Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 10, 2023 | Jun. 30, 2022 | |
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 000-55775 | ||
Entity Registrant Name | AMERICAN HEALTHCARE REIT, 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 | ||
Title of 12(g) Security | Common Stock, $0.01 par value per share | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Documents Incorporated by Reference | The registrant incorporates by reference portions of the American Healthcare REIT, Inc. definitive proxy statement for the 2023 annual meeting of stockholders (into Items 10, 11, 12, 13 and 14 of Part III of this Annual Report on Form 10-K). | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001632970 | ||
Common Class T | |||
Entity Public Float | $ 712,509,000 | ||
Entity Common Stock, Shares Outstanding | 19,536,622 | ||
Common Class I | |||
Entity Public Float | $ 1,722,524,000 | ||
Entity Common Stock, Shares Outstanding | 46,675,367 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Auditor Information [Abstract] | |
Auditor Firm ID | 34 |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Costa Mesa, California |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
ASSETS | |||
Real estate investments, net | $ 3,581,609 | $ 3,514,686 | |
Debt security investment, net | 83,000 | 79,315 | |
Cash and cash equivalents | 65,052 | 81,597 | |
Restricted cash | 46,854 | 43,889 | |
Accounts and other receivables, net | 137,501 | 122,778 | |
Identified intangible assets, net | 236,283 | 248,871 | |
Goodwill | 231,611 | 209,898 | |
Operating lease right-of-use assets, net | 276,342 | 158,157 | |
Other assets, net | 128,446 | 121,148 | |
Total assets | 4,786,698 | 4,580,339 | |
Liabilities: | |||
Mortgage loans payable, net | [1] | 1,229,847 | 1,095,594 |
Lines of credit and term loans | [1] | 1,281,794 | 1,226,634 |
Accounts payable and accrued liabilities | [1] | 243,831 | 187,254 |
Accounts payable due to affiliates | [1] | 0 | 866 |
Identified intangible liabilities, net | 10,837 | 12,715 | |
Financing obligations | [1] | 48,406 | 33,653 |
Operating lease liabilities | [1] | 273,075 | 145,485 |
Security deposits, prepaid rent and other liabilities | [1] | 49,545 | 48,567 |
Total liabilities | 3,137,335 | 2,750,768 | |
Commitments and Contingencies | |||
Redeemable noncontrolling interests | 81,598 | 72,725 | |
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 | 2,540,424 | 2,533,904 | |
Accumulated deficit | (1,138,304) | (951,303) | |
Accumulated other comprehensive loss | (2,690) | (1,966) | |
Total stockholders’ equity | 1,400,091 | 1,581,293 | |
Noncontrolling interests | 167,674 | 175,553 | |
Total equity | 1,567,765 | 1,756,846 | |
Total liabilities, redeemable noncontrolling interests and equity | 4,786,698 | 4,580,339 | |
Common Class T | |||
Stockholders’ equity: | |||
Common stock | 194 | 193 | |
Common Class I | |||
Stockholders’ equity: | |||
Common stock | $ 467 | $ 465 | |
[1]Such liabilities of American Healthcare REIT, Inc., represented liabilities of American Healthcare REIT Holdings, LP or its consolidated subsidiaries as of December 31, 2022 and 2021. American Healthcare REIT Holdings, LP is a variable interest entity, or VIE, and a consolidated subsidiary of American Healthcare REIT, Inc. The creditors of American Healthcare REIT Holdings, LP or its consolidated subsidiaries do not have recourse against American Healthcare REIT, Inc., except for the 2022 Credit Facility, as defined in Note 9, held by American Healthcare REIT Holdings, LP in the amount of $965,900,000 as of December 31, 2022 and the 2018 Credit Facility and 2019 Credit Facility, each as defined in Note 9, held by American Healthcare REIT Holdings, LP in the amount of $441,900,000 and $480,000,000, respectively, as of December 31, 2021, which were guaranteed by American Healthcare REIT, Inc. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Par value of preferred stock, authorized to be issued (in dollars per share) | $ 0.01 | $ 0.01 | |
Preferred stock authorized (in shares) | 200,000,000 | 200,000,000 | |
Preferred stock issued (in shares) | 0 | 0 | |
Preferred stock outstanding (in shares) | 0 | 0 | |
Common stock authorized (in shares) | 1,000,000,000 | 1,000,000,000 | |
Lines of credit and term loans | [1] | $ 1,281,794 | $ 1,226,634 |
2022 Corporate Line of Credit | |||
Lines of credit and term loans | $ 965,900 | ||
2018 Corporate Line of Credit | Line of Credit | |||
Lines of credit and term loans | 441,900 | ||
2019 Corporate Line of Credit | Line of Credit | |||
Lines of credit and term loans | $ 480,000 | ||
Common Class T | |||
Common stock authorized (in shares) | 200,000,000 | 200,000,000 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Common stock issued (in shares) | 19,535,095 | 19,294,102 | |
Common stock outstanding (in shares) | 19,535,095 | 19,294,102 | |
Common Class I | |||
Common stock authorized (in shares) | 800,000,000 | 800,000,000 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Common stock issued (in shares) | 46,675,367 | 46,463,902 | |
Common stock outstanding (in shares) | 46,675,367 | 46,463,902 | |
[1]Such liabilities of American Healthcare REIT, Inc., represented liabilities of American Healthcare REIT Holdings, LP or its consolidated subsidiaries as of December 31, 2022 and 2021. American Healthcare REIT Holdings, LP is a variable interest entity, or VIE, and a consolidated subsidiary of American Healthcare REIT, Inc. The creditors of American Healthcare REIT Holdings, LP or its consolidated subsidiaries do not have recourse against American Healthcare REIT, Inc., except for the 2022 Credit Facility, as defined in Note 9, held by American Healthcare REIT Holdings, LP in the amount of $965,900,000 as of December 31, 2022 and the 2018 Credit Facility and 2019 Credit Facility, each as defined in Note 9, held by American Healthcare REIT Holdings, LP in the amount of $441,900,000 and $480,000,000, respectively, as of December 31, 2021, which were guaranteed by American Healthcare REIT, Inc. |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues [Abstract] | |||
Resident fees and services | $ 1,412,156 | $ 1,123,935 | $ 1,069,073 |
Real estate revenue | 205,344 | 141,368 | 120,047 |
Grant income | 25,675 | 16,951 | 55,181 |
Total revenues and grant income | 1,643,175 | 1,282,254 | 1,244,301 |
Expenses: | |||
Property operating expenses | 1,281,526 | 1,030,193 | 993,727 |
Rental expenses | 59,684 | 38,725 | 32,298 |
General and administrative | 43,418 | 43,199 | 27,007 |
Business acquisition expenses | 4,388 | 13,022 | 290 |
Depreciation and amortization | 167,957 | 133,191 | 98,858 |
Total expenses | 1,556,973 | 1,258,330 | 1,152,180 |
Other income (expense): | |||
Interest expense (including amortization of deferred financing costs, debt discount/premium and loss on debt extinguishments) | (105,956) | (80,937) | (71,278) |
Gain (loss) in fair value of derivative financial instruments | 500 | 8,200 | (3,906) |
Gain (loss) on dispositions of real estate investments | 5,481 | (100) | 1,395 |
Impairment of real estate investments | (54,579) | (3,335) | (11,069) |
Impairment of goodwill | (23,277) | 0 | 0 |
Income (loss) from unconsolidated entities | 1,407 | (1,355) | (4,517) |
Gain on re-measurement of previously held equity interest | 19,567 | 0 | 0 |
Foreign currency (loss) gain | (5,206) | (564) | 1,469 |
Other income | 3,064 | 1,854 | 1,570 |
Total net other expense | (158,999) | (76,237) | (86,336) |
(Loss) income before income taxes | (72,797) | (52,313) | 5,785 |
Income tax (expense) benefit | (586) | (956) | 3,078 |
Net (loss) income | (73,383) | (53,269) | 8,863 |
Net (income) loss attributable to noncontrolling interests | (7,919) | 5,475 | (6,700) |
Net (loss) income attributable to controlling interest | $ (81,302) | $ (47,794) | $ 2,163 |
Net (loss) income per Class T and Class I common share attributable to controlling interest — basic | $ (1.24) | $ (0.95) | $ 0.05 |
Net (loss) income per Class T and Class I common share attributable to controlling interest — diluted | $ (1.24) | $ (0.95) | $ 0.05 |
Weighted average number of Class T and Class I common shares outstanding — basic | 65,807,868 | 50,081,140 | 44,979,210 |
Weighted average number of Class T and Class I common shares outstanding — diluted | 65,807,868 | 50,081,140 | 44,979,210 |
Other comprehensive (loss) income: | |||
Foreign currency translation adjustments | $ (724) | $ (65) | $ 247 |
Total other comprehensive (loss) income | (724) | (65) | 247 |
Comprehensive (loss) income | (74,107) | (53,334) | 9,110 |
Comprehensive (income) loss attributable to noncontrolling interests | (7,919) | 5,582 | (6,700) |
Comprehensive (loss) income attributable to controlling interest | $ (82,026) | $ (47,752) | $ 2,410 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) | Total | Total Stockholders' Equity | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Noncontrolling Interests | |
Beginning balance, shares at Dec. 31, 2019 | 44,932,564 | |||||||
Beginning balance Stockholders' Equity at Dec. 31, 2019 | $ 1,058,663,000 | $ 900,555,000 | $ 449,000 | $ 1,729,911,000 | $ (827,550,000) | $ (2,255,000) | $ 158,108,000 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Offering costs — common stock | (9,000) | (9,000) | (9,000) | |||||
Issuance of common stock under the DRIP, shares | 538,763 | |||||||
Issuance of common stock under the DRIP | 21,862,000 | 21,862,000 | $ 5,000 | 21,857,000 | ||||
Issuance of vested and nonvested restricted common stock, shares | 1,737 | |||||||
Issuance of vested and nonvested restricted common stock, value | 14,000 | 14,000 | 14,000 | |||||
Amortization of nonvested common stock compensation | 141,000 | 141,000 | 141,000 | |||||
Stock based compensation | (1,188,000) | (1,188,000) | ||||||
Repurchase of common stock, shares | (558,476) | |||||||
Repurchase of common stock | (23,107,000) | (23,107,000) | $ (5,000) | (23,102,000) | ||||
Issuance of noncontrolling interest | 11,000,000 | 515,000 | 515,000 | 10,485,000 | ||||
Distributions to noncontrolling interests | (5,463,000) | (5,463,000) | ||||||
Adjustment to value of redeemable noncontrolling interests | 3,714,000 | 2,611,000 | 2,611,000 | 1,103,000 | ||||
Reclassification of noncontrolling interests to mezzanine equity | (715,000) | (715,000) | ||||||
Distributions declared | (38,884,000) | (38,884,000) | (38,884,000) | |||||
Net (loss) income | 8,208,000 | [1] | 2,163,000 | 2,163,000 | 6,045,000 | |||
Other comprehensive income (loss) | 247,000 | 247,000 | 247,000 | |||||
Ending balance, shares at Dec. 31, 2020 | 44,914,588 | |||||||
Ending balance Stockholders' Equity at Dec. 31, 2020 | 1,034,483,000 | 866,108,000 | $ 449,000 | 1,731,938,000 | (864,271,000) | (2,008,000) | 168,375,000 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Offering costs — common stock | (14,000) | (14,000) | (14,000) | |||||
Issuance of common stock and purchase of noncontrolling interest in connection with the Merger, shares | 20,432,815 | |||||||
Issuance of common stock and purchase of noncontrolling interest in connection with the Merger | 721,945,000 | [2] | 765,148,000 | $ 204,000 | 764,944,000 | (43,203,000) | ||
Issuance of operating partnership units to acquire AHI | 112,283,000 | 36,556,000 | 36,449,000 | 107,000 | 75,727,000 | |||
Issuance of common stock under the DRIP, shares | 207,866 | |||||||
Issuance of common stock under the DRIP | 7,666,000 | 7,666,000 | $ 2,000 | 7,664,000 | ||||
Issuance of vested and nonvested restricted common stock, shares | 213,091 | |||||||
Issuance of vested and nonvested restricted common stock, value | 41,000 | 41,000 | $ 3,000 | 38,000 | ||||
Amortization of nonvested common stock compensation | 816,000 | 816,000 | 816,000 | |||||
Stock based compensation | (14,000) | (14,000) | ||||||
Repurchase of common stock, shares | (10,356) | |||||||
Repurchase of common stock | (382,000) | [3] | (382,000) | $ 0 | (382,000) | |||
Distributions to noncontrolling interests | (15,247,000) | (15,247,000) | ||||||
Adjustment to value of redeemable noncontrolling interests | (7,380,000) | (7,549,000) | (7,549,000) | 169,000 | ||||
Reclassification of noncontrolling interests to mezzanine equity | (5,923,000) | (5,923,000) | ||||||
Distributions declared | (39,238,000) | (39,238,000) | (39,238,000) | |||||
Net (loss) income | (52,125,000) | [1] | (47,794,000) | (47,794,000) | (4,331,000) | |||
Other comprehensive income (loss) | (65,000) | (65,000) | (65,000) | |||||
Ending balance, shares at Dec. 31, 2021 | 65,758,004 | |||||||
Ending balance Stockholders' Equity at Dec. 31, 2021 | 1,756,846,000 | 1,581,293,000 | $ 658,000 | 2,533,904,000 | (951,303,000) | (1,966,000) | 175,553,000 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Offering costs — common stock | (2,000) | (2,000) | (2,000) | |||||
Issuance of common stock under the DRIP, shares | 992,964 | |||||||
Issuance of common stock under the DRIP | 36,812,000 | 36,812,000 | $ 8,000 | 36,804,000 | ||||
Issuance of vested and nonvested restricted common stock, value | $ 1,000 | |||||||
Issuance of vested and nonvested restricted common stock, shares | 18,689 | |||||||
Issuance of vested and nonvested restricted common stock, value | 0 | 0 | (1,000) | |||||
Amortization of nonvested common stock compensation | 3,935,000 | 3,935,000 | 3,935,000 | |||||
Stock based compensation | 83,000 | 83,000 | ||||||
Repurchase of common stock, shares | (559,195) | |||||||
Repurchase of common stock | (20,699,000) | (20,699,000) | $ 6,000 | (20,693,000) | ||||
Distributions to noncontrolling interests | (13,985,000) | (13,985,000) | ||||||
Issuance of noncontrolling interest | 0 | [2] | (1,173,000) | (1,173,000) | 1,173,000 | |||
Adjustment to value of redeemable noncontrolling interests | (16,744,000) | (13,353,000) | (13,353,000) | (3,391,000) | ||||
Purchase of redeemable noncontrolling interest | 1,003,000 | 1,003,000 | 1,003,000 | |||||
Reclassification of noncontrolling interests to mezzanine equity | (83,000) | (83,000) | ||||||
Distributions declared | (105,699,000) | (105,699,000) | (105,699,000) | |||||
Net (loss) income | (72,978,000) | [1] | (81,302,000) | (81,302,000) | 8,324,000 | |||
Other comprehensive income (loss) | (724,000) | (724,000) | (724,000) | |||||
Ending balance, shares at Dec. 31, 2022 | 66,210,462 | |||||||
Ending balance Stockholders' Equity at Dec. 31, 2022 | $ 1,567,765,000 | $ 1,400,091,000 | $ 661,000 | $ 2,540,424,000 | $ (1,138,304,000) | $ (2,690,000) | $ 167,674,000 | |
[1]For the years ended December 31, 2022, 2021 and 2020, amounts exclude $(405,000), $(1,144,000) and $655,000, respectively, of net (loss) income attributable to redeemable noncontrolling interests. See Note 13, Redeemable Noncontrolling Interests, for a further discussion.[2]In connection with the Merger, as defined in Note 1, on October 1, 2021, a wholly owned subsidiary of Griffin-American Healthcare REIT IV Holdings, LP sold its 6.0% interest in Trilogy REIT Holdings, LLC to GAHR III, as defined in Note 1. See Note 14, Equity — Noncontrolling Interests in Total Equity, for a further discussion.[3]Prior to the Merger, but upon the closing of the AHI Acquisition, as defined in Note 1, GAHR III redeemed all 5,148 shares of its common stock held by GAHR III’s former advisor as well as all 5,208 shares of GAHR IV Class T common stock held by the former advisor of GAHR IV, as defined in Note 1. |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Distributions declared (in usd per share) | $ 1.60 | $ 0.69 | $ 0.86 |
Net (loss) income attributable to redeemable noncontrolling interests | $ (405) | $ (1,144) | $ 655 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net (loss) income | $ (73,383) | $ (53,269) | $ 8,863 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation and amortization | 167,957 | 133,191 | 98,858 |
Other amortization | 32,643 | 24,189 | 30,789 |
Deferred rent | (6,520) | (2,673) | (5,606) |
Stock based compensation | 3,909 | 9,658 | (1,187) |
(Gain) loss on dispositions of real estate investments | (5,481) | 100 | (1,395) |
Impairment of real estate investments | 54,579 | 3,335 | 11,069 |
Impairment of goodwill | 23,277 | 0 | 0 |
(Income) loss from unconsolidated entities | (1,407) | 1,355 | 4,517 |
Gain on re-measurement of previously held equity interest | (19,567) | 0 | 0 |
Foreign currency loss (gain) | 4,893 | 573 | (1,522) |
Loss on extinguishments of debt | 5,166 | 2,655 | 0 |
Change in fair value of derivative financial instruments | (500) | (8,200) | 3,906 |
Deferred income taxes | 0 | 0 | (3,329) |
Other adjustments | 0 | 466 | 0 |
Changes in operating assets and liabilities: | |||
Accounts and other receivables | (4,457) | 3,691 | 20,318 |
Other assets | (8,303) | (2,775) | (7,357) |
Accounts payable and accrued liabilities | 14,062 | (32,571) | 30,290 |
Accounts payable due to affiliates | (184) | (7,140) | 5,162 |
Operating lease liabilities | (24,699) | (16,793) | (23,790) |
Security deposits, prepaid rent and other liabilities | (14,217) | (37,879) | 49,570 |
Net cash provided by operating activities | 147,768 | 17,913 | 219,156 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Acquisitions of real estate investments | (73,229) | (80,109) | (30,552) |
Developments and capital expenditures | (71,520) | (79,695) | (128,302) |
Acquisition of previously held equity interest | (13,714) | 0 | 0 |
Cash, cash equivalents and restricted cash acquired in connection with the Merger and the AHI Acquisition | 0 | 17,852 | 0 |
Proceeds from dispositions of real estate investments | 48,297 | 4,499 | 12,525 |
Investments in unconsolidated entities | (4,858) | (650) | (960) |
Issuance of note receivable | (3,000) | 0 | 0 |
Real estate and other deposits | (554) | (549) | (656) |
Net cash used in investing activities | (118,578) | (138,652) | (147,945) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Borrowings under mortgage loans payable | 120,057 | 298,515 | 92,399 |
Payments on mortgage loans payable | (125,454) | (34,616) | (71,990) |
Early payoff of mortgage loans payable | 0 | 0 | (2,601) |
Borrowings under the lines of credit and term loans | 1,160,400 | 51,100 | 121,755 |
Payments on the lines of credit and term loans | (1,104,400) | (157,000) | (94,000) |
Borrowings under financing obligations | 25,900 | 0 | 1,907 |
Payments on financing obligations | (13,677) | (11,685) | (5,453) |
Deferred financing costs | (7,550) | (3,854) | (4,890) |
Debt extinguishment costs | (3,243) | (127) | 0 |
Distributions paid to common stockholders | (51,122) | (22,788) | (26,997) |
Repurchase of common stock | (20,699) | (382) | (23,107) |
Issuance of noncontrolling interest | 0 | 0 | 11,000 |
Distributions to noncontrolling interests in total equity | (13,242) | (14,875) | (5,463) |
Contributions from redeemable noncontrolling interests | 273 | 152 | 0 |
Distributions to redeemable noncontrolling interests | (2,627) | (1,483) | (1,271) |
Repurchase of redeemable noncontrolling interests and stock warrants | (4,679) | (8,933) | (150) |
Payment of offering costs | (2,084) | (10) | (10) |
Security deposits | (777) | 95 | 60 |
Net cash (used in) provided by financing activities | (42,924) | 94,109 | (8,811) |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (13,734) | (26,630) | 62,400 |
EFFECT OF FOREIGN CURRENCY TRANSLATION ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 154 | (74) | (90) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period | 125,486 | 152,190 | 89,880 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period | 111,906 | 125,486 | 152,190 |
Cash and cash equivalents at beginning of period | 81,597 | 113,212 | 53,149 |
Restricted cash at beginning of period | 43,889 | 38,978 | 36,731 |
Cash and cash equivalents at end of period | 65,052 | 81,597 | 113,212 |
Restricted cash at end of period | 46,854 | 43,889 | 38,978 |
Cash paid for: | |||
Interest | 88,682 | 70,212 | 65,771 |
Income taxes | 1,131 | 1,239 | 753 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES | |||
Accrued developments and capital expenditures | 30,211 | 19,546 | 22,342 |
Capital expenditures from financing obligations | 2,465 | 1,409 | 1,053 |
Tenant improvement overage | 1,408 | 1,598 | 4,482 |
Acquisition of real estate investments with assumed mortgage loans payable, net | 104,561 | 0 | 0 |
Acquisition of real estate investment with financing obligation | 0 | 15,504 | 0 |
Accrued offering costs | 1,256 | 0 | 0 |
Issuance of common stock under the DRIP | 36,812 | 7,666 | 21,861 |
Distributions declared but not paid to common stockholders | 26,484 | 8,768 | 0 |
Distributions declared but not paid — limited partnership units | 1,401 | 467 | 0 |
Distributions declared but not paid — restricted stock units | 65 | 0 | 0 |
Reclassification of noncontrolling interests to mezzanine equity | 83 | 5,923 | 715 |
Issuance of redeemable noncontrolling interests | 0 | 7,999 | 0 |
The following represents the net increase (decrease) in certain assets and liabilities in connection with our acquisitions and dispositions of investments: | |||
Accounts and other receivables | 2,410 | (153) | (11) |
Issuance of note receivable | 5,000 | 0 | 0 |
Other assets | (12,337) | (4,036) | (253) |
Mortgage loans payable, net | 33,241 | 0 | 0 |
Due to affiliates | 0 | 6 | 0 |
Financing obligations | 65 | 0 | 0 |
Accounts payable and accrued liabilities | 15,674 | (161) | (110) |
Security deposits and other liabilities | 15,919 | 0 | (459) |
Merger and AHI Acquisition (Note 1): | |||
Issuance of limited partnership units in the AHI Acquisition | 0 | 131,674 | 0 |
Implied issuance of GAHR III common stock in exchange for net assets acquired and purchase of noncontrolling interests in connection with the Merger | 0 | 722,169 | 0 |
Fair value of mortgage loans payable and lines of credit and term loans assumed in the Merger | $ 0 | $ 507,503 | $ 0 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business Overview and Background American Healthcare REIT, Inc., a Maryland corporation, is a self-managed real estate investment trust, or REIT, that owns a diversified portfolio of clinical healthcare real estate properties, focusing primarily on medical office buildings, or MOBs, senior housing, skilled nursing facilities, or SNFs, hospitals and other healthcare-related facilities. We also operate healthcare-related facilities utilizing the structure permitted by the REIT Investment Diversification and Empowerment Act of 2007, which is commonly referred to as a “RIDEA” structure (the provisions of the Internal Revenue Code of 1986, as amended, or the Code, authorizing the RIDEA structure were enacted as part of the Housing and Economic Recovery Act of 2008). Our healthcare facilities operated under a RIDEA structure include our senior housing operating properties, or SHOP, and our integrated senior health campuses. We have originated and acquired secured loans and may also originate and acquire other real estate-related investments on an infrequent and opportunistic basis. We generally seek investments that produce current income; however, we have selectively developed, and may continue to selectively develop, healthcare real estate properties. We have elected to be taxed as a REIT for U.S. federal income tax purposes. We believe that we have been organized and operated, and we intend to continue to operate, in conformity with the requirements for qualification and taxation as a REIT under the Code. Merger of Griffin-American Healthcare REIT III, Inc. and Griffin-American Healthcare REIT IV, Inc. On October 1, 2021, pursuant to an Agreement and Plan of Merger dated June 23, 2021, or the Merger Agreement, GAHR III merged with and into Continental Merger Sub, LLC, a Maryland limited liability company and newly formed wholly owned subsidiary of GAHR IV, or Merger Sub, with Merger Sub being the surviving company, or the REIT Merger. On October 1, 2021, also pursuant to the Merger Agreement, Griffin-American Healthcare REIT IV Holdings, LP, a Delaware limited partnership and subsidiary and operating partnership of GAHR IV, or GAHR IV Operating Partnership, merged with and into Griffin-American Healthcare REIT III Holdings, LP, a Delaware limited partnership, or our operating partnership, with our operating partnership being the surviving entity, or the Partnership Merger. We collectively refer to the REIT Merger and the Partnership Merger as the Merger. Following the Merger on October 1, 2021, our company, or the Combined Company, was renamed American Healthcare REIT, Inc. and our operating partnership, also referred to as the surviving partnership, was renamed American Healthcare REIT Holdings, LP. The REIT Merger was intended to qualify as a reorganization under, and within the meaning of, Section 368(a) of the Code. As a result of and at the effective time of the Merger, the separate corporate existence of GAHR III and GAHR IV Operating Partnership ceased. AHI Acquisition Also on October 1, 2021, immediately prior to the consummation of the Merger, GAHR III acquired a newly formed entity, American Healthcare Opps Holdings, LLC, or NewCo, which we refer to as the AHI Acquisition, pursuant to a contribution and exchange agreement dated June 23, 2021, or the Contribution Agreement, between GAHR III; our operating partnership; American Healthcare Investors, LLC, or AHI; Griffin Capital Company, LLC, or Griffin Capital; Platform Healthcare Investor T-II, LLC; Flaherty Trust; and Jeffrey T. Hanson, the non-executive Chairman of our board of directors, or our board, Danny Prosky, our Chief Executive Officer and President, and Mathieu B. Streiff, one of our directors, or collectively, the AHI Principals. NewCo owned substantially all of the business and operations of AHI, as well as all of the equity interests in (i) Griffin-American Healthcare REIT IV Advisor, LLC, or GAHR IV Advisor, a subsidiary of AHI that served as the external advisor of GAHR IV, and (ii) Griffin-American Healthcare REIT III Advisor, LLC, or GAHR III Advisor, also referred to as our former advisor, a subsidiary of AHI that served as the external advisor of GAHR III. Pursuant to the Contribution Agreement, AHI contributed substantially all of its business and operations to the surviving partnership, including its interest in GAHR III Advisor and GAHR IV Advisor, and Griffin Capital contributed its then-current ownership interest in GAHR III Advisor and GAHR IV Advisor to the surviving partnership. In exchange for these contributions, the surviving partnership issued limited partnership units, or OP units. Subject to working capital and other customary adjustments, the total approximate value of these OP units at the time of consummation of the transactions contemplated by the Contribution Agreement, and prior to the reverse stock split, was approximately $131,674,000, with a reference value for purposes thereof of $8.71 per OP unit, such that the surviving partnership issued 15,117,529 OP units as consideration, or the Closing Date Consideration. Following the consummation of the Merger and the AHI Acquisition, the Combined Company became self-managed. See “Operating Partnership and Former Advisor” below for a further discussion. Such OP units were owned by AHI Group Holdings, LLC, or AHI Group Holdings, which is owned and controlled by the AHI Principals, Platform Healthcare Investor TII, LLC, Flaherty Trust and a wholly owned subsidiary of Griffin Capital, or collectively, the NewCo Sellers. The AHI Acquisition was treated as a business combination for accounting purposes, with GAHR III as both the legal and accounting acquiror of NewCo. While GAHR IV was the legal acquiror of GAHR III in the REIT Merger, GAHR III was determined to be the accounting acquiror in the REIT Merger in accordance with Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 805, Business Combinations , or ASC Topic 805 after considering the relative share ownership and the composition of the governing body of the Combined Company. Thus, the financial information set forth herein subsequent to the consummation of the Merger and the AHI Acquisition reflects results of the Combined Company, and the financial information set forth herein prior to the Merger and the AHI Acquisition reflects GAHR III’s results. For this reason, period to period comparisons may not be meaningful. See Note 4, Business Combinations — 2021 Business Combinations, for a further discussion of the Merger and the AHI Acquisition. Operating Partnership and Former Advisor We conduct substantially all of our operations through our operating partnership and we are the sole general partner of our operating partnership. As of December 31, 2022 and 2021, we owned an approximately 95.0% and 94.9% general partnership interest therein, respectively, and the remaining 5.0% and 5.1%, respectively, was owned by the NewCo Sellers. Through September 30, 2021, we were externally advised by our former advisor pursuant to an advisory agreement, as amended, or the Advisory Agreement, between us and our former advisor. Our former advisor, subject to the oversight and review of our board, provided asset management, property management, acquisition, disposition and other advisory services on our behalf consistent with our investment policies and objectives. Following the Merger and the AHI Acquisition, we became self-managed and are no longer externally advised. As a result, any fees that would have otherwise been payable to our former advisor are no longer being paid to a third party. Upon consummation of the AHI Acquisition, we redeemed all 51 limited partnership units that our former advisor held in our operating partnership, as well as all 52 limited partnership units held by GAHR IV Advisor in GAHR IV Operating Partnership. Also, on October 1, 2021 and in connection with the AHI Acquisition, our operating partnership redeemed all 5,148 shares of our common stock owned by our former advisor and all 5,208 shares of our Class T common stock owned by GAHR IV Advisor in GAHR IV. Prior to the Merger and the AHI Acquisition, our former advisor was 75.0% owned and managed by wholly owned subsidiaries of AHI, and 25.0% owned by a wholly owned subsidiary of Griffin Capital, or collectively, our former co-sponsors. Prior to the AHI Acquisition, AHI was 47.1% owned by AHI Group Holdings, 45.1% indirectly owned by DigitalBridge Group, Inc. (NYSE: DBRG), or DigitalBridge, and 7.8% owned by James F. Flaherty III. We were not affiliated with Griffin Capital, DigitalBridge or Mr. Flaherty; however, we were affiliated with our former advisor, AHI and AHI Group Holdings. See the “Merger of Griffin-American Healthcare REIT III, Inc. and Griffin-American Healthcare REIT IV, Inc.” and “AHI Acquisition” sections above for a further discussion. See Note 13, Redeemable Noncontrolling Interests, and Note 14, Equity — Noncontrolling Interests in Total Equity, for a further discussion of the ownership in our operating partnership. Public Offerings Prior to the Merger, we raised $1,842,618,000 through a best efforts initial public offering that commenced on February 26, 2014, or the GAHR III initial offering, and issued 42,839,173 shares of our common stock. In addition, during the GAHR III initial offering, we issued 451,385 shares of our common stock pursuant to our initial distribution reinvestment plan, or the Initial DRIP, for a total of $18,511,000 in distributions reinvested. Following the deregistration of the GAHR III initial offering on April 22, 2015, we continued issuing shares of our common stock pursuant to subsequent distribution reinvestment plan offerings. On September 16, 2022, we filed with the United States Securities and Exchange Commission, or the SEC, a Registration Statement on Form S-11 (File No. 333-267464), with respect to a proposed public offering by us, or the Proposed Listing, of our shares of common stock in conjunction with a contemplated listing of our common stock on the New York Stock Exchange. Such registration statement and contemplated listing are not yet effective. On November 10, 2022, our board approved charter amendments to effect on November 15, 2022 a one-for-four reverse stock split of our common stock and a corresponding reverse split of the partnership units in our operating partnership, or the Reverse Splits. All numbers of common shares and per share data, as well as the partnership units in our operating partnership, in our accompanying consolidated financial statements and related notes have been retroactively adjusted for all periods presented to give effect to the Reverse Splits. See Note 14, Equity — Common Stock, and Note 14, Equity — Distribution Reinvestment Plan, for a further discussion of our public offerings. Our Real Estate Investments Portfolio We currently operate through six reportable business segments: integrated senior health campuses, MOBs, SNFs, SHOP, senior housing — leased and hospitals. As of December 31, 2022, we owned and/or operated 314 buildings and integrated senior health campuses including completed development and expansion projects, or approximately 19,897,000 square feet of gross leasable area, or GLA, for an aggregate contract purchase price of $4,624,249,000. In addition, as of December 31, 2022, we also owned a real estate-related debt investment purchased for $60,429,000. COVID-19 Our residents, tenants, operating partners and managers, our industry and the U.S. economy continue to be adversely affected by the COVID-19 pandemic and related supply chain disruptions and labor shortages. While the COVID 19 pandemic is subsiding, the timing and extent of the economic recovery from the COVID-19 pandemic is dependent upon many factors, including the emergence and severity of COVID-19 variants, the effectiveness and frequency of booster vaccinations and the duration and implications of restrictions and safety measures. As the lasting effects of the COVID-19 pandemic is still impacting the healthcare system to a certain extent, it continues to present challenges for us as an owner and operator of healthcare facilities, making it difficult to ascertain the long-term impact the COVID-19 pandemic will have on real estate markets in which we own and/or operate properties and our portfolio of investments. We have evaluated the impacts of the COVID-19 pandemic on our business thus far and incorporated information concerning such impacts into our assessments of liquidity, impairment and collectability from tenants and residents as of December 31, 2022. We will continue to monitor such impacts and will adjust our estimates and assumptions based on the best available information. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies The summary of significant accounting policies presented below is designed to assist in understanding our accompanying consolidated financial statements. Such consolidated financial statements and the accompanying notes thereto are the representations of our management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America, or GAAP, in all material respects, and have been consistently applied in preparing our accompanying consolidated financial statements. Basis of Presentation Our accompanying consolidated financial statements include our accounts and those of our operating partnership, the wholly owned subsidiaries of our operating partnership and all non-wholly owned subsidiaries in which we have control, as well as any VIEs, in which we are the primary beneficiary. The portion of equity in any subsidiary that is not wholly owned by us is presented in our accompanying consolidated financial statements as a noncontrolling interest. 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 and all non-wholly owned subsidiaries of which we have control, will own substantially all of the interests in properties acquired on our behalf. We are the sole general partner of our operating partnership and as of December 31, 2022 and 2021, we owned an approximately 95.0% and 94.9% general partnership interest therein, respectively, and the remaining 5.0% and 5.1%, respectively, was owned by the NewCo Sellers. Prior to the Merger, we owned greater than a 99.99% general partnership interest in our operating partnership and our former advisor was a limited partner that owned less than a 0.01% noncontrolling limited partnership interest in our operating partnership. The accounts of our operating partnership are consolidated in our accompanying consolidated financial statements 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). All intercompany accounts and transactions are eliminated in consolidation. Use of Estimates The preparation of our accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as the disclosure of contingent assets and liabilities, at the date of our consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include, but are not limited to, the initial and recurring valuation of certain assets acquired and liabilities assumed through property acquisitions including through business combinations, goodwill and its impairment, revenues and grant income, 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. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of all highly liquid investments with a maturity of three months or less when purchased. Restricted cash primarily comprises lender required accounts for property taxes, tenant improvements, capital improvements and insurance, which are restricted as to use or withdrawal. Leases Lessee : We determine if a contract is a lease upon inception of the lease and maintain a distinction between finance and operating leases. Pursuant to ASC Topic 842, Leases , or ASC Topic 842, lessees are required to recognize the following for all leases with terms greater than 12 months at the commencement date: (i) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease; and (ii) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The lease liability is calculated by using either the implicit rate of the lease or the incremental borrowing rate. The accretion of lease liabilities and amortization expense on right-of-use assets for our operating leases are included in rental expenses, property operating expenses or general and administrative expenses in our accompanying consolidated statements of operations and comprehensive income (loss). Operating lease liabilities are calculated using our incremental borrowing rate based on the information available as of the lease commencement date. For our finance leases, the accretion of lease liabilities are included in interest expense and the amortization expense on right-of-use assets are included in depreciation and amortization in our accompanying consolidated statements of operations and comprehensive income (loss). Further, finance lease assets are included within real estate investments, net and finance lease liabilities are included within financing obligations in our accompanying consolidated balance sheets. Lessor : Pursuant to ASC Topic 842, lessors bifurcate lease revenues into lease components and non-lease components and separately recognize and disclose non-lease components that are executory in nature. Lease components continue to be recognized on a straight-line basis over the lease term and certain non-lease components may be accounted for under the revenue recognition guidance in ASC Topic 606, Revenue from Contracts with Customers, or ASC Topic 606. See the “Revenue Recognition” section below. ASC Topic 842 also provides for a practical expedient package that permits lessors to not separate non-lease components from the associated lease component if certain conditions are met. In addition, such practical expedient causes an entity to assess whether a contract is predominately lease or service based, and recognize the revenue from the entire contract under the relevant accounting guidance. We recognize revenue for our MOBs, senior housing, SNFs and hospitals segments as real estate revenue. Minimum annual rental revenue is recognized on a straight-line basis over the term of the related lease (including rent holidays). Differences between real estate revenue recognized and cash amounts contractually due from tenants under the lease agreements are recorded to deferred rent receivable, which is included in other assets, net in our accompanying consolidated balance sheets. Tenant reimbursement revenue, which comprises additional amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses, are considered non-lease components and variable lease payments. We qualified for and elected the practical expedient as outlined above to combine the non-lease component with the lease component, which is the predominant component, and therefore the non-lease component is recognized as part of real estate revenue. In addition, as lessors, we exclude certain lessor costs (i.e., property taxes and insurance) paid directly by a lessee to third parties on our behalf from our measurement of variable lease revenue and associated expense (i.e., no gross up of revenue and expense for these costs); and include lessor costs that we paid and are reimbursed by the lessee in our measurement of variable lease revenue and associated expense (i.e., gross up revenue and expense for these costs). At our RIDEA facilities, we offer residents room and board (lease component), standard meals and healthcare services (non-lease component) and certain ancillary services that are not contemplated in the lease with each resident (i.e., laundry, guest meals, etc.). For our RIDEA facilities, we recognize revenue under ASC Topic 606 as resident fees and services, based on our predominance assessment from electing the practical expedient outlined above. See the “Revenue Recognition” section below. See Note 18, Leases, for a further discussion. Revenue Recognition Real Estate Revenue We recognize real estate revenue in accordance with ASC Topic 842. See the “Leases” section above. Resident Fees and Services Revenue We recognize resident fees and services revenue in accordance with ASC Topic 606. A significant portion of resident fees and services revenue represents healthcare service revenue that is reported at the amount that we expect to be entitled to in exchange for providing patient care. These amounts are due from patients, third-party payors (including health insurers and government programs), other healthcare facilities, and others and includes variable consideration for retroactive revenue adjustments due to settlement of audits, reviews, and investigations. Generally, we bill the patients, third-party payors and other healthcare facilities several days after the services are performed. Revenue is recognized as performance obligations are satisfied. Consistent with healthcare industry accounting practices, any changes to these governmental revenue estimates are recorded in the period the change or adjustment becomes known based on final settlement. Any differences between recorded revenues and subsequent adjustments are reflected in operations in the year finalized. Performance obligations are determined based on the nature of the services provided by us. Revenue for performance obligations satisfied over time is recognized based on actual charges incurred in relation to total expected (or actual) charges. This method provides a depiction of the transfer of services over the term of the performance obligation based on the inputs needed to satisfy the obligation. Generally, performance obligations satisfied over time relate to patients receiving long-term healthcare services, including rehabilitation services. We measure the performance obligation from admission into the facility to the point when we are no longer required to provide services to that patient. Revenue for performance obligations satisfied at a point in time is recognized when goods or services are provided and we do not believe we are required to provide additional goods or services to the patient. Generally, performance obligations satisfied at a point in time relate to sales of our pharmaceuticals business or to sales of ancillary supplies. Because all of our performance obligations relate to contracts with a duration of less than one year, we have elected to apply the optional exemption provided in ASC Topic 606 and, therefore, are not required to disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. The performance obligations for these contracts are generally completed within months of the end of the reporting period. We determine the transaction price based on standard charges for goods and services provided, reduced, where applicable, by contractual adjustments provided to third-party payors, implicit price concessions provided to uninsured patients, and estimates of goods to be returned. We also determine the estimates of contractual adjustments based on Medicare and Medicaid pricing tables and historical experience. We determine the estimate of implicit price concessions based on the historical collection experience with each class of payor. Agreements with third-party payors typically provide for payments at amounts less than established charges. The following is a summary of the payment arrangements with major third-party payors: • Medicare: Certain healthcare services are paid at prospectively determined rates based on cost-reimbursement methodologies subject to certain limits. • Medicaid: Reimbursements for Medicaid services are generally paid at prospectively determined rates. In the state of Indiana, we participate in an Upper Payment Limit program, or IGT, with various county hospital partners, which provides supplemental Medicaid payments to SNFs that are licensed to non-state, government-owned entities such as county hospital districts. We have operational responsibility through management agreements for facilities retained by the county hospital districts including this IGT. The licenses and management agreements between the nursing center division and hospital districts are terminable by either party to restore the previous licensed status. • Other: Payment agreements with certain commercial insurance carriers, health maintenance organizations and preferred provider organizations provide for payment using prospectively determined rates per discharge, discounts from established charges and prospectively determined periodic rates. Laws and regulations concerning government programs, including Medicare and Medicaid, are complex and subject to varying interpretation. As a result of investigations by governmental agencies, various healthcare organizations have received requests for information and notices regarding alleged noncompliance with those laws and regulations, which, in some instances, have resulted in organizations entering into significant settlement agreements. Compliance with such laws and regulations may also be subject to future government review and interpretation as well as significant regulatory action, including fines, penalties and potential exclusion from the related programs. There can be no assurance that regulatory authorities will not challenge our compliance with these laws and regulations, and it is not possible to determine the impact such claims or penalties would have upon us, if any. Settlements with third-party payors for retroactive adjustments due to audits, reviews or investigations are considered variable consideration and are included in the determination of the estimated transaction price for providing patient care. These settlements are estimated based on the terms of the payment agreement with the payor, correspondence from the payor and our historical settlement activity, including an assessment to ensure that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the retroactive adjustment is subsequently resolved. Estimated settlements are adjusted in future periods as adjustments become known (that is, new information becomes available), or as years are settled or are no longer subject to such audits, reviews and investigations. Adjustments arising from a change in the transaction price were not significant for the years ended December 31, 2022, 2021 and 2020. Disaggregation of Resident Fees and Services Revenue We disaggregate revenue from contracts with customers according to lines of business and payor classes. The transfer of goods and services may occur at a point in time or over time; in other words, revenue may be recognized over the course of the underlying contract, or may occur at a single point in time based upon a single transfer of control. This distinction is discussed in further detail below. We determine that disaggregating revenue into these categories achieves the disclosure objective to depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The following tables disaggregate our resident fees and services revenue by line of business, according to whether such revenue is recognized at a point in time or over time, for the years then ended: Integrated SHOP(1) Total 2022: Over time $ 1,019,198,000 $ 154,268,000 $ 1,173,466,000 Point in time 235,467,000 3,223,000 238,690,000 Total resident fees and services $ 1,254,665,000 $ 157,491,000 $ 1,412,156,000 2021: Over time $ 824,991,000 $ 96,000,000 $ 920,991,000 Point in time 200,708,000 2,236,000 202,944,000 Total resident fees and services $ 1,025,699,000 $ 98,236,000 $ 1,123,935,000 2020: Over time $ 787,116,000 $ 83,043,000 $ 870,159,000 Point in time 196,053,000 2,861,000 198,914,000 Total resident fees and services $ 983,169,000 $ 85,904,000 $ 1,069,073,000 The following tables disaggregate our resident fees and services revenue by payor class for the years then ended: Integrated SHOP(1) Total 2022: Private and other payors $ 582,448,000 $ 144,771,000 $ 727,219,000 Medicare 429,129,000 — 429,129,000 Medicaid 243,088,000 12,720,000 255,808,000 Total resident fees and services $ 1,254,665,000 $ 157,491,000 $ 1,412,156,000 2021: Private and other payors $ 462,828,000 $ 94,673,000 $ 557,501,000 Medicare 349,876,000 — 349,876,000 Medicaid 212,995,000 3,563,000 216,558,000 Total resident fees and services $ 1,025,699,000 $ 98,236,000 $ 1,123,935,000 2020: Private and other payors $ 437,133,000 $ 84,308,000 $ 521,441,000 Medicare 356,350,000 — 356,350,000 Medicaid 189,686,000 1,596,000 191,282,000 Total resident fees and services $ 983,169,000 $ 85,904,000 $ 1,069,073,000 ___________ (1) Includes fees for basic housing and assisted living care. We record revenue when services are rendered at amounts billable to individual residents. Residency agreements are generally for a term of 30 days, with resident fees billed monthly in advance. For patients under reimbursement arrangements with Medicaid, revenue is recorded based on contractually agreed-upon amounts or rates on a per resident, daily basis or as services are rendered. Accounts Receivable, Net — Resident Fees and Services Revenue The beginning and ending balances of accounts receivable, net — resident fees and services are as follows: Private Medicare Medicaid Total Beginning balance — January 1, 2022 $ 42,056,000 $ 35,953,000 $ 16,922,000 $ 94,931,000 Ending balance — December 31, 2022 55,484,000 45,669,000 20,832,000 121,985,000 Increase $ 13,428,000 $ 9,716,000 $ 3,910,000 $ 27,054,000 Deferred Revenue — Resident Fees and Services Revenue The beginning and ending balances of deferred revenue — resident fees and services, almost all of which relates to private and other payors, are as follows: Total Beginning balance — January 1, 2022 $ 14,673,000 Ending balance — December 31, 2022 17,901,000 Increase $ 3,228,000 In addition to the deferred revenue above, as of December 31, 2021, we had approximately $12,969,000 remaining in Medicare advance payments that were received during 2020 through an expanded program of the Centers for Medicare & Medicaid Services. Such amounts were included in security deposits, prepaid rent and other liabilities in our accompanying condensed consolidated balance sheet as of December 31, 2021, and were fully applied to Medicare claims and recognized as resident fees and services revenue for the year ended December 31, 2022. Financing Component We have elected a practical expedient allowed under ASC Topic 606 and, therefore, we do not adjust the promised amount of consideration from patients and third-party payors for the effects of a significant financing component due to our expectation that the period between the time the service is provided to a patient and the time that the patient or a third-party payor pays for that service will be one year or less. Contract Costs We have applied the practical expedient provided by FASB ASC Topic 340, Other Assets and Deferred Costs , and, therefore, all incremental customer contract acquisition costs are expensed as they are incurred since the amortization period of the asset that we otherwise would have recognized is one year or less in duration. Resident and Tenant Receivables and Allowances Resident receivables, which are related to resident fees and services revenue, 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 consolidated statements of operations and comprehensive income (loss). 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, which are related to real estate revenue, and unbilled deferred rent receivables are reduced for uncollectible amounts, which are recognized as direct reductions of real estate revenue in our accompanying consolidated statements of operations and comprehensive income (loss). As of December 31, 2022 and 2021, we had $14,071,000 and $12,378,000, respectively, in allowances, which were determined necessary to reduce receivables by our expected future credit losses. For the years ended December 31, 2022, 2021 and 2020, we increased allowances by $21,538,000, $10,779,000 and $12,494,000, respectively, and reduced allowances for collections or adjustments by $9,161,000, $5,624,000 and $7,697,000, respectively. For the years ended December 31, 2022, 2021 and 2020, $10,684,000, $4,353,000 and $6,766,000, respectively, of our receivables were written off against the related allowances. For the year ended December 31, 2021, the allowance also included an increase of $2,110,000 as a result of the Merger. Real Estate Investments Purchase Price Allocation Upon the acquisition of real estate properties or entities owning real estate properties, we determine whether the transaction is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the assets acquired and liabilities assumed are not a business, we account for the transaction as an asset acquisition. Under both methods, we recognize the identifiable assets acquired and liabilities assumed; however, for a transaction accounted for as an asset acquisition, we capitalize transaction costs and allocate the purchase price using a relative fair value method allocating all accumulated costs, whereas for a transaction accounted for as a business combination, we immediately expense transaction costs incurred associated with the business combination and allocate the purchase price based on the estimated fair value of each separately identifiable asset and liability. For the years ended December 31, 2022 and 2021, our investment transactions were accounted for as asset acquisitions or as business combinations, as applicable. For the year ended December 31, 2020, all of our investment transactions were accounted for as asset acquisitions. See Note 3, Real Estate Investments, Net — Acquisition of Real Estate Investments, and Note 4, Business Combinations, for a further discussion. We, with assistance from independent valuation specialists, measure the fair value of tangible and identified intangible assets and liabilities, as applicable, based on their respective fair values for acquired properties. Our method for allocating the purchase price to acquired investments in real estate requires us to make subjective assessments for determining fair value of the assets acquired and liabilities assumed. This includes determining the value of the buildings, land, leasehold interests, furniture, fixtures and equipment, above- or below-market rent, in-place leases, master leases, tenant improvements, above- or below-market debt assumed, derivative financial instruments assumed, and noncontrolling interest in the acquiree, if any. These estimates require significant judgment and in some cases involve complex calculations. These allocation assessments directly impact our results of operations, as amounts allocated to certain assets and liabilities have different depreciation or amortization lives. In addition, we amortize the value assigned to above- or below-market rent as a component of revenue, unlike in-place leases and other intangibles, which we include in depreciation and amortization in our accompanying consolidated statements of operations and comprehensive income (loss). The determination of the fair value of land is based upon comparable sales data. In cases where a leasehold interest in the land is acquired, only the above/below market consideration is necessary where the value of the leasehold interest is determined by discounting the difference between the contract ground lease payments and a market ground lease payment back to a present value as of the acquisition date. The fair value of buildings is based upon our determination of the value under two methods: one, as if it were to be replaced and vacant using cost data and, two, also using a residual technique based on discounted cash flow models, as vacant. Factors considered by us include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. We also recognize the fair value of furniture, fixtures and equipment on the premises, as well as the above- or below-market rent, the value of in-place leases, master leases, above- or below-market debt and derivative financial instruments assumed. The value of the above- or below-market component of the acquired in-place leases is determined based upon the present value (using a discount rate that reflects the risks associated with the acquired leases) of the difference between: (i) the level payment equivalent of the contract rent paid pursuant to the lease; and (ii) our estimate of market rent payments taking into account the expected market rent growth. In the case of leases with options, a case-by-case analysis is performed based on all facts and circumstances of the specific lease to determine whether the option will be assumed to be exercised. The amounts related to above-market leases are included in identified intangible assets, net in our accompanying consolidated balance sheets and are amortized as a decrease to real estate revenue over the remaining non-cancelable lease term of the acquired leases with each property. The amounts related to below-market leases are included in identified intangible liabilities, net in our accompanying consolidated balance sheets and are amortized as an increase to real estate revenue over the remaining non-cancelable lease term plus any below-market renewal options of the acquired leases with each property. The value of in-place lease costs are based on management’s evaluation of the specific characteristics of the tenant’s lease and our overall relationship with the tenants. Characteristics considered by us in allocating these values include the nature and extent of the credit quality and expectations of lease renewals, among other factors. The in-place lease intangible represents the value related to the economic benefit for acquiring a property with in-place leases as opposed to a vacant property, which is evaluated based on a review of comparable leases for a similar property, terms and conditions for marketing and executing new leases, and implied in the difference between the value of the whole property “as is” and “as vacant.” The net amounts related to in-place lease costs are included in identified intangible assets, net in our accompanying consolidated balance sheets and are amortized as an increase to depreciation and amortization expense over the average downtime of the acquired leases with each property. The net amounts related to the value of tenant relationships, if any, are included in identified intangible assets, net in our accompanying consolidated balance sheets and are amortized as an increase to depreciation and amortization expense over the average remaining non-cancelable lease term of the acquired leases plus the market renewal lease term. The value of a master lease, if any, in which a previous owner or a tenant is relieved of specific rental obligations as additional space is leased, is determined by discounting the expected real estate revenue associated with the master lease space over the assumed lease-up period. The value of above- or below-market debt is determined based upon the present value of the difference between the cash flow stream of the assumed mortgage and the cash flow stream of a market rate mortgage at the time of assumption. The net value of above- or below-market debt is included in mortgage loans payable, net in our accompanying consolidated balance sheets and is amortized as an increase or decrease to interest expense, as applicable, over the remaining term of the assumed mortgage. The values of contingent consideration assets and liabilities are analyzed at the time of acquisition. For contingent purchase options, the fair market value of the acquired asset is compared to the specified option price at the exercise date. If the option price is below market, it is assumed to be exercised and the difference between the fair market value and the option price is discounted to the present value at the time of acquisition. The values of the redeemable and nonredeemable noncontrolling interests are estimated by applying the income approach based on a discounted cash flow analysis. The fair value measurement may apply significant inputs that are not observable in the market. See Note 4, Business Combinations — 2021 Business Combinations — Fair Value of Noncontrolling Interests, for a further discussion of our fair value measurement approach and the significant inputs used in the values of redeemable and nonredeemable noncontrolling interests in GAHR IV. Real Estate Investments, Net We carry our operating properties at our historical cost less accumulated depreciation. The cost of operating properties includes the cost of land and completed buildings and related improvements, including those related to financing obligations. Expenditures that increase the service life of properties are capitalized and the cost of maintenance and repairs is charged to expense as incurred. The cost of buildings and capital improvements is depreciated on a straight-line basis over the estimated useful lives of the buildings and capital improvements, up to 39 years, and the cost for tenant improvements is depreciated over the shorter of the lease term or useful life, up to 34 years. The cost of furniture, fixtures and equipment is depreciated over the estimated useful life, up to 28 years. When depreciable property is retired, replaced or disposed of, the related cost and accumulated depreciation is removed from the accounts and any gain or loss is reflected in earnings. As part of the leasing process, we may provide the lessee with an allowance for the construction of leasehold improvements. These leasehold improvements are capitalized and recorded as tenant improvements and depreciated over the shorter of the useful life of the improvements or the lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event we are not considered the owner of the improvements, the allowance is considered to be a lease inducement and is included in other assets, net in our accompanying consolidated balance sheets. Lease inducement is amortized over the lease term as a reduction of real estate revenue on a straight-line basis. Factors considered during this evaluation include, among other things, who holds legal title to the improvements as well as other controlling rights provided by the lease agreement and provisions for substantiation of such costs (e.g ., unilateral control of the tenant space during the build-out process). Determination of the appropriate accounting for the payment of a tenant allowance is made on a lease-by-lease basis, considering the facts and circumstances of the individual tenant lease. Recognition of lease revenue commences when the lessee is given possession of the leased space upon completion of tenant improvements when we are the owner of the leasehold improvements. However, when the leaseho |
Real Estate Investments, Net
Real Estate Investments, Net | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Real Estate Investments, Net | 3. Real Estate Investments, Net Our real estate investments, net consisted of the following as of December 31, 2022 and 2021: December 31, 2022 2021 Building, improvements and construction in process $ 3,670,361,000 $ 3,505,786,000 Land and improvements 344,359,000 334,562,000 Furniture, fixtures and equipment 221,727,000 198,224,000 4,236,447,000 4,038,572,000 Less: accumulated depreciation (654,838,000) (523,886,000) $ 3,581,609,000 $ 3,514,686,000 Depreciation expense for the years ended December 31, 2022, 2021 and 2020 was $141,257,000, $109,036,000 and $90,997,000, respectively. In addition to the acquisitions and dispositions discussed below, for the years ended December 31, 2022, 2021 and 2020, we incurred capital expenditures of $32,373,000, $21,605,000 and $17,854,000, respectively, for our MOBs, $30,926,000, $62,596,000 and $111,286,000, respectively, for our integrated senior health campuses, $9,280,000, $3,539,000 and $1,232,000, respectively, for our SHOP, $4,000, $0 and $47,000, respectively, for our hospitals and $0, $31,000 and $0, respectively, for our SNFs. We did not incur any capital expenditures for our senior housing — leased segment for the years ended December 31, 2022, 2021 and 2020. Included in the capital expenditure amounts above are costs for the development and expansion of our integrated senior health campuses. For the year ended December 31, 2022, we exercised our right to purchase a leased property that cost $15,462,000 to develop and incurred $7,543,000 to expand three of our existing integrated senior health campuses. For the year ended December 31, 2021, we completed the development of three integrated senior health campuses for $50,435,000 and incurred $22,720,000 to expand two of our existing integrated senior health campuses. We also exercised our right to purchase a leased property that cost $11,004,000. For the year ended December 31, 2020, we completed the development of six integrated senior health campuses for $64,409,000 and incurred $2,573,000 to expand two of our existing integrated senior health campuses. Acquisitions of Real Estate Investments 2022 Acquisitions of Real Estate Investments For the year ended December 31, 2022, we, through a majority-owned subsidiary of Trilogy Investors, LLC, or Trilogy, of which we own 73.1%, exercised purchase options to acquire four previously leased real estate investments located in Indiana and Kentucky for an aggregate contract purchase price of $54,805,000, which investments are included in our integrated senior health campus segment. We financed such acquisitions with cash on hand and a mortgage loan payable with a principal balance of $52,725,000. In addition, for the year ended December 31, 2022, we, through a majority-owned subsidiary of Trilogy, acquired land parcels in Indiana and Kentucky for the future development and expansion of our integrated senior health campuses for an aggregate contract purchase price of $1,020,000, plus closing costs. We accounted for our acquisitions of land and previously leased real estate investments completed during the year ended December 31, 2022 described above as asset acquisitions. For the year ended December 31, 2022, we incurred and capitalized closing costs and direct acquisition related expenses of $303,000. The following table summarizes the purchase price of such assets acquired, adjusted for $37,464,000 operating lease right-of-use assets and $36,326,000 operating lease liabilities, and based on their relative fair values: 2022 Building and improvements $ 49,645,000 Land and improvements 8,885,000 Total assets acquired $ 58,530,000 2021 Acquisitions of Real Estate Investments For the year ended December 31, 2021, we, through a majority-owned subsidiary of Trilogy, acquired a portfolio of six previously leased real estate investments located in Indiana and Ohio. The following is a summary of such property acquisitions, which are included in our integrated senior health campuses segment: Location Date Contract Mortgage Acquisition Kendallville, IN; and Delphos, Lima, Springfield, Sylvania and Union Township, OH 01/19/21 $ 76,549,000 $ 78,587,000 $ 1,164,000 ___________ (1) Represents the principal balance of the mortgage loan payable placed on the properties at the time of acquisition. (2) Our former advisor was paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.25% of the portion of the contract purchase price of the properties attributed to our ownership interest in the Trilogy subsidiary that acquired the properties. For the year ended December 31, 2021, and prior to the Merger, we, through a majority-owned subsidiary of Trilogy, acquired land parcels in Indiana and Ohio for the future development and expansion of our integrated senior health campuses for an aggregate contract purchase price of $1,459,000 plus closing costs. We paid to our former advisor an acquisition fee of 2.25% of the portion of the contract purchase price of each land parcel attributed to our ownership interest. On October 15, 2021, we, through a majority-owned subsidiary of Trilogy, acquired a land parcel in Ohio for a contract purchase price of $249,000, plus closing costs. We accounted for our acquisitions of land and previously leased real estate investments completed during the year ended December 31, 2021 described above as asset acquisitions. For the year ended December 31, 2021, we incurred and capitalized closing costs and direct acquisition related expenses of $1,855,000. The following table summarizes the purchase price of such assets acquired at the time of acquisition, adjusted for $57,647,000 operating lease right-of-use assets and $54,564,000 operating lease liabilities, and based on their relative fair values: 2021 Building and improvements $ 66,167,000 Land 17,612,000 Total assets acquired $ 83,779,000 2020 Acquisitions of Real Estate Investments For the year ended December 31, 2020, we, through a majority-owned subsidiary of Trilogy, of which we owned 67.6% at the time of property acquisition, acquired two previously leased real estate investments located in Indiana and Kentucky. The following is a summary of such property acquisitions, which are included in our integrated senior health campuses segment: Location Date Contract Line of Credit(1) Acquisition Monticello, IN 07/30/20 $ 10,600,000 $ 13,200,000 $ 161,000 Louisville, KY 07/30/20 16,719,000 15,055,000 254,000 Total $ 27,319,000 $ 28,255,000 $ 415,000 ___________ (1) Represents borrowings under the 2019 Trilogy Credit Facility, as defined in Note 9, Lines of Credit and Term Loans, at the time of acquisition. (2) Our former advisor was paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.25% of the portion of the contract purchase price of the properties attributed to our ownership interest at the time of acquisition in the Trilogy subsidiary that acquired the properties. In addition to the property acquisitions discussed above, for the year ended December 31, 2020, we, through a majority-owned subsidiary of Trilogy, acquired land in Ohio for an aggregate contract purchase price of $2,833,000 plus closing costs and paid to our former advisor an acquisition fee of 2.25% of the portion of the contract purchase price of such land parcel attributed to our ownership interest. We accounted for our acquisitions of land and previously leased real estate investments completed during the year ended December 31, 2020 described above as asset acquisitions. For the year ended December 31, 2020, we incurred and capitalized closing costs and direct acquisition related expenses of $709,000. The following table summarizes the purchase price of the assets acquired at the time of acquisition, adjusted for $14,281,000 of operating lease right-of-use assets and $15,530,000 of operating lease liabilities, and based on their relative fair values: 2020 Building and improvements $ 26,311,000 Land 4,563,000 Total assets acquired $ 30,874,000 Dispositions of Real Estate Investments Below is a summary of dispositions of real estate investments for the years ended December 31, 2022 and 2021. We did not dispose of any real estate investments for the year ended December 31, 2020. 2022 Dispositions of Real Estate Investments For the year ended December 31, 2022, we disposed of one MOB in Tennessee and three facilities in Florida within our Central Florida Senior Housing Portfolio. We recognized a total aggregate gain on such dispositions of $1,370,000. The following is a summary of such dispositions, which were included in our MOBs and SHOP segments, as applicable: Location Date Contract Brooksville, FL(1) 11/15/22 $ 2,640,000 Sanford, FL(1) 12/15/22 3,750,000 Memphis, TN 12/20/22 9,600,000 Bradenton FL(1) 12/30/22 7,215,000 Total $ 23,205,000 ___________ (1) See Note 13, Redeemable Noncontrolling Interests, for information about the ownership of the Central Florida Senior Housing Portfolio. 2021 Disposition of Real Estate Investments In July 2021, we, through a majority-owned subsidiary of Trilogy, sold an integrated senior health campus, or the Sold Property, to an unaffiliated third party, or the Buyer, and leased it back, while retaining control of the Sold Property. This transaction did not meet the criteria for a sale and leaseback under GAAP. The lease agreement includes a finance obligation with a present value of $15,504,000 representing our obligation to purchase the Sold Property between 2028 and 2029. Simultaneously, we, through a majority-owned subsidiary of Trilogy, purchased a previously leased integrated senior health campus, or the Purchased Property, from the Buyer which was in exchange for the Sold Property. No cash consideration was exchanged as part of the transactions explained above. As of the transaction date, the carrying value of the Purchased Property of $14,807,000 was recorded to real estate investments, net, in our accompanying consolidated balance sheet and the carrying value of the finance obligation of $15,504,000 was recorded to financing obligations Sale of Controlling Interests in Developments On February 8, 2022, we sold approximately 74.0% of our ownership interests in several real estate development assets within our integrated senior health campuses segment for an aggregate sales price of $19,622,000 and we recognized an aggregate gain on sale of $683,000 for the year ended December 31, 2022. At the time of sale, we retained approximately 26.0% ownership interests in such real estate development assets. As of December 31, 2022, we own approximately 31.6% ownership interests in such real estate development assets, which interests are accounted for as investments in unconsolidated entities within other assets, net in our accompanying consolidated balance sheet as of December 31, 2022. From February 8, 2022 through December 31, 2022, our interests in the net earnings or losses of such unconsolidated entities were included in income or loss from unconsolidated entities in our accompanying consolidated statements of operations and comprehensive income (loss). See Note 4, Business Combinations, for a discussion of real estate investment acquisitions accounted for business combinations for the years ended December 31, 2022 and 2021. We did not have any business combinations for the year ended December 31, 2020. Impairment of Real Estate Investments For the year ended December 31, 2022, we determined that 12 facilities within our SHOP segment were impaired and recognized an aggregate impairment charge of $54,579,000, which reduced the total aggregate carrying value of such facilities to $81,149,000. We disposed of three of such impaired facilities during the fourth quarter of 2022, as discussed in the “Dispositions of Real Estate Investments” section above. The fair value of one of our impaired facilities was determined by the sales price from an executed purchase and sale agreement with a third-party buyer, which was considered a Level 2 measurement within the fair value hierarchy. The fair value of our remaining 11 impaired facilities were based on their projected sales prices, which were considered Level 2 measurements within the fair value hierarchy. For the year ended December 31, 2021, we determined that one MOB was impaired and recognized an impairment charge of $3,335,000, which reduced the carrying value of such asset to $2,880,000. The fair value of such property was determined by the sales price from an executed purchase and sale agreement with third-party buyer, and adjusted for anticipated selling costs, which was considered a Level 2 measurement within the fair value hierarchy. We disposed of such impaired MOB in July 2021 for a contract sales price of $3,000,000 and recognized a net gain on sale of $346,000. For the year ended December 31, 2020, we determined that one SNF and one MOB were impaired and recognized an aggregate impairment charge of $8,350,000, which reduced the total carrying value of such assets to $4,256,000. The fair values of such properties were determined by the sales price from executed purchase and sales agreements with third-party buyers, and adjusted for anticipated selling costs, which were considered Level 2 measurements within the fair value hierarchy. We disposed of such impaired MOB in July 2020 for a contract sales price of $3,500,000 and recognized a net gain on sale of $15,000. As of December 31, 2020, the remaining $1,056,000 carrying value of such SNF was classified in properties held for sale, and we subsequently disposed of such property in February 2021 for a contract sales price of $1,300,000 and recognized a net loss on sale of $332,000. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combinations | 4. Business Combinations 2022 Business Combinations For the year ended December 31, 2022, we accounted for four acquisitions as business combinations, as discussed below, the first three of which are included within our integrated senior health campuses segment. Based on quantitative and qualitative considerations, such four business combinations were not material to us individually or in the aggregate and, therefore, pro forma financial information is not provided. On January 3, 2022, we, through a majority-owned subsidiary of Trilogy, acquired an integrated senior health campus in Kentucky from an unaffiliated third party. The contract purchase price for such property acquisition was $27,790,000 plus immaterial closing costs. We acquired such property using cash on hand and placed a mortgage loan payable of $20,800,000 on the property at the time of acquisition. On April 1, 2022, we, through a majority-owned subsidiary of Trilogy, acquired a 50.0% interest in a pharmaceutical business in Florida from an unaffiliated third party and incurred transaction costs of $938,000. Prior to such pharmaceutical business acquisition, we, through a majority-owned subsidiary of Trilogy, owned the other 50.0% interest in such business, which investment was included in investments in unconsolidated entities within other assets, net in our accompanying consolidated balance sheet as of December 31, 2021. Therefore, through March 31, 2022, our 50.0% interest in the net earnings or losses of such unconsolidated entity was included in income or loss from unconsolidated entities in our accompanying consolidated statements of operations and comprehensive income (loss). On August 1, 2022, we, through a majority-owned subsidiary of Trilogy, acquired the 50.0% controlling interest in a privately held company, RHS Partners, LLC, or RHS, that owns and/or operates 16 integrated senior health campuses located in Indiana, from an unaffiliated third party. The contract purchase price for the acquisition of RHS was $36,661,000 plus immaterial closing costs, which was primarily acquired using cash on hand. Prior to such acquisition, we owned a 50.0% interest in RHS, which was accounted for as an equity method investment and was included in investments in unconsolidated entities within other assets, net in our accompanying consolidated balance sheet as of December 31, 2021. Therefore, through July 31, 2022, our 50.0% equity interest in the net earnings or losses of RHS was included in income or loss from unconsolidated entities in our accompanying consolidated statements of operations and comprehensive income (loss). In connection with the acquisition of RHS, we re-measured the fair value of our previously held equity interest in RHS and recognized a gain on re-measurement of $19,567,000 in our accompanying consolidated statements of operations and comprehensive income (loss). On December 5, 2022, we acquired a portfolio of seven senior housing facilities in Texas from an unaffiliated third party, which facilities are included in our SHOP segment. These facilities are part of the underlying collateral pool of real estate assets securing our debt security investment, as defined and described at Note 5, Debt Security Investment, Net. We acquired the seven facilities by assuming the outstanding principal balance of each related mortgage loan payable from one of the borrowers as such borrower was in default on the required debt payments. The aggregated principal balance of such assumed mortgage loans payable was $110,627,000 at the time of acquisition. No cash consideration was exchanged as part of the transactions; however, we incurred transaction costs of $1,895,000 related to the acquisition of such facilities. See Note 5, Debt Security Investment, Net, for a further discussion. The table below summarizes the acquisition date fair values of the assets acquired and liabilities assumed of our 2022 acquisitions accounted for as business combinations. The fair values of the assets acquired and liabilities assumed during 2022 were preliminary estimates. Any necessary adjustments will be finalized within one year from the date of acquisition. 2022 Operating lease right-of-use assets $ 153,777,000 Building and improvements 163,166,000 Goodwill 44,990,000 Accounts receivable, net 19,472,000 In-place leases 18,834,000 Land 20,514,000 Cash and restricted cash 12,331,000 Certificates of need 3,567,000 Furniture, fixtures and equipment 1,936,000 Other assets 1,798,000 Total assets acquired 440,385,000 Operating lease liabilities (161,121,000) Mortgage loans payable (including debt discount of $6,066,000) (149,861,000) Security deposits and other liabilities (15,994,000) Accounts payable and accrued liabilities (16,012,000) Financing obligations (65,000) Total liabilities assumed (343,053,000) Net assets acquired $ 97,332,000 2021 Business Combinations — Merger and the AHI Acquisition As discussed in Note 1, Organization and Description of Business, on October 1, 2021, pursuant to the Merger Agreement, we completed the REIT Merger and Partnership Merger. At the effective time of the REIT Merger and prior to the reverse stock split, each issued and outstanding share of GAHR III’s common stock, $0.01 par value per share, converted into the right to receive 0.9266 shares of GAHR IV’s Class I common stock, $0.01 par value per share. At the effective time of the Partnership Merger and prior to the reverse stock split, (i) each unit of limited partnership interest in our operating partnership outstanding as of immediately prior to the effective time of the Partnership Merger was converted automatically into the right to receive 0.9266 of a Partnership Class I Unit, as defined in the agreement of limited partnership, as amended, of the surviving partnership and (ii) each unit of limited partnership interest in GAHR IV Operating Partnership outstanding as of immediately prior to the effective time of the Partnership Merger was converted automatically into the right to receive one unit of limited partnership interest of the surviving partnership of like class. Additionally, on October 1, 2021, the AHI Acquisition closed immediately prior to the consummation of the Merger, and pursuant to the Contribution Agreement, AHI contributed substantially all of its business and operations to the surviving partnership, including its interest in GAHR III Advisor and GAHR IV Advisor, and Griffin Capital contributed its ownership interest in GAHR III Advisor and GAHR IV Advisor to the surviving partnership. In exchange for their contributions, the surviving partnership issued surviving partnership OP units to the NewCo Sellers. Purchase Consideration REIT Merger The fair value of the purchase consideration transferred was calculated as follows: Deemed equity consideration (1) $ 768,075,000 Consideration for acquisition of noncontrolling interest (2) (53,300,000) Repurchase of GAHR IV Class T common stock 192,000 Total purchase consideration $ 714,967,000 ________________ (1) Represents the fair value of GAHR III common stock that is deemed to be issued for accounting purposes only. Taking into consideration the impact of the reverse stock split, the fair value of the purchase consideration is calculated based on 22,045,766 shares of common stock deemed to be issued by GAHR III at the fair value per share of $34.84. (2) Represents the fair value of additional interest acquired in GAHR III’s subsidiary, Trilogy REIT Holdings, LLC, or Trilogy REIT Holdings. The acquisition of additional interest in Trilogy is accounted for separately from the REIT Merger in accordance with ASC Topic 810, Consolidation , or ASC Topic 810. See Note 14, Equity — Noncontrolling Interests in Total Equity, for a discussion of the Trilogy transaction. AHI Acquisition The fair value of the purchase consideration transferred was calculated as follows: Equity consideration (1) $ 131,674,000 Post-closing cash payment to NewCo Sellers related to net working capital adjustments 73,000 Contingent consideration (2) — Total purchase consideration $ 131,747,000 ________________ (1) Taking into consideration the impact of the reverse stock split, the amount represents the estimated fair value of the 3,779,382 surviving partnership OP units issued as consideration, with a reference value for purposes thereof of $34.84 per unit. The issuance of surviving partnership OP units was accounted for separately from the AHI Acquisition. (2) Represents the estimated fair value of contingent consideration based on the performance of a possible private investment fund under consideration by AHI. We have no definitive plans to establish the investment fund and therefore the fair value of contingent consideration was estimated to be $0. Purchase Price Allocation REIT Merger The following table sets forth the allocation of the purchase consideration to the fair values of identifiable tangible and intangible assets acquired and liabilities assumed recognized at the acquisition date of GAHR IV, as well as the fair value at the acquisition date of the noncontrolling interests in GAHR IV: Real estate investments $ 1,126,641,000 Cash and cash equivalents 16,163,000 Accounts and other receivables, net 2,086,000 Restricted cash 986,000 Identified intangible assets 115,824,000 Operating lease right-of-use assets 11,939,000 Other assets 3,938,000 Total assets 1,277,577,000 Mortgage loans payable (including debt premium of $311,000) (18,602,000) Lines of credit and term loans (488,900,000) Accounts payable and accrued liabilities (21,882,000) Accounts payable due to affiliates (324,000) Identified intangible liabilities (12,927,000) Operating lease liabilities (7,568,000) Security deposits, prepaid rent and other liabilities (8,354,000) Total liabilities (558,557,000) Net identifiable assets acquired 719,020,000 Redeemable noncontrolling interests (2,525,000) Noncontrolling interest in total equity (1,528,000) Total purchase consideration $ 714,967,000 AHI Acquisition The following table sets forth the allocation of the purchase consideration to the fair values of identifiable tangible and intangible assets acquired and liabilities assumed recognized at the acquisition date: Cash and cash equivalents $ 706,000 Operating lease right-of-use assets 3,526,000 Other assets 362,000 Total assets 4,594,000 Accounts payable and accrued liabilities (3,910,000) Operating lease liabilities (3,526,000) Total liabilities (7,436,000) Net identifiable liabilities assumed (2,842,000) Goodwill 134,589,000 Total purchase consideration $ 131,747,000 Acquisition-related Costs The Merger and the AHI Acquisition were accounted for as business combinations and as a result, acquisition-related costs incurred in connection with these transactions of $13,987,000 were expensed and included in business acquisition expenses in our accompanying consolidated statement of operations and comprehensive income (loss). Acquisition-related costs of $6,753,000 were incurred by GAHR IV in the period before the consummation of the Merger and are therefore not reflected in our accompanying consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2021 as GAHR III was the accounting acquiror in the Merger under ASC Topic 805, as further explained above. Fair Value of Noncontrolling Interests The fair value of the redeemable and nonredeemable noncontrolling interest in GAHR IV was estimated by applying the income approach based on a discounted cash flow analysis. This fair value measurement is based on significant inputs not observable in the market. The key assumptions applied in the income approach include the estimates of stabilized occupancy, market rents, capitalization rates, and discount rates. AHI Acquisition — Goodwill In connection with the AHI Acquisition, we recorded goodwill of $134,589,000 as a result of the consideration exceeding the fair value of the net assets acquired and liabilities assumed. Goodwill represents the estimated future benefits arising from other assets acquired that could not be individually identified and separately recognized. Goodwill recognized in this transaction is not deductible for tax purposes. See Note 19, Segment Reporting, for a further discussion. The table below represents the allocation of goodwill in connection with the AHI Acquisition to our reporting segments: MOBs $ 47,812,000 Integrated senior health campuses 44,547,000 SHOP 23,277,000 SNFs 8,640,000 Senior housing 5,924,000 Hospitals 4,389,000 Total $ 134,589,000 REIT Merger — Real Estate Investments, Intangible Assets and Intangible Liabilities Real estate investments consist of land, building improvements, site improvements, unamortized tenant improvement allowances and unamortized capital improvements. Intangibles assets consist of in-place leases, above-market leases and certificates of need. We amortize purchased real estate investments and intangible assets on a straight-line basis over their respective useful lives. The following tables present the approximate fair value and the weighted-average depreciation and amortization periods of each major type of asset and liability. Real Estate Investments Approximate Fair Estimated Useful Lives (in years) Land $ 114,525,000 N/A Building improvements 930,700,000 39 Site improvements 33,644,000 7 Unamortized tenant improvement allowances 42,407,000 6 Unamortized capital improvements 5,365,000 11 Total real estate investments $ 1,126,641,000 Intangible Assets Approximate Fair Estimated Useful Lives (in years) In-place leases $ 79,887,000 6 Above-market leases 35,606,000 10 Certificates of need 331,000 N/A Total identified intangible assets $ 115,824,000 Intangible Liabilities Approximate Fair Estimated Below-market leases $ 12,927,000 10 The fair values of the assets acquired and liabilities assumed, as well as the fair value of the noncontrolling interests, on October 1, 2021 were estimates determined using the cost approach and direct capitalization method under the income approach, and in limited circumstances, the market approach. Any necessary adjustments were finalized within one year from the date of acquisition. Pro Forma Financial Information (Unaudited) The following unaudited pro forma operating information is presented as if the Merger and the AHI Acquisition occurred on January 1, 2020. Such unaudited pro forma information includes a nonrecurring adjustment to present acquisition related expenses incurred in the year ended December 31, 2021 in the 2020 pro forma results. The pro forma results are not necessarily indicative of the operating results that would have been obtained had the Merger and the AHI Acquisition occurred at the beginning of the periods presented, nor are they necessarily indicative of future operating results. Unaudited pro forma revenue, net loss and net loss attributable to controlling interest would have been as follows: Years Ended December 31, 2021 2020 Revenue $ 1,392,884,000 $ 1,397,261,000 Net loss $ (45,253,000) $ (17,116,000) Net loss attributable to controlling interest $ (35,140,000) $ (20,642,000) |
Debt Security Investment, Net
Debt Security Investment, Net | 12 Months Ended |
Dec. 31, 2022 | |
Debt Security Investment [Abstract] | |
Debt Security Investment, Net | 5. Debt Security Investment, Net On October 15, 2015, we acquired a commercial mortgage-backed debt security, or debt security, from an unaffiliated third party. The debt security bears an interest rate on the stated principal amount thereof equal to 4.24% per annum, the terms of which security provide for monthly interest-only payments. The debt security matures on August 25, 2025 at a stated amount of $93,433,000, resulting in an anticipated yield-to-maturity of 10.0% per annum. The debt security was issued by an unaffiliated mortgage trust and represents a 10.0% beneficial ownership interest in such mortgage trust. The debt security is subordinate to all other interests in the mortgage trust and is not guaranteed by a government-sponsored entity. On December 5, 2022, we acquired a portfolio of seven senior housing facilities in Texas from an unaffiliated third party, which facilities are included in the underlying collateral pool securing our debt security investment. We acquired the seven facilities by assuming the outstanding principal balance of each related mortgage loan payable from one of the borrowers as such borrower was in default on the required debt payments. We did not grant any concessions to such borrowers and the carrying value of our debt security investment at the time of acquisition did not exceed the fair value of such facilities. See Note 4, Business Combinations — 2022 Business Combinations, for a further discussion of such acquisitions. As of December 31, 2022 and 2021, the carrying amount of the debt security investment was $83,000,000 and $79,315,000, respectively, net of unamortized closing costs of $767,000 and $1,004,000, respectively. Accretion on the debt security for the years ended December 31, 2022, 2021 and 2020 was $3,922,000, $3,665,000 and $3,304,000, respectively, which is recorded as an increase to real estate revenue in our accompanying consolidated statements of operations and comprehensive income (loss). Amortization expense of closing costs for the years ended December 31, 2022, 2021 and 2020 was $237,000, $201,000 and $170,000, respectively, which is recorded as a decrease to real estate revenue in our accompanying consolidated statements of operations and comprehensive income (loss). We evaluated credit quality indicators such as the agency ratings and the underlying collateral of such investment in order to determine expected future credit loss. No credit loss was recorded for the years ended December 31, 2022, 2021 and 2020. |
Identified Intangible Assets, N
Identified Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2022 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Identified Intangible Assets, Net | 6. Identified Intangible Assets, Net Identified intangible assets, net consisted of the following as of December 31, 2022 and 2021: December 31, 2022 2021 Amortized intangible assets: In-place leases, net of accumulated amortization of $38,930,000 and $28,120,000 as of December 31, 2022 and 2021, respectively (with a weighted average remaining life of 7.0 years and 8.2 years as of December 31, 2022 and 2021, respectively) $ 75,580,000 $ 81,538,000 Above-market leases, net of accumulated amortization of $6,360,000 and $2,082,000 as of December 31, 2022 and 2021, respectively (with a weighted average remaining life of 9.0 years and 9.7 years as of December 31, 2022 and 2021, respectively) 30,194,000 35,106,000 Customer relationships, net of accumulated amortization of $785,000 and $635,000 as of December 31, 2022 and 2021, respectively (with a weighted average remaining life of 13.7 years and 14.7 years as of December 31, 2022 and 2021, respectively) 2,055,000 2,205,000 Internally developed technology and software, net of accumulated amortization of $399,000 as of December 31, 2021 (with a weighted average remaining life of 0.7 years as of December 31, 2021) — 70,000 Unamortized intangible assets: Certificates of need 97,667,000 99,165,000 Trade names 30,787,000 30,787,000 $ 236,283,000 $ 248,871,000 Amortization expense on identified intangible assets for the years ended December 31, 2022, 2021 and 2020 was $28,378,000, $22,460,000 and $6,678,000, respectively, which included $4,444,000, $1,349,000 and $420,000, respectively, of amortization recorded as a decrease to real estate revenue for above-market leases in our accompanying consolidated statements of operations and comprehensive income (loss). For the years ended December 31, 2022, 2021 and 2020, we did not incur any impairment losses with respect to intangible assets. The aggregate weighted average remaining life of the identified intangible assets was 7.7 years and 8.8 years as of December 31, 2022 and 2021, respectively. As of December 31, 2022, estimated amortization expense on the identified intangible assets for each of the next five years ending December 31 and thereafter was as follows: Year Amount 2023 $ 29,132,000 2024 13,735,000 2025 10,910,000 2026 9,740,000 2027 9,104,000 Thereafter 35,208,000 $ 107,829,000 |
Other Assets, Net
Other Assets, Net | 12 Months Ended |
Dec. 31, 2022 | |
Other Assets [Abstract] | |
Other Assets, Net | 7. Other Assets, Net Other assets, net consisted of the following as of December 31, 2022 and 2021: December 31, 2022 2021 Deferred rent receivables $ 46,867,000 $ 41,061,000 Prepaid expenses, deposits, other assets and deferred tax assets, net 25,866,000 22,484,000 Inventory 19,775,000 18,929,000 Lease commissions, net of accumulated amortization of $6,260,000 and $4,911,000 as of December 31, 2022 and 2021, respectively 19,217,000 16,120,000 Investments in unconsolidated entities 9,580,000 15,615,000 Deferred financing costs, net of accumulated amortization of $5,704,000 and $8,469,000 as of December 31, 2022 and 2021, respectively 4,334,000 3,781,000 Lease inducement, net of accumulated amortization of $2,193,000 and $1,842,000 as of December 31, 2022 and 2021, respectively (with a weighted average remaining life of 7.9 years and 8.9 years as of December 31, 2022 and 2021, respectively) 2,807,000 3,158,000 $ 128,446,000 $ 121,148,000 Deferred financing costs included in other assets, net were related to the 2018 Credit Facility, 2019 Credit Facility, 2019 Trilogy Credit Facility and the senior unsecured revolving credit facility portion of the 2022 Credit Facility. See Note 9, Lines of Credit and Term Loans, for a further discussion. Amortization expense on lease inducement for the years ended December 31, 2022, 2021 and 2020 was $351,000, and is recorded as a decrease to real estate revenue in our accompanying consolidated statements of operations and comprehensive income (loss). For the years ended December 31, 2022, 2021 and 2020, we did not incur any impairment losses with respect to our investments in unconsolidated entities. |
Mortgage Loans Payable, Net
Mortgage Loans Payable, Net | 12 Months Ended |
Dec. 31, 2022 | |
Mortgage Loans Payable, Net [Abstract] | |
Mortgage Loans Payable, Net | 8. Mortgage Loans Payable, Net As of December 31, 2022 and 2021, mortgage loans payable were $1,254,479,000 ($1,229,847,000, net of discount/premium and deferred financing costs) and $1,116,216,000 ($1,095,594,000, net of discount/premium and deferred financing costs), respectively. As of December 31, 2022, we had 68 fixed-rate mortgage loans payable and 11 variable-rate mortgage loans payable with effective interest rates ranging from 2.21% to 7.26% per annum based on interest rates in effect as of December 31, 2022 and a weighted average effective interest rate of 5.29%. As of December 31, 2021, we had 66 fixed-rate mortgage loans payable and 12 variable-rate mortgage loans payable with effective interest rates ranging from 2.21% to 5.25% per annum based on interest rates in effect as of December 31, 2021 and a weighted average effective interest rate of 3.21%. We are required by the terms of certain loan documents to meet certain reporting requirements and covenants, such as net worth ratios, fixed charge coverage ratios and leverage ratios. Mortgage loans payable, net consisted of the following as of December 31, 2022 and 2021: December 31, 2022 2021 Total fixed-rate debt $ 885,892,000 $ 845,504,000 Total variable-rate debt 368,587,000 270,712,000 Total fixed- and variable-rate debt 1,254,479,000 1,116,216,000 Less: deferred financing costs, net (8,845,000) (8,680,000) Add: premium 237,000 397,000 Less: discount (16,024,000) (12,339,000) Mortgage loans payable, net $ 1,229,847,000 $ 1,095,594,000 The following table reflects the changes in the carrying amount of mortgage loans payable, net for the years ended December 31, 2022 and 2021: Years Ended December 31, 2022 2021 Beginning balance $ 1,095,594,000 $ 810,478,000 Additions: Borrowings under mortgage loans payable 186,227,000 407,939,000 Assumption of mortgage loans payable due to acquisitions of real estate investments, net 149,861,000 18,602,000 Amortization of deferred financing costs 2,332,000 4,077,000 Amortization of discount/premium on mortgage loans payable 2,242,000 773,000 Deductions: Scheduled principal payments on mortgage loans payable (104,384,000) (34,616,000) Early payoff of mortgage loans payable (90,871,000) (109,424,000) Payoff of a mortgage loan payable due to disposition of real estate investment (8,637,000) — Deferred financing costs (2,517,000) (2,235,000) Ending balance $ 1,229,847,000 $ 1,095,594,000 For the year ended December 31, 2022, we incurred an aggregate loss on the extinguishment of mortgage loans payable of $2,005,000, which is recorded as an increase to interest expense in our accompanying consolidated statements of operations and comprehensive income (loss). For the year ended December 31, 2022, such aggregate loss on debt extinguishments was primarily related to the payoff of a mortgage loan payable due to the disposition of a real estate investment, the payoff of a construction loan and the write-off of unamortized loan discount related to eight mortgage loans payable that we refinanced on January 1, 2022 that were due to mature in 2044 through 2052. For the year ended December 31, 2021, we incurred an aggregate loss on the extinguishment of mortgage loans payable of $2,425,000, which is recorded as an increase to interest expense in our accompanying consolidated statements of operations and comprehensive income (loss). Such loss was primarily related to the write-off of unamortized deferred financing costs of 10 mortgage loans payable that we refinanced on January 29, 2021 and one mortgage loan payable that we refinanced on December 1, 2021 that were due to mature in 2053 and 2049, respectively. For the year ended December 31, 2020, we did not incur any gain or loss on the extinguishment of mortgage loans payable. As of December 31, 2022, the principal payments due on our mortgage loans payable for each of the next five years ending December 31 and thereafter were as follows: Year Amount 2023 $ 193,089,000 2024 217,952,000 2025 165,554,000 2026 155,168,000 2027 34,423,000 Thereafter 488,293,000 $ 1,254,479,000 |
Lines of Credit and Term Loans
Lines of Credit and Term Loans | 12 Months Ended |
Dec. 31, 2022 | |
Line of Credit Facility [Abstract] | |
Lines Of Credit and Term Loans | 9. Lines of Credit and Term Loans 2018 Credit Facility In order to accommodate the Merger, we amended GAHR IV and its operating partnership's credit agreement, as amended, or the 2018 Credit Agreement, with Bank of America, N.A., or Bank of America; KeyBank, National Association, or KeyBank; Citizens Bank, National Association, or Citizens Bank; Merrill Lynch, Pierce, Fenner & Smith Incorporated; KeyBanc Capital Markets, Inc., or KeyBanc Capital Markets; and the lenders named therein, for a credit facility with an aggregate maximum principal amount of $530,000,000, or the 2018 Credit Facility. The 2018 Credit Facility, which was further amended on October 1, 2021 to provide for updates regarding the Combined Company subsequent to the Merger, consisted 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. Unless defined herein, all capitalized terms under this “2018 Credit Facility” subsection are as defined in the 2018 Credit Agreement. At our option, the 2018 Credit Facility bore interest at per annum rates equal to (a)(i) the Eurodollar Rate, plus (ii) a margin ranging from 1.70% to 2.20% based on our Consolidated Leverage Ratio, or (b)(i) the greater of: (1) the prime rate publicly announced by Bank of America (2) the Federal Funds Rate, 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. The 2018 Credit Facility was due to mature on November 19, 2021; however, pursuant to the terms of the 2018 Credit Agreement, at such time we extended the maturity date for an additional 12 months and paid an extension fee of $795,000. As of December 31, 2021, borrowings outstanding totaled $441,900,000 and the weighted average interest rate on such borrowings outstanding was 2.27% per annum. On January 19, 2022, we terminated the 2018 Credit Agreement and entered into the 2022 Credit Agreement, as defined and discussed below. 2019 Credit Facility Upon consummation of the Merger, we, through the surviving partnership, were subject to GAHR III’s credit agreement, as amended, or the 2019 Credit Agreement, with Bank of America; KeyBank; Citizens Bank; and a syndicate of other banks, as lenders, for a credit facility with an aggregate maximum principal amount of $630,000,000, or the 2019 Credit Facility. The 2019 Credit Facility consisted of a senior unsecured revolving credit facility in an aggregate amount of $150,000,000 and a senior unsecured term loan facility in an aggregate amount of $480,000,000. Further, upon consummation of the Merger, the previously available $150,000,000 senior unsecured revolving credit facility was cancelled and a ratable amendment to certain financial covenants was made to account for the Combined Company. Unless defined herein, all capitalized terms under this “2019 Credit Facility” subsection are as defined in the 2019 Credit Agreement. At our option, the 2019 Credit Facility bore interest at per annum rates equal to (a) (i) the Eurodollar Rate, plus (ii) a margin ranging from 1.85% to 2.80% based on our Consolidated Leverage Ratio, or (b) (i) the greater of: (1) the prime rate publicly announced by Bank of America, (2) the Federal Funds Rate, plus 0.50%, (3) the one-month Eurodollar Rate plus 1.00%, and (4) 0.00%, plus (ii) a margin ranging from 0.85% to 1.80% based on our Consolidated Leverage Ratio. As of December 31, 2021, borrowings outstanding under the 2019 Credit Facility totaled $480,000,000 and the weighted average interest rate on such borrowings outstanding was 2.60% per annum. The 2019 Credit Agreement was due to mature on January 25, 2022. On January 19, 2022, we, through our operating partnership, entered into an agreement that amended and restated the 2019 Credit Agreement in its entirety, or the 2022 Credit Agreement. See below for a further discussion. 2022 Credit Facility On January 19, 2022 , we, through our operating partnership, as borrower, and certain of our subsidiaries, or the subsidiary guarantors, collectively as guarantors, entered into the 2022 Credit Agreement that amended, restated, superseded and replaced the 2019 Credit Agreement and the 2018 Credit Agreement for a credit facility with an aggregate maximum principal amount up to $1,050,000,000, or the 2022 Credit Facility. The 2022 Credit Facility consists of a senior unsecured revolving credit facility in the initial aggregate amount of $500,000,000 and a senior unsecured term loan facility in the initial aggregate amount of $550,000,000. The proceeds of loans made under the 2022 Credit Facility may be used for refinancing existing indebtedness and for general corporate purposes including for working capital, capital expenditures and other corporate purposes not inconsistent with obligations under the 2022 Credit Agreement. We may also obtain up to $25,000,000 in the form of standby letters of credit pursuant to the 2022 Credit Facility. Unless defined herein, all capitalized terms under this “2022 Credit Facility” subsection are as defined in the 2022 Credit Agreement. Under the terms of the 2022 Credit Agreement, the revolving loans mature on January 19, 2026, and may be extended for one 12-month period, subject to the satisfaction of certain conditions, including payment of an extension fee. The term loan matures on January 19, 2027, and may not be extended. The maximum principal amount of the 2022 Credit Facility may be increased by an aggregate incremental amount of $700,000,000, subject to: (i) the terms of the 2022 Credit Agreement; and (ii) at least five The 2022 Credit Facility bears interest at varying rates based upon, at our option, (i) Daily SOFR, plus the Applicable Rate for Daily SOFR Rate Loans or (ii) the Term SOFR, plus the Applicable Rate for Term SOFR Rate Loans. If, under the terms of the 2022 Credit Agreement, there is an inability to determine the Daily SOFR or the Term SOFR then the 2022 Credit Facility will bear interest at a rate per annum equal to the Base Rate plus the Applicable Rate for Base Rate Loans. The loans may be repaid in whole or in part without prepayment premium or penalty, subject to certain conditions. The 2022 Credit Agreement requires us to add additional subsidiaries as guarantors in the event the value of the assets owned by the subsidiary guarantors falls below a certain threshold as set forth in the 2022 Credit Agreement. In the event of default, Bank of America has the right to terminate the commitment of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions under the 2022 Credit Agreement, and to accelerate the payment on any unpaid principal amount of all outstanding loans and interest thereon. As of December 31, 2022, our aggregate borrowing capacity under the 2022 Credit Facility was $1,050,000,000, excluding the $25,000,000 in standby letters of credit described above. As of December 31, 2022, borrowings outstanding under the 2022 Credit Facility totaled $965,900,000 ($965,060,000, net of deferred financing costs related to the senior unsecured term loan facility portion of the 2022 Credit Facility) and the weighted average interest rate on such borrowings outstanding was 6.07% per annum. In January 2022, in connection with the 2022 Credit Agreement, we incurred an aggregate $3,161,000 loss on the extinguishment of a portion of senior unsecured term loans which formed part of the 2018 Credit Facility and the 2019 Credit Facility. Such loss on extinguishment of debt is recorded as an increase to interest expense in our accompanying consolidated statements of operations and comprehensive income (loss), and primarily consisted of lender fees we paid to obtain the 2022 Credit Facility. 2019 Trilogy Credit Facility Upon consummation of the Merger, through Trilogy RER, LLC, we became subject to an amended and restated loan agreement, or the 2019 Trilogy Credit Agreement, among certain subsidiaries of Trilogy OpCo, LLC, Trilogy RER, LLC, and Trilogy Pro Services, LLC; KeyBank; CIT Bank, N.A.; Regions Bank; KeyBanc Capital Markets, Inc.; Regions Capital Markets; Bank of America; The Huntington National Bank; and a syndicate of other banks, as lenders named therein, with respect to a senior secured revolving credit facility that had an aggregate maximum principal amount of $360,000,000, consisting of: (i) a $325,000,000 secured revolver supported by real estate assets and ancillary business cash flow and (ii) a $35,000,000 accounts receivable revolving credit facility supported by eligible accounts receivable, or the 2019 Trilogy Credit Facility. The proceeds of the 2019 Trilogy Credit Facility may be used for acquisitions, debt repayment and general corporate purposes. The maximum principal amount of the 2019 Trilogy Credit Facility may have been increased by up to $140,000,000, for a total principal amount of $500,000,000, subject to certain conditions. On December 20, 2022, we entered into an amendment to the 2019 Trilogy Credit Agreement, or the 2019 Trilogy Credit Amendment. The material terms of the 2019 Trilogy Credit Amendment provided for an increase to the secured revolver amount from $325,000,000 to $365,000,000, thereby increasing our aggregate maximum principal amount from $360,000,000 to $400,000,000. As a result, the maximum principal amount of the 2019 Trilogy Credit Facility may be increased by up to $100,000,000. In addition, all references to the London Inter-bank Offered Rate, or LIBOR, were replaced with the Secured Overnight Financing Rate, or SOFR. Unless defined herein, all capitalized terms under this “2019 Trilogy Credit Facility” subsection are defined in the 2019 Trilogy Credit Amendment. The 2019 Trilogy Credit Facility matures on September 5, 2023 and may be extended for one 12-month period during the term of the 2019 Trilogy Credit Amendment, subject to the satisfaction of certain conditions, including payment of an extension fee. At our option, the 2019 Trilogy Credit Facility bears interest at per annum rates equal to (a) SOFR, plus 2.75% for SOFR Rate Loans, as defined in the 2019 Trilogy Credit Amendment, and (b) for Base Rate Loans, as defined in the 2019 Trilogy Credit Amendment, 1.75% plus the highest of: (i) the fluctuating rate per annum of interest in effect for such day as established from time to time by KeyBank as its prime rate, (ii) 0.50% above the Federal Funds Effective Rate, as defined in the 2019 Trilogy Credit Amendment, and (iii) 1.00% above one-month Adjusted Term SOFR. As of December 31, 2022 and 2021, our aggregate borrowing capacity under the 2019 Trilogy Credit Facility was $400,000,000 and $360,000,000, respectively. As of December 31, 2022 and 2021, borrowings outstanding under the 2019 Trilogy Credit Facility totaled $316,734,000 and $304,734,000, respectively, and the weighted average interest rate on such borrowings outstanding was 7.17% and 2.85% per annum, respectively. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 10. Derivative Financial Instruments We have used derivative financial instruments to manage interest rate risk associated with variable-rate debt. We recorded such derivative financial instruments in our accompanying consolidated balance sheets as either an asset or a liability measured at fair value. We did not have any derivative financial instruments as of December 31, 2022. The following table lists the derivative financial instruments held by us as of December 31, 2021, which were included in security deposits, prepaid rent and other liabilities in our accompanying consolidated balance sheets: Instrument Notional Amount Index Interest Rate Maturity Date Fair Value Swap $ 250,000,000 one month LIBOR 2.10% 01/25/22 $ 332,000 Swap $ 130,000,000 one month LIBOR 1.98% 01/25/22 162,000 Swap $ 100,000,000 one month LIBOR 0.20% 01/25/22 6,000 $ 500,000 As of December 31, 2021, none of our derivative financial instruments were designated as hedges. Derivative financial instruments not designated as hedges are not speculative and are used to manage our exposure to interest rate movements, but do not meet the strict hedge accounting requirements. On January 25, 2022, our interest rate swap contracts matured. For the years ended December 31, 2022, 2021 and 2020, we recorded a gain (loss) in the fair value of derivative financial instruments of $500,000, $8,200,000 and $(3,906,000), respectively, which is included as a decrease/(increase) to interest expense in our accompanying consolidated statements of operations and comprehensive income (loss). Included in the gain in the fair value of derivative instruments recognized for the year ended December 31, 2021 is $823,000 related to the fair value of an interest rate swap entered into by GAHR IV, which matured on November 19, 2021. See Note 16, Fair Value Measurements, for a further discussion of the fair value of our derivative financial instruments, and Note 22, Subsequent Events — Interest Rate Swap, regarding a derivative instrument contract we entered into in January 2023. |
Identified Intangible Liabiliti
Identified Intangible Liabilities, Net | 12 Months Ended |
Dec. 31, 2022 | |
Identified Intangible Liabilities [Abstract] | |
Identified Intangible Liabilities, Net | 11. Identified Intangible Liabilities, Net As of December 31, 2022 and 2021, identified intangible liabilities, net consisted of below-market leases of $10,837,000 and $12,715,000, respectively, net of accumulated amortization of $2,508,000 and $1,047,000, respectively. Amortization expense on below-market leases for the years ended December 31, 2022, 2021 and 2020 was $1,848,000, $396,000 and $296,000, respectively, which is recorded as an increase to real estate revenue in our accompanying consolidated statements of operations and comprehensive income (loss). The weighted average remaining life of below-market leases was 8.4 years and 9.1 years as of December 31, 2022 and 2021, respectively. As of December 31, 2022, estimated amortization expense on below-market leases for each of the next five years ending December 31 and thereafter was as follows: Year Amount 2023 $ 1,596,000 2024 1,475,000 2025 1,347,000 2026 1,198,000 2027 1,162,000 Thereafter 4,059,000 $ 10,837,000 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. 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 |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2022 | |
Temporary Equity [Abstract] | |
Redeemable Noncontrolling Interest | 13. Redeemable Noncontrolling Interests As a result of the Merger and the AHI Acquisition, as of December 31, 2022 and 2021, we, through our direct and indirect subsidiaries, owned an approximately 95.0% and 94.9% general partnership interest, respectively, in our operating partnership and the remaining approximate 5.0% and 5.1% limited partnership interest, respectively, in our operating partnership is owned by the NewCo Sellers. Some of the limited partnership units outstanding, which account for approximately 1.0% of our total operating partnership units outstanding, have redemption features outside of our control and are accounted for as redeemable noncontrolling interests presented outside of permanent equity in our accompanying consolidated balance sheets. The issuance of our surviving operating partnership units in connection with the AHI acquisition was accounted for separately from the business combination as an equity transaction under ASC Topic 810. The transaction resulted in an increase in redeemable noncontrolling interests of $19,392,000 offset to additional paid-in capital for the year ended December 31, 2021. The adjustment to accumulated other comprehensive income was nominal. Prior to the Merger, our former advisor owned all 51 limited partnership units outstanding in our operating partnership, and, therefore, we owned greater than a 99.99% general partnership interest in our operating partnership, and our former advisor owned less than a 0.01% limited partnership interest in our operating partnership. Our former advisor was entitled to special redemption rights of its limited partnership units. The noncontrolling interest of our former advisor in our operating partnership that had redemption features outside of our control was accounted for as a redeemable noncontrolling interest and was presented outside of permanent equity in our accompanying consolidated balance sheets. In connection with the AHI Acquisition, on October 1, 2021, we redeemed all 51 limited partnership units in our operating partnership owned by our former advisor for approximately $2,000. As of both December 31, 2022 and 2021, we, through Trilogy REIT Holdings, in which we indirectly hold a 76.0% ownership interest, owned 96.2% and 95.9%, respectively, of the outstanding equity interests of Trilogy. As of December 31, 2022 and 2021, certain members of Trilogy’s management and certain members of an advisory committee to Trilogy’s board of directors owned approximately 3.8% and 4.1%, respectively, of the outstanding equity interests of Trilogy. The noncontrolling interests held by such members have redemption features outside of our control and are accounted for as redeemable noncontrolling interests in our accompanying consolidated balance sheets. In October 2022, we redeemed a portion of the equity interests owned by certain previous or current members of Trilogy’s management and advisory committee for cash of $3,707,000. As a result of the Merger and through our operating partnership, as of December 31, 2022 and 2021, we own approximately 98.0% of the joint ventures with an affiliate of Meridian, that own Central Florida Senior Housing Portfolio, Pinnacle Beaumont ALF and Pinnacle Warrenton ALF. The noncontrolling interests held by Meridian have redemption features outside of our control and are accounted for as redeemable noncontrolling interests in our accompanying consolidated balance sheets. See Note 3, Real Estate Investments, Net — Disposition of Real Estate, for dispositions within our Central Florida Senior Housing Portfolio. Also as a result of the Merger, we acquired approximately 90.0% of the joint venture with Avalon Health Care, Inc., or Avalon, that owned Catalina West Haven ALF and Catalina Madera ALF. The noncontrolling interests held by Avalon had redemption features outside of our control and were accounted for as redeemable noncontrolling interests in our accompanying consolidated balance sheets. As of December 31, 2021, we owned 90.0% of the joint venture with Avalon. On December 1, 2022, we exercised our right to purchase the remaining 10.0% of the joint venture with Avalon for a contract purchase price of $295,000. As such, 10.0% of the net earnings of such joint venture were allocated to redeemable noncontrolling interests in our accompanying consolidated statements of operations and comprehensive income (loss) following the Merger and through November 30, 2022. We record the carrying amount of redeemable noncontrolling interests at the greater of: (i) the initial carrying amount, increased or decreased for the noncontrolling interests’ share of net income or loss and distributions or (ii) the redemption value. The changes in the carrying amount of redeemable noncontrolling interests consisted of the following for the years ended December 31, 2022 and 2021: December 31, 2022 2021 Beginning balance $ 72,725,000 $ 40,340,000 Additional redeemable noncontrolling interests 273,000 30,236,000 Reclassification from equity 83,000 5,923,000 Distributions (2,817,000) (1,579,000) Repurchase of redeemable noncontrolling interests (4,034,000) (8,431,000) Adjustment to redemption value 15,773,000 7,380,000 Net loss attributable to redeemable noncontrolling interests (405,000) (1,144,000) Ending balance $ 81,598,000 $ 72,725,000 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Equity | 14. Equity Preferred Stock Pursuant to our charter, we are authorized to issue 200,000,000 shares of our preferred stock, par value $0.01 per share. As of both December 31, 2022 and 2021, no shares of preferred stock were issued and outstanding. Common Stock Pursuant to our charter, as amended, we are authorized to issue 1,000,000,000 shares of our common stock, par value $0.01 per share, whereby 200,000,000 shares are classified as Class T common stock and 800,000,000 shares are classified as Class I common stock. Prior to the Merger, GAHR III issued 42,839,173 shares of its common stock in connection with the GAHR III initial offering and our former advisor owned 5,148 shares of our common stock. In connection with the AHI Acquisition, on October 1, 2021, all 5,148 shares of our common stock owned by our former advisor were redeemed by our operating partnership for $190,000. In addition, on October 1, 2021 and in connection with the AHI Acquisition, our operating partnership also redeemed all 5,208 shares of our Class T common stock owned by GAHR IV Advisor in GAHR IV for approximately $192,000. At the effective time of the REIT Merger and prior to the reverse stock split, each issued and outstanding share of GAHR III’s common stock, $0.01 par value per share, was converted into the right to receive 0.9266 shares of GAHR IV’s Class I common stock, $0.01 par value per share, resulting in the issuance of 44,909,444 shares, after the effect of the reverse stock split, of Class I common stock to GAHR III’s stockholders. On March 12, 2015, we terminated the primary portion of our initial public offering. We continued to offer shares of our common stock in the GAHR III initial offering pursuant to the Initial DRIP, until the termination of the distribution reinvestment plan portion of the GAHR III initial offering and deregistration of the GAHR III initial offering on April 22, 2015. We continued to issue shares of our common stock pursuant to subsequent distribution reinvestment plan offerings effective on each of March 25, 2015, or the 2015 GAHR III DRIP Offering, and on January 30, 2019, or the 2019 GAHR III DRIP Offering, pursuant to Registration Statements on Form S-3 under the Securities Act of 1933, as amended, or the Securities Act, filed with the SEC. The 2015 GAHR III DRIP Offering was terminated and deregistered on March 29, 2019. On May 29, 2020, our board authorized the suspension of the 2019 GAHR III DRIP Offering, and consequently, ceased issuing shares pursuant to such offering following the distributions paid in June 2020 to stockholders of record on or prior to the close of business on May 31, 2020. As a result of the Merger, we deregistered the 2019 GAHR III DRIP Offering on October 4, 2021. Further, on October 4, 2021, our board authorized the reinstatement of our distribution reinvestment plan, as amended, or the AHR DRIP, to offer up to $100,000,000 of shares of our common stock pursuant to a Registration Statement on Form S-3 under the Securities Act filed by GAHR IV, or the AHR DRIP Offering. On November 14, 2022, our board suspended the AHR DRIP Offering beginning with the distributions declared, if any, for the quarter ending December 31, 2022. As a result of the suspension of the AHR DRIP, unless and until our board reinstates the AHR DRIP Offering, stockholders who are current participants in the AHR DRIP will be paid future distributions in cash. We collectively refer to the Initial DRIP portion of the GAHR III initial offering, the 2015 GAHR III DRIP Offering, the 2019 GAHR III DRIP Offering and the AHR DRIP Offering as our DRIP Offerings. See Note 1, Organization and Description of Business — Public Offering, and the “Distribution Reinvestment Plan” section below for a further discussion. We effected a one-for-four reverse split of our common stock on November 15, 2022 and a corresponding reverse split of the partnership units in our operating partnership. As a result of the Reverse Splits, every four shares of our common stock or four partnership units in our operating partnership were automatically combined and converted into one issued and outstanding share of our common stock of like class, or one partnership unit of like class, as applicable, rounded to the nearest 1/100th share or unit. The Reverse Splits impacted all classes of common stock and partnership units proportionately and had no impact on any stockholder’s or partner’s ownership percentage. Neither the number of authorized shares nor the par value of the Class T common stock and Class I common stock were ultimately impacted. All numbers of common shares and per share data, as well as partnership units in our operating partnership, in our accompanying consolidated financial statements and related notes have been retroactively adjusted for all periods presented to give effect to the Reverse Splits. Distribution Reinvestment Plan Prior to the Merger, GAHR III issued 451,385 shares of our common stock pursuant to the Initial DRIP. Following the deregistration of the Initial DRIP on April 22, 2015 as discussed above, we continued to offer shares of our common stock pursuant to the 2015 GAHR III DRIP Offering and 2019 GAHR III DRIP Offering which resulted in a total of $308,501,000 in distributions being reinvested and 7,670,138 shares of common stock being issued. As of December 31, 2022, a total of $91,448,000 in distributions were reinvested that resulted in 2,431,695 shares of common stock being issued pursuant to the AHR DRIP Offering. Since October 5, 2016, our board had approved and established an estimated per share net asset value, or NAV, annually. Commencing with the distribution payment to stockholders paid in the month following such board approval, shares of our common stock issued pursuant to our distribution reinvestment plan are issued at the current estimated per share NAV until such time as our board determined an updated estimated per share NAV. The following is a summary of the historical estimated per share NAV for GAHR III and the Combined Company, as applicable: Approval Date by our Board Estimated Per Share NAV 10/03/19 $ 37.60 03/18/21 $ 34.20 03/24/22 $ 37.16 03/15/23 $ 31.40 For the years ended December 31, 2022, 2021 and 2020, $36,812,000, $7,666,000 and $21,861,000, respectively, in distributions were reinvested and 992,964, 207,866 and 538,763 shares of our common stock, respectively, were issued pursuant to our DRIP Offerings. Share Repurchase Plan Our share repurchase plan allowed for repurchases of shares of our common stock by us when certain criteria are met. Share repurchases were made at the sole discretion of our board. Subject to the availability of the funds for share repurchases and other certain conditions, 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 or “qualifying disability,” as defined in our share repurchase plan, of a stockholder were not subject to this cap. Funds for the repurchase of shares of our common stock came from the cumulative proceeds we received from the sale of shares of our common stock pursuant to our DRIP Offerings. Pursuant to our share repurchase plan, the repurchase price is equal to the lesser of (i) the amount per share that a stockholder paid for their shares of our common stock, or (ii) the most recent estimated value of one share of our common stock, as determined by our board, except that the repurchase price with respect to repurchases resulting from the death or qualifying disability of stockholders was equal to the most recently published estimated per share NAV. On October 4, 2021, as a result of the Merger, our board authorized the partial reinstatement of our share repurchase plan with respect to requests to repurchase shares resulting from the death or qualifying disability of stockholders, effective with respect to qualifying repurchases for the fiscal quarter ending December 31, 2021. All share repurchase requests other than those requests resulting from the death or qualifying disability of stockholders were rejected. On November 14, 2022, our board suspended our share repurchase plan beginning with share repurchase requests for the quarter ending December 31, 2022. All share repurchase requests, including requests resulting from the death or qualifying disability of stockholders, commencing with the quarter ended December 31, 2022, will not be processed, will be considered canceled in full and will not be considered outstanding repurchase requests. For the years ended December 31, 2022, 2021 and 2020, we repurchased 559,195, 10,356 and 558,476 shares of our common stock, respectively, for an aggregate of $20,699,000, $382,000 and $23,107,000, respectively, at an average repurchase price of $37.02, $36.88 and $38.32 per share, respectively, pursuant to our share repurchase plan. 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 Interests in Total Equity As of December 31, 2022 and 2021, Trilogy REIT Holdings owned approximately 96.2% and 95.9%, respectively, of Trilogy. Prior to October 1, 2021, we were the indirect owner of a 70.0% interest in Trilogy REIT Holdings pursuant to an amended joint venture agreement with an indirect, wholly owned subsidiary of NorthStar Healthcare Income, Inc., or NHI, and a wholly owned subsidiary of GAHR IV Operating Partnership. We serve as the managing member of Trilogy REIT Holdings. As part of the Merger, the wholly owned subsidiary of GAHR IV Operating Partnership sold its 6.0% interest in Trilogy REIT Holdings to GAHR III, thereby increasing our indirect ownership in Trilogy REIT Holdings to 76.0%. Through September 30, 2021, 30.0% of the net earnings of Trilogy REIT Holdings were allocated to noncontrolling interests, and since October 1, 2021, 24.0% of the net earnings of Trilogy REIT Holdings were allocated to a noncontrolling interest. In connection with our acquisition and operation of Trilogy, profit interest units in Trilogy, or the Profit Interests, were issued to Trilogy Management Services, LLC and an independent director of Trilogy, both unaffiliated third parties that manage or direct the day-to-day operations of Trilogy. The Profit Interests consisted of time-based or performance-based commitments. The time-based Profit Interests were measured at their grant date fair value and vest in increments of 20.0% on each anniversary of the respective grant date over a five year period. We amortized the time-based Profit Interests on a straight-line basis over the vesting periods, which are recorded to general and administrative in our accompanying consolidated statements of operations and comprehensive income (loss). The performance-based Profit Interests were subject to a performance commitment and would have vested upon liquidity events as defined in the Profit Interests agreements. The performance-based Profit Interests were measured at their fair value on the adoption date of ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting , using a modified retrospective approach. The nonvested awards are presented as noncontrolling interests in total equity in our accompanying consolidated balance sheets, and are re-classified to redeemable noncontrolling interests upon vesting as they had redemption features outside of our control similar to the common stock units held by Trilogy’s management. See Note 13, Redeemable Noncontrolling Interests, for a further discussion. In December 2021, we redeemed a part of the time-based Profit Interests, and all of the performance-based Profit Interests that were included in noncontrolling interests in total equity. We redeemed such Profit Interests for $16,517,000, which was paid $8,650,000 in cash and $7,867,000 through the issuance of additional equity interests in Trilogy that are classified as redeemable noncontrolling interests in our consolidated balance sheets. There were no canceled, expired or exercised Profit Interests during the years ended December 31, 2022 and 2020. For the years ended December 31, 2022, 2021 and 2020, we recognized stock compensation expense related to the Profit Interests of $83,000, $8,801,000 and $(1,342,000), respectively. One of our consolidated subsidiaries issued non-voting preferred shares of beneficial interests to qualified investors for total proceeds of $125,000. These preferred shares of beneficial interests are entitled to receive cumulative preferential cash dividends at the rate of 12.5% per annum. We classify the value of the subsidiary’s preferred shares of beneficial interests as noncontrolling interests in our accompanying consolidated balance sheets and the dividends of the preferred shares of beneficial interests in net income or loss attributable to noncontrolling interests in our accompanying consolidated statements of operations and comprehensive income (loss). As of both December 31, 2022 and 2021, we owned an 86.0% interest in a consolidated limited liability company that owns Lakeview IN Medical Plaza. As such, 14.0% of the net earnings of Lakeview IN Medical Plaza were allocated to noncontrolling interests in our accompanying consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2022, 2021 and 2020. As of both December 31, 2022 and 2021, we owned a 90.6% membership interest in a consolidated limited liability company that owns Southlake TX Hospital. On April 7, 2020, we sold a 9.4% membership interest in a consolidated limited liability company that owns Southlake TX Hospital to an unaffiliated third party for a contract purchase price of $11,000,000. For the year ended December 31, 2020, our former advisor agreed to waive the $220,000 disposition fee that may have otherwise been due to our former advisor pursuant to the Advisory Agreement. As such, 9.4% of the net earnings of Southlake TX Hospital were allocated to noncontrolling interests in our accompanying consolidated statements of operations and comprehensive income (loss) since April 7, 2020. Upon consummation of the Merger, through our operating partnership, we acquired an approximate 90.0% interest in a joint venture that owns the Louisiana Senior Housing Portfolio. As such, 10.0% of the net earnings of the joint venture were allocated to noncontrolling interests in our accompanying consolidated statements of operations and comprehensive income (loss) since October 1, 2021. As discussed in Note 1, Organization and Description of Business, as a result of the Merger and the AHI Acquisition, as of December 31, 2022 and 2021, we, through our direct and indirect subsidiaries, own an approximately 95.0% and 94.9% general partnership interest, respectively, in our operating partnership and the remaining approximate 5.0% and 5.1% limited partnership interests, respectively, in our operating partnership are owned by the NewCo Sellers. As of December 31, 2022 and 2021, approximately 4.0% and 4.1% of our total operating partnership units outstanding, respectively, is presented in total equity in our accompanying consolidated balance sheets. See Note 13, Redeemable Noncontrolling Interests, for a further discussion. Equity Compensation Plans GAHR III 2013 Incentive Plan Prior to the REIT Merger, GAHR III adopted the Griffin-American Healthcare REIT III, Inc. Incentive Plan, or the 2013 Incentive Plan, pursuant to which its board, or a committee of its independent directors, could grant options, shares of our common stock, stock purchase rights, stock appreciation rights or other awards to its independent directors, employees and consultants. The maximum number of shares of common stock that could have been issued pursuant to the 2013 Incentive Plan was 463,300 shares. Under the 2013 Incentive Plan, GAHR III granted an aggregate of 33,750 shares of its restricted common stock, or I RSAs as defined below, which is equal to 31,273 shares of restricted Class I common stock, using the conversion ratio of 0.9266 shares of GAHR IV Class I common stock for each share of GAHR III restricted common stock, as determined in the Merger. Such restricted shares vest as to 20.0% of the shares on the date of grant and on each anniversary thereafter over four years from the date of grant, and are subject to continuous service through the vesting dates. For the year ended December 31, 2020, under the 2013 Incentive Plan, GAHR III granted an aggregate of 1,737 I RSAs at a weighted average grant date fair value of $40.58 per share to its independent directors in connection with their re-election to its board. As of the Merger date, 4,170 shares such I RSAs remained unvested with a weighted average grant date fair value of $40.38. For the year ended December 31, 2020, GAHR III recognized stock compensation expense related to its independent director grants of $155,000. AHR 2015 Incentive Plan Upon consummation of the Merger, we adopted the Amended and Restated 2015 Incentive Plan, or the AHR Incentive Plan, pursuant to which our board (with respect to options and restricted shares of common stock granted to independent directors), or our compensation committee (with respect to any other award), may make grants of options, restricted shares of common stock, stock purchase rights, stock appreciation rights or other awards to our independent directors, officers, employees and consultants. The maximum number of shares of our common stock that may be issued pursuant to the AHR Incentive Plan is 1,000,000 shares. Restricted common stock Pursuant to the AHR Incentive Plan, through December 31, 2022, we granted an aggregate of 289,303 shares of our restricted common stock, or RSAs. Shares of our restricted common stock include restricted Class T common stock, or T RSAs, and restricted Class I common stock, or I RSAs. RSAs were granted to our independent directors in connection with their initial election or re-election to our board or in consideration of their past services rendered. In addition, certain executive officers and key employees received grants of T RSAs, as defined in the AHR Incentive Plan. RSAs generally have a vesting period ranging from one Restricted stock units Pursuant to the AHR Incentive Plan, through December 31, 2022, we granted to our executive officers an aggregate 29,352 of performance-based restricted stock units, or PBUs, representing the right to receive shares of our Class T common stock upon vesting. We also granted to certain employees 19,200 time-based restricted stock units, or TBUs, representing the right to receive shares of our Class T common stock upon vesting. PBUs and TBUs are collectively referred to as RSUs. RSUs granted to executive officers and employees, generally have a vesting period of up to three years and are subject to continuous service through the vesting dates, and any performance conditions, as applicable. A summary of the status of our nonvested RSAs and RSUs as of December 31, 2022 and 2021 and the changes for the year ended December 31, 2022 is presented below: Number of Weighted Number of Weighted Balance — December 31, 2021 222,886 $ 36.99 — $ — Granted 18,689 37.16 60,077 37.16 Vested (58,335) 37.14 — — Forfeited — — (11,524) 37.16 Balance — December 31, 2022 183,240 $ 36.97 48,553 $ 37.16 For the years ended December 31, 2022 and 2021, pursuant to the AHR Incentive Plan, we granted 18,689 and 213,091 shares of our restricted common stock, respectively, at a weighted average grant date fair value of $37.16 and $36.88 per share, respectively, to our executives and to our independent directors in connection with their election or re-election to our board. For the years ended December 31, 2022 and 2021, we recognized stock compensation expense related to awards granted pursuant to the AHR Incentive Plan of $3,935,000 and $816,000, respectively, based on the grant date fair value, which is equal to the most recently published estimated per share NAV. As of December 31, 2022 and 2021, there was $6,888,000 and $7,233,000, respectively, of total unrecognized compensation expense, net of estimated forfeitures, related to nonvested RSAs and RSUs. As of December 31, 2022, this expense is expected to be recognized over a remaining weighted average period of 1.9 years. In addition, in October 2022, we repurchased 11,679 shares of our common stock, for an aggregate of $434,000, at a repurchase price of $37.16 per share in order to satisfy minimum statutory withholding tax obligations associated with the vesting of restricted stock awards issued pursuant to the AHR Incentive Plan. Stockholder Servicing Fee Upon consummation of the Merger, we assumed GAHR IV's obligations related to stockholder servicing fees. Such fees are paid quarterly with respect to our Class T shares sold in GAHR IV's initial public offering as additional compensation to participating broker-dealers. No stockholder servicing fee is paid with respect to Class I shares or shares of our common stock sold pursuant to our DRIP Offerings. The stockholder servicing fee accrued daily in an amount equal to 1/365th of 1.0% of the purchase price per share of our Class T shares sold in the primary portion of GAHR IV's public offering. We will cease paying the stockholder servicing fee upon the occurrence of certain defined events, such as our redemption of such Class T shares. By agreement with participating broker-dealers, such stockholder servicing fee may have been reduced or limited. Following the termination of GAHR IV’s public offering on February 15, 2019, we no longer incur additional stockholder servicing fees. As of December 31, 2022 and 2021, we accrued $339,000 and $1,583,000, respectively, in connection with the stockholder servicing fee payable, which is included in accounts payable and accrued liabilities in our accompanying consolidated balance sheet. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 15. Related Party Transactions Fees and Expenses Paid to Affiliates Prior to the closing of the AHI Acquisition, our former advisor used 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 former advisor performed its duties and responsibilities under the Advisory Agreement as our fiduciary. Until September 30, 2021, all of our executive officers were officers of our former advisor and officers, limited partners and/or members of one of our former co-sponsors and other affiliates of our former advisor. On December 20, 2021, the Advisory Agreement was assigned to NewCo and as a result, any fees that would have otherwise been payable to our former advisor are no longer being paid to a third party. Following the consummation of the Merger in October 2021, we became self-managed and as a result we no longer incur any fees or expense reimbursements to our former advisor and its affiliates arising from the Advisory Agreement. We did not incur any fees and expenses to our third-party affiliates for the year ended December 31, 2022. Fees and expenses incurred to our former advisor or its affiliates for the years ended December 31, 2021 and 2020 were as follows: Years Ended December 31, 2021 2020 Asset management fees(1) $ 16,187,000 $ 20,693,000 Property management fees(2) 1,993,000 2,632,000 Acquisition fees(3) 1,363,000 480,000 Development fees(4) 856,000 1,073,000 Lease fees(5) 410,000 579,000 Operating expenses(6) 160,000 235,000 Construction management fees(7) 144,000 183,000 $ 21,113,000 $ 25,875,000 ___________ (1) Asset management fees were included in general and administrative in our accompanying consolidated statements of operations and comprehensive income (loss). (2) Property management fees were included in rental expenses or general and administrative expenses in our accompanying consolidated statements of operations and comprehensive income (loss), depending on the property type from which the fee was incurred. (3) Acquisition fees in connection with the acquisition of properties accounted for as asset acquisitions or the acquisition of real estate-related investments were capitalized as part of the associated investments in our accompanying consolidated balance sheets. (4) Development fees were capitalized as part of the associated investments in our accompanying consolidated balance sheets. (5) Lease fees were capitalized as costs of entering into new leases and included in other assets, net in our accompanying consolidated balance sheets. (6) We reimbursed our former advisor or its affiliates for operating expenses incurred in rendering services to us, subject to certain limitations. For the 12 months ended December 31, 2021 and 2020, our operating expenses did not exceed such limitations. Operating expenses were generally included in general and administrative in our accompanying consolidated statements of operations and comprehensive income (loss). (7) Construction management fees were capitalized as part of the associated asset and included in real estate investments, net in our accompanying consolidated balance sheets. Registration Rights Agreement Upon consummation of the AHI Acquisition, GAHR III and the surviving partnership entered into a registration rights agreement, or the Registration Rights Agreement, with Griffin-American Strategic Holdings, LLC, or HoldCo, pursuant to which, subject to certain limitations therein, as promptly as practicable following the later of the expiration of (i) the period commencing on the closing of the AHI Acquisition and ending upon the earliest to occur of (a) the second anniversary date of the issuance of the surviving partnership OP units issued in connection with the AHI Acquisition, (b) a change of control of Merger Sub, and (c) the listing of shares of our common stock on a national securities exchange, or the Lock-Up Period; and (ii) the date on which we are eligible to file a registration statement (but in any event no later than 180 days after such date), we, as the indirect parent company of the surviving partnership, are required to file a shelf registration statement with the SEC under the Securities Act covering the resale of the shares of our Class I common stock issued or issuable in redemption of the surviving partnership OP units that the surviving partnership issued as consideration in the AHI Acquisition. The Registration Rights Agreement also grants HoldCo (or any successor holder of such shares) demand rights to request additional registration statement filings as well as “piggyback” registration rights, in each case on or after the expiration of the Lock-Up Period. In connection with the Merger, we assumed from GAHR III the Registration Rights Agreement and GAHR III’s obligations thereunder in their entirety. Accounts Payable Due to Affiliates We did not have any amounts outstanding to our third-party affiliates as of December 31, 2022 . The following amounts were outstanding to our affiliates as of December 31, 2021: Fee Amount Lease commissions $ 245,000 Development fees 229,000 Construction management fees 152,000 Operating expenses 100,000 Asset and property management fees 83,000 Acquisition fees 57,000 $ 866,000 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 16. Fair Value Measurements Assets and Liabilities Reported at Fair Value We did not have any assets and liabilities measured at fair value on a recurring basis as of December 31, 2022. The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 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 $ — $ 500,000 $ — $ 500,000 Warrants — — 786,000 786,000 Total liabilities at fair value $ — $ 500,000 $ 786,000 $ 1,286,000 There were no transfers into and out of fair value measurement levels during the years ended December 31, 2022 and 2021. Warr ants During the fourth quarter of 2022, we redeemed all the warrants in common units held by certain members of Trilogy’s management for $678,000 in cash and as a result, we did not have any warrants outstanding as of December 31, 2022. As of December 31, 2021, we recorded $786,000 related to warrants in Trilogy common units held by certain members of Trilogy’s management, which was included in security deposits, prepaid rent and other liabilities in our accompanying consolidated balance sheets. Such warrants had redemption features similar to the common units held by members of Trilogy’s management. See Note 13, Redeemable Noncontrolling Interests, for a further discussion. As of December 31, 2021, the carrying value was a reasonable estimate of fair value. Derivative Financial Instruments On January 25, 2022, our interest rate swap contracts matured and as of December 31, 2022, we did not have any derivative financial instruments. We used interest rate swaps or interest rate caps to manage interest rate risk associated with variable-rate debt. The valuation of these instruments was determined using widely accepted valuation techniques including a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflected the contractual terms of the derivatives, including the period to maturity, and used observable market-based inputs, including interest rate curves, as well as option volatility. The fair values of interest rate swaps were determined by netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts were based on an expectation of future interest rates derived from observable market interest rate curves. We incorporated 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 considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. Although we determined that the majority of the inputs used to value our derivative financial instruments fell within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with these instruments utilized Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by us and our counterparty. However, as of December 31, 2021, we assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of our derivatives. As a result, we determined that our derivative valuations in their entirety were classified in Level 2 of the fair value hierarchy. Financial Instruments Disclosed at Fair Value Our accompanying consolidated balance sheets include the following financial instruments: debt security investment, cash and cash equivalents, restricted cash, accounts and other receivables, accounts payable and accrued liabilities, accounts payable due to affiliates, mortgage loans payable and borrowings under our lines of credit and term loans. We consider the carrying values of cash and cash equivalents, restricted cash, accounts and other receivables and accounts payable and accrued liabilities to approximate the fair value for these financial instruments based upon an evaluation of the underlying characteristics, market data and because of 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. The fair values of the other financial instruments are classified in Level 2 of the fair value hierarchy. The fair value of our debt security investment is estimated using a discounted cash flow analysis using interest rates available to us for investments with similar terms and maturities. The fair values of our mortgage loans payable and our lines of credit and term loans 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 the valuations of our debt security investment, mortgage loans payable and lines of credit and term loans are classified in Level 2 within the fair value hierarchy. The carrying amounts and estimated fair values of such financial instruments as of December 31, 2022 and 2021 were as follows: December 31, 2022 2021 Carrying Fair Carrying Fair Financial Assets: Debt security investment $ 83,000,000 $ 93,230,000 $ 79,315,000 $ 93,920,000 Financial Liabilities: Mortgage loans payable $ 1,229,847,000 $ 1,091,667,000 $ 1,095,594,000 $ 1,075,729,000 Lines of credit and term loans $ 1,277,460,000 $ 1,285,205,000 $ 1,222,853,000 $ 1,226,636,000 ___________ (1) Carrying amount is net of any discount/premium and unamortized deferred financing costs. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 17. Income Taxes As a REIT, we generally will not be subject to U.S. federal income tax on taxable income that we distribute to our stockholders. We have elected to treat certain of our consolidated subsidiaries as 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 or loss before taxes for the years ended December 31, 2022, 2021 and 2020, were as follows: December 31, 2022 2021 2020 Domestic $ (72,510,000) $ (52,001,000) $ 6,171,000 Foreign (287,000) (312,000) (386,000) (Loss) income before income taxes $ (72,797,000) $ (52,313,000) $ 5,785,000 The components of income tax benefit or expense for the years ended December 31, 2022, 2021 and 2020 were as follows: December 31, 2022 2021 2020 Federal deferred $ (8,176,000) $ (12,033,000) $ (4,818,000) State deferred (2,099,000) (2,908,000) (932,000) Federal current — — (361,000) State current — 329,000 — Foreign current 586,000 627,000 612,000 Valuation allowances 10,275,000 14,941,000 2,421,000 Total income tax expense (benefit) $ 586,000 $ 956,000 $ (3,078,000) Current Income Tax Federal and state income taxes are generally a function of the level of income recognized by our TRS. Foreign income taxes are generally a function of our income on our real estate located in the UK and Isle of Man. 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 NOL 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 December 31, 2022 and 2021, we did not have any tax benefits or liabilities for uncertain tax positions that we believe should be recognized in our accompanying consolidated financial statements. We assess the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. A valuation allowance is established if we believe it is more likely than not that all or a portion of the deferred tax assets are not realizable. As of both December 31, 2022 and 2021, our valuation allowance fully reserves the net deferred tax assets due to historical losses and inherent uncertainty of future income. We will continue to monitor industry and economic conditions, and our ability to generate taxable income based on our business plan and available tax planning strategies, which would allow us to utilize the tax benefits of the net deferred tax assets and thereby allow us to reverse all, or a portion of, our valuation allowance in the future. Any increases or decreases to the deferred income tax assets or liabilities are reflected in income tax (expense) benefit in our accompanying consolidated statements of operations and comprehensive income (loss). The components of deferred tax assets and liabilities as of December 31, 2022 and 2021 were as follows: December 31, 2022 2021 Deferred income tax assets: Fixed assets and intangibles $ 8,271,000 $ 9,870,000 Expense accruals and other 18,189,000 17,804,000 Net operating loss and other carry forwards 50,101,000 41,164,000 Reserves and accruals 7,487,000 7,375,000 Allowances for accounts receivable 2,224,000 1,951,000 Investments in unconsolidated entities — 2,611,000 Total deferred income tax assets $ 86,272,000 $ 80,775,000 Deferred income tax liabilities: Fixed assets and intangibles $ (13,626,000) $ (18,689,000) Other — temporary differences (2,676,000) (2,467,000) Total deferred income tax liabilities $ (16,302,000) $ (21,156,000) Net deferred income tax assets before valuation allowance $ 69,970,000 $ 59,619,000 Valuation allowances (69,970,000) (59,619,000) Net deferred income tax assets (liabilities) $ — $ — At December 31, 2022 and 2021, we had a NOL carryforward of $196,779,000 and $165,321,000, respectively, related to our TRS. These amounts can be used to offset future taxable income, if any. The NOL carryforwards incurred before January 1, 2018 will begin to expire starting 2035, and NOL carryforwards incurred after December 31, 2017 will be carried forward indefinitely. Tax Treatment of Distributions (Unaudited) For U.S. federal income tax purposes, distributions to stockholders are characterized as ordinary income, capital gain distributions or nontaxable distributions. Nontaxable distributions will reduce United States stockholders’ basis (but not below zero) in their shares. The income tax treatment for distributions reportable for the years ended December 31, 2022, 2021 and 2020 was as follows: Years Ended December 31, 2022 2021 2020 Ordinary income $ 40,745,000 46.5 % $ 7,989,000 26.3 % $ — — % Capital gain — — — — — — Return of capital 46,890,000 53.5 22,406,000 73.7 48,842,000 100 $ 87,635,000 100 % $ 30,395,000 100 % $ 48,842,000 100 % Amounts listed above do not include distributions paid on nonvested shares of our restricted common stock which have been separately reported. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | 18. Leases Lessor We have operating leases with tenants that expire at various dates through 2050. For the years ended December 31, 2022, 2021 and 2020, we recognized $200,526,000, $136,294,000 and $114,770,000, respectively, of revenues related to operating lease payments, of which $39,278,000 and $23,340,000, $18,452,000, respectively, was for variable lease payments. As of December 31, 2022, the following table sets forth the undiscounted cash flows for future minimum base rents due under operating leases for each of the next five years ending December 31 and thereafter for properties that we wholly own: Year Amount 2023 $ 152,100,000 2024 143,219,000 2025 130,134,000 2026 119,280,000 2027 113,207,000 Thereafter 577,498,000 Total $ 1,235,438,000 Lessee We lease certain land, buildings, furniture, fixtures, campus equipment, office equipment and automobiles. We have lease agreements with lease and non-lease components, which are generally accounted for separately. Most leases include one or more options to renew, with renewal terms that generally can extend at various dates through 2107, excluding extension options. The exercise of lease renewal options is at our sole discretion. Certain leases also include options to purchase the leased property. As of December 31, 2022, we had future lease payments of $144,000 for an operating lease that had not yet commenced. Such operating lease will commence in fiscal year 2023 with a lease term of 8 years. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. 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 also 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. The components of lease costs were as follows: Years Ended December 31, Lease Cost Classification 2022 2021 2020 Operating lease cost(1) Property operating expenses, rental expenses or general and administrative expenses $ 30,566,000 $ 23,774,000 $ 32,441,000 Finance lease cost Amortization of leased assets Depreciation and amortization 1,249,000 1,447,000 1,891,000 Interest on lease liabilities Interest expense 261,000 384,000 609,000 Sublease income Resident fees and services revenue or other income (693,000) (210,000) — Total lease cost $ 31,383,000 $ 25,395,000 $ 34,941,000 ___________ (1) Includes short-term leases and variable lease costs, which are immaterial. Additional information related to our leases for the periods presented below was as follows: December 31, Lease Term and Discount Rate 2022 2021 2020 Weighted average remaining lease term (in years) Operating leases 12.8 16.9 13.3 Finance leases 2.3 3.6 1.3 Weighted average discount rate Operating leases 5.69 % 5.52 % 5.77 % Finance leases 7.66 % 7.68 % 5.62 % Years Ended December 31, Supplemental Disclosure of Cash Flows Information 2022 2021 2020 Operating cash outflows related to finance leases $ 262,000 $ 384,000 $ 609,000 Financing cash outflows related to finance leases $ 54,000 $ 170,000 $ 1,235,000 Right-of-use assets obtained in exchange for operating lease liabilities $ 173,832,000 $ 29,523,000 $ 14,302,000 Operating Leases As of December 31, 2022, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for each of the next five years ending December 31 and thereafter, as well as the reconciliation of those cash flows to operating lease liabilities on our accompanying consolidated balance sheet: Year Amount 2023 $ 38,163,000 2024 37,621,000 2025 37,004,000 2026 37,044,000 2027 37,673,000 Thereafter 228,550,000 Total undiscounted operating lease payments 416,055,000 Less: interest 142,980,000 Present value of operating lease liabilities $ 273,075,000 Finance Leases As of December 31, 2022, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for each of the next five years ending December 31 and thereafter, as well as a reconciliation of those cash flows to finance lease liabilities: Year Amount 2023 $ 61,000 2024 75,000 2025 31,000 2026 — 2027 — Thereafter — Total undiscounted finance lease payments 167,000 Less: interest 17,000 Present value of finance lease liabilities $ 150,000 |
Leases | 18. Leases Lessor We have operating leases with tenants that expire at various dates through 2050. For the years ended December 31, 2022, 2021 and 2020, we recognized $200,526,000, $136,294,000 and $114,770,000, respectively, of revenues related to operating lease payments, of which $39,278,000 and $23,340,000, $18,452,000, respectively, was for variable lease payments. As of December 31, 2022, the following table sets forth the undiscounted cash flows for future minimum base rents due under operating leases for each of the next five years ending December 31 and thereafter for properties that we wholly own: Year Amount 2023 $ 152,100,000 2024 143,219,000 2025 130,134,000 2026 119,280,000 2027 113,207,000 Thereafter 577,498,000 Total $ 1,235,438,000 Lessee We lease certain land, buildings, furniture, fixtures, campus equipment, office equipment and automobiles. We have lease agreements with lease and non-lease components, which are generally accounted for separately. Most leases include one or more options to renew, with renewal terms that generally can extend at various dates through 2107, excluding extension options. The exercise of lease renewal options is at our sole discretion. Certain leases also include options to purchase the leased property. As of December 31, 2022, we had future lease payments of $144,000 for an operating lease that had not yet commenced. Such operating lease will commence in fiscal year 2023 with a lease term of 8 years. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. 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 also 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. The components of lease costs were as follows: Years Ended December 31, Lease Cost Classification 2022 2021 2020 Operating lease cost(1) Property operating expenses, rental expenses or general and administrative expenses $ 30,566,000 $ 23,774,000 $ 32,441,000 Finance lease cost Amortization of leased assets Depreciation and amortization 1,249,000 1,447,000 1,891,000 Interest on lease liabilities Interest expense 261,000 384,000 609,000 Sublease income Resident fees and services revenue or other income (693,000) (210,000) — Total lease cost $ 31,383,000 $ 25,395,000 $ 34,941,000 ___________ (1) Includes short-term leases and variable lease costs, which are immaterial. Additional information related to our leases for the periods presented below was as follows: December 31, Lease Term and Discount Rate 2022 2021 2020 Weighted average remaining lease term (in years) Operating leases 12.8 16.9 13.3 Finance leases 2.3 3.6 1.3 Weighted average discount rate Operating leases 5.69 % 5.52 % 5.77 % Finance leases 7.66 % 7.68 % 5.62 % Years Ended December 31, Supplemental Disclosure of Cash Flows Information 2022 2021 2020 Operating cash outflows related to finance leases $ 262,000 $ 384,000 $ 609,000 Financing cash outflows related to finance leases $ 54,000 $ 170,000 $ 1,235,000 Right-of-use assets obtained in exchange for operating lease liabilities $ 173,832,000 $ 29,523,000 $ 14,302,000 Operating Leases As of December 31, 2022, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for each of the next five years ending December 31 and thereafter, as well as the reconciliation of those cash flows to operating lease liabilities on our accompanying consolidated balance sheet: Year Amount 2023 $ 38,163,000 2024 37,621,000 2025 37,004,000 2026 37,044,000 2027 37,673,000 Thereafter 228,550,000 Total undiscounted operating lease payments 416,055,000 Less: interest 142,980,000 Present value of operating lease liabilities $ 273,075,000 Finance Leases As of December 31, 2022, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for each of the next five years ending December 31 and thereafter, as well as a reconciliation of those cash flows to finance lease liabilities: Year Amount 2023 $ 61,000 2024 75,000 2025 31,000 2026 — 2027 — Thereafter — Total undiscounted finance lease payments 167,000 Less: interest 17,000 Present value of finance lease liabilities $ 150,000 |
Leases | 18. Leases Lessor We have operating leases with tenants that expire at various dates through 2050. For the years ended December 31, 2022, 2021 and 2020, we recognized $200,526,000, $136,294,000 and $114,770,000, respectively, of revenues related to operating lease payments, of which $39,278,000 and $23,340,000, $18,452,000, respectively, was for variable lease payments. As of December 31, 2022, the following table sets forth the undiscounted cash flows for future minimum base rents due under operating leases for each of the next five years ending December 31 and thereafter for properties that we wholly own: Year Amount 2023 $ 152,100,000 2024 143,219,000 2025 130,134,000 2026 119,280,000 2027 113,207,000 Thereafter 577,498,000 Total $ 1,235,438,000 Lessee We lease certain land, buildings, furniture, fixtures, campus equipment, office equipment and automobiles. We have lease agreements with lease and non-lease components, which are generally accounted for separately. Most leases include one or more options to renew, with renewal terms that generally can extend at various dates through 2107, excluding extension options. The exercise of lease renewal options is at our sole discretion. Certain leases also include options to purchase the leased property. As of December 31, 2022, we had future lease payments of $144,000 for an operating lease that had not yet commenced. Such operating lease will commence in fiscal year 2023 with a lease term of 8 years. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. 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 also 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. The components of lease costs were as follows: Years Ended December 31, Lease Cost Classification 2022 2021 2020 Operating lease cost(1) Property operating expenses, rental expenses or general and administrative expenses $ 30,566,000 $ 23,774,000 $ 32,441,000 Finance lease cost Amortization of leased assets Depreciation and amortization 1,249,000 1,447,000 1,891,000 Interest on lease liabilities Interest expense 261,000 384,000 609,000 Sublease income Resident fees and services revenue or other income (693,000) (210,000) — Total lease cost $ 31,383,000 $ 25,395,000 $ 34,941,000 ___________ (1) Includes short-term leases and variable lease costs, which are immaterial. Additional information related to our leases for the periods presented below was as follows: December 31, Lease Term and Discount Rate 2022 2021 2020 Weighted average remaining lease term (in years) Operating leases 12.8 16.9 13.3 Finance leases 2.3 3.6 1.3 Weighted average discount rate Operating leases 5.69 % 5.52 % 5.77 % Finance leases 7.66 % 7.68 % 5.62 % Years Ended December 31, Supplemental Disclosure of Cash Flows Information 2022 2021 2020 Operating cash outflows related to finance leases $ 262,000 $ 384,000 $ 609,000 Financing cash outflows related to finance leases $ 54,000 $ 170,000 $ 1,235,000 Right-of-use assets obtained in exchange for operating lease liabilities $ 173,832,000 $ 29,523,000 $ 14,302,000 Operating Leases As of December 31, 2022, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for each of the next five years ending December 31 and thereafter, as well as the reconciliation of those cash flows to operating lease liabilities on our accompanying consolidated balance sheet: Year Amount 2023 $ 38,163,000 2024 37,621,000 2025 37,004,000 2026 37,044,000 2027 37,673,000 Thereafter 228,550,000 Total undiscounted operating lease payments 416,055,000 Less: interest 142,980,000 Present value of operating lease liabilities $ 273,075,000 Finance Leases As of December 31, 2022, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for each of the next five years ending December 31 and thereafter, as well as a reconciliation of those cash flows to finance lease liabilities: Year Amount 2023 $ 61,000 2024 75,000 2025 31,000 2026 — 2027 — Thereafter — Total undiscounted finance lease payments 167,000 Less: interest 17,000 Present value of finance lease liabilities $ 150,000 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure | 19. Segment Reporting As of December 31, 2022, we evaluated our business and made resource allocations based on six reportable business segments: integrated senior health campuses, MOBs, SNFs, SHOP, senior housing — leased and hospitals. Our MOBs 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 integrated senior health campuses include a range of independent living, assisted living, memory care, skilled nursing services and certain ancillary businesses that are owned and operated utilizing a RIDEA structure. Our skilled nursing and senior housing facilities are 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. In addition, our senior housing — leased segment includes our debt security investment. Our hospital investments are similarly structured to our leased skilled nursing and senior housing facilities. Our SHOP segment includes senior housing facilities that are owned and operated utilizing a RIDEA structure. While we believe that net income (loss), as defined by GAAP, is the most appropriate earnings measurement, we evaluate our segments’ performance based upon segment net operating income, or NOI. We define segment NOI as total revenues and grant income, less property operating expenses and rental expenses, which excludes depreciation and amortization, general and administrative expenses, business acquisition expenses, interest expense, gain or loss on dispositions of real estate investments, impairment of real estate investments, impairment of goodwill, income or loss from unconsolidated entities, gain on re-measurement of previously held equity interest, foreign currency gain or loss, other income and income tax benefit or expense for each segment. 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 cash and cash equivalents, other receivables, deferred financing costs and other assets not attributable to individual properties. Effective upon the Merger, we acquired 92 buildings, or approximately 4,799,000 square feet of GLA, which expanded our portfolio of real estate properties and SHOP within the segments as outlined above. Summary information for the reportable segments during the years ended December 31, 2022, 2021 and 2020 was as follows: Integrated SHOP MOBs Senior SNFs Hospitals Year Ended December 31, 2022 Revenues and grant income: Resident fees and services $ 1,254,665,000 $ 157,491,000 $ — $ — $ — $ — $ 1,412,156,000 Real estate revenue — — 148,717,000 20,802,000 26,159,000 9,666,000 205,344,000 Grant income 24,820,000 855,000 — — — — 25,675,000 Total revenues and grant income 1,279,485,000 158,346,000 148,717,000 20,802,000 26,159,000 9,666,000 1,643,175,000 Expenses: Property operating expenses 1,133,480,000 148,046,000 — — — — 1,281,526,000 Rental expenses — — 56,390,000 682,000 2,179,000 433,000 59,684,000 Segment net operating income $ 146,005,000 $ 10,300,000 $ 92,327,000 $ 20,120,000 $ 23,980,000 $ 9,233,000 $ 301,965,000 Expenses: General and administrative $ 43,418,000 Business acquisition expenses 4,388,000 Depreciation and amortization 167,957,000 Other income (expense): Interest expense: Interest expense (including amortization of deferred financing costs, debt discount/premium and loss on debt extinguishments) (105,956,000) Gain in fair value of derivative financial instruments 500,000 Gain on dispositions of real estate investments 5,481,000 Impairment of real estate investments (54,579,000) Impairment of goodwill (23,277,000) Income from unconsolidated entities 1,407,000 Gain on re-measurement of previously held equity interest 19,567,000 Foreign currency loss (5,206,000) Other income 3,064,000 Total net other expense (158,999,000) Loss before income taxes (72,797,000) Income tax expense (586,000) Net loss $ (73,383,000) Integrated SHOP MOBs Senior SNFs Hospitals Year Ended December 31, 2021 Revenues and grant income: Resident fees and services $ 1,025,699,000 $ 98,236,000 $ — $ — $ — $ — $ 1,123,935,000 Real estate revenue — — 97,297,000 16,530,000 17,309,000 10,232,000 141,368,000 Grant income 13,911,000 3,040,000 — — — — 16,951,000 Total revenues and grant income 1,039,610,000 101,276,000 97,297,000 16,530,000 17,309,000 10,232,000 1,282,254,000 Expenses: Property operating expenses 943,743,000 86,450,000 — — — — 1,030,193,000 Rental expenses — — 36,375,000 366,000 1,507,000 477,000 38,725,000 Segment net operating income $ 95,867,000 $ 14,826,000 $ 60,922,000 $ 16,164,000 $ 15,802,000 $ 9,755,000 $ 213,336,000 Expenses: General and administrative $ 43,199,000 Business acquisition expenses 13,022,000 Depreciation and amortization 133,191,000 Other income (expense): Interest expense: Interest expense (including amortization of deferred financing costs, debt discount/premium and loss on debt extinguishments) (80,937,000) Gain in fair value of derivative financial instruments 8,200,000 Loss on dispositions of real estate investments (100,000) Impairment of real estate investments (3,335,000) Loss from unconsolidated entities (1,355,000) Foreign currency loss (564,000) Other income 1,854,000 Total net other expense (76,237,000) Loss before income taxes (52,313,000) Income tax expense (956,000) Net loss $ (53,269,000) Integrated SHOP MOBs Senior SNFs Hospitals Year Ended December 31, 2020 Revenues and grant income: Resident fees and services $ 983,169,000 $ 85,904,000 $ — $ — $ — $ — $ 1,069,073,000 Real estate revenue — — 78,424,000 14,524,000 16,107,000 10,992,000 120,047,000 Grant income 53,855,000 1,326,000 55,181,000 Total revenues and grant income 1,037,024,000 87,230,000 78,424,000 14,524,000 16,107,000 10,992,000 1,244,301,000 Expenses: Property operating expenses 929,897,000 63,830,000 — — — — 993,727,000 Rental expenses — — 30,216,000 64,000 1,572,000 446,000 32,298,000 Segment net operating income $ 107,127,000 $ 23,400,000 $ 48,208,000 $ 14,460,000 $ 14,535,000 $ 10,546,000 $ 218,276,000 Expenses: General and administrative $ 27,007,000 Business acquisition expenses 290,000 Depreciation and amortization 98,858,000 Other income (expense): Interest expense: Interest expense (including amortization of deferred financing costs and debt discount/premium) (71,278,000) Loss in fair value of derivative financial instruments (3,906,000) Gain on dispositions of real estate investments 1,395,000 Impairment of real estate investment (11,069,000) Loss from unconsolidated entities (4,517,000) Foreign currency gain 1,469,000 Other income 1,570,000 Total net other expense (86,336,000) Income before income taxes 5,785,000 Income tax benefit 3,078,000 Net income $ 8,863,000 Total assets by reportable segment as of December 31, 2022 and 2021 were as follows: December 31, 2022 2021 Integrated senior health campuses $ 2,157,748,000 $ 1,896,608,000 MOBs 1,379,502,000 1,412,247,000 SHOP 635,190,000 625,164,000 Senior housing — leased 249,576,000 255,555,000 SNFs 245,717,000 252,869,000 Hospitals 106,067,000 109,834,000 Other 12,898,000 28,062,000 Total assets $ 4,786,698,000 $ 4,580,339,000 As of and for the years ended December 31, 2022 and 2021, goodwill by reportable segment was as follows: Integrated MOBs SHOP SNFs Senior Hospitals Total Balance — December 31, 2020 $ 75,309,000 $ — $ — $ — $ — $ — $ 75,309,000 Goodwill acquired 44,547,000 47,812,000 23,277,000 8,640,000 5,924,000 4,389,000 134,589,000 Balance — December 31, 2021 $ 119,856,000 $ 47,812,000 $ 23,277,000 $ 8,640,000 $ 5,924,000 $ 4,389,000 $ 209,898,000 Goodwill acquired 44,990,000 — — — — — 44,990,000 Impairment loss — — (23,277,000) — — — (23,277,000) Balance — December 31, 2022 $ 164,846,000 $ 47,812,000 $ — $ 8,640,000 $ 5,924,000 $ 4,389,000 $ 231,611,000 See Note 4, Business Combinations, for a further discussion of goodwill recognized in connection with our business combinations. In connection with our annual assessments of goodwill, we performed the quantitative step one test of the goodwill impairment guidance for each of our reporting units. The fair value of each reporting unit was determined based on various methodologies, including the income approach and the market approach models. We determined that the fair value of the reporting unit under the SHOP reporting segment compared to its carrying value, including goodwill, was lower than its carrying value. As a result, goodwill pertaining to our SHOP reporting segment was fully impaired and we recognized an impairment loss of $23,277,000 in our accompanying consolidated statements of operations and comprehensive income (loss). Therefore, as of December 31, 2022, we did not have any remaining goodwill associated with our SHOP reporting segment. Our portfolio of properties and other investments are located in the United States, the UK and Isle of Man. Revenues and grant income and assets are attributed to the country in which the property is physically located. The following is a summary of geographic information for our operations for the periods presented: Years Ended December 31, 2022 2021 2020 Revenues and grant income: United States $ 1,638,557,000 $ 1,277,095,000 $ 1,239,509,000 International 4,618,000 5,159,000 4,792,000 $ 1,643,175,000 $ 1,282,254,000 $ 1,244,301,000 The following is a summary of real estate investments, net by geographic regions as of December 31, 2022 and 2021: December 31, 2022 2021 Real estate investments, net: United States $ 3,539,453,000 $ 3,466,019,000 International 42,156,000 48,667,000 $ 3,581,609,000 $ 3,514,686,000 |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | 20. Concentration of Credit Risk Financial instruments that potentially subject us to a concentration of credit risk are primarily our debt security investment, cash and cash equivalents, restricted cash and accounts and other receivables. We are exposed to credit risk with respect to our debt security investment, but we believe collection of the outstanding amount is probable. Cash and cash equivalents are generally invested in investment-grade, short-term instruments with a maturity of three months or less when purchased. We have cash and cash equivalents in financial institutions that are insured by the Federal Deposit Insurance Corporation, or FDIC. As of December 31, 2022 and 2021, 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 and residents is limited. We perform credit evaluations of prospective tenants and security deposits are obtained at the time of property acquisition and upon lease execution. |
Per Share Data
Per Share Data | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Per Share Data | 21. 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 $5,967,000, $1,440,000 and $9,000, respectively, for the years ended December 31, 2022, 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. TBUs, nonvested shares of our RSAs and limited partnership units of our operating partnership are participating securities and give rise to potentially dilutive shares of our common stock. As of December 31, 2022 and 2021, there were 183,240 and 891,543 nonvested shares, respectively, of our RSAs 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 both December 31, 2022 and 2021, there were 3,501,976 limited partnership units of our operating partnership outstanding, but such units were also excluded from the computation of diluted earnings per share because such units were anti-dilutive during these periods. As of December 31, 2022, there were 19,200 nonvested TBUs outstanding, which were granted on April 1, 2022, but such units were excluded from the computation of diluted earnings (loss) per share because such restricted stock units were anti-dilutive during the period. As of December 31, 2022, there were 29,352 nonvested PBUs outstanding, of which 28,301 were awarded in October 2021 and 1,051 were awarded in August 2022, with a grant date in April 2022 and August 2022, respectively, which were treated as contingently issuable shares pursuant to ASC Topic 718, Compensation — Stock Compensation . Such contingently issuable shares were excluded from the computation of diluted earnings (loss) per share because they were anti-dilutive during the period. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 22. Subsequent Events Interest Rate Swap We, through our operating partnership, entered into an interest rate swap transaction, or the Swap, with Fifth Third Financial Risk Solutions, a division of Fifth Third Bank, an Ohio banking corporation, or Fifth Third, with an effective date of February 1, 2023 and a maturity date of January 19, 2026. We entered into the Swap to mitigate the risk associated with $275,000,000 of our floating rate term loan (without incurring substantial prepayment penalties or defeasance costs typically associated with fixed-rate indebtedness) under our existing 2022 Credit Facility. Beginning on March 1, 2023, we are required to make monthly fixed-rate payments at a rate of 3.74% while the counterparty is obligated to make monthly floating rate payments based on Term SOFR, as defined in the swap agreement. 2022 Credit Agreement Amendment On March 1, 2023, we entered into an amendment to the 2022 Credit Agreement, or the Credit Amendment. The material terms of the Credit Amendment provided for revisions to certain financial covenants for a limited period of time. Except as modified by the terms of the Credit Amendment, the material terms of the 2022 Credit Agreement remain in full force and effect. Distributions Declared |
Schedule III Real Estate and Ac
Schedule III Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III Real Estate and Accumulated Depreciation | Initial Cost to Company Gross Amount of Which Carried at Close of Period(f) Description(a) Encumbrances Land Buildings and Cost Land Buildings and Total(e) Accumulated Date of Date DeKalb Professional Center (Medical Office) Lithonia, GA $ — $ 479,000 $ 2,871,000 $ 355,000 $ 479,000 $ 3,226,000 $ 3,705,000 $ (921,000) 2008 06/06/14 Country Club MOB (Medical Office) Stockbridge, GA — 240,000 2,306,000 542,000 240,000 2,848,000 3,088,000 (842,000) 2002 06/26/14 Acworth Medical Complex (Medical Office) Acworth, GA — 216,000 3,135,000 211,000 216,000 3,346,000 3,562,000 (843,000) 1976/2009 07/02/14 Acworth, GA — 250,000 2,214,000 187,000 250,000 2,401,000 2,651,000 (613,000) 1976/2009 07/02/14 Acworth, GA — 104,000 774,000 54,000 104,000 828,000 932,000 (251,000) 1976/2009 07/02/14 Wichita KS MOB (Medical Office) Wichita, KS — 943,000 6,288,000 662,000 943,000 6,950,000 7,893,000 (2,055,000) 1980/1996 09/04/14 Delta Valley ALF Portfolio (SHOP) Batesville, MS — 331,000 5,103,000 (489,000) 331,000 4,614,000 4,945,000 (1,132,000) 1999/2005 09/11/14 Cleveland, MS — 348,000 6,369,000 (953,000) 348,000 5,416,000 5,764,000 (1,316,000) 2004 09/11/14 Springdale, AR — 891,000 6,538,000 (769,000) 891,000 5,769,000 6,660,000 (1,337,000) 1998/2005 01/08/15 Lee’s Summit MO MOB (Medical Office) Lee’s Summit, MO — 1,045,000 5,068,000 962,000 1,045,000 6,030,000 7,075,000 (1,998,000) 2006 09/18/14 Carolina Commons MOB (Medical Office) Indian Land, SC — 1,028,000 9,430,000 4,379,000 1,028,000 13,809,000 14,837,000 (3,594,000) 2009 10/15/14 Mount Olympia MOB Portfolio (Medical Office) Mount Dora, FL — 393,000 5,633,000 — 393,000 5,633,000 6,026,000 (1,403,000) 2009 12/04/14 Olympia Fields, IL — 298,000 2,726,000 92,000 298,000 2,818,000 3,116,000 (778,000) 2005 12/04/14 Southlake TX Hospital (Hospital) Southlake, TX 94,328,000 5,089,000 108,517,000 — 5,089,000 108,517,000 113,606,000 (23,515,000) 2013 12/04/14 East Texas MOB Portfolio (Medical Office) Longview, TX — — 19,942,000 9,079,000 — 29,021,000 29,021,000 (5,405,000) 2008 12/12/14 Longview, TX — 228,000 965,000 187,000 228,000 1,152,000 1,380,000 (404,000) 1979/1997 12/12/14 Longview, TX — 759,000 1,696,000 98,000 759,000 1,794,000 2,553,000 (806,000) 1998 12/12/14 Longview, TX — — 8,027,000 — — 8,027,000 8,027,000 (2,215,000) 2004 12/12/14 Longview, TX — — 696,000 40,000 — 736,000 736,000 (302,000) 1956 12/12/14 Longview, TX — — 27,601,000 5,373,000 — 32,974,000 32,974,000 (9,081,000) 1985/1993/ 2004 12/12/14 Marshall, TX — 368,000 1,711,000 110,000 368,000 1,821,000 2,189,000 (780,000) 1970 12/12/14 Premier MOB (Medical Office) Novi, MI — 644,000 10,420,000 1,446,000 644,000 11,866,000 12,510,000 (3,367,000) 2006 12/19/14 Initial Cost to Company Gross Amount of Which Carried at Close of Period(f) Description(a) Encumbrances Land Buildings and Cost Land Buildings and Total(e) Accumulated Date of Date Independence MOB Portfolio (Medical Office) Southgate, KY $ — $ 411,000 $ 11,005,000 $ 2,436,000 $ 411,000 $ 13,441,000 $ 13,852,000 $ (3,561,000) 1988 01/13/15 Somerville, MA 29,116,000 1,509,000 46,775,000 6,328,000 1,509,000 53,103,000 54,612,000 (11,202,000) 1985 01/13/15 Morristown, NJ 27,209,000 3,763,000 26,957,000 5,158,000 3,764,000 32,114,000 35,878,000 (8,864,000) 1980 01/13/15 Verona, NJ — 1,683,000 9,405,000 1,969,000 1,683,000 11,374,000 13,057,000 (2,741,000) 1970 01/13/15 Bronx, NY — — 19,593,000 3,253,000 — 22,846,000 22,846,000 (5,262,000) 1987/1988 01/26/15 King of Prussia PA MOB (Medical Office) King of Prussia, PA — 3,427,000 13,849,000 6,550,000 3,427,000 20,399,000 23,826,000 (6,167,000) 1946/2000 01/21/15 North Carolina ALF Portfolio (SHOP) Clemmons, NC — 596,000 13,237,000 (513,000) 596,000 12,724,000 13,320,000 (2,880,000) 2014 06/29/15 Garner, NC — 1,723,000 11,517,000 89,000 1,723,000 11,606,000 13,329,000 (1,558,000) 2014 03/27/19 Huntersville, NC — 2,033,000 11,494,000 (45,000) 2,033,000 11,449,000 13,482,000 (2,177,000) 2015 01/18/17 Matthews, NC — 949,000 12,537,000 (108,000) 949,000 12,429,000 13,378,000 (1,815,000) 2017 08/30/18 Mooresville, NC — 835,000 15,894,000 (571,000) 835,000 15,323,000 16,158,000 (3,469,000) 2012 01/28/15 Raleigh, NC — 1,069,000 21,235,000 (580,000) 1,069,000 20,655,000 21,724,000 (4,439,000) 2013 01/28/15 Wake Forest, NC — 772,000 13,596,000 (688,000) 772,000 12,908,000 13,680,000 (2,747,000) 2014 06/29/15 Orange Star Medical Portfolio (Medical Office and Hospital) Durango, CO — 623,000 14,166,000 433,000 623,000 14,599,000 15,222,000 (3,245,000) 2004 02/26/15 Durango, CO — 788,000 10,467,000 1,063,000 788,000 11,530,000 12,318,000 (2,653,000) 2004 02/26/15 Friendswood, TX — 500,000 7,664,000 944,000 500,000 8,608,000 9,108,000 (2,027,000) 2008 02/26/15 Keller, TX — 1,604,000 7,912,000 609,000 1,604,000 8,521,000 10,125,000 (2,114,000) 2011 02/26/15 Wharton, TX — 259,000 10,590,000 1,366,000 259,000 11,956,000 12,215,000 (2,532,000) 1987 02/26/15 Kingwood MOB Portfolio (Medical Office) Kingwood, TX — 820,000 8,589,000 463,000 820,000 9,052,000 9,872,000 (2,192,000) 2005 03/11/15 Kingwood, TX — 781,000 3,943,000 64,000 781,000 4,007,000 4,788,000 (1,025,000) 2008 03/11/15 Mt Juliet TN MOB (Medical Office) Mount Juliet, TN — 1,188,000 10,720,000 547,000 1,188,000 11,267,000 12,455,000 (2,630,000) 2012 03/17/15 Homewood AL MOB (Medical Office) Homewood, AL — 405,000 6,590,000 34,000 405,000 6,624,000 7,029,000 (1,738,000) 2010 03/27/15 Paoli PA Medical Plaza (Medical Office) Paoli, PA — 2,313,000 12,447,000 8,469,000 2,313,000 20,916,000 23,229,000 (5,034,000) 1951 04/10/15 Paoli, PA — 1,668,000 7,357,000 1,883,000 1,668,000 9,240,000 10,908,000 (2,712,000) 1975 04/10/15 Initial Cost to Company Gross Amount of Which Carried at Close of Period(f) Description(a) Encumbrances Land Buildings and Cost Land Buildings and Total(e) Accumulated Date of Date Glen Burnie MD MOB (Medical Office) Glen Burnie, MD $ — $ 2,692,000 $ 14,095,000 $ 3,829,000 $ 2,692,000 $ 17,924,000 $ 20,616,000 $ (4,831,000) 1981 05/06/15 Marietta GA MOB (Medical Office) Marietta, GA — 1,347,000 10,947,000 620,000 1,347,000 11,567,000 12,914,000 (2,635,000) 2002 05/07/15 Mountain Crest Senior Housing Portfolio (SHOP) Elkhart, IN — 793,000 6,009,000 529,000 793,000 6,538,000 7,331,000 (1,756,000) 1997 05/14/15 Elkhart, IN — 782,000 6,760,000 708,000 782,000 7,468,000 8,250,000 (2,114,000) 2000 05/14/15 Hobart, IN — 604,000 11,529,000 (826,000) — 11,307,000 11,307,000 (2,807,000) 2008 05/14/15 LaPorte, IN — 392,000 14,894,000 (6,187,000) — 9,099,000 9,099,000 (3,589,000) 2008 05/14/15 Mishawaka, IN — 3,670,000 14,416,000 1,052,000 3,670,000 15,468,000 19,138,000 (3,888,000) 1978 07/14/15 Niles, MI — 404,000 5,050,000 759,000 404,000 5,809,000 6,213,000 (1,557,000) 2000 06/11/15 Nebraska Senior Housing Portfolio (SHOP) Bennington, NE — 981,000 20,427,000 915,000 981,000 21,342,000 22,323,000 (4,784,000) 2009 05/29/15 Omaha, NE — 1,274,000 38,619,000 1,505,000 1,274,000 40,124,000 41,398,000 (8,473,000) 2000 05/29/15 Pennsylvania Senior Housing Portfolio (SHOP) Bethlehem, PA — 1,542,000 22,249,000 786,000 1,542,000 23,035,000 24,577,000 (5,697,000) 2005 06/30/15 Boyertown, PA 22,932,000 480,000 25,544,000 763,000 480,000 26,307,000 26,787,000 (5,766,000) 2000 06/30/15 York, PA 12,432,000 972,000 29,860,000 517,000 972,000 30,377,000 31,349,000 (6,589,000) 1986 06/30/15 Southern Illinois MOB Portfolio (Medical Office) Waterloo, IL — 94,000 1,977,000 — 94,000 1,977,000 2,071,000 (525,000) 2015 07/01/15 Waterloo, IL — 738,000 6,332,000 583,000 738,000 6,915,000 7,653,000 (1,787,000) 1995 07/01/15, Waterloo, IL — 200,000 2,648,000 (69,000) 200,000 2,579,000 2,779,000 (621,000) 2011 07/01/15 Napa Medical Center (Medical Office) Napa, CA — 1,176,000 13,328,000 2,014,000 1,176,000 15,342,000 16,518,000 (4,113,000) 1980 07/02/15 Chesterfield Corporate Plaza (Medical Office) Chesterfield, MO — 8,030,000 24,533,000 3,466,000 8,030,000 27,999,000 36,029,000 (8,002,000) 1989 08/14/15 Richmond VA ALF (SHOP) North Chesterfield, VA — 2,146,000 56,671,000 826,000 2,146,000 57,497,000 59,643,000 (11,349,000) 2009 09/11/15 Crown Senior Care Portfolio (Senior Housing) Peel, Isle of Man — 1,106,000 6,602,000 — 1,106,000 6,602,000 7,708,000 (1,448,000) 2015 09/15/15 Initial Cost to Company Gross Amount of Which Carried at Close of Period(f) Description(a) Encumbrances Land Buildings and Cost Land Buildings and Total(e) Accumulated Date of Date St. Albans, UK $ — $ 1,115,000 $ 11,723,000 $ 647,000 $ 1,115,000 $ 12,370,000 $ 13,485,000 $ (2,669,000) 2015 10/08/15 Salisbury, UK — 1,185,000 11,383,000 37,000 1,185,000 11,420,000 12,605,000 (2,461,000) 2015 12/08/15 Aberdeen, UK — 1,923,000 5,734,000 — 1,923,000 5,734,000 7,657,000 (1,014,000) 1986 11/15/16 Felixstowe, UK — 668,000 5,508,000 488,000 668,000 5,996,000 6,664,000 (1,070,000) 2010/2011 11/15/16 Felixstowe, UK — 504,000 2,414,000 326,000 504,000 2,740,000 3,244,000 (546,000) 2010/2011 11/15/16 Washington DC SNF (Skilled Nursing) Washington, DC 60,100,000 1,194,000 34,200,000 — 1,194,000 34,200,000 35,394,000 (8,025,000) 1983 10/29/15 Stockbridge GA MOB II (Medical Office) Stockbridge, GA — 499,000 8,353,000 1,540,000 485,000 9,907,000 10,392,000 (2,084,000) 2006 12/03/15 Marietta GA MOB II (Medical Office) Marietta, GA — 661,000 4,783,000 249,000 661,000 5,032,000 5,693,000 (1,160,000) 2007 12/09/15 Naperville MOB (Medical Office) Naperville, IL — 392,000 3,765,000 792,000 392,000 4,557,000 4,949,000 (1,031,000) 1999 01/12/16 Naperville, IL — 548,000 11,815,000 1,536,000 548,000 13,351,000 13,899,000 (2,971,000) 1989 01/12/16 Lakeview IN Medical Plaza (Medical Office) Indianapolis, IN 20,155,000 2,375,000 15,911,000 9,018,000 2,375,000 24,929,000 27,304,000 (6,369,000) 1987 01/21/16 Pennsylvania Senior Housing Portfolio II (SHOP) Palmyra, PA 19,114,000 835,000 24,424,000 526,000 835,000 24,950,000 25,785,000 (5,870,000) 2007 02/01/16 Snellville GA MOB (Medical Office) Snellville, GA — 332,000 7,781,000 1,251,000 332,000 9,032,000 9,364,000 (1,783,000) 2005 02/05/16 Lakebrook Medical Center (Medical Office) Westbrook, CT — 653,000 4,855,000 818,000 653,000 5,673,000 6,326,000 (1,299,000) 2007 02/19/16 Stockbridge GA MOB III (Medical Office) Stockbridge, GA — 606,000 7,924,000 1,863,000 606,000 9,787,000 10,393,000 (2,015,000) 2007 03/29/16 Joplin MO MOB (Medical Office) Joplin, MO — 1,245,000 9,860,000 54,000 1,245,000 9,914,000 11,159,000 (2,409,000) 2000 05/10/16 Austell GA MOB (Medical Office) Austell, GA — 663,000 10,547,000 167,000 663,000 10,714,000 11,377,000 (2,135,000) 2008 05/25/16 Middletown OH MOB (Medical Office) Middletown, OH — — 17,389,000 898,000 — 18,287,000 18,287,000 (3,659,000) 2007 06/16/16 Fox Grape SNF Portfolio (Skilled Nursing) Braintree, MA — 1,844,000 10,847,000 31,000 1,844,000 10,878,000 12,722,000 (2,017,000) 2015 07/01/16 Brighton, MA — 779,000 2,661,000 334,000 779,000 2,995,000 3,774,000 (612,000) 1982 07/01/16 Duxbury, MA — 2,921,000 11,244,000 1,933,000 2,921,000 13,177,000 16,098,000 (2,675,000) 1983 07/01/16 Hingham, MA — 2,316,000 17,390,000 (166,000) 2,316,000 17,224,000 19,540,000 (3,181,000) 1990 07/01/16 Initial Cost to Company Gross Amount of Which Carried at Close of Period(f) Description(a) Encumbrances Land Buildings and Cost Land Buildings and Total(e) Accumulated Date of Date Quincy, MA $ 13,758,000 $ 3,537,000 $ 13,697,000 $ 365,000 $ 3,537,000 $ 14,062,000 $ 17,599,000 $ (2,507,000) 1995 11/01/16 Voorhees NJ MOB (Medical Office) Voorhees, NJ — 1,727,000 8,451,000 1,695,000 1,727,000 10,146,000 11,873,000 (2,358,000) 2008 07/08/16 Norwich CT MOB Portfolio (Medical Office) Norwich, CT — 403,000 1,601,000 1,234,000 403,000 2,835,000 3,238,000 (838,000) 2014 12/16/16 Norwich, CT — 804,000 12,094,000 834,000 804,000 12,928,000 13,732,000 (2,411,000) 1999 12/16/16 New London CT MOB (Medical Office) New London, CT — 669,000 3,479,000 647,000 670,000 4,125,000 4,795,000 (1,052,000) 1987 05/03/17 Middletown OH MOB II (Medical Office) Middletown, OH — — 3,949,000 592,000 — 4,541,000 4,541,000 (763,000) 2007 12/20/17 Homewood Health Campus Lebanon, IN 8,577,000 973,000 9,702,000 1,094,000 1,044,000 10,725,000 11,769,000 (2,002,000) 2000 12/01/15 Ashford Place Health Campus Shelbyville, IN 5,835,000 664,000 12,662,000 1,297,000 854,000 13,769,000 14,623,000 (2,656,000) 2004 12/01/15 Mill Pond Health Campus Greencastle, IN 6,905,000 1,576,000 8,124,000 580,000 1,629,000 8,651,000 10,280,000 (1,651,000) 2005 12/01/15 St. Andrews Health Campus Batesville, IN 4,356,000 552,000 8,213,000 669,000 758,000 8,676,000 9,434,000 (1,680,000) 2005 12/01/15 Hampton Oaks Health Campus Scottsburg, IN 6,133,000 720,000 8,145,000 753,000 845,000 8,773,000 9,618,000 (1,751,000) 2006 12/01/15 Forest Park Health Campus Richmond, IN 6,697,000 535,000 9,399,000 607,000 639,000 9,902,000 10,541,000 (1,964,000) 2007 12/01/15 The Maples at Waterford Crossing Goshen, IN 5,681,000 344,000 8,027,000 689,000 350,000 8,710,000 9,060,000 (1,521,000) 2006 12/01/15 Morrison Woods Health Campus Muncie, IN (c) 1,903,000 21,806,000 1,279,000 1,922,000 23,066,000 24,988,000 (3,311,000) 2008/2022 12/01/15, Woodbridge Health Campus Logansport, IN 8,122,000 228,000 11,812,000 385,000 262,000 12,163,000 12,425,000 (2,333,000) 2003 12/01/15 Bridgepointe Health Campus Vincennes, IN 6,955,000 747,000 7,469,000 1,968,000 901,000 9,283,000 10,184,000 (1,594,000) 2002/2022 12/01/15 Greenleaf Living Center Elkhart, IN 11,134,000 492,000 12,157,000 1,022,000 521,000 13,150,000 13,671,000 (2,432,000) 2000 12/01/15 Forest Glen Health Campus Springfield, OH 9,712,000 846,000 12,754,000 928,000 921,000 13,607,000 14,528,000 (2,618,000) 2007 12/01/15 The Meadows of Kalida Health Campus Kalida, OH 7,691,000 298,000 7,628,000 291,000 308,000 7,909,000 8,217,000 (1,493,000) 2007 12/01/15 The Heritage Findlay, OH 12,701,000 1,312,000 13,475,000 539,000 1,440,000 13,886,000 15,326,000 (2,695,000) 1975 12/01/15 Initial Cost to Company Gross Amount of Which Carried at Close of Period(f) Description(a) Encumbrances Land Buildings and Cost Land Buildings and Total(e) Accumulated Date of Date Genoa Retirement Village Genoa, OH $ 8,093,000 $ 881,000 $ 8,113,000 $ 760,000 $ 926,000 $ 8,828,000 $ 9,754,000 $ (1,736,000) 1985 12/01/15 Waterford Crossing Goshen, IN 7,852,000 344,000 4,381,000 959,000 349,000 5,335,000 5,684,000 (1,037,000) 2004 12/01/15 St. Elizabeth Healthcare Delphi, IN 8,644,000 522,000 5,463,000 5,413,000 643,000 10,755,000 11,398,000 (1,901,000) 1986 12/01/15 Cumberland Pointe West Lafayette, IN 9,160,000 1,645,000 13,696,000 726,000 1,905,000 14,162,000 16,067,000 (3,013,000) 1980 12/01/15 Franciscan Healthcare Center Louisville, KY 10,273,000 808,000 8,439,000 1,855,000 910,000 10,192,000 11,102,000 (2,117,000) 1975 12/01/15 Blair Ridge Health Campus Peru, IN 7,503,000 734,000 11,648,000 738,000 773,000 12,347,000 13,120,000 (2,696,000) 2001 12/01/15 Glen Oaks Health Campus New Castle, IN 5,002,000 384,000 8,189,000 247,000 413,000 8,407,000 8,820,000 (1,547,000) 2011 12/01/15 Covered Bridge Health Campus Seymour, IN (c) 386,000 9,699,000 831,000 45,000 10,871,000 10,916,000 (2,055,000) 2002 12/01/15 Stonebridge Health Campus Bedford, IN 9,615,000 1,087,000 7,965,000 679,000 1,144,000 8,587,000 9,731,000 (1,684,000) 2004 12/01/15 RiverOaks Health Campus Princeton, IN 14,330,000 440,000 8,953,000 1,450,000 472,000 10,371,000 10,843,000 (1,835,000) 2004 12/01/15 Park Terrace Health Campus Louisville, KY (c) 2,177,000 7,626,000 1,298,000 2,177,000 8,924,000 11,101,000 (1,850,000) 1977 12/01/15 Cobblestone Crossing Terre Haute, IN (c) 1,462,000 13,860,000 5,722,000 1,510,000 19,534,000 21,044,000 (3,615,000) 2008 12/01/15 Creasy Springs Health Campus Lafayette, IN 15,871,000 2,111,000 14,337,000 6,073,000 2,431,000 20,090,000 22,521,000 (3,724,000) 2010 12/01/15 Avalon Springs Health Campus Valparaiso, IN 17,263,000 1,542,000 14,107,000 180,000 1,575,000 14,254,000 15,829,000 (2,696,000) 2012 12/01/15 Prairie Lakes Health Campus Noblesville, IN 8,716,000 2,204,000 13,227,000 492,000 2,342,000 13,581,000 15,923,000 (2,612,000) 2010 12/01/15 RidgeWood Health Campus Lawrenceburg, IN 13,545,000 1,240,000 16,118,000 353,000 1,261,000 16,450,000 17,711,000 (3,023,000) 2009 12/01/15 Westport Place Health Campus Louisville, KY (c) 1,245,000 9,946,000 445,000 1,262,000 10,374,000 11,636,000 (1,867,000) 2011 12/01/15 Paddock Springs Warsaw, IN 13,195,000 488,000 — 10,602,000 654,000 10,436,000 11,090,000 (1,140,000) 2019 02/14/19 Amber Manor Care Center Petersburg, IN 5,508,000 446,000 6,063,000 516,000 515,000 6,510,000 7,025,000 (1,300,000) 1990 12/01/15 The Meadows of Leipsic Health Campus Leipsic, OH (c) 1,242,000 6,988,000 779,000 1,317,000 7,692,000 9,009,000 (1,541,000) 1986 12/01/15 Springview Manor Lima, OH (c) 260,000 3,968,000 502,000 300,000 4,430,000 4,730,000 (831,000) 1978 12/01/15 Willows at Bellevue Bellevue, OH 16,169,000 587,000 15,575,000 1,214,000 790,000 16,586,000 17,376,000 (3,197,000) 2008 12/01/15 Initial Cost to Company Gross Amount of Which Carried at Close of Period(f) Description(a) Encumbrances Land Buildings and Cost Land Buildings and Total(e) Accumulated Date of Date Briar Hill Health Campus North Baltimore, OH (c) $ 673,000 $ 2,688,000 $ 484,000 $ 752,000 $ 3,093,000 $ 3,845,000 $ (676,000) 1977 12/01/15 Cypress Pointe Health Campus Englewood, OH (c) 921,000 10,291,000 10,372,000 1,690,000 19,894,000 21,584,000 (2,657,000) 2010 12/01/15 The Oaks at NorthPointe Woods Battle Creek, MI (c) 567,000 12,716,000 164,000 567,000 12,880,000 13,447,000 (2,393,000) 2008 12/01/15 Westlake Health Campus Commerce, MI 14,113,000 815,000 13,502,000 (9,000) 547,000 13,761,000 14,308,000 (2,543,000) 2011 12/01/15 Springhurst Health Campus Greenfield, IN 19,614,000 931,000 14,114,000 3,464,000 2,299,000 16,210,000 18,509,000 (3,665,000) 2007 12/01/15 and 05/16/17 Glen Ridge Health Campus Louisville, KY (c) 1,208,000 9,771,000 2,469,000 1,333,000 12,115,000 13,448,000 (2,325,000) 2006 12/01/15 St. Mary Healthcare Lafayette, IN 5,171,000 348,000 2,710,000 283,000 393,000 2,948,000 3,341,000 (586,000) 1969 12/01/15 The Oaks at Woodfield Grand Blanc, MI (c) 897,000 12,270,000 379,000 1,128,000 12,418,000 13,546,000 (2,407,000) 2012 12/01/15 Stonegate Health Campus Lapeer, MI (c) 538,000 13,159,000 308,000 702,000 13,303,000 14,005,000 (2,544,000) 2012 12/01/15 Senior Living at Forest Ridge New Castle, IN (c) 204,000 5,470,000 278,000 325,000 5,627,000 5,952,000 (1,079,000) 2005 12/01/15 River Terrace Health Campus Madison, IN (c) — 13,378,000 4,272,000 76,000 17,574,000 17,650,000 (3,382,000) 2016 03/28/16 St. Charles Health Campus Jasper, IN 11,295,000 467,000 14,532,000 2,215,000 558,000 16,656,000 17,214,000 (3,102,000) 2000 06/24/16 and 06/30/16 Bethany Pointe Health Campus Anderson, IN 19,357,000 2,337,000 26,524,000 2,717,000 2,539,000 29,039,000 31,578,000 (5,579,000) 1999 06/30/16 River Pointe Health Campus Evansville, IN 13,905,000 1,118,000 14,736,000 1,485,000 1,131,000 16,208,000 17,339,000 (3,247,000) 1999 06/30/16 Waterford Place Health Campus Kokomo, IN 14,720,000 1,219,000 18,557,000 2,277,000 1,772,000 20,281,000 22,053,000 (3,968,000) 2000/2022 06/30/16 Autumn Woods Health Campus New Albany, IN (c) 1,016,000 13,414,000 1,862,000 1,048,000 15,244,000 16,292,000 (3,219,000) 2000 06/30/16 Oakwood Health Campus Tell City, IN 9,036,000 783,000 11,880,000 1,187,000 874,000 12,976,000 13,850,000 (2,768,000) 2000 06/30/16 Cedar Ridge Health Campus Cynthiana, KY (c) 102,000 8,435,000 3,608,000 205,000 11,940,000 12,145,000 (2,794,000) 2005 06/30/16 Aspen Place Health Campus Greensburg, IN 9,367,000 980,000 10,970,000 896,000 1,212,000 11,634,000 12,846,000 (2,278,000) 2012 08/16/16 The Willows at East Lansing East Lansing, MI 16,186,000 1,449,000 15,161,000 1,495,000 1,496,000 16,609,000 18,105,000 (3,386,000) 2014 08/16/16 The Willows at Howell Howell, MI (c) 1,051,000 12,099,000 6,677,000 1,158,000 18,669,000 19,827,000 (2,881,000) 2015 08/16/16 Initial Cost to Company Gross Amount of Which Carried at Close of Period(f) Description(a) Encumbrances Land Buildings and Cost Land Buildings and Total(e) Accumulated Date of Date The Willows at Okemos Okemos, MI $ 7,419,000 $ 1,171,000 $ 12,326,000 $ 799,000 $ 1,210,000 $ 13,086,000 $ 14,296,000 $ (2,722,000) 2014 08/16/16 Shelby Crossing Health Campus Macomb, MI 17,010,000 2,533,000 18,440,000 2,224,000 2,614,000 20,583,000 23,197,000 (4,428,000) 2013 08/16/16 Village Green Healthcare Center Greenville, OH 6,894,000 355,000 9,696,000 770,000 405,000 10,416,000 10,821,000 (1,956,000) 2014 08/16/16 The Oaks at Northpointe Zanesville, OH (c) 624,000 11,665,000 1,079,000 722,000 12,646,000 13,368,000 (2,559,000) 2013 08/16/16 The Oaks at Bethesda Zanesville, OH 4,502,000 714,000 10,791,000 834,000 812,000 11,527,000 12,339,000 (2,252,000) 2013 08/16/16 White Oak Health Campus Monticello, IN (c) 1,005,000 13,207,000 24,000 1,005,000 13,231,000 14,236,000 (1,711,000) 2010 09/23/16 and 07/30/20 Woodmont Health Campus Boonville, IN 7,731,000 790,000 9,633,000 1,096,000 1,010,000 10,509,000 11,519,000 (2,194,000) 2000 02/01/17 Silver Oaks Health Campus Columbus, IN (c) 1,776,000 21,420,000 1,457,000 1,000 24,652,000 24,653,000 (4,795,000) 2001 02/01/17 Thornton Terrace Health Campus Hanover, IN 5,479,000 764,000 9,209,000 1,149,000 845,000 10,277,000 11,122,000 (2,025,000) 2003 02/01/17 The Willows at Hamburg Lexington, KY 11,409,000 1,740,000 13,422,000 715,000 1,775,000 14,102,000 15,877,000 (2,437,000) 2012 02/01/17 The Lakes at Monclova Monclova, OH 19,442,000 2,869,000 12,855,000 10,250,000 3,186,000 22,788,000 25,974,000 (3,163,000) 2013 12/01/17 The Willows at Willard Willard, OH (c) 610,000 12,256,000 9,734,000 213,000 22,387,000 22,600,000 (3,537,000) 2012 02/01/17 Westlake Health Campus — Commerce Villa Commerce, MI (c) 261,000 6,610,000 1,230,000 553,000 7,548,000 8,101,000 (1,209,000) 2017 11/17/17 Orchard Grove Health Campus Romeo, MI 27,814,000 2,065,000 11,510,000 17,997,000 3,454,000 28,118,000 31,572,000 (2,997,000) 2016 07/20/18 and 11/30/17 The Meadows of Ottawa Ottawa, OH — 695,000 7,752,000 984,000 728,000 8,703,000 9,431,000 (1,421,000) 2014 12/15/17 Valley View Healthcare Center Fremont, OH 10,453,000 930,000 7,635,000 1,508,000 1,089,000 8,984,000 10,073,000 (1,100,000) 2017 07/20/18 Novi Lakes Health Campus Novi, MI 12,395,000 1,654,000 7,494,000 2,704,000 1,702,000 10,150,000 11,852,000 (2,026,000) 2016 07/20/18 The Willows at Fritz Farm Lexington, KY 9,101,000 1,538,000 8,637,000 434,000 1,563,000 9,046,000 10,609,000 (1,069,000) 2017 07/20/18 Trilogy Real Estate Gahanna Gahanna, OH (c) 1,146,000 — 16,757,000 1,202,000 16,701,000 17,903,000 (932,000) 2020 11/13/20 Initial Cost to Company Gross Amount of Which Carried at Close of Period(f) Description(a) Encumbrances Land Buildings and Cost Land Buildings and Total(e) Accumulated Date of Date Oaks at Byron Center Byron Center, MI $ 14,343,000 $ 2,000,000 $ — $ 15,854,000 $ 2,193,000 $ 15,661,000 $ 17,854,000 $ (1,079,000) 2020 07/08/20 Harrison Springs Health Campus Corydon, IN (c) 2,017,000 11,487,000 5,789,000 2,301,000 16,992,000 19,293,000 (1,236,000) 2016/2022 09/05/19 The Cloister at Silvercrest New Albany, IN (c) 139,000 634,000 1,000 139,000 635,000 774,000 (53,000) 1940 10/01/19 Trilogy Healthcare of Ferdinand II Ferdinand, IN 16,805,000 — — 14,602,000 — 14,602,000 14,602,000 (1,161,000) 2019 11/19/19 Forest Springs Health Campus Louisville, KY (c) 964,000 16,691,000 308,000 997,000 16,966,000 17,963,000 (1,154,000) 2015 07/30/20 Gateway Springs Health Campus Hamilton, OH 11,505,000 1,277,000 10,923,000 1,596,000 1,417,000 12,379,000 13,796,000 (675,000) 2020 12/28/20 Orchard Pointe Health Campus Kendallville, IN 10,884,000 1,806,000 9,243,000 6,000 1,806,000 9,249,000 11,055,000 (657,000) 2016 01/19/21 The Meadows of Delphos Delphos, OH 9,184,000 2,345,000 8,150,000 49,000 2,345,000 8,199,000 10,544,000 (740,000) 2018 01/19/21 The Springs of Lima Lima, OH 10,598,000 2,397,000 9,638,000 18,000 2,397,000 9,656,000 12,053,000 (798,000) 2018 01/19/21 Wooded Glen Springfield, OH 14,224,000 2,803,000 11,928,000 9,000 2,803,000 11,937,000 14,740,000 (944,000) 2018 01/19/21 The Lakes of Sylvania Sylvania, OH 19,190,000 2,548,000 15,059,000 47,000 2,566,000 15,088,000 17,654,000 (1,223,000) 2017 01/19/21 The Glen Union Township, OH 14,512,000 2,789,000 12,343,000 21,000 2,789,000 12,364,000 15,153,000 (940,000) 2018 01/19/21 Harrison Trial Health Campus Harrison, OH 15,632,000 1,750,000 17,114,000 76,000 2,048,000 16,892,000 18,940,000 (787,000) 2021 04/28/21 The Oaks of Belmont Grand Rapids, MI 14,795,000 767,000 17,043,000 55,000 1,058,000 16,807,000 17,865,000 (866,000) 2021 03/13/21 Cedar Creek Health Campus Lowell, IN (c) 2,326,000 12,650,000 94,000 2,331,000 12,739,000 15,070,000 (486,000) 2014 07/07/21 Auburn MOB (Medical Office) Auburn, CA — 567,000 6,472,000 486,000 567,000 6,958,000 7,525,000 (357,000) 1997 10/01/21 Pottsville MOB (Medical Office) Pottsville, PA — 1,478,000 8,854,000 55,000 1,478,000 8,909,000 10,387,000 (422,000) 2004 10/01/21 Charlottesville MOB (Medical Office) Charlottesville, VA — 4,902,000 19,741,000 741,000 4,902,000 20,482,000 25,384,000 (989,000) 2001 10/01/21 Rochester Hills MOB (Medical Office) Rochester Hills, MI 2,162,000 2,218,000 8,380,000 685,000 2,218,000 9,065,000 11,283,000 (503,000) 1990 10/01/21 Cullman MOB III (Medical Office) Cullman, AL — — 19,224,000 201,000 — 19,425,000 19,425,000 (765,000) 2010 10/01/21 Iron MOB Portfolio (Medical Office) Cullman, AL — — 14,799,000 1,252,000 — 16,051,000 16,051,000 (781,000) 1994 10/01/21 Initial Cost to Company Gross Amount of Which Carried at Close of Period(f) Description(a) Encumbrances Land Buildings and Cost Land Buildings and Total(e) Accumulated Date of Date Cullman, AL $ — $ — $ 12,287,000 $ 330,000 $ — $ 12,617,000 $ 12,617,000 $ (588,000) 1998 10/01/21 Sylacauga, AL — — 11,273,000 55,000 — 11,328,000 11,328,000 (542,000) 1997 10/01/21 Mint Hill MOB (Medical Office) Mint Hill, NC — — 24,110,000 64,000 — 24,174,000 24,174,000 (1,189,000) 2007 10/01/21 Lafayette Assisted Living Portfolio (SHOP) Lafayette, LA — 1,206,000 9,076,000 98,000 1,206,000 9,174,000 10,380,000 (303,000) 1996 10/01/21 Lafayette, LA — 1,039,000 4,684,000 68,000 1,039,000 4,752,000 5,791,000 (170,000) 2014 10/01/21 Evendale MOB (Medical Office) Evendale, OH — 1,776,000 11,695,000 212,000 1,776,000 11,907,000 13,683,000 (741,000) 1988 10/01/21 Battle Creek MOB (Medical Office) Battle Creek, MI — 1,156,000 7,910,000 (46,000) 1,156,000 7,864,000 9,020,000 (478,000) 1996 10/01/21 Reno MOB (Medical Office) Reno, NV — — 82,515,000 446,000 — 82,961,000 82,961,000 (3,428,000) 2005 10/01/21 Athens MOB Portfolio (Medical Office) Athens, GA — 860,000 7,989,000 (14,000) 860,000 7,975,000 8,835,000 (412,000) 2006 10/01/21 Athens, GA — 1,106,000 11,531,000 500,000 1,106,000 12,031,000 13,137,000 (508,000) 2006 10/01/21 SW Illinois Senior Housing Portfolio (Senior Housing) Columbia, IL — 1,117,000 9,700,000 — 1,117,000 9,700,000 10,817,000 (356,000) 2007 10/01/21 Columbia, IL — 147,000 2,106,000 — 147,000 2,106,000 2,253,000 (75,000) 1999 10/01/21 Millstadt, IL — 259,000 3,980,000 — 259,000 3,980,000 4,239,000 (142,000) 2004 10/01/21 Red Bud, IL — 690,000 5,175,000 — 690,000 5,175,000 5,865,000 (184,000) 2006 10/01/21 Waterloo, IL — 934,000 8,932,000 — 934,000 8,932,000 9,866,000 (320,000) 2012 10/01/21 Lawrenceville MOB (Medical Office) Lawrenceville, GA — 1,663,000 12,019,000 250,000 1,663,000 12,269,000 13,932,000 (618,000) 2005 10/01/21 Northern California Senior Housing Portfolio (SHOP) Belmont, CA — 10,491,000 9,650,000 601,000 10,491,000 10,251,000 20,742,000 (335,000) 1958/2000 10/01/21 Menlo Park, CA — 3,730,000 3,018,000 106,000 3,730,000 3,124,000 6,854,000 (103,000) 1945 10/01/21 Roseburg MOB (Medical Office) Roseburg, OR — — 28,140,000 98,000 — 28,238,000 28,238,000 (1,211,000) 2003 10/01/21 Fairfield County MOB Portfolio (Medical Office) Stratford, CT — 1,209,000 4,272,000 348,000 1,209,000 4,620,000 5,829,000 (276,000) 1963 10/01/21 Trumbull, CT — 2,797,000 10,400,000 52,000 2,797,000 10,452,000 13,249,000 (644,000) 1987 10/01/21 Central Florida Senior Housing Portfolio (SHOP) Brooksville, FL — 1,545,000 11,107,000 (4,421,000) — 8,231,000 8,231,000 (432,000) 1960/2007 10/01/21 Lake Placid, FL — 590,000 2,847,000 (106,000) 279,000 3,052,000 3,331,000 (99,000) 2008 10/01/21 Lakeland, FL — 383,000 15,622,000 (7,986,000) — 8,019,000 8,019,000 (518,000) 1985 10/01/21 Initial Cost to Company Gross Amount of Which Carried at Close of Period(f) Description(a) Encumbrances Land Buildings and Cost Land Buildings and Total(e) Accumulated Date of Date Pinellas Park, FL $ — $ 1,065,000 $ 7,610,000 $ (1,387,000) $ — $ 7,288,000 $ 7,288,000 $ (278,000) 2016 10/01/21 Spring Hill, FL — 2,623,000 12,200,000 (7,639,000) — 7,184,000 7,184,000 (450,000) 1988 10/01/21 Winter Haven, FL — 2,654,000 19,811,000 (2,749,000) — 19,716,000 19,716,000 (727,000) 1984 10/01/21 Central Wisconsin Senior Care Portfolio (Skilled Nursing) Sun Prairie, WI — 543,000 2,587,000 — 543,000 2,587,000 3,130,000 (111,000) 1960/2006 10/01/21 Waunakee, WI — 2,171,000 10,198,000 30,000 2,171,000 10,228,000 12,399,000 (434,000) 1974/2005 10/01/21 Sauk Prairie MOB (Medical Office) Prairie du Sac, WI — 2,044,000 19,669,000 366,000 2,044,000 20,035,000 22,079,000 (866,000) 2014 10/01/21 Surprise MOB (Medical Office) Surprise, AZ — 1,827,000 10,968,000 494,000 1,827,000 11,462,000 13,289,000 (533,000) 2012 10/01/21 Southfield MOB (Medical Office) Southfield, MI 5,538,000 1,634,000 16,550,000 877,000 1,634,000 17,427,000 19,061,000 (989,000) 1975/2014 10/01/21 Pinnacle Beaumont ALF (SHOP) Beaumont, TX — 1,775,000 17,541,000 19,000 1,775,000 17,560,000 19,335,000 (589,000) 2012 10/01/21 Grand Junction MOB (Medical Office) Grand Junction, CO — 2,460,000 34,188,000 22,000 2,460,000 34,210,000 36,670,000 (1,527,000) 2013 10/01/21 Edmonds MOB (Medical Office) Edmonds, WA — 4,523,000 22,414,000 301,000 4,523,000 22,715,000 27,238,000 (1,015,000) 1991/2008 10/01/21 Pinnacle Warrenton ALF (SHOP) Warrenton, MO — 514,000 7,059,000 (2,405,000) — 5,168,000 5,168,000 (249,000) 1986 10/01/21 Glendale MOB (Medical Office) Glendale, WI — 665,000 6,782,000 281,000 665,000 7,063,000 7,728,000 (382,000) 2004 10/01/21 Missouri SNF Portfolio (Skilled Nursing) Florissant, MO — 800,000 10,363,000 — 800,000 10,363,000 11,163,000 (384,000) 1987 10/01/21 Kansas City, MO — 2,090,000 10,527,000 — 2,090,000 10,527,000 12,617,000 (456,000) 1974 10/01/21 Milan, MO — 493,000 7,057,000 — 493,000 7,057,000 7,550,000 (258,000) 1980 10/01/21 Missouri, MO — 729,000 10,187,000 — 729,000 10,187,000 10,916,000 (365,000) 1963 10/01/21 Salisbury, MO — 515,000 8,852,000 — 515,000 8,852,000 9,367,000 (324,000) 1970 10/01/21 Sedalia, MO — 631,000 24,172,000 — 631,000 24,172,000 24,803,000 (814,000) 1975 10/01/21 St. Elizabeth, MO — 437,000 4,561,000 — 437,000 4,561,000 4,998,000 (171,000) 1981 10/01/21 Trenton, MO — 310,000 4,875,000 — 310,000 4,875,000 5,185,000 (176,000) 1967 10/01/21 Flemington MOB Portfolio (Medical Office) Flemington, NJ — 1,419,000 11,110,000 518,000 1,419,000 11,628,000 13,047,000 (612,000) 2002 10/01/21 Flemington, NJ — 578,000 3,340,000 209,000 578,000 3,549,000 4,127,000 (195,000) 1993 10/01/21 Initial Cost to Company Gross Amount of Which Carried at Close of Period(f) Description(a) Encumbrances Land Buildings and Cost Land Buildings and Total(e) Accumulated Date of Date Lawrenceville MOB II (Medical Office) Lawrenceville, GA $ — $ 1,058,000 $ 9,709,000 $ 278,000 $ 1,058,000 $ 9,987,000 $ 11,045,000 $ (567,000) 1990 10/01/21 Mill Creek MOB (Medical Office) Mill Creek, WA — 1,344,000 7,516,000 462,000 1,344,000 7,978,000 9,322,000 (327,000) 1991 10/01/21 Modesto MOB (Medical Office) Modesto, CA — — 16,065,000 270,000 — 16,335,000 16,335,000 (713,000) 1991/2016 10/01/21 Michigan ALF Portfolio (Senior Housing) Grand Rapids, MI — 1,196,000 8,955,000 — 1,196,000 8,955,000 10,151,000 (344,000) 1953/2016 10/01/21 Grand Rapids, MI 9,810,000 1,291,000 11,308,000 — 1,291,000 11,308,000 12,599,000 (433,000) 1989 10/01/21 Holland, MI — 716,000 6,534,000 — 716,000 6,534,000 7,250,000 (288,000) 2007/2017 10/01/21 Howell, MI — 836,000 4,202,000 — 836,000 4,202,000 5,038,000 (161,000) 2003 10/01/21 Lansing, MI — 1,300,000 11,629,000 — 1,300,000 11,629,000 12,929,000 (426,000) 1988/2015 10/01/21 Wyoming, MI — 1,343,000 13,347,000 — 1,343,000 13,347,000 14,690,000 (490,000) 1964/2016 10/01/21 Lithonia MOB (Medical Office) Lithonia, GA — 1,676,000 10,871,000 329,000 1,676,000 11,200,000 12,876,000 (556,000) 2015 10/01/21 West Des Moines SNF (Skilled Nursin |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Our accompanying consolidated financial statements include our accounts and those of our operating partnership, the wholly owned subsidiaries of our operating partnership and all non-wholly owned subsidiaries in which we have control, as well as any VIEs, in which we are the primary beneficiary. The portion of equity in any subsidiary that is not wholly owned by us is presented in our accompanying consolidated financial statements as a noncontrolling interest. We evaluate our ability to control an entity, and whether the entity is a VIE and we are the primary beneficiary, by considering substantive terms of the arrangement and identifying which enterprise has the power to direct the activities of the entity that most significantly impacts the entity’s economic performance. |
Use of Estimates | Use of Estimates The preparation of our accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as the disclosure of contingent assets and liabilities, at the date of our consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include, but are not limited to, the initial and recurring valuation of certain assets acquired and liabilities assumed through property acquisitions including through business combinations, goodwill and its impairment, revenues and grant income, 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. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of all highly liquid investments with a maturity of three months or less when purchased. Restricted cash primarily comprises lender required accounts for property taxes, tenant improvements, capital improvements and insurance, which are restricted as to use or withdrawal. |
Lessee, Leases | Leases Lessee : We determine if a contract is a lease upon inception of the lease and maintain a distinction between finance and operating leases. Pursuant to ASC Topic 842, Leases , or ASC Topic 842, lessees are required to recognize the following for all leases with terms greater than 12 months at the commencement date: (i) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease; and (ii) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The lease liability is calculated by using either the implicit rate of the lease or the incremental borrowing rate. The accretion of lease liabilities and amortization expense on right-of-use assets for our operating leases are included in rental expenses, property operating expenses or general and administrative expenses in our accompanying consolidated statements of operations and comprehensive income (loss). Operating lease liabilities are calculated using our incremental borrowing rate based on the information available as of the lease commencement date. |
Lessor, Leases | Leases Lessor : Pursuant to ASC Topic 842, lessors bifurcate lease revenues into lease components and non-lease components and separately recognize and disclose non-lease components that are executory in nature. Lease components continue to be recognized on a straight-line basis over the lease term and certain non-lease components may be accounted for under the revenue recognition guidance in ASC Topic 606, Revenue from Contracts with Customers, or ASC Topic 606. See the “Revenue Recognition” section below. ASC Topic 842 also provides for a practical expedient package that permits lessors to not separate non-lease components from the associated lease component if certain conditions are met. In addition, such practical expedient causes an entity to assess whether a contract is predominately lease or service based, and recognize the revenue from the entire contract under the relevant accounting guidance. We recognize revenue for our MOBs, senior housing, SNFs and hospitals segments as real estate revenue. Minimum annual rental revenue is recognized on a straight-line basis over the term of the related lease (including rent holidays). Differences between real estate revenue recognized and cash amounts contractually due from tenants under the lease agreements are recorded to deferred rent receivable, which is included in other assets, net in our accompanying consolidated balance sheets. Tenant reimbursement revenue, which comprises additional amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses, are considered non-lease components and variable lease payments. We qualified for and elected the practical expedient as outlined above to combine the non-lease component with the lease component, which is the predominant component, and therefore the non-lease component is recognized as part of real estate revenue. In addition, as lessors, we exclude certain lessor costs (i.e., property taxes and insurance) paid directly by a lessee to third parties on our behalf from our measurement of variable lease revenue and associated expense (i.e., no gross up of revenue and expense for these costs); and include lessor costs that we paid and are reimbursed by the lessee in our measurement of variable lease revenue and associated expense (i.e., gross up revenue and expense for these costs). At our RIDEA facilities, we offer residents room and board (lease component), standard meals and healthcare services (non-lease component) and certain ancillary services that are not contemplated in the lease with each resident (i.e., laundry, guest meals, etc.). For our RIDEA facilities, we recognize revenue under ASC Topic 606 as resident fees and services, based on our predominance assessment from electing the practical expedient outlined above. See the “Revenue Recognition” section below. |
Revenue Recognition | Revenue Recognition Real Estate Revenue We recognize real estate revenue in accordance with ASC Topic 842. See the “Leases” section above. Resident Fees and Services Revenue We recognize resident fees and services revenue in accordance with ASC Topic 606. A significant portion of resident fees and services revenue represents healthcare service revenue that is reported at the amount that we expect to be entitled to in exchange for providing patient care. These amounts are due from patients, third-party payors (including health insurers and government programs), other healthcare facilities, and others and includes variable consideration for retroactive revenue adjustments due to settlement of audits, reviews, and investigations. Generally, we bill the patients, third-party payors and other healthcare facilities several days after the services are performed. Revenue is recognized as performance obligations are satisfied. Consistent with healthcare industry accounting practices, any changes to these governmental revenue estimates are recorded in the period the change or adjustment becomes known based on final settlement. Any differences between recorded revenues and subsequent adjustments are reflected in operations in the year finalized. Performance obligations are determined based on the nature of the services provided by us. Revenue for performance obligations satisfied over time is recognized based on actual charges incurred in relation to total expected (or actual) charges. This method provides a depiction of the transfer of services over the term of the performance obligation based on the inputs needed to satisfy the obligation. Generally, performance obligations satisfied over time relate to patients receiving long-term healthcare services, including rehabilitation services. We measure the performance obligation from admission into the facility to the point when we are no longer required to provide services to that patient. Revenue for performance obligations satisfied at a point in time is recognized when goods or services are provided and we do not believe we are required to provide additional goods or services to the patient. Generally, performance obligations satisfied at a point in time relate to sales of our pharmaceuticals business or to sales of ancillary supplies. Because all of our performance obligations relate to contracts with a duration of less than one year, we have elected to apply the optional exemption provided in ASC Topic 606 and, therefore, are not required to disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. The performance obligations for these contracts are generally completed within months of the end of the reporting period. We determine the transaction price based on standard charges for goods and services provided, reduced, where applicable, by contractual adjustments provided to third-party payors, implicit price concessions provided to uninsured patients, and estimates of goods to be returned. We also determine the estimates of contractual adjustments based on Medicare and Medicaid pricing tables and historical experience. We determine the estimate of implicit price concessions based on the historical collection experience with each class of payor. Agreements with third-party payors typically provide for payments at amounts less than established charges. The following is a summary of the payment arrangements with major third-party payors: • Medicare: Certain healthcare services are paid at prospectively determined rates based on cost-reimbursement methodologies subject to certain limits. • Medicaid: Reimbursements for Medicaid services are generally paid at prospectively determined rates. In the state of Indiana, we participate in an Upper Payment Limit program, or IGT, with various county hospital partners, which provides supplemental Medicaid payments to SNFs that are licensed to non-state, government-owned entities such as county hospital districts. We have operational responsibility through management agreements for facilities retained by the county hospital districts including this IGT. The licenses and management agreements between the nursing center division and hospital districts are terminable by either party to restore the previous licensed status. • Other: Payment agreements with certain commercial insurance carriers, health maintenance organizations and preferred provider organizations provide for payment using prospectively determined rates per discharge, discounts from established charges and prospectively determined periodic rates. Laws and regulations concerning government programs, including Medicare and Medicaid, are complex and subject to varying interpretation. As a result of investigations by governmental agencies, various healthcare organizations have received requests for information and notices regarding alleged noncompliance with those laws and regulations, which, in some instances, have resulted in organizations entering into significant settlement agreements. Compliance with such laws and regulations may also be subject to future government review and interpretation as well as significant regulatory action, including fines, penalties and potential exclusion from the related programs. There can be no assurance that regulatory authorities will not challenge our compliance with these laws and regulations, and it is not possible to determine the impact such claims or penalties would have upon us, if any. Settlements with third-party payors for retroactive adjustments due to audits, reviews or investigations are considered variable consideration and are included in the determination of the estimated transaction price for providing patient care. These settlements are estimated based on the terms of the payment agreement with the payor, correspondence from the payor and our historical settlement activity, including an assessment to ensure that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the retroactive adjustment is subsequently resolved. Estimated settlements are adjusted in future periods as adjustments become known (that is, new information becomes available), or as years are settled or are no longer subject to such audits, reviews and investigations. Adjustments arising from a change in the transaction price were not significant for the years ended December 31, 2022, 2021 and 2020. Disaggregation of Resident Fees and Services Revenue Financing Component We have elected a practical expedient allowed under ASC Topic 606 and, therefore, we do not adjust the promised amount of consideration from patients and third-party payors for the effects of a significant financing component due to our expectation that the period between the time the service is provided to a patient and the time that the patient or a third-party payor pays for that service will be one year or less. Contract Costs We have applied the practical expedient provided by FASB ASC Topic 340, Other Assets and Deferred Costs , and, therefore, all incremental customer contract acquisition costs are expensed as they are incurred since the amortization period of the asset that we otherwise would have recognized is one year or less in duration. |
Tenant and Resident Receivables and Allowances | Resident and Tenant Receivables and Allowances Resident receivables, which are related to resident fees and services revenue, 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 consolidated statements of operations and comprehensive income (loss). 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, which are related to real estate revenue, and unbilled deferred rent receivables are reduced for uncollectible amounts, which are recognized as direct reductions of real estate revenue in our accompanying consolidated statements of operations and comprehensive income (loss). |
Real Estate Investments Purchase Price Allocation | Real Estate Investments Purchase Price Allocation Upon the acquisition of real estate properties or entities owning real estate properties, we determine whether the transaction is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the assets acquired and liabilities assumed are not a business, we account for the transaction as an asset acquisition. Under both methods, we recognize the identifiable assets acquired and liabilities assumed; however, for a transaction accounted for as an asset acquisition, we capitalize transaction costs and allocate the purchase price using a relative fair value method allocating all accumulated costs, whereas for a transaction accounted for as a business combination, we immediately expense transaction costs incurred associated with the business combination and allocate the purchase price based on the estimated fair value of each separately identifiable asset and liability. For the years ended December 31, 2022 and 2021, our investment transactions were accounted for as asset acquisitions or as business combinations, as applicable. For the year ended December 31, 2020, all of our investment transactions were accounted for as asset acquisitions. See Note 3, Real Estate Investments, Net — Acquisition of Real Estate Investments, and Note 4, Business Combinations, for a further discussion. We, with assistance from independent valuation specialists, measure the fair value of tangible and identified intangible assets and liabilities, as applicable, based on their respective fair values for acquired properties. Our method for allocating the purchase price to acquired investments in real estate requires us to make subjective assessments for determining fair value of the assets acquired and liabilities assumed. This includes determining the value of the buildings, land, leasehold interests, furniture, fixtures and equipment, above- or below-market rent, in-place leases, master leases, tenant improvements, above- or below-market debt assumed, derivative financial instruments assumed, and noncontrolling interest in the acquiree, if any. These estimates require significant judgment and in some cases involve complex calculations. These allocation assessments directly impact our results of operations, as amounts allocated to certain assets and liabilities have different depreciation or amortization lives. In addition, we amortize the value assigned to above- or below-market rent as a component of revenue, unlike in-place leases and other intangibles, which we include in depreciation and amortization in our accompanying consolidated statements of operations and comprehensive income (loss). The determination of the fair value of land is based upon comparable sales data. In cases where a leasehold interest in the land is acquired, only the above/below market consideration is necessary where the value of the leasehold interest is determined by discounting the difference between the contract ground lease payments and a market ground lease payment back to a present value as of the acquisition date. The fair value of buildings is based upon our determination of the value under two methods: one, as if it were to be replaced and vacant using cost data and, two, also using a residual technique based on discounted cash flow models, as vacant. Factors considered by us include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. We also recognize the fair value of furniture, fixtures and equipment on the premises, as well as the above- or below-market rent, the value of in-place leases, master leases, above- or below-market debt and derivative financial instruments assumed. The value of the above- or below-market component of the acquired in-place leases is determined based upon the present value (using a discount rate that reflects the risks associated with the acquired leases) of the difference between: (i) the level payment equivalent of the contract rent paid pursuant to the lease; and (ii) our estimate of market rent payments taking into account the expected market rent growth. In the case of leases with options, a case-by-case analysis is performed based on all facts and circumstances of the specific lease to determine whether the option will be assumed to be exercised. The amounts related to above-market leases are included in identified intangible assets, net in our accompanying consolidated balance sheets and are amortized as a decrease to real estate revenue over the remaining non-cancelable lease term of the acquired leases with each property. The amounts related to below-market leases are included in identified intangible liabilities, net in our accompanying consolidated balance sheets and are amortized as an increase to real estate revenue over the remaining non-cancelable lease term plus any below-market renewal options of the acquired leases with each property. The value of in-place lease costs are based on management’s evaluation of the specific characteristics of the tenant’s lease and our overall relationship with the tenants. Characteristics considered by us in allocating these values include the nature and extent of the credit quality and expectations of lease renewals, among other factors. The in-place lease intangible represents the value related to the economic benefit for acquiring a property with in-place leases as opposed to a vacant property, which is evaluated based on a review of comparable leases for a similar property, terms and conditions for marketing and executing new leases, and implied in the difference between the value of the whole property “as is” and “as vacant.” The net amounts related to in-place lease costs are included in identified intangible assets, net in our accompanying consolidated balance sheets and are amortized as an increase to depreciation and amortization expense over the average downtime of the acquired leases with each property. The net amounts related to the value of tenant relationships, if any, are included in identified intangible assets, net in our accompanying consolidated balance sheets and are amortized as an increase to depreciation and amortization expense over the average remaining non-cancelable lease term of the acquired leases plus the market renewal lease term. The value of a master lease, if any, in which a previous owner or a tenant is relieved of specific rental obligations as additional space is leased, is determined by discounting the expected real estate revenue associated with the master lease space over the assumed lease-up period. The value of above- or below-market debt is determined based upon the present value of the difference between the cash flow stream of the assumed mortgage and the cash flow stream of a market rate mortgage at the time of assumption. The net value of above- or below-market debt is included in mortgage loans payable, net in our accompanying consolidated balance sheets and is amortized as an increase or decrease to interest expense, as applicable, over the remaining term of the assumed mortgage. The values of contingent consideration assets and liabilities are analyzed at the time of acquisition. For contingent purchase options, the fair market value of the acquired asset is compared to the specified option price at the exercise date. If the option price is below market, it is assumed to be exercised and the difference between the fair market value and the option price is discounted to the present value at the time of acquisition. The values of the redeemable and nonredeemable noncontrolling interests are estimated by applying the income approach based on a discounted cash flow analysis. The fair value measurement may apply significant inputs that are not observable in the market. See Note 4, Business Combinations — 2021 Business Combinations — Fair Value of Noncontrolling Interests, for a further discussion of our fair value measurement approach and the significant inputs used in the values of redeemable and nonredeemable noncontrolling interests in GAHR IV. |
Real Estate Investments, Net | Real Estate Investments, Net We carry our operating properties at our historical cost less accumulated depreciation. The cost of operating properties includes the cost of land and completed buildings and related improvements, including those related to financing obligations. Expenditures that increase the service life of properties are capitalized and the cost of maintenance and repairs is charged to expense as incurred. The cost of buildings and capital improvements is depreciated on a straight-line basis over the estimated useful lives of the buildings and capital improvements, up to 39 years, and the cost for tenant improvements is depreciated over the shorter of the lease term or useful life, up to 34 years. The cost of furniture, fixtures and equipment is depreciated over the estimated useful life, up to 28 years. When depreciable property is retired, replaced or disposed of, the related cost and accumulated depreciation is removed from the accounts and any gain or loss is reflected in earnings. As part of the leasing process, we may provide the lessee with an allowance for the construction of leasehold improvements. These leasehold improvements are capitalized and recorded as tenant improvements and depreciated over the shorter of the useful life of the improvements or the lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event we are not considered the owner of the improvements, the allowance is considered to be a lease inducement and is included in other assets, net in our accompanying consolidated balance sheets. Lease inducement is amortized over the lease term as a reduction of real estate revenue on a straight-line basis. Factors considered during this evaluation include, among other things, who holds legal title to the improvements as well as other controlling rights provided by the lease agreement and provisions for substantiation of such costs (e.g ., unilateral control of the tenant space during the build-out process). Determination of the appropriate accounting for the payment of a tenant allowance is made on a lease-by-lease basis, considering the facts and circumstances of the individual tenant lease. Recognition of lease revenue commences when the lessee is given possession of the leased space upon completion of tenant improvements when we are the owner of the leasehold improvements. However, when the leasehold improvements are owned by the tenant, the lease inception date (and the date on which recognition of lease revenue commences) is the date the tenant obtains possession of the leased space for purposes of constructing its leasehold improvements. |
Goodwill | Goodwill Goodwill represents the excess of consideration paid over the fair value of underlying identifiable net assets of a business acquired in a business combination. Our goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. We compare the fair value of a reporting unit with its carrying amount. We recognize an impairment loss to the extent the carrying value of goodwill exceeds the implied value in the current period. We take a qualitative approach, as applicable, to consider whether an impairment of goodwill exists prior to quantitatively determining the fair value of the reporting unit in step one of the impairment test. |
Impairment of Long-Lived Assets and Intangible Assets | Impairment of Long-Lived Assets and Intangible Assets We periodically evaluate our long-lived assets, primarily consisting of investments in real estate that we carry at our historical cost less accumulated depreciation, for impairment when events or changes in circumstances indicate that its carrying value may not be recoverable. We consider the following indicators, among others, in our evaluation of impairment: • significant negative industry or economic trends; • a significant underperformance relative to historical or projected future operating results; and • a significant change in the extent or manner in which the asset is used or significant physical change in the asset. If indicators of impairment of our long-lived assets are present, we evaluate the carrying value of the related real estate investments in relation to the future undiscounted cash flows of the underlying operations. In performing this evaluation, we consider market conditions and our current intentions with respect to holding or disposing of the asset. We adjust the net book value of properties we lease to others and other long-lived assets to fair value if the sum of the expected future undiscounted cash flows, including sales proceeds, is less than carrying value. We recognize an impairment loss at the time we make any such determination. We test indefinite-lived intangible assets, other than goodwill, for impairment at least annually, and more frequently if indicators arise. We first assess qualitative factors to determine the likelihood that the fair value of the reporting group is less than its carrying value. If the carrying amount of an indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized. Fair values of other indefinite-lived intangible assets are usually determined based on discounted cash flows or appraised values, as appropriate. If impairment indicators arise with respect to intangible assets with finite useful lives, we evaluate impairment by comparing the carrying amount of the asset to the estimated future undiscounted net cash flows expected to be generated by the asset. If the estimated future undiscounted net cash flows are less than the carrying amount of the asset, then we estimate the fair value of the asset and compare the estimated fair value to the intangible asset’s carrying value. For all of our reporting units, we recognize any shortfall from carrying value as an impairment loss in the current period. |
Properties Held for Sale | Properties Held for Sale A property or a group of properties is reported in discontinued operations in our consolidated statements of operations and comprehensive income (loss) for current and prior periods if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when either: (i) the component has been disposed of or (ii) is classified as held for sale. At such time as a property is held for sale, such property is carried at the lower of: (i) its carrying amount or (ii) fair value less costs to sell. In addition, a property being held for sale ceases to be depreciated. We classify operating properties as property held for sale in the period in which all of the following criteria are met: • management, having the authority to approve the action, commits to a plan to sell the asset; • the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets; • an active program to locate a buyer or buyers and other actions required to complete the plan to sell the asset has been initiated; • the sale of the asset is probable and the transfer of the asset is expected to qualify for recognition as a completed sale within one year; • the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and • given the actions required to complete the plan to sell the asset, it is unlikely that significant changes to the plan would be made or that the plan would be withdrawn. |
Debt Security Investment, Net | Debt Security Investment, NetWe classify our marketable debt security investment as held-to-maturity because we have the positive intent and ability to hold the security to maturity, and we have not recorded any unrealized holding gains or losses on such investment. Our held-to-maturity security is recorded at amortized cost and adjusted for the amortization of premiums or discounts through maturity. |
Derivative Financial Instruments | Derivative Financial Instruments We are exposed to the effect of interest rate changes in the normal course of business. We seek to mitigate these risks by following established risk management policies and procedures, which include the occasional use of derivatives. Our primary strategy in entering into derivative contracts, such as fixed-rate interest rate swaps and interest rate caps, is to add stability to interest expense and to manage our exposure to interest rate movements by effectively converting a portion of our variable-rate debt to fixed-rate debt. We do not enter into derivative instruments for speculative purposes. Derivatives are recognized as either other assets or other liabilities in our accompanying consolidated balance sheets and are measured at fair value. We do not designate our derivative instruments as hedge instruments as defined by guidance under ASC Topic 815, Derivatives and Hedges , or ASC Topic 815, which allows for gains and losses on derivatives designated as hedges to be offset by the change in value of the hedged items or to be deferred in other comprehensive income (loss). Changes in the fair value of our derivative financial instruments are recorded as a component of interest expense in gain or loss in fair value of derivative financial instruments in our accompanying consolidated statements of operations and comprehensive income (loss). |
Fair Value Measurements | Fair Value Measurements The fair value of certain assets and liabilities is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, we follow a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of our reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and our reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). |
Other Assets, Net | Other Assets, Net Other assets, net primarily consists of inventory, prepaid expenses and deposits, certain |
Other Assets, Net | Inventory consists primarily of pharmaceutical and medical supplies and is stated at the lower of cost (first-in, first-out) or market. |
Other Assets, Net | Deferred financing costs related to our lines of credit and term loans include amounts paid to lenders and others to obtain such financing. Such costs are amortized using the straight-line method over the term of the related loan, which approximates the effective interest rate method. Amortization of deferred financing costs related to our lines of credit and term loans is included in interest expense in our accompanying consolidated statements of operations and comprehensive income (loss). Lease commissions are amortized using the straight-line method over the term of the related lease. Prepaid expenses are amortized over the related contract periods. |
Other Assets, Net | We report investments in unconsolidated entities using the equity method of accounting when we have the ability to exercise significant influence over the operating and financial policies. Under the equity method, our share of the investee’s earnings or losses is included in our accompanying consolidated statements of operations and comprehensive income (loss). We generally do not recognize equity method losses when such losses exceed our net equity method investment balance unless we have committed to provide such investee additional financial support or guaranteed its obligations. To the extent that our cost basis is different from the basis reflected at the entity level, the basis difference is generally amortized over the lives of the related assets and liabilities, and such amortization is included in our share of equity in earnings of the entity. The initial carrying value of investments in unconsolidated entities is based on the amount paid to purchase the entity interest or the estimated fair value of the assets prior to the sale of interests in the entity. We have elected to follow the cumulative earnings approach when classifying distributions received from equity method investments in our consolidated statements of cash flows, whereby any distributions received up to the amount of cumulative equity earnings will be considered a return on investment and classified in operating activities and any excess distributions would be considered a return of investment and classified in investing activities. We evaluate our equity method investments for impairment based upon a comparison of the estimated fair value of the equity method investment to its carrying value. When we determine a decline in the estimated fair value of such an investment below its carrying value is other-than-temporary, an impairment is recorded. |
Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities As of December 31, 2022 and 2021, accounts payable and accrued liabilities primarily include insurance reserves of $39,893,000 and $36,440,000, respectively, reimbursement of payroll-related costs to the managers of our SHOP and integrated senior health campuses of $38,624,000 and $31,101,000, respectively, accrued property taxes of $24,926,000 and $22,102,000, respectively, accrued developments and capital expenditures to unaffiliated third parties of $30,211,000 and $22,852,000, respectively, and accrued distributions to common stockholders of $26,484,000 and $8,768,000, respectively. |
Stock Compensation | Stock Based Compensation We follow ASC Topic 718, Compensation — Stock Compensation |
Foreign Currency | Foreign Currency We have real estate investments in the United Kingdom, or UK, and Isle of Man for which the functional currency is the UK Pound Sterling, or GBP. We translate the results of operations of our foreign real estate investments into United States Dollars, or USD, using the average currency rates of exchange in effect during the period, and we translate assets and liabilities using the currency exchange rate in effect at the end of the period. The resulting foreign currency translation adjustments are included in accumulated other comprehensive loss, a component of stockholders’ equity, in our accompanying consolidated balance sheets. Certain balance sheet items, primarily equity and capital-related accounts, are reflected at the historical currency exchange rates. We also have intercompany notes and payables denominated in GBP with our UK subsidiaries. Gains or losses resulting from remeasuring such intercompany notes and payables into USD at the end of each reporting period are reflected in our accompanying consolidated statements of operations and comprehensive income (loss). When such intercompany notes and payables are deemed to be of a long-term investment nature, they will be reflected in accumulated other comprehensive loss in our accompanying consolidated balance sheets. |
Income Taxes | Income Taxes We qualified, and elected to be taxed, as a REIT under the Code, and we intend to continue to qualify to be taxed as a REIT. To maintain our qualification as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute to our stockholders a minimum of 90.0% of our annual taxable income, excluding net capital gains. We generally will not be subject to U.S. federal income taxes if we distribute 100% of our taxable income each year to our stockholders. If we fail to maintain our qualification as a REIT in any taxable year, we will then be subject to U.S. federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for U.S. federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service grants us relief under certain statutory provisions. Such an event could have a material adverse effect on our net income and net cash available for distribution to our stockholders. We may be subject to certain state and local income taxes on our income, property or net worth in some jurisdictions, and in certain circumstances we may also be subject to federal excise taxes on undistributed income. In addition, certain activities that we undertake are conducted by subsidiaries, which we elected to be treated as taxable REIT subsidiaries, or TRS, to allow us to provide services that would otherwise be considered impermissible for REITs. Also, we have real estate investments in the UK and Isle of Man, which do not accord REIT status to United States REITs under their tax laws. Accordingly, we recognize an income tax benefit or expense for the federal, state and local income taxes incurred by our TRS and foreign income taxes on our real estate investments in the UK and Isle of Man. We account for deferred income taxes using the asset and liability method and recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in our financial statements or tax returns. Under this method, we determine deferred tax assets and liabilities based on the temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets reflect the impact of the future deductibility of operating loss carryforwards. A valuation allowance is provided if we believe it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes us to change our judgment about the realizability of the related deferred tax asset, is included in income tax benefit or expense in our accompanying consolidated statements of operations and comprehensive income (loss) |
Segment Disclosure | Segment DisclosureWe segregate our operations into reporting segments in order to assess the performance of our business in the same way that management reviews our performance and makes operating decisions. |
GLA and Other Measures | GLA and Other Measures GLA and other measures used to describe real estate investments included in our accompanying consolidated financial statements are presented on an unaudited basis. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In March 2020, the FASB issued Accounting Standards Update, or ASU, 2020-04, Facilitation of the Effects of Reference Rate Reform of Financial Reporting , or ASU 2020-04, which provides optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions, subject to meeting certain criteria. ASU 2020-04 applies to the aforementioned transactions that reference the London Inter-bank Offered Rate, or LIBOR, or another reference rate expected to be discontinued because of the reference rate reform. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), or ASU 2021-01, which clarifies that certain optional expedients and exceptions for contract modification and hedge accounting apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of the discontinuation of the use of LIBOR as a benchmark interest rate due to reference rate reform. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, or ASU 2022-06, which extends the period of time entities can utilize the reference rate reform relief guidance under ASU 2020-04 from December 31, 2022 to December 31, 2024. ASU 2020-04, ASU 2021-01 and ASU 2022-06 are effective for fiscal years and interim periods beginning after March 12, 2020 and through the effective date December 31, 2024, as extended by ASU 2022-06. We are currently evaluating the impact this guidance has on our variable-rate debt and lease contracts to determine the impact on our disclosures. In July 2021, the FASB issued ASU 2021-05, Leases (Topic 842): Lessors — Certain Leases with Variable Lease Payments, or ASU 2021-05, which amends the lease classification requirements for lessors to align them with practice under the previous lease accounting standard, ASC Topic 840, Leases . Lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease, if both of the following criteria are met: (1) the lease would have been classified as a sales-type lease or a direct financing lease; and (2) the lessor would have otherwise recognized a day-one loss. ASU 2021-05 was effective for fiscal years beginning after December 15, 2021. Early adoption was permitted. We adopted such accounting pronouncement on January 1, 2022, which did not have a material impact to our consolidated financial statements and disclosures as we have no material sales-type or direct financing leases. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , or ASU 2021-08, which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquiror on the acquisition date in accordance with ASC Topic 606 as if it had originated the contracts. Under the current business combination guidance, such assets and liabilities were recognized by the acquiror as fair value on the acquisition date. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022. Early adoption is permitted. We adopted such accounting pronouncements on January 1, 2023, which did not have a material impact to our consolidated financial statements and disclosures. In March 2022, the FASB issued ASU 2022-02, Financial Instruments — Credit Losses (Topic 326): Troubled Debt Restructuring and Vintage Disclosures, or ASU 2022-02, which eliminates certain previously issued accounting guidance for troubled debt restructurings, or TDRs, and enhances disclosure requirements surrounding refinancing, restructurings, and write-offs. Current GAAP provides an exception to general recognition and measurement guidance for loan restructurings if they meet specific criteria to be considered TDRs. If a modification is a TDR, incremental expected losses are recorded in the allowance for credit losses upon modification and specific disclosures are required. The new amendment eliminates the TDR recognition and measurement guidance and requires the reporting entity to evaluate whether the modification represents a new loan or a continuation of an existing loan, consistent with accounting for other loan modifications. The amendment also requires public business entities to disclose current-period gross write-offs by year of origination for certain financing receivables and net investments in leases. For entities that have adopted the previously issued guidance amended by this update, ASU 2016-13, Measurement of Credit Losses on Financial Instruments , which we adopted during the year ended December 31, 2020, this update is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted for entities that have adopted the previously issued guidance amended by this update. We adopted such accounting pronouncements on January 1, 2023, which did not have a material impact to our consolidated financial statements and disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Disaggregation of Revenue | The following tables disaggregate our resident fees and services revenue by line of business, according to whether such revenue is recognized at a point in time or over time, for the years then ended: Integrated SHOP(1) Total 2022: Over time $ 1,019,198,000 $ 154,268,000 $ 1,173,466,000 Point in time 235,467,000 3,223,000 238,690,000 Total resident fees and services $ 1,254,665,000 $ 157,491,000 $ 1,412,156,000 2021: Over time $ 824,991,000 $ 96,000,000 $ 920,991,000 Point in time 200,708,000 2,236,000 202,944,000 Total resident fees and services $ 1,025,699,000 $ 98,236,000 $ 1,123,935,000 2020: Over time $ 787,116,000 $ 83,043,000 $ 870,159,000 Point in time 196,053,000 2,861,000 198,914,000 Total resident fees and services $ 983,169,000 $ 85,904,000 $ 1,069,073,000 The following tables disaggregate our resident fees and services revenue by payor class for the years then ended: Integrated SHOP(1) Total 2022: Private and other payors $ 582,448,000 $ 144,771,000 $ 727,219,000 Medicare 429,129,000 — 429,129,000 Medicaid 243,088,000 12,720,000 255,808,000 Total resident fees and services $ 1,254,665,000 $ 157,491,000 $ 1,412,156,000 2021: Private and other payors $ 462,828,000 $ 94,673,000 $ 557,501,000 Medicare 349,876,000 — 349,876,000 Medicaid 212,995,000 3,563,000 216,558,000 Total resident fees and services $ 1,025,699,000 $ 98,236,000 $ 1,123,935,000 2020: Private and other payors $ 437,133,000 $ 84,308,000 $ 521,441,000 Medicare 356,350,000 — 356,350,000 Medicaid 189,686,000 1,596,000 191,282,000 Total resident fees and services $ 983,169,000 $ 85,904,000 $ 1,069,073,000 ___________ (1) Includes fees for basic housing and assisted living care. We record revenue when services are rendered at amounts billable to individual residents. Residency agreements are generally for a term of 30 days, with resident fees billed monthly in advance. For patients under reimbursement arrangements with Medicaid, revenue is recorded based on contractually agreed-upon amounts or rates on a per resident, daily basis or as services are rendered. |
Contract with Customer, Asset and Liability | Accounts Receivable, Net — Resident Fees and Services Revenue The beginning and ending balances of accounts receivable, net — resident fees and services are as follows: Private Medicare Medicaid Total Beginning balance — January 1, 2022 $ 42,056,000 $ 35,953,000 $ 16,922,000 $ 94,931,000 Ending balance — December 31, 2022 55,484,000 45,669,000 20,832,000 121,985,000 Increase $ 13,428,000 $ 9,716,000 $ 3,910,000 $ 27,054,000 Deferred Revenue — Resident Fees and Services Revenue The beginning and ending balances of deferred revenue — resident fees and services, almost all of which relates to private and other payors, are as follows: Total Beginning balance — January 1, 2022 $ 14,673,000 Ending balance — December 31, 2022 17,901,000 Increase $ 3,228,000 |
Real Estate Investments, Net (T
Real Estate Investments, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Real Estate Investments, Net | Our real estate investments, net consisted of the following as of December 31, 2022 and 2021: December 31, 2022 2021 Building, improvements and construction in process $ 3,670,361,000 $ 3,505,786,000 Land and improvements 344,359,000 334,562,000 Furniture, fixtures and equipment 221,727,000 198,224,000 4,236,447,000 4,038,572,000 Less: accumulated depreciation (654,838,000) (523,886,000) $ 3,581,609,000 $ 3,514,686,000 |
Summary of Acquisitions of Previously Leased Real Estate Investments | The following is a summary of such property acquisitions, which are included in our integrated senior health campuses segment: Location Date Contract Mortgage Acquisition Kendallville, IN; and Delphos, Lima, Springfield, Sylvania and Union Township, OH 01/19/21 $ 76,549,000 $ 78,587,000 $ 1,164,000 ___________ (1) Represents the principal balance of the mortgage loan payable placed on the properties at the time of acquisition. (2) Our former advisor was paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.25% of the portion of the contract purchase price of the properties attributed to our ownership interest in the Trilogy subsidiary that acquired the properties. Location Date Contract Line of Credit(1) Acquisition Monticello, IN 07/30/20 $ 10,600,000 $ 13,200,000 $ 161,000 Louisville, KY 07/30/20 16,719,000 15,055,000 254,000 Total $ 27,319,000 $ 28,255,000 $ 415,000 ___________ (1) Represents borrowings under the 2019 Trilogy Credit Facility, as defined in Note 9, Lines of Credit and Term Loans, at the time of acquisition. (2) Our former advisor was paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.25% of the portion of the contract purchase price of the properties attributed to our ownership interest at the time of acquisition in the Trilogy subsidiary that acquired the properties. |
Summary of Assets Acquisitions | The following table summarizes the purchase price of such assets acquired, adjusted for $37,464,000 operating lease right-of-use assets and $36,326,000 operating lease liabilities, and based on their relative fair values: 2022 Building and improvements $ 49,645,000 Land and improvements 8,885,000 Total assets acquired $ 58,530,000 2021 Building and improvements $ 66,167,000 Land 17,612,000 Total assets acquired $ 83,779,000 2020 Building and improvements $ 26,311,000 Land 4,563,000 Total assets acquired $ 30,874,000 |
Schedule of Asset Dispositions, by Disposition | The following is a summary of such dispositions, which were included in our MOBs and SHOP segments, as applicable: Location Date Contract Brooksville, FL(1) 11/15/22 $ 2,640,000 Sanford, FL(1) 12/15/22 3,750,000 Memphis, TN 12/20/22 9,600,000 Bradenton FL(1) 12/30/22 7,215,000 Total $ 23,205,000 ___________ |
Business Combinations and Asset
Business Combinations and Asset Acquisitions (Tables) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | ||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The table below summarizes the acquisition date fair values of the assets acquired and liabilities assumed of our 2022 acquisitions accounted for as business combinations. The fair values of the assets acquired and liabilities assumed during 2022 were preliminary estimates. Any necessary adjustments will be finalized within one year from the date of acquisition. 2022 Operating lease right-of-use assets $ 153,777,000 Building and improvements 163,166,000 Goodwill 44,990,000 Accounts receivable, net 19,472,000 In-place leases 18,834,000 Land 20,514,000 Cash and restricted cash 12,331,000 Certificates of need 3,567,000 Furniture, fixtures and equipment 1,936,000 Other assets 1,798,000 Total assets acquired 440,385,000 Operating lease liabilities (161,121,000) Mortgage loans payable (including debt discount of $6,066,000) (149,861,000) Security deposits and other liabilities (15,994,000) Accounts payable and accrued liabilities (16,012,000) Financing obligations (65,000) Total liabilities assumed (343,053,000) Net assets acquired $ 97,332,000 | REIT Merger The following table sets forth the allocation of the purchase consideration to the fair values of identifiable tangible and intangible assets acquired and liabilities assumed recognized at the acquisition date of GAHR IV, as well as the fair value at the acquisition date of the noncontrolling interests in GAHR IV: Real estate investments $ 1,126,641,000 Cash and cash equivalents 16,163,000 Accounts and other receivables, net 2,086,000 Restricted cash 986,000 Identified intangible assets 115,824,000 Operating lease right-of-use assets 11,939,000 Other assets 3,938,000 Total assets 1,277,577,000 Mortgage loans payable (including debt premium of $311,000) (18,602,000) Lines of credit and term loans (488,900,000) Accounts payable and accrued liabilities (21,882,000) Accounts payable due to affiliates (324,000) Identified intangible liabilities (12,927,000) Operating lease liabilities (7,568,000) Security deposits, prepaid rent and other liabilities (8,354,000) Total liabilities (558,557,000) Net identifiable assets acquired 719,020,000 Redeemable noncontrolling interests (2,525,000) Noncontrolling interest in total equity (1,528,000) Total purchase consideration $ 714,967,000 AHI Acquisition The following table sets forth the allocation of the purchase consideration to the fair values of identifiable tangible and intangible assets acquired and liabilities assumed recognized at the acquisition date: Cash and cash equivalents $ 706,000 Operating lease right-of-use assets 3,526,000 Other assets 362,000 Total assets 4,594,000 Accounts payable and accrued liabilities (3,910,000) Operating lease liabilities (3,526,000) Total liabilities (7,436,000) Net identifiable liabilities assumed (2,842,000) Goodwill 134,589,000 Total purchase consideration $ 131,747,000 |
Fair Value of Purchase Consideration | REIT Merger The fair value of the purchase consideration transferred was calculated as follows: Deemed equity consideration (1) $ 768,075,000 Consideration for acquisition of noncontrolling interest (2) (53,300,000) Repurchase of GAHR IV Class T common stock 192,000 Total purchase consideration $ 714,967,000 ________________ (1) Represents the fair value of GAHR III common stock that is deemed to be issued for accounting purposes only. Taking into consideration the impact of the reverse stock split, the fair value of the purchase consideration is calculated based on 22,045,766 shares of common stock deemed to be issued by GAHR III at the fair value per share of $34.84. (2) Represents the fair value of additional interest acquired in GAHR III’s subsidiary, Trilogy REIT Holdings, LLC, or Trilogy REIT Holdings. The acquisition of additional interest in Trilogy is accounted for separately from the REIT Merger in accordance with ASC Topic 810, Consolidation , or ASC Topic 810. See Note 14, Equity — Noncontrolling Interests in Total Equity, for a discussion of the Trilogy transaction. AHI Acquisition The fair value of the purchase consideration transferred was calculated as follows: Equity consideration (1) $ 131,674,000 Post-closing cash payment to NewCo Sellers related to net working capital adjustments 73,000 Contingent consideration (2) — Total purchase consideration $ 131,747,000 ________________ (1) Taking into consideration the impact of the reverse stock split, the amount represents the estimated fair value of the 3,779,382 surviving partnership OP units issued as consideration, with a reference value for purposes thereof of $34.84 per unit. The issuance of surviving partnership OP units was accounted for separately from the AHI Acquisition. (2) Represents the estimated fair value of contingent consideration based on the performance of a possible private investment fund under consideration by AHI. We have no definitive plans to establish the investment fund and therefore the fair value of contingent consideration was estimated to be $0. | |
Allocation of Goodwill | The table below represents the allocation of goodwill in connection with the AHI Acquisition to our reporting segments: MOBs $ 47,812,000 Integrated senior health campuses 44,547,000 SHOP 23,277,000 SNFs 8,640,000 Senior housing 5,924,000 Hospitals 4,389,000 Total $ 134,589,000 | |
Real Estate Investments, Intangible Assets and Intangible Liabilities | Real estate investments consist of land, building improvements, site improvements, unamortized tenant improvement allowances and unamortized capital improvements. Intangibles assets consist of in-place leases, above-market leases and certificates of need. We amortize purchased real estate investments and intangible assets on a straight-line basis over their respective useful lives. The following tables present the approximate fair value and the weighted-average depreciation and amortization periods of each major type of asset and liability. Real Estate Investments Approximate Fair Estimated Useful Lives (in years) Land $ 114,525,000 N/A Building improvements 930,700,000 39 Site improvements 33,644,000 7 Unamortized tenant improvement allowances 42,407,000 6 Unamortized capital improvements 5,365,000 11 Total real estate investments $ 1,126,641,000 Intangible Assets Approximate Fair Estimated Useful Lives (in years) In-place leases $ 79,887,000 6 Above-market leases 35,606,000 10 Certificates of need 331,000 N/A Total identified intangible assets $ 115,824,000 Intangible Liabilities Approximate Fair Estimated Below-market leases $ 12,927,000 10 | |
Pro Forma Financial Information | The following unaudited pro forma operating information is presented as if the Merger and the AHI Acquisition occurred on January 1, 2020. Such unaudited pro forma information includes a nonrecurring adjustment to present acquisition related expenses incurred in the year ended December 31, 2021 in the 2020 pro forma results. The pro forma results are not necessarily indicative of the operating results that would have been obtained had the Merger and the AHI Acquisition occurred at the beginning of the periods presented, nor are they necessarily indicative of future operating results. Unaudited pro forma revenue, net loss and net loss attributable to controlling interest would have been as follows: Years Ended December 31, 2021 2020 Revenue $ 1,392,884,000 $ 1,397,261,000 Net loss $ (45,253,000) $ (17,116,000) Net loss attributable to controlling interest $ (35,140,000) $ (20,642,000) |
Identified Intangible Assets,_2
Identified Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Identified Intangible Assets, Net | Identified intangible assets, net consisted of the following as of December 31, 2022 and 2021: December 31, 2022 2021 Amortized intangible assets: In-place leases, net of accumulated amortization of $38,930,000 and $28,120,000 as of December 31, 2022 and 2021, respectively (with a weighted average remaining life of 7.0 years and 8.2 years as of December 31, 2022 and 2021, respectively) $ 75,580,000 $ 81,538,000 Above-market leases, net of accumulated amortization of $6,360,000 and $2,082,000 as of December 31, 2022 and 2021, respectively (with a weighted average remaining life of 9.0 years and 9.7 years as of December 31, 2022 and 2021, respectively) 30,194,000 35,106,000 Customer relationships, net of accumulated amortization of $785,000 and $635,000 as of December 31, 2022 and 2021, respectively (with a weighted average remaining life of 13.7 years and 14.7 years as of December 31, 2022 and 2021, respectively) 2,055,000 2,205,000 Internally developed technology and software, net of accumulated amortization of $399,000 as of December 31, 2021 (with a weighted average remaining life of 0.7 years as of December 31, 2021) — 70,000 Unamortized intangible assets: Certificates of need 97,667,000 99,165,000 Trade names 30,787,000 30,787,000 $ 236,283,000 $ 248,871,000 |
Amortization Expense on Identified Intangible Assets | As of December 31, 2022, estimated amortization expense on the identified intangible assets for each of the next five years ending December 31 and thereafter was as follows: Year Amount 2023 $ 29,132,000 2024 13,735,000 2025 10,910,000 2026 9,740,000 2027 9,104,000 Thereafter 35,208,000 $ 107,829,000 |
Other Assets, Net (Tables)
Other Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Assets [Abstract] | |
Other Assets, Net | Other assets, net consisted of the following as of December 31, 2022 and 2021: December 31, 2022 2021 Deferred rent receivables $ 46,867,000 $ 41,061,000 Prepaid expenses, deposits, other assets and deferred tax assets, net 25,866,000 22,484,000 Inventory 19,775,000 18,929,000 Lease commissions, net of accumulated amortization of $6,260,000 and $4,911,000 as of December 31, 2022 and 2021, respectively 19,217,000 16,120,000 Investments in unconsolidated entities 9,580,000 15,615,000 Deferred financing costs, net of accumulated amortization of $5,704,000 and $8,469,000 as of December 31, 2022 and 2021, respectively 4,334,000 3,781,000 Lease inducement, net of accumulated amortization of $2,193,000 and $1,842,000 as of December 31, 2022 and 2021, respectively (with a weighted average remaining life of 7.9 years and 8.9 years as of December 31, 2022 and 2021, respectively) 2,807,000 3,158,000 $ 128,446,000 $ 121,148,000 |
Mortgage Loans Payable, Net (Ta
Mortgage Loans Payable, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Mortgage Loans Payable, Net [Abstract] | |
Mortgage Loans Payable, Net | Mortgage loans payable, net consisted of the following as of December 31, 2022 and 2021: December 31, 2022 2021 Total fixed-rate debt $ 885,892,000 $ 845,504,000 Total variable-rate debt 368,587,000 270,712,000 Total fixed- and variable-rate debt 1,254,479,000 1,116,216,000 Less: deferred financing costs, net (8,845,000) (8,680,000) Add: premium 237,000 397,000 Less: discount (16,024,000) (12,339,000) Mortgage loans payable, net $ 1,229,847,000 $ 1,095,594,000 |
Schedule of Activity Related to Mortgage Loans Payable | The following table reflects the changes in the carrying amount of mortgage loans payable, net for the years ended December 31, 2022 and 2021: Years Ended December 31, 2022 2021 Beginning balance $ 1,095,594,000 $ 810,478,000 Additions: Borrowings under mortgage loans payable 186,227,000 407,939,000 Assumption of mortgage loans payable due to acquisitions of real estate investments, net 149,861,000 18,602,000 Amortization of deferred financing costs 2,332,000 4,077,000 Amortization of discount/premium on mortgage loans payable 2,242,000 773,000 Deductions: Scheduled principal payments on mortgage loans payable (104,384,000) (34,616,000) Early payoff of mortgage loans payable (90,871,000) (109,424,000) Payoff of a mortgage loan payable due to disposition of real estate investment (8,637,000) — Deferred financing costs (2,517,000) (2,235,000) Ending balance $ 1,229,847,000 $ 1,095,594,000 |
Principal Payments Due on Mortgage Loans Payable | As of December 31, 2022, the principal payments due on our mortgage loans payable for each of the next five years ending December 31 and thereafter were as follows: Year Amount 2023 $ 193,089,000 2024 217,952,000 2025 165,554,000 2026 155,168,000 2027 34,423,000 Thereafter 488,293,000 $ 1,254,479,000 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Financial Instruments | The following table lists the derivative financial instruments held by us as of December 31, 2021, which were included in security deposits, prepaid rent and other liabilities in our accompanying consolidated balance sheets: Instrument Notional Amount Index Interest Rate Maturity Date Fair Value Swap $ 250,000,000 one month LIBOR 2.10% 01/25/22 $ 332,000 Swap $ 130,000,000 one month LIBOR 1.98% 01/25/22 162,000 Swap $ 100,000,000 one month LIBOR 0.20% 01/25/22 6,000 $ 500,000 |
Identified Intangible Liabili_2
Identified Intangible Liabilities, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Identified Intangible Liabilities [Abstract] | |
Summary of Amortization Expense on Below Market Leases | As of December 31, 2022, estimated amortization expense on below-market leases for each of the next five years ending December 31 and thereafter was as follows: Year Amount 2023 $ 1,596,000 2024 1,475,000 2025 1,347,000 2026 1,198,000 2027 1,162,000 Thereafter 4,059,000 $ 10,837,000 |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Temporary Equity [Abstract] | |
Redeemable Noncontrolling Interest | The changes in the carrying amount of redeemable noncontrolling interests consisted of the following for the years ended December 31, 2022 and 2021: December 31, 2022 2021 Beginning balance $ 72,725,000 $ 40,340,000 Additional redeemable noncontrolling interests 273,000 30,236,000 Reclassification from equity 83,000 5,923,000 Distributions (2,817,000) (1,579,000) Repurchase of redeemable noncontrolling interests (4,034,000) (8,431,000) Adjustment to redemption value 15,773,000 7,380,000 Net loss attributable to redeemable noncontrolling interests (405,000) (1,144,000) Ending balance $ 81,598,000 $ 72,725,000 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share | The following is a summary of the historical estimated per share NAV for GAHR III and the Combined Company, as applicable: Approval Date by our Board Estimated Per Share NAV 10/03/19 $ 37.60 03/18/21 $ 34.20 03/24/22 $ 37.16 03/15/23 $ 31.40 |
Schedule of Nonvested RSAs and RSUs | A summary of the status of our nonvested RSAs and RSUs as of December 31, 2022 and 2021 and the changes for the year ended December 31, 2022 is presented below: Number of Weighted Number of Weighted Balance — December 31, 2021 222,886 $ 36.99 — $ — Granted 18,689 37.16 60,077 37.16 Vested (58,335) 37.14 — — Forfeited — — (11,524) 37.16 Balance — December 31, 2022 183,240 $ 36.97 48,553 $ 37.16 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule Of Amount Outstanding To Affiliates Table | The following amounts were outstanding to our affiliates as of December 31, 2021: Fee Amount Lease commissions $ 245,000 Development fees 229,000 Construction management fees 152,000 Operating expenses 100,000 Asset and property management fees 83,000 Acquisition fees 57,000 $ 866,000 |
Schedule of Related Party Transactions | Fees and expenses incurred to our former advisor or its affiliates for the years ended December 31, 2021 and 2020 were as follows: Years Ended December 31, 2021 2020 Asset management fees(1) $ 16,187,000 $ 20,693,000 Property management fees(2) 1,993,000 2,632,000 Acquisition fees(3) 1,363,000 480,000 Development fees(4) 856,000 1,073,000 Lease fees(5) 410,000 579,000 Operating expenses(6) 160,000 235,000 Construction management fees(7) 144,000 183,000 $ 21,113,000 $ 25,875,000 ___________ (1) Asset management fees were included in general and administrative in our accompanying consolidated statements of operations and comprehensive income (loss). (2) Property management fees were included in rental expenses or general and administrative expenses in our accompanying consolidated statements of operations and comprehensive income (loss), depending on the property type from which the fee was incurred. (3) Acquisition fees in connection with the acquisition of properties accounted for as asset acquisitions or the acquisition of real estate-related investments were capitalized as part of the associated investments in our accompanying consolidated balance sheets. (4) Development fees were capitalized as part of the associated investments in our accompanying consolidated balance sheets. (5) Lease fees were capitalized as costs of entering into new leases and included in other assets, net in our accompanying consolidated balance sheets. (6) We reimbursed our former advisor or its affiliates for operating expenses incurred in rendering services to us, subject to certain limitations. For the 12 months ended December 31, 2021 and 2020, our operating expenses did not exceed such limitations. Operating expenses were generally included in general and administrative in our accompanying consolidated statements of operations and comprehensive income (loss). (7) Construction management fees were capitalized as part of the associated asset and included in real estate investments, net in our accompanying consolidated balance sheets. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 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 $ — $ 500,000 $ — $ 500,000 Warrants — — 786,000 786,000 Total liabilities at fair value $ — $ 500,000 $ 786,000 $ 1,286,000 |
Fair Value, by Balance Sheet Grouping | The carrying amounts and estimated fair values of such financial instruments as of December 31, 2022 and 2021 were as follows: December 31, 2022 2021 Carrying Fair Carrying Fair Financial Assets: Debt security investment $ 83,000,000 $ 93,230,000 $ 79,315,000 $ 93,920,000 Financial Liabilities: Mortgage loans payable $ 1,229,847,000 $ 1,091,667,000 $ 1,095,594,000 $ 1,075,729,000 Lines of credit and term loans $ 1,277,460,000 $ 1,285,205,000 $ 1,222,853,000 $ 1,226,636,000 ___________ (1) Carrying amount is net of any discount/premium and unamortized deferred financing costs. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The components of income or loss before taxes for the years ended December 31, 2022, 2021 and 2020, were as follows: December 31, 2022 2021 2020 Domestic $ (72,510,000) $ (52,001,000) $ 6,171,000 Foreign (287,000) (312,000) (386,000) (Loss) income before income taxes $ (72,797,000) $ (52,313,000) $ 5,785,000 |
Schedule of Components of Income Tax (Benefit) Expense | The components of income tax benefit or expense for the years ended December 31, 2022, 2021 and 2020 were as follows: December 31, 2022 2021 2020 Federal deferred $ (8,176,000) $ (12,033,000) $ (4,818,000) State deferred (2,099,000) (2,908,000) (932,000) Federal current — — (361,000) State current — 329,000 — Foreign current 586,000 627,000 612,000 Valuation allowances 10,275,000 14,941,000 2,421,000 Total income tax expense (benefit) $ 586,000 $ 956,000 $ (3,078,000) |
Schedule of Deferred Tax Assets and Liabilities | The components of deferred tax assets and liabilities as of December 31, 2022 and 2021 were as follows: December 31, 2022 2021 Deferred income tax assets: Fixed assets and intangibles $ 8,271,000 $ 9,870,000 Expense accruals and other 18,189,000 17,804,000 Net operating loss and other carry forwards 50,101,000 41,164,000 Reserves and accruals 7,487,000 7,375,000 Allowances for accounts receivable 2,224,000 1,951,000 Investments in unconsolidated entities — 2,611,000 Total deferred income tax assets $ 86,272,000 $ 80,775,000 Deferred income tax liabilities: Fixed assets and intangibles $ (13,626,000) $ (18,689,000) Other — temporary differences (2,676,000) (2,467,000) Total deferred income tax liabilities $ (16,302,000) $ (21,156,000) Net deferred income tax assets before valuation allowance $ 69,970,000 $ 59,619,000 Valuation allowances (69,970,000) (59,619,000) Net deferred income tax assets (liabilities) $ — $ — |
Summary of Tax Treatment of Distributions | The income tax treatment for distributions reportable for the years ended December 31, 2022, 2021 and 2020 was as follows: Years Ended December 31, 2022 2021 2020 Ordinary income $ 40,745,000 46.5 % $ 7,989,000 26.3 % $ — — % Capital gain — — — — — — Return of capital 46,890,000 53.5 22,406,000 73.7 48,842,000 100 $ 87,635,000 100 % $ 30,395,000 100 % $ 48,842,000 100 % |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of Lease Payments to be Received | As of December 31, 2022, the following table sets forth the undiscounted cash flows for future minimum base rents due under operating leases for each of the next five years ending December 31 and thereafter for properties that we wholly own: Year Amount 2023 $ 152,100,000 2024 143,219,000 2025 130,134,000 2026 119,280,000 2027 113,207,000 Thereafter 577,498,000 Total $ 1,235,438,000 |
Schedule of Lease Cost | The components of lease costs were as follows: Years Ended December 31, Lease Cost Classification 2022 2021 2020 Operating lease cost(1) Property operating expenses, rental expenses or general and administrative expenses $ 30,566,000 $ 23,774,000 $ 32,441,000 Finance lease cost Amortization of leased assets Depreciation and amortization 1,249,000 1,447,000 1,891,000 Interest on lease liabilities Interest expense 261,000 384,000 609,000 Sublease income Resident fees and services revenue or other income (693,000) (210,000) — Total lease cost $ 31,383,000 $ 25,395,000 $ 34,941,000 ___________ (1) Includes short-term leases and variable lease costs, which are immaterial. Additional information related to our leases for the periods presented below was as follows: December 31, Lease Term and Discount Rate 2022 2021 2020 Weighted average remaining lease term (in years) Operating leases 12.8 16.9 13.3 Finance leases 2.3 3.6 1.3 Weighted average discount rate Operating leases 5.69 % 5.52 % 5.77 % Finance leases 7.66 % 7.68 % 5.62 % Years Ended December 31, Supplemental Disclosure of Cash Flows Information 2022 2021 2020 Operating cash outflows related to finance leases $ 262,000 $ 384,000 $ 609,000 Financing cash outflows related to finance leases $ 54,000 $ 170,000 $ 1,235,000 Right-of-use assets obtained in exchange for operating lease liabilities $ 173,832,000 $ 29,523,000 $ 14,302,000 |
Schedule of Operating Lease Liability | As of December 31, 2022, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for each of the next five years ending December 31 and thereafter, as well as the reconciliation of those cash flows to operating lease liabilities on our accompanying consolidated balance sheet: Year Amount 2023 $ 38,163,000 2024 37,621,000 2025 37,004,000 2026 37,044,000 2027 37,673,000 Thereafter 228,550,000 Total undiscounted operating lease payments 416,055,000 Less: interest 142,980,000 Present value of operating lease liabilities $ 273,075,000 |
Schedule of Finance Lease Liability | Finance Leases As of December 31, 2022, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for each of the next five years ending December 31 and thereafter, as well as a reconciliation of those cash flows to finance lease liabilities: Year Amount 2023 $ 61,000 2024 75,000 2025 31,000 2026 — 2027 — Thereafter — Total undiscounted finance lease payments 167,000 Less: interest 17,000 Present value of finance lease liabilities $ 150,000 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Summary Information by Reportable Segment | Summary information for the reportable segments during the years ended December 31, 2022, 2021 and 2020 was as follows: Integrated SHOP MOBs Senior SNFs Hospitals Year Ended December 31, 2022 Revenues and grant income: Resident fees and services $ 1,254,665,000 $ 157,491,000 $ — $ — $ — $ — $ 1,412,156,000 Real estate revenue — — 148,717,000 20,802,000 26,159,000 9,666,000 205,344,000 Grant income 24,820,000 855,000 — — — — 25,675,000 Total revenues and grant income 1,279,485,000 158,346,000 148,717,000 20,802,000 26,159,000 9,666,000 1,643,175,000 Expenses: Property operating expenses 1,133,480,000 148,046,000 — — — — 1,281,526,000 Rental expenses — — 56,390,000 682,000 2,179,000 433,000 59,684,000 Segment net operating income $ 146,005,000 $ 10,300,000 $ 92,327,000 $ 20,120,000 $ 23,980,000 $ 9,233,000 $ 301,965,000 Expenses: General and administrative $ 43,418,000 Business acquisition expenses 4,388,000 Depreciation and amortization 167,957,000 Other income (expense): Interest expense: Interest expense (including amortization of deferred financing costs, debt discount/premium and loss on debt extinguishments) (105,956,000) Gain in fair value of derivative financial instruments 500,000 Gain on dispositions of real estate investments 5,481,000 Impairment of real estate investments (54,579,000) Impairment of goodwill (23,277,000) Income from unconsolidated entities 1,407,000 Gain on re-measurement of previously held equity interest 19,567,000 Foreign currency loss (5,206,000) Other income 3,064,000 Total net other expense (158,999,000) Loss before income taxes (72,797,000) Income tax expense (586,000) Net loss $ (73,383,000) Integrated SHOP MOBs Senior SNFs Hospitals Year Ended December 31, 2021 Revenues and grant income: Resident fees and services $ 1,025,699,000 $ 98,236,000 $ — $ — $ — $ — $ 1,123,935,000 Real estate revenue — — 97,297,000 16,530,000 17,309,000 10,232,000 141,368,000 Grant income 13,911,000 3,040,000 — — — — 16,951,000 Total revenues and grant income 1,039,610,000 101,276,000 97,297,000 16,530,000 17,309,000 10,232,000 1,282,254,000 Expenses: Property operating expenses 943,743,000 86,450,000 — — — — 1,030,193,000 Rental expenses — — 36,375,000 366,000 1,507,000 477,000 38,725,000 Segment net operating income $ 95,867,000 $ 14,826,000 $ 60,922,000 $ 16,164,000 $ 15,802,000 $ 9,755,000 $ 213,336,000 Expenses: General and administrative $ 43,199,000 Business acquisition expenses 13,022,000 Depreciation and amortization 133,191,000 Other income (expense): Interest expense: Interest expense (including amortization of deferred financing costs, debt discount/premium and loss on debt extinguishments) (80,937,000) Gain in fair value of derivative financial instruments 8,200,000 Loss on dispositions of real estate investments (100,000) Impairment of real estate investments (3,335,000) Loss from unconsolidated entities (1,355,000) Foreign currency loss (564,000) Other income 1,854,000 Total net other expense (76,237,000) Loss before income taxes (52,313,000) Income tax expense (956,000) Net loss $ (53,269,000) Integrated SHOP MOBs Senior SNFs Hospitals Year Ended December 31, 2020 Revenues and grant income: Resident fees and services $ 983,169,000 $ 85,904,000 $ — $ — $ — $ — $ 1,069,073,000 Real estate revenue — — 78,424,000 14,524,000 16,107,000 10,992,000 120,047,000 Grant income 53,855,000 1,326,000 55,181,000 Total revenues and grant income 1,037,024,000 87,230,000 78,424,000 14,524,000 16,107,000 10,992,000 1,244,301,000 Expenses: Property operating expenses 929,897,000 63,830,000 — — — — 993,727,000 Rental expenses — — 30,216,000 64,000 1,572,000 446,000 32,298,000 Segment net operating income $ 107,127,000 $ 23,400,000 $ 48,208,000 $ 14,460,000 $ 14,535,000 $ 10,546,000 $ 218,276,000 Expenses: General and administrative $ 27,007,000 Business acquisition expenses 290,000 Depreciation and amortization 98,858,000 Other income (expense): Interest expense: Interest expense (including amortization of deferred financing costs and debt discount/premium) (71,278,000) Loss in fair value of derivative financial instruments (3,906,000) Gain on dispositions of real estate investments 1,395,000 Impairment of real estate investment (11,069,000) Loss from unconsolidated entities (4,517,000) Foreign currency gain 1,469,000 Other income 1,570,000 Total net other expense (86,336,000) Income before income taxes 5,785,000 Income tax benefit 3,078,000 Net income $ 8,863,000 |
Assets by Reportable Segment | Total assets by reportable segment as of December 31, 2022 and 2021 were as follows: December 31, 2022 2021 Integrated senior health campuses $ 2,157,748,000 $ 1,896,608,000 MOBs 1,379,502,000 1,412,247,000 SHOP 635,190,000 625,164,000 Senior housing — leased 249,576,000 255,555,000 SNFs 245,717,000 252,869,000 Hospitals 106,067,000 109,834,000 Other 12,898,000 28,062,000 Total assets $ 4,786,698,000 $ 4,580,339,000 |
Revenues and Grant Income and Real Estate Investments by Geographical Areas | The following is a summary of geographic information for our operations for the periods presented: Years Ended December 31, 2022 2021 2020 Revenues and grant income: United States $ 1,638,557,000 $ 1,277,095,000 $ 1,239,509,000 International 4,618,000 5,159,000 4,792,000 $ 1,643,175,000 $ 1,282,254,000 $ 1,244,301,000 The following is a summary of real estate investments, net by geographic regions as of December 31, 2022 and 2021: December 31, 2022 2021 Real estate investments, net: United States $ 3,539,453,000 $ 3,466,019,000 International 42,156,000 48,667,000 $ 3,581,609,000 $ 3,514,686,000 |
Schedule of Goodwill | As of and for the years ended December 31, 2022 and 2021, goodwill by reportable segment was as follows: Integrated MOBs SHOP SNFs Senior Hospitals Total Balance — December 31, 2020 $ 75,309,000 $ — $ — $ — $ — $ — $ 75,309,000 Goodwill acquired 44,547,000 47,812,000 23,277,000 8,640,000 5,924,000 4,389,000 134,589,000 Balance — December 31, 2021 $ 119,856,000 $ 47,812,000 $ 23,277,000 $ 8,640,000 $ 5,924,000 $ 4,389,000 $ 209,898,000 Goodwill acquired 44,990,000 — — — — — 44,990,000 Impairment loss — — (23,277,000) — — — (23,277,000) Balance — December 31, 2022 $ 164,846,000 $ 47,812,000 $ — $ 8,640,000 $ 5,924,000 $ 4,389,000 $ 231,611,000 |
Organization and Description _2
Organization and Description of Business - Narrative (Details) $ / shares in Units, ft² in Thousands | 12 Months Ended | 14 Months Ended | 47 Months Ended | 96 Months Ended | 105 Months Ended | 108 Months Ended | 120 Months Ended | ||||||||||
Dec. 31, 2022 ft² segment Campus | Nov. 15, 2022 | Dec. 31, 2021 | Oct. 01, 2021 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) ft² Campus segment | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) shares | Apr. 21, 2015 USD ($) shares | Dec. 31, 2022 USD ($) ft² Campus shares | Dec. 31, 2020 | Sep. 30, 2021 shares | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) ft² Campus | Aug. 01, 2022 | Apr. 01, 2022 | Jan. 18, 2019 USD ($) | ||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||||||
Issuance of common stock and purchase of noncontrolling interest in connection with the Merger | [1] | $ 721,945,000 | |||||||||||||||
Issuance of common stock under the DRIP | $ 36,812,000 | 7,666,000 | $ 21,862,000 | ||||||||||||||
Number of reportable segments | segment | 6 | 6 | |||||||||||||||
GLA (Sq Ft) | ft² | 19,897 | 19,897 | 19,897 | 19,897 | |||||||||||||
Acquisition aggregated cost of acquired properties purchase price, net of dispositions | $ 4,624,249,000 | ||||||||||||||||
Acquisition aggregated cost of acquired real estate-related investments purchase price, net of principal repayments | $ 60,429,000 | ||||||||||||||||
Reverse stock split ratio | 0.25 | ||||||||||||||||
Number Of Buildings And Integrated Senior Health Campuses Owned And/Or Operated | Campus | 314 | 314 | 314 | 314 | |||||||||||||
Limited Partnership Units | GAHR IV Advisor | |||||||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||||||
Stock redeemed (in shares) | shares | 52 | ||||||||||||||||
Stock redeemed (in shares) | shares | 52 | ||||||||||||||||
Limited Partnership Units | Former Advisor | |||||||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||||||
Stock redeemed (in shares) | shares | 51 | 51 | |||||||||||||||
Stock redeemed (in shares) | shares | 51 | 51 | |||||||||||||||
Operating Partnership Units | |||||||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||||||
Reverse stock split ratio | 0.25 | ||||||||||||||||
Common Stock | |||||||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||||||
Subscriptions in offering of common stock received and accepted value | $ 1,842,618,000 | ||||||||||||||||
Subscriptions in offering of common stock received and accepted shares | shares | 42,839,173 | ||||||||||||||||
DRIP | |||||||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||||||
Subscriptions in offering of common stock received and accepted value | $ 18,511,000 | ||||||||||||||||
Subscriptions in offering of common stock received and accepted shares | shares | 451,385 | ||||||||||||||||
2015 DRIP Offering | |||||||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||||||
Issuance of common stock under the DRIP | $ 7,666,000 | $ 21,861,000 | |||||||||||||||
Issuance of common stock under the DRIP, shares | shares | 207,866 | 538,763 | |||||||||||||||
DRIP S-3 Public Offering | |||||||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||||||
Issuance of common stock under the DRIP | $ 91,448,000 | ||||||||||||||||
Issuance of common stock under the DRIP, shares | shares | 2,431,695 | ||||||||||||||||
Maximum dollar amount of common stock issuable under public offering | $ 100,000,000 | ||||||||||||||||
General Partnership | |||||||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||||||
Percentage of ownership in operating partnership | 95% | 94.90% | 99.99% | 99.99% | |||||||||||||
NewCo Sellers | |||||||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||||||
Percentage of limited partnership interest | 5% | 5.10% | |||||||||||||||
AHI Group Holdings, LLC | |||||||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||||||
Ownership percentage in affiliate | 47.10% | ||||||||||||||||
Colony Capital Inc. | |||||||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||||||
Ownership percentage in affiliate | 45.10% | ||||||||||||||||
James F. Flaherty III | |||||||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||||||
Ownership percentage in affiliate | 7.80% | ||||||||||||||||
American Healthcare Investors | |||||||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||||||
Ownership percentage in affiliate | 75% | ||||||||||||||||
Griffin Capital Company | |||||||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||||||
Ownership percentage in affiliate | 25% | ||||||||||||||||
AHI | |||||||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||||||
Contingent consideration obligation | $ 0 | ||||||||||||||||
AHI | OP Units | |||||||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||||||
Issuance of common stock and purchase of noncontrolling interest in connection with the Merger | $ 131,674,000 | ||||||||||||||||
Issuance of stock (in dollars per share) | $ / shares | $ 8.71 | ||||||||||||||||
Issuance of common stock and purchase of noncontrolling interest in connection with the Merger, shares | shares | 15,117,529 | ||||||||||||||||
April 1, 2022 Acquisition | |||||||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 50% | ||||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 50% | 50% | 50% | ||||||||||||||
RHS | |||||||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 50% | ||||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 50% | 50% | 50% | ||||||||||||||
[1]In connection with the Merger, as defined in Note 1, on October 1, 2021, a wholly owned subsidiary of Griffin-American Healthcare REIT IV Holdings, LP sold its 6.0% interest in Trilogy REIT Holdings, LLC to GAHR III, as defined in Note 1. See Note 14, Equity — Noncontrolling Interests in Total Equity, for a further discussion. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Detail) | 12 Months Ended | 96 Months Ended | 105 Months Ended | ||||||
Dec. 31, 2022 USD ($) segment | Feb. 08, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) Campus segment | Dec. 31, 2021 USD ($) Campus | Dec. 31, 2020 USD ($) Campus | Dec. 31, 2020 USD ($) | Sep. 30, 2021 | Jan. 01, 2022 USD ($) | |
Resident fees and services | $ 1,412,156,000 | $ 1,123,935,000 | $ 1,069,073,000 | ||||||
Grant income | 25,675,000 | 16,951,000 | 55,181,000 | ||||||
Accounts receivable, allowance for credit loss | $ 14,071,000 | $ 12,378,000 | 14,071,000 | 12,378,000 | |||||
Accounts receivable, allowance for credit loss, increase | 21,538,000 | 10,779,000 | 12,494,000 | ||||||
Increase (decrease) in allowances for collections or adjustments | (9,161,000) | (5,624,000) | (7,697,000) | ||||||
Receivables written off against the allowance for uncollectible accounts | 10,684,000 | 4,353,000 | 6,766,000 | ||||||
Asset impairment charges | 0 | 0 | 0 | ||||||
Impairment of real estate held for sale | 0 | 0 | |||||||
Impairment of real estate investments | $ 54,579,000 | $ 3,335,000 | $ 11,069,000 | ||||||
Number of senior integrated health campuses impaired | Campus | 2 | ||||||||
Number of integrated senior health campuses disposed of | Campus | 2 | 2 | 2 | ||||||
Contract sales price of dispositions | $ 19,622,000 | $ 23,205,000 | |||||||
Gain (loss) on dispositions of real estate investments | $ 683,000 | 5,481,000 | $ (100,000) | $ 1,395,000 | |||||
Disposition fee | 21,113,000 | 25,875,000 | |||||||
Other asset impairment charges | 0 | 0 | 0 | ||||||
Payroll related costs | 38,624,000 | 31,101,000 | 38,624,000 | 31,101,000 | |||||
Insurance reserves | 39,893,000 | 36,440,000 | 39,893,000 | 36,440,000 | |||||
Accrued developments and capital expenditures | 30,211,000 | 22,852,000 | 30,211,000 | 22,852,000 | |||||
Accrued property taxes | 24,926,000 | 22,102,000 | 24,926,000 | 22,102,000 | |||||
Distributions declared but not paid to common stockholders | $ 26,484,000 | $ 8,768,000 | $ 26,484,000 | 8,768,000 | 0 | $ 0 | |||
Percentage of income required to be distributed as dividends | 90% | 90% | |||||||
Number of reportable segments | segment | 6 | 6 | |||||||
Disposition Fees Waived | |||||||||
Disposition fee | 93,000 | 431,000 | |||||||
General Partnership | |||||||||
Percentage of ownership in operating partnership | 95% | 94.90% | 99.99% | 99.99% | |||||
Limited Partnership | |||||||||
Percentage of limited partnership interest | 0.01% | 0.01% | |||||||
NewCo Sellers | |||||||||
Percentage of limited partnership interest | 5% | 5.10% | |||||||
Building and Building Improvements [Member] | |||||||||
Estimated useful life | 39 years | ||||||||
Leasehold Improvements [Member] | Maximum | |||||||||
Estimated useful life | 34 years | ||||||||
Furniture, fixtures and equipment | Maximum | |||||||||
Estimated useful life | 28 years | ||||||||
Integrated Senior Health Campuses | |||||||||
Impairment of real estate investments | 2,719,000 | ||||||||
Carrying value after impairment | 807,000 | $ 807,000 | |||||||
Contract sales price of dispositions | $ 18,700,000 | 500,000 | 10,457,000 | ||||||
Gain (loss) on dispositions of real estate investments | 3,421,000 | (114,000) | 1,380,000 | ||||||
Griffin-American Healthcare REIT IV, Inc. | |||||||||
Accounts receivable, allowance for credit loss, increase | 2,110,000 | ||||||||
Integrated Senior Health Campuses | |||||||||
Resident fees and services | 1,254,665,000 | 1,025,699,000 | 983,169,000 | ||||||
Grant income | 24,820,000 | 13,911,000 | 53,855,000 | ||||||
SHOP | |||||||||
Resident fees and services | 157,491,000 | 98,236,000 | 85,904,000 | ||||||
Grant income | 855,000 | 3,040,000 | 1,326,000 | ||||||
Impairment of real estate investments | 54,579,000 | ||||||||
Resident Fees and Services [Member] | |||||||||
Resident fees and services | 1,412,156,000 | 1,123,935,000 | 1,069,073,000 | ||||||
Accounts receivable, net - resident fees and services, beginning balance | $ 121,985,000 | 121,985,000 | $ 94,931,000 | ||||||
Accounts receivable, net - resident fees and services, ending balance | 121,985,000 | 121,985,000 | 94,931,000 | ||||||
(Decrease) increase in accounts receivable, net - resident fees and services | 27,054,000 | ||||||||
Deferred revenue, net - resident fees and services | 17,901,000 | 17,901,000 | 14,673,000 | ||||||
Increase in deferred revenue, resident fees and services | 3,228,000 | ||||||||
Resident Fees and Services [Member] | Integrated Senior Health Campuses | |||||||||
Resident fees and services | 1,254,665,000 | 1,025,699,000 | 983,169,000 | ||||||
Resident Fees and Services [Member] | SHOP | |||||||||
Resident fees and services | 157,491,000 | 98,236,000 | 85,904,000 | ||||||
Resident Fees and Services [Member] | Transferred at Point in Time [Member] | |||||||||
Resident fees and services | 238,690,000 | 202,944,000 | 198,914,000 | ||||||
Resident Fees and Services [Member] | Transferred at Point in Time [Member] | Integrated Senior Health Campuses | |||||||||
Resident fees and services | 235,467,000 | 200,708,000 | 196,053,000 | ||||||
Resident Fees and Services [Member] | Transferred at Point in Time [Member] | SHOP | |||||||||
Resident fees and services | 3,223,000 | 2,236,000 | 2,861,000 | ||||||
Resident Fees and Services [Member] | Transferred over Time [Member] | |||||||||
Resident fees and services | 1,173,466,000 | 920,991,000 | 870,159,000 | ||||||
Resident Fees and Services [Member] | Transferred over Time [Member] | Integrated Senior Health Campuses | |||||||||
Resident fees and services | 1,019,198,000 | 824,991,000 | 787,116,000 | ||||||
Resident Fees and Services [Member] | Transferred over Time [Member] | SHOP | |||||||||
Resident fees and services | 154,268,000 | 96,000,000 | 83,043,000 | ||||||
Private and Other Payors [Member] | Resident Fees and Services [Member] | |||||||||
Resident fees and services | 727,219,000 | 557,501,000 | 521,441,000 | ||||||
Accounts receivable, net - resident fees and services, beginning balance | 55,484,000 | 55,484,000 | 42,056,000 | ||||||
Accounts receivable, net - resident fees and services, ending balance | 55,484,000 | 55,484,000 | 42,056,000 | ||||||
(Decrease) increase in accounts receivable, net - resident fees and services | 13,428,000 | ||||||||
Private and Other Payors [Member] | Resident Fees and Services [Member] | Integrated Senior Health Campuses | |||||||||
Resident fees and services | 582,448,000 | 462,828,000 | 437,133,000 | ||||||
Private and Other Payors [Member] | Resident Fees and Services [Member] | SHOP | |||||||||
Resident fees and services | 144,771,000 | 94,673,000 | 84,308,000 | ||||||
Medicare [Member] | Resident Fees and Services [Member] | |||||||||
Resident fees and services | 429,129,000 | 349,876,000 | 356,350,000 | ||||||
Accounts receivable, net - resident fees and services, beginning balance | 45,669,000 | 45,669,000 | 35,953,000 | ||||||
Accounts receivable, net - resident fees and services, ending balance | 45,669,000 | 45,669,000 | 35,953,000 | ||||||
(Decrease) increase in accounts receivable, net - resident fees and services | 9,716,000 | ||||||||
Medicare [Member] | Resident Fees and Services [Member] | Government Assistance, CARES Act [Member] | |||||||||
Deferred revenue, net - resident fees and services | $ 12,969,000 | 12,969,000 | |||||||
Medicare [Member] | Resident Fees and Services [Member] | Integrated Senior Health Campuses | |||||||||
Resident fees and services | 429,129,000 | 349,876,000 | 356,350,000 | ||||||
Medicare [Member] | Resident Fees and Services [Member] | SHOP | |||||||||
Resident fees and services | 0 | 0 | 0 | ||||||
Medicaid [Member] | Resident Fees and Services [Member] | |||||||||
Resident fees and services | 255,808,000 | 216,558,000 | 191,282,000 | ||||||
Accounts receivable, net - resident fees and services, beginning balance | 20,832,000 | 20,832,000 | 16,922,000 | ||||||
Accounts receivable, net - resident fees and services, ending balance | $ 20,832,000 | 20,832,000 | $ 16,922,000 | ||||||
(Decrease) increase in accounts receivable, net - resident fees and services | 3,910,000 | ||||||||
Medicaid [Member] | Resident Fees and Services [Member] | Integrated Senior Health Campuses | |||||||||
Resident fees and services | 243,088,000 | 212,995,000 | 189,686,000 | ||||||
Medicaid [Member] | Resident Fees and Services [Member] | SHOP | |||||||||
Resident fees and services | $ 12,720,000 | $ 3,563,000 | $ 1,596,000 |
Real Estate Investments, Net -
Real Estate Investments, Net - Investments in Consolidated Properties (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Real Estate Properties [Line Items] | ||
Real estate investments, at cost | $ 4,236,447 | $ 4,038,572 |
Less: accumulated depreciation | (654,838) | (523,886) |
Real estate investments, net | 3,581,609 | 3,514,686 |
Building, improvements and construction in process | ||
Real Estate Properties [Line Items] | ||
Real estate investments, at cost | 3,670,361 | 3,505,786 |
Land and improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investments, at cost | 344,359 | 334,562 |
Furniture, fixtures and equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investments, at cost | $ 221,727 | $ 198,224 |
Real Estate Investments, Net _2
Real Estate Investments, Net - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Dec. 05, 2022 Campus | Feb. 08, 2022 USD ($) | Oct. 15, 2021 USD ($) | Feb. 28, 2021 USD ($) | Dec. 31, 2022 USD ($) facility | Dec. 31, 2022 USD ($) Campus facility | Dec. 31, 2021 USD ($) Building Campus | Dec. 31, 2020 USD ($) Building Campus facility | |
Real Estate Properties [Line Items] | ||||||||
Depreciation | $ 141,257,000 | $ 109,036,000 | $ 90,997,000 | |||||
Number of integrated senior health campuses development completed | Campus | 3 | 3 | 6 | |||||
Total completed development cost of leased property | $ 11,004,000 | |||||||
Number of integrated senior health campuses expanded | Campus | 2 | 2 | ||||||
Number of medical office buildings impaired | Building | 1 | 1 | ||||||
Impairment of real estate investments | $ 54,579,000 | $ 3,335,000 | $ 11,069,000 | |||||
Contract sales price of dispositions | $ 19,622,000 | 23,205,000 | ||||||
Gain (loss) on dispositions of real estate investments | $ 683,000 | 5,481,000 | (100,000) | $ 1,395,000 | ||||
Number of skilled nursing facilities impaired | facility | 1 | |||||||
Payments to Acquire and Develop Real Estate | 73,229,000 | 80,109,000 | $ 30,552,000 | |||||
Payments for Capital Improvements | $ 7,543,000 | |||||||
Number of SHOP Impaired | facility | 12 | |||||||
Number of impaired facilities, fair value determined by sales price from executed sales agreement | facility | 1 | |||||||
Number of impaired facilities, fair value based on projected sales price | Campus | 11 | |||||||
Disposal Of Impaired SHOP Facilities, Number Of Facilities | facility | 3 | |||||||
Asset impairment charges | $ 0 | 0 | 0 | |||||
Number of SHOP Impaired | facility | 12 | |||||||
Increase (decrease) to right-of-use asset | $ 37,464,000 | 57,647,000 | 14,281,000 | |||||
Operating lease liabilities | $ (24,699,000) | $ (16,793,000) | $ (23,790,000) | |||||
Sale of Ownership Interest in Real Estate, Percent | 74% | |||||||
Ownership Interest in Real Estate, Percent | 26% | 31.60% | 31.60% | |||||
Number of properties acquired | Campus | 7 | |||||||
Integrated Senior Health Campuses | ||||||||
Real Estate Properties [Line Items] | ||||||||
Gain (loss) on dispositions of real estate investments | $ 1,370,000 | |||||||
Medical Office Building | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number Of Real Estate Investment To Be Disposed Of | Campus | 1 | |||||||
Central Florida Senior Housing Portfolio | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number Of Real Estate Investment To Be Disposed Of | Campus | 3 | |||||||
Two Thousand Twenty One Acquisitions, Previously Leased | ||||||||
Real Estate Properties [Line Items] | ||||||||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | |||||||
Two Thousand Twenty One Acquisitions, Previously Leased | Trilogy Investors, LLC | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of integrated senior health campuses acquired from unaffiliated parties | Campus | 6 | |||||||
2021 Acquisition | ||||||||
Real Estate Properties [Line Items] | ||||||||
Acquisition contract purchase price of land acquired | $ 249,000 | |||||||
Acquisition fees and direct acquisition related expenses | $ 1,855,000 | |||||||
Two Thousand Nineteen Acquisition | ||||||||
Real Estate Properties [Line Items] | ||||||||
Acquisition ownership percentage | 67.60% | |||||||
Two Thousand Twenty Acquisitions, Previously Leased | Trilogy Investors, LLC | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of integrated senior health campuses acquired from unaffiliated parties | Campus | 2 | |||||||
Two Thousand Twenty Acquisition | ||||||||
Real Estate Properties [Line Items] | ||||||||
Acquisition contract purchase price of land acquired | 1,459,000 | $ 2,833,000 | ||||||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | |||||||
Acquisition fees and direct acquisition related expenses | $ 709,000 | |||||||
Two Thousand Twenty Two Acquisitions, Previously Leased | ||||||||
Real Estate Properties [Line Items] | ||||||||
Property ownership percentage | 73.10% | |||||||
Two Thousand Twenty Two Acquisitions | ||||||||
Real Estate Properties [Line Items] | ||||||||
Acquisition contract purchase price of land acquired | $ 1,020,000 | |||||||
Operating lease liabilities | 36,326,000 | |||||||
2022 Acquisition | ||||||||
Real Estate Properties [Line Items] | ||||||||
Acquisition fees and direct acquisition related expenses | $ 303,000 | 303,000 | ||||||
Medical Office Building and Skilled Nursing Facility | ||||||||
Real Estate Properties [Line Items] | ||||||||
Impairment of real estate investments | 3,335,000 | 8,350,000 | ||||||
Carrying value after impairment | 2,880,000 | 4,256,000 | ||||||
Contract sales price of dispositions | 3,000,000 | |||||||
Gain (loss) on dispositions of real estate investments | 346,000 | |||||||
Skilled Nursing Facility | ||||||||
Real Estate Properties [Line Items] | ||||||||
Carrying value after impairment | 1,056,000 | |||||||
Contract sales price of dispositions | $ 1,300,000 | |||||||
Gain (loss) on dispositions of real estate investments | $ (332,000) | |||||||
Medical Office Building | ||||||||
Real Estate Properties [Line Items] | ||||||||
Contract sales price of dispositions | 3,500,000 | |||||||
Gain (loss) on dispositions of real estate investments | 15,000 | |||||||
SHOP | ||||||||
Real Estate Properties [Line Items] | ||||||||
Carrying value after impairment | $ 81,149,000 | 81,149,000 | ||||||
Integrated Senior Health Campuses | ||||||||
Real Estate Properties [Line Items] | ||||||||
Capital expenditures | 30,926,000 | 62,596,000 | 111,286,000 | |||||
Total completed development cost | 50,435,000 | 64,409,000 | ||||||
Total completed expansion cost | 22,720,000 | 2,573,000 | ||||||
Payments to Acquire and Develop Real Estate | 15,462,000 | |||||||
Medical Office Building | ||||||||
Real Estate Properties [Line Items] | ||||||||
Capital expenditures | 32,373,000 | 21,605,000 | 17,854,000 | |||||
SHOP | ||||||||
Real Estate Properties [Line Items] | ||||||||
Capital expenditures | 9,280,000 | 3,539,000 | 1,232,000 | |||||
Impairment of real estate investments | 54,579,000 | |||||||
Skilled Nursing Facilities | ||||||||
Real Estate Properties [Line Items] | ||||||||
Capital expenditures | 0 | 31,000 | 0 | |||||
Hospitals | ||||||||
Real Estate Properties [Line Items] | ||||||||
Capital expenditures | 4,000 | 0 | 47,000 | |||||
Senior Housing | ||||||||
Real Estate Properties [Line Items] | ||||||||
Capital expenditures | $ 0 | $ 0 | $ 0 |
Real Estate Investments, Net _3
Real Estate Investments, Net - Acquisitions of Real Estate (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) realEstate | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Real Estate Properties [Line Items] | |||
Operating lease liabilities | $ (24,699) | $ (16,793) | $ (23,790) |
Two Thousand Twenty Two Acquisitions, Previously Leased | |||
Real Estate Properties [Line Items] | |||
Property ownership percentage | 73.10% | ||
Number of previously leased real estate investments purchased | realEstate | 4 | ||
Loans payable | $ 52,725 | ||
Asset acquisition, contract purchase price | 54,805 | ||
Two Thousand Twenty One Acquisitions, Previously Leased | |||
Real Estate Properties [Line Items] | |||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | ||
Two Thousand Twenty Acquisitions, Previously Leased | |||
Real Estate Properties [Line Items] | |||
Contract purchase price | 27,319 | ||
Line of credit | 28,255 | ||
Acquisition fees | $ 415 | ||
Two Thousand Twenty Two Acquisitions | |||
Real Estate Properties [Line Items] | |||
Operating lease liabilities | $ 36,326 | ||
Two Thousand Twenty One Acquisitions | |||
Real Estate Properties [Line Items] | |||
Operating lease liabilities | $ 54,564 | ||
Kendallville, IN; and Delphos, Lima, Springfield, Sylvania and Union Township, OH | Two Thousand Twenty One Acquisitions, Previously Leased | |||
Real Estate Properties [Line Items] | |||
Date of acquisition of property | Jan. 19, 2021 | ||
Contract purchase price | $ 76,549 | ||
Line of credit | 78,587 | ||
Acquisition fees | $ 1,164 | ||
Monticello, IN | Two Thousand Twenty Acquisitions, Previously Leased | |||
Real Estate Properties [Line Items] | |||
Date of acquisition of property | Jul. 30, 2020 | ||
Contract purchase price | $ 10,600 | ||
Line of credit | 13,200 | ||
Acquisition fees | $ 161 | ||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | ||
Louisville, KY | Two Thousand Twenty Acquisitions, Previously Leased | |||
Real Estate Properties [Line Items] | |||
Date of acquisition of property | Jul. 30, 2020 | ||
Contract purchase price | $ 16,719 | ||
Line of credit | 15,055 | ||
Acquisition fees | $ 254 |
Real Estate Investments, Net _4
Real Estate Investments, Net - Dispositions of Real Estate Investments (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 08, 2022 | Jul. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Real Estate Properties [Line Items] | ||||
Contract sales price of dispositions | $ 19,622 | $ 23,205 | ||
Present value of finance lease liabilities | $ 150 | |||
Asset Acquisition, Carrying Value | $ 14,807 | |||
Payments to Acquire Productive Assets | 0 | |||
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Security deposits, prepaid rent and other liabilities | Security deposits, prepaid rent and other liabilities | ||
Finance Lease, Liability, Noncurrent | $ 15,504 | |||
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Financing obligations | |||
Brooksville, FL | ||||
Real Estate Properties [Line Items] | ||||
Contract sales price of dispositions | $ 2,640 | |||
Sanford, FL | ||||
Real Estate Properties [Line Items] | ||||
Contract sales price of dispositions | 3,750 | |||
Memphis, TN | ||||
Real Estate Properties [Line Items] | ||||
Contract sales price of dispositions | 9,600 | |||
Bradenton, FL | ||||
Real Estate Properties [Line Items] | ||||
Contract sales price of dispositions | $ 7,215 |
Real Estate Investments, Net _5
Real Estate Investments, Net - Purchase Price of Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Real Estate Properties [Line Items] | |||
Increase (decrease) to right-of-use asset | $ 37,464 | $ 57,647 | $ 14,281 |
Increase (decrease) to operating lease liability | 15,530 | ||
Operating lease liabilities | (24,699) | (16,793) | (23,790) |
Two Thousand Twenty Acquisition | |||
Real Estate Properties [Line Items] | |||
Building and improvements | 26,311 | ||
Land | 4,563 | ||
Total assets acquired | $ 30,874 | ||
Two Thousand Twenty Two Acquisitions | |||
Real Estate Properties [Line Items] | |||
Building and improvements | 49,645 | ||
Land | 8,885 | ||
Total assets acquired | 58,530 | ||
Operating lease liabilities | $ 36,326 | ||
Two Thousand Twenty One Acquisitions | |||
Real Estate Properties [Line Items] | |||
Building and improvements | 66,167 | ||
Land | 17,612 | ||
Total assets acquired | 83,779 | ||
Operating lease liabilities | $ 54,564 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Dec. 05, 2022 USD ($) Campus | Oct. 01, 2021 USD ($) $ / shares shares | Aug. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) Campus $ / shares shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) | Aug. 01, 2022 Campus | Apr. 01, 2022 USD ($) | |
Business Acquisitions [Line Items] | ||||||||
Gain on re-measurement of previously held equity interest | $ 19,567 | $ 0 | $ 0 | |||||
Acquisition-related costs | $ 1,895 | $ 13,987 | ||||||
Goodwill | $ 231,611 | 209,898 | 75,309 | |||||
Business Combination, Number | Campus | 4 | |||||||
Number of properties acquired | Campus | 7 | |||||||
Post-closing cash payment to NewCo Sellers related to net working capital adjustments | $ 0 | |||||||
Integrated Senior Health Campuses | ||||||||
Business Acquisitions [Line Items] | ||||||||
Goodwill | $ 164,846 | $ 119,856 | $ 75,309 | |||||
Business Combination, Number | Campus | 3 | |||||||
Texas Ranger Portfolio | Two Thousand Twenty Two Acquisitions | ||||||||
Business Acquisitions [Line Items] | ||||||||
Contract purchase price | $ 110,627 | |||||||
AHI | ||||||||
Business Acquisitions [Line Items] | ||||||||
Goodwill | 134,589 | |||||||
Total purchase consideration | 131,747 | |||||||
Post-closing cash payment to NewCo Sellers related to net working capital adjustments | $ 73 | |||||||
April 1, 2022 Acquisition | ||||||||
Business Acquisitions [Line Items] | ||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 50% | |||||||
Acquisition-related costs | $ 938 | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 50% | |||||||
RHS | ||||||||
Business Acquisitions [Line Items] | ||||||||
Gain on re-measurement of previously held equity interest | $ 19,567 | |||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 50% | |||||||
Total purchase consideration | $ 36,661 | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 50% | |||||||
January 3, 2022 Acquisition | ||||||||
Business Acquisitions [Line Items] | ||||||||
Total purchase consideration | 27,790 | |||||||
Line of credit | $ 20,800 | |||||||
Common Class I | ||||||||
Business Acquisitions [Line Items] | ||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||
Conversion ratio (in shares) | shares | 0.9266 | |||||||
Griffin-American Healthcare REIT III | ||||||||
Business Acquisitions [Line Items] | ||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | |||||||
Griffin-American Healthcare REIT III | Partnership Class I Unit | ||||||||
Business Acquisitions [Line Items] | ||||||||
Conversion ratio (in shares) | shares | 0.9266 | |||||||
Griffin-American Healthcare REIT III | Common Class I | ||||||||
Business Acquisitions [Line Items] | ||||||||
Conversion ratio (in shares) | shares | 0.9266 | |||||||
Griffin-American Healthcare REIT IV, Inc. | ||||||||
Business Acquisitions [Line Items] | ||||||||
Acquisition-related costs | $ 6,753 | |||||||
Griffin-American Healthcare REIT IV, Inc. | Common Class I | ||||||||
Business Acquisitions [Line Items] | ||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | |||||||
RHS | ||||||||
Business Acquisitions [Line Items] | ||||||||
Number Of Senior Health Campuses Owns | Campus | 16 | |||||||
Number Of Senior Health Campuses Owns | Campus | 16 |
Business Combinations - Fair Va
Business Combinations - Fair Value of Purchase Consideration (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 05, 2022 | Oct. 01, 2021 |
Business Acquisitions [Line Items] | ||
Post-closing cash payment to NewCo Sellers related to net working capital adjustments | $ 0 | |
REIT Merger | ||
Business Acquisitions [Line Items] | ||
Equity consideration | $ 768,075 | |
Consideration for acquisition of noncontrolling interest | (53,300) | |
Repurchase of GAHR IV Class T common stock | 192 | |
Total purchase consideration | $ 714,967 | |
REIT Merger | Griffin-American Healthcare REIT III | ||
Business Acquisitions [Line Items] | ||
Number of shares issued (in shares) | 22,045,766 | |
Share price (in dollars per share) | $ 34.84 | |
AHI | ||
Business Acquisitions [Line Items] | ||
Equity consideration | $ 131,674 | |
Post-closing cash payment to NewCo Sellers related to net working capital adjustments | 73 | |
Contingent consideration | 0 | |
Total purchase consideration | 131,747 | |
Contingent consideration obligation | $ 0 | |
AHI | OP Units | ||
Business Acquisitions [Line Items] | ||
Number of shares issued (in shares) | 3,779,382 | |
Share price (in dollars per share) | $ 34.84 | |
Issuance of common stock and purchase of noncontrolling interest in connection with the Merger, shares | 15,117,529 | |
Issuance of stock (in dollars per share) | $ 8.71 |
Business Combinations - Purchas
Business Combinations - Purchase Price Allocation (Details) - USD ($) $ in Thousands | Oct. 01, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Business Acquisitions [Line Items] | ||||
Goodwill | $ 231,611 | $ 209,898 | $ 75,309 | |
REIT Merger | ||||
Business Acquisitions [Line Items] | ||||
Real estate investments | $ 1,126,641 | |||
Cash and cash equivalents | 16,163 | |||
Accounts and other receivables, net | 2,086 | |||
Restricted cash | 986 | |||
Identified intangible assets | 115,824 | |||
Operating lease right-of-use assets | 11,939 | |||
Other assets | 3,938 | |||
Total assets | 1,277,577 | |||
Mortgage loans payable (including debt premium of $311,000) | (18,602) | |||
Lines of credit and term loans | (488,900) | |||
Accounts payable and accrued liabilities | (21,882) | |||
Accounts payable due to affiliates | (324) | |||
Identified intangible liabilities | (12,927) | |||
Operating lease liabilities | (7,568) | |||
Security deposits, prepaid rent and other liabilities | (8,354) | |||
Total liabilities | (558,557) | |||
Net identifiable assets acquired | 719,020 | |||
Redeemable noncontrolling interests | (2,525) | |||
Noncontrolling interest in total equity | (1,528) | |||
Total purchase consideration | 714,967 | |||
Add: premium | 311 | |||
AHI | ||||
Business Acquisitions [Line Items] | ||||
Cash and cash equivalents | 706 | |||
Operating lease right-of-use assets | 3,526 | |||
Other assets | 362 | |||
Total assets | 4,594 | |||
Accounts payable and accrued liabilities | (3,910) | |||
Operating lease liabilities | (3,526) | |||
Total liabilities | (7,436) | |||
Net identifiable assets acquired | (2,842) | |||
Goodwill | 134,589 | |||
Total purchase consideration | $ 131,747 | |||
2022 Acquisitions | ||||
Business Acquisitions [Line Items] | ||||
Cash and cash equivalents | 12,331 | |||
Accounts and other receivables, net | 19,472 | |||
Operating lease right-of-use assets | 153,777 | |||
Total assets | 440,385 | |||
Total liabilities | (343,053) | |||
Net identifiable assets acquired | 97,332 | |||
Goodwill | $ 44,990 |
Business Combinations - Allocat
Business Combinations - Allocation of Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Oct. 01, 2021 | Dec. 31, 2020 |
Business Acquisitions [Line Items] | ||||
Goodwill | $ 231,611 | $ 209,898 | $ 75,309 | |
AHI | ||||
Business Acquisitions [Line Items] | ||||
Goodwill | $ 134,589 | |||
AHI | Medical Office Building | ||||
Business Acquisitions [Line Items] | ||||
Goodwill | 47,812 | |||
AHI | Integrated Senior Health Campuses | ||||
Business Acquisitions [Line Items] | ||||
Goodwill | 44,547 | |||
AHI | SHOP | ||||
Business Acquisitions [Line Items] | ||||
Goodwill | 23,277 | |||
AHI | Skilled Nursing Facilities | ||||
Business Acquisitions [Line Items] | ||||
Goodwill | 8,640 | |||
AHI | Senior Housing | ||||
Business Acquisitions [Line Items] | ||||
Goodwill | 5,924 | |||
AHI | Hospitals | ||||
Business Acquisitions [Line Items] | ||||
Goodwill | $ 4,389 |
Business Combinations - Real Es
Business Combinations - Real Estate Investments (Details) - REIT Merger $ in Thousands | Oct. 01, 2021 USD ($) |
Business Acquisitions [Line Items] | |
Approximate Fair Value | $ 1,126,641 |
Land | |
Business Acquisitions [Line Items] | |
Approximate Fair Value | 114,525 |
Building Improvements | |
Business Acquisitions [Line Items] | |
Approximate Fair Value | $ 930,700 |
Estimated Useful Lives (in years) | 39 years |
Site Improvements | |
Business Acquisitions [Line Items] | |
Approximate Fair Value | $ 33,644 |
Estimated Useful Lives (in years) | 7 years |
Tenant Improvement Allowances | |
Business Acquisitions [Line Items] | |
Approximate Fair Value | $ 42,407 |
Estimated Useful Lives (in years) | 6 years |
Capital Improvements | |
Business Acquisitions [Line Items] | |
Approximate Fair Value | $ 5,365 |
Estimated Useful Lives (in years) | 11 years |
Business Combinations - Intangi
Business Combinations - Intangible Assets and Intangible Liabilities (Details) - REIT Merger $ in Thousands | Oct. 01, 2021 USD ($) |
Business Acquisitions [Line Items] | |
Approximate Fair Value | $ 115,824 |
Below-market leases | $ 12,927 |
Below Market Lease, Gross, Weighted Average Useful Life | 10 years |
In-Place Leases | |
Business Acquisitions [Line Items] | |
Approximate Fair Value | $ 79,887 |
Estimated Useful Lives (in years) | 6 years |
Above-Market Leases | |
Business Acquisitions [Line Items] | |
Approximate Fair Value | $ 35,606 |
Estimated Useful Lives (in years) | 10 years |
Certificates Of Need | |
Business Acquisitions [Line Items] | |
Approximate Fair Value | $ 331 |
Business Combinations - Pro For
Business Combinations - Pro Forma Financial Information (Details) - REIT Merger - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisitions [Line Items] | ||
Revenue | $ 1,392,884 | $ 1,397,261 |
Net loss | (45,253) | (17,116) |
Net loss attributable to controlling interest | $ 35,140 | $ 20,642 |
Business Combinations - Schedul
Business Combinations - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Asset Acquisition [Line Items] | |||
Goodwill | $ 231,611 | $ 209,898 | $ 75,309 |
Business Acquisitions [Line Items] | |||
Goodwill | 231,611 | $ 209,898 | $ 75,309 |
2022 Acquisitions | |||
Asset Acquisition [Line Items] | |||
Operating lease right-of-use assets | 153,777 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings | 163,166 | ||
Goodwill | 44,990 | ||
Accounts and other receivables, net | 19,472 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, In-Place Leases | 18,834 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land | 20,514 | ||
Cash and cash equivalents | 12,331 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Certificates of Need | 3,567 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Equipment | 1,936 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 1,798 | ||
Total assets | 440,385 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed,, Operating Lease Liabilities | (161,121) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-Term Debt | (149,861) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Security Deposits | (15,994) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (16,012) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financing Obligations | (65) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (343,053) | ||
Net identifiable assets acquired | 97,332 | ||
Business Acquisitions [Line Items] | |||
Operating lease right-of-use assets | 153,777 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings | 163,166 | ||
Goodwill | 44,990 | ||
Accounts and other receivables, net | 19,472 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, In-Place Leases | 18,834 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land | 20,514 | ||
Cash and cash equivalents | 12,331 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Certificates of Need | 3,567 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Equipment | 1,936 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 1,798 | ||
Total assets | 440,385 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed,, Operating Lease Liabilities | 161,121 | ||
Debt Instrument, Unamortized Discount | 6,066 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-Term Debt | 149,861 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Security Deposits | 15,994 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 16,012 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financing Obligations | 65 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 343,053 | ||
Net identifiable assets acquired | $ 97,332 |
Debt Security Investmen, Net -
Debt Security Investmen, Net - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Oct. 15, 2015 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Security Investment, Net | ||||
Debt security investment, net | $ 83,000 | $ 79,315 | ||
Held-to-Maturity, debt securities, unamortized closing costs | 767 | 1,004 | ||
Accretion on debt security | 3,922 | 3,665 | $ 3,304 | |
Amortization of closing costs | $ 237 | $ 201 | $ 170 | |
Debt security investment [Member] | ||||
Debt Security Investment, Net | ||||
Stated interest rate | 4.24% | |||
Debt security investment maturity date | Aug. 25, 2025 | |||
Stated amount after maturity | $ 93,433 | |||
Yield to maturity interest rate | 10% | |||
Beneficial ownership interest in mortgage trust | 10% |
Identified Intangible Assets,_3
Identified Intangible Assets, Net - Summary of Identified Intangibles, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortized intangible assets | $ 107,829 | ||
Identified intangible assets, net | 236,283 | $ 248,871 | |
Amortization of Intangible Assets | $ 28,378 | $ 22,460 | $ 6,678 |
Weighted average remaining life | 7 years 8 months 12 days | 8 years 9 months 18 days | |
Certificates Of Need | |||
Finite-Lived Intangible Assets [Line Items] | |||
Unamortized intangible assets | $ 97,667 | $ 99,165 | |
Trade Names | |||
Finite-Lived Intangible Assets [Line Items] | |||
Unamortized intangible assets | 30,787 | 30,787 | |
In-Place Leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortized intangible assets | $ 75,580 | $ 81,538 | |
Weighted average remaining life | 7 years | 8 years 2 months 12 days | |
Finite-Lived Intangible Assets, Accumulated amortization | $ 38,930 | $ 28,120 | |
Customer Relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortized intangible assets | $ 2,055 | $ 2,205 | |
Weighted average remaining life | 13 years 8 months 12 days | 14 years 8 months 12 days | |
Finite-Lived Intangible Assets, Accumulated amortization | $ 785 | $ 635 | |
Above-Market Leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortized intangible assets | $ 30,194 | $ 35,106 | |
Weighted average remaining life | 9 years | 9 years 8 months 12 days | |
Finite-Lived Intangible Assets, Accumulated amortization | $ 6,360 | $ 2,082 | |
Internally Developed Technology and Software | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortized intangible assets | 0 | $ 70 | |
Weighted average remaining life | 8 months 12 days | ||
Finite-Lived Intangible Assets, Accumulated amortization | $ 399 | ||
Above-Market Leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 4,444 | $ 1,349 | $ 420 |
Identified Intangible Assets,_4
Identified Intangible Assets, Net - Summary of Amortization Expense on Identified Intangible Assets, Net (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Finite-Lived Intangible Assets, Net [Abstract] | |
2023 | $ 29,132 |
2024 | 13,735 |
2025 | 10,910 |
2026 | 9,740 |
2027 | 9,104 |
Thereafter | 35,208 |
Finite-lived intangible assets, gross | $ 107,829 |
Other Assets, Net - Schedule of
Other Assets, Net - Schedule of Other Assets, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Other Assets [Abstract] | ||
Deferred rent receivables | $ 46,867 | $ 41,061 |
Prepaid expenses, deposits, other assets and deferred tax assets, net | 25,866 | 22,484 |
Inventory | 19,775 | 18,929 |
Lease commissions, net of accumulated amortization of $6,260,000 and $4,911,000 as of December 31, 2022 and 2021, respectively | 19,217 | 16,120 |
Investments in unconsolidated entities | 9,580 | 15,615 |
Deferred financing costs, net of accumulated amortization of $5,704,000 and $8,469,000 as of December 31, 2022 and 2021, respectively | 4,334 | 3,781 |
Lease inducement, net of accumulated amortization of $2,193,000 and $1,842,000 as of December 31, 2022 and 2021, respectively (with a weighted average remaining life of 7.9 years and 8.9 years as of December 31, 2022 and 2021, respectively) | 2,807 | 3,158 |
Other Assets, net | 128,446 | 121,148 |
Accumulated amortization, lease commissions | 6,260 | 4,911 |
Accumulated amortization, deferred financing costs | 5,704 | 8,469 |
Accumulated amortization, lease inducements | $ 2,193 | $ 1,842 |
Lease inducements, weighted average remaining life | 7 years 10 months 24 days | 8 years 10 months 24 days |
Other Assets, Net - Narrative (
Other Assets, Net - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Assets [Abstract] | |||
Write off of unamortized deferred financing fees | $ 3,161 | ||
Amortization of deferred lease inducements | $ 351 | $ 351 | $ 351 |
Mortgage Loans Payable, Net - N
Mortgage Loans Payable, Net - Narrative (Details) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2022 USD ($) MortgageLoan | Dec. 01, 2021 MortgageLoan | Dec. 31, 2022 USD ($) MortgageLoan | Dec. 31, 2021 USD ($) MortgageLoan | Dec. 31, 2020 USD ($) | ||||
Debt Instrument [Line Items] | ||||||||
Mortgage loans payable, gross | $ 1,254,479 | $ 1,254,479 | $ 1,116,216 | |||||
Mortgage loans payable, net | $ 1,229,847 | [1] | $ 1,229,847 | [1] | $ 1,095,594 | [1] | $ 810,478 | |
Number of fixed-rate mortgage loans payable | MortgageLoan | 68 | 68 | 66 | |||||
Number of variable-rate mortgage loans payable | MortgageLoan | 11 | 11 | 12 | |||||
Loss on extinguishments of debt | $ 5,166 | $ 2,655 | 0 | |||||
Number of debt instruments extinguished | MortgageLoan | 8 | 1 | 10 | |||||
Secured Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Loss on extinguishments of debt | 2,005 | $ 2,425 | $ 0 | |||||
Mortgage Loans Payable, Net | ||||||||
Debt Instrument [Line Items] | ||||||||
Mortgage loans payable, gross | $ 1,254,479 | 1,254,479 | 1,116,216 | |||||
Mortgage loans payable, net | $ 1,229,847 | $ 1,229,847 | $ 1,095,594 | |||||
Debt, weighted average interest rate (as a percent) | 5.29% | 5.29% | 3.21% | |||||
Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Effective interest rate (as a percent) | 2.21% | 2.21% | 2.21% | |||||
Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Effective interest rate (as a percent) | 7.26% | 7.26% | 5.25% | |||||
[1]Such liabilities of American Healthcare REIT, Inc., represented liabilities of American Healthcare REIT Holdings, LP or its consolidated subsidiaries as of December 31, 2022 and 2021. American Healthcare REIT Holdings, LP is a variable interest entity, or VIE, and a consolidated subsidiary of American Healthcare REIT, Inc. The creditors of American Healthcare REIT Holdings, LP or its consolidated subsidiaries do not have recourse against American Healthcare REIT, Inc., except for the 2022 Credit Facility, as defined in Note 9, held by American Healthcare REIT Holdings, LP in the amount of $965,900,000 as of December 31, 2022 and the 2018 Credit Facility and 2019 Credit Facility, each as defined in Note 9, held by American Healthcare REIT Holdings, LP in the amount of $441,900,000 and $480,000,000, respectively, as of December 31, 2021, which were guaranteed by American Healthcare REIT, Inc. |
Mortgage Loans Payable, Net - M
Mortgage Loans Payable, Net - Mortgage Loans Payable, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Debt Instrument [Line Items] | |||||
Mortgage loans payable, gross | $ 1,254,479 | $ 1,116,216 | |||
Mortgage loans payable, net | 1,229,847 | [1] | 1,095,594 | [1] | $ 810,478 |
Fixed Rate Debt | |||||
Debt Instrument [Line Items] | |||||
Mortgage loans payable, gross | 885,892 | 845,504 | |||
Variable Rate Debt | |||||
Debt Instrument [Line Items] | |||||
Mortgage loans payable, gross | 368,587 | 270,712 | |||
Mortgage Loans Payable, Net | |||||
Debt Instrument [Line Items] | |||||
Mortgage loans payable, gross | 1,254,479 | 1,116,216 | |||
Less: deferred financing costs, net | (8,845) | (8,680) | |||
Add: premium | 237 | 397 | |||
Less: discount | (16,024) | (12,339) | |||
Mortgage loans payable, net | $ 1,229,847 | $ 1,095,594 | |||
[1]Such liabilities of American Healthcare REIT, Inc., represented liabilities of American Healthcare REIT Holdings, LP or its consolidated subsidiaries as of December 31, 2022 and 2021. American Healthcare REIT Holdings, LP is a variable interest entity, or VIE, and a consolidated subsidiary of American Healthcare REIT, Inc. The creditors of American Healthcare REIT Holdings, LP or its consolidated subsidiaries do not have recourse against American Healthcare REIT, Inc., except for the 2022 Credit Facility, as defined in Note 9, held by American Healthcare REIT Holdings, LP in the amount of $965,900,000 as of December 31, 2022 and the 2018 Credit Facility and 2019 Credit Facility, each as defined in Note 9, held by American Healthcare REIT Holdings, LP in the amount of $441,900,000 and $480,000,000, respectively, as of December 31, 2021, which were guaranteed by American Healthcare REIT, Inc. |
Mortgage Loans Payable, Net - C
Mortgage Loans Payable, Net - Changes in Carrying Amount of Mortgage Loans Payable, Net (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) MortgageLoan | Dec. 31, 2021 USD ($) MortgageLoan | |||
Mortgage Loan Activities [Roll Forward] | ||||
Beginning balance | $ 1,095,594 | [1] | $ 810,478 | |
Borrowings under mortgage loans payable | 186,227 | 407,939 | ||
Assumption of mortgage loans payable due to acquisitions of real estate investments, net | 149,861 | 18,602 | ||
Amortization of deferred financing costs | 2,332 | 4,077 | ||
Amortization of discount/premium on mortgage loans payable | 2,242 | 773 | ||
Scheduled principal payments on mortgage loans payable | (104,384) | (34,616) | ||
Early payoff of mortgage loans payable | 90,871 | 109,424 | ||
Payoff of a mortgage loan payable due to disposition of real estate investment | (8,637) | 0 | ||
Deferred financing costs | (2,517) | (2,235) | ||
Ending balance | [1] | $ 1,229,847 | $ 1,095,594 | |
Number of fixed-rate mortgage loans payable | MortgageLoan | 68 | 66 | ||
Mortgage loans payable, gross | $ 1,254,479 | $ 1,116,216 | ||
Minimum | ||||
Mortgage Loan Activities [Roll Forward] | ||||
Effective interest rate (as a percent) | 2.21% | 2.21% | ||
Maximum | ||||
Mortgage Loan Activities [Roll Forward] | ||||
Effective interest rate (as a percent) | 7.26% | 5.25% | ||
Mortgage Loans Payable, Net | ||||
Mortgage Loan Activities [Roll Forward] | ||||
Beginning balance | $ 1,095,594 | |||
Ending balance | 1,229,847 | $ 1,095,594 | ||
Mortgage loans payable, gross | $ 1,254,479 | $ 1,116,216 | ||
Debt, weighted average interest rate (as a percent) | 5.29% | 3.21% | ||
[1]Such liabilities of American Healthcare REIT, Inc., represented liabilities of American Healthcare REIT Holdings, LP or its consolidated subsidiaries as of December 31, 2022 and 2021. American Healthcare REIT Holdings, LP is a variable interest entity, or VIE, and a consolidated subsidiary of American Healthcare REIT, Inc. The creditors of American Healthcare REIT Holdings, LP or its consolidated subsidiaries do not have recourse against American Healthcare REIT, Inc., except for the 2022 Credit Facility, as defined in Note 9, held by American Healthcare REIT Holdings, LP in the amount of $965,900,000 as of December 31, 2022 and the 2018 Credit Facility and 2019 Credit Facility, each as defined in Note 9, held by American Healthcare REIT Holdings, LP in the amount of $441,900,000 and $480,000,000, respectively, as of December 31, 2021, which were guaranteed by American Healthcare REIT, Inc. |
Mortgage Loans Payable, Net - S
Mortgage Loans Payable, Net - Schedule of Principal Payments Due on Mortgage Loans Payable (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Mortgage Loans Payable, Net [Abstract] | ||
2023 | $ 193,089 | |
2024 | 217,952 | |
2025 | 165,554 | |
2026 | 155,168 | |
2027 | 34,423 | |
Thereafter | 488,293 | |
Total | $ 1,254,479 | $ 1,116,216 |
Lines of Credit and Term Loans
Lines of Credit and Term Loans (Details) | 12 Months Ended | |||||||||||
Jan. 19, 2022 USD ($) | Nov. 19, 2021 USD ($) | Sep. 05, 2019 Extension | Jan. 25, 2019 USD ($) | Nov. 20, 2018 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 20, 2022 USD ($) | Oct. 01, 2021 USD ($) | Nov. 01, 2019 USD ($) | ||
Debt Instrument [Line Items] | ||||||||||||
Lines of credit and term loans | [1] | $ 1,281,794,000 | $ 1,226,634,000 | |||||||||
Loss on extinguishments of debt | 5,166,000 | 2,655,000 | $ 0 | |||||||||
Lines of credit and term loan, net fair value | 1,285,205,000 | $ 1,226,636,000 | ||||||||||
Line of Credit | Federal Funds Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Variable interest rate (as a percent) | 0.50% | |||||||||||
Line of Credit | One-Month Eurodollar | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Variable interest rate (as a percent) | 1% | |||||||||||
Line of Credit | Alternate Base Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, base rate (as a percent) | 0% | |||||||||||
Line of Credit | Minimum | Eurodollar | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Variable interest rate (as a percent) | 1.70% | |||||||||||
Line of Credit | Minimum | Alternate Base Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Variable interest rate (as a percent) | 0.70% | |||||||||||
Line of Credit | Maximum | Eurodollar | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Variable interest rate (as a percent) | 2.20% | |||||||||||
Line of Credit | Maximum | Alternate Base Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Variable interest rate (as a percent) | 1.20% | |||||||||||
Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, weighted average interest rate (as a percent) | 2.27% | |||||||||||
2019 Corporate Line of Credit | Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | $ 630,000,000 | |||||||||||
2019 Corporate Line of Credit | Line of Credit | Federal Funds Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Variable interest rate (as a percent) | 0.50% | |||||||||||
2019 Corporate Line of Credit | Line of Credit | One-Month Eurodollar | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Variable interest rate (as a percent) | 1% | |||||||||||
2019 Corporate Line of Credit | Line of Credit | Alternate Base Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, base rate (as a percent) | 0% | |||||||||||
Amendment to 2019 Corporate Line of Credit | Line of Credit | Minimum | Eurodollar | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Variable interest rate (as a percent) | 1.85% | |||||||||||
Amendment to 2019 Corporate Line of Credit | Line of Credit | Minimum | Alternate Base Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Variable interest rate (as a percent) | 0.85% | |||||||||||
Amendment to 2019 Corporate Line of Credit | Line of Credit | Maximum | Eurodollar | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Variable interest rate (as a percent) | 2.80% | |||||||||||
Amendment to 2019 Corporate Line of Credit | Line of Credit | Maximum | Alternate Base Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Variable interest rate (as a percent) | 1.80% | |||||||||||
2019 Trilogy Credit Facility [Member] | Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of extensions | Extension | 1 | |||||||||||
Extension term | 12 months | |||||||||||
2019 Trilogy Credit Facility [Member] | Line of Credit | Alternate Base Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Variable interest rate (as a percent) | 1.75% | |||||||||||
2019 Trilogy Credit Facility [Member] | Line of Credit | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Variable interest rate (as a percent) | 2.75% | |||||||||||
2019 Trilogy Credit Facility [Member] | Line of Credit | Federal Funds Effective Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Variable interest rate (as a percent) | 0.50% | |||||||||||
2019 Trilogy Credit Facility [Member] | Line of Credit | One-Month LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Variable interest rate (as a percent) | 1% | |||||||||||
2022 Corporate Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Lines of credit and term loans | 965,900,000 | |||||||||||
2022 Corporate Line of Credit | Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | $ 1,050,000,000 | |||||||||||
Revolving Credit Facility | 2022 Corporate Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of extensions | Extension | 1 | |||||||||||
Extension term | 12 months | |||||||||||
2022 Credit Agreement | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of business days | 5 days | |||||||||||
2018 Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | $ 295,000,000 | $ 530,000,000 | ||||||||||
Extension fee | $ 795,000 | |||||||||||
Revolving Credit Facility | 2018 Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | $ 235,000,000 | |||||||||||
Revolving Credit Facility | 2019 Corporate Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | $ 150,000,000 | |||||||||||
Revolving Credit Facility | 2019 Trilogy Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Lines of credit and term loans | $ 316,734,000 | $ 304,734,000 | ||||||||||
Debt, weighted average interest rate (as a percent) | 7.17% | 2.85% | ||||||||||
Current borrowing capacity | $ 400,000,000 | $ 360,000,000 | ||||||||||
Revolving Credit Facility | 2019 Trilogy Credit Facility [Member] | Real Estate Assets and Ancillary Business Cash Flow | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | $ 365,000,000 | $ 325,000,000 | ||||||||||
Revolving Credit Facility | 2019 Trilogy Credit Facility [Member] | Eligible Accounts Receivable | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | 35,000,000 | |||||||||||
Revolving Credit Facility | 2019 Trilogy Credit Facility [Member] | Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | 400,000,000 | 360,000,000 | ||||||||||
Potential maximum borrowing capacity | 500,000,000 | |||||||||||
Increase to maximum borrowing capacity | $ 100,000,000 | $ 140,000,000 | ||||||||||
Revolving Credit Facility | 2022 Corporate Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | $ 500,000,000 | |||||||||||
Lines of credit and term loans | $ 965,060,000 | |||||||||||
Revolving Credit Facility | 2022 Credit Agreement | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, weighted average interest rate (as a percent) | 6.07% | |||||||||||
Line of Credit | 2018 Corporate Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Lines of credit and term loans | 441,900,000 | |||||||||||
Line of Credit | 2019 Corporate Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Lines of credit and term loans | $ 480,000,000 | |||||||||||
Debt, weighted average interest rate (as a percent) | 2.60% | |||||||||||
Term Loan | 2019 Corporate Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | $ 480,000,000 | |||||||||||
Term Loan | 2022 Corporate Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | 550,000,000 | |||||||||||
Increase in maximum borrowing capacity | 700,000,000 | |||||||||||
Standby Letters of Credit [Member] | 2022 Corporate Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | $ 25,000,000 | |||||||||||
[1]Such liabilities of American Healthcare REIT, Inc., represented liabilities of American Healthcare REIT Holdings, LP or its consolidated subsidiaries as of December 31, 2022 and 2021. American Healthcare REIT Holdings, LP is a variable interest entity, or VIE, and a consolidated subsidiary of American Healthcare REIT, Inc. The creditors of American Healthcare REIT Holdings, LP or its consolidated subsidiaries do not have recourse against American Healthcare REIT, Inc., except for the 2022 Credit Facility, as defined in Note 9, held by American Healthcare REIT Holdings, LP in the amount of $965,900,000 as of December 31, 2022 and the 2018 Credit Facility and 2019 Credit Facility, each as defined in Note 9, held by American Healthcare REIT Holdings, LP in the amount of $441,900,000 and $480,000,000, respectively, as of December 31, 2021, which were guaranteed by American Healthcare REIT, Inc. |
Derivative Financial Instrume_3
Derivative Financial Instruments (Detail) - Not Designated as Hedging Instrument $ in Thousands | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Derivative [Line Items] | |
Fair Value | $ 500 |
Swap, 2.10% Interest Rate | |
Derivative [Line Items] | |
Instrument | Swap |
Notional Amount | $ 250,000 |
Index | one month LIBOR |
Interest Rate | 2.10% |
Maturity Date | Jan. 25, 2022 |
Fair Value | $ 332 |
Swap, 1.98% Interest Rate | |
Derivative [Line Items] | |
Instrument | Swap |
Notional Amount | $ 130,000 |
Index | one month LIBOR |
Interest Rate | 1.98% |
Maturity Date | Jan. 25, 2022 |
Fair Value | $ 162 |
Swap, 0.20% Interest Rate | |
Derivative [Line Items] | |
Instrument | Swap |
Notional Amount | $ 100,000 |
Index | one month LIBOR |
Interest Rate | 0.20% |
Maturity Date | Jan. 25, 2022 |
Fair Value | $ 6 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) instrument | Dec. 31, 2021 USD ($) instrument | Dec. 31, 2020 USD ($) | |
Gain (loss) in fair value of derivative financial instruments | $ 500 | $ 8,200 | $ (3,906) |
Interest Rate Swap | |||
Gain (loss) in fair value of derivative financial instruments | $ 823 | ||
Not Designated as Hedging Instrument | |||
Number of derivative financial instruments | instrument | 0 | 0 |
Identified Intangible Liabili_3
Identified Intangible Liabilities, Net - Summary of Identified Intangible Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finite Lived Intangible Liabilities [Line Items] | |||
Identified intangible liabilities, net | $ 10,837 | $ 12,715 | |
Below-Market Lease | |||
Finite Lived Intangible Liabilities [Line Items] | |||
Identified intangible liabilities, net | 10,837 | 12,715 | |
Net of accumulated amortization | 2,508 | 1,047 | |
Amortization expense | $ 1,848 | $ 396 | $ 296 |
Weighted average remaining life | 8 years 4 months 24 days | 9 years 1 month 6 days |
Identified Intangible Liabili_4
Identified Intangible Liabilities, Net - Summary of Amortization Expense on Below-Market Leases (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Identified Intangible Liabilities [Abstract] | |
2023 | $ 1,596 |
2024 | 1,475 |
2025 | 1,347 |
2026 | 1,198 |
2027 | 1,162 |
Thereafter | 4,059 |
Finite Lived Intangible Liabilities Net | $ 10,837 |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interests - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | 15 Months Ended | 24 Months Ended | 96 Months Ended | 105 Months Ended | |||||||
Dec. 31, 2022 | Dec. 01, 2022 | Oct. 06, 2022 | Dec. 31, 2021 | Oct. 01, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2020 | Sep. 30, 2021 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||||||
Percent of partnership units outstanding with redemption features | 1% | |||||||||||
Adjustment to redemption value | $ 16,744 | $ 7,380 | $ (3,714) | |||||||||
Contributions from redeemable noncontrolling interests | $ 273 | 152 | $ 0 | |||||||||
AHI | ||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||||||
Adjustment to redemption value | $ (19,392) | |||||||||||
Trilogy REIT Holdings, LLC | ||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||||||
Joint venture ownership interest | 76% | 70% | 76% | 70% | 76% | 76% | ||||||
Trilogy Investors, LLC | ||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||||||
Ownership percentage equity interest | 96.20% | 95.90% | 96.20% | 95.90% | 96.20% | 96.20% | ||||||
Contributions from redeemable noncontrolling interests | $ 3,707 | |||||||||||
Limited Partnership | ||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||||||
Percentage of limited partnership interest | 0.01% | 0.01% | ||||||||||
Value of stock redeemed | $ 2 | |||||||||||
General Partnership | ||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||||||
Percentage of ownership in operating partnership | 95% | 94.90% | 99.99% | 99.99% | ||||||||
Percent of partnership units outstanding with redemption features | 99.99% | |||||||||||
General Partnership | Former Advisor | ||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||||||
Percent of partnership units outstanding with redemption features | 0.01% | |||||||||||
NewCo Sellers | ||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||||||
Percentage of limited partnership interest | 5% | 5.10% | ||||||||||
Trilogy Investors, LLC | ||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 3.80% | 4.10% | 3.80% | 4.10% | 3.80% | 3.80% | ||||||
Meridan | ||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||||||
Joint venture acquired (as a percent) | 98% | |||||||||||
Avalon | ||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||||||
Joint venture acquired (as a percent) | 10% | 90% | 90% | |||||||||
Payments to Acquire Interest in Joint Venture | $ 295 | |||||||||||
Redeemable Noncontrolling Interest, Percent Of Earnings | 10% |
Redeemable Noncontrolling Int_4
Redeemable Noncontrolling Interests Redeemable Noncontrolling Interests - Changes in Carrying Amount (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Changes in carrying amount of redeemable noncontrolling interest [Roll Forward] | |||
Beginning balance | $ 72,725 | $ 40,340 | |
Additional redeemable noncontrolling interests | 273 | 30,236 | |
Reclassification from equity | 83 | 5,923 | $ 715 |
Distributions | (2,817) | (1,579) | |
Repurchase of redeemable noncontrolling interests | (4,034) | (8,431) | |
Adjustment to redemption value | 15,773 | 7,380 | |
Net loss attributable to redeemable noncontrolling interests | (405) | (1,144) | 655 |
Ending balance | $ 81,598 | $ 72,725 | $ 40,340 |
Equity - Preferred Stock and Co
Equity - Preferred Stock and Common Stock (Details) | 1 Months Ended | 12 Months Ended | 47 Months Ended | 91 Months Ended | ||||
Nov. 15, 2022 | Oct. 01, 2021 USD ($) $ / shares shares | Oct. 31, 2022 shares | Dec. 31, 2021 $ / shares shares | Dec. 31, 2020 shares | Dec. 31, 2022 USD ($) $ / shares shares | Sep. 30, 2021 shares | Jan. 18, 2019 USD ($) | |
Class of Stock [Line Items] | ||||||||
Number of shares of preferred stock, authorized to be issued | 200,000,000 | 200,000,000 | ||||||
Par value of preferred stock, authorized to be issued (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||
Preferred stock outstanding (in shares) | 0 | 0 | ||||||
Preferred stock issued (in shares) | 0 | 0 | ||||||
Reverse stock split ratio | 0.25 | |||||||
Stock purchased (shares) | 42,839,173 | |||||||
Common stock authorized (in shares) | 1,000,000,000 | 1,000,000,000 | ||||||
Griffin American Advisor [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Stock purchased (shares) | 5,148 | |||||||
2015 DRIP Offering | ||||||||
Class of Stock [Line Items] | ||||||||
Issuance of common stock under the DRIP, shares | 207,866 | 538,763 | ||||||
DRIP S-3 Public Offering | ||||||||
Class of Stock [Line Items] | ||||||||
Maximum dollar amount of common stock issuable under public offering | $ | $ 100,000,000 | |||||||
Issuance of common stock under the DRIP, shares | 2,431,695 | |||||||
2015 and 2019 GAHR III DRIP Offering | ||||||||
Class of Stock [Line Items] | ||||||||
Maximum dollar amount of common stock issuable under public offering | $ | $ 308,501,000 | |||||||
Common Class I | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||
Issuance of common stock and purchase of noncontrolling interest in connection with the Merger, shares | 44,909,444 | |||||||
Common stock authorized (in shares) | 800,000,000 | 800,000,000 | ||||||
Common Class T | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||
Stock redeemed (in shares) | 5,208 | |||||||
Value of stock redeemed | $ | $ 192,000 | |||||||
Common stock authorized (in shares) | 200,000,000 | 200,000,000 | ||||||
Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Stock redeemed (in shares) | 5,148 | |||||||
Value of stock redeemed | $ | $ 190,000 | |||||||
Reverse stock split ratio | 0.25 | |||||||
Repurchase of common stock, shares | 11,679 | 10,356 | 558,476 | |||||
Common Stock | 2015 DRIP Offering | ||||||||
Class of Stock [Line Items] | ||||||||
Issuance of common stock and purchase of noncontrolling interest in connection with the Merger, shares | 451,385 | |||||||
Operating Partnership Units | ||||||||
Class of Stock [Line Items] | ||||||||
Reverse stock split ratio | 0.25 | |||||||
Griffin-American Healthcare REIT III | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | |||||||
GAHR IV | Common Class I | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 |
Equity - Distribution Reinvestm
Equity - Distribution Reinvestment Plan (Details) - USD ($) | 12 Months Ended | 47 Months Ended | 91 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | Sep. 30, 2021 | Jan. 18, 2019 | |
Class of Stock [Line Items] | ||||||
Maximum amount of common stock issuable under public offering, shares | 7,670,138 | 7,670,138 | ||||
Issuance of common stock under the DRIP | $ 36,812,000 | $ 7,666,000 | $ 21,862,000 | |||
Total Stockholders' Equity | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common stock under the DRIP | 36,812,000 | $ 7,666,000 | 21,862,000 | |||
Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common stock and purchase of noncontrolling interest in connection with the Merger, shares | 20,432,815 | |||||
Issuance of common stock under the DRIP | $ 8,000 | $ 2,000 | $ 5,000 | |||
Issuance of common stock under the DRIP, shares | 992,964 | 207,866 | 538,763 | |||
DRIP S-3 Public Offering | ||||||
Class of Stock [Line Items] | ||||||
Maximum dollar amount of common stock issuable under public offering | $ 100,000,000 | |||||
Issuance of common stock under the DRIP | $ 91,448,000 | |||||
Issuance of common stock under the DRIP, shares | 2,431,695 | |||||
2015 DRIP Offering | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common stock under the DRIP | $ 7,666,000 | $ 21,861,000 | ||||
Issuance of common stock under the DRIP, shares | 207,866 | 538,763 | ||||
2015 DRIP Offering | Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common stock and purchase of noncontrolling interest in connection with the Merger, shares | 451,385 |
Equity - Estimated Per Share NA
Equity - Estimated Per Share NAV (Details) - DRIP - $ / shares | Mar. 15, 2023 | Mar. 24, 2022 | Mar. 18, 2021 | Oct. 03, 2019 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Share price (usd per share) | $ 37.16 | $ 34.20 | $ 37.60 | |
Subsequent Event | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Share price (usd per share) | $ 31.40 |
Equity - Share Repurchase Plan
Equity - Share Repurchase Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | 106 Months Ended | |||||
Oct. 01, 2021 | Feb. 26, 2014 | Oct. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | ||
Class of Stock [Line Items] | ||||||||
Maximum percentage of common stock repurchased during the period | 5% | |||||||
Repurchase of common stock | $ (20,699) | $ (382) | [1] | $ (23,107) | ||||
Stock acquired average cost per share | $ 37.02 | $ 36.88 | $ 38.32 | |||||
Stock based compensation | $ 3,909 | $ 9,658 | $ (1,187) | |||||
Restricted Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Granted (shares) | 18,689 | 213,091 | ||||||
Granted (usd per share) | $ 37.16 | $ 36.88 | ||||||
Number of unnvested units (in shares) | 183,240 | 222,886 | 183,240 | |||||
Restricted Stock | Griffin-American Healthcare REIT III | ||||||||
Class of Stock [Line Items] | ||||||||
Granted (shares) | 33,750 | |||||||
Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Repurchase of common stock, shares | 11,679 | 10,356 | 558,476 | |||||
Repurchase of common stock | $ (434) | |||||||
Stock acquired average cost per share | $ 37.16 | |||||||
Common Class I | ||||||||
Class of Stock [Line Items] | ||||||||
Conversion ratio (in shares) | 0.9266 | |||||||
Common Class I | Griffin-American Healthcare REIT III | ||||||||
Class of Stock [Line Items] | ||||||||
Conversion ratio (in shares) | 0.9266 | |||||||
Common Class I | Restricted Stock | Griffin-American Healthcare REIT III | ||||||||
Class of Stock [Line Items] | ||||||||
Granted (shares) | 31,273 | |||||||
Two Thousand Thirteen Incentive Plan | Restricted Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Stock based compensation | $ 155 | |||||||
Two Thousand Thirteen Incentive Plan | Restricted Stock | Independent Directors | ||||||||
Class of Stock [Line Items] | ||||||||
Granted (shares) | 1,737 | |||||||
Granted (usd per share) | $ 40.58 | |||||||
Number of unnvested units (in shares) | 4,170 | |||||||
Two Thousand Fifteen Incentive Plan | Restricted Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Granted (shares) | 289,303 | |||||||
Stock based compensation | $ 3,935 | $ 816 | ||||||
[1]Prior to the Merger, but upon the closing of the AHI Acquisition, as defined in Note 1, GAHR III redeemed all 5,148 shares of its common stock held by GAHR III’s former advisor as well as all 5,208 shares of GAHR IV Class T common stock held by the former advisor of GAHR IV, as defined in Note 1. |
Equity - Noncontrolling Interes
Equity - Noncontrolling Interest in Total Equity (Details) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | 15 Months Ended | 96 Months Ended | 105 Months Ended | |||||||||
Dec. 31, 2022 | Dec. 31, 2021 | Apr. 07, 2020 | Dec. 01, 2015 | Dec. 31, 2021 | Sep. 30, 2022 | Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2020 | Sep. 30, 2021 | Oct. 01, 2021 | Jan. 06, 2016 | |
Noncontrolling Interest [Line Items] | |||||||||||||||
Stock based compensation | $ 3,909,000 | $ 9,658,000 | $ (1,187,000) | ||||||||||||
Preferred stock, value, subscriptions | $ 125,000 | ||||||||||||||
Dividend rate of preferred stock (as a percent) | 12.50% | ||||||||||||||
Issuance of noncontrolling interest | $ 11,000,000 | $ 0 | 0 | 11,000,000 | |||||||||||
Disposition fee | $ 21,113,000 | 25,875,000 | |||||||||||||
Operating partnership units outstanding presented in total equity (as a percent) | 4% | 4.10% | 4.10% | 4% | 4.10% | 4% | |||||||||
Disposition Fees Waived | |||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||
Disposition fee | $ 93,000 | $ 431,000 | |||||||||||||
Lakeview IN Medical Plaza | |||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||
Joint venture ownership interest | 86% | 86% | 86% | 86% | 86% | 86% | |||||||||
Net earning of joint venture allocated to noncontrolling interest | 14% | 14% | 14% | ||||||||||||
MetSL Property Investor, LLC | |||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||
Joint venture ownership interest | 90.60% | 90.60% | 90.60% | 90.60% | 90.60% | 90.60% | |||||||||
Net earning of joint venture allocated to noncontrolling interest | 9.40% | ||||||||||||||
Sale of membership interest (as a percent) | 9.40% | ||||||||||||||
MetSL Property Investor, LLC | Disposition Fees Waived | |||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||
Disposition fee | $ 220,000 | ||||||||||||||
Louisiana Senior Housing Portfolio | |||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||
Joint venture ownership interest | 90% | ||||||||||||||
Net earning of joint venture allocated to noncontrolling interest | 10% | ||||||||||||||
Profits Interests | |||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||
Forfeited (shares) | 0 | 0 | |||||||||||||
Exercised (shares) | 0 | 0 | |||||||||||||
Profits Interests | Trilogy Joint Venture | |||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||
Vesting percentage | 20% | ||||||||||||||
Vesting period | 5 years | ||||||||||||||
Stock based compensation | $ 83,000 | $ 8,801,000 | $ (1,342,000) | ||||||||||||
Redemption of award | $ 16,517,000 | ||||||||||||||
Payments for redemption of award | 8,650,000 | ||||||||||||||
Issuance of additional equity interests | $ 7,867,000 | ||||||||||||||
General Partnership | |||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||
Percentage of ownership in operating partnership | 95% | 94.90% | 99.99% | 99.99% | |||||||||||
NewCo Sellers | |||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||
Percentage of limited partnership interest | 5% | 5.10% | |||||||||||||
Trilogy Investors, LLC | |||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||
Ownership percentage equity interest | 96.20% | 95.90% | 95.90% | 96.20% | 95.90% | 96.20% | |||||||||
Trilogy REIT Holdings, LLC | |||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||
Joint venture ownership interest | 76% | 70% | 70% | 76% | 70% | 76% | |||||||||
Net earning of joint venture allocated to noncontrolling interest | 30% | ||||||||||||||
Trilogy REIT Holdings, LLC | Griffin-American Healthcare REIT IV, Inc. | |||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||
Joint venture ownership interest | 6% | 6% | 6% | 6% | 6% | 6% | |||||||||
Trilogy REIT Holdings, LLC | NorthStar Healthcare Income, Inc. | |||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||
Joint venture ownership interest | 24% | 24% | 24% | 24% | 24% | 24% |
Equity - Equity Compensation Pl
Equity - Equity Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | 106 Months Ended | ||||
Oct. 01, 2021 | Oct. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | ||
Weighted Average Grant Date Fair Value | |||||||
Stock based compensation | $ 3,909 | $ 9,658 | $ (1,187) | ||||
Unrecognized compensation expense | $ 6,888 | 7,233 | $ 6,888 | ||||
Unrecognized compensation expense, period of recognition | 1 year 10 months 24 days | ||||||
Repurchase of common stock, value | $ 20,699 | $ 382 | [1] | $ 23,107 | |||
Stock acquired average cost per share | $ 37.02 | $ 36.88 | $ 38.32 | ||||
Common Stock | |||||||
Weighted Average Grant Date Fair Value | |||||||
Repurchase of common stock, shares | 11,679 | 10,356 | 558,476 | ||||
Repurchase of common stock, value | $ 434 | ||||||
Stock acquired average cost per share | $ 37.16 | ||||||
Common Class I | |||||||
Weighted Average Grant Date Fair Value | |||||||
Conversion ratio (in shares) | 0.9266 | ||||||
Common Class I | Griffin-American Healthcare REIT III | |||||||
Weighted Average Grant Date Fair Value | |||||||
Conversion ratio (in shares) | 0.9266 | ||||||
Two Thousand Thirteen Incentive Plan | Common Stock | |||||||
Weighted Average Grant Date Fair Value | |||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 463,300 | ||||||
Two Thousand Fifteen Incentive Plan | Common Stock | |||||||
Weighted Average Grant Date Fair Value | |||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 1,000,000 | 1,000,000 | |||||
Restricted Stock | |||||||
Number of Nonvested Shares of our Restricted Common Stock | |||||||
Number of Nonvested Units, beginning balance (in shares) | 222,886 | ||||||
Granted (shares) | 18,689 | 213,091 | |||||
Vested (in shares) | (58,335) | ||||||
Forfeited (shares) | 0 | ||||||
Number of Nonvested Units, ending balance (in shares) | 183,240 | 222,886 | 183,240 | ||||
Weighted Average Grant Date Fair Value | |||||||
Nonvested, Weighted Average Grant Date Fair Value, beginning balance (in usd per share) | $ 36.99 | ||||||
Granted, Weighted Average Grant Date Fair Value (in usd per share) | 37.16 | $ 36.88 | |||||
Vested, Weighted Average Grant Date Fair Value (in usd per share) | 37.14 | ||||||
Forfeited, Weighted average Grant Date Fair Value (in usd per share) | 0 | ||||||
Nonvested, Weighted Average Grant Date Fair Value, ending balance (in usd per share) | $ 36.97 | $ 36.99 | $ 36.97 | ||||
Restricted Stock | Griffin-American Healthcare REIT III | |||||||
Number of Nonvested Shares of our Restricted Common Stock | |||||||
Granted (shares) | 33,750 | ||||||
Restricted Stock | Common Class I | Griffin-American Healthcare REIT III | |||||||
Number of Nonvested Shares of our Restricted Common Stock | |||||||
Granted (shares) | 31,273 | ||||||
Weighted Average Grant Date Fair Value | |||||||
Vesting percentage | 20% | ||||||
Vesting period | four year | ||||||
Restricted Stock | Two Thousand Thirteen Incentive Plan | |||||||
Weighted Average Grant Date Fair Value | |||||||
Stock based compensation | $ 155 | ||||||
Restricted Stock | Two Thousand Thirteen Incentive Plan | Independent Directors | |||||||
Number of Nonvested Shares of our Restricted Common Stock | |||||||
Granted (shares) | 1,737 | ||||||
Number of Nonvested Units, ending balance (in shares) | 4,170 | ||||||
Weighted Average Grant Date Fair Value | |||||||
Granted, Weighted Average Grant Date Fair Value (in usd per share) | $ 40.58 | ||||||
Nonvested, Weighted Average Grant Date Fair Value, ending balance (in usd per share) | $ 40.38 | ||||||
Restricted Stock | Two Thousand Fifteen Incentive Plan | |||||||
Number of Nonvested Shares of our Restricted Common Stock | |||||||
Granted (shares) | 289,303 | ||||||
Weighted Average Grant Date Fair Value | |||||||
Stock based compensation | $ 3,935 | $ 816 | |||||
Restricted Stock | Two Thousand Fifteen Incentive Plan | Minimum | |||||||
Weighted Average Grant Date Fair Value | |||||||
Vesting period | 1 year | ||||||
Restricted Stock | Two Thousand Fifteen Incentive Plan | Maximum | |||||||
Weighted Average Grant Date Fair Value | |||||||
Vesting period | 4 years | ||||||
Restricted Stock Units (RSUs) | |||||||
Number of Nonvested Shares of our Restricted Common Stock | |||||||
Number of Nonvested Units, beginning balance (in shares) | 0 | ||||||
Granted (shares) | 60,077 | ||||||
Vested (in shares) | 0 | ||||||
Forfeited (shares) | (11,524) | ||||||
Number of Nonvested Units, ending balance (in shares) | 48,553 | 0 | 48,553 | ||||
Weighted Average Grant Date Fair Value | |||||||
Nonvested, Weighted Average Grant Date Fair Value, beginning balance (in usd per share) | $ 0 | ||||||
Granted, Weighted Average Grant Date Fair Value (in usd per share) | 37.16 | ||||||
Vested, Weighted Average Grant Date Fair Value (in usd per share) | 0 | ||||||
Forfeited, Weighted average Grant Date Fair Value (in usd per share) | 37.16 | ||||||
Nonvested, Weighted Average Grant Date Fair Value, ending balance (in usd per share) | $ 37.16 | $ 0 | $ 37.16 | ||||
Restricted Stock Units (RSUs) | Two Thousand Fifteen Incentive Plan | Maximum | |||||||
Weighted Average Grant Date Fair Value | |||||||
Vesting period | 3 years | ||||||
Performance Based Unit | Two Thousand Fifteen Incentive Plan | |||||||
Number of Nonvested Shares of our Restricted Common Stock | |||||||
Granted (shares) | 29,352 | ||||||
Time Based Unit | Two Thousand Fifteen Incentive Plan | |||||||
Number of Nonvested Shares of our Restricted Common Stock | |||||||
Granted (shares) | 19,200 | ||||||
[1]Prior to the Merger, but upon the closing of the AHI Acquisition, as defined in Note 1, GAHR III redeemed all 5,148 shares of its common stock held by GAHR III’s former advisor as well as all 5,208 shares of GAHR IV Class T common stock held by the former advisor of GAHR IV, as defined in Note 1. |
Equity - Stockholder Servicing
Equity - Stockholder Servicing Fee (Details) - USD ($) | 12 Months Ended | ||
Oct. 01, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Stockholder daily servicing fee percentage | 1% | ||
Stockholder servicing fee | $ 339,000 | $ 1,583,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | $ 21,113 | $ 25,875 |
Acquistion Fees | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | 144 | 183 |
Development Fees | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | 1,363 | 480 |
Asset Management | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | 16,187 | 20,693 |
Property Management Fee | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | 1,993 | 2,632 |
Lease Commissions | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | 160 | 235 |
Construction Management Fee | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | 410 | 579 |
Operating Expense | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | 856 | 1,073 |
Disposition Fees Waived | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | $ 93 | $ 431 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Amounts Outstanding to Affiliates (Detail) $ in Thousands | Dec. 31, 2021 USD ($) |
Related Party Transaction [Line Items] | |
Due to affiliate | $ 866 |
Lease Commissions | |
Related Party Transaction [Line Items] | |
Due to affiliate | 245 |
Development Fees | |
Related Party Transaction [Line Items] | |
Due to affiliate | 229 |
Construction Management Fee | |
Related Party Transaction [Line Items] | |
Due to affiliate | 152 |
Operating Expense | |
Related Party Transaction [Line Items] | |
Due to affiliate | 100 |
Asset And Property Management Fees | |
Related Party Transaction [Line Items] | |
Due to affiliate | 83 |
Acquistion Fees | |
Related Party Transaction [Line Items] | |
Due to affiliate | $ 57 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring $ in Thousands | Dec. 31, 2021 USD ($) |
Liabilities: | |
Derivative financial instruments | $ 500 |
Warrants | 786 |
Total liabilities at fair value | 1,286 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | |
Liabilities: | |
Derivative financial instruments | 0 |
Warrants | 0 |
Total liabilities at fair value | 0 |
Significant Other Observable Inputs (Level 2) | |
Liabilities: | |
Derivative financial instruments | 500 |
Warrants | 0 |
Total liabilities at fair value | 500 |
Significant Unobservable Inputs (Level 3) | |
Liabilities: | |
Derivative financial instruments | 0 |
Warrants | 786 |
Total liabilities at fair value | $ 786 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) $ in Thousands | 3 Months Ended |
Dec. 31, 2022 USD ($) | |
Business Acquisitions [Line Items] | |
Warrants redeemed | $ 678 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Debt security investment, net | $ 83,000 | $ 79,315 | |||
Debt security investment, fair value | 93,230 | 93,920 | |||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||||
Mortgage loans payable, net | 1,229,847 | [1] | 1,095,594 | [1] | $ 810,478 |
Mortgage loans payable, net fair value | 1,091,667 | 1,075,729 | |||
Lines of credit and term loan, net | 1,277,460 | 1,222,853 | |||
Lines of credit and term loan, net fair value | $ 1,285,205 | $ 1,226,636 | |||
[1]Such liabilities of American Healthcare REIT, Inc., represented liabilities of American Healthcare REIT Holdings, LP or its consolidated subsidiaries as of December 31, 2022 and 2021. American Healthcare REIT Holdings, LP is a variable interest entity, or VIE, and a consolidated subsidiary of American Healthcare REIT, Inc. The creditors of American Healthcare REIT Holdings, LP or its consolidated subsidiaries do not have recourse against American Healthcare REIT, Inc., except for the 2022 Credit Facility, as defined in Note 9, held by American Healthcare REIT Holdings, LP in the amount of $965,900,000 as of December 31, 2022 and the 2018 Credit Facility and 2019 Credit Facility, each as defined in Note 9, held by American Healthcare REIT Holdings, LP in the amount of $441,900,000 and $480,000,000, respectively, as of December 31, 2021, which were guaranteed by American Healthcare REIT, Inc. |
Income Taxes - Income Before In
Income Taxes - Income Before Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (72,510) | $ (52,001) | $ 6,171 |
Foreign | (287) | (312) | (386) |
(Loss) income before income taxes | $ (72,797) | $ (52,313) | $ 5,785 |
Income Taxes - Income Tax (Bene
Income Taxes - Income Tax (Benefit) Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Federal deferred | $ (8,176) | $ (12,033) | $ (4,818) |
State deferred | (2,099) | (2,908) | (932) |
Federal current | 0 | 0 | (361) |
State current | 0 | 329 | 0 |
Foreign current | 586 | 627 | 612 |
Valuation allowances | 10,275 | 14,941 | 2,421 |
Total income tax expense (benefit) | $ 586 | $ 956 | $ (3,078) |
Income Taxes - Deferred Taxes (
Income Taxes - Deferred Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Fixed assets and intangibles | $ 8,271 | $ 9,870 |
Expense accruals and other | 18,189 | 17,804 |
Net operating loss and other carry forwards | 50,101 | 41,164 |
Reserves and accruals | 7,487 | 7,375 |
Allowances for accounts receivable | 2,224 | 1,951 |
Investments in unconsolidated entities | 0 | 2,611 |
Total deferred income tax assets | 86,272 | 80,775 |
Fixed assets and intangibles | (13,626) | (18,689) |
Other — temporary differences | (2,676) | (2,467) |
Total deferred income tax liabilities | (16,302) | (21,156) |
Net deferred income tax assets before valuation allowance | 69,970 | 59,619 |
Valuation allowances | (69,970) | (59,619) |
Net deferred income tax assets (liabilities) | $ 0 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
NOL carryforwards | $ 196,779 | $ 165,321 |
Income Taxes - Tax Treatment of
Income Taxes - Tax Treatment of Distributions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Ordinary income | $ 40,745 | $ 7,989 | $ 0 |
Capital gain | 0 | 0 | 0 |
Return of capital | 46,890 | 22,406 | 48,842 |
Distributions reportable | $ 87,635 | $ 30,395 | $ 48,842 |
Ordinary income (as a percent) | 46.50% | 26.30% | 0% |
Capital gain (as a percent) | 0% | 0% | 0% |
Return of capital (as a percent) | 53.50% | 73.70% | 100% |
Percentage distribution reportable (as a percent) | 100% | 100% | 100% |
Leases Additional Information (
Leases Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | |||
Operating lease revenue | $ 200,526 | $ 136,294 | $ 114,770 |
Variable lease payments | 39,278 | $ 23,340 | $ 18,452 |
Lessee, operating lease, leases not yet commenced | $ 144 | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Lease not yet commenced, term of contract | 8 years |
Leases Lessor, Future Minimum R
Leases Lessor, Future Minimum Rents Due (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Future Minimum Rent [Abstract] | |
2023 | $ 152,100 |
2024 | 143,219 |
2025 | 130,134 |
2026 | 119,280 |
2027 | 113,207 |
Thereafter | 577,498 |
Total | $ 1,235,438 |
Leases Components of Lease Cost
Leases Components of Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Operating Lease, Cost | $ 30,566 | $ 23,774 | $ 32,441 |
Amortization of leased assets | 1,249 | 1,447 | 1,891 |
Interest on lease liabilities | 261 | 384 | 609 |
Sublease income | (693) | (210) | 0 |
Total lease cost | $ 31,383 | $ 25,395 | $ 34,941 |
Leases Lease Term and Discount
Leases Lease Term and Discount Rate (Details) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | |||
Operating leases, weighted average remaining lease term | 12 years 9 months 18 days | 16 years 10 months 24 days | 13 years 3 months 18 days |
Finance leases, weighted average remaining lease term | 2 years 3 months 18 days | 3 years 7 months 6 days | 1 year 3 months 18 days |
Operating leases, weighted average discount rate | 5.69% | 5.52% | 5.77% |
Finance leases, weighted average discount rate | 7.66% | 7.68% | 5.62% |
Leases Supplemental Disclosure
Leases Supplemental Disclosure of Cash Flows Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Operating cash outflows related to finance leases | $ 262 | $ 384 | $ 609 |
Financing cash outflows related to finance leases | 54 | 170 | 1,235 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 173,832 | $ 29,523 | $ 14,302 |
Leases Future Minimum Rent Paym
Leases Future Minimum Rent Payments, Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Lessee, Operating Lease, Description [Abstract] | |||
2023 | $ 38,163 | ||
2024 | 37,621 | ||
2025 | 37,004 | ||
2026 | 37,044 | ||
2027 | 37,673 | ||
Thereafter | 228,550 | ||
Total undiscounted operating lease payments | 416,055 | ||
Less: interest | 142,980 | ||
Present value of operating lease liabilities | [1] | $ 273,075 | $ 145,485 |
[1]Such liabilities of American Healthcare REIT, Inc., represented liabilities of American Healthcare REIT Holdings, LP or its consolidated subsidiaries as of December 31, 2022 and 2021. American Healthcare REIT Holdings, LP is a variable interest entity, or VIE, and a consolidated subsidiary of American Healthcare REIT, Inc. The creditors of American Healthcare REIT Holdings, LP or its consolidated subsidiaries do not have recourse against American Healthcare REIT, Inc., except for the 2022 Credit Facility, as defined in Note 9, held by American Healthcare REIT Holdings, LP in the amount of $965,900,000 as of December 31, 2022 and the 2018 Credit Facility and 2019 Credit Facility, each as defined in Note 9, held by American Healthcare REIT Holdings, LP in the amount of $441,900,000 and $480,000,000, respectively, as of December 31, 2021, which were guaranteed by American Healthcare REIT, Inc. |
Leases Future Minimum Rent Pa_2
Leases Future Minimum Rent Payments, Finance Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Lessee, Finance Lease, Description [Abstract] | ||
2023 | $ 61 | |
2024 | 75 | |
2025 | 31 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 0 | |
Total undiscounted finance lease payments | 167 | |
Less: interest | 17 | |
Present value of finance lease liabilities | $ 150 | |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Security deposits, prepaid rent and other liabilities | Security deposits, prepaid rent and other liabilities |
Segment Reporting - Summary Inf
Segment Reporting - Summary Information for Reportable Segments (Details) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2022 USD ($) segment | Dec. 05, 2022 Campus | Feb. 08, 2022 USD ($) | Oct. 01, 2021 ft² Building | Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Segment Reporting [Line Items] | |||||||
Number of reportable segments | segment | 6 | 6 | |||||
Number of properties acquired | Campus | 7 | ||||||
Number of square feet of property acquired | ft² | 4,799,000 | ||||||
Number of buildings acquired | Building | 92 | ||||||
Goodwill | $ 231,611 | $ 231,611 | $ 209,898 | $ 75,309 | |||
Revenues and grant income: | |||||||
Resident fees and services | 1,412,156 | 1,123,935 | 1,069,073 | ||||
Real estate revenue | 205,344 | 141,368 | 120,047 | ||||
Grant income | 25,675 | 16,951 | 55,181 | ||||
Total revenues and grant income | 1,643,175 | 1,282,254 | 1,244,301 | ||||
Expenses: | |||||||
Property operating expenses | 1,281,526 | 1,030,193 | 993,727 | ||||
Rental expenses | 59,684 | 38,725 | 32,298 | ||||
Segment net operating income | 301,965 | 213,336 | 218,276 | ||||
Expenses: | |||||||
General and administrative | 43,418 | 43,199 | 27,007 | ||||
Business acquisition expenses | 4,388 | 13,022 | 290 | ||||
Depreciation and amortization | 167,957 | 133,191 | 98,858 | ||||
Other income (expense): | |||||||
Interest expense (including amortization of deferred financing costs, debt discount/premium and loss on debt extinguishments) | (105,956) | (80,937) | (71,278) | ||||
Gain (loss) in fair value of derivative financial instruments | 500 | 8,200 | (3,906) | ||||
Gain (loss) on dispositions of real estate investments | $ 683 | 5,481 | (100) | 1,395 | |||
Impairment of real estate investments | (54,579) | (3,335) | (11,069) | ||||
Income (loss) from unconsolidated entities | 1,407 | (1,355) | (4,517) | ||||
Foreign currency (loss) gain | (5,206) | (564) | 1,469 | ||||
Other income | 3,064 | 1,854 | 1,570 | ||||
Total net other expense | (158,999) | (76,237) | (86,336) | ||||
Income before income taxes | (72,797) | (52,313) | 5,785 | ||||
Income tax (expense) benefit | (586) | (956) | 3,078 | ||||
Net (loss) income | (73,383) | (53,269) | 8,863 | ||||
Integrated Senior Health Campuses | |||||||
Segment Reporting [Line Items] | |||||||
Goodwill | 164,846 | 164,846 | 119,856 | 75,309 | |||
Revenues and grant income: | |||||||
Resident fees and services | 1,254,665 | 1,025,699 | 983,169 | ||||
Real estate revenue | 0 | 0 | 0 | ||||
Grant income | 24,820 | 13,911 | 53,855 | ||||
Total revenues and grant income | 1,279,485 | 1,039,610 | 1,037,024 | ||||
Expenses: | |||||||
Property operating expenses | 1,133,480 | 943,743 | 929,897 | ||||
Rental expenses | 0 | 0 | 0 | ||||
Segment net operating income | 146,005 | 95,867 | 107,127 | ||||
SHOP | |||||||
Segment Reporting [Line Items] | |||||||
Goodwill | 0 | 0 | 23,277 | 0 | |||
Revenues and grant income: | |||||||
Resident fees and services | 157,491 | 98,236 | 85,904 | ||||
Real estate revenue | 0 | 0 | 0 | ||||
Grant income | 855 | 3,040 | 1,326 | ||||
Total revenues and grant income | 158,346 | 101,276 | 87,230 | ||||
Expenses: | |||||||
Property operating expenses | 148,046 | 86,450 | 63,830 | ||||
Rental expenses | 0 | 0 | 0 | ||||
Segment net operating income | 10,300 | 14,826 | 23,400 | ||||
Other income (expense): | |||||||
Impairment of real estate investments | (54,579) | ||||||
Medical Office Building | |||||||
Segment Reporting [Line Items] | |||||||
Goodwill | 47,812 | 47,812 | 47,812 | 0 | |||
Revenues and grant income: | |||||||
Resident fees and services | 0 | 0 | 0 | ||||
Real estate revenue | 148,717 | 97,297 | 78,424 | ||||
Grant income | 0 | 0 | |||||
Total revenues and grant income | 148,717 | 97,297 | 78,424 | ||||
Expenses: | |||||||
Property operating expenses | 0 | 0 | 0 | ||||
Rental expenses | 56,390 | 36,375 | 30,216 | ||||
Segment net operating income | 92,327 | 60,922 | 48,208 | ||||
Senior Housing | |||||||
Segment Reporting [Line Items] | |||||||
Goodwill | 5,924 | 5,924 | 5,924 | 0 | |||
Revenues and grant income: | |||||||
Resident fees and services | 0 | 0 | 0 | ||||
Real estate revenue | 20,802 | 16,530 | 14,524 | ||||
Grant income | 0 | 0 | |||||
Total revenues and grant income | 20,802 | 16,530 | 14,524 | ||||
Expenses: | |||||||
Property operating expenses | 0 | 0 | 0 | ||||
Rental expenses | 682 | 366 | 64 | ||||
Segment net operating income | 20,120 | 16,164 | 14,460 | ||||
Skilled Nursing Facilities | |||||||
Segment Reporting [Line Items] | |||||||
Goodwill | 8,640 | 8,640 | 8,640 | 0 | |||
Revenues and grant income: | |||||||
Resident fees and services | 0 | 0 | 0 | ||||
Real estate revenue | 26,159 | 17,309 | 16,107 | ||||
Grant income | 0 | 0 | |||||
Total revenues and grant income | 26,159 | 17,309 | 16,107 | ||||
Expenses: | |||||||
Property operating expenses | 0 | 0 | 0 | ||||
Rental expenses | 2,179 | 1,507 | 1,572 | ||||
Segment net operating income | 23,980 | 15,802 | 14,535 | ||||
Hospitals | |||||||
Segment Reporting [Line Items] | |||||||
Goodwill | $ 4,389 | 4,389 | 4,389 | 0 | |||
Revenues and grant income: | |||||||
Resident fees and services | 0 | 0 | 0 | ||||
Real estate revenue | 9,666 | 10,232 | 10,992 | ||||
Grant income | 0 | 0 | |||||
Total revenues and grant income | 9,666 | 10,232 | 10,992 | ||||
Expenses: | |||||||
Property operating expenses | 0 | 0 | 0 | ||||
Rental expenses | 433 | 477 | 446 | ||||
Segment net operating income | $ 9,233 | $ 9,755 | $ 10,546 |
Segment Reporting - Assets by R
Segment Reporting - Assets by Reportable Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Oct. 01, 2021 | Dec. 31, 2020 |
Segment Reporting [Line Items] | ||||
Total assets | $ 4,786,698 | $ 4,580,339 | ||
Goodwill | 231,611 | 209,898 | $ 75,309 | |
AHI | ||||
Segment Reporting [Line Items] | ||||
Goodwill | $ 134,589 | |||
AHI | Medical Office Building | ||||
Segment Reporting [Line Items] | ||||
Goodwill | 47,812 | |||
AHI | Skilled Nursing Facilities | ||||
Segment Reporting [Line Items] | ||||
Goodwill | 8,640 | |||
AHI | Hospitals | ||||
Segment Reporting [Line Items] | ||||
Goodwill | 4,389 | |||
AHI | SHOP | ||||
Segment Reporting [Line Items] | ||||
Goodwill | 23,277 | |||
AHI | Senior Housing | ||||
Segment Reporting [Line Items] | ||||
Goodwill | 5,924 | |||
AHI | Integrated Senior Health Campuses | ||||
Segment Reporting [Line Items] | ||||
Goodwill | $ 44,547 | |||
Integrated Senior Health Campuses | ||||
Segment Reporting [Line Items] | ||||
Total assets | 2,157,748 | 1,896,608 | ||
Goodwill | 164,846 | 119,856 | 75,309 | |
Medical Office Building | ||||
Segment Reporting [Line Items] | ||||
Total assets | 1,379,502 | 1,412,247 | ||
Goodwill | 47,812 | 47,812 | 0 | |
SHOP | ||||
Segment Reporting [Line Items] | ||||
Total assets | 635,190 | 625,164 | ||
Goodwill | 0 | 23,277 | 0 | |
Senior Housing | ||||
Segment Reporting [Line Items] | ||||
Total assets | 249,576 | 255,555 | ||
Goodwill | 5,924 | 5,924 | 0 | |
Skilled Nursing Facilities | ||||
Segment Reporting [Line Items] | ||||
Total assets | 245,717 | 252,869 | ||
Goodwill | 8,640 | 8,640 | 0 | |
Hospitals | ||||
Segment Reporting [Line Items] | ||||
Total assets | 106,067 | 109,834 | ||
Goodwill | 4,389 | 4,389 | $ 0 | |
Other | ||||
Segment Reporting [Line Items] | ||||
Total assets | $ 12,898 | $ 28,062 |
Segment Reporting - Goodwill by
Segment Reporting - Goodwill by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | $ 209,898 | $ 75,309 | |
Goodwill acquired | 44,990 | 134,589 | |
Impairment loss | 23,277 | 0 | $ 0 |
Goodwill, ending balance | 231,611 | 209,898 | 75,309 |
Integrated Senior Health Campuses | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 119,856 | 75,309 | |
Goodwill acquired | 44,990 | 44,547 | |
Impairment loss | 0 | ||
Goodwill, ending balance | 164,846 | 119,856 | 75,309 |
Medical Office Building | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 47,812 | 0 | |
Goodwill acquired | 0 | 47,812 | |
Impairment loss | 0 | ||
Goodwill, ending balance | 47,812 | 47,812 | 0 |
SHOP | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 23,277 | 0 | |
Goodwill acquired | 0 | 23,277 | |
Impairment loss | 23,277 | ||
Goodwill, ending balance | 0 | 23,277 | 0 |
Skilled Nursing Facilities | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 8,640 | 0 | |
Goodwill acquired | 0 | 8,640 | |
Impairment loss | 0 | ||
Goodwill, ending balance | 8,640 | 8,640 | 0 |
Senior Housing | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 5,924 | 0 | |
Goodwill acquired | 0 | 5,924 | |
Impairment loss | 0 | ||
Goodwill, ending balance | 5,924 | 5,924 | 0 |
Hospitals | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 4,389 | 0 | |
Goodwill acquired | 0 | 4,389 | |
Impairment loss | 0 | ||
Goodwill, ending balance | $ 4,389 | $ 4,389 | $ 0 |
Segment Reporting - Segment Inf
Segment Reporting - Segment Information by Geographic Region (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting [Line Items] | |||
Total revenues and grant income | $ 1,643,175 | $ 1,282,254 | $ 1,244,301 |
Real estate investments, net | 3,581,609 | 3,514,686 | |
United States | |||
Segment Reporting [Line Items] | |||
Total revenues and grant income | 1,638,557 | 1,277,095 | 1,239,509 |
Real estate investments, net | 3,539,453 | 3,466,019 | |
International | |||
Segment Reporting [Line Items] | |||
Total revenues and grant income | 4,618 | 5,159 | $ 4,792 |
Real estate investments, net | $ 42,156 | $ 48,667 |
Concentration of Credit Risk (D
Concentration of Credit Risk (Details) | 12 Months Ended | |
Dec. 31, 2022 segment State tenant | Dec. 31, 2022 State tenant segment | |
Concentration of Credit Risk | ||
Number of states that generated at least 10% of annualized base rent | State | 1 | 1 |
Minimum percent share of each state annualized base rent that company owned | 10% | 10% |
Number of reportable segments | segment | 6 | 6 |
Number of tenants with more than ten percent of annual base rent | tenant | 0 | 0 |
Minimum percent share of annualized base rent accounted by tenants | 10% | 10% |
Medical Office Building | ||
Concentration of Credit Risk | ||
Percentage of annual base rent | 33.40% | 33.40% |
Integrated Senior Health Campuses | ||
Concentration of Credit Risk | ||
Percentage of annual base rent | 46.80% | 46.80% |
Skilled Nursing Facilities | ||
Concentration of Credit Risk | ||
Percentage of annual base rent | 7.30% | 7.30% |
SHOP | ||
Concentration of Credit Risk | ||
Percentage of annual base rent | 6% | 6% |
Senior Housing | ||
Concentration of Credit Risk | ||
Percentage of annual base rent | 3.70% | 3.70% |
Hospitals | ||
Concentration of Credit Risk | ||
Percentage of annual base rent | 2.80% | 2.80% |
Indiana | ||
Concentration of Credit Risk | ||
Percentage of annual base rent | 36.20% | 36.20% |
Per Share Data (Detail)
Per Share Data (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Aug. 31, 2022 | Oct. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Anti-dilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Participating securities, distributed and undistributed earnings (loss), basic | $ 5,967 | $ 1,440 | $ 9 | ||
Restricted Common Stock | |||||
Anti-dilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Anti-dilutive securities excluded from computation of earnings per share | 183,240 | 891,543 | |||
Limited Partnership Units | |||||
Anti-dilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Anti-dilutive securities excluded from computation of earnings per share | 3,501,976 | 3,501,976 | |||
Restricted Stock Units (RSUs) | Time Based Unit | |||||
Anti-dilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Anti-dilutive securities excluded from computation of earnings per share | 19,200 | ||||
Restricted Stock Units (RSUs) | Performance Based Unit | |||||
Anti-dilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Anti-dilutive securities excluded from computation of earnings per share | 1,051 | 28,301 | 29,352 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 3 Months Ended | ||||
Mar. 15, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 01, 2023 | Feb. 01, 2023 | |
Subsequent Events [Line Items] | |||||
Distribution (in dollars per share) | $ 0.40 | ||||
Subsequent Event | |||||
Subsequent Events [Line Items] | |||||
Distribution (in dollars per share) | $ 0.25 | ||||
Annualized distribution rate (in dollars per share) | $ 1 | ||||
Subsequent Event | Swap, 3.74% Interest Rate | Not Designated as Hedging Instrument | |||||
Subsequent Events [Line Items] | |||||
Notional Amount | $ 275,000,000 | ||||
Interest Rate | 3.74% |
Schedule III Real Estate and _2
Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,254,479,000 | |||
Initial cost to company, land | 343,014,000 | |||
Initial cost to company, buildings and improvements | 3,438,642,000 | |||
Cost capitalized subsequent to acquisition | 454,790,000 | |||
Gross amount of which carried at close of period, land | 344,359,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 3,892,088,000 | |||
Gross amount of which carried at close of period, total | 4,236,447,000 | $ 4,038,572,000 | $ 2,762,272,000 | $ 2,618,608,000 |
Gross amount of which carried at close of period, accumulated deprecation | (654,838,000) | $ (523,886,000) | $ (425,272,000) | $ (337,898,000) |
Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,254,479,000 | |||
Initial cost to company, land | 341,884,000 | |||
Initial cost to company, buildings and improvements | 3,353,698,000 | |||
Cost capitalized subsequent to acquisition | 299,691,000 | |||
Gross amount of which carried at close of period, land | 341,479,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 3,653,794,000 | |||
Gross amount of which carried at close of period, total | 3,995,273,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (535,354,000) | |||
Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,130,000 | |||
Initial cost to company, buildings and improvements | 84,944,000 | |||
Cost capitalized subsequent to acquisition | 148,149,000 | |||
Gross amount of which carried at close of period, land | 2,304,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 231,920,000 | |||
Gross amount of which carried at close of period, total | 234,224,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (118,842,000) | |||
Construction in Progress [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 0 | |||
Initial cost to company, buildings and improvements | 0 | |||
Cost capitalized subsequent to acquisition | 6,950,000 | |||
Gross amount of which carried at close of period, land | 576,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 6,374,000 | |||
Gross amount of which carried at close of period, total | 6,950,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (642,000) | |||
DeKalb Professional Center [Member] | Lithonia, GA [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 479,000 | |||
Initial cost to company, buildings and improvements | 2,871,000 | |||
Cost capitalized subsequent to acquisition | 355,000 | |||
Gross amount of which carried at close of period, land | 479,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 3,226,000 | |||
Gross amount of which carried at close of period, total | 3,705,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (921,000) | |||
Country Club MOB [Member] | Stockbridge, GA [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 240,000 | |||
Initial cost to company, buildings and improvements | 2,306,000 | |||
Cost capitalized subsequent to acquisition | 542,000 | |||
Gross amount of which carried at close of period, land | 240,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 2,848,000 | |||
Gross amount of which carried at close of period, total | 3,088,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (842,000) | |||
Acworth Medical Complex [Member] | Acworth, GA One [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 216,000 | |||
Initial cost to company, buildings and improvements | 3,135,000 | |||
Cost capitalized subsequent to acquisition | 211,000 | |||
Gross amount of which carried at close of period, land | 216,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 3,346,000 | |||
Gross amount of which carried at close of period, total | 3,562,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (843,000) | |||
Acworth Medical Complex [Member] | Acworth, GA Two [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 250,000 | |||
Initial cost to company, buildings and improvements | 2,214,000 | |||
Cost capitalized subsequent to acquisition | 187,000 | |||
Gross amount of which carried at close of period, land | 250,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 2,401,000 | |||
Gross amount of which carried at close of period, total | 2,651,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (613,000) | |||
Acworth Medical Complex [Member] | Acworth, GA Three [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 104,000 | |||
Initial cost to company, buildings and improvements | 774,000 | |||
Cost capitalized subsequent to acquisition | 54,000 | |||
Gross amount of which carried at close of period, land | 104,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 828,000 | |||
Gross amount of which carried at close of period, total | 932,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (251,000) | |||
Wichita KS MOB [Member] | Wichita, KS [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 943,000 | |||
Initial cost to company, buildings and improvements | 6,288,000 | |||
Cost capitalized subsequent to acquisition | 662,000 | |||
Gross amount of which carried at close of period, land | 943,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 6,950,000 | |||
Gross amount of which carried at close of period, total | 7,893,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,055,000) | |||
Delta Valley ALF Portfolio [Member] | Batesville, MS [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 331,000 | |||
Initial cost to company, buildings and improvements | 5,103,000 | |||
Cost capitalized subsequent to acquisition | (489,000) | |||
Gross amount of which carried at close of period, land | 331,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 4,614,000 | |||
Gross amount of which carried at close of period, total | 4,945,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,132,000) | |||
Delta Valley ALF Portfolio [Member] | Cleveland, MS [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 348,000 | |||
Initial cost to company, buildings and improvements | 6,369,000 | |||
Cost capitalized subsequent to acquisition | (953,000) | |||
Gross amount of which carried at close of period, land | 348,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 5,416,000 | |||
Gross amount of which carried at close of period, total | 5,764,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,316,000) | |||
Delta Valley ALF Portfolio [Member] | Springdale, AR [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 891,000 | |||
Initial cost to company, buildings and improvements | 6,538,000 | |||
Cost capitalized subsequent to acquisition | (769,000) | |||
Gross amount of which carried at close of period, land | 891,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 5,769,000 | |||
Gross amount of which carried at close of period, total | 6,660,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,337,000) | |||
Lee's Summit MO MOB [Member] | Lee's Summit, MO [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,045,000 | |||
Initial cost to company, buildings and improvements | 5,068,000 | |||
Cost capitalized subsequent to acquisition | 962,000 | |||
Gross amount of which carried at close of period, land | 1,045,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 6,030,000 | |||
Gross amount of which carried at close of period, total | 7,075,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,998,000) | |||
Carolina Commons MOB [Member] | Indian Land, SC [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,028,000 | |||
Initial cost to company, buildings and improvements | 9,430,000 | |||
Cost capitalized subsequent to acquisition | 4,379,000 | |||
Gross amount of which carried at close of period, land | 1,028,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 13,809,000 | |||
Gross amount of which carried at close of period, total | 14,837,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (3,594,000) | |||
Mount Olympia MOB Portflio [Member] | Mount Dora, FL [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 393,000 | |||
Initial cost to company, buildings and improvements | 5,633,000 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 393,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 5,633,000 | |||
Gross amount of which carried at close of period, total | 6,026,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,403,000) | |||
Mount Olympia MOB Portflio [Member] | Olympia Fields, IL [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 298,000 | |||
Initial cost to company, buildings and improvements | 2,726,000 | |||
Cost capitalized subsequent to acquisition | 92,000 | |||
Gross amount of which carried at close of period, land | 298,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 2,818,000 | |||
Gross amount of which carried at close of period, total | 3,116,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (778,000) | |||
Southlake TX Hospital [Member] | Southlake, TX [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 94,328,000 | |||
Initial cost to company, land | 5,089,000 | |||
Initial cost to company, buildings and improvements | 108,517,000 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 5,089,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 108,517,000 | |||
Gross amount of which carried at close of period, total | 113,606,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (23,515,000) | |||
East Texas MOB Portfolio [Member] | Longview, TX One [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 0 | |||
Initial cost to company, buildings and improvements | 19,942,000 | |||
Cost capitalized subsequent to acquisition | 9,079,000 | |||
Gross amount of which carried at close of period, land | 0 | |||
Gross amount of which carried at close of period, buildings and improvements | 29,021,000 | |||
Gross amount of which carried at close of period, total | 29,021,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (5,405,000) | |||
East Texas MOB Portfolio [Member] | Longview, TX Two [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 228,000 | |||
Initial cost to company, buildings and improvements | 965,000 | |||
Cost capitalized subsequent to acquisition | 187,000 | |||
Gross amount of which carried at close of period, land | 228,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 1,152,000 | |||
Gross amount of which carried at close of period, total | 1,380,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (404,000) | |||
East Texas MOB Portfolio [Member] | Longview, TX Three [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 759,000 | |||
Initial cost to company, buildings and improvements | 1,696,000 | |||
Cost capitalized subsequent to acquisition | 98,000 | |||
Gross amount of which carried at close of period, land | 759,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 1,794,000 | |||
Gross amount of which carried at close of period, total | 2,553,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (806,000) | |||
East Texas MOB Portfolio [Member] | Longview, TX Four [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 0 | |||
Initial cost to company, buildings and improvements | 8,027,000 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 0 | |||
Gross amount of which carried at close of period, buildings and improvements | 8,027,000 | |||
Gross amount of which carried at close of period, total | 8,027,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,215,000) | |||
East Texas MOB Portfolio [Member] | Longview, TX Five [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 0 | |||
Initial cost to company, buildings and improvements | 696,000 | |||
Cost capitalized subsequent to acquisition | 40,000 | |||
Gross amount of which carried at close of period, land | 0 | |||
Gross amount of which carried at close of period, buildings and improvements | 736,000 | |||
Gross amount of which carried at close of period, total | 736,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (302,000) | |||
East Texas MOB Portfolio [Member] | Longview, TX Six [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 0 | |||
Initial cost to company, buildings and improvements | 27,601,000 | |||
Cost capitalized subsequent to acquisition | 5,373,000 | |||
Gross amount of which carried at close of period, land | 0 | |||
Gross amount of which carried at close of period, buildings and improvements | 32,974,000 | |||
Gross amount of which carried at close of period, total | 32,974,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (9,081,000) | |||
East Texas MOB Portfolio [Member] | Marshall, TX [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 368,000 | |||
Initial cost to company, buildings and improvements | 1,711,000 | |||
Cost capitalized subsequent to acquisition | 110,000 | |||
Gross amount of which carried at close of period, land | 368,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 1,821,000 | |||
Gross amount of which carried at close of period, total | 2,189,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (780,000) | |||
Premier MOB [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 644,000 | |||
Initial cost to company, buildings and improvements | 10,420,000 | |||
Cost capitalized subsequent to acquisition | 1,446,000 | |||
Gross amount of which carried at close of period, land | 644,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 11,866,000 | |||
Gross amount of which carried at close of period, total | 12,510,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (3,367,000) | |||
Independence MOB Portfolio [Member] | Southgate, KY [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 411,000 | |||
Initial cost to company, buildings and improvements | 11,005,000 | |||
Cost capitalized subsequent to acquisition | 2,436,000 | |||
Gross amount of which carried at close of period, land | 411,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 13,441,000 | |||
Gross amount of which carried at close of period, total | 13,852,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (3,561,000) | |||
Independence MOB Portfolio [Member] | Somerville, MA [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 29,116,000 | |||
Initial cost to company, land | 1,509,000 | |||
Initial cost to company, buildings and improvements | 46,775,000 | |||
Cost capitalized subsequent to acquisition | 6,328,000 | |||
Gross amount of which carried at close of period, land | 1,509,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 53,103,000 | |||
Gross amount of which carried at close of period, total | 54,612,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (11,202,000) | |||
Independence MOB Portfolio [Member] | Morristown, NJ [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 27,209,000 | |||
Initial cost to company, land | 3,763,000 | |||
Initial cost to company, buildings and improvements | 26,957,000 | |||
Cost capitalized subsequent to acquisition | 5,158,000 | |||
Gross amount of which carried at close of period, land | 3,764,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 32,114,000 | |||
Gross amount of which carried at close of period, total | 35,878,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (8,864,000) | |||
Independence MOB Portfolio [Member] | Verona, NJ [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,683,000 | |||
Initial cost to company, buildings and improvements | 9,405,000 | |||
Cost capitalized subsequent to acquisition | 1,969,000 | |||
Gross amount of which carried at close of period, land | 1,683,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 11,374,000 | |||
Gross amount of which carried at close of period, total | 13,057,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,741,000) | |||
Independence MOB Portfolio [Member] | Bronx, NY [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 0 | |||
Initial cost to company, buildings and improvements | 19,593,000 | |||
Cost capitalized subsequent to acquisition | 3,253,000 | |||
Gross amount of which carried at close of period, land | 0 | |||
Gross amount of which carried at close of period, buildings and improvements | 22,846,000 | |||
Gross amount of which carried at close of period, total | 22,846,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (5,262,000) | |||
King of Prussia PA MOB [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 3,427,000 | |||
Initial cost to company, buildings and improvements | 13,849,000 | |||
Cost capitalized subsequent to acquisition | 6,550,000 | |||
Gross amount of which carried at close of period, land | 3,427,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 20,399,000 | |||
Gross amount of which carried at close of period, total | 23,826,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (6,167,000) | |||
North Carolina ALF Portfolio | Clemmons, NC [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 596,000 | |||
Initial cost to company, buildings and improvements | 13,237,000 | |||
Cost capitalized subsequent to acquisition | (513,000) | |||
Gross amount of which carried at close of period, land | 596,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 12,724,000 | |||
Gross amount of which carried at close of period, total | 13,320,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,880,000) | |||
North Carolina ALF Portfolio | Garner, NC [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,723,000 | |||
Initial cost to company, buildings and improvements | 11,517,000 | |||
Cost capitalized subsequent to acquisition | 89,000 | |||
Gross amount of which carried at close of period, land | 1,723,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 11,606,000 | |||
Gross amount of which carried at close of period, total | 13,329,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,558,000) | |||
North Carolina ALF Portfolio | Huntersville, NC [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 2,033,000 | |||
Initial cost to company, buildings and improvements | 11,494,000 | |||
Cost capitalized subsequent to acquisition | (45,000) | |||
Gross amount of which carried at close of period, land | 2,033,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 11,449,000 | |||
Gross amount of which carried at close of period, total | 13,482,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,177,000) | |||
North Carolina ALF Portfolio | Matthews, NC [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 949,000 | |||
Initial cost to company, buildings and improvements | 12,537,000 | |||
Cost capitalized subsequent to acquisition | (108,000) | |||
Gross amount of which carried at close of period, land | 949,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 12,429,000 | |||
Gross amount of which carried at close of period, total | 13,378,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,815,000) | |||
North Carolina ALF Portfolio | Mooresville, NC [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 835,000 | |||
Initial cost to company, buildings and improvements | 15,894,000 | |||
Cost capitalized subsequent to acquisition | (571,000) | |||
Gross amount of which carried at close of period, land | 835,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 15,323,000 | |||
Gross amount of which carried at close of period, total | 16,158,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (3,469,000) | |||
North Carolina ALF Portfolio | Raleigh, NC [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,069,000 | |||
Initial cost to company, buildings and improvements | 21,235,000 | |||
Cost capitalized subsequent to acquisition | (580,000) | |||
Gross amount of which carried at close of period, land | 1,069,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 20,655,000 | |||
Gross amount of which carried at close of period, total | 21,724,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (4,439,000) | |||
North Carolina ALF Portfolio | Wake Forest, NC [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 772,000 | |||
Initial cost to company, buildings and improvements | 13,596,000 | |||
Cost capitalized subsequent to acquisition | (688,000) | |||
Gross amount of which carried at close of period, land | 772,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 12,908,000 | |||
Gross amount of which carried at close of period, total | 13,680,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,747,000) | |||
Orange Star Medical Portfolio [Member] | Durango, CO One [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 623,000 | |||
Initial cost to company, buildings and improvements | 14,166,000 | |||
Cost capitalized subsequent to acquisition | 433,000 | |||
Gross amount of which carried at close of period, land | 623,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 14,599,000 | |||
Gross amount of which carried at close of period, total | 15,222,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (3,245,000) | |||
Orange Star Medical Portfolio [Member] | Durango, CO Two [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 788,000 | |||
Initial cost to company, buildings and improvements | 10,467,000 | |||
Cost capitalized subsequent to acquisition | 1,063,000 | |||
Gross amount of which carried at close of period, land | 788,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 11,530,000 | |||
Gross amount of which carried at close of period, total | 12,318,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,653,000) | |||
Orange Star Medical Portfolio [Member] | Friendswood, TX [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 500,000 | |||
Initial cost to company, buildings and improvements | 7,664,000 | |||
Cost capitalized subsequent to acquisition | 944,000 | |||
Gross amount of which carried at close of period, land | 500,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 8,608,000 | |||
Gross amount of which carried at close of period, total | 9,108,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,027,000) | |||
Orange Star Medical Portfolio [Member] | Keller, TX [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,604,000 | |||
Initial cost to company, buildings and improvements | 7,912,000 | |||
Cost capitalized subsequent to acquisition | 609,000 | |||
Gross amount of which carried at close of period, land | 1,604,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 8,521,000 | |||
Gross amount of which carried at close of period, total | 10,125,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,114,000) | |||
Orange Star Medical Portfolio [Member] | Wharton, TX [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 259,000 | |||
Initial cost to company, buildings and improvements | 10,590,000 | |||
Cost capitalized subsequent to acquisition | 1,366,000 | |||
Gross amount of which carried at close of period, land | 259,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 11,956,000 | |||
Gross amount of which carried at close of period, total | 12,215,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,532,000) | |||
Kingwood MOB Portfolio [Member] | Kingwood, TX One [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 820,000 | |||
Initial cost to company, buildings and improvements | 8,589,000 | |||
Cost capitalized subsequent to acquisition | 463,000 | |||
Gross amount of which carried at close of period, land | 820,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 9,052,000 | |||
Gross amount of which carried at close of period, total | 9,872,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,192,000) | |||
Kingwood MOB Portfolio [Member] | Kingwood, TX Two [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 781,000 | |||
Initial cost to company, buildings and improvements | 3,943,000 | |||
Cost capitalized subsequent to acquisition | 64,000 | |||
Gross amount of which carried at close of period, land | 781,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 4,007,000 | |||
Gross amount of which carried at close of period, total | 4,788,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,025,000) | |||
Mt. Juliet TN MOB [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,188,000 | |||
Initial cost to company, buildings and improvements | 10,720,000 | |||
Cost capitalized subsequent to acquisition | 547,000 | |||
Gross amount of which carried at close of period, land | 1,188,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 11,267,000 | |||
Gross amount of which carried at close of period, total | 12,455,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,630,000) | |||
Homewood AL MOB [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 405,000 | |||
Initial cost to company, buildings and improvements | 6,590,000 | |||
Cost capitalized subsequent to acquisition | 34,000 | |||
Gross amount of which carried at close of period, land | 405,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 6,624,000 | |||
Gross amount of which carried at close of period, total | 7,029,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,738,000) | |||
Paoli PA Medical Plaza [Member] | Paoli, PA One [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 2,313,000 | |||
Initial cost to company, buildings and improvements | 12,447,000 | |||
Cost capitalized subsequent to acquisition | 8,469,000 | |||
Gross amount of which carried at close of period, land | 2,313,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 20,916,000 | |||
Gross amount of which carried at close of period, total | 23,229,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (5,034,000) | |||
Paoli PA Medical Plaza [Member] | Paoli, PA Two [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,668,000 | |||
Initial cost to company, buildings and improvements | 7,357,000 | |||
Cost capitalized subsequent to acquisition | 1,883,000 | |||
Gross amount of which carried at close of period, land | 1,668,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 9,240,000 | |||
Gross amount of which carried at close of period, total | 10,908,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,712,000) | |||
Glen Burnie MD MOB [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 2,692,000 | |||
Initial cost to company, buildings and improvements | 14,095,000 | |||
Cost capitalized subsequent to acquisition | 3,829,000 | |||
Gross amount of which carried at close of period, land | 2,692,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 17,924,000 | |||
Gross amount of which carried at close of period, total | 20,616,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (4,831,000) | |||
Marietta GA MOB [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,347,000 | |||
Initial cost to company, buildings and improvements | 10,947,000 | |||
Cost capitalized subsequent to acquisition | 620,000 | |||
Gross amount of which carried at close of period, land | 1,347,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 11,567,000 | |||
Gross amount of which carried at close of period, total | 12,914,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,635,000) | |||
Mountain Crest Senior Housing Portfolio [Member] | Elkhart, IN One [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 793,000 | |||
Initial cost to company, buildings and improvements | 6,009,000 | |||
Cost capitalized subsequent to acquisition | 529,000 | |||
Gross amount of which carried at close of period, land | 793,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 6,538,000 | |||
Gross amount of which carried at close of period, total | 7,331,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,756,000) | |||
Mountain Crest Senior Housing Portfolio [Member] | Elkhart, IN Two [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 782,000 | |||
Initial cost to company, buildings and improvements | 6,760,000 | |||
Cost capitalized subsequent to acquisition | 708,000 | |||
Gross amount of which carried at close of period, land | 782,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 7,468,000 | |||
Gross amount of which carried at close of period, total | 8,250,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,114,000) | |||
Mountain Crest Senior Housing Portfolio [Member] | Hobart, IN [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 604,000 | |||
Initial cost to company, buildings and improvements | 11,529,000 | |||
Cost capitalized subsequent to acquisition | (826,000) | |||
Gross amount of which carried at close of period, land | 0 | |||
Gross amount of which carried at close of period, buildings and improvements | 11,307,000 | |||
Gross amount of which carried at close of period, total | 11,307,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,807,000) | |||
Mountain Crest Senior Housing Portfolio [Member] | LaPorte, IN [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 392,000 | |||
Initial cost to company, buildings and improvements | 14,894,000 | |||
Cost capitalized subsequent to acquisition | (6,187,000) | |||
Gross amount of which carried at close of period, land | 0 | |||
Gross amount of which carried at close of period, buildings and improvements | 9,099,000 | |||
Gross amount of which carried at close of period, total | 9,099,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (3,589,000) | |||
Mountain Crest Senior Housing Portfolio [Member] | Mishawaka, IN [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 3,670,000 | |||
Initial cost to company, buildings and improvements | 14,416,000 | |||
Cost capitalized subsequent to acquisition | 1,052,000 | |||
Gross amount of which carried at close of period, land | 3,670,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 15,468,000 | |||
Gross amount of which carried at close of period, total | 19,138,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (3,888,000) | |||
Mountain Crest Senior Housing Portfolio [Member] | Niles, MI [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 404,000 | |||
Initial cost to company, buildings and improvements | 5,050,000 | |||
Cost capitalized subsequent to acquisition | 759,000 | |||
Gross amount of which carried at close of period, land | 404,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 5,809,000 | |||
Gross amount of which carried at close of period, total | 6,213,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,557,000) | |||
Nebraska Senior Housing Portfolio [Member] | Bennington, NE [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 981,000 | |||
Initial cost to company, buildings and improvements | 20,427,000 | |||
Cost capitalized subsequent to acquisition | 915,000 | |||
Gross amount of which carried at close of period, land | 981,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 21,342,000 | |||
Gross amount of which carried at close of period, total | 22,323,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (4,784,000) | |||
Nebraska Senior Housing Portfolio [Member] | Omaha, NE [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,274,000 | |||
Initial cost to company, buildings and improvements | 38,619,000 | |||
Cost capitalized subsequent to acquisition | 1,505,000 | |||
Gross amount of which carried at close of period, land | 1,274,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 40,124,000 | |||
Gross amount of which carried at close of period, total | 41,398,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (8,473,000) | |||
Pennsylvania Senior Housing Portfolio [Member] | Bethlehem, PA [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,542,000 | |||
Initial cost to company, buildings and improvements | 22,249,000 | |||
Cost capitalized subsequent to acquisition | 786,000 | |||
Gross amount of which carried at close of period, land | 1,542,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 23,035,000 | |||
Gross amount of which carried at close of period, total | 24,577,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (5,697,000) | |||
Pennsylvania Senior Housing Portfolio [Member] | Boyertown, PA [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 22,932,000 | |||
Initial cost to company, land | 480,000 | |||
Initial cost to company, buildings and improvements | 25,544,000 | |||
Cost capitalized subsequent to acquisition | 763,000 | |||
Gross amount of which carried at close of period, land | 480,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 26,307,000 | |||
Gross amount of which carried at close of period, total | 26,787,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (5,766,000) | |||
Pennsylvania Senior Housing Portfolio [Member] | York, PA [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,432,000 | |||
Initial cost to company, land | 972,000 | |||
Initial cost to company, buildings and improvements | 29,860,000 | |||
Cost capitalized subsequent to acquisition | 517,000 | |||
Gross amount of which carried at close of period, land | 972,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 30,377,000 | |||
Gross amount of which carried at close of period, total | 31,349,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (6,589,000) | |||
Southern Illinois MOB Portfolio [Member] | Waterloo, IL One [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 94,000 | |||
Initial cost to company, buildings and improvements | 1,977,000 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 94,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 1,977,000 | |||
Gross amount of which carried at close of period, total | 2,071,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (525,000) | |||
Southern Illinois MOB Portfolio [Member] | Waterloo, IL Two [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 738,000 | |||
Initial cost to company, buildings and improvements | 6,332,000 | |||
Cost capitalized subsequent to acquisition | 583,000 | |||
Gross amount of which carried at close of period, land | 738,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 6,915,000 | |||
Gross amount of which carried at close of period, total | 7,653,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,787,000) | |||
Southern Illinois MOB Portfolio [Member] | Waterloo, IL Three [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 200,000 | |||
Initial cost to company, buildings and improvements | 2,648,000 | |||
Cost capitalized subsequent to acquisition | (69,000) | |||
Gross amount of which carried at close of period, land | 200,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 2,579,000 | |||
Gross amount of which carried at close of period, total | 2,779,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (621,000) | |||
Napa Medical Center [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,176,000 | |||
Initial cost to company, buildings and improvements | 13,328,000 | |||
Cost capitalized subsequent to acquisition | 2,014,000 | |||
Gross amount of which carried at close of period, land | 1,176,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 15,342,000 | |||
Gross amount of which carried at close of period, total | 16,518,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (4,113,000) | |||
Chesterfield Corporate Plaza [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 8,030,000 | |||
Initial cost to company, buildings and improvements | 24,533,000 | |||
Cost capitalized subsequent to acquisition | 3,466,000 | |||
Gross amount of which carried at close of period, land | 8,030,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 27,999,000 | |||
Gross amount of which carried at close of period, total | 36,029,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (8,002,000) | |||
Richmond VA ALF Senior Housing Portfolio [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 2,146,000 | |||
Initial cost to company, buildings and improvements | 56,671,000 | |||
Cost capitalized subsequent to acquisition | 826,000 | |||
Gross amount of which carried at close of period, land | 2,146,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 57,497,000 | |||
Gross amount of which carried at close of period, total | 59,643,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (11,349,000) | |||
Crown Senior Care Portfolio - Peel, Isle of Man [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,106,000 | |||
Initial cost to company, buildings and improvements | 6,602,000 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 1,106,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 6,602,000 | |||
Gross amount of which carried at close of period, total | 7,708,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,448,000) | |||
Crown Senior Care Portfolio - St. Albans [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,115,000 | |||
Initial cost to company, buildings and improvements | 11,723,000 | |||
Cost capitalized subsequent to acquisition | 647,000 | |||
Gross amount of which carried at close of period, land | 1,115,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 12,370,000 | |||
Gross amount of which carried at close of period, total | 13,485,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,669,000) | |||
Crown Senior Care Portfolio - Salisbury [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,185,000 | |||
Initial cost to company, buildings and improvements | 11,383,000 | |||
Cost capitalized subsequent to acquisition | 37,000 | |||
Gross amount of which carried at close of period, land | 1,185,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 11,420,000 | |||
Gross amount of which carried at close of period, total | 12,605,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,461,000) | |||
Crown Senior Care Portfolio - Aberdeen [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,923,000 | |||
Initial cost to company, buildings and improvements | 5,734,000 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 1,923,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 5,734,000 | |||
Gross amount of which carried at close of period, total | 7,657,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,014,000) | |||
Crown Senior Care Portfolio - Felixstowe One [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 668,000 | |||
Initial cost to company, buildings and improvements | 5,508,000 | |||
Cost capitalized subsequent to acquisition | 488,000 | |||
Gross amount of which carried at close of period, land | 668,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 5,996,000 | |||
Gross amount of which carried at close of period, total | 6,664,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,070,000) | |||
Crown Senior Care Portfolio - Felixstowe Two [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 504,000 | |||
Initial cost to company, buildings and improvements | 2,414,000 | |||
Cost capitalized subsequent to acquisition | 326,000 | |||
Gross amount of which carried at close of period, land | 504,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 2,740,000 | |||
Gross amount of which carried at close of period, total | 3,244,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (546,000) | |||
Washington DC SNF [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 60,100,000 | |||
Initial cost to company, land | 1,194,000 | |||
Initial cost to company, buildings and improvements | 34,200,000 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 1,194,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 34,200,000 | |||
Gross amount of which carried at close of period, total | 35,394,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (8,025,000) | |||
Stockbridge GA MOB II [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 499,000 | |||
Initial cost to company, buildings and improvements | 8,353,000 | |||
Cost capitalized subsequent to acquisition | 1,540,000 | |||
Gross amount of which carried at close of period, land | 485,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 9,907,000 | |||
Gross amount of which carried at close of period, total | 10,392,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,084,000) | |||
Marietta GA MOB II [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 661,000 | |||
Initial cost to company, buildings and improvements | 4,783,000 | |||
Cost capitalized subsequent to acquisition | 249,000 | |||
Gross amount of which carried at close of period, land | 661,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 5,032,000 | |||
Gross amount of which carried at close of period, total | 5,693,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,160,000) | |||
Naperville MOB [Member] | Naperville, IL One | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 392,000 | |||
Initial cost to company, buildings and improvements | 3,765,000 | |||
Cost capitalized subsequent to acquisition | 792,000 | |||
Gross amount of which carried at close of period, land | 392,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 4,557,000 | |||
Gross amount of which carried at close of period, total | 4,949,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,031,000) | |||
Naperville MOB [Member] | Naperville, IL Two | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 548,000 | |||
Initial cost to company, buildings and improvements | 11,815,000 | |||
Cost capitalized subsequent to acquisition | 1,536,000 | |||
Gross amount of which carried at close of period, land | 548,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 13,351,000 | |||
Gross amount of which carried at close of period, total | 13,899,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,971,000) | |||
Lakeview IN Medical Plaza | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 20,155,000 | |||
Initial cost to company, land | 2,375,000 | |||
Initial cost to company, buildings and improvements | 15,911,000 | |||
Cost capitalized subsequent to acquisition | 9,018,000 | |||
Gross amount of which carried at close of period, land | 2,375,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 24,929,000 | |||
Gross amount of which carried at close of period, total | 27,304,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (6,369,000) | |||
Pennsylvania Senior Housing Portfolio II [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 19,114,000 | |||
Initial cost to company, land | 835,000 | |||
Initial cost to company, buildings and improvements | 24,424,000 | |||
Cost capitalized subsequent to acquisition | 526,000 | |||
Gross amount of which carried at close of period, land | 835,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 24,950,000 | |||
Gross amount of which carried at close of period, total | 25,785,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (5,870,000) | |||
Snellville GA MOB [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 332,000 | |||
Initial cost to company, buildings and improvements | 7,781,000 | |||
Cost capitalized subsequent to acquisition | 1,251,000 | |||
Gross amount of which carried at close of period, land | 332,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 9,032,000 | |||
Gross amount of which carried at close of period, total | 9,364,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,783,000) | |||
Lakebrook Medical Center [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 653,000 | |||
Initial cost to company, buildings and improvements | 4,855,000 | |||
Cost capitalized subsequent to acquisition | 818,000 | |||
Gross amount of which carried at close of period, land | 653,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 5,673,000 | |||
Gross amount of which carried at close of period, total | 6,326,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,299,000) | |||
Stockbridge GA MOB III [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 606,000 | |||
Initial cost to company, buildings and improvements | 7,924,000 | |||
Cost capitalized subsequent to acquisition | 1,863,000 | |||
Gross amount of which carried at close of period, land | 606,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 9,787,000 | |||
Gross amount of which carried at close of period, total | 10,393,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,015,000) | |||
Joplin MO MOB [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,245,000 | |||
Initial cost to company, buildings and improvements | 9,860,000 | |||
Cost capitalized subsequent to acquisition | 54,000 | |||
Gross amount of which carried at close of period, land | 1,245,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 9,914,000 | |||
Gross amount of which carried at close of period, total | 11,159,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,409,000) | |||
Austell GA MOB [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 663,000 | |||
Initial cost to company, buildings and improvements | 10,547,000 | |||
Cost capitalized subsequent to acquisition | 167,000 | |||
Gross amount of which carried at close of period, land | 663,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,714,000 | |||
Gross amount of which carried at close of period, total | 11,377,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,135,000) | |||
Middletown OH MOB [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 0 | |||
Initial cost to company, buildings and improvements | 17,389,000 | |||
Cost capitalized subsequent to acquisition | 898,000 | |||
Gross amount of which carried at close of period, land | 0 | |||
Gross amount of which carried at close of period, buildings and improvements | 18,287,000 | |||
Gross amount of which carried at close of period, total | 18,287,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (3,659,000) | |||
Fox Grape SNF Portfolio - Braintree, MA [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,844,000 | |||
Initial cost to company, buildings and improvements | 10,847,000 | |||
Cost capitalized subsequent to acquisition | 31,000 | |||
Gross amount of which carried at close of period, land | 1,844,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,878,000 | |||
Gross amount of which carried at close of period, total | 12,722,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,017,000) | |||
Fox Grape SNF Portfolio - Brighton, MA [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 779,000 | |||
Initial cost to company, buildings and improvements | 2,661,000 | |||
Cost capitalized subsequent to acquisition | 334,000 | |||
Gross amount of which carried at close of period, land | 779,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 2,995,000 | |||
Gross amount of which carried at close of period, total | 3,774,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (612,000) | |||
Fox Grape SNF Portfolio - Duxbury, MA [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 2,921,000 | |||
Initial cost to company, buildings and improvements | 11,244,000 | |||
Cost capitalized subsequent to acquisition | 1,933,000 | |||
Gross amount of which carried at close of period, land | 2,921,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 13,177,000 | |||
Gross amount of which carried at close of period, total | 16,098,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,675,000) | |||
Fox Grape SNF Portfolio - Hingham, MA [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 2,316,000 | |||
Initial cost to company, buildings and improvements | 17,390,000 | |||
Cost capitalized subsequent to acquisition | (166,000) | |||
Gross amount of which carried at close of period, land | 2,316,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 17,224,000 | |||
Gross amount of which carried at close of period, total | 19,540,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (3,181,000) | |||
Fox Grape SNF Portfolio - Quincy, MA [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,758,000 | |||
Initial cost to company, land | 3,537,000 | |||
Initial cost to company, buildings and improvements | 13,697,000 | |||
Cost capitalized subsequent to acquisition | 365,000 | |||
Gross amount of which carried at close of period, land | 3,537,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 14,062,000 | |||
Gross amount of which carried at close of period, total | 17,599,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,507,000) | |||
Voorhees NJ MOB [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,727,000 | |||
Initial cost to company, buildings and improvements | 8,451,000 | |||
Cost capitalized subsequent to acquisition | 1,695,000 | |||
Gross amount of which carried at close of period, land | 1,727,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,146,000 | |||
Gross amount of which carried at close of period, total | 11,873,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,358,000) | |||
Norwich CT MOB Portfolio [Member] | Norwich, CT One [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 403,000 | |||
Initial cost to company, buildings and improvements | 1,601,000 | |||
Cost capitalized subsequent to acquisition | 1,234,000 | |||
Gross amount of which carried at close of period, land | 403,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 2,835,000 | |||
Gross amount of which carried at close of period, total | 3,238,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (838,000) | |||
Norwich CT MOB Portfolio [Member] | Norwich, CT Two [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 804,000 | |||
Initial cost to company, buildings and improvements | 12,094,000 | |||
Cost capitalized subsequent to acquisition | 834,000 | |||
Gross amount of which carried at close of period, land | 804,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 12,928,000 | |||
Gross amount of which carried at close of period, total | 13,732,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,411,000) | |||
New London CT MOB [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 669,000 | |||
Initial cost to company, buildings and improvements | 3,479,000 | |||
Cost capitalized subsequent to acquisition | 647,000 | |||
Gross amount of which carried at close of period, land | 670,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 4,125,000 | |||
Gross amount of which carried at close of period, total | 4,795,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,052,000) | |||
Middletown OH MOB II [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 0 | |||
Initial cost to company, buildings and improvements | 3,949,000 | |||
Cost capitalized subsequent to acquisition | 592,000 | |||
Gross amount of which carried at close of period, land | 0 | |||
Gross amount of which carried at close of period, buildings and improvements | 4,541,000 | |||
Gross amount of which carried at close of period, total | 4,541,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (763,000) | |||
Homewood Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,577,000 | |||
Initial cost to company, land | 973,000 | |||
Initial cost to company, buildings and improvements | 9,702,000 | |||
Cost capitalized subsequent to acquisition | 1,094,000 | |||
Gross amount of which carried at close of period, land | 1,044,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,725,000 | |||
Gross amount of which carried at close of period, total | 11,769,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,002,000) | |||
Ashford Place Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,835,000 | |||
Initial cost to company, land | 664,000 | |||
Initial cost to company, buildings and improvements | 12,662,000 | |||
Cost capitalized subsequent to acquisition | 1,297,000 | |||
Gross amount of which carried at close of period, land | 854,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 13,769,000 | |||
Gross amount of which carried at close of period, total | 14,623,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,656,000) | |||
Mill Pond Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,905,000 | |||
Initial cost to company, land | 1,576,000 | |||
Initial cost to company, buildings and improvements | 8,124,000 | |||
Cost capitalized subsequent to acquisition | 580,000 | |||
Gross amount of which carried at close of period, land | 1,629,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 8,651,000 | |||
Gross amount of which carried at close of period, total | 10,280,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,651,000) | |||
St. Andrews Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,356,000 | |||
Initial cost to company, land | 552,000 | |||
Initial cost to company, buildings and improvements | 8,213,000 | |||
Cost capitalized subsequent to acquisition | 669,000 | |||
Gross amount of which carried at close of period, land | 758,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 8,676,000 | |||
Gross amount of which carried at close of period, total | 9,434,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,680,000) | |||
Hampton Oaks Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,133,000 | |||
Initial cost to company, land | 720,000 | |||
Initial cost to company, buildings and improvements | 8,145,000 | |||
Cost capitalized subsequent to acquisition | 753,000 | |||
Gross amount of which carried at close of period, land | 845,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 8,773,000 | |||
Gross amount of which carried at close of period, total | 9,618,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,751,000) | |||
Forest Park Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,697,000 | |||
Initial cost to company, land | 535,000 | |||
Initial cost to company, buildings and improvements | 9,399,000 | |||
Cost capitalized subsequent to acquisition | 607,000 | |||
Gross amount of which carried at close of period, land | 639,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 9,902,000 | |||
Gross amount of which carried at close of period, total | 10,541,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,964,000) | |||
The Maples at Waterford Crossing [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,681,000 | |||
Initial cost to company, land | 344,000 | |||
Initial cost to company, buildings and improvements | 8,027,000 | |||
Cost capitalized subsequent to acquisition | 689,000 | |||
Gross amount of which carried at close of period, land | 350,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 8,710,000 | |||
Gross amount of which carried at close of period, total | 9,060,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,521,000) | |||
Morrison Woods Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 1,903,000 | |||
Initial cost to company, buildings and improvements | 21,806,000 | |||
Cost capitalized subsequent to acquisition | 1,279,000 | |||
Gross amount of which carried at close of period, land | 1,922,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 23,066,000 | |||
Gross amount of which carried at close of period, total | 24,988,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (3,311,000) | |||
Woodbridge Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,122,000 | |||
Initial cost to company, land | 228,000 | |||
Initial cost to company, buildings and improvements | 11,812,000 | |||
Cost capitalized subsequent to acquisition | 385,000 | |||
Gross amount of which carried at close of period, land | 262,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 12,163,000 | |||
Gross amount of which carried at close of period, total | 12,425,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,333,000) | |||
Bridgepointe Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,955,000 | |||
Initial cost to company, land | 747,000 | |||
Initial cost to company, buildings and improvements | 7,469,000 | |||
Cost capitalized subsequent to acquisition | 1,968,000 | |||
Gross amount of which carried at close of period, land | 901,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 9,283,000 | |||
Gross amount of which carried at close of period, total | 10,184,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,594,000) | |||
Greenleaf Living Center [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,134,000 | |||
Initial cost to company, land | 492,000 | |||
Initial cost to company, buildings and improvements | 12,157,000 | |||
Cost capitalized subsequent to acquisition | 1,022,000 | |||
Gross amount of which carried at close of period, land | 521,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 13,150,000 | |||
Gross amount of which carried at close of period, total | 13,671,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,432,000) | |||
Forest Glen Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,712,000 | |||
Initial cost to company, land | 846,000 | |||
Initial cost to company, buildings and improvements | 12,754,000 | |||
Cost capitalized subsequent to acquisition | 928,000 | |||
Gross amount of which carried at close of period, land | 921,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 13,607,000 | |||
Gross amount of which carried at close of period, total | 14,528,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,618,000) | |||
The Meadows of Kalida Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,691,000 | |||
Initial cost to company, land | 298,000 | |||
Initial cost to company, buildings and improvements | 7,628,000 | |||
Cost capitalized subsequent to acquisition | 291,000 | |||
Gross amount of which carried at close of period, land | 308,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 7,909,000 | |||
Gross amount of which carried at close of period, total | 8,217,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,493,000) | |||
The Heritage [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,701,000 | |||
Initial cost to company, land | 1,312,000 | |||
Initial cost to company, buildings and improvements | 13,475,000 | |||
Cost capitalized subsequent to acquisition | 539,000 | |||
Gross amount of which carried at close of period, land | 1,440,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 13,886,000 | |||
Gross amount of which carried at close of period, total | 15,326,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,695,000) | |||
Genoa Retirement Village [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,093,000 | |||
Initial cost to company, land | 881,000 | |||
Initial cost to company, buildings and improvements | 8,113,000 | |||
Cost capitalized subsequent to acquisition | 760,000 | |||
Gross amount of which carried at close of period, land | 926,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 8,828,000 | |||
Gross amount of which carried at close of period, total | 9,754,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,736,000) | |||
Waterford Crossing [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,852,000 | |||
Initial cost to company, land | 344,000 | |||
Initial cost to company, buildings and improvements | 4,381,000 | |||
Cost capitalized subsequent to acquisition | 959,000 | |||
Gross amount of which carried at close of period, land | 349,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 5,335,000 | |||
Gross amount of which carried at close of period, total | 5,684,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,037,000) | |||
St. Elizabeth Healthcare [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,644,000 | |||
Initial cost to company, land | 522,000 | |||
Initial cost to company, buildings and improvements | 5,463,000 | |||
Cost capitalized subsequent to acquisition | 5,413,000 | |||
Gross amount of which carried at close of period, land | 643,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,755,000 | |||
Gross amount of which carried at close of period, total | 11,398,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,901,000) | |||
Cumberland Pointe [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,160,000 | |||
Initial cost to company, land | 1,645,000 | |||
Initial cost to company, buildings and improvements | 13,696,000 | |||
Cost capitalized subsequent to acquisition | 726,000 | |||
Gross amount of which carried at close of period, land | 1,905,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 14,162,000 | |||
Gross amount of which carried at close of period, total | 16,067,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (3,013,000) | |||
Franciscan Healthcare Center [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,273,000 | |||
Initial cost to company, land | 808,000 | |||
Initial cost to company, buildings and improvements | 8,439,000 | |||
Cost capitalized subsequent to acquisition | 1,855,000 | |||
Gross amount of which carried at close of period, land | 910,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,192,000 | |||
Gross amount of which carried at close of period, total | 11,102,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,117,000) | |||
Blair Ridge Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,503,000 | |||
Initial cost to company, land | 734,000 | |||
Initial cost to company, buildings and improvements | 11,648,000 | |||
Cost capitalized subsequent to acquisition | 738,000 | |||
Gross amount of which carried at close of period, land | 773,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 12,347,000 | |||
Gross amount of which carried at close of period, total | 13,120,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,696,000) | |||
Glen Oaks Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,002,000 | |||
Initial cost to company, land | 384,000 | |||
Initial cost to company, buildings and improvements | 8,189,000 | |||
Cost capitalized subsequent to acquisition | 247,000 | |||
Gross amount of which carried at close of period, land | 413,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 8,407,000 | |||
Gross amount of which carried at close of period, total | 8,820,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,547,000) | |||
Covered Bridge Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 386,000 | |||
Initial cost to company, buildings and improvements | 9,699,000 | |||
Cost capitalized subsequent to acquisition | 831,000 | |||
Gross amount of which carried at close of period, land | 45,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,871,000 | |||
Gross amount of which carried at close of period, total | 10,916,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,055,000) | |||
Stonebridge Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,615,000 | |||
Initial cost to company, land | 1,087,000 | |||
Initial cost to company, buildings and improvements | 7,965,000 | |||
Cost capitalized subsequent to acquisition | 679,000 | |||
Gross amount of which carried at close of period, land | 1,144,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 8,587,000 | |||
Gross amount of which carried at close of period, total | 9,731,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,684,000) | |||
RiverOaks Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,330,000 | |||
Initial cost to company, land | 440,000 | |||
Initial cost to company, buildings and improvements | 8,953,000 | |||
Cost capitalized subsequent to acquisition | 1,450,000 | |||
Gross amount of which carried at close of period, land | 472,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,371,000 | |||
Gross amount of which carried at close of period, total | 10,843,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,835,000) | |||
Park Terrace Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 2,177,000 | |||
Initial cost to company, buildings and improvements | 7,626,000 | |||
Cost capitalized subsequent to acquisition | 1,298,000 | |||
Gross amount of which carried at close of period, land | 2,177,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 8,924,000 | |||
Gross amount of which carried at close of period, total | 11,101,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,850,000) | |||
Cobblestone Crossing [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 1,462,000 | |||
Initial cost to company, buildings and improvements | 13,860,000 | |||
Cost capitalized subsequent to acquisition | 5,722,000 | |||
Gross amount of which carried at close of period, land | 1,510,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 19,534,000 | |||
Gross amount of which carried at close of period, total | 21,044,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (3,615,000) | |||
Creasy Springs Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 15,871,000 | |||
Initial cost to company, land | 2,111,000 | |||
Initial cost to company, buildings and improvements | 14,337,000 | |||
Cost capitalized subsequent to acquisition | 6,073,000 | |||
Gross amount of which carried at close of period, land | 2,431,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 20,090,000 | |||
Gross amount of which carried at close of period, total | 22,521,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (3,724,000) | |||
Avalon Springs Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 17,263,000 | |||
Initial cost to company, land | 1,542,000 | |||
Initial cost to company, buildings and improvements | 14,107,000 | |||
Cost capitalized subsequent to acquisition | 180,000 | |||
Gross amount of which carried at close of period, land | 1,575,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 14,254,000 | |||
Gross amount of which carried at close of period, total | 15,829,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,696,000) | |||
Prairie Lakes Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,716,000 | |||
Initial cost to company, land | 2,204,000 | |||
Initial cost to company, buildings and improvements | 13,227,000 | |||
Cost capitalized subsequent to acquisition | 492,000 | |||
Gross amount of which carried at close of period, land | 2,342,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 13,581,000 | |||
Gross amount of which carried at close of period, total | 15,923,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,612,000) | |||
RidgeWood Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,545,000 | |||
Initial cost to company, land | 1,240,000 | |||
Initial cost to company, buildings and improvements | 16,118,000 | |||
Cost capitalized subsequent to acquisition | 353,000 | |||
Gross amount of which carried at close of period, land | 1,261,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 16,450,000 | |||
Gross amount of which carried at close of period, total | 17,711,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (3,023,000) | |||
Westport Place Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 1,245,000 | |||
Initial cost to company, buildings and improvements | 9,946,000 | |||
Cost capitalized subsequent to acquisition | 445,000 | |||
Gross amount of which carried at close of period, land | 1,262,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,374,000 | |||
Gross amount of which carried at close of period, total | 11,636,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,867,000) | |||
Paddock Springs [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,195,000 | |||
Initial cost to company, land | 488,000 | |||
Initial cost to company, buildings and improvements | 0 | |||
Cost capitalized subsequent to acquisition | 10,602,000 | |||
Gross amount of which carried at close of period, land | 654,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,436,000 | |||
Gross amount of which carried at close of period, total | 11,090,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,140,000) | |||
Amber Manor Care Center [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,508,000 | |||
Initial cost to company, land | 446,000 | |||
Initial cost to company, buildings and improvements | 6,063,000 | |||
Cost capitalized subsequent to acquisition | 516,000 | |||
Gross amount of which carried at close of period, land | 515,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 6,510,000 | |||
Gross amount of which carried at close of period, total | 7,025,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,300,000) | |||
The Meadows of Leipsic Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 1,242,000 | |||
Initial cost to company, buildings and improvements | 6,988,000 | |||
Cost capitalized subsequent to acquisition | 779,000 | |||
Gross amount of which carried at close of period, land | 1,317,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 7,692,000 | |||
Gross amount of which carried at close of period, total | 9,009,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,541,000) | |||
Springview Manor [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 260,000 | |||
Initial cost to company, buildings and improvements | 3,968,000 | |||
Cost capitalized subsequent to acquisition | 502,000 | |||
Gross amount of which carried at close of period, land | 300,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 4,430,000 | |||
Gross amount of which carried at close of period, total | 4,730,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (831,000) | |||
Willows at Bellevue [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 16,169,000 | |||
Initial cost to company, land | 587,000 | |||
Initial cost to company, buildings and improvements | 15,575,000 | |||
Cost capitalized subsequent to acquisition | 1,214,000 | |||
Gross amount of which carried at close of period, land | 790,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 16,586,000 | |||
Gross amount of which carried at close of period, total | 17,376,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (3,197,000) | |||
Briar Hill Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 673,000 | |||
Initial cost to company, buildings and improvements | 2,688,000 | |||
Cost capitalized subsequent to acquisition | 484,000 | |||
Gross amount of which carried at close of period, land | 752,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 3,093,000 | |||
Gross amount of which carried at close of period, total | 3,845,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (676,000) | |||
Cypress Pointe Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 921,000 | |||
Initial cost to company, buildings and improvements | 10,291,000 | |||
Cost capitalized subsequent to acquisition | 10,372,000 | |||
Gross amount of which carried at close of period, land | 1,690,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 19,894,000 | |||
Gross amount of which carried at close of period, total | 21,584,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,657,000) | |||
The Oaks at NorthPointe Woods [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 567,000 | |||
Initial cost to company, buildings and improvements | 12,716,000 | |||
Cost capitalized subsequent to acquisition | 164,000 | |||
Gross amount of which carried at close of period, land | 567,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 12,880,000 | |||
Gross amount of which carried at close of period, total | 13,447,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,393,000) | |||
Westlake Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,113,000 | |||
Initial cost to company, land | 815,000 | |||
Initial cost to company, buildings and improvements | 13,502,000 | |||
Cost capitalized subsequent to acquisition | (9,000) | |||
Gross amount of which carried at close of period, land | 547,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 13,761,000 | |||
Gross amount of which carried at close of period, total | 14,308,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,543,000) | |||
Springhurst Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 19,614,000 | |||
Initial cost to company, land | 931,000 | |||
Initial cost to company, buildings and improvements | 14,114,000 | |||
Cost capitalized subsequent to acquisition | 3,464,000 | |||
Gross amount of which carried at close of period, land | 2,299,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 16,210,000 | |||
Gross amount of which carried at close of period, total | 18,509,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (3,665,000) | |||
Glen Ridge Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 1,208,000 | |||
Initial cost to company, buildings and improvements | 9,771,000 | |||
Cost capitalized subsequent to acquisition | 2,469,000 | |||
Gross amount of which carried at close of period, land | 1,333,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 12,115,000 | |||
Gross amount of which carried at close of period, total | 13,448,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,325,000) | |||
St. Mary Healthcare [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,171,000 | |||
Initial cost to company, land | 348,000 | |||
Initial cost to company, buildings and improvements | 2,710,000 | |||
Cost capitalized subsequent to acquisition | 283,000 | |||
Gross amount of which carried at close of period, land | 393,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 2,948,000 | |||
Gross amount of which carried at close of period, total | 3,341,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (586,000) | |||
The Oaks at Woodfield [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 897,000 | |||
Initial cost to company, buildings and improvements | 12,270,000 | |||
Cost capitalized subsequent to acquisition | 379,000 | |||
Gross amount of which carried at close of period, land | 1,128,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 12,418,000 | |||
Gross amount of which carried at close of period, total | 13,546,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,407,000) | |||
Stonegate Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 538,000 | |||
Initial cost to company, buildings and improvements | 13,159,000 | |||
Cost capitalized subsequent to acquisition | 308,000 | |||
Gross amount of which carried at close of period, land | 702,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 13,303,000 | |||
Gross amount of which carried at close of period, total | 14,005,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,544,000) | |||
Senior Living at Forest Ridge [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 204,000 | |||
Initial cost to company, buildings and improvements | 5,470,000 | |||
Cost capitalized subsequent to acquisition | 278,000 | |||
Gross amount of which carried at close of period, land | 325,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 5,627,000 | |||
Gross amount of which carried at close of period, total | 5,952,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,079,000) | |||
River Terrace Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 0 | |||
Initial cost to company, buildings and improvements | 13,378,000 | |||
Cost capitalized subsequent to acquisition | 4,272,000 | |||
Gross amount of which carried at close of period, land | 76,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 17,574,000 | |||
Gross amount of which carried at close of period, total | 17,650,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (3,382,000) | |||
St. Charles Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,295,000 | |||
Initial cost to company, land | 467,000 | |||
Initial cost to company, buildings and improvements | 14,532,000 | |||
Cost capitalized subsequent to acquisition | 2,215,000 | |||
Gross amount of which carried at close of period, land | 558,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 16,656,000 | |||
Gross amount of which carried at close of period, total | 17,214,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (3,102,000) | |||
Bethany Pointe Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 19,357,000 | |||
Initial cost to company, land | 2,337,000 | |||
Initial cost to company, buildings and improvements | 26,524,000 | |||
Cost capitalized subsequent to acquisition | 2,717,000 | |||
Gross amount of which carried at close of period, land | 2,539,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 29,039,000 | |||
Gross amount of which carried at close of period, total | 31,578,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (5,579,000) | |||
River Pointe Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,905,000 | |||
Initial cost to company, land | 1,118,000 | |||
Initial cost to company, buildings and improvements | 14,736,000 | |||
Cost capitalized subsequent to acquisition | 1,485,000 | |||
Gross amount of which carried at close of period, land | 1,131,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 16,208,000 | |||
Gross amount of which carried at close of period, total | 17,339,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (3,247,000) | |||
Waterford Place Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,720,000 | |||
Initial cost to company, land | 1,219,000 | |||
Initial cost to company, buildings and improvements | 18,557,000 | |||
Cost capitalized subsequent to acquisition | 2,277,000 | |||
Gross amount of which carried at close of period, land | 1,772,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 20,281,000 | |||
Gross amount of which carried at close of period, total | 22,053,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (3,968,000) | |||
Autumn Woods Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 1,016,000 | |||
Initial cost to company, buildings and improvements | 13,414,000 | |||
Cost capitalized subsequent to acquisition | 1,862,000 | |||
Gross amount of which carried at close of period, land | 1,048,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 15,244,000 | |||
Gross amount of which carried at close of period, total | 16,292,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (3,219,000) | |||
Oakwood Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,036,000 | |||
Initial cost to company, land | 783,000 | |||
Initial cost to company, buildings and improvements | 11,880,000 | |||
Cost capitalized subsequent to acquisition | 1,187,000 | |||
Gross amount of which carried at close of period, land | 874,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 12,976,000 | |||
Gross amount of which carried at close of period, total | 13,850,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,768,000) | |||
Cedar Ridge Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 102,000 | |||
Initial cost to company, buildings and improvements | 8,435,000 | |||
Cost capitalized subsequent to acquisition | 3,608,000 | |||
Gross amount of which carried at close of period, land | 205,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 11,940,000 | |||
Gross amount of which carried at close of period, total | 12,145,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,794,000) | |||
Aspen Place Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,367,000 | |||
Initial cost to company, land | 980,000 | |||
Initial cost to company, buildings and improvements | 10,970,000 | |||
Cost capitalized subsequent to acquisition | 896,000 | |||
Gross amount of which carried at close of period, land | 1,212,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 11,634,000 | |||
Gross amount of which carried at close of period, total | 12,846,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,278,000) | |||
The WIllows at East Lansing [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 16,186,000 | |||
Initial cost to company, land | 1,449,000 | |||
Initial cost to company, buildings and improvements | 15,161,000 | |||
Cost capitalized subsequent to acquisition | 1,495,000 | |||
Gross amount of which carried at close of period, land | 1,496,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 16,609,000 | |||
Gross amount of which carried at close of period, total | 18,105,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (3,386,000) | |||
The Willows at Howell [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 1,051,000 | |||
Initial cost to company, buildings and improvements | 12,099,000 | |||
Cost capitalized subsequent to acquisition | 6,677,000 | |||
Gross amount of which carried at close of period, land | 1,158,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 18,669,000 | |||
Gross amount of which carried at close of period, total | 19,827,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,881,000) | |||
The Willows at Okemos [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,419,000 | |||
Initial cost to company, land | 1,171,000 | |||
Initial cost to company, buildings and improvements | 12,326,000 | |||
Cost capitalized subsequent to acquisition | 799,000 | |||
Gross amount of which carried at close of period, land | 1,210,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 13,086,000 | |||
Gross amount of which carried at close of period, total | 14,296,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,722,000) | |||
Shelby Crossing Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 17,010,000 | |||
Initial cost to company, land | 2,533,000 | |||
Initial cost to company, buildings and improvements | 18,440,000 | |||
Cost capitalized subsequent to acquisition | 2,224,000 | |||
Gross amount of which carried at close of period, land | 2,614,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 20,583,000 | |||
Gross amount of which carried at close of period, total | 23,197,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (4,428,000) | |||
Village Green Healthcare Center [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,894,000 | |||
Initial cost to company, land | 355,000 | |||
Initial cost to company, buildings and improvements | 9,696,000 | |||
Cost capitalized subsequent to acquisition | 770,000 | |||
Gross amount of which carried at close of period, land | 405,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,416,000 | |||
Gross amount of which carried at close of period, total | 10,821,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,956,000) | |||
The Oaks at Northpointe [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 624,000 | |||
Initial cost to company, buildings and improvements | 11,665,000 | |||
Cost capitalized subsequent to acquisition | 1,079,000 | |||
Gross amount of which carried at close of period, land | 722,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 12,646,000 | |||
Gross amount of which carried at close of period, total | 13,368,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,559,000) | |||
The Oaks at Bethesda [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,502,000 | |||
Initial cost to company, land | 714,000 | |||
Initial cost to company, buildings and improvements | 10,791,000 | |||
Cost capitalized subsequent to acquisition | 834,000 | |||
Gross amount of which carried at close of period, land | 812,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 11,527,000 | |||
Gross amount of which carried at close of period, total | 12,339,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,252,000) | |||
White Oak Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 1,005,000 | |||
Initial cost to company, buildings and improvements | 13,207,000 | |||
Cost capitalized subsequent to acquisition | 24,000 | |||
Gross amount of which carried at close of period, land | 1,005,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 13,231,000 | |||
Gross amount of which carried at close of period, total | 14,236,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,711,000) | |||
Woodmont Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,731,000 | |||
Initial cost to company, land | 790,000 | |||
Initial cost to company, buildings and improvements | 9,633,000 | |||
Cost capitalized subsequent to acquisition | 1,096,000 | |||
Gross amount of which carried at close of period, land | 1,010,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,509,000 | |||
Gross amount of which carried at close of period, total | 11,519,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,194,000) | |||
Silver Oaks Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 1,776,000 | |||
Initial cost to company, buildings and improvements | 21,420,000 | |||
Cost capitalized subsequent to acquisition | 1,457,000 | |||
Gross amount of which carried at close of period, land | 1,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 24,652,000 | |||
Gross amount of which carried at close of period, total | 24,653,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (4,795,000) | |||
Thornton Terrace Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,479,000 | |||
Initial cost to company, land | 764,000 | |||
Initial cost to company, buildings and improvements | 9,209,000 | |||
Cost capitalized subsequent to acquisition | 1,149,000 | |||
Gross amount of which carried at close of period, land | 845,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,277,000 | |||
Gross amount of which carried at close of period, total | 11,122,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,025,000) | |||
The Willows at Hamburg [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,409,000 | |||
Initial cost to company, land | 1,740,000 | |||
Initial cost to company, buildings and improvements | 13,422,000 | |||
Cost capitalized subsequent to acquisition | 715,000 | |||
Gross amount of which carried at close of period, land | 1,775,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 14,102,000 | |||
Gross amount of which carried at close of period, total | 15,877,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,437,000) | |||
The Lakes at Monclova [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 19,442,000 | |||
Initial cost to company, land | 2,869,000 | |||
Initial cost to company, buildings and improvements | 12,855,000 | |||
Cost capitalized subsequent to acquisition | 10,250,000 | |||
Gross amount of which carried at close of period, land | 3,186,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 22,788,000 | |||
Gross amount of which carried at close of period, total | 25,974,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (3,163,000) | |||
The Willows at Willard [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 610,000 | |||
Initial cost to company, buildings and improvements | 12,256,000 | |||
Cost capitalized subsequent to acquisition | 9,734,000 | |||
Gross amount of which carried at close of period, land | 213,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 22,387,000 | |||
Gross amount of which carried at close of period, total | 22,600,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (3,537,000) | |||
Westlake Health Campus - Commerce Villa [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 261,000 | |||
Initial cost to company, buildings and improvements | 6,610,000 | |||
Cost capitalized subsequent to acquisition | 1,230,000 | |||
Gross amount of which carried at close of period, land | 553,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 7,548,000 | |||
Gross amount of which carried at close of period, total | 8,101,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,209,000) | |||
Orchard Grove Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 27,814,000 | |||
Initial cost to company, land | 2,065,000 | |||
Initial cost to company, buildings and improvements | 11,510,000 | |||
Cost capitalized subsequent to acquisition | 17,997,000 | |||
Gross amount of which carried at close of period, land | 3,454,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 28,118,000 | |||
Gross amount of which carried at close of period, total | 31,572,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,997,000) | |||
The Meadows of Ottawa [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 695,000 | |||
Initial cost to company, buildings and improvements | 7,752,000 | |||
Cost capitalized subsequent to acquisition | 984,000 | |||
Gross amount of which carried at close of period, land | 728,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 8,703,000 | |||
Gross amount of which carried at close of period, total | 9,431,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,421,000) | |||
Valley View Healthcare Center [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,453,000 | |||
Initial cost to company, land | 930,000 | |||
Initial cost to company, buildings and improvements | 7,635,000 | |||
Cost capitalized subsequent to acquisition | 1,508,000 | |||
Gross amount of which carried at close of period, land | 1,089,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 8,984,000 | |||
Gross amount of which carried at close of period, total | 10,073,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,100,000) | |||
Novi Lakes Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,395,000 | |||
Initial cost to company, land | 1,654,000 | |||
Initial cost to company, buildings and improvements | 7,494,000 | |||
Cost capitalized subsequent to acquisition | 2,704,000 | |||
Gross amount of which carried at close of period, land | 1,702,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,150,000 | |||
Gross amount of which carried at close of period, total | 11,852,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,026,000) | |||
The Willows at Fritz Farm [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,101,000 | |||
Initial cost to company, land | 1,538,000 | |||
Initial cost to company, buildings and improvements | 8,637,000 | |||
Cost capitalized subsequent to acquisition | 434,000 | |||
Gross amount of which carried at close of period, land | 1,563,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 9,046,000 | |||
Gross amount of which carried at close of period, total | 10,609,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,069,000) | |||
Trilogy Real Estate Gahanna, LLC [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 1,146,000 | |||
Initial cost to company, buildings and improvements | 0 | |||
Cost capitalized subsequent to acquisition | 16,757,000 | |||
Gross amount of which carried at close of period, land | 1,202,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 16,701,000 | |||
Gross amount of which carried at close of period, total | 17,903,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (932,000) | |||
Oaks at Byron Center [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,343,000 | |||
Initial cost to company, land | 2,000,000 | |||
Initial cost to company, buildings and improvements | 0 | |||
Cost capitalized subsequent to acquisition | 15,854,000 | |||
Gross amount of which carried at close of period, land | 2,193,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 15,661,000 | |||
Gross amount of which carried at close of period, total | 17,854,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,079,000) | |||
Harrison Springs Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 2,017,000 | |||
Initial cost to company, buildings and improvements | 11,487,000 | |||
Cost capitalized subsequent to acquisition | 5,789,000 | |||
Gross amount of which carried at close of period, land | 2,301,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 16,992,000 | |||
Gross amount of which carried at close of period, total | 19,293,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,236,000) | |||
The Cloister at Silvercrest | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 139,000 | |||
Initial cost to company, buildings and improvements | 634,000 | |||
Cost capitalized subsequent to acquisition | 1,000 | |||
Gross amount of which carried at close of period, land | 139,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 635,000 | |||
Gross amount of which carried at close of period, total | 774,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (53,000) | |||
Trilogy Healthcare of Ferdinand II, LLC [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 16,805,000 | |||
Initial cost to company, land | 0 | |||
Initial cost to company, buildings and improvements | 0 | |||
Cost capitalized subsequent to acquisition | 14,602,000 | |||
Gross amount of which carried at close of period, land | 0 | |||
Gross amount of which carried at close of period, buildings and improvements | 14,602,000 | |||
Gross amount of which carried at close of period, total | 14,602,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,161,000) | |||
Forest Springs Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 964,000 | |||
Initial cost to company, buildings and improvements | 16,691,000 | |||
Cost capitalized subsequent to acquisition | 308,000 | |||
Gross amount of which carried at close of period, land | 997,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 16,966,000 | |||
Gross amount of which carried at close of period, total | 17,963,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,154,000) | |||
Gateway Springs Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,505,000 | |||
Initial cost to company, land | 1,277,000 | |||
Initial cost to company, buildings and improvements | 10,923,000 | |||
Cost capitalized subsequent to acquisition | 1,596,000 | |||
Gross amount of which carried at close of period, land | 1,417,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 12,379,000 | |||
Gross amount of which carried at close of period, total | 13,796,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (675,000) | |||
The Meadows of Delphos | Kendallville, IN | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,884,000 | |||
Initial cost to company, land | 1,806,000 | |||
Initial cost to company, buildings and improvements | 9,243,000 | |||
Cost capitalized subsequent to acquisition | 6,000 | |||
Gross amount of which carried at close of period, land | 1,806,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 9,249,000 | |||
Gross amount of which carried at close of period, total | 11,055,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (657,000) | |||
The Meadows of Delphos | Delphos, OH | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,184,000 | |||
Initial cost to company, land | 2,345,000 | |||
Initial cost to company, buildings and improvements | 8,150,000 | |||
Cost capitalized subsequent to acquisition | 49,000 | |||
Gross amount of which carried at close of period, land | 2,345,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 8,199,000 | |||
Gross amount of which carried at close of period, total | 10,544,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (740,000) | |||
The Meadows of Delphos | Lima, OH | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,598,000 | |||
Initial cost to company, land | 2,397,000 | |||
Initial cost to company, buildings and improvements | 9,638,000 | |||
Cost capitalized subsequent to acquisition | 18,000 | |||
Gross amount of which carried at close of period, land | 2,397,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 9,656,000 | |||
Gross amount of which carried at close of period, total | 12,053,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (798,000) | |||
The Meadows of Delphos | Springfield, OH | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,224,000 | |||
Initial cost to company, land | 2,803,000 | |||
Initial cost to company, buildings and improvements | 11,928,000 | |||
Cost capitalized subsequent to acquisition | 9,000 | |||
Gross amount of which carried at close of period, land | 2,803,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 11,937,000 | |||
Gross amount of which carried at close of period, total | 14,740,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (944,000) | |||
The Meadows of Delphos | Sylvania, OH | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 19,190,000 | |||
Initial cost to company, land | 2,548,000 | |||
Initial cost to company, buildings and improvements | 15,059,000 | |||
Cost capitalized subsequent to acquisition | 47,000 | |||
Gross amount of which carried at close of period, land | 2,566,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 15,088,000 | |||
Gross amount of which carried at close of period, total | 17,654,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,223,000) | |||
The Meadows of Delphos | Union Township, OH | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,512,000 | |||
Initial cost to company, land | 2,789,000 | |||
Initial cost to company, buildings and improvements | 12,343,000 | |||
Cost capitalized subsequent to acquisition | 21,000 | |||
Gross amount of which carried at close of period, land | 2,789,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 12,364,000 | |||
Gross amount of which carried at close of period, total | 15,153,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (940,000) | |||
Harrison Trail Health Campus | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 15,632,000 | |||
Initial cost to company, land | 1,750,000 | |||
Initial cost to company, buildings and improvements | 17,114,000 | |||
Cost capitalized subsequent to acquisition | 76,000 | |||
Gross amount of which carried at close of period, land | 2,048,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 16,892,000 | |||
Gross amount of which carried at close of period, total | 18,940,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (787,000) | |||
Auburn MOB | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 567,000 | |||
Initial cost to company, buildings and improvements | 6,472,000 | |||
Cost capitalized subsequent to acquisition | 486,000 | |||
Gross amount of which carried at close of period, land | 567,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 6,958,000 | |||
Gross amount of which carried at close of period, total | 7,525,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (357,000) | |||
Pottsville MOB | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,478,000 | |||
Initial cost to company, buildings and improvements | 8,854,000 | |||
Cost capitalized subsequent to acquisition | 55,000 | |||
Gross amount of which carried at close of period, land | 1,478,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 8,909,000 | |||
Gross amount of which carried at close of period, total | 10,387,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (422,000) | |||
Charlottesville MOB | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 4,902,000 | |||
Initial cost to company, buildings and improvements | 19,741,000 | |||
Cost capitalized subsequent to acquisition | 741,000 | |||
Gross amount of which carried at close of period, land | 4,902,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 20,482,000 | |||
Gross amount of which carried at close of period, total | 25,384,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (989,000) | |||
Rochester Hills MOB | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,162,000 | |||
Initial cost to company, land | 2,218,000 | |||
Initial cost to company, buildings and improvements | 8,380,000 | |||
Cost capitalized subsequent to acquisition | 685,000 | |||
Gross amount of which carried at close of period, land | 2,218,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 9,065,000 | |||
Gross amount of which carried at close of period, total | 11,283,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (503,000) | |||
Cullman MOB | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 0 | |||
Initial cost to company, buildings and improvements | 19,224,000 | |||
Cost capitalized subsequent to acquisition | 201,000 | |||
Gross amount of which carried at close of period, land | 0 | |||
Gross amount of which carried at close of period, buildings and improvements | 19,425,000 | |||
Gross amount of which carried at close of period, total | 19,425,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (765,000) | |||
Iron MOB Portfolio | Iron MOB Portfolio One | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 0 | |||
Initial cost to company, buildings and improvements | 14,799,000 | |||
Cost capitalized subsequent to acquisition | 1,252,000 | |||
Gross amount of which carried at close of period, land | 0 | |||
Gross amount of which carried at close of period, buildings and improvements | 16,051,000 | |||
Gross amount of which carried at close of period, total | 16,051,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (781,000) | |||
Iron MOB Portfolio | Iron MOB Portfolio Two | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 0 | |||
Initial cost to company, buildings and improvements | 12,287,000 | |||
Cost capitalized subsequent to acquisition | 330,000 | |||
Gross amount of which carried at close of period, land | 0 | |||
Gross amount of which carried at close of period, buildings and improvements | 12,617,000 | |||
Gross amount of which carried at close of period, total | 12,617,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (588,000) | |||
Iron MOB Portfolio | Iron MOB Portfolio Three | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 0 | |||
Initial cost to company, buildings and improvements | 11,273,000 | |||
Cost capitalized subsequent to acquisition | 55,000 | |||
Gross amount of which carried at close of period, land | 0 | |||
Gross amount of which carried at close of period, buildings and improvements | 11,328,000 | |||
Gross amount of which carried at close of period, total | 11,328,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (542,000) | |||
Mint Hill MOB | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 0 | |||
Initial cost to company, buildings and improvements | 24,110,000 | |||
Cost capitalized subsequent to acquisition | 64,000 | |||
Gross amount of which carried at close of period, land | 0 | |||
Gross amount of which carried at close of period, buildings and improvements | 24,174,000 | |||
Gross amount of which carried at close of period, total | 24,174,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,189,000) | |||
Lafayette Assisted Living Portfolio | Lafayette Assisted Living Portfolio One | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,206,000 | |||
Initial cost to company, buildings and improvements | 9,076,000 | |||
Cost capitalized subsequent to acquisition | 98,000 | |||
Gross amount of which carried at close of period, land | 1,206,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 9,174,000 | |||
Gross amount of which carried at close of period, total | 10,380,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (303,000) | |||
Lafayette Assisted Living Portfolio | Lafayette Assisted Living Portfolio Two | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,039,000 | |||
Initial cost to company, buildings and improvements | 4,684,000 | |||
Cost capitalized subsequent to acquisition | 68,000 | |||
Gross amount of which carried at close of period, land | 1,039,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 4,752,000 | |||
Gross amount of which carried at close of period, total | 5,791,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (170,000) | |||
Evendale MOB | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,776,000 | |||
Initial cost to company, buildings and improvements | 11,695,000 | |||
Cost capitalized subsequent to acquisition | 212,000 | |||
Gross amount of which carried at close of period, land | 1,776,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 11,907,000 | |||
Gross amount of which carried at close of period, total | 13,683,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (741,000) | |||
Battle Creek MOB | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,156,000 | |||
Initial cost to company, buildings and improvements | 7,910,000 | |||
Cost capitalized subsequent to acquisition | (46,000) | |||
Gross amount of which carried at close of period, land | 1,156,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 7,864,000 | |||
Gross amount of which carried at close of period, total | 9,020,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (478,000) | |||
Reno MOB | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 0 | |||
Initial cost to company, buildings and improvements | 82,515,000 | |||
Cost capitalized subsequent to acquisition | 446,000 | |||
Gross amount of which carried at close of period, land | 0 | |||
Gross amount of which carried at close of period, buildings and improvements | 82,961,000 | |||
Gross amount of which carried at close of period, total | 82,961,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (3,428,000) | |||
Athens MOB | Athens MOB Portfolio One | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 860,000 | |||
Initial cost to company, buildings and improvements | 7,989,000 | |||
Cost capitalized subsequent to acquisition | (14,000) | |||
Gross amount of which carried at close of period, land | 860,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 7,975,000 | |||
Gross amount of which carried at close of period, total | 8,835,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (412,000) | |||
Athens MOB | Athens MOB Portfolio Two | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,106,000 | |||
Initial cost to company, buildings and improvements | 11,531,000 | |||
Cost capitalized subsequent to acquisition | 500,000 | |||
Gross amount of which carried at close of period, land | 1,106,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 12,031,000 | |||
Gross amount of which carried at close of period, total | 13,137,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (508,000) | |||
SW Illinois Senior Housing Portfolio | SW Illinois Senior Housing Portfolio One | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,117,000 | |||
Initial cost to company, buildings and improvements | 9,700,000 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 1,117,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 9,700,000 | |||
Gross amount of which carried at close of period, total | 10,817,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (356,000) | |||
SW Illinois Senior Housing Portfolio | SW Illinois Senior Housing Portfolio Two | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 147,000 | |||
Initial cost to company, buildings and improvements | 2,106,000 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 147,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 2,106,000 | |||
Gross amount of which carried at close of period, total | 2,253,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (75,000) | |||
SW Illinois Senior Housing Portfolio | SW Illinois Senior Housing Portfolio Three | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 259,000 | |||
Initial cost to company, buildings and improvements | 3,980,000 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 259,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 3,980,000 | |||
Gross amount of which carried at close of period, total | 4,239,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (142,000) | |||
SW Illinois Senior Housing Portfolio | SW Illinois Senior Housing Portfolio Four | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 690,000 | |||
Initial cost to company, buildings and improvements | 5,175,000 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 690,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 5,175,000 | |||
Gross amount of which carried at close of period, total | 5,865,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (184,000) | |||
SW Illinois Senior Housing Portfolio | SW Illinois Senior Housing Portfolio Five | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 934,000 | |||
Initial cost to company, buildings and improvements | 8,932,000 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 934,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 8,932,000 | |||
Gross amount of which carried at close of period, total | 9,866,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (320,000) | |||
Lawrenceville MOB | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,663,000 | |||
Initial cost to company, buildings and improvements | 12,019,000 | |||
Cost capitalized subsequent to acquisition | 250,000 | |||
Gross amount of which carried at close of period, land | 1,663,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 12,269,000 | |||
Gross amount of which carried at close of period, total | 13,932,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (618,000) | |||
Northern California Senior Housing Portfolio | Northern California Senior Housing Portfolio One | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 10,491,000 | |||
Initial cost to company, buildings and improvements | 9,650,000 | |||
Cost capitalized subsequent to acquisition | 601,000 | |||
Gross amount of which carried at close of period, land | 10,491,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,251,000 | |||
Gross amount of which carried at close of period, total | 20,742,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (335,000) | |||
Northern California Senior Housing Portfolio | Northern California Senior Housing Portfolio Three | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 3,730,000 | |||
Initial cost to company, buildings and improvements | 3,018,000 | |||
Cost capitalized subsequent to acquisition | 106,000 | |||
Gross amount of which carried at close of period, land | 3,730,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 3,124,000 | |||
Gross amount of which carried at close of period, total | 6,854,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (103,000) | |||
Roseburg MOB | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 0 | |||
Initial cost to company, buildings and improvements | 28,140,000 | |||
Cost capitalized subsequent to acquisition | 98,000 | |||
Gross amount of which carried at close of period, land | 0 | |||
Gross amount of which carried at close of period, buildings and improvements | 28,238,000 | |||
Gross amount of which carried at close of period, total | 28,238,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,211,000) | |||
Fairfield County MOB | Fairfield County MOB Portfolio One | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,209,000 | |||
Initial cost to company, buildings and improvements | 4,272,000 | |||
Cost capitalized subsequent to acquisition | 348,000 | |||
Gross amount of which carried at close of period, land | 1,209,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 4,620,000 | |||
Gross amount of which carried at close of period, total | 5,829,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (276,000) | |||
Fairfield County MOB | Fairfield County MOB Portfolio Two | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 2,797,000 | |||
Initial cost to company, buildings and improvements | 10,400,000 | |||
Cost capitalized subsequent to acquisition | 52,000 | |||
Gross amount of which carried at close of period, land | 2,797,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,452,000 | |||
Gross amount of which carried at close of period, total | 13,249,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (644,000) | |||
Central Florida Senior Housing Portfolio | Central Florida Senior Housing Portfolio Two | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,545,000 | |||
Initial cost to company, buildings and improvements | 11,107,000 | |||
Cost capitalized subsequent to acquisition | (4,421,000) | |||
Gross amount of which carried at close of period, land | 0 | |||
Gross amount of which carried at close of period, buildings and improvements | 8,231,000 | |||
Gross amount of which carried at close of period, total | 8,231,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (432,000) | |||
Central Florida Senior Housing Portfolio | Central Florida Senior Housing Portfolio Four | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 590,000 | |||
Initial cost to company, buildings and improvements | 2,847,000 | |||
Cost capitalized subsequent to acquisition | (106,000) | |||
Gross amount of which carried at close of period, land | 279,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 3,052,000 | |||
Gross amount of which carried at close of period, total | 3,331,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (99,000) | |||
Central Florida Senior Housing Portfolio | Central Florida Senior Housing Portfolio Five | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 383,000 | |||
Initial cost to company, buildings and improvements | 15,622,000 | |||
Cost capitalized subsequent to acquisition | (7,986,000) | |||
Gross amount of which carried at close of period, land | 0 | |||
Gross amount of which carried at close of period, buildings and improvements | 8,019,000 | |||
Gross amount of which carried at close of period, total | 8,019,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (518,000) | |||
Central Florida Senior Housing Portfolio | Central Florida Senior Housing Portfolio Six | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,065,000 | |||
Initial cost to company, buildings and improvements | 7,610,000 | |||
Cost capitalized subsequent to acquisition | (1,387,000) | |||
Gross amount of which carried at close of period, land | 0 | |||
Gross amount of which carried at close of period, buildings and improvements | 7,288,000 | |||
Gross amount of which carried at close of period, total | 7,288,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (278,000) | |||
Central Florida Senior Housing Portfolio | Central Florida Senior Housing Portfolio Eight | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 2,623,000 | |||
Initial cost to company, buildings and improvements | 12,200,000 | |||
Cost capitalized subsequent to acquisition | (7,639,000) | |||
Gross amount of which carried at close of period, land | 0 | |||
Gross amount of which carried at close of period, buildings and improvements | 7,184,000 | |||
Gross amount of which carried at close of period, total | 7,184,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (450,000) | |||
Central Florida Senior Housing Portfolio | Central Florida Senior Housing Portfolio Nine | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 2,654,000 | |||
Initial cost to company, buildings and improvements | 19,811,000 | |||
Cost capitalized subsequent to acquisition | (2,749,000) | |||
Gross amount of which carried at close of period, land | 0 | |||
Gross amount of which carried at close of period, buildings and improvements | 19,716,000 | |||
Gross amount of which carried at close of period, total | 19,716,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (727,000) | |||
Central Wisconsin Senior Care Portfolio | Central Wisconsin Senior Care Portfolio One | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 543,000 | |||
Initial cost to company, buildings and improvements | 2,587,000 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 543,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 2,587,000 | |||
Gross amount of which carried at close of period, total | 3,130,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (111,000) | |||
Central Wisconsin Senior Care Portfolio | Central Wisconsin Senior Care Portfolio Two | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 2,171,000 | |||
Initial cost to company, buildings and improvements | 10,198,000 | |||
Cost capitalized subsequent to acquisition | 30,000 | |||
Gross amount of which carried at close of period, land | 2,171,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,228,000 | |||
Gross amount of which carried at close of period, total | 12,399,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (434,000) | |||
Sauk Prairie MOB | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 2,044,000 | |||
Initial cost to company, buildings and improvements | 19,669,000 | |||
Cost capitalized subsequent to acquisition | 366,000 | |||
Gross amount of which carried at close of period, land | 2,044,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 20,035,000 | |||
Gross amount of which carried at close of period, total | 22,079,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (866,000) | |||
Surprise MOB | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,827,000 | |||
Initial cost to company, buildings and improvements | 10,968,000 | |||
Cost capitalized subsequent to acquisition | 494,000 | |||
Gross amount of which carried at close of period, land | 1,827,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 11,462,000 | |||
Gross amount of which carried at close of period, total | 13,289,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (533,000) | |||
Southfield MOB | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,538,000 | |||
Initial cost to company, land | 1,634,000 | |||
Initial cost to company, buildings and improvements | 16,550,000 | |||
Cost capitalized subsequent to acquisition | 877,000 | |||
Gross amount of which carried at close of period, land | 1,634,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 17,427,000 | |||
Gross amount of which carried at close of period, total | 19,061,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (989,000) | |||
Pinnacle Beaumont ALF | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,775,000 | |||
Initial cost to company, buildings and improvements | 17,541,000 | |||
Cost capitalized subsequent to acquisition | 19,000 | |||
Gross amount of which carried at close of period, land | 1,775,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 17,560,000 | |||
Gross amount of which carried at close of period, total | 19,335,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (589,000) | |||
Grand Junction MOB | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 2,460,000 | |||
Initial cost to company, buildings and improvements | 34,188,000 | |||
Cost capitalized subsequent to acquisition | 22,000 | |||
Gross amount of which carried at close of period, land | 2,460,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 34,210,000 | |||
Gross amount of which carried at close of period, total | 36,670,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,527,000) | |||
Edmonds MOB | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 4,523,000 | |||
Initial cost to company, buildings and improvements | 22,414,000 | |||
Cost capitalized subsequent to acquisition | 301,000 | |||
Gross amount of which carried at close of period, land | 4,523,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 22,715,000 | |||
Gross amount of which carried at close of period, total | 27,238,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,015,000) | |||
Pinnacle Warrenton ALF | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 514,000 | |||
Initial cost to company, buildings and improvements | 7,059,000 | |||
Cost capitalized subsequent to acquisition | (2,405,000) | |||
Gross amount of which carried at close of period, land | 0 | |||
Gross amount of which carried at close of period, buildings and improvements | 5,168,000 | |||
Gross amount of which carried at close of period, total | 5,168,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (249,000) | |||
Glendale MOB | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 665,000 | |||
Initial cost to company, buildings and improvements | 6,782,000 | |||
Cost capitalized subsequent to acquisition | 281,000 | |||
Gross amount of which carried at close of period, land | 665,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 7,063,000 | |||
Gross amount of which carried at close of period, total | 7,728,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (382,000) | |||
Missouri Skilled Nursing Facility Portfolio | Missouri SNF Portfolio One | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 800,000 | |||
Initial cost to company, buildings and improvements | 10,363,000 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 800,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,363,000 | |||
Gross amount of which carried at close of period, total | 11,163,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (384,000) | |||
Missouri Skilled Nursing Facility Portfolio | Missouri SNF Portfolio Two | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 2,090,000 | |||
Initial cost to company, buildings and improvements | 10,527,000 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 2,090,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,527,000 | |||
Gross amount of which carried at close of period, total | 12,617,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (456,000) | |||
Missouri Skilled Nursing Facility Portfolio | Missouri SNF Portfolio Three | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 493,000 | |||
Initial cost to company, buildings and improvements | 7,057,000 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 493,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 7,057,000 | |||
Gross amount of which carried at close of period, total | 7,550,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (258,000) | |||
Missouri Skilled Nursing Facility Portfolio | Missouri SNF Portfolio Four | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 729,000 | |||
Initial cost to company, buildings and improvements | 10,187,000 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 729,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,187,000 | |||
Gross amount of which carried at close of period, total | 10,916,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (365,000) | |||
Missouri Skilled Nursing Facility Portfolio | Missouri SNF Portfolio Five | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 515,000 | |||
Initial cost to company, buildings and improvements | 8,852,000 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 515,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 8,852,000 | |||
Gross amount of which carried at close of period, total | 9,367,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (324,000) | |||
Missouri Skilled Nursing Facility Portfolio | Missouri SNF Portfolio Six | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 631,000 | |||
Initial cost to company, buildings and improvements | 24,172,000 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 631,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 24,172,000 | |||
Gross amount of which carried at close of period, total | 24,803,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (814,000) | |||
Missouri Skilled Nursing Facility Portfolio | Missouri SNF Portfolio Seven | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 437,000 | |||
Initial cost to company, buildings and improvements | 4,561,000 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 437,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 4,561,000 | |||
Gross amount of which carried at close of period, total | 4,998,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (171,000) | |||
Missouri Skilled Nursing Facility Portfolio | Missouri SNF Portfolio Eight | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 310,000 | |||
Initial cost to company, buildings and improvements | 4,875,000 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 310,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 4,875,000 | |||
Gross amount of which carried at close of period, total | 5,185,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (176,000) | |||
Flemington MOB | Flemington MOB Portfolio One | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,419,000 | |||
Initial cost to company, buildings and improvements | 11,110,000 | |||
Cost capitalized subsequent to acquisition | 518,000 | |||
Gross amount of which carried at close of period, land | 1,419,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 11,628,000 | |||
Gross amount of which carried at close of period, total | 13,047,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (612,000) | |||
Flemington MOB | Flemington MOB Portfolio Two | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 578,000 | |||
Initial cost to company, buildings and improvements | 3,340,000 | |||
Cost capitalized subsequent to acquisition | 209,000 | |||
Gross amount of which carried at close of period, land | 578,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 3,549,000 | |||
Gross amount of which carried at close of period, total | 4,127,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (195,000) | |||
Lawrenceville MOB II | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,058,000 | |||
Initial cost to company, buildings and improvements | 9,709,000 | |||
Cost capitalized subsequent to acquisition | 278,000 | |||
Gross amount of which carried at close of period, land | 1,058,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 9,987,000 | |||
Gross amount of which carried at close of period, total | 11,045,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (567,000) | |||
Mill Creek MOB | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,344,000 | |||
Initial cost to company, buildings and improvements | 7,516,000 | |||
Cost capitalized subsequent to acquisition | 462,000 | |||
Gross amount of which carried at close of period, land | 1,344,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 7,978,000 | |||
Gross amount of which carried at close of period, total | 9,322,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (327,000) | |||
Modesto MOB | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 0 | |||
Initial cost to company, buildings and improvements | 16,065,000 | |||
Cost capitalized subsequent to acquisition | 270,000 | |||
Gross amount of which carried at close of period, land | 0 | |||
Gross amount of which carried at close of period, buildings and improvements | 16,335,000 | |||
Gross amount of which carried at close of period, total | 16,335,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (713,000) | |||
Michigan ALF Portfolio | Michigan ALF Portfolio One | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,196,000 | |||
Initial cost to company, buildings and improvements | 8,955,000 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 1,196,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 8,955,000 | |||
Gross amount of which carried at close of period, total | 10,151,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (344,000) | |||
Michigan ALF Portfolio | Michigan ALF Portfolio Two | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,810,000 | |||
Initial cost to company, land | 1,291,000 | |||
Initial cost to company, buildings and improvements | 11,308,000 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 1,291,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 11,308,000 | |||
Gross amount of which carried at close of period, total | 12,599,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (433,000) | |||
Michigan ALF Portfolio | Michigan ALF Portfolio Three | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 716,000 | |||
Initial cost to company, buildings and improvements | 6,534,000 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 716,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 6,534,000 | |||
Gross amount of which carried at close of period, total | 7,250,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (288,000) | |||
Michigan ALF Portfolio | Michigan ALF Portfolio Four | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 836,000 | |||
Initial cost to company, buildings and improvements | 4,202,000 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 836,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 4,202,000 | |||
Gross amount of which carried at close of period, total | 5,038,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (161,000) | |||
Michigan ALF Portfolio | Michigan ALF Portfolio Five | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,300,000 | |||
Initial cost to company, buildings and improvements | 11,629,000 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 1,300,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 11,629,000 | |||
Gross amount of which carried at close of period, total | 12,929,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (426,000) | |||
Michigan ALF Portfolio | Michigan ALF Portfolio Six | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,343,000 | |||
Initial cost to company, buildings and improvements | 13,347,000 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 1,343,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 13,347,000 | |||
Gross amount of which carried at close of period, total | 14,690,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (490,000) | |||
Lithonia MOB | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,676,000 | |||
Initial cost to company, buildings and improvements | 10,871,000 | |||
Cost capitalized subsequent to acquisition | 329,000 | |||
Gross amount of which carried at close of period, land | 1,676,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 11,200,000 | |||
Gross amount of which carried at close of period, total | 12,876,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (556,000) | |||
West Des Moines SNF | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 509,000 | |||
Initial cost to company, buildings and improvements | 3,813,000 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 509,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 3,813,000 | |||
Gross amount of which carried at close of period, total | 4,322,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (144,000) | |||
Great Nord MOB Portfolio | Great Nord MOB Portfolio One | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 0 | |||
Initial cost to company, buildings and improvements | 15,423,000 | |||
Cost capitalized subsequent to acquisition | 761,000 | |||
Gross amount of which carried at close of period, land | 0 | |||
Gross amount of which carried at close of period, buildings and improvements | 16,184,000 | |||
Gross amount of which carried at close of period, total | 16,184,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (790,000) | |||
Great Nord MOB Portfolio | Great Nord MOB Portfolio Two | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 743,000 | |||
Initial cost to company, buildings and improvements | 9,070,000 | |||
Cost capitalized subsequent to acquisition | 266,000 | |||
Gross amount of which carried at close of period, land | 743,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 9,336,000 | |||
Gross amount of which carried at close of period, total | 10,079,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (499,000) | |||
Great Nord MOB Portfolio | Great Nord MOB Portfolio Three | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 265,000 | |||
Initial cost to company, buildings and improvements | 5,467,000 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 265,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 5,467,000 | |||
Gross amount of which carried at close of period, total | 5,732,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (251,000) | |||
Great Nord MOB Portfolio | Great Nord MOB Portfolio Four | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,491,000 | |||
Initial cost to company, buildings and improvements | 12,994,000 | |||
Cost capitalized subsequent to acquisition | 18,000 | |||
Gross amount of which carried at close of period, land | 1,491,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 13,012,000 | |||
Gross amount of which carried at close of period, total | 14,503,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (612,000) | |||
Overland Park MOB | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 2,803,000 | |||
Initial cost to company, buildings and improvements | 23,639,000 | |||
Cost capitalized subsequent to acquisition | 548,000 | |||
Gross amount of which carried at close of period, land | 2,803,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 24,187,000 | |||
Gross amount of which carried at close of period, total | 26,990,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,079,000) | |||
Blue Badger MOB | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,518,000 | |||
Initial cost to company, buildings and improvements | 12,543,000 | |||
Cost capitalized subsequent to acquisition | 9,000 | |||
Gross amount of which carried at close of period, land | 1,518,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 12,552,000 | |||
Gross amount of which carried at close of period, total | 14,070,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (525,000) | |||
Bloomington MOB | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 2,114,000 | |||
Initial cost to company, buildings and improvements | 17,363,000 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 2,114,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 17,363,000 | |||
Gross amount of which carried at close of period, total | 19,477,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (612,000) | |||
Haverhill MOB | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,393,000 | |||
Initial cost to company, buildings and improvements | 15,477,000 | |||
Cost capitalized subsequent to acquisition | 51,000 | |||
Gross amount of which carried at close of period, land | 1,393,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 15,528,000 | |||
Gross amount of which carried at close of period, total | 16,921,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (832,000) | |||
Fresno MOB | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,536,000 | |||
Initial cost to company, buildings and improvements | 8,964,000 | |||
Cost capitalized subsequent to acquisition | 5,000 | |||
Gross amount of which carried at close of period, land | 1,536,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 8,969,000 | |||
Gross amount of which carried at close of period, total | 10,505,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (466,000) | |||
Colorado Foothills MOB Portfolio | Colorado Foothills MOB Portfolio One | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 695,000 | |||
Initial cost to company, buildings and improvements | 6,369,000 | |||
Cost capitalized subsequent to acquisition | 146,000 | |||
Gross amount of which carried at close of period, land | 695,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 6,515,000 | |||
Gross amount of which carried at close of period, total | 7,210,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (467,000) | |||
Colorado Foothills MOB Portfolio | Colorado Foothills MOB Portfolio Two | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 873,000 | |||
Initial cost to company, buildings and improvements | 11,233,000 | |||
Cost capitalized subsequent to acquisition | 196,000 | |||
Gross amount of which carried at close of period, land | 873,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 11,429,000 | |||
Gross amount of which carried at close of period, total | 12,302,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (577,000) | |||
Colorado Foothills MOB Portfolio | Colorado Foothills MOB Portfolio Three | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 2,225,000 | |||
Initial cost to company, buildings and improvements | 12,520,000 | |||
Cost capitalized subsequent to acquisition | 804,000 | |||
Gross amount of which carried at close of period, land | 2,225,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 13,324,000 | |||
Gross amount of which carried at close of period, total | 15,549,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (601,000) | |||
Catalina West Haven ALF | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,936,000 | |||
Initial cost to company, buildings and improvements | 10,415,000 | |||
Cost capitalized subsequent to acquisition | 142,000 | |||
Gross amount of which carried at close of period, land | 1,936,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,557,000 | |||
Gross amount of which carried at close of period, total | 12,493,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (379,000) | |||
Louisiana Senior Housing Portfolio | Louisiana Senior Housing Portfolio One | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,123,000 | |||
Initial cost to company, buildings and improvements | 5,668,000 | |||
Cost capitalized subsequent to acquisition | 87,000 | |||
Gross amount of which carried at close of period, land | 1,123,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 5,755,000 | |||
Gross amount of which carried at close of period, total | 6,878,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (220,000) | |||
Louisiana Senior Housing Portfolio | Louisiana Senior Housing Portfolio Two | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 834,000 | |||
Initial cost to company, buildings and improvements | 4,037,000 | |||
Cost capitalized subsequent to acquisition | 85,000 | |||
Gross amount of which carried at close of period, land | 834,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 4,122,000 | |||
Gross amount of which carried at close of period, total | 4,956,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (157,000) | |||
Louisiana Senior Housing Portfolio | Louisiana Senior Housing Portfolio Three | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 952,000 | |||
Initial cost to company, buildings and improvements | 5,257,000 | |||
Cost capitalized subsequent to acquisition | 34,000 | |||
Gross amount of which carried at close of period, land | 952,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 5,291,000 | |||
Gross amount of which carried at close of period, total | 6,243,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (196,000) | |||
Louisiana Senior Housing Portfolio | Louisiana Senior Housing Portfolio Four | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,177,000 | |||
Initial cost to company, buildings and improvements | 6,810,000 | |||
Cost capitalized subsequent to acquisition | 15,000 | |||
Gross amount of which carried at close of period, land | 1,177,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 6,825,000 | |||
Gross amount of which carried at close of period, total | 8,002,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (241,000) | |||
Louisiana Senior Housing Portfolio | Louisiana Senior Housing Portfolio Five | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 801,000 | |||
Initial cost to company, buildings and improvements | 4,348,000 | |||
Cost capitalized subsequent to acquisition | 115,000 | |||
Gross amount of which carried at close of period, land | 801,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 4,463,000 | |||
Gross amount of which carried at close of period, total | 5,264,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (172,000) | |||
Catalina Madera ALF | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,312,000 | |||
Initial cost to company, buildings and improvements | 15,299,000 | |||
Cost capitalized subsequent to acquisition | 208,000 | |||
Gross amount of which carried at close of period, land | 1,312,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 15,507,000 | |||
Gross amount of which carried at close of period, total | 16,819,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (546,000) | |||
Cedar Creek Health Campus | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 2,326,000 | |||
Initial cost to company, buildings and improvements | 12,650,000 | |||
Cost capitalized subsequent to acquisition | 94,000 | |||
Gross amount of which carried at close of period, land | 2,331,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 12,739,000 | |||
Gross amount of which carried at close of period, total | 15,070,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (486,000) | |||
The Oaks of Belmont | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,795,000 | |||
Initial cost to company, land | 767,000 | |||
Initial cost to company, buildings and improvements | 17,043,000 | |||
Cost capitalized subsequent to acquisition | 55,000 | |||
Gross amount of which carried at close of period, land | 1,058,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 16,807,000 | |||
Gross amount of which carried at close of period, total | 17,865,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (866,000) | |||
The Willows at Springhurst | Louisville, KY One | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 20,800,000 | |||
Initial cost to company, land | 1,876,000 | |||
Initial cost to company, buildings and improvements | 12,595,000 | |||
Cost capitalized subsequent to acquisition | (649,000) | |||
Gross amount of which carried at close of period, land | 1,946,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 11,876,000 | |||
Gross amount of which carried at close of period, total | 13,822,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (335,000) | |||
The Willows at Springhurst | Louisville, KY Two | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 1,184,000 | |||
Initial cost to company, buildings and improvements | 6,483,000 | |||
Cost capitalized subsequent to acquisition | (190,000) | |||
Gross amount of which carried at close of period, land | 1,184,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 6,293,000 | |||
Gross amount of which carried at close of period, total | 7,477,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (181,000) | |||
The Willows at Harrodsburg | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,125,000 | |||
Initial cost to company, land | 918,000 | |||
Initial cost to company, buildings and improvements | 10,181,000 | |||
Cost capitalized subsequent to acquisition | 956,000 | |||
Gross amount of which carried at close of period, land | 1,571,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,484,000 | |||
Gross amount of which carried at close of period, total | 12,055,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (220,000) | |||
North River Health Campus | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 17,100,000 | |||
Initial cost to company, land | 2,614,000 | |||
Initial cost to company, buildings and improvements | 15,031,000 | |||
Cost capitalized subsequent to acquisition | 56,000 | |||
Gross amount of which carried at close of period, land | 2,614,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 15,087,000 | |||
Gross amount of which carried at close of period, total | 17,701,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (321,000) | |||
Trilogy Healthcare of Jefferson II | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,175,000 | |||
Initial cost to company, land | 2,265,000 | |||
Initial cost to company, buildings and improvements | 14,077,000 | |||
Cost capitalized subsequent to acquisition | 44,000 | |||
Gross amount of which carried at close of period, land | 2,265,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 14,121,000 | |||
Gross amount of which carried at close of period, total | 16,386,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (265,000) | |||
Pickerington Health Campus | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,050,000 | |||
Initial cost to company, land | 860,000 | |||
Initial cost to company, buildings and improvements | 15,575,000 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 860,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 15,575,000 | |||
Gross amount of which carried at close of period, total | 16,435,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,296,000) | |||
Mt. Washington Development Project | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,325,000 | |||
Initial cost to company, land | 2,054,000 | |||
Initial cost to company, buildings and improvements | 10,225,000 | |||
Cost capitalized subsequent to acquisition | 14,000 | |||
Gross amount of which carried at close of period, land | 2,054,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,239,000 | |||
Gross amount of which carried at close of period, total | 12,293,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (213,000) | |||
Silvercrest Health Center | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 21,626,000 | |||
Initial cost to company, land | 1,920,000 | |||
Initial cost to company, buildings and improvements | 24,965,000 | |||
Cost capitalized subsequent to acquisition | 127,000 | |||
Gross amount of which carried at close of period, land | 1,920,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 25,092,000 | |||
Gross amount of which carried at close of period, total | 27,012,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (292,000) | |||
The Springs of Mooresville | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,813,000 | |||
Initial cost to company, land | 1,460,000 | |||
Initial cost to company, buildings and improvements | 12,617,000 | |||
Cost capitalized subsequent to acquisition | 15,000 | |||
Gross amount of which carried at close of period, land | 1,460,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 12,632,000 | |||
Gross amount of which carried at close of period, total | 14,092,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (148,000) | |||
Hearthstone Health Campus | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,861,000 | |||
Initial cost to company, land | 2,140,000 | |||
Initial cost to company, buildings and improvements | 16,928,000 | |||
Cost capitalized subsequent to acquisition | 144,000 | |||
Gross amount of which carried at close of period, land | 2,140,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 17,072,000 | |||
Gross amount of which carried at close of period, total | 19,212,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (211,000) | |||
AHR Texas ALF Portfolio (SHOP) | Bell County, TX | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,835,000 | |||
Initial cost to company, land | 1,819,000 | |||
Initial cost to company, buildings and improvements | 11,090,000 | |||
Cost capitalized subsequent to acquisition | 12,000 | |||
Gross amount of which carried at close of period, land | 1,819,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 11,102,000 | |||
Gross amount of which carried at close of period, total | 12,921,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (31,000) | |||
AHR Texas ALF Portfolio (SHOP) | Cedar Park, TX | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,852,000 | |||
Initial cost to company, land | 1,347,000 | |||
Initial cost to company, buildings and improvements | 5,250,000 | |||
Cost capitalized subsequent to acquisition | 3,000 | |||
Gross amount of which carried at close of period, land | 1,347,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 5,253,000 | |||
Gross amount of which carried at close of period, total | 6,600,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (15,000) | |||
AHR Texas ALF Portfolio (SHOP) | Corpus Christi, TX | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,440,000 | |||
Initial cost to company, land | 1,229,000 | |||
Initial cost to company, buildings and improvements | 12,663,000 | |||
Cost capitalized subsequent to acquisition | 1,000 | |||
Gross amount of which carried at close of period, land | 1,229,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 12,664,000 | |||
Gross amount of which carried at close of period, total | 13,893,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (35,000) | |||
AHR Texas ALF Portfolio (SHOP) | League City, TX | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 15,829,000 | |||
Initial cost to company, land | 1,435,000 | |||
Initial cost to company, buildings and improvements | 15,475,000 | |||
Cost capitalized subsequent to acquisition | 1,000 | |||
Gross amount of which carried at close of period, land | 1,435,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 15,476,000 | |||
Gross amount of which carried at close of period, total | 16,911,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (38,000) | |||
AHR Texas ALF Portfolio (SHOP) | Round Rock, TX | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 21,520,000 | |||
Initial cost to company, land | 2,124,000 | |||
Initial cost to company, buildings and improvements | 14,895,000 | |||
Cost capitalized subsequent to acquisition | 7,000 | |||
Gross amount of which carried at close of period, land | 2,124,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 14,902,000 | |||
Gross amount of which carried at close of period, total | 17,026,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (38,000) | |||
AHR Texas ALF Portfolio (SHOP) | Sugarland, TX | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 28,302,000 | |||
Initial cost to company, land | 2,674,000 | |||
Initial cost to company, buildings and improvements | 12,751,000 | |||
Cost capitalized subsequent to acquisition | 2,000 | |||
Gross amount of which carried at close of period, land | 2,674,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 12,753,000 | |||
Gross amount of which carried at close of period, total | 15,427,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | (34,000) | |||
AHR Texas ALF Portfolio (SHOP) | Tyler, TX | Property, Excluding Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,849,000 | |||
Initial cost to company, land | 1,131,000 | |||
Initial cost to company, buildings and improvements | 10,510,000 | |||
Cost capitalized subsequent to acquisition | 1,000 | |||
Gross amount of which carried at close of period, land | 1,131,000 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,511,000 | |||
Gross amount of which carried at close of period, total | 11,642,000 | |||
Gross amount of which carried at close of period, accumulated deprecation | $ (30,000) |
Schedule III Real Estate and _3
Schedule III Real Estate and Accumulated Depreciation (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Real Estate and Accumulated Depreciation [Line Items] | |||
Ownership percentage, excluding joint venture, properties | 100% | ||
Lines of credit and term loans | [1] | $ 1,281,794 | $ 1,226,634 |
Aggregate cost of properties for federal income tax purposes | $ 4,085,863 | ||
Building and Building Improvements [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Estimated useful life | 39 years | ||
Leasehold Improvements [Member] | Maximum | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Estimated useful life | 34 years | ||
Furniture, fixtures and equipment | Maximum | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Estimated useful life | 28 years | ||
Revolving Credit Facility | 2019 Trilogy Credit Facility [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Lines of credit and term loans | $ 316,734 | $ 304,734 | |
[1]Such liabilities of American Healthcare REIT, Inc., represented liabilities of American Healthcare REIT Holdings, LP or its consolidated subsidiaries as of December 31, 2022 and 2021. American Healthcare REIT Holdings, LP is a variable interest entity, or VIE, and a consolidated subsidiary of American Healthcare REIT, Inc. The creditors of American Healthcare REIT Holdings, LP or its consolidated subsidiaries do not have recourse against American Healthcare REIT, Inc., except for the 2022 Credit Facility, as defined in Note 9, held by American Healthcare REIT Holdings, LP in the amount of $965,900,000 as of December 31, 2022 and the 2018 Credit Facility and 2019 Credit Facility, each as defined in Note 9, held by American Healthcare REIT Holdings, LP in the amount of $441,900,000 and $480,000,000, respectively, as of December 31, 2021, which were guaranteed by American Healthcare REIT, Inc. |
Schedule III Real Estate and _4
Schedule III Real Estate and Accumulated Depreciation (Changes in Total Real Estate Assets) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | $ 4,038,572 | $ 2,762,272 | $ 2,618,608 |
Acquisitions | 254,947 | 1,225,626 | 31,157 |
Additions | 72,802 | 87,909 | 129,254 |
Dispositions and impairments | (123,841) | (36,645) | (18,718) |
Foreign currency translation adjustment | (6,033) | (590) | 1,971 |
Ending balance | $ 4,236,447 | $ 4,038,572 | $ 2,762,272 |
Schedule III Real Estate and _5
Schedule III Real Estate and Accumulated Depreciation (Changes in Accumulated Depreciation) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Beginning balance | $ 523,886 | $ 425,272 | $ 337,898 |
Additions | 141,257 | 109,036 | 91,617 |
Dispositions and impairments | (9,355) | (10,320) | (4,530) |
Foreign currency translation adjustment | (950) | (102) | 287 |
Ending balance | $ 654,838 | $ 523,886 | $ 425,272 |