Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 01, 2021 | Jun. 30, 2020 | |
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Entity Registrant Name | Global Medical REIT Inc. | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 001-37815 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Tax Identification Number | 46-4757266 | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Address, Address Line One | 2 Bethesda Metro Center, Suite 440 | ||
Entity Address, City or Town | Bethesda | ||
Entity Address, State or Province | MD | ||
Entity Address, Postal Zip Code | 20814 | ||
City Area Code | 202 | ||
Local Phone Number | 524-6851 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Icfr Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 481.3 | ||
Entity Common Stock, Shares Outstanding | 52,169,166 | ||
Entity Central Index Key | 0001533615 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Stock [Member] | |||
Title of 12(b) Security | Common Stock, par value $0.001 per share | ||
Trading Symbol | GMRE | ||
Security Exchange Name | NYSE | ||
Series A Preferred Stock [Member] | |||
Title of 12(b) Security | Series A Preferred Stock, par value $0.001 per share | ||
Trading Symbol | GMRE PrA | ||
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Investment in real estate: | ||
Land | $ 128,857 | $ 95,381 |
Building | 851,427 | 693,533 |
Site improvements | 15,183 | 9,912 |
Tenant improvements | 49,204 | 33,909 |
Acquired lease intangible assets | 98,234 | 72,794 |
Investment in real estate, Total | 1,142,905 | 905,529 |
Less: accumulated depreciation and amortization | (94,462) | (56,503) |
Investment in real estate, net | 1,048,443 | 849,026 |
Cash and cash equivalents | 5,507 | 2,765 |
Restricted cash | 5,246 | 4,420 |
Tenant receivables, net | 5,596 | 4,957 |
Due from related parties | 103 | 50 |
Escrow deposits | 4,817 | 3,417 |
Deferred assets | 20,272 | 14,512 |
Derivative asset | 0 | 2,194 |
Goodwill | 5,903 | 0 |
Other assets | 5,019 | 3,593 |
Total assets | 1,100,906 | 884,934 |
Liabilities: | ||
Credit Facility, net of unamortized debt issuance costs of $3,559 and $3,832 at December 31, 2020 and December 31, 2019, respectively | 521,641 | 347,518 |
Notes payable, net of unamortized debt issuance costs of $835 and $667 at December 31, 2020 and December 31, 2019, respectively | 64,937 | 38,650 |
Accounts payable and accrued expenses | 7,279 | 5,069 |
Dividends payable | 12,470 | 11,091 |
Security deposits and other | 4,340 | 6,351 |
Due to related party | 0 | 1,648 |
Derivative liability | 18,086 | 8,685 |
Other liability | 6,171 | 2,405 |
Acquired lease intangible liability, net | 8,222 | 3,164 |
Total liabilities | 643,146 | 424,581 |
Equity: | ||
Preferred stock, $0.001 par value, 10,000 shares authorized; 3,105 issued and outstanding at December 31, 2020 and December 31, 2019, respectively (liquidation preference of $77,625 at December 31, 2020 and December 31, 2019, respectively) | 74,959 | 74,959 |
Common stock, $0.001 par value, 500,000 shares authorized; 49,461 shares and 43,806 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively | 49 | 44 |
Additional paid-in capital | 504,789 | 433,330 |
Accumulated deficit | (116,773) | (71,389) |
Accumulated other comprehensive loss | (18,219) | (6,674) |
Total Global Medical REIT Inc. stockholders' equity | 444,805 | 430,270 |
Noncontrolling interest | 12,955 | 30,083 |
Total equity | 457,760 | 460,353 |
Total liabilities and equity | $ 1,100,906 | $ 884,934 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Unamortized debt issuance costs | $ 835 | $ 667 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, shares issued | 3,105 | 3,105 |
Preferred stock, shares outstanding | 3,105 | 3,105 |
Preferred stock, liquidation preference | $ 77,625 | $ 77,625 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000 | 500,000 |
Common stock, shares issued | 49,461 | 43,806 |
Common stock, shares outstanding | 49,461 | 43,806 |
Credit facility [Member] | ||
Net of unamortized debt | $ 3,559 | $ 3,832 |
Unamortized debt issuance costs | 3,559 | 3,832 |
Notes Payable [Member] | ||
Unamortized debt issuance costs | $ 835 | $ 667 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue | |||
Rental revenue | $ 93,518 | $ 70,515 | $ 53,138 |
Other income | 212 | 211 | 54 |
Total revenue | 93,730 | 70,726 | 53,192 |
Expenses | |||
General and administrative | 11,935 | 6,536 | 5,537 |
Operating expenses | 10,867 | 5,958 | 3,720 |
Management fees - related party | 4,024 | 6,266 | 4,422 |
Depreciation expense | 26,747 | 19,066 | 13,644 |
Amortization expense | 9,606 | 5,569 | 3,625 |
Interest expense | 18,680 | 17,472 | 14,975 |
Management internalization expense | 14,005 | 0 | 0 |
Preacquisition expense | 365 | 271 | 383 |
Total expenses | 96,229 | 61,138 | 46,306 |
(Loss) income before gain on sale of investment property | (2,499) | 9,588 | 6,886 |
Gain on sale of investment property | 0 | 0 | 7,675 |
Net (loss) income | (2,499) | 9,588 | 14,561 |
Less: Preferred stock dividends | (5,822) | (5,822) | (5,822) |
Less: Net loss (income) attributable to noncontrolling interest | 574 | (354) | (1,071) |
Net (loss) income attributable to common stockholders | $ (7,747) | $ 3,412 | $ 7,668 |
Net (loss) income attributable to common stockholders per share - basic and diluted | $ (0.17) | $ 0.10 | $ 0.35 |
Weighted average shares outstanding - basic and diluted | 46,256 | 33,865 | 21,971 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Consolidated Statements of Comprehensive Income (Loss) | |||
Net (loss) income | $ (2,499) | $ 9,588 | $ 14,561 |
Other comprehensive income (loss): | |||
Increase (decrease) in fair value of interest rate swap agreements | (11,545) | (2,953) | (3,721) |
Total other comprehensive loss | (11,545) | (2,953) | (3,721) |
Comprehensive (loss) income | (14,044) | 6,635 | 10,840 |
Less: Preferred stock dividends | (5,822) | (5,822) | (5,822) |
Less: Comprehensive loss attributable to noncontrolling interest | 1,365 | (74) | (625) |
Comprehensive (loss) income attributable to common stockholders | $ (18,501) | $ 739 | $ 4,393 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Equity - USD ($) $ in Thousands | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Global Medial REIT Inc. Stockholders' Equity [Member] | Noncontrolling Interest [Member] | Total |
Balances at Dec. 31, 2017 | $ 22 | $ 74,959 | $ 205,788 | $ (34,434) | $ 0 | $ 246,335 | $ 12,678 | $ 259,013 |
Balance (in shares) at Dec. 31, 2017 | 21,631,000 | 3,105 | ||||||
Net (loss) income | $ 0 | $ 0 | 0 | 13,490 | 0 | 13,490 | 1,071 | 14,561 |
Issuance of shares of common stock, net | $ 4 | 0 | 37,823 | 0 | 0 | 37,827 | 0 | 37,827 |
Issuance of shares of common stock, net (in shares) | 4,313,000 | |||||||
LTIP Units and OP Units redeemed for common stock (in shares) | 0 | |||||||
Change in fair value of interest rate swap agreements | $ 0 | 0 | 0 | 0 | (3,721) | (3,721) | 0 | (3,721) |
Stock-based compensation expense | 0 | 0 | 0 | 0 | 0 | 0 | 2,671 | 2,671 |
Reclassification of deferred common stock offering costs | 0 | 0 | (573) | 0 | 0 | (573) | 0 | (573) |
Dividends to common stockholders | 0 | 0 | 0 | (18,241) | 0 | (18,241) | 0 | (18,241) |
Dividends to preferred stockholders | 0 | 0 | 0 | (5,822) | 0 | (5,822) | 0 | (5,822) |
Dividends to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 | (2,065) | (2,065) |
OP Units issued to third parties | 0 | 0 | 0 | 0 | 0 | 0 | 16,363 | 16,363 |
LTIP Units redeemed in cash | 0 | 0 | 0 | 0 | 0 | 0 | (263) | (263) |
Balances at Dec. 31, 2018 | $ 26 | $ 74,959 | 243,038 | (45,007) | (3,721) | 269,295 | 30,455 | 299,750 |
Balances (in shares) at Dec. 31, 2018 | 25,944,000 | 3,105,000 | ||||||
Net (loss) income | $ 0 | $ 0 | 0 | 9,234 | 0 | 9,234 | 354 | 9,588 |
Issuance of shares of common stock, net | $ 18 | 0 | 189,211 | 0 | 0 | 189,229 | 0 | 189,229 |
Issuance of shares of common stock, net (in shares) | 17,765,000 | |||||||
LTIP Units and OP Units redeemed for common stock (in shares) | 97,000 | |||||||
Change in fair value of interest rate swap agreements | $ 0 | 0 | 0 | 0 | (2,953) | (2,953) | 0 | (2,953) |
Stock-based compensation expense | 0 | 0 | 0 | 0 | 0 | 3,336 | 3,336 | |
Reclassification of deferred common stock offering costs | 0 | 0 | 1,081 | 0 | 0 | 1,081 | (1,081) | 0 |
Issuance of shares of preferred stock | 0 | |||||||
Reclassification of deferred preferred stock offering costs | 0 | |||||||
Dividends to common stockholders | 0 | 0 | 0 | (29,794) | 0 | (29,794) | 0 | (29,794) |
Dividends to preferred stockholders | 0 | 0 | 0 | (5,822) | 0 | (5,822) | 0 | (5,822) |
Dividends to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 | (3,487) | (3,487) |
OP Units issued to third parties | 0 | |||||||
LTIP Units redeemed in cash | 0 | $ 0 | 0 | 0 | 0 | 0 | 506 | 506 |
Issuance of shares of preferred stock (in shares) | 0 | |||||||
Balances at Dec. 31, 2019 | $ 44 | $ 74,959 | 433,330 | (71,389) | (6,674) | 430,270 | 30,083 | 460,353 |
Balances (in shares) at Dec. 31, 2019 | 43,806,000 | 3,105,000 | ||||||
Net (loss) income | $ 0 | $ 0 | 0 | (1,926) | 0 | (1,926) | (573) | (2,499) |
Issuance of shares of common stock, net | $ 4 | 0 | 53,273 | 0 | 0 | 53,277 | 0 | 53,277 |
Issuance of shares of common stock, net (in shares) | 4,248,000 | |||||||
LTIP Units and OP Units redeemed for common stock | 0 | 18,186 | 0 | 0 | 18,187 | (18,187) | 0 | |
LTIP Units and OP Units redeemed for common stock (in shares) | 1,407,000 | |||||||
Change in fair value of interest rate swap agreements | $ 0 | 0 | 0 | 0 | (11,545) | (11,545) | 0 | (11,545) |
Stock-based compensation expense | 0 | 0 | 0 | 5,319 | 5,319 | |||
Reclassification of deferred common stock offering costs | 1 | |||||||
Dividends to common stockholders | 0 | 0 | (37,636) | 0 | (37,636) | 0 | (37,636) | |
Dividends to preferred stockholders | 0 | 0 | 0 | (5,822) | 0 | (5,822) | 0 | (5,822) |
Dividends to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 | (3,687) | (3,687) |
Balances at Dec. 31, 2020 | $ 49 | $ 74,959 | $ 504,789 | $ (116,773) | $ (18,219) | $ 444,805 | $ 12,955 | $ 457,760 |
Balances (in shares) at Dec. 31, 2020 | 49,461,000 | 3,105,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Consolidated Statements of Equity | |||
Dividends to common stockholders | $ 0.80 | $ 0.80 | $ 0.80 |
Dividends to preferred stockholders | $ 1.875 | $ 1.875 | $ 1.875 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating activities | |||
Net (loss) income | $ (2,499) | $ 9,588 | $ 14,561 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation expense | 26,747 | 19,066 | 13,644 |
Amortization of acquired lease intangible assets | 9,567 | 5,569 | 3,625 |
Amortization of above market leases, net | 504 | 881 | 688 |
Amortization of debt issuance costs and other | 1,450 | 1,312 | 1,640 |
Stock-based compensation expense | 5,319 | 3,336 | 2,671 |
Capitalized preacquisition costs charged to expense | 131 | 231 | 110 |
Noncash lease expense | 0 | 111 | 0 |
Reserve for uncollectible receivables | 963 | 0 | 0 |
Gain on sale of investment property | 0 | 0 | (7,675) |
Other | (16) | 105 | 0 |
Changes in operating assets and liabilities: | |||
Tenant receivables | (1,602) | (2,142) | (2,201) |
Deferred assets | (5,761) | (5,160) | (5,811) |
Other assets | (247) | (110) | (40) |
Accounts payable and accrued expenses | 1,562 | 857 | 1,519 |
Security deposits and other | 129 | 2,199 | 2,024 |
Accrued management fees due to related party | (1,727) | 584 | 79 |
Net cash provided by operating activities | 34,520 | 36,427 | 24,834 |
Investing activities | |||
Purchase of land, buildings, and other tangible and intangible assets and liabilities | (217,675) | (254,985) | (180,837) |
Internalization - cash paid for acquisition of Former Advisor, net of cash acquired of $559 | (5,093) | 0 | 0 |
Net proceeds from sale of investment property | 0 | 0 | 31,629 |
Escrow deposits for purchase of properties | 180 | (1,372) | 174 |
Loan repayments from (made to) related parties | 28 | (16) | (85) |
Capital expenditures on existing real estate investments | (1,112) | (1,824) | (2,535) |
Preacquisition costs | 0 | 0 | 36 |
Net cash used in investing activities | (223,672) | (258,197) | (151,618) |
Financing activities | |||
Net proceeds received from common equity offerings | 53,088 | 189,498 | 37,307 |
Escrow deposits required by third party lenders | (1,539) | (293) | (288) |
Proceeds from note payable | 14,800 | 0 | 0 |
Repayment of note payable | (419) | (136) | (22) |
Proceeds from Credit Facility | 238,400 | 244,250 | 186,100 |
Repayment of Credit Facility | (64,550) | (173,175) | (70,725) |
Payment of debt issuance costs | (1,294) | (1,039) | (2,811) |
Redemption of LTIP Units | 0 | 0 | (263) |
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders | (39,944) | (29,171) | (18,964) |
Dividends paid to preferred stockholders | (5,822) | (5,822) | (5,821) |
Net cash provided by financing activities | 192,720 | 224,112 | 124,513 |
Net increase in cash and cash equivalents and restricted cash | 3,568 | 2,342 | (2,271) |
Cash and cash equivalents and restricted cash-beginning of year | 7,185 | 4,843 | 7,114 |
Cash and cash equivalents and restricted cash-end of year | 10,753 | 7,185 | 4,843 |
Supplemental cash flow information: | |||
Cash payments for interest | 16,907 | 16,282 | 13,077 |
Noncash financing and investing activities: | |||
Accrued dividends payable | 12,470 | 11,091 | 6,981 |
Interest rate swap agreements fair value change recognized in other comprehensive loss | 11,545 | 2,953 | 3,721 |
OP Units and LTIP Units redeemed for common stock | 18,187 | 1,081 | 0 |
CMBS loan assumed in connection with a facility acquisition | 12,074 | 0 | 0 |
Accrued common stock offering costs | 80 | 269 | 0 |
OP Units issued for property acquisition | 0 | 506 | 16,362 |
Initial recognition of lease liability related to right of use asset | $ 0 | $ 3,143 | $ 0 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Parentheticals) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Condensed Consolidated Statements of Cash Flows | |
Cash acquired | $ 559 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2020 | |
Organization | |
Organization | Note 1 – Organization Global Medical REIT Inc. (the “Company”) is a Maryland corporation engaged primarily in the acquisition of purpose-built healthcare facilities and the leasing of those facilities to strong healthcare systems and physician groups with leading market share. The Company holds its facilities and conducts its operations through a Delaware limited partnership subsidiary named Global Medical REIT L.P. (the “Operating Partnership”). The Company serves as the sole general partner of the Operating Partnership through a wholly owned subsidiary of the Company named Global Medical REIT GP LLC, a Delaware limited liability company. As of December 31, 2020, the Company was the 93.56% limited partner of the Operating Partnership, with an aggregate of 6.44% of the Operating Partnership owned by holders of long-term incentive plan units (“LTIP Units”) and third-party limited partners who contributed properties or services to the Operating Partnership in exchange for common limited partnership units (“OP Units”). The Company’s common stock is listed on the New York Stock Exchange under the ticker symbol “GMRE.” The Company's Series A Preferred Stock is listed on the New York Stock Exchange under the ticker symbol "GMRE PrA." As described below, until July 9, 2020, the Company was externally managed and advised by Inter-American Management LLC, a Delaware limited liability company and affiliate of the Company (the “Former Advisor”). On July 9, 2020, the Company acquired all of the outstanding shares of capital stock of Inter-American Group Holdings Inc. (“IAGH”), the parent company of the Former Advisor, for total consideration, after a working capital adjustment, of $17,746 (the “Internalization”). The Internalization was completed pursuant to a stock purchase agreement, dated as of July 9, 2020 (the "Stock Purchase Agreement"), by and among the Company, Zensun Enterprises Limited (“Zensun”) and Mr. Jeffrey Busch. Prior to the Internalization, IAGH was owned by Zensun (85%) and Mr. Busch (15%). A special committee (the "Special Committee") comprised entirely of independent and disinterested members of the Company’s board of directors (the "Board"), after consultation with its independent legal and financial advisors, determined that the Internalization was advisable to, and in the best interests of, the Company and the Company’s stockholders and recommended that the Board authorize and approve the Internalization. Upon such recommendation from the Special Committee, the Board authorized and approved the Internalization. Approval by the Company’s stockholders was not required. Upon completion of the Internalization, the Management Agreement (as defined in Note 6 – “Related Party Transactions”) was terminated, the employees of the Former Advisor became employees of the Company and the functions previously performed by the Former Advisor were internalized by the Company. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. The Company presents the portion of any equity it does not own but controls (and thus consolidates) as noncontrolling interest. Noncontrolling interest in the Company includes the LTIP Units that have been granted to directors, officers and affiliates of the Company and the OP Units held by third parties. Refer to Note 5 – “Equity” and Note 7 – “Stock-Based Compensation” for additional information regarding the OP Units and LTIP Units. The Company classifies noncontrolling interest as a component of consolidated equity on its Consolidated Balance Sheets, separate from the Company’s total equity. The Company’s net income or loss is allocated to noncontrolling interests based on the respective ownership or voting percentage in the Operating Partnership associated with such noncontrolling interests and is removed from consolidated income or loss on the Consolidated Statements of Operations in order to derive net income or loss attributable to common stockholders. The noncontrolling ownership percentage is calculated by dividing the aggregate number of LTIP Units and OP Units by the total number of units and shares outstanding. Any future issuances of additional LTIP Units or OP Units would change the noncontrolling ownership interest. Use of Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and footnotes. Actual results could differ from those estimates. Investment in Real Estate The Company determines when an acquisition meets the definition of a business or alternatively should be accounted for as an asset acquisition in accordance with Accounting Standard Codification ("ASC") Topic 805 "Business Combinations" ("ASC Topic 805"), which requires that, when substantially all of the fair value of an acquisition is concentrated in a single identifiable asset or a group of similar identifiable assets, the asset or group of similar identifiable assets does not meet the definition of a business and therefore is required to be accounted for as an asset acquisition. Transaction costs continue to be capitalized for asset acquisitions and expensed as incurred for business combinations. ASC Topic 805 resulted in all of our post-January 1, 2018 property acquisitions being accounted for as asset acquisitions because substantially all of the fair value of the gross assets the Company acquires are concentrated in a single asset or group of similar identifiable assets. For asset acquisitions that are “owner occupied” (meaning that the seller either is the tenant or controls the tenant), the purchase price, including capitalized acquisition costs, will be allocated to land and building based on their relative fair values with no value allocated to intangible assets or liabilities. For asset acquisitions where there is a lease in place but not “owner occupied,” the Company will allocate the purchase price to tangible assets and any intangible assets acquired or liabilities assumed based on their relative fair values. Fair value is determined based upon the guidance of ASC Topic 820, “Fair Value Measurements and Disclosures,” and generally are determined using Level 2 inputs, such as rent comparables, sales comparables, and broker indications. Although Level 3 Inputs are utilized, they are minor in comparison to the Level 2 data used for the primary assumptions. The determination of fair value involves the use of significant judgment and estimates. We make estimates to determine the fair value of the tangible and intangible assets acquired and liabilities assumed using information obtained from multiple sources, including pre-acquisition due diligence, and we routinely utilize the assistance of a third-party appraiser. Valuation of tangible assets: The fair value of land is determined using the sales comparison approach whereby recent comparable land sales and listings are gathered and summarized. The available market data is analyzed and compared to the land being valued and adjustments are made for dissimilar characteristics such as market conditions, size, and location. The Company estimates the fair value of buildings acquired on an as-if-vacant basis and depreciates the building value over its estimated remaining life. Fair value is primarily based on estimated cash flow projections that utilize discount and/or capitalization rates as well as available market information. The Company determines the fair value of site improvements (non-building improvements that include paving and other) using the cost approach, with a deduction for depreciation, and depreciates the site improvements over their estimated remaining useful lives. Tenant improvements represent fixed improvements to tenant spaces, the fair value of which is estimated using prevailing market tenant improvement allowances. Tenant improvements are amortized over the remaining term of the lease. Valuation of intangible assets: In determining the fair value of in-place leases (the avoided cost associated with existing in-place leases) management considers current market conditions and costs to execute similar leases in arriving at an estimate of the carrying costs during the expected lease-up period from vacant to existing occupancy. In estimating carrying costs, management includes reimbursable (based on market lease terms) real estate taxes, insurance, other operating expenses, as well as estimates of lost market rental revenue during the expected lease-up periods. The values assigned to in-place leases are amortized over the remaining term of the lease. The fair value of above-or-below market leases is estimated based on the present value (using an interest rate which reflected the risks associated with the leases acquired) of the difference between contractual amounts to be received pursuant to the leases and management’s estimate of market lease rates measured over a period equal to the estimated remaining term of the lease. An above market lease is classified as an intangible asset and a below market lease is classified as an intangible liability. The capitalized above-market or below-market lease intangibles are amortized as a reduction of, or an addition to, rental income over the estimated remaining term of the respective leases. Intangible assets related to leasing costs consist of leasing commissions and legal fees. Leasing commissions are estimated by multiplying the remaining contract rent associated with each lease by a market leasing commission. Legal fees represent legal costs associated with writing, reviewing, and sometimes negotiating various lease terms. Leasing costs are amortized over the remaining useful life of the respective leases. Revenue Recognition The Company’s operations primarily consist of rental revenue earned from tenants under leasing arrangements which provide for minimum rent and escalations. The leases have been accounted for as operating leases. For operating leases with contingent rental escalators, revenue is recorded based on the contractual cash rental payments due during the period. Revenue from leases with fixed annual rental escalators are recognized on a straight-line basis over the initial lease term, subject to a collectability assessment, with the difference between the contractual rental receipts and the straight-line amounts recorded as a “deferred rent receivable.” Additionally, the Company recognizes “expense recoveries” revenue, which represents revenue recognized related to tenant reimbursement of real estate taxes, insurance, and certain other operating expenses (“tenant reimbursements”). The Company recognizes these reimbursements and related expenses on a gross basis in its Consolidated Statements of Operations. Assets Held for Sale The Company may sell properties from time to time for various reasons, including favorable market conditions. Assets, primarily consisting of real estate, are classified as held for sale when all the necessary criteria are met. The criteria include (i) management, having the authority to approve action, commits to a plan to sell the property in its present condition, (ii) the sale of the property is at a price reasonable in relation to its current fair value and (iii) the sale is probable and expected to be completed within one year. Real estate held for sale is carried at the lower of carrying amounts or estimated fair value less disposal costs. Depreciation and amortization are not recognized on real estate classified as held for sale. Impairment of Long-Lived Assets The Company evaluates its real estate assets for impairment at each reporting date or whenever events or circumstances indicate that its carrying amount may not be recoverable. If an impairment indicator exists, the Company compares the expected future undiscounted cash flows against the carrying amount of the asset. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset, the Company would record an impairment loss for the difference between the estimated fair value and the carrying amount of the asset. Cash and Cash Equivalents and Restricted Cash The Company considers all demand deposits, cashier’s checks, money market accounts, and certificates of deposit with an original maturity of three months or less to be cash equivalents. Amounts included in restricted cash represent (1) certain security deposits received from tenants at the inception of their leases; (2) cash required to be held by a third-party lender as a reserve for debt service; and (3) funds held by the Company that were received from certain tenants that the Company collected to pay specific tenant expenses, such as real estate taxes and insurance, on the tenant’s behalf ("tenant reimbursements"). The following table provides a reconciliation of the Company’s cash and cash equivalents and restricted cash that sums to the total of those amounts at the end of the periods presented on the Company’s accompanying Consolidated Statements of Cash Flows: As of December 31, 2020 2019 Cash and cash equivalents $ 5,507 $ 2,765 Restricted cash 5,246 4,420 Total cash and cash equivalents and restricted cash $ 10,753 $ 7,185 Tenant Receivables, Net The tenant receivable balance as of December 31, 2020 and 2019 was $5,596 and $4,957, respectively. The balance as of December 31, 2020 consisted of $1,817 in funds owed from the Company’s tenants for rent that the Company had earned but had not yet received, $1,200 of loans that were made to two of the Company’s tenants, and $2,579 of tenant reimbursements. The balance as of December 31, 2019 consisted of $1,428 in funds owed from the Company’s tenants for rent that the Company had earned but had not yet received, $1,062 of loans that were made to two of the Company’s tenants, $2,342 of tenant reimbursements, as well as $125 in miscellaneous receivables. The Company adopted the provisions of ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326)” (“ASU 2016-03”) effective January 1, 2020. Receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of these receivables should be accounted for in accordance with ASC Topic 842 “Leases” (“ASC Topic 842”). The adoption of ASU 2016-03 did not have a material impact on the Company’s consolidated financial statements or related disclosures. The Company assesses the likelihood of losses resulting from tenant defaults, or the inability of tenants to make contractual rent and tenant recovery payments at each reporting date. The Company also monitors the liquidity and creditworthiness of its tenants and operators on a continuous basis. If the likelihood of a tenant paying its lease payments is determined to no longer be probable, all tenant receivables, including deferred rent, are written off against revenue and any future revenue for that tenant is recognized only upon receipt of cash. In addition, as of December 31, 2020, a portfolio level reserve of $450 was established on those leases that were probable of collection to ensure that the tenant lease receivables were not overstated. Escrow Deposits The escrow balance as of December 31, 2020 and 2019 was $4,817 and $3,417, respectively. Escrow deposits include funds held in escrow to be used for the acquisition of properties in the future and for the payment of taxes, insurance, and other amounts as stipulated by the Company’s Cantor Loan, as hereinafter defined. Deferred Assets The deferred assets balance as of December 31, 2020 and 2019 was $20,272 and $14,512, respectively. The balance as of December 31, 2020 consisted of $20,192 in deferred rent receivables resulting from the recognition of revenue from leases with fixed annual rental escalations on a straight-line basis and $80 of other deferred costs. The balance as of December 31, 2019 consisted of $14,204 in deferred rent receivables resulting from the recognition of revenue from leases with fixed annual rental escalations on a straight-line basis and $308 of other deferred costs. Other Assets The other assets balance as of December 31, 2020 and 2019 was $5,019 and $3,593, respectively. The balance as of December 31, 2020 consisted of $3,598 for right of use assets (refer to Note 8 – “Leases” for additional details), $484 in capitalized preacquisition costs, $588 in prepaid assets, and $349 for net capitalized software costs and miscellaneous assets. The balance as of December 31, 2019 consisted of $3,077 for a right of use asset, $223 in capitalized preacquisition costs, and $293 in a prepaid asset. Security Deposits and Other The security deposits and other liability balance as of December 31, 2020 and 2019 was $4,340 and $6,351, respectively. The balance as of December 31, 2020 consisted of security deposits. The balance as of December 31, 2019 consisted of security deposits of $4,968 and a tenant impound liability of $1,383 related to amounts owed for specific tenant expenses such as real estate taxes. Derivative Instruments - Interest Rate Swaps As of December 31, 2020 and 2019, the Company's net liability balance related to interest rate swap derivative instruments that were designated as cash flow hedges of interest rate risk was $18,086 and $6,491, respectively. In accordance with the Company’s risk management strategy, the purpose of the interest rate swaps is to manage interest rate risk for certain of the Company’s variable-rate debt. The interest rate swaps involve the Company’s receipt of variable-rate amounts from four counterparties in exchange for the Company making fixed-rate payments over the life of the agreement. The Company accounts for derivative instruments in accordance with the provisions of ASC Topic 815, “Derivatives and Hedging.” Refer to Note 4 – “Credit Facility, Notes Payable and Derivative Instruments” for additional details. Net (Loss) Income Attributable to Common Stockholders Per Share The Company uses the treasury stock method to compute diluted net income or loss attributable to common stockholders per share. Basic net income or loss per share of common stock is computed by dividing net income or loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net income or loss per share of common stock is computed by dividing net income or loss attributable to common stockholders by the sum of the weighted average number of shares of common stock outstanding plus any potential dilutive shares for the period. OP Units and LTIP Units are not reflected in the diluted per share calculation because the exchange of OP Units and LTIP Units into common stock is on a one-for-one basis, and both are allocated net income on a per share basis equal to the common stock. Accordingly, any exchange would not have any effect on diluted net income (loss) available to common stockholders per share. The Company considered the requirements of the two-class method when computing earnings per share and determined that there would be no difference in its reported results if that method was utilized. Debt Issuance Costs Debt issuance costs include amounts paid to lenders and other third parties to obtain both fixed term and revolving debt and are amortized to interest expense on a straight-line basis over the term of the related debt. Refer to Note 4 – “Credit Facility, Notes Payable and Derivative Instruments” for additional details. Related Party Disclosures The Company enters into transactions with affiliated entities, or “related parties,” which are recorded as receivables or payables in the accompanying Consolidated Balance Sheets. Related party disclosures are governed by ASC Topic 850, “Related Party Disclosures.” Refer to Note 6 – “Related Party Transactions” for additional information regarding the Company’s related party transactions. Stock-Based Compensation The Company grants LTIP Unit awards, including awards that vest over time and awards that vest based on achievement of specified performance criteria, to its employees and its independent directors. The Company accounts for all these awards under ASC Topic 718, "Compensation-Stock Compensation," ("ASC Topic 718") after the 2018 adoption of ASU 2018-07, "Improvements to Nonemployee Share-Based Payment Accounting" ("ASU 2018-07"), which simplified several aspects of the accounting for non-employee transactions by stipulating that the existing accounting guidance for share-based payments to employees, accounted for under ASC Topic 718 will also apply to non-employee share-based transactions, previously accounted for under ASC Topic 505, “Equity.” ("ASC Topic 505"). Refer to Note 7 – “Stock Based Compensation” for additional details. Depreciation Expense Real estate and related assets are stated net of accumulated depreciation. Renovations, replacements and other expenditures that improve or extend the life of assets are capitalized and depreciated over their estimated useful lives. Expenditures for ordinary maintenance and repairs are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful life of the buildings, which are generally between 23 one three Management Internalization Expense As described in Note 1 – “Organization,” the Internalization transaction closed on July 9, 2020. The total amount of consideration for the Internalization, after a working capital adjustment, was $17,746. In accordance with ASC Topic 805, the portion of the consideration paid for the Internalization that was attributed to the settlement of a preexisting contractual relationship (the Management Agreement) of $12,094 was recognized as “Management Internalization Expense” in the accompanying Consolidated Statements of Operations for the year ended December 31, 2020 and the $5,903 of excess consideration paid over the fair value of underlying identifiable net liabilities of the business acquired of $251 was recorded as “Goodwill” in the accompanying Consolidated Balance Sheets. The Company also incurred $1,911 of expense related to the Internalization for the year ended December 31, 2020, which is also included in the “Management Internalization Expense” line item. The Company’s Consolidated Statement of Operations for the year ended December 31, 2020, includes no revenue and $3,458 of net loss related to the operations of the business acquired subsequent to its acquisition. The table below presents the unaudited revenue and net income attributable to common stockholders on a pro forma basis as if the transaction occurred on January 1, 2018. Pro forma net income attributable to common stockholders for the year ended December 31, 2020, excludes non-recurring expenses incurred related to the settlement of the preexisting contractual agreement of $12,094. The pro forma results are not necessarily indicative of the results that would have occurred if the business combination had occurred on the first day of the periods presented, nor does the pro forma information purport to represent the results of operations for future periods. Years Ended December 31, 2020 2019 2018 (unaudited, in thousands) Pro forma total revenue $ 93,730 $ 70,726 $ 53,192 Pro forma net income attributable to common stockholders $ 5,524 $ 4,500 $ 5,952 Goodwill Goodwill represents the excess of consideration paid over the fair value of underlying identifiable net assets of businesses acquired. During the year ended December 31, 2020, the Company recorded $5,903 of Goodwill related to the Internalization. Goodwill has an indefinite 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. The Company’s policy is to perform its annual goodwill impairment evaluation as of the first day of the fourth quarter of its fiscal year. The Company has one reporting unit. Goodwill is evaluated for impairment either under a qualitative assessment option or a quantitative approach depending on the facts and circumstances of the reporting unit, consideration of the excess of the reporting unit's fair value over its carrying amount in previous assessments and changes in business environment. When performing a qualitative assessment, the Company considers factors including, but not limited to, current macroeconomic conditions, industry and market conditions, cost factors, financial performance and other events relevant to the entity or the reporting unit to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If the Company determines that it is more likely than not that the reporting unit's fair value is less than its carrying amount, a quantitative goodwill impairment test is performed. When performing a quantitative goodwill impairment test, the reporting unit carrying value is compared to its fair value. Goodwill is deemed impaired if, and the impairment loss is recognized for the amount by which, the reporting unit carrying value exceeds its fair value. Estimating the fair value of a reporting unit requires the exercise of significant judgment and assumptions including judgments about expected future cash flows, weighted-average cost of capital, discount rates and expected long-term growth rates. A significant change to these estimates and assumptions could cause the estimated fair values of our reporting unit to decline and increase the risk of an impairment charge to earnings. We performed a qualitative analysis during the fourth quarter of the fiscal year and determined that it was more likely than not that the fair value of the reporting unit was in excess of the reporting units carrying value, and as a result, a quantitative step one analysis was not necessary. The following table summarizes the consideration paid, the fair value of the assets and liabilities assumed, and the resulting Goodwill balance: Total consideration paid $ 17,746 Internalization expense - settlement of a preexisting contractual relationship 12,094 Recognized amounts of identifiable assets acquired and liabilities assumed: Cash 559 Software intangible 263 Fixed assets 87 Prepaids and other assets 101 Accrued wages and expenses (883) Income tax liability (378) Total identifiable net liabilities (251) Goodwill $ 5,903 The amount attributable to the settlement of a preexisting contractual relationship was based on the fair value of the Management Agreement. The fair value was determined using the multi-period excess earnings method (“MPEEM”), a form of the income approach. The MPEEM is based on the principle that the value of an intangible asset is equal to the present value of the incremental after-tax cash flows attributable only to that asset. To quantify the cash flows attributable solely to the subject intangible asset, contributory asset charges are typically applied to account for the use of and/or required return on these assets. In applying the MPEEM, the earnings expected to be generated by the Management Agreement were forecasted over the estimated duration of the intangible asset. The earnings were then adjusted by taxes and the required return for the use of the contributory assets. The after-tax excess cash flows were then present valued, using discount rates and available market information, to estimate the fair value of the Management Agreement as of July 9, 2020. The Company utilized the assistance of a third-party specialist in the determination of the fair value of the Management Agreement. Cash paid for the acquisition of the Former Advisor, after consideration of the settlement of preexisting contractual relationship of $12,094 and net of cash acquired of $559 was $5,093 and is included as an “Investing” activity in the Company’s Consolidated Statement of Cash Flows for year ended December 31, 2020. Income Taxes The Company elected to be taxed as a REIT for U.S. federal income tax purposes commencing with its taxable year ended December 31, 2016. REITs are generally not subject to U.S. federal income taxes if the Company can meet many specific requirements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal and state income tax (including for 2017 and prior taxable years only, any applicable alternative minimum tax) on its taxable income at regular corporate tax rates, and the Company could not re-elect REIT status until the fifth calendar year after the year in which the failure occurred. Even if the Company continues to qualify as a REIT, it may be subject to certain state or local income taxes, and if the Company creates a TRS, the TRS will be subject to U.S. federal, state and local taxes on its income at regular corporate rates. The Company recognizes the tax effects of uncertain tax positions only if the position is more likely than not to be sustained upon audit, based on the technical merits of the position. The Company has not identified any material uncertain tax positions and recognizes interest and penalties in income tax expense, if applicable. The Company is currently not under examination by any income tax jurisdiction. Fair Value of Financial Instruments Fair value is a market-based measurement and should be determined based on the assumptions that market participants would use in pricing an asset or liability. In accordance with ASC Topic 820, the valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows: ● Level 1 - Inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets; ● Level 2 - Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and ● Level 3 - Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The Company considers the carrying values of cash and cash equivalents, escrow deposits, accounts and other receivables, and accounts payable and accrued expenses to approximate the fair value for these financial instruments because of the short period of time since origination or the short period of time between origination of the instruments and their expected realization. Due to the short-term nature of these instruments, Level 1 and Level 2 inputs are utilized to estimate the fair value of these financial instruments. The Company considers the carrying value of its debt to approximate fair value. The fair values determined related to the Company’s interest rate swap transactions utilize Level 2 inputs, since there is heavy reliance on a variety of inputs including contractual terms, interest rate curves, yield curves, measure of volatility, and correlations of such inputs. The fair values determined related to the Company’s acquisitions of real estate where the identification and recording of intangible assets and liabilities is required primarily utilize Level 2 inputs since there is heavy reliance on market observable data such as rent comparables, sales comparables, and broker indications. Although some Level 3 inputs are utilized, they are minor in comparison to the Level 2 date used for the primary assumptions as it relates to acquisitions of real estate. Segment Reporting ASC Topic 280, “Segment Reporting,” establishes standards for reporting financial and descriptive information about a public entity’s reportable segments. The Company has determined that it has one reportable segment, with activities related to investing in medical properties. The Company evaluates the operating performance of its investments on an individual asset level basis. Recent Accounting Pronouncements Lease Modifications In April 2020, the Financial Accounting Standards Board (“FASB”) staff issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. Under existing lease guidance, the Company would have to determine, on a lease-by-lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A allows the Company, if certain criteria have been met, to bypass the lease-by-lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. The Company has elected to apply such relief and will avail itself of the election to avoid performing a lease-by-lease analysis for the lease concessions that were (1) granted as relief due to the COVID-19 pandemic and (2) result in the cash flows remaining substantially the same or less. The Lease Modification Q&A has no material impact on the Company’s consolidated financial statements as of and for the year ended December 31, 2020. However, its future impact on the Company is dependent upon the extent of lease concessions granted to tenants as a result of the COVID-19 pandemic in future periods and the elections made by the Company at the time of entering such concessions. Reference Rate Reform During the year ended December 31, 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the year ended December 31, 2020, the Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. Goodwill Impairment In January 2017, the FASB issued ASU 2017-04, “Intangibles – Goodwill and Other (Topic350): Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”), to simplify and reduce the cost and complexity of the goodwill impairment test. The new guidance eliminates “Step 2” from the traditional two-step goodwill impairment test and redefines the concept of impairment from a |
Property Portfolio
Property Portfolio | 12 Months Ended |
Dec. 31, 2020 | |
Property Portfolio | |
Property Portfolio | Note 3 – Property Portfolio Summary of Properties Acquired During the Year Ended December 31, 2020 During the year ended December 31, 2020 the Company completed 18 acquisitions. For each acquisition, substantially all of the fair value was concentrated in a single identifiable asset or group of similar identifiable assets and, therefore, each acquisition represents an asset acquisition. Accordingly, transaction costs for these acquisitions were capitalized. A rollforward of the gross investment in land, building, improvements, and acquired lease intangible assets as of December 31, 2020 resulting from these acquisitions is as follows: Site Tenant Acquired Lease Gross Investment in Land Building Improvements Improvements Intangible Assets Real Estate Balances as of December 31, 2019 $ 95,381 $ 693,533 $ 9,912 $ 33,909 $ 72,794 $ 905,529 Facility Acquired – Date Acquired: High Point – 2/13/20 1,749 20,367 440 869 1,656 25,081 Clinton – 2/27/20 664 6,551 342 1,578 2,484 11,619 West Allis – 3/4/20 974 7,687 137 98 461 9,357 Grand Rapids – 3/20/20 2,951 17,341 470 450 1,582 22,794 Dumfries – 4/27/20 2,597 10,047 289 4,815 4,292 22,040 Centerville – 7/16/20 — 4,202 160 208 501 5,071 Fairfax – 7/17/20 6,731 6,642 381 2,979 3,012 19,745 Rosedale – 7/31/20 2,856 16,204 567 1,443 2,821 23,891 Lancaster – 9/18/20 696 4,269 110 116 1,114 6,305 Winston-Salem – 9/30/20 1,524 6,407 254 307 748 9,240 Decatur and Jackson – 10/20/20 2,237 7,140 284 296 955 10,912 Sheboygan and Plymouth – 10/27/20 1,088 11,212 253 225 1,046 13,824 Spring Hill and Hudson – 11/18/20 3,473 12,520 420 435 1,370 18,218 Cape Girardeau – 11/23/20 1,150 4,601 73 264 1,262 7,350 Yuma – 12/1/20 1,041 4,715 309 274 640 6,979 Las Vegas – 12/14/20 311 6,813 — — — 7,124 Pensacola – 12/29/20 1,786 5,742 332 411 781 9,052 Venice – 12/30/20 1,648 4,204 247 333 543 6,975 Capitalized costs (1) — 1,230 203 194 172 1,799 Total Additions: 33,476 157,894 5,271 15,295 25,440 237,376 Balances as of December 31, 2020 $ 128,857 $ 851,427 $ 15,183 $ 49,204 $ 98,234 $ 1,142,905 (1) Represents capital projects that were completed and placed in service during the year ended December 31, 2020 related to the Company’s existing facilities. Depreciation expense was $26,747, $19,066, and $13,644 for the years ended December 31, 2020, 2019, and 2018, respectively. As of December 31, 2020, the Company had aggregate capital improvement commitments and obligations to improve, expand, and maintain the Company’s existing facilities of approximately $30,094. Many of these amounts are subject to contingencies that make it difficult to predict when they will be utilized, if at all. In accordance with the terms of the Company’s leases, capital improvement obligations in the next twelve months could total up to approximately $19,434. The following is a summary of the acquisitions completed during the year ended December 31, 2020. High Point Facility On February 13, 2020, the Company purchased a medical office building located in High Point, North Carolina (the “High Point Facility”) for a purchase price of approximately $25.1 million. Upon closing, the Company assumed the existing lease of the High Point Facility with Wake Forest Health Network, LLC, as tenant. At acquisition, the lease had approximately three years remaining in the current term, exclusive of a tenant renewal option. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Land and site improvements $ 2,189 Building and tenant improvements 21,236 In-place leases 1,207 Leasing costs 449 Total purchase price $ 25,081 Clinton Facility On February 27, 2020, the Company purchased a medical office building located in Clinton, Iowa (the “Clinton Facility”) for a purchase price of approximately $11.6 million. Upon closing, the Company assumed the existing lease of the Clinton Facility with MercyOne Clinton Medical Center, as tenant. At acquisition, the lease had approximately four years remaining in the initial term, exclusive of a tenant renewal option. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Land and site improvements $ 1,006 Building and tenant improvements 8,129 In-place leases 2,115 Leasing costs 369 Total purchase price $ 11,619 West Allis Facility On March 4, 2020, the Company purchased a medical office building located in West Allis, Wisconsin (the “West Allis Facility”) for a purchase price of approximately Land and site improvements $ 1,111 Building and tenant improvements 7,785 In-place leases 263 Leasing costs 198 Below-market lease intangibles (264) Total purchase price $ 9,093 Grand Rapids Facilities On March 20, 2020, the Company purchased a four-building medical office portfolio located in the greater Grand Rapids, Michigan area (the “Grand Rapids Facilities”) for a total purchase price of approximately $22.7 million. Upon closing, the Company assumed 11 existing leases at the Grand Rapids Facilities (the “Grand Rapids Leases”). At acquisition, the Grand Rapids Leases had a weighted-average remaining term of five years, exclusive of tenant renewal options. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Land and site improvements $ 3,417 Building and tenant improvements 17,791 In-place leases 761 Above-market lease intangibles 685 Leasing costs 136 Below-market lease intangibles (125) Total purchase price $ 22,665 Dumfries Facility On April 27, 2020, the Company purchased a medical office building located in Dumfries, Virginia (the “Dumfries Facility”) for a purchase price of approximately $19.6 million. Upon closing, the Company assumed the existing lease of the Dumfries Facility with Spectrum Healthcare Resources, Inc., as tenant. At acquisition, the lease had approximately nine and a half years Land and site improvements $ 2,886 Building and tenant improvements 14,862 In-place leases 3,255 Leasing costs 1,037 Below-market lease intangibles (2,419) Total purchase price $ 19,621 In connection with this acquisition, the Company assumed an existing $12.1 million commercial mortgage-backed securities (“CMBS”) loan with an interest rate of 4.68% and a term of four years. Centerville Facility On July 16, 2020, the Company purchased a medical office building located in Centerville, Iowa (the “Centerville Facility”) and the seller’s interest, as ground lessee, in an existing ground lease, for a purchase price of approximately $5.1 million. The ground lease has a remaining term of approximately 49 years. Upon closing, the Company assumed the existing lease of the Centerville Facility with Mercy Medical Center-Centerville One St. Joseph Drive, as tenant. At acquisition, the lease had approximately 10.5 years remaining in the initial term, exclusive of renewal options. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Land and site improvements $ 160 Building and tenant improvements 4,410 In-place leases 216 Leasing costs 285 Total purchase price $ 5,071 Fairfax Facility Land and site improvements $ 7,112 Building and tenant improvements 9,621 In-place leases 2,314 Leasing costs 698 Below-market lease intangibles (1,866) Total purchase price $ 17,879 Rosedale Facilities Land and site improvements $ 3,423 Building and tenant improvements 17,647 In-place leases 1,063 Leasing costs 892 Above-market lease intangibles 866 Below-market lease intangibles (785) Total purchase price $ 23,106 In connection with this acquisition, the Company entered into a loan with FVCbank in the amount of $14.8 million with an annual interest rate of 3.85% and a term of five years. Lancaster Facility On September 18, 2020, the Company purchased a medical office building located in Lancaster, Texas (the “Lancaster Facility”) for a purchase price of approximately $6.3 million. Upon closing, the Company assumed the existing lease at the Lancaster Facility with Biomat USA, Inc., as tenant. At acquisition, the lease had approximately eight and a half years Land and site improvements $ 806 Building and tenant improvements 4,385 In-place leases 244 Leasing costs 283 Above-market lease intangibles 587 Total purchase price $ 6,305 Winston-Salem Facility On September 30, 2020, the Company purchased a medical office building located in Winston-Salem, North Carolina (the “Winston-Salem Facility”) for a total purchase price of approximately $8.5 million. Upon closing, the Company assumed five existing leases at the Winston-Salem Facility (the “Winston-Salem Leases”). At acquisition, the Winston-Salem Leases had a weighted-average remaining term of approximately four years, exclusive of renewal options. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Land and site improvements $ 1,778 Building and tenant improvements 6,714 In-place leases 581 Leasing costs 167 Below-market lease intangibles (725) Total purchase price $ 8,515 Decatur and Jackson Facilities Land and site improvements $ 2,521 Building and tenant improvements 7,436 In-place leases 556 Leasing costs 264 Above-market lease intangibles 135 Below-market lease intangibles (27) Total purchase price $ 10,885 Sheboygan and Plymouth Facilities Land and site improvements $ 1,341 Building and tenant improvements 11,437 In-place leases 756 Leasing costs 290 Total purchase price $ 13,824 Spring Hill and Hudson Facilities LLC, as tenant. At acquisition, each lease had approximately eight years left in initial term, exclusive of renewal options. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Land and site improvements $ 3,893 Building and tenant improvements 12,955 In-place leases 831 Leasing costs 539 Total purchase price $ 18,218 Cape Girardeau Facility On November 23, 2020, Land and site improvements $ 1,223 Building and tenant improvements 4,865 In-place leases 687 Leasing costs 188 Above-market lease intangibles 387 Total purchase price $ 7,350 Yuma Facilities On December 1, 2020, the Company purchased two medical office buildings located in Yuma, Arizona (the “Yuma Facilities”) for a total purchase price of $7.0 million. Upon closing, the Company assumed the two existing leases at the Yuma Facilities with Yuma Regional Medical Center, as tenant. At acquisition, the leases had a weighted-average remaining term of approximately four years , exclusive of a renewal option. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Land and site improvements $ 1,350 Building and tenant improvements 4,989 In-place leases 439 Leasing costs 136 Above-market lease intangibles 65 Total purchase price $ 6,979 Las Vegas Facilities Land and site improvements $ 311 Building and tenant improvements 6,813 Total purchase price $ 7,124 Pensacola Facilities Land and site improvements $ 2,118 Building and tenant improvements 6,153 In-place leases 456 Leasing costs 325 Total purchase price $ 9,052 Venice Facilities five and a half years Land and site improvements $ 1,895 Building and tenant improvements 4,537 In-place leases 387 Leasing costs 156 Total purchase price $ 6,975 Summary of Properties Acquired During the Year Ended December 31, 2019 During the year ended December 31, 2019 the Company completed 18 acquisitions. For each acquisition, substantially all of the fair value was concentrated in a single identifiable asset or group of similar identifiable assets and, therefore, each acquisition represents an asset acquisition. Accordingly, transaction costs for these acquisitions were capitalized. A rollforward of the gross investment in land, building, improvements, and acquired lease intangible assets as of December 31, 2019 resulting from these acquisitions is as follows: Site Tenant Acquired Lease Gross Investment in Land Building Improvements Improvements Intangible Assets Real Estate Balances as of December 31, 2018 $ 63,710 $ 518,451 $ 6,880 $ 15,357 $ 43,152 $ 647,550 Facility Acquired – Date Acquired: Zachary – 2/28/19 — 3,336 103 409 835 4,683 Gilbert and Chandler – 3/19/19 4,616 11,643 — — — 16,259 Las Vegas – 4/15/19 2,479 15,277 244 2,205 2,297 22,502 Oklahoma Northwest – 4/15/19 2,364 19,501 143 3,044 3,155 28,207 Mishawaka – 4/15/19 1,924 10,084 74 1,798 2,223 16,103 Surprise – 4/15/19 1,738 18,737 228 4,119 3,860 28,682 San Marcos – 7/12/19 2,322 6,934 126 404 2,188 11,974 Lansing – 8/1/19 1,202 7,681 185 667 1,633 11,368 Bannockburn – 8/5/19 763 3,566 132 1,134 1,382 6,977 Aurora – 8/6/19 1,521 7,446 308 603 2,679 12,557 Livonia – 8/14/19 980 7,629 201 442 1,340 10,592 Gilbert – 8/23/19 2,408 2,027 62 362 733 5,592 Morgantown – 9/26/19 883 5,286 373 506 902 7,950 Beaumont – 10/1/19 3,022 24,836 399 1,036 4,446 33,739 Bastrop – 10/25/19 1,975 8,436 64 276 1,314 12,065 Panama City – 10/31/19 1,559 8,682 220 1,036 1,479 12,976 Jacksonville – 11/15/19 1,023 7,846 — — — 8,869 Greenwood – 12/17/19 892 4,956 — — — 5,848 ASC Topic 842 Reclassification — — — — (824) (824) Capitalized costs (1) — 1,179 170 511 — 1,860 Total Additions: 31,671 175,082 3,032 18,552 29,642 257,979 Balances as of December 31, 2019 $ 95,381 $ 693,533 $ 9,912 $ 33,909 $ 72,794 $ 905,529 (1) Represents capital projects that were completed and placed in service during the year ended December 31, 2019 related to the Company’s existing facilities. The following is a summary of the acquisitions completed during the year ended December 31, 2019. Zachary Facility On February 28, 2019, the Company assumed the following leasehold interests in the real property located in Zachary, Louisiana for a purchase price of approximately $4.6 million: (i) the interest, as ground lessee, in an existing ground lease of the facility, with approximately 46 years remaining in the initial term with no extension options; and (ii) the interest, as landlord, in an existing lease of the facility with LTAC Hospital of Feliciana, LLC, as tenant. At acquisition, the lease had approximately 16 years remaining in the initial term, exclusive of tenant renewal options. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Land and site improvements $ 103 Building and tenant improvements 3,745 In-place leases 305 Above-market lease intangibles 117 Leasing costs 413 Below-market lease intangibles (34) Total purchase price $ 4,649 Gilbert and Chandler Facilities On March 19, 2019, the Company purchased the following facilities located in Gilbert, Arizona and Chandler, Arizona for a total purchase price of approximately $16.3 million: (i) two medical office buildings located in Gilbert, Arizona and (ii) two medical office suites located in Chandler, Arizona (collectively, the “Gilbert and Chandler Facilities”). Upon the closing of the acquisition, the Company assumed the seller’s interest, as lessor, in two existing leases and entered into three new leases, as lessor, at the Gilbert and Chandler Facilities. At acquisition, the Gilbert and Chandler leases had a weighted average remaining lease term of 10.5 years, exclusive of tenant renewal options. IRF Portfolio On April 15, 2019, the Company purchased four in-patient rehabilitation facilities located in Las Vegas, Nevada; Surprise, Arizona; Oklahoma City, Oklahoma; and Mishawaka, Indiana (collectively, the “IRF Portfolio”) for a total purchase price of approximately $94.6 million. Upon the closing of the acquisition, the Company assumed the sellers’ interest, as lessor, in four existing leases at the properties (collectively, the “IRF Portfolio Leases”) with (i) Encompass Health (Las Vegas, Nevada facility); (ii) a joint venture between Cobalt Rehabilitation and Tenet Healthcare (the Surprise, Arizona facility); (iii) a joint venture between Mercy Health and Kindred Healthcare (the Oklahoma City, Oklahoma facility); and (iv) St. Joseph’s Health System (the Mishawaka, Indiana facility). At acquisition, the IRF Portfolio leases had a weighted average remaining lease term of approximately 8.3 years, exclusive of tenant renewal options. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Oklahoma Las Vegas Surprise City Mishawaka Land and site improvements $ 2,723 $ 1,966 $ 2,507 $ 1,998 Building and tenant improvements 17,482 22,856 22,545 11,882 In-place leases 1,778 1,845 1,890 1,465 Above-market lease intangibles — 938 367 236 Leasing costs 519 1,077 898 522 Below-market lease intangibles (863) — — — Total purchase price $ 21,639 $ 28,682 $ 28,207 $ 16,103 San Marcos Facility On July 12, 2019, the Company purchased a medical office building located in San Marcos, California (the “San Marcos Facility”) for a purchase price of approximately $12.0 million. Upon closing, the Company assumed the existing lease of the San Marcos Facility with California Cancer Associates for Research and Excellence, Inc., as tenant. At acquisition, the lease had eight years remaining in the initial term, exclusive of tenant renewal options. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Land and site improvements $ 2,448 Building and tenant improvements 7,338 In-place leases 698 Above-market lease intangibles 1,101 Leasing costs 389 Total purchase price $ 11,974 Lansing Facilities On August 1, 2019, the Company purchased the following real property and buildings thereon located in Lansing, Michigan for a total purchase price of approximately $11.1 million: (i) 3390 East Jolly Road; (ii) 3955 Patient Care Drive; and (iii) 3400 East Jolly Road (collectively, the “Lansing Facilities”). Upon closing, the Company assumed sellers’ interest, as lessor, in four existing leases and entered into two new leases at the Lansing Facilities (the “Lansing Leases”). At acquisition, the Lansing Leases had a weighted-average remaining term of 8.5 years, exclusive of tenant renewal options. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Land and site improvements $ 1,387 Building and tenant improvements 8,348 In-place leases 953 Above-market lease intangibles 130 Leasing costs 550 Below-market lease intangibles (248) Total purchase price $ 11,120 Bannockburn Facility On August 5, 2019, the Company purchased an office building located in Bannockburn, Illinois (the “Bannockburn Facility”) for a purchase price of approximately $6.8 million. Upon closing, the Company assumed seller’s interest, as lessor, in 14 existing leases at the Bannockburn Facility (the “Bannockburn Leases”). At acquisition, the Bannockburn Leases had a weighted-average remaining term of 6.3 years, exclusive of tenant renewal options. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Land and site improvements $ 895 Building and tenant improvements 4,700 In-place leases 796 Above-market lease intangibles 250 Leasing costs 336 Below-market lease intangibles (144) Total purchase price $ 6,833 Aurora Facility On August 6, 2019, the Company purchased a medical office building located in Aurora, Illinois (the “Aurora Facility”) for a purchase price of approximately $12.6 million. Upon closing, the Company assumed the existing lease of the Aurora Facility with Dreyer Clinic Inc., as tenant (the “Dreyer Lease”). At acquisition, the Dreyer Lease had approximately six years remaining in the initial term, exclusive of tenant renewal options. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Land and site improvements $ 1,829 Building and tenant improvements 8,049 In-place leases 1,417 Above-market lease intangibles 861 Leasing costs 401 Total purchase price $ 12,557 Livonia Facility On August 14, 2019, the Company purchased a medical office building located in Livonia, Michigan (the “Livonia Facility”) for a purchase price of approximately $10.4 million. Upon closing, the Company assumed 10 existing leases at the Livonia Facility (the “Livonia Leases”). At acquisition, the Livonia Leases had a weighted-average remaining term of 3.2 years, exclusive of tenant renewal options. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Land and site improvements $ 1,181 Building and tenant improvements 8,071 In-place leases 1,252 Above-market lease intangibles 53 Leasing costs 35 Below-market lease intangibles (236) Total purchase price $ 10,356 Gilbert Facility On August 23, 2019, the Company purchased certain condominium units within two medical office buildings located in Gilbert, Arizona (the “Gilbert Facility”) for a total purchase price of approximately $5.6 million. Upon closing, the Company leased the Gilbert Facility to Covenant Surgical Partners, Inc., a Delaware corporation (the “Covenant Lease”). At acquisition, the Covenant Lease had approximately 10 years remaining in the initial term, exclusive of tenant renewal options. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Land and site improvements $ 2,470 Building and tenant improvements 2,389 In-place leases 121 Above-market lease intangibles 300 Leasing costs 312 Total purchase price $ 5,592 Morgantown Facility On September 26, 2019, the Company purchased a parcel of land and an office building that is being constructed thereon located in Morgantown, West Virginia (the “Morgantown Facility”) for a total purchase price of approximately $8.0 million. Upon closing, the Company assumed the existing lease of the Morgantown Facility with Urgent Care MSO, LLC, as tenant (the “Urgent Care Lease”). At acquisition, the Urgent Care Lease had approximately ten years remaining in the initial term, exclusive of tenant renewal options. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Land and site improvements $ 1,256 Building and tenant improvements 5,792 In-place leases 457 Leasing costs 445 Total purchase price $ 7,950 Beaumont Facility On October 1, 2019, the Company purchased a medical office building located in Beaumont, Texas (the “Beaumont Facility”) for a total purchase price of approximately $33.7 million. Upon closing, the Company assumed the existing lease of the Beaumont Facility with The Medical Center of Southeast Texas, LP, as tenant (the “Medical Center Lease”). At acquisition, the Medical Center Lease had 10 years remaining in the initial term, exclusive of tenant renewal options. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Land and site improvements $ 3,421 Building and tenant improvements 25,872 In-place leases 3,304 Leasing costs 1,142 Total purchase price $ 33,739 Bastrop Facility On October 25, 2019, the Company purchased a medical emergency center located in Bastrop, Texas (the “Bastrop Facility”) for a total purchase price of approximately $12.1 million. Upon closing, the Company assumed the existing lease of the Bastrop Facility with St. David’s Healthcare Partnership, L.P., LLP, as tenant (the “St. David’s Lease”). At acquisition, the St. David’s Lease had approximately five years remaining in the initial term, exclusive of tenant renewal options. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Land and site improvements $ 2,039 Building and tenant improvements 8,712 In-place leases 990 Leasing costs 324 Total purchase price $ 12,065 Panama City Facilities On October 31, 2019, the Company purchased: (i) a medical office building located in Panama City, Florida (the “Panama City Facility”); (ii) a medical office building located in Panama City Beach, Florida (the “PCB Facility”); and (iii) a medical office building located in Chipley, Florida (the “Chipley Facility”) for a total purchase price of approximately $13.0 million. Upon closing, the Company assumed the existing leases with SCP Eye Care Services, LLC, as tenant (the “SCP Leases”), at the Panama City Facility, the PCB Facility and the Chipley Facility. At acquisition, the SCP Leases had approximately 15 years remaining in the initial term, exclusive of tenant renewal options. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Land and site improvements $ 1,779 Building and tenant improvements 9,718 In-place leases 405 Leasing costs 1,074 Total purchase price $ 12,976 Jacksonville Facilities On November 15, 2019, the Company purchased a condominium unit located in Ponte Vedra, Florida (the “Ponte Vedra Facility”) and a medical office building located in Jacksonville, Florida (the “Riverside Facility”) for a total purchase price of approximately $8.9 million. Upon closing, the Company entered into new leases of the Ponte Vedra Facility and the Riverside Facility to Southeast Orthopedic Specialists, Inc., as tenant, with each lease having an initial term of 15 years, exclusive of tenant renewal options. The following table presents the details of the tangible assets acquired: Land and site improvements $ 1,023 Building and tenant improvements 7,846 Total purchase price $ 8,869 Greenwood Facility On December 17, 2019, the Company purchased a medical office building located in Greenwood, Indiana (the “Greenwood Facility”) for a purchase price of approximately $5.8 million. Upon closing, the Company assumed the existing leases of the Greenwood Facility with (i) Indiana Eye Clinic, LLC, as tenant, (ii) Glasshouse Optical, Inc., as tenant, and (iii) The Ambulatory Surgery Center at the Indiana Eye Clinic, LLC, as tenant. At acquisition, each lease had approximately 13 years remaining in the initial terms, exclusive of tenant renewal options. The following table presents the details of the tangible assets acquired: Land and site improvements $ 892 Building and tenant improvements 4,956 Total purchase price $ 5,848 Lease Intangible Assets and Liabilities The following is a summary of the carrying amount of lease intangible assets and liabilities as of December 31, 2020 and 2019: As of December 31, 2020 Accumulated Cost Amortization Net Assets In-place leases $ 55,561 $ (14,592) $ 40,969 Above market leases 14,972 (4,023) 10,949 Leasing costs 27,701 (6,284) 21,417 $ 98,234 $ (24,899) $ 73,335 Liability Below market leases $ 10,072 $ (1,850) $ 8,222 As of December 31, 2019 Accumulated Cost Amortization Net Assets In-place leases $ 39,429 $ (7,851) $ 31,578 Above market leases 12,246 (2,366) 9,880 Leasing costs 21,119 (3,458) 17,661 $ 72,794 $ (13,675) $ 59,119 Liability Below market leases $ 3,861 $ (697) $ 3,164 The following is a summary of the acquired lease intangible amortization: Year Ended December 31, 2020 2019 2018 Amortization expense related to in-place leases $ 6,741 $ 3,814 $ 2,460 Amortization expense related to leasing costs $ 2,826 $ 1,755 $ 1,165 Decrease in rental revenue related to above market ground leases $ — $ — $ 22 Decrease in rental revenue related to above market leases $ 1,657 $ 1,270 $ 876 Increase in rental revenue related to below market leases $ (1,153) $ (389) $ (210) Future aggregate net amortization of the acquired lease intangible assets and liabilities as of December 31, 2020, is as follows: Net Decrease Net Increase in Revenue in Expenses 2021 $ (194) $ 11,010 2022 (211) 10,587 2023 (246) 9,626 2024 (49) 8,290 2025 (463) 5,472 Thereafter (1,564) 17,401 Total $ (2,727) $ 62,386 For the year ended December 31, 2020, the weighted average amortization period for asset lease intangibles and liability lease intangibles are 5.29 years and 4.82 years, respectively. |
Credit Facility, Notes Payable
Credit Facility, Notes Payable and Derivative Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Credit Facility, Notes Payable and Derivative Instruments | |
Credit Facility, Notes Payable and Derivative Instruments | Note 4 – Credit Facility, Notes Payable and Derivative Instruments Credit Facility The Company, the Operating Partnership, as borrower, and certain of its subsidiaries (such subsidiaries, the “Subsidiary Guarantors”) are parties to a $600 million syndicated credit facility with BMO Harris Bank N.A. (“BMO”), as administrative agent (the “Credit Facility”). The Credit Facility consists of a $350 million term-loan component (the “Term Loan”) and a $250 million revolver component (the “Revolver”). The Credit Facility also contains a $50 million accordion. The term of the Revolver expires in August 2022 August 2023 The Subsidiary Guarantors and the Company are guarantors of the obligations under the Credit Facility. The amount available to borrow from time to time under the Credit Facility is limited according to a quarterly borrowing base valuation of certain properties owned by the Subsidiary Guarantors. The Operating Partnership is subject to a number of financial covenants under its Credit Facility, including, among other things, (i) a maximum consolidated leverage ratio as of the end of each fiscal quarter of less than 0.60:1.00, (ii) a minimum fixed charge coverage ratio of 1.50:1.00, (iii) a minimum net worth of $203.8 million plus 75% of all net proceeds raised through equity offerings subsequent to March 31, 2018, (iv) a ratio of total secured recourse debt to total asset value of not greater than 0.10:1.00, and, (v) beginning at the end of the fourth quarter of 2020, a quarterly requirement that the Company’s distributions to common stockholders and OP Unit and LTIP Unit holders be limited to an amount equal to 95% of its AFFO. As of December 31, 2020, the Company complied with all of the financial and non-financial covenants contained in the Credit Facility. The Company has entered into interest rate swaps to hedge its interest rate risk on the Term Loan. For additional information related to the interest rate swaps, see the “Derivative Instruments - Interest Rate Swaps” section herein. During the year ended December 31, 2020, the Company borrowed $238,400 under the Credit Facility and repaid $64,550, for a net amount borrowed of $173,850. During the year ended December 31, 2019, the Company borrowed $244,250 under the Credit Facility and repaid $173,175, for a net amount borrowed of $71,075. Interest expense incurred on the Credit Facility was $14,669, $14,237, and $11,371 for the years ended December 31, 2020, 2019, and 2018, respectively. As of December 2020 and 2019, the Company had the following outstanding borrowings under the Credit Facility: December 31, 2020 December 31, 2019 Revolver $ 175,200 $ 51,350 Term Loan 350,000 300,000 Less: Unamortized debt issuance costs (3,559) (3,832) Credit Facility, net $ 521,641 $ 347,518 Costs incurred related to the Credit Facility, net of accumulated amortization, are netted against the Company’s “Credit Facility, net of unamortized debt issuance costs” balance in the accompanying Consolidated Balance Sheets. The Company paid $952 and $1,039 during the years ended December 31, 2020 and 2019, respectively, related to modifications to the Credit Facility and borrowing base additions. Amortization expense incurred was $1,225, $1,129, and $1,639 for the years ended December 31, 2020, 2019, and 2018, respectively, and is included in the “Interest Expense” line item in the accompanying Consolidated Statements of Operations. In July 2017, the Financial Conduct Authority (the “FCA”), which regulates LIBOR, announced its intention to stop compelling banks to submit rates for the calculation of LIBOR after 2021. As a result, the Federal Reserve Board and the Federal Reserve Bank of New York organized the Alternative Reference Rates Committee (the “ARRC”), which identified the Secured Overnight Financing Rate (the “SOFR”) as its preferred alternative to USD-LIBOR in derivatives and other financial contracts. The Credit Facility provides that, on or about the LIBOR cessation date (subject to an early opt-in election), LIBOR shall be replaced as a benchmark rate in the Credit Facility with a new benchmark rate to be agreed upon by the Company and BMO, with such adjustments to cause the new benchmark rate to be economically equivalent to LIBOR. The Company is not able to predict when LIBOR will cease to be available or when there will be sufficient liquidity in the SOFR markets. The Company has interest rate swap agreements that are indexed to LIBOR and is monitoring and evaluating the related risks. These risks arise in connection with transitioning contracts to a new alternative rate, including any resulting value transfer that may occur. The value of loans, securities, or derivative instruments tied to LIBOR could also be impacted if LIBOR is limited or discontinued. For some instruments, the method of transitioning to an alternative rate may be challenging, as they may require negotiation with the respective counterparty. If a contract is not transitioned to an alternative rate and LIBOR is discontinued, the impact on our interest rate swap agreements is likely to vary by agreement. If LIBOR is discontinued or if the methods of calculating LIBOR change from their current form, interest rates on our current or future indebtedness may be adversely affected. While the Company expects LIBOR to be available in substantially its current form until the end of 2021, it is possible that LIBOR will become unavailable prior to that point. This could result, for example, if sufficient banks decline to make submissions to the LIBOR administrator. In that case, the risks associated with the transition to an alternative reference rate will be accelerated and potentially magnified. Notes Payable, Net of Debt Issuance Costs The Company’s notes payable, net, includes four loans: (1) the Rosedale Loan, (2) the Dumfries Loan, (3) the Cantor Loan, and (4) the West Mifflin Loan, described in detail below. The following table sets forth the balances of these loans as of December 31, 2020 and 2019. December 31, 2020 December 31, 2019 Notes payable, gross $ 66,349 $ 39,475 Less: Unamortized debt issuance costs (835) (667) Cumulative principal repayments (577) (158) Notes payable, net $ 64,937 $ 38,650 The Company paid $342 in debt issuance and related costs during the year ended December 31, 2020. No debt issuance and related costs were paid during the year ended December 31, 2019. Amortization expense incurred related to the debt issuance costs was $174, $132, and $131, for the years ended December 31, 2020, 2019, and 2018, respectively, and is included in the “Interest Expense” line item in the accompanying Consolidated Statements of Operations. Rosedale Loan On July 31, 2020, in connection with its acquisition of the Rosedale Facilities, the Company, through certain of its wholly owned subsidiaries, as borrowers, entered into a commercial term loan with a principal balance of $14,800 (“the Rosedale Loan”). The Rosedale Loan has an annual interest rate of 3.85% and matures on July 31, 2025 with principal and interest payable monthly based on a 25-year The Company made principal payments of $109 during the year ended December 31, 2020. The loan balance as of December 31, 2020 was $14,691. Interest expense incurred on this loan was $249 for the year ended December 31, 2020. As of December 31, 2020, scheduled principal payments due for each year ended December 31 were as follows: 2021 $ 361 2022 376 2023 391 2024 405 2025 13,158 Total $ 14,691 Dumfries Loan On April 27, 2020, in connection with its acquisition of the Dumfries Facility, the Company, through a wholly owned subsidiary, assumed a CMBS loan with a principal amount of $12,074 (“the Dumfries Loan”). The Dumfries Loan has an annual interest rate of 4.68% and matures on June 1, 2024 with principal and interest payable monthly based on a ten-year amortization schedule. The Company, at its option, may prepay the loan, subject to a prepayment premium. The Company made principal payments of $175 during the year ended December 31, 2020. The note balance as of December 31, 2020 was $11,899. Interest expense incurred on this note was $383 for year ended December 31, 2020. As of December 31, 2020, scheduled principal payments due for each year ended December 31 were as follows: 2021 $ 275 2022 288 2023 302 2024 11,034 Total $ 11,899 Cantor Loan On March 31, 2016, through certain of its wholly owned subsidiaries (the “GMR Loan Subsidiaries”), the Company entered into a $32,097 CMBS loan (the “Cantor Loan”). The Cantor Loan has a maturity date of April 6, 2026 and an annual interest rate of 5.22%. The Cantor Loan requires interest-only payments through March 31, 2021 and thereafter principal and interest based on a 30-year The note balance as of December 31, 2020 and 2019 was $32,097. Interest expense incurred on this note was $1,703, $1,699, and $1,699 for the years ended December 31, 2020, 2019, and 2018, respectively. As of December 31, 2020, scheduled principal payments due for each fiscal year ended December 31 are as follows: 2021 $ 282 2022 447 2023 471 2024 492 2025 523 Thereafter 29,882 Total $ 32,097 West Mifflin Loan On September 25, 2015, the Company, through a wholly owned subsidiary, as borrower, entered into a $7,378 term loan with Capital One. On September 25, 2020, the Company and Capital One amended the terms of the loan to extend the maturity date to September 25, 2021 and increase the interest rate to 4.25% per annum. The West Mifflin facility serves as collateral for the loan. The Company made principal payments of $293, and $136 during the years ended December 31, 2020 and 2019. The note balance as of December 31, 2020 and 2019 was $7,085 and $7,220, respectively. Interest expense incurred on this note was $277, $274, and $280 for the years ended December 31, 2020, 2019, and 2018, respectively. Derivative Instruments - Interest Rate Swaps As of December 31, 2020, the Company had the following six interest rate swaps that are used to manage its interest rate risk and fix the LIBOR component of certain of its floating rate debt on a weighted average basis at 1.91%: Counterparty Notional Amount Fixed LIBOR Rate Maturity Wells Fargo Bank, N.A. $ 0.16% August 2023 BMO 100 million 2.88% August 2023 BMO 1.21% August 2024 Truist Bank 1.21% August 2024 Truist Bank 2.93% August 2024 Citizens Bank, National Association 2.93% August 2024 Total/Weighted Average $ 350 million 1.91% In accordance with the provisions of ASC Topic 815, the Company records the swaps either as an asset or a liability measured at its fair value at each reporting period. When hedge accounting is applied, the change in the fair value of derivatives designated and that qualify as cash flow hedges is (i) recorded in accumulated other comprehensive loss in the equity section of the Company’s Consolidated Balance Sheets and (ii) subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transactions affect earnings. If specific hedge accounting criteria are not met, changes in the Company’s derivative instruments’ fair value are recognized currently as an adjustment to net income. The Company’s interest rate swaps are not traded on an exchange. The Company’s interest rate swaps are recorded at fair value based on a variety of observable inputs including contractual terms, interest rate curves, yield curves, measure of volatility, and correlations of such inputs. The Company measures its derivatives at fair value on a recurring basis based on the expected size of future cash flows on a discounted basis and incorporating a measure of non-performance risk. The fair values are based on Level 2 inputs within the framework of ASC Topic 820, “Fair Value Measurement.” The Company considers its own credit risk, as well as the credit risk of its counterparties, when evaluating the fair value of its derivative instruments. The fair value of the Company’s interest rate swaps was a net liability of $18,086 and $6,491 as of December 31, 2020 and 2019, respectively. The gross balances are included in the “Derivative Asset’ and “Derivative Liability” line items on the Company’s Consolidated Balance Sheets as of December 31, 2020 and 2019, respectively. The table below details the components of the loss presented on the accompanying Consolidated Statements of Comprehensive (Loss) Income recognized on the Company’s interest rate swap agreements designated as cash flow hedges for the years ended December 31, 2020, 2019, and 2018. Years Ended December 31, 2020 2019 2018 Amount of loss recognized in other comprehensive loss $ 16,451 $ 3,922 $ 3,919 Amount of loss reclassified from accumulated other comprehensive loss into interest expense (4,906) (969) (198) Total change in accumulated other comprehensive loss $ 11,545 $ 2,953 $ 3,721 During 2021, the Company estimates that an additional $6,211 will be reclassified as an increase to interest expense. Additionally, during the years ended December 31, 2020, 2019, and 2018, the Company recorded total interest expense in its Consolidated Statements of Operations of $18,680, $17,472, and $14,975, respectively. Weighted-Average Interest Rate and Term The weighted average interest rate and term of the Company’s debt was 3.17% and 2.79 years, respectively, at December 31, 2020, compared to 3.90% and 3.76 years, respectively, as of December 31, 2019. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity | |
Equity | Note 5 –Equity Preferred Stock The Company’s charter authorizes the issuance of 10,000 shares of preferred stock, par value $0.001 per share. As of December 31, 2020 and 2019, there were 3,105 shares of Series A Cumulative Redeemable Preferred Stock (“Series A Preferred Stock”), issued and outstanding. The Series A Preferred Stock has a liquidation preference of $25 per share. Preferred stock dividend activity for the years ended December 31, 2020 and 2019 is summarized in the following table: Applicable Quarterly Dividends Date Announced Record Date Quarter Payment Date Dividend per Share December 13, 2018 January 15, 2019 Q4 2018 January 31, 2019 $ 1,455 $ 0.46875 March 6, 2019 April 15, 2019 Q1 2019 April 30, 2019 $ 1,455 $ 0.46875 June 14, 2019 July 15, 2019 Q2 2019 July 31, 2019 $ 1,455 $ 0.46875 September 13, 2019 October 15, 2018 Q3 2019 October 31, 2019 $ 1,455 $ 0.46875 December 13, 2019 January 15, 2020 Q4 2019 January 31, 2020 $ 1,455 $ 0.46875 March 4, 2020 April 15, 2020 Q1 2020 April 30, 2020 $ 1,455 $ 0.46875 June 12, 2020 July 15, 2020 Q2 2020 July 31, 2020 $ 1,455 $ 0.46875 September 3, 2020 October 15, 2020 Q3 2020 October 31, 2020 $ 1,455 $ 0.46875 December 16, 2020 January 15, 2021 Q4 2020 February 1, 2021 $ 1,455 (1) $ 0.46875 (1) Two months of this amount, equal to $970 , was accrued at December 31, 2020. The holders of the Series A Preferred Stock are entitled to receive dividend payments only when, as and if declared by the Board (or a duly authorized committee of the Board). Dividends will accrue or be payable in cash from the original issue date, on a cumulative basis, quarterly in arrears on each dividend payment date at a fixed rate per annum equal to 7.50% of the liquidation preference of $25 per share (equivalent to $1.875 per share on an annual basis). Dividends on the Series A Preferred Stock will be cumulative and will accrue whether or not (i) funds are legally available for the payment of those dividends, (ii) the Company has earnings or (iii) those dividends are declared by the Board. The quarterly dividend payment dates on the Series A Preferred Stock are January 31, April 30, July 31 and October 31 of each year, which commenced on October 31, 2017. During each of the years ended December 31, 2020 and 2019, the Company paid preferred dividends of $5,822. Common Stock The Company has 500,000 of authorized shares of common stock, $0.001 par value. As of December 31, 2020 and 2019, there were 49,461 and 43,806 outstanding shares of common stock, respectively. Common stock dividend activity for the years ended December 31, 2020 and 2019 is summarized in the following table: Applicable Dividend Dividends Date Announced Record Date Quarter Payment Date Amount (1) per Share December 13, 2018 December 26, 2018 Q4 2018 January 10, 2019 $ 5,695 $ 0.20 March 6, 2019 March 26, 2019 Q1 2019 April 10, 2019 $ 7,688 $ 0.20 June 14, 2019 June 26, 2019 Q2 2019 July 11, 2019 $ 7,699 $ 0.20 September 13, 2019 September 25, 2019 Q3 2019 October 10, 2019 $ 8,004 $ 0.20 December 13, 2019 December 26, 2019 Q4 2019 January 9, 2020 $ 9,541 $ 0.20 March 4, 2020 March 25, 2020 Q1 2020 April 9, 2020 $ 9,610 $ 0.20 June 12, 2020 June 25, 2020 Q2 2020 July 9, 2020 $ 9,861 $ 0.20 September 3, 2020 September 24, 2020 Q3 2020 October 8, 2020 $ 10,357 $ 0.20 December 16, 2020 December 28, 2020 Q4 2020 January 11, 2021 $ 10,573 $ 0.20 (1) Includes dividends on granted LTIP Units and OP Units issued to third parties. During the year ended December 31, 2020, the Company paid total dividends on its common stock, LTIP Units, and OP Units in the amount of $39,944, consisting of the dividends declared for the fourth quarter of 2019 through the third quarter of 2020. Additionally. during the year ended December 31, 2019, the Company paid total dividends on its common stock, LTIP Units, and OP Units in the amount of $29,171, consisting of the dividends declared for the fourth quarter of 2018 through the third quarter of 2019. As of December 31, 2020 and 2019, the Company had an accrued dividend balance of $927 and $580 for dividends payable on the aggregate annual and long-term LTIP Units that are subject to retroactive receipt of dividends on the amount of LTIP Units ultimately earned. During the year ended December 31, 2020, $922 of dividends were accrued and $575 of dividends were paid related to these units. During the year ended December 31, 2019, $349 of dividends were accrued and $85 of dividends were paid related to these LTIP Units. The amount of the dividends paid to the Company’s stockholders is determined by the Company’s Board and is dependent on a number of factors, including funds available for payment of dividends, the Company’s financial condition and capital expenditure requirements except that, in accordance with the Company’s organizational documents and Maryland law, the Company may not make dividend distributions that would: (i) cause it to be unable to pay its debts as they become due in the usual course of business; (ii) cause its total assets to be less than the sum of its total liabilities plus senior liquidation preferences; or (iii) jeopardize its ability to maintain its qualification as a REIT. Other Common Stock Activity During 2020 On August 17, 2020, the Company and the Operating Partnership entered into a Sales Agreement with certain sales agents, pursuant to which the Company may offer and sell, from time to time, up to $150,000 of its common stock (the “ATM Program”). During the year ended December 31, 2020, the Company issued 4,248 shares of its common stock at an average offering price of $12.84 per share pursuant to the ATM Program, generating net proceeds of $53,717. Other Common Stock Activity During 2019 On December 13, 2019, the Company closed an underwritten public offering of its common stock and on December 26, 2019 the Company closed on the related over-allotment option granted to the underwriters. These transactions resulted in the issuance of 6,900 shares of the Company’s common stock at a public offering price of $13.00 per share, generating net proceeds of $84,702. On March 18, 2019, the Company closed an underwritten public offering of its common stock and on March 25, 2019, the Company closed on part of the related over-allotment option granted to the underwriters. These transactions resulted in the issuance of 8,233 shares of the Company’s common stock at a public offering price of $9.75 per share, generating net proceeds of $75,723. In August 2017, the Company, the Former Advisor, and the Operating Partnership entered into a Sales Agreement (the “2017 ATM Program”) with a number of financial institutions, pursuant to which the Company could offer and sell, from time to time, up to $50 million of its common stock, inclusive of any amounts sold under its prior sales agreement. During the year ended December 31, 2019, the Company issued 2,632 shares of its common stock at an average offering price of $11.24 per share pursuant to the 2017 ATM Program, generating net proceeds of $29,073. OP Units During year ended December 31, 2020, four OP Unit holders redeemed an aggregate of 1,379 OP Units for shares of the Company’s common stock with an aggregate redemption value of $17,882. During the year ended December 31, 2019, the Company issued an aggregate of 49 OP Units with a value of $506 in connection with a facility acquisition and two OP Unit holders redeemed an aggregate of 51 OP Units for shares of the Company’s common stock with an aggregate redemption value of $519. As of December 31, 2020 and December 31, 2019, there were 1,764 and 3,143 OP Units issued and outstanding, respectively, with an aggregate value of $9,999 and $27,881, respectively. The OP Unit value at issuance and redemption is based on the Company’s closing share price on the date of the respective transaction and is included as a component of noncontrolling interest equity in the Company’s Consolidated Balance Sheets as of December 31, 2020 and 2019. The Company has sufficient shares of common stock authorized pursuant to its charter to cover the redemption of outstanding OP Units. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions | |
Related Party Transactions | Note 6 – Related Party Transactions Management Agreement On July 9, 2020, we completed the Internalization. Prior to the Internalization, the Company was subject to a management agreement dated July 1, 2016, by and between the Company and the Former Advisor (the “Management Agreement”), the material terms of which are summarized below: Base Management Fee The Company paid its Former Advisor a base management fee in an amount equal to 1.5% of its stockholders’ equity (as defined in the Management Agreement) per annum, calculated quarterly for the most recently completed fiscal quarter and payable in quarterly installments in arrears in cash. Incentive Fee The Management Agreement also provided for an incentive fee payable to the Former Advisor based on a percentage (20%) of the amount the Company’s AFFO (as defined in the Management Agreement) exceeded a specified return on equity hurdle rate (8%). As of December 31, 2020, the Company had not incurred or paid an incentive fee. Management Fees and Accrued Management Fees For the years ended December 31, 2020 (prior to the Internalization), 2019, and 2018, management fees of $4,024, $6,266, and $4,422, respectively, were incurred and expensed by the Company. As a result of the Internalization, there were no accrued management fees due to the Former Advisor as of December 31, 2020. Accrued management fees due to the Former Advisor were $1,727 as of December 31, 2019. No incentive management fee was incurred by the Company during the years ended December 31, 2020, 2019, and 2018. Related Party Balances A rollforward of the due from related parties and due to related party balance, net, as of December 31, 2020 is as follows: Due From Related Parties Due to Related Party, Net Other Funds for Management Funds due Due to Various Fees due to from Related Purposes Former Advisor Former Advisor Party, net Balance as of January 1, 2020 $ 50 $ (1,727) 79 $ (1,648) Management fee expense incurred — (4,024) — (4,024) Management fees paid to Former Advisor — 5,751 — 5,751 Loans to Former Advisor — — (79) (79) Loan to related parties 53 — — — Balance as of December 31, 2020 $ 103 $ — — $ — A rollforward of the due from related parties and due to related party balance, net, as of December 31, 2019 is as follows: Due From Related Parties Due to Related Party, Net Other Funds for Management Funds due Due to Various Fees due to from Related Purposes Former Advisor Former Advisor Party, net Balance as of January 1, 2019 $ 61 $ (1,143) 52 $ (1,091) Management fee expense incurred — (6,266) — (6,266) Management fees paid to Former Advisor — 5,682 — 5,682 Loans to Former Advisor — — 27 27 Loan repayments from related parties (11) — — — Balance as of December 31, 2019 $ 50 $ (1,727) 79 $ (1,648) |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Stock-Based Compensation | |
Stock-Based Compensation | Note 7 – Stock-Based Compensation 2016 Equity Incentive Plan The 2016 Equity Incentive Plan, as amended (the “Plan”), is intended to assist the Company and its affiliates in recruiting and retaining employees, members of the Board, executive officers of the Company, and individuals who provide services to the Company and its affiliates. The Plan is intended to permit the grant of both qualifying and non-qualified options and the grant of stock appreciation rights, restricted stock, unrestricted stock, awards of restricted stock units, performance awards and other equity-based awards (including LTIP Units). Based on the grants outstanding as of December 31, 2020, there are 521 shares of common stock that remain available to be granted under the Plan. Units subject to awards under the Plan that are forfeited, cancelled, lapsed, settled in cash or otherwise expired (excluding shares withheld to satisfy exercise prices or tax withholding obligations) are available for grant. Time-Based Grants During the year ended December 31, 2020, pursuant to the recommendation of the Compensation Committee of the Board (the “Compensation Committee”), the Board approved the following LTIP Unit activity: Number of Date Description Units Issued Vesting Dates March 3, 2020 Final awards under the 2017 Long-Term Incentive Plan 155 50% on March 3, 2020; and 50% on March 3, 2021 March 3, 2020 Final awards under the 2019 Annual Incentive Plan 147 50% on March 3, 2020; and 50% on March 3, 2021 March 3, 2020 Time-based awards under the 2020 Long-Term Incentive Plan 43 33.33% on March 3, 2021; 33.33% on March 3, 2022; and 33.33% on March 3, 2023 May 12, 2020 (1) Final awards under the 2017 Long-Term Incentive Plan 14 50% on May 12, 2020; and 50% on May 12, 2021 July 9, 2020 Retention grants issued to executives in connection with 402 25% on July 9, 2021; the Internalization 25% on July 9, 2022; 25% on July 9, 2023; and 25% on July 9, 2024 July 24, 2020 Retention grants issued to non-executives in connection with 108 25% on July 24, 2021; the Internalization 25% on July 24, 2022; 25% on July 24, 2023; and 25% on July 24, 2024 August 23, 2020 (1) Final awards under the 2017 Long-Term Incentive Plan 21 50% on August 23, 2020; and 50% on August 23, 2021 September 2, 2020 Annual award to directors 19 100% on September 2, 2021 (1) Each of Mr. Barber and Mr. Kiernan received awards under the 2017 Long-Term Incentive Plan on the third anniversary of his hiring date, which was May 8, 2017 and August 23, 2017, respectively. A detail of the Company’s outstanding time based LTIP Units as of December 31, 2020 is as follows: Vested units 818 Unvested units 821 LTIP Units outstanding as of December 31, 2020 1,639 Performance Based Awards The Board has approved annual performance-based LTIP awards (“Annual Awards”) and long-term performance-based LTIP awards (“Long-Term Awards”) to the executive officers and other employees of the Company. As described below, the Annual Awards have one-year performance periods and the Long-Term Awards have three-year performance periods. In addition to meeting specified performance metrics, vesting in both the Annual Awards and the Long-Term Awards is subject to service requirements. A detail of the Company’s Long-Term Awards under the 2018, 2019 and 2020 programs, and the Annual Awards and Long-Term Awards under the 2020 program as of December 31, 2020 is as follows: 2018 Long-Term Awards 110 2019 Long-Term Awards 82 2020 Annual Awards (1) 196 2020 Long-Term Awards (2) 70 Total target performance awards as of December 31, 2020 458 (1) (2) Approved by the Board on March 3, 2020. The number of target LTIP Units was based on the fair value of the Long-Term Awards as determined by an independent valuation consultant. Annual Awards The Compensation Committee and Board established performance goals for the year ended December 31, 2020, as set forth in the 2020 LTIP Annual Award Agreements (the “Performance Goals”) that will be used to determine the number of LTIP Units earned by each grantee. As of December 31, 2020, management estimated that the Performance Goals would be met at a 135% level and, accordingly, estimated that 135% of the 2020 program target Annual Awards were expected to be earned at the end of the performance period. Cumulative stock-based compensation expense during the year ended December 31, 2020 reflects management’s estimate that 135% of these awards will be earned. As soon as reasonably practicable following the first anniversary of the Annual Awards grant date, the Compensation Committee and Board will determine the extent to which the Company has achieved each of the Performance Goals (expressed as a percentage) and, based on such determination, will calculate the number of LTIP Units that each grantee is entitled to receive. Each grantee may earn up to 150% of the number of his/her target LTIP Units. Any 2020 Annual Award LTIP Units that are not earned will be forfeited and cancelled. Vesting. Distributions. Long-Term Awards. Vesting. Distributions. Stock-Based Compensation Expense Under the provisions of ASU 2018-07, the Company’s prospective compensation expense for all unvested LTIP Units, Annual Awards, and Long-Term Awards is recognized using the adoption date fair value of the awards, with no remeasurement required. Compensation expense for future LTIP Unit grants, Annual Awards, and Long-Term Awards is based on the grant date fair value of the units/awards, with no subsequent remeasurement required. As the Long-Term Awards involve market-based performance conditions, the Company utilizes a Monte Carlo simulation to provide a grant date fair value for expense recognition. The Monte Carlo simulation is a generally accepted statistical technique used, in this instance, to simulate a range of possible future stock prices for the Company and the members of the SNL Healthcare REIT Index (the “Index”) over the Performance Periods. The purpose of this modeling is to use a probabilistic approach for estimating the fair value of the performance share award for purposes of accounting under ASC Topic 718. The assumptions used in the Monte Carlo simulation include beginning average stock price, valuation date stock price, expected volatilities, correlation coefficients, risk-free rate of interest, and expected dividend yield. The beginning average stock price is the beginning average stock price for the Company and each member of the Index for the five trading days leading up to the grant date of the Long-Term Award. The valuation date stock price is the closing stock price of the Company and each of the peer companies in the Index on the grant dates of the Long-Term Awards. The expected volatilities are modeled using the historical volatilities for the Company and the members of the Index. The correlation coefficients are calculated using the same data as the historical volatilities. The risk-free rate of interest is taken from the U.S. Treasury website and relates to the expected life of the remaining performance period on valuation or revaluation. Lastly, the dividend yield assumption is 0.0%, which is mathematically equivalent to reinvesting dividends in the issuing entity, which is part of the Company’s award agreement assumptions. Below are details regarding certain of the assumptions for the Long-Term Awards using Monte Carlo simulations: 2020 Long-Term 2019 Long-Term 2018 Long-Term 2017 Long-Term Awards Awards Awards Awards Fair value $ 13.47 $ 10.07 $ 8.86 $ 8.86 Target awards 70 82 110 96 Volatility 28.75 % 31.7 % 33.8 % 33.8% - 35.4% Risk-free rate 0.72 % 2.5 % 2.6 % 2.4% - 2.6% Dividend assumption reinvested reinvested reinvested reinvested Expected term in years 3 3 2.7 1.7 – 2.7 The Company incurred stock compensation expense of $5,319 $3,336, and $2,671, for the years ended December 31, 2020, 2019, and 2018, respectively, related to the grants awarded under the Plan. Compensation expense is included within “General and Administrative” expense in the Company’s Consolidated Statements of Operations. As of December 31, 2020, total unamortized compensation expense related to these awards of approximately $7.1 million is expected to be recognized over a weighted average remaining period of 2.0 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases | |
Leases | Note 8 – Leases The Company operates as both a lessor and a lessee. As a lessor, the Company is required under ASC Topic 842 to account for leases using an approach that is substantially similar to ASC Topic 840’s guidance for operating leases and other leases such as sales-type leases and direct financing leases. In addition, ASC Topic 842 requires lessors to capitalize and amortize only incremental direct leasing costs. As a lessee, the Company is required under the new standard to apply a dual approach, classifying leases, such as ground leases, as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase. This classification determines whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. ASC Topic 842 also requires lessees to record a right of use asset and a lease liability for all leases with an initial term of greater than a year regardless of their classification. The Company has also elected the practical expedient not to recognize right of use assets and lease liabilities for leases with a term of a year or less. Information as Lessor Under ASC Topic 842 To generate positive cash flow, as a lessor, the Company leases its facilities to tenants in exchange for fixed monthly payments that cover rent, property taxes, insurance and certain cost recoveries, primarily common area maintenance (“CAM”). The Company’s leases were determined to be operating leases and have a portfolio-average-lease-years remaining of approximately 10 years. Payments from the Company’s tenants for CAM are considered nonlease components that are separated from lease components and are generally accounted for in accordance with the revenue recognition standard. However, the Company qualified for and elected the practical expedient related to combining the components because the lease component is classified as an operating lease and the timing and pattern of transfer of CAM income, which is not the predominant component, is the same as the lease component, for all asset classes. As such, consideration for CAM is accounted for as part of the overall consideration in the lease. Payments from customers for property taxes and insurance are considered non-components of the lease and therefore no consideration is allocated to them because they do not transfer a good or service to the customer. Fixed contractual payments from the Company’s leases are recognized on a straight-line basis over the terms of the respective leases. This means that, with respect to a particular lease, actual amounts billed in accordance with the lease during any given period may be higher or lower than the amount of rental revenue recognized for the period. Straight-line rental revenue is commenced when the tenant assumes control of the leased premises. Accrued straight-line rents receivable represents the amount by which straight-line rental revenue exceeds rents currently billed in accordance with lease agreements. Some of the Company’s leases are subject to annual changes in the Consumer Price Index (“CPI”). Although increases in CPI are not estimated as part of the Company’s measurement of straight-line rental revenue, for leases with base rent increases based on CPI, the amount of rent revenue recognized is adjusted in the period the changes in CPI are measured and effective. Additionally, some of the Company’s leases have extension options. Initial direct costs, primarily commissions, related to the leasing of our facilities are capitalized when material as incurred. Capitalized leasing costs are amortized on a straight-line basis over the remaining useful life of the respective leases. All other costs to negotiate or arrange a lease are expensed as incurred. Lease-related receivables, which include accounts receivable and accrued straight-line rents receivable, are reduced for credit losses, if applicable. To date the Company’s receivables have not had any credit losses. Such amounts would be recognized as a reduction to rental and other revenues. The Company regularly evaluates the collectability of its lease-related receivables. The Company’s evaluation of collectability primarily consists of reviewing past due account balances and considering such factors as the credit quality of our tenant, historical trends of the tenant and changes in tenant payment terms. If the Company’s assumptions regarding the collectability of lease-related receivables prove incorrect, the Company could experience credit losses in excess of what was recognized in rental and other revenues. The Company recognized $93,518 and $70,515 of rental revenue related to operating lease payments for the years ended December 31, 2020 and 2019, respectively. Of these amounts $4,924 and $5,341, respectively, relate to variable rental revenue. The aggregate annual cash to be received by the Company on the noncancelable operating leases related to its portfolio as of December 31, 2020 is as follows for the subsequent years ended December 31: 2021 $ 89,910 2022 89,977 2023 87,484 2024 80,554 2025 69,384 Thereafter 377,990 Total $ 795,299 Information as Lessee Under ASC Topic 842 The Company has six buildings located on land that is subject to operating ground leases with a weighted average remaining term of approximately 41 years. Rental payments on these leases are adjusted periodically based on either the CPI or on a pre-determined schedule. The monthly payments on a pre-determined schedule are recognized on a straight-line basis over the terms of the respective leases. Changes in the CPI are not estimated as part of our measurement of straight-line rental expense. The Company used a weighted average discount rate of approximately 7.5%, which was derived, using a portfolio approach, from our assessment of the credit quality of the Company and adjusted to reflect secured borrowing, estimated yield curves and long-term spread adjustments over appropriate tenors. Some of the Company’s ground leases contain extension options and, where we determined it was reasonably certain that an extension would occur, they were included in our calculation of the right of use asset and liability. The Company recognized approximately $140 and $107 of ground lease expense, of which $116 and $107 was paid in cash, during the years ended December 31, 2020 and 2019, respectively. The following table sets forth the undiscounted cash flows of our scheduled obligations for future lease payments on operating ground leases at December 31, 2020 and a reconciliation 2021 $ 390 2022 409 2023 174 2024 129 2025 129 Thereafter 4,498 Total 5,729 Discount (2,772) Lease liability $ 2,957 |
Rent Concentration
Rent Concentration | 12 Months Ended |
Dec. 31, 2020 | |
Rent Concentration | |
Rent Concentration | Note 9 – Rent Concentration The Company’s facilities with a concentration of rental revenue of 5% or greater is as follows for the years ended December 31, below: 2020 2019 2018 Facility % Facility % Facility % Encompass (1) 8 % Encompass (1) 10 % Encompass (1) 11 % Belpre 6 Belpre 8 OCOM 9 OCOM 5 OCOM 7 Belpre 8 All other facilities 81 Austin 5 Austin 7 Total 100 % Sherman 5 Sherman 6 All other facilities 65 Dallas 5 Total 100 % Great Bend 5 All other facilities 49 Total 100 % (1) Four facilities and four locations. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies | |
Commitments and Contingencies | Note 10 – Commitments and Contingencies Litigation The Company is not presently subject to any material litigation nor, to its knowledge, is any material litigation threatened against the Company, which if determined unfavorably to the Company, would have a material adverse effect on the Company’s financial position, results of operations, or cash flows. Environmental Matters The Company follows a policy of monitoring its properties for the presence of hazardous or toxic substances. While there can be no assurance that a material environmental liability does not exist at its properties, the Company is not currently aware of any environmental liability with respect to its properties that would have a material effect on its financial position, results of operations, or cash flows. Additionally, the Company is not aware of any material environmental liability or any unasserted claim or assessment with respect to an environmental liability that management believes would require additional disclosure or the recording of a loss contingency. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events | |
Subsequent Events | Note 11 – Subsequent Events Dividends |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2020 | |
Selected Quarterly Financial Data | |
Selected Quarterly Financial Data | Note 12 – Selected Quarterly Financial Data (Unaudited) The following unaudited quarterly data has been prepared on the basis of a December 31 year-end. As a result of acquisition activity and equity offerings throughout 2020 and 2019, the quarterly periods presented are not comparable quarter over quarter. The amounts below represent the Company’s actual quarterly results. Additionally, the total for the year may differ from the sum of the quarters due to rounding. Year Ended December 31, 2020 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 21,649 $ 22,055 $ 25,097 $ 24,930 Total expenses 18,832 20,383 34,677 22,338 Net income (loss) 2,817 1,672 (9,580) 2,592 Less: Preferred stock dividends (1,455) (1,455) (1,455) (1,455) Less: Net (income) loss attributable to noncontrolling interest (107) (13) 767 (74) Net income (loss) attributable to common stockholders $ 1,255 $ 204 $ (10,268) $ 1,063 Net income (loss) attributable to common stockholders per share – basic and diluted $ 0.03 $ 0.00 $ (0.22) $ 0.02 Weighted average shares outstanding – basic and diluted 44,182 45,404 46,908 48,496 Year Ended December 31, 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 15,200 $ 16,880 $ 18,195 $ 20,452 Total expenses 13,157 14,418 15,887 17,677 Net income 2,043 2,462 2,308 2,775 Less: Preferred stock dividends (1,455) (1,455) (1,455) (1,455) Less: Net income attributable to noncontrolling interest (60) (103) (83) (108) Net income attributable to common stockholders $ 528 $ 904 $ 770 $ 1,212 Net income attributable to common stockholders per share – basic and diluted $ 0.02 $ 0.03 $ 0.02 $ 0.03 Weighted average shares outstanding – basic and diluted 27,380 34,559 35,512 37,876 |
SCHEDULE III-CONSOLIDATED REAL
SCHEDULE III-CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2020 | |
SCHEDULE III-CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION | |
SCHEDULE III-CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION | SCHEDULE III CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION (dollars and OP Units in thousands) Initial Costs Gross Value Life on Which Depreciation in Income Encumb Land & Building Land & Building Land & Building Total Acc Depr at Year Built Year Statement is Description rances Improv & Improv Improv & Improv Improv & Improv Assets 12.31.20 / Renov Acquired Computed Omaha (4) $ — $ 21,867 $ — $ — $ — $ 21,867 $ 21,867 $ 3,592 2008 2014 (1) Asheville (4) 572 1,934 — — 572 1,934 2,506 304 2002 2014 (1) Pittsburgh (5) 1,287 10,322 — — 1,287 10,322 11,609 1,360 2006 2015 (1) Memphis (6)(7 ) 2,705 17,451 — — 2,705 17,451 20,156 2,166 (9) 2015 (1) Plano (6) 1,050 16,696 — — 1,050 16,696 17,746 2,057 2013 2016 (1) Westland (6) 230 4,520 — — 230 4,520 4,750 537 2009 2016 (1) Melbourne (6) 1,200 14,250 — — 1,200 14,250 15,450 1,693 2012 2016 (1) Reading (4) 1,440 7,940 — — 1,440 7,940 9,380 884 1992/2002 2016 (1) East Orange (4) 2,150 10,112 — — 2,150 10,112 12,262 1,076 1996 2016 (1) Watertown (4) 1,100 8,002 45 98 1,145 8,100 9,245 870 2011/2015 2016 (1)(3) Sandusky (4)(7 ) 791 10,710 — — 791 10,710 11,501 1,212 (10) 2016/2017 (1) Carson City (4) 760 3,268 — — 760 3,268 4,028 341 1991 2016 (1) Ellijay (4) 914 3,337 — — 914 3,337 4,251 525 2015 2016 (1)(2)(3) Altoona (4) 1,184 18,505 — — 1,184 18,505 19,689 2,145 2000 2016 (1)(2)(3) Mechanicsburg (4) 810 21,451 — — 810 21,451 22,261 2,427 2011 2016 (1)(2)(3) Mesa (4) 3,620 16,265 — — 3,620 16,265 19,885 2,140 2011 2016 (1)(2)(3) Lewisburg (4) 681 6,114 — — 681 6,114 6,795 947 2006 2017 (1)(2)(3) Cape Coral (4) 353 7,017 — — 353 7,017 7,370 556 2007 2017 (1) Las Cruces (4) 397 4,618 40 32 437 4,650 5,087 520 2012 2017 (1) Prescott (4) 791 3,821 — — 791 3,821 4,612 297 2016 2017 (1) Clermont (4) 145 4,422 — — 145 4,422 4,567 408 2014 2017 (1)(2)(3) Oklahoma City (4) 2,953 38,724 — — 2,953 38,724 41,677 4,196 2002/2007 2017 (1)(2)(3) Brockport (4) 693 7,097 — — 693 7,097 7,790 844 2011 2017 (1)(2)(3) Flower Mound (4) 730 3,155 — — 730 3,155 3,885 376 2014 2017 (1)(2)(3) Sherman (4) 1,601 25,011 — 2,447 1,601 27,458 29,059 2,389 2009 2017 (1)(2) Lubbock (4) 1,566 5,725 — — 1,566 5,725 7,291 767 2004 2017 (1)(2)(3) Germantown (4) 3,050 8,385 — — 3,050 8,385 11,435 1,157 2002 2017 (1)(2)(3) Austin (4) 7,223 29,616 — — 7,223 29,616 36,839 2,505 2012 2017 (1)(2)(3) Fort Worth (4) 1,738 3,726 — — 1,738 3,726 5,464 410 2016 2017 (1)(2)(3) Albertville (4) 1,154 4,444 — — 1,154 4,444 5,598 725 2007 2017 (1)(2)(3) Moline (4) 854 9,237 — — 854 9,237 10,091 988 2004 2017 (1)(2)(3) Lee’s Summit (4) 571 2,929 — — 571 2,929 3,500 467 2007 2017 (1)(2)(3) Amarillo (4) 1,437 7,254 — — 1,437 7,254 8,691 495 2011 2017 (1) Wyomissing (4) 487 5,250 — — 487 5,250 5,737 350 2004 2017 (1) Saint George (4) 435 5,372 — 76 435 5,448 5,883 403 1997 2017 (1) Silvis (7) 249 5,862 — 561 249 6,423 6,672 790 1997/2006 2018 (1)(2)(3) Fremont (4) 162 8,335 — — 162 8,335 8,497 575 2018 2018 (1) Gainesville (4) 625 9,885 — 554 625 10,439 11,064 724 2002 2018 (1) East Dallas (4) 6,272 17,012 — — 6,272 17,012 23,284 1,606 1994 2018 (1) Orlando (4) 3,075 11,944 — — 3,075 11,944 15,019 1,059 2007/2008/ 2009 2018 (1)(2)(3) Belpre (4) 3,997 53,520 — — 3,997 53,520 57,517 3,956 2011/ 2013/ 2014/ 2017 2018 (1)(2)(3) McAllen (4) 1,099 4,296 — — 1,099 4,296 5,395 357 2000 2018 (1) Derby (4) 567 2,585 — 55 567 2,640 3,207 265 2005 2018 (1)(2)(3) Bountiful (4) 720 4,185 — 25 720 4,210 4,930 246 2004 2018 (1)(2) Cincinnat (4) 1,823 1,811 — — 1,823 1,811 3,634 284 2016 2018 (1)(2)(3) Melbourne Pine (4) 732 5,980 — 685 732 6,665 7,397 404 1993 2018 (1)(2)(3) Southern IL (4) 1,830 12,660 — — 1,830 12,660 14,490 769 (11) 2018 (1) Vernon (4) 1,166 9,929 — — 1,166 9,929 11,095 684 1993/1999 2018 (1) Corona (4) 1,601 14,689 — — 1,601 14,689 16,290 736 2009 2018 (1) Zachary (4) 103 3,745 — — 103 3,745 3,848 210 2015 2019 (1)(2)(3) Chandler (4) 4,616 11,643 — 31 4,616 11,674 16,290 626 2004/2007/ 2015 2019 (1) GMR Surprise (4) 1,966 22,856 3 — 1,969 22,856 24,825 1,346 2015 2019 (1)(2)(3) South Bend (4) 1,998 11,882 — — 1,998 11,882 13,880 1,060 2009 2019 (1)(2)(3) Las Vegas (4) 2,723 17,482 — — 2,723 17,482 20,205 1,378 2007 2019 (1)(2)(3) Oklahoma Northwest (4) 2,507 22,545 — — 2,507 22,545 25,052 1,389 2012 2019 (1)(2)(3) San Marcos (4) 2,448 7,338 — — 2,448 7,338 9,786 358 2009 2019 (1)(2)(3) Lansing Patient (4) 1,387 8,348 202 99 1,589 8,447 10,036 536 1997/2000/2002 2019 (1)(2)(3) Bannockburn (4) 895 4,700 84 268 979 4,968 5,947 530 1999 2019 (1)(2)(3) Aurora (4) 1,829 8,049 — — 1,829 8,049 9,878 460 2015 2019 (1)(2)(3) Livonia (4) 1,181 8,071 — 275 1,181 8,346 9,527 683 1995 2019 (1)(2)(3) Gilbert (4) 2,470 2,389 — — 2,470 2,389 4,859 142 2006 2019 (1)(2)(3) Morgantown (4) 1,256 5,792 — — 1,256 5,792 7,048 261 2019 2019 (1)(2)(3) Beaumont (4) 3,421 25,872 — — 3,421 25,872 29,293 902 2013 2019 (1)(2)(3) Bastrop -Freestanding ED (4) 2,039 8,712 — — 2,039 8,712 10,751 330 2012 2019 (1)(2)(3) Panama City (4) 1,779 9,718 — — 1,779 9,718 11,497 424 2008/2009/ 2019 2019 (1)(2)(3) Jacksonville (4) 1,023 7,846 — — 1,023 7,846 8,869 231 2003/2004 2019 (1) Greenwood (4) 892 4,956 — — 892 4,956 5,848 199 1986 2019 (1) Clinton (4) 1,006 8,129 — — 1,006 8,129 9,135 631 1964 2020 (1)(2)(3) High Point (4) 2,189 21,236 — — 2,189 21,236 23,425 709 2007 2020 (1)(2)(3) West Allis (4) 1,111 7,785 — — 1,111 7,785 8,896 198 1999 2020 (1)(2)(3) Grand Rapids (4) 3,421 17,810 — 27 3,421 17,837 21,258 570 1988/ 1992/ 2000/ 2006 2020 (1)(2)(3) Dumfries (13) 2,886 14,863 — — 2,886 14,863 17,749 941 2019 2020 (1)(2)(3) Centerville (4) 160 4,410 — — 160 4,410 4,570 54 2018 2020 (1)(2)(3) Fairfax (7) 7,112 9,621 — 431 7,112 10,052 17,164 246 2019 2020 (1)(2)(3) Rosedale (14) 3,423 17,646 — — 3,423 17,646 21,069 280 2014/2017 2020 (1)(2)(3) Lancaster (4) 805 4,385 — — 805 4,385 5,190 36 2009 2020 (1)(2)(3) Winston Salem (4) 1,778 6,714 — — 1,778 6,714 8,492 69 2009 2020 (1)(2)(3) Decatur (4) 1,626 2,706 — — 1,626 2,706 4,332 20 2010 2020 (1)(2)(3) Jackson (4) 895 4,730 — — 895 4,730 5,625 26 2009 2020 (1)(2)(3) Sheboygan (4) 583 6,223 — — 583 6,223 6,806 34 2005 2020 (1)(2)(3) Plymouth (4) 758 5,214 — — 758 5,214 5,972 26 2010 2020 (1)(2)(3) Spring Hill (4) 3,893 12,954 — — 3,893 12,954 16,847 41 2002/ 2013/ 2017/ 2019 2020 (1)(2)(3) Cape Girardeau (4) 1,223 4,865 — — 1,223 4,865 6,088 15 2002 2020 (1)(2)(3) Yuma (4) 1,349 4,989 — — 1,349 4,989 6,338 18 2013 2020 (1)(2)(3) Las Vegas- (4) 311 6,813 — — 311 6,813 7,124 — 2007/2015 2020 (1) Pensacola (8) 2,118 6,153 — — 2,118 6,153 8,271 — 1985/1997 2020 (1)(2)(3) Venice (8) 1,896 4,537 — — 1,896 4,537 6,433 — 2008 2020 (1)(2)(3) Totals $ 143,666 $ 894,967 $ 374 $ 5,664 $ 144,040 $ 900,631 $ 1,044,671 $ 69,563 The cost basis for income tax purposes of aggregate gross land, building, site improvements, and tenant improvements as of December 31, 2020 was $1,122 million. (1) Estimated remaining useful life for buildings is 19 (2) Estimated remaining useful life for tenant improvements is 1 (3) Estimated remaining useful life for site improvements is 1 (4) The facility serves as collateral for the Credit Facility, which had a balance of (5) The facility serves as collateral for the West Mifflin note, which had a balance of (6) The facility serves as collateral for the Cantor Loan, which had a balance of (7) One facility did not serve as collateral as of December 31, 2020. (8) Became collateral under the Credit Facility during the first quarter of 2021. (9) Years of: 2001, 1984, 2003, 2006, 2009, 2011. (10) Years of: 1953, 1982, 2000, 1998, 2017. (11) Years of: 2002, 2006, 2012, 2014, 2015, 2016. (12) During the year ended December 31, 2019, the Company issued (13) The facility serves as collateral for the Dumfries note, which had a balance of (14) The facility serves as collateral for the Rosedale note, which had a balance of Year Ended December 31, 2020 2019 2018 Real Estate Assets: Balance, beginning of period $ 832,735 $ 604,398 $ 439,857 Additions through acquisitions 211,936 228,337 189,178 Deductions — — (24,637) Balance, end of period $ 1,044,671 $ 832,735 $ 604,398 Accumulated Depreciation: Balance, beginning of period $ 42,828 $ 23,762 $ 11,253 Additions through expense 26,735 19,066 13,644 Deductions — — (1,135) Balance, end of period $ 69,563 $ 42,828 $ 23,762 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies | |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. The Company presents the portion of any equity it does not own but controls (and thus consolidates) as noncontrolling interest. Noncontrolling interest in the Company includes the LTIP Units that have been granted to directors, officers and affiliates of the Company and the OP Units held by third parties. Refer to Note 5 – “Equity” and Note 7 – “Stock-Based Compensation” for additional information regarding the OP Units and LTIP Units. The Company classifies noncontrolling interest as a component of consolidated equity on its Consolidated Balance Sheets, separate from the Company’s total equity. The Company’s net income or loss is allocated to noncontrolling interests based on the respective ownership or voting percentage in the Operating Partnership associated with such noncontrolling interests and is removed from consolidated income or loss on the Consolidated Statements of Operations in order to derive net income or loss attributable to common stockholders. The noncontrolling ownership percentage is calculated by dividing the aggregate number of LTIP Units and OP Units by the total number of units and shares outstanding. Any future issuances of additional LTIP Units or OP Units would change the noncontrolling ownership interest. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and footnotes. Actual results could differ from those estimates. |
Investment in Real Estate | Investment in Real Estate The Company determines when an acquisition meets the definition of a business or alternatively should be accounted for as an asset acquisition in accordance with Accounting Standard Codification ("ASC") Topic 805 "Business Combinations" ("ASC Topic 805"), which requires that, when substantially all of the fair value of an acquisition is concentrated in a single identifiable asset or a group of similar identifiable assets, the asset or group of similar identifiable assets does not meet the definition of a business and therefore is required to be accounted for as an asset acquisition. Transaction costs continue to be capitalized for asset acquisitions and expensed as incurred for business combinations. ASC Topic 805 resulted in all of our post-January 1, 2018 property acquisitions being accounted for as asset acquisitions because substantially all of the fair value of the gross assets the Company acquires are concentrated in a single asset or group of similar identifiable assets. For asset acquisitions that are “owner occupied” (meaning that the seller either is the tenant or controls the tenant), the purchase price, including capitalized acquisition costs, will be allocated to land and building based on their relative fair values with no value allocated to intangible assets or liabilities. For asset acquisitions where there is a lease in place but not “owner occupied,” the Company will allocate the purchase price to tangible assets and any intangible assets acquired or liabilities assumed based on their relative fair values. Fair value is determined based upon the guidance of ASC Topic 820, “Fair Value Measurements and Disclosures,” and generally are determined using Level 2 inputs, such as rent comparables, sales comparables, and broker indications. Although Level 3 Inputs are utilized, they are minor in comparison to the Level 2 data used for the primary assumptions. The determination of fair value involves the use of significant judgment and estimates. We make estimates to determine the fair value of the tangible and intangible assets acquired and liabilities assumed using information obtained from multiple sources, including pre-acquisition due diligence, and we routinely utilize the assistance of a third-party appraiser. Valuation of tangible assets: The fair value of land is determined using the sales comparison approach whereby recent comparable land sales and listings are gathered and summarized. The available market data is analyzed and compared to the land being valued and adjustments are made for dissimilar characteristics such as market conditions, size, and location. The Company estimates the fair value of buildings acquired on an as-if-vacant basis and depreciates the building value over its estimated remaining life. Fair value is primarily based on estimated cash flow projections that utilize discount and/or capitalization rates as well as available market information. The Company determines the fair value of site improvements (non-building improvements that include paving and other) using the cost approach, with a deduction for depreciation, and depreciates the site improvements over their estimated remaining useful lives. Tenant improvements represent fixed improvements to tenant spaces, the fair value of which is estimated using prevailing market tenant improvement allowances. Tenant improvements are amortized over the remaining term of the lease. Valuation of intangible assets: In determining the fair value of in-place leases (the avoided cost associated with existing in-place leases) management considers current market conditions and costs to execute similar leases in arriving at an estimate of the carrying costs during the expected lease-up period from vacant to existing occupancy. In estimating carrying costs, management includes reimbursable (based on market lease terms) real estate taxes, insurance, other operating expenses, as well as estimates of lost market rental revenue during the expected lease-up periods. The values assigned to in-place leases are amortized over the remaining term of the lease. The fair value of above-or-below market leases is estimated based on the present value (using an interest rate which reflected the risks associated with the leases acquired) of the difference between contractual amounts to be received pursuant to the leases and management’s estimate of market lease rates measured over a period equal to the estimated remaining term of the lease. An above market lease is classified as an intangible asset and a below market lease is classified as an intangible liability. The capitalized above-market or below-market lease intangibles are amortized as a reduction of, or an addition to, rental income over the estimated remaining term of the respective leases. Intangible assets related to leasing costs consist of leasing commissions and legal fees. Leasing commissions are estimated by multiplying the remaining contract rent associated with each lease by a market leasing commission. Legal fees represent legal costs associated with writing, reviewing, and sometimes negotiating various lease terms. Leasing costs are amortized over the remaining useful life of the respective leases. |
Revenue Recognition | Revenue Recognition The Company’s operations primarily consist of rental revenue earned from tenants under leasing arrangements which provide for minimum rent and escalations. The leases have been accounted for as operating leases. For operating leases with contingent rental escalators, revenue is recorded based on the contractual cash rental payments due during the period. Revenue from leases with fixed annual rental escalators are recognized on a straight-line basis over the initial lease term, subject to a collectability assessment, with the difference between the contractual rental receipts and the straight-line amounts recorded as a “deferred rent receivable.” Additionally, the Company recognizes “expense recoveries” revenue, which represents revenue recognized related to tenant reimbursement of real estate taxes, insurance, and certain other operating expenses (“tenant reimbursements”). The Company recognizes these reimbursements and related expenses on a gross basis in its Consolidated Statements of Operations. |
Assets Held for Sale | Assets Held for Sale The Company may sell properties from time to time for various reasons, including favorable market conditions. Assets, primarily consisting of real estate, are classified as held for sale when all the necessary criteria are met. The criteria include (i) management, having the authority to approve action, commits to a plan to sell the property in its present condition, (ii) the sale of the property is at a price reasonable in relation to its current fair value and (iii) the sale is probable and expected to be completed within one year. Real estate held for sale is carried at the lower of carrying amounts or estimated fair value less disposal costs. Depreciation and amortization are not recognized on real estate classified as held for sale. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company evaluates its real estate assets for impairment at each reporting date or whenever events or circumstances indicate that its carrying amount may not be recoverable. If an impairment indicator exists, the Company compares the expected future undiscounted cash flows against the carrying amount of the asset. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset, the Company would record an impairment loss for the difference between the estimated fair value and the carrying amount of the asset. |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash The Company considers all demand deposits, cashier’s checks, money market accounts, and certificates of deposit with an original maturity of three months or less to be cash equivalents. Amounts included in restricted cash represent (1) certain security deposits received from tenants at the inception of their leases; (2) cash required to be held by a third-party lender as a reserve for debt service; and (3) funds held by the Company that were received from certain tenants that the Company collected to pay specific tenant expenses, such as real estate taxes and insurance, on the tenant’s behalf ("tenant reimbursements"). The following table provides a reconciliation of the Company’s cash and cash equivalents and restricted cash that sums to the total of those amounts at the end of the periods presented on the Company’s accompanying Consolidated Statements of Cash Flows: As of December 31, 2020 2019 Cash and cash equivalents $ 5,507 $ 2,765 Restricted cash 5,246 4,420 Total cash and cash equivalents and restricted cash $ 10,753 $ 7,185 |
Tenant Receivables, Net | Tenant Receivables, Net The tenant receivable balance as of December 31, 2020 and 2019 was $5,596 and $4,957, respectively. The balance as of December 31, 2020 consisted of $1,817 in funds owed from the Company’s tenants for rent that the Company had earned but had not yet received, $1,200 of loans that were made to two of the Company’s tenants, and $2,579 of tenant reimbursements. The balance as of December 31, 2019 consisted of $1,428 in funds owed from the Company’s tenants for rent that the Company had earned but had not yet received, $1,062 of loans that were made to two of the Company’s tenants, $2,342 of tenant reimbursements, as well as $125 in miscellaneous receivables. The Company adopted the provisions of ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326)” (“ASU 2016-03”) effective January 1, 2020. Receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of these receivables should be accounted for in accordance with ASC Topic 842 “Leases” (“ASC Topic 842”). The adoption of ASU 2016-03 did not have a material impact on the Company’s consolidated financial statements or related disclosures. The Company assesses the likelihood of losses resulting from tenant defaults, or the inability of tenants to make contractual rent and tenant recovery payments at each reporting date. The Company also monitors the liquidity and creditworthiness of its tenants and operators on a continuous basis. If the likelihood of a tenant paying its lease payments is determined to no longer be probable, all tenant receivables, including deferred rent, are written off against revenue and any future revenue for that tenant is recognized only upon receipt of cash. In addition, as of December 31, 2020, a portfolio level reserve of $450 was established on those leases that were probable of collection to ensure that the tenant lease receivables were not overstated. |
Escrow Deposits | Escrow Deposits The escrow balance as of December 31, 2020 and 2019 was $4,817 and $3,417, respectively. Escrow deposits include funds held in escrow to be used for the acquisition of properties in the future and for the payment of taxes, insurance, and other amounts as stipulated by the Company’s Cantor Loan, as hereinafter defined. |
Deferred Assets | Deferred Assets The deferred assets balance as of December 31, 2020 and 2019 was $20,272 and $14,512, respectively. The balance as of December 31, 2020 consisted of $20,192 in deferred rent receivables resulting from the recognition of revenue from leases with fixed annual rental escalations on a straight-line basis and $80 of other deferred costs. The balance as of December 31, 2019 consisted of $14,204 in deferred rent receivables resulting from the recognition of revenue from leases with fixed annual rental escalations on a straight-line basis and $308 of other deferred costs. |
Other Assets | Other Assets The other assets balance as of December 31, 2020 and 2019 was $5,019 and $3,593, respectively. The balance as of December 31, 2020 consisted of $3,598 for right of use assets (refer to Note 8 – “Leases” for additional details), $484 in capitalized preacquisition costs, $588 in prepaid assets, and $349 for net capitalized software costs and miscellaneous assets. The balance as of December 31, 2019 consisted of $3,077 for a right of use asset, $223 in capitalized preacquisition costs, and $293 in a prepaid asset. |
Security Deposits and Other | Security Deposits and Other The security deposits and other liability balance as of December 31, 2020 and 2019 was $4,340 and $6,351, respectively. The balance as of December 31, 2020 consisted of security deposits. The balance as of December 31, 2019 consisted of security deposits of $4,968 and a tenant impound liability of $1,383 related to amounts owed for specific tenant expenses such as real estate taxes. |
Derivative Instruments - Interest Rate Swaps | Derivative Instruments - Interest Rate Swaps As of December 31, 2020 and 2019, the Company's net liability balance related to interest rate swap derivative instruments that were designated as cash flow hedges of interest rate risk was $18,086 and $6,491, respectively. In accordance with the Company’s risk management strategy, the purpose of the interest rate swaps is to manage interest rate risk for certain of the Company’s variable-rate debt. The interest rate swaps involve the Company’s receipt of variable-rate amounts from four counterparties in exchange for the Company making fixed-rate payments over the life of the agreement. The Company accounts for derivative instruments in accordance with the provisions of ASC Topic 815, “Derivatives and Hedging.” Refer to Note 4 – “Credit Facility, Notes Payable and Derivative Instruments” for additional details. |
Net Income (Loss) Attributable to Common Stockholders Per Share | Net (Loss) Income Attributable to Common Stockholders Per Share The Company uses the treasury stock method to compute diluted net income or loss attributable to common stockholders per share. Basic net income or loss per share of common stock is computed by dividing net income or loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net income or loss per share of common stock is computed by dividing net income or loss attributable to common stockholders by the sum of the weighted average number of shares of common stock outstanding plus any potential dilutive shares for the period. OP Units and LTIP Units are not reflected in the diluted per share calculation because the exchange of OP Units and LTIP Units into common stock is on a one-for-one basis, and both are allocated net income on a per share basis equal to the common stock. Accordingly, any exchange would not have any effect on diluted net income (loss) available to common stockholders per share. The Company considered the requirements of the two-class method when computing earnings per share and determined that there would be no difference in its reported results if that method was utilized. |
Debt Issuance Costs | Debt Issuance Costs Debt issuance costs include amounts paid to lenders and other third parties to obtain both fixed term and revolving debt and are amortized to interest expense on a straight-line basis over the term of the related debt. Refer to Note 4 – “Credit Facility, Notes Payable and Derivative Instruments” for additional details. |
Related Party Disclosures | Related Party Disclosures The Company enters into transactions with affiliated entities, or “related parties,” which are recorded as receivables or payables in the accompanying Consolidated Balance Sheets. Related party disclosures are governed by ASC Topic 850, “Related Party Disclosures.” Refer to Note 6 – “Related Party Transactions” for additional information regarding the Company’s related party transactions. |
Stock-Based Compensation | Stock-Based Compensation The Company grants LTIP Unit awards, including awards that vest over time and awards that vest based on achievement of specified performance criteria, to its employees and its independent directors. The Company accounts for all these awards under ASC Topic 718, "Compensation-Stock Compensation," ("ASC Topic 718") after the 2018 adoption of ASU 2018-07, "Improvements to Nonemployee Share-Based Payment Accounting" ("ASU 2018-07"), which simplified several aspects of the accounting for non-employee transactions by stipulating that the existing accounting guidance for share-based payments to employees, accounted for under ASC Topic 718 will also apply to non-employee share-based transactions, previously accounted for under ASC Topic 505, “Equity.” ("ASC Topic 505"). Refer to Note 7 – “Stock Based Compensation” for additional details. |
Depreciation Expense | Depreciation Expense Real estate and related assets are stated net of accumulated depreciation. Renovations, replacements and other expenditures that improve or extend the life of assets are capitalized and depreciated over their estimated useful lives. Expenditures for ordinary maintenance and repairs are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful life of the buildings, which are generally between 23 one three |
Management Internalization Expense | Management Internalization Expense As described in Note 1 – “Organization,” the Internalization transaction closed on July 9, 2020. The total amount of consideration for the Internalization, after a working capital adjustment, was $17,746. In accordance with ASC Topic 805, the portion of the consideration paid for the Internalization that was attributed to the settlement of a preexisting contractual relationship (the Management Agreement) of $12,094 was recognized as “Management Internalization Expense” in the accompanying Consolidated Statements of Operations for the year ended December 31, 2020 and the $5,903 of excess consideration paid over the fair value of underlying identifiable net liabilities of the business acquired of $251 was recorded as “Goodwill” in the accompanying Consolidated Balance Sheets. The Company also incurred $1,911 of expense related to the Internalization for the year ended December 31, 2020, which is also included in the “Management Internalization Expense” line item. The Company’s Consolidated Statement of Operations for the year ended December 31, 2020, includes no revenue and $3,458 of net loss related to the operations of the business acquired subsequent to its acquisition. The table below presents the unaudited revenue and net income attributable to common stockholders on a pro forma basis as if the transaction occurred on January 1, 2018. Pro forma net income attributable to common stockholders for the year ended December 31, 2020, excludes non-recurring expenses incurred related to the settlement of the preexisting contractual agreement of $12,094. The pro forma results are not necessarily indicative of the results that would have occurred if the business combination had occurred on the first day of the periods presented, nor does the pro forma information purport to represent the results of operations for future periods. Years Ended December 31, 2020 2019 2018 (unaudited, in thousands) Pro forma total revenue $ 93,730 $ 70,726 $ 53,192 Pro forma net income attributable to common stockholders $ 5,524 $ 4,500 $ 5,952 Goodwill Goodwill represents the excess of consideration paid over the fair value of underlying identifiable net assets of businesses acquired. During the year ended December 31, 2020, the Company recorded $5,903 of Goodwill related to the Internalization. Goodwill has an indefinite 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. The Company’s policy is to perform its annual goodwill impairment evaluation as of the first day of the fourth quarter of its fiscal year. The Company has one reporting unit. Goodwill is evaluated for impairment either under a qualitative assessment option or a quantitative approach depending on the facts and circumstances of the reporting unit, consideration of the excess of the reporting unit's fair value over its carrying amount in previous assessments and changes in business environment. When performing a qualitative assessment, the Company considers factors including, but not limited to, current macroeconomic conditions, industry and market conditions, cost factors, financial performance and other events relevant to the entity or the reporting unit to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If the Company determines that it is more likely than not that the reporting unit's fair value is less than its carrying amount, a quantitative goodwill impairment test is performed. When performing a quantitative goodwill impairment test, the reporting unit carrying value is compared to its fair value. Goodwill is deemed impaired if, and the impairment loss is recognized for the amount by which, the reporting unit carrying value exceeds its fair value. Estimating the fair value of a reporting unit requires the exercise of significant judgment and assumptions including judgments about expected future cash flows, weighted-average cost of capital, discount rates and expected long-term growth rates. A significant change to these estimates and assumptions could cause the estimated fair values of our reporting unit to decline and increase the risk of an impairment charge to earnings. We performed a qualitative analysis during the fourth quarter of the fiscal year and determined that it was more likely than not that the fair value of the reporting unit was in excess of the reporting units carrying value, and as a result, a quantitative step one analysis was not necessary. The following table summarizes the consideration paid, the fair value of the assets and liabilities assumed, and the resulting Goodwill balance: Total consideration paid $ 17,746 Internalization expense - settlement of a preexisting contractual relationship 12,094 Recognized amounts of identifiable assets acquired and liabilities assumed: Cash 559 Software intangible 263 Fixed assets 87 Prepaids and other assets 101 Accrued wages and expenses (883) Income tax liability (378) Total identifiable net liabilities (251) Goodwill $ 5,903 The amount attributable to the settlement of a preexisting contractual relationship was based on the fair value of the Management Agreement. The fair value was determined using the multi-period excess earnings method (“MPEEM”), a form of the income approach. The MPEEM is based on the principle that the value of an intangible asset is equal to the present value of the incremental after-tax cash flows attributable only to that asset. To quantify the cash flows attributable solely to the subject intangible asset, contributory asset charges are typically applied to account for the use of and/or required return on these assets. In applying the MPEEM, the earnings expected to be generated by the Management Agreement were forecasted over the estimated duration of the intangible asset. The earnings were then adjusted by taxes and the required return for the use of the contributory assets. The after-tax excess cash flows were then present valued, using discount rates and available market information, to estimate the fair value of the Management Agreement as of July 9, 2020. The Company utilized the assistance of a third-party specialist in the determination of the fair value of the Management Agreement. Cash paid for the acquisition of the Former Advisor, after consideration of the settlement of preexisting contractual relationship of $12,094 and net of cash acquired of $559 was $5,093 and is included as an “Investing” activity in the Company’s Consolidated Statement of Cash Flows for year ended December 31, 2020. |
Goodwill | Years Ended December 31, 2020 2019 2018 (unaudited, in thousands) Pro forma total revenue $ 93,730 $ 70,726 $ 53,192 Pro forma net income attributable to common stockholders $ 5,524 $ 4,500 $ 5,952 |
Income Taxes | Income Taxes The Company elected to be taxed as a REIT for U.S. federal income tax purposes commencing with its taxable year ended December 31, 2016. REITs are generally not subject to U.S. federal income taxes if the Company can meet many specific requirements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal and state income tax (including for 2017 and prior taxable years only, any applicable alternative minimum tax) on its taxable income at regular corporate tax rates, and the Company could not re-elect REIT status until the fifth calendar year after the year in which the failure occurred. Even if the Company continues to qualify as a REIT, it may be subject to certain state or local income taxes, and if the Company creates a TRS, the TRS will be subject to U.S. federal, state and local taxes on its income at regular corporate rates. The Company recognizes the tax effects of uncertain tax positions only if the position is more likely than not to be sustained upon audit, based on the technical merits of the position. The Company has not identified any material uncertain tax positions and recognizes interest and penalties in income tax expense, if applicable. The Company is currently not under examination by any income tax jurisdiction. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is a market-based measurement and should be determined based on the assumptions that market participants would use in pricing an asset or liability. In accordance with ASC Topic 820, the valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows: ● Level 1 - Inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets; ● Level 2 - Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and ● Level 3 - Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The Company considers the carrying values of cash and cash equivalents, escrow deposits, accounts and other receivables, and accounts payable and accrued expenses to approximate the fair value for these financial instruments because of the short period of time since origination or the short period of time between origination of the instruments and their expected realization. Due to the short-term nature of these instruments, Level 1 and Level 2 inputs are utilized to estimate the fair value of these financial instruments. The Company considers the carrying value of its debt to approximate fair value. The fair values determined related to the Company’s interest rate swap transactions utilize Level 2 inputs, since there is heavy reliance on a variety of inputs including contractual terms, interest rate curves, yield curves, measure of volatility, and correlations of such inputs. The fair values determined related to the Company’s acquisitions of real estate where the identification and recording of intangible assets and liabilities is required primarily utilize Level 2 inputs since there is heavy reliance on market observable data such as rent comparables, sales comparables, and broker indications. Although some Level 3 inputs are utilized, they are minor in comparison to the Level 2 date used for the primary assumptions as it relates to acquisitions of real estate. |
Segment Reporting | Segment Reporting ASC Topic 280, “Segment Reporting,” establishes standards for reporting financial and descriptive information about a public entity’s reportable segments. The Company has determined that it has one reportable segment, with activities related to investing in medical properties. The Company evaluates the operating performance of its investments on an individual asset level basis. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Lease Modifications In April 2020, the Financial Accounting Standards Board (“FASB”) staff issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. Under existing lease guidance, the Company would have to determine, on a lease-by-lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A allows the Company, if certain criteria have been met, to bypass the lease-by-lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. The Company has elected to apply such relief and will avail itself of the election to avoid performing a lease-by-lease analysis for the lease concessions that were (1) granted as relief due to the COVID-19 pandemic and (2) result in the cash flows remaining substantially the same or less. The Lease Modification Q&A has no material impact on the Company’s consolidated financial statements as of and for the year ended December 31, 2020. However, its future impact on the Company is dependent upon the extent of lease concessions granted to tenants as a result of the COVID-19 pandemic in future periods and the elections made by the Company at the time of entering such concessions. Reference Rate Reform During the year ended December 31, 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the year ended December 31, 2020, the Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. Goodwill Impairment In January 2017, the FASB issued ASU 2017-04, “Intangibles – Goodwill and Other (Topic350): Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”), to simplify and reduce the cost and complexity of the goodwill impairment test. The new guidance eliminates “Step 2” from the traditional two-step goodwill impairment test and redefines the concept of impairment from a measure of loss when comparing the implied fair value of goodwill to its carrying amount, to a measure comparing the fair value of a reporting unit with its carrying amount. The FASB also eliminated the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment or “Step 2” of the goodwill impairment test. The new guidance does not amend the optional qualitative assessment of goodwill impairment. The Company adopted ASU 2017-04 as of January 1, 2020. There was no material impact to the Company’s Financial Statements or disclosures as a result of adopting ASU 2017-04. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies | |
Schedule of cash and cash equivalents and restricted cash | As of December 31, 2020 2019 Cash and cash equivalents $ 5,507 $ 2,765 Restricted cash 5,246 4,420 Total cash and cash equivalents and restricted cash $ 10,753 $ 7,185 |
Summary of unaudited pro forma information | Years Ended December 31, 2020 2019 2018 (unaudited, in thousands) Pro forma total revenue $ 93,730 $ 70,726 $ 53,192 Pro forma net income attributable to common stockholders $ 5,524 $ 4,500 $ 5,952 |
Schedule of tangible and intangible assets | We performed a qualitative analysis during the fourth quarter of the fiscal year and determined that it was more likely than not that the fair value of the reporting unit was in excess of the reporting units carrying value, and as a result, a quantitative step one analysis was not necessary. The following table summarizes the consideration paid, the fair value of the assets and liabilities assumed, and the resulting Goodwill balance: Total consideration paid $ 17,746 Internalization expense - settlement of a preexisting contractual relationship 12,094 Recognized amounts of identifiable assets acquired and liabilities assumed: Cash 559 Software intangible 263 Fixed assets 87 Prepaids and other assets 101 Accrued wages and expenses (883) Income tax liability (378) Total identifiable net liabilities (251) Goodwill $ 5,903 |
Property Portfolio (Tables)
Property Portfolio (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Properties Acquired | A rollforward of the gross investment in land, building, improvements, and acquired lease intangible assets as of December 31, 2020 resulting from these acquisitions is as follows: Site Tenant Acquired Lease Gross Investment in Land Building Improvements Improvements Intangible Assets Real Estate Balances as of December 31, 2019 $ 95,381 $ 693,533 $ 9,912 $ 33,909 $ 72,794 $ 905,529 Facility Acquired – Date Acquired: High Point – 2/13/20 1,749 20,367 440 869 1,656 25,081 Clinton – 2/27/20 664 6,551 342 1,578 2,484 11,619 West Allis – 3/4/20 974 7,687 137 98 461 9,357 Grand Rapids – 3/20/20 2,951 17,341 470 450 1,582 22,794 Dumfries – 4/27/20 2,597 10,047 289 4,815 4,292 22,040 Centerville – 7/16/20 — 4,202 160 208 501 5,071 Fairfax – 7/17/20 6,731 6,642 381 2,979 3,012 19,745 Rosedale – 7/31/20 2,856 16,204 567 1,443 2,821 23,891 Lancaster – 9/18/20 696 4,269 110 116 1,114 6,305 Winston-Salem – 9/30/20 1,524 6,407 254 307 748 9,240 Decatur and Jackson – 10/20/20 2,237 7,140 284 296 955 10,912 Sheboygan and Plymouth – 10/27/20 1,088 11,212 253 225 1,046 13,824 Spring Hill and Hudson – 11/18/20 3,473 12,520 420 435 1,370 18,218 Cape Girardeau – 11/23/20 1,150 4,601 73 264 1,262 7,350 Yuma – 12/1/20 1,041 4,715 309 274 640 6,979 Las Vegas – 12/14/20 311 6,813 — — — 7,124 Pensacola – 12/29/20 1,786 5,742 332 411 781 9,052 Venice – 12/30/20 1,648 4,204 247 333 543 6,975 Capitalized costs (1) — 1,230 203 194 172 1,799 Total Additions: 33,476 157,894 5,271 15,295 25,440 237,376 Balances as of December 31, 2020 $ 128,857 $ 851,427 $ 15,183 $ 49,204 $ 98,234 $ 1,142,905 (1) Represents capital projects that were completed and placed in service during the year ended December 31, 2020 related to the Company’s existing facilities. A rollforward of the gross investment in land, building, improvements, and acquired lease intangible assets as of December 31, 2019 resulting from these acquisitions is as follows: Site Tenant Acquired Lease Gross Investment in Land Building Improvements Improvements Intangible Assets Real Estate Balances as of December 31, 2018 $ 63,710 $ 518,451 $ 6,880 $ 15,357 $ 43,152 $ 647,550 Facility Acquired – Date Acquired: Zachary – 2/28/19 — 3,336 103 409 835 4,683 Gilbert and Chandler – 3/19/19 4,616 11,643 — — — 16,259 Las Vegas – 4/15/19 2,479 15,277 244 2,205 2,297 22,502 Oklahoma Northwest – 4/15/19 2,364 19,501 143 3,044 3,155 28,207 Mishawaka – 4/15/19 1,924 10,084 74 1,798 2,223 16,103 Surprise – 4/15/19 1,738 18,737 228 4,119 3,860 28,682 San Marcos – 7/12/19 2,322 6,934 126 404 2,188 11,974 Lansing – 8/1/19 1,202 7,681 185 667 1,633 11,368 Bannockburn – 8/5/19 763 3,566 132 1,134 1,382 6,977 Aurora – 8/6/19 1,521 7,446 308 603 2,679 12,557 Livonia – 8/14/19 980 7,629 201 442 1,340 10,592 Gilbert – 8/23/19 2,408 2,027 62 362 733 5,592 Morgantown – 9/26/19 883 5,286 373 506 902 7,950 Beaumont – 10/1/19 3,022 24,836 399 1,036 4,446 33,739 Bastrop – 10/25/19 1,975 8,436 64 276 1,314 12,065 Panama City – 10/31/19 1,559 8,682 220 1,036 1,479 12,976 Jacksonville – 11/15/19 1,023 7,846 — — — 8,869 Greenwood – 12/17/19 892 4,956 — — — 5,848 ASC Topic 842 Reclassification — — — — (824) (824) Capitalized costs (1) — 1,179 170 511 — 1,860 Total Additions: 31,671 175,082 3,032 18,552 29,642 257,979 Balances as of December 31, 2019 $ 95,381 $ 693,533 $ 9,912 $ 33,909 $ 72,794 $ 905,529 (1) Represents capital projects that were completed and placed in service during the year ended December 31, 2019 related to the Company’s existing facilities. |
Schedule of tangible and intangible assets | We performed a qualitative analysis during the fourth quarter of the fiscal year and determined that it was more likely than not that the fair value of the reporting unit was in excess of the reporting units carrying value, and as a result, a quantitative step one analysis was not necessary. The following table summarizes the consideration paid, the fair value of the assets and liabilities assumed, and the resulting Goodwill balance: Total consideration paid $ 17,746 Internalization expense - settlement of a preexisting contractual relationship 12,094 Recognized amounts of identifiable assets acquired and liabilities assumed: Cash 559 Software intangible 263 Fixed assets 87 Prepaids and other assets 101 Accrued wages and expenses (883) Income tax liability (378) Total identifiable net liabilities (251) Goodwill $ 5,903 |
Summary of Carrying amount of intangible assets and liabilities | The following is a summary of the carrying amount of lease intangible assets and liabilities as of December 31, 2020 and 2019: As of December 31, 2020 Accumulated Cost Amortization Net Assets In-place leases $ 55,561 $ (14,592) $ 40,969 Above market leases 14,972 (4,023) 10,949 Leasing costs 27,701 (6,284) 21,417 $ 98,234 $ (24,899) $ 73,335 Liability Below market leases $ 10,072 $ (1,850) $ 8,222 As of December 31, 2019 Accumulated Cost Amortization Net Assets In-place leases $ 39,429 $ (7,851) $ 31,578 Above market leases 12,246 (2,366) 9,880 Leasing costs 21,119 (3,458) 17,661 $ 72,794 $ (13,675) $ 59,119 Liability Below market leases $ 3,861 $ (697) $ 3,164 |
Summary of the acquired lease intangible amortization | The following is a summary of the acquired lease intangible amortization: Year Ended December 31, 2020 2019 2018 Amortization expense related to in-place leases $ 6,741 $ 3,814 $ 2,460 Amortization expense related to leasing costs $ 2,826 $ 1,755 $ 1,165 Decrease in rental revenue related to above market ground leases $ — $ — $ 22 Decrease in rental revenue related to above market leases $ 1,657 $ 1,270 $ 876 Increase in rental revenue related to below market leases $ (1,153) $ (389) $ (210) |
Schedule of net amortization acquired lease intangible assets and liabilities | Future aggregate net amortization of the acquired lease intangible assets and liabilities as of December 31, 2020, is as follows: Net Decrease Net Increase in Revenue in Expenses 2021 $ (194) $ 11,010 2022 (211) 10,587 2023 (246) 9,626 2024 (49) 8,290 2025 (463) 5,472 Thereafter (1,564) 17,401 Total $ (2,727) $ 62,386 |
Summary of unaudited pro forma information | Years Ended December 31, 2020 2019 2018 (unaudited, in thousands) Pro forma total revenue $ 93,730 $ 70,726 $ 53,192 Pro forma net income attributable to common stockholders $ 5,524 $ 4,500 $ 5,952 |
High Point Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 2,189 Building and tenant improvements 21,236 In-place leases 1,207 Leasing costs 449 Total purchase price $ 25,081 |
Clinton Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 1,006 Building and tenant improvements 8,129 In-place leases 2,115 Leasing costs 369 Total purchase price $ 11,619 |
West Allis Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 1,111 Building and tenant improvements 7,785 In-place leases 263 Leasing costs 198 Below-market lease intangibles (264) Total purchase price $ 9,093 |
Grand Rapids Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 3,417 Building and tenant improvements 17,791 In-place leases 761 Above-market lease intangibles 685 Leasing costs 136 Below-market lease intangibles (125) Total purchase price $ 22,665 |
Dumfries Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 2,886 Building and tenant improvements 14,862 In-place leases 3,255 Leasing costs 1,037 Below-market lease intangibles (2,419) Total purchase price $ 19,621 |
Centerville Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 160 Building and tenant improvements 4,410 In-place leases 216 Leasing costs 285 Total purchase price $ 5,071 |
Fairfax Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 7,112 Building and tenant improvements 9,621 In-place leases 2,314 Leasing costs 698 Below-market lease intangibles (1,866) Total purchase price $ 17,879 |
Rosedale Facilities [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 3,423 Building and tenant improvements 17,647 In-place leases 1,063 Leasing costs 892 Above-market lease intangibles 866 Below-market lease intangibles (785) Total purchase price $ 23,106 |
Lancaster Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 806 Building and tenant improvements 4,385 In-place leases 244 Leasing costs 283 Above-market lease intangibles 587 Total purchase price $ 6,305 |
Winston-Salem Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 1,778 Building and tenant improvements 6,714 In-place leases 581 Leasing costs 167 Below-market lease intangibles (725) Total purchase price $ 8,515 |
Decatur and Jackson Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 2,521 Building and tenant improvements 7,436 In-place leases 556 Leasing costs 264 Above-market lease intangibles 135 Below-market lease intangibles (27) Total purchase price $ 10,885 |
Sheboygan and Plymouth Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 1,341 Building and tenant improvements 11,437 In-place leases 756 Leasing costs 290 Total purchase price $ 13,824 |
Spring Hill and Hudson Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 3,893 Building and tenant improvements 12,955 In-place leases 831 Leasing costs 539 Total purchase price $ 18,218 |
Cape Girardeau Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 1,223 Building and tenant improvements 4,865 In-place leases 687 Leasing costs 188 Above-market lease intangibles 387 Total purchase price $ 7,350 |
Yuma Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 1,350 Building and tenant improvements 4,989 In-place leases 439 Leasing costs 136 Above-market lease intangibles 65 Total purchase price $ 6,979 |
Las Vegas Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 311 Building and tenant improvements 6,813 Total purchase price $ 7,124 |
Pensacola Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 2,118 Building and tenant improvements 6,153 In-place leases 456 Leasing costs 325 Total purchase price $ 9,052 |
Venice Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 1,895 Building and tenant improvements 4,537 In-place leases 387 Leasing costs 156 Total purchase price $ 6,975 |
Zachary Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 103 Building and tenant improvements 3,745 In-place leases 305 Above-market lease intangibles 117 Leasing costs 413 Below-market lease intangibles (34) Total purchase price $ 4,649 |
IRF Portfolio [Member] | |
Schedule of tangible and intangible assets | Oklahoma Las Vegas Surprise City Mishawaka Land and site improvements $ 2,723 $ 1,966 $ 2,507 $ 1,998 Building and tenant improvements 17,482 22,856 22,545 11,882 In-place leases 1,778 1,845 1,890 1,465 Above-market lease intangibles — 938 367 236 Leasing costs 519 1,077 898 522 Below-market lease intangibles (863) — — — Total purchase price $ 21,639 $ 28,682 $ 28,207 $ 16,103 |
San Marcos [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 2,448 Building and tenant improvements 7,338 In-place leases 698 Above-market lease intangibles 1,101 Leasing costs 389 Total purchase price $ 11,974 |
Lansing [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 1,387 Building and tenant improvements 8,348 In-place leases 953 Above-market lease intangibles 130 Leasing costs 550 Below-market lease intangibles (248) Total purchase price $ 11,120 |
Bannockburn [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 895 Building and tenant improvements 4,700 In-place leases 796 Above-market lease intangibles 250 Leasing costs 336 Below-market lease intangibles (144) Total purchase price $ 6,833 |
Aurora [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 1,829 Building and tenant improvements 8,049 In-place leases 1,417 Above-market lease intangibles 861 Leasing costs 401 Total purchase price $ 12,557 |
Livonia [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 1,181 Building and tenant improvements 8,071 In-place leases 1,252 Above-market lease intangibles 53 Leasing costs 35 Below-market lease intangibles (236) Total purchase price $ 10,356 |
Gilbert [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 2,470 Building and tenant improvements 2,389 In-place leases 121 Above-market lease intangibles 300 Leasing costs 312 Total purchase price $ 5,592 |
Morgantown [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 1,256 Building and tenant improvements 5,792 In-place leases 457 Leasing costs 445 Total purchase price $ 7,950 |
Beaumont [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 3,421 Building and tenant improvements 25,872 In-place leases 3,304 Leasing costs 1,142 Total purchase price $ 33,739 |
Bastrop [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 2,039 Building and tenant improvements 8,712 In-place leases 990 Leasing costs 324 Total purchase price $ 12,065 |
Panama City [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 1,779 Building and tenant improvements 9,718 In-place leases 405 Leasing costs 1,074 Total purchase price $ 12,976 |
Jacksonville [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 1,023 Building and tenant improvements 7,846 Total purchase price $ 8,869 |
Greenwood [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 892 Building and tenant improvements 4,956 Total purchase price $ 5,848 |
Credit Facility, Notes Payabl_2
Credit Facility, Notes Payable and Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Payable and Revolving Credit Facility | |
Schedule of Outstanding borrowings | As of December 2020 and 2019, the Company had the following outstanding borrowings under the Credit Facility: December 31, 2020 December 31, 2019 Revolver $ 175,200 $ 51,350 Term Loan 350,000 300,000 Less: Unamortized debt issuance costs (3,559) (3,832) Credit Facility, net $ 521,641 $ 347,518 |
Schedule of Aggregate balances of loans payable | The Company’s notes payable, net, includes four loans: (1) the Rosedale Loan, (2) the Dumfries Loan, (3) the Cantor Loan, and (4) the West Mifflin Loan, described in detail below. The following table sets forth the balances of these loans as of December 31, 2020 and 2019. December 31, 2020 December 31, 2019 Notes payable, gross $ 66,349 $ 39,475 Less: Unamortized debt issuance costs (835) (667) Cumulative principal repayments (577) (158) Notes payable, net $ 64,937 $ 38,650 |
Schedule of Interest Rate Derivatives | As of December 31, 2020, the Company had the following six interest rate swaps that are used to manage its interest rate risk and fix the LIBOR component of certain of its floating rate debt on a weighted average basis at 1.91%: Counterparty Notional Amount Fixed LIBOR Rate Maturity Wells Fargo Bank, N.A. $ 0.16% August 2023 BMO 100 million 2.88% August 2023 BMO 1.21% August 2024 Truist Bank 1.21% August 2024 Truist Bank 2.93% August 2024 Citizens Bank, National Association 2.93% August 2024 Total/Weighted Average $ 350 million 1.91% |
Schedule of Comprehensive Income (Loss) | The table below details the components of the loss presented on the accompanying Consolidated Statements of Comprehensive (Loss) Income recognized on the Company’s interest rate swap agreements designated as cash flow hedges for the years ended December 31, 2020, 2019, and 2018. Years Ended December 31, 2020 2019 2018 Amount of loss recognized in other comprehensive loss $ 16,451 $ 3,922 $ 3,919 Amount of loss reclassified from accumulated other comprehensive loss into interest expense (4,906) (969) (198) Total change in accumulated other comprehensive loss $ 11,545 $ 2,953 $ 3,721 |
Rosedale Loan [Member] | |
Notes Payable and Revolving Credit Facility | |
Schedule of Maturities of Long-term Debt | As of December 31, 2020, scheduled principal payments due for each year ended December 31 were as follows: 2021 $ 361 2022 376 2023 391 2024 405 2025 13,158 Total $ 14,691 |
Dumfries Loan [Member] | |
Notes Payable and Revolving Credit Facility | |
Schedule of Maturities of Long-term Debt | As of December 31, 2020, scheduled principal payments due for each year ended December 31 were as follows: 2021 $ 275 2022 288 2023 302 2024 11,034 Total $ 11,899 |
Cantor Loan [Member] | |
Notes Payable and Revolving Credit Facility | |
Schedule of Maturities of Long-term Debt | As of December 31, 2020, scheduled principal payments due for each fiscal year ended December 31 are as follows: 2021 $ 282 2022 447 2023 471 2024 492 2025 523 Thereafter 29,882 Total $ 32,097 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Preferred Stock [Member] | |
Schedule of dividends payable | Preferred stock dividend activity for the years ended December 31, 2020 and 2019 is summarized in the following table: Applicable Quarterly Dividends Date Announced Record Date Quarter Payment Date Dividend per Share December 13, 2018 January 15, 2019 Q4 2018 January 31, 2019 $ 1,455 $ 0.46875 March 6, 2019 April 15, 2019 Q1 2019 April 30, 2019 $ 1,455 $ 0.46875 June 14, 2019 July 15, 2019 Q2 2019 July 31, 2019 $ 1,455 $ 0.46875 September 13, 2019 October 15, 2018 Q3 2019 October 31, 2019 $ 1,455 $ 0.46875 December 13, 2019 January 15, 2020 Q4 2019 January 31, 2020 $ 1,455 $ 0.46875 March 4, 2020 April 15, 2020 Q1 2020 April 30, 2020 $ 1,455 $ 0.46875 June 12, 2020 July 15, 2020 Q2 2020 July 31, 2020 $ 1,455 $ 0.46875 September 3, 2020 October 15, 2020 Q3 2020 October 31, 2020 $ 1,455 $ 0.46875 December 16, 2020 January 15, 2021 Q4 2020 February 1, 2021 $ 1,455 (1) $ 0.46875 (1) Two months of this amount, equal to $970 , was accrued at December 31, 2020. |
Common Stock [Member] | |
Schedule of dividends payable | Common stock dividend activity for the years ended December 31, 2020 and 2019 is summarized in the following table: Applicable Dividend Dividends Date Announced Record Date Quarter Payment Date Amount (1) per Share December 13, 2018 December 26, 2018 Q4 2018 January 10, 2019 $ 5,695 $ 0.20 March 6, 2019 March 26, 2019 Q1 2019 April 10, 2019 $ 7,688 $ 0.20 June 14, 2019 June 26, 2019 Q2 2019 July 11, 2019 $ 7,699 $ 0.20 September 13, 2019 September 25, 2019 Q3 2019 October 10, 2019 $ 8,004 $ 0.20 December 13, 2019 December 26, 2019 Q4 2019 January 9, 2020 $ 9,541 $ 0.20 March 4, 2020 March 25, 2020 Q1 2020 April 9, 2020 $ 9,610 $ 0.20 June 12, 2020 June 25, 2020 Q2 2020 July 9, 2020 $ 9,861 $ 0.20 September 3, 2020 September 24, 2020 Q3 2020 October 8, 2020 $ 10,357 $ 0.20 December 16, 2020 December 28, 2020 Q4 2020 January 11, 2021 $ 10,573 $ 0.20 (1) Includes dividends on granted LTIP Units and OP Units issued to third parties. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions | |
Schedule of due to related party, net | A rollforward of the due from related parties and due to related party balance, net, as of December 31, 2020 is as follows: Due From Related Parties Due to Related Party, Net Other Funds for Management Funds due Due to Various Fees due to from Related Purposes Former Advisor Former Advisor Party, net Balance as of January 1, 2020 $ 50 $ (1,727) 79 $ (1,648) Management fee expense incurred — (4,024) — (4,024) Management fees paid to Former Advisor — 5,751 — 5,751 Loans to Former Advisor — — (79) (79) Loan to related parties 53 — — — Balance as of December 31, 2020 $ 103 $ — — $ — A rollforward of the due from related parties and due to related party balance, net, as of December 31, 2019 is as follows: Due From Related Parties Due to Related Party, Net Other Funds for Management Funds due Due to Various Fees due to from Related Purposes Former Advisor Former Advisor Party, net Balance as of January 1, 2019 $ 61 $ (1,143) 52 $ (1,091) Management fee expense incurred — (6,266) — (6,266) Management fees paid to Former Advisor — 5,682 — 5,682 Loans to Former Advisor — — 27 27 Loan repayments from related parties (11) — — — Balance as of December 31, 2019 $ 50 $ (1,727) 79 $ (1,648) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stock-Based Compensation | |
Schedule of LTIP Unit Activity | During the year ended December 31, 2020, pursuant to the recommendation of the Compensation Committee of the Board (the “Compensation Committee”), the Board approved the following LTIP Unit activity: Number of Date Description Units Issued Vesting Dates March 3, 2020 Final awards under the 2017 Long-Term Incentive Plan 155 50% on March 3, 2020; and 50% on March 3, 2021 March 3, 2020 Final awards under the 2019 Annual Incentive Plan 147 50% on March 3, 2020; and 50% on March 3, 2021 March 3, 2020 Time-based awards under the 2020 Long-Term Incentive Plan 43 33.33% on March 3, 2021; 33.33% on March 3, 2022; and 33.33% on March 3, 2023 May 12, 2020 (1) Final awards under the 2017 Long-Term Incentive Plan 14 50% on May 12, 2020; and 50% on May 12, 2021 July 9, 2020 Retention grants issued to executives in connection with 402 25% on July 9, 2021; the Internalization 25% on July 9, 2022; 25% on July 9, 2023; and 25% on July 9, 2024 July 24, 2020 Retention grants issued to non-executives in connection with 108 25% on July 24, 2021; the Internalization 25% on July 24, 2022; 25% on July 24, 2023; and 25% on July 24, 2024 August 23, 2020 (1) Final awards under the 2017 Long-Term Incentive Plan 21 50% on August 23, 2020; and 50% on August 23, 2021 September 2, 2020 Annual award to directors 19 100% on September 2, 2021 (1) Each of Mr. Barber and Mr. Kiernan received awards under the 2017 Long-Term Incentive Plan on the third anniversary of his hiring date, which was May 8, 2017 and August 23, 2017, respectively. |
Schedule of time-based vesting LTIP unit activity | A detail of the Company’s outstanding time based LTIP Units as of December 31, 2020 is as follows: Vested units 818 Unvested units 821 LTIP Units outstanding as of December 31, 2020 1,639 |
Schedule of the annual awards and long-term awards | A detail of the Company’s Long-Term Awards under the 2018, 2019 and 2020 programs, and the Annual Awards and Long-Term Awards under the 2020 program as of December 31, 2020 is as follows: 2018 Long-Term Awards 110 2019 Long-Term Awards 82 2020 Annual Awards (1) 196 2020 Long-Term Awards (2) 70 Total target performance awards as of December 31, 2020 458 (1) (2) Approved by the Board on March 3, 2020. The number of target LTIP Units was based on the fair value of the Long-Term Awards as determined by an independent valuation consultant. |
Schedule of of the assumptions for the long-term awards using Monte Carlo simulations | Below are details regarding certain of the assumptions for the Long-Term Awards using Monte Carlo simulations: 2020 Long-Term 2019 Long-Term 2018 Long-Term 2017 Long-Term Awards Awards Awards Awards Fair value $ 13.47 $ 10.07 $ 8.86 $ 8.86 Target awards 70 82 110 96 Volatility 28.75 % 31.7 % 33.8 % 33.8% - 35.4% Risk-free rate 0.72 % 2.5 % 2.6 % 2.4% - 2.6% Dividend assumption reinvested reinvested reinvested reinvested Expected term in years 3 3 2.7 1.7 – 2.7 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases | |
Schedule of aggregate annual cash to be received by the company | aggregate annual cash to be received by the Company on the noncancelable operating leases related to its portfolio as of December 31, 2020 is as follows for the subsequent years ended December 31: 2021 $ 89,910 2022 89,977 2023 87,484 2024 80,554 2025 69,384 Thereafter 377,990 Total $ 795,299 |
Schedule of aggregate cash payments to be made by the Company | The following table sets forth the undiscounted cash flows of our scheduled obligations for future lease payments on operating ground leases at December 31, 2020 and a reconciliation 2021 $ 390 2022 409 2023 174 2024 129 2025 129 Thereafter 4,498 Total 5,729 Discount (2,772) Lease liability $ 2,957 |
Rent Concentration (Tables)
Rent Concentration (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Rent Concentration | |
Schedule of concentration of rental revenue | 2020 2019 2018 Facility % Facility % Facility % Encompass (1) 8 % Encompass (1) 10 % Encompass (1) 11 % Belpre 6 Belpre 8 OCOM 9 OCOM 5 OCOM 7 Belpre 8 All other facilities 81 Austin 5 Austin 7 Total 100 % Sherman 5 Sherman 6 All other facilities 65 Dallas 5 Total 100 % Great Bend 5 All other facilities 49 Total 100 % (1) Four facilities and four locations. |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Selected Quarterly Financial Data | |
Quarterly Financial Information | Year Ended December 31, 2020 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 21,649 $ 22,055 $ 25,097 $ 24,930 Total expenses 18,832 20,383 34,677 22,338 Net income (loss) 2,817 1,672 (9,580) 2,592 Less: Preferred stock dividends (1,455) (1,455) (1,455) (1,455) Less: Net (income) loss attributable to noncontrolling interest (107) (13) 767 (74) Net income (loss) attributable to common stockholders $ 1,255 $ 204 $ (10,268) $ 1,063 Net income (loss) attributable to common stockholders per share – basic and diluted $ 0.03 $ 0.00 $ (0.22) $ 0.02 Weighted average shares outstanding – basic and diluted 44,182 45,404 46,908 48,496 Year Ended December 31, 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 15,200 $ 16,880 $ 18,195 $ 20,452 Total expenses 13,157 14,418 15,887 17,677 Net income 2,043 2,462 2,308 2,775 Less: Preferred stock dividends (1,455) (1,455) (1,455) (1,455) Less: Net income attributable to noncontrolling interest (60) (103) (83) (108) Net income attributable to common stockholders $ 528 $ 904 $ 770 $ 1,212 Net income attributable to common stockholders per share – basic and diluted $ 0.02 $ 0.03 $ 0.02 $ 0.03 Weighted average shares outstanding – basic and diluted 27,380 34,559 35,512 37,876 |
Organization (Details)
Organization (Details) - USD ($) $ in Thousands | Jul. 09, 2020 | Dec. 31, 2020 | Jul. 08, 2020 |
Inter-American Group Holdings Incorporated [Member] | |||
Purchase agreement date | Jul. 9, 2020 | ||
Total consideration | $ 17,746 | ||
long-term incentive plan LTIP [Member] | |||
Partnership interest | 6.44% | ||
Global Medical REIT GP LLC [Member] | |||
Operating Partnership | 93.56% | ||
Zensun Enterprises Limited [Member] | Inter-American Group Holdings Incorporated [Member] | |||
Ownership percentage | 85.00% | ||
Jeffrey Busch [Member] | Inter-American Group Holdings Incorporated [Member] | |||
Ownership percentage | 15.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 5,507 | $ 2,765 | ||
Restricted cash | 5,246 | 4,420 | ||
Total cash and cash equivalents and restricted cash | $ 10,753 | $ 7,185 | $ 4,843 | $ 7,114 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Pro Forma Revenue and Net Income (Details) - Inter-American Group Holdings Incorporated [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | |||
Pro forma total revenue | $ 93,730 | $ 70,726 | $ 53,192 |
Net income | $ 5,524 | $ 4,500 | $ 5,952 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | ||
Internalization expense - settlement of a preexisting contractual relationship | $ 12,094 | |
Fixed assets | 6,305 | |
Goodwill | 5,903 | $ 0 |
Inter-American Group Holdings Incorporated [Member] | ||
Business Acquisition [Line Items] | ||
Total consideration paid | 17,746 | |
Internalization expense - settlement of a preexisting contractual relationship | 12,094 | |
Cash | 559 | |
Software intangible | 263 | |
Fixed assets | 87 | |
Prepaids and other assets | 101 | |
Accrued wages and expenses | (883) | |
Income tax liability | (378) | |
Total identifiable net liabilities | (251) | |
Goodwill | $ 5,903 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | Jul. 09, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Tenant Receivables | $ 5,596 | $ 4,957 | ||
Receivables Earned But Not Received Relating To Tenant Rent | 1,817 | 1,428 | ||
Tenant reimbursements | 2,579 | 2,342 | ||
Other Assets, Miscellaneous, Current | 125 | |||
Reserve for leases | 450 | |||
Escrow Deposit | 4,817 | 3,417 | ||
Deferred Costs and Other Assets | 20,272 | 14,512 | ||
Deferred Rent Receivables, Net | 20,192 | 14,204 | ||
Other Deferred Costs, Net | 80 | 308 | ||
Other Assets | 5,019 | 3,593 | ||
Operating Lease, Right-of-Use Asset | 3,598 | 3,077 | ||
Prepaid Expense and Other Assets | 588 | 293 | ||
Capitalized preacquisition costs | 484 | 223 | ||
Capitalized software costs | 349 | |||
Security Deposit Liability | 4,340 | 6,351 | ||
Receivables To Be Collected To Pay Specific Tenant Expenses | 1,383 | |||
Lease Deposit Liability | 4,968 | |||
Derivative Liabilities | 18,086 | 8,685 | ||
Internalization expense - settlement of a preexisting contractual relationship | 12,094 | |||
Goodwill | 5,903 | 0 | ||
Management internalization expense | 14,005 | 0 | $ 0 | |
Cash acquired | 559 | |||
Internalization - cash paid for acquisition of Former Advisor, net of cash acquired | 5,093 | 0 | $ 0 | |
Loan Receivable Member [Member] | ||||
Tenant Receivables | 1,200 | 1,062 | ||
Interest Rate Swap [Member] | ||||
Derivative Liabilities | $ 18,086 | $ 6,491 | ||
Building and Building Improvements [Member] | Minimum | ||||
Property, Plant and Equipment, Useful Life | 23 years | |||
Building and Building Improvements [Member] | Maximum | ||||
Property, Plant and Equipment, Useful Life | 50 years | |||
Tenant improvements [Member] | Minimum | ||||
Property, Plant and Equipment, Useful Life | 1 year | |||
Tenant improvements [Member] | Maximum | ||||
Property, Plant and Equipment, Useful Life | 19 years | |||
Site Improvements [Member] | Minimum | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Site Improvements [Member] | Maximum | ||||
Property, Plant and Equipment, Useful Life | 14 years | |||
Inter-American Group Holdings Incorporated [Member] | ||||
Purchase agreement date | Jul. 9, 2020 | |||
Total consideration | $ 17,746 | |||
Internalization expense - settlement of a preexisting contractual relationship | $ 12,094 | |||
Goodwill | 5,903 | |||
Total identifiable net liabilities | (251) | |||
Management internalization expense | 1,911 | |||
Revenue from operation of business acquired subsequent to acquisition | 0 | |||
Net income (loss) from operation of business acquired subsequent to acquisition | (3,458) | |||
Internalization - cash paid for acquisition of Former Advisor, net of cash acquired | $ 12,094 |
Property Portfolio - Gross Inve
Property Portfolio - Gross Investment (Details) - USD ($) $ in Thousands | Dec. 30, 2020 | Dec. 29, 2020 | Dec. 14, 2020 | Dec. 01, 2020 | Nov. 23, 2020 | Nov. 18, 2020 | Oct. 27, 2020 | Oct. 20, 2020 | Sep. 30, 2020 | Sep. 18, 2020 | Jul. 31, 2020 | Jul. 17, 2020 | Jul. 16, 2020 | Mar. 20, 2020 | Mar. 04, 2020 | Feb. 27, 2020 | Feb. 13, 2020 | Dec. 17, 2019 | Nov. 15, 2019 | Oct. 31, 2019 | Oct. 25, 2019 | Oct. 01, 2019 | Sep. 26, 2019 | Aug. 23, 2019 | Aug. 14, 2019 | Aug. 06, 2019 | Aug. 05, 2019 | Aug. 01, 2019 | Jul. 12, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Beginning Balance | $ 905,529 | $ 647,550 | |||||||||||||||||||||||||||||
Acquisitions | 237,376 | 257,979 | |||||||||||||||||||||||||||||
Capitalized costs | 1,799 | 1,860 | |||||||||||||||||||||||||||||
Ending Balance | 1,142,905 | 905,529 | |||||||||||||||||||||||||||||
Zachary [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 4,683 | ||||||||||||||||||||||||||||||
Gilbert and Chandler [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 16,259 | ||||||||||||||||||||||||||||||
Las Vegas [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 22,502 | ||||||||||||||||||||||||||||||
Oklahoma Northwest [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 28,207 | ||||||||||||||||||||||||||||||
Mishawaka [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 16,103 | ||||||||||||||||||||||||||||||
Surprise [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 28,682 | ||||||||||||||||||||||||||||||
San Marcos [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | $ 12,000 | 11,974 | |||||||||||||||||||||||||||||
Lansing [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | $ 11,100 | 11,368 | |||||||||||||||||||||||||||||
Bannockburn [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | $ 6,800 | 6,977 | |||||||||||||||||||||||||||||
Aurora [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | $ 12,600 | 12,557 | |||||||||||||||||||||||||||||
Livonia [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | $ 10,400 | 10,592 | |||||||||||||||||||||||||||||
Gilbert [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | $ 5,600 | 5,592 | |||||||||||||||||||||||||||||
Morgantown [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | $ 8,000 | 7,950 | |||||||||||||||||||||||||||||
Beaumont [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | $ 33,700 | 33,739 | |||||||||||||||||||||||||||||
Bastrop [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | $ 12,100 | 12,065 | |||||||||||||||||||||||||||||
Panama City [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | $ 13,000 | 12,976 | |||||||||||||||||||||||||||||
Jacksonville [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | $ 8,900 | 8,869 | |||||||||||||||||||||||||||||
Greenwood [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | $ 5,800 | 5,848 | |||||||||||||||||||||||||||||
Asc 842 Reclassification [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
ASC Topic 842 Reclassification | (824) | ||||||||||||||||||||||||||||||
High Point Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | $ 25,100 | 25,081 | |||||||||||||||||||||||||||||
Clinton Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | $ 11,600 | 11,619 | |||||||||||||||||||||||||||||
West Allis Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | $ 9,100 | 9,357 | |||||||||||||||||||||||||||||
Grand Rapids Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | $ 22,700 | 22,794 | |||||||||||||||||||||||||||||
Dumfries [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 22,040 | ||||||||||||||||||||||||||||||
Centerville Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | $ 5,100 | 5,071 | |||||||||||||||||||||||||||||
Fairfax Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | $ 17,900 | 19,745 | |||||||||||||||||||||||||||||
Rosedale Facilities [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | $ 23,100 | 23,891 | |||||||||||||||||||||||||||||
Lancaster Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | $ 6,300 | 6,305 | |||||||||||||||||||||||||||||
Winston-Salem Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | $ 8,500 | 9,240 | |||||||||||||||||||||||||||||
Decatur and Jackson Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | $ 10,900 | 10,912 | |||||||||||||||||||||||||||||
Sheboygan and Plymouth Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | $ 13,800 | 13,824 | |||||||||||||||||||||||||||||
Spring Hill and Hudson Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | $ 18,200 | 18,218 | |||||||||||||||||||||||||||||
Cape Girardeau Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | $ 7,400 | 7,350 | |||||||||||||||||||||||||||||
Yuma Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | $ 7,000 | 6,979 | |||||||||||||||||||||||||||||
Las Vegas Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | $ 7,100 | 7,124 | |||||||||||||||||||||||||||||
Pensacola Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | $ 9,100 | 9,052 | |||||||||||||||||||||||||||||
Venice Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | $ 7,000 | 6,975 | |||||||||||||||||||||||||||||
Land [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Beginning Balance | 95,381 | 63,710 | |||||||||||||||||||||||||||||
Acquisitions | 33,476 | 31,671 | |||||||||||||||||||||||||||||
Ending Balance | 128,857 | 95,381 | |||||||||||||||||||||||||||||
Land [Member] | Gilbert and Chandler [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 4,616 | ||||||||||||||||||||||||||||||
Land [Member] | Las Vegas [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 2,479 | ||||||||||||||||||||||||||||||
Land [Member] | Oklahoma Northwest [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 2,364 | ||||||||||||||||||||||||||||||
Land [Member] | Mishawaka [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 1,924 | ||||||||||||||||||||||||||||||
Land [Member] | Surprise [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 1,738 | ||||||||||||||||||||||||||||||
Land [Member] | San Marcos [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 2,322 | ||||||||||||||||||||||||||||||
Land [Member] | Lansing [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 1,202 | ||||||||||||||||||||||||||||||
Land [Member] | Bannockburn [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 763 | ||||||||||||||||||||||||||||||
Land [Member] | Aurora [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 1,521 | ||||||||||||||||||||||||||||||
Land [Member] | Livonia [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 980 | ||||||||||||||||||||||||||||||
Land [Member] | Gilbert [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 2,408 | ||||||||||||||||||||||||||||||
Land [Member] | Morgantown [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 883 | ||||||||||||||||||||||||||||||
Land [Member] | Beaumont [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 3,022 | ||||||||||||||||||||||||||||||
Land [Member] | Bastrop [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 1,975 | ||||||||||||||||||||||||||||||
Land [Member] | Panama City [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 1,559 | ||||||||||||||||||||||||||||||
Land [Member] | Jacksonville [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 1,023 | ||||||||||||||||||||||||||||||
Land [Member] | Greenwood [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 892 | ||||||||||||||||||||||||||||||
Land [Member] | High Point Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 1,749 | ||||||||||||||||||||||||||||||
Land [Member] | Clinton Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 664 | ||||||||||||||||||||||||||||||
Land [Member] | West Allis Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 974 | ||||||||||||||||||||||||||||||
Land [Member] | Grand Rapids Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 2,951 | ||||||||||||||||||||||||||||||
Land [Member] | Dumfries [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 2,597 | ||||||||||||||||||||||||||||||
Land [Member] | Fairfax Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 6,731 | ||||||||||||||||||||||||||||||
Land [Member] | Rosedale Facilities [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 2,856 | ||||||||||||||||||||||||||||||
Land [Member] | Lancaster Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 696 | ||||||||||||||||||||||||||||||
Land [Member] | Winston-Salem Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 1,524 | ||||||||||||||||||||||||||||||
Land [Member] | Decatur and Jackson Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 2,237 | ||||||||||||||||||||||||||||||
Land [Member] | Sheboygan and Plymouth Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 1,088 | ||||||||||||||||||||||||||||||
Land [Member] | Spring Hill and Hudson Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 3,473 | ||||||||||||||||||||||||||||||
Land [Member] | Cape Girardeau Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 1,150 | ||||||||||||||||||||||||||||||
Land [Member] | Yuma Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 1,041 | ||||||||||||||||||||||||||||||
Land [Member] | Las Vegas Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 311 | ||||||||||||||||||||||||||||||
Land [Member] | Pensacola Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 1,786 | ||||||||||||||||||||||||||||||
Land [Member] | Venice Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 1,648 | ||||||||||||||||||||||||||||||
Buildings | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Beginning Balance | 693,533 | 518,451 | |||||||||||||||||||||||||||||
Acquisitions | 157,894 | 175,082 | |||||||||||||||||||||||||||||
Capitalized costs | 1,230 | 1,179 | |||||||||||||||||||||||||||||
Ending Balance | 851,427 | 693,533 | |||||||||||||||||||||||||||||
Buildings | Zachary [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 3,336 | ||||||||||||||||||||||||||||||
Buildings | Gilbert and Chandler [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 11,643 | ||||||||||||||||||||||||||||||
Buildings | Las Vegas [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 15,277 | ||||||||||||||||||||||||||||||
Buildings | Oklahoma Northwest [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 19,501 | ||||||||||||||||||||||||||||||
Buildings | Mishawaka [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 10,084 | ||||||||||||||||||||||||||||||
Buildings | Surprise [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 18,737 | ||||||||||||||||||||||||||||||
Buildings | San Marcos [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 6,934 | ||||||||||||||||||||||||||||||
Buildings | Lansing [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 7,681 | ||||||||||||||||||||||||||||||
Buildings | Bannockburn [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 3,566 | ||||||||||||||||||||||||||||||
Buildings | Aurora [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 7,446 | ||||||||||||||||||||||||||||||
Buildings | Livonia [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 7,629 | ||||||||||||||||||||||||||||||
Buildings | Gilbert [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 2,027 | ||||||||||||||||||||||||||||||
Buildings | Morgantown [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 5,286 | ||||||||||||||||||||||||||||||
Buildings | Beaumont [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 24,836 | ||||||||||||||||||||||||||||||
Buildings | Bastrop [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 8,436 | ||||||||||||||||||||||||||||||
Buildings | Panama City [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 8,682 | ||||||||||||||||||||||||||||||
Buildings | Jacksonville [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 7,846 | ||||||||||||||||||||||||||||||
Buildings | Greenwood [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 4,956 | ||||||||||||||||||||||||||||||
Buildings | High Point Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 20,367 | ||||||||||||||||||||||||||||||
Buildings | Clinton Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 6,551 | ||||||||||||||||||||||||||||||
Buildings | West Allis Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 7,687 | ||||||||||||||||||||||||||||||
Buildings | Grand Rapids Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 17,341 | ||||||||||||||||||||||||||||||
Buildings | Dumfries [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 10,047 | ||||||||||||||||||||||||||||||
Buildings | Centerville Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 4,202 | ||||||||||||||||||||||||||||||
Buildings | Fairfax Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 6,642 | ||||||||||||||||||||||||||||||
Buildings | Rosedale Facilities [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 16,204 | ||||||||||||||||||||||||||||||
Buildings | Lancaster Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 4,269 | ||||||||||||||||||||||||||||||
Buildings | Winston-Salem Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 6,407 | ||||||||||||||||||||||||||||||
Buildings | Decatur and Jackson Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 7,140 | ||||||||||||||||||||||||||||||
Buildings | Sheboygan and Plymouth Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 11,212 | ||||||||||||||||||||||||||||||
Buildings | Spring Hill and Hudson Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 12,520 | ||||||||||||||||||||||||||||||
Buildings | Cape Girardeau Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 4,601 | ||||||||||||||||||||||||||||||
Buildings | Yuma Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 4,715 | ||||||||||||||||||||||||||||||
Buildings | Las Vegas Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 6,813 | ||||||||||||||||||||||||||||||
Buildings | Pensacola Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 5,742 | ||||||||||||||||||||||||||||||
Buildings | Venice Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 4,204 | ||||||||||||||||||||||||||||||
Site Improvements [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Beginning Balance | 9,912 | 6,880 | |||||||||||||||||||||||||||||
Acquisitions | 5,271 | 3,032 | |||||||||||||||||||||||||||||
Capitalized costs | 203 | 170 | |||||||||||||||||||||||||||||
Ending Balance | 15,183 | 9,912 | |||||||||||||||||||||||||||||
Site Improvements [Member] | Zachary [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 103 | ||||||||||||||||||||||||||||||
Site Improvements [Member] | Las Vegas [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 244 | ||||||||||||||||||||||||||||||
Site Improvements [Member] | Oklahoma Northwest [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 143 | ||||||||||||||||||||||||||||||
Site Improvements [Member] | Mishawaka [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 74 | ||||||||||||||||||||||||||||||
Site Improvements [Member] | Surprise [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 228 | ||||||||||||||||||||||||||||||
Site Improvements [Member] | San Marcos [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 126 | ||||||||||||||||||||||||||||||
Site Improvements [Member] | Lansing [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 185 | ||||||||||||||||||||||||||||||
Site Improvements [Member] | Bannockburn [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 132 | ||||||||||||||||||||||||||||||
Site Improvements [Member] | Aurora [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 308 | ||||||||||||||||||||||||||||||
Site Improvements [Member] | Livonia [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 201 | ||||||||||||||||||||||||||||||
Site Improvements [Member] | Gilbert [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 62 | ||||||||||||||||||||||||||||||
Site Improvements [Member] | Morgantown [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 373 | ||||||||||||||||||||||||||||||
Site Improvements [Member] | Beaumont [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 399 | ||||||||||||||||||||||||||||||
Site Improvements [Member] | Bastrop [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 64 | ||||||||||||||||||||||||||||||
Site Improvements [Member] | Panama City [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 220 | ||||||||||||||||||||||||||||||
Site Improvements [Member] | High Point Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 440 | ||||||||||||||||||||||||||||||
Site Improvements [Member] | Clinton Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 342 | ||||||||||||||||||||||||||||||
Site Improvements [Member] | West Allis Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 137 | ||||||||||||||||||||||||||||||
Site Improvements [Member] | Grand Rapids Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 470 | ||||||||||||||||||||||||||||||
Site Improvements [Member] | Dumfries [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 289 | ||||||||||||||||||||||||||||||
Site Improvements [Member] | Centerville Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 160 | ||||||||||||||||||||||||||||||
Site Improvements [Member] | Fairfax Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 381 | ||||||||||||||||||||||||||||||
Site Improvements [Member] | Rosedale Facilities [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 567 | ||||||||||||||||||||||||||||||
Site Improvements [Member] | Lancaster Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 110 | ||||||||||||||||||||||||||||||
Site Improvements [Member] | Winston-Salem Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 254 | ||||||||||||||||||||||||||||||
Site Improvements [Member] | Decatur and Jackson Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 284 | ||||||||||||||||||||||||||||||
Site Improvements [Member] | Sheboygan and Plymouth Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 253 | ||||||||||||||||||||||||||||||
Site Improvements [Member] | Spring Hill and Hudson Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 420 | ||||||||||||||||||||||||||||||
Site Improvements [Member] | Cape Girardeau Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 73 | ||||||||||||||||||||||||||||||
Site Improvements [Member] | Yuma Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 309 | ||||||||||||||||||||||||||||||
Site Improvements [Member] | Pensacola Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 332 | ||||||||||||||||||||||||||||||
Site Improvements [Member] | Venice Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 247 | ||||||||||||||||||||||||||||||
Tenant improvements [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Beginning Balance | 33,909 | 15,357 | |||||||||||||||||||||||||||||
Acquisitions | 15,295 | 18,552 | |||||||||||||||||||||||||||||
Capitalized costs | 194 | 511 | |||||||||||||||||||||||||||||
Ending Balance | 49,204 | 33,909 | |||||||||||||||||||||||||||||
Tenant improvements [Member] | Zachary [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 409 | ||||||||||||||||||||||||||||||
Tenant improvements [Member] | Las Vegas [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 2,205 | ||||||||||||||||||||||||||||||
Tenant improvements [Member] | Oklahoma Northwest [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 3,044 | ||||||||||||||||||||||||||||||
Tenant improvements [Member] | Mishawaka [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 1,798 | ||||||||||||||||||||||||||||||
Tenant improvements [Member] | Surprise [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 4,119 | ||||||||||||||||||||||||||||||
Tenant improvements [Member] | San Marcos [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 404 | ||||||||||||||||||||||||||||||
Tenant improvements [Member] | Lansing [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 667 | ||||||||||||||||||||||||||||||
Tenant improvements [Member] | Bannockburn [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 1,134 | ||||||||||||||||||||||||||||||
Tenant improvements [Member] | Aurora [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 603 | ||||||||||||||||||||||||||||||
Tenant improvements [Member] | Livonia [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 442 | ||||||||||||||||||||||||||||||
Tenant improvements [Member] | Gilbert [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 362 | ||||||||||||||||||||||||||||||
Tenant improvements [Member] | Morgantown [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 506 | ||||||||||||||||||||||||||||||
Tenant improvements [Member] | Beaumont [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 1,036 | ||||||||||||||||||||||||||||||
Tenant improvements [Member] | Bastrop [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 276 | ||||||||||||||||||||||||||||||
Tenant improvements [Member] | Panama City [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 1,036 | ||||||||||||||||||||||||||||||
Tenant improvements [Member] | High Point Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 869 | ||||||||||||||||||||||||||||||
Tenant improvements [Member] | Clinton Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 1,578 | ||||||||||||||||||||||||||||||
Tenant improvements [Member] | West Allis Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 98 | ||||||||||||||||||||||||||||||
Tenant improvements [Member] | Grand Rapids Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 450 | ||||||||||||||||||||||||||||||
Tenant improvements [Member] | Dumfries [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 4,815 | ||||||||||||||||||||||||||||||
Tenant improvements [Member] | Centerville Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 208 | ||||||||||||||||||||||||||||||
Tenant improvements [Member] | Fairfax Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 2,979 | ||||||||||||||||||||||||||||||
Tenant improvements [Member] | Rosedale Facilities [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 1,443 | ||||||||||||||||||||||||||||||
Tenant improvements [Member] | Lancaster Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 116 | ||||||||||||||||||||||||||||||
Tenant improvements [Member] | Winston-Salem Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 307 | ||||||||||||||||||||||||||||||
Tenant improvements [Member] | Decatur and Jackson Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 296 | ||||||||||||||||||||||||||||||
Tenant improvements [Member] | Sheboygan and Plymouth Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 225 | ||||||||||||||||||||||||||||||
Tenant improvements [Member] | Spring Hill and Hudson Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 435 | ||||||||||||||||||||||||||||||
Tenant improvements [Member] | Cape Girardeau Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 264 | ||||||||||||||||||||||||||||||
Tenant improvements [Member] | Yuma Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 274 | ||||||||||||||||||||||||||||||
Tenant improvements [Member] | Pensacola Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 411 | ||||||||||||||||||||||||||||||
Tenant improvements [Member] | Venice Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 333 | ||||||||||||||||||||||||||||||
Intangibles [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Beginning Balance | 72,794 | 43,152 | |||||||||||||||||||||||||||||
Acquisitions | 25,440 | 29,642 | |||||||||||||||||||||||||||||
Capitalized costs | 172 | ||||||||||||||||||||||||||||||
Ending Balance | 98,234 | 72,794 | |||||||||||||||||||||||||||||
Intangibles [Member] | Zachary [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 835 | ||||||||||||||||||||||||||||||
Intangibles [Member] | Las Vegas [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 2,297 | ||||||||||||||||||||||||||||||
Intangibles [Member] | Oklahoma Northwest [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 3,155 | ||||||||||||||||||||||||||||||
Intangibles [Member] | Mishawaka [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 2,223 | ||||||||||||||||||||||||||||||
Intangibles [Member] | Surprise [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 3,860 | ||||||||||||||||||||||||||||||
Intangibles [Member] | San Marcos [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 2,188 | ||||||||||||||||||||||||||||||
Intangibles [Member] | Lansing [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 1,633 | ||||||||||||||||||||||||||||||
Intangibles [Member] | Bannockburn [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 1,382 | ||||||||||||||||||||||||||||||
Intangibles [Member] | Aurora [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 2,679 | ||||||||||||||||||||||||||||||
Intangibles [Member] | Livonia [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 1,340 | ||||||||||||||||||||||||||||||
Intangibles [Member] | Gilbert [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 733 | ||||||||||||||||||||||||||||||
Intangibles [Member] | Morgantown [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 902 | ||||||||||||||||||||||||||||||
Intangibles [Member] | Beaumont [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 4,446 | ||||||||||||||||||||||||||||||
Intangibles [Member] | Bastrop [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 1,314 | ||||||||||||||||||||||||||||||
Intangibles [Member] | Panama City [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 1,479 | ||||||||||||||||||||||||||||||
Intangibles [Member] | Asc 842 Reclassification [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
ASC Topic 842 Reclassification | $ (824) | ||||||||||||||||||||||||||||||
Intangibles [Member] | High Point Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 1,656 | ||||||||||||||||||||||||||||||
Intangibles [Member] | Clinton Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 2,484 | ||||||||||||||||||||||||||||||
Intangibles [Member] | West Allis Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 461 | ||||||||||||||||||||||||||||||
Intangibles [Member] | Grand Rapids Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 1,582 | ||||||||||||||||||||||||||||||
Intangibles [Member] | Dumfries [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 4,292 | ||||||||||||||||||||||||||||||
Intangibles [Member] | Centerville Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 501 | ||||||||||||||||||||||||||||||
Intangibles [Member] | Fairfax Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 3,012 | ||||||||||||||||||||||||||||||
Intangibles [Member] | Rosedale Facilities [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 2,821 | ||||||||||||||||||||||||||||||
Intangibles [Member] | Lancaster Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 1,114 | ||||||||||||||||||||||||||||||
Intangibles [Member] | Winston-Salem Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 748 | ||||||||||||||||||||||||||||||
Intangibles [Member] | Decatur and Jackson Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 955 | ||||||||||||||||||||||||||||||
Intangibles [Member] | Sheboygan and Plymouth Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 1,046 | ||||||||||||||||||||||||||||||
Intangibles [Member] | Spring Hill and Hudson Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 1,370 | ||||||||||||||||||||||||||||||
Intangibles [Member] | Cape Girardeau Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 1,262 | ||||||||||||||||||||||||||||||
Intangibles [Member] | Yuma Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 640 | ||||||||||||||||||||||||||||||
Intangibles [Member] | Pensacola Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | 781 | ||||||||||||||||||||||||||||||
Intangibles [Member] | Venice Facility [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||
Acquisitions | $ 543 |
Property Portfolio - Schedule o
Property Portfolio - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 6,305 |
Land and Site Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 806 |
Building And Tenant Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 4,385 |
In-place leases [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 244 |
Above Market Lease intangibles [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 587 |
Leasing Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 283 |
Zachary Facility [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 4,649 |
Zachary Facility [Member] | Land and Site Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 103 |
Zachary Facility [Member] | Building And Tenant Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 3,745 |
Zachary Facility [Member] | In-place leases [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 305 |
Zachary Facility [Member] | Above Market Lease intangibles [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 117 |
Zachary Facility [Member] | Leasing Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 413 |
Zachary Facility [Member] | Below Market Lease intangible [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed, Below Market Lease Intangibles | (34) |
Las Vegas [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 21,639 |
Las Vegas [Member] | Land and Site Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,723 |
Las Vegas [Member] | Building And Tenant Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 17,482 |
Las Vegas [Member] | In-place leases [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,778 |
Las Vegas [Member] | Leasing Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 519 |
Las Vegas [Member] | Below Market Lease intangible [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed, Below Market Lease Intangibles | (863) |
Surprise [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 28,682 |
Surprise [Member] | Land and Site Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,966 |
Surprise [Member] | Building And Tenant Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 22,856 |
Surprise [Member] | In-place leases [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,845 |
Surprise [Member] | Above Market Lease intangibles [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 938 |
Surprise [Member] | Leasing Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,077 |
Oklahoma Northwest [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 28,207 |
Oklahoma Northwest [Member] | Land and Site Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,507 |
Oklahoma Northwest [Member] | Building And Tenant Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 22,545 |
Oklahoma Northwest [Member] | In-place leases [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,890 |
Oklahoma Northwest [Member] | Above Market Lease intangibles [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 367 |
Oklahoma Northwest [Member] | Leasing Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 898 |
Mishawaka [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 16,103 |
Mishawaka [Member] | Land and Site Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,998 |
Mishawaka [Member] | Building And Tenant Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 11,882 |
Mishawaka [Member] | In-place leases [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,465 |
Mishawaka [Member] | Above Market Lease intangibles [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 236 |
Mishawaka [Member] | Leasing Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 522 |
San Marcos [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 11,974 |
San Marcos [Member] | Land and Site Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,448 |
San Marcos [Member] | Building And Tenant Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 7,338 |
San Marcos [Member] | In-place leases [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 698 |
San Marcos [Member] | Above Market Lease intangibles [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,101 |
San Marcos [Member] | Leasing Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 389 |
Lansing [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 11,120 |
Lansing [Member] | Land and Site Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,387 |
Lansing [Member] | Building And Tenant Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 8,348 |
Lansing [Member] | In-place leases [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 953 |
Lansing [Member] | Above Market Lease intangibles [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 130 |
Lansing [Member] | Leasing Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 550 |
Lansing [Member] | Below Market Lease intangible [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed, Below Market Lease Intangibles | (248) |
Bannockburn [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 6,833 |
Bannockburn [Member] | Land and Site Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 895 |
Bannockburn [Member] | Building And Tenant Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 4,700 |
Bannockburn [Member] | In-place leases [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 796 |
Bannockburn [Member] | Above Market Lease intangibles [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 250 |
Bannockburn [Member] | Leasing Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 336 |
Bannockburn [Member] | Below Market Lease intangible [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed, Below Market Lease Intangibles | (144) |
Livonia [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 10,356 |
Livonia [Member] | Land and Site Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,181 |
Livonia [Member] | Building And Tenant Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 8,071 |
Livonia [Member] | In-place leases [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,252 |
Livonia [Member] | Above Market Lease intangibles [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 53 |
Livonia [Member] | Leasing Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 35 |
Livonia [Member] | Below Market Lease intangible [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed, Below Market Lease Intangibles | (236) |
Aurora [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 12,557 |
Aurora [Member] | Land and Site Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,829 |
Aurora [Member] | Building And Tenant Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 8,049 |
Aurora [Member] | In-place leases [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,417 |
Aurora [Member] | Above Market Lease intangibles [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 861 |
Aurora [Member] | Leasing Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 401 |
Gilbert [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 5,592 |
Gilbert [Member] | Land and Site Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,470 |
Gilbert [Member] | Building And Tenant Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,389 |
Gilbert [Member] | In-place leases [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 121 |
Gilbert [Member] | Above Market Lease intangibles [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 300 |
Gilbert [Member] | Leasing Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 312 |
Morgantown [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 7,950 |
Morgantown [Member] | Land and Site Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,256 |
Morgantown [Member] | Building And Tenant Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 5,792 |
Morgantown [Member] | In-place leases [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 457 |
Morgantown [Member] | Leasing Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 445 |
Beaumont [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 33,739 |
Beaumont [Member] | Land and Site Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 3,421 |
Beaumont [Member] | Building And Tenant Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 25,872 |
Beaumont [Member] | In-place leases [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 3,304 |
Beaumont [Member] | Leasing Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,142 |
Bastrop [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 12,065 |
Bastrop [Member] | Land and Site Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,039 |
Bastrop [Member] | Building And Tenant Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 8,712 |
Bastrop [Member] | In-place leases [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 990 |
Bastrop [Member] | Leasing Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 324 |
Panama City [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 12,976 |
Panama City [Member] | Land and Site Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,779 |
Panama City [Member] | Building And Tenant Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 9,718 |
Panama City [Member] | In-place leases [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 405 |
Panama City [Member] | Leasing Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,074 |
Jacksonville [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 8,869 |
Jacksonville [Member] | Land and Site Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,023 |
Jacksonville [Member] | Building And Tenant Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 7,846 |
Greenwood [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 5,848 |
Greenwood [Member] | Land and Site Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 892 |
Greenwood [Member] | Building And Tenant Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 4,956 |
High Point Facility [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 25,081 |
High Point Facility [Member] | Land and Site Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,189 |
High Point Facility [Member] | Building And Tenant Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 21,236 |
High Point Facility [Member] | In-place leases [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,207 |
High Point Facility [Member] | Leasing Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 449 |
Clinton Facility [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 11,619 |
Clinton Facility [Member] | Land and Site Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,006 |
Clinton Facility [Member] | Building And Tenant Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 8,129 |
Clinton Facility [Member] | In-place leases [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,115 |
Clinton Facility [Member] | Leasing Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 369 |
West Allis Facility [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 9,093 |
West Allis Facility [Member] | Land and Site Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,111 |
West Allis Facility [Member] | Building And Tenant Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 7,785 |
West Allis Facility [Member] | In-place leases [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 263 |
West Allis Facility [Member] | Leasing Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 198 |
West Allis Facility [Member] | Below Market Lease intangible [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed, Below Market Lease Intangibles | (264) |
Grand Rapids Facility [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 22,665 |
Grand Rapids Facility [Member] | Land and Site Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 3,417 |
Grand Rapids Facility [Member] | Building And Tenant Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 17,791 |
Grand Rapids Facility [Member] | In-place leases [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 761 |
Grand Rapids Facility [Member] | Above Market Lease intangibles [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 685 |
Grand Rapids Facility [Member] | Leasing Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 136 |
Grand Rapids Facility [Member] | Below Market Lease intangible [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed, Below Market Lease Intangibles | (125) |
Dumfries Facility [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 19,621 |
Dumfries Facility [Member] | Land and Site Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,886 |
Dumfries Facility [Member] | Building And Tenant Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 14,862 |
Dumfries Facility [Member] | In-place leases [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 3,255 |
Dumfries Facility [Member] | Leasing Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,037 |
Dumfries Facility [Member] | Below Market Lease intangible [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed, Below Market Lease Intangibles | (2,419) |
Centerville Facility [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 5,071 |
Centerville Facility [Member] | Land and Site Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 160 |
Centerville Facility [Member] | Building And Tenant Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 4,410 |
Centerville Facility [Member] | In-place leases [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 216 |
Centerville Facility [Member] | Leasing Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 285 |
Fairfax Facility [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 17,879 |
Fairfax Facility [Member] | Land and Site Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 7,112 |
Fairfax Facility [Member] | Building And Tenant Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 9,621 |
Fairfax Facility [Member] | In-place leases [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,314 |
Fairfax Facility [Member] | Leasing Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 698 |
Fairfax Facility [Member] | Below Market Lease intangible [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed, Below Market Lease Intangibles | (1,866) |
Rosedale Facilities [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 23,106 |
Rosedale Facilities [Member] | Land and Site Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 3,423 |
Rosedale Facilities [Member] | Building And Tenant Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 17,647 |
Rosedale Facilities [Member] | In-place leases [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,063 |
Rosedale Facilities [Member] | Above Market Lease intangibles [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 866 |
Rosedale Facilities [Member] | Leasing Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 892 |
Rosedale Facilities [Member] | Below Market Lease intangible [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed, Below Market Lease Intangibles | (785) |
Winston-Salem Facility [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 8,515 |
Winston-Salem Facility [Member] | Land and Site Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,778 |
Winston-Salem Facility [Member] | Building And Tenant Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 6,714 |
Winston-Salem Facility [Member] | In-place leases [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 581 |
Winston-Salem Facility [Member] | Leasing Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 167 |
Winston-Salem Facility [Member] | Below Market Lease intangible [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed, Below Market Lease Intangibles | (725) |
Decatur and Jackson Facility [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 10,885 |
Decatur and Jackson Facility [Member] | Land and Site Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,521 |
Decatur and Jackson Facility [Member] | Building And Tenant Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 7,436 |
Decatur and Jackson Facility [Member] | In-place leases [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 556 |
Decatur and Jackson Facility [Member] | Above Market Lease intangibles [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 135 |
Decatur and Jackson Facility [Member] | Leasing Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 264 |
Decatur and Jackson Facility [Member] | Below Market Lease intangible [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed, Below Market Lease Intangibles | (27) |
Sheboygan and Plymouth Facility [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 13,824 |
Sheboygan and Plymouth Facility [Member] | Land and Site Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,341 |
Sheboygan and Plymouth Facility [Member] | Building And Tenant Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 11,437 |
Sheboygan and Plymouth Facility [Member] | In-place leases [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 756 |
Sheboygan and Plymouth Facility [Member] | Leasing Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 290 |
Spring Hill and Hudson Facility [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 18,218 |
Spring Hill and Hudson Facility [Member] | Land and Site Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 3,893 |
Spring Hill and Hudson Facility [Member] | Building And Tenant Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 12,955 |
Spring Hill and Hudson Facility [Member] | In-place leases [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 831 |
Spring Hill and Hudson Facility [Member] | Leasing Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 539 |
Cape Girardeau Facility [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 7,350 |
Cape Girardeau Facility [Member] | Land and Site Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,223 |
Cape Girardeau Facility [Member] | Building And Tenant Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 4,865 |
Cape Girardeau Facility [Member] | In-place leases [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 687 |
Cape Girardeau Facility [Member] | Above Market Lease intangibles [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 387 |
Cape Girardeau Facility [Member] | Leasing Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 188 |
Yuma Facility [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 6,979 |
Yuma Facility [Member] | Land and Site Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,350 |
Yuma Facility [Member] | Building And Tenant Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 4,989 |
Yuma Facility [Member] | In-place leases [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 439 |
Yuma Facility [Member] | Above Market Lease intangibles [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 65 |
Yuma Facility [Member] | Leasing Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 136 |
Las Vegas Facility [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 7,124 |
Las Vegas Facility [Member] | Land and Site Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 311 |
Las Vegas Facility [Member] | Building And Tenant Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 6,813 |
Pensacola Facility [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 9,052 |
Pensacola Facility [Member] | Land and Site Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,118 |
Pensacola Facility [Member] | Building And Tenant Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 6,153 |
Pensacola Facility [Member] | In-place leases [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 456 |
Pensacola Facility [Member] | Leasing Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 325 |
Venice Facility [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 6,975 |
Venice Facility [Member] | Land and Site Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,895 |
Venice Facility [Member] | Building And Tenant Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 4,537 |
Venice Facility [Member] | In-place leases [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 387 |
Venice Facility [Member] | Leasing Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 156 |
Property Portfolio - Summary of
Property Portfolio - Summary of the carrying amount of intangible assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cost | $ 98,234 | $ 72,794 |
Accumulated Amortization | (24,899) | (13,675) |
Net | 73,335 | 59,119 |
Liabilities | ||
Cost | 10,072 | 3,861 |
Accumulated Amortization | (1,850) | (697) |
Net | 8,222 | 3,164 |
In-place leases [Member] | ||
Assets | ||
Cost | 55,561 | 39,429 |
Accumulated Amortization | (14,592) | (7,851) |
Net | 40,969 | 31,578 |
Above Market Lease intangibles [Member] | ||
Assets | ||
Cost | 14,972 | 12,246 |
Accumulated Amortization | (4,023) | (2,366) |
Net | 10,949 | 9,880 |
Leasing Costs [Member] | ||
Assets | ||
Cost | 27,701 | 21,119 |
Accumulated Amortization | (6,284) | (3,458) |
Net | $ 21,417 | $ 17,661 |
Property Portfolio - Summary _2
Property Portfolio - Summary of the acquired lease intangible amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
In-place leases [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 6,741 | $ 3,814 | $ 2,460 |
Leasing Costs [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Assets, Accumulated Amortization | 2,826 | 1,755 | 1,165 |
market ground lease [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Assets, Accumulated Amortization | 22 | ||
Above Market Lease intangibles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Assets, Accumulated Amortization | 1,657 | 1,270 | 876 |
Below Market Lease intangible [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Assets, Accumulated Amortization | $ (1,153) | $ (389) | $ (210) |
Property Portfolio - Net amorti
Property Portfolio - Net amortization of the acquired lease intangible (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Net Decrease in Revenue | |
2021 | $ (194) |
2022 | (211) |
2023 | (246) |
2024 | (49) |
2025 | (463) |
Thereafter | (1,564) |
Total | (2,727) |
Net Increase in Expenses | |
2021 | 11,010 |
2022 | 10,587 |
2023 | 9,626 |
2024 | 8,290 |
2025 | 5,472 |
Thereafter | 17,401 |
Total | $ 62,386 |
Property Portfolio - (Details)
Property Portfolio - (Details) $ in Thousands | Dec. 30, 2020USD ($)buildinglease | Dec. 29, 2020USD ($)tenantbuildinglease | Dec. 14, 2020USD ($)leasebuilding | Dec. 01, 2020USD ($)leasebuilding | Nov. 23, 2020USD ($) | Nov. 18, 2020USD ($)buildinglease | Oct. 27, 2020USD ($)tenantbuildinglease | Oct. 20, 2020USD ($)buildingleasetenant | Sep. 30, 2020USD ($)lease | Sep. 18, 2020USD ($) | Jul. 31, 2020USD ($)tenantlease | Jul. 17, 2020USD ($) | Jul. 16, 2020USD ($) | Apr. 27, 2020USD ($) | Mar. 20, 2020USD ($)lease | Mar. 04, 2020USD ($) | Feb. 27, 2020USD ($) | Feb. 13, 2020USD ($) | Dec. 17, 2019USD ($) | Nov. 15, 2019USD ($) | Oct. 31, 2019USD ($) | Oct. 25, 2019USD ($) | Oct. 01, 2019USD ($) | Sep. 26, 2019USD ($) | Aug. 23, 2019USD ($) | Aug. 14, 2019USD ($)lease | Aug. 06, 2019USD ($) | Aug. 05, 2019USD ($)lease | Aug. 01, 2019USD ($)lease | Jul. 12, 2019USD ($) | Apr. 15, 2019USD ($)lease | Mar. 19, 2019USD ($)buildinglease | Feb. 28, 2019USD ($) | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Number of Properties Acquired | property | 18 | |||||||||||||||||||||||||||||||||||
Depreciation, Total | $ 26,747 | $ 19,066 | $ 13,644 | |||||||||||||||||||||||||||||||||
Tenant Improvement Allowances Receivable | 30,094 | |||||||||||||||||||||||||||||||||||
Capital Lease Obligations, Noncurrent | 19,434 | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 237,376 | $ 257,979 | ||||||||||||||||||||||||||||||||||
Debt Instrument, Term | 2 years 9 months 14 days | 3 years 9 months 3 days | ||||||||||||||||||||||||||||||||||
Operating Lease, Weighted Average Remaining Lease Term | 41 years | |||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities (CMBS) | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 12,100 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.68% | |||||||||||||||||||||||||||||||||||
Debt Instrument, Term | 4 years | |||||||||||||||||||||||||||||||||||
Lease Intangibles Asset [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 5 years 3 months 14 days | |||||||||||||||||||||||||||||||||||
Lease Intangibles Liability [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 4 years 9 months 25 days | |||||||||||||||||||||||||||||||||||
Land [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 33,476 | $ 31,671 | ||||||||||||||||||||||||||||||||||
Zachary Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 4,600 | |||||||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 46 years | |||||||||||||||||||||||||||||||||||
Gilbert And Chandler Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 16,300 | |||||||||||||||||||||||||||||||||||
Number or leases assumed | lease | 2 | |||||||||||||||||||||||||||||||||||
Number of new leases entered into | lease | 3 | |||||||||||||||||||||||||||||||||||
Gilbert Arizona Medical Office Buildings [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Number of medical offices | building | 2 | |||||||||||||||||||||||||||||||||||
Chandler Arizona Medical Office Suites [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Number of medical offices | building | 2 | |||||||||||||||||||||||||||||||||||
Dobson Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 10 years 6 months | |||||||||||||||||||||||||||||||||||
IRF Portfolio [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 94,600 | |||||||||||||||||||||||||||||||||||
Number or leases assumed | lease | 4 | |||||||||||||||||||||||||||||||||||
Operating Lease, Weighted Average Remaining Lease Term | 8 years 3 months 18 days | |||||||||||||||||||||||||||||||||||
San Marcos [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 12,000 | 11,974 | ||||||||||||||||||||||||||||||||||
Operating Lease, Weighted Average Remaining Lease Term | 8 years | |||||||||||||||||||||||||||||||||||
San Marcos [Member] | Land [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | 2,322 | |||||||||||||||||||||||||||||||||||
Lansing [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 11,100 | 11,368 | ||||||||||||||||||||||||||||||||||
Number or leases assumed | lease | 4 | |||||||||||||||||||||||||||||||||||
Number of new leases entered into | lease | 2 | |||||||||||||||||||||||||||||||||||
Operating Lease, Weighted Average Remaining Lease Term | 8 years 6 months | |||||||||||||||||||||||||||||||||||
Lansing [Member] | Land [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | 1,202 | |||||||||||||||||||||||||||||||||||
Bannockburn [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 6,800 | 6,977 | ||||||||||||||||||||||||||||||||||
Number or leases assumed | lease | 14 | |||||||||||||||||||||||||||||||||||
Operating Lease, Weighted Average Remaining Lease Term | 6 years 3 months 18 days | |||||||||||||||||||||||||||||||||||
Bannockburn [Member] | Land [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | 763 | |||||||||||||||||||||||||||||||||||
Aurora [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 12,600 | 12,557 | ||||||||||||||||||||||||||||||||||
Operating Lease, Weighted Average Remaining Lease Term | 6 years | |||||||||||||||||||||||||||||||||||
Aurora [Member] | Land [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | 1,521 | |||||||||||||||||||||||||||||||||||
Livonia [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 10,400 | 10,592 | ||||||||||||||||||||||||||||||||||
Number or leases assumed | lease | 10 | |||||||||||||||||||||||||||||||||||
Operating Lease, Weighted Average Remaining Lease Term | 3 years 2 months 12 days | |||||||||||||||||||||||||||||||||||
Livonia [Member] | Land [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | 980 | |||||||||||||||||||||||||||||||||||
Gilbert [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 5,600 | 5,592 | ||||||||||||||||||||||||||||||||||
Operating Lease, Weighted Average Remaining Lease Term | 10 years | |||||||||||||||||||||||||||||||||||
Gilbert [Member] | Land [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | 2,408 | |||||||||||||||||||||||||||||||||||
Morgantown [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 8,000 | 7,950 | ||||||||||||||||||||||||||||||||||
Operating Lease, Weighted Average Remaining Lease Term | 10 years | |||||||||||||||||||||||||||||||||||
Morgantown [Member] | Land [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | 883 | |||||||||||||||||||||||||||||||||||
Beaumont [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 33,700 | 33,739 | ||||||||||||||||||||||||||||||||||
Operating Lease, Weighted Average Remaining Lease Term | 10 years | |||||||||||||||||||||||||||||||||||
Beaumont [Member] | Land [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | 3,022 | |||||||||||||||||||||||||||||||||||
Bastrop [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 12,100 | 12,065 | ||||||||||||||||||||||||||||||||||
Operating Lease, Weighted Average Remaining Lease Term | 5 years | |||||||||||||||||||||||||||||||||||
Bastrop [Member] | Land [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | 1,975 | |||||||||||||||||||||||||||||||||||
Panama City [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 13,000 | 12,976 | ||||||||||||||||||||||||||||||||||
Operating Lease, Weighted Average Remaining Lease Term | 15 years | |||||||||||||||||||||||||||||||||||
Panama City [Member] | Land [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | 1,559 | |||||||||||||||||||||||||||||||||||
Jacksonville [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 8,900 | 8,869 | ||||||||||||||||||||||||||||||||||
Operating Lease, Weighted Average Remaining Lease Term | 15 years | |||||||||||||||||||||||||||||||||||
Jacksonville [Member] | Land [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | 1,023 | |||||||||||||||||||||||||||||||||||
Greenwood [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 5,800 | 5,848 | ||||||||||||||||||||||||||||||||||
Operating Lease, Weighted Average Remaining Lease Term | 13 years | |||||||||||||||||||||||||||||||||||
Greenwood [Member] | Land [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 892 | |||||||||||||||||||||||||||||||||||
LTAC Hospital [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 16 years | |||||||||||||||||||||||||||||||||||
High Point Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 25,100 | 25,081 | ||||||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 3 years | |||||||||||||||||||||||||||||||||||
High Point Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | 1,749 | |||||||||||||||||||||||||||||||||||
Clinton Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 11,600 | 11,619 | ||||||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 4 years | |||||||||||||||||||||||||||||||||||
Clinton Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | 664 | |||||||||||||||||||||||||||||||||||
West Allis Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 9,100 | 9,357 | ||||||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 4 years | |||||||||||||||||||||||||||||||||||
West Allis Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | 974 | |||||||||||||||||||||||||||||||||||
Grand Rapids Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 22,700 | 22,794 | ||||||||||||||||||||||||||||||||||
Number or leases assumed | lease | 11 | |||||||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 5 years | |||||||||||||||||||||||||||||||||||
Grand Rapids Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | 2,951 | |||||||||||||||||||||||||||||||||||
Dumfries Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 19,600 | |||||||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 9 years 6 months | |||||||||||||||||||||||||||||||||||
Centerville Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 5,100 | 5,071 | ||||||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 10 years 6 months | |||||||||||||||||||||||||||||||||||
Centerville Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Operating Lease, Weighted Average Remaining Lease Term | 49 years | |||||||||||||||||||||||||||||||||||
Fairfax Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 17,900 | 19,745 | ||||||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 9 years 1 month 6 days | |||||||||||||||||||||||||||||||||||
Fairfax Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | 6,731 | |||||||||||||||||||||||||||||||||||
Rosedale Facilities [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 23,100 | 23,891 | ||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 14,800 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | |||||||||||||||||||||||||||||||||||
Debt Instrument, Term | 5 years | |||||||||||||||||||||||||||||||||||
Number or leases assumed | lease | 8 | |||||||||||||||||||||||||||||||||||
Number of tenants assumed | tenant | 6 | |||||||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 6 years 7 months 6 days | |||||||||||||||||||||||||||||||||||
Rosedale Facilities [Member] | Land [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | 2,856 | |||||||||||||||||||||||||||||||||||
Lancaster Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 6,300 | 6,305 | ||||||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 8 years 6 months | |||||||||||||||||||||||||||||||||||
Lancaster Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | 696 | |||||||||||||||||||||||||||||||||||
Winston-Salem Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 8,500 | 9,240 | ||||||||||||||||||||||||||||||||||
Number or leases assumed | lease | 5 | |||||||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 4 years | |||||||||||||||||||||||||||||||||||
Winston-Salem Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | 1,524 | |||||||||||||||||||||||||||||||||||
Decatur and Jackson Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 10,900 | 10,912 | ||||||||||||||||||||||||||||||||||
Number or leases assumed | lease | 6 | |||||||||||||||||||||||||||||||||||
Number of tenants assumed | tenant | 5 | |||||||||||||||||||||||||||||||||||
Number of medical offices | building | 2 | |||||||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 6 years | |||||||||||||||||||||||||||||||||||
Decatur and Jackson Facility [Member] | Decatur [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Number of medical offices | building | 1 | |||||||||||||||||||||||||||||||||||
Decatur and Jackson Facility [Member] | Jackson [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Number of medical offices | building | 1 | |||||||||||||||||||||||||||||||||||
Decatur and Jackson Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | 2,237 | |||||||||||||||||||||||||||||||||||
Sheboygan and Plymouth Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 13,800 | 13,824 | ||||||||||||||||||||||||||||||||||
Number or leases assumed | lease | 3 | |||||||||||||||||||||||||||||||||||
Number of tenants assumed | tenant | 2 | |||||||||||||||||||||||||||||||||||
Number of medical offices | building | 2 | |||||||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 5 years | |||||||||||||||||||||||||||||||||||
Sheboygan and Plymouth Facility [Member] | Sheboygan [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Number of medical offices | building | 1 | |||||||||||||||||||||||||||||||||||
Sheboygan and Plymouth Facility [Member] | Plymouth [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Number of medical offices | building | 1 | |||||||||||||||||||||||||||||||||||
Sheboygan and Plymouth Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | 1,088 | |||||||||||||||||||||||||||||||||||
Spring Hill and Hudson Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 18,200 | 18,218 | ||||||||||||||||||||||||||||||||||
Number or leases assumed | lease | 3 | |||||||||||||||||||||||||||||||||||
Number of medical offices | building | 3 | |||||||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 8 years | |||||||||||||||||||||||||||||||||||
Spring Hill and Hudson Facility [Member] | Spring Hill [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Number of medical offices | building | 2 | |||||||||||||||||||||||||||||||||||
Spring Hill and Hudson Facility [Member] | Hudson [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Number of medical offices | building | 1 | |||||||||||||||||||||||||||||||||||
Spring Hill and Hudson Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | 3,473 | |||||||||||||||||||||||||||||||||||
Cape Girardeau Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 7,400 | 7,350 | ||||||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 6 years | |||||||||||||||||||||||||||||||||||
Cape Girardeau Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | 1,150 | |||||||||||||||||||||||||||||||||||
Yuma Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 7,000 | 6,979 | ||||||||||||||||||||||||||||||||||
Number or leases assumed | lease | 2 | |||||||||||||||||||||||||||||||||||
Number of medical offices | building | 2 | |||||||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 4 years | |||||||||||||||||||||||||||||||||||
Yuma Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | 1,041 | |||||||||||||||||||||||||||||||||||
Las Vegas Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 7,100 | 7,124 | ||||||||||||||||||||||||||||||||||
Number of tenants assumed | lease | 2 | |||||||||||||||||||||||||||||||||||
Number of medical offices | building | 2 | |||||||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 12 years | |||||||||||||||||||||||||||||||||||
Las Vegas Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | 311 | |||||||||||||||||||||||||||||||||||
Pensacola Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 9,100 | 9,052 | ||||||||||||||||||||||||||||||||||
Number or leases assumed | lease | 3 | |||||||||||||||||||||||||||||||||||
Number of tenants assumed | tenant | 2 | |||||||||||||||||||||||||||||||||||
Number of medical offices | building | 3 | |||||||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 9 years | |||||||||||||||||||||||||||||||||||
Pensacola Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | 1,786 | |||||||||||||||||||||||||||||||||||
Venice Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 7,000 | 6,975 | ||||||||||||||||||||||||||||||||||
Number or leases assumed | lease | 2 | |||||||||||||||||||||||||||||||||||
Number of medical offices | building | 2 | |||||||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 5 years 6 months | |||||||||||||||||||||||||||||||||||
Venice Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 1,648 |
Credit Facility, Notes Payabl_3
Credit Facility, Notes Payable and Derivative Instruments - Schedule of outstanding borrowings under the Credit Facility (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Long-term Line of Credit | $ 521,641 | $ 347,518 |
Revolving Credit Facility [Member] | ||
Long-term Line of Credit | 175,200 | 51,350 |
Term Loan [Member] | ||
Long-term Line of Credit | 350,000 | 300,000 |
Credit facility [Member] | ||
Less: Unamortized deferred financing costs | $ (3,559) | $ (3,832) |
Credit Facility, Notes Payabl_4
Credit Facility, Notes Payable and Derivative Instruments - Schedule of net of unamortized discount balances (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Credit Facility, Notes Payable and Derivative Instruments | ||
Notes payable, gross | $ 66,349 | $ 39,475 |
Less: Unamortized debt issuance costs | (835) | (667) |
Cumulative principal repayment | (577) | (158) |
Notes payable, net | $ 64,937 | $ 38,650 |
Credit Facility, Notes Payabl_5
Credit Facility, Notes Payable and Derivative Instruments - Scheduled Principal Payments Due On Cantor Loan Note Payable (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jul. 31, 2020 | Apr. 27, 2020 | Dec. 31, 2019 | Mar. 31, 2016 |
Rosedale Loan [Member] | |||||
Notes Payable and Revolving Credit Facility | |||||
2021 | $ 361 | ||||
2022 | 376 | ||||
2023 | 391 | ||||
2024 | 405 | ||||
2025 | 13,158 | ||||
Total | 14,691 | $ 14,800 | |||
Dumfries Loan [Member] | |||||
Notes Payable and Revolving Credit Facility | |||||
2021 | 275 | ||||
2022 | 288 | ||||
2023 | 302 | ||||
2024 | 11,034 | ||||
Total | 11,899 | $ 12,074 | |||
Cantor Loan [Member] | |||||
Notes Payable and Revolving Credit Facility | |||||
2021 | 282 | ||||
2022 | 447 | ||||
2023 | 471 | ||||
2024 | 492 | ||||
2025 | 523 | ||||
Thereafter | 29,882 | ||||
Total | $ 32,097 | $ 32,097 | $ 32,097 |
Credit Facility, Notes Payabl_6
Credit Facility, Notes Payable and Derivative Instruments - Derivative Instruments (Details) $ in Millions | Dec. 31, 2020USD ($)item |
Interest Rate Swap [Member] | |
Debt Instrument [Line Items] | |
Derivative, Number of Instruments Held | item | 6 |
Derivative, Fixed Interest Rate | 1.91% |
Derivative, Notional Amount | $ 350 |
Wells Fargo Bank, N.A [Member] | Interest Rate Swap Agreement With Interest Rate 0.158 Percent Maturing August 2023 [Member] | |
Debt Instrument [Line Items] | |
Derivative, Fixed Interest Rate | 0.16% |
Derivative, Notional Amount | $ 50 |
BMO Harris Bank N.A. [Member] | Interest Rate Swap Agreement with Interest Rate 2.88 Percent Maturing August 2023 [Member] | |
Debt Instrument [Line Items] | |
Derivative, Fixed Interest Rate | 2.88% |
Derivative, Notional Amount | $ 100 |
BMO Harris Bank N.A. [Member] | Interest Rate Swap Agreement with Interest Rate 1.21 Percent Maturing August 2024 [Member] | |
Debt Instrument [Line Items] | |
Derivative, Fixed Interest Rate | 1.21% |
Derivative, Notional Amount | $ 90 |
Truist Bank [Member] | Interest Rate Swap Agreement with Interest Rate 1.21 Percent Maturing August 2024 [Member] | |
Debt Instrument [Line Items] | |
Derivative, Fixed Interest Rate | 1.21% |
Derivative, Notional Amount | $ 40 |
Truist Bank [Member] | Interest Rate Swap Agreement with Interest Rate 2.93 Percent Maturing August 2024 [Member] | |
Debt Instrument [Line Items] | |
Derivative, Fixed Interest Rate | 2.93% |
Derivative, Notional Amount | $ 40 |
Citizens Bank National Association [Member] | Interest Rate Swap Agreement with Interest Rate 2.93 Percent Maturing August 2024 [Member] | |
Debt Instrument [Line Items] | |
Derivative, Fixed Interest Rate | 2.93% |
Derivative, Notional Amount | $ 30 |
Credit Facility, Notes Payabl_7
Credit Facility, Notes Payable and Derivative Instruments - Schedule of interest rate swap agreement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Credit Facility, Notes Payable and Derivative Instruments | |||
Amount of loss recognized in other comprehensive loss | $ 16,451 | $ 3,922 | $ 3,919 |
Amount of loss reclassified from accumulated other comprehensive loss into interest expense | (4,906) | (969) | (198) |
Total other comprehensive loss | $ 11,545 | $ 2,953 | $ 3,721 |
Credit Facility, Notes Payabl_8
Credit Facility, Notes Payable and Derivative Instruments (Details) $ in Thousands | Jul. 31, 2020USD ($) | Apr. 27, 2020USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 25, 2015 | Sep. 15, 2015USD ($) |
Notes Payable and Revolving Credit Facility | ||||||||
Debt issuance and related costs | $ 342 | $ 0 | ||||||
Amortization of Financing Costs | 174 | 132 | $ 131 | |||||
Other Operating Activities, Cash Flow Statement | 238,400 | 244,250 | ||||||
Increase (Decrease) in Security Deposits | 129 | 2,199 | 2,024 | |||||
Repayments of Lines of Credit | $ 64,550 | $ 173,175 | ||||||
Debt Instrument, Term | 2 years 9 months 14 days | 3 years 9 months 3 days | ||||||
Long-term Debt, Gross | $ 66,349 | $ 39,475 | ||||||
Line Of Credit Cash Paid Other | 952 | 1,039 | ||||||
Additional Interest Expense | 6,211 | |||||||
Interest Expense, Total | $ 18,680 | $ 17,472 | 14,975 | |||||
Weighted average interest rate basis | 3.17% | 3.90% | ||||||
Interest Rate Swap [Member] | ||||||||
Notes Payable and Revolving Credit Facility | ||||||||
Derivative Instruments in Hedges, Liabilities, at Fair Value | $ 18,086 | $ 6,491 | ||||||
Credit Facility [Member] | ||||||||
Notes Payable and Revolving Credit Facility | ||||||||
Maximum consolidated leverage ratio under financial covenants | 0.60 | |||||||
Fixed charge coverage ratio | 1.50 | |||||||
Maximum ratio of total secured recourse debt to total asset value under financial covenants | 0.10 | |||||||
Maximum percentage of A F F O distributions to common stockholders under financial covenants | 95.00% | |||||||
Covenant terms | The Operating Partnership is subject to a number of financial covenants under its Credit Facility, including, among other things, (i) a maximum consolidated leverage ratio as of the end of each fiscal quarter of less than 0.60:1.00, (ii) a minimum fixed charge coverage ratio of 1.50:1.00, (iii) a minimum net worth of $203.8 million plus 75% of all net proceeds raised through equity offerings subsequent to March 31, 2018, (iv) a ratio of total secured recourse debt to total asset value of not greater than 0.10:1.00, and, (v) beginning at the end of the fourth quarter of 2020, a quarterly requirement that the Company’s distributions to common stockholders and OP Unit and LTIP Unit holders be limited to an amount equal to 95% of its AFFO | |||||||
Covenant compliance | As of December 31, 2020, the Company complied with all of the financial and non-financial covenants contained in the Credit Facility. | |||||||
Debt Instrument, Face Amount | $ 600,000 | |||||||
Minimum Net Worth Required for Compliance | $ 203,800 | |||||||
Net Proceeds raised Through Equity Offerings, Percent | 75.00% | |||||||
Revolving Credit Facility [Member] | ||||||||
Notes Payable and Revolving Credit Facility | ||||||||
Amortization of Financing Costs | $ 1,225 | 1,129 | 1,639 | |||||
Increase (Decrease) in Security Deposits | 14,669 | 14,237 | 11,371 | |||||
Long-term Debt, Gross | 173,850 | 71,075 | ||||||
Rosedale Loan [Member] | ||||||||
Notes Payable and Revolving Credit Facility | ||||||||
Long-term Debt, Total | $ 14,800 | 14,691 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | |||||||
Interest Expense, Debt | 249 | |||||||
Debt Instrument, Term | 25 years | |||||||
Principal payments made | 109 | |||||||
Long-term Debt, Gross | 14,691 | |||||||
Dumfries Loan [Member] | ||||||||
Notes Payable and Revolving Credit Facility | ||||||||
Long-term Debt, Total | $ 12,074 | 11,899 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.68% | |||||||
Interest Expense, Debt | 383 | |||||||
Debt Instrument, Term | 10 years | |||||||
Principal payments made | 175 | |||||||
Long-term Debt, Gross | 11,899 | |||||||
Cantor Loan [Member] | ||||||||
Notes Payable and Revolving Credit Facility | ||||||||
Long-term Debt, Total | $ 32,097 | 32,097 | 32,097 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.22% | |||||||
Interest Expense, Debt | 1,703 | 1,699 | 1,699 | |||||
Debt Instrument, Term | 30 years | |||||||
Long-term Debt, Gross | 32,097 | |||||||
West Mifflin Note Payable [Member] | ||||||||
Notes Payable and Revolving Credit Facility | ||||||||
Long-term Debt, Total | 7,085 | 7,220 | $ 7,378 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | |||||||
Interest Expense, Debt | 277 | 274 | $ 280 | |||||
Principal payments made | 293 | $ 136 | ||||||
Long-term Debt, Gross | $ 7,085 | |||||||
The Revolver [Member] | Credit Facility [Member] | ||||||||
Notes Payable and Revolving Credit Facility | ||||||||
Debt Instrument, Maturity Date | Aug. 31, 2022 | |||||||
Credit facility extension option period | 1 year | |||||||
Debt Instrument, Face Amount | $ 250,000 | |||||||
The Term loan [Member] | Credit Facility [Member] | ||||||||
Notes Payable and Revolving Credit Facility | ||||||||
Debt Instrument, Maturity Date | Aug. 31, 2023 | |||||||
Debt Instrument, Face Amount | $ 350,000 | |||||||
Accordion [Member] | Credit Facility [Member] | ||||||||
Notes Payable and Revolving Credit Facility | ||||||||
Debt Instrument, Face Amount | $ 50,000 |
Equity - Summary of Preferred S
Equity - Summary of Preferred Stock Dividend Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Dividend Amount | $ 12,470 | $ 11,091 | |||||||
Common Stock [Member] | |||||||||
Dividend Amount | $ 922 | 349 | |||||||
Preferred Stock [Member] | Dividend declared on December 13, 2018 | |||||||||
Date Announced | Dec. 13, 2018 | ||||||||
Record Date | Jan. 15, 2019 | ||||||||
Payment Date | Jan. 31, 2019 | ||||||||
Dividend Amount | $ 1,455 | ||||||||
Dividends per Share | $ 0.46875 | ||||||||
Preferred Stock [Member] | Dividend declared on March 6, 2019 | |||||||||
Date Announced | Mar. 6, 2019 | ||||||||
Record Date | Apr. 15, 2019 | ||||||||
Payment Date | Apr. 30, 2019 | ||||||||
Dividend Amount | $ 1,455 | ||||||||
Dividends per Share | $ 0.46875 | ||||||||
Preferred Stock [Member] | Dividend declared on June 14, 2019 | |||||||||
Date Announced | Jun. 14, 2019 | ||||||||
Record Date | Jul. 15, 2019 | ||||||||
Payment Date | Jul. 31, 2019 | ||||||||
Dividend Amount | $ 1,455 | ||||||||
Dividends per Share | $ 0.46875 | ||||||||
Preferred Stock [Member] | Dividend declared on September 13, 2019 | |||||||||
Date Announced | Sep. 13, 2019 | ||||||||
Record Date | Oct. 15, 2018 | ||||||||
Payment Date | Oct. 31, 2019 | ||||||||
Dividend Amount | $ 1,455 | ||||||||
Dividends per Share | $ 0.46875 | ||||||||
Preferred Stock [Member] | Dividend declared on December 13, 2019 | |||||||||
Date Announced | Dec. 13, 2019 | ||||||||
Record Date | Jan. 15, 2020 | ||||||||
Payment Date | Jan. 31, 2020 | ||||||||
Dividend Amount | $ 1,455 | ||||||||
Dividends per Share | $ 0.46875 | ||||||||
Preferred Stock [Member] | Dividend declared on March 4, 2020 | |||||||||
Date Announced | Mar. 4, 2020 | ||||||||
Record Date | Apr. 15, 2020 | ||||||||
Payment Date | Apr. 30, 2020 | ||||||||
Dividend Amount | $ 1,455 | ||||||||
Dividends per Share | $ 0.46875 | ||||||||
Preferred Stock [Member] | Dividend declared on June 12, 2020 | |||||||||
Date Announced | Jun. 12, 2020 | ||||||||
Record Date | Jul. 15, 2020 | ||||||||
Payment Date | Jul. 31, 2020 | ||||||||
Dividend Amount | $ 1,455 | ||||||||
Dividends per Share | $ 0.46875 | ||||||||
Preferred Stock [Member] | Dividend declared on September 3, 2020 | |||||||||
Date Announced | Sep. 3, 2020 | ||||||||
Record Date | Oct. 15, 2020 | ||||||||
Payment Date | Oct. 31, 2020 | ||||||||
Dividend Amount | $ 1,455 | ||||||||
Dividends per Share | $ 0.46875 | ||||||||
Preferred Stock [Member] | Dividend declared on December 16,2020 | |||||||||
Date Announced | Dec. 16, 2020 | ||||||||
Record Date | Jan. 15, 2021 | ||||||||
Payment Date | Feb. 1, 2021 | ||||||||
Dividend Amount | $ 1,455 | ||||||||
Dividends per Share | $ 0.46875 | ||||||||
Common Stock [Member] | Dividend declared on December 13, 2018 | |||||||||
Date Announced | Dec. 13, 2018 | ||||||||
Record Date | Dec. 26, 2018 | ||||||||
Payment Date | Jan. 10, 2019 | ||||||||
Dividend Amount | $ 5,695 | ||||||||
Dividends per Share | $ 0.20 | ||||||||
Common Stock [Member] | Dividend declared on March 6, 2019 | |||||||||
Date Announced | Mar. 6, 2019 | ||||||||
Record Date | Mar. 26, 2019 | ||||||||
Payment Date | Apr. 10, 2019 | ||||||||
Dividend Amount | $ 7,688 | ||||||||
Dividends per Share | $ 0.20 | ||||||||
Common Stock [Member] | Dividend declared on June 14, 2019 | |||||||||
Date Announced | Jun. 14, 2019 | ||||||||
Record Date | Jun. 26, 2019 | ||||||||
Payment Date | Jul. 11, 2019 | ||||||||
Dividend Amount | $ 7,699 | ||||||||
Dividends per Share | $ 0.20 | ||||||||
Common Stock [Member] | Dividend declared on September 13, 2019 | |||||||||
Date Announced | Sep. 13, 2019 | ||||||||
Record Date | Sep. 25, 2019 | ||||||||
Payment Date | Oct. 10, 2019 | ||||||||
Dividend Amount | $ 8,004 | ||||||||
Dividends per Share | $ 0.20 | ||||||||
Common Stock [Member] | Dividend declared on December 13, 2019 | |||||||||
Date Announced | Dec. 13, 2019 | ||||||||
Record Date | Dec. 26, 2019 | ||||||||
Payment Date | Jan. 9, 2020 | ||||||||
Dividend Amount | $ 9,541 | ||||||||
Dividends per Share | $ 0.20 | ||||||||
Common Stock [Member] | Dividend declared on March 4, 2020 | |||||||||
Date Announced | Mar. 4, 2020 | ||||||||
Record Date | Mar. 25, 2020 | ||||||||
Payment Date | Apr. 9, 2020 | ||||||||
Dividend Amount | $ 9,610 | ||||||||
Dividends per Share | $ 0.20 | ||||||||
Common Stock [Member] | Dividend declared on June 12, 2020 | |||||||||
Date Announced | Jun. 12, 2020 | ||||||||
Record Date | Jun. 25, 2020 | ||||||||
Payment Date | Jul. 9, 2020 | ||||||||
Dividend Amount | $ 9,861 | ||||||||
Dividends per Share | $ 0.20 | ||||||||
Common Stock [Member] | Dividend declared on September 3, 2020 | |||||||||
Date Announced | Sep. 3, 2020 | ||||||||
Record Date | Sep. 24, 2020 | ||||||||
Payment Date | Oct. 8, 2020 | ||||||||
Dividend Amount | $ 10,357 | ||||||||
Dividends per Share | $ 0.20 | ||||||||
Common Stock [Member] | Dividend declared on December 16,2020 | |||||||||
Date Announced | Dec. 16, 2020 | ||||||||
Record Date | Dec. 28, 2020 | ||||||||
Payment Date | Jan. 11, 2021 | ||||||||
Dividend Amount | $ 10,573 | ||||||||
Dividends per Share | $ 0.20 |
Equity - Additional Information
Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 13, 2019 | Mar. 18, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Aug. 17, 2020 | Aug. 31, 2017 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | |||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |||||
Preferred Stock, Shares Issued | 3,105,000 | 3,105,000 | |||||
Preferred Stock, Shares Outstanding | 3,105,000 | 3,105,000 | |||||
Dividend Accrued | $ 970 | ||||||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | |||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |||||
Common Stock, Shares, Outstanding | 49,461,000 | 43,806,000 | |||||
Authorized amount under sales agreement | $ 50,000 | ||||||
Gross proceeds | $ 53,088 | $ 189,498 | $ 37,307 | ||||
Shares issued | 2,632 | ||||||
Offering price (Dollars per share) | $ 11.24 | ||||||
Payments of Dividends, Total | 5,822 | $ 5,822 | 5,821 | ||||
Payment Of Dividends Common Stock Op And Ltip Units | 39,944 | 29,171 | 18,964 | ||||
Dividends Payable | $ 12,470 | $ 11,091 | |||||
Partners' Capital Account, Units, Treasury Units Purchased | 1,379,000 | 51,000 | |||||
Partners' Capital Account, Treasury Units, Purchased | $ 17,882 | $ 519 | |||||
Limited Partners' Capital Account, Units Issued | 49,000 | ||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 16,363 | ||||||
Partners' Capital Account, Units, Sale of Units | 1,764,000 | 3,143,000 | |||||
Limited Partners' Capital Account | $ 9,999 | $ 27,881 | |||||
IPO [Member] | |||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 506 | ||||||
ATM | |||||||
Gross proceeds | $ 53,717 | 29,073 | |||||
Shares issued | 4,248,000 | ||||||
Offering price (Dollars per share) | $ 12.84 | ||||||
ATM | Maximum | |||||||
Authorized amount under sales agreement | $ 150,000 | ||||||
Common Stock [Member] | |||||||
Gross proceeds | $ 84,702 | $ 75,723 | |||||
Shares issued | 6,900,000 | 8,233,000 | |||||
Offering price (Dollars per share) | $ 13 | $ 9.75 | |||||
Payments of Dividends, Total | $ 575 | 85 | |||||
Dividends Payable | $ 922 | 349 | |||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | $ 0 | $ 0 | |||||
Series A Preferred Stock [Member] | |||||||
Preferred Stock, Shares Issued | 3,105,000 | 3,105,000 | |||||
Preferred Stock, Shares Outstanding | 3,105,000 | 3,105,000 | |||||
Preferred Stock, Dividend Rate, Percentage | 7.50% | ||||||
Preferred Stock, Liquidation Preference Per Share | $ 25 | ||||||
Dividends Payable, Amount Per Share | 1.875 | ||||||
Series A Cumulative Redeemable Preferred Stock [Member] | |||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | ||||||
Long Term Incentives Plan Units Member | |||||||
Dividends Payable | $ 927 | $ 580 |
Related Party Transactions - Du
Related Party Transactions - Due to Related Parties, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transactions | |||
Balance, Beginning | $ (1,648) | ||
Balance, Ending | 0 | $ (1,648) | |
Funds for Various Purposes [Member] | |||
Related Party Transactions | |||
Balance, Beginning | 50 | 61 | |
Loan repayments from related parties | (11) | ||
Loan to related parties | 53 | ||
Balance, Ending | 103 | 50 | $ 61 |
Mgmt Fees Due To Advisor [Member] | |||
Related Party Transactions | |||
Balance, Beginning | (1,727) | ||
Balance, Beginning | (1,727) | (1,143) | |
Management fee expense incurred | (4,024) | (6,266) | (4,422) |
Management fees paid to Advisor | 5,751 | 5,682 | |
Balance, Ending | 0 | (1,727) | |
Balance, Ending | (1,727) | (1,143) | |
Funds Due from Advisor [Member] | |||
Related Party Transactions | |||
Balance, Beginning | 79 | 52 | |
Loans to Former Advisor | (79) | 27 | |
Balance, Ending | 79 | 52 | |
Due to Related party [Member] | |||
Related Party Transactions | |||
Balance, Beginning | (1,648) | (1,091) | |
Management fee expense incurred | (4,024) | (6,266) | |
Management fees paid to Advisor | 5,751 | 5,682 | |
Loans to Former Advisor | $ (79) | 27 | |
Balance, Ending | $ (1,648) | $ (1,091) |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transactions | ||||
Base management fee, percent fee | 1.50% | |||
Due to Related Parties | $ 0 | $ 0 | $ 1,648 | |
Incentive management fee | $ 0 | |||
Percentage of incentive fee to advisor | 20.00% | 20.00% | ||
Return on equity hurdle rate | 8.00% | |||
Mgmt Fees Due To Advisor [Member] | ||||
Related Party Transactions | ||||
Management fee expense incurred | $ 4,024 | 6,266 | $ 4,422 | |
Due to Related Parties | $ 0 | 0 | 1,727 | |
Incentive management fee | $ 0 | $ 0 | $ 0 |
Stock-Based Compensation - TRIP
Stock-Based Compensation - TRIP Unit Activity (Details) - shares | Mar. 05, 2021 | Sep. 02, 2020 | Aug. 23, 2020 | Jul. 24, 2020 | Jul. 09, 2020 | May 12, 2020 | Mar. 05, 2020 | Mar. 03, 2020 | Dec. 31, 2020 |
Vesting percentage | 135.00% | ||||||||
Long Term Incentives Plan Units [Member] | |||||||||
Vesting percentage | 50.00% | 50.00% | |||||||
2017 Program [Member] | |||||||||
Vesting percentage | 50.00% | ||||||||
2017 Program [Member] | Long Term Incentives Plan Units [Member] | |||||||||
Number of units issued | 21 | 14 | 155 | ||||||
2019 Annual Incentive Plan [Member] | Long Term Incentives Plan Units [Member] | |||||||||
Number of units issued | 147 | ||||||||
Long Term Incentive Plan 2020 [Member] | Long Term Incentives Plan Units [Member] | |||||||||
Number of units issued | 43 | ||||||||
2017 Performance Program [Member] | |||||||||
Vesting percentage | 50.00% | ||||||||
Annual Award Agreements [Member] | Long Term Incentives Plan Units [Member] | |||||||||
Number of units issued | 19 | ||||||||
Share-based Compensation Award, Tranche One [Member] | 2017 Program [Member] | Long Term Incentives Plan Units [Member] | |||||||||
Vesting percentage | 50.00% | ||||||||
Share-based Compensation Award, Tranche One [Member] | 2019 Annual Incentive Plan [Member] | Long Term Incentives Plan Units [Member] | |||||||||
Vesting percentage | 50.00% | ||||||||
Share-based Compensation Award, Tranche One [Member] | Long Term Incentive Plan [Member] | Long-Term Awards [Member] | |||||||||
Vesting percentage | 75.00% | ||||||||
Share-based Compensation Award, Tranche One [Member] | Long Term Incentive Plan [Member] | Long Term Incentives Plan Units [Member] | |||||||||
Vesting percentage | 50.00% | ||||||||
Share-based Compensation Award, Tranche One [Member] | Long Term Incentive Plan 2020 [Member] | Long Term Incentives Plan Units [Member] | |||||||||
Vesting percentage | 33.33% | ||||||||
Share-based Compensation Award, Tranche One [Member] | 2017 Performance Program [Member] | Long Term Incentives Plan Units [Member] | |||||||||
Vesting percentage | 50.00% | ||||||||
Share-based Compensation Award, Tranche One [Member] | Annual Award Agreements [Member] | |||||||||
Vesting percentage | 100.00% | ||||||||
Share-based Compensation Award, Tranche Two [Member] | 2017 Program [Member] | Long Term Incentives Plan Units [Member] | |||||||||
Vesting percentage | 50.00% | ||||||||
Share-based Compensation Award, Tranche Two [Member] | 2019 Annual Incentive Plan [Member] | Long Term Incentives Plan Units [Member] | |||||||||
Vesting percentage | 50.00% | ||||||||
Share-based Compensation Award, Tranche Two [Member] | Long Term Incentive Plan [Member] | Long-Term Awards [Member] | |||||||||
Vesting percentage | 25.00% | ||||||||
Share-based Compensation Award, Tranche Two [Member] | Long Term Incentive Plan [Member] | Long Term Incentives Plan Units [Member] | |||||||||
Vesting percentage | 50.00% | ||||||||
Share-based Compensation Award, Tranche Two [Member] | Long Term Incentive Plan 2020 [Member] | Long Term Incentives Plan Units [Member] | |||||||||
Vesting percentage | 33.33% | ||||||||
Share-based Compensation Award, Tranche Two [Member] | 2017 Performance Program [Member] | Long Term Incentives Plan Units [Member] | |||||||||
Vesting percentage | 50.00% | ||||||||
Share-based Payment Arrangement, Tranche Three [Member] | Long Term Incentive Plan 2020 [Member] | Long Term Incentives Plan Units [Member] | |||||||||
Vesting percentage | 33.33% | ||||||||
Executives Employees [Member] | Retention Grants [Member] | Long Term Incentives Plan Units [Member] | |||||||||
Number of units issued | 402 | ||||||||
Executives Employees [Member] | Share-based Compensation Award, Tranche One [Member] | Retention Grants [Member] | |||||||||
Vesting percentage | 25.00% | ||||||||
Executives Employees [Member] | Share-based Compensation Award, Tranche Two [Member] | Retention Grants [Member] | Long Term Incentives Plan Units [Member] | |||||||||
Vesting percentage | 25.00% | ||||||||
Executives Employees [Member] | Share-based Payment Arrangement, Tranche Three [Member] | Retention Grants [Member] | Long Term Incentives Plan Units [Member] | |||||||||
Vesting percentage | 25.00% | ||||||||
Executives Employees [Member] | Share-based Payment Arrangement, Tranche Four [Member] | Retention Grants [Member] | Long Term Incentives Plan Units [Member] | |||||||||
Vesting percentage | 25.00% | ||||||||
Non Executive Employees [Member] | Retention Grants [Member] | Long Term Incentives Plan Units [Member] | |||||||||
Number of units issued | 108 | ||||||||
Non Executive Employees [Member] | Share-based Compensation Award, Tranche One [Member] | Retention Grants [Member] | Long Term Incentives Plan Units [Member] | |||||||||
Vesting percentage | 25.00% | ||||||||
Non Executive Employees [Member] | Share-based Compensation Award, Tranche Two [Member] | Retention Grants [Member] | Long Term Incentives Plan Units [Member] | |||||||||
Vesting percentage | 25.00% | ||||||||
Non Executive Employees [Member] | Share-based Payment Arrangement, Tranche Three [Member] | Retention Grants [Member] | Long Term Incentives Plan Units [Member] | |||||||||
Vesting percentage | 25.00% | ||||||||
Non Executive Employees [Member] | Share-based Payment Arrangement, Tranche Four [Member] | Retention Grants [Member] | Long Term Incentives Plan Units [Member] | |||||||||
Vesting percentage | 25.00% |
Stock-Based Compensation - Vest
Stock-Based Compensation - Vested and unvested LTIP units (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2020shares | |
Stock-Based Compensation | |
Total vested units | 818 |
Total unvested units | 821 |
LTIP Units outstanding as of September 30, 2020 | 1,639 |
Stock-Based Compensation - Long
Stock-Based Compensation - Long-Term Awards (Details) shares in Thousands | Dec. 31, 2020shares |
Total target performance awards as of December 31, 2020 | 458 |
2018 Program [Member] | Long-Term Awards [Member] | |
Total target performance awards as of December 31, 2020 | 110 |
2019 Program [Member] | Long-Term Awards [Member] | |
Total target performance awards as of December 31, 2020 | 82 |
2020 Program [Member] | Annual Awards [Member] | |
Total target performance awards as of December 31, 2020 | 196 |
2020 Program [Member] | Long-Term Awards [Member] | |
Total target performance awards as of December 31, 2020 | 70 |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions Long-Term Awards (Details) - Long-Term Awards [Member] - $ / shares | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
2020 Program [Member] | ||||
Fair value | $ 13.47 | |||
Target awards | 70 | |||
Volatility | 28.75% | |||
Risk-free rate | 0.72% | |||
Dividend assumption | reinvested | |||
Expected term in years | 3 years | |||
2019 Program [Member] | ||||
Fair value | $ 10.07 | |||
Target awards | 82 | |||
Volatility | 31.70% | |||
Risk-free rate | 2.50% | |||
Dividend assumption | reinvested | |||
Expected term in years | 3 years | |||
2018 Program [Member] | ||||
Fair value | $ 8.86 | |||
Target awards | 110 | |||
Volatility | 33.80% | |||
Risk-free rate | 2.60% | |||
Dividend assumption | reinvested | |||
Expected term in years | 2 years 8 months 12 days | |||
2017 Program [Member] | ||||
Fair value | $ 8.86 | |||
Target awards | 96 | |||
Dividend assumption | reinvested | |||
2017 Program [Member] | Maximum | ||||
Volatility | 35.40% | |||
Risk-free rate | 2.60% | |||
Expected term in years | 2 years 8 months 12 days | |||
2017 Program [Member] | Minimum | ||||
Volatility | 33.80% | |||
Risk-free rate | 2.40% | |||
Expected term in years | 1 year 8 months 12 days |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ in Thousands | Mar. 05, 2021 | Mar. 05, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Share-based Compensation | $ 5,319 | $ 3,336 | $ 2,671 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 7,100 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | ||||
Performance Goals For Awards | 135% | ||||
Additional Earn Up Rate For Grantee | 150.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 135.00% | ||||
2017 Program [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | ||||
Long Term Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
2017 Performance Program [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | ||||
Long-Term Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||
Long-Term Awards [Member] | Long Term Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 200.00% | ||||
Long Term Incentives Plan Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures | 28 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | 50.00% | |||
Long Term Incentives Plan Units [Member] | 2016 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 521 |
Leases - Aggregate annual minim
Leases - Aggregate annual minimum cash to be received by the Company on the noncancelable operating leases (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Leases | |
2021 | $ 89,910 |
2022 | 89,977 |
2023 | 87,484 |
2024 | 80,554 |
2025 | 69,384 |
Thereafter | 377,990 |
Total | $ 795,299 |
Leases - Scheduled obligations
Leases - Scheduled obligations for future minimum payments on operating ground leases (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Leases | |
2021 | $ 390 |
2022 | 409 |
2023 | 174 |
2024 | 129 |
2025 | 129 |
Thereafter | 4,498 |
Total | 5,729 |
Discount | (2,772) |
Lease liability | $ 2,957 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Lease liability |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Leases | |||
Operating Lease Average Remaining Lease Term | 10 years | ||
Rental revenue | $ 93,518 | $ 70,515 | $ 53,138 |
Variable lease payments | $ 4,924 | 5,341 | |
Weighted average remaining term | 41 years | ||
Weighted average discount rate | 7.50% | ||
Lease Expense | $ 140 | 107 | |
Paid in cash | $ 116 | $ 107 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Operating Lease, Liability |
Rent Concentration (Details)
Rent Concentration (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Concentration risk percentage | 100.00% | ||
Rental Revenue [Member] | |||
Concentration risk percentage | 5.00% | ||
Encompass [Member] | |||
Concentration risk percentage | 8.00% | 10.00% | 11.00% |
Belpre [Member] | |||
Concentration risk percentage | 6.00% | 7.00% | 8.00% |
OCOM [Member] | |||
Concentration risk percentage | 5.00% | 8.00% | 9.00% |
Austin [Member] | |||
Concentration risk percentage | 81.00% | 5.00% | 7.00% |
Sherman [Member] | |||
Concentration risk percentage | 100.00% | 5.00% | 6.00% |
East Dallas [Member] | |||
Concentration risk percentage | 65.00% | 5.00% | |
Great Bend [Member] | |||
Concentration risk percentage | 100.00% | 5.00% | |
All Other Facilities [Member] | |||
Concentration risk percentage | 49.00% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | Mar. 02, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Subsequent Events | ||||
Preferred Stock, Dividends Per Share, Declared | $ 1.875 | $ 1.875 | $ 1.875 | |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||
Interest Rate Swap [Member] | ||||
Subsequent Events | ||||
Derivative, Notional Amount | $ 350 | |||
Derivative, Fixed Interest Rate | 1.91% | |||
Series A Cumulative Redeemable Preferred Stock [Member] | ||||
Subsequent Events | ||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | |||
Subsequent Event | ||||
Subsequent Events | ||||
Dividends per Share | $ 0.205 | |||
Dividends Payable, Date Declared | Mar. 2, 2021 | |||
Dividends Payable, Date of Record | Mar. 24, 2021 | |||
Dividends Payable, Date to be Paid | Apr. 8, 2021 | |||
Subsequent Event | Series A Cumulative Redeemable Preferred Stock [Member] | ||||
Subsequent Events | ||||
Dividends Payable, Date Declared | Mar. 2, 2021 | |||
Preferred Stock, Dividends Per Share, Declared | $ 0.46875 | |||
Dividends Payable, Date of Record | Apr. 15, 2021 | |||
Dividends Payable, Date to be Paid | Apr. 30, 2021 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Selected Quarterly Financial Data | |||||||||||
Total revenue | $ 24,930 | $ 25,097 | $ 22,055 | $ 21,649 | $ 20,452 | $ 18,195 | $ 16,880 | $ 15,200 | $ 93,730 | $ 70,726 | $ 53,192 |
Total expenses | 22,338 | 34,677 | 20,383 | 18,832 | 17,677 | 15,887 | 14,418 | 13,157 | 96,229 | 61,138 | 46,306 |
Income before gain on sale of investment property | (2,499) | 9,588 | 6,886 | ||||||||
Gain on sale of investment property | 0 | 0 | 7,675 | ||||||||
Net income | 2,592 | (9,580) | 1,672 | 2,817 | 2,775 | 2,308 | 2,462 | 2,043 | (2,499) | 9,588 | 14,561 |
Less: Preferred stock dividends | (1,455) | (1,455) | (1,455) | (1,455) | (1,455) | (1,455) | (1,455) | (1,455) | (5,822) | (5,822) | (5,822) |
Less: Net loss (income) attributable to noncontrolling interest | (74) | 767 | (13) | (107) | (108) | (83) | (103) | (60) | 574 | (354) | (1,071) |
Net income (loss) attributable to common stockholders | $ 1,063 | $ (10,268) | $ 204 | $ 1,255 | $ 1,212 | $ 770 | $ 904 | $ 528 | $ (7,747) | $ 3,412 | $ 7,668 |
Net income (loss) attributable to common stockholders per share - basic and diluted | $ 0.02 | $ (0.22) | $ 0 | $ 0.03 | $ 0.03 | $ 0.02 | $ 0.03 | $ 0.02 | $ (0.17) | $ 0.10 | $ 0.35 |
Weighted average shares outstanding - basic and diluted | 48,496 | 46,908 | 45,404 | 44,182 | 37,876 | 35,512 | 34,559 | 27,380 | 46,256 | 33,865 | 21,971 |
SCHEDULE III-CONSOLIDATED REA_2
SCHEDULE III-CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Gross Value at Close of Period | ||||
Total Assets | $ 1,044,671 | $ 832,735 | $ 604,398 | $ 439,857 |
Accumulated Depreciation | 69,563 | 42,828 | $ 23,762 | $ 11,253 |
Credit facility balance | 525,200 | |||
Note balance | 66,349 | $ 39,475 | ||
Investments at cost for income tax purposes | 1,122,000 | |||
Units issued | 49 | |||
Value of units issued | $ 506 | |||
West Mifflin Note Payable [Member] | ||||
Gross Value at Close of Period | ||||
Note balance | 7,085 | |||
Cantor Loan [Member] | ||||
Gross Value at Close of Period | ||||
Note balance | 32,097 | |||
Dumfries Loan [Member] | ||||
Gross Value at Close of Period | ||||
Note balance | 11,899 | |||
Rosedale Loan [Member] | ||||
Gross Value at Close of Period | ||||
Note balance | 14,691 | |||
Buildings | ||||
Initial Costs | ||||
Building & Improvements | 894,967 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Building & Improvements | 5,664 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 900,631 | |||
Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 143,666 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land & Improvements | 374 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 144,040 | |||
Omaha-LTACH | ||||
Gross Value at Close of Period | ||||
Total Assets | 21,867 | |||
Accumulated Depreciation | 3,592 | |||
Omaha-LTACH | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 21,867 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 21,867 | |||
Asheville-ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 2,506 | |||
Accumulated Depreciation | 304 | |||
Asheville-ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 1,934 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 1,934 | |||
Asheville-ASC | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 572 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 572 | |||
Pittsburgh-MOB/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 11,609 | |||
Accumulated Depreciation | 1,360 | |||
Pittsburgh-MOB/ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 10,322 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 10,322 | |||
Pittsburgh-MOB/ASC | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,287 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,287 | |||
Memphis-MOB/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 20,156 | |||
Accumulated Depreciation | 2,166 | |||
Memphis-MOB/ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 17,451 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 17,451 | |||
Memphis-MOB/ASC | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 2,705 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 2,705 | |||
Plano-Surgical Hospital | ||||
Gross Value at Close of Period | ||||
Total Assets | 17,746 | |||
Accumulated Depreciation | 2,057 | |||
Plano-Surgical Hospital | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 16,696 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 16,696 | |||
Plano-Surgical Hospital | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,050 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,050 | |||
Westland-MOB/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 4,750 | |||
Accumulated Depreciation | 537 | |||
Westland-MOB/ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 4,520 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 4,520 | |||
Westland-MOB/ASC | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 230 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 230 | |||
Melbourne-MOB/ Imaging | ||||
Gross Value at Close of Period | ||||
Total Assets | 15,450 | |||
Accumulated Depreciation | 1,693 | |||
Melbourne-MOB/ Imaging | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 14,250 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 14,250 | |||
Melbourne-MOB/ Imaging | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,200 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,200 | |||
Reading-MOB/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 9,380 | |||
Accumulated Depreciation | 884 | |||
Reading-MOB/ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 7,940 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 7,940 | |||
Reading-MOB/ASC | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,440 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,440 | |||
East Orange-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 12,262 | |||
Accumulated Depreciation | 1,076 | |||
East Orange-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 10,112 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 10,112 | |||
East Orange-MOB | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 2,150 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 2,150 | |||
Watertown- MOB/ Imaging | ||||
Gross Value at Close of Period | ||||
Total Assets | 9,245 | |||
Accumulated Depreciation | 870 | |||
Watertown- MOB/ Imaging | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 8,002 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Building & Improvements | 98 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 8,100 | |||
Watertown- MOB/ Imaging | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,100 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land & Improvements | 45 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,145 | |||
Sandusky-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 11,501 | |||
Accumulated Depreciation | 1,212 | |||
Sandusky-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 10,710 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 10,710 | |||
Sandusky-MOB | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 791 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 791 | |||
Carson City-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 4,028 | |||
Accumulated Depreciation | 341 | |||
Carson City-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 3,268 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 3,268 | |||
Carson City-MOB | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 760 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 760 | |||
Ellijay-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 4,251 | |||
Accumulated Depreciation | 525 | |||
Ellijay-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 3,337 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 3,337 | |||
Ellijay-MOB | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 914 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 914 | |||
Altoona-IRF | ||||
Gross Value at Close of Period | ||||
Total Assets | 19,689 | |||
Accumulated Depreciation | 2,145 | |||
Altoona-IRF | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 18,505 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 18,505 | |||
Altoona-IRF | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,184 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,184 | |||
Mechanicsburg-IRF | ||||
Gross Value at Close of Period | ||||
Total Assets | 22,261 | |||
Accumulated Depreciation | 2,427 | |||
Mechanicsburg-IRF | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 21,451 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 21,451 | |||
Mechanicsburg-IRF | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 810 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 810 | |||
Mesa-IRF | ||||
Gross Value at Close of Period | ||||
Total Assets | 19,885 | |||
Accumulated Depreciation | 2,140 | |||
Mesa-IRF | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 16,265 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 16,265 | |||
Mesa-IRF | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 3,620 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 3,620 | |||
Lewisburg-MOB/ Imaging | ||||
Gross Value at Close of Period | ||||
Total Assets | 6,795 | |||
Accumulated Depreciation | 947 | |||
Lewisburg-MOB/ Imaging | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 6,114 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 6,114 | |||
Lewisburg-MOB/ Imaging | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 681 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 681 | |||
Cape Coral-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 7,370 | |||
Accumulated Depreciation | 556 | |||
Cape Coral-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 7,017 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 7,017 | |||
Cape Coral-MOB | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 353 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 353 | |||
Las Cruces-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 5,087 | |||
Accumulated Depreciation | 520 | |||
Las Cruces-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 4,618 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Building & Improvements | 32 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 4,650 | |||
Las Cruces-MOB | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 397 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land & Improvements | 40 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 437 | |||
Prescott-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 4,612 | |||
Accumulated Depreciation | 297 | |||
Prescott-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 3,821 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 3,821 | |||
Prescott-MOB | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 791 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 791 | |||
Clermont-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 4,567 | |||
Accumulated Depreciation | 408 | |||
Clermont-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 4,422 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 4,422 | |||
Clermont-MOB | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 145 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 145 | |||
Oklahoma City-Surgical Hospital/ Physical Therapy/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 41,677 | |||
Accumulated Depreciation | 4,196 | |||
Oklahoma City-Surgical Hospital/ Physical Therapy/ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 38,724 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 38,724 | |||
Oklahoma City-Surgical Hospital/ Physical Therapy/ASC | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 2,953 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 2,953 | |||
Brockport-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 7,790 | |||
Accumulated Depreciation | 844 | |||
Brockport-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 7,097 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 7,097 | |||
Brockport-MOB | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 693 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 693 | |||
Flower Mound-ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 3,885 | |||
Accumulated Depreciation | 376 | |||
Flower Mound-ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 3,155 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 3,155 | |||
Flower Mound-ASC | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 730 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 730 | |||
Sherman-IRF/ LTACH | ||||
Gross Value at Close of Period | ||||
Total Assets | 29,059 | |||
Accumulated Depreciation | 2,389 | |||
Sherman-IRF/ LTACH | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 25,011 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Building & Improvements | 2,447 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 27,458 | |||
Sherman-IRF/ LTACH | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,601 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,601 | |||
Lubbock-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 7,291 | |||
Accumulated Depreciation | 767 | |||
Lubbock-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 5,725 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 5,725 | |||
Lubbock-MOB | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,566 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,566 | |||
Germantown-MOB/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 11,435 | |||
Accumulated Depreciation | 1,157 | |||
Germantown-MOB/ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 8,385 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 8,385 | |||
Germantown-MOB/ASC | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 3,050 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 3,050 | |||
Austin-IRF | ||||
Gross Value at Close of Period | ||||
Total Assets | 36,839 | |||
Accumulated Depreciation | 2,505 | |||
Austin-IRF | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 29,616 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 29,616 | |||
Austin-IRF | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 7,223 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 7,223 | |||
Fort Worth-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 5,464 | |||
Accumulated Depreciation | 410 | |||
Fort Worth-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 3,726 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 3,726 | |||
Fort Worth-MOB | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,738 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,738 | |||
Albertville-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 5,598 | |||
Accumulated Depreciation | 725 | |||
Albertville-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 4,444 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 4,444 | |||
Albertville-MOB | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,154 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,154 | |||
Moline-MOB/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 10,091 | |||
Accumulated Depreciation | 988 | |||
Moline-MOB/ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 9,237 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 9,237 | |||
Moline-MOB/ASC | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 854 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 854 | |||
Lee's Summit-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 3,500 | |||
Accumulated Depreciation | 467 | |||
Lee's Summit-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 2,929 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 2,929 | |||
Lee's Summit-MOB | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 571 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 571 | |||
Amarillo-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 8,691 | |||
Accumulated Depreciation | 495 | |||
Amarillo-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 7,254 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 7,254 | |||
Amarillo-MOB | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,437 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,437 | |||
Wyomissing-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 5,737 | |||
Accumulated Depreciation | 350 | |||
Wyomissing-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 5,250 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 5,250 | |||
Wyomissing-MOB | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 487 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 487 | |||
Saint George-MOB/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 5,883 | |||
Accumulated Depreciation | 403 | |||
Saint George-MOB/ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 5,372 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Building & Improvements | 76 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 5,448 | |||
Saint George-MOB/ASC | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 435 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 435 | |||
Silvis-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 6,672 | |||
Accumulated Depreciation | 790 | |||
Silvis-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 5,862 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Building & Improvements | 561 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 6,423 | |||
Silvis-MOB | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 249 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 249 | |||
Fremont-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 8,497 | |||
Accumulated Depreciation | 575 | |||
Fremont-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 8,335 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 8,335 | |||
Fremont-MOB | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 162 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 162 | |||
Gainesville-MOB/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 11,064 | |||
Accumulated Depreciation | 724 | |||
Gainesville-MOB/ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 9,885 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Building & Improvements | 554 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 10,439 | |||
Gainesville-MOB/ASC | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 625 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 625 | |||
East Dallas-Acute Hospital | ||||
Gross Value at Close of Period | ||||
Total Assets | 23,284 | |||
Accumulated Depreciation | 1,606 | |||
East Dallas-Acute Hospital | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 17,012 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 17,012 | |||
East Dallas-Acute Hospital | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 6,272 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 6,272 | |||
Orlando-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 15,019 | |||
Accumulated Depreciation | 1,059 | |||
Orlando-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 11,944 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 11,944 | |||
Orlando-MOB | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 3,075 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 3,075 | |||
Belpre-MOB/ Imaging/ER/ ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 57,517 | |||
Accumulated Depreciation | 3,956 | |||
Belpre-MOB/ Imaging/ER/ ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 53,520 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 53,520 | |||
Belpre-MOB/ Imaging/ER/ ASC | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 3,997 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 3,997 | |||
McAllen-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 5,395 | |||
Accumulated Depreciation | 357 | |||
McAllen-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 4,296 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 4,296 | |||
McAllen-MOB | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,099 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,099 | |||
Derby-ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 3,207 | |||
Accumulated Depreciation | 265 | |||
Derby-ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 2,585 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Building & Improvements | 55 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 2,640 | |||
Derby-ASC | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 567 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 567 | |||
Bountiful-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 4,930 | |||
Accumulated Depreciation | 246 | |||
Bountiful-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 4,185 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Building & Improvements | 25 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 4,210 | |||
Bountiful-MOB | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 720 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 720 | |||
Cincinnati-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 3,634 | |||
Accumulated Depreciation | 284 | |||
Cincinnati-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 1,811 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 1,811 | |||
Cincinnati-MOB | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,823 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,823 | |||
Melbourne Pine-Cancer Center | ||||
Gross Value at Close of Period | ||||
Total Assets | 7,397 | |||
Accumulated Depreciation | 404 | |||
Melbourne Pine-Cancer Center | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 5,980 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Building & Improvements | 685 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 6,665 | |||
Melbourne Pine-Cancer Center | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 732 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 732 | |||
Southern IL-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 14,490 | |||
Accumulated Depreciation | 769 | |||
Southern IL-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 12,660 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 12,660 | |||
Southern IL-MOB | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,830 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,830 | |||
Vernon-MOB/ Dialysis/ Administrative | ||||
Gross Value at Close of Period | ||||
Total Assets | 11,095 | |||
Accumulated Depreciation | 684 | |||
Vernon-MOB/ Dialysis/ Administrative | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 9,929 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 9,929 | |||
Vernon-MOB/ Dialysis/ Administrative | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,166 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,166 | |||
Corona | ||||
Gross Value at Close of Period | ||||
Total Assets | 16,290 | |||
Accumulated Depreciation | 736 | |||
Corona | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 14,689 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 14,689 | |||
Corona | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,601 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,601 | |||
Zachary-LTACH | ||||
Gross Value at Close of Period | ||||
Total Assets | 3,848 | |||
Accumulated Depreciation | 210 | |||
Zachary-LTACH | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 3,745 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 3,745 | |||
Zachary-LTACH | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 103 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 103 | |||
Chandler -MOB/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 16,290 | |||
Accumulated Depreciation | 626 | |||
Chandler -MOB/ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 11,643 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Building & Improvements | 31 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 11,674 | |||
Chandler -MOB/ASC | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 4,616 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 4,616 | |||
GMR Surprise-IRF | ||||
Gross Value at Close of Period | ||||
Total Assets | 24,825 | |||
Accumulated Depreciation | 1,346 | |||
GMR Surprise-IRF | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 22,856 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 22,856 | |||
GMR Surprise-IRF | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,966 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land & Improvements | 3 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,969 | |||
South Bend-IRF | ||||
Gross Value at Close of Period | ||||
Total Assets | 13,880 | |||
Accumulated Depreciation | 1,060 | |||
South Bend-IRF | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 11,882 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 11,882 | |||
South Bend-IRF | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,998 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,998 | |||
Las Vegas-IRF | ||||
Gross Value at Close of Period | ||||
Total Assets | 20,205 | |||
Accumulated Depreciation | 1,378 | |||
Las Vegas-IRF | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 17,482 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 17,482 | |||
Las Vegas-IRF | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 2,723 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 2,723 | |||
Oklahoma Northwest-IRF | ||||
Gross Value at Close of Period | ||||
Total Assets | 25,052 | |||
Accumulated Depreciation | 1,389 | |||
Oklahoma Northwest-IRF | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 22,545 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 22,545 | |||
Oklahoma Northwest-IRF | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 2,507 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 2,507 | |||
San Marcos-Cancer Center | ||||
Gross Value at Close of Period | ||||
Total Assets | 9,786 | |||
Accumulated Depreciation | 358 | |||
San Marcos-Cancer Center | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 7,338 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 7,338 | |||
San Marcos-Cancer Center | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 2,448 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 2,448 | |||
Lansing Patient-MOB /ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 10,036 | |||
Accumulated Depreciation | 536 | |||
Lansing Patient-MOB /ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 8,348 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Building & Improvements | 99 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 8,447 | |||
Lansing Patient-MOB /ASC | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,387 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land & Improvements | 202 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,589 | |||
Bannockburn-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 5,947 | |||
Accumulated Depreciation | 530 | |||
Bannockburn-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 4,700 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Building & Improvements | 268 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 4,968 | |||
Bannockburn-MOB | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 895 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land & Improvements | 84 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 979 | |||
Aurora-Office | ||||
Gross Value at Close of Period | ||||
Total Assets | 9,878 | |||
Accumulated Depreciation | 460 | |||
Aurora-Office | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 8,049 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 8,049 | |||
Aurora-Office | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,829 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,829 | |||
Livonia-MOB/Urgent Care | ||||
Gross Value at Close of Period | ||||
Total Assets | 9,527 | |||
Accumulated Depreciation | 683 | |||
Livonia-MOB/Urgent Care | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 8,071 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Building & Improvements | 275 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 8,346 | |||
Livonia-MOB/Urgent Care | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,181 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,181 | |||
Gilbert-MOB/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 4,859 | |||
Accumulated Depreciation | 142 | |||
Gilbert-MOB/ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 2,389 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 2,389 | |||
Gilbert-MOB/ASC | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 2,470 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 2,470 | |||
Morgantown-Office | ||||
Gross Value at Close of Period | ||||
Total Assets | 7,048 | |||
Accumulated Depreciation | 261 | |||
Morgantown-Office | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 5,792 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 5,792 | |||
Morgantown-Office | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,256 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,256 | |||
Beaumont-Surgical Hospital | ||||
Gross Value at Close of Period | ||||
Total Assets | 29,293 | |||
Accumulated Depreciation | 902 | |||
Beaumont-Surgical Hospital | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 25,872 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 25,872 | |||
Beaumont-Surgical Hospital | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 3,421 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 3,421 | |||
Bastrop-Freestanding ED | ||||
Gross Value at Close of Period | ||||
Total Assets | 10,751 | |||
Accumulated Depreciation | 330 | |||
Bastrop-Freestanding ED | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 8,712 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 8,712 | |||
Bastrop-Freestanding ED | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 2,039 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 2,039 | |||
Panama City-MOB/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 11,497 | |||
Accumulated Depreciation | 424 | |||
Panama City-MOB/ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 9,718 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 9,718 | |||
Panama City-MOB/ASC | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,779 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,779 | |||
Jacksonville-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 8,869 | |||
Accumulated Depreciation | 231 | |||
Jacksonville-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 7,846 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 7,846 | |||
Jacksonville-MOB | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,023 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,023 | |||
Greenwood-MOB/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 5,848 | |||
Accumulated Depreciation | 199 | |||
Greenwood-MOB/ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 4,956 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 4,956 | |||
Greenwood-MOB/ASC | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 892 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 892 | |||
Clinton-MOB/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 9,135 | |||
Accumulated Depreciation | 631 | |||
Clinton-MOB/ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 8,129 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 8,129 | |||
Clinton-MOB/ASC | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,006 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,006 | |||
High Point-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 23,425 | |||
Accumulated Depreciation | 709 | |||
High Point-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 21,236 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 21,236 | |||
High Point-MOB | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 2,189 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 2,189 | |||
West Allis-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 8,896 | |||
Accumulated Depreciation | 198 | |||
West Allis-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 7,785 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 7,785 | |||
West Allis-MOB | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,111 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,111 | |||
Grand Rapids-MOB/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 21,258 | |||
Accumulated Depreciation | 570 | |||
Grand Rapids-MOB/ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 17,810 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Building & Improvements | 27 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 17,837 | |||
Grand Rapids-MOB/ASC | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 3,421 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 3,421 | |||
Dumfries-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 17,749 | |||
Accumulated Depreciation | 941 | |||
Dumfries-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 14,863 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 14,863 | |||
Dumfries-MOB | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 2,886 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 2,886 | |||
Centerville -MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 4,570 | |||
Accumulated Depreciation | 54 | |||
Centerville -MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 4,410 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 4,410 | |||
Centerville -MOB | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 160 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 160 | |||
Fairfax-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 17,164 | |||
Accumulated Depreciation | 246 | |||
Fairfax-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 9,621 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Building & Improvements | 431 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 10,052 | |||
Fairfax-MOB | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 7,112 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 7,112 | |||
Rosedale-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 21,069 | |||
Accumulated Depreciation | 280 | |||
Rosedale-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 17,646 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 17,646 | |||
Rosedale-MOB | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 3,423 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 3,423 | |||
Lancaster-Plasma Center | ||||
Gross Value at Close of Period | ||||
Total Assets | 5,190 | |||
Accumulated Depreciation | 36 | |||
Lancaster-Plasma Center | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 4,385 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 4,385 | |||
Lancaster-Plasma Center | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 805 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 805 | |||
Winston Salem-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 8,492 | |||
Accumulated Depreciation | 69 | |||
Winston Salem-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 6,714 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 6,714 | |||
Winston Salem-MOB | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,778 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,778 | |||
Decatur-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 4,332 | |||
Accumulated Depreciation | 20 | |||
Decatur-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 2,706 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 2,706 | |||
Decatur-MOB | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,626 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,626 | |||
Jackson-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 5,625 | |||
Accumulated Depreciation | 26 | |||
Jackson-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 4,730 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 4,730 | |||
Jackson-MOB | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 895 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 895 | |||
Sheboygan-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 6,806 | |||
Accumulated Depreciation | 34 | |||
Sheboygan-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 6,223 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 6,223 | |||
Sheboygan-MOB | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 583 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 583 | |||
Plymouth-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 5,972 | |||
Accumulated Depreciation | 26 | |||
Plymouth-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 5,214 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 5,214 | |||
Plymouth-MOB | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 758 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 758 | |||
Spring Hill-MOB/Img | ||||
Gross Value at Close of Period | ||||
Total Assets | 16,847 | |||
Accumulated Depreciation | 41 | |||
Spring Hill-MOB/Img | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 12,954 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 12,954 | |||
Spring Hill-MOB/Img | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 3,893 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 3,893 | |||
Cape Girardeau-ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 6,088 | |||
Accumulated Depreciation | 15 | |||
Cape Girardeau-ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 4,865 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 4,865 | |||
Cape Girardeau-ASC | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,223 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,223 | |||
Yuma-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 6,338 | |||
Accumulated Depreciation | 18 | |||
Yuma-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 4,989 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 4,989 | |||
Yuma-MOB | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,349 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,349 | |||
Las Vegas-MOB/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 7,124 | |||
Las Vegas-MOB/ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 6,813 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 6,813 | |||
Las Vegas-MOB/ASC | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 311 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 311 | |||
Pensacola-MOB/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 8,271 | |||
Pensacola-MOB/ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 6,153 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 6,153 | |||
Pensacola-MOB/ASC | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 2,118 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 2,118 | |||
Venice-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 6,433 | |||
Venice-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 4,537 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 4,537 | |||
Venice-MOB | Site improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,896 | |||
Gross Value at Close of Period | ||||
Land & Improvements | $ 1,896 | |||
Minimum | Buildings | ||||
Gross Value at Close of Period | ||||
Remaining useful life | 19 years | |||
Minimum | Tenant improvements [Member] | ||||
Gross Value at Close of Period | ||||
Remaining useful life | 1 year | |||
Minimum | Site improvements | ||||
Gross Value at Close of Period | ||||
Remaining useful life | 1 year | |||
Maximum | Buildings | ||||
Gross Value at Close of Period | ||||
Remaining useful life | 50 years | |||
Maximum | Tenant improvements [Member] | ||||
Gross Value at Close of Period | ||||
Remaining useful life | 17 years | |||
Maximum | Site improvements | ||||
Gross Value at Close of Period | ||||
Remaining useful life | 14 years |
SCHEDULE III-CONSOLIDATED REA_3
SCHEDULE III-CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION - Summary of Activity for Investment in Real Estate Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Real Estate Assets: | |||
Balance, beginning of period | $ 832,735 | $ 604,398 | $ 439,857 |
Additions through acquisitions | 211,936 | 228,337 | 189,178 |
Deductions | (24,637) | ||
Balance, end of period | 1,044,671 | 832,735 | 604,398 |
Accumulated Depreciation: | |||
Balance, beginning of period | 42,828 | 23,762 | 11,253 |
Additions through expense | 26,735 | 19,066 | 13,644 |
Deductions | (1,135) | ||
Balance, end of period | $ 69,563 | $ 42,828 | $ 23,762 |