns by payor and by state, current economic conditions and other relevant factors. Prior to our adoption of ASC Topic 842, tenant receivables and unbilled deferred rent receivables were reduced for uncollectible amounts. Such amounts were charged to bad debt expense, which was included in general and administrative in our accompanying consolidated statements of operations. Effective upon our adoption of ASC Topic 842 on January 1, 2019, such amounts are recognized as direct reductions of real estate revenue in our accompanying consolidated statements of operations. |
Property Acquisitions | Property Acquisitions In accordance with ASC Topic 805, Business Combinations , or ASC Topic 805, and ASU 2017-01, Clarifying the Definition of a Business , or ASU 2017-01, we determine whether a transaction is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the assets acquired and liabilities assumed are not a business, we account for the transaction as an asset acquisition. Under both methods, we recognize the identifiable assets acquired and liabilities assumed; however, for a transaction accounted for as an asset acquisition, we allocate the purchase price to the identifiable assets acquired and liabilities assumed based on their relative fair values. We immediately expense acquisition related expenses associated with a business combination and capitalize acquisition related expenses directly associated with an asset acquisition. As a result of our early adoption of ASU 2017-01 on January 1, 2017, we accounted for the property acquisitions we completed for the years ended December 31, 2019, 2018 and 2017 as asset acquisitions rather than business combinations. See Note 3, Real Estate Investments, Net , for a further discussion. We, with assistance from independent valuation specialists, measure the fair value of tangible and identified intangible assets and liabilities, as applicable, based on their respective fair values for acquired properties. Our method for allocating the purchase price to acquired investments in real estate requires us to make subjective assessments for determining fair value of the assets acquired and liabilities assumed. This includes determining the value of the buildings, land, leasehold interests, furniture, fixtures and equipment, above- or below-market rent, in-place leases, master leases, above- or below-market debt assumed and derivative financial instruments assumed. These estimates require significant judgment and in some cases involve complex calculations. These allocation assessments directly impact our results of operations, as amounts allocated to certain assets and liabilities have different depreciation or amortization lives. In addition, we amortize the value assigned to above- or below-market rent as a component of revenue, unlike in-place leases and other intangibles, which we include in depreciation and amortization in our accompanying consolidated statements of operations. The determination of the fair value of land is based upon comparable sales data. In cases where a leasehold interest in the land is acquired, only the above/below market consideration is necessary where the value of the leasehold interest is determined by discounting the difference between the contract ground lease payments and a market ground lease payment back to a present value as of the acquisition date. The fair value of buildings is based upon our determination of the value under two methods: one, as if it were to be replaced and vacant using cost data and, two, also using a residual technique based on discounted cash flow models, as vacant. Factors considered by us include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. We also recognize the fair value of furniture, fixtures and equipment on the premises, as well as the above- or below-market rent, the value of in-place leases, master leases, above- or below-market debt and derivative financial instruments assumed. The value of the above- or below-market component of the acquired in-place leases is determined based upon the present value (using a discount rate that reflects the risks associated with the acquired leases) of the difference between: (i) the level payment equivalent of the contract rent paid pursuant to the lease; and (ii) our estimate of market rent payments taking into account rent steps throughout the lease. In the case of leases with options, a case-by-case analysis is performed based on all facts and circumstances of the specific lease to determine whether the option will be assumed to be exercised. The amounts related to above-market leases are included in identified intangible assets, net in our accompanying consolidated balance sheets and are amortized against real estate revenue over the remaining non-cancelable lease term of the acquired leases with each property. The amounts related to below-market leases are included in identified intangible liabilities, net in our accompanying consolidated balance sheets and are amortized to real estate revenue over the remaining non-cancelable lease term plus any below-market renewal options of the acquired leases with each property. The value of in-place lease costs are based on management’s evaluation of the specific characteristics of the tenant’s lease and our overall relationship with the tenants. Characteristics considered by us in allocating these values include the nature and extent of the credit quality and expectations of lease renewals, among other factors. The in-place lease intangible represents the value related to the economic benefit for acquiring a property with in-place leases as opposed to a vacant property, which is evaluated based on a review of comparable leases for a similar property, terms and conditions for marketing and executing new leases, and implied in the difference between the value of the whole property “as is” and “as vacant.” The net amounts related to in-place lease costs are included in identified intangible assets, net in our accompanying consolidated balance sheets and are amortized to depreciation and amortization expense over the average downtime of the acquired leases with each property. The net amounts related to the value of tenant relationships, if any, are included in identified intangible assets, net in our accompanying consolidated balance sheets and are amortized to depreciation and amortization expense over the average remaining non-cancelable lease term of the acquired leases plus the market renewal lease term. The value of a master lease, if any, in which a previous owner or a tenant is relieved of specific rental obligations as additional space is leased, is determined by discounting the expected real estate revenue associated with the master lease space over the assumed lease-up period. The value of above- or below-market debt is determined based upon the present value of the difference between the cash flow stream of the assumed mortgage and the cash flow stream of a market rate mortgage at the time of assumption. The net value of above- or below-market debt is included in mortgage loans payable, net in our accompanying consolidated balance sheets and is amortized to interest expense over the remaining term of the assumed mortgage. The value of derivative financial instruments, if any, is determined in accordance with ASC Topic 820, Fair Value Measurements and Disclosures , or ASC Topic 820, and is included in other assets or other liabilities in our accompanying consolidated balance sheets. The values of contingent consideration assets and liabilities, if any, are analyzed at the time of acquisition. For contingent purchase options, the fair market value of the acquired asset is compared to the specified option price at the exercise date. If the option price is below market, it is assumed to be exercised and the difference between the fair market value and the option price is discounted to the present value at the time of acquisition. |
Real Estate Investments, Net | Real Estate Investments, Net We carry our operating properties at our historical cost less accumulated depreciation. The cost of operating properties includes the cost of land and completed buildings and related improvements. Expenditures that increase the service life of properties are capitalized and the cost of maintenance and repairs is charged to expense as incurred. The cost of buildings and capital improvements is depreciated on a straight-line basis over the estimated useful lives of the buildings and capital improvements, up to 39 years , and the cost for tenant improvements is depreciated over the shorter of the lease term or useful life, up to 16 years . The cost of furniture, fixtures and equipment is depreciated over the estimated useful life, up to 20 years . When depreciable property is retired, replaced or disposed of, the related cost and accumulated depreciation is removed from the accounts and any gain or loss is reflected in earnings. As part of the leasing process, we may provide the lessee with an allowance for the construction of leasehold improvements. These leasehold improvements are capitalized and recorded as tenant improvements and depreciated over the shorter of the useful life of the improvements or the lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event we are not considered the owner of the improvements, the allowance is considered to be a lease inducement and is included in other assets, net in our accompanying consolidated balance sheets. Lease inducement is recognized over the lease term as a reduction of real estate revenue on a straight-line basis. Factors considered during this evaluation include, among other things, who holds legal title to the improvements as well as other controlling rights provided by the lease agreement and provisions for substantiation of such costs, e.g ., unilateral control of the tenant space during the build-out process. Determination of the appropriate accounting for the payment of a tenant allowance is made on a lease-by-lease basis, considering the facts and circumstances of the individual tenant lease. Recognition of lease revenue commences when the lessee is given possession of the leased space upon completion of tenant improvements when we are the owner of the leasehold improvements. However, when the leasehold improvements are owned by the tenant, the lease inception date (and the date on which recognition of lease revenue commences) is the date the tenant obtains possession of the leased space for purposes of constructing its leasehold improvements. |
Impairment of Long-Lived and Intangible Assets | Impairment of Long-Lived and Intangible Assets We periodically evaluate our long-lived assets, primarily consisting of investments in real estate that we carry at our historical cost less accumulated depreciation, for impairment when events or changes in circumstances indicate that its carrying value may not be recoverable. Indicators we consider important and that we believe could trigger an impairment review include, among others, the following: • significant negative industry or economic trends; • a significant underperformance relative to historical or projected future operating results; and • a significant change in the extent or manner in which the asset is used or significant physical change in the asset. If indicators of impairment of our long-lived assets are present, we evaluate the carrying value of the related real estate investments in relation to the future undiscounted cash flows of the underlying operations. In performing this evaluation, we consider market conditions and our current intentions with respect to holding or disposing of the asset. We adjust the net book value of leased properties and other long-lived assets to fair value if the sum of the expected future undiscounted cash flows, including sales proceeds, is less than carrying value. We recognize an impairment loss at the time we make any such determination. If impairment indicators arise with respect to intangible assets with finite useful lives, we evaluate impairment by comparing the carrying amount of the asset to the estimated future undiscounted net cash flows expected to be generated by the asset. If the estimated future undiscounted net cash flows are less than the carrying amount of the asset, then we estimate the fair value of the asset and compare the estimated fair value to the intangible asset’s carrying value. For all of our reporting units, we recognize any shortfall from carrying value as an impairment loss in the current period. We test other indefinite-lived intangible assets for impairment at least annually, and more frequently if indicators arise. We first assess qualitative factors to determine the likelihood that the fair value of the reporting group is less than its carrying value. If the carrying amount of an indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized. Fair values of other indefinite-lived intangible assets are usually determined based on discounted cash flows or appraised values, as appropriate. |
Properties Held for Sale | Properties Held for Sale We will account for our properties held for sale in accordance with ASC Topic 360, Property, Plant, and Equipment , or ASC Topic 360, which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. ASC Topic 360 requires that a property or a group of properties is required to be reported in discontinued operations in the statements of operations for current and prior periods if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when either (i) the component has been disposed of; or (ii) is classified as held for sale. In accordance with ASC Topic 360, at such time as a property is held for sale, such property is carried at the lower of (i) its carrying amount or (ii) fair value less costs to sell. In addition, a property being held for sale ceases to be depreciated. We will classify operating properties as property held for sale in the period in which all of the following criteria are met: • management, having the authority to approve the action, commits to a plan to sell the asset; • the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets; • an active program to locate a buyer or buyers and other actions required to complete the plan to sell the asset has been initiated; • the sale of the asset is probable and the transfer of the asset is expected to qualify for recognition as a completed sale within one year; • the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and • given the actions required to complete the plan to sell the asset, it is unlikely that significant changes to the plan would be made or that the plan would be withdrawn. |
Derivative Financial Instruments | Derivative Financial Instruments We are exposed to the effect of interest rate changes in the normal course of business. We seek to mitigate these risks by following established risk management policies and procedures, which include the occasional use of derivatives. Our primary strategy in entering into derivative contracts, such as fixed interest rate swaps, is to add stability to interest expense and to manage our exposure to interest rate movements by effectively converting a portion of our variable-rate debt to fixed-rate debt. We do not enter into derivative instruments for speculative purposes. Derivatives are recognized as either other assets or other liabilities in our accompanying consolidated balance sheets and are measured at fair value in accordance with ASC Topic 815, Derivatives and Hedging , or ASC Topic 815. ASC Topic 815 establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts and for hedging activities. Since our derivative instruments are not designated as hedge instruments, they do not qualify for hedge accounting under ASC Topic 815. Changes in the fair value of derivative financial instruments are recorded as a component of interest expense in gain or loss in fair value of derivative financial instruments in our accompanying consolidated statements of operations |
Fair Value Measurements | Fair Value Measurements We follow ASC Topic 820 to account for the fair value of certain assets and liabilities. ASC Topic 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC Topic 820 emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC Topic 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. |
Real Estate Deposits | Real Estate Deposits Real estate deposits may include refundable and non-refundable funds held by escrow agents and others to be applied towards the acquisition of real estate investments, and such future investments are subject to substantial conditions to closing. |
Other Assets, Net | Other Assets, Net Other assets, net consist of our investment in an unconsolidated entity, deferred financing costs on our line of credit and term loans, prepaid expenses and deposits, lease commissions and deferred rent receivables. Deferred financing costs on our line of credit and term loans include amounts paid to lenders and others to obtain financing. Such costs are amortized using the straight-line method over the term of the related line of credit and term loans, which approximates the effective interest rate method. Amortization of deferred financing costs on our line of credit and term loans are included in interest expense in our accompanying consolidated statements of operations. Prepaid expenses are amortized over the related contract periods. Lease commissions are amortized using the straight-line method over the term of the related lease. We report investments in unconsolidated entities using the equity method of accounting when we have the ability to exercise significant influence over the operating and financial policies. Under the equity method, our share of the investee’s earnings or losses is included in our accompanying consolidated statements of operations. To the extent that our cost basis is different from the basis reflected at the entity level, the basis difference is generally amortized over the lives of the related assets and liabilities, and such amortization is included in our share of equity in earnings of the entity. The initial carrying value of investments in unconsolidated entities is based on the amount paid to purchase the entity interest or the estimated fair value of the assets prior to the sale of interests in the entity. We have elected to follow the cumulative earnings approach when classifying distributions received from equity method investments in our consolidated statements of cash flows, whereby any distributions received up to the amount of cumulative equity earnings would be considered a return on investment and classified in operating activities and any excess distributions would be considered a return of investment and classified in investing activities. We evaluate our equity method investments for impairment based upon a comparison of the estimated fair value of the equity method investment to its carrying value. When we determine a decline in the estimated fair value of such an investment below its carrying value is other-than-temporary, an impairment is recorded. |
Stock Compensation | Stock Compensation We follow ASC Topic 718, Compensation — Stock Compensation , or ASC Topic 718, to account for our stock compensation pursuant to the 2015 Incentive Plan, or our incentive plan. |
Income Taxes | Income Taxes We qualified, and elected to be taxed, as a REIT under the Code for federal income tax purposes beginning with our taxable year ended December 31, 2016, and we intend to continue to qualify to be taxed as a REIT. To maintain our qualification as a REIT, we must meet certain organizational and operational requirements, including a requirement to currently distribute at least 90.0% of our annual taxable income, excluding net capital gains, to our stockholders. As a REIT, we generally will not be subject to federal income tax on taxable income that we distribute to our stockholders. If we fail to maintain our qualification as a REIT in any taxable year, we will then be subject to federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service, or the IRS, grants us relief under certain statutory provisions. Such an event could have a material adverse effect on our net income and net cash available for distribution to our stockholders. We may be subject to certain state and local income taxes on our income, property or net worth in some jurisdictions, and in certain circumstances we may also be subject to federal excise taxes on undistributed income. In addition, certain activities that we undertake are conducted by subsidiaries, which we elected to be treated as taxable REIT subsidiaries, or TRSs, to allow us to provide services that would otherwise be considered impermissible for REITs. Accordingly, we recognize income tax benefit (expense) for the federal, state and local income taxes incurred by our TRSs. We follow ASC Topic 740, Income Taxes , or ASC Topic 740, to recognize, measure, present and disclose in our accompanying consolidated financial statements uncertain tax positions that we have taken or expect to take on a tax return. As of December 31, 2019 and 2018, we did not have any tax benefits nor liabilities for uncertain tax positions that we believe should be recognized in our accompanying consolidated financial statements. We account for deferred income taxes using the asset and liability method and recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in our financial statements or tax returns. Under this method, we determine deferred tax assets and liabilities based on the temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets reflect the impact of the future deductibility of operating loss carryforwards. A valuation allowance is provided if we believe it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes us to change our judgment about the realizability of the related deferred tax asset, is included in income tax benefit or expense in our accompanying consolidated statements of operations when such changes occur. Any increase or decrease in the deferred tax liability that results from a change in circumstances, and that causes us to change our judgment about expected future tax consequences of events, is recorded in income tax benefit or expense in our accompanying consolidated statements of operations. Deferred tax assets are included in other assets, net, and deferred tax liabilities are included in security deposits, prepaid rent and other liabilities, in our accompanying consolidated balance sheets. |
Segment Disclosure | Segment Disclosure ASC Topic 280, Segment Reporting , establishes standards for reporting financial and descriptive information about a public entity’s reportable segments. We segregate our operations into reporting segments in order to assess the performance of our business in the same way that management reviews our performance and makes operating decisions. Accordingly, when we acquired our first medical office building in June 2016; senior housing facility in December 2016; senior housing — RIDEA facility in November 2017; and skilled nursing facility in March 2018, we added a new reportable segment at each such time. |
GLA and Other Measures | GLA and Other Measures GLA and other measures used to describe real estate investments included in our accompanying consolidated financial statements are presented on an unaudited basis. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update, or ASU, 2016-13, Measurement of Credit Losses on Financial Instruments, or ASU 2016-13, which introduces a new approach to estimate credit losses on certain types of financial instruments based on expected losses. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. Subsequently, in November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments — Credit Losses, or ASU 2018-19 , which amended the scope of ASU 2016-13 to clarify that operating lease receivables should be accounted for under the new leasing standard ASC Topic 842. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments — Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, or ASU 2019-04 , to increase stakeholders’ awareness of the amendments and to expedite improvements to the ASC. In May 2019, the FASB issued ASU 2019-05, Targeted Transition Relief, or ASU 2019-05, to address certain stakeholders’ concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. In November 2019, the FASB issued ASU 2019-10, Financial Instruments — Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842), or ASU 2019-10, which provides a framework to stagger effective dates for future major accounting standards and amends the effective dates for certain major new accounting standards to give implementation relief to certain types of entities. ASU 2016-13 and its related amendments are effective for fiscal years and interim periods beginning after December 15, 2019. Early adoption was permitted. We adopted such accounting pronouncements on January 1, 2020, which did not have a material impact to our consolidated financial statements and disclosures. In August 2018, the FASB issued ASU 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement, or ASU 2018-13, which modifies the disclosure requirements in ASC Topic 820 by removing certain disclosure requirements related to the fair value hierarchy, modifying existing disclosure requirements related to measurement uncertainty and adding new disclosure requirements, such as disclosing the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and disclosing the range and weighted average of significant unobservable inputs used to develop Level 3 measurements. ASU 2018-13 is effective for fiscal years and interim periods beginning after December 15, 2019. Early adoption was permitted for any removed or modified disclosures. We adopted ASU 2018-13 on January 1, 2020, which did not have a material impact to our consolidated financial statement disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Disaggregation of Resident Fees and Services Revenue | The following tables disaggregate our resident fees and services revenue by line of business, according to whether such revenue is recognized at a point in time or over time: Years Ended December 31, 2019 2018 Point in Time Over Time Total Point in Time Over Time Total Senior housing — RIDEA $ 715,000 $ 45,445,000 $ 46,160,000 $ 847,000 $ 36,010,000 $ 36,857,000 The following tables disaggregate our resident fees and services revenue by payor class: Years Ended December 31, 2019 2018 Medicaid $ 6,020,000 $ 6,082,000 Private and other payors 40,140,000 30,775,000 Total resident fees and services $ 46,160,000 $ 36,857,000 |
Accounts Receivable, Net- Resident Fees and Services | Accounts Receivable, Net — Resident Fees and Services The beginning and ending balances of accounts receivable, net — resident fees and services are as follows: Medicaid Private and Other Payors Total Beginning balance — January 1, 2019 $ 6,098,000 $ 644,000 $ 6,742,000 Ending balance — December 31, 2019 3,154,000 650,000 3,804,000 (Decrease)/increase $ (2,944,000 ) $ 6,000 $ (2,938,000 ) |
Real Estate Investments, Net (T
Real Estate Investments, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Schedule Of Real Estate Investments Table | Our real estate investments, net consisted of the following as of December 31, 2019 and 2018 : December 31, 2019 2018 Building and improvements $ 836,091,000 $ 668,814,000 Land 103,371,000 83,084,000 Furniture, fixtures and equipment 6,656,000 5,090,000 946,118,000 756,988,000 Less: accumulated depreciation (51,058,000 ) (25,312,000 ) Total $ 895,060,000 $ 731,676,000 |
Schedule Of Acquisitions Of Properties Table | Acquisitions in 2017 For the year ended December 31, 2017, using net proceeds from our initial offering and debt financing, we completed the acquisition of 28 buildings from unaffiliated third parties. The following is a summary of our property acquisitions for the year ended December 31, 2017: Acquisition(1) Location Type Date Acquired Contract Purchase Price Mortgage Loan Payable(2) Line of Credit(3) Total Acquisition Fee(4) Battle Creek MOB Battle Creek, MI Medical Office 03/10/17 $ 7,300,000 $ — $ — $ 328,000 Reno MOB Reno, NV Medical Office 03/13/17 66,250,000 — 60,000,000 2,982,000 Athens MOB Portfolio Athens, GA Medical Office 05/18/17 16,800,000 — 7,800,000 756,000 SW Illinois Senior Housing Portfolio Columbia, Millstadt, Red Bud and Waterloo, IL Senior Housing 05/22/17 31,800,000 — 31,700,000 1,431,000 Lawrenceville MOB Lawrenceville, GA Medical Office 06/12/17 11,275,000 8,000,000 3,000,000 507,000 Northern California Senior Housing Portfolio Belmont, Fairfield, Menlo Park and Sacramento, CA Senior Housing 06/28/17 45,800,000 — 21,600,000 2,061,000 Roseburg MOB Roseburg, OR Medical Office 06/29/17 23,200,000 — 23,000,000 1,044,000 Fairfield County MOB Portfolio Stratford and Trumbull, CT Medical Office 09/29/17 15,395,000 — 15,500,000 693,000 Central Florida Senior Housing Portfolio(5) Bradenton, Brooksville, Lake Placid, Lakeland, Pinellas Park, Sanford, Spring Hill and Winter Haven, FL Senior Housing — RIDEA 11/01/17 109,500,000 — 112,000,000 4,882,000 Total $ 327,320,000 $ 8,000,000 $ 274,600,000 $ 14,684,000 ___________ (1) We own 100% of our properties acquired in 2017, with the exception of Central Florida Senior Housing Portfolio. (2) Represents the principal balance of the mortgage loan payable assumed by us at the time of acquisition. (3) Represents a borrowing under the 2016 Line of Credit or 2017 Credit Facility, as defined in Note 7, Line of Credit and Term Loans , at the time of acquisition. (4) Our advisor was paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, a base acquisition fee of 2.25% of the portion of the aggregate contract purchase price paid by us. In addition, the total acquisition fee includes a Contingent Advisor Payment, as defined in Note 13, Related Party Transactions , in the amount of 2.25% of the portion of the aggregate contract purchase price paid by us. See Note 13, Related Party Transactions — Acquisition and Development Stage — Acquisition Fee, for a further discussion. (5) On November 1, 2017, we completed the acquisition of Central Florida Senior Housing Portfolio pursuant to a joint venture with an affiliate of Meridian. Our ownership of the joint venture is approximately 98.0% . Acquisitions in 2019 For the year ended December 31, 2019 , using net proceeds from our initial offering and debt financing, we completed the acquisition of 18 buildings from unaffiliated third parties. The following is a summary of our property acquisitions for the year ended December 31, 2019 : Acquisition(1) Location Type Date Acquired Contract Purchase Price Mortgage Loan Payable(2) Line of Credit(3) Total Acquisition Fee(4) Lithonia MOB Lithonia, GA Medical Office 03/05/19 $ 10,600,000 $ — $ — $ 477,000 West Des Moines SNF West Des Moines, IA Skilled Nursing 03/24/19 7,000,000 — — 315,000 Great Nord MOB Portfolio Tinley Park, IL; Chesterton and Crown Point, IN; and Plymouth, MN Medical Office 04/08/19 44,000,000 — 15,000,000 1,011,000 Michigan ALF Portfolio(5) Grand Rapids, MI Senior Housing 05/01/19 14,000,000 10,493,000 3,500,000 315,000 Overland Park MOB Overland Park, KS Medical Office 08/05/19 28,350,000 — 28,700,000 638,000 Blue Badger MOB Marysville, OH Medical Office 08/09/19 13,650,000 — 12,000,000 307,000 Bloomington MOB Bloomington, IL Medical Office 08/13/19 18,200,000 — 17,400,000 409,000 Memphis MOB Memphis, TN Medical Office 08/15/19 8,700,000 — 8,600,000 196,000 Haverhill MOB Haverhill, MA Medical Office 08/27/19 15,500,000 — 15,450,000 349,000 Fresno MOB Fresno, CA Medical Office 10/30/19 10,000,000 — 9,950,000 225,000 Colorado Foothills MOB Portfolio Arvada, Centennial and Colorado Springs, CO Medical Office 11/19/19 31,200,000 — 30,500,000 702,000 Total $ 201,200,000 $ 10,493,000 $ 141,100,000 $ 4,944,000 ___________ (1) We own 100% of our properties acquired for the year ended December 31, 2019 . (2) Represents the principal balance of the mortgage loan payable assumed by us at the time of acquisition. (3) Represents a borrowing under the 2018 Credit Facility, as defined in Note 7, Line of Credit and Term Loans , at the time of acquisition. (4) Our advisor was paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, a base acquisition fee of 2.25% of the contract purchase price paid by us. In addition, the total acquisition fee may include a Contingent Advisor Payment, as defined in Note 13, Related Party Transactions , up to 2.25% of the contract purchase price paid by us. See Note 13, Related Party Transactions — Acquisition and Development Stage — Acquisition Fee, for a further discussion. (5) We added three buildings to our existing Michigan ALF Portfolio. The other six buildings in the Michigan ALF Portfolio were acquired in December 2018. Acquisitions in 2018 For the year ended December 31, 2018, using net proceeds from our initial offering and debt financing, we completed the acquisition of 29 buildings from unaffiliated third parties. The following is a summary of our property acquisitions for the year ended December 31, 2018: Acquisition(1) Location Type Date Acquired Contract Purchase Price Mortgage Loan Payable(2) Line of Credit(3) Total Acquisition Fee(4) Central Wisconsin Senior Care Portfolio Sun Prairie and Waunakee, WI Skilled Nursing 03/01/18 $ 22,600,000 $ — $ 22,600,000 $ 1,018,000 Sauk Prairie MOB Prairie du Sac, WI Medical Office 04/09/18 19,500,000 — 19,500,000 878,000 Surprise MOB Surprise, AZ Medical Office 04/27/18 11,650,000 — 8,000,000 524,000 Southfield MOB Southfield, MI Medical Office 05/11/18 16,200,000 6,071,000 10,000,000 728,000 Pinnacle Beaumont ALF(5) Beaumont, TX Senior Housing — RIDEA 07/01/18 19,500,000 — 19,400,000 868,000 Grand Junction MOB Grand Junction, CO Medical Office 07/06/18 31,500,000 — 31,400,000 1,418,000 Edmonds MOB Edmonds, WA Medical Office 07/30/18 23,500,000 — 22,000,000 1,058,000 Pinnacle Warrenton ALF(5) Warrenton, MO Senior Housing — RIDEA 08/01/18 8,100,000 — 8,100,000 360,000 Glendale MOB Glendale, WI Medical Office 08/13/18 7,600,000 — 7,000,000 342,000 Missouri SNF Portfolio Florissant, Kansas City, Milan, Moberly, Salisbury, Sedalia, St. Elizabeth and Trenton, MO Skilled Nursing 09/28/18 88,200,000 — 87,000,000 3,970,000 Flemington MOB Portfolio Flemington, NJ Medical Office 11/29/18 16,950,000 — 15,500,000 763,000 Lawrenceville MOB II Lawrenceville, GA Medical Office 12/19/18 9,999,000 — 10,100,000 450,000 Mill Creek MOB Mill Creek, WA Medical Office 12/21/18 8,250,000 — 6,200,000 371,000 Modesto MOB Modesto, CA Medical Office 12/28/18 16,000,000 — 15,400,000 720,000 Michigan ALF Portfolio Grand Rapids, Holland, Howell, Lansing and Wyoming, MI Senior Housing 12/28/18 56,000,000 — 53,400,000 2,520,000 Total $ 355,549,000 $ 6,071,000 $ 335,600,000 $ 15,988,000 ___________ (1) We own 100% of our properties acquired in 2018, with the exception of Pinnacle Beaumont ALF and Pinnacle Warrenton ALF. (2) Represents the principal balance of the mortgage loan payable assumed by us at the time of acquisition. (3) Represents a borrowing under the 2017 Credit Facility or 2018 Credit Facility, as defined in Note 7, Line of Credit and Term Loans , at the time of acquisition. (4) Our advisor was paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, a base acquisition fee of 2.25% of the portion of the aggregate contract purchase price paid by us. In addition, the total acquisition fee includes a Contingent Advisor Payment, as defined in Note 13, Related Party Transactions , in the amount of 2.25% of the portion of the aggregate contract purchase price paid by us. See Note 13, Related Party Transactions — Acquisition and Development Stage — Acquisition Fee, for a further discussion. (5) On July 1, 2018 and August 1, 2018, we completed the acquisitions of Pinnacle Beaumont ALF and Pinnacle Warrenton ALF, respectively, pursuant to a joint venture with an affiliate of Meridian Senior Living, LLC, or Meridian, an unaffiliated third party. Our ownership of the joint venture is approximately 98.0% . The following is a summary of our property acquisitions subsequent to December 31, 2019 : Acquisition Location Type Date Acquired Contract Purchase Price Line of Credit(1) Total Acquisition Fee(2) Catalina West Haven ALF(3) West Haven, UT Senior Housing — RIDEA 01/01/20 $ 12,799,000 $ 12,700,000 $ 278,000 Louisiana Senior Housing Portfolio(4) Gonzales, Monroe, New Iberia, Shreveport, Slidell, LA Senior Housing — RIDEA 01/03/20 34,000,000 32,700,000 737,000 Catalina Madera ALF(3) Madera, CA Senior Housing — RIDEA 01/31/20 17,900,000 17,300,000 389,000 $ 64,699,000 $ 62,700,000 $ 1,404,000 ___________ (1) Represents a borrowing under the 2018 Credit Facility, as defined in Note 7, Line of Credit and Term Loans , at the time of acquisition (2) Our advisor was paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our property, a base acquisition fee of 2.25% of the portion of the contract purchase price paid by us. See Note 13, Related Party Transactions — Acquisition and Development Stage — Acquisition Fee, for a further discussion. (3) On January 1, 2020 and January 31, 2020, we completed the acquisitions of Catalina West Haven ALF and Catalina Madera ALF, respectively, pursuant to a joint venture with an affiliate of Avalon Health Care, Inc., an unaffiliated third party. Our ownership of the joint venture is approximately 90% . (4) On January 3, 2020, we completed the acquisition of Louisiana Senior Housing Portfolio, pursuant to a joint venture with an affiliate of Senior Solutions Management Group, an unaffiliated third party. Our ownership of the joint venture is approximately 90% . |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the purchase price of the assets acquired and liabilities assumed at the time of acquisition from our property acquisitions in 2018 based on their relative fair values: 2018 Acquisitions Building and improvements $ 289,830,000 Land 30,878,000 Furniture, fixtures and equipment 79,000 In-place leases 45,439,000 Certificates of need 348,000 Leasehold interests 93,000 Above-market leases 200,000 Total assets acquired 366,867,000 Mortgage loan payable (including debt discount of $263,000) (5,808,000 ) Below-market leases (269,000 ) Total liabilities assumed (6,077,000 ) Net assets acquired $ 360,790,000 The following table summarizes the purchase price of the assets acquired and liabilities assumed at the time of acquisition from our property acquisitions in 2019 based on their relative fair values: 2019 Acquisitions Building and improvements $ 164,084,000 Land 20,286,000 In-place leases 21,393,000 Above-market leases 2,578,000 Right-of-use asset 3,133,000 Total assets acquired 211,474,000 Mortgage loan payable (including debt discount of $758,000) (9,735,000 ) Below-market leases (874,000 ) Operating lease liability (4,489,000 ) Total liabilities assumed (15,098,000 ) Net assets acquired $ 196,376,000 The following table summarizes the purchase price of the assets acquired and liabilities assumed at the time of acquisition from our property acquisitions in 2017 based on their relative fair values: 2017 Acquisitions Building and improvements $ 263,052,000 Land 39,879,000 Furniture, fixtures and equipment 4,453,000 In-place leases 30,754,000 Above-market leases 127,000 Total assets acquired 338,265,000 Mortgage loan payable (8,000,000 ) Below-market leases (571,000 ) Above-market leasehold interests (395,000 ) Total liabilities assumed (8,966,000 ) Net assets acquired $ 329,299,000 |
Identified Intangible Assets,_2
Identified Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Schedule of Finite-Lived Intangible Assets | Identified intangible assets, net consisted of the following as of December 31, 2019 and 2018: December 31, 2019 2018 Amortized intangible assets: In-place leases, net of accumulated amortization of $18,273,000 and $11,299,000 as of December 31, 2019 and 2018, respectively (with a weighted average remaining life of 9.5 years and 10.3 years as of December 31, 2019 and 2018, respectively) $ 70,650,000 $ 67,332,000 Above-market leases, net of accumulated amortization of $609,000 and $323,000 as of December 31, 2019 and 2018, respectively (with a weighted average remaining life of 9.5 years and 4.5 years as of December 31, 2019 and 2018, respectively) 3,025,000 755,000 Leasehold interests, net of accumulated amortization of $217,000 as of December 31, 2018 (with a weighted average remaining life of 69.1 years as of December 31, 2018)(1) — 6,288,000 Unamortized intangible assets: Certificates of need 348,000 348,000 Total $ 74,023,000 $ 74,723,000 ___________ (1) Such amount related to our ownership of fee simple interests in the building and improvements of eight of our buildings that are subject to respective ground leases. Upon our adoption of ASC Topic 842 on January 1, 2019, such amount was reclassed to operating lease right-of-use assets, net in our accompanying consolidated balance sheet. See Note 2, Summary of Significant Accounting Policies — Leases, and Note 16, Leases , for a further discussion. |
Amortization expense on identified intangible assets | As of December 31, 2019 , estimated amortization expense on the identified intangible assets for each of the next five years ending December 31 and thereafter was as follows: Year Amount 2020 $ 11,696,000 2021 10,088,000 2022 8,674,000 2023 7,410,000 2024 6,161,000 Thereafter 29,646,000 Total $ 73,675,000 |
Other Assets, Net (Tables)
Other Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets [Abstract] | |
Schedule of Other Assets | Other assets, net consisted of the following as of December 31, 2019 and 2018: December 31, 2019 2018 Investment in unconsolidated entity $ 47,016,000 $ 47,600,000 Deferred rent receivables 8,018,000 4,941,000 Deferred financing costs, net of accumulated amortization of $1,517,000 and $1,554,000 as of December 31, 2019 and 2018, respectively(1) 3,583,000 4,447,000 Prepaid expenses and deposits 2,380,000 2,682,000 Lease commissions, net of accumulated amortization of $174,000 and $64,000 as of December 31, 2019 and 2018, respectively 1,623,000 564,000 Total $ 62,620,000 $ 60,234,000 ___________ (1) Deferred financing costs only include costs related to our line of credit and term loans. See Note 7, Line of Credit and Term Loans , for a further discussion. |
Mortgage Loans Payable, Net (Ta
Mortgage Loans Payable, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Mortgage Loans Payable, Net [Abstract] | |
Schedule of Activity Related to Notes Payable | The following table reflects the changes in the carrying amount of mortgage loans payable, net for the years ended December 31, 2019 and 2018: December 31, 2019 2018 Beginning balance $ 16,892,000 $ 11,567,000 Additions: Assumption of mortgage loans payable, net 9,735,000 5,808,000 Amortization of deferred financing costs 78,000 76,000 Amortization of discount/premium on mortgage loans payable 41,000 13,000 Deductions: Deferred financing costs (26,000 ) (123,000 ) Scheduled principal payments on mortgage loans payable (650,000 ) (449,000 ) Ending balance $ 26,070,000 $ 16,892,000 |
Schedule of Maturities of Long-term Debt | As of December 31, 2019 , the principal payments due on our mortgage loans payable for each of the next five years ending December 31 and thereafter were as follows: Year Amount 2020 $ 8,317,000 2021 622,000 2022 651,000 2023 681,000 2024 711,000 Thereafter 16,117,000 Total $ 27,099,000 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | We did not have any derivative financial instruments as of December 31, 2018. The following table lists the derivative financial instruments held by us as of December 31, 2019 , which are included in security deposits, prepaid rent and other liabilities in our accompanying consolidated balance sheet: Instrument Notional Amount Index Interest Rate Maturity Date Fair Value Swap $ 139,500,000 one month LIBOR 2.49% 11/19/21 $ 2,441,000 Swap 58,800,000 one month LIBOR 2.49% 11/19/21 1,029,000 Swap 36,700,000 one month LIBOR 2.49% 11/19/21 642,000 Swap 15,000,000 one month LIBOR 2.53% 11/19/21 273,000 $ 250,000,000 $ 4,385,000 |
Identified Intangible Liabili_2
Identified Intangible Liabilities, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Identified Intangible Liabilities [Abstract] | |
Schedule of Intangible Liabilities, Net | Identified intangible liabilities, net consisted of the following as of December 31, 2019 and 2018: December 31, 2019 2018 Below-market leases, net of accumulated amortization of $702,000 and $678,000 as of December 31, 2019 and 2018, respectively (with a weighted average remaining life of 11.3 years and 5.7 years as of December 31, 2019 and 2018, respectively) $ 1,601,000 $ 1,245,000 Above-market leasehold interests, net of accumulated amortization of $13,000 as of December 31, 2018 (with a weighted average remaining life of 51.2 years as of December 31, 2018)(1) — 382,000 Total $ 1,601,000 $ 1,627,000 ___________ (1) Such amount related to our ownership of fee simple interests in the building and improvements of eight of our buildings that are subject to respective ground leases. Upon our adoption of ASC Topic 842 on January 1, 2019, such amount was reclassed to operating lease right-of-use assets, net in our accompanying consolidated balance sheet. See Note 2, Summary of Significant Accounting Policies — Leases, and Note 16, Leases , for a further discussion. |
Schedule of Expected Amortization Expense Intangible Liabilities | As of December 31, 2019 , estimated amortization expense on the identified intangible liabilities for each of the next five years ending December 31 and thereafter was as follows: Year Amount 2020 $ 299,000 2021 243,000 2022 217,000 2023 207,000 2024 161,000 Thereafter 474,000 Total $ 1,601,000 |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interest (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Redeemable Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interests | The changes in the carrying amount of redeemable noncontrolling interests consisted of the following for the years ended December 31, 2019 and 2018: December 31, 2019 2018 Beginning balance $ 1,371,000 $ 1,002,000 Additions 151,000 369,000 Distributions (151,000 ) — Fair value adjustment to redemption value 173,000 232,000 Net loss attributable to redeemable noncontrolling interests (82,000 ) (232,000 ) Ending balance $ 1,462,000 $ 1,371,000 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of historical and current estimated per share NAV | The following is a summary of our historical and current estimated per share NAV of our Class T and Class I common stock: Approval Date by our Board Established Per Share NAV (Unaudited) 04/06/18 $ 9.65 04/04/19 $ 9.54 |
Related Party Transactions (Ta
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |
Schedule of Limitation on Affiliate Reimbursement | The following table reflects our operating expenses as a percentage of average invested assets and as a percentage of net income for the 12 month periods then ended: 12 months ended December 31, 2019 2018 2017 Operating expenses as a percentage of average invested assets 1.2 % 1.2 % 1.3 % Operating expenses as a percentage of net income 37.2 % 28.3 % 27.9 % |
Schedule of Related Party Transactions | For the years ended December 31, 2019, 2018 and 2017, our officers invested the following amounts and we issued the following shares of our Class T and Class I common stock pursuant to the applicable stock purchase plan: Years Ended December 31, 2019 2018 2017 Officer’s Name Title Amount Shares Amount Shares Amount Shares Jeffrey T. Hanson Chief Executive Officer and Chairman of the Board of Directors $ 10,000 995 $ 329,000 34,690 $ 263,000 28,464 Danny Prosky President and Chief Operating Officer 11,000 1,103 352,000 37,111 272,000 29,480 Mathieu B. Streiff Executive Vice President and General Counsel 10,000 999 324,000 34,262 263,000 28,462 Brian S. Peay Chief Financial Officer 1,000 88 30,000 3,143 — — Stefan K.L. Oh Executive Vice President of Acquisitions 1,000 127 34,000 3,534 32,000 3,416 Christopher M. Belford Vice President of Asset Management 1,000 102 55,000 5,866 65,000 7,014 Wendie Newman Vice President of Asset Management 1,000 34 9,000 918 8,000 828 Total $ 35,000 3,448 $ 1,133,000 119,524 $ 903,000 97,664 |
Schedule Of Amount Outstanding To Affiliates Table | Accounts Payable Due to Affiliates The following amounts were outstanding to our affiliates as of December 31, 2019 and 2018: December 31, Fee 2019 2018 Asset management fees $ 768,000 $ 595,000 Property management fees 145,000 97,000 Construction management fees 65,000 18,000 Lease commissions 21,000 — Operating expenses 12,000 6,000 Development fees 4,000 6,000 Acquisition fees 1,000 — Contingent Advisor Payment — 7,866,000 Total $ 1,016,000 $ 8,588,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 , aggregated by the level in the fair value hierarchy within which those measurements fall. We did not have any assets and liabilities measured at fair value on a recurring basis as of December 31, 2018. Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Liabilities: Derivative financial instruments $ — $ 4,385,000 $ — $ 4,385,000 |
Fair Value, by Balance Sheet Grouping | December 31, 2019 2018 Carrying Fair Carrying Fair Financial Liabilities: Mortgage loans payable $ 26,070,000 $ 26,677,000 $ 16,892,000 $ 16,920,000 Line of credit and term loans $ 393,217,000 $ 396,891,000 $ 270,553,000 $ 275,124,000 ___________ (1) Carrying amount is net of any discount/premium and deferred financing costs. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes and Distributions [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Years Ended December 31, 2019 2018 Federal deferred $ (1,087,000 ) $ (2,593,000 ) State deferred (100,000 ) (675,000 ) State current (8,000 ) 8,000 Valuation allowance 1,187,000 3,268,000 Total income tax (benefit) expense $ (8,000 ) $ 8,000 |
Schedule of Deferred Tax Assets and Liabilities | The components of deferred tax assets as of December 31, 2019 and 2018 was as follows: Years Ended December 31, 2019 2018 Deferred income tax assets: Fixed assets and intangibles $ 2,455,000 $ 2,484,000 Expense accruals and other 620,000 469,000 Net operating loss 1,856,000 791,000 Valuation allowances (4,931,000 ) (3,744,000 ) Total deferred income tax assets $ — $ — |
Summary of Tax Treatment of Distributions | The income tax treatment for distributions reportable for the years ended December 31, 2019, 2018 and 2017 was as follows: Years Ended December 31, 2019 2018 2017 Ordinary income $ 10,099,000 21.8 % $ 11,909,000 37.7 % $ 6,021,000 39.9 % Capital gain — — — — — — Return of capital 36,317,000 78.2 19,673,000 62.3 9,055,000 60.1 $ 46,416,000 100 % $ 31,582,000 100 % $ 15,076,000 100 % |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of lease payments to be received | As of December 31, 2019 , the following table sets forth the undiscounted cash flows for future minimum base rents due under operating leases for each of the next five years ending December 31 and thereafter for the properties that we wholly own: Year Amount 2020 $ 62,946,000 2021 61,205,000 2022 58,288,000 2023 53,719,000 2024 48,420,000 Thereafter 302,820,000 Total $ 587,398,000 Future minimum base rents due under operating leases as of December 31, 2018 for each of the next five years ending December 31 and thereafter was as follows: Year Amount 2019 $ 52,764,000 2020 52,207,000 2021 50,886,000 2022 48,249,000 2023 44,397,000 Thereafter 290,103,000 Total $ 538,606,000 |
Schedule of additional lease information | Additional information related to our operating leases as of and for the year ended December 31, 2019 was as follows: Amount Right-of-use assets obtained in exchange for new operating lease liabilities $ 4,489,000 Weighted average remaining lease term (in years) 80.4 Weighted average discount rate 5.74 % Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash outflows related to operating leases $ 458,000 |
Schedule of operating lease payments due, 842 | As of December 31, 2019, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for each of the next five years ending December 31 and thereafter, as well as the reconciliation of those cash flows to operating lease liabilities on the accompanying consolidated balance sheet: Year Amount 2020 $ 519,000 2021 523,000 2022 526,000 2023 530,000 2024 534,000 Thereafter 47,103,000 Total operating lease payments 49,735,000 Less: interest 39,877,000 Present value of operating lease liabilities $ 9,858,000 |
Schedule of operating lease payments due, 840 | Future minimum operating lease obligations under non-cancelable ground lease obligations as of December 31, 2018 for each of the next five years ending December 31 and thereafter was as follows: Year Amount 2019 $ 307,000 2020 307,000 2021 307,000 2022 307,000 2023 307,000 Thereafter 11,978,000 Total $ 13,513,000 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Assets by Reportable Segment | |
Summary Information by Reportable Segment | Summary information for the reportable segments during the years ended December 31, 2019, 2018 and 2017 was as follows: Medical Senior Senior Skilled Year Ended Revenues: Real estate revenue $ 54,508,000 $ — $ 8,421,000 $ 11,681,000 $ 74,610,000 Resident fees and services — 46,160,000 — — 46,160,000 Total revenues 54,508,000 46,160,000 8,421,000 11,681,000 120,770,000 Expenses: Rental expenses 17,528,000 — 1,142,000 556,000 19,226,000 Property operating expenses — 37,434,000 — — 37,434,000 Segment net operating income $ 36,980,000 $ 8,726,000 $ 7,279,000 $ 11,125,000 $ 64,110,000 Expenses: General and administrative $ 15,235,000 Acquisition related expenses 1,974,000 Depreciation and amortization 45,626,000 Other income (expense): Interest expense: Interest expense (including amortization of deferred financing costs and debt discount/premium) (16,191,000 ) Loss in fair value derivative financial instruments (4,385,000 ) Income from unconsolidated entity 267,000 Other income 175,000 Loss before income taxes (18,859,000 ) Income tax benefit 8,000 Net loss $ (18,851,000 ) Medical Office Senior Senior Skilled Nursing Facilities Year Ended Revenues: Real estate revenue $ 34,339,000 $ — $ 8,994,000 $ 4,266,000 $ 47,599,000 Resident fees and services — 36,857,000 — — 36,857,000 Total revenues 34,339,000 36,857,000 8,994,000 4,266,000 84,456,000 Expenses: Rental expenses 9,934,000 — 1,214,000 351,000 11,499,000 Property operating expenses — 30,023,000 — — 30,023,000 Segment net operating income $ 24,405,000 $ 6,834,000 $ 7,780,000 $ 3,915,000 $ 42,934,000 Expenses: General and administrative $ 9,172,000 Acquisition related expenses 2,795,000 Depreciation and amortization 32,658,000 Other income (expense): Interest expense (including amortization of deferred financing costs and debt discount/premium) (6,788,000 ) Loss from unconsolidated entity (110,000 ) Other income 11,000 Loss before income taxes (8,578,000 ) Income tax expense (8,000 ) Net loss $ (8,586,000 ) Medical Senior Senior Year Ended Revenues: Real estate revenue $ 22,320,000 $ — $ 5,450,000 $ 27,770,000 Resident fees and services — 5,563,000 — 5,563,000 Total revenues 22,320,000 5,563,000 5,450,000 33,333,000 Expenses: Rental expenses 6,694,000 — 598,000 7,292,000 Property operating expenses — 4,203,000 — 4,203,000 Segment net operating income $ 15,626,000 $ 1,360,000 $ 4,852,000 $ 21,838,000 Expenses: General and administrative $ 4,338,000 Acquisition related expenses 655,000 Depreciation and amortization 13,639,000 Other income (expense): Interest expense (including amortization of deferred financing costs and debt premium) (2,699,000 ) Other income 1,000 Net income $ 508,000 |
Assets by Reportable Segment | Assets by reportable segment as of December 31, 2019 and 2018 were as follows: December 31, 2019 2018 Medical office buildings $ 600,048,000 $ 417,708,000 Senior housing — RIDEA 149,055,000 146,965,000 Senior housing 142,982,000 154,716,000 Skilled nursing 121,749,000 115,657,000 Other 54,493,000 61,326,000 Total assets $ 1,068,327,000 $ 896,372,000 |
Concentration of Credit Risk (T
Concentration of Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Schedules of Concentration of Risk, by Risk Factor | As of December 31, 2019 , we had one tenant that accounted for 10.0% or more of our total property portfolio’s annualized base rent or annualized net operating income, as follows: Tenant Annualized Percentage of Annualized Base Rent Acquisition Reportable Segment GLA Lease Expiration RC Tier Properties, LLC $ 7,782,000 10.4% Missouri SNF Portfolio Skilled Nursing 385,000 09/30/33 ___________ (1) Annualized base rent is based on contractual base rent from leases in effect as of December 31, 2019 , inclusive of our senior housing — RIDEA facilities. |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Selected Quarterly Financial Data [Abstract] | |
Selected Quarterly Financial Data | Set forth below is the unaudited selected quarterly financial data. We believe that all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to present fairly, and in accordance with GAAP, the unaudited selected quarterly financial data when read in conjunction with our consolidated financial statements. Quarters Ended December 31, 2019 September 30, 2019 June 30, 2019 March 31, 2019 Revenues $ 33,437,000 $ 31,118,000 $ 30,373,000 $ 25,842,000 Expenses (28,597,000 ) (28,421,000 ) (29,645,000 ) (32,832,000 ) Other expense (3,548,000 ) (4,608,000 ) (6,610,000 ) (5,368,000 ) Income tax benefit (expense) 25,000 (7,000 ) (7,000 ) (3,000 ) Net income (loss) 1,317,000 (1,918,000 ) (5,889,000 ) (12,361,000 ) Less: net loss attributable to redeemable noncontrolling interests 6,000 19,000 32,000 25,000 Net income (loss) attributable to controlling interest $ 1,323,000 $ (1,899,000 ) $ (5,857,000 ) $ (12,336,000 ) Net income (loss) per Class T and Class I common share attributable to controlling interest — basic and diluted $ 0.02 $ (0.02 ) $ (0.07 ) $ (0.16 ) Weighted average number of Class T and Class I common shares outstanding — basic and diluted 79,884,966 79,502,193 79,026,999 75,105,471 Quarters Ended December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018 Revenues $ 25,323,000 $ 22,281,000 $ 19,010,000 $ 17,842,000 Expenses (25,961,000 ) (22,384,000 ) (18,808,000 ) (18,994,000 ) Other expense (3,047,000 ) (1,596,000 ) (1,160,000 ) (1,084,000 ) Income tax expense (4,000 ) (4,000 ) — — Net loss (3,689,000 ) (1,703,000 ) (958,000 ) (2,236,000 ) Less: net loss attributable to redeemable noncontrolling interests 35,000 72,000 58,000 67,000 Net loss attributable to controlling interest $ (3,654,000 ) $ (1,631,000 ) $ (900,000 ) $ (2,169,000 ) Net loss per Class T and Class I common share attributable to controlling interest — basic and diluted $ (0.06 ) $ (0.03 ) $ (0.02 ) $ (0.05 ) Weighted average number of Class T and Class I common shares outstanding — basic and diluted 64,954,525 57,769,964 51,277,753 45,136,647 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Line Items] | |
Schedule Of Acquisitions Of Properties Table | Acquisitions in 2017 For the year ended December 31, 2017, using net proceeds from our initial offering and debt financing, we completed the acquisition of 28 buildings from unaffiliated third parties. The following is a summary of our property acquisitions for the year ended December 31, 2017: Acquisition(1) Location Type Date Acquired Contract Purchase Price Mortgage Loan Payable(2) Line of Credit(3) Total Acquisition Fee(4) Battle Creek MOB Battle Creek, MI Medical Office 03/10/17 $ 7,300,000 $ — $ — $ 328,000 Reno MOB Reno, NV Medical Office 03/13/17 66,250,000 — 60,000,000 2,982,000 Athens MOB Portfolio Athens, GA Medical Office 05/18/17 16,800,000 — 7,800,000 756,000 SW Illinois Senior Housing Portfolio Columbia, Millstadt, Red Bud and Waterloo, IL Senior Housing 05/22/17 31,800,000 — 31,700,000 1,431,000 Lawrenceville MOB Lawrenceville, GA Medical Office 06/12/17 11,275,000 8,000,000 3,000,000 507,000 Northern California Senior Housing Portfolio Belmont, Fairfield, Menlo Park and Sacramento, CA Senior Housing 06/28/17 45,800,000 — 21,600,000 2,061,000 Roseburg MOB Roseburg, OR Medical Office 06/29/17 23,200,000 — 23,000,000 1,044,000 Fairfield County MOB Portfolio Stratford and Trumbull, CT Medical Office 09/29/17 15,395,000 — 15,500,000 693,000 Central Florida Senior Housing Portfolio(5) Bradenton, Brooksville, Lake Placid, Lakeland, Pinellas Park, Sanford, Spring Hill and Winter Haven, FL Senior Housing — RIDEA 11/01/17 109,500,000 — 112,000,000 4,882,000 Total $ 327,320,000 $ 8,000,000 $ 274,600,000 $ 14,684,000 ___________ (1) We own 100% of our properties acquired in 2017, with the exception of Central Florida Senior Housing Portfolio. (2) Represents the principal balance of the mortgage loan payable assumed by us at the time of acquisition. (3) Represents a borrowing under the 2016 Line of Credit or 2017 Credit Facility, as defined in Note 7, Line of Credit and Term Loans , at the time of acquisition. (4) Our advisor was paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, a base acquisition fee of 2.25% of the portion of the aggregate contract purchase price paid by us. In addition, the total acquisition fee includes a Contingent Advisor Payment, as defined in Note 13, Related Party Transactions , in the amount of 2.25% of the portion of the aggregate contract purchase price paid by us. See Note 13, Related Party Transactions — Acquisition and Development Stage — Acquisition Fee, for a further discussion. (5) On November 1, 2017, we completed the acquisition of Central Florida Senior Housing Portfolio pursuant to a joint venture with an affiliate of Meridian. Our ownership of the joint venture is approximately 98.0% . Acquisitions in 2019 For the year ended December 31, 2019 , using net proceeds from our initial offering and debt financing, we completed the acquisition of 18 buildings from unaffiliated third parties. The following is a summary of our property acquisitions for the year ended December 31, 2019 : Acquisition(1) Location Type Date Acquired Contract Purchase Price Mortgage Loan Payable(2) Line of Credit(3) Total Acquisition Fee(4) Lithonia MOB Lithonia, GA Medical Office 03/05/19 $ 10,600,000 $ — $ — $ 477,000 West Des Moines SNF West Des Moines, IA Skilled Nursing 03/24/19 7,000,000 — — 315,000 Great Nord MOB Portfolio Tinley Park, IL; Chesterton and Crown Point, IN; and Plymouth, MN Medical Office 04/08/19 44,000,000 — 15,000,000 1,011,000 Michigan ALF Portfolio(5) Grand Rapids, MI Senior Housing 05/01/19 14,000,000 10,493,000 3,500,000 315,000 Overland Park MOB Overland Park, KS Medical Office 08/05/19 28,350,000 — 28,700,000 638,000 Blue Badger MOB Marysville, OH Medical Office 08/09/19 13,650,000 — 12,000,000 307,000 Bloomington MOB Bloomington, IL Medical Office 08/13/19 18,200,000 — 17,400,000 409,000 Memphis MOB Memphis, TN Medical Office 08/15/19 8,700,000 — 8,600,000 196,000 Haverhill MOB Haverhill, MA Medical Office 08/27/19 15,500,000 — 15,450,000 349,000 Fresno MOB Fresno, CA Medical Office 10/30/19 10,000,000 — 9,950,000 225,000 Colorado Foothills MOB Portfolio Arvada, Centennial and Colorado Springs, CO Medical Office 11/19/19 31,200,000 — 30,500,000 702,000 Total $ 201,200,000 $ 10,493,000 $ 141,100,000 $ 4,944,000 ___________ (1) We own 100% of our properties acquired for the year ended December 31, 2019 . (2) Represents the principal balance of the mortgage loan payable assumed by us at the time of acquisition. (3) Represents a borrowing under the 2018 Credit Facility, as defined in Note 7, Line of Credit and Term Loans , at the time of acquisition. (4) Our advisor was paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, a base acquisition fee of 2.25% of the contract purchase price paid by us. In addition, the total acquisition fee may include a Contingent Advisor Payment, as defined in Note 13, Related Party Transactions , up to 2.25% of the contract purchase price paid by us. See Note 13, Related Party Transactions — Acquisition and Development Stage — Acquisition Fee, for a further discussion. (5) We added three buildings to our existing Michigan ALF Portfolio. The other six buildings in the Michigan ALF Portfolio were acquired in December 2018. Acquisitions in 2018 For the year ended December 31, 2018, using net proceeds from our initial offering and debt financing, we completed the acquisition of 29 buildings from unaffiliated third parties. The following is a summary of our property acquisitions for the year ended December 31, 2018: Acquisition(1) Location Type Date Acquired Contract Purchase Price Mortgage Loan Payable(2) Line of Credit(3) Total Acquisition Fee(4) Central Wisconsin Senior Care Portfolio Sun Prairie and Waunakee, WI Skilled Nursing 03/01/18 $ 22,600,000 $ — $ 22,600,000 $ 1,018,000 Sauk Prairie MOB Prairie du Sac, WI Medical Office 04/09/18 19,500,000 — 19,500,000 878,000 Surprise MOB Surprise, AZ Medical Office 04/27/18 11,650,000 — 8,000,000 524,000 Southfield MOB Southfield, MI Medical Office 05/11/18 16,200,000 6,071,000 10,000,000 728,000 Pinnacle Beaumont ALF(5) Beaumont, TX Senior Housing — RIDEA 07/01/18 19,500,000 — 19,400,000 868,000 Grand Junction MOB Grand Junction, CO Medical Office 07/06/18 31,500,000 — 31,400,000 1,418,000 Edmonds MOB Edmonds, WA Medical Office 07/30/18 23,500,000 — 22,000,000 1,058,000 Pinnacle Warrenton ALF(5) Warrenton, MO Senior Housing — RIDEA 08/01/18 8,100,000 — 8,100,000 360,000 Glendale MOB Glendale, WI Medical Office 08/13/18 7,600,000 — 7,000,000 342,000 Missouri SNF Portfolio Florissant, Kansas City, Milan, Moberly, Salisbury, Sedalia, St. Elizabeth and Trenton, MO Skilled Nursing 09/28/18 88,200,000 — 87,000,000 3,970,000 Flemington MOB Portfolio Flemington, NJ Medical Office 11/29/18 16,950,000 — 15,500,000 763,000 Lawrenceville MOB II Lawrenceville, GA Medical Office 12/19/18 9,999,000 — 10,100,000 450,000 Mill Creek MOB Mill Creek, WA Medical Office 12/21/18 8,250,000 — 6,200,000 371,000 Modesto MOB Modesto, CA Medical Office 12/28/18 16,000,000 — 15,400,000 720,000 Michigan ALF Portfolio Grand Rapids, Holland, Howell, Lansing and Wyoming, MI Senior Housing 12/28/18 56,000,000 — 53,400,000 2,520,000 Total $ 355,549,000 $ 6,071,000 $ 335,600,000 $ 15,988,000 ___________ (1) We own 100% of our properties acquired in 2018, with the exception of Pinnacle Beaumont ALF and Pinnacle Warrenton ALF. (2) Represents the principal balance of the mortgage loan payable assumed by us at the time of acquisition. (3) Represents a borrowing under the 2017 Credit Facility or 2018 Credit Facility, as defined in Note 7, Line of Credit and Term Loans , at the time of acquisition. (4) Our advisor was paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, a base acquisition fee of 2.25% of the portion of the aggregate contract purchase price paid by us. In addition, the total acquisition fee includes a Contingent Advisor Payment, as defined in Note 13, Related Party Transactions , in the amount of 2.25% of the portion of the aggregate contract purchase price paid by us. See Note 13, Related Party Transactions — Acquisition and Development Stage — Acquisition Fee, for a further discussion. (5) On July 1, 2018 and August 1, 2018, we completed the acquisitions of Pinnacle Beaumont ALF and Pinnacle Warrenton ALF, respectively, pursuant to a joint venture with an affiliate of Meridian Senior Living, LLC, or Meridian, an unaffiliated third party. Our ownership of the joint venture is approximately 98.0% . The following is a summary of our property acquisitions subsequent to December 31, 2019 : Acquisition Location Type Date Acquired Contract Purchase Price Line of Credit(1) Total Acquisition Fee(2) Catalina West Haven ALF(3) West Haven, UT Senior Housing — RIDEA 01/01/20 $ 12,799,000 $ 12,700,000 $ 278,000 Louisiana Senior Housing Portfolio(4) Gonzales, Monroe, New Iberia, Shreveport, Slidell, LA Senior Housing — RIDEA 01/03/20 34,000,000 32,700,000 737,000 Catalina Madera ALF(3) Madera, CA Senior Housing — RIDEA 01/31/20 17,900,000 17,300,000 389,000 $ 64,699,000 $ 62,700,000 $ 1,404,000 ___________ (1) Represents a borrowing under the 2018 Credit Facility, as defined in Note 7, Line of Credit and Term Loans , at the time of acquisition (2) Our advisor was paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our property, a base acquisition fee of 2.25% of the portion of the contract purchase price paid by us. See Note 13, Related Party Transactions — Acquisition and Development Stage — Acquisition Fee, for a further discussion. (3) On January 1, 2020 and January 31, 2020, we completed the acquisitions of Catalina West Haven ALF and Catalina Madera ALF, respectively, pursuant to a joint venture with an affiliate of Avalon Health Care, Inc., an unaffiliated third party. Our ownership of the joint venture is approximately 90% . (4) On January 3, 2020, we completed the acquisition of Louisiana Senior Housing Portfolio, pursuant to a joint venture with an affiliate of Senior Solutions Management Group, an unaffiliated third party. Our ownership of the joint venture is approximately 90% . |
Organization and Description _2
Organization and Description of Business (Detail) | Dec. 31, 2019ft²segment | Oct. 01, 2018USD ($) | Dec. 31, 2019USD ($)ft²shares | Dec. 31, 2019USD ($)ft²segment | Feb. 16, 2017 | Dec. 31, 2018shares | Feb. 15, 2019USD ($)shares | Dec. 31, 2019ft²shares | Dec. 31, 2019ft² | Dec. 31, 2019USD ($)ft²BuildingAcquisitionProperty | Dec. 31, 2019ft² | Jan. 18, 2019USD ($) | Jun. 17, 2016USD ($) | Feb. 16, 2016USD ($) | Mar. 01, 2015 |
Date of inception | Jan. 23, 2015 | ||||||||||||||
Date of capitalization | Feb. 6, 2015 | ||||||||||||||
Aggregate Maximum Amount Of Common Stock Issuable Under Public Offering | $ 3,150,000,000 | ||||||||||||||
Aggregate Reallocated Maximum Amount of Common Stock Issuable Under Primary Public Offering | $ 3,150,000,000 | ||||||||||||||
Issuance of common stock under the DRIP | $ 25,533,000 | $ 31,021,000 | |||||||||||||
Issuance of common stock under the DRIP, shares | shares | 2,846,786 | 3,253,535 | 5,513,699 | ||||||||||||
Advisory Agreement Term | 1 year | ||||||||||||||
Number of Reportable Segments | segment | 4 | 4 | |||||||||||||
Number of Acquisitions Completed from Unaffiliated Parties | Acquisition | 43 | ||||||||||||||
Number of Properties Acquired from Unaffiliated Parties | Property | 82 | ||||||||||||||
Number of Buildings Acquired from Unaffiliated Parties | Building | 87 | ||||||||||||||
GLA (Sq Ft) | ft² | 4,522,000 | 4,522,000 | 4,522,000 | 4,522,000 | 4,522,000 | 4,522,000 | 4,522,000 | ||||||||
Contract purchase price | $ 1,022,889,000 | ||||||||||||||
DRIP S-3 Public Offering [Member] | |||||||||||||||
Maximum amount of common stock issuable under public offering | $ 100,000,000 | ||||||||||||||
Issuance of common stock under the DRIP | $ 21,609,000 | ||||||||||||||
Issuance of common stock under the DRIP, shares | shares | 2,260,164 | ||||||||||||||
Distribution Reinvestment Plan [Member] | |||||||||||||||
Maximum amount of common stock issuable under public offering | 150,000,000 | ||||||||||||||
Class T and Class I Common Stock | |||||||||||||||
Maximum amount of common stock issuable under public offering | 3,000,000,000 | ||||||||||||||
Class T common stock, $0.01 par value per share; 900,000,000 shares authorized; 74,244,823 and 64,996,843 shares issued and outstanding as of December 31, 2019 and 2018, respectively | |||||||||||||||
Maximum amount of common stock issuable under public offering | 3,000,000,000 | ||||||||||||||
Reallocated Maximum Amount Of Common Stock Issuable Under Primary Public Offering | 2,800,000,000 | ||||||||||||||
Class I common stock, $0.01 par value per share; 100,000,000 shares authorized; 5,655,051 and 4,258,128 shares issued and outstanding as of December 31, 2019 and 2018, respectively | |||||||||||||||
Reallocated Maximum Amount Of Common Stock Issuable Under Primary Public Offering | 200,000,000 | ||||||||||||||
Distribution Reinvestment Plan [Member] | |||||||||||||||
Maximum amount of common stock issuable under public offering | $ 150,000,000 | $ 150,000,000 | |||||||||||||
Class T and Class I Common Stock | |||||||||||||||
Subscriptions In Offering Of Common Stock Received And Accepted Shares | shares | 75,639,681 | 75,639,681 | |||||||||||||
Subscriptions In Offering Of Common Stock Received And Accepted Value | $ 754,118,000 | ||||||||||||||
Griffin Capital Corporation [Member] | |||||||||||||||
Ownership percentage in affiliate | 25.00% | ||||||||||||||
American Healthcare Investors [Member] | |||||||||||||||
Ownership percentage in affiliate | 75.00% | ||||||||||||||
AHI Group Holdings, LLC [Member] | |||||||||||||||
Ownership percentage in affiliate | 47.10% | ||||||||||||||
NorthStar Asset Management Group Inc. [Member] | |||||||||||||||
Ownership percentage in affiliate | 45.10% | ||||||||||||||
James F. Flaherty III [Member] | |||||||||||||||
Ownership percentage in affiliate | 7.80% | ||||||||||||||
Griffin-American Healthcare REIT IV, Inc. [Member] | |||||||||||||||
Contract purchase price | $ 48,000,000 | ||||||||||||||
Joint venture ownership interest | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Detail) | Dec. 31, 2019USD ($)segment | Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2016 | |
Percentage of ownership in operating partnership | 99.99% | 99.99% | |||||
Percentage of limited partnership interest | 0.01% | 0.01% | |||||
Percentage of income required to be distributed as dividends | 90.00% | ||||||
Number of Reportable Segments | segment | 4 | 4 | |||||
Present value of operating lease liabilities | [1] | $ 9,858,000 | $ 9,858,000 | $ 0 | |||
Operating lease right-of-use assets, net | 14,255,000 | 14,255,000 | 0 | ||||
Allowance of uncollectible accounts | $ 902,000 | 902,000 | 1,321,000 | ||||
Increase in allowances | 2,301,000 | 1,790,000 | $ 124,000 | ||||
Reduction in allowance from collection or adjustment | (1,758,000) | (531,000) | (41,000) | ||||
Allowance for doubtful accounts, right-offs | $ 962,000 | $ 21,000 | $ 0 | ||||
Building and Building Improvements [Member] | Maximum [Member] | |||||||
Estimated useful life | 39 years | ||||||
Leasehold Improvements [Member] | Maximum [Member] | |||||||
Estimated useful life | 16 years | ||||||
Furniture and Fixtures [Member] | Maximum [Member] | |||||||
Estimated useful life | 20 years | ||||||
Accounting Standards Update 2016-02 [Member] | |||||||
Present value of operating lease liabilities | $ 5,334,000 | ||||||
Operating lease right-of-use assets, net | $ 11,239,000 | ||||||
[1] | Such liabilities of Griffin-American Healthcare REIT IV, Inc. as of December 31, 2019 and 2018 represented liabilities of Griffin-American Healthcare REIT IV Holdings, LP or its consolidated subsidiaries. Griffin-American Healthcare REIT IV Holdings, LP is a variable interest entity, or VIE, and a consolidated subsidiary of Griffin-American Healthcare REIT IV, Inc. The creditors of Griffin-American Healthcare REIT IV Holdings, LP or its consolidated subsidiaries do not have recourse against Griffin-American Healthcare REIT IV, Inc., except for the 2018 Credit Facility, as defined in Note 7, held by Griffin-American Healthcare REIT IV Holdings, LP in the amount of $396,800,000 and $275,000,000 as of December 31, 2019 and 2018, respectively, which is guaranteed by Griffin-American Healthcare REIT IV, Inc. |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Disaggregation of Revenue (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Resident fees and services | $ 46,160,000 | $ 36,857,000 | $ 5,563,000 |
Resident Fees and Services [Member] | |||
Resident fees and services | 46,160,000 | 36,857,000 | |
Senior housing — RIDEA | |||
Resident fees and services | 46,160,000 | 36,857,000 | |
Senior housing — RIDEA | Transferred at Point in Time [Member] | |||
Resident fees and services | 715,000 | 847,000 | |
Senior housing — RIDEA | Transferred over Time [Member] | |||
Resident fees and services | 45,445,000 | 36,010,000 | |
Medicaid [Member] | Resident Fees and Services [Member] | |||
Resident fees and services | 6,020,000 | 6,082,000 | |
Private and Other Payors [Member] | Resident Fees and Services [Member] | |||
Resident fees and services | $ 40,140,000 | $ 30,775,000 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies Accounts Receivable and Deferred Revenue (Details) - Resident Fees and Services [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Jan. 01, 2019 | |
Contract with Customer, Asset and Liability [Line Items] | ||
Accounts Receivable, Net - Resident Fees and Services | $ 3,804,000 | $ 6,742,000 |
Increase (Decrease) | (2,938,000) | |
Medicaid | ||
Contract with Customer, Asset and Liability [Line Items] | ||
Accounts Receivable, Net - Resident Fees and Services | 3,154,000 | 6,098,000 |
Increase (Decrease) | (2,944,000) | |
Private and other payors | ||
Contract with Customer, Asset and Liability [Line Items] | ||
Accounts Receivable, Net - Resident Fees and Services | 650,000 | $ 644,000 |
Increase (Decrease) | $ 6,000 |
Real Estate Investments, Net -
Real Estate Investments, Net - Investments in Consolidated Properties (Detail) - USD ($) | 12 Months Ended | 59 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Real Estate Properties [Line Items] | ||||
Real estate investments, at cost | $ 946,118,000 | $ 756,988,000 | $ 946,118,000 | |
Real Estate Investment Property, Accumulated Depreciation | (51,058,000) | (25,312,000) | (51,058,000) | |
Real estate investments, net | 895,060,000 | 731,676,000 | 895,060,000 | |
Contract purchase price | 1,022,889,000 | |||
Mortgage loans payable related to acquisition of properties | $ 8,000,000 | |||
Building and improvements | ||||
Real Estate Properties [Line Items] | ||||
Real estate investments, at cost | 836,091,000 | 668,814,000 | 836,091,000 | |
Land | ||||
Real Estate Properties [Line Items] | ||||
Real estate investments, at cost | 103,371,000 | 83,084,000 | 103,371,000 | |
Furniture, fixtures and equipment | ||||
Real Estate Properties [Line Items] | ||||
Real estate investments, at cost | $ 6,656,000 | $ 5,090,000 | $ 6,656,000 | |
Central Wisconsin Senior Care Portfolio [Member] | ||||
Real Estate Properties [Line Items] | ||||
Type Of Property Acquired | Skilled Nursing | |||
Date of acquisition of property | Mar. 1, 2018 | |||
Contract purchase price | $ 22,600,000 | |||
Related Party Transactions Total Acquisition Fees | 1,018,000 | |||
Lines Of Credit Related To Acquisition Of Properties | $ 22,600,000 | |||
Battle Creek MOB [Member] | ||||
Real Estate Properties [Line Items] | ||||
Type Of Property Acquired | Medical Office | |||
Date of acquisition of property | Mar. 10, 2017 | |||
Contract purchase price | $ 7,300,000 | |||
Related Party Transactions Total Acquisition Fees | $ 328,000 | |||
Reno MOB [Member] | ||||
Real Estate Properties [Line Items] | ||||
Type Of Property Acquired | Medical Office | |||
Date of acquisition of property | Mar. 13, 2017 | |||
Contract purchase price | $ 66,250,000 | |||
Related Party Transactions Total Acquisition Fees | 2,982,000 | |||
Lines Of Credit Related To Acquisition Of Properties | $ 60,000,000 | |||
Athens MOB [Member] | ||||
Real Estate Properties [Line Items] | ||||
Type Of Property Acquired | Medical Office | |||
Date of acquisition of property | May 18, 2017 | |||
Contract purchase price | $ 16,800,000 | |||
Related Party Transactions Total Acquisition Fees | 756,000 | |||
Lines Of Credit Related To Acquisition Of Properties | $ 7,800,000 | |||
SW Illinois Senior Housing Portfolio [Member] | ||||
Real Estate Properties [Line Items] | ||||
Type Of Property Acquired | Senior Housing | |||
Date of acquisition of property | May 22, 2017 | |||
Contract purchase price | $ 31,800,000 | |||
Related Party Transactions Total Acquisition Fees | 1,431,000 | |||
Lines Of Credit Related To Acquisition Of Properties | $ 31,700,000 | |||
Lawrenceville MOB [Member] | ||||
Real Estate Properties [Line Items] | ||||
Type Of Property Acquired | Medical Office | |||
Date of acquisition of property | Jun. 12, 2017 | |||
Contract purchase price | $ 11,275,000 | |||
Mortgage loans payable related to acquisition of properties | 8,000,000 | |||
Related Party Transactions Total Acquisition Fees | 507,000 | |||
Lines Of Credit Related To Acquisition Of Properties | $ 3,000,000 | |||
Northern California Senior Housing Portfolio [Member] | ||||
Real Estate Properties [Line Items] | ||||
Type Of Property Acquired | Senior Housing | |||
Date of acquisition of property | Jun. 28, 2017 | |||
Contract purchase price | $ 45,800,000 | |||
Related Party Transactions Total Acquisition Fees | 2,061,000 | |||
Lines Of Credit Related To Acquisition Of Properties | $ 21,600,000 | |||
Roseburg MOB [Member] | ||||
Real Estate Properties [Line Items] | ||||
Type Of Property Acquired | Medical Office | |||
Date of acquisition of property | Jun. 29, 2017 | |||
Contract purchase price | $ 23,200,000 | |||
Related Party Transactions Total Acquisition Fees | 1,044,000 | |||
Lines Of Credit Related To Acquisition Of Properties | $ 23,000,000 | |||
Fairfield County MOB [Member] | ||||
Real Estate Properties [Line Items] | ||||
Type Of Property Acquired | Medical Office | |||
Date of acquisition of property | Sep. 29, 2017 | |||
Contract purchase price | $ 15,395,000 | |||
Related Party Transactions Total Acquisition Fees | 693,000 | |||
Lines Of Credit Related To Acquisition Of Properties | $ 15,500,000 | |||
Central Florida Senior Housing Portfolio [Member] | ||||
Real Estate Properties [Line Items] | ||||
Type Of Property Acquired | Senior Housing — RIDEA | |||
Date of acquisition of property | Nov. 1, 2017 | |||
Contract purchase price | $ 109,500,000 | |||
Related Party Transactions Total Acquisition Fees | 4,882,000 | |||
Lines Of Credit Related To Acquisition Of Properties | $ 112,000,000 | |||
Sauk Prairie MOB [Member] | ||||
Real Estate Properties [Line Items] | ||||
Type Of Property Acquired | Medical Office | |||
Date of acquisition of property | Apr. 9, 2018 | |||
Contract purchase price | $ 19,500,000 | |||
Related Party Transactions Total Acquisition Fees | 878,000 | |||
Lines Of Credit Related To Acquisition Of Properties | $ 19,500,000 | |||
Surprise MOB [Member] | ||||
Real Estate Properties [Line Items] | ||||
Type Of Property Acquired | Medical Office | |||
Date of acquisition of property | Apr. 27, 2018 | |||
Contract purchase price | $ 11,650,000 | |||
Related Party Transactions Total Acquisition Fees | 524,000 | |||
Lines Of Credit Related To Acquisition Of Properties | $ 8,000,000 | |||
Southfield MOB [Member] | ||||
Real Estate Properties [Line Items] | ||||
Type Of Property Acquired | Medical Office | |||
Date of acquisition of property | May 11, 2018 | |||
Contract purchase price | $ 16,200,000 | |||
Borrowings and assumptions on mortgage loans payable | 6,071,000 | |||
Related Party Transactions Total Acquisition Fees | 728,000 | |||
Lines Of Credit Related To Acquisition Of Properties | $ 10,000,000 | |||
Pinnacle Beaumont ALF [Member] | ||||
Real Estate Properties [Line Items] | ||||
Type Of Property Acquired | Senior Housing — RIDEA | |||
Date of acquisition of property | Jul. 1, 2018 | |||
Contract purchase price | $ 19,500,000 | |||
Related Party Transactions Total Acquisition Fees | 868,000 | |||
Lines Of Credit Related To Acquisition Of Properties | $ 19,400,000 | |||
Grand Junction MOB [Member] | ||||
Real Estate Properties [Line Items] | ||||
Type Of Property Acquired | Medical Office | |||
Date of acquisition of property | Jul. 6, 2018 | |||
Contract purchase price | $ 31,500,000 | |||
Related Party Transactions Total Acquisition Fees | 1,418,000 | |||
Lines Of Credit Related To Acquisition Of Properties | $ 31,400,000 | |||
Edmonds MOB [Member] | ||||
Real Estate Properties [Line Items] | ||||
Type Of Property Acquired | Medical Office | |||
Date of acquisition of property | Jul. 30, 2018 | |||
Contract purchase price | $ 23,500,000 | |||
Related Party Transactions Total Acquisition Fees | 1,058,000 | |||
Lines Of Credit Related To Acquisition Of Properties | $ 22,000,000 | |||
Pinnacle Warrenton ALF [Member] | ||||
Real Estate Properties [Line Items] | ||||
Type Of Property Acquired | Senior Housing — RIDEA | |||
Date of acquisition of property | Aug. 1, 2018 | |||
Contract purchase price | $ 8,100,000 | |||
Related Party Transactions Total Acquisition Fees | 360,000 | |||
Lines Of Credit Related To Acquisition Of Properties | $ 8,100,000 | |||
Glendale MOB [Member] | ||||
Real Estate Properties [Line Items] | ||||
Type Of Property Acquired | Medical Office | |||
Date of acquisition of property | Aug. 13, 2018 | |||
Contract purchase price | $ 7,600,000 | |||
Related Party Transactions Total Acquisition Fees | 342,000 | |||
Lines Of Credit Related To Acquisition Of Properties | $ 7,000,000 | |||
Missouri Skilled Nursing Facility Portfolio [Member] | ||||
Real Estate Properties [Line Items] | ||||
Type Of Property Acquired | Skilled Nursing | |||
Date of acquisition of property | Sep. 28, 2018 | |||
Contract purchase price | $ 88,200,000 | |||
Related Party Transactions Total Acquisition Fees | 3,970,000 | |||
Lines Of Credit Related To Acquisition Of Properties | $ 87,000,000 | |||
Flemington MOB [Member] | ||||
Real Estate Properties [Line Items] | ||||
Type Of Property Acquired | Medical Office | |||
Date of acquisition of property | Nov. 29, 2018 | |||
Contract purchase price | $ 16,950,000 | |||
Related Party Transactions Total Acquisition Fees | 763,000 | |||
Lines Of Credit Related To Acquisition Of Properties | $ 15,500,000 | |||
Lawrenceville MOB II [Member] | ||||
Real Estate Properties [Line Items] | ||||
Type Of Property Acquired | Medical Office | |||
Date of acquisition of property | Dec. 19, 2018 | |||
Contract purchase price | $ 9,999,000 | |||
Related Party Transactions Total Acquisition Fees | 450,000 | |||
Lines Of Credit Related To Acquisition Of Properties | $ 10,100,000 | |||
Mill Creek MOB [Member] | ||||
Real Estate Properties [Line Items] | ||||
Type Of Property Acquired | Medical Office | |||
Date of acquisition of property | Dec. 21, 2018 | |||
Contract purchase price | $ 8,250,000 | |||
Related Party Transactions Total Acquisition Fees | 371,000 | |||
Lines Of Credit Related To Acquisition Of Properties | $ 6,200,000 | |||
Modesto MOB [Member] | ||||
Real Estate Properties [Line Items] | ||||
Type Of Property Acquired | Medical Office | |||
Date of acquisition of property | Dec. 28, 2018 | |||
Contract purchase price | $ 16,000,000 | |||
Related Party Transactions Total Acquisition Fees | 720,000 | |||
Lines Of Credit Related To Acquisition Of Properties | $ 15,400,000 | |||
Michigan ALF Portfolio [Member] | ||||
Real Estate Properties [Line Items] | ||||
Type Of Property Acquired | Senior Housing | Senior Housing | ||
Date of acquisition of property | May 1, 2019 | Dec. 28, 2018 | ||
Contract purchase price | $ 14,000,000 | $ 56,000,000 | ||
Borrowings and assumptions on mortgage loans payable | 10,493,000 | |||
Related Party Transactions Total Acquisition Fees | 315,000 | 2,520,000 | ||
Lines Of Credit Related To Acquisition Of Properties | $ 3,500,000 | 53,400,000 | ||
2018 Acquisitions [Member] | ||||
Real Estate Properties [Line Items] | ||||
Contract purchase price | 355,549,000 | |||
Borrowings and assumptions on mortgage loans payable | 6,071,000 | |||
Related Party Transactions Total Acquisition Fees | 15,988,000 | |||
Lines Of Credit Related To Acquisition Of Properties | $ 335,600,000 |
Real Estate Investments, Net _2
Real Estate Investments, Net - Additional Information (Detail) | 12 Months Ended | 59 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)Building | Dec. 31, 2017USD ($) | Dec. 31, 2019USD ($)Building | |
Real Estate Properties [Line Items] | ||||
Ownership Percentage, Properties | 100.00% | |||
Depreciation | $ 27,435,000 | $ 16,723,000 | $ 8,137,000 | |
Capitalized Acquisition Costs and Fees Additions | 6,427,000 | 13,021,000 | 11,019,000 | |
Number of Buildings Acquired from Unaffiliated Parties | Building | 87 | |||
Contract purchase price | $ 1,022,889,000 | |||
Related party transaction, expenses from transactions with related party | 16,296,000 | 22,355,000 | 17,650,000 | |
Medical Office Building [Member] | ||||
Real Estate Properties [Line Items] | ||||
Capital expenditures incurred | 4,537,000 | 3,643,000 | 1,649,000 | |
Senior Housing [Member] | ||||
Real Estate Properties [Line Items] | ||||
Capital expenditures incurred | 75,000 | 0 | 822,000 | |
Senior Housing-RIDEA [Member] | ||||
Real Estate Properties [Line Items] | ||||
Capital expenditures incurred | 2,505,000 | 5,342,000 | 5,000 | |
Skilled Nursing Facilities [Member] | ||||
Real Estate Properties [Line Items] | ||||
Capital expenditures incurred | 0 | $ 0 | $ 0 | |
Contingent Advisor Payment Incurred [Member] | ||||
Real Estate Properties [Line Items] | ||||
Base Acquisition Fee For Property Acquired | 2.25% | |||
Related party transaction, expenses from transactions with related party | $ 20,982,000 | $ 11,316,000 | ||
Advisor [Member] | ||||
Real Estate Properties [Line Items] | ||||
Base Acquisition Fee For Property Acquired | 2.25% | |||
Contingent Advisor Payment Fee | 2.25% | |||
2018 Acquisitions [Member] | ||||
Real Estate Properties [Line Items] | ||||
Ownership Percentage, Properties | 100.00% | |||
Number of Buildings Acquired from Unaffiliated Parties | Building | 29 | |||
Contract purchase price | $ 355,549,000 | |||
Related Party Transactions Total Acquisition Fees | 15,988,000 | |||
2018 Acquisitions [Member] | Contingent Advisor Payment Incurred [Member] | ||||
Real Estate Properties [Line Items] | ||||
Related party transaction, expenses from transactions with related party | $ 7,994,000 | |||
2018 Acquisitions [Member] | Advisor [Member] | ||||
Real Estate Properties [Line Items] | ||||
Base Acquisition Fee For Property Acquired | 2.25% | |||
Contingent Advisor Payment Fee | 2.25% | |||
Pinnacle Beaumont ALF and Pinnacle Warrenton ALF [Member] | ||||
Real Estate Properties [Line Items] | ||||
Ownership Percentage, Properties | 98.00% |
Real Estate Investments, Net _3
Real Estate Investments, Net - Summary of Acquisitions (Detail) | Dec. 31, 2019Building | Dec. 31, 2019USD ($)Building | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)Building | Dec. 31, 2019USD ($)Building |
Real Estate Properties [Line Items] | |||||
Contract purchase price | $ 1,022,889,000 | ||||
Mortgage loans payable related to acquisition of properties | $ 8,000,000 | ||||
Number of Buildings Acquired from Unaffiliated Parties | Building | 87 | ||||
Ownership Percentage, Properties | 100.00% | ||||
Lithonia MOB [Member] | |||||
Real Estate Properties [Line Items] | |||||
Type Of Property Acquired | Medical Office | ||||
Lines Of Credit Related To Acquisition Of Properties | $ 0 | ||||
Date of acquisition of property | Mar. 5, 2019 | ||||
Contract purchase price | $ 10,600,000 | ||||
Related Party Transactions Total Acquisition Fees | 477,000 | ||||
Borrowings and assumptions on mortgage loans payable | $ 0 | ||||
Central Wisconsin Senior Care Portfolio [Member] | |||||
Real Estate Properties [Line Items] | |||||
Type Of Property Acquired | Skilled Nursing | ||||
Lines Of Credit Related To Acquisition Of Properties | $ 22,600,000 | ||||
Date of acquisition of property | Mar. 1, 2018 | ||||
Contract purchase price | $ 22,600,000 | ||||
Related Party Transactions Total Acquisition Fees | $ 1,018,000 | ||||
Battle Creek MOB [Member] | |||||
Real Estate Properties [Line Items] | |||||
Type Of Property Acquired | Medical Office | ||||
Date of acquisition of property | Mar. 10, 2017 | ||||
Contract purchase price | $ 7,300,000 | ||||
Related Party Transactions Total Acquisition Fees | $ 328,000 | ||||
Reno MOB [Member] | |||||
Real Estate Properties [Line Items] | |||||
Type Of Property Acquired | Medical Office | ||||
Lines Of Credit Related To Acquisition Of Properties | $ 60,000,000 | ||||
Date of acquisition of property | Mar. 13, 2017 | ||||
Contract purchase price | $ 66,250,000 | ||||
Related Party Transactions Total Acquisition Fees | $ 2,982,000 | ||||
Athens MOB [Member] | |||||
Real Estate Properties [Line Items] | |||||
Type Of Property Acquired | Medical Office | ||||
Lines Of Credit Related To Acquisition Of Properties | $ 7,800,000 | ||||
Date of acquisition of property | May 18, 2017 | ||||
Contract purchase price | $ 16,800,000 | ||||
Related Party Transactions Total Acquisition Fees | $ 756,000 | ||||
SW Illinois Senior Housing Portfolio [Member] | |||||
Real Estate Properties [Line Items] | |||||
Type Of Property Acquired | Senior Housing | ||||
Lines Of Credit Related To Acquisition Of Properties | $ 31,700,000 | ||||
Date of acquisition of property | May 22, 2017 | ||||
Contract purchase price | $ 31,800,000 | ||||
Related Party Transactions Total Acquisition Fees | $ 1,431,000 | ||||
Lawrenceville MOB [Member] | |||||
Real Estate Properties [Line Items] | |||||
Type Of Property Acquired | Medical Office | ||||
Lines Of Credit Related To Acquisition Of Properties | $ 3,000,000 | ||||
Date of acquisition of property | Jun. 12, 2017 | ||||
Contract purchase price | $ 11,275,000 | ||||
Mortgage loans payable related to acquisition of properties | 8,000,000 | ||||
Related Party Transactions Total Acquisition Fees | $ 507,000 | ||||
Northern California Senior Housing Portfolio [Member] | |||||
Real Estate Properties [Line Items] | |||||
Type Of Property Acquired | Senior Housing | ||||
Lines Of Credit Related To Acquisition Of Properties | $ 21,600,000 | ||||
Date of acquisition of property | Jun. 28, 2017 | ||||
Contract purchase price | $ 45,800,000 | ||||
Related Party Transactions Total Acquisition Fees | $ 2,061,000 | ||||
Roseburg MOB [Member] | |||||
Real Estate Properties [Line Items] | |||||
Type Of Property Acquired | Medical Office | ||||
Lines Of Credit Related To Acquisition Of Properties | $ 23,000,000 | ||||
Date of acquisition of property | Jun. 29, 2017 | ||||
Contract purchase price | $ 23,200,000 | ||||
Related Party Transactions Total Acquisition Fees | $ 1,044,000 | ||||
Fairfield County MOB [Member] | |||||
Real Estate Properties [Line Items] | |||||
Type Of Property Acquired | Medical Office | ||||
Lines Of Credit Related To Acquisition Of Properties | $ 15,500,000 | ||||
Date of acquisition of property | Sep. 29, 2017 | ||||
Contract purchase price | $ 15,395,000 | ||||
Related Party Transactions Total Acquisition Fees | $ 693,000 | ||||
Central Florida Senior Housing Portfolio [Member] | |||||
Real Estate Properties [Line Items] | |||||
Type Of Property Acquired | Senior Housing — RIDEA | ||||
Lines Of Credit Related To Acquisition Of Properties | $ 112,000,000 | ||||
Date of acquisition of property | Nov. 1, 2017 | ||||
Contract purchase price | $ 109,500,000 | ||||
Related Party Transactions Total Acquisition Fees | $ 4,882,000 | ||||
Ownership Percentage, Properties | 98.00% | ||||
Sauk Prairie MOB [Member] | |||||
Real Estate Properties [Line Items] | |||||
Type Of Property Acquired | Medical Office | ||||
Lines Of Credit Related To Acquisition Of Properties | $ 19,500,000 | ||||
Date of acquisition of property | Apr. 9, 2018 | ||||
Contract purchase price | $ 19,500,000 | ||||
Related Party Transactions Total Acquisition Fees | $ 878,000 | ||||
Surprise MOB [Member] | |||||
Real Estate Properties [Line Items] | |||||
Type Of Property Acquired | Medical Office | ||||
Lines Of Credit Related To Acquisition Of Properties | $ 8,000,000 | ||||
Date of acquisition of property | Apr. 27, 2018 | ||||
Contract purchase price | $ 11,650,000 | ||||
Related Party Transactions Total Acquisition Fees | $ 524,000 | ||||
Southfield MOB [Member] | |||||
Real Estate Properties [Line Items] | |||||
Type Of Property Acquired | Medical Office | ||||
Lines Of Credit Related To Acquisition Of Properties | $ 10,000,000 | ||||
Date of acquisition of property | May 11, 2018 | ||||
Contract purchase price | $ 16,200,000 | ||||
Related Party Transactions Total Acquisition Fees | 728,000 | ||||
Borrowings and assumptions on mortgage loans payable | $ 6,071,000 | ||||
Pinnacle Beaumont ALF and Pinnacle Warrenton ALF [Member] | |||||
Real Estate Properties [Line Items] | |||||
Ownership Percentage, Properties | 98.00% | ||||
Grand Junction MOB [Member] | |||||
Real Estate Properties [Line Items] | |||||
Type Of Property Acquired | Medical Office | ||||
Lines Of Credit Related To Acquisition Of Properties | $ 31,400,000 | ||||
Date of acquisition of property | Jul. 6, 2018 | ||||
Contract purchase price | $ 31,500,000 | ||||
Related Party Transactions Total Acquisition Fees | $ 1,418,000 | ||||
Edmonds MOB [Member] | |||||
Real Estate Properties [Line Items] | |||||
Type Of Property Acquired | Medical Office | ||||
Lines Of Credit Related To Acquisition Of Properties | $ 22,000,000 | ||||
Date of acquisition of property | Jul. 30, 2018 | ||||
Contract purchase price | $ 23,500,000 | ||||
Related Party Transactions Total Acquisition Fees | $ 1,058,000 | ||||
Pinnacle Warrenton ALF [Member] | |||||
Real Estate Properties [Line Items] | |||||
Type Of Property Acquired | Senior Housing — RIDEA | ||||
Lines Of Credit Related To Acquisition Of Properties | $ 8,100,000 | ||||
Date of acquisition of property | Aug. 1, 2018 | ||||
Contract purchase price | $ 8,100,000 | ||||
Related Party Transactions Total Acquisition Fees | $ 360,000 | ||||
Glendale MOB [Member] | |||||
Real Estate Properties [Line Items] | |||||
Type Of Property Acquired | Medical Office | ||||
Lines Of Credit Related To Acquisition Of Properties | $ 7,000,000 | ||||
Date of acquisition of property | Aug. 13, 2018 | ||||
Contract purchase price | $ 7,600,000 | ||||
Related Party Transactions Total Acquisition Fees | $ 342,000 | ||||
Missouri Skilled Nursing Facility Portfolio [Member] | |||||
Real Estate Properties [Line Items] | |||||
Type Of Property Acquired | Medical Office | ||||
Lines Of Credit Related To Acquisition Of Properties | $ 30,500,000 | ||||
Date of acquisition of property | Nov. 19, 2019 | ||||
Contract purchase price | $ 31,200,000 | ||||
Related Party Transactions Total Acquisition Fees | $ 702,000 | ||||
Flemington MOB [Member] | |||||
Real Estate Properties [Line Items] | |||||
Type Of Property Acquired | Medical Office | ||||
Lines Of Credit Related To Acquisition Of Properties | $ 15,500,000 | ||||
Date of acquisition of property | Nov. 29, 2018 | ||||
Contract purchase price | $ 16,950,000 | ||||
Related Party Transactions Total Acquisition Fees | $ 763,000 | ||||
Lawrenceville MOB II [Member] | |||||
Real Estate Properties [Line Items] | |||||
Type Of Property Acquired | Medical Office | ||||
Lines Of Credit Related To Acquisition Of Properties | $ 10,100,000 | ||||
Date of acquisition of property | Dec. 19, 2018 | ||||
Contract purchase price | $ 9,999,000 | ||||
Related Party Transactions Total Acquisition Fees | $ 450,000 | ||||
Mill Creek MOB [Member] | |||||
Real Estate Properties [Line Items] | |||||
Type Of Property Acquired | Medical Office | ||||
Lines Of Credit Related To Acquisition Of Properties | $ 6,200,000 | ||||
Date of acquisition of property | Dec. 21, 2018 | ||||
Contract purchase price | $ 8,250,000 | ||||
Related Party Transactions Total Acquisition Fees | $ 371,000 | ||||
Modesto MOB [Member] | |||||
Real Estate Properties [Line Items] | |||||
Type Of Property Acquired | Medical Office | ||||
Lines Of Credit Related To Acquisition Of Properties | $ 15,400,000 | ||||
Date of acquisition of property | Dec. 28, 2018 | ||||
Contract purchase price | $ 16,000,000 | ||||
Related Party Transactions Total Acquisition Fees | $ 720,000 | ||||
Michigan ALF Portfolio [Member] | |||||
Real Estate Properties [Line Items] | |||||
Type Of Property Acquired | Senior Housing | Senior Housing | |||
Lines Of Credit Related To Acquisition Of Properties | $ 3,500,000 | $ 53,400,000 | |||
Date of acquisition of property | May 1, 2019 | Dec. 28, 2018 | |||
Contract purchase price | $ 14,000,000 | $ 56,000,000 | |||
Number of Buildings Acquired from Unaffiliated Parties | Building | 6 | 3 | |||
Related Party Transactions Total Acquisition Fees | $ 315,000 | $ 2,520,000 | |||
Borrowings and assumptions on mortgage loans payable | $ 10,493,000 | ||||
West Des Moines SNF [Member] | |||||
Real Estate Properties [Line Items] | |||||
Type Of Property Acquired | Skilled Nursing | ||||
Lines Of Credit Related To Acquisition Of Properties | $ 0 | ||||
Date of acquisition of property | Mar. 24, 2019 | ||||
Contract purchase price | $ 7,000,000 | ||||
Related Party Transactions Total Acquisition Fees | 315,000 | ||||
Borrowings and assumptions on mortgage loans payable | $ 0 | ||||
Great Nord MOB Portfolio [Member] | |||||
Real Estate Properties [Line Items] | |||||
Type Of Property Acquired | Medical Office | ||||
Lines Of Credit Related To Acquisition Of Properties | $ 15,000,000 | ||||
Date of acquisition of property | Apr. 8, 2019 | ||||
Contract purchase price | $ 44,000,000 | ||||
Related Party Transactions Total Acquisition Fees | 1,011,000 | ||||
Borrowings and assumptions on mortgage loans payable | $ 0 | ||||
Overland Park MOB [Member] | |||||
Real Estate Properties [Line Items] | |||||
Type Of Property Acquired | Medical Office | ||||
Lines Of Credit Related To Acquisition Of Properties | $ 28,700,000 | ||||
Date of acquisition of property | Aug. 5, 2019 | ||||
Contract purchase price | $ 28,350,000 | ||||
Related Party Transactions Total Acquisition Fees | $ 638,000 | ||||
Blue Badger MOB [Member] | |||||
Real Estate Properties [Line Items] | |||||
Type Of Property Acquired | Medical Office | ||||
Lines Of Credit Related To Acquisition Of Properties | $ 12,000,000 | ||||
Date of acquisition of property | Aug. 9, 2019 | ||||
Contract purchase price | $ 13,650,000 | ||||
Related Party Transactions Total Acquisition Fees | $ 307,000 | ||||
Bloomington MOB [Member] | |||||
Real Estate Properties [Line Items] | |||||
Type Of Property Acquired | Medical Office | ||||
Lines Of Credit Related To Acquisition Of Properties | $ 17,400,000 | ||||
Date of acquisition of property | Aug. 13, 2019 | ||||
Contract purchase price | $ 18,200,000 | ||||
Related Party Transactions Total Acquisition Fees | $ 409,000 | ||||
Memphis MOB [Member] | |||||
Real Estate Properties [Line Items] | |||||
Type Of Property Acquired | Medical Office | ||||
Lines Of Credit Related To Acquisition Of Properties | $ 8,600,000 | ||||
Date of acquisition of property | Aug. 15, 2019 | ||||
Contract purchase price | $ 8,700,000 | ||||
Related Party Transactions Total Acquisition Fees | 196,000 | ||||
Haverhill MOB [Member] | |||||
Real Estate Properties [Line Items] | |||||
Lines Of Credit Related To Acquisition Of Properties | $ 15,450,000 | ||||
Date of acquisition of property | Aug. 27, 2019 | ||||
Contract purchase price | $ 15,500,000 | ||||
Related Party Transactions Total Acquisition Fees | $ 349,000 | ||||
Fresno MOB [Member] | |||||
Real Estate Properties [Line Items] | |||||
Type Of Property Acquired | Medical Office | ||||
Lines Of Credit Related To Acquisition Of Properties | $ 9,950,000 | ||||
Date of acquisition of property | Oct. 30, 2019 | ||||
Contract purchase price | $ 10,000,000 | ||||
Related Party Transactions Total Acquisition Fees | $ 225,000 | ||||
Advisor [Member] | |||||
Real Estate Properties [Line Items] | |||||
Base Acquisition Fee For Property Acquired | 2.25% | ||||
Contingent Advisor Payment Fee | 2.25% | ||||
2019 Acquisitions [Member] | |||||
Real Estate Properties [Line Items] | |||||
Lines Of Credit Related To Acquisition Of Properties | $ 141,100,000 | ||||
Contract purchase price | $ 201,200,000 | ||||
Number of Buildings Acquired from Unaffiliated Parties | Building | 18 | ||||
Related Party Transactions Total Acquisition Fees | $ 4,944,000 | ||||
Borrowings and assumptions on mortgage loans payable | $ 10,493,000 | ||||
2017 Acquisitions [Member] | |||||
Real Estate Properties [Line Items] | |||||
Lines Of Credit Related To Acquisition Of Properties | $ 274,600,000 | ||||
Contract purchase price | $ 327,320,000 | ||||
Number of Buildings Acquired from Unaffiliated Parties | Building | 28 | ||||
Related Party Transactions Total Acquisition Fees | $ 14,684,000 | ||||
Ownership Percentage, Properties | 100.00% | ||||
2017 Acquisitions [Member] | Advisor [Member] | |||||
Real Estate Properties [Line Items] | |||||
Base Acquisition Fee For Property Acquired | 2.25% | ||||
Contingent Advisor Payment Fee | 2.25% |
Real Estate Investments, Net (P
Real Estate Investments, Net (Phantom) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
2018 Acquisitions [Member] | ||
Debt Instrument, Unamortized Discount | $ 263,000 | |
2019 Acquisitions [Member] | ||
Debt Instrument, Unamortized Discount | $ 758,000 |
Real Estate Investments, Net Sc
Real Estate Investments, Net Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Capitalized Acquisition Costs and Fees Additions | $ 6,427,000 | $ 13,021,000 | $ 11,019,000 |
Related party transaction, expenses from transactions with related party | 16,296,000 | 22,355,000 | 17,650,000 |
2019 Acquisitions [Member] | |||
Building and improvements | 164,084,000 | ||
Land | 20,286,000 | ||
Right-of-use asset | 3,133,000 | ||
Total assets acquired | 211,474,000 | ||
Operating lease liability | (4,489,000) | ||
Total liabilities assumed | (15,098,000) | ||
Net assets acquired | 196,376,000 | ||
2019 Acquisitions [Member] | In-Place Leases [Member] | |||
In-place leases | 21,393,000 | ||
2019 Acquisitions [Member] | Above Market Leases [Member] | |||
Above-market leases | 2,578,000 | ||
2019 Acquisitions [Member] | Mortgage Loans Payable, Net [Member] | |||
Mortgage loan payable | (9,735,000) | ||
2019 Acquisitions [Member] | Below Market Lease [Member] | |||
Below-market leases | (874,000) | ||
2018 Acquisitions [Member] | |||
Building and improvements | 289,830,000 | ||
Land | 30,878,000 | ||
Furniture, fixtures and equipment | 79,000 | ||
Total assets acquired | 366,867,000 | ||
Above-market leasehold interests | 93,000 | ||
Total liabilities assumed | (6,077,000) | ||
Net assets acquired | 360,790,000 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Certificates Of Need | 348,000 | ||
2018 Acquisitions [Member] | In-Place Leases [Member] | |||
In-place leases | 45,439,000 | ||
2018 Acquisitions [Member] | Above Market Leases [Member] | |||
Above-market leases | 200,000 | ||
2018 Acquisitions [Member] | Mortgage Loans Payable, Net [Member] | |||
Mortgage loan payable | (5,808,000) | ||
2018 Acquisitions [Member] | Below Market Lease [Member] | |||
Below-market leases | (269,000) | ||
2017 Acquisitions [Member] | |||
Building and improvements | 263,052,000 | ||
Land | 39,879,000 | ||
Furniture, fixtures and equipment | 4,453,000 | ||
Total assets acquired | 338,265,000 | ||
Total liabilities assumed | (8,966,000) | ||
Net assets acquired | 329,299,000 | ||
2017 Acquisitions [Member] | In-Place Leases [Member] | |||
In-place leases | 30,754,000 | ||
2017 Acquisitions [Member] | Above Market Leases [Member] | |||
Above-market leases | 127,000 | ||
2017 Acquisitions [Member] | Mortgage Loans Payable, Net [Member] | |||
Mortgage loan payable | (8,000,000) | ||
2017 Acquisitions [Member] | Below Market Lease [Member] | |||
Below-market leases | (571,000) | ||
2017 Acquisitions [Member] | Above-market leasehold interest [Member] | |||
Above-market leasehold interests | 395,000 | ||
Contingent Advisor Payment Incurred [Member] | |||
Related party transaction, expenses from transactions with related party | 20,982,000 | 11,316,000 | |
Contingent Advisor Payment Incurred [Member] | 2018 Acquisitions [Member] | |||
Related party transaction, expenses from transactions with related party | $ 7,994,000 | ||
Contingent Advisor Payment Incurred [Member] | 2017 Acquisitions [Member] | |||
Related party transaction, expenses from transactions with related party | $ 7,342,000 | ||
2019 Acquisitions [Member] | Contingent Advisor Payment Incurred [Member] | |||
Related party transaction, expenses from transactions with related party | $ 418,000 |
Identified Intangible Assets,_3
Identified Intangible Assets, Net - Summary of Identified Intangibles, Net (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Identified intangible assets, net | $ 74,023,000 | $ 74,723,000 |
In-Place Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Net | 70,650,000 | 67,332,000 |
Above Market Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Net | 3,025,000 | 755,000 |
Leasehold Interests [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Net | 0 | 6,288,000 |
Certificates Of Need [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Net | $ 348,000 | $ 348,000 |
Identified Intangible Assets,_4
Identified Intangible Assets, Net - Summary of Amortization Expense on Identified Intangible Assets, Net (Detail) | Dec. 31, 2019USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2020 | $ 11,696,000 |
2021 | 10,088,000 |
2022 | 8,674,000 |
2023 | 7,410,000 |
2024 | 6,161,000 |
Thereafter | 29,646,000 |
Identified intangible assets, net | $ 73,675,000 |
Identified Intangible Assets,_5
Identified Intangible Assets, Net (Phantom) (Detail) | 12 Months Ended | ||
Dec. 31, 2019USD ($)Building | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |||
Lessor, Operating Lease, Number of Buildings | Building | 8 | ||
Amortization of Intangible Assets | $ 18,384,000 | $ 16,180,000 | $ 5,732,000 |
Finite-Lived Intangible Asset, Useful Life | 9 years 6 months | 15 years 3 months 18 days | |
In-Place Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Net of accumulated amortization | $ 18,273,000 | $ 11,299,000 | |
Finite-Lived Intangible Asset, Useful Life | 9 years 6 months | 10 years 3 months 18 days | |
Leasehold Interests [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 0 | $ 98,000 | 97,000 |
Net of accumulated amortization | $ 0 | $ 217,000 | |
Finite-Lived Intangible Asset, Useful Life | 0 days | 69 years 1 month 6 days | |
Above Market Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 310,000 | $ 208,000 | $ 142,000 |
Net of accumulated amortization | $ 609,000 | $ 323,000 | |
Finite-Lived Intangible Asset, Useful Life | 9 years 6 months | 4 years 6 months |
Other Assets, Net - Other Asset
Other Assets, Net - Other Assets, Net (Detail) - USD ($) | Oct. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 |
Contract purchase price | $ 1,022,889,000 | ||||
Related party transaction, expenses from transactions with related party | $ 16,296,000 | $ 22,355,000 | $ 17,650,000 | ||
Joint Venture unamortized basis difference | 17,248,000 | 17,704,000 | 17,248,000 | ||
Investment in unconsolidated entity | 47,016,000 | 47,600,000 | 47,016,000 | ||
Deferred rent receivables | 8,018,000 | 4,941,000 | 8,018,000 | ||
Deferred financing costs, net of accumulated amortization of $1,517,000 and $1,554,000 as of December 31, 2019 and 2018, respectively(1) | 3,583,000 | 4,447,000 | 3,583,000 | ||
Prepaid expenses and deposits | 2,380,000 | 2,682,000 | 2,380,000 | ||
Lease commissions, net of accumulated amortization of $174,000 and $64,000 as of December 31, 2019 and 2018, respectively | 1,623,000 | 564,000 | 1,623,000 | ||
Other assets, net | 62,620,000 | 60,234,000 | $ 62,620,000 | ||
Base Acquisition Fee Paid [Member] | |||||
Related party transaction, expenses from transactions with related party | 4,595,000 | $ 10,096,000 | $ 7,342,000 | ||
Base Acquisition Fee For Property Acquired | 2.25% | ||||
Contingent Advisor Payment Incurred [Member] | |||||
Related party transaction, expenses from transactions with related party | $ 20,982,000 | $ 11,316,000 | |||
Base Acquisition Fee For Property Acquired | 2.25% | ||||
Griffin-American Healthcare REIT IV, Inc. [Member] | |||||
Joint venture ownership interest | 6.00% | 6.00% | 6.00% | ||
Contract purchase price | $ 48,000,000 | ||||
Gross Enterprise Value | $ 93,154,000 | ||||
Trilogy Joint Venture [Member] | |||||
Joint venture ownership interest | 24.00% | ||||
Ownership percentage equity interest | 96.70% | ||||
Trilogy Joint Venture [Member] | Base Acquisition Fee Paid [Member] | |||||
Related party transaction, expenses from transactions with related party | $ 2,096,000 | ||||
Trilogy Joint Venture [Member] | Contingent Advisor Payment Incurred [Member] | |||||
Related party transaction, expenses from transactions with related party | $ 2,096,000 | ||||
Griffin-American Healthcare REIT III, Inc. [Member] | |||||
Joint venture ownership interest | 70.00% |
Other Assets, Net - Additional
Other Assets, Net - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Joint Venture unamortized basis difference | $ 17,248,000 | $ 17,704,000 | |
Amortization of Debt Issuance Costs | 2,028,000 | 1,000,000 | $ 442,000 |
Amortization Expense On Lease Commissions | $ 117,000 | $ 61,000 | $ 9,000 |
Other Assets, Net (Phantom) (De
Other Assets, Net (Phantom) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Real Estate (Phantom) [Abstract] | ||
Accumulated Amortization, Debt Issuance Costs | $ 1,517,000 | $ 1,554,000 |
Deferred Costs, Leasing, Accumulated Amortization | $ 174,000 | $ 64,000 |
Mortgage Loans Payable, Net - A
Mortgage Loans Payable, Net - Additional Information (Detail) | Dec. 31, 2019USD ($)MortgageLoan | Dec. 31, 2018USD ($)MortgageLoan | Dec. 31, 2017USD ($) | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Mortgage loans payable, gross | $ 27,099,000 | $ 17,256,000 | |||
Mortgage loans payable, net(1) | $ 26,070,000 | [1] | $ 16,892,000 | [1] | $ 11,567,000 |
Number Of Fixed Rate Mortgage Loans Payable | MortgageLoan | 4 | 3 | |||
Minimum [Member] | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 3.67% | 3.75% | |||
Maximum [Member] | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 5.25% | 5.25% | |||
Mortgage Loans Payable, Net [Member] | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Weighted average effective interest rate | 4.18% | 4.51% | |||
[1] | Such liabilities of Griffin-American Healthcare REIT IV, Inc. as of December 31, 2019 and 2018 represented liabilities of Griffin-American Healthcare REIT IV Holdings, LP or its consolidated subsidiaries. Griffin-American Healthcare REIT IV Holdings, LP is a variable interest entity, or VIE, and a consolidated subsidiary of Griffin-American Healthcare REIT IV, Inc. The creditors of Griffin-American Healthcare REIT IV Holdings, LP or its consolidated subsidiaries do not have recourse against Griffin-American Healthcare REIT IV, Inc., except for the 2018 Credit Facility, as defined in Note 7, held by Griffin-American Healthcare REIT IV Holdings, LP in the amount of $396,800,000 and $275,000,000 as of December 31, 2019 and 2018, respectively, which is guaranteed by Griffin-American Healthcare REIT IV, Inc. |
Mortgage Loans Payable, Net Mor
Mortgage Loans Payable, Net Mortgage Loans Payable, Net (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Mortgage loan payable, net— Beginning Balance | $ 16,892,000 | [1] | $ 11,567,000 | ||
Assumption of mortgage loans payable, net | 9,735,000 | 5,808,000 | |||
Amortization of deferred financing costs | 78,000 | 76,000 | |||
Amortization of discount/premium on mortgage loans payable | 41,000 | 13,000 | |||
Deferred financing costs | (26,000) | (123,000) | |||
Scheduled principal payments on mortgage loans payable | (650,000) | (449,000) | $ (273,000) | ||
Mortgage loans payable, net — Ending Balance | $ 26,070,000 | [1] | $ 16,892,000 | [1] | $ 11,567,000 |
[1] | Such liabilities of Griffin-American Healthcare REIT IV, Inc. as of December 31, 2019 and 2018 represented liabilities of Griffin-American Healthcare REIT IV Holdings, LP or its consolidated subsidiaries. Griffin-American Healthcare REIT IV Holdings, LP is a variable interest entity, or VIE, and a consolidated subsidiary of Griffin-American Healthcare REIT IV, Inc. The creditors of Griffin-American Healthcare REIT IV Holdings, LP or its consolidated subsidiaries do not have recourse against Griffin-American Healthcare REIT IV, Inc., except for the 2018 Credit Facility, as defined in Note 7, held by Griffin-American Healthcare REIT IV Holdings, LP in the amount of $396,800,000 and $275,000,000 as of December 31, 2019 and 2018, respectively, which is guaranteed by Griffin-American Healthcare REIT IV, Inc. |
Mortgage Loans Payable, Net - P
Mortgage Loans Payable, Net - Principal Payments Due on Mortgage Loans Payable (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | ||
2020 | $ 8,317,000 | |
2021 | 622,000 | |
2022 | 651,000 | |
2023 | 681,000 | |
2024 | 711,000 | |
Thereafter | 16,117,000 | |
Mortgage loans payable, gross | $ 27,099,000 | $ 17,256,000 |
Line of Credit (Detail)
Line of Credit (Detail) | Nov. 01, 2019USD ($) | Nov. 20, 2018USD ($)Extension_period | Aug. 25, 2016USD ($) | Nov. 03, 2017 | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 28, 2018USD ($) | Oct. 31, 2017USD ($) | |
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 530,000,000 | $ 400,000,000 | $ 350,000,000 | $ 200,000,000 | |||||
Line Of Credit Facility, Number Of Potential Extensions | Extension_period | 1 | ||||||||
Line Of Credit Facility, Potential Extension Term | 12 months | ||||||||
Swing line loan | $ 50,000,000 | ||||||||
Line of credit and term loans | [1] | $ 396,800,000 | $ 275,000,000 | ||||||
2017 Line of Credit [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | 150,000,000 | ||||||||
2016 Line of Credit [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | 100,000,000 | ||||||||
Term Loan [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of Credit Facility, Increase (Decrease), Net | $ 45,000,000 | ||||||||
Line Of Credit Facility, Increase Amount To Borrowing Capacity | 200,000,000 | $ 150,000,000 | 50,000,000 | ||||||
Line of Credit [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 100,000,000 | ||||||||
Revolving Credit Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of Credit Facility, Increase (Decrease), Net | 85,000,000 | ||||||||
Line Of Credit Facility, Increase Amount To Borrowing Capacity | 150,000,000 | 50,000,000 | |||||||
Term Loan Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line Of Credit Facility, Increase Amount To Borrowing Capacity | 250,000,000 | ||||||||
Aggregate Revolving Commitments [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line Of Credit Facility, Potential Maximum Borrowing Capacity | 300,000,000 | ||||||||
Recourse Indebtedness [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line Of Credit Facility, Increase Amount To Borrowing Capacity | 20,000,000 | ||||||||
Non-recourse Indebtedness [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line Of Credit Facility, Increase Amount To Borrowing Capacity | $ 50,000,000 | ||||||||
Credit Agreement [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Instrument, Leverage Ratio | 40.00% | ||||||||
2018 Line of Credit [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 530,000,000 | 400,000,000 | |||||||
Line Of Credit Facility, Increase Amount To Borrowing Capacity | 120,000,000 | ||||||||
Letters of Credit Outstanding, Amount | 20,000,000 | ||||||||
Delayed Draw Term Loan [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line Of Credit Facility, Increase Amount To Borrowing Capacity | 50,000,000 | ||||||||
Line of Credit [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Commitment fee percentage condition one | 0.20% | ||||||||
Average daily used amount percentage condition one | 50.00% | ||||||||
Commitment fee percentage condition two | 0.25% | ||||||||
Average daily used amount percentage condition two | 50.00% | ||||||||
Line of Credit [Member] | Federal Funds Rate [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||||
Line of Credit [Member] | One-Month Eurodollar [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||||||
Line of Credit [Member] | Base Rate [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Instrument, Base Rate, Percent | 0.00% | ||||||||
Minimum [Member] | Line of Credit [Member] | Eurodollar [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.70% | ||||||||
Minimum [Member] | Line of Credit [Member] | Base Rate [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.70% | ||||||||
Maximum [Member] | Line of Credit [Member] | Eurodollar [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.20% | ||||||||
Maximum [Member] | Line of Credit [Member] | Base Rate [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.20% | ||||||||
2018 Line of Credit [Member] | Line of Credit [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line Of Credit Facility, Potential Maximum Borrowing Capacity | $ 650,000,000 | ||||||||
Line of Credit [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Weighted average effective interest rate | 3.50% | 4.25% | |||||||
[1] | Such liabilities of Griffin-American Healthcare REIT IV, Inc. as of December 31, 2019 and 2018 represented liabilities of Griffin-American Healthcare REIT IV Holdings, LP or its consolidated subsidiaries. Griffin-American Healthcare REIT IV Holdings, LP is a variable interest entity, or VIE, and a consolidated subsidiary of Griffin-American Healthcare REIT IV, Inc. The creditors of Griffin-American Healthcare REIT IV Holdings, LP or its consolidated subsidiaries do not have recourse against Griffin-American Healthcare REIT IV, Inc., except for the 2018 Credit Facility, as defined in Note 7, held by Griffin-American Healthcare REIT IV Holdings, LP in the amount of $396,800,000 and $275,000,000 as of December 31, 2019 and 2018, respectively, which is guaranteed by Griffin-American Healthcare REIT IV, Inc. |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments | $ 4,385,000 | $ 0 | $ 0 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Detail) - Not Designated as Hedging Instrument [Member] | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 250,000,000 |
Derivative Assets (Liabilities), at Fair Value, Net | $ 4,385,000 |
139.5 notional amount [Member] | |
Derivative [Line Items] | |
Derivative, Type of Instrument | Swap |
Derivative, Notional Amount | $ 139,500,000 |
Debt Instrument, Description of Variable Rate Basis | one month LIBOR |
Derivative, Maturity Date | Nov. 19, 2021 |
Derivative Assets (Liabilities), at Fair Value, Net | $ 2,441,000 |
58.8 notional amount [Member] | |
Derivative [Line Items] | |
Derivative, Type of Instrument | Swap |
Derivative, Notional Amount | $ 58,800,000 |
Debt Instrument, Description of Variable Rate Basis | one month LIBOR |
Derivative, Maturity Date | Nov. 19, 2021 |
Derivative Assets (Liabilities), at Fair Value, Net | $ 1,029,000 |
36.7 notional amount [Member] | |
Derivative [Line Items] | |
Derivative, Type of Instrument | Swap |
Derivative, Notional Amount | $ 36,700,000 |
Debt Instrument, Description of Variable Rate Basis | one month LIBOR |
Derivative, Maturity Date | Nov. 19, 2021 |
Derivative Assets (Liabilities), at Fair Value, Net | $ 642,000 |
15.0 notional amount [Member] | |
Derivative [Line Items] | |
Derivative, Type of Instrument | Swap |
Derivative, Notional Amount | $ 15,000,000 |
Debt Instrument, Description of Variable Rate Basis | one month LIBOR |
Derivative, Maturity Date | Nov. 19, 2021 |
Derivative Assets (Liabilities), at Fair Value, Net | $ 273,000 |
Swap, 2.49% Interest Rate [Member] | 139.5 notional amount [Member] | |
Derivative [Line Items] | |
Derivative, Basis Spread on Variable Rate | 2.49% |
Swap, 2.49% Interest Rate [Member] | 58.8 notional amount [Member] | |
Derivative [Line Items] | |
Derivative, Basis Spread on Variable Rate | 2.49% |
Swap, 2.49% Interest Rate [Member] | 36.7 notional amount [Member] | |
Derivative [Line Items] | |
Derivative, Basis Spread on Variable Rate | 2.49% |
Swap, 2.53% Interest Rate [Member] | 15.0 notional amount [Member] | |
Derivative [Line Items] | |
Derivative, Basis Spread on Variable Rate | 2.53% |
Identified Intangible Liabili_3
Identified Intangible Liabilities, Net - Summary of Identified Intangibles, Net (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Finite Lived Intangible Liabilities [Line Items] | ||
Identified intangible liabilities, net | $ 1,601,000 | $ 1,627,000 |
Below Market Lease [Member] | ||
Finite Lived Intangible Liabilities [Line Items] | ||
Identified intangible liabilities, net | 1,601,000 | 1,245,000 |
Above-market leasehold interest [Member] | ||
Finite Lived Intangible Liabilities [Line Items] | ||
Identified intangible liabilities, net | $ 0 | $ 382,000 |
Identified Intangible Liabili_4
Identified Intangible Liabilities, Net - Summary of Amortization Expense on Below Market Leases (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Intangible Liabilities [Abstract] | ||
2020 | $ 299,000 | |
2021 | 243,000 | |
2022 | 217,000 | |
2023 | 207,000 | |
2024 | 161,000 | |
Thereafter | 474,000 | |
Identified intangible liabilities, net | $ 1,601,000 | $ 1,627,000 |
Identified Intangible Liabili_5
Identified Intangible Liabilities, Net (Phantom) (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)Building | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Lessor, Operating Lease, Number of Buildings | Building | 8 | ||
Amortization of Identified Intangible Liabilities | $ 517,000 | $ 380,000 | $ 291,000 |
Weighted average remaining life | 11 years 3 months 18 days | 16 years 4 months 24 days | |
Below Market Lease [Member] | |||
Finite Lived Intangible Liabilities Accumulated Amortization | $ 702,000 | $ 678,000 | |
Amortization of above and below Market Leases | $ 517,000 | $ 373,000 | 285,000 |
Weighted average remaining life | 11 years 3 months 18 days | 5 years 8 months 12 days | |
Above-market leasehold interest [Member] | |||
Finite Lived Intangible Liabilities Accumulated Amortization | $ 0 | $ 13,000 | |
Amortization of above market leasehold interest | $ 0 | $ 7,000 | $ 6,000 |
Weighted average remaining life | 51 years 2 months 12 days |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interest (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Changes in carrying amount of redeemable noncontrolling interest [Roll Forward] | |||
Beginning balance | $ 1,371,000 | $ 1,002,000 | |
Additions | 151,000 | 369,000 | |
Distributions | (151,000) | 0 | $ 0 |
Fair value adjustment to redemption value | 173,000 | 232,000 | |
Net loss attributable to redeemable noncontrolling interests | (82,000) | (232,000) | (33,000) |
Ending balance | $ 1,462,000 | $ 1,371,000 | $ 1,002,000 |
Noncontrolling Interest, Ownership Percentage by Parent | 99.99% | 99.99% | |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 0.01% | 0.01% | |
Ownership Percentage, Properties | 100.00% | ||
TRS [Member] | |||
Changes in carrying amount of redeemable noncontrolling interest [Roll Forward] | |||
Ownership Percentage, Properties | 98.00% | ||
Limited Partner [Member] | |||
Changes in carrying amount of redeemable noncontrolling interest [Roll Forward] | |||
Stock Issued During Period, Shares, Stock Splits | 208 | 208 |
Equity (Details)
Equity (Details) - USD ($) | 11 Months Ended | 12 Months Ended | 13 Months Ended | 23 Months Ended | 33 Months Ended | 34 Months Ended | 36 Months Ended | 45 Months Ended | 47 Months Ended | ||||||||||||||||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 28, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Feb. 15, 2019 | Dec. 31, 2019 | Dec. 31, 2019 | Apr. 04, 2019 | Jan. 18, 2019 | Apr. 11, 2018 | Apr. 06, 2018 | Jan. 22, 2018 | Mar. 01, 2017 | Jan. 23, 2017 | Jan. 07, 2017 | Dec. 31, 2016 | Jun. 17, 2016 | Apr. 13, 2016 | Feb. 16, 2016 | Feb. 12, 2016 | Feb. 06, 2015 | |
Share Repurchase Plan Percentage of Price per-Share Condition Two | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | |||||||||||||||||||
Stockholder Servicing Fee Incurred | $ 2,573,000 | $ 8,069,000 | $ 10,421,000 | ||||||||||||||||||||||
Aggregate Maximum Amount Of Common Stock Issuable Under Public Offering | $ 3,150,000,000 | ||||||||||||||||||||||||
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | |||||||||||||||||
Granted (in shares) | 82,500 | ||||||||||||||||||||||||
Common Stock Repuchased During Period Under Share Repurchase Plan Shares | 928,675 | 350,418 | 77,746 | 428,164 | 1,356,839 | ||||||||||||||||||||
Issuance of common stock under the DRIP | $ 25,533,000 | $ 31,021,000 | |||||||||||||||||||||||
Proceeds from Issuance of Common Stock, Dividend Reinvestment Plan | $ 27,097,000 | $ 52,630,000 | |||||||||||||||||||||||
Issuance of common stock under the DRIP, shares | 2,846,786 | 3,253,535 | 5,513,699 | ||||||||||||||||||||||
Selling Commissions Percentage | 3.00% | ||||||||||||||||||||||||
Selling Commissions Expenses | 2,241,000 | $ 6,983,000 | $ 8,329,000 | ||||||||||||||||||||||
Maximum percentage of dealer manager fee | 3.00% | 3.00% | |||||||||||||||||||||||
Percentage Of Dealer Manager Fee | 1.00% | 1.00% | |||||||||||||||||||||||
Dealer Manager Fees | $ 759,000 | 2,364,000 | 2,844,000 | ||||||||||||||||||||||
Stockholder daily servicing fee percentage | 1.00% | ||||||||||||||||||||||||
Maximum percentage of stockholder servicing fee | 4.00% | ||||||||||||||||||||||||
Stockholder Servicing Fee Payable | $ 12,610,000 | $ 12,610,000 | $ 16,395,000 | $ 12,610,000 | $ 16,395,000 | $ 12,610,000 | $ 12,610,000 | $ 12,610,000 | |||||||||||||||||
Number of shares of preferred stock, authorized to be issued | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | |||||||||||||||||
Par value of preferred stock, authorized to be issued | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||||
Par value of common stock to be offered and sold to the public | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||||
Maximum Percentage Of Common Stock Repurchased During Period | 5.00% | ||||||||||||||||||||||||
Share Repurchase Plan Holding Period Condition One | 1 year | ||||||||||||||||||||||||
Share Repurchase Plan Percentage of Price per-Share Condition One | 92.50% | 92.50% | 92.50% | 92.50% | 92.50% | 92.50% | |||||||||||||||||||
Stock Repuchased During Period Value Under the Share Repurchase Plan Value | $ 8,609,000 | $ 3,312,000 | $ 735,000 | $ 4,047,000 | $ 12,656,000 | ||||||||||||||||||||
Stock Acquired Average Cost Per Share | $ 9.27 | $ 9.45 | $ 9.45 | $ 9.45 | $ 9.33 | ||||||||||||||||||||
Distribution Reinvestment Plan [Member] | |||||||||||||||||||||||||
Maximum amount of common stock issuable under public offering | $ 150,000,000 | $ 150,000,000 | |||||||||||||||||||||||
Share price | $ 9.65 | $ 9.40 | $ 9.50 | ||||||||||||||||||||||
Class T common stock, $0.01 par value per share; 900,000,000 shares authorized; 74,244,823 and 64,996,843 shares issued and outstanding as of December 31, 2019 and 2018, respectively | |||||||||||||||||||||||||
Reallocated Maximum Amount Of Common Stock Issuable Under Primary Public Offering | 2,800,000,000 | ||||||||||||||||||||||||
Maximum amount of common stock issuable under public offering | $ 3,000,000,000 | ||||||||||||||||||||||||
Common stock, shares authorized | 900,000,000 | 900,000,000 | 900,000,000 | 900,000,000 | 900,000,000 | 900,000,000 | 900,000,000 | 900,000,000 | |||||||||||||||||
Shares, issued | 20,833 | 20,833 | 20,833 | 20,833 | 20,833 | 20,833 | 20,833 | 20,833 | |||||||||||||||||
Par value of common stock to be offered and sold to the public | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||||
Class I common stock, $0.01 par value per share; 100,000,000 shares authorized; 5,655,051 and 4,258,128 shares issued and outstanding as of December 31, 2019 and 2018, respectively | |||||||||||||||||||||||||
Reallocated Maximum Amount Of Common Stock Issuable Under Primary Public Offering | $ 200,000,000 | ||||||||||||||||||||||||
Share price | 9.65 | $ 9.21 | $ 9.21 | $ 9.21 | $ 9.30 | ||||||||||||||||||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | |||||||||||||||||
Maximum percentage of dealer manager fee | 1.50% | ||||||||||||||||||||||||
Par value of common stock to be offered and sold to the public | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||||
Class T and Class I Common Stock | |||||||||||||||||||||||||
Subscriptions In Offering Of Common Stock Received And Accepted Shares | 75,639,681 | 75,639,681 | |||||||||||||||||||||||
Griffin American Advisor [Member] | Class T common stock, $0.01 par value per share; 900,000,000 shares authorized; 74,244,823 and 64,996,843 shares issued and outstanding as of December 31, 2019 and 2018, respectively | |||||||||||||||||||||||||
Value of stock purchased | $ 200,000 | ||||||||||||||||||||||||
Advisor [Member] | |||||||||||||||||||||||||
Percentage Of Dealer Manager Fee | 2.00% | 2.00% | |||||||||||||||||||||||
Two Thousand Fifteen Incentive Plan [Member] | Class T and Class I Common Stock | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,000,000 | ||||||||||||||||||||||||
Share price | $ 9.54 | $ 9.54 | $ 9.65 | $ 10 | $ 9.54 | $ 9.65 | $ 9.54 | $ 9.54 | $ 9.54 | ||||||||||||||||
Two Thousand Fifteen Incentive Plan [Member] | Restricted Stock [Member] | |||||||||||||||||||||||||
Share-based Payment Arrangement, Expense | $ 207,000 | $ 185,000 | $ 131,000 | ||||||||||||||||||||||
Two Thousand Fifteen Incentive Plan [Member] | Restricted Stock [Member] | Re-elected or Newly Elected Independent Directors [Member] | |||||||||||||||||||||||||
Granted (in shares) | 22,500 | ||||||||||||||||||||||||
Share based compensation arrangement by share based payment award equity instruments other than options vesting percentage | 20.00% | ||||||||||||||||||||||||
Two Thousand Fifteen Incentive Plan [Member] | Restricted Stock [Member] | Independent Directors [Member] | |||||||||||||||||||||||||
Granted (in shares) | 22,500 | 22,500 | |||||||||||||||||||||||
Limited Partner [Member] | |||||||||||||||||||||||||
Stock Issued During Period, Shares, Stock Splits | 208 | 208 | |||||||||||||||||||||||
Total Stockholders’ Equity | |||||||||||||||||||||||||
Issuance of common stock under the DRIP | $ 25,533,000 | $ 17,612,000 | $ 8,689,000 | ||||||||||||||||||||||
Class T and Class I Common Stock | |||||||||||||||||||||||||
Issuance of common stock under the DRIP | $ 26,000 | $ 18,000 | $ 9,000 | ||||||||||||||||||||||
Issuance of common stock under the DRIP, shares | 2,666,913 | 1,838,711 | 924,358 | ||||||||||||||||||||||
Shares, issued | 79,899,874 | 79,899,874 | 69,254,971 | 42,207,160 | 79,899,874 | 69,254,971 | 79,899,874 | 79,899,874 | 79,899,874 | 11,377,439 | |||||||||||||||
Distribution Reinvestment Plan [Member] | |||||||||||||||||||||||||
Maximum amount of common stock issuable under public offering | 150,000,000 | ||||||||||||||||||||||||
Share price | $ 9.54 | $ 9.65 | |||||||||||||||||||||||
Class T and Class I Common Stock | |||||||||||||||||||||||||
Maximum amount of common stock issuable under public offering | $ 3,000,000,000 | ||||||||||||||||||||||||
Share price | $ 10.05 | $ 10 | |||||||||||||||||||||||
DRIP S-3 Public Offering [Member] | |||||||||||||||||||||||||
Maximum amount of common stock issuable under public offering | $ 100,000,000 | ||||||||||||||||||||||||
Issuance of common stock under the DRIP | $ 21,609,000 | ||||||||||||||||||||||||
Issuance of common stock under the DRIP, shares | 2,260,164 |
Equity Phantom (Detail)
Equity Phantom (Detail) - $ / shares | 12 Months Ended | 45 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Class of Stock [Line Items] | ||||
Preferred stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 | |
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | |
Preferred stock, shares issued | 0 | 0 | 0 | |
Preferred stock, shares outstanding | 0 | 0 | 0 | |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | |
Granted (in shares) | 82,500 | |||
Class T common stock, $0.01 par value per share; 900,000,000 shares authorized; 74,244,823 and 64,996,843 shares issued and outstanding as of December 31, 2019 and 2018, respectively | ||||
Class of Stock [Line Items] | ||||
Common stock, shares authorized | 900,000,000 | 900,000,000 | 900,000,000 | |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | |
Shares, issued | 20,833 | 20,833 | 20,833 | |
Limited Partner [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Shares, Stock Splits | 208 | 208 | ||
Restricted Stock [Member] | Two Thousand Fifteen Incentive Plan [Member] | Independent Director [Member] | ||||
Class of Stock [Line Items] | ||||
Granted (in shares) | 22,500 | 22,500 |
Related Party Transactions Addi
Related Party Transactions Additional Information (Detail) | 12 Months Ended | 13 Months Ended | 34 Months Ended | 47 Months Ended | |||||||||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Feb. 28, 2017 | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($)Quarter | Apr. 11, 2018$ / shares | Jan. 22, 2018$ / shares | Mar. 01, 2017$ / shares | Jan. 23, 2017$ / shares | Jun. 17, 2016$ / shares | Feb. 29, 2016$ / shares | Feb. 16, 2016USD ($) | |
Related Party Transaction [Line Items] | |||||||||||||
Percentage Of Dealer Manager Fee | 1.00% | 1.00% | |||||||||||
Due to Affiliate | $ 1,016,000 | $ 8,588,000 | $ 1,016,000 | $ 1,016,000 | |||||||||
Maximum percentage Of Fees And Expenses Associated With Acquisition | 6.00% | 6.00% | 6.00% | 6.00% | |||||||||
Minimum Investment Rate By Officer EVP | 5.00% | 10.00% | |||||||||||
Maximum Investment Rate By Officer EVP | 15.00% | 15.00% | |||||||||||
Officer Purchase Share Price | $ / shares | $ 9.60 | ||||||||||||
Related party transaction, expenses from transactions with related party | $ 16,296,000 | $ 22,355,000 | $ 17,650,000 | ||||||||||
Accrued Contingent Advisor Payment | 0 | 7,866,000 | 7,744,000 | 0 | $ 0 | ||||||||
Maximum percentage of dealer manager fee | 3.00% | 3.00% | |||||||||||
Contingent Advisor Payment Incurred [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Due to Affiliate | 0 | $ 7,866,000 | 0 | $ 0 | |||||||||
Base Acquisition Fee For Property Acquired | 2.25% | ||||||||||||
Related party transaction, expenses from transactions with related party | 20,982,000 | $ 11,316,000 | |||||||||||
Base Acquisition Fee Paid [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Base Acquisition Fee For Property Acquired | 2.25% | ||||||||||||
Related party transaction, expenses from transactions with related party | 4,595,000 | $ 10,096,000 | 7,342,000 | ||||||||||
Operating Expenses [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Due to Affiliate | 12,000 | 6,000 | 12,000 | $ 12,000 | |||||||||
Related party transaction, expenses from transactions with related party | $ 132,000 | 65,000 | 82,000 | ||||||||||
Subordinated Distribution Of Net Sales Proceeds [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Percentage Of Distribution of Net Proceeds From Sale Of Properties | 15.00% | ||||||||||||
Annual Cumulative Non Compounded Return On Gross Proceeds From Sale Of Shares of our common stock | 6.00% | ||||||||||||
Subordinated DistributionUpon Listing [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Distribution rate of common stock capital to advisor | 15.00% | ||||||||||||
Annual Cumulative Non Compounded Return Upon Listing Of Shares of common stock | 6.00% | ||||||||||||
Subordinated Distribution Upon Termination [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Distribution rate of common stock capital to advisor | 15.00% | ||||||||||||
Annual Cumulative Non Compounded Return Upon Listing Of Shares of common stock | 6.00% | ||||||||||||
Advisor [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Percentage Of Dealer Manager Fee | 2.00% | 2.00% | |||||||||||
Acquisition Fee Of Contract Purchase Price For Property Acquired | 4.50% | ||||||||||||
Acquisition Fee Of Contract Purchase Price Of Real Estate Related Investments | 4.25% | ||||||||||||
Base Acquisition Fee For Property Acquired | 2.25% | ||||||||||||
Base Acquisition Fee For Real Estate Related Investments | 2.00% | ||||||||||||
Contingent Advisor Payment Fee | 2.25% | ||||||||||||
Minimum Condition Contingent Advisor Payment | $ 7,500,000 | ||||||||||||
Imputed leverage on equity raise percentage as basis of acquisition fee | 50.00% | ||||||||||||
Asset Management Fee Percent | 0.80% | ||||||||||||
Percentage Of Property Management Oversight Fees | 1.00% | ||||||||||||
Percentage Of Property Oversight Fees - Gross Monthly Cash Receipts | 1.50% | ||||||||||||
Percentage Of Property Management Oversight Fees - Multiple Tenants | 1.50% | ||||||||||||
Minimum Percentage Of Lease Fees | 3.00% | ||||||||||||
Maximum Percentage Of Lease Fees | 6.00% | ||||||||||||
Maximum Percentage Of Construction Management Fees | 5.00% | ||||||||||||
Number Of Consecutive Fiscal Quarter For Reimbursement Measurement | Quarter | 4 | ||||||||||||
Condition One: Percentage Of Operating Expenses Of Average Invested Asset | 2.00% | ||||||||||||
Condition Two: Percentage Of Operating Expense Of Net Income | 25.00% | ||||||||||||
Disposition Fee As Percentage Of Contract Sales Price | 2.00% | ||||||||||||
Disposition Fee As Percentage Of Customary Competitive Real Estate Commission | 50.00% | ||||||||||||
Maximum Percentage Of Disposition Fees | 6.00% | ||||||||||||
Development Fees [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related party transaction, expenses from transactions with related party | $ 34,000 | 6,000 | 0 | ||||||||||
Asset Management [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related party transaction, expenses from transactions with related party | 8,276,000 | 4,975,000 | 2,344,000 | ||||||||||
Construction Management Fee [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related party transaction, expenses from transactions with related party | $ 155,000 | $ 28,000 | $ 1,000 | ||||||||||
Operating Expenses [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Percentage Of Operating Expenses Of Average Invested Assets | 1.20% | 1.20% | 1.30% | ||||||||||
Percentage Of Operating Expenses Of Net Income | 37.20% | 28.30% | 27.90% | ||||||||||
Lease Commissions [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related party transaction, expenses from transactions with related party | $ 83,000 | $ 94,000 | $ 64,000 | ||||||||||
Reimbursement of acquisition expenses [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related party transaction, expenses from transactions with related party | 0 | 2,000 | 2,000 | ||||||||||
Property Management Fees [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related party transaction, expenses from transactions with related party | 1,220,000 | 746,000 | 381,000 | ||||||||||
Jeffrey T. Hanson, Danny Prosky, and Mathieu B. Streiff [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Investment Rate By Officer | 100.00% | ||||||||||||
Dealer manager fees [Member] | Contingent Advisor Payment Incurred [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Due to Affiliate | 1,687,000 | 4,878,000 | 5,851,000 | ||||||||||
Other organizational and offering expenses [Member] | Contingent Advisor Payment Incurred [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Due to Affiliate | 114,000 | 1,465,000 | $ 1,583,000 | ||||||||||
Due to Affiliate | $ 7,866,000 | ||||||||||||
Accrued Contingent Advisor Payment | $ 0 | $ 0 | $ 0 | ||||||||||
Class I common stock, $0.01 par value per share; 100,000,000 shares authorized; 5,655,051 and 4,258,128 shares issued and outstanding as of December 31, 2019 and 2018, respectively | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Share price | $ / shares | $ 9.65 | $ 9.21 | $ 9.21 | $ 9.21 | $ 9.30 | ||||||||
Maximum percentage of dealer manager fee | 1.50% |
Related Party Transactions Rel
Related Party Transactions Related Party Description (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Board of Directors Chairman [Member] | |||
Related Party Transaction [Line Items] | |||
Issuance of common stock | $ 10,000 | $ 329,000 | $ 263,000 |
Issuance of common stock, number of shares | 995 | 34,690 | 28,464 |
President [Member] | |||
Related Party Transaction [Line Items] | |||
Issuance of common stock | $ 11,000 | $ 352,000 | $ 272,000 |
Issuance of common stock, number of shares | 1,103 | 37,111 | 29,480 |
Executive Vice President [Member] | |||
Related Party Transaction [Line Items] | |||
Issuance of common stock | $ 10,000 | $ 324,000 | $ 263,000 |
Issuance of common stock, number of shares | 999 | 34,262 | 28,462 |
Chief Financial Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Issuance of common stock | $ 1,000 | $ 30,000 | $ 0 |
Issuance of common stock, number of shares | 88 | 3,143 | 0 |
Executive Vice President, Acquisitions [Member] | |||
Related Party Transaction [Line Items] | |||
Issuance of common stock | $ 1,000 | $ 34,000 | $ 32,000 |
Issuance of common stock, number of shares | 127 | 3,534 | 3,416 |
Executive Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Issuance of common stock | $ 35,000 | $ 1,133,000 | $ 903,000 |
Issuance of common stock, number of shares | 3,448 | 119,524 | 97,664 |
Christopher M. Belford [Member] | Executive Vice President, Asset Management [Member] | |||
Related Party Transaction [Line Items] | |||
Issuance of common stock | $ 1,000 | $ 55,000 | $ 65,000 |
Issuance of common stock, number of shares | 102 | 5,866 | 7,014 |
Wendie Newman [Member] | Executive Vice President, Asset Management [Member] | |||
Related Party Transaction [Line Items] | |||
Issuance of common stock | $ 1,000 | $ 9,000 | $ 8,000 |
Issuance of common stock, number of shares | 34 | 918 | 828 |
Related Party Transactions Sche
Related Party Transactions Schedule of Amount Outstanding to Affiliates (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||
Due to Affiliate | $ 1,016,000 | $ 8,588,000 |
Asset Management Fees [Member] | ||
Related Party Transaction [Line Items] | ||
Due to Affiliate | 768,000 | 595,000 |
Property Management Fees [Member] | ||
Related Party Transaction [Line Items] | ||
Due to Affiliate | 145,000 | 97,000 |
Construction Management Fee [Member] | ||
Related Party Transaction [Line Items] | ||
Due to Affiliate | 65,000 | 18,000 |
Lease Commissions [Member] | ||
Related Party Transaction [Line Items] | ||
Due to Affiliate | 21,000 | 0 |
Operating Expenses [Member] | ||
Related Party Transaction [Line Items] | ||
Due to Affiliate | 12,000 | 6,000 |
Development Fees [Member] | ||
Related Party Transaction [Line Items] | ||
Due to Affiliate | 4,000 | 6,000 |
Acquistion Fees [Member] | ||
Related Party Transaction [Line Items] | ||
Due to Affiliate | 1,000 | 0 |
Contingent Advisor Payment Incurred [Member] | ||
Related Party Transaction [Line Items] | ||
Due to Affiliate | $ 0 | $ 7,866,000 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements- Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring [Member] | Dec. 31, 2019USD ($) |
Derivative financial instruments | $ 4,385,000 |
Fair Value, Inputs, Level 1 [Member] | |
Derivative financial instruments | 0 |
Fair Value, Inputs, Level 2 [Member] | |
Derivative financial instruments | 4,385,000 |
Fair Value, Inputs, Level 3 [Member] | |
Derivative financial instruments | $ 0 |
Fair Value Measurements Fair _2
Fair Value Measurements Fair Value by Balance Sheet Grouping (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Carrying Amount(1) | |||||
Mortgage loans payable | $ 26,070,000 | [1] | $ 16,892,000 | [1] | $ 11,567,000 |
Line of credit and term loans | 393,217,000 | 270,553,000 | |||
Fair Value | |||||
Mortgage loans payable | 26,677,000 | 16,920,000 | |||
Line of credit and term loans | $ 396,891,000 | $ 275,124,000 | |||
[1] | Such liabilities of Griffin-American Healthcare REIT IV, Inc. as of December 31, 2019 and 2018 represented liabilities of Griffin-American Healthcare REIT IV Holdings, LP or its consolidated subsidiaries. Griffin-American Healthcare REIT IV Holdings, LP is a variable interest entity, or VIE, and a consolidated subsidiary of Griffin-American Healthcare REIT IV, Inc. The creditors of Griffin-American Healthcare REIT IV Holdings, LP or its consolidated subsidiaries do not have recourse against Griffin-American Healthcare REIT IV, Inc., except for the 2018 Credit Facility, as defined in Note 7, held by Griffin-American Healthcare REIT IV Holdings, LP in the amount of $396,800,000 and $275,000,000 as of December 31, 2019 and 2018, respectively, which is guaranteed by Griffin-American Healthcare REIT IV, Inc. |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes and Distributions [Abstract] | |||||||||||
Federal deferred | $ (1,087,000) | $ (2,593,000) | |||||||||
State deferred | (100,000) | (675,000) | |||||||||
State current | (8,000) | 8,000 | |||||||||
Valuation allowance | 1,187,000 | 3,268,000 | |||||||||
Total income tax (benefit) expense | $ (25,000) | $ 7,000 | $ 7,000 | $ 3,000 | $ 4,000 | $ 4,000 | $ 0 | $ 0 | (8,000) | 8,000 | $ 0 |
Operating Loss Carryforwards | $ 7,179,000 | $ 2,983,000 | $ 7,179,000 | $ 2,983,000 |
Income Taxes - Deferred Taxes (
Income Taxes - Deferred Taxes (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Income Taxes and Distributions [Abstract] | ||
Fixed assets and intangibles | $ 2,455,000 | $ 2,484,000 |
Expense accruals and other | 620,000 | 469,000 |
Net operating loss | 1,856,000 | 791,000 |
Valuation allowances | (4,931,000) | (3,744,000) |
Total deferred income tax assets | $ 0 | $ 0 |
Income Taxes Tax Treatment of D
Income Taxes Tax Treatment of Distributions (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Ordinary income | $ 10,099,000 | $ 11,909,000 | $ 6,021,000 |
Capital gain | 0 | 0 | 0 |
Return of capital | 36,317,000 | 19,673,000 | 9,055,000 |
Total tax treatment of distributions | $ 46,416,000 | $ 31,582,000 | $ 15,076,000 |
Ordinary income (as a percent) | 21.80% | 37.70% | 39.90% |
Capital gain (as a percent) | 0.00% | 0.00% | 0.00% |
Return of capital (as a percent) | 78.20% | 62.30% | 60.10% |
Total tax treatment of distributions (as a percent) | 100.00% | 100.00% | 100.00% |
Leases Lessor, Future Minimum R
Leases Lessor, Future Minimum Rents Due (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
2020 | $ 62,946,000 | |
2021 | 61,205,000 | |
2022 | 58,288,000 | |
2023 | 53,719,000 | |
2024 | 48,420,000 | |
Thereafter | 302,820,000 | |
Total | $ 587,398,000 | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||
2019 | $ 52,764,000 | |
2020 | 52,207,000 | |
2021 | 50,886,000 | |
2022 | 48,249,000 | |
2023 | 44,397,000 | |
Thereafter | 290,103,000 | |
Total | $ 538,606,000 |
Leases Additional (Details)
Leases Additional (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Leases [Abstract] | |||
Real estate revenue | $ 74,610,000 | $ 47,599,000 | $ 27,770,000 |
Variable lease payments | $ 14,878,000 |
Leases Components of Lease Cost
Leases Components of Lease Cost (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating Lease, Cost | $ 735,000 |
Leases Lease Term and Discount
Leases Lease Term and Discount Rate (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 4,489,000 |
Weighted average remaining lease term (in years) | 80 years 4 months 24 days |
Weighted average discount rate | 5.74% |
Operating cash outflows related to operating leases | $ 458,000 |
Leases Future Minimum Rent Paym
Leases Future Minimum Rent Payments, Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | |||
2020 | $ 519 | ||
2021 | 523 | ||
2022 | 526 | ||
2023 | 530 | ||
2024 | 534 | ||
Thereafter | 47,103 | ||
Total operating lease payments | 49,735 | ||
Less: interest | 39,877 | ||
Present value of operating lease liabilities | [1] | $ 9,858 | $ 0 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2019 | 307 | ||
2020 | 307 | ||
2021 | 307 | ||
2022 | 307 | ||
2023 | 307 | ||
Thereafter | 11,978 | ||
Total | $ 13,513 | ||
[1] | Such liabilities of Griffin-American Healthcare REIT IV, Inc. as of December 31, 2019 and 2018 represented liabilities of Griffin-American Healthcare REIT IV Holdings, LP or its consolidated subsidiaries. Griffin-American Healthcare REIT IV Holdings, LP is a variable interest entity, or VIE, and a consolidated subsidiary of Griffin-American Healthcare REIT IV, Inc. The creditors of Griffin-American Healthcare REIT IV Holdings, LP or its consolidated subsidiaries do not have recourse against Griffin-American Healthcare REIT IV, Inc., except for the 2018 Credit Facility, as defined in Note 7, held by Griffin-American Healthcare REIT IV Holdings, LP in the amount of $396,800,000 and $275,000,000 as of December 31, 2019 and 2018, respectively, which is guaranteed by Griffin-American Healthcare REIT IV, Inc. |
Segment Reporting - Summary Inf
Segment Reporting - Summary Information for Reportable Segments (Detail) | Dec. 31, 2019USD ($)segment | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Assets by Reportable Segment | ||||||||||||
Number of Reportable Segments | segment | 4 | 4 | ||||||||||
Total assets | $ 1,068,327,000 | $ 1,068,327,000 | $ 896,372,000 | $ 1,068,327,000 | $ 896,372,000 | |||||||
Revenues: | ||||||||||||
Real estate revenue | 74,610,000 | 47,599,000 | $ 27,770,000 | |||||||||
Resident fees and services | 46,160,000 | 36,857,000 | 5,563,000 | |||||||||
Total revenues | 33,437,000 | $ 31,118,000 | $ 30,373,000 | $ 25,842,000 | 25,323,000 | $ 22,281,000 | $ 19,010,000 | $ 17,842,000 | 120,770,000 | 84,456,000 | 33,333,000 | |
Expenses: | ||||||||||||
Rental expenses | 19,226,000 | 11,499,000 | 7,292,000 | |||||||||
Property operating expenses | 37,434,000 | 30,023,000 | 4,203,000 | |||||||||
Segment net operating income | 64,110,000 | 42,934,000 | 21,838,000 | |||||||||
Operating Expenses [Abstract] | ||||||||||||
General and administrative | 15,235,000 | 9,172,000 | 4,338,000 | |||||||||
Acquisition related expenses | 1,974,000 | 2,795,000 | 655,000 | |||||||||
Depreciation and amortization | 45,626,000 | 32,658,000 | 13,639,000 | |||||||||
Other income (expense): | ||||||||||||
Interest expense (including amortization of deferred financing costs and debt discount/premium) | (16,191,000) | (6,788,000) | (2,699,000) | |||||||||
Loss in fair value derivative financial instruments | (4,385,000) | 0 | 0 | |||||||||
Income (loss) from unconsolidated entity | 267,000 | (110,000) | 0 | |||||||||
Other income | 175,000 | 11,000 | 1,000 | |||||||||
Loss before income taxes | (18,859,000) | (8,578,000) | 508,000 | |||||||||
Income tax benefit (expense) | 25,000 | (7,000) | (7,000) | (3,000) | (4,000) | (4,000) | 0 | 0 | 8,000 | (8,000) | 0 | |
Net (loss) income | 1,317,000 | $ (1,918,000) | $ (5,889,000) | $ (12,361,000) | (3,689,000) | $ (1,703,000) | $ (958,000) | $ (2,236,000) | (18,851,000) | (8,586,000) | 508,000 | |
Medical Office Building [Member] | ||||||||||||
Assets by Reportable Segment | ||||||||||||
Total assets | 600,048,000 | 600,048,000 | 417,708,000 | 600,048,000 | 417,708,000 | |||||||
Revenues: | ||||||||||||
Real estate revenue | 54,508,000 | 34,339,000 | 22,320,000 | |||||||||
Total revenues | 54,508,000 | 34,339,000 | 22,320,000 | |||||||||
Expenses: | ||||||||||||
Rental expenses | 17,528,000 | 9,934,000 | 6,694,000 | |||||||||
Segment net operating income | 36,980,000 | 24,405,000 | 15,626,000 | |||||||||
Senior Housing-RIDEA [Member] | ||||||||||||
Assets by Reportable Segment | ||||||||||||
Total assets | 149,055,000 | 149,055,000 | 146,965,000 | 149,055,000 | 146,965,000 | |||||||
Revenues: | ||||||||||||
Resident fees and services | 46,160,000 | 36,857,000 | 5,563,000 | |||||||||
Total revenues | 46,160,000 | 36,857,000 | 5,563,000 | |||||||||
Expenses: | ||||||||||||
Property operating expenses | 37,434,000 | 30,023,000 | 4,203,000 | |||||||||
Segment net operating income | 8,726,000 | 6,834,000 | 1,360,000 | |||||||||
Senior Housing [Member] | ||||||||||||
Assets by Reportable Segment | ||||||||||||
Total assets | 142,982,000 | 142,982,000 | 154,716,000 | 142,982,000 | 154,716,000 | |||||||
Revenues: | ||||||||||||
Real estate revenue | 8,421,000 | 8,994,000 | 5,450,000 | |||||||||
Total revenues | 8,421,000 | 8,994,000 | 5,450,000 | |||||||||
Expenses: | ||||||||||||
Rental expenses | 1,142,000 | 1,214,000 | 598,000 | |||||||||
Segment net operating income | 7,279,000 | 7,780,000 | $ 4,852,000 | |||||||||
Skilled Nursing Facilities [Member] | ||||||||||||
Assets by Reportable Segment | ||||||||||||
Total assets | 121,749,000 | 121,749,000 | 115,657,000 | 121,749,000 | 115,657,000 | |||||||
Revenues: | ||||||||||||
Real estate revenue | 11,681,000 | 4,266,000 | ||||||||||
Total revenues | 11,681,000 | 4,266,000 | ||||||||||
Expenses: | ||||||||||||
Rental expenses | 556,000 | 351,000 | ||||||||||
Segment net operating income | 11,125,000 | 3,915,000 | ||||||||||
Other Segments [Member] | ||||||||||||
Assets by Reportable Segment | ||||||||||||
Total assets | $ 54,493,000 | $ 54,493,000 | $ 61,326,000 | $ 54,493,000 | $ 61,326,000 |
Concentration of Credit Risk -
Concentration of Credit Risk - Additional Information (Detail) | Dec. 31, 2019Statetenant |
Concentration of Credit Risk | |
Number of states in which entity operates | State | 1 |
Number of tenants with more than ten percent of annual base rent | tenant | 1 |
Minimum percent share of annualized base rent accounted by tenants | 10.00% |
Minimum Percent Share Of Each State Annualized Base Rent That Company Owned | 10.00% |
Medical Office Building [Member] | |
Concentration of Credit Risk | |
Percentage of annual base rent | 62.10% |
Senior Housing [Member] | |
Concentration of Credit Risk | |
Percentage of annual base rent | 13.90% |
Senior Housing-RIDEA [Member] | |
Concentration of Credit Risk | |
Percentage of annual base rent | 13.60% |
Senior Housing-RIDEA [Member] | |
Concentration of Credit Risk | |
Percentage of annual base rent | 10.40% |
MISSOURI | |
Concentration of Credit Risk | |
Percentage of annual base rent | 11.40% |
Concentration of Credit Risk _2
Concentration of Credit Risk - Schedule of Annualized Base Rent from Tenants at Consolidated Properties (Detail) | 12 Months Ended |
Dec. 31, 2019USD ($)ft² | |
RC Tier Properties, LLC [Member] | |
Annualized Base Rent From Tenants At Consolidated Properties [Line Items] | |
Annual base rent | $ | $ 7,782,000 |
Percentage of Annualized Base Rent | 10.44% |
Reportable Segment | Skilled Nursing |
GLA (Sq Ft) | ft² | 385,000 |
Lease Expiration Date | Sep. 30, 2033 |
Senior Housing-RIDEA [Member] | |
Annualized Base Rent From Tenants At Consolidated Properties [Line Items] | |
Percentage of Annualized Base Rent | 10.40% |
Senior Housing [Member] | |
Annualized Base Rent From Tenants At Consolidated Properties [Line Items] | |
Percentage of Annualized Base Rent | 13.90% |
Per Share Data (Detail)
Per Share Data (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Participating securities, distributed and undistributed earnings (loss), basic | $ 24,000 | $ 19,000 | $ 12,000 |
Restricted Common Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 43,500 | 37,500 | |
Redeemable Limited Partnership Units [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 208 | 208 |
Per Share Data Phantom (Details
Per Share Data Phantom (Details) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Redeemable Limited Partnership Units [Member] | ||
Antidilutive securities excluded from computation of earnings per share | 208 | 208 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | $ 33,437,000 | $ 31,118,000 | $ 30,373,000 | $ 25,842,000 | $ 25,323,000 | $ 22,281,000 | $ 19,010,000 | $ 17,842,000 | $ 120,770,000 | $ 84,456,000 | $ 33,333,000 |
Expenses | (28,597,000) | (28,421,000) | (29,645,000) | (32,832,000) | (25,961,000) | (22,384,000) | (18,808,000) | (18,994,000) | (119,495,000) | (86,147,000) | (30,127,000) |
Other expense | (3,548,000) | (4,608,000) | (6,610,000) | (5,368,000) | (3,047,000) | (1,596,000) | (1,160,000) | (1,084,000) | |||
Income tax benefit (expense) | 25,000 | (7,000) | (7,000) | (3,000) | (4,000) | (4,000) | 0 | 0 | 8,000 | (8,000) | 0 |
Net (loss) income | 1,317,000 | (1,918,000) | (5,889,000) | (12,361,000) | (3,689,000) | (1,703,000) | (958,000) | (2,236,000) | (18,851,000) | (8,586,000) | 508,000 |
Less: net loss attributable to redeemable noncontrolling interests | 6,000 | 19,000 | 32,000 | 25,000 | 35,000 | 72,000 | 58,000 | 67,000 | |||
Net (loss) income attributable to controlling interest | $ 1,323,000 | $ (1,899,000) | $ (5,857,000) | $ (12,336,000) | $ (3,654,000) | $ (1,631,000) | $ (900,000) | $ (2,169,000) | $ (18,769,000) | $ (8,354,000) | $ 541,000 |
Net loss per Class T and Class I common share attributable to controlling interest — basic and diluted | $ 0.02 | $ (0.02) | $ (0.07) | $ (0.16) | $ (0.06) | $ (0.03) | $ (0.02) | $ (0.05) | $ (0.24) | $ (0.15) | $ 0.02 |
Weighted average number of Class T and Class I common shares outstanding — basic and diluted | 79,884,966 | 79,502,193 | 79,026,999 | 75,105,471 | 64,954,525 | 57,769,964 | 51,277,753 | 45,136,647 | 78,396,077 | 54,847,197 | 27,754,701 |
Subsequent Events Summary of Ac
Subsequent Events Summary of Acquisitions of Properties (Details) | 3 Months Ended | 12 Months Ended | 59 Months Ended |
Mar. 19, 2020USD ($)Building | Dec. 31, 2019 | Dec. 31, 2019USD ($)BuildingProperty | |
Number of Properties Acquired from Unaffiliated Parties | Property | 82 | ||
Contract Purchase Price | $ 1,022,889,000 | ||
Number of Buildings Acquired from Unaffiliated Parties | Building | 87 | ||
Ownership Percentage, Properties | 100.00% | ||
Subsequent Event [Member] | |||
Number of Buildings Acquired from Unaffiliated Parties | Building | 7 | ||
Subsequent Event [Member] | Catalina West Haven ALF and Catalina Madera ALF [Member] | |||
Ownership Percentage, Properties | 90.00% | ||
Subsequent Event [Member] | Catalina West Haven ALF [Member] | |||
Type Of Property Acquired | Senior Housing — RIDEA | ||
Date Acquired | Jan. 1, 2020 | ||
Contract Purchase Price | $ 12,799,000 | ||
Lines Of Credit Related To Acquisition Of Properties | 12,700,000 | ||
Related Parties Transactions Acquisition Fees Expenses | $ 278,000 | ||
Subsequent Event [Member] | Louisiana Senior Housing Portfolio [Member] | |||
Type Of Property Acquired | Senior Housing — RIDEA | ||
Date Acquired | Jan. 3, 2020 | ||
Contract Purchase Price | $ 34,000,000 | ||
Lines Of Credit Related To Acquisition Of Properties | 32,700,000 | ||
Related Parties Transactions Acquisition Fees Expenses | $ 737,000 | ||
Ownership Percentage, Properties | 90.00% | ||
Subsequent Event [Member] | Catalina Madera ALF [Member] | |||
Type Of Property Acquired | Senior Housing — RIDEA | ||
Date Acquired | Jan. 31, 2020 | ||
Contract Purchase Price | $ 17,900,000 | ||
Lines Of Credit Related To Acquisition Of Properties | 17,300,000 | ||
Related Parties Transactions Acquisition Fees Expenses | 389,000 | ||
2020 Acquisitions [Member] | Subsequent Event [Member] | |||
Contract Purchase Price | 64,699,000 | ||
Lines Of Credit Related To Acquisition Of Properties | 62,700,000 | ||
Related Party Transactions Total Acquisition Fees | $ 1,404,000 | ||
Advisor [Member] | |||
Base Acquisition Fee For Property Acquired | 2.25% | ||
Advisor [Member] | 2020 Acquisitions [Member] | Subsequent Event [Member] | |||
Base Acquisition Fee For Property Acquired | 2.25% |
Schedule III Real Estate and _2
Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percentage, Properties | 100.00% | |||
Encumbrances | $ 27,099,000 | |||
Initial Cost to Company, Land | 103,371,000 | |||
Initial Cost to Company, Building and Improvments | 827,722,000 | |||
Cost Capitalized Subsequent to Acquisition | 15,025,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 103,371,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 842,747,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 946,118,000 | $ 756,988,000 | $ 428,550,000 | $ 118,764,000 |
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (51,058,000) | $ (25,312,000) | $ (8,885,000) | $ (822,000) |
Auburn MOB [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 406,000 | |||
Initial Cost to Company, Building and Improvments | 4,600,000 | |||
Cost Capitalized Subsequent to Acquisition | 72,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 406,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 4,672,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 5,078,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (582,000) | |||
Pottsville MOB [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,493,000 | |||
Initial Cost to Company, Building and Improvments | 7,050,000 | |||
Cost Capitalized Subsequent to Acquisition | 102,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,493,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 7,152,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 8,645,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (929,000) | |||
Charlottesville MOB [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 4,768,000 | |||
Initial Cost to Company, Building and Improvments | 13,330,000 | |||
Cost Capitalized Subsequent to Acquisition | 63,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 4,768,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 13,393,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 18,161,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,599,000) | |||
Rochester Hills MOB [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,103,000 | |||
Initial Cost to Company, Land | 1,727,000 | |||
Initial Cost to Company, Building and Improvments | 5,763,000 | |||
Cost Capitalized Subsequent to Acquisition | 220,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,727,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 5,983,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 7,710,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (770,000) | |||
Cullman MOB [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvments | 13,989,000 | |||
Cost Capitalized Subsequent to Acquisition | 75,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 0 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 14,064,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 14,064,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,357,000) | |||
Iron MOB Portfolio [Member] | Iron MOB Portfolio One [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvments | 10,237,000 | |||
Cost Capitalized Subsequent to Acquisition | 665,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 0 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 10,902,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 10,902,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,283,000) | |||
Iron MOB Portfolio [Member] | Iron MOB Portfolio Two [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvments | 6,906,000 | |||
Cost Capitalized Subsequent to Acquisition | 959,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 0 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 7,865,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 7,865,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (935,000) | |||
Iron MOB Portfolio [Member] | Iron MOB Portfolio Three [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvments | 7,907,000 | |||
Cost Capitalized Subsequent to Acquisition | 63,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 0 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 7,970,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 7,970,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (740,000) | |||
Mint Hill MOB [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvments | 16,585,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,118,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 0 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 17,703,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 17,703,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (2,196,000) | |||
Lafayette Assisted Living Portfolio [Member] | Lafayette Assisted Living Portfolio One [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,327,000 | |||
Initial Cost to Company, Building and Improvments | 8,225,000 | |||
Cost Capitalized Subsequent to Acquisition | 4,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,327,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 8,229,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 9,556,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (710,000) | |||
Lafayette Assisted Living Portfolio [Member] | Lafayette Assisted Living Portfolio Two [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 980,000 | |||
Initial Cost to Company, Building and Improvments | 4,244,000 | |||
Cost Capitalized Subsequent to Acquisition | (130,000) | |||
Gross Amount of Which Carried at Close of Period, Land | 980,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 4,114,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 5,094,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (385,000) | |||
Evendale MOB [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,620,000 | |||
Initial Cost to Company, Building and Improvments | 7,583,000 | |||
Cost Capitalized Subsequent to Acquisition | 742,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,620,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 8,325,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 9,945,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,041,000) | |||
Battle Creek MOB [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 960,000 | |||
Initial Cost to Company, Building and Improvments | 5,717,000 | |||
Cost Capitalized Subsequent to Acquisition | 373,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 960,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 6,090,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 7,050,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (788,000) | |||
Reno MOB [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvments | 64,718,000 | |||
Cost Capitalized Subsequent to Acquisition | 815,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 0 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 65,533,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 65,533,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (5,276,000) | |||
Athens MOB [Member] | Athens MOB Portfolio One [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 809,000 | |||
Initial Cost to Company, Building and Improvments | 5,227,000 | |||
Cost Capitalized Subsequent to Acquisition | 422,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 809,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 5,649,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 6,458,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (543,000) | |||
Athens MOB [Member] | Athens MOB Portfolio Two [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,084,000 | |||
Initial Cost to Company, Building and Improvments | 8,772,000 | |||
Cost Capitalized Subsequent to Acquisition | 109,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,084,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 8,881,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 9,965,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (777,000) | |||
SW Illinois Senior Housing Portfolio [Member] | SW Illinois Senior Housing Portfolio One [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,086,000 | |||
Initial Cost to Company, Building and Improvments | 9,651,000 | |||
Cost Capitalized Subsequent to Acquisition | 3,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,086,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 9,654,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 10,740,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (883,000) | |||
SW Illinois Senior Housing Portfolio [Member] | SW Illinois Senior Housing Portfolio Two [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 121,000 | |||
Initial Cost to Company, Building and Improvments | 1,656,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 121,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 1,656,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 1,777,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (135,000) | |||
SW Illinois Senior Housing Portfolio [Member] | SW Illinois Senior Housing Portfolio Three [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 203,000 | |||
Initial Cost to Company, Building and Improvments | 3,827,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 203,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 3,827,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 4,030,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (302,000) | |||
SW Illinois Senior Housing Portfolio [Member] | SW Illinois Senior Housing Portfolio Four [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 198,000 | |||
Initial Cost to Company, Building and Improvments | 3,553,000 | |||
Cost Capitalized Subsequent to Acquisition | 51,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 198,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 3,604,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 3,802,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (292,000) | |||
SW Illinois Senior Housing Portfolio [Member] | SW Illinois Senior Housing Portfolio Five [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 470,000 | |||
Initial Cost to Company, Building and Improvments | 8,369,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 470,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 8,369,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 8,839,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (636,000) | |||
Lawrenceville MOB [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,738,000 | |||
Initial Cost to Company, Land | 1,363,000 | |||
Initial Cost to Company, Building and Improvments | 9,099,000 | |||
Cost Capitalized Subsequent to Acquisition | 5,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,363,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 9,104,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 10,467,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (878,000) | |||
Northern California Senior Housing Portfolio [Member] | Northern California Senior Housing Portfolio One [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 10,760,000 | |||
Initial Cost to Company, Building and Improvments | 13,631,000 | |||
Cost Capitalized Subsequent to Acquisition | (293,000) | |||
Gross Amount of Which Carried at Close of Period, Land | 10,760,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 13,338,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 24,098,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (956,000) | |||
Northern California Senior Housing Portfolio [Member] | Northern California Senior Housing Portfolio Two [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 317,000 | |||
Initial Cost to Company, Building and Improvments | 6,584,000 | |||
Cost Capitalized Subsequent to Acquisition | (74,000) | |||
Gross Amount of Which Carried at Close of Period, Land | 317,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 6,510,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 6,827,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (483,000) | |||
Northern California Senior Housing Portfolio [Member] | Northern California Senior Housing Portfolio Three [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 5,188,000 | |||
Initial Cost to Company, Building and Improvments | 2,177,000 | |||
Cost Capitalized Subsequent to Acquisition | (63,000) | |||
Gross Amount of Which Carried at Close of Period, Land | 5,188,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 2,114,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 7,302,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (147,000) | |||
Northern California Senior Housing Portfolio [Member] | Northern California Senior Housing Portfolio Four [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,266,000 | |||
Initial Cost to Company, Building and Improvments | 2,818,000 | |||
Cost Capitalized Subsequent to Acquisition | (245,000) | |||
Gross Amount of Which Carried at Close of Period, Land | 1,266,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 2,573,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 3,839,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (210,000) | |||
Roseburg MOB [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvments | 20,925,000 | |||
Cost Capitalized Subsequent to Acquisition | 34,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 0 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 20,959,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 20,959,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,651,000) | |||
Fairfield County MOB [Member] | Fairfield County MOB Portfolio One [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,011,000 | |||
Initial Cost to Company, Building and Improvments | 3,538,000 | |||
Cost Capitalized Subsequent to Acquisition | 319,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,011,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 3,857,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 4,868,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (475,000) | |||
Fairfield County MOB [Member] | Fairfield County MOB Portfolio Two [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 2,250,000 | |||
Initial Cost to Company, Building and Improvments | 6,879,000 | |||
Cost Capitalized Subsequent to Acquisition | 466,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 2,250,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 7,345,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 9,595,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (703,000) | |||
Central Florida Senior Housing Portfolio [Member] | Central Florida Senior Housing Portfolio One [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,058,000 | |||
Initial Cost to Company, Building and Improvments | 5,118,000 | |||
Cost Capitalized Subsequent to Acquisition | 626,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,058,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 5,744,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 6,802,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (474,000) | |||
Central Florida Senior Housing Portfolio [Member] | Central Florida Senior Housing Portfolio Two [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,378,000 | |||
Initial Cost to Company, Building and Improvments | 10,217,000 | |||
Cost Capitalized Subsequent to Acquisition | 496,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,378,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 10,713,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 12,091,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (995,000) | |||
Central Florida Senior Housing Portfolio [Member] | Central Florida Senior Housing Portfolio Three [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 934,000 | |||
Initial Cost to Company, Building and Improvments | 6,550,000 | |||
Cost Capitalized Subsequent to Acquisition | 310,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 934,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 6,860,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 7,794,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (533,000) | |||
Central Florida Senior Housing Portfolio [Member] | Central Florida Senior Housing Portfolio Four [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 950,000 | |||
Initial Cost to Company, Building and Improvments | 3,476,000 | |||
Cost Capitalized Subsequent to Acquisition | 267,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 950,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 3,743,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 4,693,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (340,000) | |||
Central Florida Senior Housing Portfolio [Member] | Central Florida Senior Housing Portfolio Five [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 529,000 | |||
Initial Cost to Company, Building and Improvments | 17,541,000 | |||
Cost Capitalized Subsequent to Acquisition | 841,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 529,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 18,382,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 18,911,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,146,000) | |||
Central Florida Senior Housing Portfolio [Member] | Central Florida Senior Housing Portfolio Six [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,118,000 | |||
Initial Cost to Company, Building and Improvments | 9,005,000 | |||
Cost Capitalized Subsequent to Acquisition | 833,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,118,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 9,838,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 10,956,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (803,000) | |||
Central Florida Senior Housing Portfolio [Member] | Central Florida Senior Housing Portfolio Seven [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 2,783,000 | |||
Initial Cost to Company, Building and Improvments | 10,019,000 | |||
Cost Capitalized Subsequent to Acquisition | 661,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 2,783,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 10,680,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 13,463,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (810,000) | |||
Central Florida Senior Housing Portfolio [Member] | Central Florida Senior Housing Portfolio Eight [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 930,000 | |||
Initial Cost to Company, Building and Improvments | 6,241,000 | |||
Cost Capitalized Subsequent to Acquisition | 518,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 930,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 6,759,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 7,689,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (512,000) | |||
Central Florida Senior Housing Portfolio [Member] | Central Florida Senior Housing Portfolio Nine [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 3,119,000 | |||
Initial Cost to Company, Building and Improvments | 21,973,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,652,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 3,119,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 23,625,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 26,744,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (2,031,000) | |||
Central Wisconsin Senior Care Portfolio [Member] | Central Wisconsin Senior Care Portfolio One [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 587,000 | |||
Initial Cost to Company, Building and Improvments | 3,487,000 | |||
Cost Capitalized Subsequent to Acquisition | 2,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 587,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 3,489,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 4,076,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (224,000) | |||
Central Wisconsin Senior Care Portfolio [Member] | Central Wisconsin Senior Care Portfolio Two [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,930,000 | |||
Initial Cost to Company, Building and Improvments | 14,352,000 | |||
Cost Capitalized Subsequent to Acquisition | 3,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,930,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 14,355,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 16,285,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (927,000) | |||
Sauk Prairie MOB [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 2,154,000 | |||
Initial Cost to Company, Building and Improvments | 15,194,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 2,154,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 15,194,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 17,348,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,033,000) | |||
Surprise MOB [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,759,000 | |||
Initial Cost to Company, Building and Improvments | 9,037,000 | |||
Cost Capitalized Subsequent to Acquisition | 148,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,759,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 9,185,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 10,944,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (563,000) | |||
Southfield MOB [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,897,000 | |||
Initial Cost to Company, Land | 1,639,000 | |||
Initial Cost to Company, Building and Improvments | 12,907,000 | |||
Cost Capitalized Subsequent to Acquisition | 22,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,639,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 12,929,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 14,568,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (900,000) | |||
Pinnacle Beaumont ALF [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,586,000 | |||
Initial Cost to Company, Building and Improvments | 17,483,000 | |||
Cost Capitalized Subsequent to Acquisition | 61,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,586,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 17,544,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 19,130,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (745,000) | |||
Grand Junction MOB [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,315,000 | |||
Initial Cost to Company, Building and Improvments | 27,528,000 | |||
Cost Capitalized Subsequent to Acquisition | 27,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,315,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 27,555,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 28,870,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,301,000) | |||
Edmonds MOB [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 4,167,000 | |||
Initial Cost to Company, Building and Improvments | 16,770,000 | |||
Cost Capitalized Subsequent to Acquisition | 46,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 4,167,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 16,816,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 20,983,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (758,000) | |||
Pinnacle Warrenton ALF [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 462,000 | |||
Initial Cost to Company, Building and Improvments | 7,125,000 | |||
Cost Capitalized Subsequent to Acquisition | 428,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 462,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 7,553,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 8,015,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (333,000) | |||
Glendale MOB [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 794,000 | |||
Initial Cost to Company, Building and Improvments | 5,541,000 | |||
Cost Capitalized Subsequent to Acquisition | 563,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 794,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 6,104,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 6,898,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (417,000) | |||
Missouri Skilled Nursing Facility Portfolio [Member] | Missouri SNF Portfolio One [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,064,000 | |||
Initial Cost to Company, Building and Improvments | 9,301,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,064,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 9,301,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 10,365,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (387,000) | |||
Missouri Skilled Nursing Facility Portfolio [Member] | Missouri SNF Portfolio Two [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,710,000 | |||
Initial Cost to Company, Building and Improvments | 10,699,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,710,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 10,699,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 12,409,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (485,000) | |||
Missouri Skilled Nursing Facility Portfolio [Member] | Missouri SNF Portfolio Three [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 181,000 | |||
Initial Cost to Company, Building and Improvments | 5,972,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 181,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 5,972,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 6,153,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (241,000) | |||
Missouri Skilled Nursing Facility Portfolio [Member] | Missouri SNF Portfolio Four [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 473,000 | |||
Initial Cost to Company, Building and Improvments | 9,856,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 473,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 9,856,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 10,329,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (389,000) | |||
Missouri Skilled Nursing Facility Portfolio [Member] | Missouri SNF Portfolio Five [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 252,000 | |||
Initial Cost to Company, Building and Improvments | 7,581,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 252,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 7,581,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 7,833,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (305,000) | |||
Missouri Skilled Nursing Facility Portfolio [Member] | Missouri SNF Portfolio Six [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 266,000 | |||
Initial Cost to Company, Building and Improvments | 22,397,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 266,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 22,397,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 22,663,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (794,000) | |||
Missouri Skilled Nursing Facility Portfolio [Member] | Missouri SNF Portfolio Seven [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 329,000 | |||
Initial Cost to Company, Building and Improvments | 4,282,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 329,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 4,282,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 4,611,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (178,000) | |||
Missouri Skilled Nursing Facility Portfolio [Member] | Missouri SNF Portfolio Eight [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 122,000 | |||
Initial Cost to Company, Building and Improvments | 4,507,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 122,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 4,507,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 4,629,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (177,000) | |||
Flemington MOB [Member] | Flemington MOB Portfolio One [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,473,000 | |||
Initial Cost to Company, Building and Improvments | 10,728,000 | |||
Cost Capitalized Subsequent to Acquisition | 72,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,473,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 10,800,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 12,273,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (429,000) | |||
Flemington MOB [Member] | Flemington MOB Portfolio Two [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 586,000 | |||
Initial Cost to Company, Building and Improvments | 2,949,000 | |||
Cost Capitalized Subsequent to Acquisition | 47,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 586,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 2,996,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 3,582,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (133,000) | |||
Lawrenceville MOB II [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,000,000 | |||
Initial Cost to Company, Building and Improvments | 7,737,000 | |||
Cost Capitalized Subsequent to Acquisition | 128,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,000,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 7,865,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 8,865,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (353,000) | |||
Mill Creek MOB [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,453,000 | |||
Initial Cost to Company, Building and Improvments | 5,935,000 | |||
Cost Capitalized Subsequent to Acquisition | 8,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,453,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 5,943,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 7,396,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (198,000) | |||
Modesto MOB [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvments | 12,789,000 | |||
Cost Capitalized Subsequent to Acquisition | 15,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 0 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 12,804,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 12,804,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (444,000) | |||
Michigan ALF Portfolio [Member] | Michigan ALF Portfolio One [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,334,000 | |||
Initial Cost to Company, Building and Improvments | 8,422,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,334,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 8,423,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 9,757,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (248,000) | |||
Michigan ALF Portfolio [Member] | Michigan ALF Portfolio Two [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,361,000 | |||
Initial Cost to Company, Land | 1,382,000 | |||
Initial Cost to Company, Building and Improvments | 10,740,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,382,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 10,741,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 12,123,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (235,000) | |||
Michigan ALF Portfolio [Member] | Michigan ALF Portfolio Three [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 799,000 | |||
Initial Cost to Company, Building and Improvments | 6,984,000 | |||
Cost Capitalized Subsequent to Acquisition | 3,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 799,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 6,987,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 7,786,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (238,000) | |||
Michigan ALF Portfolio [Member] | Michigan ALF Portfolio Four [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 728,000 | |||
Initial Cost to Company, Building and Improvments | 5,404,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 728,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 5,405,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 6,133,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (163,000) | |||
Michigan ALF Portfolio [Member] | Michigan ALF Portfolio Five [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,175,000 | |||
Initial Cost to Company, Building and Improvments | 12,052,000 | |||
Cost Capitalized Subsequent to Acquisition | 2,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,175,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 12,054,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 13,229,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (345,000) | |||
Michigan ALF Portfolio [Member] | Michigan ALF Portfolio Six [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,542,000 | |||
Initial Cost to Company, Building and Improvments | 12,873,000 | |||
Cost Capitalized Subsequent to Acquisition | 2,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,542,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 12,875,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 14,417,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (373,000) | |||
Lithonia MOB [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,129,000 | |||
Initial Cost to Company, Building and Improvments | 8,842,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,129,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 8,842,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 9,971,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (303,000) | |||
West Des Moines SNF [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 672,000 | |||
Initial Cost to Company, Building and Improvments | 5,753,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 672,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 5,753,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 6,425,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (136,000) | |||
Great Nord MOB Portfolio [Member] | Great Nord MOB Portfolio One [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvments | 12,976,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 0 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 12,976,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 12,976,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (376,000) | |||
Great Nord MOB Portfolio [Member] | Great Nord MOB Portfolio Two [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 539,000 | |||
Initial Cost to Company, Building and Improvments | 8,937,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 539,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 8,937,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 9,476,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (238,000) | |||
Great Nord MOB Portfolio [Member] | Great Nord MOB Portfolio Three [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 283,000 | |||
Initial Cost to Company, Building and Improvments | 4,882,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 283,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 4,882,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 5,165,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (124,000) | |||
Great Nord MOB Portfolio [Member] | Great Nord MOB Portfolio Four [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,452,000 | |||
Initial Cost to Company, Building and Improvments | 11,126,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,452,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 11,126,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 12,578,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (265,000) | |||
Overland Park MOB [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 2,437,000 | |||
Initial Cost to Company, Building and Improvments | 23,169,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,366,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 2,437,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 24,534,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 26,971,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (304,000) | |||
Blue Badger MOB [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,838,000 | |||
Initial Cost to Company, Building and Improvments | 10,646,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,838,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 10,647,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 12,485,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (141,000) | |||
Bloomington MOB [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 3,178,000 | |||
Initial Cost to Company, Building and Improvments | 13,547,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 3,178,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 13,547,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 16,725,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (170,000) | |||
Memphis MOB [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,210,000 | |||
Initial Cost to Company, Building and Improvments | 6,775,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,210,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 6,775,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 7,985,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (92,000) | |||
Haverhill MOB [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,620,000 | |||
Initial Cost to Company, Building and Improvments | 12,537,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,620,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 12,537,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 14,157,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (131,000) | |||
Fresno MOB [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,412,000 | |||
Initial Cost to Company, Building and Improvments | 8,155,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,412,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 8,155,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 9,567,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (59,000) | |||
Colorado Foothills MOB Portfolio [Member] | Colorado Foothills MOB Portfolio One [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 720,000 | |||
Initial Cost to Company, Building and Improvments | 4,615,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 720,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 4,615,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 5,335,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (20,000) | |||
Colorado Foothills MOB Portfolio [Member] | Colorado Foothills MOB Portfolio Two [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 970,000 | |||
Initial Cost to Company, Building and Improvments | 10,307,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 970,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 10,307,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 11,277,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (35,000) | |||
Colorado Foothills MOB Portfolio [Member] | Colorado Foothills MOB Portfolio Three [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,443,000 | |||
Initial Cost to Company, Building and Improvments | 11,123,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,443,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 11,123,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 12,566,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | $ (42,000) |
Schedule III Real Estate and _3
Schedule III Real Estate and Accumulated Depreciation (Changes in Total Real Estate Assets) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Sch III Real Estate and Accumulated Depreciation [Abstract] | |||
Aggregate Cost of Properties | $ 1,055,615,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 756,988,000 | $ 428,550,000 | $ 118,764,000 |
Acquisitions | 184,402,000 | 320,822,000 | 307,384,000 |
Additions | 7,117,000 | 8,985,000 | 2,476,000 |
Dispositions | (2,389,000) | (1,369,000) | (74,000) |
Ending balance | $ 946,118,000 | $ 756,988,000 | $ 428,550,000 |
Schedule III Real Estate and _4
Schedule III Real Estate and Accumulated Depreciation (Changes in Accumulated Depreciation) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Beginning balance | $ 25,312,000 | $ 8,885,000 | $ 822,000 |
Additions | 27,435,000 | 16,672,000 | 8,090,000 |
Dispositions | 1,689,000 | 245,000 | 27,000 |
Ending balance | $ 51,058,000 | $ 25,312,000 | $ 8,885,000 |
Maximum [Member] | Building and Building Improvements [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Estimated useful life | 39 years | ||
Maximum [Member] | Tenant Improvements [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Estimated useful life | 16 years | ||
Maximum [Member] | Furniture, Fixtures and Equipment [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Estimated useful life | 20 years |