Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 07, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 000-55775 | |
Entity Registrant Name | GRIFFIN-AMERICAN HEALTHCARE REIT IV, INC. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 47-2887436 | |
Entity Address, Address Line One | 18191 Von Karman Avenue | |
Entity Address, Address Line Two | Suite 300 | |
Entity Address, City or Town | Irvine | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92612 | |
City Area Code | 949 | |
Local Phone Number | 270-9200 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001632970 | |
Current Fiscal Year End Date | --12-31 | |
Common Class T | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 76,069,129 | |
Common Class I | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 5,662,132 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | |
ASSETS | |||
Real estate investments, net | $ 917,513,000 | $ 921,580,000 | |
Cash and cash equivalents | 19,167,000 | 17,411,000 | |
Accounts and other receivables, net | 2,374,000 | 2,635,000 | |
Restricted cash | 735,000 | 714,000 | |
Identified intangible assets, net | 59,906,000 | 64,101,000 | |
Operating lease right-of-use assets, net | 14,103,000 | 14,133,000 | |
Other assets, net | 72,842,000 | 72,199,000 | |
Total assets | 1,086,640,000 | 1,092,773,000 | |
Liabilities: | |||
Mortgage loans payable, net | [1] | 17,708,000 | 17,827,000 |
Line of credit and term loans | [1] | 481,400,000 | 476,900,000 |
Accounts payable and accrued liabilities | [1] | 21,931,000 | 23,057,000 |
Accounts payable due to affiliates | [1] | 1,042,000 | 1,046,000 |
Identified intangible liabilities, net | [1] | 1,234,000 | 1,295,000 |
Operating lease liabilities | [1] | 9,941,000 | 9,904,000 |
Security deposits, prepaid rent and other liabilities | [1] | 9,660,000 | 10,387,000 |
Total liabilities | 542,916,000 | 540,416,000 | |
Commitments and contingencies | |||
Redeemable noncontrolling interests | 2,623,000 | 2,618,000 | |
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 | 736,486,000 | 733,192,000 | |
Accumulated deficit | (196,835,000) | (185,047,000) | |
Total stockholders’ equity | 540,468,000 | 548,958,000 | |
Noncontrolling interest | 633,000 | 781,000 | |
Total equity | 541,101,000 | 549,739,000 | |
Total liabilities, redeemable noncontrolling interests and equity | 1,086,640,000 | 1,092,773,000 | |
Common Class T | |||
Stockholders’ equity: | |||
Common stock, $0.01 par value per share | 760,000 | 756,000 | |
Common Class I | |||
Stockholders’ equity: | |||
Common stock, $0.01 par value per share | $ 57,000 | $ 57,000 | |
[1] | Such liabilities of Griffin-American Healthcare REIT IV, Inc. as of March 31, 2021 and December 31, 2020 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 $481,400,000 and $476,900,000 as of March 31, 2021 and December 31, 2020, respectively, which is guaranteed by Griffin-American Healthcare REIT IV, Inc. |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | |
Line of credit and term loans | [1] | $ 481,400,000 | $ 476,900,000 |
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 | |
Common Class T | |||
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 | 76,041,549 | 75,690,838 | |
Common stock, shares outstanding | 76,041,549 | 75,690,838 | |
Common Class I | |||
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 | 5,655,798 | 5,648,499 | |
Common stock, shares outstanding | 5,655,798 | 5,648,499 | |
[1] | Such liabilities of Griffin-American Healthcare REIT IV, Inc. as of March 31, 2021 and December 31, 2020 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 $481,400,000 and $476,900,000 as of March 31, 2021 and December 31, 2020, respectively, which is guaranteed by Griffin-American Healthcare REIT IV, Inc. |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues: | ||
Real estate revenue | $ 21,946,000 | $ 21,463,000 |
Resident fees and services | 15,895,000 | 16,081,000 |
Total revenues | 37,841,000 | 37,544,000 |
Expenses: | ||
Rental expenses | 6,024,000 | 5,822,000 |
Property operating expenses | 15,194,000 | 13,017,000 |
General and administrative | 3,747,000 | 4,448,000 |
Business acquisition expenses | 314,000 | 9,000 |
Depreciation and amortization | 12,402,000 | 12,530,000 |
Total expenses | 37,681,000 | 35,826,000 |
Other income (expense): | ||
Interest expense (including amortization of deferred financing costs and debt discount/premium) | (4,726,000) | (5,310,000) |
Gain (loss) in fair value of derivative financial instruments | 1,455,000 | (4,605,000) |
(Loss) income from unconsolidated entity | (904,000) | 255,000 |
Other income | 7,000 | 9,000 |
Net (loss) income | (4,008,000) | (7,933,000) |
Less: net loss attributable to noncontrolling interests | 264,000 | 167,000 |
Net loss attributable to controlling interest | $ (3,744,000) | $ (7,766,000) |
Net loss per Class T and Class I common share attributable to controlling interest — basic and diluted | $ (0.05) | $ (0.10) |
Weighted average number of Class T and Class I common shares outstanding — basic and diluted | 81,511,212 | 80,301,650 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) | Total | Total Stockholders’ Equity | Class T and Class I Common Stock | Additional Paid-In Capital | Accumulated Deficit | Noncontrolling Interest | |
Beginning balance, Shares at Dec. 31, 2019 | 79,899,874 | ||||||
Beginning balance at Dec. 31, 2019 | $ 590,079,000 | $ 590,079,000 | $ 798,000 | $ 719,894,000 | $ (130,613,000) | $ 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Offering costs - common stock | (1,000) | (1,000) | (1,000) | ||||
Issuance of common stock under the DRIP, shares | 674,756 | ||||||
Issuance of common stock under the DRIP | 6,437,000 | 6,437,000 | $ 7,000 | 6,430,000 | |||
Amortization of nonvested common stock compensation | $ 43,000 | 43,000 | 43,000 | ||||
Repurchase of common stock, shares | 0 | ||||||
Contribution from noncontrolling interest | $ 1,250,000 | 1,250,000 | |||||
Adjustment to value of redeemable noncontrolling interests | (108,000) | (108,000) | (108,000) | ||||
Dividends declared | (12,019,000) | (12,019,000) | (12,019,000) | ||||
Net loss | [1] | (7,850,000) | (7,766,000) | (7,766,000) | (84,000) | ||
Ending balance, Shares at Mar. 31, 2020 | 80,574,630 | ||||||
Ending balance at Mar. 31, 2020 | 577,831,000 | 576,665,000 | $ 805,000 | 726,258,000 | (150,398,000) | 1,166,000 | |
Beginning balance, Shares at Dec. 31, 2020 | 81,339,337 | ||||||
Beginning balance at Dec. 31, 2020 | 549,739,000 | 548,958,000 | $ 813,000 | 733,192,000 | (185,047,000) | 781,000 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Offering costs — common stock | 3,000 | 3,000 | 3,000 | ||||
Issuance of common stock under the DRIP, shares | 430,349 | ||||||
Issuance of common stock under the DRIP | 4,106,000 | 4,106,000 | $ 5,000 | 4,101,000 | |||
Amortization of nonvested common stock compensation | $ 43,000 | 43,000 | 43,000 | ||||
Repurchase of common stock, shares | (72,339) | (72,339) | |||||
Repurchase of common stock | $ (714,000) | (714,000) | $ (1,000) | (713,000) | |||
Adjustment to value of redeemable noncontrolling interests | (140,000) | (140,000) | (140,000) | ||||
Distributions to noncontrolling interest | (24,000) | (24,000) | |||||
Dividends declared | (8,044,000) | (8,044,000) | (8,044,000) | ||||
Net loss | [1] | (3,868,000) | (3,744,000) | (3,744,000) | (124,000) | ||
Ending balance, Shares at Mar. 31, 2021 | 81,697,347 | ||||||
Ending balance at Mar. 31, 2021 | $ 541,101,000 | $ 540,468,000 | $ 817,000 | $ 736,486,000 | $ (196,835,000) | $ 633,000 | |
[1] | Amount excludes $140,000 and $83,000 of net loss attributable to redeemable noncontrolling interests for the three months ended March 31, 2021 and 2020, respectively. See Note 11, Redeemable Noncontrolling Interests, for a further discussion. |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parentheticals) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Distributions declared per Class T and Class I common share (in usd per share) | $ 0.10 | $ 0.15 |
Net Loss Attributable to Redeemable Noncontrolling Interests | $ (140,000) | $ (83,000) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOW FROM OPERATING ACTIVITIES | ||
Net loss | $ (4,008,000) | $ (7,933,000) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 12,402,000 | 12,530,000 |
Other amortization | 701,000 | 692,000 |
Deferred rent | (940,000) | (1,142,000) |
Stock based compensation | 43,000 | 43,000 |
Loss (income) from unconsolidated entity | 904,000 | (255,000) |
Change in fair value of derivative financial instruments | (1,455,000) | 4,605,000 |
Changes in operating assets and liabilities: | ||
Accounts and other receivables | 261,000 | 854,000 |
Other assets | (800,000) | (635,000) |
Accounts payable and accrued liabilities | 420,000 | 1,552,000 |
Accounts payable due to affiliates | (10,000) | 35,000 |
Operating lease liabilities | (105,000) | (104,000) |
Security deposits, prepaid rent and other liabilities | 680,000 | (449,000) |
Net cash provided by operating activities | 8,093,000 | 9,793,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Acquisitions of real estate investments | (3,188,000) | (65,531,000) |
Capital expenditures | (1,085,000) | (2,766,000) |
Net cash used in investing activities | (4,273,000) | (68,297,000) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Payments on mortgage loans payable | (138,000) | (7,869,000) |
Borrowings under the line of credit and term loans | 4,500,000 | 80,900,000 |
Payments on the line of credit and term loans | 0 | (4,600,000) |
Deferred financing costs | (309,000) | (34,000) |
Payment of offering costs | (1,420,000) | (1,656,000) |
Distributions paid | (3,926,000) | (5,561,000) |
Repurchase of common stock | (714,000) | 0 |
Contribution from noncontrolling interest | 0 | 1,250,000 |
Distributions to noncontrolling interest | (24,000) | 0 |
Contributions from redeemable noncontrolling interest | 10,000 | 1,118,000 |
Distributions to redeemable noncontrolling interests | (5,000) | (25,000) |
Security deposits | (17,000) | (1,000) |
Net cash (used in) provided by financing activities | (2,043,000) | 63,522,000 |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 1,777,000 | 5,018,000 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period | 18,125,000 | 15,846,000 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period | 19,902,000 | 20,864,000 |
Cash and cash equivalents at beginning of period | 17,411,000 | 15,290,000 |
Restricted cash at beginning of period | 714,000 | 556,000 |
Cash and cash equivalents at end of period | 19,167,000 | 20,516,000 |
Restricted cash at end of period | 735,000 | 348,000 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Interest | 4,210,000 | 4,586,000 |
Income taxes | 3,000 | 5,000 |
Investing Activities: | ||
Accrued capital expenditures | 1,566,000 | 1,902,000 |
Tenant improvement overage | 56,000 | 0 |
The following represents the increase in certain assets and liabilities in connection with our acquisitions of real estate investments: | ||
Other assets | 0 | 196,000 |
Accounts payable and accrued liabilities | 0 | 201,000 |
Prepaid rent | 10,000 | 11,000 |
Financing Activities: | ||
Issuance of common stock under the DRIP | 4,106,000 | 6,437,000 |
Distributions declared but not paid | 2,776,000 | 4,107,000 |
Accrued stockholder servicing fee | $ 4,678,000 | $ 10,955,000 |
Organization and Description of
Organization and Description of Business | 3 Months Ended |
Mar. 31, 2021 | |
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, invests in a diversified portfolio of real estate properties, focusing primarily on medical office buildings, skilled nursing facilities and senior housing facilities that produce current income. 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 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. We raised $754,118,000 through a best efforts initial public offering, or our initial offering, that commenced on February 16, 2016, and issued 75,639,681 aggregate shares of our Class T and Class I common stock. In addition, during our initial offering, we issued 3,253,535 aggregate shares of our Class T and Class I common stock pursuant to our distribution reinvestment plan, as amended, or the DRIP, for a total of $31,021,000 in distributions reinvested. Following the termination of our initial offering on February 15, 2019, we continued issuing shares of our common stock pursuant to the DRIP through a subsequent offering, or the 2019 DRIP Offering, which commenced on March 1, 2019. On March 18, 2021, our board of directors, or our board, authorized the suspension of the DRIP, effective as of April 1, 2021. As of March 31, 2021, a total of $45,577,000 in distributions were reinvested that resulted in 4,772,408 shares of our common stock being issued pursuant to the 2019 DRIP Offering. We collectively refer to the DRIP portion of our initial offering and the 2019 DRIP Offering as our DRIP Offerings. See Note 12, Equity — Distribution Reinvestment Plan, for a further discussion. 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 11, 2021 and expires on February 16, 2022. Our advisor uses its best efforts, subject to the oversight and review of our board, to, among other things, provide asset management, property management, acquisition, disposition and other advisory services 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 our advisor, American Healthcare Investors and AHI Group Holdings. In October 2020, our board established a special committee of our board, or our special committee, which consists of all of our independent directors, to investigate and analyze strategic alternatives, including but not limited to, the sale of our assets, a listing of our shares on a national securities exchange, or a merger with another entity, including a merger with another unlisted entity that we expect would enhance our value. We currently operate through four reportable business segments: medical office buildings, senior housing, senior housing — RIDEA and skilled nursing facilities. As of March 31, 2021, we owned 89 properties, comprising 94 buildings, or approximately 4,871,000 square feet of gross leasable area, or GLA, for an aggregate contract purchase price of $1,092,381,000. As of March 31, 2021, we also owned 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 | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
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 condensed consolidated financial statements. Such condensed 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 condensed consolidated financial statements. Basis of Presentation Our accompanying condensed 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 both March 31, 2021 and December 31, 2020, we owned greater than a 99.99% general partnership interest therein. Our advisor is a limited partner, and as of both March 31, 2021 and December 31, 2020, 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 condensed consolidated financial statements. All intercompany accounts and transactions are eliminated in consolidation. Interim Unaudited Financial Data Our accompanying condensed consolidated financial statements have been prepared by us in accordance with GAAP in conjunction with the rules and regulations of the United States Securities and Exchange Commission, or the SEC. Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to the SEC’s rules and regulations. Accordingly, our accompanying condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. Our accompanying condensed consolidated financial statements reflect all adjustments which are, in our view, of a normal recurring nature and necessary for a fair presentation of our financial position, results of operations and cash flows for the interim period. Interim results of operations are not necessarily indicative of the results that may be expected for the full year; such full year results may be less favorable. In preparing our accompanying condensed consolidated financial statements, management has evaluated subsequent events through the financial statement issuance date. We believe that although the disclosures contained herein are adequate to prevent the information presented from being misleading, our accompanying condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto included in our 2020 Annual Report on Form 10-K, as filed with the SEC on March 26, 2021. Use of Estimates The preparation of our accompanying condensed 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 condensed 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, revenues, allowance for credit losses, impairment of long-lived and intangible 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. Revenue Recognition — Resident Fees and Services Revenue Disaggregation of Resident Fees and Services Revenue The following table disaggregates 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: Three Months Ended March 31, 2021 2020 Point in Time Over Time Total Point in Time Over Time Total Senior housing — RIDEA $ 192,000 $ 15,703,000 $ 15,895,000 $ 422,000 $ 15,659,000 $ 16,081,000 The following table disaggregates our resident fees and services revenue by payor class: Three Months Ended March 31, 2021 2020 Private and other payors $ 14,159,000 $ 14,373,000 Medicaid 1,736,000 1,708,000 Total resident fees and services $ 15,895,000 $ 16,081,000 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 Total Beginning balance — January 1, 2021 $ 1,123,000 $ 358,000 $ 1,481,000 Ending balance — March 31, 2021 791,000 356,000 1,147,000 Decrease $ (332,000) $ (2,000) $ (334,000) Tenant and Resident Receivables and Allowances Resident receivables are carried net of an allowance for credit losses. 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. 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 condensed 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, future expectations in estimating credit losses and other relevant factors. Tenant receivables and unbilled deferred rent receivables are reduced for uncollectible amounts, which are recognized as direct reductions of real estate revenue in our accompanying condensed consolidated statements of operations. As of March 31, 2021 and December 31, 2020, we had $2,016,000 and $2,086,000, respectively, in allowances, which were determined necessary to reduce receivables by our expected future credit losses. For the three months ended March 31, 2021 and 2020, we increased allowances by $305,000 and $213,000, respectively, and reduced allowances for collections or adjustments by $19,000 and $43,000, respectively. For the three months ended March 31, 2021 and 2020, $356,000 and $39,000, respectively, of our receivables were written off against the related allowances. |
Real Estate Investments, Net
Real Estate Investments, Net | 3 Months Ended |
Mar. 31, 2021 | |
Real Estate [Abstract] | |
Real Estate Investments, Net | 3. Real Estate Investments, Net Our real estate investments, net consisted of the following as of March 31, 2021 and December 31, 2020: March 31, December 31, Building and improvements $ 888,055,000 $ 884,816,000 Land 109,771,000 109,444,000 Furniture, fixtures and equipment 8,768,000 8,599,000 1,006,594,000 1,002,859,000 Less: accumulated depreciation (89,081,000) (81,279,000) Total $ 917,513,000 $ 921,580,000 Depreciation expense for the three months ended March 31, 2021 and 2020 was $7,914,000 and $7,839,000, respectively. In addition to the property acquisition transaction discussed below, for the three months ended March 31, 2021, we incurred capital expenditures of $776,000 for our medical office buildings and $315,000 for our senior housing — RIDEA facilities. We did not incur any capital expenditures for our skilled nursing and senior housing facilities during the three months ended March 31, 2021. On February 12, 2021, we acquired a previously unowned unit within one of our buildings at our existing Athens MOB Portfolio, originally purchased in May 2017, for a contract purchase price of $2,950,000. Our advisor was paid, as compensation for services rendered in connection with the investigation, selection and acquisition of such unit, a base acquisition fee of 2.25% of the contract purchase price paid by us, or $66,000. We acquired such unit using cash on hand and borrowed $2,000,000 under the 2018 Credit Facility, as defined in Note 7, Line of Credit and Term Loans, at the time of acquisition. We accounted for our acquisition completed during the three months ended March 31, 2021 as an asset acquisition. We incurred and capitalized the base acquisition fee and direct acquisition related expenses of $94,000. The following table summarizes the purchase price of the assets acquired at the time of acquisition based on their relative fair values: 2021 Building and improvements $ 2,429,000 Land 327,000 In-place lease 288,000 Total assets acquired $ 3,044,000 |
Identified Intangible Assets, N
Identified Intangible Assets, Net | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 and December 31, 2020: March 31, December 31, Amortized intangible assets: In-place leases, net of accumulated amortization of $28,666,000 and $32,134,000 as of March 31, 2021 and December 31, 2020, respectively (with a weighted average remaining life of 8.8 years as of both March 31, 2021 and December 31, 2020) $ 57,072,000 $ 61,166,000 Above-market leases, net of accumulated amortization of $1,075,000 and $1,009,000 as of March 31, 2021 and December 31, 2020, respectively (with a weighted average remaining life of 9.1 years as of both March 31, 2021 and December 31, 2020) 2,486,000 2,587,000 Unamortized intangible assets: Certificates of need 348,000 348,000 Total $ 59,906,000 $ 64,101,000 Amortization expense on identified intangible assets for the three months ended March 31, 2021 and 2020 was $4,483,000 and $4,756,000, respectively, which included $101,000 and $110,000, respectively, of amortization recorded against real estate revenue for above-market leases in our accompanying condensed consolidated statements of operations. The aggregate weighted average remaining life of the identified intangible assets was 8.8 years as of both March 31, 2021 and December 31, 2020. As of March 31, 2021, estimated amortization expense on the identified intangible assets for the nine months ending December 31, 2021 and for each of the next four years ending December 31 and thereafter was as follows: Year Amount 2021 $ 7,551,000 2022 8,647,000 2023 7,390,000 2024 6,195,000 2025 5,017,000 Thereafter 24,758,000 Total $ 59,558,000 |
Other Assets, Net
Other Assets, Net | 3 Months Ended |
Mar. 31, 2021 | |
Other Assets, Net [Abstract] | |
Other Assets, Net | 5. Other Assets, Net Other assets, net consisted of the following as of March 31, 2021 and December 31, 2020: March 31, December 31, Investment in unconsolidated entity $ 45,749,000 $ 46,653,000 Deferred rent receivables 13,333,000 12,395,000 Prepaid expenses, deposits and other assets 9,923,000 9,028,000 Lease commissions, net of accumulated amortization of $520,000 and $426,000 as of March 31, 2021 and December 31, 2020, respectively 2,583,000 2,399,000 Deferred financing costs, net of accumulated amortization of $3,867,000 and $3,397,000 as of March 31, 2021 and December 31, 2020, respectively(1) 1,254,000 1,724,000 Total $ 72,842,000 $ 72,199,000 ___________ (1) Deferred financing costs only include costs related to our line of credit and term loans. Amortization expense on deferred financing costs of our line of credit and term loans for the three months ended March 31, 2021 and 2020 was $470,000 and $469,000, respectively, which is recorded to interest expense in our accompanying condensed consolidated statements of operations. See Note 7, Line of Credit and Term Loans, for a further discussion. Investment in unconsolidated entity represents our interest in Trilogy REIT Holdings, LLC, or Trilogy, pursuant to an amended joint venture agreement with an indirect, wholly-owned subsidiary of NorthStar Healthcare Income, Inc. and a wholly-owned subsidiary of the operating partnership of Griffin-American Healthcare REIT III, Inc., or GA Healthcare REIT III. Both GA Healthcare REIT III and us are co-sponsored by American Healthcare Investors and Griffin Capital. Trilogy owns a portfolio of integrated senior health campuses and ancillary businesses. As of March 31, 2021 and December 31, 2020, we owned a 6.0% interest in such joint venture and the unamortized basis difference of our investment in Trilogy of $16,676,000 and $16,791,000, respectively, is primarily attributable to the difference between the amount for which we purchased our interest in such joint venture, including transaction costs, and the historical carrying value of the net assets of such joint venture. 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 condensed consolidated statements of operations. The following is summarized financial information of Trilogy: March 31, December 31, Balance Sheet Data: Total assets $ 1,880,167,000 $ 1,882,584,000 Total liabilities $ 1,341,551,000 $ 1,329,832,000 Three Months Ended March 31, 2021 2020 Statements of Operations Data: Revenues $ 233,227,000 $ 267,795,000 Grant income 8,229,000 — Expenses 255,094,000 261,437,000 Net (loss) income $ (13,638,000) $ 6,358,000 |
Mortgage Loans Payable, Net
Mortgage Loans Payable, Net | 3 Months Ended |
Mar. 31, 2021 | |
Mortgage Loans Payable, Net [Abstract] | |
Mortgage Loans Payable, Net | 6. Mortgage Loans Payable, Net As of March 31, 2021 and December 31, 2020, mortgage loans payable were $18,628,000 ($17,708,000, net of discount/premium and deferred financing costs) and $18,766,000 ($17,827,000, net of discount/premium and deferred financing costs), respectively. As of both March 31, 2021 and December 31, 2020, we had three fixed-rate mortgage loans with interest rates ranging from 3.67% to 5.25% per annum, maturity dates ranging from April 1, 2025 to February 1, 2051 and a weighted average effective interest rate of 3.93%. In January 2020, we paid off a mortgage loan payable with a principal balance of $7,738,000, which had an original maturity date of April 1, 2020. We did not incur any prepayment penalties or fees in connection with such payoff. The following table reflects the changes in the carrying amount of mortgage loans payable, net for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 Beginning balance $ 17,827,000 $ 26,070,000 Additions: Amortization of deferred financing costs 7,000 20,000 Amortization of discount/premium on mortgage loans payable 12,000 12,000 Deductions: Scheduled principal payments on mortgage loans payable (138,000) (7,869,000) Ending balance $ 17,708,000 $ 18,233,000 As of March 31, 2021, the principal payments due on our mortgage loans payable for the nine months ending December 31, 2021 and for each of the next four years ending December 31 and thereafter were as follows: Year Amount 2021 $ 469,000 2022 651,000 2023 680,000 2024 711,000 2025 5,878,000 Thereafter 10,239,000 Total $ 18,628,000 |
Line of Credit and Term Loan
Line of Credit and Term Loan | 3 Months Ended |
Mar. 31, 2021 | |
Line of Credit Facility [Abstract] | |
Line of Credit and Term Loan | 7. Line of Credit and Term Loans We, through our operating partnership, as borrower, entered into a credit agreement, or the 2018 Credit Agreement, as amended, with Bank of America, N.A.; KeyBank, National Association; Citizens Bank, National Association; Merrill Lynch, Pierce, Fenner & Smith Incorporated; KeyBanc Capital Markets; and the lenders named therein, to obtain a credit facility with an aggregate maximum principal amount of $530,000,000, or the 2018 Credit Facility. The 2018 Credit Facility consists of a senior unsecured revolving credit facility in the amount of $235,000,000 and senior unsecured term loan facilities in the aggregate amount of $295,000,000. 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 certain conditions. The 2018 Credit Facility matures on November 19, 2021 and may be extended for one 12-month period during the term of the related credit agreement, as amended, subject to satisfaction of certain conditions, including payment of an extension fee. 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, N.A., (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. As of both March 31, 2021 and December 31, 2020, our aggregate borrowing capacity under the 2018 Credit Facility was $530,000,000 . As of March 31, 2021 and December 31, 2020, borrowings outstanding totaled $481,400,000 and $476,900,000, respectively, and the weighted average interest rate on such borrowings outstanding was 2.08% and 2.12%, respectively, per annum. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | 8. Derivative Financial Instruments We use derivative financial instruments to manage interest rate risk associated with our variable-rate term loans and we record such derivative financial instruments in our accompanying condensed consolidated balance sheets as either an asset or a liability measured at fair value. The following table lists the derivative financial instruments held by us as of March 31, 2021 and December 31, 2020, which are included in security deposits, prepaid rent and other liabilities in our accompanying condensed consolidated balance sheets: Fair Value Instrument Notional Amount Index Interest Rate Maturity Date March 31, December 31, Swap $ 139,500,000 one month LIBOR 2.49% 11/19/21 $ (2,108,000) $ (2,915,000) Swap 58,800,000 one month LIBOR 2.49% 11/19/21 (888,000) (1,229,000) Swap 45,000,000 one month LIBOR 0.20% 11/19/21 (20,000) (27,000) Swap 36,700,000 one month LIBOR 2.49% 11/19/21 (554,000) (766,000) Swap 15,000,000 one month LIBOR 2.53% 11/19/21 (230,000) (318,000) $ 295,000,000 $ (3,800,000) $ (5,255,000) As of both March 31, 2021 and December 31, 2020, none of our derivative financial instruments were designated as hedges. For the three months ended March 31, 2021 and 2020, we recorded $1,455,000 and $(4,605,000), respectively, as a decrease (increase) to interest expense in our accompanying condensed 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 | 3 Months Ended |
Mar. 31, 2021 | |
Identified Intangible Liabilities [Abstract] | |
Identified Intangible Liabilities Net | 9. Identified Intangible Liabilities, Net As of March 31, 2021 and December 31, 2020, identified intangible liabilities, net consisted of below-market leases of $1,234,000 and $1,295,000, respectively, net of accumulated amortization of $669,000 and $608,000, respectively. Amortization expense on below-market leases for the three months ended March 31, 2021 and 2020 was $61,000 and $92,000, respectively, which was recorded to real estate revenue in our accompanying condensed consolidated statements of operations. The weighted average remaining life of below-market leases was 11.6 years as of both March 31, 2021 and December 31, 2020, respectively. As of March 31, 2021, estimated amortization expense on below-market leases for the nine months ending December 31, 2021 and for each of the next four years ending December 31 and thereafter was as follows: Year Amount 2021 $ 175,000 2022 217,000 2023 207,000 2024 161,000 2025 123,000 Thereafter 351,000 Total $ 1,234,000 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
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 Interests | 3 Months Ended |
Mar. 31, 2021 | |
Redeemable Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interests | 11. Redeemable Noncontrolling Interests As of both March 31, 2021 and December 31, 2020, our advisor owned all of the 208 limited partnership units outstanding in our operating partnership. As of both March 31, 2021 and December 31, 2020, 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. Our advisor is entitled to special redemption rights of its limited partnership units. 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 condensed consolidated balance sheets. 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 Senior Living, LLC, or Meridian. In connection with our acquisitions of Catalina West Haven ALF and Catalina Madera ALF, we own approximately 90.0% of the joint venture with Avalon Health Care, Inc., or Avalon. The noncontrolling interests held by Meridian and Avalon have redemption features outside of our control and are accounted for as redeemable noncontrolling interests in our accompanying condensed 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 three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 Beginning balance $ 2,618,000 $ 1,462,000 Additions 10,000 1,118,000 Distributions (5,000) (25,000) Adjustment to redemption value 140,000 108,000 Net loss attributable to redeemable noncontrolling interests (140,000) (83,000) Ending balance $ 2,623,000 $ 2,580,000 |
Equity
Equity | 3 Months Ended |
Mar. 31, 2021 | |
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 both March 31, 2021 and December 31, 2020, 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, whereby 900,000,000 shares are classified as Class T common stock and 100,000,000 shares are classified as Class I common stock. 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. As of both March 31, 2021 and December 31, 2020, our advisor owned 20,833 shares of our Class T common stock. On February 15, 2019, we terminated our initial offering and we continued to offer shares of our common stock pursuant to the 2019 DRIP Offering. See the “Distribution Reinvestment Plan” section below for a further discussion. Through March 31, 2021, we had issued 75,639,681 aggregate shares of our Class T and Class I common stock in connection with the primary portion of o ur initial offering and 8,025,943 aggregate shares of our Class T and Class I common stock pursuant to our DRIP Offerings. We also granted an aggregate of 105,000 shares of our restricted Class T common stock to our independent directors and repurchased 2,094,110 shares of our common stock under our share repurchase plan through March 31, 2021. As of March 31, 2021 and December 31, 2020, we had 81,697,347 and 81,339,337 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 and we continued to offer up to $100,000,000 in shares of our common stock pursuant to the 2019 DRIP Offering. In connection with our special committee’s strategic alternative review process and in order to facilitate a strategic transaction, on March 18, 2021, our board authorized the suspension of the DRIP, effective as of April 1, 2021, unless and until our board reinstates the DRIP. As a consequence of the suspension of the DRIP, beginning with the April 2021 distributions, which were paid in May 2021, there will be no further issuances of shares pursuant to the DRIP, and stockholders who are participants in the DRIP received or will receive cash distributions instead. Since April 6, 2018, our board has approved and established an estimated per share net asset value, or 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. For the three months ended March 31, 2021 and 2020, $4,106,000 and $6,437,000, respectively, in distributions were reinvested and 430,349 and 674,756 shares of our common stock, respectively, were issued pursuant to our DRIP Offerings. As of March 31, 2021 and December 31, 2020, a total of $76,598,000 and $72,492,000, respectively, in distributions were cumulatively reinvested that resulted in 8,025,943 and 7,595,594 shares of our common stock, respectively, being issued pursuant to our DRIP Offerings. Share Repurchase Plan Due to the impact the coronavirus, or COVID-19, pandemic has had on the United States and globally, and the ongoing uncertainty of the severity and duration of the COVID-19 pandemic and its effects, beginning in March 2020, our board decided to take steps to protect our capital and maximize our liquidity in an effort to strengthen our long-term financial prospects. As a result, on March 31, 2020, our board suspended our share repurchase plan with respect to all repurchase requests other than repurchases resulting from the death or qualifying disability of stockholders, beginning with share repurchase requests submitted for repurchase during the second quarter of 2020. Repurchase requests resulting from the death or qualifying disability of stockholders were not suspended, but remained subject to all terms and conditions of our share repurchase plan, including our board’s discretion to determine whether we have sufficient funds available to repurchase any shares. In connection with our special committee’s strategic alternative review process and in order to facilitate a strategic transaction, on March 18, 2021, our board approved the suspension of our share repurchase plan with respect to all repurchase requests received by us after February 28, 2021, including repurchases resulting from the death or qualifying disability of stockholders, until such time, if any, as our board determines to reinstate our share repurchase plan. Prior to its suspension, our share repurchase plan allowed for repurchases of shares of our common stock by us when certain criteria were met. Share repurchases were made at the sole discretion of our board. Subject to the availability of the funds for share repurchases, we generally limited 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 were not subject to this cap. Funds for the repurchase of shares of our common stock came exclusively from the cumulative proceeds we received from the sale of shares of our common stock pursuant to our DRIP Offerings. During our initial offering and with respect to shares repurchased for the quarter ended 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 ended June 30, 2019, the repurchase amount for shares repurchased under our share repurchase plan was 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. However, if shares of our common stock were repurchased in connection with a stockholder’s death or qualifying disability, the repurchase price was no less than 100% of the price paid to acquire the shares of our common stock from us. For the three months ended March 31, 2021, we repurchased 72,339 shares of our common stock, for an aggregate of $714,000, at an average repurchase price of $9.86 per share. For the three months ended March 31, 2020, we did not repurchase any shares. As of March 31, 2021 and December 31, 2020, we cumulatively repurchased 2,094,110 and 2,021,771 shares of our common stock, respectively, for an aggregate of $19,584,000 and $18,870,000, respectively, at an average repurchase price of $9.35 and $9.33 per share, respectively. In April 2021, we repurchased 117,228 shares of our common stock, for an aggregate of $1,160,000, at an average repurchase price of $9.89 per share. All shares were repurchased using the cumulative proceeds we received from the sale of shares of our common stock pursuant to our DRIP Offerings. Noncontrolling Interest In connection with our acquisition of Louisiana Senior Housing Portfolio on January 3, 2020, as of both March 31, 2021 and December 31, 2020, we owned an approximate 90.0% interest in our consolidated joint venture that owns such properties. As such, 10.0% of the net earnings of the joint venture were allocated to noncontrolling interests in our accompanying condensed consolidated statements of operations for the three months ended March 31, 2021 and for the period from January 3, 2020 through March 31, 2020, and the carrying amount of such noncontrolling interest is presented in total equity in our accompanying condensed consolidated balance sheets as of March 31, 2021 and December 31, 2020. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
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 three months ended March 31, 2021. 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. Fees and expenses to our affiliates incurred for the three months ended March 31, 2021 and 2020 were as follows: Three Months Ended March 31, 2021 2020 Asset management fees(1) $ 2,454,000 $ 2,411,000 Property management fees(2) 365,000 349,000 Base acquisition fees and reimbursement of acquisition expenses(3) 181,000 1,407,000 Operating expenses(4) 45,000 43,000 Lease fees(5) 41,000 51,000 Development fees(6) 24,000 — Construction management fees(7) 23,000 23,000 Total $ 3,133,000 $ 4,284,000 __________ (1) Asset management fees are included in general and administrative in our accompanying condensed consolidated statements of operations. (2) Property management fees are included in rental expenses or general and administrative expenses in our accompanying condensed consolidated statements of operations, depending on the property type from which the fee was incurred. (3) Such amounts are capitalized as part of the associated asset and included in real estate investments, net in our accompanying condensed consolidated balance sheets or are expensed as incurred and included in business acquisition expenses in our accompanying condensed consolidated statements of operations, as applicable. (4) We reimburse our advisor or its affiliates for operating expenses incurred in rendering services to us, subject to certain limitations. For the 12 months ended March 31, 2021 and 2020, our operating expenses did not exceed such limitations. Operating expenses are generally included in general and administrative in our accompanying condensed consolidated statements of operations. (5) Lease fees are capitalized as costs of entering into new leases and included in other assets, net in our accompanying condensed consolidated balance sheets, and amortized over the term of the lease. (6) Development fees are expensed as incurred and included in business acquisition expenses in our accompanying condensed consolidated statements of operations. (7) Construction management fees are capitalized as part of the associated asset and included in real estate investments, net in our accompanying condensed consolidated balance sheets or are expensed and included in our accompanying condensed consolidated statements of operations, as applicable. Accounts Payable Due to Affiliates The following amounts were outstanding to our affiliates as of March 31, 2021 and December 31, 2020: Fee March 31, December 31, Asset management fees $ 820,000 $ 814,000 Property management fees 131,000 117,000 Construction management fees 42,000 33,000 Development fees 24,000 64,000 Operating expenses 19,000 10,000 Lease commissions 6,000 8,000 Total $ 1,042,000 $ 1,046,000 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021, aggregated by the level in the fair value hierarchy within which those measurements fall: Quoted Prices in Significant Other Significant Total Liabilities: Derivative financial instruments $ — $ 3,800,000 $ — $ 3,800,000 The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2020, aggregated by the level in the fair value hierarchy within which those measurements fall: Quoted Prices in Significant Other Significant Total Liabilities: Derivative financial instruments $ — $ 5,255,000 $ — $ 5,255,000 There were no transfers into or out of fair value measurement levels during the three months ended March 31, 2021 and 2020. 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 March 31, 2021, 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 condensed consolidated balance sheets include the following financial instruments: cash and cash equivalents, accounts and other receivables, restricted cash, 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 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 values of our mortgage loans payable and the 2018 Credit Facility are estimated using discounted cash flow analyses 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 March 31, 2021 and December 31, 2020 were as follows: March 31, 2021 December 31, 2020 Carrying Fair Carrying Fair Financial Liabilities: Mortgage loans payable $ 17,708,000 $ 20,785,000 $ 17,827,000 $ 22,052,000 Line of credit and term loans $ 480,146,000 $ 481,716,000 $ 475,176,000 $ 477,651,000 ___________ (1) Carrying amount is net of any discount/premium and deferred financing costs. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | 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 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. The components of income tax benefit or expense for the three months ended March 31, 2021 and 2020 were as follows: Three Months Ended March 31, 2021 2020 Federal deferred $ (1,124,000) $ (271,000) State deferred (366,000) (93,000) Federal current — — State current — — Valuation allowance 1,490,000 364,000 Total income tax (benefit) expense $ — $ — Current Income Tax Federal and state income taxes are generally a function of the level of income recognized by our TRS. 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 both March 31, 2021 and December 31, 2020, we did not have any tax benefits or liabilities for uncertain tax positions that we believe should be recognized in our accompanying condensed consolidated financial statements. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Lessor, Operating Leases | 16. Leases Lessor We have operating leases with tenants that expire at various dates through 2040. For the three months ended March 31, 2021 and 2020, we recognized $21,946,000 and $21,463,000 of real estate revenue, respectively, related to operating lease payments, of which $4,944,000 and $4,455,000, respectively, was for variable lease payments. As of March 31, 2021, the following table sets forth the undiscounted cash flows for future minimum base rents due under operating leases for the nine months ended December 31, 2021 and for each of the next four years ending December 31 and thereafter for the properties that we wholly own: Year Amount 2021 $ 48,945,000 2022 62,515,000 2023 58,043,000 2024 52,265,000 2025 45,745,000 Thereafter 266,658,000 Total $ 534,171,000 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 United States Bureau of Labor Statistics’ 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 both the three months ended March 31, 2021 and 2020, operating lease costs were $209,000, which are included in rental expenses in our accompanying condensed consolidated statements of operations. Such costs also include variable lease costs, which are immaterial. Additional information related to our operating leases for the periods presented below was as follows: March 31, December 31, Weighted average remaining lease term (in years) 79.2 79.5 Weighted average discount rate 5.74 % 5.74 % As of March 31, 2021, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for the nine months ended December 31, 2021 and for each of the next four years ending December 31 and thereafter, as well as the reconciliation of those cash flows to operating lease liabilities on our accompanying condensed consolidated balance sheet: Year Amount 2021 $ 417,000 2022 526,000 2023 530,000 2024 534,000 2025 538,000 Thereafter 46,565,000 Total operating lease payments 49,110,000 Less: interest 39,169,000 Present value of operating lease liabilities $ 9,941,000 |
Lessee, Operating Leases | 16. Leases Lessor We have operating leases with tenants that expire at various dates through 2040. For the three months ended March 31, 2021 and 2020, we recognized $21,946,000 and $21,463,000 of real estate revenue, respectively, related to operating lease payments, of which $4,944,000 and $4,455,000, respectively, was for variable lease payments. As of March 31, 2021, the following table sets forth the undiscounted cash flows for future minimum base rents due under operating leases for the nine months ended December 31, 2021 and for each of the next four years ending December 31 and thereafter for the properties that we wholly own: Year Amount 2021 $ 48,945,000 2022 62,515,000 2023 58,043,000 2024 52,265,000 2025 45,745,000 Thereafter 266,658,000 Total $ 534,171,000 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 United States Bureau of Labor Statistics’ 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 both the three months ended March 31, 2021 and 2020, operating lease costs were $209,000, which are included in rental expenses in our accompanying condensed consolidated statements of operations. Such costs also include variable lease costs, which are immaterial. Additional information related to our operating leases for the periods presented below was as follows: March 31, December 31, Weighted average remaining lease term (in years) 79.2 79.5 Weighted average discount rate 5.74 % 5.74 % As of March 31, 2021, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for the nine months ended December 31, 2021 and for each of the next four years ending December 31 and thereafter, as well as the reconciliation of those cash flows to operating lease liabilities on our accompanying condensed consolidated balance sheet: Year Amount 2021 $ 417,000 2022 526,000 2023 530,000 2024 534,000 2025 538,000 Thereafter 46,565,000 Total operating lease payments 49,110,000 Less: interest 39,169,000 Present value of operating lease liabilities $ 9,941,000 |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | 17. Segment Reporting As of March 31, 2021, 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 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, or NOI. We define segment NOI as total revenues, less rental expenses and property operating expenses, which excludes depreciation and amortization, general and administrative expenses, business acquisition expenses, interest expense, income or loss from unconsolidated entity and other income for each segment. We believe that net income (loss), as defined by GAAP, is the most appropriate earnings measurement. However, we believe that segment NOI 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 joint venture investment in an unconsolidated entity, cash and cash equivalents, other receivables and other assets not attributable to individual properties. Summary information for the reportable segments during the three months ended March 31, 2021 and 2020 was as follows: Medical Senior Skilled Senior Three Months Revenues: Real estate revenue $ 16,752,000 $ — $ 3,000,000 $ 2,194,000 $ 21,946,000 Resident fees and services — 15,895,000 — — 15,895,000 Total revenues 16,752,000 15,895,000 3,000,000 2,194,000 37,841,000 Expenses: Rental expenses 5,705,000 — 145,000 174,000 6,024,000 Property operating expenses — 15,194,000 — — 15,194,000 Segment net operating income $ 11,047,000 $ 701,000 $ 2,855,000 $ 2,020,000 $ 16,623,000 Expenses: General and administrative $ 3,747,000 Business acquisition expenses 314,000 Depreciation and amortization 12,402,000 Other income (expense): Interest expense: Interest expense (including amortization of deferred financing costs and debt discount/premium) (4,726,000) Gain in fair value of derivative financial instruments 1,455,000 Loss from unconsolidated entity (904,000) Other income 7,000 Net loss $ (4,008,000) Medical Senior Skilled Senior Three Months Revenues: Real estate revenue $ 16,271,000 $ — $ 3,012,000 $ 2,180,000 $ 21,463,000 Resident fees and services — 16,081,000 — — 16,081,000 Total revenues 16,271,000 16,081,000 3,012,000 2,180,000 37,544,000 Expenses: Rental expenses 5,390,000 — 152,000 280,000 5,822,000 Property operating expenses — 13,017,000 — — 13,017,000 Segment net operating income $ 10,881,000 $ 3,064,000 $ 2,860,000 $ 1,900,000 $ 18,705,000 Expenses: General and administrative $ 4,448,000 Business acquisition expenses 9,000 Depreciation and amortization 12,530,000 Other income (expense): Interest expense: Interest expense (including amortization of deferred financing costs and debt discount/premium) (5,310,000) Loss in fair value of derivative financial instruments (4,605,000) Income from unconsolidated entity 255,000 Other income 9,000 Net loss $ (7,933,000) Assets by reportable segment as of March 31, 2021 and December 31, 2020 were as follows: March 31, December 31, Medical office buildings $ 582,415,000 $ 583,131,000 Senior housing — RIDEA 236,401,000 238,910,000 Skilled nursing facilities 118,654,000 119,247,000 Senior housing 99,530,000 100,370,000 Other 49,640,000 51,115,000 Total assets $ 1,086,640,000 $ 1,092,773,000 |
Concentration of Credit Risk
Concentration of Credit Risk | 3 Months Ended |
Mar. 31, 2021 | |
Concentration of Credit Risk [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 and restricted cash. 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 March 31, 2021 and December 31, 2020, 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 March 31, 2021, two states in the United States accounted for 10.0% or more of our total property portfolio’s annualized base rent or annualized NOI. Our properties located in Missouri and Michigan accounted for approximately 12.2% and 10.4%, respectively, of our total property portfolio’s annualized base rent or annualized NOI. Accordingly, there is a geographic concentration of risk subject to fluctuations in each state’s economy. Based on leases in effect as of March 31, 2021, our four reportable business segments, medical office buildings, skilled nursing facilities, senior housing and senior housing — RIDEA, accounted for 67.1%, 14.7%, 10.4% and 7.8%, respectively, of our total property portfolio’s annualized base rent or annualized NOI. As of March 31, 2021, we had one tenant that accounted for 10.0% or more of our total property portfolio’s annualized base rent or annualized NOI, as follows: Tenant Annualized Percentage of Acquisition Reportable GLA Lease Expiration RC Tier Properties, LLC $ 7,937,000 11.2% Missouri SNF Portfolio Skilled Nursing 385,000 09/30/33 ___________ (1) Amount is based on contractual base rent from leases in effect as of March 31, 2021, for our non–RIDEA properties and annualized NOI for 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 | 3 Months Ended |
Mar. 31, 2021 | |
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 $4,000 and $7,000, respectively, for the three months ended March 31, 2021 and 2020. 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 March 31, 2021 and 2020, there were 45,000 and 43,500 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 March 31, 2021 and 2020, there were 208 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. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Our accompanying condensed 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. |
Interim Unaudited Financial Data | Interim Unaudited Financial Data Our accompanying condensed consolidated financial statements have been prepared by us in accordance with GAAP in conjunction with the rules and regulations of the United States Securities and Exchange Commission, or the SEC. Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to the SEC’s rules and regulations. Accordingly, our accompanying condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. Our accompanying condensed consolidated financial statements reflect all adjustments which are, in our view, of a normal recurring nature and necessary for a fair presentation of our financial position, results of operations and cash flows for the interim period. Interim results of operations are not necessarily indicative of the results that may be expected for the full year; such full year results may be less favorable. In preparing our accompanying condensed consolidated financial statements, management has evaluated subsequent events through the financial statement issuance date. We believe that although the disclosures contained herein are adequate to prevent the information presented from being misleading, our accompanying condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto included in our 2020 Annual Report on Form 10-K, as filed with the SEC on March 26, 2021. |
Use of Estimates | Use of Estimates The preparation of our accompanying condensed 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 condensed 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, revenues, allowance for credit losses, impairment of long-lived and intangible 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. |
Tenant and Resident Receivables and Allowances | Tenant and Resident Receivables and Allowances Resident receivables are carried net of an allowance for credit losses. 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. 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 condensed 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, future expectations in estimating credit losses and other relevant factors. Tenant receivables and unbilled deferred rent receivables are reduced for uncollectible amounts, which are recognized as direct reductions of real estate revenue in our accompanying condensed consolidated statements of operations. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Disaggregation of Resident Fees and Services Revenue | The following table disaggregates 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: Three Months Ended March 31, 2021 2020 Point in Time Over Time Total Point in Time Over Time Total Senior housing — RIDEA $ 192,000 $ 15,703,000 $ 15,895,000 $ 422,000 $ 15,659,000 $ 16,081,000 The following table disaggregates our resident fees and services revenue by payor class: Three Months Ended March 31, 2021 2020 Private and other payors $ 14,159,000 $ 14,373,000 Medicaid 1,736,000 1,708,000 Total resident fees and services $ 15,895,000 $ 16,081,000 |
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 Total Beginning balance — January 1, 2021 $ 1,123,000 $ 358,000 $ 1,481,000 Ending balance — March 31, 2021 791,000 356,000 1,147,000 Decrease $ (332,000) $ (2,000) $ (334,000) |
Real Estate Investments, Net (T
Real Estate Investments, Net (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Real Estate [Abstract] | |
Schedule Of Real Estate Investments Table | Our real estate investments, net consisted of the following as of March 31, 2021 and December 31, 2020: March 31, December 31, Building and improvements $ 888,055,000 $ 884,816,000 Land 109,771,000 109,444,000 Furniture, fixtures and equipment 8,768,000 8,599,000 1,006,594,000 1,002,859,000 Less: accumulated depreciation (89,081,000) (81,279,000) Total $ 917,513,000 $ 921,580,000 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the purchase price of the assets acquired at the time of acquisition based on their relative fair values: 2021 Building and improvements $ 2,429,000 Land 327,000 In-place lease 288,000 Total assets acquired $ 3,044,000 |
Identified Intangible Assets,_2
Identified Intangible Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Schedule of Finite-Lived Intangible Assets | Identified intangible assets, net consisted of the following as of March 31, 2021 and December 31, 2020: March 31, December 31, Amortized intangible assets: In-place leases, net of accumulated amortization of $28,666,000 and $32,134,000 as of March 31, 2021 and December 31, 2020, respectively (with a weighted average remaining life of 8.8 years as of both March 31, 2021 and December 31, 2020) $ 57,072,000 $ 61,166,000 Above-market leases, net of accumulated amortization of $1,075,000 and $1,009,000 as of March 31, 2021 and December 31, 2020, respectively (with a weighted average remaining life of 9.1 years as of both March 31, 2021 and December 31, 2020) 2,486,000 2,587,000 Unamortized intangible assets: Certificates of need 348,000 348,000 Total $ 59,906,000 $ 64,101,000 |
Amortization expense on identified intangible assets | As of March 31, 2021, estimated amortization expense on the identified intangible assets for the nine months ending December 31, 2021 and for each of the next four years ending December 31 and thereafter was as follows: Year Amount 2021 $ 7,551,000 2022 8,647,000 2023 7,390,000 2024 6,195,000 2025 5,017,000 Thereafter 24,758,000 Total $ 59,558,000 |
Other Assets, Net (Tables)
Other Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Other Assets, Net [Abstract] | |
Other Assets | Other assets, net consisted of the following as of March 31, 2021 and December 31, 2020: March 31, December 31, Investment in unconsolidated entity $ 45,749,000 $ 46,653,000 Deferred rent receivables 13,333,000 12,395,000 Prepaid expenses, deposits and other assets 9,923,000 9,028,000 Lease commissions, net of accumulated amortization of $520,000 and $426,000 as of March 31, 2021 and December 31, 2020, respectively 2,583,000 2,399,000 Deferred financing costs, net of accumulated amortization of $3,867,000 and $3,397,000 as of March 31, 2021 and December 31, 2020, respectively(1) 1,254,000 1,724,000 Total $ 72,842,000 $ 72,199,000 ___________ (1) Deferred financing costs only include costs related to our line of credit and term loans. Amortization expense on deferred financing costs of our line of credit and term loans for the three months ended March 31, 2021 and 2020 was $470,000 and $469,000, respectively, which is recorded to interest expense in our accompanying condensed consolidated statements of operations. See Note 7, Line of Credit and Term Loans, for a further discussion. |
Summarized Financial Information of Unconsolidated Entities | The following is summarized financial information of Trilogy: March 31, December 31, Balance Sheet Data: Total assets $ 1,880,167,000 $ 1,882,584,000 Total liabilities $ 1,341,551,000 $ 1,329,832,000 Three Months Ended March 31, 2021 2020 Statements of Operations Data: Revenues $ 233,227,000 $ 267,795,000 Grant income 8,229,000 — Expenses 255,094,000 261,437,000 Net (loss) income $ (13,638,000) $ 6,358,000 |
Mortgage Loans Payable, Net (Ta
Mortgage Loans Payable, Net (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Mortgage Loans Payable, Net [Abstract] | |
Schedule of Activity Related to Mortgage Notes Payable | The following table reflects the changes in the carrying amount of mortgage loans payable, net for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 Beginning balance $ 17,827,000 $ 26,070,000 Additions: Amortization of deferred financing costs 7,000 20,000 Amortization of discount/premium on mortgage loans payable 12,000 12,000 Deductions: Scheduled principal payments on mortgage loans payable (138,000) (7,869,000) Ending balance $ 17,708,000 $ 18,233,000 |
Schedule of Maturities of Long-term Debt | As of March 31, 2021, the principal payments due on our mortgage loans payable for the nine months ending December 31, 2021 and for each of the next four years ending December 31 and thereafter were as follows: Year Amount 2021 $ 469,000 2022 651,000 2023 680,000 2024 711,000 2025 5,878,000 Thereafter 10,239,000 Total $ 18,628,000 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Financial Instruments [Abstract] | |
Schedule of Derivative Instruments | The following table lists the derivative financial instruments held by us as of March 31, 2021 and December 31, 2020, which are included in security deposits, prepaid rent and other liabilities in our accompanying condensed consolidated balance sheets: Fair Value Instrument Notional Amount Index Interest Rate Maturity Date March 31, December 31, Swap $ 139,500,000 one month LIBOR 2.49% 11/19/21 $ (2,108,000) $ (2,915,000) Swap 58,800,000 one month LIBOR 2.49% 11/19/21 (888,000) (1,229,000) Swap 45,000,000 one month LIBOR 0.20% 11/19/21 (20,000) (27,000) Swap 36,700,000 one month LIBOR 2.49% 11/19/21 (554,000) (766,000) Swap 15,000,000 one month LIBOR 2.53% 11/19/21 (230,000) (318,000) $ 295,000,000 $ (3,800,000) $ (5,255,000) |
Identified Intangible Liabili_2
Identified Intangible Liabilities, Net (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Identified Intangible Liabilities [Abstract] | |
Schedule Of Expected Amortization Expense Intangible Liabilities Table | As of March 31, 2021, estimated amortization expense on below-market leases for the nine months ending December 31, 2021 and for each of the next four years ending December 31 and thereafter was as follows: Year Amount 2021 $ 175,000 2022 217,000 2023 207,000 2024 161,000 2025 123,000 Thereafter 351,000 Total $ 1,234,000 |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Redeemable Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interests | The changes in the carrying amount of redeemable noncontrolling interests consisted of the following for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 Beginning balance $ 2,618,000 $ 1,462,000 Additions 10,000 1,118,000 Distributions (5,000) (25,000) Adjustment to redemption value 140,000 108,000 Net loss attributable to redeemable noncontrolling interests (140,000) (83,000) Ending balance $ 2,623,000 $ 2,580,000 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Fees and Expenses to Affiliates | Fees and expenses to our affiliates incurred for the three months ended March 31, 2021 and 2020 were as follows: Three Months Ended March 31, 2021 2020 Asset management fees(1) $ 2,454,000 $ 2,411,000 Property management fees(2) 365,000 349,000 Base acquisition fees and reimbursement of acquisition expenses(3) 181,000 1,407,000 Operating expenses(4) 45,000 43,000 Lease fees(5) 41,000 51,000 Development fees(6) 24,000 — Construction management fees(7) 23,000 23,000 Total $ 3,133,000 $ 4,284,000 __________ (1) Asset management fees are included in general and administrative in our accompanying condensed consolidated statements of operations. (2) Property management fees are included in rental expenses or general and administrative expenses in our accompanying condensed consolidated statements of operations, depending on the property type from which the fee was incurred. (3) Such amounts are capitalized as part of the associated asset and included in real estate investments, net in our accompanying condensed consolidated balance sheets or are expensed as incurred and included in business acquisition expenses in our accompanying condensed consolidated statements of operations, as applicable. (4) We reimburse our advisor or its affiliates for operating expenses incurred in rendering services to us, subject to certain limitations. For the 12 months ended March 31, 2021 and 2020, our operating expenses did not exceed such limitations. Operating expenses are generally included in general and administrative in our accompanying condensed consolidated statements of operations. (5) Lease fees are capitalized as costs of entering into new leases and included in other assets, net in our accompanying condensed consolidated balance sheets, and amortized over the term of the lease. (6) Development fees are expensed as incurred and included in business acquisition expenses in our accompanying condensed consolidated statements of operations. (7) Construction management fees are capitalized as part of the associated asset and included in real estate investments, net in our accompanying condensed consolidated balance sheets or are expensed and included in our accompanying condensed consolidated statements of operations, as applicable. |
Schedule Of Amount Outstanding To Affiliates Table | The following amounts were outstanding to our affiliates as of March 31, 2021 and December 31, 2020: Fee March 31, December 31, Asset management fees $ 820,000 $ 814,000 Property management fees 131,000 117,000 Construction management fees 42,000 33,000 Development fees 24,000 64,000 Operating expenses 19,000 10,000 Lease commissions 6,000 8,000 Total $ 1,042,000 $ 1,046,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities measured at fair value | The table below presents our assets and liabilities measured at fair value on a recurring basis as of March 31, 2021, aggregated by the level in the fair value hierarchy within which those measurements fall: Quoted Prices in Significant Other Significant Total Liabilities: Derivative financial instruments $ — $ 3,800,000 $ — $ 3,800,000 The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2020, aggregated by the level in the fair value hierarchy within which those measurements fall: Quoted Prices in Significant Other Significant Total Liabilities: Derivative financial instruments $ — $ 5,255,000 $ — $ 5,255,000 |
Schedule of carrying amounts and estimated fair values of financial instruments | The carrying amounts and estimated fair values of such financial instruments as of March 31, 2021 and December 31, 2020 were as follows: March 31, 2021 December 31, 2020 Carrying Fair Carrying Fair Financial Liabilities: Mortgage loans payable $ 17,708,000 $ 20,785,000 $ 17,827,000 $ 22,052,000 Line of credit and term loans $ 480,146,000 $ 481,716,000 $ 475,176,000 $ 477,651,000 ___________ (1) Carrying amount is net of any discount/premium and deferred financing costs. |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Income Taxes [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax benefit or expense for the three months ended March 31, 2021 and 2020 were as follows: Three Months Ended March 31, 2021 2020 Federal deferred $ (1,124,000) $ (271,000) State deferred (366,000) (93,000) Federal current — — State current — — Valuation allowance 1,490,000 364,000 Total income tax (benefit) expense $ — $ — |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Schedule of operating lease payments to be received | As of March 31, 2021, the following table sets forth the undiscounted cash flows for future minimum base rents due under operating leases for the nine months ended December 31, 2021 and for each of the next four years ending December 31 and thereafter for the properties that we wholly own: Year Amount 2021 $ 48,945,000 2022 62,515,000 2023 58,043,000 2024 52,265,000 2025 45,745,000 Thereafter 266,658,000 Total $ 534,171,000 |
Schedule of lease cost | Additional information related to our operating leases for the periods presented below was as follows: March 31, December 31, Weighted average remaining lease term (in years) 79.2 79.5 Weighted average discount rate 5.74 % 5.74 % |
Schedule of operating lease liability | As of March 31, 2021, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for the nine months ended December 31, 2021 and for each of the next four years ending December 31 and thereafter, as well as the reconciliation of those cash flows to operating lease liabilities on our accompanying condensed consolidated balance sheet: Year Amount 2021 $ 417,000 2022 526,000 2023 530,000 2024 534,000 2025 538,000 Thereafter 46,565,000 Total operating lease payments 49,110,000 Less: interest 39,169,000 Present value of operating lease liabilities $ 9,941,000 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Summary Information by Reportable Segment | Summary information for the reportable segments during the three months ended March 31, 2021 and 2020 was as follows: Medical Senior Skilled Senior Three Months Revenues: Real estate revenue $ 16,752,000 $ — $ 3,000,000 $ 2,194,000 $ 21,946,000 Resident fees and services — 15,895,000 — — 15,895,000 Total revenues 16,752,000 15,895,000 3,000,000 2,194,000 37,841,000 Expenses: Rental expenses 5,705,000 — 145,000 174,000 6,024,000 Property operating expenses — 15,194,000 — — 15,194,000 Segment net operating income $ 11,047,000 $ 701,000 $ 2,855,000 $ 2,020,000 $ 16,623,000 Expenses: General and administrative $ 3,747,000 Business acquisition expenses 314,000 Depreciation and amortization 12,402,000 Other income (expense): Interest expense: Interest expense (including amortization of deferred financing costs and debt discount/premium) (4,726,000) Gain in fair value of derivative financial instruments 1,455,000 Loss from unconsolidated entity (904,000) Other income 7,000 Net loss $ (4,008,000) Medical Senior Skilled Senior Three Months Revenues: Real estate revenue $ 16,271,000 $ — $ 3,012,000 $ 2,180,000 $ 21,463,000 Resident fees and services — 16,081,000 — — 16,081,000 Total revenues 16,271,000 16,081,000 3,012,000 2,180,000 37,544,000 Expenses: Rental expenses 5,390,000 — 152,000 280,000 5,822,000 Property operating expenses — 13,017,000 — — 13,017,000 Segment net operating income $ 10,881,000 $ 3,064,000 $ 2,860,000 $ 1,900,000 $ 18,705,000 Expenses: General and administrative $ 4,448,000 Business acquisition expenses 9,000 Depreciation and amortization 12,530,000 Other income (expense): Interest expense: Interest expense (including amortization of deferred financing costs and debt discount/premium) (5,310,000) Loss in fair value of derivative financial instruments (4,605,000) Income from unconsolidated entity 255,000 Other income 9,000 Net loss $ (7,933,000) |
Assets by Reportable Segment | Assets by reportable segment as of March 31, 2021 and December 31, 2020 were as follows: March 31, December 31, Medical office buildings $ 582,415,000 $ 583,131,000 Senior housing — RIDEA 236,401,000 238,910,000 Skilled nursing facilities 118,654,000 119,247,000 Senior housing 99,530,000 100,370,000 Other 49,640,000 51,115,000 Total assets $ 1,086,640,000 $ 1,092,773,000 |
Concentration of Credit Risk (T
Concentration of Credit Risk (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Concentration of Credit Risk [Abstract] | |
Schedules of concentration risk | As of March 31, 2021, we had one tenant that accounted for 10.0% or more of our total property portfolio’s annualized base rent or annualized NOI, as follows: Tenant Annualized Percentage of Acquisition Reportable GLA Lease Expiration RC Tier Properties, LLC $ 7,937,000 11.2% Missouri SNF Portfolio Skilled Nursing 385,000 09/30/33 ___________ (1) Amount is based on contractual base rent from leases in effect as of March 31, 2021, for our non–RIDEA properties and annualized NOI for 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. |
Organization and Description _2
Organization and Description of Business (Detail) | Mar. 31, 2021ft²segment | Mar. 31, 2021USD ($)ft²segment | Mar. 31, 2020USD ($) | Feb. 16, 2017 | Mar. 31, 2021USD ($)ft²shares | Feb. 15, 2019USD ($)shares | Dec. 31, 2020shares | Mar. 31, 2021ft²shares | Mar. 31, 2021USD ($)ft²PropertyBuilding | Feb. 16, 2016 | Mar. 01, 2015 |
Issuance of common stock under the DRIP, shares | shares | 3,253,535 | 7,595,594 | 8,025,943 | ||||||||
Issuance of common stock under the DRIP | $ 4,106,000 | $ 6,437,000 | $ 31,021,000 | ||||||||
Advisory agreement term | 1 year | ||||||||||
Number of reportable segments | segment | 4 | 4 | |||||||||
Number of properties acquired from unaffiliated parties | Property | 89 | ||||||||||
Number of buildings acquired from unaffiliated parties | Building | 94 | ||||||||||
GLA (Sq Ft) | ft² | 4,871,000 | 4,871,000 | 4,871,000 | 4,871,000 | 4,871,000 | ||||||
Acquisition Aggregated Cost Of Acquired Properties Purchase Price | $ 1,092,381,000 | ||||||||||
Class T and Class I Common Stock | |||||||||||
Subscriptions in offering of common stock received and accepted value | $ 754,118,000 | ||||||||||
Subscriptions in offering of common stock received and accepted shares | shares | 75,639,681 | 75,639,681 | |||||||||
American Healthcare Investors | |||||||||||
Ownership percentage in affiliate | 75.00% | ||||||||||
Griffin Capital Corporation | |||||||||||
Ownership percentage in affiliate | 25.00% | ||||||||||
AHI Group Holdings, LLC | |||||||||||
Ownership percentage in affiliate | 47.10% | ||||||||||
Colony Capital Inc. | |||||||||||
Ownership percentage in affiliate | 45.10% | ||||||||||
James F. Flaherty III | |||||||||||
Ownership percentage in affiliate | 7.80% | ||||||||||
DRIP S-3 Public Offering | |||||||||||
Issuance of common stock under the DRIP, shares | shares | 4,772,408 | ||||||||||
Issuance of common stock under the DRIP | $ 45,577,000 | ||||||||||
Griffin-American Healthcare REIT IV, Inc. | |||||||||||
Joint venture ownership interest | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% |
Summary of Accounting Policies
Summary of Accounting Policies (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Allowance for credit losses | $ 2,016,000 | $ 2,086,000 | |
Increase (decrease) in allowance for credit losses | 305,000 | $ 213,000 | |
Reduction in allowance from collection or adjustment | (19,000) | (43,000) | |
Accounts Receivable, Allowance for Credit Loss, Writeoff | $ (356,000) | $ (39,000) | |
General Partnership | |||
Percentage of ownership in operating partnership | 99.99% | 99.99% | |
Limited Partnership | |||
Percentage of limited partnership interest | 0.01% | 0.01% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Disaggregation of Revenues (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Resident fees and services | $ 15,895,000 | $ 16,081,000 |
Senior Housing-RIDEA | ||
Resident fees and services | 15,895,000 | 16,081,000 |
Senior Housing-RIDEA | Transferred at Point in Time | ||
Resident fees and services | 192,000 | 422,000 |
Senior Housing-RIDEA | Transferred over Time | ||
Resident fees and services | 15,703,000 | 15,659,000 |
Resident Fees and Services | ||
Resident fees and services | 15,895,000 | 16,081,000 |
Private and Other Payors | Resident Fees and Services | ||
Resident fees and services | 14,159,000 | 14,373,000 |
Medicaid | Resident Fees and Services | ||
Resident fees and services | $ 1,736,000 | $ 1,708,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Accounts Receivable and Deferred Revenue (Details) - Resident Fees and Services - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Jan. 01, 2021 | |
Resident fees and services | $ 1,147,000 | $ 1,481,000 |
Contract with customer, asset, increase (decrease) | (334,000) | |
Medicaid | ||
Resident fees and services | 791,000 | 1,123,000 |
Contract with customer, asset, increase (decrease) | (332,000) | |
Private and Other Payors | ||
Resident fees and services | 356,000 | $ 358,000 |
Contract with customer, asset, increase (decrease) | $ (2,000) |
Real Estate Investments, Net -
Real Estate Investments, Net - Investments in Consolidated Properties (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Real Estate Properties [Line Items] | ||
Real estate investment, at cost | $ 1,006,594,000 | $ 1,002,859,000 |
Less: accumulated depreciation | (89,081,000) | (81,279,000) |
Real estate investments, net | 917,513,000 | 921,580,000 |
Building and Building Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, at cost | 888,055,000 | 884,816,000 |
Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, at cost | 109,771,000 | 109,444,000 |
Furniture, fixtures, and equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, at cost | $ 8,768,000 | $ 8,599,000 |
Real Estate Investments, Net _2
Real Estate Investments, Net - Additional Information (Detail) - USD ($) | 3 Months Ended | 74 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | |
Real Estate Properties [Line Items] | |||
Depreciation | $ 7,914,000 | $ 7,839,000 | |
Acquisition Aggregated Cost Of Acquired Properties Purchase Price | $ 1,092,381,000 | ||
Capitalized acquisition costs and fees additions | 94,000 | ||
Medical Office Building | |||
Real Estate Properties [Line Items] | |||
Capital expenditures incurred | 776,000 | ||
Senior Housing-RIDEA | |||
Real Estate Properties [Line Items] | |||
Capital expenditures incurred | 315,000 | ||
Skilled Nursing Facilities | |||
Real Estate Properties [Line Items] | |||
Capital expenditures incurred | 0 | ||
Senior Housing | |||
Real Estate Properties [Line Items] | |||
Capital expenditures incurred | $ 0 | ||
Advisor | |||
Real Estate Properties [Line Items] | |||
Base acquisition fee for property acquired | 2.25% | ||
Athens MOB Portfolio | |||
Real Estate Properties [Line Items] | |||
Acquisition Aggregated Cost Of Acquired Properties Purchase Price | $ 2,950,000 | ||
Acquisition fee | 66,000 | ||
Lines Of Credit Related To Acquisition Of Properties | $ 2,000,000 |
Real Estate Investments, Net _3
Real Estate Investments, Net - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - 2021 Acquisitions | Mar. 31, 2021USD ($) |
Real Estate Properties [Line Items] | |
Building and improvements | $ 2,429,000 |
Land | 327,000 |
In-place lease | 288,000 |
Total assets acquired | $ 3,044,000 |
Identified Intangible Assets -
Identified Intangible Assets - Summary of Identified Intangibles (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Identified intangible assets, net | $ 59,906,000 | $ 64,101,000 |
Finite lived intangible asset, useful life | 8 years 9 months 18 days | 8 years 9 months 18 days |
In-place leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 57,072,000 | $ 61,166,000 |
Intangible assets, accumulated amortization | $ 28,666,000 | $ 32,134,000 |
Finite lived intangible asset, useful life | 8 years 9 months 18 days | 8 years 9 months 18 days |
Above-market leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 2,486,000 | $ 2,587,000 |
Intangible assets, accumulated amortization | $ 1,075,000 | $ 1,009,000 |
Finite lived intangible asset, useful life | 9 years 1 month 6 days | 9 years 1 month 6 days |
Certificates of need | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 348,000 | $ 348,000 |
Identified Intangible Assets,_3
Identified Intangible Assets, Net - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 4,483,000 | $ 4,756,000 | |
Finite lived intangible asset, useful life | 8 years 9 months 18 days | 8 years 9 months 18 days | |
Above-market leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 101,000 | $ 110,000 | |
Finite lived intangible asset, useful life | 9 years 1 month 6 days | 9 years 1 month 6 days |
Identified Intangible Assets _2
Identified Intangible Assets - Summary of Amortization Expense on Identified Intangible Assets, Net (Detail) | Mar. 31, 2021USD ($) |
Intangible Asset Net [Abstract] | |
2021 | $ 7,551,000 |
2022 | 8,647,000 |
2023 | 7,390,000 |
2024 | 6,195,000 |
2025 | 5,017,000 |
Thereafter | 24,758,000 |
Total | $ 59,558,000 |
Other Assets, Net - Other Asset
Other Assets, Net - Other Assets, Net (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Other Assets [Abstract] | ||
Investment in unconsolidated entity | $ 45,749,000 | $ 46,653,000 |
Deferred rent receivables | 13,333,000 | 12,395,000 |
Prepaid expenses, deposits and other assets | 9,923,000 | 9,028,000 |
Lease commissions, net of accumulated amortization of $520,000 and $426,000 as of March 31, 2021 and December 31, 2020, respectively | 2,583,000 | 2,399,000 |
Deferred financing costs, net of accumulated amortization of $3,867,000 and $3,397,000 as of March 31, 2021 and December 31, 2020, respectively(1) | 1,254,000 | 1,724,000 |
Other assets, net | 72,842,000 | 72,199,000 |
Deferred Costs, Leasing, Accumulated Amortization | 520,000 | 426,000 |
Accumulated amortization, debt issuance costs | $ 3,867,000 | $ 3,397,000 |
Other Assets, Net - Additional
Other Assets, Net - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Other Assets [Abstract] | |||
Amortization of debt issuance costs | $ 470,000 | $ 469,000 | |
Joint Venture unamortized basis difference | $ 16,676,000 | $ 16,791,000 | |
Griffin-American Healthcare REIT IV, Inc. | |||
Joint venture ownership interest | 6.00% | 6.00% |
Other Assets, Net - Unconsolida
Other Assets, Net - Unconsolidated Entities Financial Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Balance Sheet Data: | |||
Total assets | $ 1,086,640,000 | $ 1,092,773,000 | |
Total liabilities | 542,916,000 | 540,416,000 | |
Statements of Operations Data: | |||
Revenues | 15,895,000 | $ 16,081,000 | |
Expenses | 37,681,000 | 35,826,000 | |
Net (loss) income | (4,008,000) | (7,933,000) | |
Unconsolidated Entity | |||
Balance Sheet Data: | |||
Total assets | 1,880,167,000 | 1,882,584,000 | |
Total liabilities | 1,341,551,000 | $ 1,329,832,000 | |
Statements of Operations Data: | |||
Revenues | 233,227,000 | 267,795,000 | |
Grant income | 8,229,000 | 0 | |
Expenses | 255,094,000 | 261,437,000 | |
Net (loss) income | $ (13,638,000) | $ 6,358,000 |
Mortgage Loans Payable, Net - A
Mortgage Loans Payable, Net - Additional Information (Detail) | 1 Months Ended | ||||||
Jan. 31, 2020USD ($) | Mar. 31, 2021USD ($)MortgageLoan | Dec. 31, 2020USD ($)MortgageLoan | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||
Mortgage loans payable, gross | $ 18,628,000 | $ 18,766,000 | |||||
Mortgage loans payable, net | $ 17,708,000 | [1] | $ 17,827,000 | [1] | $ 18,233,000 | $ 26,070,000 | |
Number Of fixed rate mortgage loans payable | MortgageLoan | 3 | 3 | |||||
Payoff of mortgage loan payable | $ 7,738,000 | ||||||
Minimum | |||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||
Effective interest rate | 3.67% | 3.67% | |||||
Maximum | |||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||
Effective interest rate | 5.25% | 5.25% | |||||
Mortgage loan payable | |||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||
Weighted average interest rate | 3.93% | 3.93% | |||||
[1] | Such liabilities of Griffin-American Healthcare REIT IV, Inc. as of March 31, 2021 and December 31, 2020 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 $481,400,000 and $476,900,000 as of March 31, 2021 and December 31, 2020, respectively, which is guaranteed by Griffin-American Healthcare REIT IV, Inc. |
Mortgage Loans Payable, Net - M
Mortgage Loans Payable, Net - Mortgage Loans Payable (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Change in Carrying Amount of Mortgage Loans Payable [Roll Forward] | |||
Beginning balance | $ 17,827,000 | [1] | $ 26,070,000 |
Amortization of deferred financing costs | 7,000 | 20,000 | |
Amortization of discount/premium on mortgage loans payable | 12,000 | 12,000 | |
Scheduled principal payments on mortgage loans payable | (138,000) | (7,869,000) | |
Ending balance | $ 17,708,000 | [1] | $ 18,233,000 |
[1] | Such liabilities of Griffin-American Healthcare REIT IV, Inc. as of March 31, 2021 and December 31, 2020 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 $481,400,000 and $476,900,000 as of March 31, 2021 and December 31, 2020, respectively, which is guaranteed by Griffin-American Healthcare REIT IV, Inc. |
Mortgage Loans Payable - Princi
Mortgage Loans Payable - Principal Payments Due on Mortgage Loans Payable (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | ||
2021 | $ 469,000 | |
2022 | 651,000 | |
2023 | 680,000 | |
2024 | 711,000 | |
2025 | 5,878,000 | |
Thereafter | 10,239,000 | |
Total | $ 18,628,000 | $ 18,766,000 |
Line of Credit and Term Loan (D
Line of Credit and Term Loan (Detail) | Nov. 20, 2018USD ($)Extension | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Nov. 01, 2019USD ($) | |
Line of Credit Facility [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 530,000,000 | $ 530,000,000 | |||
Line Of Credit Facility, Number Of Potential Extensions | Extension | 1 | ||||
Line Of Credit Facility, Potential Extension Term | 12 months | ||||
Line of credit and term loans | [1] | $ 481,400,000 | $ 476,900,000 | ||
Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Weighted average interest rate | 2.08% | 2.12% | |||
2018 Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 530,000,000 | ||||
Potential increase to borrowing capacity | $ 120,000,000 | ||||
Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Potential increase to borrowing capacity | 235,000,000 | ||||
Term Loan Facility | |||||
Line of Credit Facility [Line Items] | |||||
Potential increase to borrowing capacity | 295,000,000 | ||||
Line of Credit | 2018 Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Potential maximum borrowing capacity | $ 650,000,000 | ||||
Line of Credit | Federal Funds Rate | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 0.50% | ||||
Line of Credit | One-Month Eurodollar | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 1.00% | ||||
Line of Credit | Base Rate | |||||
Line of Credit Facility [Line Items] | |||||
Base rate | 0.00% | ||||
Minimum | Line of Credit | Eurodollar | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 1.70% | ||||
Minimum | Line of Credit | Base Rate | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 0.70% | ||||
Maximum | Line of Credit | Eurodollar | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 2.20% | ||||
Maximum | Line of Credit | Base Rate | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 1.20% | ||||
[1] | Such liabilities of Griffin-American Healthcare REIT IV, Inc. as of March 31, 2021 and December 31, 2020 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 $481,400,000 and $476,900,000 as of March 31, 2021 and December 31, 2020, respectively, which is guaranteed by Griffin-American Healthcare REIT IV, Inc. |
Derivative Financial Instrume_3
Derivative Financial Instruments (Detail) - Not Designated as Hedging Instrument - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | ||
Notional Amount | $ 295,000,000 | |
Fair Value | $ (3,800,000) | $ (5,255,000) |
Notional Amount, 139.5 | ||
Derivative [Line Items] | ||
Instrument | Swap | |
Notional Amount | $ 139,500,000 | |
Index | one month LIBOR | |
Maturity Date | Nov. 19, 2021 | |
Fair Value | $ (2,108,000) | (2,915,000) |
Notional Amount, 58.8 | ||
Derivative [Line Items] | ||
Instrument | Swap | |
Notional Amount | $ 58,800,000 | |
Index | one month LIBOR | |
Maturity Date | Nov. 19, 2021 | |
Fair Value | $ (888,000) | (1,229,000) |
Notional Amount, 45.0 | ||
Derivative [Line Items] | ||
Instrument | Swap | |
Notional Amount | $ 45,000,000 | |
Index | one month LIBOR | |
Maturity Date | Nov. 19, 2021 | |
Fair Value | $ (20,000) | (27,000) |
Notional Amount, 36.7 | ||
Derivative [Line Items] | ||
Instrument | Swap | |
Notional Amount | $ 36,700,000 | |
Index | one month LIBOR | |
Maturity Date | Nov. 19, 2021 | |
Fair Value | $ (554,000) | (766,000) |
Notional Amount, 15.0 | ||
Derivative [Line Items] | ||
Instrument | Swap | |
Notional Amount | $ 15,000,000 | |
Index | one month LIBOR | |
Maturity Date | Nov. 19, 2021 | |
Fair Value | $ (230,000) | $ (318,000) |
Swap, 2.49% Interest Rate | Notional Amount, 139.5 | ||
Derivative [Line Items] | ||
Interest Rate | 2.49% | |
Swap, 2.49% Interest Rate | Notional Amount, 58.8 | ||
Derivative [Line Items] | ||
Interest Rate | 2.49% | |
Swap, 2.49% Interest Rate | Notional Amount, 36.7 | ||
Derivative [Line Items] | ||
Interest Rate | 2.49% | |
Swap, 0.20% Interest Rate Member | Notional Amount, 45.0 | ||
Derivative [Line Items] | ||
Interest Rate | 0.20% | |
Swap, 2.53% Interest Rate | Notional Amount, 15.0 | ||
Derivative [Line Items] | ||
Interest Rate | 2.53% |
Derivative Financial Instrume_4
Derivative Financial Instruments - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gain (loss) in fair value of derivative financial instruments | $ 1,455,000 | $ (4,605,000) |
Identified Intangible Liabili_3
Identified Intangible Liabilities, Net Identified Intangible Liabilities, Net - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | ||
Identified intangible liabilities, net | [1] | $ 1,234,000 | $ 1,295,000 | |
Amortization of identified intangible liabilities | $ 61,000 | $ 92,000 | ||
Finite lived intangible liabilities useful life | 11 years 7 months 6 days | 11 years 7 months 6 days | ||
Below-market leases | ||||
Identified intangible liabilities, net | $ 1,234,000 | $ 1,295,000 | ||
Finite lived intangible liabilities accumulated amortization | $ 669,000 | $ 608,000 | ||
[1] | Such liabilities of Griffin-American Healthcare REIT IV, Inc. as of March 31, 2021 and December 31, 2020 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 $481,400,000 and $476,900,000 as of March 31, 2021 and December 31, 2020, respectively, which is guaranteed by Griffin-American Healthcare REIT IV, Inc. |
Identified Intangible Liabili_4
Identified Intangible Liabilities, Net - Summary of Amortization Expense on Below Market Leases (Detail) | Mar. 31, 2021USD ($) |
Intangible Liabilities [Abstract] | |
2021 | $ 175,000 |
2022 | 217,000 |
2023 | 207,000 |
2024 | 161,000 |
2025 | 123,000 |
Thereafter | 351,000 |
Total | $ 1,234,000 |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interests (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Changes in the carrying amount of redeemable noncontrolling interest [Roll Forward] | |||
Beginning balance | $ 2,618,000 | $ 1,462,000 | $ 1,462,000 |
Additions | 10,000 | 1,118,000 | |
Distributions | (5,000) | (25,000) | |
Adjustment to redemption value | 140,000 | 108,000 | |
Net Loss Attributable to Redeemable Noncontrolling Interests | (140,000) | (83,000) | |
Ending balance | $ 2,623,000 | $ 2,580,000 | $ 2,618,000 |
Meridian | |||
Redeemable Noncontrolling Interests [Line Items] | |||
Joint venture ownership interest | 98.00% | ||
Avalon | |||
Redeemable Noncontrolling Interests [Line Items] | |||
Joint venture ownership interest | 90.00% | ||
Limited Partner | |||
Redeemable Noncontrolling Interests [Line Items] | |||
Stock issued during period, stock splits | 208 | 208 | |
General Partnership | |||
Redeemable Noncontrolling Interests [Line Items] | |||
Noncontrolling interest, ownership percentage by parent | 99.99% | 99.99% | |
Limited Partnership | |||
Redeemable Noncontrolling Interests [Line Items] | |||
Noncontrolling limited partnership interest in operating partnership | 0.01% | 0.01% |
Equity (Detail)
Equity (Detail) - USD ($) | Apr. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2021 | Feb. 15, 2019 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | Dec. 31, 2019 | Jan. 18, 2019 | Feb. 16, 2016 |
Preferred Stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | |||||||
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||
Preferred stock, shares issued | 0 | 0 | 0 | 0 | 0 | |||||||
Preferred stock, shares outstanding | 0 | 0 | 0 | 0 | 0 | |||||||
Number of shares of common stock, authorized to be issued | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | |||||||
Par value of common stock to be offered and sold to the public | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||
Issuance of common stock under the DRIP, shares | 3,253,535 | 7,595,594 | 8,025,943 | |||||||||
Issuance of vested and nonvested restricted common stock, shares | 105,000 | |||||||||||
Common stock repurchased during period under share repurchase plan shares | 2,094,110 | |||||||||||
Issuance of common stock under the DRIP | $ 4,106,000 | $ 6,437,000 | $ 31,021,000 | |||||||||
Proceeds from issuance of common stock, dividend reinvestment plan | $ 72,492,000 | $ 76,598,000 | ||||||||||
Maximum percentage of common stock repurchased during period | 5.00% | |||||||||||
Share repurchase plan percentage of price per-share condition two | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||
Stock Repurchased During Period, Shares | 72,339 | 0 | 2,021,771 | 2,094,110 | ||||||||
Stock repurchased during period, value under the share repurchase plan, value | $ 714,000 | $ 18,870,000 | $ 19,584,000 | |||||||||
Stock acquired, average cost per share | $ 9.86 | $ 9.33 | $ 9.35 | |||||||||
Subsequent Event [Member] | ||||||||||||
Stock Repurchased During Period, Shares | 117,228 | |||||||||||
Stock repurchased during period, value under the share repurchase plan, value | $ 1,160,000 | |||||||||||
Stock acquired, average cost per share | $ 9.89 | |||||||||||
Common Class T | ||||||||||||
Number of shares of common stock, authorized to be issued | 900,000,000 | 900,000,000 | 900,000,000 | 900,000,000 | 900,000,000 | |||||||
Par value of common stock to be offered and sold to the public | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||
Shares issued | 20,833 | 20,833 | 20,833 | 20,833 | 20,833 | |||||||
Common Class I | ||||||||||||
Number of shares of common stock, authorized to be issued | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | |||||||
Par value of common stock to be offered and sold to the public | $ 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 | ||||||||||
Distribution Reinvestment Plan | ||||||||||||
Maximum dollar amount of common stock issuable under public offering | $ 150,000,000 | |||||||||||
Class T and Class I Common Stock | ||||||||||||
Shares issued | 81,697,347 | 80,574,630 | 80,574,630 | 81,697,347 | 81,697,347 | 81,339,337 | 81,697,347 | 79,899,874 | ||||
Issuance of common stock under the DRIP, shares | 430,349 | 674,756 | ||||||||||
Issuance of common stock under the DRIP | $ 5,000 | $ 7,000 | ||||||||||
Stock Repurchased During Period, Shares | 72,339 | |||||||||||
Total Stockholders’ Equity | ||||||||||||
Issuance of common stock under the DRIP | $ 4,106,000 | $ 6,437,000 | ||||||||||
DRIP S-3 Public Offering | ||||||||||||
Issuance of common stock under the DRIP, shares | 4,772,408 | |||||||||||
Maximum dollar amount of common stock issuable under public offering | $ 100,000,000 | |||||||||||
Issuance of common stock under the DRIP | $ 45,577,000 | |||||||||||
Louisiana Senior Housing Portfolio | ||||||||||||
Joint venture ownership interest | 90.00% | 90.00% | 90.00% | 90.00% | 90.00% | |||||||
Net earning of joint venture allocated to noncontrolling interest | 10.00% | 10.00% |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Fees and Expenses to Affiliates (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Related Party Transaction [Line Items] | ||
Related Party Transaction, Expenses from Transactions with Related Party | $ 3,133,000 | $ 4,284,000 |
Asset Management [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Expenses from Transactions with Related Party | 2,454,000 | 2,411,000 |
Property Management Fee [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Expenses from Transactions with Related Party | 365,000 | 349,000 |
Base Acquisition Fee and Reimbursement of Acquisition Expenses [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Expenses from Transactions with Related Party | 181,000 | 1,407,000 |
Operating Expense [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Expenses from Transactions with Related Party | 45,000 | 43,000 |
Lease Commissions [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Expenses from Transactions with Related Party | 41,000 | 51,000 |
Development Fees [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Expenses from Transactions with Related Party | 24,000 | 0 |
Construction Management Fee [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Expenses from Transactions with Related Party | $ 23,000 | $ 23,000 |
Related Party Transactions - _2
Related Party Transactions - Schedule of Amount Outstanding to Affiliates (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||
Due to Affiliate | $ 1,042,000 | $ 1,046,000 |
Asset Management Fees [Member] | ||
Related Party Transaction [Line Items] | ||
Due to Affiliate | 820,000 | 814,000 |
Property Management Fee [Member] | ||
Related Party Transaction [Line Items] | ||
Due to Affiliate | 131,000 | 117,000 |
Construction Management Fee [Member] | ||
Related Party Transaction [Line Items] | ||
Due to Affiliate | 42,000 | 33,000 |
Acquisition and development fees [Member] | ||
Related Party Transaction [Line Items] | ||
Due to Affiliate | 24,000 | 64,000 |
Operating Expense [Member] | ||
Related Party Transaction [Line Items] | ||
Due to Affiliate | 19,000 | 10,000 |
Lease Commissions [Member] | ||
Related Party Transaction [Line Items] | ||
Due to Affiliate | $ 6,000 | $ 8,000 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Recurring - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments | $ 3,800,000 | $ 5,255,000 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments | 3,800,000 | 5,255,000 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments | $ 0 | $ 0 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value by Balance Sheet Grouping (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | ||
Carrying Amount(1) | ||||||
Mortgage loans payable | $ 17,708,000 | [1] | $ 17,827,000 | [1] | $ 18,233,000 | $ 26,070,000 |
Line of credit and term loans | 480,146,000 | 475,176,000 | ||||
Fair Value | ||||||
Mortgage loans payable | 20,785,000 | 22,052,000 | ||||
Line of credit and term loans | $ 481,716,000 | $ 477,651,000 | ||||
[1] | Such liabilities of Griffin-American Healthcare REIT IV, Inc. as of March 31, 2021 and December 31, 2020 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 $481,400,000 and $476,900,000 as of March 31, 2021 and December 31, 2020, respectively, which is guaranteed by Griffin-American Healthcare REIT IV, Inc. |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Federal deferred | $ (1,124,000) | $ (271,000) |
State deferred | (366,000) | (93,000) |
Federal current | 0 | 0 |
State current | 0 | 0 |
Valuation allowance | 1,490,000 | 364,000 |
Total income tax (benefit) expense | $ 0 | $ 0 |
Leases Additional Information (
Leases Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Real estate revenue | $ 21,946,000 | $ 21,463,000 |
Variable lease payments | $ 4,944,000 | $ 4,455,000 |
Leases Lessor, Future Minimum R
Leases Lessor, Future Minimum Rents Due (Details) | Mar. 31, 2021USD ($) |
Leases [Abstract] | |
2021 | $ 48,945,000 |
2022 | 62,515,000 |
2023 | 58,043,000 |
2024 | 52,265,000 |
2025 | 45,745,000 |
Thereafter | 266,658,000 |
Total | $ 534,171,000 |
Leases Components of Lease Cost
Leases Components of Lease Cost (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Operating lease cost | $ 209,000 | $ 209,000 |
Leases Lease Term and Discount
Leases Lease Term and Discount Rate (Details) | Mar. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Weighted average remaining lease term (in years) | 79 years 2 months 12 days | 79 years 6 months |
Weighted average discount rate | 5.74% | 5.74% |
Leases Future Minimum Rent Paym
Leases Future Minimum Rent Payments, Operating Leases (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | |
Lessee, Operating Lease, Description [Abstract] | |||
2021 | $ 417,000 | ||
2022 | 526,000 | ||
2023 | 530,000 | ||
2024 | 534,000 | ||
2025 | 538,000 | ||
Thereafter | 46,565,000 | ||
Total operating lease payments | 49,110,000 | ||
Less: interest | 39,169,000 | ||
Present value of operating lease liabilities | [1] | $ 9,941,000 | $ 9,904,000 |
[1] | Such liabilities of Griffin-American Healthcare REIT IV, Inc. as of March 31, 2021 and December 31, 2020 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 $481,400,000 and $476,900,000 as of March 31, 2021 and December 31, 2020, respectively, which is guaranteed by Griffin-American Healthcare REIT IV, Inc. |
Segment Reporting - Summary Inf
Segment Reporting - Summary Information for Reportable Segments (Detail) | Mar. 31, 2021USD ($)segment | Mar. 31, 2021USD ($)segment | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) |
Segment Reporting Information Line Items | ||||
Number of reportable segments | segment | 4 | 4 | ||
Assets by Reportable Segment | ||||
Total assets | $ 1,086,640,000 | $ 1,086,640,000 | $ 1,092,773,000 | |
Revenues: | ||||
Real estate revenue | 21,946,000 | $ 21,463,000 | ||
Resident fees and services | 15,895,000 | 16,081,000 | ||
Total revenues | 37,841,000 | 37,544,000 | ||
Expenses: | ||||
Rental expenses | 6,024,000 | 5,822,000 | ||
Property operating expenses | 15,194,000 | 13,017,000 | ||
Segment net operating income | 16,623,000 | 18,705,000 | ||
Operating Expenses | ||||
General and administrative | 3,747,000 | 4,448,000 | ||
Business acquisition expenses | 314,000 | 9,000 | ||
Depreciation and amortization | 12,402,000 | 12,530,000 | ||
Other income (expense): | ||||
Interest expense (including amortization of deferred financing costs and debt discount/premium) | (4,726,000) | (5,310,000) | ||
Gain (loss) in fair value of derivative financial instruments | 1,455,000 | (4,605,000) | ||
(Loss) income from unconsolidated entity | (904,000) | 255,000 | ||
Other income | 7,000 | 9,000 | ||
Net (loss) income | (4,008,000) | (7,933,000) | ||
Medical Office Building | ||||
Assets by Reportable Segment | ||||
Total assets | 582,415,000 | 582,415,000 | 583,131,000 | |
Revenues: | ||||
Real estate revenue | 16,752,000 | 16,271,000 | ||
Total revenues | 16,752,000 | 16,271,000 | ||
Expenses: | ||||
Rental expenses | 5,705,000 | 5,390,000 | ||
Segment net operating income | 11,047,000 | 10,881,000 | ||
Senior Housing-RIDEA | ||||
Assets by Reportable Segment | ||||
Total assets | 236,401,000 | 236,401,000 | 238,910,000 | |
Revenues: | ||||
Resident fees and services | 15,895,000 | 16,081,000 | ||
Total revenues | 15,895,000 | 16,081,000 | ||
Expenses: | ||||
Property operating expenses | 15,194,000 | 13,017,000 | ||
Segment net operating income | 701,000 | 3,064,000 | ||
Skilled Nursing Facilities | ||||
Assets by Reportable Segment | ||||
Total assets | 118,654,000 | 118,654,000 | 119,247,000 | |
Revenues: | ||||
Real estate revenue | 3,000,000 | 3,012,000 | ||
Total revenues | 3,000,000 | 3,012,000 | ||
Expenses: | ||||
Rental expenses | 145,000 | 152,000 | ||
Segment net operating income | 2,855,000 | 2,860,000 | ||
Senior Housing | ||||
Assets by Reportable Segment | ||||
Total assets | 99,530,000 | 99,530,000 | 100,370,000 | |
Revenues: | ||||
Real estate revenue | 2,194,000 | 2,180,000 | ||
Total revenues | 2,194,000 | 2,180,000 | ||
Expenses: | ||||
Rental expenses | 174,000 | 280,000 | ||
Segment net operating income | 2,020,000 | $ 1,900,000 | ||
Other | ||||
Assets by Reportable Segment | ||||
Total assets | $ 49,640,000 | $ 49,640,000 | $ 51,115,000 |
Concentration of Credit Risk -
Concentration of Credit Risk - Additional Information (Detail) | Mar. 31, 2021segmenttenantState | Mar. 31, 2021segmenttenantState |
Concentration of Credit Risk | ||
Concentration Risk Number Of States That Generated At Least Ten Percent Of Annualized Base Rent | State | 2 | 2 |
Minimum percent share of each state annualized base rent | 10.00% | 10.00% |
Number of reportable segments | segment | 4 | 4 |
Number of tenants with more than ten percent of annual base rent | tenant | 1 | 1 |
Minimum Percent Share Of Annualized Base Rent Accounted By Tenants | 10.00% | 10.00% |
Medical Office Building | ||
Concentration of Credit Risk | ||
Percentage of annual base rent | 67.10% | 67.10% |
Skilled Nursing Facilities | ||
Concentration of Credit Risk | ||
Percentage of annual base rent | 14.70% | 14.70% |
Senior Housing | ||
Concentration of Credit Risk | ||
Percentage of annual base rent | 10.40% | 10.40% |
Senior Housing-RIDEA | ||
Concentration of Credit Risk | ||
Percentage of annual base rent | 7.80% | 7.80% |
MISSOURI | ||
Concentration of Credit Risk | ||
Percentage of annual base rent | 12.20% | 12.20% |
MICHIGAN | ||
Concentration of Credit Risk | ||
Percentage of annual base rent | 10.40% | 10.40% |
Concentration of Credit Risk _2
Concentration of Credit Risk - Schedule of Annualized Base Rent from Tenants at Consolidated Properties (Detail) - RC Tier Properties LLC | 3 Months Ended |
Mar. 31, 2021USD ($)ft² | |
Annual Base Rent | $ | $ 7,937,000 |
Percentage of Annualized Base Rent | 11.20% |
Reportable Segment | Skilled Nursing |
GLA (Sq Ft) | ft² | 385,000 |
Lease Expiration Date | Sep. 30, 2033 |
Per Share Data (Detail)
Per Share Data (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Participating securities, distributed and undistributed earnings (loss), basic | $ 4,000 | $ 7,000 |
Restricted Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 45,000 | 43,500 |
Redeemable Limited Partnership Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 208 | 208 |